Infra Stock Jumps 3% After Bagging ₹302 Cr Project at Pantnagar Airport, Uttarakhand

Synopsis: A leading infrastructure developer has secured L-1 status for a full-scale airport EPC contract at Pantnagar Airport in Uttarakhand from the Airports Authority of India. Valued at over Rs.300 crore, the project strengthens the company’s diversification strategy beyond its traditional road construction business and expands its presence in the aviation infrastructure segment. 

India’s infrastructure push is no longer limited to highways and expressways; airports are fast becoming the next big frontier. As smaller cities get connected through upgraded terminals and expanded runways, EPC players with proven civil construction credentials are finding their way onto the tarmac. One such company is quietly but steadily building a track record in this space, adding yet another airport project to its portfolio.

With a market capitalization of Rs. 5,421crore, the shares of PNC Infratech Ltd. were trading at Rs. 211 per share, with a 52-week range of Rs. 331.80to Rs. 158.17. It is trading at a P/E of approximately 12x.

Order Update

PNC Infratech has been declared the L-1 (first lowest) bidder for a comprehensive EPC project at Pantnagar Airport in Uttarakhand, awarded by the Airports Authority of India. The quoted project price stands at Rs. 302.44 crore, with a completion period of 24 months.

The scope is extensive, covering cityside works, including a new domestic terminal building with parking, an electrical sub-station, approach roads, ancillary structures, MEP and electro-mechanical works, along with airport systems, IT systems, and security systems. On the airside, the project involves extension and strengthening of the runway, apron, taxiways, isolation bay, RESA, grading, civil and electrical works for NAV-AIDS facilities, perimeter road, and runway lighting systems.

This isn’t a one-off for the company. PNC Infratech has previously executed 21 airport runway projects across India and holds a ‘Super Special’ class certification from Military Engineering Services, giving it a credible edge in the segment.

Financial Snapshot & Business Overview

With over 25 years of experience, the company has established itself as a diversified infrastructure EPC player with operations across roads and highways, water supply and irrigation, railways, airport runways, power transmission, renewable energy, and coal mining. 

It has executed projects across 16 states and continues to expand beyond its core roads business through strategic entry into high-growth infrastructure segments. Its strong execution track record and broad sector presence position it well to benefit from India’s ongoing infrastructure push.

On a consolidated basis, the company reported FY26 revenue of Rs. 5,368 crore, compared to Rs. 6,769 crore in FY25. Despite lower revenue, profitability improved significantly, with EBITDA rising to Rs. 1,137 crore and PAT increasing to Rs. 832 crore from Rs. 815 crore in FY25. EBITDA margins stood at 21.2%, while PAT margins expanded sharply to 15.5% from 12.0%, reflecting better operating efficiency and earnings quality. The company also strengthened its balance sheet, with consolidated debt declining to Rs. 5,151 crore from Rs. 9,100 crore in FY25. 

Supporting future growth, the company maintains a strong order book of over Rs. 18,000 crore, equivalent to nearly 390% of FY26 revenue, providing robust execution visibility. Additionally, projects worth Rs. 3,957 crore secured after March 2026 and later projects received during Q1 are yet to be included in the formal order book, further strengthening the company’s revenue pipeline and growth visibility over the coming years. 

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