PNC Infratech: Prabhudas Lilladher Recommends BUY with Target of Rs 291

• Prabhudas Lilladher maintains a BUY rating on PNC Infratech with a target price of Rs 291.
• Q3FY26 saw weak execution with standalone revenue down 22% year-on-year, but profitability remained resilient.
• Execution is expected to improve from Q4FY26E, targeting 25% year-on-year revenue growth in FY27E.
• Unexecuted order book of Rs 158bn (3.4x TTM revenue) provides strong medium-term visibility.
• PNC Infratech maintains a strong net-cash balance sheet of Rs 15bn+ and a robust bid pipeline of Rs 287bn.