Key Metrics of Pnc Infratech Limited
About Pnc Infratech Limited
Sectors
Company details
- Registered office
- Nbcc Plaza, Tower Ii, 4th Floor, Pushp Vihar, Sector - 5, New Delhi, In-dl, 110057
- Listed
- NSE: PNCINFRA · ₹129.32
Operational Areas of Pnc Infratech Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Credit ratings
WatchNegative outlook (CARE)
NoteRating watch (CARE, 25 Sep 2026)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 25 Sep 2026 | CARE | Watch | AA+ | A1+ | Negative | ₹6,700 Cr | View |
| 23 Sep 2026 | CARE | Watch | AA+ | A1+ | Negative | ₹6,700 Cr | View |
| 17 Aug 2026 | CARE | Other | — | — | — | — | View |
| 02 Apr 2026 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹6,700 Cr | View |
| 26 Mar 2025 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹6,700 Cr | View |
| 30 Oct 2024 | CARE | Other | — | — | — | — | View |
| 20 Jun 2024 | CARE | Other | — | — | — | — | View |
| 03 Apr 2024 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹6,700 Cr | View |
| 25 Jan 2024 | CARE | Other | — | — | — | — | View |
| 07 Feb 2023 | CARE | Reaffirmed (from AA) | AA+ | A1+ | Stable | ₹6,700 Cr | View |
| 07 Dec 2021 | CARE | Reaffirmed | AA | A1+ | Stable | ₹13,400 Cr | View |
| 17 Nov 2020 | CARE | Reaffirmed (from AA) | AA | A1+ | Stable | ₹6,700 Cr | View |
| 15 Sep 2020 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹6,700 Cr | View |
| 03 Apr 2020 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹6,700 Cr | View |
| 04 Apr 2019 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹6,700 Cr | View |
| 31 Mar 2019 | CARE | Other | — | — | — | — | View |
| 16 Mar 2018 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹4,400 Cr | View |
Credit strengths (CARE, Sep 2026)
+ Healthy financial risk profile marked by low leverage despite moderation in TOI
PNC’s TOI declined by ~9% year-on-year to ₹4,633 crore in FY26. Moderation in scale of operations was primarily due to delays in receipt of appointed dates for three NHAI-awarded HAM projects owing to non-availability of requisite RoW, uncertainty regarding commencement of a large state government project, and subdued project awarding activity by NHAI. These factors constrained execution in the year. In Q1FY27, TOI improved by 14% year-on-year to ₹1,300 crore, supported by recovery in
+ Strong execution pipeline with limited near-term bidding flexibility
Historically, PNC executed construction projects primarily in Uttar Pradesh and Maharashtra, with a strong presence in road a nd water supply infrastructure. Over the years, the company improved its segmental diversification and successfully entered newe r segments such as coal mining, battery energy storage systems (BESS), and railway EPC. PNC has a healthy outstanding orderbook amounting to ₹19,100 crore as of July 31, 2026, translating into 4.13x of its FY26 (FY refers to April 01 to March 31
+ Pool of operational assets to provide financial flexibility
Presence of a healthy pool of operational HAM projects provides financial flexibility. PNC currently has three operating BOT projects comprising toll and annuity assets. It further has 14 HAM projects comprising six operational projects, five projects under construction, two projects where concession agreement has been signed and appointed date awaited and one project where financial closure document has been submitted to Madhya Pradesh Road Development Corporation Limited ( MPRDC).
+ Experienced promoters and long track record of operations
PNC’s promoters have significant experience in the construction and infrastructure sector and are supported by a team of qualified engineers with expertise in roads and highways construction. The company has executed ~100 major infrastructure projects in 16 states across India. It has a track record of timely execution of projects and has also received bonus for some projects for early completion. There has been a demonstrated consistency of the company’s capability to bid for and win large-size
Credit challenges
− Working capital intensive operations
PNC’s operations are working capital intensive, which is inherent in the construction industry. Gross current asset days increased to 289 days in FY26 from 158 days in FY24. The increase was primarily due to higher unbilled revenue of ₹130 crore, increased advances to suppliers of ₹43 crore, and elevated receivables from water projects, funding of which was supported through the company’s internal accruals and liquidity available from the proceeds of monetisation.
− Heightened execution challenges as well competition in the construction sector
The pace of construction for NHs steadily declined from 34 km in FY24 to 25 km per day in FY26 and estimated to decline further to 21 km per day in FY27. It is considering execution woes and sustained decline in project awarding. Competition has intensified in the last three years. Competition has also intensified in other sectors such as transmission and railways. Revenue visibility of EPC companies is also susceptible to execution hurdles and land acquisition issues beyond the company’s contro
Could lead to an upgrade
• Significant growth in scale of operations on a sustained basis with significant segmental and geographical diversification in revenue stream, while maintaining low leverage.
Could lead to a downgrade
• Increasing net debt to PBILDT above 1.00x on a sustained basis. • Decline in PBILDT margin below 12% resulting in deterioration in debt coverage metrics on a sustained basis. • Significant addition of large-sized BOT projects, diluting
Agency-reported financials (CARE, 25 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹5,078 Cr | ₹4,633 Cr | ₹1,300 Cr |
| PBILDT* | ₹614 Cr | ₹583 Cr | ₹157 Cr |
| Profit after tax (PAT) | ₹706 Cr | ₹344 Cr | ₹271 Cr |
| Overall gearing (x) | 0.12× | 0.15× | — |
| Interest coverage (x) | 8.04× | 6.12× | 7.87× |
| Revenue growth (YoY) | — | −8.8% | — |
| PAT margin | 13.9% | 7.4% | 20.8% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Continues to be on Long-term bank facilities | Working capital & bank lines | — | ₹1,700 Cr | — | AA+ | Watch | CARE |
| (RWN) Short-term bank facilities | Working capital & bank lines | — | ₹5,000 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹5,000 Cr | CARE A1+ |
| Cash Credit | ₹1,000 Cr | CARE AA+ (Rating Watch with Negative Implications) |
| Commercial Paper | — | Withdrawn |
| Long Term | ₹700 Cr | CARE AA+ (Rating Watch with Negative Implications) |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT | Cash Credit | Indian Bank |
| Fund-based - LT | Cash Credit | IndusInd Bank Ltd. |
| Fund-based - LT | Cash Credit | Punjab National Bank |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Cash Credit | Union Bank of India |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | Bank of Baroda |
| Non-fund-based - ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - ST | BG/LC | Indian Bank |
| Non-fund-based - ST | BG/LC | IndusInd Bank Ltd. |
| Non-fund-based - ST | BG/LC | Punjab National Bank |
| Non-fund-based - ST | BG/LC | State Bank of India |
| Non-fund-based - ST | BG/LC | Union Bank of India |
| Term Loan | Long Term | Axis Bank Ltd. |
| Term Loan | Long Term | Bank of Baroda |
| Term Loan | Long Term | HDFC Bank Ltd. |
| Term Loan | Long Term | ICICI Bank Ltd. |
| Term Loan | Long Term | Proposed |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 50% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 50% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- Interest coverage 7.87×
- Working-capital limits 35% utilised on average
Rated limits by facility
Timeline
From the report
CareEdge Ratings has also removed the 'Rating Watch with Negative Implications' assigned to the short-term bank facilities and reaffirmed the rating at CARE A1+.The rating action factors in PNC's strong liquidity profile, supported by unencumbered cash and bank balances and liquid investments of ₹1,046 crore as on June 30, 2026.
From the report
PNC was able to generate healthy gross cash accruals (GCA) of ₹450 crore for FY26 and ₹304 crore for Q1FY27.
From the report
Total promoter contribution towards HAM projects is ₹1,623 crore, against which the company already infused ₹1,187 crore as on June 30, 2026.
From the report
CareEdge Ratings anticipates healthy cash accrual generation of ₹400-₹500 crore and significant cash surplus available from monetisation, which are adequate to meet envisaged equity commitments.
From the report
Average working capital utilisation remained low ~35% for 12-months ending August 31, 2026.
From the report
PNC was able to generate healthy gross cash accruals (GCA)of ₹450 crore for FY26 and ₹304 crore for Q1FY27.
From the report
Total promoter contribution towards HAM projects is ₹1,623 crore, against which the company already infused ₹1,187 crore as on June 30, 2026.
From the report
CareEdge Ratings anticipates healthy cash accrual generation of ₹400-₹500 crore and significant cash surplus available from monetisation, which are adequate to meet envisaged equity commitments.
From the report
Average working capital utilisation remained low ~35% for 12-months ending August 31, 2026.
From the report
Total promoter contribution towards HAM projects is ₹1,744 crore, of which the company already infused ₹1,110 crore as of December 31, 2025, and has a balance commitment of ₹634 crore for the next two years.
From the report
Average working capital utilisation remained low ~18% for 12-months ending January 31, 2026.
From the report
The company’s equity commitment for its under-construction HAM portfolio stood at ~₹810 crore as on December 31, 2024, which is envisaged to be infused over the next two-three years mainly from healthy operating cash flows and proceeds from ongoing divestment.
From the report
The company has sizable cash/bank balance and liquid investments on its book, which stood at ~₹854 crore as on December 31, 2024.
From the report
The company also earns healthy cash accruals of ~₹800 crore against annual debt repayment of ~₹60-80 crore.
From the report
The company’s equity commitment for its under-construction HAM portfolio stood at about ₹1,100 crore as on December 31, 2023, which is envisaged to be infused over the next two-three years mainly from healthy operating cash flows and proceeds from ongoing divestment.
From the report
The company has sizable cash/bank balance and liquid investments on its book, which stood at about ₹315 crore as on December 31, 2023.
From the report
The remaining 13 HAM projects of the company are under construction which require a total equity requirement of₹1,280 crore as on September 30, 2022 which is envisaged to be infused over the next two-three years mainly from healthy operating cash flows.
From the report
The company has sizable cash/bank balance and liquid investments on its book, which stood at about ₹594 crore as on September 30, 2022.
From the report
The company generated gross cash accruals of ₹711 crore during FY22 and ₹347 crore during H1FY23 against which it has debt repayment obligations of around ₹90 crore during FY23 and expected equity commitments of ₹250 crore during H2FY23.
From the report
The company generated gross cash accruals of ₹711 crore during FY22 and ₹347 crore during H1FY23 against which it has debt repayment obligations of around ₹90 crore during FY23 and expected equity commitments of ₹250 crore during H2FY23.
From the report
The gross cash accruals (GCA) stood around Rs. 470 crore in FY21 as against Rs.574 crore in FY20.
From the report
The company has significant cash and bank balance on its book, which stood at about Rs.500 crore as on September 30, 2021.
From the report
The total equity requirement towards these projects is around Rs.1,470 crore, out of which PIL has already infused Rs.665 crore as on September 30, 2021.
From the report
The company generated gross cash accruals of Rs.470 crore during FY21 and Rs. 304 crore during H1FY22 against which it has debt repayment obligations of around Rs.148 crore and expected equity infusion of ~ Rs 300 crore during FY22.
From the report
The company generated gross cash accruals of Rs.470 crore during FY21 and Rs. 304 crore during H1FY22 against which it has debt repayment obligations of around Rs.148 crore and expected equity infusion of ~ Rs 300 crore during FY22.
From the report
Gross cash accruals (GCA) were higher at Rs. 574 crore in FY20 as against Rs.415 crore in FY19.
From the report
The company has significant cash and bank balance on its book, which stood at about Rs.700 crore as on September 30, 2020.
From the report
The total equity requirement for these 11 HAM projects is around Rs.1,469 crore, out of which PIL has already infused Rs.443 crore as on March 31, 2020.
From the report
The average working capital utilization was negligible (around 0.3%) during the 12-month period ending Sep’20.
From the report
The company generated gross cash accruals of Rs.575 crore during FY20 against which it has debt repayment obligations of around Rs.102 crore in FY21 and expected equity infusion of around 270 crore in FY21.
From the report
The company generated gross cash accruals of Rs.575 crore during FY20 against which it has debt repayment obligations of around Rs.102 crore in FY21 and expected equity infusion of around 270 crore in FY21.
From the report
The company generated gross cash accruals of Rs.575 crore during FY20 against which it has debt repayment obligations of around Rs.102 crore in FY21 and expected equity infusion of around 270 crore in FY21.
From the report
PIL had availed moratorium for its term loan installments with effect from April 1, 2020, for a period of five months towards deferment of their debt obligations under the COVID-19 - Regulatory Package announced by the RBI on March 27, 2020 and May 22, 2020. 3 CARE Ratings Limited Press Release Analytical approach: Standalone, factoring in extension of support/ investments to its subsidiary/ associate companies.
From the report
Gross cash accruals (GCA) were higher at Rs. 574 crore in FY20 as against Rs.415 crore in FY19.
From the report
The cash and bank balance stood at Rs.668 crore as on June 30, 2020.
From the report
The total equity requirement for these 11 HAM projects is around Rs.1,469 crore, out of which PIL has already infused Rs.443 crore as on March 31, 2020.
From the report
The average working capital utilization was negligible (around 0.3%) during the 12 -month period ending Jun’20.
From the report
The company generated gross cash accruals of Rs.575 c rore during FY20 against which it has debt repayment obligations of around Rs.102 crore in FY21 and expected equity infusion of around 270 crores in FY21.
From the report
The company generated gross cash accruals of Rs.575 c rore during FY20 against which it has debt repayment obligations of around Rs.102 crore in FY21 and expected equity infusion of around 270 crores in FY21.
From the report
PIL has availed moratorium for its term loan installments with effect from April 1, 2020, for a peri od of five months towards deferment of their debt obligations under the COVID -19 - Regulatory Package announced by the RBI on March 27, 2020 and May 22, 2020.
From the report
Gross cash accruals (GCA) were higher at Rs. 415 crore in FY19 as against Rs.322 crore in FY18.
From the report
The cash and bank balance stood at Rs.434.86 crore as on December 31, 2019 (Rs.258.01 crore as on March 31, 2019).
From the report
The equity requirement envisaged for the HA M projects were around Rs.832 crore over a span of 2 -3 years, out of which PIL has already infused around Rs.427 crore as on December 31, 2019.
From the report
The equity requi rement in these projects is envisaged to be around an additional Rs. 460 cr which is likely to be infused by PIL in phases subsequent to the receipt of Appointed Date (AD) in the next three FYs.
From the report
The average working capital utilization was negligible (around 1%) during the 12-month period ending Jan’20 (19% during 12 month period ended Feb’19).
From the report
The company generated gross cash accruals of Rs.415 crore during FY19 (Rs. 475 cr during 9MFY20) against which it has debt repayment obligations of around Rs 41 crore in FY20 and Rs. 91 crin FY21.
From the report
Gross Cash Accruals (GCA) was higher at Rs.321.78 crore in FY18 as against Rs.256.93 crore in FY17.
From the report
Cash & bank balance stood at Rs.61.25 crore as on December 31, 2018 (Rs.147.29 crore as on March 31, 2018) at standalone level. 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 Credit Analysis & Research Limited Press Release All BOT projects operational, further equity requirement of around Rs.600 crore for under construction HAM projects: As on December 31, 2018, the company has invested Rs.463 crore as equity in the BOT portfolio.
From the report
Total equity commitment for all the 7 HAM projects is around Rs.830 crore, of which about Rs.230 crore has been invested by PIL till December 31, 2018 and remaining about Rs.600 crore needs to be infused in the next 2-2.5 years.
From the report
With healthy cash accruals in excess of Rs.300 crore on an annual basis, it is expected that the equity requirements for HAM projects would be met from the internal accruals of the company.
From the report
Total equity commitment on PIL for these projects is around Rs.600 crore which needs to be infused in next 2-2.5 years (including equity requirement for recently won Chakeri-Allahabad HAM wherein concession agreement is yet to be signed).
From the report
As on December 31, 2017, the company has already infused equity of around Rs.30 crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Pnc Infratech Limited
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.