Good afternoon, ladies and gentlemen. On behalf of Ambit Capital, I am pleased to welcome you all on the PNC Infratech 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.

Good afternoon, everyone. On behalf of PNC Infratech 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 Agarwal, Vice President Finance and Account, and Strategic Growth Advisors, our investor relations advisors. The financial results and investor presentation have been uploaded on the stock exchanges and company's website for your reference.

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 NHAI constructing over 5,300 km of national highway during the year. Awarding activity by National Highways Authority of India stood at 3,124 km aggregate length, more than 30% below the targeted length of 4,500 km.

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 viable and bankable project structure under DBFOT toll model. Union budget for financial year '27 reflects 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. With increased focus on expressways, access-controlled greenfield alignment, including four- and six-lane economic corridors, the expansion in lane kilometers is expected to remain healthy, reflecting government's continued emphasis on building larger and more extensively highway infrastructure network in the coming years.

Against this backdrop, we remain hopeful that project approval and land acquisition process will accelerate, resulting in improved awarding momentum, which will translate into wider bidding opportunities and stronger pipeline for the key players in highway sector, particularly in fund-based mandates such as HAM and BOT toll. New opportunities have been rapidly emerging across core infrastructure segment, including renewable energy and storage, power transmission, water supply and irrigation, and other sectors.

India's target of achieving 500 GW non-fossil fuel capacity by 2030, coupled with critical requirement of battery energy storage system to bridge the gap between intermittent renewable energy generation and country's rapidly growing peak power demand, provides a large number of sustained business opportunity in this sector. India's power transmission sector is entering a high-growth phase driven by the rapid expansion of renewable energy and acute need of augmentation and strengthening of national grid.

Both central and state governments are heavily investing in new intra- and interstate transmission networks and grid modernization projects, including setting up of large number of high-capacity substations across geographies. Water infrastructure segment in both drinking water and irrigation spaces continue to provide significant opportunities on both EPC and PPP modes, supported by government flagship Jal Jeevan Mission, which has been extended till 2028, and water resource management projects being initiated by states.

With emerging opportunities across railways, metro rail, airports, ports, logistics, mining, ropeways, and urban development sectors, India's infrastructure opportunities landscape is set to expand in a big way beyond traditional roads and highway sectors. Opportunities in these diverse sectors are expected to generate a sustained project pipeline over the coming years for infrastructure companies with healthy financials, strong execution capabilities, and a proven track record.

Towards the end of financial year '26, geopolitical tension in the West Asia led to volatility in global crude oil price and logistic cost, resulting in higher input cost, particularly bitumen, fuel, and logistics. Ministry of Road Transport and Highways introduced cost escalation compensation mechanism for national highways project executed on EPC, HAM, [PVMG?]

modes payable from 1st April 2026 and reduced price adjustment cycle from 3 month to 1 month to address the adverse impact due to steep increase in bitumen prices. These measures are expected to provide some relief margin pressures faced by the highway construction and development firms to certain extent.

Now coming to the recent updates on the company. In March '26, the company successfully completed the sale of its equity stake in PNC Chediheri Highway Private Limited to Vertis Infrastructure Trust.

This transaction marked the completion of the final tranche of the strategic divestment of 12 assets announced in January '24. In April '26, the company emerged as the lowest bidder for two HAM projects of National Highways Authority of India in Uttar Pradesh with a combined bid project cost of ₹3,483 crore.

In May '26, the company was declared in the L1 bidder for an EPC project of Lucknow Development Authority for the construction of four-lane flyover on bank of Gomti River in Lucknow. The quoted bid value for the project is around ₹2,200 crore.

In May '26, company received a Letter of Acceptance from Uttar Pradesh State Bridge Corporation Limited for an EPC bridge project of value ₹559 crore, 559 crore in joint venture. In May '26, company received provisional completion, PCOD, for Prayagraj Kaushambi Package 3 HAM project of MoRTH.

The project was declared fit for commercial operation effective from 31st March '26. On 12th May 2026, the company entered into a one-time settlement agreement with NHAI regarding Agra Bypass EPC project arbitration award under the Vivad se Vishwas-II scheme for an amount of ₹235 crore payable by NHAI to the company.

Moving on to the operational and financial performance of the company. The company 15 fund-based project portfolio comprising one BOT toll project, two BOT TOT project, and 14 HAM projects.

Aggregate bid project cost of 14 HAM project is over ₹17,200 crore. Out of total 14 HAM projects, five projects achieved PCOD and COD, six projects are under construction, one project of MPRDC achieved financial closure, two project in which company stands L1 bidder, LOA are expected shortly.

Total equity investment requirement for the HAM project is ₹1,623 crore excluding two HAM projects for which LOA are yet to be received. Till March '26, company already infused ₹1,081 crore, and the remaining equity of ₹542 crore 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 requirement. Now moving on to our order book.

Company's unexecuted order book stands at over ₹22,000 crore, which includes the value of newly secured two HAM projects and two EPC bridge projects. Highway contract contributes 62% of total unexecuted order book, while water, canal, area development, railway, and airport contract contributes around 25%, and coal mining contract contribute 13%.

Now I would present the results for the quarter and year ended March 31st, 2026. Standalone revenue for the--

I will continue. Now moving on to our order book, company's unexecuted order book stands at over ₹22,000 crore, which includes the value of newly secured two HAM projects and two EPC bridge projects.

Highway contributes 62% of total unexecuted order book, while water, canal, area development, railway, and airport contract contribute around 25%, and coal mining contract 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 year '26 is ₹1,458 crore, and EBITDA for the fourth quarter of '26 is ₹175 crore. Standalone EBITDA margin for the quarter is 12.02%.

Standalone profit for the fourth quarter of financial year '26 is ₹100 crore. Standalone PAT margin for the quarter is 6.89%.

Standalone revenue for the financial year '26 is ₹4,633 crore. EBITDA for financial year '26 is ₹583 crore.

EBITDA margin for financial year '26 is 12.58%. Profit for the financial year '26 is ₹344 crore.

Standalone PAT margin for financial year '26 is 7.43%. Now moving on to the consolidated results.

Consolidated revenue for the fourth quarter financial year '26 is ₹1,167 crore. Consolidated EBITDA for fourth quarter of financial year '26 stood at ₹277 crore.

The EBITDA margin for quarter four financial year '26 is 17.14%. PAT for fourth quarter is ₹108 crore.

PAT for fourth quarter is 6.6%. Consolidated revenue for financial year '26 is ₹5,368 crore.

Consolidated EBITDA is ₹1,137 crore. EBITDA margin for financial year '26 is 21.17%.

Consolidated PAT for financial year '26 is ₹832 crore. The PAT margin for financial year '26 is 15.49%.

On standalone basis, our net worth as on 31st March '26 is ₹5,811 crore, whereas standalone debt from banks and financial institutions and inter-corporate deposit is ₹741 crore. This translates to net debt to equity 0.13 times.

Total cash and bank balance including current investment is ₹1,068 crore. Thus we have net surplus of ₹327 crore as on 31st March 2026.

On consolidated basis, our net worth as on 31st March '26 is ₹6,813 crore, whereas total debt is ₹5,151 crore. This translate to net debt to equity of 0.76 times.

The total cash and bank balance including current investment is ₹2,856 crore. With this, we now open the floor for question-answer.

Thank you.

Thank you, sir. Sir, couple of questions.

Sir, first, broadly one on the guidance part. Obviously the FY26 and Q4 was slightly lower versus what we were expecting, ₹350, ₹400-odd crore kind of a lower number.

We were looking at 25% kind of a growth for FY27 at standalone. Just wanted to know now, given the order inflow is also there, and how one can look at the revenue growth for FY27 and even possibly based on the current order book, how one can look at the FY28 also, and then the EBITDA margin also?

See

the revenue what we achieved in FY26, because as you know that four of our projects got delayed execution, three of NHAI projects and one of MPRDC projects of having a more than ₹4,400 crore, for which we executed our concession agreements way back in July '23 and March '24. That has resulted in lower turnover in FY26 than what we expected.

Going by this turnover of ₹4,433-- ₹4,633 crore. We are proposing a guidance of around 30% for FY27, and which will be around ₹6,000 crore top line.

Then for FY28, from there, we are looking at another 25% guidance for FY28. That will roughly translate into ₹7,500 crore.

The EBITDA will continue to be around 12% for FY27. We'll see what will be the EBITDA in FY28 going forward, given the geopolitical tensions and the volatility in commodity prices.

Yeah. Just to touch on that, at least in Q1 or maybe in Q2, do we see a kind of a risk on the margin, and if yes, how much?

Whatever the price increase has happened, the crude-related, and then the steel and everything. Do we see anything?

Structurally also, obviously, we have a escalation clause, 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.

As you said that Ministry of Road Transport and NHAI, both came out with the compensation mechanism to cover the steep escalation in the prices of bitumen directly with the base rate from the 1st April, which should be mitigating some of the price rise to certain extent, which will give some relief to the margin pressure. Certainly, margin pressure would be there.

Going forward, once these tensions are subdued, and there is a stability in the commodity market, in Q3 and Q4, we should able to achieve the healthy margins. Overall, in FY27, still we are hopeful of achieving 12% EBITDA.

Great. Sir, now on the inflow front.

Two aspects. 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.

If I include that also, it is kind of a 5,000, matlab ₹6,000 crore is already there with us now. How much more are we looking at to bag in this year?

At the same time, how much projects or the value of projects that we have bidded, and bid is yet to be opened?

See, we are expecting a overall new order book of around ₹15,000 crore in FY27, out of which we got ₹3,957 new orders highway sector. As you said, if you consider again order book from the renewable energy, it will be around ₹6,000 crore.

So ₹9,000 to ₹10,000 crore further orders we are expecting in FY27. Regarding the bids what we had submitted, we submitted 15 EPC bids and one HAM bids, which is around ₹14,000 crore, which are to be opened.

The price bids are yet to be opened, maybe before end of this month, and some bids will be opened during the month of June. We are expecting, see, some projects from this 16,000 ₹14,000 crore where we already submitted bids.

Okay. Lastly, sir, a couple of balance sheet data points if you can share.

The retention money, unbilled revenue, mobilization advance, HAM debtor, water debtors?

Just note down.

Yeah.

Retention money is ₹264 crore.

Okay.

Mobilization advance is ₹155 crore.

Yeah.

Total debtors is ₹1,660 crore. Out of that, HAM debtors is ₹372 crore.

Okay.

Water debtor is ₹868 crore. 868.

Unbilled revenue would be how much, sir?

Unbilled revenue is ₹475 crore as of 31st March '26. Then

this equity ₹542 crore. 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? This ₹542, how much we will be investing in FY27 and '28?

Also the solar of ₹400-odd crore that we need to invest, how much in '27 and '28?

Out of 542 crore, around ₹350 crore will be infused in current financial year '27, and the balance will be in financial year '28.

Okay. For solar, sir?

Actually, the total equity requirement we have told earlier was for ₹400 crore. Out of that, approx ₹120 crore will be infused in this financial year.

Okay. Okay.

Got it, sir. I have more questions, will come back in queue.

All the best. Thank you.

Good to see the breakup of the order book project-wise in the presentation. Thanks.

Hi. Good afternoon.

Hope I'm audible.

Yeah. Sir, the first question would be on the order inflow guidance.

We have guided for ₹15,000 crore of order book, out of which ₹4,000-odd number that we have already received. Balance for 11,000, which specific segments we will be targeting?

Do we have anything in mind like roads would be this much, rest of the segments would be this much, anything on that part?

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

Okay. Sir, the BOT toll that you told about, we will be keen to bid for the BOT toll project as a direct contractor, or it would be subcontractor to some entity who have bidded directly?

Direct

bidding.

We'll be bidding directly, as we are meeting the qualification criteria. Of course, we'll subject to a thorough due diligence, including detailed traffic studies and viability analysis.

We'll see, because NHAI is still working on the structure, and very recently also they changed some of the parameters. Today also, some discussion is going on in one of the BOT projects NHAI proposed to bid.

We'll see, but it will be direct bidding.

Got it, sir. Got it.

Sir, one thing on the top line. If we see, we are targeting 30% and 25% growth for next two years, which will be leading to, let's say, ₹7,000 crore-plus revenue for us, which was the case for us in, let's say, a few years back, '23 and '24 as well.

After reaching to that revenue, somewhat, you can say, 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. How do we see other sectors, you can say, ramping up for us, the qualification criteria?

Going forward, how do we see road as a total order book? Of course, the NHAI pipeline and the overall awarding has been deep over the last few years.

How do we see our company beyond, let's say, ₹7,000 crore of top line, which will be achieved, let's say, in over next two years?

See, NHAI will continue to be our focus client because, see, there has been a very unhealthy competition over the last two to three years, coupled with low awarding activity by NHAI. These two have affected our order inflow during the past two, two and a half years, and consequently the revenue also.

Because there have been no major orders during the last three years from NHAI, it affected our revenue also. See, other sectors are emerging.

A lot of projects are coming in railways, and also transmission, and renewable energy including energy storage, and also some projects are coming from area development and other things. We are looking at them, and we are pursuing those opportunities also.

That's why we said that around 30% to 35% we are expecting the new orders from these things, as we are pursuing these opportunities actively. Certainly, that's why we are giving around 30% for the FY27 order book, and then going forward, 25%, that is for FY28.

Certainly, once this current geopolitical tensions are subsided, we'll relook at it, and we'll share with you maybe sometime in the beginning of H2.

Got it, sir. Sir, from the margin part, of course, majority of the revenue for this and last year was from the road segment.

Going forward, let's say, other segments are going to have a better inflows, and our focus will be also on that along with the road. Because we'll be new to those segments, will it impact our overall margin at the standalone level, or we continue to maintain 12% margin?

That is because in roads, we have been doing it since long. These 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 were 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, I'm continuing from where I left. See, considering all the factors, we don't see, because we are diversifying into other sectors, that will impact the margins of the roads and highway sector.

We should able to achieve a margin of 12% EBITDA, even with the mixed kind of mix we are foreseeing, roads and non-roads sectors.

Got it, sir. Sir, just last thing from my side on the competition part.

You told that because of the lower awarding along with the competition, the order inflow has been muted. Are we seeing any change in the trend from the competition for NHAI and MoRTH projects, or the same thing has been continuing for, let's say, latest projects which would have opened recently?

See, the competition in the EPC segment will continue to be very sharp and very, I would say, cutthroat kind of a competition will be there in EPC. NHAI, if you see, they came out with the list of projects they proposed to bid out over the next one year, majority of them are HAM and BOT toll, where we are seeing the lesser competition in compared to EPC.

Since we are in a position to invest into these projects, either it's a HAM or BOT toll, with our healthy balance sheet and our investable capacity, we look forward to have a lesser competition in the HAM projects, that too particularly in the larger-size HAM projects. Recently, we won this 1,700 worth of two projects because there we see the number of bidders are reduced in compared to earlier projects which were bid out.

Going forward, we'll see lesser competition in HAM segment as well as BOT toll compared to EPC and the smaller-size projects.

Got it, sir. That's it from my side.

Thanks for having me and joining. Thank you so much.

Sorry, am I audible? Good evening, sir.

Thank you for the opportunity. Sir, we've seen some diversification strategy 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 turns that you're expecting?

Are there any plans to enter transmission, urban infrastructure, or any other kind of infra, maybe defense opportunities, that you actually looking forward to?

Hello.

Yes, sir.

The total capex required for this coal mining project was estimated ₹350 crore. Out of which we have already made the capex around ₹250 crore in current financial year '26.

What are the expected asset turns, sir?

Hello.

Hello.

Come again.

I said, sir, what is the expected asset turns from this capex commitment, what you're investing?

We are investing in the plant and machinery around ₹350 crore.

I will 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. As the rural drinking water supply project under Jal Jeevan Mission, with a overall value of more than ₹6,800 crore, we entered into this segment five years before, Jal Jeevan Mission.

Concurrently, that time, we also entered into irrigation project of around ₹1,100 crore in Andhra Pradesh. We diversified into these sectors half decade before, and we could still able to maintain the margins reasonably around that percentage what we have been doing from earlier times.

That there's no major impact on the margin. This coal also, where we got around ₹3,000 crore, because we have been doing the captive coal mining projects from the beginning to meet our aggregate requirement.

We have a enough kind of experience and expertise in mining activities. In the coal as well as the solar, it will be akin to the margin that we have been securing in road sector.

Overall, there won't be any major impact on the overall margin. We should able to get the similar returns in these two sectors also, including highways what we have been getting and water sector.

Okay. Thank you, sir.

That's all.

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

See, physical execution will be starting from Q3, the third quarter of this year. As the land we are already identified, and we entered into some kind of arrangement with the aggregators.

Connectivity also we received in-principle approval. We are expecting final approval also in a 1.5 to 2 months' time.

Going forward, then we'll enter into PPA, power purchase agreement, with the NHPC. Then we'll start physical execution, starting by initially procurement and followed by construction.

What revenue are we targeting in '27 and '28?

We are targeting around ₹600 crore in FY27 and remaining--

Solar,

₹600 crore, see. ₹600 crore and ₹1,400 crore in FY28.

Okay. Sir, on JJM, how have been the payment, have you seen any improvement in first quarter?

What revenue are we targeting in '27, '28? See,

some payments they release because the state government released from their side, and we able to get around ₹300 crore payment during the current financial year. We are also expecting some more payments maybe before end of the quarter, June 30.

For FY27, we are targeting ₹750 crore revenue, with a hope that the government will release more and more funds for this project, both central--

For canal project?

Sure. Sir, what would be the cash in PNC Infra Holdings as of now?

Cash balance in PNC Infra Holdings is around ₹1,100 crore.

Including current investments?

Including current investment.

Okay. Sir, on the AD side, we have received two new HAMs, and also AD is pending for one older HAM.

We were targeting to get AD in 1Q '27. Are we on track now for Western Bhopal?

Western Bhopal, we are expecting AD before the end of the Q2, I would say before end of the September, 30th September. We should able to commence the physical execution in Q3.

Sir, what had 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. They changed the alignment.

Because of the change of alignment, it took prolonged time. Now the things are settled.

Government has approved the new alignment and the project. Certainly, we'll be executing some kind of a agreement, and appointed date is expected before end of the second quarter.

The physical execution will begin during the current financial year, say, in the third quarter of FY27.

Okay. Sir, lastly, on interest cost, it has risen sharply to ₹30 crore in Q4.

How do you see it going forward?

Hello.

Interest cost

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

Hello.

expect it going forward in FY27? FY27,

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

Okay. Thanks.

Okay. Thank you, those were my questions.

Okay.

Hello.

Hello, am I audible?

My question is, why has execution pace been slow despite the strong order book? See,

as I had mentioned, see, in the ₹4,400 crore projects, four HAM projects, three of NHAI and one of MPRDC, those are 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.

One of the project still we had to get the appointed date, that is MPRDC projects. Delay in commencement of these projects resulted in the lesser turnover, though we got the order book.

Other things, for example, coal, we have a five years of horizon for the order what we got. We got the five years' time for the coal projects.

Whatever is the order book, it will spread over next five years. Solar also, we are in a development phase.

That is there. Going forward, definitely this execution will be geared up.

As you said that we are expecting 30% top line growth in FY27, and thereby another 25% top line growth in FY28. Okay.

What will be the margin guidance for FY27 and '28? FY27, the margin guidance is 12% EBITDA, around 12%.

FY28, going forward, we'll share with you because the current volatility in the commodity prices and then consequent increase in our input cost, will not able to tell. It should be around 12% in FY28 also, should the things be normalized going forward.

What are the key reason of sharp EBITDA margin compression like from 19% what was in FY25, and now it's about 12% to 13% this year? See, FY25, we received more than ₹400 crore payment towards the arbitration awards published in our favor through settlement under Vivad se Vishwas-II.

Also we received a ₹50 crore-plus bonus from one of the projects we completed for MSRDC, that is Nagpur Mumbai Expressway Package 4. That reflected in the higher turnover in FY25.

Thank

Good afternoon, sir, and thanks for the opportunity. Sir, first question is that last year when we had given the guidance for FY26, initially we were assuming 15%, 20% growth.

Then it was subsequently downgraded to 5%, and we ended the year with a 20% down in terms of revenues. 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.

Sir, this year when I look at your guidance of ₹6,000 crore, if you can break it up between, let's say, all the projects that you are doing where you don't have any approval pending, what is that clean sort of revenue where the execution is just pending, what is that out of that 6,000? 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 question mark?

See, ₹6,000 crore guidance we have given, see, very consciously we are giving a ₹6,000 crore guidance. Of course, last year there was certain uncertainty about the delay in the appointed date for the already awarded projects.

This ₹6,000 crore 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 months period of the current financial year, that one thing.

Second thing, also this guidance is largely based on projects where the appointed date has already been declared and also then projects are going on. For example, the large projects of three HAM projects which are going on, and earlier two more HAM projects of NHAI, that's also in progress.

We got a two major projects from MSRDC, on Jalna Nanded expressway and also Pune Ring Road. Those projects also going on in full swing.

Considering all these aspects, whatever guidance we are giving this year are on a firm orders, as well as the projects which are going without any pending of anything. Of course, only one project, that is Western Bhopal, we need to get some appointed date, and the rest of the projects are okay.

Unlike last year, we don't foresee any major hurdles or any unforeseeable things that will come into achieving our order. We should be able to get.

I agree, last year we were a bit optimistic when we are given our 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 NHAI HAM projects due to land acquisition issues and delay in the Western Bhopal bypass project.

Sir, this year, this Western Bhopal and then this solar project where you are penciling in ₹600 crore, what is pending, sir, here? One is appointed date is pending, how much are you penciling in for Bhopal this year?

For solar project of ₹600 crore also, I think you have not yet started, right? What is pending there, and when it will start?

See,

our ₹6,000 crore what we are projecting now with a guidance of 30%, we have taken very minimal value of work, around ₹100 crore for the Bhopal bypass project, though we are expecting the physical execution will commence in the Q3. That is one aspect.

The second thing, in case of solar, out of ₹2,000 crore 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 possession is in advanced stage. We identified the land and also finalized the initial kind of a arrangement with the aggregators and all.

We're expecting minimum 30% physical possession of the land before execution of PPA. Then going forward, then initially the procurement will be there, which will be high-cost items procurement will be there.

We are hopeful of getting ₹600 crore from this solar project this year, EPC. Even as a fallback kind of a thing because there are other projects we have not taken any project work done from the two new HAM projects what we secured from NHAI.

If we're able to achieve the appointed date during the current financial year, we'll get some revenue from these two new HAM projects in Uttar Pradesh what we secured recently. Going by this some kind of a fallback arrangement we are having, we should able to achieve ₹6,000 crore comfortably.

Sir, on this margin issue, 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, if I look at your order book, it is more geared towards all state government projects where 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.

How do you look at that, sir, both margin risk and the fund release risk itself? 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 are able to make payments.

This also only for 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.

We 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's NHAI and MoRTH.

Two more state projects are there from MSRDC. Since beginning, you have been getting the payments regularly.

There also

Both packages are EPC.

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?

please. Yeah, 12% EBITDA margin.

Just I'm concluding. 12% EBITDA margin, overall 12% EBITDA margin we should able to achieve.

Thank you.

Hi, Yogesh ji, congratulations on a decent quarter. My first question is now the commodity prices have gone up, bitumen, which is large part of the cost, and associated inputs around the fuel cost.

When the SPVs gave us the EPC projects, how are we protected on margin? Are these fixed-price contract, like if you get a HAM in a SPV, when it comes to EPC to us, is it a fixed price or it is a variable price?

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 cover the both WPI increase as well as the CPI increase, which will largely cover other things. That will be on a back-to-back basis.

Similarly, where the bitumen price is now they're directly compensating between the base price as well as the price in that particular month of execution, that will be also passed on to EPC from SPV on a back-to-back basis.

Whatever the SPV gets as inflation from NHAI is passed to you back to back, so that is what you are saying, right?

Yeah. There is a part of the EPC contracts what you executed between SPV and the EPC contractor.

Okay. Second question is, sir, what is the pending payment from the Vertis Infra now?

I think out of the 24 2,500 crore, 1,700 crore, how much we have received and how much is pending?

Vertis,

we have received all the things, except I think-- We have received entire payment.

Okay. What will be the road map for the monetization of the next set of assets beyond this 12 assets?

How are we looking to monetize the projects where we have achieved PCOD or COD?

Wait and watch.

Wait and watch.

We certainly will let you know once we reach out any kind of a robust mechanism to how to monetize these projects. We are evaluating multiple options, we certainly will share with you.

Anything with Vertis? Beyond the 12 assets which we have monetized with Vertis, for other assets, we are looking for different investor?

No, that's why I said that it's a very premature to say anything. Please wait.

Because just now we have got only out of now ongoing 14 assets, including two--

We are also evaluating.

We are evaluating, and only five assets only got the PCOD.

Okay.

The other assets are under construction.

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

Thank you.

Hello, sir. Thank you for the opportunity.

Sir, I wanted to know about the Varanasi Kolkata packages. We got the ADs in September, October, and you said in your remarks that the progress has been slow in these packages.

What is the outlook on this currently? How much revenue are we seeing in FY27 from these three packages?

After commencement of these packages during the month of October physical execution, we achieved ₹336 crore revenue from these three packages during FY26. ₹336 crore we already achieved it, and going forward in FY27, we are looking at around ₹1,600 to ₹1,800 crore revenue from these packages.

Okay. There's no obstruction or delays right now and--

No obstructions. All three packages are going smoothly.

We are executing so in full swing, we don't foresee any major obstruction or anything as of now. We should able to complete these two three packages within the stipulated time of 24 months.

Okay. Regarding the Pune Ring Road and Jalna Nanded, I think one of them was having some issues.

Is it sorted? What is the outlook for '27?

See, both Jalna Nanded and Pune Ring Road, whatever issues initially having some land acquisition issues, but then last year for Jalna Nanded, we encountered a very prolonged monsoon, very intense and record-breaking monsoon in Jalna Nanded. Now all these issues are behind us, we should also able to achieve good kind of a turnover from these two projects, we are targeting around ₹1,500 to ₹1,600 crore in FY27 from these two projects.

We don't foresee any major issue in these things.

Okay. Sir, about the Haryana Orbital Rail, so that is getting stretched since long time, it's sitting in our order book since long.

Any update on that? See,

in the Haryana Orbital Rail, there are certain issues of a land acquisition because it's falling in Aravalli Range and other thing. Also whenever there is a restrictions imposed in the construction activity in NCR to curb the pollution, we are also facing these restrictions in construction activities.

That is there. Nonetheless, we have completed more than ₹400 crore work, which is more than 53% of the work we already completed.

Now balance around ₹360 crore work is there. We are expecting that this balance work will be completed in FY27 as well as in FY28.

Okay. Of course,

the execution is slow than what we expected, but we are eligible for the necessary extension.

Okay. Remaining work you are expecting to get completed by FY28?

Yes.

Okay. About the mining project, I know we have started with the initial work, but the major revenue flow, that would come from which year?

How much are we expecting in, say, '27 and '28? See,

in the mining, we started this thing, execution and mining activities we started. We achieved around ₹68 crore turnover during FY26, the year what we completed.

We are expecting another ₹400 crore turnover in FY27, and FY28 we are expecting around ₹600 crore. Because we got a five years' time for this entire thing of ₹2,956 crore.

We should able to get a decent progress beyond FY28 also, and we should able to complete the entire scope within the time.

Got it, sir. Thank you.

Those were my questions.

Thank you.

Thank you for the opportunity. Sir, I just want to know our progress on the Andhra irrigation projects, where are we over there?

See,

irrigation project, we received some payments around ₹300 crore from the Government of Andhra Pradesh after initially we could not receive any payment. We received, and till 31st March, we achieved ₹380 crore ₹80 crore worth of work done we completed, and remaining work done is around ₹700 crore.

This year we are targeting around ₹200 crore work in FY27. 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 able to release. We have got time up to September '26, they given extension, and now we have applied for another two years up to September '28.

Sure, sir. Can you just help me with the toll collection numbers, and just a bookkeeping question on capex that we did in FY26 and our target for FY27?

Hello. Hello.

Just note the number of toll. Yeah.

For MP highways in quarter four financial year '26 is 13.3 crore.

The management is answering the question.

Hello.

Yes, sir, yeah.

The toll of MP highways is ₹13.3 crore in this quarter, and for Rai Bareli is ₹32 crore, and for DSIDC Narela project is ₹2.65 crore.

Sure, sir. Just on the capex part?

Capex for financial year '27, we are targeting ₹150 crore.

Sure, sir. That's it from my side.

Thank you.

Okay.

Thank you, sir, for giving the opportunity. Sir, my first question is with respect to the MDO.

You spoke that you have clocked in the revenue of ₹68 crore in FY26 and ₹400 crore in FY27 is planned, right? Sir, is this the EPC revenue or the mining phase that you are speaking about?

It's a EPC revenue. Nothing is mining fee.

This is a item-rate-based contract. Whatever revenue you are expecting, that is from the EPC revenue only.

We are expecting around ₹35 crore on an average per month. We're expecting around ₹400 crore revenue in the FY27.

Going forward, then around ₹50 crore per month to a ₹600 crore in FY28. It's not a MDO work.

No investment is involved. It's a pure EPC work on a item-rate basis.

Okay. Understood.

Sir, there will be no separate creation of the SPV, right, generally which happens in the MDO model?

No. It's on the company's balance sheet only.

Understood. Sir, second question is with respect to, sir, the BESS thing.

You mentioned the order book of ₹2,000 crore. Is this a pure EPC or does it also include the procurement of bought-out components?

No, see, there's not anything EPC kind of a thing is there. It's a TBCB kind of model.

We'll be getting charge for the power we transferred into the grid and through BESS directly. EPC will be the byproduct to what will be routing through the project through our parent company.

Sir, suppose whatever the bought-out components are there, for example, transformers or something, so that will be directly purchased by the SPV or will it be purchased through the PNC EPC company?

As of now, we're looking at it will be purchased with the PNC being the EPC contractor.

Then it will be passed to the SPV, right?

Yes, yes, yes. Okay.

Sir, the last question, the now that the, bitumen prices have, skyrocketed, do you see, NHAI, with already, with the tenders that they have floated, are they going to revise, the authority cost, either by, corrigendum or through, retendering? Anything, you are are you looking at the, as a Have you seen anything, any discussion ongoing for that?

Especially for the, tenders which are floated.

We are expecting revision of this authority's cost because as of now, the compensation mechanism what they introduced is only for three months from 1st of April for the ongoing projects. The projects which they're going to bid out from right now, from the current point, it should be either authority cost should be revised, otherwise this kind of compensation mechanism should further continue.

Okay. Won't this elongate the tendering process, or do you see 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 a addendum and corrigendum.

This also will happen like that only.

Understood. Thank you for answering the questions.

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

Which project?

The two new HAM that we received L1. See,

once we get the Letter of Award and then followed by execution of concession agreement, we'll have a five months' time for the financial closure. Similarly, NHAI also will have a five months' time to fulfill their conditions precedent.

Take everything by thing, we are expecting appointed date declaration in Q4 of the current financial year.

Yes, thank you, sir. Have you submitted bids for any of the BOT projects?

If yes, what would be the size?

No, as of now, we have not submitted any bid for any of the BOT toll projects. We are evaluating the opportunities, the BOT toll projects which have been floated by NHAI.

As of now, we have not submitted.

Last question, sir. What would be our outstanding receivables from the canal project?

Canal projects outstanding, isme hai aapke paas?

Hello. Yes, sir.

Other outstanding in canal project is around ₹300 crore.

Okay. Thank you, sir.

Those were my questions.

Yeah. Thank you, everyone, for your active participation in our earning call.

Should 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.