PNC Infratech Ltd. share price target

We change our BUY recommendation on the stock to HOLD

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

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.

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.

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

We maintain our HOLD recommendation on the stock

? 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.

PNC Infratech’s (PNC) adjusted standalone revenue (net off Rs. 379 crore arbitration claims and Rs. 56 crore early completion bonus) came below our estimate at Rs. 1,309 crore (down 30% y-o-y).

We maintain our HOLD recommendation on the stock.

We change our recommendation form BUY to HOLD on recent appreciation in stock price and lower EBITDA margin guidance.