PNC Infratech Limited (PNCINFRA) Q3 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the PNC Infratech Limited Q3F526 Earnings Conference Call, hosted by Anand Rathisheer and Stock Brokers Limited. This conference call may contain forward-looking statements about the company which are based on beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant lives 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 this conference call? Please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference has been recorded. And now on the conference, over to Mr. Bhavin Modi from Anandrathi. Thank you, and over to you, sir.

Good afternoon, ladies and gentlemen. On behalf of Anandrathi Institutional Equities, I am pleased to welcome you. All on the PNC InfoTech Limited Q3 FI26 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 the interactive Q&A session. Thank you, and over to you, sir.

Good morning, everyone. On behalf of PNC Infatec Limited, I extend a very warm welcome to everyone for joining us today on this call. Today, I have with me Mr. T.R. Raut, Director, Infra, Mr. D.K. Agarwal, CFO, Mr. Pankaj Agarwal, BP Finance and Account, and Strategic Growth Advisors, our Investors Relation Advisors. The financial results and investor presentation have been uploaded on the stock exchange and the company's website for reference. Initially, I would like to share key updates on the industry, followed by operational development of the company and highlights of financial performance during the quarter ending 31st December 25. Post which we will be happy to answer your questions. Over the past two years, project awarding by MORTS, including NHI, remained muted, with NHI awarding only 377 km of new road projects in quarter 3, financial year 26, compared to around 5104 km in quarter 3, financial year 25. Bye. Even... During the first nine months of financial aid 26, new project awarding activity by both MORTH and NHI remained subdued. Consequent to very low awarding activity that persisted over the past two years around 5,800 and 5,000 km roads. Year 25 and financial year 26, respectively, which are much lesser in comparison to earlier years. New project announced by NHI under EPC, HEM, and BOT formats with a strong bid pipeline of over Rs. 1.5 lakh crore. The same is not getting translated to awarding activity due to recurrent extension of bid due dates, going to either delay in securing necessary approvals or delay in acquisition of required ends. However, in the Union Budget for Finance Day 27, capital expenditure for core infrastructure development has gone up by nearly 9% , underlining the government's continued commitment and focus on infrastructure-led economic growth. Of the key infrastructure sector, the Ministry of Road, Transport and Highway received a record. Rupees 3.09 lakh crore in union budget of financial year 27, which represents a year-on-year increase of 8%. On the similar lines, NHI has been allocated Rupees 1.87 lakh crore, a 10% increase over the previous year in the financial year 27 budget. This funding is primarily aimed to supporting new highway development. The increased allocation to the roads and highway sector looks not only encouraging but also would help all the stakeholders to achieve higher growth going forward. Taking a broader view, India's core infrastructure opportunity for private capital is expanding. Thank you. The roads and highway sector is well. Thank you. Awarded project is provided timely. Now, I will share the recent update on the company. In Quarter 3, Financially at 26 PNC InfraTech Ltd Inc. Renewal Energy Private Limited to undertake and manage its renewable energy-related operations. NHPC Solar Plus Best Project, which was awarded to the company, built-in Now moving on to the operation and financial performance of the company. Out of the company's 16 fund-based projects, one is BOT Torbos. The cost of 13 hemp projects is over Rs. 14,800 crore. Out of total 13 hemp projects, 5 projects achieved PCOD and COD, 7 projects are under The investment requirement for the Ahem project is Rs. 1744 crore. Till December 25, company already infused Rs. 1110 crore equity in the remaining equity of Rs. 634 crore to be invested over the next two years. The internal accruals that would be generated over the next one to two years should be adequate to meet the above equity investment requirement. In addition, the company is currently executed. Now moving to our order book. As of 31 December 25, the company's un-executed order book extends over Rs. 19,000 crore. However, contract contributes to the order book. Thank you. The company submitted two bids to the Ministry of Transport for Uzbekistan as part of Overseas Business Development and Overse in the road sector during this quarter. December 31st, 2025. Stand-alone revenue for the third quarter of financial aid 26 is rupees 1056 crore. Standalone EBITDA for third quarter of financial aid 2016 is Rs. 131 crore. Standalone EBITDA margin for the quarter is 12.4%. Standalone profit for the third quarter of financial aid 2016 is Rs. 77 crore. Standalone pet margin for the quarter is 7.26%. Standalone revenue for nine months of financial aid 2016 is Rs. 3,176 crore. Standalone EBITDA and EBITDA margin for 9 months is Rs. 408 and 12.84%. Standalone profit for 9 months of financial aid 26 is Rs. 244 crores and standalone pet margin for 9 months of financial aid 26 is Rs. 7.67%. Now moving on to the consolidated results. The revenue for third quarter of financial aid 26 is 1,201 crores. The console EBITDA for third quarter of financial aid 26. The EBITDA margin for Q3 financial year 26 is 19.91 crore. The consoled pet for the third quarter of financial year 26 is Rs. 77 crore. The pet margin for Q3 financial year 26 is 6.39%. Financially at 26 is 3,751 crore. The console EBITDA. For nine months, financial aid 26 is 724 crores and pet margin is 19.29. Number 2025 is Rs.5710. From the banks. Corporate deposit is rupees. Bank balance, including current investment, is rupee. 5 is...

Thank you very much. We will now begin with the question and answer session. Anyone who wants to ask a question may press star and 1 on the 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 questions are assembled. The first question comes from the line of Sharman Shah from Dalat Capital. Please go ahead.

Yeah, thank you, sir. A couple of questions from my side. So, also we'll need the order book breakup and balance sheet numbers, but that will be the last. So, first on the order inflow and the one on the pipeline front. So, you mentioned that you have submitted two bits overseas, if you can specify where and how much is the value and why are now we looking at overseas business?

We submitted two bits in Uzbekistan. These are the road bits akin to what the road projects, what we undertake. Two-lane road projects in Uzbekistan. So we submitted because we find that there is a synergy with our activities, what we are doing in the country, particularly in the road sector, and we have adequate... Inventory of the equipment which are meant for the road sector. See, this is part of our VARC's business opportunity endeavors we submitted. This should be around international kind of Indian, equivalent Indian would be around 1500 cores both put together.

Funded projects.

These are the funded projects, funded by government of Fujibakistan. So there is no investment risk. It's a multi-letter funding by ADB.

Okay, got it. But do we now have a kind of a strategy that we will keep on looking at other countries also?

Yes, we are looking at other countries if the right opportunities are coming into our way.

Okay, got it. Now in India, how much value of bits that we have submitted, which are yet to be open, and how much more now are planning in terms of the pipeline to be bidded before March, and maybe beyond that also, if you can specify, sector-wise also.

As of now, in India, including those two Uzbekistan projects, we have submitted 33 bids for an aggregate value of around 28,700 students. These bits to be submitted during the last two... EBCPBs for renewable energy. So, this value of around 28,700. Apart from, we identified bidding opportunities, over 80 bidding opportunities across the sector for a value of over 1,20,000 crores. If these bids are currently scheduled for the receipt of bids by, latest by 31st March, but may extend into the first quarter of FY27. These are the 1.2 lakhs worth of bids, that's what we are pursuing.

And out of these, how much would be 1.2 lakhs, how much would be the NHI? And similarly for India, how much would be the NHI?

Department-wise, we are not bifurcated readily. Otherwise, these bits are 12 EPC bits for NHA, MOTH, and other road projects, and 6 EPC bits for railway projects, 7 EPC bits for airport projects. We have more than 70,000 tours, NHA, and four DBF40 tour projects, of course, that's also NHA and other projects.

Okay, got it. So, now how we look at the revenue, because in nine months, we are already kind of a 22-23% decline. Last time, we said that we are looking at kind of a 5% for the full year. So, just wanted to understand in the fourth quarter, how much can we look at a 1,300-1,400 crore kind of a revenue is possible at standalone level. And then, on that low base, how one can look at F27 and F28, and also, at the same time, you can specify now how much more in terms of the order inflow that we are looking to by March.

I am coming from the last question. In case of order inflow, since we had already submitted bids for more than 28,000, and also we are going to submit bids for a few thousands before the end of the current financial year, we expect a further order flow of inflow of around 6,000 crores this year. So total into 12,000 crores. In the current financial year. That is the order book side. Yes, this is a decline of around 22.5% in comparison to FI 20, nine months of FI 25 income. 100 days have been declared and going in full swing, that is the Varanasi-Kalkatta packages, EPC. And also after a long spell of monsoon and flooding and other things, the projects of Maharashtra also now they get up. And coal project also we have commissioned, and almost six new projects, EPC projects, execution we commenced during the F43. That includes airport project of Varanasi, then Gharatpur flyover. With this kind of thing, we are expecting revenue, say, up to 5,000, which will translate into 10% decline when compared to FI25.

Okay, so we are kind of looking at 1,700-1,800 crore kind of revenue in the fourth quarter.

And with a base of 5,000 crores, we are expecting an increase of 25% in FI27. And FI28, going forward in the next quarter, will be kind of a more clarity will have. Then FI28, we'll share later.

Yeah, and now, sir, couple of balanced data points, if you can say. So, first, On the inventory, data, spread, payable, and then retention, unbill, mobilization, hand data, water data.

Mr. Stevansha, can you come back again? We'll let other people think. And in the meantime, we'll compare the things and we'll keep it ready.

Yeah, and on the margin front, it would be similar that what we are guiding kind of 12.5%, 15%. That will be doable.

Yeah, 12 to 12.5%.

Thank you. The next question comes from the line of Vaibhav Shah from JM Financial. Please go ahead.

Yes. Earlier, we were targeting closer to 13% margins. We were guided for toward and after 13. So, we are lowering the guidance now going forward.

See, because this year, current year, the turnover is 10% decline in the turnover, and the fixed overheads being the same. So, this year, we are targeting of EBITDA of 12 to 12.5%.

So, 427?

27 also would be in the same, around 12.5% only as of now. So maybe during the first quarter, we will relook it and we will share with you.

Okay. Secondly, what would be our water receivables as of now and are there any implementing payments? So when do you see this order book of almost 2600 crores getting completed?

See, as of 21st December 2025, Outstanding of 822 crores. Out of that, we received 87 crores during the month of December and January. They started paying. So as of now, as on date, it is 735 crores is the billed amount, which is outstanding. And we are expecting another 35 crores remittance in the current month. And then by 1st of March, it would be around 700 crores would be outstanding, which we are expecting substantial amount before the end of March. See, the government continuing the program and already allocated 67,000 or odd crores for the current, for the FY27. And during our interaction with the finance minister as well as the state chief minister, we requested for the release of funds so that the projects which are in the advanced stage of completion can be commissioned and put into co-end-up stage. So we are expecting that these outstanding also will be cleared during the first half of next financial year, and then we will move ahead. With regard to seeing as of now around 2,000 crores worth of project to be complete, so expecting FI27 will complete around 60% of that and remaining in FI28.

Okay. Sir, in terms of Q4, we see some improvement in the water exhaustion as well, or it will be similar to the quarter rate of this first nine months.

Q4 also will be the similar, what is there in the first three months, because now funds are slowly coming. So we are remobilizing the people and all. So it will be in the same kind or otherwise there will be some marginal increase.

And beyond this 822 crores, what is the build part? What will be the unbuild part in the water water?

WIP, apart from 822 crores, around 100-150 crores will be WIP, which we have not been.

Okay, sir, lastly on Capex, what do you have done in 9 months and target for 26 and 27?

The total capex which were earlier reported that the total required capex is 400 crore rupees on company basis. Out of that, up to December, we have capitalized 125 crore rupees, and the balance will be in the quarter, is in this quarter.

So you maintain 400 crore number for 26? Yes, yes. And for 27?

About 27, around 150 crore rupees.

Okay. Okay. And so lastly, AD on the ham pushing, when do we expect?

Western Bhopal Pipas? Only Bhopal Pipas we are expecting in the first quarter.

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

Thank you.

Thank you. The next question comes from the line of Abhinav from ICICI Securities. Please go ahead.

Yes, sir.

Thanks for the opportunity.

My first question is, with the appointed date received for the three packages of PRK,

is it fair to assume that the execution worth around 15 billion will be done in the next 12 months from these three projects?

Fifteen billion would be slightly missing, but already we executed 100 crores of work in the three digits combined in Q3, and we are expecting another 300 crores, three billions of work in the Q4. Next year, it would be around...

So, that would be around 12 billion in the next 12 months, right?

You can say 12 billion in the next 12 months. Because these projects are having a completion period of 2 years. Okay, total VPC value is 3,006 crores is the total VPC value, and which is to be completed in 24 months. So, that kind of thing is there. But what happens, initially, there will be low-value works. As we move ahead, when we reach the top of the crust and other items, there will be higher-value works, like bituminous works.

Understood. So, second question is for the operational ham assets. Are we in talk to monetize those in the near term?

Oh, now, regarding the divestment of... Assets, ham assets, nature and implementation. So we are evaluating all the options. Visitors are approaching us, and we are looking at other options also, but as I said, our primary focus as of now is to achieve the PCOD for the four projects, which we expect to receive the PCOD in the Q4 and the Q1 of this final. Going forward, we'll share the details.

Thank you, sir. Those were my questions.

Thank you. The next question comes from the line of Bhavin Modi, Praman Andrati. Please go ahead.

Yeah, thank you, sir, for providing the opportunity. So, my first question is, sir, the last quarter, the order book was something around 20,000 crore, and now it has gone down to 19,346 crore. So, overall, the change in the order book is 750 crore or something, whereas our revenue is around, you know, 1,100 crore. So, there is a gap of something around, you know, 300 crore. So, does our revenue include any, you know, one-time arbitration income, you know, or any proceeds from the, you know, holdback amount from the monetization?

Actually, the revenue includes some maintenance project revenue, as well as the price escalation and CVS work also, that's why you find the difference between the two underbrook is 750 crore rupees, but in addition to that, the work is received, revenue is received on this field also.

So, sir, so, so, have we, so, this quarter, have we not received any arbitration income or nothing like that, right, sir?

No, no, no, no, no arbitration claim is received in this quarter.

And what about the holdback amount, you know, there was some, you know, 200 crore holdback amount for the tanham assets, you know, that we saw.

So, in the monetization process, around 200 full was hold back. Out of that, we have received around 42 crore rupees on this account.

Did we receive this quarter 42 crore or it was last quarter?

Yes, last quarter. Quarter 2.

Okay, quarter. Okay. The second is, what is the status of the SITCO order?

Matter is under-substitutes. So, we cannot discard it.

Okay. So, third thing, we have been, you know, lately seeing, even in the, you know, when the NHI or more tenders are getting opened, there is still, you know, aggressiveness, you know, in terms of the, you know, the number of bidders which are there. You know, there are almost like 20 to 25 bidders, you know, even after, you know, the NHI, you know, made the stringent network criteria. So, how do you see, you know, as a competition intensity going forward?

See, now NHI has introduced that depletion network criteria for the bit. Its stringent criteria will agree. But now the projects, since no major projects awarded in terms of number as well as quantum, so that depletion will start when the awarding activities are picked up. So, as awarding activities increases, this number of bidders whose network is limited, they will get depleted and they may not be able to bid for the new projects. Going forward, competition is expected to be reduced.

Okay.

There is a robust pipeline, but as our managing director mentioned, though there is a robust pipeline of projects, the awarding activity is very slow. As you see, currently they are shifting the bid due dates, and even for the lab, either for the internal approvals from the central government, or due to the non-availability of the minimum required land.

Understood, sir.

Now you can say competition in

HEM in the moderate condition, and EPC is very high.

Okay, understood. So, next question is, when I see your order book, in case of the, you know, call, you know, order book, there hasn't been any change, you know, in terms of the unexecuted review. So, last, did we, you know, execute anything last quarter?

Last quarter, we have not, though we have executed some removal of overburden quantities, but the billing is possible only once we extract the code. So, during the Q3, we have not billed anything, but in Q4, in January, we already executed a hundred course worth of project, a hundred course worth of work.

And that will bill it to the client, right? The hundred course?

Yeah, we will bill it.

And, sir, how much amount did we executed in case of a renewable, the BSS project?

The BSS project, we are in the final stage of identifying the land and including the land lease and other kinds of agreements. We shortlisted two locations across two states. We are going to finalize one of them, and then accordingly, then we will finalize the land lease and other kind of agreement connectivity things, then we will start physical execution of the project, maybe, from the second quarter of FY27.

Okay, okay. Understood. Yeah, thank you, sir.

Thank you. The next question comes from the line of Ketan Jain from Aventus Park.

Thank you. Good afternoon, sir. Sir, as you mentioned, the awarding activity has slowed down. You've mentioned a number, 377 kilometers versus 500 kilometers here on the earth. What would be this number for nine months, and how much do you expect to get awarded in the three months?

See, exactly in nine-month figure precisely is not available under publicly available data, but previous year they awarded 12,000, I am talking about FI24, they awarded around 12,000 kilometers of new projects. See, now when their award itself is reduced, consequently construction is also reduced.

Correct.

So, exact figures, whatever is available to everybody, available to everybody on the public domain only, we are finding out. Exact figures will share, offline will share with you.

Okay. Do you expect the LAN acquisition hurdles delays to get done for this in the next two months, February and March?

Ah, we hope so, because land being a state subject, the NHA is also struggling

to get the minimum land and removal of obstructions and all, but now they are streamlining the process, compensation, distribution, everything now, they made it digital. We expect land acquisition that will be speeding up.

Okay, okay, but it still remains uncertain.

Yeah, yeah, that's it there.

That's it. I'm going to have a good answer. Thank you.

Thank you. The next question comes from the line of Deepa Shree Jushi from Ambit Capital. Please go ahead.

Hello, sir. I wanted to understand under Pune, Ring Road and the Jalna Nade project, how much do you expect to execute in Q4 for those two?

In the Pune Ring Road project, we are expecting 240 crores in Q4, and in Jala Landed project, we are expecting 300 crores in Q4.

Okay, got it. And for the canal project, Shreeshai Lam Canal project, how much did you execute in 3Q, and how much do you expect to execute in 4Q?

Q3 practically, you could not execute because the water is standing in the canal system for the irrigation purpose and because of the high rainfall in the catchment area. However, in Q4, we expect to execute

around 25 crores worth of pain.

Okay, got it. And on the equity investment front, you mentioned that 634 is yet to be invested. Now, that is for total in totality, or can you give the breakup between what you'd invest in ROAD and what you'd invest for the BESS project? Hello.

We are coming back to this. On KENAL project in Andhra Pradesh, in Q3 we executed 14 crores of work, which is basically peripheral works and supporting works, not the main KENAL works. In Q4, we expect 25 crores worth of work will be executed.

Okay. Got it. And the equity requires balance that you mentioned. Does that include the BESS equity?

No, that doesn't include VSS equity. What would it be? That is 400 crores. That would be around 400 crores.

Okay. And this one last thing, what is the unbuild revenue for the road segment as on date?

Order value? Unbuild.

It's actually, out of 1900 row, row segment, 1900 code, un-executed, a turbo, row segment comes to around 53%.

What is the unlimited revenue for?

Unfiltered revenue. Just note down, the unlimited revenue for the road project is 140 Kroor. Okay. And the DPC amount is around 200 crores.

Got it. Okay. Yeah. Thank you, sir. That's all.

Thank you. The next question comes from the line of Vasudev from Novama. Please go ahead.

Yeah. Thank you for the opportunities. Sir, I just wanted to know how is our execution likely to ramp up in the mining and the solar projects? Like, you know, what kind of revenues are we targeting in FY27 and FY28 overall?

As I mentioned, in case of mining project, we

expect around 100 cores in FI 26, and 500 cores in FI 27, and 600 cores in FI 28.

Okay, and sir, for the solar project?

See, solar project, we are able to tell precisely once we start commission, we start execution, but tentatively, we expect a thousand crore revenue in F-A27, which is nearly 50% of the

total EPC value of the solar project, solar compass project.

Okay, sure, sir. And on the irrigation front, You know, when do we expect to complete this project altogether?

See, irrigation will take time because, see, we are getting only 5 months working period in a year. So, 7 months we are not able to do any work over there because of the water is left into the canal system. So, the execution will go up to FI 28.

Okay. Sure, sir. And can you just help me with the toll collection numbers for this quarter?

Just note down the toll numbers. For MPI, it is 10.79 crore. Regularly, Johanpur, it is 32.16 crore. It is basically an annual project.

Yeah.

It is asking only toll.

Okay, and the Narela project, sir.

Narela project is 3.82 pro.

Sure, sir. I just want confirmation of the standalone cash. Can you just repeat that number, please?

1299 crore rupees.

Okay, this number last quarter was about 373 crores, and this quarter it's 1299. There's been a quite bigger jump.

In last quarter, actually, this amount, uh, includes the ricochetes received from the KKR.

Okay, we've received that amount in this quarter.

Sir, so that's it from my side. Thank you. The next question comes from the line of Shravan Shah from Dalat Capital. Please go ahead.

Yes, sir. All the balance sheet numbers are inventory, data, trade payable, retention money, mobilization, hand data.

Just note down.

Yeah.

The total inventory as on 35 December is 758 crore rupees. Yes, 1898 crore rupees.

1898?

Yes, 1818. Okay, and trade payable? Trade payable is 743 crore rupees.

Okay, free. Retention money?

Retention money is 219 crore rupees.

Okay, and total unbilled, we mentioned 140 plus 200, that is 340 odd crore.

340, no, it's around 440 crore rupees.

440 crore, okay. And mobile adjusts?

Mobile adjusts is 170 crore rupees.

170, and ham debtors?

Ham debtors is around... 400 is 70 crore rupees.

470, okay. And the equity that to be invested in the fourth quarter and the for 27 would be?

The total equity which is to be influenced in this year and next year is 634 crore rupees.

Yeah, but in fourth quarter, how much will we invest in in FI27?

We expect around 100 or crore will be introduced in this quarter.

Okay, and in FI27?

It's around 500 crore rupees.

500 crore, okay. Okay, got it. And just a couple of outstanding order book as on December. So, this irrigation, as I mentioned, I think 15 crore. So, the outstanding is now 805 crore?

I don't do

815 crore. And this is Sonali Gorakhpur.

Sonali Gorakhpur is... 175 crores.

And Akalcoat package 2.

480 crores.

And Haryana orbit rail.

Ariano Arbit rate is 450,000.

And elevated corridor flyover in Gwalior city.

580 crore. 580 crore.

And Hiradha's Chawra will be the similar, 240 crore.

Yes, that will be the same.

And Varanasi also 297 crore same.

Yes, yes, yes.

And this BESS 2000 crore, when will start putting in the order book?

Q2 of FA27.

Okay, and both the Kanpur, Lucknow packages have been over in terms of order book. Now, has it become zero?

It is almost over, Kanpur.

Almost one, I think Jerry, one big sumber.

So, 60 to 70 crores is to be billed.

Okay, okay, got it, got it. And this early completion bonus for 1400 crores will be coming in the fourth quarter?

We have received. We have received 16.69 crores in Ardoi.

And 5.69 crores in Ardui. And five, one, three crore.

Okay, so this entire will be part of revenue and part of EBITDA for this quarter.

Okay, okay, okay, got it.

And this Hathroi-Athra-Aroi project, 420 crore, so have you received the appointed day?

Bagmati, Bagmati, Riva.

Yeah, BIA project.

We will receive the correct 4.

In force water.

Got it, sir.

Yeah, that's it. My side. Thank you, and I hope we get the significant order info. Thank you. All the best. Thank you.

Thank you. The next question comes from the line of Vishal Periwal from PL Capital. Please go ahead.

Thanks for the opportunity. Sir, in the console, cash balance of almost 2,700-odd crore. So, what is our own cash in this?

This is pure or phone cache. This is pure or phone cache.

Okay, so basically anything to do with the deck which is there and then similarly which is there and the extra side is a cache.

Sorry, can you repeat?

Okay, so no, yeah, so no, my question is the 2700 odd crores of cash balance in a consolidated account that we have, can you say it is, it is completely our own cash, it's not related to the debt that we have raised and yet to be deployed in the, in any of the project?

Not completely, completely, completely own, but it's own fund.

Okay, okay, okay.

So, standalone when we have 30-minute ORC roles and console is 2,700 ORC roles.

So, meaning there are certain subsidiaries where the cash is lying in the books or how exactly it is getting accounted.

This balance is having in the subsidiary companies. One is the holding company and the rest is other subsidiary companies.

Okay, okay. Sure, sure. I think this is all that I have. Thank you very much.

Thank you. The next question comes from the line of Web Afsha from JM Financial. Please go ahead.

So what revenue are we targeting from the irrigation order?

Let's see.

For 27 and 28.

150 crores we are expecting in 27, and 28, we are expecting around 200 to 250 crores.

But you indicated that we are targeting to complete the order in FI 28, and now suddenly we are roughly 800 crores, so how is this possible?

See, actually, this mainly comprising two parts. One is the main canal and then the subsidiary canal. In the branch canal, there are certain issues. As of now, whatever the funds available, based on that, we are talking about around 400 to 450 floors. As funds cleared, then we revisit the F828 target.

Then what is the option receivables from the project?

From the grove it is around?

Around 110, 170 grove.

So, we won this project in FY21 and almost now five odd years and no major execution has happened. So, how do you see this? So, even margins would have been impacted or was there escalation in the project? So, how are we looking at this project? Because even after seven years in FY28, we won't be even covering the half the value of the entire project.

No, no, yeah, just no more than... Nearly 400 course worth of value of work completed. We are targeting another 450 to around 450 in the next two financial years. By the time, 75% of the project would have been completed. There is an escalation provision in the contract, but not for the whole work, but for the fuel, steel, and cement, the escalation provision is there. Yes, it is delayed. They extended the contract period up to 2026. The further extension, they are censoring.

Sir, in payments, we have seen it was roughly around 100 crores outstanding, and nowadays it is to 170 crores. So, are the payments stuck, or there is some movement?

There is movement. More than 220 crores we already received, which

was otherwise stuck during the first two and a half years. We started receiving the funds after change of government from the last financial year. We are also somewhat... Aligning the progress with the receipt of funds also, the funds availability and the funds allocated for this project, that's the thing. And we expect another 40 to 50 crores of payments before end of the current financial year. And going forward, we expect to release the balance amount in the next financial year.

Okay, okay. And, sir, lastly, on the cash side. Sorry to interrupt, Mr. Shah.

We request you to return to the question queue for the follow-up questions. Okay. Thank you. A request to all participants. Please restrict your question to one per participant. For more questions, please rejoin the queue. The next question comes from the line of Bala Subramanian from Arihant Capital. Please go ahead.

Good evening, sir. Thank you so much for the opportunity. Solar project with NHPC is valued nearly 2,000 crores, and the mining project 2,957 crores. And what is the margin profile of these projects? And I just want to understand what is that we have bitted for 28,000 crores, and I just want to understand our bidding is majorly focused on diversifying into, like, beyond roads like water, renewables, and mining over the next three to five years. So how this mix looks like after three to five years. Thank you, sir.

See, in the whole project, we

are expecting a margin of 9% PBT. 9% PBT we are expecting. In the solar project, because it's a fund-based project, at an equity level, we'll be having an equity IRR again. We'll have an execution margin. So, once we finalize the final designs and the finalization of the... Syria and We are looking for opportunities in railways, metro rail, water, transmission lines, renewable energies, so maybe next to... 50-50 kind of a thing. Highways will have 50 percent, around 50 percent, and the other sectors will be around 50 percent. The further we'll be able to see that how things will unfold.

Got it, sir.

Thank you.

Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Thank you, and over to you, sir.

Thank you, everyone, for your active participation in our running call. In case of further queries, you may get in touch with the strategic growth advisors, our investor resistance advisors, or feel free to get in touch with us. Thank you.

Thank you. On behalf of PNC InfraTech Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.

Thank you.