PNC Infratech jumps 14% on ₹3,483-cr NHAI HAM projects

Stock reaction in early trade

Shares of PNC Infratech Ltd surged in Wednesday’s opening trade, rising as much as 13.72% to ₹237. The move followed the company’s disclosure that it emerged as the First Lowest (L1) bidder for two National Highways Authority of India (NHAI) tenders. Both tenders are Hybrid Annuity Model (HAM) based and relate to national highway work in Uttar Pradesh. Another market update in the same stream showed the stock up 7.29% at ₹223.60 after the L1 disclosure. The gap between the two price points reflects different snapshots of trading after the announcement. Either way, the common driver was clarity on the company’s position in the bidding process.

What the company announced

PNC Infratech told exchanges it had emerged as the L1 bidder in tenders floated by NHAI for two HAM-based national highway projects. The company disclosed an aggregate bid project cost (BPC) of ₹3,483 crore, exclusive of GST. It also stated that financial bids for the two projects were opened on 21 April 2026 (afternoon). The projects fall under the NH (O) scheme and are located on the NH-927 section in Uttar Pradesh. The disclosure focused on the quoted BPCs and the project scope for each package. The company’s statement highlighted that this is an L1 outcome in the tender process.

Project 1: Barabanki to Mustafabad package

The first package involves construction of a four-lane highway from Barabanki to Mustafabad. The design chainage runs from Km 0+000 to Km 43+030 on NH-927 in Uttar Pradesh. PNC Infratech disclosed a quoted bid project cost of ₹1,728 crore for this package, exclusive of GST. The project is to be executed under HAM. The work is part of national highway development under the NH (O) scheme. The company indicated an execution timeline of 24 months for the project.

Project 2: Mustafabad to Biswariya package

The second package covers construction of a four-lane highway from Mustafabad to Biswariya. The design chainage for this section runs from Km 43+030 to Km 101+515 on NH-927 in Uttar Pradesh. The quoted bid project cost for this package is ₹1,755 crore, exclusive of GST. Like the first package, it is under the hybrid annuity mode and the NH (O) scheme. PNC Infratech said the execution timeline for this project is also 24 months. Together, the two packages add up to the ₹3,483 crore aggregate BPC disclosed by the company.

Key project details at a glance

Tender timeline and process point

PNC Infratech stated that financial bids for the two projects were opened on 21 April 2026 (afternoon). In competitive road EPC and HAM bidding, the L1 position is a key milestone because it indicates the lowest quoted price among participants at the financial bid stage. However, the company’s disclosure was specifically about being L1 bidder and the quoted bid project costs, not about final award or commencement. Investors often track these updates as indicators of potential order inflows. The disclosure also provides clarity on project geography, which in this case is concentrated in Uttar Pradesh on NH-927. The execution period for each project was stated as 24 months, which helps the market frame timelines for project delivery.

Company’s note on related party aspects

The company also said that neither the promoter nor the promoter group nor the group companies have any interest in the awarding authority. It added that the contracts do not fall under related party transactions. Such statements are typically included to address governance and disclosure expectations, particularly when the awarding authority is a public sector body. The information also reduces ambiguity for investors around any potential conflict-of-interest concerns. The disclosure, as shared, did not mention any additional conditions beyond the tender outcome and project particulars.

Technical and valuation snapshot mentioned in the update

The market note also carried a technical and valuation snapshot for the stock. Technically, PNC Infratech shares were trading above their 5-day, 10-day, 20-day, 30-day, 50-day and 100-day simple moving averages (SMAs), but below their 150-day and 200-day SMAs. The 14-day relative strength index (RSI) was stated at 39.71, indicating the stock was neither in oversold nor overbought territory. Valuation metrics cited included a standalone/consolidated P/E ratio of 15.84/7.22 and a price-to-book (P/B) value of 1.10. Earnings per share (EPS) was cited at 14.21/31.15, with return on equity (RoE) at 6.92. Trendlyne data in the same update showed a one-year beta of 1.17, pointing to relatively high volatility.

What PNC Infratech does

PNC Infratech is described as an infrastructure development, construction and management company in India. It undertakes projects including highways, bridges, flyovers, airport runways, power transmission lines and towers, and industrial area development. The two NHAI packages fit within its road and highway execution capabilities. The disclosure did not provide further project-level operational details beyond scope, location, mode, and timelines.

Why the L1 update mattered to the market

The immediate share price reaction suggests investors were responding to the potential addition to the company’s executable pipeline from two HAM road projects. The disclosed aggregate bid project cost of ₹3,483 crore provides a clear, quantified reference for the size of the opportunity, excluding GST. The fact that both projects are in the same corridor on NH-927 in Uttar Pradesh may also help in planning and mobilisation if the awards proceed, though the update itself only confirms L1 status. The execution timelines of 24 months each add a time-bound framework for delivery. From a trading perspective, the technical indicators cited show the stock positioned above several shorter-term moving averages even as it remained below longer-term averages.

Conclusion

PNC Infratech’s shares rose after it disclosed an L1 position in two NHAI HAM tenders with an aggregate bid project cost of ₹3,483 crore, excluding GST. The company said financial bids were opened on 21 April 2026 and that each project is slated for a 24-month execution period. The market will next watch for updates related to award progression and subsequent execution milestones, if any, as part of the tender process.