PNC Infra also announced the lifting of the MoRTH ban, which is a positive development as it enables the company to participate in upcoming NHAI/MoRTH projects.
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IDBI Capital Report
PNC Infratech Ltd. reported Q3 FY25 operational results were below consensus estimates, as revenue was impacted by delays in the appointed date and slow project awarding.
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The company has revised its revenue guidance downward from an earlier decline of -10% to -15% to -25% to -30% for FY25 while maintaining its Ebitda margin at 12-12.5%. PNC Infra also announced the lifting of the MoRTH ban, which is a positive development as it enables the company to participate in upcoming NHAI/MoRTH projects.
We maintain a Hold rating on the stock and revise the target price to Rs 327, implying a valuation of eight times FY27E EPS. Key stock catalyst remains order wins from various state authorities and across multiple segments.
The company has guided for an order inflow of Rs 60-65 billion in Q4 FY25 and has recently secured level-one status for a project worth Rs 20 billion.
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