Project Completion
PNC Infratech Subsidiary Receives Provisional Completion Certificate for ₹1,413 Crore Kanpur-Lucknow Expressway HAM Project
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PNC Infratech Limited announced that its subsidiary, Kanpur Lucknow Expressway Private Limited, has received the Provisional Completion Certificate (PCOD/PCC) for the Kanpur-Lucknow Expressway HAM project from the Independent Engineer. The certificate declares the project fit for commercial operations with effect from April 27, 2026, marking a major project execution milestone.
PRICE-SENSITIVE TRIGGER
Event: Receipt of Provisional Completion Certificate (PCOD/PCC) for Kanpur-Lucknow Expressway HAM Project.
Type: Project Completion / Commercial Operations Milestone
Impact: Positive
Immediate Effect: The project has been declared fit for commercial operations, enabling commencement of the operational phase and strengthening PNC Infratech’s execution track record under the Hybrid Annuity Model (HAM).
Key Metrics:
- Project Cost: ₹1,413 crore (plus Price Index Multiple as per Concession Agreement)
- Project Model: Hybrid Annuity Mode (HAM)
- Completion Period: 910 days
- Provisional Completion Date: 27-Apr-2026
- PCC/PCOD Issued: 10-Jun-2026
- Commercial Operations Effective From: 27-Apr-2026
Highlight:
- ₹1,413 Crore Highway Project Achieves Commercial Readiness: The receipt of the Provisional Completion Certificate marks successful execution of a major Bharatmala highway project by PNC Infratech’s subsidiary.
What Happened ?
PNC Infratech informed stock exchanges that its subsidiary, Kanpur Lucknow Expressway Private Limited, has received the Provisional Completion Certificate (PCC/PCOD) dated June 10, 2026.
The Independent Engineer certified that the project is fit for commercial operations with effect from April 27, 2026. The project involves the six-lane upgradable-to-eight-lane development of the Kanpur-Lucknow Expressway under the Bharatmala Pariyojana program on a Hybrid Annuity Model basis.
The certification marks the successful completion of the construction phase and transition into the operational stage.
Key Details
Kanpur-Lucknow Expressway Project Completion:
- Project executed through subsidiary Kanpur Lucknow Expressway Private Limited.
- Contracting authority is the National Highways Authority of India (NHAI).
- Developed under the Hybrid Annuity Model (HAM).
- Project scope includes six-lane upgradable-to-eight-lane Kanpur-Lucknow Expressway construction.
- Expressway includes the spur stretch from km 10.980 to km 28.500 in Uttar Pradesh.
- Executed under the Bharatmala Pariyojana program.
- Appointed date for the project was February 1, 2023.
- Revised scheduled completion date was April 27, 2026.
- Provisional Completion Certificate confirms readiness for commercial operations.
- Independent Engineer issued certification through communication dated June 11, 2026.
Note:
- Achievement of PCC/PCOD is a critical milestone for HAM projects as it enables commencement of operational and annuity-linked phases while demonstrating successful project execution.
Risk Analysis
Summary:
- Construction risk has substantially reduced following project completion, though operational and concession-related obligations remain.
Key Risks:
- Long-term operational performance remains subject to maintenance obligations under the concession agreement.
- Revenue realization depends on compliance with concession terms and annuity payment schedules.
- Regulatory or contractual changes could affect future project economics.
- Residual operational risks continue through the concession lifecycle.
Worst Case Scenario:
- Any dispute related to project certification, maintenance performance, or concession obligations could impact expected project returns during the operational phase.
Risk Level: Low
Company Commentary
- Kanpur Lucknow Expressway Private Limited has achieved Provisional Completion Certificate status.
- The project has been declared fit for commercial operations.
- Commercial operation eligibility is effective from April 27, 2026.
- The certificate was issued by the Independent Engineer in accordance with project requirements.
- The milestone reflects successful execution of a major Bharatmala highway infrastructure project.
Official Exchange Filing: PNC Infratech Limited