Dilip Buildcon Limited (NSE: DBL) Q4 2025 Earnings Call dated May. 09, 2025
Corporate Participants:
Jill Chandrani — Investor Relations, S-Ancial Technologies Pvt. Ltd.
Rohan Suryavanshi — Head – Strategy & Planning
Sanjay Kumar Bansal — Chief Financial Officer & Vice President-Finance
Analysts:
Shravan Shah — Analyst
Deepak Purswani — Analyst
Pratik Bandari — Analyst
Parikshit Kandpal — Analyst
Aakash Raval — Analyst
Sanjay Parekh — Analyst
Vishal Periwal — Analyst
Presentation:
Operator
Hello, ladies and gentlemen, good day and welcome to Limited Q4 and FY ’25 Earnings Conference Call, hosted by Technologies 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 the 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 Ms Jil Chandran from Technologies. Thank you, and over to you,. Thanks.
Jill Chandrani — Investor Relations, S-Ancial Technologies Pvt. Ltd.
Thank you, Manas. Good morning, everyone. Welcome to Philip Q4 and FY ’25 earnings conference call. From the management we have with us today, Mr Jain, Managing Director and CEO; Mr Rohan Suryavanshi, Head, Strategy and Planning; and Mr Sanjay Kumar, Chief Financial Officer. Before we begin this call, let me mention the standard disclaimer. The presentation that we have uploaded on the stock exchange, including the interaction in this call contains or may contain certain forward-looking statements concerning our business prospects and profitability, which are subject to some uncertainties and the actual results could differ from those now I request the management to take us through the key remarks after which we can open the floor for question-and-answer session.
I now hand over the call to Mr Rohan for his opening remarks. Thank you, and over to you, sir. Thank you.
Rohan Suryavanshi — Head – Strategy & Planning
Thank you, Jill. Good morning, everyone. On behalf of the entire DBL family, I welcome you all to join us today on this conference call. The results and presentation have been uploaded to the stock exchanges and as I trust you had an opportunity to review them. To begin, let me provide some updates on the broader industry landscape. As you all know, FY ’24-’25 has been a muted year marked by low ordering activity from most government agencies. This was very surprising to the whole industry as we all expected since FY ’24 was a mute year given an election year, we were expecting better, but however, for our reasons unknowns was, it hasn’t panned out in the way that the industry expected. According to government data, MORPH has constructed zero kilometers of roads, although ordering activity was only 4874 kilometers up to February 2025.
On the execution front, NHAI constructed 5614 kilometers of national highways in FY ’25, surpassing their target of 5150 kilometers. For the next year, the government has set an ambitious target of constructing 10,000 kilometers of highways. It includes the development of 1,100 kilometers in the northeastern states and 750 kilometers in tribal regions. These plants provide us strong visibility for order inflows in the coming year along with a lot of hope. Our Union Minister, Honorable Nitin recently underscored the vital role of infrastructure development in propelling India’s growth. He reaffirms his ambitious goal of constructing 100 kilometers of highways per day and expert confidence that India’s road infrastructure will surpass that of the United States within the next two years. This vision backed by the government’s continued commitment present companies like ours with significant opportunities to grow and strengthen our order book. In the airport segment, the government has outlined plans to 50 airport development projects over the next five years.
This includes both the construction of new airports and upgradation of existing ones. All these projects will be executed through public-private partnership models, presenting new opportunities and renewed optimism for infrastructure companies. In the tunnel segment, significant opportunities are also emerging. According to recent reports, 78 new tunnel projects running a total length of 285 kilometers and valued ate INR1.1 lakh crores are set to commence soon. And DBL is a strong player in that segment. At DBL, being a diversified EPC player, we are exploring opportunities in all these segments, including roads and highways, irrigation, water distribution, metro, railways, airports, tunneling, coal mining and the recently added segment that is optical fiber under the project.
Overall, we are participating in orders of upwards of INR1 lakh crores. We are very confident in the long-term growth prospects of India’s infrastructure story and are fully geared up to capitalize on the opportunities in most of the high-growth sectors. As you can see, the government’s focus on the sector is evident through a continuous increase in allocations towards the infrastructure sector. We can anticipate positive development in the next few quarters. Now coming specifically to our company’s performance, like the industry at large, we will also witness muted order inflows over the past 24 months with just INR2,100 crores of new orders in FY ’25. This has resulted in a 21% decline in our top-line in the quarter on in the quarter on a year-on-year basis and a 15% full-year basis compared to the previous fiscal on a standalone basis.
Our CFO will delve deeper into the details of our financial performance in the subsequent remarks. So while we anticipate robust order inflows in the coming quarters, execution will take time to ramp-up and translate into revenues. Assuming some order inflows in the next few months, we expect around 5% to 7% decline in standalone revenue for this fiscal year with an operating margin of around 10%, 11%. However, at the same time, we are expecting a 10%, 15% growth in consolidated revenues. And if you look at even this year’s consolidated PAT, that consolidated PAT will continue to grow even furthermore next year. So even in the face of a lot of headwinds on the EPT front, the steps that we had taken in the past along the coal and the road asset business, both of them will keep us in good spread going-forward and provide company with predictable cash flows.
Now let’s talk about our investment portfolio in HAM assets. As previously discussed, we have successfully concluded the INVIT deal during this financial year. Under this agreement, we have received the full consideration both in cash and in units. On an opportunity basis, we have sold 1.27 crore units and realized about INR136 crores in the last financial year. This is an addition to a gas distribution of INR120 crores received from Inwit during the last financial year. As of March ’25, we are holding around INR6 crore units, which could generate annual cash distribution ranging from INR70 crore to INR80 crores from the same INVID. Moving on to our partnership with Alpha, we are progressing in-line with our strategic plan. So-far, we have transferred a 26% stake in eight assets out of a total of 18 assets, including in the deal. Among these seven assets have achieved COD and one asset has achieved these COD and accordingly, annuity payments have commenced, concluding the first tranche of the Alpha D.
The remaining 10 assets are under-construction as scheduled and will be divested upon achieving COD. The formation process of our publicly-listed InvIT is progressing well. The INVIT has filed draft offer document in March ’25 and we are expecting the approvals within this quarter. Now coming to our coal business. Our coal MDO operations are progressing at a rapid pace. In our PRMA MDO, I’m pleased to share that we have exceeded our production target by achieving 18.5 million metric tons in FY 2025, against a target of 15 million metric tons. Please bear in mind even the 15 million metric tons was a revised target, while our original target was only supposed to be as per the original agreement was only supposed to be 7 million metric tons. 10, I’m sorry, 10 million metric ton. We are well-equipped to exceed our targets for next year as well and we hope to achieve production volume of about 25 million metric ton as compared to the target of 18 million metric tons.
So it is going well-ahead of target. In our MDU, we have achieved production of 6.9 million metric ton in FY 2025, which is the peak production, which is a 7 million metric ton capacity coal MDO. As per the concession agreement, we will continue to achieve similar numbers for the next 53 years. So that’s now kind of stabilized at that level. Lastly, let me touch on our vision for DBL 2.0. I’m proud to report that both our long-term revenue-generating business that is MDU and the HAM portfolio are progressing strongly. These will offer us predictable cash flows, improved return ratios and a more risk damage profile. If I may add, even this year, while we are depleting order book and revenues depleted, we ensured that our standalone debt remained at the same level. What is also very interesting is that at the DIPL level at the consolidated level where CPPIB had also put in capital, we have reduced in FY ’25 that number by about INR200 crores of debt reduced there.
Plus through this year already at the start, till now we have already reduced another INR100 plus crores of — so in total, from last financial to right now where we stand, about INR300 plus crores of debt has been reduced at DIPL level. Besides that, let me also add that in this year, we will completely pay-off the whole DIPL debt. Besides that paying-off the debt of DIPL, which might is in the range of about INR400 odd crores. We will also be reducing standalone debt of — in this financial year of about INR500 crores. The revenue, like I mentioned in this financial earlier, will see some hit, but even with that, we will still be reducing our standalone debt. Our EBITDA also, like I said mentioned, because of reducing will be a little on the muted side. But consolidated, if I could talk about even consolidated debt, on a consolidated level, our debt will reduce by more than INR2,000 crores. And the revenue will, like I mentioned earlier, will increase at a 10%, 15% and the PAT will also increase.
So when I keep speaking that we won’t — we need to like now keep looking at, we are looking to make a more lean company, we’re looking to make sure that the debt at the standalone level reduces completely and that exercise is on. Even on the consolidated level, only during the construction time, we will be keeping and the rest the assets will continue moving the year-on year.
Now with that, I would like to hand over the call to our CFO, who will provide a detailed overview of our financials. Thank you.
Sanjay Kumar Bansal — Chief Financial Officer & Vice President-Finance
Thank you,. Good morning, everyone. I welcome all the stakeholders to our earning call. Let me present the results for the quarter ended 31st March and year ended 31st March ’25. On quarterly performance year-on-year basis, the revenue of standalone revenue decreased by 21% from INR2,931 crore to INR2,315 crores. The EBITDA also decreased by 41% from INR353 crores to INR209 crores. The profit-after-tax has decreased by 62% from INR124 crore to INR47 crores. On full-year basis FY ’25 versus FY ’24, the revenue decreased by 14.55% from INR10,537 crore to INR9,4 crores in FY ’25. The EBITDA decreased by 30% from INR1,299 crores to INR9,903 crores. The profit-after-tax decreased by 26% from INR422 crore to INR311 crores.
Now let me brief about the consol performance. So as brief in his opening remarks, the consol performance of DBL is improved within this year. On year-on-year basis, the revenue decreased by 8% from INR3,366 crore to INR3,096 crores. The EBITDA increased by 100% on cost year-on-year basis from INR330 crore to INR661 crores. This is on account of the better — the completed HEM assets and coal business performance. Profit-after-tax also increased significantly between these quarter-four FY ’24 from INR3 crore to quarter-to-quarter 425, INR276 crores.
On yearly basis, the consol performance, the revenue decreased by around 6% from INR12,010 crores to INR11,317 crores. The EBITDA increased by 51% on Y-o-Y basis from INR1,422 crore to INR2,151 crores. This is on account of good performance by the coal SPVs, coal MDO SPVs and completed HEM projects. The profit-after-tax also increased four times from INR2,201 crore to INR840 crores, that is also because of the better performance by the completed HAM and the coal business. This is all on the standalone and consol performance of benefit coal for FY ’25 and quarter-four FY ’25.
Now we can open the floor for the questions-and-answers. Thank you.
Questions and Answers:
Operator
Thank you very much, sir. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to withdraw 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 I repeat if you wish to ask a question you may press star and 1. We have our first question from the line of Shravan Shah from Dolat Capital. Please go-ahead.
Shravan Shah
Hi, sir. Thank you for the opportunity. Sir, first, I wanted to understand on the order inflow front. So in the opening remarks, you mentioned that we are looking at a INR1 lakh crore kind of opportunity. So a couple of things to understand. First, if you can help us broadly our first is how many values of orders we have bidded where outcome is yet to come? Second, out of this INR1 lakh odd crore, how much would be from the road? And also are we are looking at the obviously the and the coal also or yeah.
Rohan Suryavanshi
Thank you,. So currently already that bids have been put in about INR10 cro I 15,000 crores of orders where bids have already been put out and we are awaiting, we are opening. In terms of the split between different sectors that I’m unable to give you and that’s not something that the company anyway shares. We are now to answer the second part of your question, yes, we are looking at a mix of AM, BOT, PC, all of it because we also have a large partnership with Alpha where there is a steady inflow and predictable inflow of equity coming in. So we have various partnerships in-place, which will ensure that we have a good return on whatever equity we want to put in for any of these projects. So we are looking at all of these different opportunities across segments and across different modern types as well.
Sanjay Kumar Bansal
Okay. And also in terms of — so now for this year FY ’26, total how much more obviously for last two years was noted on order inflow. So now how much order inflow are we looking at? And at the same time, why I’m trying to understand in terms of the HAM and tool because the actual execution will take a much longer time, it is nine-odd months-to start once after the awarding. So in terms of the guidance that we are looking at 5% to 7% decline in FY ’26, so also trying to understand if we are more looking on the toll or a ham, maybe this could be a — can have even slightly more decline and even FY ’27 also have some impact.
Rohan Suryavanshi
See,, very good question. There are a bunch of points that I think I would like to make out here. See, the bulk of our business is EPT because the RAM model is only in the road business. Now road itself has become a small part of our overall order book. So when you look at the company, even if you look at the presentation, almost 80% of the business that the company is doing right now is EPC. So that I think should be able to answer that bit. Now coming to how the revenue pan-out, we have also taken a similar kind of mix when we have given our production modeling and told you that these estimates that we’ve given you is on the basis of what we expect, the orders will flow.
We also understand that likely pointed out, EPC will start sooner and HAM takes a bit more time to start show revenue. So it’s all been — the numbers that have been given have been given you accordingly to that. One, there are couple of good things that have happened. In the road sector, the government has taken office of the challenges that you — that they have faced because of reducing their credential criteria for building of projects. They have really struggled to get projects off the ground and also started struggling on the construction quality front. So very recently about a week or so ago, they have changed on the EPC model and made the — the criteria — eligibility criteria more stringent and similar steps are expected in the HAM model as well. So we are expecting now that the competition should be more moderate. If you look at the last data, in HAM, 91% project for one by non-recognized order smaller players, 91%, let that take it. And then if you see that number is even higher. So while the government has awarded these projects at, you know, record-low prices, there is definitely certain question marks on the quality and the progress — project — project progress that they’ll be able to achieve. Hence, they have taken these corrective measures. So we are hoping that close-in line in this financial year. Did I
Shravan Shah
No, just one thing that for this year how much are we looking at in terms of the order inflow for full-year?
Rohan Suryavanshi
Yeah, very right, sorry. So we are looking at about a INR20,000 crore order indust this year, INR15,000 crore 20,000 is at least what we’re expecting because last two years have been quite muted. So we are looking at that and we hope the government will really push the federal on the ordering.
Shravan Shah
Okay. And on the standalone margin, you mentioned 10% to 11% that the margin that now should be the case for even more ongoing FY ’26 and going-forward also.
Rohan Suryavanshi
So I’m just thinking about EBIT for FY ’26 right now certainly because going-forward is a very long journey. So again, once we have more numbers at the end of — now this financial that would get better predictability and how the ordering has shaped out and all because all of — right now what all of us, either you or us would be doing would be just guessing it will be a network. While the EBITDA number that we have tried to give to you have are more rooted in certain calculations, which is see how much orders we will be able to secure, how many will start, what kind of order sort profitability we will see in those. So that’s been based on some of that. So I think it’s better that we should just look at this right now and how the next year-after that pans out, we should see that closer to that — to the end of this financial year.
Shravan Shah
Got it. And now on the debt front, you mentioned that further another INR500 crore reduction will be there in FY ’26. So by FY ’27, what our stand was, we will be a net-debt three. So that remains intact.
Rohan Suryavanshi
Yes, yes, that remains intact. That remains intact. But like I mentioned earlier during this year as well that has remained intact. The timing of it may change, differ to external circumstances beyond our control, which is ordering, which have not had been, but it’s fully a timing sort of issue that has happened. It’s not a change in our philosophy, it’s not a change in the direction that we see in the company. That is very much there that we are — we will be a net-debt zero company in the next two years. And like I mentioned, when you’re looking at because you always look at these things in a great amount of detail and we’ve always been appreciative of the larger community, which asked us all these questions.
So that’s why I’m try to take not only you know, by this year, we know that the payments of mission were very, very problem and slow and almost nine, 10 months, we didn’t see any of that payment coming in, which kept our standalone debt levels elevated. But at the end of payments realized, we were able to bring that down. But on — at the same time, we made sure that even our consolidated debt was reducing. So our agenda is very much in-line. And like I mentioned, next year standalone debt will be less by INR500 crores and the consol debt will be at least INR2,000 crores will be reduction in that as well.
Shravan Shah
Got it, got it. And sir, on the MDF front, are we — is there a way that we will be the profitability number or any value unlocking that are we looking for MDO of such?
Rohan Suryavanshi
Sir, concern may, we wouldn’t sharing independent numbers. Like I mentioned, this has always been consolidated that you will get. Value unlocking and all-in the system is a function of market demand if there is any such sort of opportunity where our investors feel that this is in the best interest of the company, then we will take it at an appropriate call, appropriate time. Otherwise, that is how it is. We will not resured whatever will — if at all strategy was evolve. It will be done keeping the interest of all the stakeholders and especially the minorities given with all their blessings and guidance.
Shravan Shah
Okay. Sir, I have two, three questions, but if there are more questions, I can come into the queue.
Operator
We appreciate that. Thank you. Yeah, thank you. Thank you. A reminder to all participants, if you wish to ask a question, you may rest start and one, we have our next question from the line of Deepak from Swan Investments. Please go-ahead.
Deepak Purswani
Yeah. Hi, good morning team. First of all, congratulations, especially on the debt reduction in MBO performance. So firstly, wanted to shake it out. I wanted to see some clarification. If I were to look into the order book, last year at the beginning of the year, we had an order book of INR17,400 and this year at the end-of-the year, we have 15,000 and revenue has been to the extent of INR9,000. So implied order inflow appears to be INR6,500, whereas in the presentation, we have reported INR2,100 crores. So just wanted to check whether has there been any change in scope of work-in the existing order book? That’s the reason there is a deviation in overall listing.
Rohan Suryavanshi
Thanks. Sir, you’re very right. We had the — last year because when you look at last year, till then we were not adding the whole empty orders, which should have been likely done, because that is pure visibility us was and at the end of last year that was not being added. But in this financial year, we started adding that from first-quarter that was that we had started that practice. So which is why that order that you see even in our presentation, we mentioned that three-year of coal orders, which we have a clear visibility and which is there, that whole MDU is also being added in the order book, which earlier was not. So that was a mistake error on our part that revenue which was going to come was not being added to the order book. So it’s only that revenue that is being added to the order book right now.
Deepak Purswani
Okay. And secondly, sir, just continuing on the order inflow point-of-view, like you mentioned about the big pipeline of INR1 lakh crores. And yeah, I mean, just wanted to get your sense, I mean, this bid pipeline was also there in the month of December and there was a — I mean, we do understand there has been a debate from an industry level in terms of awarding. If you can give a broader sense what is causing this delay at the first-place and whether this problem is getting resolved, then how confident are we — I mean, incrementally this would flow it out probably in the next six to 12 months, the order inflow guidance of INR15,000 to INR20,000 that’s a part one.
Secondly, if you can also give a breakup of this 15,000 to 20,000, what is this — what is the ording we are expecting from the road sector and which are the new verticals which would contribute in terms of the order inflow.
Rohan Suryavanshi
So just to answer your first question, the delay in the government ordering is best after them, but from whatever we have understood till now, because the last two years more than actually that where the government where they saw a significant number of new players and smaller players emerging and taking larger share where so they were facing challenges around financial closure of their ad projects, they were facing challenges around even once they are getting started, there is — because they have been bid some really ridiculous numbers, they were seeing challenges in-progress.
So I think there has been a rethink within the government that you know this whole process, they don’t want to make a repeat of the 2009, 10, 11 era where a lot of players came in and the government got great deals, but none of those deals actually materialized. So I think there has been a rethink in the government that you don’t want to have that because then it’s a problem that they will have against solve, whether it’s for banks or whether it will be for the industry. And ultimately, the net loser in that whole scheme is the government.
If you have to recapitalize the banks, if you have to solve for projects that are not done, escalated cost of projects. So I think all of that rethinking is happening precisely which way there is an improvement in the qualification criteria that they are doing now. And it’s better that these projects are now going to be awarded once that qualification criteria is done. So for us as well, when we’re looking at the INR15,000 crore INR20,000 crores of orders, obviously, I can’t even accurate split of how it will pan-out in the end-of-the year because once you bid for a project there is always a small probability of what you will end-up winning. So we continue to build across different sectors that we are working in. We are also looking at some new sectors opportunistically. But as and when those things materialize, I think it’s better time to speak about that rather than you know, counting our chickens before they’re hatched. So that’s the first part of it. Second, you were asking what was that you wanted to know the exact split.
Deepak Purswani
Hello and of INR15,000 crores INR20,000 crores which we are expecting, what is the broader segment breakup we are looking at in terms of the overall awarding of this?
Rohan Suryavanshi
The sectors that we’ve already mentioned in the presentation that we are already working, you should look at that only as a broad breakup. So we are looking at all those sectors. What will eventually realize what percentage — those percentages might change a little bit here and there, but that is the segment-wise and even the model wise, both those that given the presentation now on Page 7, you would be able to make an educated guess around how that should work-out. We obviously do not give exact numbers of our bidding strategy, but that’s how we should kind of think about that.
Deepak Purswani
Thirdly, just continuing on the order inflow point, we also mentioned there is a 78 new payment project worth INR1.1 crores, which are also coming across. If you can also give some broader sense on this in terms of the — our RFQ criteria for these projects as well as I think these projects would also require some capex investment to the extent of TBM. So if you can give some broader sense, I mean what is the capex we are looking out for this year or maybe are we incrementally looking out for buying some TBM machines to bid these projects or how should we look into all these projects?
Rohan Suryavanshi
Sir, so the various projects that we mentioned that I mentioned, that is announcement with the Government of India. This has spread over a period of five years. A majority of those projects are under DPR state and not all of them will be in the TBN. The tunnel that we are also doing we’re doing through boomers and we will — the project that we will also target will be the ones that use our current equipment only. Now in terms of capex for the company this year, we are not expecting to do any capex in this financial year per se. So there is some very small replacement capex that will do, that will happen. Otherwise, we have no targets of any capex. There is no plann capex this year.
Deepak Purswani
And also continuing on that part, I mean, if you can also give a broader sense in terms of the working capital, how should we look into it? And I mean, last quarter we had a 100 odd crores in the emission. I mean this is — it appears to be the relatively better working capital. If you can give us just quantum what has been the reduction in terms of the data of the current venture and whether the execution in-cycle has normalized in the Delhivan Mission project and how should we see the opportunities going ahead in this segment?
Rohan Suryavanshi
Yes. Sir, Mission payments thankfully have come at the end-of-the financial year, which provided relief to all the players because they were stuck for a while and had led us for an elevated working capital cycle. Luckily, you know the overall working capital cycle came down by the end of financial year. We are expecting the next year’s working capital cycle to also be in similar range only. We are looking to make improvements, but making improvement is a function of how the government payments happen, how the order happens, a lot of different factors working on.
We are looking to make improvement. It will be in that same — in this same ballpark region. That’s — I think that should be the headline number there. That will be in the same ballpark region, working capital cycle, which is very much where the industry is at. So while we do that, even with a reducing order book and even with lower revenue number, we will — the larger — we will be still reducing the debt. The standalone debt will keep reducing. So the debt-equity ratio will improve furthermore.
Deepak Purswani
Okay. And if you can also give a quantum of the data from the mission at the end of this year?
Rohan Suryavanshi
Sorry quarter if you can give the data outstanding at for mission at the end of this year? Let me just look into where we can take that offline, right? I don’t think so. Sure. And finally, just final question from my end. In terms of the interest expenses with the reduction in the debt, how should we look into interest expenses for FY ’26? So basically for the revenue of INR8,500 crores, we are expecting around interest cost around INR400 crores.
Deepak Purswani
Okay. Thank you and wish you all the best. Thank you.
Operator
Thank you. I remind you to all participants. If you wish to ask a question, you may press star and one. We have our next question from the line of Pratik Bandari from Art Ventures. Please go-ahead.
Pratik Bandari
Yeah, hi, sir. Thanks for the opportunity. I wanted to understand about the CRM coal mine. So what I wanted to understand was once we are done with the coal production and we are able to clock that 50 million metric tons per annum, what are the further plans do we have in-place phase and what kind of rates of coal are you extracting from there?
Rohan Suryavanshi
What do you mean by further plans after you achieving 50 million? I’m not sure.
Pratik Bandari
You mentioned about the coal handling plant that that
Rohan Suryavanshi
The co-landing plant construction will start within the next two years. After the next two years, it will finish that. We will keep — bring that online. So that all that planning for the co-lending plant is going. So that will remove the transportation that we’re doing currently with and it will be done via that.
Pratik Bandari
And what would be the estimated capex for this thing?
Sanjay Kumar Bansal
So the co-lending plant capex is around INR850 crore and it will start we will start constructing co-lending plant from next quarter and it will complete in two years time. So before the scheduled completion date.
Pratik Bandari
Alright, and what kind of the grades of code are we expecting from that CR1 cold monthly G 11
Sanjay Kumar Bansal
G G11, yes.
Pratik Bandari
Is it only the one category of or are we expecting other categories as well?
Sanjay Kumar Bansal
No. It is 311, the mine is G11. So we think great coal we are expecting?
Pratik Bandari
All the. Thank you. Thank you.
Operator
Thank you. A reminder to all participants, if you wish to ask a question, you may press star and one. Thank you. All participants are requested. If they wish to ask a question, you may press star and one on your touchstone phone. We have our next question from the line of Shravan Shah from Dolat Capital. Please go-ahead. Your line is open.
Shravan Shah
Hi, sir. Thank you for the opportunity again. Sir, two, three things. First, in terms of the remaining Alpha 10 assets that will be transferring. So it will be — this will be a seven asset and the next year would be a three asset that’s the way one can look at.
Sanjay Kumar Bansal
Total transfer the money is INR550 crores and out of which we are expecting INR360 crores will receive this year and it is close to stable assets we are expecting by March 26% can be transferred.
Shravan Shah
Okay. Okay, got it. And sir has mentioned that INR400 crore of DIPL date, so that’s the DPL.
Sanjay Kumar Bansal
Sorry, sir, I could not get you.
Rohan Suryavanshi
Only you have to our here hello, yes, you. You will wait to the next participant.
Operator
Yes. We have our next question from the line of Parikshit Kandpar from HDFC Securities. Please go-ahead.
Parikshit Kandpal
Sir, my first question is on NHI ordering. Do we expect a pickup in during which quarter or which like first-half, second-half. So how do you think this year will be for NHA order?
Rohan Suryavanshi
Sir, we’re expecting second-quarter onwards, it should pick-up significantly.
Parikshit Kandpal
Second-quarter. And do you think — I mean, any sense on what kind of measures government is planning or they’ve already taken in terms of like the smaller players, either in terms of like increasing the qualification criteria making it more stringent. So what do you think would change this competitive intensity from the mid to the near to midterm.
Sanjay Kumar Bansal
There are two-parts. EPC projects, the government has already taken the steps to increase the qualification criteria pre-COVID level. So they have increased the performance guarantee requirement, the technical requirement and they have increased in terms of the technical and financial criteria, EPC is now they are considering for also or the similar way. So automatically the unrecognized players — the players competition from them will reduce.
Parikshit Kandpal
Now the question is on the diversification beyond the existing segment. So road has been a non-starter for last two years. Nothing much is happening there and outlook also right now looks a little uncertain given there has been no major rewarding from NHI. There has been some state awards. I think we’ve not been able to get some of these awards from the state. So in absence of these large segment in ordering, so what are the other segments you’re looking at to mitigate the impact of slowdown in this awards?
Sanjay Kumar Bansal
So basically, you can see from our presentation, Slide 7, I believe, the vertical wise and the segment-wise order book. We expect orders from all the segments, though order is reduced, but we will be getting the new orders from all the segments. So we are continuously bidding in all the segments.
Parikshit Kandpal
So anything on the T&D side or the building segment which can add incremental the new orders?
Sanjay Kumar Bansal
We are not looking for any building depression.
Parikshit Kandpal
And on transmission side, anything on transmission battery storage-related HAM projects or anything on that side, our solar EPC.
Sanjay Kumar Bansal
We are looking for transmission very closely.
Parikshit Kandpal
And so renewable side, so simple question was what could be the opportunity for us and the renewables, which seems to be a bigger theme now and how do you want to pay that theme? So either both on investment on equity side as well as on the EPC side.
Rohan Suryavanshi
It is obviously as a company now given that we have certain capabilities, both in terms of equipment and manpower, we are looking at opportunities across the sector, not just the sectors that we are currently doing, but even beyond that, to give you a very specific sort of idea about our strategy going-forward would not be possible in that. So those are things that the company has to be close to the. But we are looking at different, different sectors and wherever we find an opportunity that arises at a good pricing, we will definitely be taking that.
Parikshit Kandpal
Anything in international markets.
Rohan Suryavanshi
Yes, sir, we are evaluating international market as well. We were evaluating the coal block in as well. So yeah, we were evaluating. So we were — we were looking at different opportunities in different areas. So we are looking at different areas.
Parikshit Kandpal
Okay, sure, right understood. Thank you for opportunity.
Operator
Thank you. And we have our next question from the line of Akash Shawal from Voyant Capital. Please go-ahead.
Aakash Raval
Hello, sir. Thank you for the opportunity. Sir, I have just one question regarding the coal MDO part. So our execution has been very good on the coal MDO front. So are we looking to bid for other coal projects which are then in the pipeline going-forward?
Rohan Suryavanshi
Yes, sir, we are looking at bidding for more projects. That sector that coal now is a sector that we’ve been involved in since almost 2016, it’s been almost a decade that we’ve been doing the core sector in some form or the other. While the MBO sector is within the last four, five years only that we then got into it. But now that we are on-track with both these lines, one being capacity, other one ramping-up very quickly, we are looking at other opportunities.
Aakash Raval
Okay, sir. Thank you. Thank you.
Operator
We have our next question from the line of Sanjay Pari from Soham Asset Managers. Please go-ahead.
Sanjay Parekh
Yeah, no. So my questions were answered around the coal MDO, which my colleague asked the new projects because there you clearly have done exceptionally well and so that is answered. One more thing just a micro is this your order book rates INR36 crores INR26 crores of mining, while both the coal projects is 28, 26 for the balance, is there an external mining contract you have and can you have more of that?
Sanjay Kumar Bansal
So sir, it is this way that there are two types of work we are doing, the BBL is doing for the subsidiaries. One is EPC work. So CRML Indue inwards EPC works as well. And that CHP, the coal ending plant construction will also be done by DBL. So the INR2,800 crores, which is added is basically OEM work, the coal expression and transportation, whereas if you aid the EPC work, which is coal engine plant and like in constructing other infrastructure for CRML, the total order book would be around INR3,600 crores is shown in the presentation.
Sanjay Parekh
Okay, great. It’s very, very clear. The second thing is, 14923 orders over what period and what part of this revenue could come in ’26 and what part could come in ’27
Sanjay Kumar Bansal
Sir, total revenue this year is planned around INR8,500 crores. And for 26 is very early to see that, but at the same time, our order book is around two to three years and we will be adding new orders. So ’26 will be basically a from the existing order book and from the new order book.
Sanjay Parekh
So just it possible that off this 49 ’23, what is — I mean, would it be 7,000, 7,500, which is executable this year, broadly also we’ll find I mean assuming, I mean we surely would win new orders. What I’m saying is on from the current order book, what would be the executable revenue this year and next year if possible.
Rohan Suryavanshi
So I tell you, that’s a very good question. Out of this order book, you will slip this into two years. So about INR7,000 crores of revenue should be able to come from this order book alone. Okay, I think that’s what you wanted to know.
Sanjay Parekh
Yeah, yeah. So small, what I understand is flow to 28, largely this order book will be executed in two years. Can we say that?
Rohan Suryavanshi
Largely this order book is there, so it provides us a very — so from whatever we are targeting, almost 80% of that is like the revenue that we are targeting of, let’s say INR8,500 crores. So almost 84% of that will be coming from this order book already. So we have taken a very conservative estimate for new orders and how much we will be doing starting ’23?
Sanjay Parekh
Okay, great. Thank you. Thank you very much and really in a tough environment we’ve done well. Thank you very much. Thank you, sir. Thank you.
Operator
Thank you. We have our next question from the line of Vishal Periwal from Antique Stock Broking. Please go-ahead.
Vishal Periwal
Yes, sir. Thanks for the opportunity. Sir, on this profitability for MDO, you did mention like you’re not sharing the numbers, but the numbers which you have shared, say, consolidated minus if you do a standalone number, would that be fair to say that the remaining part is coal that is running through in the business
Sanjay Kumar Bansal
Sir, basically the consol — our how our consol is made, the series standalone plus hence completed and under-construction, hence plus coal. So there is profit from a completed and also in the consol performance. All our subsidiaries are included. It’s not just the coal business, it’s all the subsidiaries of the company are included in there.
Vishal Periwal
Okay, okay. And will you have that number, sir? I mean, what could be their revenue-share? I mean on quarterly basis or anything on even on annual basis, if you will not be the HAM basically the revenue.
Sanjay Kumar Bansal
So on the yearly basis, the coal MDO put both the MDO were around INR265 crore profit and balance is from the under-construction and completed health and other subsidiaries.
Vishal Periwal
Okay. Okay. So coal MDO at 265 at a PAT level.
Sanjay Kumar Bansal
Sorry, sir, can you come again?
Vishal Periwal
No, sorry, I just missedly mentioned 265 is
Sanjay Kumar Bansal
Yeah, INR265 crores will be coal for this year.
Vishal Periwal
Okay, okay, okay, okay. Got it, got it. And then from a revenue front, I think though in the PPD, we have mentioned like the total revenue which one can get from say Pachwara and that other block and then the total coal, which can be evacuated. So in terms of rupees per tonne, will that be a fair number to take when we are coming to a annual sort of revenue for next year or maybe like this year,
Rohan Suryavanshi
Would you mind repeating the question again, please?
Vishal Periwal
Okay, sorry. Yeah, I’ll just repeat. So I think in the presentation, we have given Q3 numbers in terms of like the total revenue, which these mines will give us over a period of the next 10, 15 odd years and also the total coal that we can extract from these mines. So basically on that metrics, can we just work on the realization part and then we can come to our revenue for FY ’25 and ’26 numbers. So the reason I’m asking is like, is there any escalation which has been there, which we have built-in to come to that consol revenue which we have given in the PPD for the full MDO.
Rohan Suryavanshi
Sir, the total revenue, MDO business revenue that we’ve given on the presentation, basically it’s a calculation of the total coal reserves that the company has to extract, the balance — the order book that is there at the current prices, so we have taken it at the current pricing like, let’s say, the government is paying us INX rupees per ton. We have done that into a direct multiplication of all the tonnes that we are able to extract throughout the life of the — so without any inflation. So this is a non-inflated number that we’ve done. Including inflation index, that will increase very significantly. So this is a non-infration index number that we’ve kind of given just to give you an idea of the size of the business. Multiplication of total results that we still have to extract into current price?
Vishal Periwal
Okay, sure, sir. I think that’s probably a bit of question from my side. Thank you. Thank you.
Operator
Thank you, sir. Thank you. Thank you. We have a follow-up question from the line of Shravan Shah from Dolat Capital. Please go-ahead.
Shravan Shah
Hi, sir. Sir, is it now possible that we have shared this INR265 crore PAT for MDU business for FY ’25 or is it possible to sell the revenue and EBITDA.
Rohan Suryavanshi
Jee, that — what number will be coming in our balance sheet number when the consol balance sheet number comes for this year, which is how that was kind of said. Future numbers we won’t be able to share shared at this junction. Whatever, whatever that comes in future, we will see you will see it as the balance sheet. So FY ’25 you can see right now what is there.
Shravan Shah
So I was asking on FY ’25, what’s the MDO revenue and EBITDA in FY ’25?
Sanjay Kumar Bansal
And sir, basically, I have given you the number. So basically you are wanting the different EBITDA from all the subsidiary would be very difficult. So we will submit the audited account and upload on the website. So please refer there once it is approved by the shareholders.
Shravan Shah
Okay, got it. Our second, I just wanted to clarification. Our DBL infra date as on March is INR400 crores.
Sanjay Kumar Bansal
Sir, it was INR484 crores and within this year, mid-April we paid around INR120 crores. So now balance debt is INR366 crores precisely.
Shravan Shah
Okay. And we are planning to repay in this year itself.
Sanjay Kumar Bansal
Yes, yes, we are planning to repay entire bit of the IPL this year.
Shravan Shah
Okay. And sir, this other income of INR74 odd crore in FY ’25, how much is the same in dividend or distribution?
Sanjay Kumar Bansal
So basically, please refer our discussion in previous quarter, we said the distribution is basically two-third, one-third. So one-third is basically the capital return and two-third is interest and dividend. So total around INR120 INR20 crores we receive. So you can say the same ratio, but the distribution we are receiving in two places, one DPL and level. So the ratio will remain same.
Shravan Shah
Okay. Okay. Thank you and all the best. Thank you,.
Operator
Thank you. Ladies and gentlemen, this will be the last question for today. And I now hand the conference over to the management for closing comments.
Rohan Suryavanshi
Well, on behalf of everyone here at, we’d like to thank all the participants who came down and I wish a great next financial year for all of you guys and we hope these turbulent times that we are seeing in external environment season. So hope keep your family safe and we look-forward to seeing you in the next quarter call. And if there is any more questions and concerns and doubts, please feel free-to reach-out to our team. Thank you.
Operator
Thank you. On behalf of Billycom Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.