Capacit’e Infraprojects Limited (NSE: CAPACITE) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Rohit Katyal — Executive Chairman
Analysts:
Unidentified Participant
Diwakar Rana — Analyst
Vasudev Ganatra — Analyst
Deepak Poddar — Analyst
Dhananjay Mishra — Analyst
Rajesh Kumar Rathi — Analyst
Rajesh Jain — Analyst
Vaibhav Shah — Analyst
Rahul Kumar — Analyst
Vansh Solanki — Analyst
Pratik Singhania — Analyst
Presentation:
operator
Good morning ladies and gentlemen and welcome to the Capiside Infra Projects Limited Q3 and 9 month FY26 conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone four. Please note that this conference is being recorded before we begin. A brief disclaimer. The presentation which Capeside Insa Projects Limited has uploaded on the Stock Exchange and their website, including the discussion during this call, contains or may contain certain forward looking statements concerning Capacide Infra Projects Limited business prospects and profitability which are subject to several risks and uncertainties and the actual result could materially differ from those in such forward looking statements.
I now hand the conference over to Mr. Rohit Katyal, Executive Chairman, Kennedy Projects Limited. Thank you. And over to you sir.
Rohit Katyal — Executive Chairman
Good morning everyone. On behalf of Capacity Infra Projects, I extend a warm welcome to all participants on our Q3 and 9th month FY26 earnings conference call. Joining me today are Mr. Rajesh Das, CFO, Mr. Alok Mehrotra and Mr. Nishit Pujari and our investor relations team from Marathon Capital. I trust you have had a chance to review our results. The presentation and press release have been uploaded on the stock exchanges and are also available on our company’s website. FY2025 marked a new performance benchmark for our company, delivering record growth across key operational and financial metrics and reinforcing our track record of consistent performance.
Building on this strong foundation, the momentum has continued into Q3FY26 with the company reporting its highest ever quarterly revenue reflecting another quarter of steady and disciplined growth. Project execution progressed well across regions, demonstrating operational resilience despite extended monsoon conditions and temporary delays arising from municipal elections in the MMR region and regulatory related interruptions in the NCR region. Execution momentum has since normalized and strengthened and we expect to further accelerate execution in Q4 FY26. On the order front, year to date bookings have reached 3909 crores, already exceeding our full year guidance of rupees 3500 crores, so supported by a strong pipeline of quality bids.
We remain confident of further expanding this order book in the remainder period of FY26. The quality of orders secured reflects the continued trust of our clients and our deepening technical and execution capabilities. This coupled with full tie up of our working capital limits provides clear headroom to boost execution in the coming year. This strengthens our capacity to deliver on growth plans and drive stronger performance ahead. The Company is now firmly positioned in an accelerated growth cycle anchored by a diversified order book, strong financial strength and a proven delivery track record. With consistent execution and operational discipline demonstrated across multiple quarters, we are well placed to create sustained long term value and set new performance benchmarks in the period ahead.
Over the last two years the Company has been able to reduce its interest rates from its bankers from 12.5% per annum to 10.25% for fund based limits. Similarly, the non fund based limits the commissions have also seen moderation from an average 2.5% to 1.3%. The latest sanction from the lead bank of consortium sees a fund based limit interest rate at 9.65% per annum and further reduction in non fund based limits. Further, the Company believes that other consortium members will match the pricing of the lead member of the consortium and the result of such reduction will be fully visible in the Finance Cost for FY27 I now turn to the consolidated performance highlights for Q3FY26 Total Income for Q3FY26 stood at 681 crores up by 13% as compared to 601 crores in Q3FY25 EBITDA for Q3FY26 stood at 108 crores up by 20% to 90 crores in Q3FY25EBITDA margin for Q3FY26 stood at 16% as compared to 15.3% in Q3FY25 EBIT for Q3FY26 stood at 90 crores up by 19% as compared to 76 crores in Q3FY25 EPIT margin for Q3FY26 stood At 13.3% PAT.
For Q3FY26 came in at 50 crores as compared to 52 crores in Q3FY25 PAT margin for the period stood At 7.4%. Consolidated performance highlights for 9 month FY26 Total Income for 9 month FY26 stood At 1930 crores as compared to 1702 crores for the corresponding 9 month period. FY25 EBITDA for 9 month FY26 stood At 318 crores up by 8% as compared to 294 crores in 9 month FY25 EBITDA margins for 9 month FY26 stood At 16.6% within our guided range. EBIT for 9 month FY26 stood At 265 crores up by 7% as compared to 248 crores in 9 month FY25.
EBIT margin for 9 month FY26 stood At 13.7% PAT for 9 month FY26 stood At 149 crores PAT margin for 9 month FY26 stood at 7.7%. Gross Debt to Equity stood At 0.25x while Net Debt to Equity at 0.12x. Net Assets turnover of Core Assets stood At 5.5x on annualized basis for the first 9 months FY26 versus 5.2x for FY25. The company will continue its focus on increasing execution across projects which will further improve the utilization of its core assets. Order books stood at 13,188 crores as on 31st December 2025. Public sector accounts were 61% while private sector accounts for 39% of the total audit book.
I now leave the floor open for questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue symbols. We have the first question from the line of Tivakar Rana from Prudent Equity. Please go ahead.
Diwakar Rana
Good morning, sir. So my first question is on the MADA projects. So how many towers have we delivered in first nine months of this financial year? Hello.
Rohit Katyal
Yeah, good morning. During the full financial year FY26 we are supposed to deliver eight towers of cluster one. One tower has 278 tenements. So five eight hours will have corresponding number of tenements. Out of these, three towers have been already inaugurated by the client. And the remaining five towers will be inaugurated over the next two months.
Diwakar Rana
Okay, sir. Okay. And sir, for the last financial last financial year what was the tower delivery for last financial year? 2025.
Rohit Katyal
There was no delivery in the financial year 24 or 25. Because the actual work on ground started only in 23. So it takes 33 to 36 months clear from the date of clear handover from the client to deliver one tower as per the contract conditions.
Diwakar Rana
Okay. Okay. So sir, in last financial year we reported around 40 and a half crore from JV profits and this year it is only 4.68 crores. So how much will you realize in Q4 of this financial year?
Rohit Katyal
So I had clarified in Q3 of FY25 that that was the first quarter in which the JV company recognized its profits. And therefore when it crossed the 10% revenue threshold it recognized 14.67 crores which was our share. And therefore it was recognized thereafter. Consistently we have been declaring a profit of close to 1.7 to 2 crores on a quarter basis. For the nine month period it stands at 4.73. Quarter four will see a similar number for a quarter. However, from next financial year on the basis of expanded revenue the profit addition from the JV to the limit of the share of capacity will go up.
Diwakar Rana
Okay. Okay. Thank you. And sir, there was some old receivable of over 200 crore. So how much we have recovered and what. What will be the recovery at?
Rohit Katyal
So you’re talking about the long old outstanding 200 crores recovery.
Diwakar Rana
Correct? Correct.
Rohit Katyal
Yeah. We have. We had committed internally to recover close to 50 crores in the current financial year. The recovery of 38 crores as on date, not as end of quarter has, has happened. And the remaining 12 crores will happen before March. We don’t see any slippage on that.
Diwakar Rana
Okay. Okay, sir. 15 crores. Okay. And sir, I would just like to know the.
Rohit Katyal
Excuse me. Not 15. Five zero. 50.
Diwakar Rana
50. Okay. Okay. Okay. And so what will be the revenue guidance for this year and FY27?
Rohit Katyal
We have already given the guidance. We are well on track to do that. And let’s keep something for surprises next financial year on our expanded order book basis. We definitely need to grow at 18 to 20% as per the commitments to our client over the past two years. We have been doing that quite well. And we hope to do that over the next two, three years as well.
Diwakar Rana
Can you achieve 20% growth this financial year?
Rohit Katyal
You see that it will depend on how much revenue will come from the JV companies. At the moment the revenue in Q3 fell short from the JV companies. However, we are very confident that we may be able to get better revenues from the JV companies in quarter four to achieve that.
Diwakar Rana
Okay. One last question on the labor code, sir. So do you see any exceptional loss or provisioning in the next financial year or in Q4?
Rohit Katyal
So this is applicable for basic salaries below 50%. In our case 95% and more have basic salaries above 50% up to 60%. The auditors have analyzed the total impact as 40 lakh rupees which has been provided for in the current quarter financials and as such I do not see any major impact coming over the next financial year, if any.
Diwakar Rana
Okay. Okay. Thank you.
operator
Thank you. We have the next question from the line of Vasudev from Nuama Wealth. Please go ahead.
Vasudev Ganatra
Yeah. Thank you for the opportunity. So sir, in Mahada, what is the quarterly revenue run rate that we are working at right now at the JV level? And now how do we plan to increase it going ahead?
Rohit Katyal
So the revenue increases directly proportional to the workfronts made available by the client. As on today, as I speak to you, work on 16 towers is going on of which three towers or two towers have already been delivered. Three I guess. I’m sorry. All right. And within the quarter the client has committed to provide a total of 20 rehab towers to work simultaneously or concurrently on similarly work on three super high rise Sail residential towers. The piling work is in full flow at the project site. Given this and the associate infraworks, we are confident that at the JV level next financial year that revenue should be between 60 to 70 crores per month.
However, unfortunately we are not getting any part of that revenue. We will definitely recognize the profit. Okay. On standalone basis we do believe that our run rate will be in excess of 18 to 20 crores plus escalation thereon per month for the next financial year.
Vasudev Ganatra
Yeah, so that was helpful. And no, on the JV level what should we are an executable order book right now for the Mara project.
Rohit Katyal
At the JV level adding the price increase plus the additional area plus the increase in height of stale residential towers and increase in area of the sale commercial tower. The revised order book should be in excess of 15,000 crore at the TCC. That is a JV company level.
Vasudev Ganatra
Sure, sir. And can you just give some update on our progress on the cdco, Signature Global and MDCC projects?
Rohit Katyal
Citco is well on track. We have averaged about 45 crores of revenue in the last quarter on a month to month basis, average monthly basis. We expect the momentum to increase in quarter four and we should be able to do a minimum 60 crore per month revenue including escalation or thereabouts over the next financial year on an average monthly basis.
Vasudev Ganatra
And on Signature and NBCC. Any update on that?
Rohit Katyal
Yeah, NBCC, we have built close to 150 crores on certified basis. We are, this is excluding GST the contract value is 1120 crore. So therefore we have crossed the threshold limit of 10%. That’s number one. Number two, we will have a run rate of 16 to 17 crores. Till the time the full financial tie up from the client is received. Suitable extension is proposed and the client will give us that. Since we are covered by the price variation clause there will be no material impact on the company. However, we will have to sacrifice some turnover to maintain financial discipline and prudence.
Number one, two, Signature Global is grossing close to 20 crores per month. We have yet to be handed over phase two. The work is expected to start on phase two in March, one month from now. And if that happens, you should be able to see a 30 crore top of type of revenue per month generated from Signature Global over the whole of the next financial year.
Vasudev Ganatra
Got it, sir. That was helpful. Thank you. That’s it. From my side.
operator
Thank you. We have the next question from the line of Deepak Podar from Sapphire Capital. Please go ahead.
Deepak Poddar
Yeah. Am I audible, sir?
Rohit Katyal
Yes. Please go ahead.
Deepak Poddar
Yeah. Thank you very much sir for this opportunity. So just first I wanted to understand on the. I mean the execution that we. That we executed in the. In the third quarter. So. So. So. So it was mainly because of the municipal election and the delays that are arising out of that because. And also because of NCR region or also labor. Labor issue was also one of the reason.
Rohit Katyal
So labor issue is a consistent permanent feature. Obviously all the contractors of our size would like to have 10, 15% additional labor. So we cannot put that as SQs and whatever commitments are given internally and to investors are based. They can given after that consideration. However, what is not in our hands is. Is the disruptions due to elections. Whether in Maharashtra, whether in other states and due to environmental issues. The NGT has been very prominent. We have lost nearly one month or so in Noida and Gurgaon. And that is a very substantial number. However, we will have to take that into consideration for the next financial year.
So let me put it this way. In India, a company, construction company at the moment, given all the restrictions, works for 10 months. Two months are lost because of NGT issues. Some sort of elections where the people, migrant labor or workmen would go back to their villages or to hometowns to cast their votes. So on and so forth. Monsoon, extended monsoons is another very important reason. And the extended monsoons not implied to only Maharashtra. Now we have seen last year how erratic the monsoons were in Delhi and SIA region as well. Hope that answers your question.
Deepak Poddar
Correct. And is it possible to quantify what would be the revenue lost because of all this reason?
Rohit Katyal
We have lost one month. We have lost 100 crores.
Deepak Poddar
Okay. Okay. Yes, sir. What were you saying?
Rohit Katyal
At least?
Deepak Poddar
Okay, 100 crores. So. So you also mentioned that since the execution momentum since has been normalized. Right? So, so what, what would be current monthly run rate? We would be doing it in terms of. I mean Jan, if you can throw some more light on that.
Rohit Katyal
I mean I can only tell you that we will have a record quarterly turnover this quarter as well. Please do not ask me daily turnover. This becomes very difficult. But yes, I can tell you we will have a record quarterly revenue for Q4 FY26 as well.
Deepak Poddar
Correct? Correct. Correct. I mean the reason I was trying to understand because to maintain a 18 20% growth for this year as well, you would need around 850 kind of execution. 8,5900 kind of execution in the fourth quarter. Get a sense on that.
Rohit Katyal
So we expect to get certain revenues from our JV companies. Our people accounts team is working with our auditors on how we can recognize that. And if you’re able to do that, you have your number. If you are not able to do that, profit will not change. Profit will remain what it has, what has been committed. But the revenue number will therefore then be lower by the amount of revenue which we cannot recognize from the TCC.
Deepak Poddar
And how much revenue are expecting from JV this quarter?
Rohit Katyal
75 crores.
Deepak Poddar
Around. Around 75 crores. Okay, understood. And can you throw some red line?
Rohit Katyal
I would like to correct additional 75 crores. Okay. Because we are getting the entire revenues from Malay Maldives. We are getting the whatever revenues of our portion from the national high speed rail. However, what we are missing is heavy revenues being recognized at TCC level which Capacite so far is unable to book.
Deepak Poddar
Okay, understood. Yeah, fair point. And just one last thing from my side on the pipeline you mentioned. We do have a very healthy bid pipeline. So can you quantify what would be the bid pipeline for us and what sort of conversion we are looking at?
Rohit Katyal
So as you are aware that we have a very strong order book which provides visibility over the next three, three and a half, four years. Our focus at the moment is central government EPC projects. Whether it is for cpwd, your company is qualified. Similarly, we are looking at certain projects in Citico. We have already submitted our bids. The bids are yet to be opened. Similarly, we have a big opportunity which we see in the deposit works of NBCC funded by central government ministries like this. Just to name like auditoriums. We have high end housing for senior IS officers or for the elected members of the parliament.
So on and so forth. So there are many projects if you total up will go in thousands of crores. Our company at the moment has identified projects worth about 14,000 crores which will be focused on. And obviously we do not need to do anything silly to shore up our order book. We have already crossed our full year guidance. But we do believe that over the next 45 days we will definitely increase our order book by another 500 to 1000 crores.
Deepak Poddar
500 to 1000 crores incremental orders. We do expect that would be much higher than what we had guided earlier. I think in terms of order inflow.
Rohit Katyal
Guidance our order inflow targets worth 3500. It stands at 3909 crores. That does not include the increase of contract values of SIDCO and MARA due to price variation escalation. And therefore the current year target if we achieve another thousand crores will be close to 5,000 crore which would be about 35% over the target which we had given you all in April.
Deepak Poddar
Yeah, absolutely. Absolutely I am. That’s great sir. I mean that would be it from my side. Wish you all the way. Thank you so much.
Rohit Katyal
Thank you very much.
operator
Thank you. We have the next question from the line of Dhananjay Mishra from Sunidi Security. Please go ahead.
Dhananjay Mishra
Yeah. Thank you sir. Congress on resilient performance. So what is the outstanding order book position from citco as on December 31?
Rohit Katyal
Give me a second please. So the outstanding order book position in totality is 3,3077 70 crores out of which 2500 crore is attributed to the location number 7 which has been promised to be delivered given to us in quarter one of the next financial year and by balance 1200 crores is of the first six locations against which we have given you the revenue guidance. If location 7 is handed over in quality quarter one the revenue guidance will change accordingly upwards.
Dhananjay Mishra
This is after the variation you said like we have.
Rohit Katyal
We will have to add the variation because it gets added in the cost as well.
Dhananjay Mishra
So excluding location 7 what is the order book balance? What we told 60 crore monthly 100 we will do in Q4.
Rohit Katyal
1200 crores
Dhananjay Mishra
outstanding.
Rohit Katyal
Yeah.
Dhananjay Mishra
And secondly apart from opportunity, opportunity in the real estate segment do you also see opportunity in data center? Because like loan have now to enter into data center and we have worked with them. So do you see it as a contender to build data center projects?
Rohit Katyal
We have delivered 11 data centers to the Department of Telecommunication for the Indian defense over the last two years. Two further of Udanpur and Kolkata are pending to be delivered which will happen by March or April of the current calendar year. And therefore we do believe that we are qualified. We just lost a thousand crore bid on commercial pricing. But as I told you, the company does not intend to have any negative impact on its bottom line. So if we get projects at our fair pricing we will definitely take them. Whether it’s in the commercial space, retail space, residential, institutional, health care or data.
Dhananjay Mishra
And we are bidding with a similar kind of margin. 15, 16%. When we are bidding for data center or margin a little bit higher.
Rohit Katyal
No, no, no similar margin. The margins are not very high. It is not design build. Design build will only happen in government. As and when government decides to have their own major data centers. Data center, mega data centers. Whether it’s Google, whether it is Meta, whether it is Reliance, they all are on item rate. It is not design built. So when the design is out of our scope then you cannot think of making those 17 18% margins. Only when design is in your scope and when you do the value engineering does the margin which we have been discussing about realize.
Otherwise the whole industry including unlisted players will be would be at 18%. That cannot be generalized.
Dhananjay Mishra
And lastly on this working capital limit we have 1390 crore. So what is the between fund based and non fun based and what is the utilization?
Rohit Katyal
I will request you to kindly send a mail to our investor relations. They will provide promptly send you the entire details. Because this would be a very long answer. 1390 crores is in the consortium. Apart from that we have project specific bank guarantee limits for CIDCO and for Mahara BDD project. All right. So 1390 crores is in the consortium limits tie up which we just mentioned the breakout. If you just drop in a small mail it will be shared with you.
operator
Thank you ladies and gentlemen. In order to ensure that the management will be able to address all the questions from the participants we request you to kindly limit your questions to two per participant. If you have a follow up question, please feature in the queue again. We will take the next question from the line of Rajesh Kumar Rathi from right Shopping Private Limited. Please go ahead.
Rajesh Kumar Rathi
Yeah. Hi. My questions are regarding the new labor laws. Industry sources have told me that implementation of this law can increase the contract labor cost by 8 to 12% because of the PF and ESI etc. Do you conquer with that view?
Rohit Katyal
No, not at the moment in time. Because 50% of our subcontractors have their own PF number already and they are already Compliant with the labor laws. The direct cost of our own personnel has been examined by our auditors, internal and external. And that is pegged at 40 lakhs. So which is practically negligible. Coming back to contract labor, we have a policy. Those who do not have a provident fund registration, the company recovers 4.5% towards administration cost and payment of PF on the basic bill of the contractor. This is for those who do not have it.
Now the exercise is going on what exact impact that would be and if that increases by half a percent, 1% it will be charged. As far as the sale pricing is concerned, it is a dynamics of the availability that already is very low. And we are already paying a serious premium on what used to be paid to labor contractors, let’s say three years ago. So. So I don’t see that labor code anyways will impact that. What will impact is the quality of the labor of the labor contractor number one, number two. And the quality and efficiency which they work at.
So any labor contractor who is efficient will definitely command a higher price. It’s got nothing to do with labor code.
Rajesh Kumar Rathi
Okay, so you don’t expect any dent on EBITDA margin, which way due to all this?
Rohit Katyal
We do not.
Rajesh Kumar Rathi
And will it cause some kind of production slowdown disruption because of regularization of everything regarding the contract labor?
Rohit Katyal
No, the point is everyone including us are on ERP platforms and we have a very robust HR platform as well as. So the point is, whatever change has to be done, that will be done over up to 31st of March in the CTC. All right. And the new new CTC breakdowns will be given as guided by the new new labor code. That’s all. As far as the labor is concerned, under various labor contractors they do not have a breakup of ctc. It’s basically, basically salary DA allowance and other allowance. That’s all. So we don’t see anything major.
Further, the minimum wages on which PF is applicable is 15,000 rupees now which has increased to 20,000 but the date has yet to be notified. So assuming that that would go to 20,000, the compliance on quantum basis will increase. But that again will be done by the software, not by human intervention. So we do not see any disruption as such happening because of the new labor code.
Rajesh Kumar Rathi
Okay, that’s all from the side. Thank you so much.
operator
Thank you. We will take the next question from the line of Aniket, cr, Kotari, Samsung Stockbroking. Please go ahead.
Unidentified Participant
Hello.
Rohit Katyal
Yes please.
Unidentified Participant
Thank you for the opportunity. Sir, my question is around Receivables and current capital assets turnover. So if you look at the ratio which is currently close to 1x which implies our significant portion is tied up. So with the next coming quarters, what is the management target for this ratio and for FY27?
Rohit Katyal
The debtors stand at close to 980 crores if I’m not wrong. On an annualized basis from where you got 1x, I am not aware.
Unidentified Participant
Receivables plus contract assets.
Rohit Katyal
So the entire contract assets stand at 1900 crores. And if you compare that with the annualized turnover of even 2700 crores, you will see a reduction year on year as a percentage of contract assets to the top line. Now if you take any A rated company, they have contract assets of 76% to the revenue. We are currently at maybe 80%, 85%. And we are sure that we will breach that 80% mark by Q4 of the current financial year itself. So the company plans, as I told in the last quarter or conference call also that over the next eight quarters, out of which one quarter is already completed, which means September of 27, we would like this figure to be at 50, 56% of the top line.
Unidentified Participant
Okay, thank you for the clarity. And additionally, can you give some clarity on the typical conversion cycle? How many months does it take for the contract assets to convert to the receivables and then to cash?
Rohit Katyal
Absolutely, but that’s a very long answer. Request you to drop a small mail to Mr. Amit Porwal of Marathon Capital and he will immediately answer that.
Unidentified Participant
And my second question is regarding bookkeeping questions. What, what would be the FY27 margin guidance along with working capital days?
Rohit Katyal
FY.
Unidentified Participant
FY27.
Rohit Katyal
So FY27 guidance, we are submitted to our clients to deliver close to 18% increase in revenue. So let us maintain at that level at the moment in time though internally it would be higher. Second, the working capital days as on quarter ended 3925 was 164 days. All right. Excluding retention, it hanovers between 165 to 170 currently. But we do see a reduction by March by a few days. However, we would like to see this again at the historic 90 days level over the next two to two and a half years. And we are working behind that.
Unidentified Participant
Okay. And about the margin, sir.
Rohit Katyal
Sir, we have already guided for 16 and a half to 17 and a half. For a construction company. It’s never to be monitored on a quarterly basis for the full year. This guidance is there for the current financial year will continue for the next financial year.
Unidentified Participant
And my last last question about borrowings. What. What kind of the total level of borrowings can we expect in FY27?
Rohit Katyal
Sir, we will be at the current levels because and we see a repayment of close to 70 crore in the next financial year. All right. So on a net debt equity basis we definitely will see meaningful reduction.
Unidentified Participant
Okay. Thank you sir. Thank you for addressing the question.
operator
Thank you. We have the next question from the line of Rajesh Jain from RK Capital. Please go ahead.
Rajesh Jain
Yeah. Hi. Thanks for the opportunity. Sir, I want to understand about the management’s ability to scale up revenue while keeping the cost in control. So will there be any significant operating leverage at all? So for example you for financial year 27 you have guided for revenue growth of 18%. Will the PAD growth be similar 18 to 20%. Or the PAD growth can be to the extent of 20 to 23%.
Rohit Katyal
So if you see the PAT increase over the last two years has been on the basis of increase revenue keeping the indirect cost fix it cost at a lower level. And therefore the percentage of fixed cost has reduced in proportion to the top line resulting in 100 basis points of margin expansion. Alright. So we keep the guidance at the same level. If you are able to do better we will be very happy for the company and all its shareholders.
Rajesh Jain
Okay. So by and large there is no operating leverage. Or maybe there could be some positive surprise. But I mean at this moment we cannot say confirmed operating leverage playing out. Right.
Rohit Katyal
See the operating leverage playing out has already been seen by y’. All. So let us keep some things for the management to give positive surprises as well.
Rajesh Jain
Okay, understood. And so on the signature global project I believe they were facing some reduced bookings in some of their ongoing projects. So will it impact the ramping up of the project awarded to your company?
Rohit Katyal
I am not aware of that. Our payments are on track. They have released all the advances. They have released the advances for the homework as well. So I don’t see any impact as on date while they continue to what we have been informed by the client that our project is sold out.
Rajesh Jain
Okay. Okay. And the last question is what are your typical payable days for your suppliers?
Rohit Katyal
So the total creditors without provisioning. I repeat without provisioning. Because creditors levels including up include a provisional figure of 242 crores. If you reduce that the total creditor level for goods would stand at 440 crores. And if you divide that by a revenue of 2600 also you will get a 45 days credit level. Average. Okay. Provisions are those figures for which expenses will be booked over the next 5 to 6 7/4 for the LSTK projects which we are executing so that there are no surprises on the profitability of the company going at that particular quarter going down let’s say 4 quarters or 5 quarters from now on the services part our liability would stand at about about 60 to 70 crores on absolute basis.
This does not account for the 5060 crores of advances given to vendors for supply of steel and concrete, cement etc.
Rajesh Jain
Okay. And the last question is on the other income. So you have. So I believe you know there is a note that you are carrying some receivables as 54 plus 11 clear. I think there is some note by the auditor there. So once all those receivables are realized by you then what is the normal steady state trajectory of other income we can expect on a full year basis?
Rohit Katyal
See we have 175 crores of fixed deposit. So at a average interest rate of 5 and a half 6% you can calculate what the other income would be. Whatever assets have been capitalized that will be appearing under capital gains. What if the company is making profitability? Now coming to your question of the qualification which continues over the last five quarters if you see the number from 68 crores has fallen to 54 crores. All right. We expect that over the next eight quarters this entire money will be realized because we are holding assets of close to 90 crores against these receivables which are at various forums.
Out of this 25 crore worth of assets are in Bangalore. We have just one K RERA matter whereby the ongoing honorable NCLT Karnataka RERA has. Sorry, not NCLT Karnak Karnataka RERA has instructed the developer to register and hand over the property within 60 days. So this order was delivered on 9th of January and we do hope that sense will prevail on the Erin developer and within the first quarter the company me will realize this 25 crores. So what I used to say about four or five years ago that the no commercial interest of the company will be compromised with it is now getting reflected by collection of nearly 50 crores in the current financial year and which will continue in the next financial year by another recovery of 50 crores and then the subsequent year.
So though it has been a long fight, the company has been troubled. But we are well on track to recover every penny that the company owns from such erring developers.
Rajesh Jain
Okay. And you will be able to recover your all your legal costs and all your Costs pertaining to the recovery.
Rohit Katyal
Sir, if I. I do not know about that but if my legal cost is approximately a crore of rupee in a year I definitely cannot lose 200 crores of the company’s money by not paying 1 crore only. For your information, the property sold in the current year the company again has been 16.39% which will be recognized only on receipt of monies.
Rajesh Jain
Okay, thank you so much. Thank you.
operator
Thank you. A reminder to all the participants we request you to kindly restrict yourself to two questions per participant so that all the participants will be able to ask questions in the question queue. We have the next question from the line of webhavsha from JM Financial. Please go ahead.
Vaibhav Shah
On the standalone front, what kind of revenue are we targeting for 26 and then 18% PDM loan guidance stands for standalone as well.
Rohit Katyal
Very difficult to say that how are the new orders would come Generally we are at the moment bidding on standalone basis so I think the consolidated the standalone revenue should grow faster in the next financial year as compared to the consolidated revenues. However, if we are able to recognize our share of TCC that is the MADA project then obviously it will be a totally different picture. We may up our guidance accordingly but at the moment I do see the share of standalone revenues going up in the next financial year.
Vaibhav Shah
Time for FY26.
Rohit Katyal
FY26 at the moment we are on the higher side and that trend will continue.
Vaibhav Shah
Okay, and lastly what capex are we targeting for 26 and 27 both from standalone and consultant so 27 I can.
Rohit Katyal
Only diverge once the budget meeting is held by the board and the figure is approved. It would be incorrect for me to answer now but definitely after the board meeting on 20th of March we can disclose until discuss with you as far as the current financial year the total additions as on date have been 78.82 crores in the core assets and we believe that another 15 to 20 crores will get added so we should be at about 100205 crores of core asset addition in the current financial year.
Vaibhav Shah
Sorry, this is for standalone 100 crores for the.
Rohit Katyal
Yeah, yeah, Standalone. Standalone yeah yeah.
Vaibhav Shah
And for console there are no See.
Rohit Katyal
We don’t avail any limits in our subsidiaries, joint ventures that is you know, strict fiscal prudence which we have maintained. If you see our debt on Consol and standalone remains the same. There is no change except in the bank guarantee limits so capitalization will happen at capacity level. We have a system of charging monthly rental from all the project sites whether they are in JV or otherwise and that system will continue.
Vaibhav Shah
Then. Lastly, standalone margins have been quite good at around 18%, 18% plus levels in the nine months. So you expect the to maintain that run rate or that 60 and half to 70 and a half percent guidance is there for standalone as well?
Rohit Katyal
Sir, our guidance of 16 and a half is on console basis. Standalone was always 18 plus and we do believe, we don’t see any reason why that 17 and a half to 18 and a half on standalone will get impacted in the near future.
operator
Thank you. We have the next question from the line of Rahul Kumar from Wakariya Pant. Please go ahead.
Rahul Kumar
Yeah, hi. Just in margins again I think, I know you don’t want us to compare on a quarterly basis but I think in this quarter we’ve seen that there is a 70 bps decline in the gross margins and similarly 80 pips in the EBITDA margins as well. What has driven this lower number?
Rohit Katyal
Sir, as I explained and I tried explaining every quarter you see on the total as on for the year ended 31st March 25th 16.15. The EBITDA was 16.15. All right. As on today we are standing on 16.65. So if you compare quarter on quarter it would not give you a right picture on a whole year basis you will see that company is maintaining what guidance it is giving on console basis and improving on the stand alone basis. And we can only say that this will continue comparing on quarter to quarter. Sometimes we don’t get to recognize any revenue in a particular quarter and then the revenue is not recognized.
The corresponding profit cannot be recognized. So all these factors cannot be explained on a quarter to quarter basis. It can be explained in very detail on a yearly basis. But on the yearly basis as I explained, the company is not only maintaining but exceeding the targets what it has given to its investors and financial institutions alike.
Rahul Kumar
Okay. Okay, understood. And second question is I think you mentioned a figure of 100 crores lost revenues this quarter because of NGT. So was that for entire. I mean because of all the reasons you mentioned or was it only in the NCR region?
Rohit Katyal
No, when I say why you lose nearly two months in a year is not only because of NGT issues. I said extended monsoons are there. Erratic monsoons are there which are not now restricted to Maharashtra alone. We are seeing heavy rainfall over the past two years in Delhi and SIA region as well. Not to talk about the eastern part of India because we don’t work there. So given the Monsoons. Given the elections, given the ngt, environmental issues. Now you see that many developers have received stock order notice in Maharashtra as well. So we can only do our best which is within our means and resources to get as much as open period for working.
But we can’t fight ngt. We can’t fight overall pollution. We are doing our best for the environment by having adhering to all the guidelines as stipulated by the authorities. Whether it is in Delhi, NCR or in Mumbai. So you will see loss of at least 34% 45 days every year for everyone. So the revenues guidance for the next financial year will be adjusted accordingly and provided. That’s what I meant and that is rightful to do so. Because if then the turbulences or the stoppages are less then the revenues will cross the guidance. But when we know that these practical issues are happening in the urban cities of India and capacity than being a pure urban player and that too in the tier one cities, these issues I don’t see going away in a jiffy.
Rahul Kumar
Right. Understand it. But this 100 crore figure you mentioned for this quarter or you know here as a whole.
Rohit Katyal
Actually I am saying that we have lost 100 crores. Close to 100 crores in October. We lost something because of extended monsoon. You’re well aware about that. That then we have lost in November and December due to NGT issues. So my. Someone asked me a question so I gave an approximated answer. It could be 70, it could be 120. Please don’t hold me on that. But we can definitely take a realistic number and make available to you.
Rahul Kumar
Okay, got it. And I think in the quarter two presentation you had mentioned that you know the receivables you are on track to reduce by 45 days for this year. And I think you had reduced it by 20 days in the second quarter.
Rohit Katyal
So yeah.
Rahul Kumar
I mean where do we stand as of now and do we continue to stand by the target which we had given?
Rohit Katyal
We are doing everything possible to do that. And I see no reason why we should achieve. We should not achieve that. The company’s collection profile over the first nine months has improved by 30% over the corresponding period last year. So not only have we reduced our creditors substantially, which I explained in one of the prior questions, we have also managed to reduce the cost of materials because of the such better payment terms. And now the only thing is to reduce the overall working capital cycle for which we have given ourselves eight quarters starting September 25th.
Rahul Kumar
Okay. And what is the contract asset as of.
Rohit Katyal
As of December, absolute value close to 1900 crores.
Rahul Kumar
1900. This was 1300 crores. 1400 crores.
Rohit Katyal
Excuse me, sir, when I say contract assets, I’m including debtors also in that 1900. So only 1200. And so you have when? Because contract cases for me includes everything.
Rahul Kumar
Okay.
Rohit Katyal
If you ask me what is the debtors and what is the other part of contract assets then the overall unbilled figure lying in vape would be close to 1250 on console basis. On standalone basis would be lower.
Rahul Kumar
No, I understand. I understand. Thanks.
operator
Thank you. We have the next question from the line of Vance Solanki from RSPN Ventures. Please go ahead.
Vansh Solanki
Good morning management. My question is on a revenue that you told that 18 to 20% is achievable in a full year. And you also just told key it will be depend on the whether the revenue from the JV and associate will come or not. But my question is that even if the revenue in the JV and associate will come, it will not added in my top line. Right? It will come through a profit directly. It will not edit in my top line. So how we are gonna improve my top line to 20 or 18%. That’s my first question, sir.
Rohit Katyal
I just explained this in my previous answer. I repeat it that there is an additional revenue. Whatever consolidated revenue of 150crores we do on a quarterly basis. That alone is not sufficient. We believe that our 35% share of the top line in TCC should be made available to us if. If that additional comes. Because the revenue in TCC would be close to 300 crores in quarter four of the current fiscal. Okay. So 35% of that would be 105 or 110 crores or thereabouts. So we are expecting that revenue to get added. If that happens, we will achieve the figure.
What you are saying. 900 crores of revenue for the full quarter Q4. 26.
Vansh Solanki
Okay. And on the EBITA margin side. Yes, yes.
Rohit Katyal
We are already recognizing.
Vansh Solanki
Okay. And also you have given in the PPT that the margin for a full year will be around to upper level of the guidance near to 17.5. So. So for that my QQ quarterly revenue for Q4 will be around 18 to 19% minimum. So that will achieve my full year 17.5 number. So will it be achievable for that even if the revenue from the JV will not come?
Rohit Katyal
Assuming sir, if the revenue from JV will not come then my EBITDA will be higher. You please try to understand that we are recognizing profit. It Is not that we are not recognizing recognizing our profit. We are getting battered by not being allowed at the moment so far of recognizing revenue from TCC to the tune of 35%. Is the first part of my answer understood?
Vansh Solanki
Yes.
Rohit Katyal
Now going forward, if the I am allowed to recognize profit, a turnover on the profit which I am only recognizing it will have a negative impact on ebitda. At the moment it is having positive impact on the ebitda. It is a technical point. So I would suggest that you put in a mail to Mr. Amit Morawal of Marathon Capital. And he will respond so that you can with the illustration. So that it is understood to you.
operator
Thank you. We will take the next question from the line of Pratik Singhania from Sage Investments. Please go ahead.
Pratik Singhania
Yeah. Hi. Good afternoon, sir. So my first question is with respect to the pre tax cash flow from operations against this EBITDA of 108 crores. How much was that for Q3?
Rohit Katyal
One minute please. Taxes 86 crores. So you can take down the tax expenses is 17.36 crores for the quarter. If that is what you asked me.
Pratik Singhania
No, no. I’m asking you the cash flow from. The cash flow from operations. I. I wanted. How much is the cash flow from operation before paying any taxes.
Rohit Katyal
Also cash inflow for the first nine months to that 1800 crores. I can provide you for the number for quarter three as well. But can you please tell me the cash flow for quarter three. But for the first nine months it is 1800 crores and it is close to 525 crores. For Q3 alone. Except excluding the realization from properties. Add to that January collection of 200 crores.
Pratik Singhania
So by. Sir, cash flow from operations. I am asking you the net cash flow which is generated from the business in Q3 after considering any changes in the working capital.
Rohit Katyal
Close to 100. Cash flow from. You want a net cash position?
Pratik Singhania
Net cash flow from operations for Q3 adjusting for the.
Rohit Katyal
Approximately 110 crores.
Pratik Singhania
Okay. Okay. And sir, second question is with respect to this assets, the data we have. How much of these assets are such that the building and the. The building is completed and people are staying there. How much is under the construction stage?
Rohit Katyal
I don’t have those details ready with me but please drop a mail. We have a complete list. So the total assets which we are now holding for sale is close to 60 crores. Balance as I told 50 crores has already been sold. Out of which 38 crores has been collected and balanced. 12 crores will be Collected by March. So I don’t have a bifurcation of what is oc, what is virtually complete, what is under construction in front of me. But what we can say is that in totality 52 point, sorry 50 crores will be the realization for that which has been used to reduce our creditors substantially on absolute basis.
Pratik Singhania
Right. And sir, with respect to the like two years guidance of this entire contract assets and the working capital cycle coming down. But any near term benchmarks or milestones that you would want to place for for the company that how it will translate Transcend into say FY26 then H1, FY27 and FY end of FY27 as well.
Rohit Katyal
I’m sure you all are monitoring. We have reduced by 20 days on our increase increasing revenue number one. Number two, we would like to reduce that every quarter by 7, 8, 10 days here on. As I told you our focus is that over eight quarters post September 25th we would like to bring it down to that 90 days level which the company historically enjoyed before the issues of COVID the held up money started. So obviously when our hold up receivables, whether it is lying in the asset side or whether it reduces the balance sheet size by 200 crores on the core assets.
Definitely all these figures will get normalized. And they are already getting normalized. 20 days reduction on an increasing revenue is a substantial number.
Pratik Singhania
Right. Right. Great sir, thank you so much and all the best. Thank you.
operator
Thank you. We have the next question from the line of Divakar Rana from Prudent Equity. Please go ahead.
Diwakar Rana
Yeah. Sir, Raymond Realty has launched the project near Wadala and they are coming out with some JDAs. So are we eyeing any of those projects?
Rohit Katyal
So we have a long term relationship with the Raymond Realty and I don’t look into operations on a day to day basis. But I do believe that we will be given a fair opportunity to both. And obviously as I told that if our pricing is in line with the client’s requirement, definitely we will have an opportunity. Having said that we have also bid for certain large projects in Thana for the same client where we are executing. So obviously if we get new more projects in the existing location that would be our priority for obvious reasons.
Diwakar Rana
Okay. Okay.
operator
Thank you very much. As there are no further questions from the participants I now hand the conference over to Mr. Rohit Katyal for closing comments. Thank you. And over to you sir.
Rohit Katyal
I would like to thank all of you for joining us on this call today. I hope that we have been able to address your queries and provide useful insights into our performance and future outlook. If you have any questions or require additional information, please feel to reach out to our investor relations team. Thank you once again for your time and continued sir. Have a great day.
operator
Thank you sir. On behalf of Kipperside Infra Projects Ltd. That concludes this conference. Thank you for joining us today and you may now disconnect your lines. Thank you.