Thank you. Good evening, everyone, and thank you for joining us today to discuss the non-audited financial performance for Q3 and 9 months FY26.

I have with me Mr. Devendra Jain, MD and CEO, Mr.

Rohan Suryavanshi, Head Strategy and Planning, Mr. Sanjay Bansal, the CFO.

Before we proceed, I would like to bring to your attention that certain statements made during this discussion may constitute forward-looking statements. These statements are based on our current expectations, assumptions, and beliefs regarding future developments, and are inherently subject to various risks, uncertainties, and factors beyond our control.

Such forward-looking statements involve both known and unknown risks, and we advise you to interpret them with caution. I will now hand over the call to Mr.

Rohan Suryavanshi for his opening remarks. Thank you, and over to you, sir.

Thank you, Chaitanya. Good evening, everyone, and a warm welcome to all our investors and analyst partners to the Dilip Buildcon Limited's Q3 FY26 earnings conference call.

The financial results and investor presentation for the quarter have already been uploaded on the stock exchanges, and we trust that all of you have had the opportunity to go through them. To begin with, I would like to share some perspective on the overall sector environment and policy landscape before I move to DBL's business and strategic updates.

The Government of India continues to maintain a strong long-term focus on infrastructure development as a key driver of economic growth. We welcome the government's continued push on capex in the Union budget, and the allocation of Rs 12.21 trillion towards capex for FY27 represents an almost 12% increase over the revised FY26 estimate.

Let me also add this is nearly 4 times higher than the 2014 levels when the BJP-led government came to power. Increased allocations to key segments such as road and railways broadly in line with nominal GDP growth provides sustained growth visibility for the sector.

This signals continued commitment towards infrastructure creation, employment generation, and increasing domestic competitiveness. From a regulatory standpoint, the recent reforms announced by SEBI for REITs and InvITs are a positive structural development for the India's infrastructure ecosystem.

By enhancing flexibility around asset holding, leverage, and capital deployment, these measures are expected to deepen long-term institutional participation in infrastructure financing. For multi-asset infrastructure players like DBL, this strengthens our asset monetization pathways across the project lifecycle and supports sustainable capital recycling.

Turning to sector activity, awarding during the first half of the financial year in fact for the first 9 months has remained largely subdued. Account of various state elections and other administrative delays, however, we're seeing some momentum gradually building across multiple infrastructure verticals.

In the road sector, the awarding has been muted till now, and we expect the government to at least push out a large number of contracts in the remaining part of the financial year. Beyond roads, other infrastructure segments such as water supply, irrigation, metro rail, and urban infrastructure continue to have healthy medium-term pipeline.

The extension of timelines in the Jal Jeevan Mission and renewed emphasis on urban infrastructure are expected to support execution visibility over the next few years for DBL and other companies which are participating over multiple sectors. Now coming to DBL's business performance, I'm very happy to report that the company's order book currently stands at the highest level in DBL's history, and it is also the most diversified across sectors till date.

Now with elections behind us and the pace of awarding showing early signs of recovery, we're very happy about future prospects for the company in the next couple of years as well. Now during FY26 year-to-date, DBL has secured order inflows of approximately Rs 17,900 crore, which is already over the full-year order inflow guidance that we had set at the beginning of the year.

With some more 1 and 1/2 months of awarding activity remaining, we hope to win some more. As we have consistently communicated in earlier calls, our approach to order booking remains selective.

We continue to prioritize profitability, cash flow visibility, and return ratios over pure top-line growth. In this context, EPC at DBL increasingly plays the role of a capital-efficient execution and incubation engine, enabling the creation of long-duration monetizable platforms rather than being viewed purely as a volume-driven profit center.

Now, of course, DBL's business has been impacted by lower execution volumes during this year, which was a direct consequence of lower order book, which in turn affected our operating leverage, which did not work at its full efficiency. Now as execution normalizes in the coming year, given the large order book that we already have and with the improved awarding momentum that we're expecting, operating efficiencies and margin profiles should improve accordingly.

At the same time, let me also add that we have remained focused on structural cost estimization. Employee strength over the years have been rationalized.

From a peak of 38,000 employees, today we stand at 19,000 employees, which is a half. However, revenues have remained in that same range barring this year.

Also very important to add, annual capex has also moderated to around Rs 100 crore in the last few years compared to peak levels of around Rs 500 crore every year, which means almost 1/5th reduction, 1/5th the value of earlier times. Reflects our disciplined capital allocation framework under the DBL 2.0.

More important, the majority of our growth capex across our asset-led business is already behind us, which materially improves free cash flow visibility as execution and production scale up. On the asset monetization levels, our InvIT strategy continues to progress broadly in line with the roadmap shared earlier.

As of date, 7 HAM assets have been transferred under our InvIT platforms, with the remaining assets at various stages of construction and completion. The balance assets are to be monetized in two tranches: one in June '26 with 4 assets, and remaining by March '27, aligned with the COD milestones.

I would also like to briefly touch upon Anantam Highways InvIT, which has now been successfully listed. We view Anantam not as a one-time monetization event, but as a long-term annuity platform, providing predictable distributions and treasury-like cash inflows with retained unit value, while also simultaneously enabling time-bound deleveraging at the consolidated level at the parent.

Now coming to our mining business, which remains central to DBL's long-term performance and transformation, our coal MDO operations continue to scale up steadily and are progressing broadly in line with our internal plans. At the Siarmal mine, production during quarter 3 stood at approximately 7.01 million tonnes, taking the cumulative 9-month production to about 15 million tonnes.

For the full year, we expect production of around 23 million tonnes. At the Pachhwara coal mine, production during the quarter was 1.74 million tonnes, with FY26 total production expected to be around 6 to 6 and 1/2 million tonnes.

On a consolidated basis, DBL expects coal production of approximately 30 million tonnes in FY26. Over the medium term, we remain on track to achieve coal production of around 57 million tonnes by FY29, which would represent approximately 8% to 9% of India's total coal output.

With long-tenure contracts, high operating margins, limited investment risk, and majority of capex already deployed, mining is increasingly emerging as a central EBITDA and cash flow engine for the company. Now let me touch upon a question that we get asked very frequently about the debt levels.

On the balance sheet, while the debt levels may appear elevated in the near term, this is largely a temporary phenomenon driven by lower execution, and is expected to rationalize as execution picks up and asset monetization and cash flows scale up. Now compared to peak levels, DBL has already achieved meaningful debt reduction at both standalone and consolidated levels, in line with the milestones outlined under DBL 2.0.

To give some perspective, debt which stood at Rs 3,500 crore in FY21 had reduced significantly to Rs 1,500 crore in FY25. This is while we were building so many assets.

Even though currently net debt stands at around Rs 2,100 crore, and we expect this to remain around this levels only by the end of the financial year. One thing to note is that had DBL not retained its assets in the InvIT units, we would have significantly reduced.

Against this Rs 2,100 crore of debt right now, we have almost Rs 1,400 crore of InvIT units in Anantam Highways and about Rs 200 crore of units in Shrem InvIT, which means Rs 1,600 crore of InvIT units that we have presently against this Rs 2,100 crore of debt, had we not engaged in this strategic shift where we wanted to own our assets, we would have reduced our debt. Let me also add one more important aspect here.

The remaining 11 assets which are to go into the Anantam Highways InvIT, we have only about Rs 200 to Rs 250 crore of investment left to be made in them, but the InvIT units that we will get against it is about Rs 2,000 crore, which means still a net inflow of 18 Rs 1,700 to Rs 1,800 crore. If I total these InvIT units, the Rs 1,600 crore today plus the Rs 1,700 to Rs 1,800 crore that is still to come against the debt of Rs 2,100 crore, we are already beyond the range and we would have been debt-free.

Now our plans of reducing this debt has largely been hampered because of the lower ordering activity by the national government in the last 2 years. This is a problem that the overall industry has faced.

Our order book for the last 2 years was the lowest that it had been in almost 7 to 8 years, because of which our execution capabilities and what we had prepared for in terms of full deployment could also not be fully utilized, and hence the revenue reduced, and proportionately we were not able to reduce debt. Going forward, as we are able to maximize on our operating leverage, we expect in the next year we will reduce debt of about Rs 700 to Rs 800 crore.

Now this is remarkable for a company while which has built these assets and also continued on their journey of debt reduction. Our goal remains to be net debt-free, and we are targeting FY28, but we will give more color on that as the years progress and as our execution goes on.

Over the medium term, our objective remains to transform DBL into a diversified multi-asset infrastructure platform where a significant majority of our profitability will be driven by long-duration, asset-backed business such as mining, HAM assets, InvITs, and selectively incubated renewable platforms, plus transmission assets, plus water HAM assets. Now this transition, like I said, is aimed at delivering predictable cash flows, improving ROEs versus historical levels, and reducing the cyclicality that is in our business.

With that, I now hand over the call to CFO Mr. Sanjay Bansal, who will take you through the financial performance for the quarter.

Thank you, Rohan-ji. Good evening, everyone.

I welcome all our stakeholders to our earning call. Let me present key highlights and 9 months results of 9 months ended 31st December 2025.

During 9 months period ended 31st December 2025, the company added 10 projects worth Rs 17,565 crore and completed 4 projects aggregating to Rs 2,744 crore. Now let me update on the business financial performance on standalone basis.

9 months YoY, the revenue decreased by 23.09% to Rs 5,145 crore from Rs 6,690 crore in the similar period last year. The EBITDA decreased by 22.91% to Rs 535 crore from Rs 694 crore.

The profit after tax increased by 193.56% to Rs 775 crore from Rs 264 crore. The increase in profit after tax is mainly because of the exceptional gain received by the company from flipping off 7 assets to Anantam InvIT.

On console basis, the revenue for first 9 months decreased by 18.69% to Rs 6,684 crore from Rs 8,221 crore. The EBITDA decreased by 7.82 crore 7.82% to Rs 1,373 crore from Rs 1,490 crore.

The profit after tax increased by 126-odd percent to Rs 1,275 crore from Rs 563 crore. This is mainly because of the exceptional item from the divestment to InvIT.

Now we can open the floor for the questions and answers. Thank you.

Hello, sir. Thank you for the opportunity.

My first question is more on the execution side of it. I see our order book at the end of this quarter is around Rs 29,300 crore, which is probably the highest since FY22.

After a lot of quarters where the order inflow was not there. With this issue of order book sorted now more or less, how do you see the execution going forward maybe in FY27 majorly on the revenue growth?

If you could give some idea on that.

Thank you for your question, sir. You're very right.

This order book is actually the highest in the company's history. It is also the most diversified that we've had built till now without relying on any one single sector.

That is also very important bit of this order book. With this order book, obviously gives us tremendous optimism for next year because all these projects will be coming online and in execution.

I'm happy to say that at least we are expecting around Rs 10,000 crore of revenue in next financial year, given the healthy order book that we have. Obviously in this financial year, the numbers have been muted, but there will be a significant jump from this financial year to next financial year in terms of almost I would say from wherever we will close to 30% plus to 30% to 40% growth from this year's number to next year's financial performance.

Sir, if I understand it right, usually our quarter 4 is the strongest quarter when it comes to execution. Would this quarter 4 see some growth or maybe at the same levels to that of last year same quarter or would we see the accelerated execution of order book only from next year?

No, not in this quarter because the order book that we have won right now, see whenever you win an order, it takes at least 6 months for revenue to start flowing from them in EPC, and for HAM projects and clean projects, it's usually a little longer than that. Hence, this quarter 4 will be in line with the overall numbers that we've said, and we expect to close our year end about Rs 7,000 to Rs 7,500 crore in between.

Like I said, the next year will be a big jump given the order book that we have in hand, and given the diversification of the order book that we have. It's also important to note that with this huge order book, we also have laid the foundation for that multi-asset approach, ownership of assets over long term.

We have gone into renewable assets, we have gone into water HAM assets, we've also gone into transmission assets. Currently, if you look at our business, the three pillars to it is one is mining.

The second will be the InvIT Anantam Highways. What will add to Anantam InvIT and other are all these other assets which I mentioned: the renewable, transmission, and the water assets.

Along that, we have the EPC machine of DBL, which will continue to build all these assets in a profitable manner and on time. This strategy gives the EPC business also visibility, plus it also helps us build our long-term assets where just like what we have done for Anantam Highways, we will be going with partnerships over these other asset classes as well, and look at partners where we can build long-term platforms.

Okay. Sir.

On debt part of the business, on the standalone debt, we have ended this quarter almost on par with what it was in September. Are we on track to reach Rs 1,500 crore net debt by end of this financial year as guided in the last quarter?

No, sir. Like I said in my opening remarks, we are expecting debt levels to remain this around this levels only where that is currently, given this the muted execution that has happened.

When we had originally started the year, we were expecting 8 and 1/2 thousand crore of revenue, but that has obviously reduced greatly and which has impacted our operating leverage, and hence which has impacted profitability and the ability to reduce debt. Like I said, next year we are looking to reduce debt of Rs 700 to Rs 800 crore.

We will reduce it from the levels that will close this financial year at. That remains on track.

Like I also pointed out earlier, if you look at the assets that DBL already has, typically EPC companies sell out whatever PPP project they do if you look at my peer groups as well, and hence that balance sheet remains lighter. In our case, this time we decided to hold those assets.

If you look at the assets that we are already holding on complete in terms of completed, there is Rs 1,400 crore of units of Anantam and then there is Rs 200 crore of units of Shrem, which means Rs 1,600 crore of unit of assets that we have not sold, which would have helped us reducing our debt and would have remained from 2,100 levels, it would have remained around Rs 400-500 or Rs 600 crore of levels. That's important.

Also one other thing important, even in our coal SPV, we are having currently fixed deposits and of about Rs 400 to plus crore currently. There is that also, which is in my on my coal SPV books.

There is significant, and I think this that number is around Rs 490 crore at the end as the quarter ended, almost Rs 500 crore of fixed deposits standing on my coal SPVs. When you look at the company in whole, there is a lot of cash flows that are that is there, and while our earlier endeavor has not materialized as we envisaged because of the low ordering in the last 2 years, like I said, but with the great order book that we have today, we are expecting that the debt reduction would happen in that over the next year.

We will also by next year also have in total, by the end of next year we will have in total almost Rs 3,500 crore of InvIT units. With a reduced debt level and an InvIT units of about Rs 3,500 crore that we will have that the company, when you will look at that, we will still be almost, I would say, Rs 2,000 crore plus of cash surplus.

Okay. Okay.

Sir, just one last question from my side. I've been looking at your working capital days, right?

For the last 4 quarters, there has been consistent increase in inventory days from 75 to now 132 in almost 4 to 5 quarters, whereas our regular level of inventory days have always been around 65 to 80, 85. Is there any specific reason for such an increase in inventory days?

Vignesh, if you can see the balance sheet, the inventory has not increased from 31st March 2025. It remained almost same or even lesser than 31st March 2025.

However, you can see the revenue of the company reduced significantly, basically the denominator reduced, per day sales reduced, okay? That is why the increase in the number of days in the creditors, in the debtors, and the inventory.

Once as Rohan-ji said, because we have a great order book now, going forward the execution will increase and the company will basically achieve the numbers what we were plugging in past. Then the working capital days will again basically be like we had in past.

It will not increase from here. It will basically decrease basis our higher execution in incoming quarters.

Sir. Got it, sir.

Thank you. That's all from my side.

Thank you.

Hi. Thank you.

Congratulations on historic order win, Rs 17,500 crore-plus this year. Congratulations on that front.

Thank you, Shravan-ji. Thank you.

Yeah. Sir, you have already said this year you are looking at Rs 7,000, Rs 7,500 revenue, next year Rs 10,000 crore, which is 30%-40% growth.

On the margin front, till now 10.4%, in the fourth quarter I hope would be the similar, but from FY27 how one can look at the margin there?

Shravan-ji, the margins for this quarter, quarter 4, will remain in line with what has been done for this year. Next year, we're expecting increase in EBITDA level, and we're expecting, in fact, to be in the range of 12% to 13%.

That is what we are. So 12% plus we all will be targeting, and let's see how the execution progresses.

Okay. How much order that we have already bidded and where bid is yet to open?

There's already about Rs 15,000 crore of orders where we have bidded which are expected to open.

Okay.

About Rs 70,000 crore is the pipeline of NHAI that I'm sure you must be very well aware of. How much of that will materialize, we don't know.

That I was about to ask. That is there who knows that answer, I want to find that person.

NHAI Chairman, Secretary MoRTH, and the honorable Minister would be a better place to answer that.

Yeah. This Rs 15,000 crore that we have bidded, any specific from the NHAI that we have already bidded?

Most of these are NHAI, Shravan-ji.

Okay. Still we can expect of further more orders by end of March.

Any idea, maybe Rs 4,000-Rs 5,000 crore more that one can look at?

Shravan-ji, honestly, that will depend on how the bidding is and how aggressive other players are at, because we have always maintained that we want to be working on our margins and which is why we've diversified across all these sectors, so that our margins don't take a hit and we can make use of all our equipment and the capex that we had done over the past years. Which is why also when you look at the current order book, it's also the most diversified.

We're not relying on one sector. We would like to have orders in the road sector, but at our margin.

Hopefully we've seen some rationalization that has started to happen. In future, I hope more rationalization will happen in the road sector, and we remain optimistic with that.

With the government also taking accountability of some of its strategic sort of initiatives which have not really worked out well for them.

Yeah. No.

I was trying to understand across all the sectors broadly how one can look at more extra orders by March. Kind of a Rs 3,000, Rs 4,000, Rs 5,000 crore, is that's the one can look at can easily be won?

Shravan-ji, there are some more orders, but the problem is we are tracking other sectors and looking to bid out, but typically what happens is a lot of times the dates for the last date of filling is usually postponed, and even after once it's done, the dates of opening of tenders in a lot of cases are postponed. Because of that, it is extremely difficult for us to be able to comment with certainty of how much will actually translate in the next 45 days.

We can only say there are some more about Rs 3,000 to Rs 5,000 crore of projects that we are looking at. The dates to be very certain and to give you that whether it will all close by 31st March is really beyond the scope of what we would be able to tell you.

Got it. In next year then we slow it down in terms of inflow, or given the overall awarding is muted at the industry level, for next year also similar Rs 15,000-Rs 20,000 crore, that's the way we are now looking at?

See, first if I talk about the larger industry, Shravan-ji, I think the order inflow for the next year should be better because I think in the last couple of years, we've seen muted orders from the government, especially in roads. That's why I think that order inflow should happen.

For us, we are targeting about Rs 10,000 to Rs 15,000 crore of orders selectively basis. Now how much that translates and what kind of orders we get at what margins will also kind of depend if we find something which is opportunistic and a good add to our portfolio, we might end up taking that.

Our target would obviously be around Rs 10,000 to Rs 15,000 crore of new order inflow next year, too.

There also we are open for even BOT tolls also?

Yes, we already have a partner for the road sector, we already have a platform. We already have a partner with Alpha where they've already raised Rs 5,000 crore to invest in greenfield or brownfield projects.

That option remains open to us where we can go along and bid for our BOT projects as well. There is nothing that stops us from doing that.

Even for other sectors like I mentioned, we will be building those partnerships as well as time goes on, and in the next few quarters, we'll update you how that progress looks. Our idea is very determined that we want to set up platforms with high quality partners which provides long-term, sustainable, predictable cash flows for the company while in the short term providing EPC opportunity for the company.

Got it. Even now the order inflow is higher, in terms of capex, we will be increasing the capex for next year.

Maybe in the fourth quarter how much more, but till now in terms of if I look at net level, it is kind of a flat, nothing major in terms of the new and the sale of assets. For fourth quarter and maybe next year, given the order inflow is there, are there any specific orders where we need to go for a new equipments?

Shravan-ji, firstly, this quarter 4 we are not expecting any capex. Let's first part of your question.

For the next year also, there might be replacement capex, but that will also all be in that Rs 100 crore and lower range. That is what we're targeting.

See, our idea is not to get into sectors where we have to take some specialized equipment. We don't envisage going into a let's say tunnel boring machine where that will be used.

Whatever we have, we're going to be doing using those assets to do whatever new sectors that we also want to continue to focus and foray into. That's the idea.

Even next year, you can remain assured that that capex will be that. That fiscal discipline that we had mentioned when we announced our 2.0, which has remained in line.

Our capex has broadly been in that Rs 100 crore kind of range over the last 2, 3 years, and that's how it will remain. That's the idea of the company for the short term, sir.

Yeah. This, sir, Rs 1,400 crore units of Anantam and Rs 200 crore Shrem, and further once we transfer the balance to the so another Rs 2,000 crore that we will be getting in FY27.

Just wanted to understand, we will continue to hold and we only keep on getting the whatever the dividend distribution, or are there plans to even encash this?

No, our strategy is to hold those assets. The distribution that we will get from there, once all that materializes, whether it's our internal debt reduction or to invest in further new projects, that will be the idea to grow that InvIT platform.

The idea is very clear. We will not be looking to monetize that on a short-term basis.

It's the whole idea of setting up that platform with a financial investor was to think of how can we grow that InvIT platform into one of the larger ones in India. That is the goal for us as a company.

Because not only will be that the pure-play EPC opportunity that we will do, but also the long-term maintenance operations and maintenance revenue that the company that will be like an annuity-like revenue for the company, whether it is for our own assets or the other assets that we add on the InvIT. That is also something for our aging equipment bank, we will want to do that.

Got it. In terms of MDO, are any thoughts or are we thinking in terms of kind of a value unlocking through a listing or anything at least in next 1 or 2 years?

MDO opportunity also is performing well for us. We've also added another bauxite mine to our mining operations.

We are widening the scope of from just pure-play coal, we are widening it to other segments of mining as well. Whatever MDO opportunity comes, we are looking at all of them in an opportunistic manner.

As for listing and all that, those are conversations for a later time as we decide whether and what our shareholders also kind of suggest around it. If there is more value to be created into demerging and hiving it off into a different platform where different risks with different reward profile with different set of investors, we will take that call completely with our shareholders' sort of in line and approval, yeah.

Last two questions. CFO sir, this quarter the exceptional gain, 500 Rs 577-odd crore, how much will be the tax in the P&L that against for this Rs 577 crore?

Basically, the financials are made basis the old tax regime. The total tax for 9 months is taken at Rs 113 crore.

Let me tell you, for the MAT calculations, the gains on account of flipping asset to InvIT and getting units, that is exempted under Section 47(xvii) of the Income Tax Act. There is no income tax on the gains.

The income tax will be basis other business and other profits other than this capital gains. So

Broadly the whatever the exceptional gain is there, that is directly shifted to the PAT.

Yes, exactly.

Okay. In terms of in the third quarter, the out of other income, how much is from the distribution from the InvITs and others?

The Rs 63 crore that other income that we have, out of that how much is from the InvITs?

Let me tell you, Shravan-ji, the units of Shrem InvIT units were held at DBL and DIAPL level. DBL units we have exhausted up to quarter 2, quarter 3 in DBL, there was no units outstanding of Shrem InvIT.

The 207 crore units are in DIAPL, which is 100% subsidiary, there we received the distribution in quarter 3. In quarter 3 DBL, there is Rs 63 crore other income.

Out of the total other income, 6 and 1/2 crore is basically FDR, interest on FDRs. Around 14 crore, 14 or 15 crore is from the profit on sale of assets, and the 42 crore on the leasing income from the SPVs.

Okay. Got it.

In the PPT, this structured equity matlab the equity divestment tracker, the slide 29, can you explain what this structured equity from acquirer for transmission and for solar?

Basically, Shravan-ji, the solar and transmission projects are very large. The equity requirement for solar project is 2,000 Rs 1,250 crore, while bidding, we made bidding basis we will put a marginal equity in the project and balance equity we will basically raise as a mezzanine debt at the solar HoldCo level.

We have created a solar HoldCo below DBL, which holds the solar assets, and we will raise the mezzanine debt there to fund the part equity. Basically the mezzanine debt will be paid out of the forward sale of the equity on completion as per the concession agreement.

Similarly, for the transmission also, we envisage to raise the mezzanine debt. Basically, while bidding this phenomenon was fixed within the management, we will not put 100% equity in those projects.

Far from our DBL standalone per se if I have to look at this solar and transmission, put together would be a closer to a Rs 1,700 crore, how much we will be putting equity from our side?

Around Rs 200 crore equity will be put in by DBL in both the projects, and balance will be raised at the HoldCo level as mezzanine debt.

Rs 200 crore both put together or each?

Rs 200 to Rs 300 crore that will be put for our side for both this platforms that we're talking about, whether it's solar or transmission. The other like Sanjay sir explained, it will be structured equity with an acquirer plus some part of structured debt to it.

Which once we complete with the same strategy like what we have done earlier with CPPIB, once we took that and once the project were completed, there was a bigger upside that we could do once we flipped it into pure equity. Rather than giving complete equity returns to someone, keeping part of it for ourselves for the long term and flipping it once the assets mature and achieve COD.

Okay. Last, DBL Infra

Yeah. No, congratulations on great order book and doing the heavy lifting.

More so, focusing on profitable orders. That is really appreciated.

Phenomenal work done in Coal MDO and Shrem, the units InvIT side. My question only one thing is that while we are in a growth phase and deleveraging is yet to happen, but at a point you'll appreciate that the stock has remained the same for last 1 and 1/2 year.

At a point and it could be 6, 9 months away or 12 months away, we are not for short term, can you just consider something which unlocks the value and reflects in the price? It could be a split of the Coal MDO.

Now because the buyback rules also have been very liberal now, but I don't know whether that's feasible given our current debt levels. At a point if there is a alternative between getting into a growth asset or doing a short buyback of Rs 400 crore, I'm not talking of big thing, even that can be considered.

I'm not saying today, but maybe at a point if the stock price don't reflect the current value, that's a suggestion I have.

Sanjay sir, your suggestion is very well taken, and the company is thinking around a bunch of interesting ideas. Obviously, like I said, as a shareholder of our company will obviously come and also discuss the various options and opportunities that can be done.

The hiving off of, let's say, a coal business is or demerging of that business is part of it is also regulatory, where the contracts that we've entered, how their language is also structured and what we may want to do at certain point of time. Rest assured that the monetization is something that we have as an agenda.

The timing of which can only be discussed in the coming future, and we will have that conversation, too.

Thank you. Thank you very much, and best of luck.

Thank you. Thank you, sir.

Hello. Thank you for the opportunity.

My question was mainly on the line of the timeline of the transfer of assets to Anantam InvIT, I think which was answered as per the previous participant. Would you be able to give us more idea on the fact that nine projects were supposed to be transferred to Anantam initially, and but only seven were transferred?

What led to this delay? Could you just highlight on that?

Basically, we had idea to transfer nine assets: eight assets of Dilip Buildcon and one asset of of Alpha bought from outside, but the NHAI approval could not receive. One project of ours and one project of Alpha they bought from market, we could flip only seven assets.

The one asset left from the first eight and the 10 subsequent assets will basically transfer this quarter this year the coming financial year. Quarter 1, we are expecting three assets of DBL will be flipped to InvIT, and balance eight assets in quarter 4.

All right. All right.

I'm sorry, can you just repeat the last part? Three assets of DBL will get transferred in Q4?

Q1 of '27.

All right, Q1.

Eight assets of Q4 of '27. FY27, all 11 assets will be flipped to InvIT.

Perfect. All right.

Yeah.

Thank you.

That's it from me. Thank you.

Hi, sir. Thank you for the opportunity.

Just wanted to understand that at the standalone level our debt has increased, right? We would have also taken a good amount of mobilization advance saying that we had a good inflow in the last two quarters.

Just wanted to understand the position, how much mobilization advance did we take and why the debt has not reduced?

Bhavin-ji, why the debt has not reduced, I had explained in quite detail in the opening remarks and also in the earlier questions. I think that the repetition of that again would be probably not the best use of your time to explain, but we will take that separately and you can read through that.

Now coming to mobilization advance, there is no mobilization advance that has been received from any of the projects that we've won. We are working on that.

The larger point is the debt could not be reduced as we had anticipated because of the lower execution, because our model is a fixed asset model. If we are unable to do that, there'll always be challenges in the direction that we want to do.

Like I've mentioned, for the next year, given there is a clear order book that we have in hand, we anticipate that we will be able to meet the certain guidances that we are giving you guys all.

The second thing is you mentioned about the capex, right, that there won't be any heavy capex at the standalone level, maybe there will be replacement capex. When we come at the SPV levels, for example, Siarmal or maybe now the Kotangi and the solar business, what is the capex estimated at the SPV levels?

Sir, for both the SPVs that you are talking about, first, Siarmal, it's financially closed and the capex is being done at the SPV level, where we mentioned that there's already Rs 500 crore of FD that is also lying there. We had invested about Rs 350 crore of equity.

Against that investment, there is already Rs 500 crore cash lying in that account right now. We still have to draw down the debt for more equipment and also for the coal handling plant, which will be drawn in the subsequent 2 years.

That plan has also been widely socialized and explained to the market. Now in the bauxite mine, again, the capex will be done on the SPV level, and that's not a large capex.

That will be about Rs 150 crore of capex that we are anticipating, again at that SPV level, which will be self-financing. On the DBL parent level, we don't expect capex to be done, like I had reiterated, it's about Rs 100 crore of capex at DBL parent level.

Like that. Now talking about solar and all, there's no equipment capex that we need to do.

Whatever will be the project building cost, that will again come on the SPV level, that has nothing to do with DBL. All the equipment and all for building the solar this thing, whether it's excavators that might be needed for ground leveling and all, those are very basic which we already have in hand.

I don't anticipate any specific capex for solar business or transmission business.

Got it. What would be expected margins in it for the Kotangi?

Do we have any estimations? Hello?

Yes, sir. Sir, that Kotangi mine has two parts to it.

There is an EPC bit to it, like we've explained last time as well, about Rs 1,700 crore of EPC, and the rest is about Rs 150 crore of revenue that we will get every year for the next 22 years. Also, for the EPC, like I said, it will be in line with what we are doing on EPC.

No, I am asking about the SPV level, if you can give me SPV level.

At the SPV level, we're expecting mid-teens of EBITDA levels at the SPV level also there.

The last thing, when I see the standalone financials, obviously there are many exceptional items which are there. Had it been normal routine business, what would have been the adjusted PAT?

Because I see a lot of adjustments with respect to the taxation and all. If I have to see only the EPC business PAT, then what would that have been?

Do we have any calculation in hand or I will take it separately?

We can take the calculations separately. We can discuss separately.

Sure, that's it from my side.

On behalf of the old DBL family, I thank all the participants who came and joined us today and asked all the questions that they did. In case we were not able to answer any of your questions, please feel free to reach out to us on a one-on-one basis and we'll be able to answer.

The idea and the goal of the call was to give you the strategic direction with which the company is kind of functioning. Our commitment to whether it's debt levels reduction or widening our asset platform approach, those remain in line and that's how the company is kind of looking to grow going forward as well.

Thank you very much and I look forward to you guys on our next conference call and hope all of you have a great end to this financial year.