PNC Infratech Limited (PNCINFRA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+301.1%

₹505.51

vs ₹126.02 price

Levered DCF

₹46.89

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.33

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	4.95×	8.24×	12.23×	11.25×	11.46×	13.3×	4.39×	11.23×
P/B	0.6×	1.12×	2.15×	1.73×	1.83×	2.17×	0.94×	1.95×
P/S	0.77×	0.99×	1.29×	0.93×	0.95×	1.19×	0.45×	1.1×
EV / EBITDA	3.98×	6.45×	8.81×	8.15×	6.76×	6.52×	3.41×	6.72×
Gross margin	28.5%	34.5%	60.5%	17.6%	23.4%	32.8%	34.8%	38.9%
Operating margin	18.9%	27.7%	55.4%	10.5%	17.0%	19.1%	14.2%	13.8%
Net margin	15.5%	12.0%	10.5%	8.3%	8.3%	8.9%	10.2%	9.8%
Current ratio	3.72×	2.29×	2.07×	1.69×	1.68×	1.72×	1.96×	1.7×
Debt / equity	0.76×	1.56×	1.55×	1.47×	1.32×	1.37×	1.38×	1.37×
Interest coverage	1.74×	2.2×	7.4×	1.98×	2.81×	2.51×	1.79×	1.48×
Dividend yield	0.4%	0.2%	0.1%	0.2%	0.2%	0.0%	1.1%	0.3%
Payout ratio	1.9%	1.9%	1.4%	1.9%	2.2%	0.0%	4.6%	3.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.2%	13.6%	17.5%	15.4%	16.0%	16.3%	21.5%	17.4%
Return on invested capital	6.3%	7.8%	24.7%	5.0%	9.2%	8.5%	7.8%	7.6%
Return on assets	6.0%	4.5%	5.8%	5.2%	5.5%	5.2%	6.5%	4.8%
Free cash flow yield	90.4%	-13.1%	-2.5%	-20.5%	-8.7%	-0.0%	18.0%	-2.6%
Earnings yield	20.2%	12.1%	8.2%	8.9%	8.7%	7.5%	22.8%	8.9%
Enterprise value	₹70.5B	₹144.4B	₹181.5B	₹132.8B	₹109.2B	₹99.6B	₹50.9B	₹64.2B
Net debt / EBITDA	1.66×	3.45×	3.41×	3.6×	2.64×	2.19×	1.79×	2.59×
Cash conversion cycle (days)	100	67	49	59	54	24	26	78