PNC Infratech Ltd Q1 FY27 Earnings Analysis

- FY27 revenue guidance: INR 6,000 crores, reflecting ~30% growth over FY26. - FY28 revenue guidance: Approximately INR 7,500 crores, ~25% growth over FY27. - Mining (EPC) revenues expected: INR 400 crores in FY27 and INR 600 crores in FY28. - Solar project revenues targeted: INR 600 crores in FY27 and INR 1,400 crores in FY28. - Order book targets INR 15,000 crores for FY27 with around 60-70% from highways and remainder from non-highways sectors including renewable energy and water. - Expect appointed date declarations for new HAM projects in Q4 FY25, facilitating revenue recognition. - New segments like railways, power transmission, and energy storage expected to contribute around 30-35% of orders, broadening growth avenues. - Current challenges (commodity volatility, tender delays) acknowledged but expected to stabilize, supporting healthy margins and growth.

- FY27 revenue guidance: INR 6,000 crores, a 30% growth over FY26. - FY28 revenue expected to grow by 25%, targeting around INR 7,500 crores. - EBITDA margin guidance for FY27: Around 12%. - EBITDA margin expected to remain stable around 12% in FY28, subject to normalization of commodity prices. - Margin pressures exist due to commodity price volatility (bitumen, steel, fuel), but compensation mechanisms by NHAI mitigate this. - Expect operating margins to normalize in Q3 and Q4 FY27 with stabilized commodity prices. - No major margin impact expected from diversification into mining, solar, and water sectors. - Order inflow targets: INR 15,000 crores for FY27, bolstering future earnings visibility. - Equity investments planned (INR 542 crores in next 2 years) supported by internal accruals aiding growth.

- CAPEX target for Financial Year 2027 is INR 150 crores. (Page 19) - Coal mining project CAPEX estimated at INR 350 crores, with INR 250 crores already invested in FY26. (Page 13) - Solar/BESS project equity requirement is INR 400 crores, with approx. INR 120 crores to be infused in FY27. (Page 13) - Equity infusion out of INR 542 crores planned: around INR 350 crores in FY27 and balance in FY28. (Page 9) - No separate SPV creation for MDO mining EPC work; investment is on company’s balance sheet. (Page 19) - Upcoming investments linked to order pipeline in highways (HAM, BOT Toll) and renewables, targeting order inflow of INR 15,000 crores in FY27. (Pages 9, 12)

- No explicit mention of new fundraising through debt or equity in the current or future periods within the provided transcript. - The company stated that internal accruals generated over the next 2-3 years should be adequate to meet equity investment requirements for HAM projects. - Total equity investment required for HAM projects is INR 1,623 crores (excluding 2 HAM projects with pending LOAs) with INR 542 crores remaining to be infused over the next 2 years. - Net debt to equity ratio stands at 0.76 times on consolidated basis as of March 31, 2026, indicating a manageable leverage position. - Cash & bank balance including investments is healthy (INR 2,856 crores consolidated). - No direct statements on planned fresh borrowing or equity issuance were made during the call.

- PNC Infratech's unexecuted order book stands at over INR 22,000 crores, including 2 new HAM projects and 2 EPC bridge projects. - Highway contracts contribute 62% of the total order book; water, canal, area development, railway, and airport contracts contribute ~25%; coal mining contributes 13%. - For FY27, the company targets a new order book of around INR 15,000 crores. - Till now in FY27, INR 3,957 crores of new highway orders and around INR 2,000 crores from renewables are secured. - Expecting INR 9,000-10,000 crores more orders in FY27. - Company has submitted bids worth INR 14,000 crores (15 EPC + 1 HAM bid) pending price bid openings by June 2026. - 60-70% of targeted orders are expected from highways sector, remainder from non-highways sectors.