Brokerages See Up To 48% Upside On PNC Infratech Post Q4FY26; Execution Recovery, Order Book Visibility Key Triggers; Stock Surges 34% Since FY27

New Delhi [India], 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 a key positive 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 ₹213.15 as 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 ₹304, highlighting expectations of a recovery in execution and order inflows during FY27. The brokerage noted that PNC’s order book stood at around ₹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 firm ICICI Securities upgraded the stock to ‘Buy’ with a target price of ₹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 ₹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 water infrastructure and other emerging segments, has helped PNC gradually rebuild its executable order book.

Meanwhile, Nuvama Institutional Equities maintained a ‘Hold’ rating with a target price of ₹235, while acknowledging improving segmental diversification in the company’s order book growth. The brokerage noted that management is targeting a higher share of non-road projects in future order inflows with 30–35% of future order inflows coming from segments like solar, battery energy storage systems and urban development projects.

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