Pressure-grouted soil nailing has been extensively used as a soil stabilization technique in transportation infrastructure projects, wherein resistance against pull-out failure is offered by shear resistance mobilized along the nail–soil interface. However, the different stages of soil nail installation significantly alter the soil properties and residual normal stress at the grout-soil interface and thereby the maximum pull-out shear stress. This article presents a computational procedure to predict the maximum pull-out shear stress of pressure-grouted soil nails in sand, incorporating the variation in soil properties and stresses throughout the installation processes and loading. The procedure is formulated within the framework of cavity expansion-contraction solutions as the entire installation and testing phases resemble either expansion or contraction of a cylindrical cavity. The proposed approach was validated using grouting and pull-out test data of soil nails in sand. The influence of various parameters on pull-out shear stress has also been examined.