Buy

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...

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.

We maintain our BUY rating on the company.

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%.

We value GR Infraprojects at a Target Price of Rs 1,540 per share, implying an upside of 21% from the CMP, and reiterate our BUY recommendation.

PNC’s ~Rs11.4bn/1.4bn Q1 revenue/EBITDA came below ARe’s ~Rs15.4bn/1.8bn and the consensus’ ~Rs16bn/1.9bn.

Ashoka Buildcon (Ashoka) reported a weak Q1FY26 with execution impacted amid early monsoons. As a result, revenue came in at INR 13bn (-30% YoY), its lowest in the last 10 quarters.

GR Infra reported a steady quarter in Q1FY26 with revenue at INR 18bn (-4% YoY), EBITDA at INR 2.3bn (-6% YoY) and margin at 12.7% (-35bps YoY). Adj. PAT stood at INR 2.1bn (+7% YoY).

We maintain our BUY rating on the company.

consideration of Rs.1,828cr (1.33x of investment). We expect this disinvestment and objective to diversify to other infra segments will augur well for the growth prospects. Ample opportunities in both road and non-road projects (Rs.90,000cr) with a strong balance sheet will aid in rerating. We therefore maintain a BUY rating with a target price of Rs 386, based on a P/E of 14x FY27 EPS and HAM assets at 0.5x P/B....

We maintain our BUY recommendation on the stock and rollover our estimates to FY27E.

GR Infra continues to tread water on order inflow front, with total OI of INR 140bn in FY25 & FY24 combined - matching FY23’s tally as the ordering in roads remained subdued.

We recommend a BUY on the stock for a target price of Rs 1,166/ share implying an upside of 10% from CMP.

We change our HOLD rating to BUY recommendation on the stock.

We maintain our BUY rating on the company.

G R Infraprojects (GRINFRA)’s revenue declined 17% YoY to ~INR15b during 3QFY25 (11% below our estimate). GRINFRA faced a slowdown in project execution during 3Q primarily due to fewer projects under execution.

? We retain a Buy on PNC Infratech with a revised PT of Rs. 400, factoring downwardly revised estimates and lowering valuation multiple to factor in medium-term uncertainties with respect to its disqualification by MoRTH.

We maintain our BUY rating on the company.

G R Infraprojects (GRINFRA)’s revenue declined 28% YoY to ~INR11.3b during 2QFY25 (vs. our estimate of INR16.8b).