Thank you. Good evening, everyone, and thank you for joining us today to discuss the audited financial performance for Q4 and 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 and good evening, everyone. On behalf of the whole DBL family, I extend a warm welcome to all our investors and analysts to our quarter four 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 had the opportunity to go through them. I'm very pleased to inform all our partners that this time we prepared a new presentation format which simplifies how one should look at our company given the new direction that we have embarked on.

It talks about our past, our current status, and where we are intending to go into the future. It divides the company in three verticals: EPC, the MDO vertical, and the assets vertical.

Now all these three verticals have different roles. The EPC vertical is going to be the one building all the assets, while the MDO and the asset business will continue to give us long-term revenue visibility and profitability.

The reason why we have moved into this direction I have already enunciated in the earlier calls. However, it is very important for me to point out right now that this strategic direction is very important for everyone to kind of pay attention to closely because by FY29 we anticipate three-fourths of our profit to be coming from long-term assets and only one-fourth to be coming from our EPC business.

That is the scale of ramp-up that will happen in our asset business and the cash flows and profitability that it will provide. Along with taking a lion's share in the profitability, it also is going to give us a visibility of the next 15 to 50 years of cash flow visibility.

As you're all aware, the EPC business only gives a visibility of two, three years. Having said that, let me now give you highlights on the broader sector environment before which I talk about the DBL performance.

The infrastructure sector continues to offer strong long-term opportunities supported by sustained government focus on roads, railways, and other sectors that we're currently involved in. Now during FY26, the average monthly tendering activity for the overall infrastructure sector by national and state governments put together remained healthy at ₹1.4 trillion.

However, this awarding activity was a little sluggish in terms of the initial FY26 target that the government had set. This was obviously on account of various state elections, regulatory scrutiny, and other administrative delays.

We remain optimistic about the sector in the mid-term and the long-term, given the government's continued focus on building assets across the infrastructure vertical. With all that positivity, there is also certain near-term challenges.

The ongoing geopolitical conflict and the elevated crude oil prices have led to inflationary pressures across fuel, bitumen, transportation, and other key raw material costs, impacting margins across the infrastructure industry. In addition to this, the competitive intensity in bidding remains high in certain segments.

While delays in project approvals, land acquisition, and receivable cycles continue to impact execution timelines. However, despite these challenges, we believe the industry is gradually moving towards a more disciplined and execution-led growth cycle.

In this backdrop, we continue to focus on selective tendering by prioritizing high quality projects with better margin visibility, balanced risk reward, and strong counterparties rather than pursuing scale only. We remain focused on maintaining execution, discipline, strengthening operational efficiencies, and preserving balance sheet strength, which we believe will help us navigate near-term volatility while positioning the company to benefit from long-term infrastructure opportunities in India.

Now coming to DBL's business performance, our performance this year must be viewed through the lens of the DBL 2.0 philosophy which we have shared earlier and spoken about in the presentation. We have consistently communicated that our approach to order booking is selective.

We are prioritizing profitability, cash flow visibility, and return ratios over pure top-line growth. Increasingly, we view our EPC business not just as a volume-driven profit center, but as a capital efficient execution and incubation engine.

This engine allows us to create long duration, monetizable platforms across diversified asset classes. I'm also very happy to report that for the FY26, DBL has secured total order inflows of ₹18,548 crores, which is much higher than our original guided figure.

We had also communicated this that we have exceeded that full-year order inflow guidance earlier, but quarter four '26 has further added to it. Our order book today remains among the most diversified in the industry, providing strong visibility across multiple infrastructure segments without relying on any single one.

Our current bid pipeline stands at ₹80,000 crore plus across sectors. With optimum utilization of existing assets and a disciplined approach towards capital expenditure, the company continues to enhance capital efficiency and deliver improved return on investments.

Now turning on to our mining vertical, which is increasingly becoming an important driver of DBL's long-term earnings visibility and cash flow generation, our coal MDO operations have continued to scale up steadily during FY26, beating our own targets in terms of production and helping diversify a larger part of business away from the cyclicality of a traditional EPC business. At the Siarmal mine, quarter four production stood at 7.24 crore tonnes and cumulatively FY26 production stood at 22.35 crore tonnes, achieving full-year production target.

Similarly, the Pachhwara coal mine continued its gradual ramp-up with FY26 production closing at 6.37 million metric tonnes. On a consolidated basis, DBL coal production for FY26 stands at 28.72 million metric tonnes.

Now we remain committed to achieving our annual coal production of around 57 million metric tonnes by FY29, which at its full capacity would represent a significant part of India's total coal output and positioning DBL as a critical partner in the nation's energy security. As production scales up further, mining is expected to contribute meaningfully to the company's EBITDA generation and overall cash flow strength.

Our InvIT strategy continues to progress in line with the roadmap we had outlined earlier following the successful listing of Anantam Highways InvIT. We currently hold about ₹1,400 crores worth of units in the Anantam Highways and around ₹200 crores in the Shrem InvIT, taking the total value of InvIT units on our balance sheet to nearly ₹1,600 crores.

Now this has created a long-term platform for predictable distributions and structured deleveraging for the company. We also remain on track to transfer the remaining HAM assets in phases through March 2027.

The next tranche of 11 assets is expected to require less than 200 crores of incremental investment while generating InvIT units valued at around ₹1,800 crores, implying a net equity value creation of ₹1,500 to 1,600 crores. Now while I'm explaining these other sectors, I also want to take this opportunity to debunk some commonly held perceptions about the company which we have also highlighted in the presentation.

The first perception is that we have made significant revenues from our home state throughout our history or the past two decades. However, the data suggests otherwise.

You'd all be surprised to know that in the last 20 years, only 10% of the total revenue that we have made has come from the state government of MP, while 90% has come from national government and other states. Now this is a very big, important perception that I'm trying to correct, that we have been working mostly outside our home state rather than in our own state.

Similarly, there has been a perception about our debt that has lingered since many years, and even though in the past our debt might have been higher than our peer groups as we were in a capex cycle and in a growing state, our debt position today is very comfortable, and besides that, we have significant assets against it, which was not the case in the past. Now coming to our debt position, outstanding debt as of March 31st, 2026 stood at approximately ₹1,800 crores at the standalone level and ₹7,082 crores at the consol level.

Now the consol obviously is because we keep building these new assets, and it's a temporary phenomenon where as soon as you build the SPVs and they are completed, we either sell them or we're going to put them into our InvIT. It's a temporary two, three years thing that we're going to do.

It is all these revenues, future revenues of those assets are tagged against that, it's a very safe investment from that perspective. Now against our standalone debt of ₹1,880 crores today, we hold nearly 1,600 crores of InvIT units on the balance sheet.

Had we chosen to sell all these units, our net debt would have been roughly 300 crore or so. Because we've decided that we wanted to build a platform where we have cash flows coming in for the next 15, 20 years, we have decided to retain them as we realize we are in a very comfortable position going forward and we have a very good order book as well.

Besides these InvIT units, let me also point out two assets that we already have. We also have about 1,000 crores plus invested in under-construction projects, which will soon get transferred into the InvIT and generate additional InvIT units of, like I mentioned, 1,800 crores.

Similarly, we also have a gross block of about 3,600 crores on balance sheet, which translates into about an 800 crores of net block. Now these assets are all debt-free.

These are all equipment that the company uses, and we have no debt against it. While our only working capital debt is shown, we have significant assets against all our debt.

More than this, as we have already said, our agenda is to be a net-debt-free balance sheet by the FY28. We are very confident of this because of the continued cash generation from our EPC operations, our MDO operations, and the growing income from our InvIT holdings.

It's a clear pathway that we see. Overall, FY26, while it was a relatively challenging year for the infrastructure sector, we believe it also marked an important transition towards a more disciplined and execution-oriented industry environment.

Dilip Buildcon, with its diversified order book, our steadily scaling mining operations, and a well-defined InvIT monetization project platform along with continued focus on capital efficiency, we are structurally positioned much better than before. As we move ahead, our focus remains firmly on disciplined growth, execution excellence, balance sheet strengthening, and sustainable cash flow generation.

Now supported by the long-term infrastructure opportunities in India and improving contributions from our own stable cash generating businesses, we remain confident in our ability to create sustainable long-term value for all our stakeholders. Now with that, I would like to hand over the call to our CFO, Mr.

Sanjay Bansal, who would like to take you through the financial performance for the quarter in greater detail. Thank you.

Thank you, Rohan ji. Good evening to all.

I will now briefly take you through the key highlights and financial performance for the quarter and full year ended 31st March 2026. During FY26, the company added projects worth ₹18,548 crores and completed projects worth ₹2,812 crores.

As a result, the company continues to maintain a healthy and diversified order book with strong execution visibility across multiple infrastructure segments. On standalone basis, the revenue for FY26 stood at ₹7,005 crore as compared to ₹9,004 crore in FY25, reflecting a YoY change of approximately 22.2% negative.

EBITDA for the year stood at ₹734 crores against ₹903 crores in the previous year, representing a YoY change of negative 18.72%, while the profit after tax stood at ₹841 crore as against ₹311 crore in FY25. Now on consol basis, FY26 revenue stood at ₹8,984 crores as compared to ₹11,317 crore in previous year, reflecting a YoY change of negative 20.62%.

The consolidated EBITDA stood at ₹1,766 crore with an EBITDA margin of 19.65%, while profit after tax stood at ₹1,398 crores as against ₹840 crore in FY25. With that overview, we are now happy to open the floor for questions.

Thank you.

Hello. Thank you, sir, and congratulations on historic highest-ever order inflow for us, ₹18,000 crore plus, and also good to see that the new presentation and particularly the MDO revenue profitability that you have shared, which we were asking from long.

Now, a couple of questions. First on the MDO front itself.

Now we will be sharing this on a quarterly basis, the MDO revenue profitability, what we have shared on the slide number 14?

Sure, sir. We'll be sharing it on a quarterly basis, and thank you for your feedback.

We understand you were asking for certain things, but strategically what the company felt that this was the right time now to talk in greater detail about how we are planning to go ahead.

Yeah. A couple of questions on the MDO front.

Is it possible for us to kind of a broader thought process in terms of the kind of a one can say a guidance in terms of the broader the revenue and the margin given we need to still do a coal handling plant capex for Siarmal? Obviously the depreciation will increase.

How one can look at after two years kind of a maybe a profitability or margin at MDO level? The related is how we are thinking to kind of a monetize this from the investors' perspective?

Whoever holding DBL shares, how they will get benefited through the significant profitability that we have and obviously the revenue visibility is significant?

Thank you, Shravan ji. I think that's a great question.

Obviously, as an analyst, you would like to understand how this business will shape up and how the profitability and the revenues will shape up. See, the beauty about this business, it's a very simple to sort of project kind of business, because every year, by law, we are supposed to do a contracted value and the pricing per ton that the government is going to pay for us is already set.

Simply what you have to do is as you keep on expanding our volume that we are providing every year, if you just do a simple mathematical number that, okay, this year if DBL did this much, now Siarmal, you'll know that the rate is around I think about 500 or so is the rate at Siarmal and about ₹1,100 ton is the rate at Pachhwara. The simple math that you'll have to do is just do it a multiple into how the next few years, because by FY29 we will achieve full-year target of 50 million metric ton at Siarmal and while Pachhwara is already working at the same 7 million metric ton per year.

Now if I talk about FY27, we're expecting about 33, 35 or 30 odd 13 plus in that. Similarly the year after that, we are targeting upwards of 40 million at Siarmal and then 50, like I mentioned, in the 5th year.

Now Pachhwara, like I said, will be the same. Kotre-Basantpur in the next 3 years we'll be setting it up.

Again, as per contract, we defined how much we'll be doing in the next 3 years earlier in our earlier presentation as well. The mining plan will be kind of flowing through that way only with the EPC business and the mining business will flow in that.

Put together, and I think it's a safe sort of assumption to take that you take similar profitability for your sake of making the model. That could be how you can sort of do the mining sort of revenue separately and how the profitability will look.

From the current ₹1,600 crores of revenue in this year, we expect revenue to increase to about ₹2,500 crores or so in FY27, which will further increase to about 3,000 plus 100 crores in FY28, and eventually I think in FY29 we should be somewhere in the range of around ₹4,000 crores of revenue coming from the sector. That's how it will kind of play out if we were to do just the simple math of the multiplication of the total tonnage and the rates that we are at.

That's how it will work out. Now coming to the second part that you asked, see, all these are subsidiaries held completely under Dilip Buildcon, and obviously we would want to ensure that our shareholders always get maximum returns.

At an appropriate time, if we feel there is a certain way which will help us extract a greater value from all these assets that will be functioning at their peak capacity, we will take that call. Currently, we have no such agenda to apprise the market of.

Got it, sir. Sir, second question on the InvIT part.

You have mentioned that currently we are closely is having a 200 crore InvIT in the Shrem and the 1,600 crore 1,400 crore in the Alpha, put together 1,600 crore, and after maybe a 200 crore investment, we will be getting 1,800 crore more. Roughly 3,300 crore InvIT value that we will be having maybe a two year down the line.

That in presentation last time the distribution from Alpha particularly, that number was on the higher side. For 21, now that number is on the lower side, 350 or then in '29 it is coming 386.

Just wanted to understand is there some understanding that now we will be getting a lesser dividend yield or whatever the return on the equity or the InvITs that we are holding?

As far as the InvIT units value is concerned, you are right. After 11 assets further divestment to InvIT, that kind of InvIT units holding will be there.

At the same time, you must appreciate that the timing of transfer the assets to InvIT changed in FY26 and in '27 also we will be transferring four assets in quarter one and then balance in quarter four or quarter one of FY28. Basis that, the cash flow from the distribution is envisage in the slide number 24 shown in the presentation.

Got it. Now sir, on the standalone part, the broader guidance number, just wanted to recheck.

On the standalone front, the revenue for FY27, EBITDA margin, order inflow how much we are looking at, capex, and also if you can help us in terms of the net debt. You have said that by FY28 we will be a net debt free, but in FY27 how much one can look at a reduction?

Shravan ji, as I've mentioned earlier as well, now FY27's revenue target, if we look at FY26 number, we've mentioned it will be a 30% to 40% growth from this number. We're in line with that because the order book is very healthy right now at almost ₹28,000 crores.

We are very confident of the revenue that we should be able to get. That's where the revenue number would be at.

Now in terms of our EBITDA, we're targeting that same 11%, 12% EBITDA that we have mentioned, that will be in line with that. Now more than that, we are also targeting about 10,000, 12,000 crores of new order inflow to come in this financial year, which will provide us good visibility extending up to FY30.

That will be there. Similarly, now you also asked us about the debt, how much we are anticipating to reduce in this financial year.

We anticipate somewhere between 600 to 800 crores of debt will be reduced in this financial year, and already from last quarter we've reduced about 250, 300 crores of debt already, and we anticipate going forward in the next two years, like I mentioned, we should be where we are at near that net debt zero kind of numbers.

Yeah. Thank you, sir.

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

Thank you, sir.

Right. Hello, sir.

Yes. Thank you for the opportunity.

My first question is actually related to the investments that we are going to make in the renewable energy and the transmission segment of it, and I was looking at the slide number 24 on our PPT where I see that ₹1,250 crores for solar, 1,139 crores, and in transmission ₹435 crores investment is what we are planning over the period of next 2 years. Firstly, I wanted to understand this structure around this investment in a manner like what is exactly the structured equity from acquirer for transmission and solar that is stated separately.

Would it be more like an SPV floated and

Vignesh ji, your voice is breaking. We can't understand very clearly because there is some problem in the network.

Hello? Am I audible now?

You're audible now.

Yeah. Sorry.

My question was again on the solar and transmission business where we have decided to commit certain X amount of funds over the period of FY27 and '28. I wanted to understand the structure of this investment, firstly, on the part where you are stating in slide number 24 that structured equity from acquirer for transmission, solar, a certain amount is given.

What is it exactly? I want to understand the structure behind that.

Secondly, I wanted to understand what would be our equity commitment and what would be the expected IRR on this projects?

Basically, the idea of Dilip Buildcon in transmission and solar is to raise around 85% equity commitment to these projects from the investor who will be putting in equity during construction. The commitment from DBL side would be 15% of the total equity requirement in these projects.

In terms of EBITDA margin, in transmission it is upward of 24%. You asked about IRR, IRR would be high teens in both the projects.

Okay. If I understand it right, for these projects, would you be floating a separate SPV where any fund raise would be done, or how is it?

That is the structure I wanted to know about.

Basically, I said the acquirer will put in equity directly into the project calls. Transmission SPV, the potential acquirer will put in direct equity to the SPV of transmission and similarly in solar.

Okay. Got it.

My second question on this is on the coal business. I've heard you earlier regarding the MDO business where you gave a stated guidance of how you see the picture moving ahead.

Wanted to just understand how do we see this business from the margin point of view majorly. Especially in quarter four, I think the margins have come down a bit, versus how do we see this margin growing forward for the next three years to our stated target in FY29?

Would we see a more like a fixed percentage of margin coming in, or as we scale up, would we see that operating leverage playing in it?

Sir, thank you for your question. See, the margin that you are talking about that has come down in the mining business temporarily right now is primarily because the evacuation by the government could not be done on time.

At the Siarmal mines right now we have about 6 million metric ton of stock which is lying at site because of delayed evacuation by the government and because of unavailability of rakes. Otherwise, production from our side was doing well.

These are temporary issues. We expect this to kind of normalize with the government taking a keen interest in ensuring that all the supply chain logistics are kind of worked out.

We expect in the mid to term, this will all kind of normalize. Long-term, if we talk about the margin profile, you're very right, there will be economies of scale that would play out as we work at peak capacity as our coal handling plant comes online.

There is also a kicker in the contract where once the coal handling plant comes online, we will be entitled to a higher revenue share. All those things will add to a sweetener much later.

However, we're just saying when you're looking to build your model, you can build it conservatively around these numbers and understand how this business will kind of flow. We're confident that as scale hits and as we also complete our coal handling plant and hit COD, the margins will meaningfully improve.

Okay. If I have to see just from the numbers perspective, FY25 blended, the margin was around 26%, now it is 23%, and quarter four because of one-time impact has led to a lower margin.

It would be fair to say that 24%, 25% is a more stabilized level of margin, and any economies of scale that come after this would add on to the margin that is in place, right? If I'm correct.

You're right, sir. That range is right range to take, and there'll be improvement on that, yeah.

Got it, sir. That's all from my side, and I'll get back in the queue if I have any more questions.

Thank you.

Thank you to the team. Sir, I just wanted, as we move to '29 and '30, what are the annuity streams of revenue if you can broadly for each of the segment, you can explain.

That is one. Secondly, particularly this renewable project while my colleague asked, but where are we?

Because I think these are short-tenure projects. What is the status, a little bit on the payback, and the structured equity, again, I just wanted to understand that of the equity portion, 15% will be put by us, 85% will come as equity, but they will be given debt returns?

Is that the way, and who could be the potential investors there? That is a little more granular understanding of that project.

When do we start and when do we complete? That'll help me.

Sanjay sir, thank you for your question. I think you asked a bunch of questions.

Let me start with the last bit that you were saying. Sir, the transmission and the solar project that we're doing, the larger strategy for us, as we've mentioned earlier, that we want to build different asset classes.

Just like what we've done in the road sector, we want to build it in other sectors as well. Whether it's water, whether it's transmission, whether it's renewable, whether it's oil and gas, we want to do it across.

Having done that, we have also promised the market that we want to be a debt-free company by FY28. While our larger goal long-term remains to create different platforms, short-term we also realize the reality that if we invest all our free cash in equity, then we won't be able to achieve our goal of being a debt-free company by '28.

The model that we are going to do in between right now is that whatever these assets that we're building, we will build these assets, make our EPC margin, and we are looking to divest these assets at an earlier stage and find an investor right now also so that we attain our short-term goal of 2028 being near net-debt-free. That is why we are looking for investors currently in these assets.

Now two years down the line when I'm completely debt-free, when I'm doing these assets, I will look to hold on because we will have significant amount of free cash flow coming from our mining operations, from our InvIT operations. My thing would be at that time, key where do I deploy this capital which not only gives a greater return for my investors, but also gives us EPC business.

That will be the long-term goal that we have. I hope the strategy that the company has is basically on the short-term why we're doing this, finding a buyer right now, is kind of clear because we want to also be a net-debt-free and not put all our equity into building these assets and then sell it completely at that point in time.

Hence, this methodology as a via media has been adopted right now. That is the goal.

The structure that you were asking, it won't be like any investor who is coming in, it won't be a near debt kind of return that they'll be looking at. They'll be looking at obviously a more higher return than that, and we will be structuring to see how both their sort of aspirations and our goals can meet and we can find a common way between both of them.

That will be the idea and the goal for us. Those discussions are ongoing.

Obviously, I'm not at a liberty to talk about any names and what it is. I'm sure we'll be able to give you a better clarity and good news on that in the coming sort of short-term only, because those discussions are going on.

We will give you better clarity going forward.

No, it's very helpful, Rohan bhai. Only one thing, Rohan bhai, here the debt portion will be dependent on this structure, right?

Just to understand. Sir, the structure has to be in place for you to get a debt for the project.

Sir, the SPV has already been formed. All the SPVs have been formed.

Now the equity and debt that has to be put in them, all of them have also been defined already, that how much equity and how much debt will go in each, that has been defined. We've also gone to the lenders with that same structure, okay, that this is the equity that we'll put in and this is the debt that we will need.

We also have in-principle approval from lenders for all the projects that you're talking about, we also have that. All that process is done.

Now the equity, let's say, in solar, about 1,200 crores of equity and in transmission about 400 crores of equity has to go. Now what we are doing is, out of this 1,600 crores of equity, we are looking to find a solution that 85% of the capital that has to be invested as equity comes from the investor, while 15% is put by DBL's own balance sheet.

Essentially the free cash that is generated at the company level goes and reduces my standalone debt. That is the goal, because in these two areas right now, we don't have an InvIT.

However, for the road, we already have an InvIT. We already have an exit platform, we already have units already that we're holding.

We would not want to let go of all those finished assets right now, but rather do this and because this is not a ready platform that we have, we are open to selling it completely also at this juncture just to, like I said, achieve our short-term goal of being a near net-debt company by FY28.

Perfect. This is very helpful.

What is the commissioning deadline for this? Is there any commissioning deadline?

Two years. Two years.

Two years from April '26?

Yes, broad lines, whenever we start this project, two years from there it will go. From the letter of approval, yeah.

Perfect. Thank you very much.

Thank you, Sanjay.

Hi. Thanks for this.

Sir, just quickly in terms of how many more assets to be transferred to this Anantam InvIT, and by when this will be done?

Sir, we have 11 more assets to be transferred into the Anantam InvIT, the road assets that we're talking about, and this will be happening gradually through this year and by first quarter next year is what we're expecting.

How much investment you'll have to put in for these assets to be completed and transferred?

Sir, for the 11 assets in total, it is less than 200 crores. 169 to be exact right now, which is there on the presentation as slide number 24, you'll find it there.

Okay. Once this is transferred, by next year quarter one, what will be the valuation of those?

Sir, about 3,000, 3,300 ke beech mein. That will be the total InvIT value that we'll have, including the seven assets that we've done and these 11 that will go.

Matlab against the total 18 assets that we have that we will be putting in the InvIT, we will have InvIT units worth between 3,000 to 3,300 crores.

Here 3,300 crores and the other one is 200 crores. That 200 crores is there.

You don't have any further increase of value in that stream, is that right?

No, that will be same, sir, because that's an InvIT unit. Those units are there, it is giving us dividend income.

Yeah. It's about 3,500 crore plus in your ownership of assets in these two.

Somewhere in that range, sir. Obviously, all these are dependent on the final number, because there is always change of scope that happens at the project level, the government is not able to give us all the land at times.

The final BPC value obviously always determines. These are obviously broad strokes that we're telling you.

I see. Great.

Sir, in terms of, obviously, you had talked about it in terms of your payment from JJM last quarter. What is the status now?

Do we have any further payment to be received from JJM, and

Payments are regular. Monthly payments are happening there.

We don't have any hold-up there. That was earlier in the year that had been there, but there are no hold-up on JJM payments.

Great. Thank you, sir.

Yes, sir.

Thank you for the opportunity. Congratulations on a very strong order inflow, much better than the other industry peers.

I have a few questions for the CFO sir. As per slide number 23, the receivables have increased from 1,384 crores as on March '25 to 1,783 crores as on March '26 despite 22% decline in revenue and the funds that were blocked from Jal Jeevan Mission have been released.

Can you please explain?

Basically, there are two types of payments from Jal Jeevan Mission. One is basically regular bills and the one is basically the final amount.

The last 10%, which is basically uncertified one, which will be paid once we will do the last hydro testing. That 400 crore will be paid once we will do the hydro testing.

Basically, it will happen partly this quarter and partly next quarter. The increase in receivable from FY25 to '26 is mainly on account of this 400 crore receivable from the Jal Jeevan Mission projects.

Okay. Given the debt reduction target of 600 to 800 crores in FY27, what is our expected interest outgo from the cash flow next year?

Basically, if you could see this year also we reduced around 11% interest cost. Next year, with the reduction in the net debt, we feel the total interest outgo would be close to between 375 to 400 crore.

Okay. In the opening remarks, it was mentioned that the order inflow was ₹18,500 crores.

If I do the back-of-envelope calculation taking closing order book of 28,800 and opening order book of almost 15,000 crores and execution of 7,000 crores, the implied order inflow comes to 20 ₹22,000 crores. Is the differential of 2,400 crores is change of order or the order inflow that we received post FY27?

Madam, you can see, let me tell you the slide number and remark below the slide number. We add because the 18,550 crore order is from third parties, whereas we have orders from our coal business.

We add the coal business next three years order book, and every quarter is changed because we are in the phase where the volumes are increasing. Every quarter there is addition.

Just see the note on the slide number 18.

Okay. Understood.

Sir, what was the distribution income from Shrem and Alpha that was included in the standalone other income in FY26?

Total dividend and interest income during FY26 from both the units are 64.5 crore and the distribution was higher, the total distribution was close to 100 crore.

Okay. In the opening remarks, it was mentioned that bitumen and raw material costs have increased due to the crude oil price impact.

Can we pass this on entirely? What is the impact on our margins?

Basically, for every contract, there is a inflation formula from which we get the effect of the increase in pricing of this raw material or the items. This formula may not give you 100% increase because you can see the increase in the HSD and bitumen prices sharply.

The formula gives partly adjusted through the formula, but the balance is impact on the margins. You can see some margin impact on coal business where the HSD is the major cost.

There'll be some impact.

Sir. Thank you, that's it from my side.

Thanks for the opportunity. Sir, in terms of interest cost, though you did clarify how do we see that projecting next year, but if I look at FY26, interest costs have gone down, but debt level has seen an increase, absolute level basis.

So

Basically, let me tell you, at the standalone level, yes, interest cost is reduced by 11%, and that is mainly because of the reduction in the cost of debt. Basically, the working capital cost of debt is reduced significantly.

On WCDL, the interest rate reduced by almost 125 basis points. That is the impact on the interest cost.

Because our revenue has also declined, maybe probably mobilization advance or the interest cost is linked to that, it will have certain bearing on the

Partly, yes, you are right. Partly the impact of the lesser mobilization advance as well.

Yeah. Maybe next year when we are targeting a growth, interest cost as an absolute level, do you see it will reduce?

Reason is, in terms of the outflow equity tracker that you mentioned, there is a shortfall around 250 odd crores. Short-term debt could see an increase.

Revenues are increasing, and interest cost absolute level could see an increase. Is that fair to understand or probably I'm missing?

Basically, if you heard Rohan ji in the opening remarks, he said this year basically by March '28 our target is to make this company debt-free. This year we will be reducing close to 600 to 800 crore debt gradually.

The primary impact of interest reduction in absolute terms would be from the debt reduction.

Okay. Okay.

Got it, sir. I think that's all from my side, sir.

Thank you, sir.

Hello?

Yeah. My question is, I wanted to understand on our standalone EPC order book.

I wanted to understand the part where due to the ongoing war there has been RM escalation and so do we have a clause in place for pass-through of this escalation of raw material, or how is the arrangement for us and for whichever order we have got till now?

Sir, obviously, whenever there is such a sudden spike or increase in prices, no contract will ever protect you against that because government contracts are linked more towards the WPI and CPI index and has not taken into account such things. It's not completely pass-through, and we will be facing those challenges as well as will be the rest of the industry.

I guess the saving grace here is the government is aware of this issue, and we as in the Federation, the National Highway Builders Federation, we are also talking with the government about these issues, and we're trying to see how this blow can be softened, and hopefully in the coming sort of days there should be some kind of resolution that could do. I don't think and know that everything can or would be protected, but there'll definitely be some kind of respite that we hope that the government will kind of step in and do.

Right. Sir, could you share what is our cost of borrowing for our

Our cost of borrowing around 9% on average basis.

Okay. Sir.

That's all from my side.

On behalf of the whole DBL family, I thank all of our partners came and joined and asked questions. I think please do go through our presentation in detail because we put significant thought in terms of designing it for you guys to how the future of the company will pan out, and I think that might be very useful for any investor looking at how the company will shape up.

Thank you very much, and I look forward to seeing all of you guys for our next quarter call.