Ashoka Buildcon Limited (NSE: ASHOKA) Q1 2026 Earnings Call dated Aug. 12, 2025
Corporate Participants:
Unidentified Speaker
Satish Parakh — Managing Director
Paresh Mehta — Chief Financial Officer
Analysts:
Unidentified Participant
Bhavin Modi — Analyst
Mohit Kumar — Analyst
Mehul Gandhi — Analyst
Sushant Verma — Analyst
Abhinav Nalawade — Analyst
Ankita Shah — Analyst
Vaibhav Shah — Analyst
Mukesh Gupta — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Ashoka Buildcon Q1 FY26 earnings conference call hosted by Anand Rathi Share and Stock Brokers Limited. 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 includes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is now being recorded. I now hand the conference over to Mr. Bhavin Modi from Anandrati Share and Stock Brokers Limited. Thank you.
And over to you, sir.
Bhavin Modi — Analyst
Hello everyone. Good afternoon. So, on behalf of Anandathy Institutional Equities, I extend a warm welcome to the Ashoka Buildcon Limited Q1FY26 conference call. We are pleased to have with us today Mr. Satish Parakh, Managing Director and Mr. Paresh Mehta, Chief Financial Officer. So without any further delay, I invite Mr. Satish Parak to share his opening remarks. Following which we will open the floor for a Q and A session. Over to you, sir.
Satish Parakh — Managing Director
Yeah. Thank you, Bhavin. Good afternoon everyone. I welcome you all to the Q1 FY26 earnings call of Ashoka Buildcon Limited. Thank you for taking the time to join us today as we share our business and financial updates for quarter ended 30 June 2025. I’m joined by our CFO Mr. Parish Mehta and our Investor Relations partners from SGA. Let me begin by giving an industry overview. The start of FY26 has been marked by renewed momentum in India’s infrastructure sector, especially roads and highways. The National Highways Authority of India has outlined an aggressive plan to build around 124 highway and expressway projects this year.
Spanning around 6400 km with an investment outlay of 1.5 lakh crores. These projects will leverage a mix of HAM, BOT and EPC models including landmark corridors like Gorapkur, Kishangar, Siliguri, Ham Thad, Ahmedabad on BOT and Surat Nasik Nagar, Sholapur which is part of Sudhak Chennai. This is also coming on bot. This push undergoes underscores the government’s focus on scaling up private participation while accelerating the pace of highway development. On the operation sides, traffic and toll collections have been seen a strong growth. Sorry. Toll revenue surged nearly 20% year on year in INR. 20,682 crores in Q1 with 1.17 billion vehicle trips recorded during the period, the sustained rise in vehicle movement coupled with revised toll rate positions the sector on track to exceed around 80,000 crores in toll revenues for FY26.
This growth not only reflects stronger asset utilization but also reinforces the resilience of highway concessions in India. The power transmission and distribution space is also expanding steadily driven by demand and ongoing integration of renewable energy into the grid. With investments flowing into substations, Freedom Modernization Smart Monitoring systems this segment offers a consistent pipeline for APC opportunities coming to the company. Updates we achieved a significant milestone on international front in Guyana. On June 18, 2025 we signed and executed a contract with the Government of Guyana’s Republic for Phase two of East Bank East Coast Road Linkage Project Connecting.
The project is valued at USD 67 million and comes with an 18 month execution timeline. This win is particularly meaningful as it strengthens our global footprint and demonstrates our capability to deliver complex infrastructure projects outside India. Additionally, on the railway segment, we received LoA from Central Railway for an EPC project involving the gauge conversion from Pachora to Jamna in Maharashtra covering approximately 53 km. The scope of work includes earthworks, bridges, pathways, other civil works. This project, valued at 568 crores including GST, fortifies our footprint in the railway EPC base and diversifies our infrastructure portfolio beyond roads.
ABL along with its subsidiary Ashoka Pure Study Technologies secured contracts From Motor Vehicles Department Maharashtra worth 1387 crores including GST to implement Intelligent Traffic Management System across five major circles Nagpur, Mumbai Pune, Marathon and Konkan Western Maharashtra. I am also pleased to share that our wholly owned subsidiary Ashoka Boychandi Guskara Road Private Limited successfully achieved financial closure on June 2, 2025. The SAM project involves the development of a fallen economic corridor from Boychandi to Gushkara Katwa road covering approximately 43km on NH116A reflecting our strong execution credentials and financial discipline as we are now fully geared to move into the construction phase on asset monetization.
The proposed sale of entire shareholding in five subsidiaries of Ashoka Concessions limited to Mapple Infrastructure Trust Progressing Though the timeline has been extended, both parties have mutually agreed to move the closure date to September 30, 2025 to allow for the completion of pending condition precedent and this remains a strategic priority. We also expect to close 5 bot and 5am projects by September end. Coming to the ratings of the company Acute ratings and Research reaffirmed our ratings for long term bank facilities at AA and short term at A1 plus as of 6-3-2025. These reaffirmations by leading rating agencies highlight our continued ability to manage growth while maintaining financial discipline.
Alongside this, discussions with Makuri SBI Infrastructure Investment and SBI Makuri Infrastructure Trust are ongoing. This discussion pertain to the purchase of their securities in Ashoka Concessions Limited in Javra Niga Toll Road Company by Ashoka Buildcon and subsidiary. Although the earlier long stop date was June 30, both parties are working constructively towards closure under the agreed Security Purchase Agreement. Coming to the order book status, the company has received three new project orders as discussed above from the following Central Railway Authority Motor Vehicle Department Maharashtra and Government of Guyana Public Works Department. These orders further strengthen our position in both domestic and international geographies.
As on 30th of June 2025 a balance order book stands at 15,886 crores. The breakup of the order book is Roads and railway projects comprise of 10,433 crores which is 65.7% of the total order book. Among the road project on the book HAM projects are to the tune of 1841 crores and EPC segment is 7811 crores. Railway is around 781 crores. Part TND accounts for 4995 crores which is approximately 31.4% of our total order book. The total EPC segment the total EPC building segment is INR 458 crores which is 2.9% of the total audible. Our primary focus remains on maintaining a sustainable EPC business in segments encompassing roads, highways, railways, park, transmission and distribution as well as buildings.
I would now request Mr. Paresh Mehta, CFO to present the financial performance. Thank you.
Paresh Mehta — Chief Financial Officer
Thank you sir. Good afternoon everyone. Starting with the standard numbers of Q1FY26, the total income for Q1FY26 stood at 1339 INR crores as compared to INR 1901 crores in FQ1FY25, a degrowth of 30%. EBITDA for the quarter stood at 151 crores up 4% with EBITDA margin of 11.3% and improvement of 3.7 bips. Year on year PAT INR 31 crores for the quarter down by 25% with PAT margins of 2.3% and an improvement of 20 bps year on year. Our revenue contribution for Each segment for Q1FY26 is Road EPC contribute 52.4%. Road HAM contributed 11.6% Power TND contributed 19.7%, Railway stood at 6.7% and other segments like Building EPC another contributed to 9.6%.
Coming to the consolidated results, the total income for Q1FY26 stood at INR 1937 crores as compared to INR2 495 i n Q1FY25 registering a 22% degrowth. EBITDA for the for the quarter stood at INR 649 crores up 33% year on year with EBITDA margin of 33.5% and improvement of 830 pips year on year. PAT stood at INR 227 crores up 44% and PAT margin stood at 11.7% and improvement of 540 pips year on year. Total consolidated debt as on 30th June 2025 stood at 6826. The standalone debt is at INR 1652 crores which comprises of 95 crores of equipment loans, NCDs of 300 crores and 1251 crores of working capital loan in Q1FY26. In our BOT division the company recorded a gross toll revenue of INR 362 crores as against INR 322 crores in Q1FY25 recording a growth of 30% year on year.
With this we now open the floor for question and answers. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the attached on 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 assembles. The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Mohit Kumar
Hi, good afternoon sir. My first question on execution. Execution in this quarter has been lagging. I think we execution decline by 30% and order book has grew by 15%. My question is what is leading this muted order execution?
Satish Parakh
Basically there has been two three reasons. One, the major reason is early monsoon. Second is you know the orders which we got in last season are still in mobilization stage. So out of seven projects which we got, only three have moved ahead and four are yet to start. So these are really reflected in the Q1 turnover degrowth going ahead now Q3, Q4 will be catching up. Q2 again will be similar pattern but Q3, Q4 will be Catching up when all these projects will be at full swing.
Mohit Kumar
What is the patient for the DAF score? What kind of growth one can see in the execution?
Satish Parakh
Could you come back?
Mohit Kumar
What kind of growth we are expecting on the revenue for a fiscal year 26.
Satish Parakh
Yeah, we are expecting around 10% growth as this Q1, Q2 will be little negative. So we’ll have to catch up in Q3. Q4 overall we’ll be around 10 to 12%.
Mohit Kumar
Understood. Sir, my second question on the NHI pipeline, how do you see that developing? I think if I we heard that the government is trying to roll out 3.4 trillion. Are you seeing the building over the tender pipeline accordingly or do you think this is too ambitious?
Satish Parakh
Yeah, tender pipeline wise like currently we have around 75,000 crores. Is the visibility in the pipeline of NHI and MRTH which they want to ramp up to around 1.5 lakh to 1.8 lakh crores and which NHI has consistently shown if they announced at least they achieve 80%. 90% of their announcement is always achieved. So we are very hopeful. But only the mix of projects will be epc, HAM and bot. So we’ll have to see how the really outcome comes in bot. Otherwise HAM and EPC are very much proven bot on Greenfield expressways. How successful it will be that we need to see.
Mohit Kumar
Understood sir. But large bot publish which are up and up bidding. Am I right? In Maharashtra?
Satish Parakh
Yes.
Mohit Kumar
Thank you sir. Thank you .
Satish Parakh
Thanks.
operator
Thank you. The next question is from the line of Bhavin Modi from Anandrati. Please go ahead.
Bhavin Modi
Yeah. Sir, can you just give us a you know, broad guidance for FY26, you know, with respect to the revenue margins, what are the order inflow that we are taking in the capex?
Satish Parakh
So orders as we say now in Q1 we could do 2,000 but going ahead we should be able to do 3,000 per quarter. And around 10,000 to 12,000 is still we expect overall. So we see large opportunities in nhs States are also coming up with good amount of ordering. Right? Railways will throw up a good opportunity again.
Bhavin Modi
What are the revenue guidance and the margin? EBITDA margin guidance.
Satish Parakh
So revenue I said we’ll see around 10 to 12% and EBITDA will be able to maintain what we achieved in Q1.
Bhavin Modi
So the next question, you know, so this is back to the monetization. Sir, so if you can help us, you know, the, you know, when will the monetization of the ham and dot assets, you know and the exit to the SBI Macquarie. So what are the timelines that we are looking at? You know, I know. What are the number of tranches, you know in which this monetization will happen? If you can provide us, you know, timeline and the cash flow.
Satish Parakh
Yeah. So on the monetization as we have already disclosed we have two transactions in pipeline. One is for the five BOD projects which we are selling to Maple in which run by CDPQ and the HAM11 project which we are selling to Edelweiss run AMC Sakura. On the five BOT projects as already indicated in Mr. Parakh’s speech, we expect to close it by the 30th of September. We have achieved all external CPs have been cleared and internal CPs will be done in a week’s time and then we expect the investor to draw their money and close the transition by 30th September.
On the ham side for the first five set of projects we expect the closure to happen by last week for August or initial couple of weeks of September. So again by September indefinitely these five projects also cash flow, five projects closing will happen. So five beauty and five hand projects will be closed by September. Based on the receipts from these, the Macquarie SBI commitment of 1526 crores plus buying out JN stake of 150 crores will be achieved. Post that there will be 6 more hand projects to be monetized which will happen as 4 projects will happen by December and the last 2 projects will happen by June 26th where CODs are yet expected.
So this is how the projects will be monetized and SBI Macquarie will be given.
Bhavin Modi
So sir, we’ll be giving the exit to the SBM aquarium by September itself, right? Once the process is the five.
Paresh Mehta
Yeah. Yes.
Bhavin Modi
And so what is the like process? We are expecting from DOT and HAM assets if you can help with the the first five bot.
Paresh Mehta
The first five bot we are expecting around 2,800 to 3,000 crores in that around 3,000 crores crores and balance the six projects by June of around 1,000 crores and certain monies to be received from the top BOT projects which are linked to extension which will happen later on in a couple of years time. So that is approximately 710 crores.
Bhavin Modi
And so what about the like Jaurah Niagarao and the Chennai OVERR project.
Paresh Mehta
So on both we are working with the investors, interested investors. Chennai there is keen interest Jara Nagao Definitely there is interest but we are also working out with the authority for giving us permission to transfer the 26% shares. But we are all on both the projects. We are on the process of exiting.
Bhavin Modi
Okay. Sir. Yes, this is from my side. Thank you.
Paresh Mehta
Thank you.
operator
Thank you. The next question is from the line of Dr. Amit Vora from HNI. Please go ahead.
Unidentified Participant
Yeah, good afternoon everyone. Sir, are you able to hear me?
Satish Parakh
Yeah.
Unidentified Participant
Sir, I wanted to know about this traffic management system. What will be the source of revenues and how would be able to monitor that?
Satish Parakh
Yeah, so this is intelligent traffic management where we will be paid on capturing of incidents. The incidents could be over spreading. It could be seatbelt, it could be element lane cutting, anything. So these are all cameras which will be put up on the highways. And revenue will be from the incident management.
Unidentified Participant
Okay. You’ll be paid for incident will be paid. And then they would also be sharing with the government.
Satish Parakh
So these projects are basically kind of PPP projects where 18% IRR is kept. So about 18% will be sharing with the government.
Unidentified Participant
Up to 18%. We would not be sharing anything about 18%. If there is anything then you will have to share with the government.
Satish Parakh
Right.
Unidentified Participant
Okay. And so one more thing. Recently I read in money Control about Ashoka and Ashoka Bilcon planning to bid for infrastructure in Croatia. So can you tell us something more about that? Is there anything solid going on?
Satish Parakh
Yeah, we did participate in bridge in Croatia. T hese were roads and railways.
Unidentified Participant
Okay. And so one more thing about this console. Our console has a component of epc.and ha Manu dinner.
Paresh Mehta
Yeah.
Unidentified Participant
So can I know the percentage of EPC is clear from the standalone. I think the standalone is EPC if I’m not mistaken. So what is the percentage of bot and ham ham mut in the console? If you can make chop it or.
Paresh Mehta
Out of the total revenue of 1887 crores construction is 1194 crores and BOT and annuity projects put together is 635 crores. Of 635 crores approximately 320 crores is continue to toll and balance is annuity revenue.
Unidentified Participant
Okay. And the remaining is ham.
Paresh Mehta
Yeah.
Unidentified Participant
So once so this, this sale of 5 bot and ham 6 ham is done. We will also have some reduction in the this the bot collection will not be the annuity will not will be not reflected in the next profits. The Q2 or Q3.
Paresh Mehta
Correct. So all I mean the revenues also of bot projects will get deleted. And along with that all the debt, the cost of interest, everything will go up the valley.
Unidentified Participant
So business is comparison the amount of profit that we are losing on.org and the savings of Interest cost. The savings will be more better.
Paresh Mehta
So. So today we are in surplus. So there will be a reduction in surplus of PPT and PAT also.
Unidentified Participant
Okay. Okay. That’s it. From my side. Thank you sir.
operator
Thank you. A reminder to all participants you may press star and one to ask a question. The next question is from the line of Mehul Gandhi from HPMG Shares and securities limited. Please go ahead.
Mehul Gandhi
Hello. Am I audible?
operator
Yes sir.
Mehul Gandhi
Yeah. Thank you for the opportunity and congratulations on a decent set of numbers. Just wanted to know a few things. First being that our recently one of our contracts was kept on hold by the honorable High Court which is for approximately 1600 crore. So where are we on that? And is that project completely gone off out of our hands or is it just a temporary thing? What. What is progress on that front?
Satish Parakh
Yeah so our share of this project was 850crores which is off our books now.
Mehul Gandhi
Okay. So that that has been permanently canceled.
Satish Parakh
Yeah. We expect rebuilding. So it is as of now it is withdrawn. So this is not part of our order book any anywhere.
Mehul Gandhi
Yeah hi. What is the capex that we have done in Q1 and what are we planning for the full year?
Paresh Mehta
So capex for the Q1 was around 20 peak roads and we expect to do a capex of approximately 1 to 25 crores for the whole year.
Mehul Gandhi
Okay sir. And can you give me the pending equity requirement for the AMP projects And how much are we expecting to infuse in FY26 and FY27?
Paresh Mehta
So a total capex outstanding is 230 crores which is largely for our last project voyage and the Scara of which for 2526 the investment will be 123 crores and 55 crores each for 2627. 2728.
Mehul Gandhi
Okay. And lastly sir you said we are looking for 35,000 crores of projects from NHA and mortgage. So. And there is also some opportunities in state government and railways. So could you quantify that? No. The kind of bid pipeline we are looking in state governments, Railways and even in the power segment.
Satish Parakh
So as I said you know we are looking around 10,000 crores of order book. Totally out of it. 2,000. We have bagged out of 8,000. It will be mixed of roads, railways, power and buildings. So we will do around 8 to 10,000. 8 to 12,000 crores in the whole year. So I’m taking average 10,000.
Mehul Gandhi
Okay. So my question was on the bid pipeline that we’re looking. So you said about 35 000. We are looking on the NHA and more front. So no possible to quantify the bit pipeline in other segments.
Satish Parakh
Yeah. So NHS coming around 75000 crores is visibility immediately. And states if you see Gujarat, BR and UP are also coming up with around 70 to 80,000 crores. So all this we are participating. The success ratio is going down now. So bidding versus you know getting project is becoming. The competition still remains in the market. Therefore is very pessimistic that 10 to 12,000 is what we should achieve.
Mehul Gandhi
Sure, that is helpful. Thank you. That’s it. From my side.
operator
Thank you. The next question is from the line of Sushant Verma who is an individual investor. Please go ahead.
Sushant Verma
Hello sir. My question was related to the monetization part of it. Although you have explained in details as. To what we have what we can. Expect over the next couple of weeks. But what I wanted to check was what’s the probability that this 30 September date would remain. I mean more or less achievable. Because even last time you had mentioned. 30 June is when it would the closure would happen. And then you updated all of us saying it has been extended to the 30th of September. So what’s the probability that the 30th of September won’t become the 31st of December?
Paresh Mehta
Largely the CP’s which are generally out of the control of the companies. NOCs from NHI and lenders which fortunately are all completed at this moment. At this moment of time. So now whatever cps are left out for our internal cps which definitely are under our control. And then that’s the reason and comfort that definitely we’ll achieve closure by the 30th of September.
Sushant Verma
Oh, so you are saying definitely we. Can achieve closure the 30th September.
Paresh Mehta
Right. External cps are over.
Sushant Verma
Okay. Okay. That is what I wanted to check. Because it has been a moving target. So hopefully this time around we will stick to the deadline. So thank you very much.
Paresh Mehta
Thank you.
operator
Thank you. The next question is from the line of Abhinav from ICICI securities. Please go ahead, sir.
Abhinav Nalawade
Thanks for the opportunity. My question is on the guidance of 10% revenue growth for the FY26 given we’ve clocked about 1300 crores for this quarter and we are looking at similar for this quarter as well. Q2. This leaves with about 5000 crores to be executed in the second half. So my question is what gives us confidence? I mean which orders will be executed in the second half? Are you baking in any new order inflows which will be crucial to achieve this growth guidance?
Satish Parakh
No, see this growth guidance is on the current order book what we have in hand. So as you predicted, it’s correct Q3 Q4 will be 4,500 to 5,000 crores. So definitely this can be achieved by the order book we have in hand. Whatever new order book flow this either some part may get executed in Q3 Q4 or it may move to next year.
Abhinav Nalawade
Okay, well historically we’ve not touched about 2500 crores of revenue for a quarter. So I mean will there be an execution ramp up or what? Which orders we are expecting to be executed in Q3 Q4.
Satish Parakh
So these projects are basically of the nature where entire mobilization would have been done and work will pick up in this. All the orders even in power segment like entire lot of hold is there on action. This all gets released in Q3 Q4. So we are very much confident of, you know particularly Q4 will be crossing 2600, 720 200. 300 will be around Q3.
Abhinav Nalawade
Understood. So that’s helpful. Thanks a lot.
operator
Thank you. The next question is from the line of webhav Jane from Umkara Capital. Please go ahead.
Unidentified Participant
Hello.
operator
Please go ahead.
Unidentified Participant
Sir, I wanted to ask you mentioned that getting projects is difficult as competitions in the new market. Other companies have been suggesting that it is getting easier and the competition is reducing. Can you talk more about this?
Satish Parakh
Well, at NHI level we see the competition is still there. We have not seen any easing off. We see 20, 25 players in most of the projects. Now they have changed little criteria for bidding with the, you know, reducing from the linking to the net worth and reducing 20% of your balance order book from the network. And balance order network would only be considered for bidding. So suppose if I have a order book of 15,000 crores in my hand, then 20% of 15,000 is 3,3000 crores is what will be reduced from my net worth. So Ashoka, if it has 44,000 crores of water book, 3,000 will be reduced and I’ll be left with 1,000.
So 1,000 will be multiplied by five times to for me to build a single project. So that way you know, Ashoka will qualify for 5000 crores single project. Okay, so that will really help you know when to build larger projects where we see a little limited competition. Otherwise all the projects, the competition is continue as it is in epc.
Unidentified Participant
So we’re expecting more Conversion.
Satish Parakh
Beg your pardon?
Unidentified Participant
We’re expecting more conversion in terms of any orders that we are getting called.
Satish Parakh
Depend upon what size of projects come and which companies qualifies for what.
Unidentified Participant
Orders from NHI will be bigger.
Satish Parakh
Now. Orders of NHI would be bigger in hand projects and bot projects but may not be in. Yeah, right, right. So that should also be more ordering for listed. Dinner for how it spans out we’ll have to see.
operator
Thank you. The next question is from the line of Ankita Shah from Alera Capital. Please go ahead.
Ankita Shah
Yeah, thank you for the opportunity sir. This year given that most of the projects except the two will be monetized. So what is the total net proceed adjusting for the SBI Macquarie adjustment. Also how much is the net proceeds that are expected to be received and how is it planned to be utilized for this year?
Paresh Mehta
So in this year the first tranche which we are speaking by the 30th of September we expect to monitors approximately 2,900 crores of the same of which 1600 or rather 1700 would be appropriated to giving exit to Macquarie. So we’ll be left with approximately 1200 crores. This will be largely utilized for initially our working capital debt and then future plans will be taken up aside post September post that the next tranche of proceeds will be approximately by December end approximately 600 crores. And by March another 500 crores. So that’s the plan how cash will be realized?
Ankita Shah
So sorry sir, 600 crores second ranch by December and then another.
Paresh Mehta
By June, another 500 crores.
Ankita Shah
B y June another 500 odd crores. So all this, I mean this 600 and 500 could be utilized for picking up new projects.
Paresh Mehta
New projects, internal restructuring or debt capital. I mean there could be various plants which will come and we are very close to getting the money in.
Ankita Shah
Got it. And what are the focus areas right now for new projects even in roads as well as outside of roads. And what is the prospect pipeline that we are looking at in India as well as overseas?
Satish Parakh
So as I explained, roads is our major focus. Roads and highways where we see more than the 50% like 5000 to 7000 crores is what we should back going ahead. And overseas also we are focus is there and we’ll be building overseas opportunities. Immediate visibility is not there in ocs but India. We see visibility in nhi, MRTH and various states. Other than this Railways is throwing up a good opportunity. So Railways is one area where we have complete control on all the value chain we do right from track line to signaling. Railways is another opportunity which we are seeing overseas as well as India.
Third is building segment and water segment where we keep participating. So we expect to slowly move ahead in this segment. Also.
Ankita Shah
Just one clarification on roads, would we prefer EPC HAM or DOT projects?
Satish Parakh
So our whole idea is to bid for selectively for BOT ham. We are building almost everything and EPC we are participating almost everything. Specialized structures is off late. What is our forte? We are well qualified with various all these specialized structures. So wherever specialized structures are there we have an edge. So this helps us select proper projects for bidding.
Ankita Shah
Okay, thank you.
operator
Thank you. The next question is from the line of Mehul Gandhi from HPMG shares and securities. Please go ahead.
Mehul Gandhi
Hello. Thank you for taking the questions again. Just two things. Given such a high influx of cash, what would be our debt to equity or how much of debt are we planning to reduce? At least there must be a target internally.
Paresh Mehta
So today we are almost at 1600 crores of debt on the standalone. On the project side it is approximately 5,000 to 200 of which early 200 will. 200, sorry 350 will continue. 275 will continue on the books for Java, Naga and Chennai. But otherwise most of the debt will go along with the projects. So we’ll be basically addressing the 1652 of standalone debt which will be brought to the typical levels of around say 5 to 600 crores max.
Mehul Gandhi
Okay, so we are planning within a year’s time a debt reduction of thousand crores. Is that understanding correct?
Paresh Mehta
Yeah, yeah, yeah, definitely.
Mehul Gandhi
Okay. And the second question is that there was a GST rate conducted at the office. Any conclusion on that front?
Paresh Mehta
Largely nothing very significant was no demand has been made on the company and I think so things are all in order. Closures will take their own time but there’s no significant claim.
Mehul Gandhi
And just one last question that we had a significant jump in our operating income operating margins for this quarter. So just wanted to know what was out. Was this a one off thing or can we see our operating margins going in a similar trajectory going forward?
Paresh Mehta
So we expect so as we have given guidance, we expect that our margins of around 9.5 to 10% will continue in the next coming quarters and that should help keep the Ebitdas better. These are based on the new project. Old projects, most of them have got over new projects. We keep on giving this kind of margin.
Mehul Gandhi
Okay, so all the new projects have a higher margin compared to the old one. Right, Understood. And for the execution timeline I saw that we took a good chunk of projects which are executable within 18 month period. Right. So if, if given that this year we are maintaining a trajectory of 10% growth so for the next year are we anticipating a higher growth rate than 10%? Because then a good chunk of this project projects which you have taken now of our order book will be executed or finished in the next year.
Paresh Mehta
Definitely we’ll be targeting for a higher growth rate for 26, 27 and these order books which are existing will be executed over 18 to 24 months time some maybe slightly more depending on the sizes of cross project and type of project.
Mehul Gandhi
Understood. And just one last question for I saw there was a significant jump in the order book of power power transmission and distribution segment. So is that a conscious effort? Because I’m seeing there’s a lot of traction in this segment as a whole. So are we focusing on that? Are we trying to increase our chunk in the market share or was this just a thing which we had to do on the side?
Paresh Mehta
So one of the jump in the power sector with order book of the transport monitoring mechanism that order book is part of this. But otherwise we continue to see continuous order book coming in in this power TND divisions and we keep our options open to take new.
Mehul Gandhi
Understood? Understood. Thank you sir. All the best. That’s it for mine.
operator
Thank you. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead.
Vaibhav Shah
Clarification from my end. So we indicated that the equity valuation. Of the BOT assets was around 2500 crores and same for ham was 2300. So total inflow is 4800. Net of SBI would be around 3300. So is this correct?
Paresh Mehta
Yeah, but one of the component of the 2500 is approximately 700 crores in the BOT project which is to be received over period of time after confirmation of extension of time for our toll based projects. Presently we are not keeping that in the visibility of immediate cash inflows.
Vaibhav Shah
Okay. So for BOT it would be 1800 crore that should come in September, right? Okay. And for five hands you what is the value in September?
Paresh Mehta
Approximately eliminated.
Vaibhav Shah
Okay. Okay. Okay. Thank you sir. That’s it for myself, thank you.
operator
The next question is from the line of Webhav Jane from Omkara Capital. Please go ahead.
Unidentified Participant
Sorry, just trying to understand this cash influx that we get after monetizing our assets. So you said we get 2800 around September then 600 and 500 and as you mentioned I think net of SBI let’s say we have 3300 on our books after that we will reduce debt by understandable balance sheet by 1000. So that will leave us with about 500 debt.
Paresh Mehta
And. Can you be a bit louder like not gathering fully?
Unidentified Participant
Sir, I’m saying pretty many now but still very bad. Anyway. One second maybe I was saying that we will be left with after net of SBI for left with 3300 crores of cash. Then if we repay debt by 1000 crores by the end of the year or by the by sometime next year we are left with 500 crores of debt and about 2300 crores of cash. Am I right to understand that?
Paresh Mehta
Approximately. Yeah.
Unidentified Participant
Okay. Okay. Thank you.
operator
Thank you. The next question is from the line of Mukesh Gupta who is an individual investor. Please go ahead.
Mukesh Gupta
Good afternoon sir. Sir, I wish to ask about a status of green hydrogen product. You signed the MoA with Bihar government.
Satish Parakh
So there is no further development in this. You’ve signed an MoU but there’s no further development.
Mukesh Gupta
Thank you, sir.
operator
Thank you. The next question is from the line of Mehul Gandhi from HPMG Shares and securities. Please go ahead.
Mehul Gandhi
Hello sir. Sorry for that. For coming back into the queue. Just I forgot this one question. That for our project level debt. So last balance sheet I saw we had a long term borrowing of approximately. Just one second. Sorry. We had a long term borrowing of approximately 2000 crore. And then in our other liabilities which is like a short term borrowing we had a liability of 13,000 crore. So even if we reduce our long term borrowing which is a standalone debt by thousand crores after monetization the project level debt that will also be transferred. Is that correct?
Paresh Mehta
Yeah.
Mehul Gandhi
So how much of debt will we have on the book going forward post monetization on the project front, not on the standalone basis.
Paresh Mehta
So see on the project front we have explored approximately the total debt is around 6800 of which 1600 is working capital debt. So if you reduce that we have 5200200 as total debt of which hardly 300 crores will be left on the books of ABL post monetization of all the 5 bot and 11 hand projects. And there’ll be some addition of debt on the voice and project. And maybe new projects will come in. But based on existing project will be around 300 crores. Plus another 400 crores for Voychandi project. 600 crores of anything.
Mehul Gandhi
Okay, so. So on a standalone basis we’ll have a 600 crore debt. And on a project level basis we’ll have approximately how much?
Paresh Mehta
At today’s date around 284crores.
Mehul Gandhi
Okay. Post monetization, Post monster. So are we saying we are reducing. Sorry to double check, but this is just. Are we saying that we will reduce from a currently 6800 to approximately 1500 crore debt? Is that. Is that understanding?
Paresh Mehta
Yeah. Substantially lower than that. Approximately in the range of such thousand. Including project loan.
Mehul Gandhi
Including project loan. Okay. Understood. That is within a period of a year.
Paresh Mehta
Yeah.
Mehul Gandhi
Okay, understood. Yeah. Thank you so much. That’s it from my end.
operator
Thank you. A reminder to all participants. You may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr. Paresh Mehta for closing comments.
Paresh Mehta
We thank you and everybody for joining this call. We hope we were able to answer all your questions. If you need any more information, please feel free to contact us or Mr. Devin Group from SGI Investor Relationship Advisors thanking you. Good day.
Satish Parakh
Thank you.
operator
On behalf of Anand Rathi Share and Stock Brokers Ltd, t hat concludes this conference. Thank you for joining us. And you may now disconnect your lines.