PNC Infratech's margin rises as operating profit holds despite lower revenue
Consolidated profit benefited from a lower tax rate, while other income of Rs 52.8 cr remained material against pre-tax profit.
Filed 28 Oct 2026, 15:51 IST · after market close · PNC Infratech Ltd (PNCINFRA)
Key takeaways
- Consolidated operating margin rose to 21.08%, 10.05 percentage points above the 11.03% median for 47 reporting Industrials peers.
- Operating profit was Rs 278.84 cr despite revenue falling to Rs 1,322.47 cr from Rs 1,616.98 cr in Q4FY26.
- Net profit increased to Rs 114.68 cr from Rs 107.76 cr in Q4FY26, helped by a lower tax rate of 27.2% versus 30.38%.
Price around the results
Operating profit held on lower revenue
Consolidated revenue fell to Rs 1,322.47 cr from Rs 1,616.98 cr in Q4FY26, but operating profit was broadly higher at Rs 278.84 cr versus Rs 277.12 cr. Operating margin consequently improved to 21.08% from 17.14%, indicating better operating conversion despite the weaker top line.
Interest and other income shaped reported profit
Expenses were Rs 1,043.63 cr, while interest costs were Rs 133.67 cr and depreciation was Rs 40.45 cr. Other income of Rs 52.8 cr was material against pre-tax profit of Rs 157.52 cr. The tax rate fell to 27.2% from 30.38%, supporting net profit of Rs 114.68 cr and EPS of Rs 4.47.
Margin stayed well above the Industrials peer median
PNC Infratech's 21.08% operating margin was 10.05 percentage points above the 11.03% median among 47 Industrials companies that had reported the same quarter. The available quarter trend shows margin improving from 17.14% in Q4FY26. The results were filed after market close, so there is no post-results stock reaction to assess yet.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹1,322 cr |
| Other income | ₹53 cr |
| Expenses | ₹1,044 cr |
| Operating profit | ₹279 cr |
| Operating margin (%) | 21.08% |
| Interest | ₹134 cr |
| Depreciation | ₹40 cr |
| Profit before tax | ₹158 cr |
| Tax | ₹43 cr |
| Net profit | ₹115 cr |
| EPS (₹) | ₹4.47 |
Operating margin of 21.08% compares with a Industrials sector median of 11.03% across 47 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +0.37% | -0.68% |
Volume on the results session was 0.26× its 20-day average.
What to watch
- Whether operating margin remains above 21.08% in the next reported quarter.
- Whether operating profit stays around Rs 278.84 cr if revenue remains below Rs 1,616.98 cr.
- Whether other income remains material relative to the current Rs 157.52 cr pre-tax profit.