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PNC Infratech Limited (PNCINFRA) Fair Value & Analysis

Industrials · IN · Market cap ₹60.5B

PI PNC Infratech Limited PNCINFRA · NSE
Price₹215.17
Fair Value₹515.29
Upside+139.5%
Quality60/100
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Weak Growth
Solidly profitable · 15.5% net margin
Moderate debt · generates free cash flow
0.26% dividend yield
Ranks above peers (10/14)
Moderate moat 55/100
Evidence: High Range ₹386.46 – ₹644.11 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 4 days ago

Share price −12.3% over the past month.

A solid business, screening 139% undervalued on our models.

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What matters now

  • The price is below even our cautious bear case (₹386.46). The market is more pessimistic than our downside scenario.
  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

₹557.44 ₹160.55 Fair Value ₹515.29 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹160.55 – ₹557.44 · fair‑value band ₹386.46 – ₹644.11 · the ₹215.17 price screens below the ₹515.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

PNC Infratech Limited (PNCINFRA) currently trades at ₹215.17, while our model-based Fair Value estimate is ₹515.29, implying the stock looks roughly 139.5% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, PNC Infratech Limited generated revenue of ₹53.7B at a net margin of 15.5%. Revenue declined 5.1% year over year. It earns a return on equity of 13.0%. Net debt stands at ₹29.3B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹386.46 (bear case) to ₹644.11 (bull case); at ₹215.17, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic. The share trades about 35% below its 52-week high and 36% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at 139%, PNCINFRA screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹1,663 ₹2,800 ₹4,633 80
Residual Income ₹246.56 ₹300.93 ₹744.12 76
ROIC Compounder ₹192.04 ₹240.26 ₹306.75 72
All 25 models by family
DCF Models
FCF DCF ₹1,653 ₹2,831 ₹4,746 38
Owner Earnings ₹197.90 ₹396.57 ₹719.56 31
5Y Revenue Exit ₹658.87 ₹910.78 ₹1,205 39
5Y EBITDA Exit ₹748.86 ₹1,087 ₹1,469 41
5Y P/E Exit ₹796.21 ₹1,180 ₹1,582 38
10Y Revenue Exit ₹982.69 ₹1,315 ₹1,731 36
10Y EBITDA Exit ₹1,050 ₹1,441 ₹1,941 37
10Y P/E Exit ₹1,080 ₹1,507 ₹2,031 35
Earnings-Based
Graham-Dodd ₹220.48 ₹846.45 ₹1,147 54
Lynch FV ₹206.53 ₹295.05 ₹383.56 50
PEG = 1.0 ₹206.53 ₹295.05 ₹383.56 46
EPV ₹192.04 ₹240.26 ₹282.46 59
Dividend Discount
Gordon GGM ₹5.51 ₹11.45 ₹18.17 70
DDM Multi-Stage ₹5.51 ₹9.66 ₹12.02 61
Multiples
P/E Multiple ₹510.66 ₹680.88 ₹851.10 63
P/S Multiple ₹313.88 ₹418.50 ₹523.13 58
P/B Multiple ₹413.39 ₹551.19 ₹688.99 55
EV/EBIT ₹406.91 ₹574.98 ₹743.06 53
EV/EBITDA ₹334.69 ₹478.69 ₹622.69 54
EV/Revenue ₹166.34 ₹279.34 ₹392.33 43
Asset-Based
NCAV (Graham) ₹132.79 ₹177.94 ₹265.59 50
Growth DCF
Growth DCF ₹1,663 ₹2,800 ₹4,633 80
Economic Profit
Residual Income ₹246.56 ₹300.93 ₹744.12 76
ROIC Compounder ₹192.04 ₹240.26 ₹306.75 72
Growth Earnings
Growth-Adj P/E ₹374.05 ₹534.35 ₹694.66 68

Widest divergence: Growth DCF (₹2,800) versus Dividend Discount (₹9.66). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹53.7B
Revenue growth (YoY) -5.1%
Net margin 15.5%
Return on equity 13.0%
Free cash flow ₹37.2B FY2026
P/E ratio 6.6
More key figures
Operating margin 15.0%
EPS (TTM) ₹32.41
Dividend yield 0.3%
EPS growth (YoY) +42.9%
Net debt ₹29.3B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 60 · Market factors (momentum, volatility) 43

Profitability 41
Margins and returns on capital today
Quality Growth 24
Are margins and returns improving?
Cashflow 99
Earnings quality: real cash, not paper profit
Fin. Strength 50
Balance sheet, leverage, solvency risk
Investment 59
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

PNC Infratech Limited, together with its subsidiaries, engages in the construction, development, operation, and management of infrastructure projects in India.

Full company description

PNC Infratech Limited, together with its subsidiaries, engages in the construction, development, operation, and management of infrastructure projects in India. The company undertakes various infrastructure projects, including roads, highways, bridges, flyovers, power transmission lines, airport runways and pavements, rural drinking water supply, irrigation, industrial area development, rail freight corridors, and other infrastructure projects. It also provides end-to-end infrastructure implementation solutions, such as engineering, procurement, and construction services on a fixed-sum turnkey basis, as well as on an item rate basis; and executes and implements projects on a design-build-finance-operate-transfer, operate-maintain-transfer, hybrid annuity model, and other public-private partnership formats. The company was formerly known as PNC Construction Company Limited and changed its name to PNC Infratech Limited in August 2007. PNC Infratech Limited was founded in 1989 and is headquartered in Agra, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

PNC Infratech Limited reported revenue of ₹53.7B in FY2026 versus ₹70.2B in FY2022, a compound −6.5%/yr. Reported net income was ₹8.3B in FY2026, compounding +9.4%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
₹53.7B
Latest YoY
−20.7%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−12.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.8%
Avg. growth/yr (16Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.2%
Revenue −6.5%/yr
FY22 ₹70.2B
FY23 ₹79.6B
FY24 ₹86.5B
FY25 ₹67.7B
FY26 ₹53.7B
Net income +9.4%/yr
FY22 ₹5.8B
FY23 ₹6.6B
FY24 ₹9.1B
FY25 ₹8.2B
FY26 ₹8.3B

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Cite: Fair Value Calculator (2026). "PNC Infratech Limited Fair Value". https://www.fairvalue-calculator.com/stock/PNCINFRA

Peer Group

Engineering & Construction · 838 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 60 · Top 25%
Fair Value upside +140% · Top 25%
Return on equity (TTM) 13% · Above median
Return on assets 4% · Above median
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 15% · Top 25%
Revenue growth -5% · Below median
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.70× · Higher than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 6.6× · Cheaper than 75% of peers
P/B 0.89× · Cheaper than median
P/S (TTM) 1.13× · Pricier than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 7.5× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 15
FUTURE 0 · sector 14
PAST 52 · sector 26
HEALTH 65 · sector 94
DIVIDEND 5 · sector 43

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹228.50 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 46,350 KRW 43,924 KRW -5%

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Frequently asked questions

Is PNC Infratech Limited (PNCINFRA) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹515.29 versus a price of ₹215.17, about +139% (undervalued).
What is the fair value of PNCINFRA?
Our model-based fair value for PNC Infratech Limited is ₹515.29 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹215.17.
What is the quality score of PNCINFRA?
PNC Infratech Limited has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of PNC Infratech Limited (PNCINFRA)?
PNC Infratech Limited reported trailing-twelve-month revenue of about ₹53.7B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of PNCINFRA?
The net profit margin of PNC Infratech Limited is about 15.5%, meaning it keeps roughly 15.5% of revenue as net income. Based on the latest reported figures.
Does PNC Infratech Limited pay a dividend?
PNC Infratech Limited currently shows a dividend yield of about 0.26% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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