PNC Infratech Gets Rating Reaffirmation for Units

PNC Infratech Limited has announced that CARE Ratings Limited has reaffirmed credit ratings for two of its subsidiary companies' long-term bank facilities, totaling ₹1,035.52 crores, with a stable outlook. The company informed stock exchanges about these developments through a regulatory filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Rating Reaffirmations Details

CARE Ratings Limited has reaffirmed credit ratings for the subsidiary companies with stable outlook across both entities. The rating actions cover substantial bank facility amounts totaling ₹1,035.52 crores across the two highway development subsidiaries.

Subsidiary Company	Facility Amount	Credit Rating	Rating Action	Outlook
Akkalkot Highways Private Limited	₹811.50 crores	CARE A+	Reaffirmed	Stable
PNC Raebareli Highways Private Limited	₹224.02 crores	CARE AA-	Reaffirmed	Stable

Subsidiary Company Performance

Akkalkot Highways Private Limited maintains its CARE A+ rating for long-term bank facilities worth ₹811.50 crores. This rating reaffirmation indicates sustained creditworthiness and operational performance of the highway development subsidiary.

PNC Raebareli Highways Private Limited received a CARE AA- rating reaffirmation with stable outlook for its facility amount of ₹224.02 crores.

Regulatory Compliance

PNC Infratech has fulfilled its disclosure obligations by informing both BSE Limited and National Stock Exchange of India Limited about these rating developments.

The rating reaffirmations from CARE Ratings demonstrate maintained financial stability and creditworthiness of PNC Infratech's subsidiary companies in the highway infrastructure development sector. Both subsidiaries continue to operate with stable outlook ratings, reflecting consistent operational and financial performance in their respective highway projects.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.86%	+1.67%	+0.61%	-16.05%	-17.79%	+49.03%

PNC Infratech , a prominent infrastructure development company, has revised its growth guidance for FY26 from 15-20% to 5%, citing delays in appointed dates for major Hybrid Annuity Model (HAM) projects and subdued National Highways Authority of India (NHAI) awarding activity. The company reported a 26% decline in standalone revenue to Rs 2,119.00 crore for H1 FY26 compared to the previous year.

Key Financial Highlights

Metric	Value	Margin
Standalone revenue for Q2 FY26	Rs 983.00 crore	-
Standalone EBITDA for Q2 FY26	Rs 136.00 crore	13.90%
Standalone PAT for Q2 FY26	Rs 86.00 crore	8.80%
H1 FY26 standalone revenue	Rs 2,119.00 crore	-
H1 FY26 standalone EBITDA	Rs 277.00 crore	13.10%
H1 FY26 standalone PAT	Rs 167.00 crore	7.90%

Project Delays and Revenue Impact

The company's performance was significantly impacted by delays in appointed dates for four major HAM projects worth Rs 4,000.00 crore. These projects, awarded in mid-2023, faced delays of over two years in receiving appointed dates. PNC Infratech has now received appointed dates for three out of the four delayed projects, which is expected to boost revenue in the coming quarters.

Order Book and Future Outlook

Despite the challenges, PNC Infratech maintains a robust unexecuted order book of over Rs 20,000.00 crore. The company expects to secure new orders worth Rs 6,000.00 crore by the end of FY26. With the recent receipt of appointed dates for three HAM projects, the company anticipates improved execution and revenue growth in the coming quarters.

Diversification and New Projects

PNC Infratech is actively diversifying its project portfolio:

Received three Letters of Award in Q2 FY26, including a high-level bridge construction in Bihar, development of Varanasi International Airport, and a Solar Power-Cum-BESS project from NHPC.
Commenced execution of a coal mining project and is in the preliminary stages of a BESS (Battery Energy Storage System) project.

Financial Position

The company maintains a strong financial position with a consolidated net worth of Rs 6,623.00 crore as of September 30, 2025. The total consolidated debt stands at Rs 5,049.00 crore, translating to a net debt-to-equity ratio of 0.76 times. PNC Infratech has a healthy cash and bank balance, including current investments, of Rs 2,736.00 crore on a consolidated basis.

Management Commentary

Yogesh Jain, Managing Director of PNC Infratech, stated, "While we face short-term challenges due to project delays, we are optimistic about our long-term prospects. The recent receipt of appointed dates for key projects and our diversified order book position us well for future growth."

The company remains focused on executing its current projects efficiently and is actively pursuing new opportunities in highways, water resources, and renewable energy sectors to drive future growth.