PNC Infratech has scheduled its 27th Annual General Meeting for September 30, 2026. The event will be conducted via video conference to transact ordinary and special business items.

The meeting is set to begin at 11:30 am. Shareholders will participate through Video Conference or Other Audio-Visual Means in compliance with Ministry of Corporate Affairs and SEBI circulars.

Agenda Highlights

The notice outlines several key items for shareholder approval during the session.

Ordinary Business

Shareholders are asked to consider and adopt the following:

• Audited Standalone and Consolidated Financial Statements for the fiscal year ended March 31, 2026.
• Reports of the Board of Directors and Auditors on these statements.
• Declaration of dividend on equity shares for FY26.
• Reappointment of Yogesh Jain as Managing Director and Anil Kumar Rao as Whole Time Director, both retiring by rotation.
• Appointment of M/s. NSBP & Company, Chartered Accountants, New Delhi, as Statutory Auditors for a two-year term until the conclusion of the 29th AGM.

Special Business

The company seeks ratification for the remuneration payable to its Cost Auditor.

• M/s. Gaurav Jain & Associates, Cost Accountant, will serve as Cost Auditor for the financial year ended March 31, 2027.
• Remuneration is fixed at ₹1,00,000 per annum plus applicable taxes and reimbursement of out-of-pocket expenses on an actual basis.

PNC Infratech reported a 235% year-on-year surge in standalone net profit after tax (PAT) to ₹271 crore for Q1FY27, primarily driven by a ₹235 crore one-time settlement from the National Highways Authority of India (NHAI) regarding the Agra Bypass EPC Project Arbitration Award under the Vivad-Se-Vishwas Scheme III. This robust top-line growth, with revenue rising 34% to ₹1,518 crore, underscores the company’s strong execution in infrastructure projects. However, consolidated PAT declined 23% to ₹332 crore, reflecting the absence of a one-time asset monetization gain recorded in the prior corresponding period. The divergent performance highlights the impact of non-recurring items on consolidated figures while showcasing underlying operational strength.

Financial Performance: Standalone vs. Consolidated

Standalone revenue from operations grew 34% to ₹1,518 crore in Q1FY27, up from ₹1,136 crore in Q1FY26. Standalone EBITDA expanded sharply by 167% to ₹375 crore, reflecting both operational growth and the inclusion of the arbitration award. The standalone PAT margin widened significantly to 17.8%.

On a consolidated basis, revenue rose 19% to ₹1,688 crore from ₹1,423 crore. Consolidated EBITDA increased 42% to ₹524 crore. However, consolidated PAT fell to ₹332 crore from ₹431 crore in Q1FY26, which had included a gain from the monetization of Hybrid Annuity Model (HAM) assets. Consolidated PAT margin contracted to 19.7%.

*Includes impact of arbitration award. **Includes ₹235 crore net-of-tax arbitration award. #Includes gain from HAM asset monetization.

New Orders and Project Awards

PNC Infratech secured several key awards in Q1FY27, strengthening its pipeline:

• NHAI HAM Projects: Received Letters of Award for two Hybrid Annuity Mode projects in Uttar Pradesh: Barabanki to Mustafabad and Mustafabad to Biswariya. Concession agreements were signed on July 16, 2026, by Special Purpose Vehicles (SPVs). Financial closure is expected within 150 days.
• Airport Infrastructure: Received a Letter of Intent from the Airports Authority of India (AAI) for the detailed design and EPC work of Pantnagar Airport in Uttarakhand, valued at ₹302 crore. Completion is expected before the end of September 2026.
• EPC Projects: Secured a ₹194 crore EPC contract from the Lucknow Development Authority for a 4-lane flyover, scheduled for completion within 24 months. Additionally, entered a joint venture with SPS Constructions for a ₹559.5 crore Ganga River Bridge project in Kanpur.
• Arbitration Award: An arbitration award for ₹244 crore was published in favor of the company on July 31, 2026, in connection with the Upgradation of Sonauli to Gorakhpur section of NH 29E, executed for UP PWD.

Order Book Composition

As of June 30, 2026, the company’s unexecuted order book stood at over ₹19,100 crore, providing healthy revenue visibility. This includes the new HAM projects, bridge, flyover, and airport contracts secured in the quarter. The portfolio is diversified across sectors:

• Highway Contracts: Contribute 64% of the total unexecuted order book.
• Non-Highway Contracts: Water, canal, railway, and airport contracts contribute around 21%.
• Coal Mining: Contributes about 15%.

The order book includes projects where the appointed date is awaited. Notably, the Western Bhopal Bypass has submitted financial closure documents but awaits the appointed date, expected by the end of the current calendar year due to scope changes.

Operational Milestones and Governance

The company achieved commercial operation milestones for two HAM projects: Singraur Uphar-Baranpur Kadipur Ichauli (Package-III), declared fit for commercial operations from June 20, 2026, and Kanpur Lucknow Expressway, declared fit from April 27, 2026. A Completion Certificate was received for the Prayagraj Kaushambi Package 3 HAM project with effect from June 20, 2026.

The Board of Directors, meeting on August 8, 2026, approved the unaudited financial results. Key governance updates include the re-appointment of M/s. NSBP & Co., Chartered Accountants, as Statutory Auditors for a two-year term. The board also re-appointed Pradeep Kumar Jain, Chakresh Kumar Jain, Yogesh Kumar Jain, and Anil Kumar Rao for five-year terms, and appointed Rohit Kumar Singh as an Additional Non-Executive Director.

Balance Sheet and Working Capital

On a standalone basis, net worth as on June 30, 2026, was ₹6,084 crore. Debt from banks and financial institutions stood at ₹428 crore (excluding internal current debt), translating to a debt-to-equity ratio of 0.07 times. Total cash and bank balance, including current investments, was ₹1,046 crore, resulting in a net cash surplus of ₹133 crore.

On a consolidated basis, net worth was ₹7,147 crore, while total debt was ₹5,448 crore, translating to a debt-to-equity ratio of 0.76 times. Total cash and bank balance, including current investments, was ₹2,870 crore.

Working capital days stood at 110 as of June 30. Management noted that receivables from Jal Jeevan Mission (JJM) projects amount to ₹741 crore (excluding GST), with expectations of realization in coming months as state governments pursue central subsidy releases. Receivables from Andhra Pradesh irrigation projects stand at ₹153 crore, with ₹94 crore expected to be realized shortly.

What the Numbers Show

The divergence between standalone and consolidated profitability underscores the impact of one-time items. While consolidated PAT declined due to the absence of the prior year’s monetization gain, the standalone entity demonstrated robust organic growth, bolstered by the resolution of legacy disputes via the NHAI arbitration award. The ₹19,100 crore order book, particularly the large-ticket HAM wins in Uttar Pradesh, provides strong visibility into future revenue streams, offsetting the cyclical nature of EPC contracts. Management reaffirmed its guidance of ₹6,000 crore revenue for FY27 and ₹7,500 crore for FY28, indicating confidence in execution despite subdued NHAI awarding activity in the quarter.