Shares of PNC Infratech surged nearly 7 per cent intraday to ₹224 at 2.20 pm on Wednesday, 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, with a combined bid project cost of ₹3,483 crore.

The rally comes despite weakness in the broader market, with the Nifty 50 declining 0.84 per cent. The stock rose from its previous close of ₹209, extending its strong momentum.

Over the past one month, the infrastructure major has gained 28 per cent significantly outperforming the Nifty’s rise of 8 per cent during the same period.

The project involves construction of a four-lane highway from Barabanki to Mustafabad on NH-927 in Uttar Pradesh, with a quoted cost of ₹1,728 crore. The second project spans Mustafabad to Biswariya, with a quoted cost of ₹1,755 crore. Both projects will be executed under the HAM mode with a timeline of 24 months.

PNC Infratech’s order book visibility remains strong, with an unexecuted order book of ₹19,346 crore as of Q3 FY26. The company’s order book also 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.

Market analysts remain constructive on the stock, with an implied upside of 31 per cent from current levels and a 12-month target price of ₹296, indicating continued confidence in execution capabilities and order inflow momentum.

Published on April 22, 2026