Thank you, Hina, and good evening everyone. Welcome you all to PSP Projects Limited Q3 FY '26 earnings conference call.

To take us through the results and answer your questions, we have with us management of PSP Projects, represented by Mr. Prahaladbhai Patel, Chairman and MD; Ms.

Pooja Patel, CEO; and Ms. Hetal Patel, CFO.

Please note that the discussions that we may have today may contain certain forward-looking statements relating to future events and future performance. Numerous factors could cause actual results to differ materially from those in the forward-looking statements.

Please note, the audio of the earnings call is the copyright material of PSP Projects and cannot be copied, rebroadcasted, attributed in press or media without specific and written consent of the company. Now, I would like to hand over the call to Ms.

Pooja Patel, CEO, for her opening remarks. Thank you, and over to you, Pooja.

Thank you, Arpit, for the introduction. Good evening everyone and welcome to the earnings conference call of PSP Projects Limited to discuss the financial performance of the third quarter and nine months ended December '25.

We concluded our board meeting earlier today. Let me begin with the financial highlights of quarter and the nine-month period.

During Q3 FY '26, the company delivered its best-ever quarter revenue, reporting 771 crore from the operations, representing a 24% year-on-year growth and an 11% quarter-on-quarter increase. For the nine months ended December '25, revenue stood at 1,978 crore, reflecting a 9% year-on-year growth.

The improved performance was driven by strong project execution, supported by better work front availability and improved labor deployment. As of 31st December '25, the company's outstanding order book stood at 9,178 crore, registering a 43% year-on-year growth.

Of this, within-group projects account for 59%, while the external projects constitute of remaining 41%, that is 3,738 crore. We observed that the breakup of the order book is missing in the current investor presentation.

Accordingly, we are sharing the details of major external projects for your reference: SMC High-Rise Building, 835 crore; Gati Shakti Vishwavidyalaya, 325 crore; development of Dharoi Dam region, 280 crore; construction of fintech building at GIFT City, Gujarat, 264 crore; Sabarmati Riverfront Development Phase 2, 245 crore. Company order inflow during Quarter 3 FY '26 amounted to ₹957 crore, marking a 151% year-on-year increase.

Since inception, company has completed 253 projects, with 82% from the private clients and remaining from the government clients. As of the quarter end, the company is executing 67 ongoing projects, of which 88% are in Gujarat, while the remaining 12% are spread across Karnataka, Uttar Pradesh, Delhi, and Maharashtra.

During Quarter 3 FY '26, the company successfully completed five projects, including major projects among those includes: Veer Savarkar Sports Complex, Ahmedabad, one of the first stadium for Commonwealth 2030 and Indian Olympics of 2036; Terminal 1 and Terminal 2 forecourt area development at Ahmedabad Airport; studio building for CEPT University; industrial project for tea processing facility for Wagh Bakri Group. The company currently has a bid book of 6,600 crore, with 60% from group projects and 40% from external projects.

We are pleased to share that within the external bid book, the company has emerged as the lowest bidder for Ambaji corridor development project valued at 965 crore. Now let me share certain project-level updates: SMC, we have completed major works of core and shell for the project, and currently, MEP and finishing work is going on, and facade work will be starting soon; RVNL, out of three buildings, two buildings' core and shell has completed, third building is going on as per schedule, currently MEP and finishing activities are going on; for Dharoi project, Phase 1 is on hand-over stage and Phase 2 project, all the major activities are going on as per schedule.

Other than that, in the matter of PSP versus Bhiwandi BNCMC, PSP Projects received a favorable arbitral award dated 11th January 2026. The Arbitral Tribunal has directed BNCMC to pay PSP Projects a principal amount of ₹61.44 crore.

Additionally, BNCMC is required to pay interest at 9% per annum accrued up to the date of award within 60 days from the date of award. With this, I would like to now hand over the call to our CFO, Ms.

Hetal Patel, to share the financial performance of the company.

Thank you, Pooja. Good afternoon, everyone.

The financial performance during the quarter ended December 31st, 2025, is as below: Q3 FY '26 versus Q3 FY '25. Revenue from operations for the quarter is ₹771 crore versus 623 crore, which is increased by 24% on Y-o-Y basis.

EBITDA for the quarter is 52 crore versus 35 crore, increased by 47% on Y-o-Y basis. EBITDA margin is at 6.73% versus 5.67%.

Net profit for the quarter is ₹16 crore versus 6 crore, increased by 159% on Y-o-Y basis. During the quarter under review, employee benefit expense has increased from 33 crore to 41 crore on Y-o-Y basis, mainly due to increase in provision for gratuity and leave encashment as a result of application of new labor code notified in November '25.

Increase in depreciation from 19 crore to 24 crore on Y-o-Y basis is mainly attributable to additions in asset block during the current financial year. During Q3 FY '26, company has incurred capex of 80 crore, and year-to-date capex addition is 153 crore.

Gross block stands at 762 crore, and net block is 414 crore as on 31st December '25. Would like to mention few of the important balance sheet numbers as on December 31st, '25: Long-term borrowing is 25 crore, including short-term maturities of 16 crore.

Short-term borrowing is 364 crore, excluding short-term maturities of 16 crore. Net working capital is 648 crore.

Trade receivables are 635 crore, and trade payables are 436 crore. Retention is 163 crore.

Mobilization advance is 524 crore. Inventories of 344 crore comprises of 175 crore of construction materials, 149 crore of work-in-progress, and 20 crore of finished goods.

Out of total sanctioned credit facility of 1,497 crore, company utilized non-fund-based facilities of 703 crore and fund-based facilities of 294 crore, and limit available for utilization is 500 crore. As on December 31st, '25, the company has total fixed deposit of 215 crore, out of which lien-free deposits are of 43 crore, and FDs worth ₹147 crore are under lien with banks for credit facilities, and FDs worth ₹25 crore is given as security deposit to the clients.

Work on hand as on December 31st, '25, is 9,178 crore. This comprises 27% order value from government projects and 73% from private projects.

Work on hand within Gujarat comprises of 82%, Maharashtra 14%, and rest 4% from other states. Outstanding value of projects from entities within group comprises 59%, and external projects are 41% of the total work on hand.

That concludes the update on the financials, and we are now open for the question-and-answer session. Thank you.

Thank you. A couple of questions.

First, on the guidance front. Last time we said around 3,200 crore revenue for FY '26.

Considering 9% growth in nine months, the fourth quarter, the ask rate is too much, 86% kind of a growth, 1,200 crore odd something. First on the revenue front, how much are we looking at for the fourth quarter, for the entire FY '26?

If possible, for FY '27, how one can look at the revenue? That too also, if possible, if we can bifurcate in terms of the Adani and non-Adani revenue, that would be helpful, sir.

Shravan, first of all, to answer your first question related to overall revenue for this year, I think we have committed around 3,100 to 3,200, which we stick to that figure, because we are confident that the projects which are now under finishing will be able to make up by March end. As far as the revenue calculation for the next year, I feel it is little early, let us complete this part, but mostly it will be somewhere in the range of 4,000-plus crore.

That is clear shot because of the order book which we have and the commitment which we have made for next year.

Sorry, sir, for this year you said 2,300 crore?

3,100 to 3,200, which I had already committed in last call also. That we stick to that.

Probably there won't be any problem in getting that revenue as far as the planning is concerned, the pace of the work which is going on, and most of the projects are in the phase of MEP and finishing. It will be able to make up that revenue.

For next year, it is too early to mention about the revenue, but once we complete this 2026, but looking to the commitment which we had, it should be somewhere in the range of 4,000 to 4,500 minimum.

Got it. The way the work is going on, sir, in the fourth quarter we should be able to do 1,100 to 1,200 crore kind of a run rate to get a 3,100, 3,200 crore.

Right. Right.

Yeah. Yeah.

Sir, second is on the order inflow and margin. Still we are not able to see the improvement in the margin.

In the fourth quarter, how one can look at the EBITDA margin? For next year or maybe next two years also, if somebody has to look at, 8% to 9% margin, which we normally used to guide, is it possible to achieve in the '27, '28?

For fourth quarter, given the revenue would be a significantly higher, can we see a kind of 8%, 9% EBITDA margin in the fourth quarter itself?

See, Shravan, if you have heard the CFO, she already mentioned there is an incremental operating expense because of employee benefit, which is to the tune of 8 crore, which has hit this quarter only. If you add to 54 crore, which we have already shown as a EBITDA, it comes to 62 crore.

If you consider that part also, then we have almost reached to 7.71%. What we told you that will be near to 7% to 8% this quarter, and probably on an average 8% to 9%, that's still achievable.

Though it shows 6.71, but that's an impact of 1% directly because of this new labor code.

Sir, this 8 crore labor laws from fourth quarter, this run rate will continue, or this is for the one-time that we have done?

No, no. It will be one-time effect only.

We have already taken the effect. This is past service cost, so that we have taken to the P&L.

Now, from next quarter onwards, there won't be any effect of this.

Okay. Okay.

Sir, now in terms of we already have a 5,000 crore order inflow. In the fourth quarter, how much more are we looking at?

This 965 crore Pooja ben said in the start that we have already got from the Adani, just to clarify on that.

No, no. Out of that 965, I think the bifurcation is like...

It is 100% Adani Group only.

Okay. One can say that we have got close to 5,900 crore, 65, 6,000 crore our order inflow till now.

How much more one can look at by March end?

Quarter 3, but what is the expectation till March? Another 3,000 crore can come, which is under discussion.

So 3,000 excludes this 965 crore or it includes?

It excludes.

Okay. Okay.

Next year onwards, this 7,000, 8,000 crore run rate one can look at in terms of the order inflow?

We should look because as per our performance, if we are able to make up with the requirements of the group, I think 7,000, 8,000 is to be considered next year.

Okay. Okay.

Thank you, sir, and all the best. I have more questions, will come back in queue.

Thank you.

No problem, please.

Yeah. Hi, sir.

The issue that we were facing on the UP projects, now there are no overruns in Q3, right?

Right.

Only one-off in the quarter was regarding the labor code? Otherwise, the other costs are normal?

Yeah.

Secondly, on the depreciation front, now this run rate should continue of 24, 25 crores per quarter?

It should continue because we have already added 153 crore in the current financial year, it will impact every quarter going forward.

What capex are we targeting for the entire year?

This is basically to be utilized for next two years, most of the projects which we have started for Adani Group. All these projects required new shuttering materials, new equipments like crane and other equipments.

Most probably this will remain as a part of depreciation, but at the same time, the revenue will start next year only.

Our capex target for the entire year?

Sorry, capex amount for entire year?

Yeah.

For nine months, we have expended 153 crore, and further around 40 to 50 crore we might be incurring.

Around 200 crore for the entire year?

Yes.

Going ahead, '27, '28 also this should continue, or we may see some fall in the capex rate?

If you consider the part of the projects which we have received from Adani Group, which is to the tune of 6,000, and if you consider the 2% to 3% as equipment part, I think that's what we have spent. Probably from next year onwards, there will be little bit less capex cost for this project, which is already started.

For any new project which is coming up from the group, again there will be requirement of capex as and when required. Maximum as a overall, we will stick to 3% to 4% of our overall revenue, which is always say and which is what we have spent every year in past few years also.

Okay. Sir, lastly, regarding the Bhiwandi award, 61.4 crore, this should directly come to us, or the client can again go in arbitration and go in the further court?

The court has given a commitment payment time of two months, so that after two months if they do not go to the court, this has to be reimbursed. For again beyond 60 days, the interest rate is, I now say, 11%.

Presently, the interest after the announcement till date is 9%, but later on once the 60 days is over, it is 11% per annum interest. Let us wait and watch whether they go to other court or not.

Okay. Sir, what would be our receivables from SDB now?

I think some amount was pending.

Receivables still remain the same what we were having in last quarter. Only thing is now it will be paid with interest, as they have committed.

It is same as last quarter.

Ma'am, what was the number?

90 crore.

90 crore.

90 crore. Okay.

Okay. Thank you, sir.

Those were my questions.

Thank you.

Hi. Just on execution, I think whatever the execution we have done in Q3, is it in line with your expectation, or were there any challenges during the quarter?

No, it is within our expectation, as in the last quarter also I said that whatever things have happened in last two, three quarters because of the extra cost which we have incurred in the projects related to UP. Now that has been streamlined, and overall the projects at which we are going, that's 60% from Adani Group and most of the projects in Gujarat from others, non-Adani.

I think it is as per expectation. Only thing, this 8 crore of provision made that it has made the 1% EBITDA less.

Otherwise, 7.71 plus 1% is about 8%, which I've already said that we'll try to match to 8% to 9% from next year onwards.

Okay. Okay.

No, I was actually in terms of more on execution of projects. Is that in line with your expectation?

Pardon me?

No, I was saying in terms of the project execution, how much you have done the construction and completion of the project, is it in line with your expectation, or were there any challenges?

See, it is always better to have more and more. We said we can do better and better.

What happened usually, the environment whether the deployment of labor, availability of labor, and the weather, if these three permits, we always wish that the work should go and smoothly. Depending on the type of project, sometimes some of the projects may not have clearance in terms of design or clearance in terms of approval, that can hit during this such good season for construction.

Overall, I feel that we may have fall about 50 crore less, otherwise it is within my expectation.

Okay. Okay.

Okay. During the quarter, were there any issues of labor availability, and has that sort of improved?

No, I don't think so. Maybe depending on type of project and the front availability, there can be a shortfall of 8% to 10%, but not as such as a crisis of labor as we generally see in the season of April to June.

Overall, it can be a shortfall of 8% to 10% depending on situation and location of the project.

Okay. Okay.

I think you mentioned that there's 14% projects which are done in Maharashtra. Just with respect to that, how is the receivable situation over there?

See, I think the major projects which we are doing today is Mahim, and that project already the sheet piling has been done, excavation for the last layer of excavation is going on. Probably by March, we should be in the position to start our foundation and will be able to generate more revenue from then onwards.

Okay. Okay.

Are you facing any challenges on the cash flow front on that project?

No, as such there is as such today there is no problem of cash flow in that project because it's investment from the Adani Group, that money is not going to...

Got it, got it. I think in this quarter, you have seen a decline in the gross margin on a Q-o-Q basis, I think by 60, 70 bps.

What would have driven that?

As I've already told you, there was a hit of 7% to 8% on the because of the labor code revision. That has given a drop of 1%, 1.5%.

Otherwise, last year it was last quarter it was 6.5, here it is 6.71. It could have been 7.71 if that impact of labor code could not have been taken.

No, actually, I was more referring to the gross margin front and not exactly the EBITDA margin front.

Gross margin.

Yeah.

You mean to say from quarter-to-quarter?

Yes. Versus Q2, I think it has declined by 70 bps.

Construction cost you are saying?

Yeah. Construction expense and the cost of materials combined.

When the projects are newly started, right, they are at their initial level of execution. That margin might be affected in initial stages.

As we have already mentioned, last quarter also we have started many of the new projects. Because of that, that effect can be there on this.

Got it. I think on the order flow front, I think if I see Q2 versus Q3, I think we have seen that institutional and government order book has actually declined.

Can just help us understand the trends in that two front, how is it looking let's say now versus September?

As far as order inflow is concerned, now being a partner with Adani Group, we are having plenty of inquiries from their side, and we would like to maintain our presence in the market by keeping about 15% to 20% at non-Adani and 70% to 80% 75% to 80% from Adani Group. That's how we are not also bidding for smaller projects of the government side.

The project which we have bidded at 957 crore of this Ambaji corridor, which was the one of the largest and prestigious project of Gujarat, where we already stood lowest, and we are waiting for that order. Order inflow in terms of government or the non-Adani will be on selection basis, because as far as the group is concerned, we are having plenty of works to do.

Okay. Currently, what is the split of Adani and non-Adani order book?

60/40.

Okay. Basically, this 40 should go down to 20 and then because of which you are seeing some.

Okay. Got you.

Thanks.

Thank you.

Hi, sir. Thanks for the opportunity.

I think one question is on inflow. You did mention in the PPT order inflow of almost like 5,000 odd crore.

If you look at the order book, which we generally give on a quarterly basis, it looks like the inflow is some different number. There is certain cancellation of orders are also there.

Is that fair to understand?

Basically, see, once certain projects are over, we have to foreclose certain amount. Because even during this quarter also, we have closed certain orders.

Remaining order value, we need to short-close. Because of that, and also within existing orders, there are certain orders where we have short-closed certain amount.

Means, that amount has been reduced. That amount can be the difference figure.

Okay. Because I think that number comes to almost like 3,700 odd crore and the report...

It cannot be that much. It's around, this year only, 100 to 150 crore.

Sure, ma'am. Second, I think in terms of the inflow that we get from Adani Group, what is the nature of the project?

Is it largely a real estate? Because reason I'm asking is we have seen residential pie has increased in the segmental order book, as well as the institutional one, wherein generally we do a work of, say, educational institutes or hospitals.

Just thought to check.

No, as far as Adani Group is concerned, I think we have less order book from realty. Most of the projects are institutional or their own capex, whether it's residential colonies for their Mundra plant, whether it is a residential colonies for this Dharavi project.

There are few projects related to airports, and there are few projects related to their own institutional requirement at Ahmedabad. Not much on realty side.

Okay. Sure, sir.

I think this is helpful, and I'll come back in the queue.

Thank you.

Sir, congratulations for good growth and execution side. My question pertains to Dharavi side, if you could guide what is the development, because in the recent BMC elections we have seen all the five blocks have been won by non-BJP candidates from Uddhav camp and the other NCP camp.

How do you see that whether this will put some sort of delay mechanisms or some sort of chaos there for the development part? How do you see this development in terms of Dharavi project?

Also some insights on the Commonwealth Games side, how is the progress, when the tenders are expected, and how this thing is going to go through? Thank you, sir.

This is a news which I'm hearing from you that who was the participant and who win the election. Anyway, it is actually not my job who is going to rule as a corporator or how it is going to impact on us.

Till now there is no impact, and we should not worry about that impact also because it is, at the end of the day, group-level call. We are just a part of construction, and as far as construction is going on, we are almost at the finishing of excavation, and probably within one or one and a half months, we'll start the foundation.

Okay. Sir, in terms of new order intakes on the Dharavi side, any broader guidance or the guideline that you can give, how much that probably we are expecting in the near- to medium-term timeframe?

We are in the discussion of one more project of Dharavi, which is on the Matunga plot, which will be in the range of 2,000 crore.

In the near term.

Mostly it should close before March.

Okay. Sir, what about Commonwealth Games, that tender?

Commonwealth Games, this has been announced, and I think what we are hearing from the news, the same thing which you hear and we hear is the same. Probably what we are knowing much as far as the industry concerns, there are few tenders here which are going to come for four stadium, which is yet to announce.

We are waiting for those tenders to come. That can be in the range of 7,000 to 8,000 crore.

That cannot be one package, maybe it can be split into two or three. We are still waiting how the tenders start coming on the media.

Okay. This will go into FY '27, nothing is expected till March, right?

No. I don't think so it should be open within this two months.

It should be from the government that they should be in position to close it before March, to announce that tenders, but probably for a contracting firm like us, we should be the participant, it can go in next year.

Got it. Sir.

Thank you, and all the very best, sir.

Thank you.

Hi, sir. Thanks for the opportunity.

Sir, just wanted to have one clarification. The subsidiary that we have, the PSP Projects and Proactive subsidiary, are we doing any projects over there, because there has been a jump in the revenues in the consolidated number as compared to the standalone number, which used to be similar?

How we should look at that particular subsidiary and what kind of work and orders that subsidiary is doing?

See, there are one or two reasons that we have made that subsidiary little live, because we are getting few orders of MEP, which is going to be a part of new construction. We take some of the orders of MEP in that part.

Also, some of the projects are split into labor and material. There also we are taking as supply of materials with some profit, and the orders are split into two as services and materials.

That is usually required as some of the clients when they're going to hand the project, they usually ask for two parts of ordering system, wherein one is material and services and one is material.

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

Thank you so much.

Good evening, sir. Thank you so much for the opportunity.

Sir, please speak little louder. I think there is so much noise from surrounding.

Sir. Am I audible, sir?

Little louder, please.

Yes, sir. Sir, Dharavi project has been delayed due to excavation and sheet piling, and how is that progress right now?

Dharavi project is delayed, no?

No, it's being delayed due to excavation and sheet piling.

See, it is not delayed, but because that project requires when you're going in a basement and it is very difficult task in Mumbai for excavation part till sheet piling is done. First, the sheet piling was much large as there'll be a huge basement.

At the same time, when you go beyond six meters, there is always a hard stone. That also required little bit time, because we are not allowed to do the blasting.

Probably those two activities are common in Mumbai, but at least we are now in a good position and almost the excavation will be over maximum within next one month.

Sir. The QIP proceeds used for debt repayments, and what is the targeted net debt-to-EBITDA ratio by end of this year, and how much interest cost savings we can expect from next financial year onwards?

Sorry, can you please repeat the question?

Madam, the QIP proceeds majorly used for debt repayments. What is the targeted net debt-to-EBITDA ratio by end of this year, and how much interest cost savings we can expect?

QIP we did two years back, right? At that time, we have proposed that fund to utilize for that.

Now the situation is like we have utilized our working capital facilities, but at the same time, we have incurred around 150 crore capex for this year. Even last year also, we have incurred huge amount of capex.

Against that, we haven't borrowed any long-term term loan against any equipment. That is the reason our fund-based facilities utilizations are increasing.

At the same time, we have to pay advances to suppliers also, because our high-value items, they need terms of advances, and because of that, that fund-based facilities need to be expended for that.

Current capex is majorly funded through internal accruals or any debt we are planning further, madam? Because earlier that annual capex guidance is nearly 3% to 4% of revenue, but also planning high-value cranes for precast, it will lead to 4% to 4.5% of sales?

Yeah. PS sir has already mentioned that this capex of 200 crore for this quarter may not be happening at the same range in next year.

The revenue generation will happen in next couple of two years or so. As you said, 3% to 4% we have to incur, so that revenue will be generated in next financial years.

Madam. This Bhiwandi claim of 250 crore and Pandharpur arbitration is still ongoing.

When we can expect favorable outcomes, and if there is any contingency is there, how it will reflect on financials?

Regarding Bhiwandi claim, Pooja ma'am has already mentioned in her speech that we have received a favorable response from arbitrator, and that is around 61 crore is passed and plus interest till the date they pay. That arbitration process is over.

Madam.

Hi. The management in the previous earnings presentation guided for order book of around 14,000 to 15,000 crore by the end of FY '26 as they saw significant order flow coming from Adani Group.

Are we still confident on achieving that order book by the end of financial year?

See, present outstanding order book is to the tune of 9,100 crore. Probably if we add 2,000 to 3,000 crore, which we are expecting by March, probably that will be in the range of 12,000 crore minus the quarter, we may not reach to 14,000 crore, but it will be in the range of 11,000 to 12,000.

That's very helpful. Second thing, when we talk about the EBITDA margin, the EBITDA margin that you are expecting from Adani projects, is it in the similar range of 8% to 10% which you have guided, or is it on the lower or higher end of that?

We already said it will be in the range of 8% to 9%, we never said it will be in the range of 8% to 10%. Probably it is that we decided as cost-plus percentage, probably that should land between 8% to 9%.

Okay. Thank you so much.

Hi. Thank you for the opportunity.

I just wanted to ask, with the recent increase in the commodity prices, can that have impact on our margins? How should we look at it going forward?

See, commodity margin, majorly it is aluminum and copper. All those projects which we are doing with the government are as a fixed-price contract, but that covers in price variation with RBI index.

That can have a little bit impact. As far as Adani Group projects are concerned, anything related to rising commodity is not going to give hit to the PSP's profitability.

Okay. The hike in the prices will be like a pass-through for Adani Group?

It is 100% pass-through as far as Adani Group is concerned.

Got it. That's it from my side.

Thank you.

Hi. Thank you, sir.

Hetal ma'am, what is the cash and cash equivalent as on December, which was a 192-odd crore in September?

Sorry, I missed that, Shravan, last.

Cash and cash equivalent. In September, it was 192-odd crore.

Against that, in December, the number would be?

See, mostly our cash and cash equivalent comprises of certain deposits which are maturity falling within three months, right? We should talk about the overall deposit level.

This time, it is 215 crore, and I think in September, it was on a higher side. It was around 230 crore.

To that extent, it has reduced.

Okay. In terms of reporting the balance sheet, the way we report where we have reported in September, so that bank and cash totals around 190 192-odd crore, against that, if I have to look at, the number would be 10, 15 crore lower only?

Yeah. See, this cash balance will be falling under three different heads.

If you want to see current asset cash, that will be on a similar level. It is 48 crore currently.

Sorry, ma'am, how much? 48 crore?

48 crore. 48 crore.

This will only include short-term maturities of three months only.

No, I was looking at the balance sheet to balance sheet number. September, the way we report the balance sheet, there if you look at, it was kind of a 192 crore, 56 crore and 136 crore, that the two numbers were there.

Against that, I was looking at.

It is the same only, cash and cash equivalent, 58 crore.

Okay. Second, this arbitration, let's say if we get it by March end, this 61 crore, 62 crore, how this will get reported in the P&L?

The entire will come in the revenue, and there will be no cost, entire will flow to the EBITDA level, and there will be a tax, normal tax rate?

Yes.

The interest 9%, any broad idea if let's say if it comes by the March, this 9% starts from when?

Till now, if you calculate from the date of initiating to till date, it is coming at 79 crore as of today. Probably by March, it will be an addition of 2 to 3 crore.

We can say it will be around 80 crore.

Got it. Sir, the other projects of the Adani Group, particularly the airport side, the two projects that we are having in Ahmedabad, how have we started the work there?

We are almost out of 60%, 70% we are out of basement, and we are also on ground floor at some of the level. That project is both the projects, inside the airport and outside the airport, all projects are going on full-fledged.

Okay. Got it, sir.

Thank you, and all the best.

Thank you.

Yeah. Hello, sir.

Thanks for the opportunity. My first question is, what is the current bid pipeline for both Adani and non-Adani projects?

Bid pipeline, non-Adani is 3,900 crore, and the rest of the bid is 2,600. Total bid pipeline is 6,500, out of which I think that temple development, Ambaji, of 965, we are already stood lowest.

Sorry, sir, the last line you told, I was not able to hear.

Group project is 3,900 crore bid pipeline.

Yeah.

Non-Adani is 2,600 crore. Out of this 2,600 crore, 965 crore are temple development at Ambaji, which we have put it in bid pipeline, but that tender is closed, and we stood lowest.

We are waiting for that order. That is in Gujarat.

In this 2,600, there were Ambaji development of 965 crore, commercial project at Thane about 850 crore, it is a private project, there is an Umiya Dham temple 500 crore, residential tower for SBI at GIFT City 253 crore, and industrial plant at Mehsana 100 crore.

Understood. Sir, in case of Adani, 2,000 crore is the Matunga project, and what is the rest one?

There are different different types of project in different different location. This is a mix of Vishram Group, some of the projects are concerned to Mundra township, some of the projects are related to airports.

As and when the project starts, it comes to our bid pipeline.

Understood. Sir, out of this pipeline, we are expecting 2,000 crores to come in this Q4, right?

Yeah.

Okay. Sir, what will be our guidance for the next year in case of inflows?

How much we are expecting in say FY '27?

We already said that there will be minimum order inflow minimum 7,000 to 8,000 crore from the group as and when we start off with this outstanding order book 11,000 to 12,000 this year. If we are able to make up a revenue of 4,500 crore next year, there will be an addition of minimum 1.5x to 2x from the group side.

On an average, 7,000 to 8,000 crore we get from the group.

Understood, sir. This was quite helpful.

All the best, sir. Thank you.

Thank you.

Yeah. Sir, our order book in September was around 19,900, and now it is 9,200.

We have roughly received around 880 crore of orders. As per formula, the order book comes around 10,000 crores.

There's a difference of roughly 800 crores in the order book. Hetal ma'am told that only around 100 crores has been removed, or the scope has been reduced.

What explains this difference?

Actually, there are 143 crore reduction and cancellation only.

No, no, some of the projects' scope is reduced, the order is revised, and some of the projects, the value is splitted also.

Ma'am, but so order inflow for the quarter is how much?

Scope has gone down, and some of the projects are cancelled also, so that's an impact of both. It's an impact of both.

Some of the projects are revised on higher side, and some of the projects are cancelled also.

What is the total impact of the, if you add both the things?

800 crore impact is right.

Okay. Okay.

Okay. Sir, secondly, in our current order book of 9,000 crores, do we have any Dharavi projects?

We already said Mahim is a part of Dharavi project.

What is the value of the order?

1,300 crore.

Another 2,000 we are looking in the near term, the Matunga one?

Matunga, right.

Yeah. Yeah.

Okay. Thank you, sir.

Thank you.

Yeah. Hi, ma'am.

Can you just provide me with the breakup of the order book again?

In terms of?

In terms of the closing order book. The breakdown is not available in the PPT, if you can run by that again.

I have already mentioned that. I'll just repeat it.

The closing order book is comprises of 27% order value from government and 73% from the private entities. Right?

Work on hand within Gujarat comprises of 82% and Maharashtra 14%. Whereas within-group projects are 59% and 41% external projects.

I just wanted the project-wise breakdown.

I'll just tell you the project-wise breakup: SMC High-Rise Building is 835 crore; Gati Shakti is 325 crore; and Dharoi Dam project is 280 crore; fintech building, 264 crore; Sabarmati Riverfront project, 245 crore. These are the major projects, external projects we have mentioned.

Thank you. This was helpful.

Thank you.

Thank you, sir. Thank you, ma'am.

Ma'am, what is current utilization for precast facilities, and what is our current consumption level in terms of internal consumption and external precast order? In external side, whether we are targeting industrial, residential, or infrastructure kind of precast solutions?

Secondly, what is the one-time impact related to labor code implementation in Q3?

We have already answered that this is one-time impact. As far as precast is concerned, presently I think 80% to 90% is captive only.

We have few orders from the companies like L&T and some other business companies. Rest of the so is mostly in-house from our project and Adani's.

Sir. Thank you.

Sir, what's the utilization level? Is it completely 100% we are operating?

Yeah.

We are operating at maximum utilization or 50%, 60% level?

Presently we are in the phase of 100% utilization of precast.

Sir. Thank you.

Sir, just want to understand, you have guided normalized margins in the band of 8% to 9% on the EBITDA level. If I just see the depreciation, which is currently ruling around 23 crore per quarter, and then we are doing a capex of almost 200 crores this year, which will reflect next year in terms of depreciation cost, and finance cost is also around 40 crore sort of run rate right now, I'm just trying to understand what sort of net margin that will be there on FY '27 if we assume 8% to 9% sort of EBITDA margin?

What is the rational normalized net margin that probably we can expect?

See, if we consider the depreciation and finance cost, it little bit reduced and depreciation remain the same, there can be an improvement of 1.5% to 2% on the net margin.

Sorry, 3% up to?

1.5% to 2% on the existing 2.14%, it can be 3.5% to 4% of net.

Okay, 3.5% to 4%. Okay.

Sir, this year we last quarter we talked about 3,200 crore sort of top line in FY '26. I was little absent in the initial part, is that number stands hold, or will it be revised lower?

It will be in the range of 3,100 to 3,200, which we were saying.

Okay. Next year 4,500 crore is a rational assumption, or will it be lower?

That's an assumption as of today. We will be able to give you the clear guideline in the first quarter or the second quarter of 2027.

Okay. Got it, sir.

Great. Thank you, sir.

Thank you.

Thank you, Hina and everyone. On behalf of management of PSP Projects Limited, we thank you all for joining us on our post-earnings call today.

We hope we have been able to address majority of your queries. You may reach out to me or our investor relations partner, EY, for further queries that you may have, and they would connect with you offline.

Hina, we can now close the call. Thank you.