New Delhi, May 22 --

Leading brokerage houses including ICICI Securities, HDFC Securities and JM Financial Institution remain positive on PNC Infratech following its Q4FY26 earnings. Analysts expect a gradual recovery in revenues over FY27 and FY28, supported by a healthy executable order book, improving order inflows, and ramp-up in execution across key projects. Analysts believe the company is well positioned for a recovery cycle as execution intensity improves and newer business verticals scale up.



  • Leading brokerages remain constructive on PNC Infratech, citing recovery in execution, strong order book visibility and improving order inflows as key medium-term growth drivers.


  • Analysts highlighted the company's diversification into renewables, mining and water infrastructure as akeypositive that could support future revenue growth.
  • Brokerage target prices imply up to ~48% upside from current market levels, with confidence in PNC's balance sheet strength and margin stability.


Potential upside calculated based on PNC Infratech's closing market price of Rs.213.15as of 21 st May. Note: Above list of analyst recommendations is not exhaustive.



Brokerage house HDFC Securities maintained its 'Buy' rating with a target price of Rs.304, highlighting expectations of a recovery in execution and order inflows during FY27. The brokerage noted that PNC's order book stood at around Rs.180 billion as of March 2026, providing strong revenue visibility. HDFC Securities also pointed to new business segments such as renewables and mining to aid order inflows, while the cash inflows from asset monetization to Vertis contributed to the healthy cash buffer of PNC.



Broking firmICICI Securities upgraded the stock to'Buy' with a target price of Rs.290, citing improving execution visibility and a strong executable order book. The brokerage expects revenue and earnings recovery over FY26-28E aided by pick-up in project execution, commencement of recently secured projects.



Ambit Capital retained its 'Buy' rating with a target price of Rs.276 and noted that the company has been able to maintain EBITDA margins despite weak execution trends over the last few quarters. The brokerage highlighted that diversification beyond roads, particularly in waterinfrastructure and other emerging segments, has helped PNC gradually rebuild its executable order book.



Meanwhile,NuvamaInstitutional Equities maintained a 'Hold' rating with a target price of Rs.235, while acknowledging improvingsegmentaldiversification in the company's orderbookgrowth. The brokerage noted that management is targeting a higher share of non-road projects in future order inflowswith30-35% of future order inflows comingfromsegments likesolar, battery energy storage systems andurban development projects.



Brokerages broadly expect order inflow momentum and execution recovery to remain the keymonitorablefor the company over the next few quarters.



Published by HT Digital Content Services with permission from PNN.