Whalesbook
ICICI Securities has maintained a 'HOLD' rating on PNC Infratech, lowering the target price to INR 287 from INR 310. The company reported a weak Q2 FY26 with revenue of INR 9.8 billion, impacted by prolonged monsoons and delayed project starts. While the balance sheet remains strong, INR 30 billion of the order book awaits appointed dates, and new contracts in non-core segments add execution risks.