PNC Infratech Gains 7% as Delhi HC Stays Bidding Ban
NHAI had barred PNC Infratech from bidding for three years from September 3, 2026, to September 2, 2029. The Delhi High Court stayed the debarment order until November 26, when the matter is scheduled to be heard again.
PNC Infratech shares climbed as much as 7.05 per cent to Rs. 167.75 on the BSE, compared with the previous close of Rs. 156.70. At 11.30 am, the stock was trading 6.03 per cent higher at Rs. 166.15, while a combined 16.8 mn shares had changed hands on the BSE and NSE.
The court observed that a Provisional Completion Certificate issued on October 1, 2025, had declared the Kanpur-Lucknow expressway project fit and safe for users. It indicated that the debarment order should therefore not have been issued in its current form.
JM Financial said the court’s reasoning could result in a substantial reduction in the ban period or its eventual removal after NHAI presents its final arguments. The brokerage said the issue was unlikely to materially affect PNC Infratech’s FY27 and FY28 earnings per share because revenue in both years was expected to come from the existing order backlog, which stood at Rs. 157 bn at the end of the June quarter.
JM Financial retained its buy view on the company, citing its record of delivering growth while maintaining a strong balance sheet. It projected a 30 per cent compound annual growth rate in earnings per share between FY26 and FY28, supported by revenue growth and higher other income from increased cash balances. The stock’s 38 per cent correction since concerns over the expressway project emerged has also made its valuation more attractive, with the brokerage valuing the company at Rs. 310 a share.