Dilip Buildcon Limited (NSE: DBL) Q1 2026 Earnings Call dated Jul. 30, 2025
Corporate Participants:
Unidentified Speaker
Gautam Jain — Head of Investor Relations
Devendra Jain — Managing Director and Chief Executive Officer
Rohan Suryavanshi — Head of Strategy and Planning
Sanjay Kumar Bansal — Chief Financial Officer
Analysts:
Unidentified Participant
Shravan Shah — Analyst
Ishita Lodha — Analyst
Ashish Shah — Analyst
Vishal Periwal — Analyst
Parikshit Kandpal — Analyst
Naysar Parikh — Analyst
Deepak Purswani — Analyst
Bhavin Modi — Analyst
Gaurav Gandhi — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to The Dilip Wilcon Limited Q1FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing 0 on your touchtone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Gautam Jain from DBL. Thank you. And over to you sir.
Gautam Jain — Head of Investor Relations
Thank you, Anushka. Good morning everyone. Welcome to Dilip Buildcon Quarter 1 FY26 Earnings Conference Call. From the management we have today Mr. Jeevindra Jain, Managing Director and CEO Mr. Rohan Sudhevanshi, Head of Strategy and Planning and Mr. Sanjay Kumar Bansal, Chief Financial Officer. Before proceeding with the call, I would like to mention the standard disclaimer. The presentation that we have uploaded to the stock exchange, including the interaction in this call contains or may contain certain forward looking statements concerning our business prospect and profitability which are subject to some uncertainties and the actual results could differ from those.
Now I will request Mr. Rohan to take us through the key remarks after which we can open the floor for question and answer session. Thank you. And over to you, Rohan.
Rohan Suryavanshi — Head of Strategy and Planning
Thank you, Gautam. Good morning everyone. On behalf of the entire DVL family, I welcome you all to this conference call. The results and presentation have been uploaded to the stock exchanges and I trust you had a chance to review them to provide a brief overview of the industry. The muted order activity trend we experienced last year has continued into the first quarter of this fiscal year across all infrastructure sectors. However, based on recent developments and assurances from the government and a very clear intent, we’re expecting a significant increase in orders for the remainder of the year.
In the road sector, the NHI is preparing to bid out 124 road projects worth 3.4 lakh crores in FY26. These projects will include a mix of Ham Bot and EEPC models. Additionally, Honorable Minister Nitin Gadkari Ji has pledged Rupees 2 Lakh Crores for infrastructure development in Jharkhand. The Ministry’s focus on increasing capital expenditure along with overhauling processes related to tendering, DPR preparation, road safety and quality maintenance and toll collection bodes well for the long term outlook of the sector. In the water distribution sector, particularly with the government’s flagship Jaljeevan mission, challenges such as water scarcity, difficult terrains and and funding issues have hindered full implementation.
Given these delays and issues. The government has extended the execution timelines to 2028 in the last budget. As the central government remains committed to completing the scheme with various interventions, we anticipate some progress this year. In the Metrorail sector, we stand on the brink of significant opportunities. Recently, the Andhra Pradesh government approved a proposal to invest over Rs 20,000 crores in the development of the Vizag and Vijayawada metro rail corridors. According to a recent World bank report, Indian cities require investments exceeding USD 2.4 trillion in urban infrastructure by 2050 to meet the needs of the growing urban population.
This highlights the urgent need for increased infrastructure investment in the country. As a well established and diversified infrastructure player, we at DBL are actively exploring opportunities across all related sectors and are confident in our ability to capitalize on these prospects. Now focusing on DBL performance In the last quarter we have encountered challenges in securing new orders, primarily due to a slowdown in the ordering activity across most of our verticals and heightened competition for the limited projects available. This situation is true for all players of the industry and even more so for the larger players. Because a large portion of orders have been won by smaller and unrecognized players due to lowering of the bid standard by the authorities, it’s vital to keep our investors and analysts informed about the situation.
Over the past few months we have faced intense competition, especially in some large orders as well. However, at DVL we remain steadfast in our commitment to our long term strategy of profitable growth. We have chosen to uphold our threshold margin levels which has led to a temporary decline in our order book. However, we are optimistic that as the market stabilizes and conditions improve, we will successfully secure orders across all our established verticals and while we may be experiencing a period of degrowth, we view this as an opportunity for strategic refinement. The government on its part, like I mentioned, has already improved the qualification criteria and we hope this will lead to significant reduction in competitive intensity.
So right now, rather than lowering our threshold margin levels to chase some optimal projects, we are taking this time to realign our operations operations to be leaner and more agile. As part of this initiative within our EPC business, we have paused all capital expenditure plans and implemented targeted workforce adjustments which will enhance our operational efficiency. In the long term, we believe these proactive cost cutting measures will yield lasting benefits for our performance moving forward. In our HAM projects portfolio, execution is progressing smoothly and according to schedule. In the last quarter we have completed partial divestment in three projects to the Alpha Alternatives Fund for a consideration of 125 crores.
The remaining seven projects are on track. We anticipate completing and partially divesting four of them within this financial year followed by the remaining three in the next financial year. I’m also happy to report that our INVIT formation process is nearing completion and we have received in principle approval from nse, BSE and sebi. After a few more necessary clearances, we are excited and we anticipate to launch the INVIT within this quarter. Now moving on to our coal operations. Our Coal MDO operations are thriving and progressing on schedule in Asiamal and MDO. We have achieved production volume of 5.4 million metric tons in quarter one FY26 and we are on track to meet our full year target of 25 million metric tons of for FY26.
Similarly, our Pachwara MDO achieved 2.9 million metric tons in quarter one of FY26 positioning us well to reach our full year target of 7 million metric tons for FY26. In total, we will achieve production of 32 million metric tonnes in FY26. Finally, I’m excited to share our vision for DBL 2.0 remains on track. Even in the current challenging macro environment. It is truly promising to see our two long term revenue generating businesses, our Coal MDO and the HAM portfolio progressing robustly. These ventures will provide us with predictable cash flows, improved return ratios and a more balanced risk profile.
We hope that our robust order inflow from the government in this financial year will will help us further strengthen our strategy and growth. As I mentioned before now evaluating DBL from a consolidated perspective is extremely essential to fully appreciate our various business verticals, the nuances, strengths, performances and potential. Now with that I would like to hand over a call to our CFO Mr. Sanjeev Mansalji who will provide a detailed overview of our financials. Thank you.
Sanjay Kumar Bansal — Chief Financial Officer
Thank you Rohinji. Good morning everyone. I welcome all our stakeholders to our earnings call for quarter one FY26. Let me present the results and highlights. During quarter ended 30 June 2026 the company completed two hemp projects worth 1605 crore and received LoA for our tunnel projects in State of Kerala. Now moving to business business to financial performance. Firstly, standalone quarterly performance on Y o Y basis the company’s Revenue decreased by 14.76% to 2,010 crore against 2358 crore. EBITDA decreased by 22.5% to rupees 203 crore from 262 crores. The EBITDA margin decreased on account of reduction in revenue from road and water supply projects.
Profit after tax increased by 161% to rupees 123 crores from 47 crore. Now come to console. Quarterly performance. On yoy basis, the revenue of the company decreased by 16.4% to rupees 2620 crore from 3134 crore. EBITDA increased by about 9% to rupees 520 crores. From rupees 478 crore. The EBITDA margin increased on account of completed hemp projects and coal business performance. Profit after tax increased by 93.57% to rupees 271 crore from 140 crore. This is the financial performance of the company. Now we can open the floor for the questions and answers. 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 touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Shravan Shah from Daulat Capital. Please proceed.
Shravan Shah
Thank you for the opportunity. A couple of questions. So first just to rephrase on the guidance on the standalone front. So what’s the now revised new guide of EBITDA margin or wind flow? Capex. Yeah.
operator
Hello. So your voice is breaking. Could you please fix that?
Shravan Shah
Is it better now? Is it fine?
operator
Yeah, fine.
Shravan Shah
Yeah, yeah. Sir, can you just restate the device guidance on the standalone revenue, EBITDA margin, order inflow and capex for FY26?
Rohan Suryavanshi
Sure, sir. So let me start with order inflow at least we’re expecting 12 to 15,000 crores of new order inflow. So that at least what we’re expecting the guidance, what we expect should be in the range of 8,000 to 8,500 crores of revenue. And this is for the full year. And EBITDA margin should be in the range of 11% or so.
Shravan Shah
Okay. Okay. And Capex on the standalone would, would not be anything for this year.
Rohan Suryavanshi
It should be very negligible if only some replacement defect has to be done. So I don’t expect to be more than if at all because we are expecting it not to go. But let’s, for assumption sake let’s assume between 25 to 50.
Shravan Shah
Okay. Got it. And on the on the date front so this quarter obviously the date has increased so last time we have talked about that the standalone date we are looking at 500 crore reduction in this and it did 3 by 27. So any, any change on that stand.
Sanjay Kumar Bansal
Basically our target for 31st March 2026 the reduction of debt by 500 crore remains intact number one number two it is a quarter early increase by 85 crore which we will address in nine months. So there are activities mapped in this last three quarters so the plan is intact.
Shravan Shah
Okay. And net debt free by 27 that also intact?
Sanjay Kumar Bansal
Yes net debt 3 by FY27 is inducted.
Shravan Shah
Okay now on the operational front a couple of things I just wanted to know first this same unit distribution post whatever the cell that we have done what is now left with us because in the distribution from FY27 previously we used to have a 76 odd color now we are single nil a number for frame invit distribution.
Sanjay Kumar Bansal
So Shivanji the distribution the projected distribution decreased to 44 crore because management has decided to prepaid part of CPPIP debt. So this quarter basically we have prepaid 312 crore of CPP IP debt from DIAPL we basically paint this out of sale of SIM units. So we sold 3263 crore worth units this quarter and now around 300 crore units is pending. So basically it is because of the reduction in units and reduction in the corresponding debt of the IAPL.
Shravan Shah
Okay so so balance 300 crore are we are we looking at to sell with this during this? And that’s why we are looking here from FY27 there will not be any distribution from.
Sanjay Kumar Bansal
So I, I, I will have a write off prepayment from 28th to August this year so we are planning to pay or prepay the debt within this financial year so that is why we have kept zero distribution in FY27.
Shravan Shah
Okay and now real infra date is how much?
Sanjay Kumar Bansal
Principal remains 285 cr as of 30 June
Shravan Shah
Okay and sir is it possible are we can can share the MDO revenue EBITDA margin F.
Sanjay Kumar Bansal
So last few calls we have said uh basically we we see uh or NB give the specific console and we don’t give entity by entity so yes in the console cold business performance is included but company to company it is very. Difficult.
Shravan Shah
Okay and CRMAL co handling plant capex of 850 odd crore has started which we were supposed to start from this quarter.
Sanjay Kumar Bansal
So, the major capex in CRML will come from or will be done for the chp. And CHP out of the total balance capex is around 900 crore. Without CSP. Also we are targeting 25 million ton and next year 35 million tons. So we will start this CHP basis when we want to go above 35 billion tons. So we are well within the targeted total production capacity. So within you can say next one or two quarter we will start. Because there is no point doing the capex early then required. So basically we are basically planning basis our production requirements.
Shravan Shah
Okay. Okay. And lastly sir, the gas number as an FY25 has been restated from 292 crore to standalone. Is there anything? Because this was the audited number and similarly that number has been increased in the non current financial asset.
Sanjay Kumar Bansal
Non current financial assets. Basically cash reduction is the total. If you can see the standalone cash flow the cash impact for this quarter is 61 crore negative. So there will be some balance sheet item adjustment. So Shravanji, on specific queries we can have a separate discussion with my accounts team. We can have a separate call on each and every item.
Shravan Shah
No, no. I was not referring for this quarter. I was saying for FY25. What we reported when we declared the result at that time the cash and bank balance on standalone was 292crore which now revised down to 80watt crore. And the difference has been increased in the non current financial assets. So I was asking that.
Sanjay Kumar Bansal
Shivanji, I think it will be basically some grouping change. So my accounts team will basically explain you some grouping change. Otherwise the case adjustment for this quarter is only 61 crore.
Shravan Shah
All right sir. Thank you and all the best. I will come interview. Thank you
Sanjay Kumar Bansal
Thank you. Thank you.
operator
Thank you. The next question is from the line of Ishita Lodha from Swan Investments. Please proceed.
Ishita Lodha
Hi sir. Thank you for the opportunity. My question is with respect to the inventory levels we saw a slight increase from 75 days as on March to 84 days. So. So how are we looking at inventory levels by the end of this financial year?
Sanjay Kumar Bansal
So basically if you can see the inventory in absolute terms the inventory is decreased marginally. But yes, because my sales is down by around 15%. So the nine days increase in my net working capital days is because my denominator is down which is the revenue. So in absolute terms my inventory is not increasing. So it will be more or less same as previous year and we will end with more or less 7580 days in entire financial year.
Ishita Lodha
Okay. And what is the update on JAL Jeevan Mission receivables.
Sanjay Kumar Bansal
Jaljeevan Mission receivable In the financial results call of quarter four we have said we have received majorly all Jaljivan mission payments in March. So now the regular one one month outstanding remains from the Jaljun mission. Otherwise it is regular.
Ishita Lodha
Okay. And since last seven odd quarters we are seeing that the order inflow has been quite muted. So by when are we expecting the momentum to pick up?
Sanjay Kumar Bansal
So basically the order inflow is in the opening remarks by Rohan Rohanji he said because there were qualification criteria issue and the competition from unrecognized player. Now since Moth and NHI changed the qualification criteria in EPC and HEM project recently so now we expect lesser competition from unregn recognized player. So we expect good amount of order flow between quarter two to quarter four. And we expect like 12 to 15,000 crore work projects in the remaining period. Of this financial year.
Ishita Lodha
Okay. And the other income was slightly higher so any one off during this quarter.
Sanjay Kumar Bansal
So in console the other income is higher because in CPP IB we paid 164 crore of redemption premium. The corresponding impact of reversal of provision. So it is there in the reversal of provision in other income. And the same 164 crore is in finance cost. So basically we recognize the cost through provision in past quarters but now the real payment happened. So now my interest cost increased and my other income increased because of the reversal of provision.
Ishita Lodha
Okay, thank you sir. That’s it for my.
Sanjay Kumar Bansal
Thank you so much.
operator
Thank you. The next question is from the line of Ashish Shah from HDFC Mutual Fund. Please proceed.
Ashish Shah
Yeah, good morning. So just one thing I wanted to understand. We spoke about tightening of qualification norms for EPC and HAM projects. Could you elaborate what are the key changes which you know have been either proposed or have already been implemented. And. And yeah, I mean and when do you expect really to. For. For these new norms to take into effect as far as bidding is concerned mainly change.
Devendra Jain
There is a network criteria. [Foreign Speech]
Ashish Shah
[Foreign Speech] Right answer adjusted net worth computation here. That is going to be applicable for BOT and HAM projects. Right? For EPC you know.
Devendra Jain
[Foreign Speech] Criteria particularly EPC project there is some change criteria in. The EPC but. Not for bot.
Ashish Shah
Okay. This is particularly for him even for beauty the older older norms continue.
Devendra Jain
Yes. Yes.
Ashish Shah
Answer in your assessment what what will be the mix this year for Ham and BOT and EPC.
Devendra Jain
So mostly the bidding prospective the 60:40 ratio is going on from the north and NHI 40 projects and 60 majorly on HAM and beauty auto mix is it already we are expecting. [Foreign Speech]
Ashish Shah
[Foreign Speech] And so practically we expect that the shelf of projects is going to be ready for actual bidding to commence because there have been various false starts. So you know one is really cautious on how to look at this year’s opportunity. So in your assessment when do you think this is actually likely to revive the whole bidding process?
Devendra Jain
[Foreign Speech] Q3 and Q4 and we are very keenly monitor last two years. So we are looking.
Ashish Shah
Right. And so other thing is on the MDO business. So you know now. Now we have started operating these mines. Are we looking at more such concessions?
Devendra Jain
[Foreign Speech] Continuously mining sector continuously even we are bidding in the underground mining also and open caste and not only the coal, we are bidding in the iron ore, we are bidding in the bauxite also. So we are looking this type of project in this financial year.
Ashish Shah
All right, thank you. Thank you very much.
operator
Thank you. The next question is from the line of Vishal Perival from Antec Stockbroking. Please proceed.
Vishal Periwal
Yes sir. Thanks for the opportunity. First was answer on the in the presentation we have given one slide of equity divestment tracker. So if I look at this the latest presentation it talks about the total inflow is around 2000 odd crore and FY25 ppt this number was 3000 odd crore. So I just want to understand like you know how much like have you received thousand odd crore in this quarter or is there any other change? Which is which is there in this?
Sanjay Kumar Bansal
If you compare the previous equity and divestment records so the known operational cash. Yes it was 3000 crores. So partly we have received and partly we have adjusted basis our revised understanding in terms of like I explained this call question we we have sold 260 crore worth SIM units. So basically we have reduced the inflows from the unit because we already sold and we paid to CPPI and balance money we have received from Alpha during this quarter. So basically there is no change again other than this. So except these changes the non operational cash flow is same.
Vishal Periwal
Okay. Okay. And then you mentioned if you look at balance sheet so where exactly this comes because I mean we are not seeing that change in the increase in the cash line item same even for the the warrant amount that we have Received.
Sanjay Kumar Bansal
Okay. So the warrant amount you can see it is increased in basically the net worth. You can see the 399crore and you can see the financing activity in cash flow. So 399 crore received in this quarter.
Vishal Periwal
In the asset side.
Sanjay Kumar Bansal
So asset side it will be basically reduction in working capital utilization. But if you can see the operational cash flow I have invested 492 crore in my operational cash flow this year. So basically 60 crore came from my borrowings and around 400 crore from the investment what I got from warrants. So net, net my investment in operational cash flow is 492 crore. So basically asset side it won’t see because it is already invested in operation side. So there is a current assets increase.
Vishal Periwal
It is a working capital increase which is basically…
Sanjay Kumar Bansal
My networking capital days increase from 7524 days.
Vishal Periwal
Okay. Okay. Okay. So the one off which is there in this quarterly result. I think the footnotes do provide some clarity. So. So I think a 9800 odd crore is one off. So I mean the large part where exactly it is coming and any clarity that can be provided.
Sanjay Kumar Bansal
Out of the total 98 crore basically 68 old crore received from shim against the deferred consideration and the the balance is basically Profit on sale of 24.99 stake to Alpha and profit of 23 crore on unit cell.
Vishal Periwal
Okay. And then in terms of the one offs I mean like. I mean it’s very difficult to guide but, but, but and incrementally we are planning to sell the units. That is one and, and the second one offs which can come in the coming quarters is like you know the couple of other ham project which are yet to be transferred to the inbit. So these two things will lead to couple of one offs in the coming quarters also. That’s a fair to understand, right sir?
Sanjay Kumar Bansal
Yes.
Vishal Periwal
Okay. Okay. Sure sir. That’s all from my side.
Sanjay Kumar Bansal
Thank you.
operator
Thank you. The next question is from the line of Parikshit Khanpal from HDFC Securities. Please proceed.
Parikshit Kandpal
My first question is on debt. So I think Rohanji spoke about this formation of invitation. So if you can help us understand what is the total breakup of the ham debt, asset debt, standalone debt, asset debt and outside debt which is there in assets, the DVL assets. So you can help us and how does it move once the Invit foundation happens?
Sanjay Kumar Bansal
Basically there are nine assets basically planned to be transferred to invit. Eight assets from DBL and one asset of the third party. The total debt to be transferred is close to 3,850 crore to the invitation.
Parikshit Kandpal
So Abhi, how much is the current debt for total standalone do we have? So if you can help us understand standalone then I said that in the third party debt and then how it will come down after the formation of the nua. So I know standard will be net cash in two years. But I just want to understand how will the console look.
Sanjay Kumar Bansal
So let me tell you. On quarter one ending my net debt is 8266 crore. Basically out of that around 3850 crore debt will move out of these nine assets. So eight assets 3850 crore.
Parikshit Kandpal
And so and standalone debt is about 1700 crores. Right? How much is standalone?
Sanjay Kumar Bansal
1661 crore. 1661 crore. So out of that I explained the 500 crore reduction will be done by 31st March 2026 which we guided in last call.
Parikshit Kandpal
So out of the total debt of 8,266 crore you said 3,850 is this so? So what was the residual debt on the asset side after this? And how do we intend to lock it up?
Sanjay Kumar Bansal
If we project the console date as of 31st March 2020. So 3850 crore will go. But on the under construction date which is. Which is 2418 crore which will increase by at least thousand crore because the seven projects are under construction. So there we will draw the debt. So net net around 3000 crore debt will go from here.
Parikshit Kandpal
Okay. And when all these assets are completed then what will be the debt after the peak debt on the console basis? And. And how, when and what’s the plan for Monet? The balance assets.
Sanjay Kumar Bansal
So on the monetization the plan is already updated like we have already agreed with long term plan with Alpha 10 assets 26% will go and basically eventually the 10 assets entirely will be transferred to Sim. Sorry Alpha DBL Invit. So during FY27 I believe 27 and I believe entire debt of hem the existing hemp projects will be shifted to the invit after remaining debt will be a standalone debt and the coal CRMA dead. That’s it.
Parikshit Kandpal
Okay, so cool. CRM how much is the debt right now?
Sanjay Kumar Bansal
It is 4, 420 crore as of the 1st 30th June 2025.
Parikshit Kandpal
This will grow as you do the capex. So this will go up. Yeah. Okay the second question is on the ordering. So I think Divenderji was mentioning about the ordering this you know from nhi. So. So I mean has all the issues like earlier there was issues of now any project is the authority will move to the cabinet committee for approval. So now has that been sorted or still that is in that same way it will be done. And secondly the House, what is the status of the land acquisition for this 3 trillion which you spoke about in terms of modeling and beyond roads, what are the other segments you are exploring given that in two years we expect to be net free net cash. So what are the other segments you are evaluating especially on the renewable side if you can highlight anything on battery storage some of your peers have been getting orders there.
Solar and other segments.
Rohan Suryavanshi
Sir, in terms of the new areas or the areas that we’re already working in we mentioned all the 8, 9 verticals that we do in all those areas we’re looking at whether it’s water, whether it’s metro, whether it’s specialized, bridges, tunnels, all those areas we’re looking at. Besides that we’re also looking at energy sector, renewable sources and also we’re also looking at those kind of projects. Mining continues to be a large focus for us. Those are the areas that we are looking at for new orders. And the first question that you wanted to understand the land acquisition status for all the different projects for all of them there are different, different stages but the government given that you know there was lower ordering activity in the last two years.
There is. And because these projects have also been further delayed the land acquisition while it is a project to project specific thing but it is definitely in a decent shape than what it was earlier when the government started ordering in a larger pace. What has happened is because there has been like I said in the last two years muted order activity there. While the government was intending to push out more projects, they were not able to. So the land acquisition has obviously improved as an overall percentage.
Parikshit Kandpal
And just lastly any signs of revival on the state CAPEX fund loans which earlier when we have seen at least in Maharashtra some members RDC and moving road kind of projects now we’re talking about Komcan Expressway, Gujarat is talking about big plans. So anything on the ground which you’re seeing taking shape up wherein we can participate and can give opportunity to us in.
Rohan Suryavanshi
State matters are extremely unique to each different state given their own sort of consideration at that time and which state is going into elections or not, during or around elections they start focusing more on social rollouts and after that there is a bigger focus on capex and whether it’s state or national that kind of trend will repeat. So instead of diving into specific States that is basically the larger sort of strategy that they do adopt. More and more states have started doing capex on specialized projects, whether it’s large expressways or unique or sort of large infrastructure projects.
And we’ll have to go into each state by state. While we do look at different state government orders, it is a more measured approach looking at what is the financial tie up for such projects. And then only as a company do a bit for that.
Parikshit Kandpal
Just lastly on the margins for EBITDA margins, I mean our size has decreased because of the order slowdown, but some of our peers are still doing better margins like 13 to 14%. So direction, I mean now this is a bottom of the margin or this is for us like a new normal. Or do you think with the mix changing this margins can again go back to the 13, 14% EBITDA age?
Rohan Suryavanshi
Certainly I might not be able to sort of comment on specific peers that you may be referring to, but each of us are working in different areas and sectors and different government authorities and agencies which very different competitive intensity. Part of our business strategy for the last decade plus had been, you know, our own CapEx which is where we had higher fixed cost, but that translated into better sort of margins when we had a, you know, larger order book and good visibility. Obviously in a scenario where the order book scenario was depleting that our fixed costs still remain and which is where we have addressed that and reduced all of those also on considerable front, which is why we were able to, you know, protect the our margins even right now.
Now going forward as the new orders come in, what I and we anticipate as a company that once you have enough orders and once this fixed cost that the company has gets absorbed even better, there will be an improvement in margins, but different verticals will have different margin profile. So for me to say where we are right now, I definitely think this 10, 11% is probably at the lower end of the margin margin profile that we are at our anticipation at least when we hope once things are on a regular kind of basis and order book is fine, full and we are targeting what we’re doing, we’re able to fully utilize all our assets.
It should be at least a 300 to 400 basis point improvement. In an ideal scenario where I will also look at early completion and all of those things as well. All of that has not kind of apple. So let’s, let’s see how it goes. And once we have more orders, new orders, what profile we win at, we’ll be able to give you a Better guidance but this you should definitely consider that this 10 11% is a bottom level of the margin profile.
Parikshit Kandpal
Thank you.
operator
Thank you. The next question is from the line of Nysar Parekh from Native investment managers. Please proceed.
Naysar Parikh
Yeah hi, I just wanted to know you planning the you know listing for invade. So what is the indicative valuation and your stake in it? If you have any any thoughts on that.
Sanjay Kumar Bansal
Basically the if you can defer the Rohanji’s opening remark wherein he said the BSC NSE and SEBI in principal approval is issued. We are basically updating our offer document. So we believe this will be somewhere in September. So September month the invit listing will happen. Valuation. I can’t comment now because that is going on with the investment bankers and I said we are transferring eight assets. One asset is third party so our stake would be 74% from the eight assets but ninth asset will basically dilute my shareholding so would be closer to 70% or so subject to the equity raised in in weight.
So basically will be in the range of 70%.
Naysar Parikh
Okay, got it. And you know we on the order book right? We understand on the margin front but given you are already at like the bottom of the margin and many players across different segments they are showing growth. It is not like they’re not showing even larger players. They’re showing growth in order book across different segments. So are we being overly conservative or what is it that you know we are not able to win orders because it’s been obviously a secular decline and if you remove cold MBO we are like this 10,000 crore order book.
Rohan Suryavanshi
Sir, again I would not be able to comment on which specific PSH you might be referring to but largely the industry. If I talk about let’s say specifically road profile EPC players from the national government, 90% plus ham projects have gone to unrecognized players and I would say the EPC front has been almost there 95% to smaller unrecognized players which are not listed. So there has been a significant. So if they are showing order inflow that is maybe in separate sectors that you may be referring to. But the road sector from the national government has definitely been muted for all of us, for all of our players.
And that data at least I know. So what new sectors? Now let’s be clear when they have taken order book we mentioned very clearly that we have a very specific focus, we have a very specific board. We don’t want to take new orders as at the cost of our profitability, at the cost of you know, hitting our return ratios or just for the sake of taking orders. We are happy with what we are currently executing. We have stable cash flows which are already coming in and which are very, you know, sort of. Which is giving us a good guide sort of visibility into what we are kind of doing currently.
Some of these orders that people may have won and I can send you data if you want specific as low as even in thousand crore projects people have bid minus 35% now for a. And there are 2020 bidders in that. Do I want to bid an order at that price? No, I don’t. Because I know that project will not be completed or if it will be completed it will be of a very terrible quality. I am sure you would have noticed there has been a spate and high incidences of people posting videos and pictures on social media of roads getting and public infrastructure assets getting washed out after rains.
And these are even like good national highways and expressways which are facing those troubles of poor quality issues. That whole issue has only started and happened because NHI and the national authority decided to reduce criteria because of which people bid stupidly. Because of which you can’t make an asset worth a thousand crore in 700 crores and say it will be of the same quality of a thousand crore asset. And we don’t want to get into that. We take a lot of pride in our construction quality. We have till now bid about and won about 45,000 crore plus of HAM asset which is the largest for any construction company company in India.
The biggest, you know, sort of case of pride for us is not the size of what we’ve done but the fact that of all our projects that we’ve done all have been done with exceptional quality and we have not faced challenging issues of any reduction in annuity in any places. Even Shreyam when it’s running its own invit, they are relying. Now Shram has our 24 plus I think 35 assets that we have given to them. All of those assets receive annuities before time. We take care of the O and M and the quality that has been if there’s no reported incentive of any quality issues.
So if as a company, if you want that will I be changing my policy towards, you know, the quality work I’m doing. I won’t be. We don’t want to get into a situation where you know, not only does it impact our name and reputation but also our finances, so to say. So which is why we have avoided those sectors. And even if you look at Our own sector order book right now it’s a smaller part. Like at eight years ago, five years ago it was 80, 90% of our order book. Right now it’s 20%. So we don’t want to be.
The fact that we have built capabilities over 8, 9 sectors in the last decade was precisely why we are able to do that. A lot of now players in our sector are diversifying into other areas area now they won the orders. The performance of it will only come in the next one, two years that you’ll be able to see even the orders that you have won. While there might be some decent performance right now for the orders that they already had but going forward performance will. Only come. That in the, in the years to come. So that is basically. And if I talk about you know the coal mdo, the size of our coal, this is in terms of size it’s possibly one of the largest order book overall that any company has. And it is not just largest in terms of like the size that is there for any player but it is also giving us visibility for the next 40 to 55 years. So even in, you know, even like a nuclear situation, if I am not receiving any orders in my other businesses I still have a continuous revenue stream going forward for the next 40 to 55 years.
And with our reducing sort of debt and improving roes and clear visibility of revenue. Do you do would I want to trade off that for a short term revenue which is at a loss? No, I will not. That is the long and short of it sir.
Naysar Parikh
That’s very clear, very helpful. Just one follow up. You know you mentioned that you’re seeing obviously H2 to be better. So you know one just from H2 and maybe next year perspective what kind of visibility or you know any indication that you have from an order book perspective. And second other than road like you mentioned, since you’ve got into other sectors, can’t we use other sectors like irrigation, water, etc. To you know win orders so that it will also overall improve not just the revenues but like you said with scale, even your margins. So if you can just throw some. Light on those two.
Rohan Suryavanshi
So order book projection like I mentioned 12 to 15,000 crores and all these other sectors are already. We’re looking at water, we’re looking at, we’re looking at bridges, we’re looking at metros mining, all these sectors we’re looking at. She said the most important thing I think take away which I think the larger market is probably not taken. You know we were growing at a Very high pace, you know, from 2014, 15 onwards and we were growing yoy 20, 30% at least. Our order books were growing very robustly. But also realized so was our debt at that time.
Now, you know, at its peak our debt was 3500 crores. Imagine in the last two years. Now that is why I think that turnaround the company is probably not in the last two years we have not won orders that we wanted to. We have had a depleting order book. Because of depleting order book we would have had pressures on our cost structures, all of those things. Our margins have not been yet. We have consistently managed to reduce debt, bring it down. So even in a bad external environment, what I have tried to say, look at our revenues are down.
Furthermore, our order book may be down, but our net Debt is at 1500 crores, 1600 crores right now. Even though temporary distinct. But we are talking about a reduced net debt of about 1000 crores by the end of this financial year. Even in this kind of scenario. And I think that is the largest takeaway that wherever and not only is the standalone even on the console level, other sort of whether it was a CPPIB listing transaction loan that we had, we are reducing it even with all these external challenges. So the turnaround in terms of strategy of the company, the focus that I mentioned that we are kind of doing, we are not chasing just large order book sizes or you know, more and more growth.
We are chasing sustainable revenues and better ROE with the discipline. So that for that this thing with that goal, we are looking at projects across the board and we were fairly confident that in this Financial is a 10, 12,000 or 15,000 crores of new orders. We will win. There are a bunch of orders that we’ve already bid for and we’re looking at opening new areas as well. So the confidence fee for this year is fairly, fairly high.
Naysar Parikh
Got it. Thank you so much and all the best. Thank you.
operator
Thank you. The next question is from the line of Deepak from Swan Investments. Please proceed.
Deepak Purswani
Yeah, hi. Thank you for the opportunity. Just wanted to check it out. Two things. Firstly, you mentioned about the listing of the hand where we mentioned we would be transferring the 8 assets in the platform at a stage 1 just wanted to check it out. We have a deal with the alpha alternative for the 18 projects out of this. Eight projects are moving in into for the in this platform. And what about the 1010 project? What are the broader thought process on these projects?
Rohan Suryavanshi
So the eight projects which are completed are moving immediately. The Others are in the stage of that’s the first phase. The others are in a stage of under construction right now. So as they get completed they will keep on moving to the invitation.
Sanjay Kumar Bansal
So out of 18 as Rohanji said 8 asset will go in first phase. Second phase is 10 assets. So we have filed the our draft offer document for eight assets. So now the next asset will go in next phase. So three assets we already completed seven out of seven. Four assets will be completed this year. So this financial year end we will have seven things completed. And now to transfer in with we should have NHI noc. So once the asset complete we apply for noc. So it is time taking process. So after completion it is 6 to 12 months where in vacant transfer to Invit.
So these 10 assets I have said we will transfer in FY27 entirely.
Deepak Purswani
Okay, okay. And also second part of the question I think if you can also give a broader clarity at the holdcore of these sabres these all these SPDs are lying. What is the current debt we have for these HAM projects And this CPPIV repayment which we have done that was a part of that debt and how much is the remaining outstanding for as of now?
Sanjay Kumar Bansal
So let me give you the breakup of the console date. I said the consolidated 8,266 crore as on 30 June 2025. Out of that my net debt at standalone level is 1661 crore. The balance date is from the SPVs from the completed assets. So completed asset I said 8 plus 3. So the completed asset date is total around 4550 crore. Out of that 3850 crore will move with 8 assets. Balance will remain against 3 debt. 3 assets completed and these 7 asset which is under construction the current date as of 30th June is 2418 crore which will increase by a thousand odd crores by 31st March 2026.
So net net basis what we are reducing is 3850 crore from the completed asset which is going in in with and thousand crore will increase in the under under construction asset. So Net net basis 3000 crore will be reduced because of the adjustment of the transfer of assets to Invit. Number one. Number two we have 285 crore outstanding debt as of 30 June from CPP IB this date we can prepay because this debt is to be paid in next 13 months. But there is a window after August 2025 we can prepay early as we Wish so this is the plan.
Deepak Purswani
Okay. So would it be fair to say even on the consolidated basis by end of FY27 we will have the zero.
Sanjay Kumar Bansal
Day not zero debt. I said console basis will be two types of debt. One standalone debt. FY26 we are reducing 500 crore further. So you can say around thousand odd crore debt will remain in standalone. The balance debt from the coal segment will remain and coal will remain basis the project requirement. So after 2027 also there will be some debt of standalone and the coal business. And if we win further hem assets then we will take further project debt that will remain in 2027. So it is not only zero date at console level.
Devendra Jain
Okay. Thank you. Thank you and wish you all the best.
Sanjay Kumar Bansal
Thank you so much.
operator
Thank you. The next question is from the line of Bhavin Modi from Anandradhi. Please proceed.
Bhavin Modi
Yeah. Hi sir. Thank you for giving the opportunity. So my question pertains to the cash flow sir. So when I see the cash flow in your presentation. So there has been around you know 800 around thousand crore of you know cash flow coming in. You know through multiple sources like from borrows there is 400 crore from shrime in with there and alpha handsel there is 260 crore and 660 crore from the you know GST deferred consideration. So and with respect to the utilization. Sorry that is where I want to understand. You know you have mentioned purchase of investment of around 200 crore and increase in current and non current asset of around 540 crore and decrease in current liability of 143 crore.
So can you just you know help me with the utilization. So where have you utilized you know in terms of investment purchase.
Sanjay Kumar Bansal
So if you can refer my page number 18 of the investor presentation that is standalone cash flow. There are three markets. Cash from operating activities, cash from investing activity and cash from financing activity. So as far as operating activities I have made 224 crore of cash number one before working capital adjustments. After working capital adjustment my net cash flow invested in the operating activities is 491 crore. So I in this quarter my generated cash flow 224 crore is invested. And further I have invested invested around 500 crore. So total 700 crore cash flow is invested in operating activities.
Okay, now come to the right side the investing activities. You can see the purchase of investment. Basically my investment in the subsidiaries net basis it is 196crore is invested. And the. The. The. The increase in investment is because we have basically invested in DIAPL to pay CPP IP. So we have invested around 300 crore in DIAPL. Did the majorly increase because of that. But at the same time we have sold 26% in Alpha. So net net basis my increase in investment is 200 crore. Further sale of investment, the 2:54 crore came from Basically Pizza set sold and basically 226 crore we received from the Sim Inuit unit cell.
So so basically if you see I have invested 491 crore in the operating activities. I have got net 84 crore for my investing activity and similarly in the financing activity my net cash positive is 346 crore. If I add up all three then you can see 61 crore is net net invested in this quarter either in operating activities and cash from the other two activities received. So basically net net only adjustment is 61 crore.
Bhavin Modi
I got it. Sir, just wanted to understand when you say working capital investment of around 700 crore. So what is like is it in the form of unbuilt revenue? Like what is the major component of that?
Sanjay Kumar Bansal
So there are, there are two, three items. One item is you rightly said unbilled revenue. Unbilled revenue specifically for the JGM projects where basically the last the milestone is hydro testing wherein we should receive 10 and that 10 is already due once hydro testing is done. Because I already invested there is no expense to be done. So once hydro test is done I can receive the 10% out of these three projects which is primarily 450 crore. Number one, number two, number two, my basically data is increased marginally. Thirdly I have reduced my creditors by 140 crore.
So these three items together is more or less basically case negative for this quarter.
Bhavin Modi
So sir, the 440crore which you expect, you know, after that you know hydro testing is done from the JGM project. So when can we expect that cash flow to come in, timeline in mind.
Sanjay Kumar Bansal
Quarter three.
Bhavin Modi
Okay. And second with respect to you know sir, the ham, you know the 10 ham assets you know which copies you have divested around 26% stake. So sir, where does it stand? You know currently in the balance sheet. Like does it stand in the you know like non current investment or does it stand on the asset under sale? You know. So where does it stand? Exactly.
Sanjay Kumar Bansal
So the this first of all eight assets. Eight assets. The it is held for sale because we have already completed those assets. So it is in the held for sale. You can see 397 crore is. So this is about the 8 asset block. Number one, number two.
Bhavin Modi
74% stake, right?
Sanjay Kumar Bansal
It is 74 stake in the asset which will go in first phase. The second phase will be under the investment. So investment in the non current investment.
Bhavin Modi
Okay, Got it. Yeah. So that’s it from my side. Thank you.
Sanjay Kumar Bansal
Thank you. Thank you so much.
operator
Thank you. The next question is from the land of Shravan Shah from Dollar Capital. Please proceed.
Shravan Shah
Hi. Thank you. Sir, just a couple of clarification. This 3 lakh the pipeline that we have talked about. This is only for NHI that we are looking at that they will be awarding this year.
Rohan Suryavanshi
Yes, NHI and more. Both.
Shravan Shah
NHI and most put together 3 lakh. Okay, got it. And second you also mentioned that we have also bidded for a couple of projects. Few can can highlight that we have already bidded and where the outcome is yet to come.
Rohan Suryavanshi
Are you talking about projects where we bid and outcome is likely to come?
Shravan Shah
Yes sir.
Rohan Suryavanshi
We’ve been some. A different. Different kind of project. Sir. About 20,000 rows of projects we have bid for right now across different.
Shravan Shah
Okay. Okay. Got it. Got it. And the second sir, in other income this quarter how much was the same Invit distribution for standalone.
Sanjay Kumar Bansal
Let me tell you the total other income stream Invit distribution is 22 crore. 14 crore from Pixar set sale and basically 9 crore from the basically the total income from FDR interest. So the total. Let me. Let me just give you the right. So Samanthi, the other income breakup is basically interest from deposit is 6 crore. Then we have InvIT distribution of around 8 crore. And we have 12 point around 12 crore from asset sale and dividend of around 1.81 crore. So total it is 28 crore.
Shravan Shah
Okay. Okay. Okay. Got it. And. And just the last clarification. So once we will do this eight asset when we transfer anyway and we’ll go for listing. So the we will get for the hundred percent. For that we will get the units. But obviously we will have only 30 from the Alpha.
Sanjay Kumar Bansal
So Shivanji, I’m replying to your question. If it is not then you please repeat your question. First of all eight assets are going into Invit. 26% in seven assets we have already divested 74% with DBL. So basically the hundred percent is transferred to Invit. So we will be receiving units against 74% of DBL stake number one. So anything is not answered.
Shravan Shah
No. No. Thank you.
Sanjay Kumar Bansal
Thank you so much.
operator
Thank you. The next question is from the line of Gaurav Gandhi from Glory Tail Capital Management. Please proceed.
Gaurav Gandhi
Yes, thanks for the opportunity. As you said Minister of Transport has. Also highlighted and accepted this mistake of loosening rules for bidding which have led to entry of a lot of small unorganized players which has affected the quality of construction. In his recent comments, we have seen. That the ministry is willing to correct this thing. So any action or tightening of rules. Have you observed any of his things?
Rohan Suryavanshi
Sir, we already mentioned earlier as well on this call that they have taken a bunch of steps around tightening of qualification criteria and networks. So those have already happened. You mentioned that earlier. The call is good.
Gaurav Gandhi
Okay sir. Thank you.
Rohan Suryavanshi
Thank you.
Sanjay Kumar Bansal
Thank you so much.
operator
Thank you. As there are no further questions from the participants, I would now like to hand the conference over to Mr. Rohan Suryavanshi for closing comments. Over to you sir.
Rohan Suryavanshi
I’d like to thank all the participants for coming for our conference call and in case we were unable to answer some questions or if anybody has request for clarifications around anything, please feel free to reach out. RJ and we’d be happy to answer any queries you may have. I look forward to seeing all of you guys on our next call. And from everyone here at dbl, I wish you a great quarter ahead.
operator
On behalf of Dilip Build Co Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your.