PNC Infratech Q1 FY26 Earnings Call: Diversification into RE & Mining, Order Book at ₹22,000 Cr
The new project wins and asset monetization have a significant impact on the company's future revenue and profitability. Diversification into new segments like RE and Mining will open new avenues for growth.
The company has secured new projects in renewable energy and mining, completed asset monetization, and maintains a strong order book.
* PNC Infratech held an earnings conference call for Q1 FY26 on August 14, 2025. * The company has strategically expanded into renewable energy and coal mining. * Secured L1 bidder position for a 300 MW Solar Power Project with a 600MWh Battery Energy Storage System project floated by NHPC, to be implemented in 24 months and operated for 25 years post-commissioning. * Received Letter of Acceptance from South Eastern Coalfields Limited for Over Burden Removal and Coal Extraction at Gevra OCP Expansion Project in Chhattisgarh for ₹3,489 crore including GST, to be executed in 5 years. * Completed the sale of 100% equity stake in PNC Bareilly Nainital Highways Private Limited to Highway Infrastructure Trust promoted by KKR for an Enterprise Value of ₹716.2 crore, with ₹153.48 crore received towards equity and ₹239.35 crore against unsecured loan. Additional receivables of ₹80 crore are expected. * Completed 100% equity divestment in 11 out of 12 assets under the definitive agreement executed for the equity sale last year. The 12th and final asset, PNC Challakere Karnataka Highways Private Limited, is expected to be divested in Q2 FY26. * Unexecuted order book stands at over ₹17,000 crore as of June 30, 2025. Including the new renewable energy and mining projects, the total order book exceeds ₹22,000 crore. * 67% of the unexecuted order book comprises highway & expressway contracts, while 33% consists of water, canal, and area development contracts. * Standalone revenue for Q1 FY26 is ₹1,136 crore, with an EBITDA of ₹141 crore (EBITDA margin of 12.4%) and a profit of ₹81 crore (PAT margin of 7.1%). * Consolidated revenue for Q1 FY26 is ₹1,423 crore, with an EBITDA of ₹367 crore (EBITDA margin of 25.8%) and a PAT of ₹431 crore (PAT margin of 30.3%). * Net worth as of June 30, 2025, is ₹5,557 crore (standalone) and ₹6,421 crore (consolidated). * Management maintains a revenue growth guidance of 15%-20% for FY26 (approximately ₹6,300 crore) and expects to maintain a 13% EBITDA margin. * Expecting new orders worth ₹7,000 crore to ₹10,000 crore in the next three quarters, primarily from the highway sector. * Coal mining project is expected to generate an average revenue of ₹600 crore per year. * Expecting appointed dates for projects awarded last to last year to be declared during Q2 and Q3.
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