PNC Infratech Secures ₹194 Cr Flyover Project from Lucknow Development Authority

Synopsis: PNC Infratech has received a Letter of Acceptance from the Lucknow Development Authority, Uttar Pradesh, for the construction of a four-lane flyover with two loops and two ramps at the Shaheed Path Intersection on the RHS bank of the Gomti River, Lucknow, on an EPC basis, for Rs. 194.40 crore exclusive of GST, with a completion period of 24 months.

Shares of an Agra-headquartered infrastructure construction company came into focus on June 1, 2026, after it disclosed receipt of a Letter of Acceptance from the Lucknow Development Authority, filed under Regulation 30 of SEBI (LODR) Regulations, 2015. The LOA, dated May 27, 2026, was received by the company by hand on June 1, and marks an addition to its urban infrastructure orderbook in Uttar Pradesh.

With a market capitalization of approximately Rs. 5,306.51 crore, the shares of PNC Infratech Limited were last quoted at Rs. 206.85 per share, up 1 percent from its previous close of Rs.204.8. The stock is trading at a P/E of 6.32 on a consolidated basis.

The contract involves the construction of a four-lane flyover with two loops and two ramps at the Shaheed Path Intersection, situated on the right-hand bank of the Gomti River in Lucknow. The project is awarded on an Engineering, Procurement and Construction basis by the Lucknow Development Authority, a state government urban planning body  at a contract value of Rs. 194.40 crore exclusive of GST. The completion timeline is 24 months from the date of commencement. The filing confirms there is no related-party interest and the awarding entity is a domestic government authority.

The disclosure references a prior announcement dated May 7, 2026, suggesting this is a follow-on confirmation of a contract that had been at a preliminary or letter-of-intent stage earlier. The receipt of a formal LOA marks the contractual formalisation of the project.

At Rs. 194.40 crore, this is a mid-ticket urban infrastructure order  relatively small compared to PNC’s typical national highway EPC contracts, which have historically been in the Rs. 500 crore to Rs. 2,000 crore range. However, urban flyover and intersection projects of this type carry a different risk profile: they tend to have shorter execution cycles, less land acquisition complexity, and are funded by state or municipal bodies rather than NHAI, which historically has had fewer payment delays. The 24-month completion timeline is also tighter than most highway HAM or BOT contracts, which typically run three to five years.

PNC Infratech has been in a period of order transition. The company sold its HAM (Hybrid Annuity Model) road assets to a KKR-affiliated infrastructure fund in FY24, which materially changed the revenue and asset profile. The company is now more focused on EPC execution rather than asset ownership, and is diversifying its project mix beyond NHAI road contracts into state highways, urban infrastructure, and other categories.

The Lucknow Development Authority order fits this diversification  urban flyover construction is a growing segment as Tier-1 cities in UP invest in traffic decongestion infrastructure ahead of major state events and election cycles.

On the financial side, PNC Infratech’s most recently reported consolidated data shows revenues of approximately Rs. 9,300 crore in the trailing twelve months (based on available quarterly data), implying the Lucknow order represents roughly 2 percent of annual revenue, a meaningful but not transformative addition. The company’s orderbook-to-revenue ratio and the pace of fresh order intake in FY27 will determine whether the growth rate recovers from the 3.85 percent sales CAGR over the past three years flagged by Screener’s data.

Business Overview

PNC Infratech Limited, incorporated in 1999, is an infrastructure construction and management company headquartered in Agra, Uttar Pradesh. The company has executed over 90 major infrastructure projects across 13 states, spanning highways, bridges, flyovers, airport runways, and transmission lines. It is currently executing 20 projects. Promoters hold a majority stake in the company.

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