PNC Infratech Q2 FY27 Results: Consolidated Net Profit ₹115 Crore on Total Income of ₹1,375 Crore
Earnings
Infrastructure construction
Blacklitt Research3 min read
PNC Infratech (NSE: PNCINFRA) reported consolidated total income of ₹1,375.27 crore and net profit of ₹114.68 crore for the quarter ended 30 Sep 2026, it said in a filing on 28 Oct 2026. Standalone total income was ₹1,166.00 crore and standalone net profit ₹72.57 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹1,375.27 crore, up 18.6% YoY and down 21.8% QoQ
Net profit and EPS: ₹114.68 crore, down 46.8% YoY; basic EPS ₹4.47
Finance costs: ₹133.67 crore, up 3.3% YoY and 8.2% QoQ
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,166.00 crore, up 16.4% YoY and down 25.3% QoQ
Net profit and EPS: ₹72.57 crore, down 15.8% YoY; basic EPS ₹2.83
Finance costs: ₹24.77 crore, up 12.1% YoY and 23.3% QoQ
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,375.27
1,159.14
+18.6%
1,759.52
-21.8%
Revenue from operations
1,322.47
1,127.64
+17.3%
1,688.46
-21.7%
Other income
52.80
31.50
+67.6%
71.06
-25.7%
114.68
215.70
-46.8%
331.93
-65.5%
Profit before tax
157.52
292.41
-46.1%
431.55
-63.5%
Finance costs
133.67
129.40
+3.3%
123.59
+8.2%
Depreciation
40.45
25.59
+58.1%
39.45
+2.5%
Tax expense
42.84
76.71
-44.2%
99.62
-57.0%
Net profit margin
8.34%
18.61%
-10.27 pp
18.86%
-10.53 pp
EPS, basic (₹)
4.47
8.41
-46.8%
12.94
-65.5%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Income grew faster than profit this quarter. Total income rose 18.6% YoY, but net profit fell 46.8%, and profit before tax fell 46.1%. Other income rose 67.6% YoY to ₹52.80 crore, which is 3.8% of total income and 33.5% of profit before tax, while revenue from operations rose 17.3%.
Finance costs of ₹133.67 crore are 9.7% of total income, up from ₹129.40 crore a year earlier. Depreciation rose 58.1% YoY to ₹40.45 crore. Tax expense fell to ₹42.84 crore, 27.2% of profit before tax, against ₹76.71 crore a year earlier.
The filing carries an exceptional item of income of ₹162.86 crore in the consolidated quarter ended 30 Sep 2025, which is the year-earlier base. The filing does not explain it. The half-year contract revenue also includes ₹217.66 crore of settlement revenue under the Agra Bypass EPC one-time settlement under the Vivad Se Vishwas III scheme, and that amount is part of the half-year figures, not this quarter's.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,166.00
1,002.12
+16.4%
1,560.46
-25.3%
Revenue from operations
1,145.60
983.03
+16.5%
1,518.21
-24.5%
Other income
20.40
19.09
+6.8%
42.25
-51.7%
72.57
86.20
-15.8%
270.62
-73.2%
Profit before tax
98.66
117.71
-16.2%
364.21
-72.9%
Finance costs
24.77
22.09
+12.1%
20.08
+23.3%
Depreciation
35.03
20.74
+68.9%
32.59
+7.5%
Tax expense
26.09
31.50
-17.2%
93.59
-72.1%
Net profit margin
6.22%
8.60%
-2.38 pp
17.34%
-11.12 pp
EPS, basic (₹)
2.83
3.36
-15.8%
10.55
-73.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit fell 15.8% YoY to ₹72.57 crore, a smaller fall than the 46.8% drop in consolidated net profit. Standalone total income rose 16.4%, and revenue from operations rose 16.5%, faster than other income, which rose 6.8% to ₹20.40 crore.
Standalone profit before tax was ₹98.66 crore, with tax expense of ₹26.09 crore, or 26.4% of profit before tax. Depreciation rose 68.9% YoY to ₹35.03 crore, and finance costs rose 12.1% to ₹24.77 crore. Consolidated net profit of ₹114.68 crore is ₹42.11 crore above standalone net profit, and the filing does not split that gap.
The company is an infrastructure construction business. Its consolidated segment reporting names Road EPC, Water EPC and BOT (Toll and Annuity) as reportable segments. Against the June 2026 quarter, consolidated net profit fell 65.5% and standalone net profit fell 73.2%. The filing does not explain the sharp fall in tax expense relative to that quarter.
On 3 Sep 2026 NHAI issued a debarment order against the SPV Awadh Expressway Private Limited, extended to PNC Infratech on 11 Sep 2026 for three years. The Delhi High Court granted an interim stay on both orders on 13 Oct 2026. The auditors' review report has an emphasis of matter on this, and their conclusion is not modified.
Inference
The filing reports that the company's board approved the results on 28 Oct 2026 and that the auditors issued unmodified review conclusions on both standalone and consolidated results, with an emphasis of matter on the NHAI debarment. The company's subsidiary PNC Infratech (Kazakhstan) LLP was set up with authorised capital of 100,000 KZT, and its certificate of incorporation was received on 7 Oct 2026. The filing does not state the funding plan or expected start of operations for that subsidiary, and it does not give the outcome of the Delhi High Court proceedings beyond the interim stay.
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