PCI Infraprojects IPO

Strengths · 8

• 01Revenue from operations grew from Rs 204.02 crore in FY2024 to Rs 282.41 crore in FY2025 and Rs 304.09 crore in FY2026.
• 02EBITDA margin improved from 13.11% in FY2024 to 18.06% in FY2025 and stood at 17.59% in FY2026.
• 03Return on equity was 36.29% and return on capital employed 39.97% in FY2026, on a return on net worth of 30.71%.
• 04Revenue comes from two segments, with EPC at 70.42% and manufacturing at 29.33% of FY2026 revenue from operations, so the company is not dependent on a single line of work.
• 05The company earned revenue from 16 states in FY2026, led by Uttar Pradesh at 36.79% and Rajasthan at 18.09%.
• 06Promoters Ankit Tayal and Mohit Sharma held 86.55% of the pre-offer equity share capital, and the promoter selling shareholder is offering only 16,75,000 shares.
• 07The statutory auditors, Garg Atul and Co., recorded no reservations, qualifications or adverse remarks on the restated financial information for FY2024, FY2025 and FY2026.
• 08Net worth rose from Rs 28.89 crore in FY2024 to Rs 77.62 crore in FY2026.

Risks · 10

• 01Customer concentration is high. The top 10 customers gave 81.81% of revenue from operations in FY2026, 87.57% in FY2025 and 88.68% in FY2024, and the top 5 customers gave 63.20% in FY2026.
• 02A single customer, Vindhya Telelinks Limited, accounted for 41.48% of EPC segment revenue in FY2026, 31.36% in FY2025 and 95.78% in FY2024. Loss of this customer would hurt the EPC business.
• 03Cash flow from operations was negative at Rs 46.95 crore in FY2026, against positive Rs 15.68 crore in FY2025, even though the company reported a profit of Rs 23.85 crore. Working capital is absorbing the cash the business earns.
• 04Total borrowings rose from Rs 81.69 crore in FY2025 to Rs 156.62 crore in FY2026, and the debt to equity ratio was 2.02 times at 31 March 2026 against 1.52 times a year earlier.
• 05Profit after tax fell from Rs 24.79 crore in FY2025 to Rs 23.85 crore in FY2026 even though revenue grew, and earnings per share fell from Rs 6.87 to Rs 6.61.
• 06The company received a GST show cause notice for FY2023-24 and FY2024-25 alleging irregular availment and passing on of input tax credit, with a penalty of Rs 2.46 crore for FY2023-24 and Rs 17.59 crore for FY2024-25.
• 07Outstanding tax litigation against the company covers 2 direct tax cases and 1 indirect tax case with a demand of Rs 18.85 crore, and the promoters have 2 direct tax cases with a demand of Rs 63.78 lakh.
• 08The company has filed an adjudication application for non-compliance with the audit trail requirements under the Companies Act, 2013.
• 09Capacity utilisation at the Jaipur cable plant fell to 61.29% in FY2026 from 77.62% in FY2024, with installed capacity unchanged at 13,000 kilometers.
• 10The entire identified use of the fresh issue is Rs 140.00 crore for working capital, with no capacity addition, and the general corporate purposes amount is still shown as a blank that can run up to 25% of the gross proceeds.

PCI Infraprojects Limited is an engineering, procurement and construction (EPC) company with work across three verticals: solar energy projects, electricity distribution and transmission, and water infrastructure. It takes up centrally funded EPC projects for state government entities, government undertakings and power utilities. Its customers include the New and Renewable Energy Department, Haryana (HAREDA), Madhya Pradesh Urja Vikas Nigam Limited, Tripura Renewable Energy Development Agency, Maharashtra State Electricity Distribution Company Limited, Maharashtra State Power Generation Company Limited, Rajasthan Renewable Energy Corporation Limited, Kerala State Electricity Board Limited and Jodhpur Vidyut Vitran Nigam Limited. The business model is largely business to government and institutional.

The second part of the business is manufacturing. The company has been making electrical cables and conductors since 2006, and these are used in the power utility and infrastructure sectors. The product list covers PVC insulated (HD) electric cables, XLPE insulated PVC sheathed cables, LT XLPE aerial bunched cables, PVC insulated U/A cables and ACSR and AAAC conductors. All of this is made at one facility at E-1/2292, Ramchandrapura Industrial Area, Sitapura Extension, Jaipur. Installed capacity at the plant was 13,000 kilometers in each of FY2024, FY2025 and FY2026, and actual production was 6,129.23 kilometers in FY2026, which is 61.29% of capacity.

The two segments are reported separately. The EPC segment gave 70.42% of revenue from operations in FY2026, against 53.09% in FY2025 and 57.43% in FY2024. The manufacturing segment gave 29.33% in FY2026, 46.60% in FY2025 and 42.48% in FY2024. Within EPC, the Water EPC vertical alone accounted for 30.38% of revenue from operations in FY2026, 16.65% in FY2025 and 55.55% in FY2024, so the mix between the verticals moves a lot from year to year.

Work is spread across the country. In FY2026 the company earned revenue from 16 states. Uttar Pradesh gave 36.79% of revenue from operations, Rajasthan 18.09%, Tripura 16.47% and Haryana 11.59%. The registered office is at SF-33, Aditya Mega Mall, Plot No. 9(D), Central Business District, Shahdara, Delhi 110032, and the corporate office is at Stellar 1425, 3rd Floor, Sector 142, Gautam Buddha Nagar, Noida 201305, Uttar Pradesh.

The promoters are Ankit Tayal and Mohit Sharma, both of whom joined the company on 01 July 2023. Ankit Tayal is the Chairman and Managing Director, is a Chartered Accountant and Company Secretary, and has over 15 years of experience in manufacturing and EPC. Mohit Sharma is the Whole-Time Director and has over 19 years of experience in the power and cable industry. The board has 6 directors, of whom 2 are executive, 1 is non-executive non-independent and 3 are independent, including one woman director.

The industry

The industry report by CARE places the company in three growing public spending pools. India's installed solar capacity rose from 40 GW in FY2021 to 150 GW in FY2026, a CAGR of 30.2%, and is projected to reach 356 GW by FY2032, with the solar EPC market expected to add 185 to 195 GWac between FY2026 and FY2032 on the back of schemes such as PM-KUSUM. The solar agri-water pumping segment is projected to grow from US$652.1 million in CY2025 to US$1,049.9 million by CY2030 at a CAGR of 10.0%. The Indian water infrastructure market was valued at US$36.21 billion in CY2025 and is estimated to reach US$51.65 billion by CY2030, a CAGR of 7.36% over CY2026 to CY2030, supported by the Jal Jeevan Mission and AMRUT 2.0. On the power side, India's transmission network at 220 kV and above reached 5.09 lakh circuit kilometres as of June 2026, while the low-voltage cables market is projected to grow from US$10.0 billion in CY2025 to US$14.7 billion by CY2030 at a CAGR of 7.9%, and the market for electrical conductors such as ACSR, AAAC and AAC is estimated at Rs 225 to 230 billion in FY2026 with expected growth of 4% to 5% a year over the next five years.

Customer concentration: The top 5 customers gave 63.20% of revenue from operations in FY2026, against 66.10% in FY2025 and 74.71% in FY2024, and the top 10 customers gave 81.81% in FY2026.