PNC Infratech shares surged 8.70% on Wednesday, April 22, opening at ₹226.11 and touching a session high of ₹234.86, driven by the company emerging as the lowest (L1) bidder for two Hybrid Annuity Model (HAM)-based highway projects awarded by the National Highways Authority of India. According to the company's exchange filing, the financial bids for both projects were opened on April 21, 2026. The rally came despite broader market weakness, with the stock showing strong momentum across the trading session. The 52-week range stands between ₹158.17 and ₹331.80, indicating significant upside potential from current levels.
The awarded projects involve construction of a four-lane highway from Barabanki Design Chainage Km 0+000 to Mustafabad Design Chainage Km 43+030 on NH-927 in Uttar Pradesh, with a quoted bid project cost of ₹1,728 crore. The second project spans Mustafabad Design Chainage Km 43+030 to Biswariya Design Chainage Km 101+515, with a quoted bid project cost of ₹1,755 crore. Both projects will be executed under the HAM mode with a timeline of 24 months, as reported by the company's exchange filing. The projects are part of the NH(O) Scheme and are domestic in nature with no related party interest, ensuring transparent execution. The HAM structure typically involves shared project funding during construction, followed by fixed payments over the concession period.
PNC Infratech's order book visibility remains robust, with an unexecuted order book of ₹19,346 crore as of Q3 FY26, according to the report. The company's order book reflects the broader push for infrastructure development in India, supported by the government's sustained capital expenditure push, with a record outlay of ₹12.2 lakh crore proposed for FY2026-27. As a Uttar Pradesh-based infrastructure construction company engaged in highways, bridges, flyovers, power transmission lines, and other civil infrastructure projects, PNC Infratech is well-positioned to capitalize on the government's infrastructure development initiatives.
Over the past one month, the infrastructure major has gained 28% significantly outperforming the Nifty's rise of 8% during the same period, as reported by The Hindu BusinessLine. Market analysts remain constructive on the stock, with an implied upside of 31% from current levels and a 12-month target price of ₹296, indicating continued confidence in execution capabilities and order inflow momentum. The latest surge of 8.70% demonstrates strong investor confidence in the company's ability to secure and execute major infrastructure projects, positioning it well for continued growth in India's infrastructure sector.
