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1. At a Glance
Consolidated revenue for the June 2026 quarter came in at ₹1,688 Cr, operating profit at ₹524 Cr, and PAT at ₹332 Cr. Against the June 2025 quarter — revenue ₹1,423 Cr, operating profit ₹367 Cr — the top line is up about 19% and operating profit up about 42%. The reported operating margin for the quarter is 31%, against 26% a year earlier.
The quarter was not quiet. Two HAM concession agreements signed with NHAI on 16 July 2026 for the Barabanki–Mustafabad and Mustafabad–Biswariya stretches, a combined bid project cost of ₹3,483 Cr. A ₹194 Cr flyover from the Lucknow Development Authority. A ₹559.5 Cr Ganga bridge in a 50:50 JV. A ₹302 Cr letter of intent from the Airports Authority of India for Pantnagar Airport. An arbitration award of ₹244.09 Cr against UP PWD, published 31 July 2026, payable within six months. A ₹234.99 Cr settlement receipt from NHAI on the Agra Bypass under Vivad-se-Vishwas III. For a company whose sector spends most of its time waiting for an appointed date, that is a lot of paperwork clearing at once.
There is also the other thing. On 5 August 2026 the PIB carried an NHAI release on slippage of roughly 300 metres out of 45.24 km built by Awadh Expressway Private Limited, an SPV sponsored by the company. The company filed a clarification on 6 August. Section 5 has the sequence.
Order book stood at ₹15,670 Cr across 27 projects as on 30 June 2026 — roads, water, canal, railway, airport, and, newly, a coal mine.
2. Introduction
PNC Infratech was incorporated on 9 August 1999 as PNC Construction Company Private Limited, became a limited company in 2001, and took its current name in 2007 — three names in eight years, which for an Agra-based road builder is practically a rebranding agency. It is promoted by four brothers: Pradeep Kumar Jain, Naveen Kumar Jain, Chakresh Kumar Jain and Yogesh Kumar Jain. The registered office is in Delhi; the corporate office is on the Agra bypass road, which is either poetry or convenience.
The stated track record is 90+ major infrastructure projects across 16 states, including 74 road EPC projects, 21 airport runway projects, roughly 350 km of 132/220 kV turnkey transmission lines, and the redevelopment of the Narela Industrial Estate under a BOT annuity model. Per the company’s journey slide, the first independent NHAI highway job was the four-laning of the Agra–Gwalior section of NH-3, and the first international airport runway job was at Kolkata. Crossing ₹150 crore of revenue was, at the time, a milestone worth putting on a timeline — the June 2026 quarter alone did eleven times that.
The recent chapter is asset recycling. In January 2024 definitive agreements were executed to divest 12 road assets — 11 National Highway HAM projects and one State Highway BOT toll project, about 3,800 lane-km — to Vertis Infrastructure Trust (formerly Highways Infrastructure Trust), in two tranches. Per CARE’s April 2026 report, ten HAM assets were sold in May 2025 for equity consideration of ₹1,827.6 crore plus receivables of about ₹200 crore, and the PNC Bareilly Nainital stake went in August 2025 for ₹153 crore, against a cumulative equity investment of ₹1,446 crore in the eleven assets. The last one, PNC Challakere Karnataka Highways, was expected to complete by 31 March 2026.
Alongside, the company entered coal overburden removal for South Eastern Coalfields and a solar-plus-storage EPC — two segments that a decade of runway-and-flyover slides did not predict.
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3. Business Model: WTF Do They Even Do?
They build things that other people then drive, fly, or drink out of.
The core is roads, in three flavours that sound identical and are not. EPC: the client pays, PNC builds, PNC leaves. HAM: PNC puts equity into a subsidiary SPV, NHAI pays part during construction and the rest as annuities, and everyone waits for the appointed date like it’s a visa. BOT toll/annuity: PNC owns the asset and collects. The company reports 74 completed EPC road projects, 3 operational BOT projects, and 14 HAM projects — 6 at PCOD/COD, 5 under construction, 2 with concession agreements newly signed, and 1 with financial closure documents sitting with MPRDC.
Then the diversification, which is genuinely eclectic. Water supply under Jal Jeevan Mission in UP: a ₹6,800 Cr contract, 66% complete, ₹2,310 Cr left. A canal in Kurnool, Andhra Pradesh. A railway project for Haryana Rail Infrastructure Development Corporation. Two airports — Varanasi (16% done) and Pantnagar (not started). Twenty-one airport runways over the years, with a ‘Super Special’ class certification from Military Engineering Services, a rating that sounds like it was named by a nine-year-old and is in fact a defence-grade qualification.
And now coal. The South Eastern Coalfields order at Gevra is ₹2,957 Cr over five years for overburden removal and coal extraction by surface miner, plus loading and transportation. Balance order book on it: ₹2,847 Cr, or 4% complete — a company that spent twenty-five years putting material onto the ground has taken a contract to take material off it.
The integrated model is the pitch: in-house design and engineering, own quarries, an owned equipment fleet, in-house construction. Gross block of plant and equipment
