Synopsis:- Declared the first lowest bidder by UP State Bridge Corporation Ltd for a Rs.571.81 Cr EPC project to construct a four-lane bridge over the Ganga at Kanpur, PNC Infratech’s 50:50 JV with SPS Constructions now awaits formal contract award; with the company’s top-line under pressure after a 22 percent revenue decline in FY25, incremental order intake of this kind matters for rebuilding execution visibility.
A BSE-listed infrastructure construction company came into focus on May 13 after its joint venture was named the first lowest bidder on a major bridge project in Uttar Pradesh. The disclosure was filed with BSE and NSE under Regulation 30 of the SEBI (LODR) Regulations, 2015, on the same day as the price bid opening.
With a market capitalisation of Rs. 5,669.52 crore, the shares of PNC Infratech Ltd were last recorded at Rs. 220.51 per share, up 0.8 percent from its previous close of Rs.218.75. The stock trades at a P/E of 7.02.
The joint venture comprising PNC Infratech Ltd and SPS Constructions India Private Limited in a 50:50 participation ratio was declared the L1 (first lowest) bidder by UP State Bridge Corporation Ltd (UPSBC) for the construction of a four-lane major bridge over the Ganga River at Bhairoghat Dhobighat Jalkal Campus, connecting Trans Ganga City to Kanpur City, including approach roads and protection works. The quoted price is Rs. 571.81 crore, with a completion timeline of 36 months. The project is entirely domestic in nature and involves no related-party interests.
Two points are worth noting on deal sizing. First, at a 50:50 JV split, PNC’s effective revenue share from this project is approximately Rs. 285.9 crore not the headline Rs. 571.81 crore. Second, L1 status does not constitute a formal contract award; it means the JV has submitted the lowest bid and the award is contingent on client-side financial and technical clearances. That distinction matters for investors tracking order book accretion.
The timing of this order is not incidental. PNC Infratech’s consolidated revenues declined from Rs. 8,650 crore in FY24 to Rs. 6,769 crore in FY25 a 22 percent contraction as the company wound down several HAM (Hybrid Annuity Model) road projects. The most recent quarter (December 2025) recorded consolidated revenues of Rs. 1,201 crore with a net profit of Rs. 77 crore. TTM other income has ballooned to Rs. 646 crore, pointing to asset-sale proceeds and HAM annuity receipts rather than organic operating growth.
Against that backdrop, fresh EPC orders even at the JV level are necessary to restock the execution pipeline. A Ganga bridge project in an urbanising corridor like Kanpur, awarded by a state government entity, fits within PNC’s core competency in bridges and highway-adjacent infrastructure.
Business Overview
Incorporated in August 1999 and listed on both BSE (539150) and NSE, PNC Infratech Ltd is an infrastructure construction and development company with expertise in highways, bridges, flyovers, airport runways, industrial areas, and transmission lines. The company has executed over 90 major infrastructure projects across 13 states, of which 66 are road EPC projects. For FY25, it reported consolidated revenues of Rs. 6,769 crore and a net profit of Rs. 815 crore, compared to Rs. 8,650 crore and Rs. 909 crore respectively in FY24.
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