Sharekhan's research report on PNC Infratech
Adjusted standalone revenue, OPM, and net profit lagged estimates due to a delay in the receipt of appointed dates, elections, weather conditions, and JJM projects payments. Management has trimmed down its standalone revenue guidance, estimating a 10% y-o-y dip as against 10% y-o-y growth while retaining OPM guidance of 12-12.5% for FY2025. The company expects more than 15% y-o-y standalone revenue growth in FY2026. The company has retained its order inflow target of Rs. 13,000-15,000 crore for FY2025, including Rs. 4,994 crore L1 orders.
Outlook
We retain BUY on PNC Infratech with a revised PT of Rs. 600, rolling forward our valuation to H1FY2027E earnings, which partially offset the downward revision in estimates.
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