HG INFRA ENGINEERING LTD (NSE: HGINFRA) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Harendra Singh — Chairman and Managing Director
Analysts:
Unidentified Participant
Selina Sheikh — Analyst
Mohit Kumar — Analyst
Vaibhav Shah — Analyst
Shravan Shah — Analyst
Bhavin Modi — Analyst
Ishita Lodha — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q3FY26 earnings conference call for HG Infra Engineering Limited hosted by Go India Advisors. 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, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Selena Sheikh from Go India Advisors. Thank you. And over to you, ma m.
Selina Sheikh — Analyst
Good evening everyone and welcome to HG Imsha Engineering Limited earnings call to discuss the Q3 and 9M FY26 operational and financial performance Hosted by Goindia Advisors. We have on the call Mr. Harindra Singh, Chairman and Managing Director, Mr. Rajiv Mishra, Chief Financial Officer. We must remind you that the discussion on today’s call may include certain forward looking statements and must be therefore moved in conjunction with the risk that the company faces. We now request Mr. Harindra Singh to take us through the company’s business outlook and performance. Subsequent to which we will open the floor for Q and A.
Thank you. And over to you, sir.
Harendra Singh — Chairman and Managing Director
Thank you, Serena. Good evening everyone and a warm welcome. Each one of you joining us on the call today. At HG Infra, we are immensely proud and delighted to have spent over 23 years shaping the backbone of India’s infrastructure and marked recently by our 24th foundation day. As we reflect on this journey with pride and advance with purpose it has been built on. First, driven by passion and defined by quality. These enduring values continue to guide us in construction infrastructure that propels India’s progress. To meet India’s evolving requirements, we are scaling for success, fast tracking innovation to build smarter, faster and safer infrastructure.
We are entering new sectors such as solar energy, transmission and battery storage. Guided by the simple belief that infrastructure must be as dynamic, as diverse as as the nation itself. Union budget of 2627 has strengthened the road sector with higher allocation to Ministry of road transport at 3.9 lakh crore rupees up 8% year on year and increased funding for National Highway Authority of India to 1.87 lakh crore. This enhanced investment is expected to accelerate development of National Highway, Expressways and greenfield corridors leveraging our strong execution capabilities. AG Infra are well positioned to benefit from this momentum with 45 plus road projects delivered and our track record reflects engineering excellence, timely execution and durable quality.
As of December 25th our roads and highway order books stands at 8460 crores constituting about 62% of the total order. Simultaneously, the Union Budget 2627 again remains focused for rail infrastructure with a capital outlay of 2.5 lakh crore for Indian Railways to support network expansion, capacity enhancement and modernization. Aligned with this momentum, AGIL has strategically diversified into rail and Metro infrastructure with seven plus ongoing projects. Our presence in this segment reflects growing technical expertise, disciplined execution and capability to deliver complex infrastructure. Green energy also marks a significant new phase in AG’s growth journey as we have already executed 350 plus megawatt and remaining 250 megawatt likely to be completed by March 26th out of total 600 megawatt capacity order which is supported by integrated storage solution reinforcing our focus on sustainable and future ready infrastructure.
Let me begin with a glimpse of our operational highlights. As of quarter three FY26, the company’s order book stood at rupees 13,624 crore comprising 8,734 crore from roads and highways, 2,779 crore from railways and battle 1620 crore from base and 394 crore for solar and transmission project rest 98 from other sectors. Segment wise roads and highway contributes 64% followed by railways 20, renewables 15 and other segment 1%. Regarding the updates on the EPC and highway project we almost as 99%. Kangas project completed and COD are being applied likely to be obtained within this quarter only.
The Jamshedpur Elevated project is running smoothly with current progress at 36.9%. The Neem Langla Tumkur project is gaining execution momentum and reached 54.4% completion. The appointed date of DLF project is declared as 30 December 25 and the project is under mobilization stage. Regarding HAM and highway projects, the Kandal Ring road has reached 94.2% completion marking steady progress and likely to get provision completion in Q4FY26 as shared in the previous quarter. Provisional completion certificates For Raiful Visakhapatnam Corridor 45 and OD 6 projects already received and the both projects remain close to completion. The Raipur Vishakhapatnam again AP project is also nearing completion and we have received provisional completion certificate with effect from May 25.
All three projects of Raipur Vishakhapatnam corridor that are OD5, 6 and AP1 continues to be on track for COD in next few months. Only the Khamam Devrapalli for a cache 8 KD1 and 2 where the PCC already received which are at 99.1 and 96.9% completed completion. Both the packages are expected to be 100% completed in Q4FY26, the Chennai Tirupati ham project reached at 40.1%, the provisional appointed date for the Varanasi Kolkata corridor package 13 has been received with FRAC on 30th September 25th and the project of package 13 standards 19.4% for package 10, the appointed date is expected to be received in quarter 4 26.
For Kosi Panirama package number 6 of Ayodhya, the concession agreement is signed on 21st of June 25th and the appointed has recently been declared on 16th January 26th. The project’s exhibition stands at 3.4% for the narrow circuit project financial closure which was achieved and the appointed date was received with effect from 19 August 25th. The project execution stands at 15.6%. Turning to the progress of railway projects, the DMRC Metro project is 99% completed and progressing as per the scheduled timeline and targeting its completion in Q1FY27. The Bilaspur Himachal Pradesh Railway RW project is 87.8% completed and the targeted target for completion in Q1FY27.The Kanpur Railway Station progress project is at 44.9%.
Dhule Nardana Railway project has achieved 35% progress and the Gaia Sonnagar and Karanjigama projects are at 27.3 and 32.7% completion respectively. Progress across these projects was impacted due to abnormal rains but it is expected to pick up in this the appointed date for the New Delhi Railway Station project has been declared as 6 August 25 after the initial hiccup related to the utility shifting and design. The execution is now at initial phase with 6.9% completion. The appointed date of newly awarded Thane Metro project has been declared as 11th January 26th and the project is in the mobilization stage on the solar project as of 31st December 25th.
Overall physical progress across the project stands at approximately 95.8% despite delays in few months caused because of the prolonged and heavy monsoon condition in Rajasthan as well as the land related challenges affecting the transmission line infrastructure development, these projects got delayed. Despite of these site specific constraints, the company has been able to execute the project largely in line with the planning as planned schedule. The company is putting adequate resources to commission all the plants within the revised contractual timelines in the coming months. The antifacility commissioning will also enable the drawdown of the remaining sanctioned debt and clear the outstanding liabilities.
In view of the challenges faced by the developers in Rajasthan, the Ministry of New and Renewable Energy that is mnre has extended the commissioning guidelines for the solar plant again Kusum Sea Scheme A and C up to 31 March 26. From a financing perspective, approximately 86% of the required project debt has been sanctioned out of which around 74% being disbursed. The balance sanction and disbursements are likely to happen post commissioning of the installed plant. In the interim, to bridge the funding gap and ensure timely project completion, the company has availed additional working capital limits. Consequently, the overall debt level at the company level has temporarily increased which will be reduced in coming months once solar balance disbursement of Rs.425 crore will be received.
As of December 25, the total equity investment in these solar projects stands at 731crore. As of now the total amount built to The DISCOM is 72.88 crore and the total of 56.33 crore has been collected till date. Regarding the best projects, so There are the three projects two from GoNL, one for NVN totaling 104,070 megawatt hour. The procurement process of best project has been initiated and the orders for the long lead components like power transformer, GIS switch gear systems has been placed by the company and the exhausting technical due diligence has been conducted for DC block container for from both overseas and domestic vendors.
Final orders for the same is likely to be placed by March 26. In January 26 company formed SPV and while purchased land for the Banaskarta project and the both the projects have now got the approval from Connectivity Agreement Financial closure of Banaskara project is completed and DHOLERA is at advanced stage of closure and expected to be completed by complete by March 25th. Upon completion and commissioning of all the best projects, the company expects annual revenue of 225 crore from BEZ. Regarding the transmission project which is progressing well as per the timelines, the SPB being formed and the design and the long lead items are booked, this is the update on the monetization of five New HAM Assets where the PCC already being received in August 25th we executed a binding of our document with new Infra Income Opportunity Fund for the divestment of our HAM portfolio in five wholly owned subsidiaries.
We have executed the security purchase agreement of all five projects during the previous quarter. We had already initiated the process of fulfilling all condition precedents including obtaining client’s approval, lender consent and completing requisite representation warranties. We have received lenders NOC for Common Developery Package 1 and 2 and for the Raipur which are government projects. Package 5 NOC has been received from one of the senior lenders and the approval from remaining two lenders are expected shortly. Further NHI is also approved the NOC of Khamman Devarapalli Package 2 from the remaining projects we are continuous follow up with NHI and respective lenders and anticipate receiving the requisite required NOC within the next month.
Based on the current progress, we are expect to complete the transaction for at least three of the projects SPVs within the current financial year and we are expecting around 500 to 600 crore as first part of consideration for this project. Regarding equity requirement on HAM projects, the total Equity requirement for 11 HAM projects is 1750 crore. As of December 25, 1242 crore has been infused. Of the remaining amount, 117 is scheduled for the infusion in three months for the year followed by 220 crore in FY27 and 171 crore in FY28. Moving on to the financial highlights of quarter three FY26 and nine month of 26 Channano Financials revenue for quarter three FY26 reached 1,450 crores with an EBITDA of 224 crore at a margin of 15.5%.
EBITDA PAT for the Q3FY26 stood at 97 crore with a PAT margin of 6.7% compared to rupees 137 crore and at 9.1%. In quarter three FY25 revenue for nine months FY26 reached 4,313 crore with an EBITDA of 607 crore at an EBITDA margin of 14.1% PAT. For nine months FY26 stood at 290 crore with a PAT margin of 6.7% compared to 365 crore and at a margin of 8.9% in nine months FY25. On a standalone basis our gross debt stands at 1545 crore. This comprises of 914 crore in working capital, 631 crore from term loans and current maturity trades.
Limit and means of debt. Regarding the console number, revenue for Q3FY26 reached at14.21 crore with an EBITDA at 309 crore of 21% margin PAT for Q3FY26 stood at 94 crore with a PAT margin of 6.6% compared to 115 crore at margin of 9.1%. In Q3FY25 revenue for 9 months FY26 reached 3808 crores with an EBITDA of 775 crore and an EBITDA margin of 20.3% PAT. For 9 months FY26 stood at 245 crore with a PAT margin of 6Point4% compared to 358 crore at margin of 9.7% In 9 months FY25 update on recent CBI matter is.
As you are aware that the CBI and anti corruption bureau Patna has conducted search in our offices in the month of January. The necessary updates for the same are already disclosed through the stock exchanges. We are extending our full support to the agencies in the matter and will continue to update the investors through our disclosure on stock exchange upon any material development and would like to mention that there has not been any impact on the operations and financial position of the company. Turning onto the future strategy and outlook, HG has outperformed exceptionally in all fronts against all odds and delivered timely projects with great trust, passion and quality.
As you all know that there has been less traction in new projects awarding in last 18 months from NHIS. But our deliberation with NHI things will again looks like will again flourish with new project bid in FY 9 months. 9 months of FY 26 we have backed new projects worth 3300 crores up to date and quite hopeful to add project worth around 4,000 to 5,000 crore by March 26. I will now hand over the call to our IR advisor and request to open the floor for question answer session.
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 their touch tone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to please use handsets while asking a question. We also request that you please restrict yourselves to two questions only. You may rejoin the queue if you have further questions. Ladies and gentlemen, we will now wait for a Moment while the question queue assembles. Our first question is from the line of Mohit Kumar from ICICI Securities.
Please go ahead.
Mohit Kumar
Yeah. Good afternoon sir and thanks for the opportunity. Sir, can you please help us with the update on the appointed date for Nagpur? Nagpur EPC orders I think there were two projects which were of 42 billion and is there a risk of cancellation of the orders?
Harendra Singh
Probably the cancellation of this these projects is not at all in pipeline order in discussion. The land acquisition which actually was has been impacted in the recent past because of the municipal elections in Maharashtra. So it is going on at the say not at the same pace as we were in such. So probably by April or May looks like that 70% of the land which is a prerequisite visit for LOA to be issued by that time. We are checking upon with the authorities what is the present recent update.
Mohit Kumar
So expect the maybe the work to start in H2F27. Is that a fair assumption given the current information?
Harendra Singh
Yeah.
Mohit Kumar
Second thing also of course NHI tender pipeline has a pretty weak for for last several quarters. Do you what are you seeing the progress on the ground? Are you hopeful of a sharp momentum in the balance of the fiscal or do you think the progress will Most likely happen? F27 and F26 will again be a Dalia.
Harendra Singh
As far as development and the with the getting the feelers from the authority it is very promising that they are. The pipeline is so long and the land equation and which is a very much prerequisite condition for the authority to award any project which earlier was not there as well as the quality of the DPR validation through their DPR cell is taking some time. The project where the cabinet approval is already being obtained they are almost more than 60,000 crores of project. But then again there are many more projects where the cabinet approval is likely to happen within the shortest possible time.
So it’s a matter of only few months from now where these projects are around 6 lakh crore rupees which they have given into their domain also would be likely to be awarded not for this current year, current financial year but for next definitely for the next year.
Mohit Kumar
My last question the revenue guidance. Are you still maintaining the guidance of 65 billion for the fiscal or do you think there’s a risk to the number?
Harendra Singh
There has been a bit of a slackness as well as the progress because of the prolonged monsoon. This is one reason. And the retrieving monsoon which is affected which has affected the project. But even then we are quite hopeful that we are overpassing the last year number and looking at this the appointed date of Jharkhand package 10 which was not which was supposed to be there but is not yet issued. Likely in next month only it will be given to us. So that has impacted around 2 to 300 crore rupees. Otherwise we would be in and around the last year number plus some percentage over the number.
Mohit Kumar
Understood sir. Thank you. And all the best. Thank you.
operator
Thank you. Ladies and gentlemen, to ask a question you may press star and 1. Our next question is from the line of Vaibhav Shah from JM Financial. Please go ahead.
Vaibhav Shah
Yeah. Sir, any one offs in the EBITDA margin this time?
Harendra Singh
Sorry.
Vaibhav Shah
Were there any one offs in the margin of 15.5% is normal EPC margins.
Harendra Singh
The normal EPC margin. There is no additional exceptional item which has been added here.
Vaibhav Shah
Okay. And so why was the tax rate so higher at 31 1/2% for the quarter.
Harendra Singh
So there has been a sale for last year. There has been for MSME 6 crores of provision which has been made in the CEO for the tax matter. So that for that reason it is a bit higher.
Vaibhav Shah
Okay. So secondly, what when do we expect to complete the solar projects and when with this when do you see the debt coming down.
Harendra Singh
To the debt of 425 crore which is yet we need to receive from this PV from the lenders to SPV and in turn to HG is likely that around 200 crore rupees would be there by March and followed by in April. Because the entire commissioning has now been deferred till March because of the all local disturbances and the issues which we already have faced. Several other companies have faced other. So in April and May in quarter one we would be getting the entire debt once we commission these plants in in totality.
Vaibhav Shah
For the incremental work also which is spending roughly 400 odd crores for that also will be required to put another money right to support the stv.
Harendra Singh
No, as far as exhibition is concerned it is already 98% plus completed. So the fund which you require the for the say nearing completion, it’s not that big amount is a 3540 crore rupees which we required in quarter four only for entire completion. So the money which we will be collecting is 425cr coming from the SP through debt.
Vaibhav Shah
But order book seems quite high in the solar projects as of December.
Harendra Singh
No, no. It’s transmission and solar.
Vaibhav Shah
Okay, okay, okay, got it. And sir, when do we expect to start the work for the BSS projects and your guidance for FY27 given the. Given the expectation from. The revenue expectation from the MSRDC projects would be quite lower given it likely to start in second half. So what would be your guidance for 27?
Harendra Singh
What we have designed as the IOP plan with the existing order book and likely to execute some 2000 number within this year. So with that number the best execution which is likely to be completed for the next year only the entire completion would be there. As far as if we are not considering even this Nagpur Chandrapur which is MSRDC project. So what is to be done for the new projects which we are likely to back in the coming months only we are considering some 1500 crore rupees from the new project or the MSRDC project. Other all these projects which are already.
Yes, we say just started or just one project is to be started would be good enough to reach out to a number of 7000 crores for the next year.
Vaibhav Shah
Okay. Okay. And sir, what would be. So when do we expect to receive the appointed date for the mod? Sam.
Harendra Singh
We have started 3% of completed started just recently appointed date was declared on 16th January. Just the one project is balanced where the appointed is not yet declared which is Jaran package 10. Yeah.
Vaibhav Shah
Okay. Okay. Thank you sir, those are my questions.
operator
Thank you participants. To ask a question you may press star and 1. Our next question is from the line of Shravan Shah from Daulat Capital. Please go ahead.
Shravan Shah
Hi sir. Sir, just again coming back on the first one on the revenue front. So you said that close to 2,000 crore that we are looking in the fourth quarter. So that is there. And in the. In the next year we are seeing a 7,000 odd corrode. So even if I. I look at broadly it would be a kind of a 13 kind of a growth that we are looking at. So still not able to understand whatever the shortfall which is there for FY26 we were earlier looking in for 2715% plus. So now again 2300 crore shortfall is there for FY26.
So for 27 previously we are looking at 7800 odd crore. So sharp of all that we are we are looking at in FR27.
Harendra Singh
So ultimately these are. There has been the big reason for the shortfall for the year where because of the prolonged monsoon as well the appointed date for this particular cross project which has been delayed Jaskan package 10. So this has been the reason which we are quite hopeful that we would be picking it up and around six 6200 odd crore rupees if we do it during the year. So the balance for the year 25, 20, 26, 27 we are estimating for the company for the at least 1500 crore rupees would be done from the project where they appointed it which is not yet issued alloys yet awaited which is MSRDC or any other project which you would be likely to get in the coming months only.
So rest apart from 1500 if you do best all other projects progress would be yielding around 5,500. So that we have estimated that we will be touching around 7,000 crore without much of a problem for the next year.
Shravan Shah
Okay. And the 1800 odd crore that we have already got the inflow till now and 4 to 5,000 crore that we are looking at by March. So there just wanted more clarity. So two, three aspects. One is how much worth of value of bids that we have already submitted. And also if you can break it up into whether MHI MOS or railway or solar or BES or any other sector. And how much more are we are we planning to bid? Whatever the tender spill now is available.
Harendra Singh
Around 14,000 of crores of highway projects already being bidded. EPC and HAM. There are three EPC5 HAM which results are yet awaited. And till March we are expected to bid 48,000 crores of project. So we are expecting that these are the projects. And apart from the project which we are aligning with private developers also. So those are the projects which we are quite hopeful that give us the opportunity for the year. Railway. We are already one project where the bidder and but so the second is 4600 crores of project which already has bidded the bit yet to open best around 4400 crores of 4000 megawatt of bid is yet to be submitted and 2760 megawatt of bid being done where the result are yet emitted.
Shravan Shah
What would be the roughly value of this 1400 megawatt that we did in 2016? 760 that we are planning to build. In terms of the EPC I’m particularly.
Harendra Singh
Asking that would be. That would be roughly around 8,8000 crores.
Shravan Shah
Put together combined.
Harendra Singh
Together which we will. Be we have already bidded or would like to do bid.
Shravan Shah
Okay, got it. And in terms of margin this 15, 16% that guidance for a couple of years will remain intact. Or are we facing a kind of a competition and maybe going forward the margin can be on the lower side.
Harendra Singh
As of now the project which we are already having in Hand we do have this margin this is for sure. But in near future definitely as the market trend is giving bit of a sense of correction where the margins are likely to be not in the same number would be around 14 or say that number. So in any case when we bid and we try to see that revenue we are not going to see that 10 to 12% margins are the doable kind of a margin for us. But we are focusing, we are looking at the project with having 40% in any case for the future bids.
Shravan Shah
And then we are open to it for bot toll also. Or we will prefer the subcontracting model.
Harendra Singh
No, no. We are not yet explored this particular option.
Shravan Shah
Yeah. Lastly, just a couple of balance sheet items. Inventory data, straight table mobilization, unbilled retention M data, solar data.
Harendra Singh
So the mobilization advance is 260 crore. And the stock stands at 358 crores. And the debtors are at 1551 crore rupees. Out of which debtor ham debtors are 579. Solar SPVs do have 330. So these are the all SPV Ganga is at 277 crore rupees. And others and railway are at around 200 crore rupees. And the current asset which is unbilled is 1448 crore.
Shravan Shah
1400. Okay. And trade table.
Harendra Singh
Solar and hand do have 700.
Shravan Shah
No, no. Total trade payable which was 1177 at. September.
Harendra Singh
Trade table is 1298 crore.
Shravan Shah
Okay. But inventory total you said.
operator
Sorry to interrupt your request.
Shravan Shah
I. I know, I know. I am completing this. Like this is for everybody. This is not a question. I understand this. So that’s what I’m asking. If the. If the promoter is. Is not having a problem. I think you should be keeping silence. Sorry sir. Yeah, yeah. And consolidate and console cases.
Harendra Singh
Console. I’m not having the right number. I think we would be giving. We’ll come back to you. Oh and you’re asking for console debt.
Shravan Shah
Yeah. Console that gross debt and console cash.
Harendra Singh
This debt is there with me. Console debt 6032 crore rupees. And console cash is 255 crore rupees.
Shravan Shah
And BS equity till now the same tank is invested and the balance how much to be invested in fourth quarter and 2728.
Harendra Singh
So solar we have invested full equity. 731 crore rupees. No further requirement is there. BS for the year would be around 99 crore rupees. Already 16 crore rupees invested till date.
Shravan Shah
And 2728.
Harendra Singh
The total equity requirement for 27 2020-2627 would be 605 crore rupees including hand.
Shravan Shah
Got it sir. Thank you. And all the rest.
operator
Thank you. Participants. To ask a question you may press star and 1. Our next question is from the line of Manish Gadda, an individual investor. Please go ahead.
Unidentified Participant
Hi sir, I’m audible.
Harendra Singh
Yeah.
Unidentified Participant
Yeah. Hi sir, I have one query. Yeah. As of. As of now in nine months we have done around 3807 crore of revenues. So in the fourth quarter what do you expect means what is.
Harendra Singh
This is the consolidated number of 3,800 crore rupees. And at a standalone we already have done 4,300 rupees. We normally count our turnover as I honest turn on which. But for the last quarter we are expecting to do around 2000 crores.
Unidentified Participant
Okay. And what would be the EBITDA margin and the profit margin? Sir, we’re expecting the same thing or it will come down a bit.
Harendra Singh
Around 15%. Roughly around 15 15.
Unidentified Participant
Okay sir, answer one more queries regarding. You told that you’re having the 4,000 to 5,000 crores of odd. You will get the work in this quad. But how confident are you getting that? Sir.
Harendra Singh
This we already have submitted. And the advanced stage of certain for the private developers also which we are hoping for. So these are the. This is how we are looking at around 4000 odd crore rupees or fourth of our thousand crores of order likely to be added in this till March only.
Unidentified Participant
Okay sir. Okay. Thank you sir. All the best.
operator
Thank you. Ladies and gentlemen, to ask a question you may press star and 1. Our next question comes from the line of Vivek Joshi, an individual investor. Please go ahead.
Unidentified Participant
Mr. Singh, I just want to understand one thing. Can you just throw some more light on the CBI visiting our premises and whether any of the employees were involved into any kind of illegitimate activity.
Harendra Singh
See the matter whatever has been reported we already have reported to the stock exchange. So nothing beyond that is with say as far as it’s yet to be updated. So if in case any updation would be there we will give it a.
Unidentified Participant
Submission that will be made with the stock exchange. It doesn’t talk about whether any of the employee was involved. Because we see a dramatic exit of three senior executives from the company. So are they in any way or any of the employee or anyone from the management is involved in any of the activities? Hello.
Harendra Singh
Yes, this is not any new a related to this particular matter.
Unidentified Participant
So how do we get any update on this? I mean why did the CBI come?
Harendra Singh
No, but again It’s a matter is subjugates and whatever we did matter of abation would be given from to the stock exchanges. Stock exchanges as a communication.
Unidentified Participant
And no to the shareholders. Is it?
Harendra Singh
No, it can be given but there is no update as such. We already observed it.
Unidentified Participant
No, no. I’m not asking for any update. I’m only asking what was the reason why CBI came. Because whenever CBA YT people come they come with some sort of an explanation in with respect to so and so matter. We have come here. So can you just throw some light on that?
Harendra Singh
I think CBA do not have any reason to say search any place. They do have their own reason. They did. And whatever was the event we have updated the stock exchange. So there has not been not being any transaction, nothing doing. So that has been updated.
operator
Thank you participants. You may press star and one to ask a question. Our next question comes from the line of Shravan Shah from Daulat Capital. Please go ahead.
Shravan Shah
Yeah sir, till now nine months how much capex going forward? So we used to save minimal capex. So that trend remains.
Harendra Singh
What kind of a capex.
Harendra Singh
Equipment. So at a standalone level how much capex?
Harendra Singh
Hardly I think is more on 30 or 5 or rupees invested in this particular nine months and not a major would be done because so the kind of a project which we are having mix of that. So we do have a good amount of machines and equipment.
Shravan Shah
Okay. Okay. And this, this you said this date of 1545 odd crore so maybe 200 crore. Once we get the solar disbursement it would be reduced or that is one part. And second apart from that any further option in terms of the reduction by by this merchant and how one can then look at for FY27 onwards the date.
Harendra Singh
So basically there have been two big reasons. One is the solar debt. Second is the data and the current receiver say this is the current asset. So this is a very high all time high. Because the project which we are at this stage is around 10 bit size project including solar. It is a 12 big size project which are at this particular verge of this where certain unbuild is there contractor set and certain debtors that they have gone high. So once we are 100 at this stage completion is being done and the cod being done and the whatever unbilled is being built and the debtors would be received.
So this will give a significant relief to the debt.
Shravan Shah
Got it. And then this des you said the entire 1600 crore order book which is there will be executed by FY27 or half of 2728.
Harendra Singh
Battery. Around 85% of the best would be completed by March because the third best do have the timeline till June 27.
Shravan Shah
And in in the railway. So out of broadly currently 2800odd crore how much one can.
Harendra Singh
We will be doing around 1700 crore rupees from this project.
operator
Thank you participants. You may press Star and one to ask a question. Our next question is from the line of Manish Gadda an individual investor. Please go ahead.
Unidentified Participant
Hi sir, sorry to ask you again. Our profit margin has been declining. So what’s the reason for that?
Harendra Singh
So in the last three quarter it was at a decline stage because of some modified. Modified profit projection in few of the projects especially Ganga and Sonar and one or more project of nhi. Now they are stabilized.
Unidentified Participant
Because the last quarter also said it was 6.7%.
Harendra Singh
No, no I’m not talking about the pat. We are talking about the.
Unidentified Participant
I’m talking the pack margin. The PAC margin also it has been declined from 9% to 6.7% the reason behind it.
Harendra Singh
So this is the tax rate. I think in one of the exceptional reasons which has been affected this ultimately it is 25% but this time it is 32% for the reason which is a kind of a provisioning being done for tax provisioning being done for the last year.
Unidentified Participant
Okay.
operator
Thank you participants. You may press Star and one to ask a question. Our next question comes from the line of Vaibhav Shah from GM Financial. Please go ahead.
Vaibhav Shah
Sir. Assuming the LOA comes from MSRDC in the first half of this year. So we win the. We won the L1 in May 24. There’s almost a gap of two years. So will the bid be revised or can it impact our margins?
Harendra Singh
There is no update as such as for the revision and anything is concerned. It’s a bit validity we are extending every time. So we are quite hopeful because the land acquisition is going on our team site at the project level. They are witnessing the land position etc. So we are quite hopeful that very soon it is going to be awarded. But it’s a matter of only the government reason whether that availability is over.
Vaibhav Shah
So but if we. If we accept the. The current bid whichever we had submitted two years back. So won’t the margins be impacted on the. On the project when we execute it?
Harendra Singh
No, if we just discount that number gives the line. Let’s say the order is not there so we would be having a less number of orders in any case which is a balance Order in case what you are trying to tell basically then the order in the forthcoming months at the forthcoming year need to be added to just maintain that streak of around 10 to 15% year on year growth.
Vaibhav Shah
So what I was coming from is that if the lo had come earlier a year back we would have been already executing the project around 50, 60 odd percent and now so what values would would we have built in that time of bidding? And what would we be doing once we start the execution say sometime in second half.
Harendra Singh
No margins in any case are not going because these do these kind of a project do a price escalation. So anything from the base date would be added to this hit for the price escalation. Be it negative or.
Vaibhav Shah
So it does have PVC clause.
Harendra Singh
Yeah, there’s a PV clause.
Vaibhav Shah
Oh okay. Thank you. Hey, one more question. What will be the order?
operator
Request you to please rejoin the queue. If you have any further questions.
Vaibhav Shah
Sure.
operator
Thank you. Our next question is from the line of Bhavan Modi from Anandra team. Please go ahead.
Bhavin Modi
Thank you for the opportunity. So last call you discussed something about you know the inflow from the Adani group. So what is the status with that.
Harendra Singh
Discussion is at the advantage. We have submitted our re and they are two twice the negotiation of the further terms and condition has been discussed. Say one more bit or few more bits also has been in advance stage of discussion with Adani group and one more group.
Bhavin Modi
And so these are with respect to all the road projects or is it you know.
Harendra Singh
Roads and rail.
Bhavin Modi
Okay. And in the last call you also. Mentioned about you know entering into the building construction space, you know and the green hydrogen space. So any progress there?
Harendra Singh
Yeah, green hydrogen. Yesterday only this bed was there but we were not there in the race we stood L3 but we would be looking be in the future hydrogen also.
Bhavin Modi
Okay. And so what is our like order inflow year to date?
Harendra Singh
This is 3,300 crore for the day for the year.
Bhavin Modi
Thank you. Thanks.
operator
Thank you. Our next question is from the line of Ishita Lodha from Swan Investments. Please go ahead.
Ishita Lodha
Hi sir. Thank you for the opportunity. Sir, can you clarify on the execution guidance for FY27 how much are you expecting from roads, railways west and sonar also as a follow up can you also let us know the order inflow target for FY27 for future growth.
Harendra Singh
So already has been guided that we are looking at about say 10 to 12% year on year number as far as FY27 is concerned roughly would be 7,000. And as far as order guide inflow guidance we are targeting around 10 to 12,000 of order in the year FY26 27.
Ishita Lodha
So out of the 7000 crore execution 1500 is expected from the new project.
Harendra Singh
So that we have considered that out of the existing project which including Varanasi Kolkata package 10 so and excluding this project of MSRDC around 5500 crore would be from this project already started. Including this and the project likely in the near future including MSRDC we are looking at 1500 crores for those project.
operator
Thank you ladies and gentlemen. We will take that as a last question for today. I would now like to hand the conference over to the management for closing comments. Over to you gentlemen.
Harendra Singh
Thank you for joining us today. We remain confident in our continued success and we are here to address any further questions. Please feel free to reach out to us for our advisor Goindia Advisors. Thank you.
operator
Thank you on behalf of Goindia Advisors. That concludes this conference. Thank you all for joining us. You may now disconnect your lines.