PNC Infratech Limited (PNCINFRA) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to PNC InfraTech Ltd. Q4 FY26 earnings conference call hosted by Ambit Capital Private Ltd. 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 an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. Please note this conference call may contain forward-looking statements about the company, which are based on the belief, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involved risk and uncertainties that are difficult to predict. I now hand the conference over to Mr. Sudhir Bora from Ambit Capital. Thank you and over to you.

Good afternoon, ladies and gentlemen. On behalf of Ambit Capital, I am pleased to welcome you all on the PNC Infratec Limited Q4 FY26 earnings conference call. We have with us the managing director of the company, Mr. Yogesh Jain, along with the senior management team. We will begin with the opening remarks from the management, followed by interactive Q&A session. Thank you, and over to you, sir.

On behalf of PNC Infratec Limited, I extend a warm welcome to everyone for joining us today on this call. Today I have with me Mr. T. R. Rao, Director Infra, and Mr. Pankaj Agrawal, Vice President, Finance and Accounts and Strategy Growth Advisors, our Investor Relations Advisors. The financial results and investor presentation have been uploaded on the stock exchanges. I would first like to share the key development across the industry with you, followed by operational updates of the company and highlights of financial performance during the quarter and full year ended 31st March 2026, post which we will be happy to answer your questions. Financial Year 26 witnessed a mixed outcome for the highway sector. While awarding activity continued to be subdued during the year, execution activities remained satisfactory for the given order backlog with NHI constructing over 5,300 km of National Highway during the year. Awarding activity by National Highway Authority of India The subdued awarding activity over the past three years largely caused by persistent delay in acquisition of land, extended project appraisal, and approval timelines, and delay in finalizing of by-will. And the DVF 40-toned module. The government commitment to faster infrastructure development, capital expenditure for the road sector has been budgeted at approximately 2.9 trillion for financial year 27, representing an increase of around 8% over the previous year. I need this. Power transmission sector is entering a high growth phase driven by the rapid expansion of renewable energy and acute need of Governments are heavily investing in new intra. Thank you. Construction of Portland. Thank you. The script is around... July 26, company received a letter of acceptance from Pritis. The project was a earlier fit for commercial operation, effective from 31 March 26. On 12 May 2026, the company entered into a one-time settlement agreement with NACI. Arbitration Award under the Bivaz Se Biswas third scheme for an amount of rupees 235 crore payable YNHI to the company. Moving on to the operational and financial performance of the company. The company's 15 fund-based project portfolio comprising one BOT tote project, two BOT annuity projects, and 14 hemp projects. The same bid budget cost of 14 M project is over Rs. 17,200 crore. Out of total 14 M projects, 5 projects achieve PCOD and COD, 6 projects are under construction, 1 project of MPIDC achieved financial closure, 2 projects in which company stands L1 bidder. Requirement for the hemp project is Rs. 1,623 crores, excluding two hemp projects for which LOA are yet to be received. Till March 26, company already infused Rs. 1,081 crores and the remaining equity of Rs. 542 crores to be invested over the next two years. The internal accruals that would be generated over the next two to three years should be adequate to meet the above equity investment requirements. Now moving on to our order book. Company's unadvocated order book stands at over Rs. 22,000 crore, Which includes the value of newly secured The railway contact contributes 62% of total and educated order book, while water, canal, area development, railway, and airport contact contributes around 25% and coal mining contacts. I would present the results for the quarter and year ended March 31. 2,000 crores, which includes the value of newly secured two hemp projects and two EPC brief projects. While Water Canal Area Development Railway and Airport Contacts Contribute around 25% and Coal Mining Contacts Contribute 13%. Now I would present the results of the quarter and year ended March 31st, 2026. Standalone revenue for the fourth quarter of financial aid 26 is Rs. 1458 crore, Ebitda for financial aid 26 is Rs. 4,633 crores. Ebitda for financial aid 26 is Rs. 583 crores. Ebitda margin for financial aid 26 is 12.58 crores. Thank you. Now moving on to the console results. Consolidate revenue for the fourth quarter of financial year 26 is Rs. 1,167 crores. Consol EBITDA for fourth quarter of financial year 26. Thank you. Thank you. The pet for financial aid 26 is Rs.832 crores. The pet margin for financial aid 26 is 15.49%. On a standalone basis, our network as on 31st March 26 is... 811 crores. 1,068 crores. Thus, we have net surplus of Rs. 327 crores. On sole basis, our network, as on 31st March 26th, is Thank you very much.

We will now begin the question and answer session. Participants who wish to ask a question may press star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question.

Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take our first question from the line of Shravan Shah from Dalit Capital.

Please go ahead.

Thank you, sir. Sir, couple of questions. Also, sir, cost broadly on the guidance part. So, obviously, the FI26 and FI24 was slightly lower versus what we were expecting, 353, 400 odd crore, kind of a lower number. And we were looking at 25% kind of a growth for FI27 at standalone. So just wanted to know now, given the order inflow is also there and how one can look at the revenue growth for FI 27 and even possibly based on the current order book, how one can look at the FI 28 also and then the EBITDA margin also.

See, the revenue, what we achieved in FI 26, because as you know that the four of our projects got delayed, execution, three of NHA projects and one of MPRDC projects of having a more than 4,400 course, for which we executed our concession agreements way back in July 23 and March 24. That has resulted in lower turnover in FI26 than what we expected. And going by this turnover of 4,633 crores. So we are proposing a guidance of around 30% for FI27, which will be around 6,000 crores topline. And then for FI 28, from there we are looking at another 25% guidance for FI 28. So that will roughly translate into 7,500 crores. The EBITDA will continue around 12% for both for FI 27. So we'll see what will be the EBITDA in FI 28 going forward given the geopolitical tensions and the volatility and commodity prices.

Yeah, so just to touch on that, so at least for in Q1 or maybe in Q2, do we see a kind of a risk on the margin and if we ask how much, whatever the price increase has happened, the food related and then the steel and everything? So, do we see anything and structurally also, obviously, we have escalation calls, but given the kind of a sharp increase, how much one can look at kind of a risk to the margin?

See, certainly we cannot deny that there would not be any margin pressure. Certainly there will be pressure on our margins, given the current scenario. But as you said, the Ministry of Road Transport and the NHA both came out with the compensation mechanism to cover the steep escalation in the prices of bitumen directly with the basal rate from the 1st April, We should be mitigating some of the... It's price rise to certain extent, which will give some relief to the margin pressure. But certainly, there will be margin pressure to be there. But going forward, once these tensions are subdued and there is stability in the commodity market, so we in Q3 and Q4, we should be able to achieve the healthy margins. And overall in FA27, so we are looking still, we are hopeful of achieving 12% EBITDA.

Yeah, great. And so now on the inflow front, so two aspects. So what I understand is 3,975 crore that we have already won in till now in FY27 plus 2,000 crore solar that we have not included. So if I include that also, so it is kind of a 5,000, 6,000 crore is already there with us now. So how much more are we looking at back in this year? And at the same time, how much projects or the value of projects that we have bidded and bid is yet to be open?

See, we are expecting an overall new order book of around 15,000 crores in FI27, out of which we got 3,957 new orders, highway sector, and as you said, if you consider, again, order book from the renewable energy, so it will be around 6,000 crores, so 9,000 to 10,000 crores further orders we are expecting in FI27. And regarding the bids what we have submitted, we submitted 15 EPC bids and one ham bids, which is around 14,000 crores which are to be opened. The price bids are yet to be opened maybe before end of this month and some bids should be opened during the month of June. So we are expecting some projects from these 14,000 crores.

Okay. Lastly, sir, a couple of balance sheet data points, if you can, sir, the retention money, unbilled revenue, mobilization advance, ham debtor, water debtors.

Just note down. Retention money is 264 crore.

Okay.

Mobilization advance is 155 crore.

Yeah.

Total debtor is 1660 crore rupees. Out of that, hemp debtor is 372 crore.

Okay.

And water debtor is 868 crore. 868.

And unbilled revenue would be how much, sir?

Unbilled revenue is 475 crore as of 31st March 2016.

And then this equity, 542 crore. So this, I hope, does not include the two ham project equity. What would be the broader? One can take a 14% of the BPC that way, and this 542, how much we will be investing for 27 and 28, and also the solar 400 or crore that we need to invest, how much in 27 and 28?

Out of 4, 542 crore, around 350 crore will be infused in current financial year 27. And the balance will be in financial year 28.

Okay, and for solar, so?

Solar...

BESS, I mean.

BESS can. Actually, the total equity requirement we have told earlier was 400 crore rupees. Out of that, approximately 120 crore will be infused in this financial year.

Okay. Got it, sir. I have more questions. Come back in queue. All the rest. Thank you. And good to see the breakup of the order book project-wise in the presentation. Thanks.

Thank you. We'll take our next question from the line of Jainam Shah from Equirus Securities. Please go ahead.

Yeah, hi, good afternoon, hope I'm able to go. Yes, please go ahead. Yeah, sir, the first question will be on the ordinary inflow guidance. So, we have guidance for the 15,000 order of order book, out of which 4,000 order number that we have already distributed. Balance for 11,000. Which specific segments we will be targeting? Do we have anything in mind like routes would be this much, rest of the segment would be this much, anything on that part?

60-70% we are still targeting from the highway sector, because NHA has declared that they are coming out with a large number of highway projects, both on HAM and as well as BOT, apart from the EPC. So 60-70% we are targeting from the highway sector, and the remaining we are targeting from the non-highway sector.

Okay, and so the BOTTool that you told about, so we will be came to bid for the BOTTool project as a direct contractor or it would be subcontractor to some MDT who would have bid directly?

No, no. We will be bidding directly as we are meeting the qualification criteria. But of course, we will subject to thorough due diligence, including detailed topic studies and viability analysis. We will see because the NHA is still working on the structure and very recently also they changed some of the parameters. So today also some discussion is going on in one of the BOT projects NHA proposed to be. So, we'll see, but it'll be direct video.

You got it. So one thing on the top line, so if we see how we are targeting 30 and 25% growth for next two years, which will be leading to, let's say, 7,000 CR plus revenue for us, which was the case for us in, let's say, a few years back, 23 and 24 as well. However, after reaching to that revenue somewhat, you can see a few of the infrastructure company who is mainly into the road generally faces the pressure from the order inflow, and then there has been a decline, which we have seen as well, and other companies as well. So, how do we see other sectors, you can say, ramping up for us, the qualification criteria, and going forward, how do we see road as a total order book? And, of course, the NHEI pipeline and the overall awarding has been deep over the last few years. So, how do we see our company beyond, let's say, 7,000 CR of top line, which will be achieved at something over the next two years?

See, NHJ will continue to be our focus client. Because, see, once this kind of, there has been a very unhealthy competition for the last two to three years, coupled with the low awarding activity by NHA. So, these two have affected our order inflow during the past two to one of years. And consequently, the revenue also, because there have been no major orders during the last three years from NHA. So, it affected our revenue also. But see, other sectors are emerging, a lot of projects are coming in railways, and also And also some projects are coming from... That's why we have given around 30% for the FI27 order book, and then going forward 25%, that is for FI28, but certainly once this...

Got it, sir. From the margin part, of course, our majority of the revenue for this last year was from the road segment. Going forward, the segments are going to have a better inflow and our focus will be also on that along with the road. So, do we have any, you can say, because we'll be new to those segments, will it get, will it impact our overall margins at the standard level or we continue to maintain 12% margin? That is because we have been doing it since long. The sectors would be new to us. Will there be any risk of the margin with new segments contributing more and more to the revenue?

See, we don't see any kind of a cross subsidy, kind of a thing in margin perspective. As you know that earlier, we're targeting a margin of 13% to 13.5% EBITDA margin in our portfolio. Now, the guidance what we are sharing with you is around 12%. Considering all the factors... See, considering all these factors, we don't see it because we are diversifying into other sectors that will impact the margins of the roads and highway sector. So, we should be able to achieve a margin of 12% EBITDA, even with a kind of mix we are overseeing roads and non-roads sectors.

Sir, just last thing from my side, on the competition part, you are told that because of the lower awarding along with the competition, the order has been muted. Are we seeing any change in the trend from the competition for NHI and Moth projects or the same thing has been continuing for, let's see, latest projects which you would have opened recently?

See, what we expect, what we see, the competition in the EPC segment will continue to be very... Sharpanjali, I would say, cut-throat kind of a competition will be there in EPC, but NHA, if you see, the NHAs, they came out with a list of projects they proposed to build out over the next one year. So, majority of them are HAM and POT TOR, where we are seeing the lesser competition in compared to EPC. So, since we are in a position to invest into these projects, either say HAM or BOT2 with our healthy balance in terms of investable capacity, so we look forward to have a lesser competition in the HAM projects, that too particularly the larger size HAM projects. So, recently we won this 1,700 worth of two projects, because there we see the number of returns are reduced compared to earlier bidding. So, going forward, we see lesser competition in HAM segment as well as BOT tool, compared to UTC and the smaller-sized projects.

Go ahead, sir. That's it on my side. I found anything. I will try and thank you. Thank you so much.

Thank you. Next question is from the line of Jyoti Gupta from Ashika Institutional Equities. Please go ahead.

Sorry, am I audible? Good evening, sir. Thank you for the opportunity. Now, we've seen some diversification strategies in your company where you've entered into mining services, solar, and other agencies. What kind of return thresholds are being targeted in these segments? In mining services in particular, what is the CapEx commitment and expected asset terms that you're expecting? And are there any plans to enter transmission, urban infrastructure, or? Any other kind of infra, maybe defense opportunities that you're actually looking forward to?

What are the expected assets, sir?

Hello.

Hello. I said, sir, what is the expected asset terms, expected asset terms from this CapEx commitment? What you are investing?

We are investing in the planned and machinery. Around 350 crore would be.

Okay. Now, I would rephrase it. You are entering into different sectors like mining services, solar, and other agencies. What kind of return thresholds are being targeted in these segments?

See, before mining and before solar, we had entered into water sector in a big way five years before. No, the global drinking water supply project and the Gel G1 mission, with an overall value of more than 6,800 cores, we entered into this segment five years before Gel G1 mission, and concurrently, at that time, we also entered into irrigation project of around 1,100 cores in Andhra Pradesh. So we diversified into these sectors of decade before, and we could still able to maintain the margins reasonably around that percentage, what we have been doing from earlier times. So, there is no major impact on the margin. And this coal also, where we got around 3,000 crores, because we have been doing the capital mining projects from the beginning to meet our aggregate requirement. So, we have enough kind of experience and expertise in mining activities. So, in the coal as well as the solar, so the margin should be around the, it will be taken to the margin that we have been securing in the gold sector. So, overall, there won't be any major impact on the overall margin. So, we should be able to get the similar returns in this.

Thank you, sir. That's all.

Thank you. We'll take our next question from the line of Vaibhav Shah from GM Financial. Please go ahead.

Yeah. Sir, on solar budget, when do we expect to start the work?

In the solar, maybe the physical execution will be starting from Q3, the third quarter of this year. We, as you know, the land we have already identified and we entered into some kind of arrangement with the aggregators. And connectivity also received in principle approval. We are expecting final approval also in one and a half to two months time. Going forward, then we'll enter into power purchase agreement with the NHPC. Then we'll start physical execution, starting by initially procurement and followed by construction.

So what revenue are we targeting in 27 and 28?

We are targeting around 600 cores in F527 and remaining the more solar, solar, 600 cores, 600 cores and 1,400 cores in F528.

Sir, on JJM, how have been the payments, have we seen any improvement in first quarter? And what revenue are we targeting in 27-28?

See, they show...

And some payments they released because the state government released from their side and were able to get around 300 crores payments during the current financial year. And we are also expecting some more payments maybe before end of the quarter, June 30. And for FI27, we are targeting 750 crore's revenue with a hope that the... Comment which will be more and more funds for this project, both centrally.

Sir, what would be the cash in PNC INPRA holdings as of now?

Hello. The cash balance in PSN for holding is around 1100Rs.

Okay, including current investments. Including current investment. Yeah, okay. And sir, on the AD side, so we have received two new hands and also AD is spending for one older hands. So we were targeting to get AD in 1Q27. So are we on track now for Western Bhopal?

Western Gopal, we are expecting AD before the end of the Q2, I would say before end of the September, that is September, and we should able to commence the physical execution in Q3.

So, what have been the reason for so much delay in the appointed date for that project?

See, the original alignment, they faced some serious hindrances and impediments in the original alignment because of the land acquisition issues and the other environmental issues. So, they changed the alignment. Because of the change of alignment, it took a long time. So, now the things are settled. Government has approved the new alignment and the project, so certainly we will be executing some kind of an agreement and appointed date is expected before the end of the second quarter. So, the commencement physical execution will begin during the current financial year say in the third quarter of FI 27.

Okay, sir, lastly on interest cost, it has risen sharply to 30 crores in Q4. So, how do you see it going forward? Hello. Interest cost. Hello.

Interest cost is increased in Q4 due to two reasons. One is the utilization of working capital and the second is the interest on some loan which is taken for machine financing.

Hello.

Yes, sir, we can hear you.

Expert is going forward in FY27.

FY27, we see that the interest cost will be reduced 3 to 4 crore from the current quarter.

Okay. Fine. Thank you. Those are my questions.

Thank you. Next question is from the line of Archit Agrawar from Step Trade Capital. Please go ahead.

Hello.

Arshith, please use your handset mode.

Hello, am I already well? Yes, please go ahead.

Yes, Arshith, so my question is, Go ahead, execution page

being slow despite the strong order group.

See, as I mentioned, see, the order book in the 4404 projects, four HAM projects, three of NHA and one of MPRDC, though it's a part of the order book, 25% of the order book, we could not commence these projects till, I would say, October, November of this year. And one of the projects still we have to get the appointed date, that is the MPRDC projects. Delaying commencement of these projects resulted in the lesser turnover, though we got the order book. And other things, for example, coal, we have a five years of horizon for the coal, the order what we got. So we got the five years time for the coal projects, whatever the order book is, it will spread over the next five years. And the solar also, we are in the development phase. So that is there. But going forward, definitely, this execution will be geared up. As you said that we are expecting 30% top-line growth in FI 27, and thereby another 25% top-line growth in FI 28.

Okay. And what will be the margin guidance for FI 27 and FI 28?

FI 27, the margin variance is 12% EBITDA, around 12%. FI 28, going forward, we will share with you because the current volatility in the commodity prices and then consequent increase in our input costs. So, we will not able to tell. But it should be around 12% in FI 28 also, should the things be normalized going forward. And what are the key reasons of Sharpe EBITDA margin compensation based on 19% before in F5, 25% and now it's about 12% to 13% this year? The F525, we received more than 400 crores payment towards the arbitration awards published in our favor through Settlement under Vivastafis FAS2, and also we received a 50 crore plus bonus from one of the projects we completed for MSRDC, that is Nagpur-Mumbai Expressway Package 4. So, that reflected in the higher turnover in F525.

Thank you. We'll take our next question from the line of Sarvesh Gupta from Maximal Capital PMS. Please go ahead.

Yeah, good afternoon, sir, and thanks for the opportunity. So, sir, first question is that, you know, last year when we had given the guidance for FY26, initially we were resuming 15-20% growth. Then it was subsequently downgraded to 5% and we ended the year with a 20% down in terms of revenues. So, you know, basically giving any guidance is very difficult because the approvals and all were pending and you could not get that in time and execution was hampered massively. So sir, this year when I look at your guidance of 6000 crores, I mean, if you can break it up between, let's say, you know, all the projects that you are doing where you don't have any approval pending. So what is that clean sort of revenue where the execution is just pending? What is that out of that 6000? And what is the amount that you are penciling in? Where you are still waiting for various approvals, etc., and if they don't come, then this 6,000 crore will be under.

The, uh... 6,000 crores guidance we are given. See, very consciously we are giving a 6,000 crores guidance. Of course, last year there was certain uncertainty about the delay in the appointed date for the already awarded projects. But the 6,000 crores guidance, what we are giving, based on the projects which have been duly awarded to us, we are not considering any new projects that we are going to secure during the remaining 10-month period of the current financial year. Then one thing. Second thing also, this guidance is largely based on the projects where the appointed date has already been declared, and also then projects are going up. For example, the large projects of three HAM projects which are going on, and earlier two more HAM projects of NHA, that's also in progress, and we got two major projects from MSRDC on Jalan Anded Expressway and also Pune Ring Road. Those projects are also going on in full stream. So considering all these aspects, the whatever guidance we are giving this year is on a firm order as well as the projects which are going without any pending of anything. Of course, only one project that is the Western Bhopal, we should need to get an appointed date, and the rest of the projects are okay. So, unlike last year, we don't foresee any major hurdles or any unforeseeable things that will come into achieving our order. So, we should be able to get. I agree. Last year, we were a bit optimistic when we were given order guidance in the initial year, but later we faced these difficulties, and there was a prolonged delay in the declaration of appointed date for the NHA HAMP projects due to land acquisition issues. And delay in the Western Bhopal Bypass project.

So, sir, this year, this Western Bhopal and then this solar project where you are pencilling in 600 crores. So, what is pending, sir, here? So, one is appointed date is pending. So, how much are you pencilling in for Bhopal this year? And for solar project of 600 crore also, I think you have not yet started, right? So, what is pending there and when it will start?

See, our 6000 course, what we are projecting now with a guidance of 30%, we have taken very minimal value of work, around 100 course for the Bhopal Bypass project. Though we are expecting the physical education will commence in the Q3. That is one aspect. And the second thing in case of solar, out of 2000 crores of the order, what we are expecting from the solar, only 30% we have considered in the current financial year.

As we had said earlier, hello, see.

Solar, the land acquisition and the land possession is in advanced stage. We identified the land and also finalized the initial kind of arrangement with the aggregators and all. We are expecting minimum 30% physical possession of the land before education of PPA. Then going forward, then initially the procurement will be there, which will be high-cost items procurement will be there. So we are hopeful of getting 600 crores from the solar project this year, TPC. Even as a fallback kind of a thing, because there are other projects, we have not taken any project from work done from the two new ham projects, what we secured from NHA. So if we're able to achieve the appointed date during the current financial year, we'll get some revenue from these two new HAMP projects in Uttarputi is what we secured recently. So, going by some kind of a fallback arrangement we are having, so we should be able to achieve 6,000 crores comfortably.

On this margin issue, so, you know, like earlier we had mostly HAM projects from NHAI where generally it is considered that margins are better and payment terms are better. Delays are less in terms of release and fund and everything. Now, you know, if I look at your order book, it is more geared towards all state government projects where, you know, the fund that we receive from the state governments can also be under question mark and margins also we don't have that enough history. So, how do you look at that, sir, both margin risk and the fund release risk itself?

See, state government, see, if you see the highway sector, the state government project is only one project from MPRDC. If you go by the MPRDC's past history, they're able to make payments, and this also only 40% payment they have to make during the construction phase, being a ham project. Remaining 60% will come in the form of annuities and interest over the balance payments. So, don't see any major challenge in securing payment from MPRDC for the state project, this state highway project. All the remaining highway projects are of this thing, Government of India, NHA and MOTS. And two more state projects are there from MSRDC. Since beginning, we have been getting the payments regularly. So, both packages are EPC. Here, there is no investment risk. And also, we are getting payments regularly for the work done, what we are progressively doing the work. At least 12% EBITDA margin.

Sir, I request you to join back the queue. Yes, 12% EBITDA margin.

Yes, I am concluding. 12% EBITDA margin, overall 12% EBITDA margin we should be able to achieve. Thank you.

Thank you. Ladies and gentlemen, in order to ensure that management is able to answer queries from all participants in the queue, kindly restrict your questions to two at a time. You may rejoin the queue for follow-up questions. Next question is from the line of Parikshit Kanpal from HDFC Securities. Please go ahead.

Yeah, hi, Yogesh. Congratulations on a decent quarter. So my first question is, now the commodity prices have gone up. So bitumen, which is a large part of the cost and associated inputs around the fuel cost. So when the SPVs give us the EPC project, so how are we protected on margin? Are these fixed price contracts like if you get a ham in a SPV? So when it comes to EPC to us, is it a fixed price or it is a variable price? So how do we adjust for commodity inflation in that?

See, it's on a back-to-back basis, whatever SPV is getting the price index multiple, which covers the both WPA increase as well as the CPA increase, which will largely cover other things, that will be on a back-to-back basis. Similarly, where the bitumen price is now, they are directly compensating between the base price as well as the price in that particular month of education, that will be also passed on to EPC from SPV on a back-to-back basis.

Whatever the SPV gets as inflation from NHI is passed to you back to back. So that is what you are saying, right?

Yeah, yeah, yeah, yeah, yeah. This is a part of the EPC contracts what you executed between SPV and the EPC contracts.

Okay, okay. Second question is, so what is the pending payment from the Vertis INFR now? I think out of the 2,500 crores, 1,700 crores, how much we have received and how much is pending?

Ah, which one?

What is, what is, what is, what is, what is we have received other things, except all the things, except I think.

We have received entire payments.

Okay, and what will be the road, road, road map for the monetization of the next set of assets, beyond this 12 assets, so how are we looking to monetize the projects where we have achieved PCOD or COD?

Wait and watch.

So, we'll certainly let you know once we reach out any kind of a framework mechanism to how to monetize these projects. So, we're evaluating multiple options. So, we'll certainly we'll share with you.

So, nothing with Vertis. I mean, beyond the 12 assets, we should have monetized with Vertis. I mean, now we are for other assets, we are looking for different investors.

No, that's what I said. If they really premature to say anything, so please wait.

Okay. Please wait, and because just now we have got only out of, you know, ongoing 14 essays, including 2. We are also evaluating.

Yeah, we are evaluating, and only 5 essays only got the PCVOD.

Okay. Thank you so much, and wish you all the best.

Okay, okay. Thank you.

Thank you. Next question is from the line of Sudeep Bora from Ambit Capital. Please go ahead.

Hello, sir. Thank you for the opportunity. Sir, I wanted to know about the Varanasi Kolkata packages. So, like, we got the ADs in September, October, and you said in your remarks that the progress has been slow in these packages. So, like, what is the outlook on this currently, and, like, how much revenue are we seeing in FY27 from these three packages?

After commencement of these packages during the month of October, physical education, we achieved 336 crores revenue from these three packages during FI 26. 336 crores we already achieved, and going forward in FI 27, we are looking at around 1,600 to 1,800 crores revenue from these packages.

Okay, so there is no, like, no obstruction or delays right now.

No, no, no, no obstructions, all three packages are going smoothly, we are executing, so in full swing, so we don't foresee anything, any major obstruction or anything as of now. So we should be able to complete these two, three packages within the stipulated time of 24 months.

Okay. And regarding the Pune Ring Road and Jalana Nanded, I think one of them was having some issues. So, is it sorted? What is the outlook for 27?

See, these issues, both Jala Nanded and Pune Ring Road, the water issues, initially having some land acquisition issues. By then, last year for Jala Nanded, we encountered a very prolonged monsoon, very intense and record-breaking monsoon in Jala Nanded. Now, all these issues are behind us. So, we should also be able to achieve good kind of turnover from these two projects. Also, we are targeting around 1,500 to 1,600 cores in FF27 from these two projects, and we don't foresee any major issue in these things.

Okay. And what about the Haryana Orbit Rail? So that is getting stretched since long time. It's sitting in our order book since long. So any update on that?

See, in the Haryana Arbitrail, there are certain issues of a land acquisition because it's falling in Arawali range and other things. And also, whenever there is a restrictions imposed in the construction activity in NPR to curb the pollution, so these restrictions are also, we are also facing these restrictions in construction activities. That is there. Nonetheless, we have completed more than 400 crores work, which is the more than 53% of the work we already completed. Now balance around 360 crores work is there. So we are expecting that this balance work will be completed in FI 27 as well as in FI 28.

Okay.

Of course, the integration is slow than what we expected, but we are eligible for the necessary extension.

Okay. So, remaining work you are expecting to get completed by FY28?

Yes.

Okay. Okay. Okay. And And, uh, uh, About the mining project, like, have we started, like, I know we have started with the initial work, but the major revenue flow, that would come from which year, and how much are we expecting in, say, 27 and 28?

See, in the mining, we started this thing, where we education and mining activities we started, we achieved around 68 crore turnover during FI 26, the year what we completed, and we are expecting another 400 crores turnover in FI 27, and FI 28, we are expecting around 600 crores. So, because we got a five years time for this entire thing of 2956 scores, so we should be able to get a decent progress beyond FI28 also, and we should be able to complete the entire score within the time.

Got it, sir. Thank you. Those were my questions. Thank you.

Thank you. Next question is from the line of Vasudev from Nuwama. Please go ahead.

Yeah, thank you for the opportunity, sir. I just want to know our progress on the Andhra irrigation project. Where are we over there?

See, irrigation project, see, we received some payments around 300 crores from the government of Andhra Pradesh. After initially, we could not receive any payment we received. And till 31st March, we achieved 380 crores worth of work done we completed. And remaining work done is around 700 pros. So this year, we are targeting around 200 pros work in FI 27. And also then this further progress and all depend upon the receipt of payments from the government of Andhra Pradesh. We are hopeful that being a priority project, they should be able to release. And we have got time up to September 26 a given extension and now we have applied for another two years up to September 28.

Okay. Sure, sir. And can you just help me with the toll collection numbers and just a bookkeeping question on KPIX that we did in FFI 26 and our target for FFI 27.

Hello. Hello. I just moved the number of tolls. Yeah. For FFI 26.

I am sorry, Vasudev, can you use your handset mode, please? The audio is not very clear.

The management is answering the question. Hello. Yes, sir, you can, yeah.

The toll of MP highways is 13.3 crore in this quarter. And for rail is 32 crore. And for DSIDC, Narela project is 2.65 crore.

Okay, sure, sir. And just on the KPEX part?

KPEX for financial year 28, 27, we are targeting 150 crore rupees.

Sure, so that's it from my side. Thank you. Okay.

Thank you. Next question is from the line of Bhavin Modi from Anandrathi. Please go ahead.

Thank you, sir, for giving the opportunity. So, my first question is with respect to the MDO. Sir, you spoke that you have logged in the revenue of 68 crore in FY26 and 400 crore in FY27. This is the plan, right? So, sir, is this the EPC revenue or the mining fees that you are speaking about? If the EPC revenue is nothing as mining fee, this is item rate based contract, whatever the revenue you are expecting, that is from the EPC revenue only. So, we are expecting around the 35 crores on an average per month. So, we are expecting around 400 crores revenue in the 527. And going forward, then around 50 crores per month to 600 crores. It's not an MDO work. It's not an MDO work. Any investment, no investment is involved. It's a pure ETC work on item rate basis.

Okay. So, sir, there will be no separate creation of the SPV, right? Generally, which happens in the MDO models.

No, no, no. It's not the company's balance sheet only.

Understood. So, second question is with respect to the, you know, the BSS thing.

So, you mentioned the order book of 2000 crore. So, this is a pure EPC or does it also include, you know, the procurement of bought out components? No, no, SC, there's nothing, anything, EPC kind of a thing is there, but it's a TBCP kind of model, we'll be getting... We have a charge for the power we transferred into the grid and through BES and directly, and EPC will be the by-product to what we will be routing through the project through our parent company.

Yeah, but sir, suppose whatever the bought-out components are there, like for example, Transformers or something, so that will be directly purchased by the SPV or

will it be purchased through the PNC, you know?

EPC, from me.

As of now, you're looking at it, it will be purchased by the PNC, being an EPC contractor.

And then it will be passed to the SPV, right?

Yes, yes, yes. And, sir, the last question, you know, now that the, you know, bitumen prices have, you know, skyrocketed, so do you see, you know, NHAI, you know, with already, you know, with the tenders that they have floated, so are they going to revise, you know, the authority costs, you know, either by, you know, corrigendum or through, you know, re-tendering, so anything, you know, are you looking at the, you know, have you seen anything, any discussion ongoing for that, especially for the, you know, tender that are floated? We are expecting a revision of this authority's cost, because as of now, the compensation mechanism, what they introduced, is only for three months from PASTA paper, for the ongoing projects. So, the projects which they are going to bid out from right now, from the current point, it should be either, authority costs should be revised, otherwise this kind of compensation mechanism should further continue.

Okay. So, won't this elongate the tendering process or do you see, you know, would be through a simple corrigendum?

How do you see it? It will be a simple corrigendum. Earlier also, they revised the estimated cost put to tenders through addendum and corrigendum. So, this will be also will happen like that only.

Understood. Thank you. Thank you for answering.

Thank you. Next question is from the line of Pardh Thakkar from JM Financial. Please go ahead.

Thank you for the opportunity. When can we expect the AD for the two new projects?

Which project?

There are two new hands that we received by one.

See, once we get the letter of award and then followed by execution of concession agreement, we have a five-month time for the financial closure. Similarly, NHL also will have a five-month time to fulfill their conditions pre-strained. So, take everything by thing. We are expecting appointed date declaration in Q4 of the current financial.

Have we submitted?

Yes, thank you. And have we submitted bits for any of the BOT projects? And if yes, what would be the size?

No, as of now, we have not submitted any bits for any of the BOT told projects. We are evaluating the opportunities, the BOT told projects, which have been brought in by NHA. Okay, last question.

You can ask a question, sir. What would be our outstanding receivables from the canal project?

Canal projects are outstanding.

Hello.

Yes, sir. Although outstanding in Tamil Nadu project is around 300 crore rupees. Okay. Thank you, sir. Those were my questions.

Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to management for closing comments. Over to you, sir. Sir, any closing comments from you? Yeah, yeah.

Thank you, everyone, for your active participation in our earning call. So, do you have any further queries? You may get in touch with the strategic growth advisors, our investor relations advisors, or feel free to get in touch with us. Thank you very much.

Thank you. On behalf of Ambit Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.