Earnings Call Transcript - XNSE:GRINFRA 2026-11-05

Operator

Ladies and gentlemen, good day and welcome to GR Infra Projects Ltd. Q2 and H1-FI27 Earnings Conference Call, hosted by HDFC Securities Ltd. Today we have with us Mr. Ajendra Kumar Agarwal, Managing Director, Mr. Ankit Maheshwadi, Deputy CFO. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal for an operator by pressing star, then zero on your touch-down phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Pariksit Kanpal. Thank you, and over to you, sir.

Speaker 3

Thank you, Sharia. So, without taking any further time, I hand over the floor to Mr. Rajendra Varawal for his opening remarks and industry overview, followed by detailed financial analysis by Ankit. Over to you, sir.

Ajendra Kumar Agarwal, Other

Thank you. Good afternoon, ladies and gentlemen, and a warm welcome to the Q2 financial year 27 earning call of GR Interruptors Limited. Thank you for taking the time to join us today. I am joined on this call by Mr. Ankit Maheshwari, Deputy CFO. and operational performance during the quarter. Along with our perspective on the infrastructure sector, thereafter, Ankitji will take you through the financial performance in detail. Following, we will open the floor for questions. Due to financial year 27, the company recorded revenue Value from operations of approximately Rs 2,019 crore. Representing a growth of 64% compared to corresponding quarter of the previous financial year on stand-alone basis. Existed EBITDA margin stood at 9.29% for the quarter, as against 9.75% in the corresponding period last year. In the year, the company maintained a debt equity ratio to 0.04 times, which is Continue to remain among the best in the sector. As of 1 October 2026, our order book stands at approximately Rs. 24,577 crore. Further, bids aggregating to approximately Rs. 19,346 crore are yet to be opened. We have received... The appointed date of Agra Gualier DBFOT tour project as on date, appointed date of two projects amounting to Rs. 3,562 crore is still awaited. Dear all, we are seeing early sign of a broader investing cycle with improving private sector capital formation and increasing institutional participation in infrastructure financing. At the same time, the focus is shifting towards integrated connectivity, energy transition, and strengthening logistics and warehousing infrastructure. We remain positive on opportunities. It creates for experienced developers and EPC players, particularly those with the capabilities to execute complex, large-scale infrastructure projects. Let me now briefly touch upon the key development across our focus sectors. In the transport sector, as we know, MORTH has identified TPPP project pipeline with estimated cost of more than Rs.8 lakh crores for next three years, of which Bihar State has received recently approval of projects with estimated cost of 1.64 lakh crores. This reinforced the continued emphasis on expanding national highway connectivity. The government is also taking steps to strengthen private sector participation through revision to the BOT toll configuration framework alongside the technology-led initiatives such as barrierless tolling and automated construction. The railway sector continues to prioritize capacity expansion, freight deconjection, and network modernization. The government recently approved eight multi-tracking projects with the total estimated cost of Rs. 21,000 crores. In August, the PPP Appraisal Committee recommended six new railway line projects involving track construction, electrical, and signaling systems, tunneling, Viducts and bridges for the consideration by the competent authority under the hybrid annuity. In tunnels and hydro, the hydro and pumped storage sector continue to present a significant multi-year opportunity. As of August 2026, India has 7.43 GW of operational PSP capacity across 10 projects, a further 10.40 GW across Eight projects have been appraised by the Central Electricity Authority. CEA estimates the requirement of 73.93 GW of storage capacity by 2031-32. We believe this creates a strong opportunity aligned with our capabilities in hydro and underground construction. In power transmission, the power transmission sector continues to witness significant investment, driven by the need to evocate renewable energy and strengthen grid infrastructure. Recent key development was the approval of Green Energy Corridor Phase III with a total outlay of approximately Rs. 1.86 lakh crores, including Rs. 1.36 lakh crores towards interstate transmission infrastructure. In oil and gas, recent significant development in the sector was the approval of Rs. 84,000 crore Samudra Manson scheme to accelerate domestic offshore exploration and production. Through Finance India 2030-31, scheme provided extensive seismic survey, 60 deep water exploration wells, and the development of common offshore infrastructure. Alongside dedicated manufacturing and service zones, the scheme also provides government support of up to 50 percent of eligible building costs. The government also continues to expand domestic exploration through successive open aggregate licensing policies. Logistic and warehousing. Institutional investment in industrial and warehousing accepted approximately Rs 3,500 crore during January-September 2006, representing a 15% increase in the corresponding period of 2025. The Union Cabinet approved the establishment of Integrated Transport and and logistic authority. Special purpose vehicle to improve coordination and integrated planning across road, railway, port, shipping, aviation, inland waterways, and logistics. In September 2026, the PIIT announced work with the Asian Development Bank on a grading and rating framework of warehouse and cold chain facilities. The initiative is intended to improve quality standards, increase modern facilities, and support formalization of the sector. I wish you and your families, include our clients, then thus partners, employees, and she will be very happy and prospectually. I'm handing over to Mr. Itachi.

Ankit Maheshwari, CFO

Thank you, sir, and good afternoon, everyone on the call. I would now take you through the key highlights of the quarter to financial performance. The standalone revenue from operation was 2019 crores in the quarter ended September 26, which has increased by 64% approximately year over year, compared to 1234 crores in the quarter ended September 25. Consolidated revenue from operations was 2,325 crores in quarter-ended September 26, which is increased by 45% year-over-year, compared to 1,602 crores in the quarter-ended September 25. Standalone EBITDA margin stood at 9.49% in quarter-ended September 26, from 9.76% in quarter-ended September 25. The margin at group level has decreased to 18.63 in the quarter ended September 26 from 24.16% in the quarter ended September 25. Profit after tax at standalone level increased to 161 crores in the quarter ended September 26 compared to 131 crores in the quarter ended September 25. Profit after tax at consolidated level increased to 290 crores in the quarter ended September 26 as compared to 189 crores in quarter ended September 25. Standalone net worth stood at 9,235 crores at the end of September 26. It was 8,869 crores at the end of fiscal 26. The network. At consolidated level is 10,042 crores. At the end of September 26, it was 9,391 crores at the end of fiscal 26. The total standalone borrowing outstanding at the end of September 26 is 340 crores approximately with debt to equity of 0.04 times. And the total consolidated borrowing outstanding at the end of September 26, It's 5,938 crores with debt to equity of 0.60 times. During the quarter, the company has made additions to the fixed assets amounting to 60 crores in that block of property, plant and equipment, including CVP intangibles is 1,015 crores at the end of quarter September 26. Investments in the subsidiary companies in the form of loans and equity are 2,687 crores approximately at the end of September 26. And the balance promoter equity contribution required to be made to the HAM slash BOT projects is 3,163 crores, of which the company is expecting to contribute approximately 500 crores. In the remaining year, fiscal 27. The working capital in days at the end of September 26 is 152 days compared to 128 days at the end of fiscal 26. The increase is primarily on account of increase in debtor days and inventory days. Trade receivables at the standalone basis are 2636 crores. which includes ham debtors of 1490 crores at the end of September 26, and the trade receivables at the consolidated level are 1181 crores at the end of September 26. Unbilled revenue at the standalone level is 100. 1132 crores at the end of September 26, and the unbilled revenue at the consolidated level is 618 crores at the end of September 26. The inventory levels are at 842 crores at the end of September 26, compared to 739 crores at the end of fiscal 26. I would also like to thank all of our stakeholders. Including employees, business partners, vendors, bankers, and auditors who have supported the company. And further, I would also like to wish you and your family a very happy Diwali in advance. Thank you.

Operator

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shravan Shah from Daulat Capital, Private Limited. Please go ahead.

Shravan Shah, Analyst — Dalat Capital

Hi. Thank you, sir. Ankit, sir, can you just repeat the unbilled revenue at console and standalone level which you just mentioned?

Ankit Maheshwari, CFO

Unbilled revenue at standalone basis is 1132 crores and at consolidated level it is 618 crores approximately.

Shravan Shah, Analyst — Dalat Capital

Okay, got it. So, sir, now coming to the question front. So, in the first case, can you explain me if I look at the difference between the Q1, Q2 order book, the difference is very, very 750 odd crore versus a 2000 crore 19 revenue that we have booked. So, why this revenue difference is that, and now given that in 1H, we have already done 45% kind of a growth, 4,442 crore, and we were looking at just a 15-20% kind of a growth for this year. So, how now we can look at the growth for full year or maybe the balanced second half?

Ankit Maheshwari, CFO

Yeah, sure. So, considering, you know, the growth which we have witnessed in H1 of this fiscal, we are expecting that the growth, you know, would be closer to 20 percent. And for the remaining of the year, approximately 5,000 crores worth of revenue we are expecting, you know, from all of our business units as far as top line is concerned.

Shravan Shah, Analyst — Dalat Capital

Okay.

Ankit Maheshwari, CFO

Now regarding?

Shravan Shah, Analyst — Dalat Capital

Yeah, so not material improvements, so current 1H 4,400, so 550 odd crore extra revenue that we are looking at in the second half versus our first half.

Ankit Maheshwari, CFO

Yeah, that's right. But overall, if you compare with the previous year, it will give us the growth of approximately 20%. So earlier from the guidance perspective, you know, we were projecting around 15%. But that we are now kind of increasing marginally closer to 20%.

Shravan Shah, Analyst — Dalat Capital

And then going forward, 28 also, this similar 20% kind of growth one can look at.

Ankit Maheshwari, CFO

Yeah, I mean, see, of course, subject to the order inflows and project executions, we can reasonably target, you know, a growth of around 15% in the next fiscal.

Ajendra Kumar Agarwal, Other

Yes, I am confident that we can achieve 20% of the value of the order inflow.

Shravan Shah, Analyst — Dalat Capital

Yes, sir. We are the lag compared to all other peers also. So, sir, how did you say that we beat 19,300,000 crores? There is an opportunity across the country. Sir, how many people are watching in the entire year and we were thinking that inflow will be 20,000-25,000 crores. Good morning, everyone, and welcome to the call.

Ajendra Kumar Agarwal, Other

No, we have a tender summit. We are expecting that we should get some tender. Now, we have two or three big projects. There was a gap, but there was a gap. Thank you. Good morning, everyone, and welcome to the call. Oh, focus is this can be achieved by us. And we think this should be happening.

Shravan Shah, Analyst — Dalat Capital

From that, the main transport means road and rail should be, I mean, 14-15,000 crores mainly transport.

Ajendra Kumar Agarwal, Other

Yes, the ratio is the same. The transport, power and hydro and tunnels. It's all mixed. It's like if you look at the transport, it's about 3,500, and the power transmission is about 3,500, and the power transmission is about 3,500, and the power transmission is about 5-6,600, and the power transmission is about 5-6,000.

Shravan Shah, Analyst — Dalat Capital

Okay, but sir, the competition that you have seen from us, we are confident that we should be able to do it.

Ajendra Kumar Agarwal, Other

Absolutely, if the government is proper, then we will achieve this target.

Shravan Shah, Analyst — Dalat Capital

Okay, sir, these two HEM project's appointed date will come to December. Thank you very much.

Ajendra Kumar Agarwal, Other

Yes, I mean, I mean, I mean, our expectation is that it should come in this quarter. December, January, May.

Shravan Shah, Analyst — Dalat Capital

Anki Sir, the equity that is been saved, I mean, 500 crore, second half, the rest of it is 25-26 crore, that would be how it will be 28-29 crore.

Ankit Maheshwari, CFO

So, see, as of September 26, around 3,100 crore is the commitment which is required to be infused. So, in which we will have 500 crore in our balance of fiscal, if we talk about next year, around 2,500 crores will remain in next year.

Shravan Shah, Analyst — Dalat Capital

We will be putting in the single year, and we will be putting in the single year 28-29 half-up kind of a split.

Ankit Maheshwari, CFO

I mean, if it goes to 3100, it will be around 2700. And then accordingly, it will be distributed in the next fiscal year depending upon project progresses.

Shravan Shah, Analyst — Dalat Capital

Do you see that there is a possibility that the margin can happen at 11%?

Ajendra Kumar Agarwal, Other

The margin is 10-11 percent. Now, the impact of diesel and fuel in all the commodity prices has increased. If it is stable, it is stable, it is stable, then the margin is at 11 percent. If it is the same situation, it is difficult to stay on this side. Good morning, everyone, and welcome to the call.

Shravan Shah, Analyst — Dalat Capital

Thank you, sir. Thank you, and I'll do this.

Ankit Maheshwari, CFO

And, Srevan, also coming back to your question of the order book movement, so it is the net impact, you know, of the project which we have added, a positive change of scope, escalation, and maintenance revenue. So, that's the net impact of 743 crores, you see.

Shravan Shah, Analyst — Dalat Capital

Okay. Thank you, sir.

Operator

Thank you. The next question is from the line of Mohit Kumar from ICICI Securities, Private Limited. Please go ahead.

Mohit Kumar, Analyst — ICICI Securities

Yes, sir. Good afternoon. Thanks for the opportunity. Sir, my question was, sir, that your order book sequentially, if I'm not wrong, has declined. I think it was 25 people's order book, which is shown on the 2600 code. I think you probably have counted on the order book on Agra Gawalier, right? Can we clarify the order book?

Ankit Maheshwari, CFO

So order book, if you see, you know consistently we have been maintaining between the range of 20,000 crores to 24,000 crores. And Agra Gwalior plus other projects where the appointed date is awaited, yes, that we reflect separately, you know, as L1, and only after the appointed date, it has been included. So as of now, this Agra Gwalior has been included, but the other two projects, once we receive the appointed date, it will be added.

Mohit Kumar, Analyst — ICICI Securities

So sir, last quarter end, we had 25,000 order books, and we had our Agra Gwalior included, so we had 30,000 order books, right?

Ankit Maheshwari, CFO

1st April 26, our order book was 26,400 crores. So as I was mentioning to Shrava, then it has certain additions also about the positive change of scope, etc. And then the work done. So based on that, the closing balance as of 30th September is 24,500. No, Agra Kuali is included in this.

Mohit Kumar, Analyst — ICICI Securities

Yes, sir. You have said earlier criteria or new criteria of net worth, is it possible to share the changes which are made to the net worth criteria under the new HM and BOT?

Ajendra Kumar Agarwal, Other

The net worth criteria, and the guidelines are okay. No, the net worth criteria was not before. Now they have 20% of un-executed, 20% of the net worth requirement. That's why many bidders are disqualified, who do not have the net worth. If they are not strong, they cannot participate.

Mohit Kumar, Analyst — ICICI Securities

We have seen this pipeline in the National Highway today. So, the pipeline is strong, 1.7,000,000,000,000,000. And it's a big project. Sir, in your conversation, you think that the second half is very good? Last year, it was very good, and the last year it was very good, even the pipeline.

Ajendra Kumar Agarwal, Other

Well, with the pipeline, it's very good. How many projects come to the ground? This is an official mark. Because in the first half, the projects are not enough. The awards are not enough. Good morning, everyone, and welcome to the call.

Mohit Kumar, Analyst — ICICI Securities

Last question, sir, about your transmission project, this year I think it was a big deal, sir, how do you see the pipeline next year and how do you see the pipeline next year, and given the fact that we have worked on the third project, so now your ambition is growing, can we take the larger size project, bigger size project as you go forward?

Ajendra Kumar Agarwal, Other

I'll be, I'll. Thank you. We are targeting our 3,000 to 4,000 projects, and now the bid is open to 1,000 crore, the bid is open to 1,000 crore, the bid is submitted already.

Mohit Kumar, Analyst — ICICI Securities

My question is, sir, because we have done a 3,000 project, now we are targeting a 6,000 or 7,000 crore, is it too early?

Ajendra Kumar Agarwal, Other

Now, for 6,000-7,000 crores, it will be quickly. Our focus is within 5,000 crores. We are targeting 3,000-4,000 crores to our project.

Mohit Kumar, Analyst — ICICI Securities

Understood, sir. Thank you and all the best, sir. Thank you.

Operator

Thank you. Just a reminder to all the participants, kindly press start and 1 on the touchtone telephone for more questions. The next question is from the line of Abhinav Naladeh from ICICI Securities Limited. Please go ahead.

Abhinav Naladeh, Analyst — ICICI Securities

Yeah, sir. Thanks for the opportunity. My first question is on the battery project from an NTPC which was cancelled during this quarter. So what was the reason behind that? Is there any execution challenge or anything pertaining to a company that has impacted the cancellation?

Ankit Maheshwari, CFO

Yeah, so see, the force majeure clause, you know, was activated considering this war situation. The prices, you know, of the battery, you know, have skyrocketed. So that is why that particular clause got activated, you know, but currently we are in discussion with the client and we are keen to complete this project. So, we are quite positive, you know, to complete this project, but there are certain terms which are underway discussion. So, very soon, they will get finalized, and accordingly, we will inform everyone on the progress of this project.

Abhinav Naladeh, Analyst — ICICI Securities

But this project has been cancelled, right?

Ankit Maheshwari, CFO

The project, I mean, in literal sense has been not been cancelled by NTBC, though they have come up with the revised bid, but they are also extending the timeline of the same because of the same fact. Yeah, so it depends upon, you know, how we accept to proceed further on this project.

Abhinav Naladeh, Analyst — ICICI Securities

I understand. So, second question, I mean, I'm just still on the order book part. So, if I understand correctly, the Agra Goliath project was worth about 4,000 crores, right, roughly? That's right, no?

Shravan Shah, Analyst — Dalat Capital

Yeah.

Abhinav Naladeh, Analyst — ICICI Securities

So, if I see the order book, I mean, sequentially, as Moit was also speaking, it has not increased, you know, we've executed about 2,000 crores of projects during this quarter. But the order book still has declined, whereas we are adding 4,000 crores of new order from that is the Agra Gwalior project. So we're trying to understand the math behind this, if you can help us in the granular details, how is the working behind this 245 billion worth of order book.

Ankit Maheshwari, CFO

No, no, so Agra Gwalior and other projects have already been added in the order book, but they become executable only after the appointed date. So therefore, as I was mentioning that at the beginning of the year, April 26, our order book was 26,400 crores. And then as of 30 June 26, it was 25,000 crores. And as of September 24,500 crores. So this entire trend includes all these three projects when they were awarded. But if you ask for the executable, so executable does not include two projects where the appointed date is awaited.

Ajendra Kumar Agarwal, Other

After coming to the LOE, the order book is included in the cost of the

Ankit Maheshwari, CFO

LOE and also Agra Gawalir is 3,686 crores to be precise, not 4,000 crores, that would be about 300 crores.

Abhinav Naladeh, Analyst — ICICI Securities

My last question is on the operational AMP projects. Any plans to monetize any of those in the near term?

Ajendra Kumar Agarwal, Other

Okay, there are five to six projects that are complete. We are planning on monetization. This is approximately Rs. 1250 crore in this project. We are planning on monetization for this year.

Abhinav Naladeh, Analyst — ICICI Securities

Okay, thank you, sir. Thank you and all the best.

Operator

Thank you. The next question is from the line of Vaibhav Shah from GM Financial Services Limited. Please go ahead.

Speaker 9

Yeah, sir, out of 25,000 crore order backlog as of September, what would be the oil and gas order backlog?

Ankit Maheshwari, CFO

So, the oil and gas order backlog as on date is around 300 crores.

Speaker 9

And what revenue are we targeting from oil and gas for 27 and 28?

Ankit Maheshwari, CFO

So, this year, we are targeting to secure a project of approximately 2,000 crores, of which around 1,000 crores worth of revenue, you know, we expect in 2728.

Speaker 9

A cumulative for the entire year, 1,000?

Ankit Maheshwari, CFO

Yes.

Speaker 9

And what have we done in the first half?

Ankit Maheshwari, CFO

First half of the next year?

Speaker 9

No, this year. Actual oil in the first half.

Ankit Maheshwari, CFO

Actual turnover, in this first half, one minute, let me share it to you. So it was around 900 crores.

Speaker 9

Okay, okay. So second of only 100 crores we are doing?

Ankit Maheshwari, CFO

No, no, I was talking about the financial year 2728, you asked, no?

Speaker 9

Okay, 28,000 crores target.

Ankit Maheshwari, CFO

Yeah, so new order book target is 2,000 crores of which we expect to do 1,000 crores in next financial year, 27-28.

Speaker 9

Okay, and for FI27, the oil and gas turnover?

Ankit Maheshwari, CFO

For FI27, the overall oil and gas turnover would remain around 1,200 crores.

Speaker 9

So next year, we are expecting a decline in terms of turnover.

Ankit Maheshwari, CFO

Yeah, it depends upon, you know, the season as well. Because the work has to be carefully executed as per the season, the learning of which we have got in this particular project.

Speaker 9

Okay, okay. And secondly, working capital has increased significantly in the last couple of quarters. So can you just give a break up between the oil and gas receivables and the hemp debtors?

Ankit Maheshwari, CFO

Yeah. So, uh... Total, if you see the receivable, you know, as of September 26th, is around 2,600 crores, which includes ham debtors of 1,490 crores and other debtors of 1,145 crores. Out of this other 1,145 crores, the oil and gas is around 740 crores. Okay.

Speaker 9

And lastly, on Agra Goliath, what revenue are we targeting for this year and next year? Given the ADF come up, now we have the entire second half.

Ankit Maheshwari, CFO

Right. So, Agra Gawalir, we are targeting a turnover or revenue from this year approximately 250 crores.

Speaker 9

And next year?

Ankit Maheshwari, CFO

Next year, around 1,200 to 1,400.

Speaker 9

Okay. Okay. Thank you, sir. Those are my questions.

Operator

Thank you. Ladies and gentlemen, just a reminder, anyone who wishes to ask a question may press star and 1 on the touchtone telephone. The next question is from the line of Deepashree Arvind Joshi from Ambit Capital Private Limited. Please go ahead. Hello. Yes, ma'am.

Deepashree Arvind Joshi, Analyst — Ambit Capital

Sir, I just wanted to understand on your EBITDA margin fund, there was a 50-60 BIPOD decline. So, we have 10% target, but could you explain the reasons behind the slight contraction?

Ankit Maheshwari, CFO

Yes, ma'am, the main reason remains around, you know, 2.5% impact due to the increase in cost of construction, which is driven by due to this war impact and price escalation on oil-related products. But it also, you know, impacts the other supplies like cement and steel also. So, that was the primary reason.

Operator

Okay, got it.

Deepashree Arvind Joshi, Analyst — Ambit Capital

And could you also provide your CAPEX guidance for this year and F-527 and F-28?

Ankit Maheshwari, CFO

Yeah, so, if you see, you know, in this particular H-1, this financial year, Already we have done the capex of 83 crores. The guidance for the rest of the year shall be in the range of 150 crore more. So overall, between the range of 200-250 crores. And for the next fiscal year, it would be around the same range of 200 crores.

Operator

Okay. Thank you, sir. Thank you. The next question is from the line of Shravan Shah from Daulat Capital, Private Limited. Please go ahead.

Shravan Shah, Analyst — Dalat Capital

Sir, we will be getting the entire cash by this year or partly this year and partly next year?

Ankit Maheshwari, CFO

Yeah, so this monetization will be, you know, in the cash only. But see, once this particular financial modeling will get start, then the entire enterprise value need to be assessed. So, if we are able to, you know, monetize these five to six projects, let's say by December or January, then hopefully this entire cash will also come in this year only.

Shravan Shah, Analyst — Dalat Capital

Okay, okay, okay. Yeah, got it. Yeah, thank you.

Operator

Anyone who wishes to ask a question may press star and 1 on the touchtone telephone. The next question is from the line of Vasudev from Novama Wells Limited. Please go ahead.

Speaker 9

Yeah, thank you for the opportunity. Sir, what is the status of the BharatNet project?

Ankit Maheshwari, CFO

In BharatNet project, you know, there are currently certain challenges regarding the right-of-way, but so it is progressing, you know, at a bit low pace, I would say. So, there are discussions which are going on with the relevant stakeholders. We are expecting that somewhere in January, you know, that clearance should come, and then the project will start picking up from there, from quarter four onwards.

Speaker 9

Okay. And, you know, how much dividend or distribution we have received from the inventor this quarter?

Ankit Maheshwari, CFO

So, in this quarter, we have received, you know, the total of 3.55 per unit, which includes the capital repayment of 1.17 per unit in this quarter against 3.25 per unit in quarter two of the last year.

Speaker 9

Okay, and for full year, how much is the total distribution that we're expecting?

Ankit Maheshwari, CFO

So, the total distribution, one minute. We are expecting around, you know, 13 to 14 crores.

Speaker 9

Okay, sure. So, that's it for me. Thank you.

Operator

Thank you. The next question is from the line of Sudheep Borao from Ambed Capital, Private Limited.

Sudheep Borao, Analyst — Ambit Capital

Hello, sir. Thanks for the opportunity. My question is on the working capital part. So the working capital days has increased predominantly because of the receivables and partly due to inventory. So receivables are like higher in your oil and gas segment. So is this the normal payment cycle or are we experiencing some kind of delays from the client side?

Ankit Maheshwari, CFO

So, the increase in working capital, you know, is mainly on account of inventory, because if you see, all our projects are getting executed, you know, at a decent pace. So, we have to build up inventory, particularly in the power transmission projects.

Sudheep Borao, Analyst — Ambit Capital

Okay. But, like, I was going through the presentation, so the receivable days also have increased from 80 to 120 days. So it is coming from receivables as well.

Ankit Maheshwari, CFO

Yeah, so this is primarily our ham debtors. So if you see our model, you know, this EPC project has been given by SPV to the GR Infra projects. And because the working capital requirement as such in the GR, We have optimum, so therefore, we don't realize those debtors from our SPVs. So they are getting realized as and when requirement basis. So it's the receivable which is lying there, and I need not to draw at this moment.

Sudheep Borao, Analyst — Ambit Capital

Okay, agreed. And like how is the receivables in oil and gas segment?

Ankit Maheshwari, CFO

So, as I mentioned, our total receivable in the other sector, which is 1145, of which around 720 crores pertains to oil and gas.

Sudheep Borao, Analyst — Ambit Capital

And, like, what would be the timeline? Like, what would be the receivable days specifically for the oil and gas segment?

Ankit Maheshwari, CFO

So currently, you know, the work is on as the season has started. So phase three of the project has started. So somewhere in March, we are expecting to realize majority of these receivables.

Sudheep Borao, Analyst — Ambit Capital

Okay, so is this cycle of six months? Because if I see 900 crore of execution was done in oil and gas in first half, and the oil and gas receivables are around 740 crore. So is it somewhere around five months, the receivable days for oil and gas?

Ankit Maheshwari, CFO

No, no. See, it depends upon the completion of the entire work because the billing is on the milestone basis and accordingly, you know, the collection comes in from the relevant parties. So the government will pay to the ONGC, ONGC will pay to the Musgaw Docs, and then, you know, through the escrow account, it will come to us. So that also takes some time.

Sudheep Borao, Analyst — Ambit Capital

Okay. But on a blended level, like how many days or months would be the receivable duration specifically for the oil and gas projects?

Ankit Maheshwari, CFO

I think around 90 days to, you know, 100 days is the normal period.

Sudheep Borao, Analyst — Ambit Capital

Okay. Okay. Sure. Thanks. That was from my side.

Operator

Thank you, Mr. Porter. Anyone who wishes to ask a question, kindly press start and one on your touchtone telephone.

Speaker 3

Sure, yeah. Can I go ahead with a question?

Operator

Sure.

Speaker 3

Well, earlier in the call, Inderji, you highlighted about the PSP project. So if you can just help us understand, are we qualified to bid for PSP projects? And typically, what size of PSP projects are you targeting for the order inflows?

Ajendra Kumar Agarwal, Other

What is the question of the project? There are different requirements of the project. There is no standard qualification. We are able to qualify our diet. We are working on our two projects. We are qualified in one project and we are qualified in one project. Thank you. This sector is developed and its qualification is developed.

Speaker 3

Typically, what size of orders are you looking at?

Ajendra Kumar Agarwal, Other

This is 3000 crore.

Speaker 3

In one of them, you are qualified as a JV and in another one you are directly qualified. And typically the margins here will be in line with our existing margins, or will it be slightly better given the complexity of the projects?

Ajendra Kumar Agarwal, Other

Margin, it should be a little better than that. But after doing this, it can be done in the same way.

Speaker 3

And you will be entering this segment not as a partner to a developer, to a utility, but mostly as the EPC partner, right? I mean, there won't be any equity commitment for these projects.

Ajendra Kumar Agarwal, Other

Now we're looking at our EPC, but if there's any opportunity to get us, we'll see as a developer.

Speaker 3

So the other question is, given the commodity price increases, the crude has increased, bitumen, prices have gone up, cement, other materials have gone up. So the compensation or the compensation from the customer, so is it smooth or you are absorbing the cost and the customer is not fully compensating you for the price increases?

Ajendra Kumar Agarwal, Other

The price of the bitumen is a little smooth. If you look at the price of the petroleum product, it comes into every community. If I make an aggregate, then it comes to the transportation. It has to absorb that much. It shows the impact on the results of 1.5 to 2% of its impact. Otherwise, the bitumen site has a major impact, the government has absorbed it and has paid it. The quarter's financial and operational performance is a direct reflection of our team's sharp focus on project execution and our disciplined approach to capital management. We remain fully committed to translating this operational excellence into a superior long-term value for our shareholders. Thank you for your continued trust and partnership in building the nation's future. Thank you.

Speaker 3

Thank you, sir.

Operator

Thank you, sir.

Speaker 3

I'm sure we can close the call.

Operator

On behalf of HDFC Securities Ltd., that concludes this conference. Thank you for joining us and you may now disconnect your line.