Good afternoon, ladies and gentlemen. On behalf of Anand Rathi Institutional Equities, I am pleased to welcome you all on the PNC Infratech Limited Q3 FY '26 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 the interactive Q&A 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. D.K.

Agarwal, CFO; Mr. Pankaj Agarwal, VP Finance and Account; and Strategic Growth Advisors, our investor relations advisor.

The financial results and investor presentation have been uploaded on the stock exchange and the company's website for reference. Initially, I would like to share key updates on the industry, followed by operational development of the company and highlights of financial performance during the quarter ending 31st December 2025.

Post which, we will be happy to answer your questions. Over the past 2 years, project awarding by MoRTH, including NHAI, remained muted with NHAI awarding only 377 km of new road projects in quarter 3 financial year '26 compared to around 504 km in quarter 3 financial year '25.

Even during the first 9 months of financial year '26, new project awarding activity by both MoRTH and NHAI remained subdued. Consequent to very low awarding activity that persisted over the past 2 years, around 5,800 and 5,000 km roads constructed during financial year '25 and financial year '26 respectively, which are much lesser in comparison to earlier years.

Through several new projects announced by NHAI under EPC, HAM, and BOT formats with a strong bid pipeline of over ₹1.5 lakh crore, the same is not getting translate to awarding activity due to recurrent extension of bid due dates owing to either delay in securing necessary approvals or delay in acquisition of required lands. However, in the Union Budget for financial year '27, capital expenditure for core infrastructure development has gone up by nearly 9% to ₹12.2 lakh crore, underlining the government continued commitment and focus on infrastructure-led economic growth.

Being one of the key infrastructure sector, the Ministry of Road Transport and Highway received a record allocation of ₹3.09 lakh crore in Union Budget of financial year '27, which represents a year-on-year increase of 8%. On the similar lines, NHAI has been allocated ₹1.87 lakh crore, a 10% increase over the previous year in that financial year '27 budget.

This funding is primarily aimed to supporting new highway development. The increased allocation to the roads and highway sector looks not only encouraging, but also would help all the stakeholders to achieve higher growth going forward.

Taking a broader view, India's core infrastructure opportunity for private capital is expanding well beyond roads and highway sector to ports, logistics, power, transmission, renewal energy, ropeways, and water resources sectors rapidly. In support of momentum, proposed infrastructure risk guarantee fund as announced in the Union Budget is expected to reduce financing risk during the construction phase and encourage active funding from lenders.

For Jal Jeevan Mission, the budget has provided an allocation of ₹67,670 crore for financial year '27. In case the allocated fund are disbursed in timely manner to the state, it would be of a great help to clear the long outstanding dues to contactors by respective states and expedite the progress for faster commissioning.

With increased and sustained allocation, healthy project pipeline, and diversified funding mechanism, the roads and highway sector is well-positioned to move into its next phase of sustainable growth. In line of government policies and allocation, it is expected that new projects are awarded quickly, vacant ROW for execution of awarded project is provided timely for expeditious execution and delivery of projects.

Now, I will share the recent update on the company. In quarter 3 financial year '26, PNC Infratech Limited incorporated a new wholly owned subsidiary, PNC Renewable Energy Private Limited, to undertake and manage its renewable energy-related operations.

NHPC solar plus BESS project, which was awarded to the company, will be executed through a step-down subsidiary. Now moving on to the operation and financial performance of the company.

Out of the company's 16 fund-based project, 1 is BOT toll project, 2 are BOT annuity project, and 13 are HAM projects, and aggregate bid project cost of 13 HAM project is over ₹14,800 crore. Out of total 13 HAM projects, 5 projects achieved PCOD and COD, 7 projects are under construction, 1 project of MPIDC achieved financial closure.

Total equity investment requirement for the HAM project is ₹1,744 crore. Till December '25, company already infused ₹1,110 crore equity, and the remaining equity of ₹634 crore to be invested over the next 2 years.

The internal accruals that would be generated over the next 1 to 2 years should be adequate to meet the above equity investment requirement. In addition, the company is currently executed 16 standalone EPC project for an aggregate contract value of over ₹18,000 crore.

Now moving to our order book. As of 31st December '25, the company unexecuted order book stands over ₹19,000 crore.

However, highway contracts contribute 53% of total unexecuted order book, while water, canal, area development, railways, and airport project contribute around 32%, and coal mining project contribute 15%. I am pleased to share with you that the company submitted 2 bids to the Ministry of Transport, Uzbekistan as part of overseas business development endeavors in road sector during this quarter.

Now, I would present standalone quarterly and 9-month ended December 31st, 2025. Standalone revenue for the third quarter of financial year '26 is ₹1,056 crore.

Standalone EBITDA for third quarter of financial year '26 is ₹131 crore. Standalone EBITDA margin for the quarter is 12.4%.

Standalone profit for the third quarter of financial year '26 is ₹77 crore. Standalone PAT margin for the quarter is 7.26%.

Standalone revenue for 9 months of financial year '26 is ₹3,176 crores. Standalone EBITDA and EBITDA margin for 9-month is ₹408 and 12.84%.

Standalone profit for 9-month of financial year '26 is ₹244 crores, and standalone PAT margin for 9-month of financial year '26 is 7.67%. Now moving on to the consolidated results.

Consol revenue for third quarter of financial year '26 is ₹1,201 crores. The consol EBITDA for third quarter of financial year '26 stood at ₹239 crore.

The EBITDA margin for quarter 3 financial year '26 is 19.91%. The consol PAT for the third quarter of financial year '26 is ₹77 crore.

The PAT margin for quarter 3 financial year '26 is 6.39%. Consol revenue for 9-month of financial year '26 is ₹3,751 crore.

The consol EBITDA is ₹860 crores, and EBITDA margin is 22.91%. The consol PAT for 9-month financial year '26 is ₹724 crores, and PAT margin is 19.29%.

Our net worth as standalone basis as on 31st December 2025 is ₹5,710 crores, where the standalone debt from the banks, financial institution, and intercorporate deposit is ₹1,106 crores. This translates to net debt to equity of 0.19 times.

The total cash and bank balance including current investment is ₹1,299 crores. Our net worth on consol basis as on 31st December '25 is ₹6,704 crores, whereas total debt is ₹5,478 crores.

This translates to net debt to equity of 0.82 times. The total cash and bank balance including current investment is ₹2,745 crores.

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

Thank you very much. We will now begin with the question-and-answer session.

Anyone that wishes to ask a question may press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two.

Participants are requested to use handsets while asking a question.

Thank you, sir. A couple of questions from my side.

Also we'll need the order book breakup and balance sheet numbers, but that will be at the last. First on the order inflow and then on the pipeline front.

You mentioned that you have submitted two bids overseas. If you can specify where and how much is the value, and why are now we looking at overseas business?

See, we submitted two bids in the Uzbekistan. These are the road bids akin to what the road projects what we undertake, say, two-lane road projects in Uzbekistan.

We submitted because we find that there is a synergy with the activities what we are doing in the country, particularly in the road sector, and we have adequate inventory of the equipment which are meant for the road sector. See, this is part of our overseas business opportunity endeavors we submitted.

Indian equivalent would be around ₹1,500 crore both put together. Funded project.

These are the funded projects funded by Government of Uzbekistan. There is no investment risk.

ADB. Which is

with the multilateral funding by ADB.

Got it. Do we now have a kind of a strategy that we will keep on looking at other countries also?

Yes, we are looking at other countries if the right opportunities are coming into our way.

Got it. Now in India, how much value of bids that we have submitted which are yet to be opened?

How much more now are planning in terms of the pipeline to be bidded before March and maybe beyond that also, if you can specify, sector-wise also?

As of now, in India, including those two Uzbekistan projects, we have submitted 33 bids for an aggregate value of around ₹28,700 estimated cost. These bids we submitted during the last two one and a half quarter.

These 33 bids comprising 22 EPC bids, 7 HAM bids, and 4 TBCB bids for renewable energy projects. These value of around ₹28,700.

Apart from, we identified over 80 bidding opportunities across the sectors for a value of over ₹1,20,000 crores. If these bids are currently scheduled for the receipt of bids latest by 31st March, but may extend into the first quarter of FY '27.

These are the ₹1.2 lakhs worth of bids that what we are pursuing.

Out of this, how much would be 1.2 lakh how much would be the NHAI? Similarly for India, how much would be the NHAI?

See, department-wise, we have not bifurcated readily. Otherwise, these bids are 12 EPC bids for NHAI, MoRTH, and other road projects, and 6 EPC bids for railway projects, 7 EPC bids for airport projects, HAM bids?

56 HAM bids, primarily of NHAI, ₹70,000, NHAI around more than ₹70,000. More than ₹70,000 crores NHAI, and 4 DBFOT toll projects, of course, that's also NHAI and other projects.

Got it. Sir, now how we look at the revenue?

Because in 9 months, we are already kind of a 22, 23% decline. Last time we said that we are looking at kind of a 5% for the full year.

Just wanted to understand in the fourth quarter, how much can we look at a ₹1,300, ₹1,400 crore kind of a revenue is possible at standalone level? Then on that low base, how one can look at FY '27 and '28?

Also at the same time, you can specify now how much more in terms of the order inflow that we are looking to by March?

See, I'm coming from the last question. In case of order inflow, since we had already submitted bids for more than 28,000, and also we are going to submit bids for few thousands before the end of the current financial year, we expect a further order flow of inflow of around ₹6,000 crore this year.

Totally to total totally to ₹12,000 crores in the current financial year. That is order book side.

As there is a decline of around 22.5% in comparison to FY 20 9 months of FY '25 in the current 9 months of this quarter this year. We expect a robust execution during the fourth quarter because three of our projects appointed dates have been declared and going on full swing, that is the Varanasi-Kolkata packages EPC.

Also, after a long spell of monsoon and flooding and other things, the projects of Maharashtra also now they geared up. Coal project also we have commenced.

Almost six new projects, EPC projects execution we commenced during the F quarter 3. That includes airport project of Varanasi, then Bharatpur flyover, coal project, and three HAM projects of NHAI.

With this kind of thing, we are expecting a revenue, say, up to 5,000, which will translate into 10% decline when compared to FY '25.

Okay. We are kind of looking at ₹1,700, ₹1,800 crore kind of a revenue in the fourth quarter.

Yes. ₹1,700 to ₹1,800 crores revenue and ₹5,000 crores.

With a base of ₹5,000 crores, we are expecting a increase of 25% in FY '27. FY '28, we going forward, in the next quarter, then kind of a more clarity we'll have, then FY '28 we'll share later.

Yeah. Now sir, a couple of balance sheet data points, if you can share.

First, on the inventory, debtors, trade payable, and then retention, unbilled, mobilization, and debtors, what are debtors?

Mr. Shravan Shah, can you come back again?

We'll let other people in, and in the meantime, we'll compile the things and we'll keep it ready.

On the margin front, it would be the similar that what we are guiding, kind of a 12.5%, 13% that will be doable?

Yeah, 12% to 12.5%.

Yeah, 12% to 12.5%.

Yeah. Earlier, you were targeting closer to 13% margins, where you guided for 12.5% to 13%.

We are lowering the guidance now going forward?

See, because this year, current year, as we are 10% decline in the turnover, and the fixed overheads being the same, this year we are targeting of EBITDA of 12% to 12.5%.

For '27?

27 also would be in the same around 12.5% only as of now. Maybe during the first quarter, we'll relook it and we'll share with you.

Okay. Secondly, what would be our water receivables as of now?

Are there any improvement in payments? When do you see this order book of almost ₹2,600 crores getting completed?

See, as of 31st December 2025, we have a billed outstanding of ₹822 crores. Out of that, we received ₹87 crores during the month of December and January.

They started paying. As of now, as on date, it is ₹735 crores is the billed amount which is outstanding, and we are expecting another ₹35 crores remittance during the current month.

Then, by 1st of March, it would be around ₹700 crores will be outstanding, which we are expecting substantial amount before the end of March. See, the government continuing the program and already allocated ₹67,000-and-odd crores for the FY '27.

During our interaction with the Finance Minister as well as the state Chief Minister, we requested for the release of funds so that the projects which are in advanced stage of completion can be commissioned and put into O&M stage. We are expecting that these outstandings also will be cleared during the first half of next financial year, and then we'll move ahead.

With regard to things, as of now, around ₹2,000 crores worth of project to be completed. Expecting FY '27, we'll complete around 60% of that and remaining in FY '28.

Okay. Sir, in terms of Q4, we see some improvement in the water execution as well, or it will be similar to the quarterly run rate of this first 9 months?

Q4 also will be the similar what is there in the first 3 months because now funds are slowly coming, we are remobilizing the people and all. It will be in the same kind or otherwise there will be some marginal increase.

Beyond this ₹822 crores, what is the billed part, what would be the unbilled part in the water vertical?

WIP, apart from ₹822 crores, around ₹100, ₹150 crores will be WIP, which is not billed.

Okay. Lastly, on capex, what we have done in 9 months and target for '26 and '27?

The total capex, which were earlier reported that total required capex is ₹400 crore on company basis. Out of that, up to December, we have capitalized ₹125 crore, and the balance will be in the quarter is in in this quarter.

You maintain ₹400 crore number for '26?

Yes.

For '27?

For '27, around ₹150 crore.

Okay. Lastly, AD on the HAM project, when do we expect?

Only Bhopal Bypass we are expecting in the first quarter.

Thank you, sir. Those were my questions.

Thank you.

Yeah. Hi, sir.

Thanks for the opportunity. My first question is with the appointed date received for the three packages of VRK, is it fair to assume that the execution worth around 15 billion will be done in the next 12 months from these three projects?

15 billion will be slightly on this thing, but already we executed ₹100 crores of work in the three projects combined in Q3. We are expecting another ₹300 crores, 3 billions of work in the Q4, fourth quarter.

Next year, it would be around ₹1,200 to ₹1,500 crores.

Understood. That would be around 12 billion in the next 12 months, right?

You can say, next 12 billion in the next 12 months. Because these projects are having a completion period of 2 years, okay?

Total EPC value is ₹3,006 crores is the total EPC value, and which is to be completed in 24 months. That kind of things is there.

What happens, initially there will be low value works. As we move ahead, when we reach the top of the crust and other items, there will be higher value works like bituminous works.

Understood. Sir, second question is for the operational HAM assets.

Are we in talk to monetize those in the near term?

No, now—

Hello?

Hello, sir?

Yeah. Regarding the divestment of assets, HAM assets which are under implementation, we are evaluating all the options.

Some investors are approaching us, and we are looking at other options also. As I said, our primary focus as of now is to achieve the PCOD for the four projects, which we expect to receive the PCOD in the Q4 and Q1 of next financial year.

Going forward, we'll share the details because we are evaluating all the options that are available.

Thank you, sir. Those were my questions.

Thank you.

Thank you.

Yeah. Thank you, sir, for providing this opportunity.

Sir, my first question is, sir, the last quarter, the order book was something around ₹20,000 crore, and now it has gone down to ₹19,346 crore. Overall, the change in the order book is ₹700 and ₹750 crore or something, whereas our revenue is around ₹1,100 crore.

There's a gap of something around ₹300 crore. Does our revenue include any one-time arbitration income or any proceeds from the holdback amount from the monetization?

Actually, the revenue includes some maintenance project revenue as well as the price escalation and COS works also. That's why you find the difference between the two order book is ₹750 crore, but in addition to that, revenue is received on this field also.

Okay. Sir, this quarter have we not received any arbitration income or nothing like that, right, sir?

No, no, no. No arbitration claim is received in this quarter.

What about the holdback amount, there was some ₹200 crore holdback amount for the 10 HAM assets that we sold?

In the monetization process, around ₹200 crore was holdback. Out of that, we have received around ₹42 crore on this account.

Did we receive this quarter ₹42 crore or it was last quarter?

Last quarter, quarter 2.

Quarter 2, okay. Second is what is the status of the CIDCO order?

Matter that is under sub judice, we cannot discuss.

Okay. Sir, third thing, we have been lately seeing even when the NHAI or MoRTH tenders are getting opened, there is still aggressiveness in terms of the number of bidders which are there.

There are almost 20 to 25 bidders, even after the NHAI made the stringent net worth criteria. How do you see as a competition intensity going forward?

See, now NHAI has introduced that depletion net worth criteria for the bid. It's a stringent criteria, we agree.

Now the projects, since no major projects awarded in terms of number as well as quantum, so that depletion will start once the awarding activities are picked up. As awarding activities increases, this number of bidders whose net worth is limited, they'll get depleted, and they may not able to bid for the new projects.

Going forward, competition is expected to be reduced. There is a robust pipeline, but as our Managing Director mentioned, though there is a robust pipeline of projects, the awarding activity is very slow.

As you see, recurrently they're shifting the bid due dates and either for the internal approvals from the central government or due to the non-availability of the minimum required land.

Understood, sir.

Now you can say competition in HAM in the moderate condition, and EPC is very high.

Understood. Sir, next question is, sir, when I see your order book in case of the coal order book, there hasn't been any change in terms of the unexecuted value.

Did we execute anything last quarter?

See, last quarter, though we have executed some removal of overburden quantities, but the billing is possible only once we extract the coal. During the Q3, we have not billed anything, but in Q4, in January, we already executed a ₹100 crores worth of project, ₹100 crores worth of work.

That will be billed to the client, right? The ₹100 crore?

We'll bill it to the client.

Sir, how much amount did we execute it in case of a renewable, the BESS project?

See, BESS project, we are in the final stage of identifying the land and executing the land lease and other kind of agreements. We shortlisted two locations across two states.

We are going to finalize one of them, and then accordingly we'll finalize the land lease and other kind of agreement, connectivity things. Then we'll start physical execution of the project, maybe from the second quarter of FY

'27. Okay.

Understood. Thank you, sir.

Thank you. Good afternoon, sir.

Sir, as you mentioned, the awarding activity has slowed down. You've mentioned a number 377 km versus 500 km year-on-year.

What would be this number for 9 months? How much do you expect to get awarded in the next 2 months for NHAI and MoRTH?

See, exactly 9-month figure precisely is not available on the publicly available data. Previous year, they awarded 12 I'm talking about FY '24, they awarded around 12,000 km of new projects.

See, now when the award itself is reduced, consequently construction is also reduced. Correct.

Exact figures whatever is available to everybody on the public domain only we are finding out. Exact figures we'll share offline, we'll share with you.

Okay. Do you expect these land acquisition hurdles, delays to get done for this in next 2 months, February and March?

We hope so because, see, land being a state subject, NHAI is also struggling to get the minimum land and removal of obstructions and all. Now they're streamlining the process, compensation distribution, everything now they made it digital.

We expect the land acquisition projects will be speeded up.

Okay. It still remains uncertain.

Definitely.

Yeah.

Understood. That's it.

My other questions are answered. Thank you.

Thank you.

Hello, sir. I wanted to understand on the Pune Ring Road and the Jalna-Nanded project, how much do you expect to execute in 4 in Q4 for those two?

In the Pune Ring Road project, we are expecting ₹240 crores in Q4, and in Jalna-Nanded project, we are expecting ₹300 crores in Q4.

Got it. For the canal project, Srisailam canal project, how much did you execute in 3Q and how much do you expect to execute in 4Q?

Q3, practically we could not execute because the water is standing in the canal system for the irrigation purpose and because of the high rainfall in the catchment area. However, in Q4, we expect to execute around ₹25 crores worth of thing.

Got it. On the equity investment front, you mentioned that ₹634 is yet to be invested.

Now that is in totality or can you give the breakup between what you'll invest in road and what you'll invest for the BESS project?

Ladies and gentlemen, the line for the management has been disconnected. Please wait while we reconnect them.

Thank you. Ladies and gentlemen, the line for the management has been reconnected.

Thank you for patiently holding.

Yes,

on canal project in Andhra Pradesh, in Q3, we executed ₹14 crores of work, which is basically peripheral works and supporting works, not the main canal works. In Q4, we expect ₹25 crores worth of work will be executed.

Got it. The equity requirement balance that you've mentioned, does that include the BESS equity?

No, that doesn't include BESS equity.

That is ₹400 crore.

That would be around ₹400 crores.

Okay. Just one last thing.

What is the unbilled revenue for the road segment as on date?

Order value?

Unbilled revenue.

It's actually, out of ₹19,000 crore road segment, ₹19,000 crore unexecuted order book, road segment comes to around 53%.

What is the unbilled revenue for?

Unbilled revenue, just note down. The unbilled revenue for the road project is ₹140 crore, and EPC amount is around ₹200 crore.

Got it. Okay.

Thank you, sir. That's all.

Thank you for the opportunities. Sir, I just wanted to know how is our execution likely to ramp up in the mining and the solar projects?

What kind of revenues are we targeting in FY '27 and '28 overall?

As I mentioned, in case of mining project, we expect around in the ₹100 crores in FY '26, and ₹500 crores in FY

'27, and ₹600 crores in FY '28. Okay.

Sir, for the solar project?

See, solar project will be able to tell precisely once we start execution. Tentatively, we expect a ₹1,000 crore revenue in FY '27, which is nearly 50% of the total EPC value of the solar project, solar-cum-BESS project.

Sure, sir. On the irrigation front, when do we expect to complete this project altogether?

See, irrigation will take time because, see, we are getting only 5 months working period in a year. So 7 months, we are not able to do any work over there because the water is left into the canal system.

The execution will go up to FY

'28. Sure, sir.

Can you just help me with the toll collection numbers for this quarter?

Just note down the toll numbers. For MP highways, it is ₹10.79 crore.

Raebareli-Jaunpur is ₹32.16 crore.

This is basically annuity

project. He is asking only toll.

Okay. The Narela project, sir?

Narela project is ₹3.82 crore.

Sure, sir. Just, sir, one confirmation.

The standalone cash, can you just repeat that number, please?

It's 12 ₹1,299 crore.

Okay. Sir, this number last quarter was about ₹373 crores and this quarter it's ₹1,299.

There's been quite bigger jump.

In last quarter, actually, this amount includes the proceeds received from the KKR.

You have received that amount in this quarter. Sir, that's it from my side.

Thank you.

Sir. Sir, all the balance sheet numbers, sir: inventory, debtors, trade payable, retention money, mobilization, HAM debtors.

Just note down. Total inventory as on 31st December is ₹758 crore.

Yes.

Debtors is ₹1,898 crore.

1,898?

Yes, 18 1-8-9-8.

Okay. Trade payable?

Trade payable is ₹743 crore.

Retention money?

Retention money is ₹219 crore.

Okay. Total unbilled, you mentioned 140 plus 200, that is a 340-odd crore?

340

no, 340 not, it's around ₹440 crore.

440 crore. Okay.

Mobilization advance?

Mobilization advance is ₹170 crore.

170. HAM debtors?

HAM debtors around ₹470 crore. 470.

Okay. The equity that to be invested in the fourth quarter and FY '27 would be?

The total equity which is to be infused left in this year and next year is ₹634 crore.

In fourth quarter how much we will invest and in FY '27?

We expect around ₹100-odd crore will be infused in this quarter.

Okay. In FY '27?

It's around ₹500 crore rupees.

₹500 crore, okay. Got it.

Just a couple of outstanding order book as on December. This irrigation, sir has mentioned I think 14-odd 15 crore, the outstanding is now ₹805-odd crore?

Around ₹815 crore.

₹815 crore. This Sonali-Gorakhpur?

Sonali-Gorakhpur is ₹175 crore. 175.

Akkalkot package 2?

₹418 crore.

₹418 crore. Haryana Orbital Rail?

Haryana Orbital Rail is ₹450 crore.

₹450 crore. Elevated corridor flyover in Gwalior city?

₹580 crore.

₹580 crore. Hiragarh Chauraha will be the similar, ₹240 crore?

Yes, that will be the same.

Varanasi also, ₹297 crore, same?

Yes, yes, yes.

This BESS ₹2,000 crore, when will start putting in the order book?

Q2 of FY '27. In Q2 of FY '27.

Okay. Both the Kanpur-Lucknow packages has been over in terms of order book?

Now has it become zero?

That is almost over, Kanpur-Lucknow.

Almost over. I think only ₹1 crore some work over

thing. Some ₹60 to ₹70 crore is to be billed.

Okay. Got it.

Got it. This Hardoi early completion bonus, ₹14-odd crore, will it be coming in the fourth quarter?

We have received.

We have received in Q4.

We have received ₹16.69 crore in Hardoi, ₹16.69 crore. ₹16.69 crores in Hardoi,

Huh.

and ₹5.13 crore in Bansi-Mathura.

₹5.13. This entire will be part of revenue and part of EBITDA for this quarter, fourth quarter?

Yes.

Got it. This Hathras-Mathura project, ₹420 crore, have we received the appointed date?

Baghmati river.

Bihar project.

We will receive in the fourth quarter. We will receive appointed date in this quarter.

In fourth quarter. Okay.

Got it, sir. That's it my side, and thank you, and hope we get the significant order inflow.

Thank you, all the best.

Thank you.

Yeah. Hi, sir.

Thanks for the opportunity. Sir, in the consol cash balance of almost ₹2,700-and-odd crores, what is our own cash in this?

This is pure own cash.

Okay. No, basically anything to do with the debt which is there and then similarly which is there in the asset side is a cash.

So—

Sorry, can you repeat?

Okay. My question is the ₹2,700-and-odd crores of cash balance in a consolidated accounts that we have, can we say it is completely our own cash?

It's not related to the debt that we have raised and yet to be deployed in any of the project?

No, that's completely—

Completely own fund.

Okay. Standalone when we have ₹1,300-and-odd crores and consol is ₹2,700-and-odd crores, meaning there are certain subsidiaries where the cash is lying in the books or how exactly it is getting accounted?

This balance is having in the subsidiary company. One is the holding company and the rest is other subsidiary company.

Okay. Sure, sir.

Sure, sir. I think this is all that I have, sir.

Thank you very much.

what revenue are we targeting from the irrigation order?

See—

For '27 and '28?

'27, ₹150 crores we are expecting in '27, and '28, we're expecting around ₹200 to ₹250 crores. Sir,

but you indicated that we are targeting to complete the order in FY '28, and outstanding book is roughly ₹800 crores, how is this possible?

See, actually, this mainly comprising two parts. One is the main canal and then the subsidiary canal.

In the branch canal, there are certain issues. As of now, whatever the funds available, based on that, we are talking about around ₹400 to ₹450 crores.

As funds cleared, then we will revisit the FY '28 target. Sir, and

what is the outstanding receivables from the project?

Receivable from the project is around—

Around ₹100 ₹170 crore.

During this year.

Sir, we won this project in FY '21, and there are almost now 5-odd years, and no major execution has happened. How do you see this?

Even margins would have been impacted, or was there escalation in the project? How are we looking at this project?

Because even after 7 years in FY '28, we won't be even completing half the value of the entire project.

No, as of now, more than nearly ₹400 crores worth of value of work completed. We are targeting another ₹450 to around ₹450 in the next two financial years.

By that time, 75% of the project would have been completed. There is escalation provision in the contract, but not for the whole work, but for the fuel, steel, and cement, the escalation provision is there.

Yes, it is delayed. They extended the contract period up to 2026.

The further extension they are considering.

Sir, and payments, we've seen it was roughly around ₹100-odd crores outstanding, and now it has reached to ₹170-odd crores. Are the payments stuck or there is some movement?

There is movement. More than ₹220 crores we already received, which was otherwise stuck during the first two, two and a half years.

We started receiving the funds after change of government from the last financial year. We are also somewhat aligning the progress with the receipt of funds also, the funds availability and the funds allocated for this project.

That's the thing. We expect another ₹40 to ₹50 crores of payments before end of the current financial year.

Going forward, we expect to release the balance amount in the next financial year.

Okay. Sir, lastly, on the cash—

Sorry to interrupt, Mr. Shah.

We request you to return to the question queue for the follow-up question.

Okay.

Thank you. A request to all participants, please restrict your question to one per participant.

For more questions, please rejoin the queue. The next question comes from the line of Balasubramanian from Arihant Capital.

Please go ahead.

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

Solar project with NHPC is valued nearly ₹2,000 crore and the mining project ₹2,957 crores. What's the margin profile of these projects?

I just want to understand we have bidded for ₹28,000 crore, and I just want to understand our bidding is majorly focused on diversifying into beyond roads, like water, renewables, and minings over the next 3 to 5 years. How this mix looks like after 3 to 5 years?

Thank you, sir.

See, in the coal project, we are expecting a margin of 9% PBT. 9% PBT we are expecting.

In the solar project, because it's a fund-based project, at equity level, we'll be having a equity IRR again, and we'll have a execution margin. Once we finalize the final designs and the finalization of the project and financial closure, we'll be able to share you more clarity.

With regard to our foraying into other sectors, roads and highway sectors will continue to be our key focus area and key focus sector. At that same time, we are looking opportunities in railways, metro rail, water, transmission lines, renewable energies.

Maybe next 2 to 3 years, it would be a 50-50 kind of a thing. Highways will have a 50% around 50%, and the other sectors will be around 50%.

I can say in a broad spectrum. The further we'll able to see that how things will unfold, where more projects we'll able to secure with a decent margins.

Got it, sir.

Thank you.

Thank you.

Thank you, everyone, for your active participation in our earning call. In case of 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. On behalf of PNC Infratech Limited, that concludes this conference.

Thank you for joining us, and you may now disconnect your lines. Thank you.