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Author: Antu Eapan Thomas - Sr. Research Analyst to support margins and profitability. While DBLs focus on HAM asset monetization is expected to support cash flow and strengthen balance sheet. We therefore revise our rating from SELL to Accumulate with a TP of Rs 478, based on a P/E of 15x on FY28E EPS and the HAM/MDO business at 1x P/B of invested equity....
IRB Infrastructure’s (IRB) revenue grew ~8% YoY to INR18.7b during 3Q FY26 (7% above our estimate). Revenue includes: Gain on InvITs & Related Assets as per fair value measurement, and Dividend/interest income from InvITs & Related Assets.
Q3FY26 Performance: PNC Infratech reported a weak performance in Q3FY26, with standalone revenue from operations at 1056.4 crore, down 12.3% YoY, impacted by a sluggish execution amid delays in receipt of new projects appointed...
Dilip Buildcon (DBL) reported robust order inflows of ~Rs179bn in YTDFY26, driving its order book to a record high of ~Rs293bn (around 4x TTM revenue). The order book remains well diversified across roads, mining, renewables, transmission, and irrigation. While execution remained subdued in 9MFY26...
G R Infraprojects (GRINFRA)’s revenue rose ~39% YoY to ~INR20.4b during 3Q FY26 (vs our estimate of INR16.3b). EBITDA margin stood at 10.1% in 3Q FY26 (-50 bps YoY) vs. our estimate of 12%.
Ashoka Buildcon (ASBL) delivered weak performance in Q3FY26/9MFY26, with standalone revenue declining 18% YoY / 21% YoY. However, a healthy order book of Rs159bn (2.7x TTM revenue) provides medium-term revenue visibility, with the management guiding for a return to revenue growth in FY27E. The order book is well diversified, led by roads and railways, which account for ~65%, while power T&D contributes a meaningful ~32%. Order inflows during 9MFY26 stood at Rs50bn, and the management expects further Rs3035bn of inflows in Q4FY26. Crucially, the balance sheet has turned materially leaner...
Revenue/EBITDA (excluding receipt of holdback from monetisation) stood at ~Rs9.8/1bn in Q2 lower than ARe of ~Rs11.2bn/1.3bn and Ce of ~Rs12.7/1.6bn. Muted execution was due to prolonged monsoon, sizeable orders not entering into execution and slow bidding from NHAI.
Q2FY26 Performance: PNC Infratech reported a muted performance in Q2FY26, with standalone revenue from operations at 983 crore, down 14.5% YoY, impacted by a weak executable order book as delay in appointed dates in 4 projects impacted...
PNC Infratech (PNC) reported a weak Q2FY26, with revenue at INR 9.8bn as execution was impacted by a prolonged monsoon season and delayed start across HAM projects. EBITDA stood at INR 1.4bn.
Revenue grew 10% YoY to INR17.5b in 2QFY26 (in line). Revenue included a gain from InvITs & related assets as per fair value measurement and dividend/interest income from InvITs & related assets.
GR Infra (GR) has a healthy OB of INR 211bn – 3.2x TTM sales. However, orders worth INR 39bn (~20% of OB) are yet to start execution where uncertainty looms.
G R Infraprojects (GRINFRA)’s revenue rose 9.4% YoY to ~INR12.3b during 2QFY26 (vs. our estimate of INR13.9b). EBITDA margin stood at 9.8% in 2Q FY26 (-60 bps YoY) vs. our estimate of 11.7%.
PNC reported a weak Q1FY26 with revenue down 13% YoY to INR 11.4bn (adjusted), EBITDA down 11% YoY to INR 1.4bn, margins stable at 12.4%, and PAT declining 15% YoY to INR 0.8bn.
