PNC Infratech Q4 Results Review: Dolat Capital Maintains 'Buy' On Attractive Valuation, Sees 36% Upside

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Dolat Capital Report

PNC Infratech Ltd.’s Q4 FY25 revenue was below our estimates, however Ebitda margin and PAT came in line.

We expect core revenue/adjusted profit after tax CAGR of 24.4%/30.8% over FY25-27E with core Ebitda margins of 12.5%/12.5% for FY26E/ FY27E.

We decrease our FY26E/FY27E EPS estimates by 9.4%/8.1% factoring lower revenue growth guidance and lower order inflow in FY25.

However, factoring higher growth CAGR, decent order inflow in FY26E/FY27E and attractive eight times core PE of FY27E EPS, we maintain our ‘Buy’ rating with revised SOTP based target price of Rs 387 (12x FY27E EPS, 1x FY27E P/B for road BOT and 1x P/B for hybrid annuity model assets).

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