PNC Infratech's order book stood at Rs 177.9 billion as on Mar'25 (3.2 times trailing twelve months revenue) of which appointed date is pending for projects worth Rs 40.97 billion (AD expected by Mar'25). FY25 order inflow stood at Rs 66.7 billion, company is also L1 in two projects worth Rs 26.4 billion.
NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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).
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
