PNC Infratech targets ₹7,500 crore revenue by FY28
Management expects 30% growth in FY27 despite trimming its solar-BESS outlook. The company has already secured ₹10,000 crore in new orders this year.
What's new
- Management projects revenue of ₹6,000 cr for FY27 and ₹7,500 cr for FY28.
- Solar-BESS revenue forecast cut to ₹600 cr from ₹1,000 cr due to project delays.
- Order book exceeds ₹22,000 cr, with ₹10,000 cr in new wins year-to-date.
Why this matters
PNC Infratech is balancing aggressive growth targets against margin pressure from rising input costs. The downward revision in its solar-BESS segment shows that execution timelines remain a point of friction.
What we're watching
- Whether government compensation mechanisms effectively offset rising bitumen and fuel costs.
- The pace of execution for the remaining order inflow target.
- Any further adjustments to the solar-BESS project timeline.
The full read
PNC Infratech is betting on rapid expansion, targeting revenue of ₹6,000 crore in FY27 and ₹7,500 crore in FY28. The company has already built momentum with ₹10,000 crore in new order wins against a full-year target of ₹15,000 crore.
Execution is lagging.
Management trimmed its solar-BESS revenue forecast to ₹600 crore from ₹1,000 crore because those projects started later than expected. Rising bitumen and fuel costs are squeezing margins, yet management maintains that a 12% EBITDA margin is achievable, provided the government compensation mechanism functions as intended. With an order book now exceeding ₹22,000 crore, the company has plenty of work. The next test is whether it can manage the rising cost of inputs while accelerating project delivery to meet these aggressive revenue targets.
Questions answered
- What is the company's revenue guidance for the next two years?
- Management expects revenue to reach ₹6,000 crore in FY27 and ₹7,500 crore in FY28.
- Why was the solar-BESS revenue forecast reduced?
- The forecast was cut to ₹600 crore from ₹1,000 crore because execution on these projects started later than the company originally planned.
- How is the company managing margin pressure?
- Management expects to maintain a 12% EBITDA margin by relying on a government compensation mechanism to offset the impact of higher bitumen and fuel costs.
- What is the current status of the order book?
- The total order book is over ₹22,000 crore. The company has already won ₹10,000 crore in new orders against a full-year target of ₹15,000 crore.