Ceigall India Ltd (NSE: CEIGALL) Q4 2025 Earnings Call dated May. 09, 2025
Corporate Participants:
Aryan Sumra — Investor Relations Associate
Ramneek Sehgal — Chairman & Managing Director
Bhagat Singh — Group Chief Financial Officer
Kapil Aggarwal — Chief Financial Officer
Analysts:
Mohit Kumar — Analyst
Balasubramanian A — Analyst
Vaibhav Shah — Analyst
Geetanjali Agarwal — Analyst
Jainam Jain — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, Good day and welcome to the Q4FY25 earnings call for Seagull India Limited hosted by MUFG in Time India Private 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 concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aryan Sumra from Musg in time India Pvt. Ltd. Thank you. And over to you sir.
Aryan Sumra — Investor Relations Associate
Thank you, Navia. Good morning ladies and gentlemen. I welcome you all to the Q4 and FY25 earnings conference call for Seagull India Limited to discuss this quarter and full year business performance we have from the management Mr. Ramnik Sehgal, Chairman Managing Director, Mr. Bhagat Singh Group CFO and Mr. Kapil Agilwar, CFO. Before we proceed with this call, I would like to mention that some of the statements made in today’s call may be forward looking and may involve risk and uncertainty. For more details kindly refer to the investor presentation and other filings that can be found on the company’s website. Without further ado, I would like to hand the call over to the management for their opening comments and then we’ll open the floor for Q and A. Thank you. And over to you sir.
Ramneek Sehgal — Chairman & Managing Director
Good morning everyone. Thank you for being in the queue. And this is Ramneet Sagan. Good morning ladies and gentle gentlemen. I am pleased to welcome you all to the quarter four and financial year 25 earning calls of Seagan India Limited. Our financial results and investor presentation have been uploaded on the exchanges. I hope you had a chance to review them. Joining with me is Bhagat Singh Group CFO and Kapil Agarwala, cfo. Let me begin by providing a brief microeconomic overview. India’s GDP is predicted to expand by 6.7% in financial year 26 driven by the robust domestic demand, rising rural incomes and are resilient service sector supported by the moderating inflation that is expected to lift consumer confidence. The infrastructure and construction sectors are poised for steady growth. ICRA estimates a year on year growth of 8 to 10% in operating income for the construction industry in 26 backed by the strong order book base and improved execution trends. Aggregate order book to revenue ratio of 3.5x as of 3-31-25 reflects healthy revenue visibility while the first half of the financial year 25 faced challenge from a prolonged monsoon and the model code of conduct and shift to the milestone based billing. Execution improved in the second half especially in quarter four where momentum sustained strongly. Now turning on to our performance, the company has delivered a steady performance for the quarter four and full year 25 with a well diversified portfolio of EPC and HAM projects. We have further reinforced our leadership in elevated roads, railway specialized structures, metros and we try to get a new vertical besides being in runways and tunnels in line with a strategic roadmap. We have continued to diversify both by segment and geography. The dependence on the highway project is expected to reduce gradually as we expand in railway, metro tunneling, underground projects. Our order book is geography diversified across eight states mitigating regional concentric risk. We’re executing multiple mid to large size projects across the sector leasing on a few large orders and enabling smoother cash flow and project turnaround. Looking at the financials, our consolidated revenue from operations excluding bonus and royalty roads to 34,179 million in the financial year 25 marking a 13.8% year on year growth from 30,040 million in the financial year 24. Our financial year 25 beta stood at 4,995 million with a margin of 14.6% while the PAC stood at 2,866 million with a margin of 8.4%. As of 3-31-25 we have a robust order book of 10,862 crores reflecting a healthy bill to book ratio of 3.2 times. Our order book comprised of 85.3% from elevated roads, highways, specialized structures, fly works, tunnels, 13.3% from railway, metro and rest of the business verticals like airport Runway and bus terminal. Now let me provide an update on a few ongoing projects. Two of our HAM projects in which Diwali is completed and we are waiting for the pre COD Jalbeda Shabad is almost at the completion verge and we are expecting the precod soon. This is on the Hamba front and towards our EPC Delhi Saranpur highway project is almost completed. Maku project has already achieved a pre cod. Gonda Wadhape structure has already received the pre code Delhi Amritsar Katra is more than 85% done. Little land was not available. Now we have got it so we are expecting to complete it as soon as possible. Almost 85% completed. Additionally we have started Ayodhya Sargent Bypass after declaration of the appointed date on 28th of 3rd 25 at the start of this week we have executed a concession agreement with NHII for development of six lane of Greenfield certain Ludhiana Bypass under hybrid entity mode. We also received a sanction on the ICC bank for our Ludhiana Bathinda package to HAM project. Where is the debt amount of 510 crores approximately financial closure is likely to be executed within a week time. I will now hand over the call to Mr. Bhagat Singh who will provide the overall review. All the financial performance over to you Balit.
Bhagat Singh — Group Chief Financial Officer
Thank you Ramnit Sir. Good morning everyone. I’ll take you through the financial highlights for Q4 and FY25. Starting with the scandal and financials of Q4 FY25 our revenue from operations excluding the bonus and royalty stood at 9918 million reflecting a 17.2% year on year growth from 84 million in Q4FY24. EBITDA excluding bonus and loyalty came in at 1.92 million in Q4FY25 from 1,204 million last year with an EBITDA margin of 11% for the quarter, our PAT for Q4FY25 stood at 696 million. Moving on to the full year, standalone performance revenue from operation excluding bonus and royalties for FY25 reached at 33,645 million, up from 29,137 million in FY24, marking a year on year growth of 15.5%. On debt front, our gross standalone debt stood at 6,359 million, which includes 183 million in equipment term loan, 4,037 million in term loans and 2,139 million in working capital loans. Now moving on to the Consolidated number for Q4FY25, revenue from operation excluding bonus and royalty reached at 10,116 million, up by 88.5% year on year from 9,319 in Q4FY24. EBITDA for the quarter stood at 1,279 million with an EBITDA margin of 12.6%. PAT for Q4FY25 came in at 724 million with a net margin of 7.2%. For the full year FY25 revenue from operation excluding bonus and royalty stood at 34,179 million, up from 30,040 million in FY24, reflecting a year on year growth of 13.8%. EBITDA for the year was at 4,995 million compared to 4,923 million in FY24 with an EBITDA margin of 14.6%. PAD for FY25 true debt 2,866 million with a net margin of 8.4%. On a console basis our gross debt stood at 13,967 million, which includes 685 million in equipment term loan, 4,337 million in term loans, 6,806 million in HAM term loans and 2,139 million in working capital loans. On net debt, equity ratio remains very effective and comfortable at 1.5x for the year ended FY25 coming to the working capital our net working capital Cycle stood at 62 days as on 31st March 2025. This is calculated considering the inventory days, WIP position receivable and vendor payment in terms of project execution. We currently have 23 ongoing projects with a total order book of 5. This includes 14 EPC projects, 8 HAM projects, 1 POP projects spanning roads, highways, tunnels, railways, metros, airports, runways and bus terminals. Notably, NHI projects account for 79.9 of our total order book. With a strong order book pipeline, a stable credit rating, a government continued focus on infrastructure development, we are very well positioned to drive strong revenue growth and a long term success. With this I conclude my remarks and thanks our all esteemed stakeholders including our employees, business partners, vendors, auditors, bankers for their whole hearted support in the long term growth journey of the company. On behalf of the Segal India Ltd. I thank you everyone for attending this call now. Now I request the moderator to open the floor for question and answer. 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 their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. 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 morning sir. Thanks for the opportunity. My first question is on the. On the order book. I think we have roughly around 5000 quad of order book from Ham. The work has not started. Can you just please update us on the appointed date and concession agreement? What is the status and land acquisition?
Ramneek Sehgal
Yeah, thank you. Good morning. Thank you for the question. So our order book value is 10,862 crores. And this is 2.2 times of the book ratio. Bill to book ratio. And we have almost six HAM projects in which one HAM project we’ve already got the quantitative which is Yodhya bypass in March that is on 28th of 3rd. We’re expecting Northern Ayodhya bypass also very soon. Besides this we are going ahead with a financial closure of the Dharana Batinda Package 2 where we are expecting the quantity date again in maybe maximum in next quarter. And for VRK 11 and 12 there are two packages together. There also VRK 12. The forest approval has gone to the CM office and we are expecting it soon. Once it is then we are going to go ahead with the ad. There also the financial course is already done and going forward I think in this year only we will have at least three more HAM projects starting. We should be getting the ads so revenue visibility and all these things is very clear in the company. Thank you. I hope I answered your questions.
Mohit Kumar
Yes, indeed. My second question is on the. On the industry order inflow. Industry order outlook. So FY25 was really bad for the from the NHAI and for the road. How do you think about FY26 opportunities? Are you seeing some science improvement? Do you think it will be far better than FY25 in terms of opportunity?
Ramneek Sehgal
So a good question. Last year what has happened is the NHI till the time land is given total they have the 3G. They are not allowed to take out the bids that they don’t get the approvals or they are unable to issue the loa. Which is a good sign for our industry that they’re cleaning up the entire system. So in the last year also we have bagged three orders from NHI. Two orders worth 2,500 crores which is Yodhya bypass. And 923 crores is certain bypass Ludhiana. And this year also if you see they have changed the qualification criteria. And EPC also they have made it better. And going forward the large projects are coming in NHI and they are getting the cabinet approvals. And I look forward for a great year ahead as NHI is now. You know, the good thing is they’re coming up with a larger order. Big orders as in size of the order tenders. Understood, sir. Thank you. All the best. Thank you. Pleasure. Pleasure. Thank you so much.
Operator
Thank you. Next question is from the line of Bala Subramanian from Arihant Kap.
Balasubramanian A
Good morning sir. Thank you so much for the opportunities. So my first question regarding several HAM projects or near completions. How we’ll see annuity inflows in coming years on the cash flow side.
Ramneek Sehgal
Yeah, yeah. So our first HAM is operational which is a AAA regulated like cessn. We’ve already received the annuities. Fourth one is due in June. And the Machinda Diwali COD PCOD is expected anytime. We’ve already applied the pcod. The tests are done. Third party inspections are made. We are expecting the precod soon. Once that is done after six months the annuities of this project will also start. Third is Jalbeda Shabaz which we are targeting. As that is done, entities also start. So we are expecting three hand projects will be operational. One we are in first one we are already getting second one. And the third one should start at this French layer. Thank you.
Balasubramanian A
Okay, sir. New hand projects like Lutiana Patienta and these projects have faced some delays for starting. So what are the key bottlenecks and when we can expect these projects?
Ramneek Sehgal
So Sardan Virudia Bypass has already started nursing. We are targeting to start soon. We are just waiting for the land to be handed over to us. The things are positive there also. Diana, Linda, we’ve already got about 18 km out of 44 km. We are targeting to get at least 15 km soon. Once we get the 80% land which is of 44 km we still get the ad for that project also. VRK12, I’ve already spoken has gone to the CM office for the final approval. Once that is given, I think we should get the ad for that project also. So as I said before, we are targeting to start at least three more HAM projects in this year.
Balasubramanian A
Got it, sir. Recent metro projects, when it’s like Kanpur, Google or like it looks like beyond highways. So what is the targeted revenue mix for not good projects over next three to five years?
Ramneek Sehgal
We have got three metro projects. One is Kanpur, one is Agra. They are doing very well. Performance is very good. And Bhubaneswar has just started. You know, whenever you start a new project in the state there are some certain hitches. But things are under control and all these projects are doing well. So going forward we have quoted for Delhi Metro which is the Starket project. We have quoted for a Kolkata Metro underground Metro project, Cut and cover. We have quoted for a key ride which is a Bangalore Metro project. So we are going ahead with bidding of Metro projects. And you know Metro projects we can see a lot of visibility. There are. And besides this underground projects also we’re looking forward because we’ve already on the verge of completion of our internal project which is in Ramban. The only company which has done it two and a half years is large. So our lining is completed. Only the MEP and the road work is balanced which we are targeting to complete soon. I hope. We wish to get on the situation which is happening these days. Otherwise things are very, very much under control.
Balasubramanian A
Thank you. Thank you.
Operator
Thank you. Participants who wish to ask questions may please press star N1 at this time. We will take the next question from the line of vaibhav Shah from JM Financial Ltd. Please go ahead.
Vaibhav Shah
Thank you. Sir. Have we removed the Delhi ambitious Katra SPW from order book?
Ramneek Sehgal
Yes. So that project, you know the government was unable to provide us the land and government has written us a letter that they are unable to provide the land. So they are ready to pay 1% of the cost of the project. Whereas we have gone into. We have already formed a AT with NHAI arbitration tribunal and we are filing our SOC soon and we had a camp there. We were already ready to start that project because 40% annuals only available 39% of CADNI. But NHA decided to scrap that project because the position in that particular region was bad. They were unable to get the land.
Vaibhav Shah
So what expenses have incurred so far in the project?
Ramneek Sehgal
So at the moment telling you would not be the right thing because I don’t have the right figures. But yes, the camps were established, we tried taking the position many times. So besides that, you know, we have the overheads, the people were standing there, people were stationed there for the start of the project and we had stocks of material. Material of course we’ll transport and shift it to the nearest side. But NHA is ready to pay us 11 crores which is a termination cost. But our expectation is more and we have already filed this 80 as I said and the claim will be supplied soon. I don’t know the dates of the soc also because 80 is formed, it is artificial, is already formed and once that is formed within one year the decision will be there and be in our favor only.
Vaibhav Shah
So the extension of course it should be greater than 1% is understanding, right?
Ramneek Sehgal
So you know, talking about that on this call will not be right because you know, the teams are still preparing but it’s still getting the accounts from the site and all these things. And once the SOC is filed, we’ll definitely send you the number.
Vaibhav Shah
Okay. Secondly, we have seen a sharp increase in debt levels on a quarter on quarter basis. So. And also has gone up quite significantly during the quarter. So we have seen a sharp increase in terms of both payables and also other current assets and trade receivables. So any particular reason? Then what could be the HAM receivables? Other receivables of 850 currency.
Ramneek Sehgal
So I’ll give this phone to Bhagat. Bhagat will answer this question.
Bhagat Singh
I have first the queries on the debt size. So as of my standalone debt is 635crores only which includes 183crore, 18crores of equipment term loan and 403crores of term loan. So as we have briefed on earlier calls also like the company, whenever we start a new site, so basically we avail term loans, mobilization advanced term loans from the banks which enables us to mobilize the site and start the work on the ASAP basis. So these 403 crores primarily my standalone debt. If you see against the total debt of 635 crores, my mock term loan is 433 crores only. The side it is close to 70%. So it is a mock term loan which we have availed to start a new site like which we have recently started like Sadhana Yoga and other site. So these term loans get paid off over a period of 12 to 18 months period from the realization only. So our debt level is within the limit. And if you see my debt equity ratio it is again 0.4 to post the IPO like whenever, whenever we are starting a new project we are availing a productive loan for a productive asset based decade. So my debt equity ratio is still within the timeline. When we talk about the aggregate debt position then aggregate debt position is 1396 crore which includes a standalone debt of 635 crore and the HAM term loan. So the ham term loan exposure is 433crores from three HAM assets. One is Malo Dabovar which is already operational and we are getting annuity. But Hinder Dagwali, the term loan is 173crores. The term loan is 263crores. Ramnik sir, just before giving an introductory speech he has briefed that from Patinda Diwari we are expecting the completion within the next few months and Jalbena also within the next few months. So by the time the completion is done we will be getting the annuity from these sites and from that respective annuity that servicing will take place. So debt on overall basis that is within the standalone limit and on SPV basis is within the acceptable benchmark. And the company both standalone and SPV both are in a position to sustain this level of debt on a balance sheet basis. Now I come to another question. That is a receivable number. So the receivable as on as of 31st March for a standalone business is 150 crores. And our working capital days are 62 days. So we have reached earlier in our presentations that whenever this asset this whenever we calculate the working capital days this is an as on number and as on number reflects the billing which is reflects so in infra industry. Normally the billing takes place including the last week precisely of a quarter or a year on account of which the debtor number reflects on a higher side and accordingly the working capital dates rise to a level. However our realization is still within the acceptable benchmark and we quoted it. Normally our working capital cycle ranges from 50 to 60 days. And as we speak on 31st of March it is 62 days only. So again it is within the acceptable number on debt level. PayPal is also in line with the order book of the company. You see against 10,800 crores of order book, my debtors are only 850 crores and vendors are also within the limit. So on overall basis this working capital cycle, on industry basis it is in line with the order book and the growth phase with which the company is working.
Vaibhav Shah
Okay, sure. So out of 850 crores receivable, what would be the hand debtors value?
Bhagat Singh
268 crores.
Vaibhav Shah
Okay. Secondly, we have seen a sharp increase in contract assets. So what would be the reason for that? It was around 370 crores last year and now it is 860 crores. 847 crores.
Ramneek Sehgal
So you know before this year we were having an Atam Nirva scheme where no retention money was getting deducted and we were paid and our milestone payments were easy. Whereas now ATAB due to this AAPAN even going out. So we have about 96, 4 in our retention money. 186 crore from Bihar project where you know we’ve already done the utility work, we’ve already done the road work. But till then the project is completed, the milestone payment cannot be paid. So a lot of amount is stuck there. And then the new Metro project started where the huge amount is stuck. And for the new project where we’ve already mobilized and like the sudden bypass is already started, it will start getting soon.
Vaibhav Shah
Okay sir. Lastly, what would be the guidance for FY26 in terms of revenue and margins, Order inflow and also margins were quite weak in the fourth quarter. If I removed other income for the fourth quarter and margins were at around 11% versus our nine months margin around 39%. So what will be the reason for the lower margins in the quarter?
Bhagat Singh
At the outset? Like we have spoken at the company during the next two to three 2526 we are expecting to deliver a growth rate of normally 10 to 15% against the top line. And accordingly the margin will also increase in absolute number as far as the EBITDA margin is concerned. So we have informed that our pure EPC margin will range between 11 to 12% and over and above the pure EPT margin. There are three types of income precisely royalty, bonus and claims which the company will be booked in accounting or as is received basis. So we are still in line with the guidance of the pure EPC margin. The decline as you witness is a marginal decline. That is basically on account of the increase in some contracting cost and other related costs which we witnessed during this quarter. But we are expecting that going forward things will further streamline and the company would be able to keep the EBITDA margin in line with the guided number.
Vaibhav Shah
Okay, thank you. Those are my questions. I’ll come back in the queue. Thank you.
Operator
Thank you. Participants who wish to ask questions may please press star N1. At this time we will take the next question from the line of Gitanjali Agarwal from ABS Investments. Please go ahead.
Geetanjali Agarwal
Hi, am I audible?
Ramneek Sehgal
Yes, yes, very clear. Thank you.
Geetanjali Agarwal
Okay, thank you for the opportunity. So my first question is, do you plan to diversify more into railways and metros from hurricane like, what’s your outlook on this opportunity?
Ramneek Sehgal
So we’ve already quoted thank you so much for so we already diverted towards metros, railways in fact underground. And not only this, we are bidding for new verticals also we already explored and we’ve already at the final stage of bidding of a few other projects which I can’t speak on this line, that’s a confidential information. But yes, you’ve seen in last one year only we got three metros. We’ve already got it coded for another three metros. And we are really looking forward to diversify. And looking at Segal. Ten years ago we were just a road contractor. Now we are doing railway, metro, bus terminals, we are doing HAM epc. You would have seen us with the space of time, we have added a lot of verticals within the company and geography wise also we have increased. We were contractor, now we have, we worked in more than 11 states. Right now we’re working in eight states. So we are good at it. We are ready to adapt things quicker, start new verticals quicker and get new contracts in those verticals..
Geetanjali Agarwal
Oh, okay. So my next question is, how is the company balancing between EPP and HVM projects like in terms of strategic focus and execution capabilities.
Ramneek Sehgal
So good question. Normally the ham versus EPC is close to 40 60, where ham is also typically ADC. So what we do is the company like us, we have a cash pool coming every quarter on quarter. So these cash we put in as an equity in these projects. And we had a GPA also which we have used twice in our equity. We have our equity available at this moment also for at least two, three projects. So typically looking at the equity we build our contracts on HAM project. And going forward also the situation will be like this. And of course the HAM are better projects like all three projects, once they’re completed, our annuity would be around 250 crores coming every year. So you can understand this kind of amount coming for next 15 years. And going forward we have nine hand projects and one bot project. So it’s like a refinancing of a company where a lot of money will be coming from the annuities every year. And that took for 15 years. Thank you.
Geetanjali Agarwal
Oh, okay, great. Sir, just a last question. So what are your plans for K6 for FY26 particularly in equipment and project mobilization?
Bhagat Singh
Ma’ am, we are an asset like company. So we don’t have a major capex plan. We normally, as for the company philosophy, we normally take all the machinery, equipment, whatever we require for our project on these basis in the IPO which we have raised, we have already taken from the investors that some appropriate is 99 crores for the modernization of the company plant and equipment which we are working already. It has been utilized for the tech purpose and on an average basis, on a minimum basis if any required it is a normal sum of 15 to 20 crores. However majorly up to 80 to 90% of the cases the company is relying upon the lease basis. So we don’t have much capex. And in some cases we take the machinery. Wherever we do the capex, we do it on a buyback basis.
Geetanjali Agarwal
Okay. Okay. That was very helpful. Thank you sir.
Ramneek Sehgal
Thank you ma’ am.
Operator
Thank you. We will take the next question from the line of Jainam Jain from ICICI security. Please go ahead.
Jainam Jain
Good morning Management. Sir, my first question is what is the tender pipeline as of now.
Ramneek Sehgal
Good morning. Tender pipeline. We’ve already quoted tendersward 70,000 fraud. And there are different verticals. Metro, railway, water, irrigation and.
Jainam Jain
Okay sir, can you name a few major projects in metro and those segments like in which we are expecting a major tender to be floated in this call.
Ramneek Sehgal
So railway we have quoted for construction of new BG rail bridge that’s across the river Ganga between Vikram shila. That’s for 1429 crores. Then we have quoted for our irrigation tender worth 1345 crores in Bihar. Another irrigation tender to 53 crores in Bihar. So this is sum of 10,000 cr. Then we voted for border road and fencing CPWD tenders worth 1400 cr 600 crore. Sorry. And then we have quoted for Delhi Metro project worth 456 crore. We have quoted for two HAM projects in Bihar worth 1400 and 1143 crores. Two development projects worth 15 or 50 crores which is 6000 crore of this place. And besides this we have quoted for K ride which is in Bangalore. That product is worth 1300 crores. That’s a metro elevated Metro. And at Kolkata metro which is again worth 30 million crores. Such as underground Metro. Cut and cover Metro.
Jainam Jain
Okay sir. And sir, what are the expected 10 days to be flowed in this year? I mean these are the position which we have.
Ramneek Sehgal
The pipeline is robust. We can see large projects coming on the way. Like for example there are few which are already available in the large projects. I don’t want to take the names of the projects but the pipeline is robust. We can see a lot of coming in the near future where we have already planned also. And the pipeline is robust
Jainam Jain
So sir, what’s the order inflow guidance showed this year?
Ramneek Sehgal
So last year we committed 5000 crore. We got 5400 crores. So this year we are targeting 5500 crores.
Jainam Jain
Okay sir. And sir, we have seen a decline in margins even after considering the experience of bonus and royalty income. So like is there any existential issues we have been facing?
Ramneek Sehgal
So. Not really. But we had one issue. In Punjab our quantized payment has not been paid. And we have won the arbitration PRB award also there. And we’ve gone through the 80. Once that is realized that will come straight to our bottom line.
Jainam Jain
All right sir. That answers my question. Thank you so much. And all the best.
Ramneek Sehgal
Thank you so much. Thank you for your question.
Operator
Thank you. We will take the next question from the line of Bala Subramanian from Arihant Capital. Please go ahead.
Balasubramanian A
Thank you sir. Balance sheet item around10.24 crore for receivable center service consistence. I think these are long term receivables from mha. So what is the expected timeline for this review?
Bhagat Singh
Sir, before I back to your query I’ll just make you understand how the SVB model functions. So under the HAM project whenever we do any execution. So the government NHAI pays us 40% of the BPC that the bill get cost to us during the construction phase. Remaining 60% is paid to us over the period of next 15 years in the form of annuity. So once any concession completes the project that amount along with the interest is received over it of 15 years. So this receivable amount will be paid off along with the interest over a period of 15 years. And on that basis your IR is carved out. So this is a. This is a STB model. If you do the similar work in the EPC you get the entire payment within the two years time. Got it? Right. So we need to understand the model. It’s not for you know any delay in the payment recovery. Every concession who is working on the HAM model that they are recovering the amount that is underlying under the receivable under the concessional agreement over period of nut which is normally in hand project of 15 years.
Balasubramanian A
Got it. Thank you.
Operator
Next question is from the line of Arun Trivedi from Mission Securities. Please go ahead.
Unidentified Participant
So my question is, is the company considering entering any new infra segments or any geographies beyond North India over the next few years?
Ramneek Sehgal
So good question. If you see our order book value from Punjab is less than 30%. 70% is from the larger part of Bihar, UP and Jharkhand. We are always open to bid for new verticals, new areas. Like we’ve already done it in Kolkata which is for underground metro. And we have already quoted for a Bangalore Metro which is in Karnataka. We are always open to working to new states, new verticals. And we keep tracking these kind of new tenders where the competition is healthy and less players are there. And we’ve been successful also doing this. As I said last year we entered into metros. Before that we entered into EDIT Airport. And now we have quoted project for irrigation water and we already there. So we have a good number of verticals where we are adding small verticals with it. Like for example there’s a water vertical irrigation in water. There is railway and metro. So then there is an underground which we have already started porting. We are already doing tunneling in Kamban Manihar which is getting completed in few months. So company is expanding geography also and increasing the verticals also.
Unidentified Participant
Okay, great. Just a follow up. So among these workloads and our segments, which do you think has the best potential or what are the kind of growth rates that we can expect?
Ramneek Sehgal
So urban transportation, be it underground, be it overhead, be it elevated, be it these metros, I think a lot of scope would be there. Cities are getting interested. A lot of underground projects will be there, lot of elevated would be there. We are in NCR so we are expecting a lot of potential here also.
Unidentified Participant
Okay. Okay. So nothing in terms of quantitative growth rates you want to mention.
Ramneek Sehgal
So we guide our investors that we look forward anywhere between 10 to 15%. And we try to achieve that. And we’ve been doing that in the past also. Thank you.
Unidentified Participant
Sure. Yeah. So just one more question from my side. So I joined a bit late so just wanted to check if you mentioned anything on the current L1 pipeline and what’s the order inflow momentum like.
Ramneek Sehgal
So we already quoted for tenders worth 17,000 crores. This is a tender we have quoted and our order book value is close to 10,800 crores. And we have about nine hand projects. One bot project, one is operational hand project. And I hope I answered your question.
Unidentified Participant
Yes sir, that’s it. From my side, thank you.
Operator
Thank you. We will take the last question from the line of Webhav Shah from JM Financial limited Please go ahead.
Vaibhav Shah
Yeah, thank you sir. For the follow up we just wanted to confirm the ad status for the two ham projects. So if the understanding is correct, we had 11 and 12 we’re expecting maybe sometime in source order.
Ramneek Sehgal
So VRK 12 we are expecting soon. As I said before, the files were originally with DFO and nodal officer. Both have been cleared and it was gone to the last level of cm. Once that is approved, the pad will be given to us. Besides this I think the issue of northern bypass will get it also we are targeting. So we are targeting three ads.
Vaibhav Shah
So all three would be in first quarter in June. Or it may spill over to second quarter next. Okay. And VRK12 should.
Kapil Aggarwal
VLT11 is dicey expected. And once VRK12 is there, VRK11 should be there immediately in like a one quarter. Only one depends on one quarter.
Vaibhav Shah
So broadly by September our large order book should be under execution. Apart from where it was, it should come by December.
Ramneek Sehgal
We should. Yes. Fingers crossed. We have great plans.
Vaibhav Shah
Okay. And so lastly on the data side. So what would be the number of Metro letters? You said that some payments were stuck and I missed the point. On Bihar you said some 186 crore debtors are pending.
Ramneek Sehgal
So in Bihar project our road work payment is in a single go. And like for example there’s a stretches for 25km. If you’ve done for 17 18km will we only be paid once the load is completed? And the same thing is utility shifting which is again for about 40 crore. We’ve already done about 70% of the utility shifting. But the payment will be made as per the completion of the milestone. So and another thing is 96 crore is the pension money which is due against the departments. Because you know earlier that there was Atal Nilbar scheme where they were not directing us retention money. Now they are deducting the retention money. And earlier we will get to release the bg. But now once the product is completed then only they are releasing it. That’s the NHA new condition. Thank you.
Vaibhav Shah
Okay sir. Last one Metrogators. What should be the amount?
Ramneek Sehgal
Around 40 crores.
Vaibhav Shah
So we expect the improvement in working capital by what time? Maybe by second quarter or later this year. The stock money should come by what time?
Ramneek Sehgal
You know these projects are large projects. Because the project like Bihar is of 2000 crore. And you know how the things happen is we are doing a segmental structure. Segmental structure. We have to cast a segment in a yard then we have to launch it. And you know, in certain cases till the time the BC is laid over the final, what you call the slab, till the time they don’t pay till then you complete the road furniture. But it’s one of the longest elevated of the country. About 19 km elevated.
Vaibhav Shah
Okay, so this Rambad Manihar 2 and package 2 and package 3. Do we expect the projects to be completed in this year or it may spill over next year given the current situation.
Ramneek Sehgal
See current situation right now we can’t answer anything because all our teams, you know they were scared. Their families have already called them and they 70% of the teams have left the side. Because the situation is very bad there. There are few incidents which I can’t was fair. But yes, situation is bad. But you know our tunneling work, our lining is completed. Only MEP and road work is left which is hardly a 4, 5 month job which will be completed for our viaduct work which is a smaller work, it will take time because you know in here at least one or two flash floods are there. So for two, three months they don’t work. It’s a situation there. But we’re happy to say that we as a company have executed this 6200 meters of tunnel in the fastest time. So 6200 meters of the tunnel was done and we did the breakthrough a few months back. We in fact posted also on our social media in LinkedIn and everything lining is completed, only the road and MEP work.
Vaibhav Shah
Is there is any guidance on the equity requirement? What will be investing in next couple of years and how much spending as of now.
Ramneek Sehgal
So we have just put equity of certain they are bypassed. And we are targeting to put equity of at least three more projects in this year. And the equity is available with us.
Vaibhav Shah
So an overall number what is invested till date as of March and what incremental investment would be done in 26 and 27?
Ramneek Sehgal
One second.
Bhagat Singh
We have already invested a sum of rupees close to 400 crores in the existing hand projects including the new one. Satan Arodhya, by far and as far as the remaining is concerned, so we have equity commitment of close to 800 crores.
Vaibhav Shah
Spending incremental, right?
Bhagat Singh
Yeah. But that equity commitment is to be spread over the period of the project. Like in case of ayodhya we have 2.5 years, that is 31 and other is two years. So we have a good equity commitment, we have a good revenue visibility. So we don’t find any equity challenge. And I think our past has already proved that the company, on account of its availability of cash flows, we have already infused equity growth to 400 crores. So that is only an invested amount.
Vaibhav Shah
What amount would we be investing incrementally?
Bhagat Singh
Which financing overall
Vaibhav Shah
Overall number for the entire portfolio. What amount would we be investing in? 26 and 27. As far as this financial year 25, 26 is concerned.
Bhagat Singh
So the amount depend upon the ability of the ad. So if the ad is arrived then the amount would be available. Suppose if the ad is postponed to the next financial year then it will be less. Suppose it will be closed somewhere close to 50 crores in this year depending upon the ad.
Ramneek Sehgal
Okay. More the projects we start we will put more equity. We are targeting our projects.
Vaibhav Shah
Okay. Okay. Thank you sir. Those are my questions. Thank you so much.
Operator
Thank you. As there are no further questions, I would now like to hand the conference over to Mr. Aryan Sumra for closing comments.
Aryan Sumra
I would like to thank the management for taking out time for this conference call today. And also thank you to all the participants for joining. If you have any further queries, please feel free to contact us. We are NAFG In Time India Private Limited Investor Relations Advisors for seeking. Thank you so much.
Bhagat Singh
Thank you everyone.
Ramneek Sehgal
Thank you everyone. Thank you. Have a good day. Thank you.
Operator
On behalf of MUFG in Time India Private Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.