PNC Infratech has emerged as the lowest bidder for two highway projects from the National Highways Authority of India (NHAI), with a combined bid project cost of Rs 3,483 crore, the company announced via exchange filing. 

The company continues to strengthen its order book even though its recent quarterly performance reflected execution pressures. 

PNC Infratech: Two HAM projects in Uttar Pradesh

According to a regulatory filing, the projects have been awarded under the hybrid annuity model (HAM), with financial bids opened on April 21.

The first project, with a quoted cost of Rs 1,728 crore, is for the construction of a four-lane highway from Barabanki to Mustafabad on NH-927 in Uttar Pradesh. The second, valued at Rs 1,755 crore, covers the stretch from Mustafabad to Biswariya on the same highway, as per the exchange filing. 

Both projects are to be executed over a period of 24 months and are domestic contracts, with no related party involvement, the company said.

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Boost to PNC Infratech order book visibility

The twin project wins are expected to improve revenue visibility for the company over the medium term. HAM projects typically provide a mix of government support and annuity-based payments, offering relatively stable cash flows compared to pure engineering, procurement and construction (EPC) contracts, the company added. 

PNC Infratech Q3 performance 

Separately, PNC Infratech reported a subdued performance for the third quarter. Net profit declined 5.8% year-on-year to Rs 76.7 crore, while revenue fell 18.3% to Rs 1,200 crore, as per company’s disclosure with the exchanges. 

Operating performance was more sharply impacted, with EBITDA dropping 37% to Rs 238.7 crore. Margins contracted to 19.9% from 25.8% in the year-ago period.

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PNC Infratech: One-off impact from labour code

The company also recognised an exceptional expense of Rs 70.54 lakh during the quarter and nine-month period, linked to past gratuity and leave liabilities following the government’s notification of the labour code in November 2025, as per the exchange filing. 

PNC Infratech’s share price

PNC Infratech’s share price is up 7.05% during intraday trading on April 22, 2026. The stock has been up 13.1% in the past week. However, the company’s share price was down 20.03% in the past year.