Thank you so much, [Neeraj?] .

Good afternoon, ladies and gentlemen. On behalf of IIFL Capital, I am pleased to welcome you all on the PNC Infratech Limited first quarter FY '27 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 a question-and-answer session. Thank you, and over to you, sir.

Good afternoon, everyone. On behalf of PNC Infratech Limited, I extend a very warm welcome to everyone for joining us today on this call.

Today, I have with me Mr. T.

R. Rao, Director Infra; Mr.

Pankaj Agarwal, Vice President, Finance and Accounts; and Strategic Growth Advisors, our Investor Relations advisors. The financial results and investor presentation have been uploaded on the stock exchange and the 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 the financial performance during the quarter ended 30th June 2026, post which we will be happy to answer your questions. In the highway sectors, NHAI project awarding activity remained subdued in quarter one, financial year '27 also, with only one 107 kilometers awarded.

Execution also moderated to approximately 640 kilometers. This slowdown was primarily driven by a weak award pipeline and continuing geopolitical tensions.

However, we expect the pace of awarding to improve going forward, supported by healthy pipelines of projects. Recently, NHAI launched 54 highway and expressway projects for an estimated aggregate value of around 1.8 lakh crore for bidding over the coming 2 to 3 months.

The identified pipeline comprises 26 EPC projects, 21 HAM projects, and 7 DBFOT toll-based projects across the states. A viable mix of projects with sizable value is expected to create opportunities across different implementation formats for both fund-based and non-fund-based highway developers.

The government also continued to make steady progress in expanding India's high-speed highway network and other sector also. A cumulative 10,389 kilometers of national high-speed corridor have been launched across the country, out of which 4,809 kilometers have already been completed, while 5,580 kilometers are currently under bidding and implementation.

Beyond highways, we are seeing significant opportunities emerging across other sectors. Continued government focus on highways, railways, metro rail, freight corridors, power transmissions, renewable energy and storage, mining, airports, water resource developments including drinking water supply and urban developments provides confidence in the sustained growth opportunities for well-stabilized infrastructure companies with strong execution capabilities, proven expertise, and financial credibility.

Railway continued to robust project pipeline as the government endeavors to strengthen railway infrastructure through both budgetary support and investments in capacity expansion, station redevelopment, and freight connectivity. The proposed expansion of PPP-led rail projects including HAM-based development akin to highway development is expected to create broader opportunities for experienced highway infrastructure developers.

Similarly, the power transmission sector is expected to witness a capital expenditure to the tune of 6 lakh crore over the next five financial year, driven by the government's plan to strengthen the transmission network and facilitate evacuation from over 900 gigawatts of non-fossil fuel capacity, including solar, wind, and hydro by financial year '35 to '36. This is expected to drive significant investments across transmission, energy storage, and associated infrastructure, creating robust long-term opportunities for infrastructure developers.

Water infrastructure continue to offer significant medium-term opportunities, as Jal Jeevan Mission 2.0 already achieved remarkable progress, with functional drinking water tap connections reaching 82% of rural households as of July '26, up from just 17% in 2019. While highways remain the primary focus, we continue to identify and pursue increasing opportunities across the above-mentioned sectors to expand our business landscape for driving sustainable growth going forward, with the objective of building a more diversified and sustainable order book.

Now coming to recent updates on the company. In May 2026, the company received Letter of Award from Lucknow Development Authority, Uttar Pradesh, for construction of four-lane flyover on EPC basis.

The project is valued Rs. 194 crore and is scheduled to be completed within 24 months.

In May 2026, PNC Infratech JV received Letter of Acceptance from UP State Bridge Corporation Limited for construction of four-lane major bridge over Ganga River connecting Trans Ganga City to Kanpur City on EPC basis. The project is valued at Rs.

559.5 crore and is scheduled to be completed within 36 months, with a 50-50 participation ratio between the JV partners. In May '26, the company received Rs.

234.99 crore from NHAI in terms of the one-time settlement agreement executed with NHAI regarding Agra Bypass EPC project arbitration award under the Vivad se Vishwas Scheme III. In '26, the completion certificate was received for a HAM project Prayagraj-Kaushambi package 3 with effect from 20th June '26.

Concession agreement signed with NHAI on 16th July '26 by two new SPV incorporated by the company, namely Barabanki-Mustafabad Highway Private Limited and Mustafabad-Visheshwarganj Highway Private Limited for implementation of two new HAM projects secured by company in the first quarter of current financial year. In July '26, company received Letter of Intent from Airport Authority of India for EPC work of Pantnagar Airport in Uttarakhand.

The project is valued at INR 302 crore and is to executed in 24 months. On 31st July '26, an arbitration award of Rs.

224-- 244 crore was published in favor of company in connection with an EPC project, upgradation of Sonauli to Gorakhpur section on NH-29E, executed for UP PWD. Now moving on to the operational and financial performance of the company.

Company's 17 fund-based project portfolio comprise one BOT toll project, two BOT annuity project, and 14 HAM projects. Aggregate bid project cost of 14 HAM project is over 17,200 crore.

Out of total 14 HAM projects, six project achieved PCOD and COD, five projects are under construction, one project of MPRDC for which financial closure document submitted, two project concession agreement signed and process of financial closure gets underway. Total equity investment requirement for the HAM project is Rs.

1,623 crore, excluding two newly awarded HAM project for which financial closure is to be achieved. Till June '26, company already infused 1,187 crores, and the remaining equity of Rs.

436 crore is to be invested over next two years. The internal accruals that would be generated over the next 2 to 3 years should be adequate to meet the above equity investment requirement.

Company's unexecuted order book stand at over 19,100 crores, providing healthy revenue visibility, which includes value of two new HAM project secured in April 2026, one major bridge project and one flyover project in May '26, and one airport project in July '26. Highway contracts contribute 64% of total unexecuted order book, while water, canal, railway, and airport contracts contribute around 21%, and coal mining contract contributes about 15%.

Now I would present the results for quarter ended 30th June '26. Standalone revenue for the first quarter of financial year '27 is Rs.

1,518 crore, which is higher by 34% as compared to Rs. 1,136 in the first quarter of financial year '26.

Standalone EBITDA for the first quarter of financial year '27 is Rs. 375 crore, which is higher by 167% as compared to Rs.

141 crore in the first quarter of financial year '26. Standalone EBITDA margin for the quarter is 24.7%.

Standalone profit for the first quarter of financial year '27 is Rs. 271 crore, which is higher by 235% as compared to Rs.

81 in the first quarter of financial year '26. Standalone PAT margin for the quarter one of financial year '27 is 17.8%.

Now moving on to the consol results. Consol revenue for the first quarter of financial year '27 is Rs.

1,688 crores, which is higher by 19% compared with Rs. 1,423 crore in the first quarter of financial year '26.

Consol EBITDA for the first quarter of financial year '27 stood at Rs. 524 crore, which is higher by 42% as compared to Rs.

367 crore in the first quarter of '26. The EBITDA margin for quarter one of financial year '27 is 31%.

Consol PAT is Rs. 332 crore.

The PAT margin for quarter one financial year '27 is 19.7%. On standalone basis, our net worth as on 30th June 2026 is Rs.

6,084 crores, whereas standalone debt from banks, financial institution is Rs. 428 crores, excluding ICD.

This translates to debt to equity of 0.07 times, excluding ICD. Total cash and bank balance including current investment is Rs.

1,046 crore. Thus, we have a net cash surplus of INR 133 crores as on 30th June '26.

Our consol net worth as on 30th June 2026 is Rs. 7,147 crore, whereas total debt is Rs.

5,448 crores. This translates to debt to equity of 0.76 times.

The total cash and bank balance including current investment is Rs. 2,870 crores.

With this, we now open the floor for question-answer. Thank you.

Yeah. Thank you, sir.

Sir, before asking the question, just to get a clarification though we have announce on the exchanges, but for the benefit of everybody, just wanted to clarify again a couple of things there. Is there any timeline in terms of the Lucknow-Kanpur?

When can we have a idea whether will there be any kind of a non-performer, we will be declare a non-performer or are we going to be banned for bidding? If first is the timeline, and let's say if in the worst case if the non-performer or ban comes, will it be for one month, three month, or four month?

Any indication on that? That is one.

Second, if it is the case, will it also lead to a kind of a bidding ban at the UP state level? Because what we understand, there are close to 10,000 crore kind of a projects will be there before the election.

That will be a case for us or not? The lastly in terms of how much cost that we have to incur to repair this thing?

Will it be at a standalone level or at a subsidiary level? Is this only the repair and for the toll loss, net-net in terms of the financial impact as on today, how much one can see the financial impact, and will it be at a standalone or at a subsidiary level?

Mr. Shah.

Now at this stage, whatever we had informed to the exchanges, we don't want to say any further material thing because the issue is still under consideration by NHAI and we are also submitting our reply to the notices issued by NHAI. Anything about whether they will pass any order of non-performer or otherwise debarment is a completely speculative and hypothetical at this stage.

Once we submit our reply to them and followed by the due process, the decision will be taken by NHAI, which we can't speculate as of now whether any precipitate action will be taken against the concessionaire. Given the fluidity of the situation, we don't want to comment anything saying that regarding our bidding and also whether we'd be able to bid for the future projects, including projects in Uttar Pradesh being floated by UPEIDA.

I hope that you understand the sensitivity of the matter, and we don't want to share anything beyond what were informed to the exchanges. Got it.

Got it, sir. Now in terms of the guidance that we have last time given the kind of a 6,000 crore revenue for this year, FY '27, and 7,500-odd crore for next year, FY '28, and also on the margin 12-odd percent and the order inflow 15,000-odd crore against, I think, close to 5,900 crore already received.

Any change in the guidance?

No. As of now, we are not contemplating any change in the guidance what we had given during the last con-call.

We are maintaining the same guidance. We received five new projects during the current financial year.

We expected to secure a total new business worth of 12 to 15,000 crores in FY '27 and the guidance of 6,000 crores for FY '27 and the guidance of 7,500 crores in FY '28, and we want to maintain the same guidance.

Okay. Great.

Great. In terms of the two new projects, particularly this Barabanki-Mustafabad, when can we see the appointed date for that?

Broadly in terms of the equity, it would be close to 490-odd crore that we would be investing in there? See,

the concession agreements for the both the projects we executed with NHAI on 16th of July. Post that, we have a five months, 150 days time to achieve the financial closure.

Parallelly, NHAI will fulfill their contractual obligations and conditions precedent of providing 90% of the land. Post that, the appointed date will be declared.

We expect timely achievement of financial closure, and also we expect timely provision of the vacant land for construction within the respective timelines, and appointed date will be declared timely. We will commence the physical execution of the project.

With regard to investment of equity, once we achieve the financial closure, we'll able to know the exact percent figure of the equity amount. It will be around the same amount what you are mentioning, the simp- in the similar range.

Got it. The Pantnagar Airport and Bhopal Bypass AD, that will be there by this quarter, Q2 itself or?

Pantnagar Airport, we expect this will be done during the current quarter, that is before end of September 2026. Whereas in the case of Bhopal, now there are some changes in the scope,

so

that we expect the quarter Q3, third quarter, before the end of current calendar year.

Okay. Lastly, sir, balance sheet items, if you can help us: inventory, trade payable, and debtors?

Hello. Hello.

Yes, sir. Yes, sir.

Yeah.

Tell me, inventory is 847 crore rupees.

Yes, sir.

Debtors is 9 1,900 crore

rupees. 1,900 crore.

Okay. Trade payable?

Trade payable is 680 crore

rupees. 680 crore.

Mobilization, unbilled, and retention, sir?

Mobilization advance is 178 crore rupees.

Okay.

Retention is 295 crore rupees.

Okay.

The total unbilled as on 30th June is 436 crore rupees. 4 462 crore.

462 crore rupees.

Okay. HAM debtor and water debtor movie?

Please note, HAM debtor is 479.

479.

Water debtor is 9 925.

Okay. Got it, sir.

Thank you, and all the best.

Good afternoon, sir. Thank you so much for the opportunities.

Sir, water and water order book is around 2,310 crore. I think the progressing appears slowly, around 66% completion.

Can you provide more granular timeline for the completion and recognition of these projects? See,

in case of rural drinking water supply, at the beginning of the current financial year, the opening order book unexecuted order book was 23 2,310 crores. Out of that, we have executed 136 crores worth of value of the work during the first quarter.

Remaining around 2,180 crores balance is there, which we expect to execute next two financial years, as the government of India is extended the implementation of Jal Jeevan 2.0 till December 2028. Also, because there has been a paucity of funds at a state level as well as delay in the release of funds by the central government, around 741 crores, excluding GST, has to be released from the government as on date.

We expect these funds will be realized in the coming months because the state government is very actively pursuing release of 50% subsidy from the government of India. We expect release of these funds and we able to realize the substantial amount of out of this 741 crores.

Then accordingly, we'll expedite the progress.

Sir. This net working capital, it's around 110 days.

It's because of JJM, when we can expect significant improvement on that working capital side? Secondly, what is the current receivable for the Andhra Pradesh irrigation projects?

Andhra Pradesh irrigation project, we have executed and done the invoicing for 416 crores, excluding GST. Out of 416 crores, we have received 263 crores, excluding GST.

As of now, the receivable is 153 crores. A budget for 94 crores has been released by the state government last month.

We expect realization of this amount by within next 1 week to 10 days. Then the receivable will further come down.

It will come down to somewhere around 60 crores.

Sir. The net working capital days side, sir?

Net working capital days as on 30th June is 110 days, and definitely if we receive the fund from water and the canal project, definitely it will be reduced significantly.

Sir. Sir, my last question.

We are diversifying into solar, BESS, and mining side. Earlier also, we have guided 1,000 crore revenue target by FY '27 or '28 and followed by 2,000 crore revenue.

How do you look at our strategy point of view on the diversifications? How do you look at revenue mix in the next 3 to 5 years timeframe?

In case of solar project, the project what we intimated the EPC component would be around 2,000 crores. The land we had identified in the state of Madhya Pradesh, and around 300 more than 300 acres of land has already been finalized and lease deeds have been finalized.

We are in active mode of acquiring or taking lease on the remaining land, which we expect to be completed in next 4 to 5 months. Simultaneously, we also taken up with the potential buyers of the power with two states, and we expect this PSA, Power Sale Agreements, will be executed between NHPC and the buyers, and subsequently PPA will be executed.

Then post that, the detailed engineering based on the land configuration and layout, and then followed by the procurement and execution. We expect in the fourth quarter some revenue from this particular project.

Got it, sir.

Got it, sir. Thank you.

Sir, firstly on the Kanpur-Lucknow thing. Have we received the show-cause notice from NHAI?

Pardon?

Have we received the show-cause notice from NHAI?

Yeah. They issued show-cause notice to the concessionaire.

To the SPV?

Concessionaire may be our SPV. Okay.

Okay. Sir, secondly, what would be the cash in PNC Infra Holdings as of June?

The cash and bank balance in standalone balance sheet Infra Holdings, around 1,100 crore rupees.

Okay. Sir, out of the debt of 900-odd crores, what would be the ICD portion?

ICD is 485 crore rupees.

Why has the debt increased so much in 1Q?

Actually, the debt is increased due to we have taken the term loan for machine financing, that's why the term loan is increased.

We have so much amount of cash, then why are we taking term loan for machinery?

Actually, this is a strategic decision. The loan is to be repaid in the next 4 to 5 years, and we have maintained the liquidity in our company.

Okay.

Okay. Sir, we saw that interest costs have significantly come down in Q1 to almost 20-odd crores from 30 in Q4.

Incrementally, what would be the quarterly run rate?

The quarterly run rate will be in the range of 20 crore rupees.

Okay. We expect the debt to come down from 900 crore?

Yes, yes. Definitely, that will be come down.

Okay.

Okay. Sir, secondly if you look at the equity infusion, what would be the amount in '27 and '28?

The number I missed. For two new HAMs, it would be 490 crores equity requirement?

No. Equity requirement is 436 crore rupees, excluding the solar and the two new HAM projects.

Out of that, we are intent to invest in financial '26 '27 is 226 crore rupees, and the balance will be in next year.

The amount for two new HAM would be around 490?

490.

Sorry?

400 and

No, it will be around 400 crores, because two HAM projects put together is 3,470 83 crores. It will be around 400 crores.

400 crore.

The infusion should happen sometime in '28 and '29?

Mostly in '27 we will infused marginally, but majorly it will be invested in financial year '28 and '29.

Yes. Okay.

Okay. Sir, what revenue are we targeting from JJM and irrigation individually for '27 and '28?

Irrigation project, we are planning to complete irrigation project in FY '28. That is our plan, that is our target, provided we'll get the timely payment from the government of Andhra Pradesh.

Okay. What could be the revenue in FY '27?

We have targeted for '27 is 150 crore rupees for AP canal project.

We should be able to achieve the same.

Remainder 600 crores in FY '28 if the payments are in place?

Yes.

Okay. Sir, on JJM?

JJM,

we are expecting around 700 to 800 crores in the current financial year, in FY '27, and around 1,000 crores in FY '28. Any residual amount will be there, that will be release for commissioning and testing kind of a thing, we'll get it in FY '29.

The whole project will be completed before end of FY '28 of calendar year '28.

'28

because government extended up to December 2028.

Okay. Sir, lastly on the tax rate, it was on a higher end, 27% in Q1.

For the entire year, what could be the number?

The number will be in the range of 25 to 27%.

Okay. Sir, capex number for Q1 and entire year?

We have

capex for the entire year is targeting 150 crore

rupees. How much during Q1?

Around 70 crore rupees, we have purchased machinery. Okay.

Okay. Thank you, sir.

Those were my questions.

Hello. Hello.

Hello. Yes, my question is, in last quarter the order book was 22,000 crore,

Hello. Hello.

My question is, in the last quarter, the order book was 22,000 crore, whereas in this quarter, the order book is 15,000 crore. Can you give the reconciliation of this?

See,

last time what we had mentioned, 22,000 crores, that includes the new two HAM projects that we have secured in the first quarter. If you kindly recall our MD's speech

just before,

19,600 crores order book we have mentioned now.

19,100. 19,100.

19,100 crore we have mentioned in

this speech. This 19,100 includes two Barabanki-Mustafabad, Mustafabad to Visheshwarganj two HAM projects and Pantnagar Airport, bridge over Ganga, and LDA's flyover.

Okay. 19,100.

Sir. Okay.

Sir, on Kanpur-Lucknow Expressway, I understand that you may not want to comment on the correspondence with NHAI and their stance towards company, but in terms of our own assessment of the situation of this particular road, initially there was this news items that a 300-meter section was having trouble, but later on we have also seen news items where it is said that several other parts of the roads are also having problem. Plus we have also read somewhere that there is a ₹42 lakh per day penalty because of the closure of the toll collection from NHAI towards our company.

Can you comment on what has been our finding on the condition of the road, what is the extent of the problem, how many months would it take to solve them in terms of repair and maintenance work, and on this ₹42 lakh per day payment that we have read on the news?

The first thing, whatever the stretches and isolated locations that have been affected due to torrential rains the project has experienced during the month of July, these are the routine maintenance activities. The concession agreement envisages there would be in case of any defects or deficiencies, same need to be repaired and rectified.

This is as envisaged in the concession agreement. It is nothing like any uncommon phenomenon that has happened.

It is a very common phenomenon in the highway projects in case of rains and there could be some kind of a maintenance requirements, and which we are attending. See, we don't want to comment on the media speculations and the rumors that which reasons best known to them would be understandably for a sensationalism.

These things are blown out of proportion. See, we are going by the contract conditions, and we are in the process of replying duly to the NHAI's notice what they have issued.

With regard to loss of toll and opening the highway without collecting the user fee, it is the NHAI's own decision. It will be governed by the provisions of the law and provisions of the concession agreement.

We don't want to comment on that, but we reserve our position on that because the loss of toll is their decision by the NHAI. The repairs, again contracts stipulates the timelines for the repairs for any emergency kind of things, which they start with 24 hours, 48 hours, and up to 180 days time will be there where there is a major observations and major rectifications to be done.

We are following these timelines. Whatever timelines stipulated in the contract under Article 17 and Schedule K, we are following them, and we are completing the necessary repairs and rectifications within the given timelines.

Sir, any sense on this timeline? I understand that there is a contract period, but given our own assessment of this newly constructed road which has been built by ourselves, what is our assessment as of now, how much time it will take for you guys to complete the repair and reopen the toll collection?

[Hindi:

Testing wagera chal raha hai. Testing wagera chal raha hai, waise is month me clear ho jayegi saari cheezein.?]

This month matlab

August mein aap

ye khatam kar paayenge poora? [Hindi: Rainy season hai na, toh rainy season mein jyada usko theek kar bhi nahi sakte.

Thoda rains band ho jayengi, open milega toh usko abhi bhi theek kar diye hain, traffic uske upar chal raha hai abhi bhi.?]

Okay. Secondly, sir, on the current pipeline jo aap bid kar rahe ho, if you can give some sense on the pipeline of how much we have bidded for already and how much we are planning to bid in the road segment?

The bids,

see, there are 24 bids which we had already submitted, which are under evaluation and their financial bids are yet to be opened. Total 24 comprises 16 EPC bids and 8 HAM bids.

If you see the sector-wise breakdown, it's a 10 HAM projects of NHAI and MoRTH, 8 railway projects, 2 coal field projects, and remaining projects of PFC, TPCBL, UP Metro, LDA, and other clients. These 24 projects where we had already submitted our bids at a value of 32,000 crores.

Apart from that, we identified another around 78 projects which are to be bid for next 2 to 3 months for a value of 1.7 lakh crores. These bids also comprise HAM projects, EPC projects, and also TPCBL and DBFOT toll projects.

This is the pipeline, you can say around 2 lakh crores project pipeline we are pursuing.

Sir. Thank you, sir, and all the best.

Thank you. Thanks.

Yeah. Thank you for the opportunity.

For the solar and mining projects, what is the total equity requirement, and what kind of revenues can we look for in FY '27 and '28 in these two projects?

The total equity requirement estimated for solar project is 400 crore rupees.

Okay. For mining project?

Mining project, since this is a EPC project, there is no requirement of equity in this project.

Okay. What kind of revenues can we target in FY '27 and '28?

For coal project, we are targeting 500 crore for financial year '27, and 500 crore same is financial year '28.

Okay. For the solar one, you said in Q4 we can see some revenues, what would that scale in FY '28 then?

Solar, as mentioned, we are planning to start the work in the quarter four. For financial year '27, it is difficult to achieve more revenue in the solar project.

In financial year '28 and it will be completed in financial year '28 and '29. We'll be achieving more than 1,000 crores in FY '28, and the remaining in FY '29.

Okay. Sure, sir.

If you could help with the toll collection numbers for this quarter?

Please note down. The toll collection for MP Highways is 13.8 crore rupees for this quarter.

Okay. Yeah.

The Narela project is 3 crore rupees.

Okay.

For RB, Rae Bareli, is 32 crore.

Sir. That's it from my side.

Thank you.

Hello, sir. I just wanted to understand on the Pune Ring Road project.

Are there any execution challenges that you're facing, because you've only done about 75 crores-odd revenue in this quarter? Hello.

See,

Pune Ring Road project is going on as planned because this project has got both precasting of the segments followed by execution of work at site. It has got a specific milestones based on the physical execution at site.

This is a cyclical. Whenever we do the precasting of the segments, won't be billing.

Whenever this segments are erected at site, billing cycle will be there. It's a bit fluctuating.

Overall that we should able to complete this project within the stipulated time of three years. We don't foresee any delay despite the challenges.

Okay. What is the expected revenue for this project in FY '27 and '28?

It's readily it's not available. We'll share we'll share with you.

Got it. On the mining project, even there the execution was pretty low this quarter.

Is there any reason for that?

See, in the mining, because the project proponent authority has to provide us very encumbrance-free and encroachment-free land. Unfortunately, the entire land was not provided, and even the land parcels what they have provided are in discontinuous manner, and also then there are some resistance by the local people.

These are the teething problems we had faced. Now the things are becoming normal and it is getting streamlined.

Recently, we deployed two brand new surface miners, the progress is getting expedited. Going forward, we should able to achieve around 500 crores overall revenue in the current financial year and similar kind of revenue in the next financial year, and we should able to complete project within the five years timeframe.

Got it. One last thing, on the working capital, your working capital days have improved compared to last quarter.

Any particular payment benefit that you've seen coming in this quarter that has led to the improvement?

Since the payment from the Maharashtra State and as well as in the water sector, we received the payment in this quarter. Hopefully that this working capital cycle will be improved in next quarter also.

Government of Uttar Pradesh, SWSM started releasing payment for the water projects for the work we had already done. Steadily we are getting payment from the SWSM, Lucknow.

Similarly, in the irrigation project also, we are expecting a payment of 94 crores during the current month. Going forward, in the second quarter, the working capital cycle would improve.

Okay. Sorry, sir.

By water, you mean the JJM project this year this quarter or the irrigation?

Yes, yes. JJM project where 741 crores is the pending to be released from them.

How much did you receive in this quarter from JJM?

We'll share with you before end of the call. It's not readily available with us.

No worries. Just one last thing.

What is the unbilled revenue out right now from JJM?

Unbilled revenue from JJM is around 20 crore.

Got it. Thank you, sir.

Those were my questions.

Thanks for the follow-up. Sir, what would be the capex required for the mining project in totality?

In totality, the total capex was required around 300 crore rupees.

Okay. We have guided for 150 crore capex in FY '27?

Sorry, 350 crore rupees. Okay.

Okay. This would be in the initial couple of years, right?

Yes, yes. Initial couple of years, and that will suffice for the entire contract duration.

We can expect a higher capex for FY '28?

Yes, definitely, the production will increase in coal mining.

At standalone level for FY '28, what could be the capex? Upwards of 200 crores?

Around 150 crore rupees in this current financial year, '27.

For '28?

'28, similar line of number, 150 crore rupees. Okay.

Okay. Thank you, sir.

Hello. Am I audible?

Yes. Yeah.

My only question was that whether would you be able to reduce the dependencies on the roadways project, provided that I saw that the revenue breakup by segments showed a lot of roadways revenues. How do you plan to mitigate that concentration risk over the years?

See,

as you have mentioned, as of now, the road unexecuted order book is slightly more than 60% and the remaining is slightly less than 40%. As we are broadening our perspective, as you can see that we are actively bidding in railways, metro rail, coal mining, and also TPCBL for transmission projects.

Also the projects which have been identified for the bidding in the coming future also comprises both highway projects as well as non-highway projects in the ratio of 50:50. Going forward, we see that this will further we have a balanced kind of a thing.

Around 40 to 45% road non-road sector and around 55%, and going forward, let us see how things will unfold, see how the bidding opportunities emerge in the non-road sectors.

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.

Thank you.