G R Infraprojects Ltd (NSE: GRINFRA) Q1 2026 Earnings Call dated Aug. 04, 2025
Corporate Participants:
Unidentified Speaker
Ajendra Kumar Agarwal — Managing Director
ANKIT MAHESHWARI — DEPUTY CHIEF FINANCIAL OFFICER
Analysts:
Unidentified Participant
Mohit Kumar — Analyst
Balasubramanian A — Analyst
Amit Vora — Analyst
Presentation:
operator
Sam.
operator
Ladies and gentlemen. Ladies and gentlemen. Good day and welcome to the GR Infra Projects Limited Q1FY26 earnings conference call hosted by HDFC Securities Limited. This conference call may contain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involves risks and uncertainties that are difficult to predict. 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 touchtone phone. We have the management from GR Intra Projects Limited, Mr. Ajendra Kumar Agarwal. Managing Director, Mr. Anand Rati Group CFO. I now hand the conference over to Mr. Parikshit Kampal. Thank you. And over to you sir.
Unidentified Speaker
Thank you. Arshi. Without taking further time I would like to hand the floor to Ajinderji for his opening remarks. Over to you, sir. Thank you. Thank you.
Ajendra Kumar Agarwal — Managing Director
Ladies and gentlemen, a very good afternoon. I welcome you all to the earning call of GR Infrastructures Limited for Q1O financial year 26. Let me introduce the leadership team present on this call. We have with us Mr. Anand Rati Group CFO and Mr. Ankit Meshwari, Deputy CFO of the company. First let me provide the key highlights on our Q1 performance followed by recent development in the infrastructure sector and then by fusion and entrance session.
Revenue from operation in first quarter of fiscal 2026 stood at 1826.14 crores as against 1896.54 crores in the corresponding period in previous financial year. The EBITDA margin excluding other income for the current quarter stood at 12.65% as against 13% in the corresponding period in previous financial year. During the quarter the company has repaid the debt of 137 crore which has resulted in improved debt equity ratio to 0.04 which is 1 of the best in the sector. During July 2025 the company has been declared L1 road EPC project of 245 crores as of today. 3 road projects of 4500 crores approximately are having L1 status as on date.
The order book stood at 23,700 crores approximately as on the date. The company has 24 projects of 15,000 crore approximately under execution as on date. One DBFOT project spreading across Rajasthan UP MP of 3700 crore approximately is awaiting appointed date. As on date we have bids of 7,300 cores approximately these are yet to be opened. It constitutes of two highway, two railway and one power transmission and distribution project. Moving on Sector highlights and infrastructure development of India. For the past few years the bid awarding has been bit slow. However based on recent announcements we expect that in near terms the pace of bits will be enhanced.
For road sector. NHI plan to open bid of 3 40,000 crore in current financial year. The combined length of these upcoming projects is estimated at 6,300 km. NSI has also made its first ever asset monetization strategy for the road sector. The strategy covers the feed rooms 2025-2030 and focus on mobilizing capital through toll operate, transfer, infrastructure investment trust and securitization of models. The strategy is aligned with India’s second national monetization pipeline which target Indian Rupees 10 trillion or US$117billion over five years. From monetization infrastructure assets across sector. The road sector is expected to contribute Indian rupees 3.5 trillion or US dollar 41 billion of this total.
In railway and metro also we see a strong pipeline of 96,000 crore approximately. Recently the Cabinet Committee on Economic affairs has approved four major railway products from Indian Rupees 11,169 crores approximately. The power transmission sector is also expected to attract a significant amount of investment. We see a pipeline of 54,000 crore approximately. For hydro internal the government is drawing a plan to build a tunnels project worth rupees Indian rupees 2.5 to 3 lakh crore over the next 10 years as part of countries infrastructure development. In the current financial year we see the pipeline of 40,000 crore approximately.
We will continue our strategy of diversifying and balancing our portfolio across various market and sectors to achieve strong order book and growth in current financial year. Our strong team and focus on our project delivery will continue to drive our success. That’s all from my side over to Ankitji for update financial position of the company. Thank you.
ANKIT MAHESHWARI — DEPUTY CHIEF FINANCIAL OFFICER
Thank you sir. I would be presenting now the three highlights of Q1 financial performance. The company standalone revenue from operations was 1800 and 26 crores approximately in the quarter ended June 2025 which has decreased by 3.7% year over year compared to 1896 crores approximately in the quarter ended june 2024.
This decrease was primarily on account of new projects the execution of which started in Q1 of financial year 26. The company’s consolidated revenue from operations was 1988 crores approximately in the quarter ended June 2025, which has decreased by 2% approximately year over year compared to 2030 crores in quarter ended June 2024. The standalone EBITDA margin stood at 12.65% in the quarter ended June 25, it was 13% in quarter ended June 24. The EBITDA margin at group level has increased to 20% in quarter ended June 25 from 18% in quarter ended June 24. Profit after tax at standalone level increased to 1216 crores approximately in quarter ended June 25 compared to 152 crores in quarter ended June 24.
Profit After Tax at consolidated level also increased to 244 crores approximately in the quarter ended Jun 25 as compared to 156 crores in the quarter ended Jun 24. The standalone net worth stood at 8105 crores approximately at the end of June 2025 it was 7888 crores. At the end of fiscal 25, the net worth at consolidated level is 8749 crores approximately at the end of Jun 2025 it was 8503 crores at the end of fiscal 2025. The total standalone borrowings outstanding at the end of fiscal 2025 is 364 crores approximately with debt to equity of 0.04 times.
The total consolidated borrowing outstanding at the end of fiscal 2025 is 5371 crores with debt to equity of 0.61 times. During the quarter the company has made additions to the fixed assets amounting to 33.3 crores approximately. The net block of property, plant and equipment including CVIP and intangibles is 1174 crore at the end of current quarter. The investments in our subsidiary companies in the form of loans and equity is 2,400 crore including interest at the end of June 2025. The balance promoter contribution required to be made for the operational HAM or bot projects is 2,637 crores approximately of which we are expecting a contribution of 800 crore in the fiscal year 2026.
The working capital in days at the end of June 2025 is 121 days as compared to 117 days at the end of fiscal 2025. This increase was primarily on account of increase in inventory days for the power transmission, distribution and roadways projects. The trade receivables at the standalone basis are 1,745.6 crores including 1583 crores HAM debtors at the end of June 2025. The trade receivables at the consolidated level are 215 crore at the end of fiscal 2025. The unbilled revenue at the standalone basis is 842 crores at the end of June 2025. And the unbilled revenue at the consolidated level is 314 crore at the end of fiscal 2025.
The inventory levels are at 606 crores at the end of june 2025 compared to 538 crore at the end of Fiscal 2025. With this I sincerely thank to all our stakeholders including employees, business partners, vendors, bankers, auditors, investors. Those who have supported the company throughout. And on behalf of Griffra Projects Ltd. I thanks everybody for attending this earning call. Thank you. I hand over now to Mr. Parikshit. Can we start the Q and A now?
Questions and Answers:
Unidentified Speaker
Sure, sir. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch tone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Abhinav from ICICI securities limited. Please go ahead.
Unidentified Participant
Thank you for the opportunity. My first question is the recent changes to the IAM bidding criteria and NHIS target of about 3.4 trillion. Bidding FY26. What is your take on it? I mean will the competition reduce? What will be your target on the order inflow front?
Ajendra Kumar Agarwal
[Foreign Speech] Your expectation initially it will be slow bidding. [Foreign Speech]
Unidentified Participant
Understood. This target of 3.4 trillion. What is your take on it? I mean will this completely build bid out or will it be. Will it see some lower number than 3.4 trillion?
Ajendra Kumar Agarwal
[Foreign Speech] Complete expectation.
Unidentified Participant
So the second question is on order inflow for the quarter.
As per the calculation it is coming out to be about 2000 crores. We understand that lo1 to loa will be worth about thousand crores. What are the balance? Thousand odd crores.
Ajendra Kumar Agarwal
Yeah. So we have one railway projects of 222 crores approximately. And then we have the OM contracts which we were not showing separately earlier. But now we have added those of approximately 500 crores. And there are some change of scope Items of approximately 30 crores.
Unidentified Participant
Thank you sir. Those are my questions. I’ll join the queue again.
operator
Thank you. Before we take the next question, this is a reminder for all the Participants, if you wish to ask a question, you may press star and one on your touch tone telephone. The next question is from the line of Mohit Kumar from ICICI Securities Ltd. Please go ahead sir.
Mohit Kumar
Yeah, Good afternoon and thanks for the opportunity. So what is the progress on agra Gualia the BO4D project? How can you expect the project we handed over to us especially on the. If you can touch on the land acquisition part, what is the progress?
ANKIT MAHESHWARI
This is a land acquisition expected seven months the next month by the end of[Foreign Speech]
Mohit Kumar
March 26th
ANKIT MAHESHWARI
land acquisition almost completed. It is more than 98 or 99% land acquisition. We are expecting key financial closure will be getting in the current month. And probably will be able to start execution on this project maybe in the month of November or December, right? I mean for current year the progress is not this high.
But yes, we’ll be starting execution. Good. For the executing execution on this project, the current DX
Mohit Kumar
how do you think about your revenue now for F26 is it possible to get 15% growth or say for Kamila and ISR?
ANKIT MAHESHWARI
[Foreign Speech] started at the end of May itself, right? But otherwise because we have been degrowing for last two years, right? This year will be having growth of 10% at least maybe 15%. And now most of the orders, right? That all are under execution. I mean we have received the appointed date even latest last May in the month of June also or July based last member that we have received the appointed date.
So all the projects are now under operations. So it gives us some confidence that we’ll be getting, you know, more than 10% kind of growth.
Mohit Kumar
My last question on this order prospect. How is it looking like and do we have a target in mind?[Foreign Speech]
ANKIT MAHESHWARI
So current year Amara order intake from transmission is in the range of 3,000 to 4,000 crore. And given the pipeline we are hopeful that we’ll be able to get this kind of.
Mohit Kumar
Understood sir. Thank you sir. Thank you. That’s it for my guys. Thank you.
ANKIT MAHESHWARI
Thank you.
operator
Thank you. The next question is from the line of Bala Subramaniam from arihant Capital Markets Ltd. Please go ahead sir.
Balasubramanian A
Good afternoon sir. Thank you so much for the opportunities. So my first question. We transferred of nine ham assets to enter insider. What is the strategy for future monetizations? Are there any contingent liabilities from indemnities project to the Inbit? This is my first question sir.
ANKIT MAHESHWARI
Basically if there’s any continent while we are transferring, right those asset to Inbit. That was the last question. But it for that you also ask some different Question right. Which I think now with respect to that conditionality. Conditionality is what we have seen in past sometimes because of change of scope because the project is not complete or not.
You know, even if we are getting COD and on later date, let’s say NHA is coming up with the solution that okay, they would be descoping then there may be chances that project value, project value on which we have estimated right while transferring that project to inpit may get revised because change of scope order would be finalized only at that point of time. So to that extent that project value or the project value may be revised and my compensation accordingly will be, you know, get revision maybe on higher side or maybe on lower side. Let’s depend on case to case basis and depends on the project which we are transferring.
Right? And sometimes there is a change, you know, with respect to the task or indices or something like this. To that extent, yes, of course we are having that contingent loyalty carry forward. But otherwise there is no chemical liability. Basically,
Balasubramanian A
while we are transferring any.
Balasubramanian A
So under first part we transferred nine HAM assets to Indus Infracrest. So what is the strategy for future monetizations?
ANKIT MAHESHWARI
Our strategy is to transfer to you know, trust only and then when the project be completed ultimately, because we don’t want to be you or we don’t want to hold generally that’s not our, I would say role to hold those assets for a longer period.
That’s how. And that’s why I mean we started with this idea of creating. The idea would be transferring those assets.
Balasubramanian A
On the industry side, some industry regulatory side. The new performance security rules for aggressive bits may impact margins. So how we are adjust adjusting our fitting strategies.
ANKIT MAHESHWARI
With respect to highway, you’re saying?
Balasubramanian A
Yes sir.
ANKIT MAHESHWARI
See Highway. I mean there is huge competence so far which we have seen in past and hence we are not able to get much project except in last two and a half year we have got one deposit. Otherwise we are not able to get.
And we are going by our own studies that will not be bidding, you know, that low. I mean will not be unlimited. We will be making it net plus. I mean we are not making any. I mean we don’t want to lose basically while taking any highway project, right? So that is our strategic one piece. And second, what we believe is that they have come up with good amount of projects, right so far which they have created or BPR is being prepared by them or land is being acquired by them and now they have come up with, you know, they have.
So they have titles that qualification criteria as well. Both on technical terms as well as the financial terms. So going forward what we believe is that maybe next couple of months that competition would be coming down and we’ll be able to get, you know, decent share of those projects which would be did the current year on decent margin. I won’t say that there would be good margin, high margin, but yes, of course we’ll be able to maintain our margin while getting those projects
Balasubramanian A
project side and I think margins are around 10, more than 10% I think how many circles are it to be awarded and how can look at in this segments in terms of business opportunity?
ANKIT MAHESHWARI
I think out of 16 projects they have B, they have awarded 13 projects.
Three more projects are yet to be or they have come up with, you know, they have come up with device bidding. Right. And there also will be participating. But what I believe is once we are, you know, starting execution on the project on this parasnet, we’ll be taking or we’ll be exploring more business opportunity sector as well. So idea is to get some comfort on this particular sector and we’ll be getting more but we’ll be doing more projects on and yearly target I would say would be in the range of at least to start with thousand two thousand five hundred.
Balasubramanian A
Got it sir. Thank you,
ANKIT MAHESHWARI
thank you,
operator
thank you.
operator
Participants. If you wish to ask a question, you may press star and one on your touchstone telephone. The next question in line is from Shelley Jane from Daulat Capital. Please go ahead, ma’.
Unidentified Participant
Am.
Unidentified Participant
Hi, good afternoon, sir. Thank you for the opportunity.
Unidentified Participant
Sir.
Unidentified Participant
How much in depth dividend are we expected to receive in FY26?
operator
Hello? Hello, ma’, am, you are audible. Give me one minute. I’m checking if the management is online.
Unidentified Participant
Sam.
operator
Ladies and gentlemen, the line for the management has disconnected but we are working on getting them back. Please stay. Hold please. We have the management online reconnected. Ms. Shelley, you could go ahead with your question, please.
Unidentified Participant
Hello.
operator
Ms. Shelley. Jane.
Unidentified Participant
Hi. Am I audible?
operator
Yes, ma’. Am, Please go ahead.
Unidentified Participant
Yes. Hi sir. Good afternoon. Thanks for the opportunity. I was asking how much in the dividend are we expected to receive for FY26 and how much did we get for Q1?
ANKIT MAHESHWARI
No, no, say your voice is not that clear. So come again with your question. Hello.
Unidentified Participant
Is this better, sir?
ANKIT MAHESHWARI
Yeah, yeah.
Unidentified Participant
I was asking how much in the dividend are we expected to receive for FY26.
ANKIT MAHESHWARI
For in with dividend? What?
Unidentified Participant
Yes, yes, yes.
ANKIT MAHESHWARI
They are targeting almost 12% kind of, you know, return which is comprised of dividend and interest. Right. So depending on the balance sheet of that SPV those amount. Those others would be either distributed to dividend or interest. So what we have been given guidance is that almost 12.12/2% would be the kind of. And that amount comes to in the range of 230 to 40 crore.
Unidentified Participant
And for Q1 trip.
ANKIT MAHESHWARI
Q1 we have received almost 40 crore.
Unidentified Participant
Okay.
Unidentified Participant
Answer. What would be the retention money and consolidator number for Q1?
ANKIT MAHESHWARI
Approximately console letter you consult. Yes.
Unidentified Participant
Yes sir.
ANKIT MAHESHWARI
One. I think it is in the range of 350 odd crores.
Unidentified Participant
Consolidated debtor is approximately 214 crores for the quarter end.
Unidentified Participant
Okay. 214.
Unidentified Participant
Cr.
Unidentified Participant
Answer. For our equity requirement what would be the. Sorry.
ANKIT MAHESHWARI
Yeah, yeah please.
Unidentified Participant
Yeah. I was asking for our equity requirement. How much are we gonna. Are we gonna invest in next nine months and FY27.
ANKIT MAHESHWARI
So as on date our outstanding equity commitment is around 2,700 crore. And current year we have almost invested so far 300 crore. We are expecting another 7800 crore in the current year and the balance in next two years. So again in the range of thousand odd crore on yearly basis.
Unidentified Participant
And how are we looking at margins for 26 and 27?
ANKIT MAHESHWARI
26. We have already mentioned that. That it would be in the range of 12 13% for 27. I don’t believe. I don’t think that there would be any. You know extraordinary shift in the margin metrics. If we are able to get good amount of projects certainly we can expect. And if we are able to get good growth also more than 20%. Then certainly our margin would be improved. But otherwise more or less in the range of 12 to 13 or 15%. That’s. That would be the.
Unidentified Participant
Understood, sir. Thank you. That answers my question. Thank you.
operator
Thank you. The next question is from the line of Abhinav from ICICI securities limited. Please go ahead. Sir.
Unidentified Participant
Yeah. Thanks for the opportunity again. Sir. As you just mentioned that you know if you are looking for growth more than 20% then the margins will also improve. So just on the order inflow front given the good pipeline in crores as well as now transmission as well. What is the order inflow growth we can see for 26 as well as 27. FY27.
ANKIT MAHESHWARI
See current year we have targeted for ordering around 22,000 crores. Right. And of course I mean depending on it we’ll be able to get those kind of orders which we believe because of the pipeline which we can see.
So 22,000 crores will be. Order book. Right. Order intake. Order intake for the current Year.
Unidentified Participant
Okay. Right. So, so, so this is the current year target order intake target and next year it would be in the range of 30,000 crores depending on that government plan, all that. Right.
ANKIT MAHESHWARI
And so for FY27, yes, we’ll be able to get, I mean if things goes as per our wish then we’ll be, you know, back on the track of you know, having 20% plus kind of growth in terms of top line.
Unidentified Participant
Understood. So given this, I mean 22,000 crores and 30,000 crores of order inflow target then I mean the revenue should easily cross 15% estimated given the execution remains same as it has been historically.
ANKIT MAHESHWARI
So it may not be on 27 basis but 28. I mean because we are on the in the range of 7,000 code for the current year. Right. 7,000 8,000 crore. And then generally if we are getting more bot projects then those projects are, you know, getting started, coming to execution only after the gap of one year. Right. So maybe 28 of course will be with this kind of top line. You can see. So for 27 you will see again 10 to 15% of growth rates for 27 years. Of course we can be more than 15%.
Yeah, 20%.
Unidentified Participant
So last question is on the under construction projects, are we facing any challenges in execution from you know, land availability perspectives? Historically we’ve seen that some of the projects have got extension of time and
ANKIT MAHESHWARI
yes, so whatever project which are under execution because land is not hundred percent, I would say so what right now we are facing in terms of challenges in execution is that presently it is monsoon. Right. There is a huge range which is, you know, we can witness across the country and then then maybe what we believe is that existing processes, of course they are challenging in terms of the land so far, 100% loan, we haven’t got that done.
But because of, and that, that’s, that’s how we are also, you know, interpreting that government. So far we haven’t come with the various projects. Reason being there they are collating the land piece at least and get that forest on hand beforehand before you know, bidding and all that. So going forward, whatever project we’ll be getting, maybe they won’t be, will be finding any land sort of issue. But yes, of course there is in intermittently these, these issues are there. Right. With respect to land acquisition, land availability and all that. Right. It again depends on case to case basis not in each and every project as we mentioned in Agra K earlier, there is almost more than 98% land is already required.
Right. So and that Project was live for last two years. So. So that’s how. I mean there is no challenge in terms of land acquisition. Thank you and all the best. Thank you.
operator
Thank you. The next question is from the line of Mr. Shravan from Dollar Capital. Please go ahead sir.
Unidentified Participant
Hi sir. Thank you sir. Sorry for. Actually I joined later had another call. Just wanted to check. Sir, you mentioned just now that for this year we are looking at 22000 crore order inflow. And next year around 30000 odd crore inflow. So if you can break up so pardon me if you have already said that then no need to repeat. Otherwise if you can share in terms of the breakup what we are looking at and in terms of the pipeline from NHS side, how currently it is pipeline is and in terms of dot, HAM and epc.
So where we are looking at the order such a large order
ANKIT MAHESHWARI
so strong.
ANKIT MAHESHWARI
Yeah. I mean that 22,000 crore of intake. In fact we have mentioned our last call also that that would be largely you know for 14, 15,000 carrot would be coming from transportation sector which would be highway, railway, metro. Then there would be hydro and tunneling projects in the range of 2,500 to 3,000 crore. And then there would be transmission project transmission and ropeways which which could be in the range of 4,4000 to 4500. And then other sector which includes you know telecom and other projects which is in the range of 500,000 crores.
ANKIT MAHESHWARI
Right. So these are the general breakup and. And when we talk about it’s almost. I would say 66% is again coming from highway or transportation sector. I would say where pipeline is big used pipeline is there in particularly highway. Government has already declared their plan to you know come for bidding for almost 3.5 lakh for use of the project which probably we believe in the current year may be in the range of two to two and a half lakh crores. And railways is a good pipeline. Railway, Metro, they have good amount of projects which we believe that will be coming going forward and we would be getting our order intake commitment fulfilled.
Right. With respect to the order intake for next year. It is by and large so far we haven’t deep drive into it but that’s. We believe that while you know taking our good target into mind we’ll be having this kind of order intake going forward and accordingly we are working on this. I think I have said. I have given you the answer of your question.
Unidentified Participant
Yeah, got it.
Unidentified Participant
So sir, this 22,000 crore also includes the 4,200 300 crore L1 that we are and when we are likely to get the appointed date for that.
ANKIT MAHESHWARI
See, 22,000 crore is a fresh one and it will always be a pipeline because there won’t be, you know, because generally there would be some project which always be there in the L1 status. I mean so that those L1 projects which right now are, you know we can see into level one status may get converted into the firm order. And then out of the 22,000 crore again we may have 4,4 $5,000 project which will at that point of time might be having that, you know, showing the L1 status.
So that is the continuity. I mean that’s the continuous process. Right. And so she is of course to answer your question, it is fresh new orders which we are targeting. Which is the 32 and.
Unidentified Participant
And this the current one, 4300 crore L1 when we will be getting the appointed date.
ANKIT MAHESHWARI
Yes. So These are the L1 first we have to receive the LOA. Those, these, they are basically two projects. Two projects are there which are actually L1 which is from Maharashtra government. Right. And so we are also waiting for them to be, you know, converted into firm order.
Maybe not into monsoon season, but what I believe that we’ll be able to get that project, you know into firm order in the month of October and we’ll be able to start in the month of January.
Unidentified Participant
Yeah. Okay. And then when we Talk about the NHI 2 lakh 2 and a half lakh order also is it possible to share broadly whatever the pipeline is, 40, 50%, is it the ham and how much is the bot projects and are we also looking one or two more bot tool projects?
ANKIT MAHESHWARI
Yes, yes. So we are looking for of course more beauty project and to the extent because the list is out and what I believe is Almost out of 3 lakh 50 thousand crore of the order, 60 or 70 thousand odd crore is from basically for in bot toll model.
And then around 50,000 is where they can be viewed. Key to 50 and 70,000. 70,000. R. 70,000 is basically. So there’s a list which is. I mean they have clearly mentioned, they are clearly spelled out what would be the project which they would be awarded under BOT and under ham and all that. Right. So there would be EPC as well. So EPC 40 50,000 crore is in APC and balance is in hand. This is the, this is the breakup.
Unidentified Participant
Okay. That point is just wanted to because for last almost two years of hope is there.
But in terms of there is a delay from NHA side So that’s what I just wanted a kind of a reassurance from your side that are we confident at this time this. This number, what we are talking to 3 lakh. Will that get awarded this year?
ANKIT MAHESHWARI
No. So in past two years what we have seen is NHA was giving kind of assurance that okay this. They would be bidding these mother. This number of the project and all that. This time they have come up with detailed list of the projects they have already identified. These are the coils.
These are the projects which they are going to build. Right. This gives us some sense or some confidence that okay, they. They have some. They have done some sort of homework while announcing you know these number of biddings and all that. And hence we are also getting comfort basically. Basically claiming in those kind of statements.
Unidentified Participant
Okay, okay. Whatever the changes in terms of the qualification in terms of the network criteria and everything or do we think that will it lead to a lower competition and maybe we can get a slightly higher margin.
ANKIT MAHESHWARI
See that is quite certain that competition would be coming down.
Right. Because of that network criteria or technical, you know criteria which they have introduced now with respect to margin. Because see what we believe is that maybe you can say improvement in margin not in the current year and may not be next year as well. Because on. Because there are people who are willing to get. I mean because so for last two years we haven’t received any order. M. Order. Right. So we are eager to get those kind of projects and we may not in increase our margin expectation on day one. But yes, as and when my order book is getting, you know, fulfilled I.
I would be suddenly increasing my margin expectation which ultimately would result into my actual margin realization only in the year FY28. I would rather say.
Unidentified Participant
Okay. Okay. And lastly sir, what if you can repeat for. Okay. No issues. Thank you.
operator
Yeah. Please join the queue. Thank you so much. The next question is from the line of Mr. Path Thakkai from JM Financial. Please go ahead sir.
Unidentified Participant
So my question, is.
Unidentified Participant
It here now?
operator
Yeah, please.
Unidentified Participant
So sir, you had mentioned that the outstanding equity requirement is of 2600 crore. So does it include the.
operator
There was a static disturbance at your end. Could you come again with your question please?
Unidentified Participant
Hi. Is that clear now?
operator
Yes. Yes. Please go ahead.
Unidentified Participant
So sir, you mentioned that there is an outstanding equity requirement of 2600 crores. So does that equity requirement also include the bot project.
operator
Participants? The management line has dropped. We are trying to get them back online. Please hold on. Mr. Path, you can go ahead with your question piece.
Unidentified Participant
Okay. Hi sir. So you mentioned that the outstanding equity requirement is of 2600 crore. So does that include the bot project as well?
ANKIT MAHESHWARI
Yes, correct.
Unidentified Participant
Okay. And when can we expect the LOA for our two MSRDC projects? Package E6 and yeah. So as Anandi just mentioned by end of quarter three we expect the day and hopefully by January we should kick start the project. So what would be the execution that we can expect in the last quarter
ANKIT MAHESHWARI
out of those two projects you are saying? Yeah, yeah, out of the two projects. So initially in first quarter we can’t generally in our experience it is not more than 5% it to five pro cities.
The first quarter progress
Unidentified Participant
overall including every like panel, hydro, power, TND and road.
ANKIT MAHESHWARI
Total bid pipeline as we mentioned is approximately 22,000 crores for the current financial year and it includes around 14 to 15 crores. That is I are using order. I’m not asking order the total bids pipeline. You are asking the order pipeline, correct?
Unidentified Participant
Yeah, yeah, yeah.
ANKIT MAHESHWARI
So the pipeline for the highway sector is approximately 3.4 lakh crores.
Unidentified Participant
Okay, thank you. That was my question.
operator
Thank you. The next question is from the line of Mr. Amit Vora from the homeopathic clinic. Please go ahead sir.
Amit Vora
Hello. Yeah, my question has been almost of all my questions have been answered. If the management can just give some industry clarity for next two or three years[Foreign Speech]
ANKIT MAHESHWARI
You are talking about the overall order from the government side. 60,000 crores. 1 lakh crores.
Amit Vora
Thank you sir. Thank you.
operator
Thank you. The next question is from the line of Wasudev from Nirvama. Please go ahead.
Unidentified Participant
Yes, thank you for the opportunity. Small question. What is the capex that we’re planning for the full year?
ANKIT MAHESHWARI
It is in the range of 100 crore. Okay. And so on the monetization front can we expect any new asset to be transferred to the invit this year?
ANKIT MAHESHWARI
Yeah, of course. Our target is 2 as advanced project is getting complete, right?
Unidentified Participant
Maybe up to 6 months or 12 months or depending on.
ANKIT MAHESHWARI
So it actually gives some flexibility to us also. I mean whenever. Because what we have seen in past that not much cash requirement is there on the balance sheet.
So we may delay having to that extent we can play. But yes, of course idea is to ultimately transfer it to in between. Right?
Unidentified Participant
Okay. And sir, out of this 22,000 crores of order inflows that you are expecting for the full year how much have you already received in Q? Q1
ANKIT MAHESHWARI
out of this 22,000. So far we have received 25.
Unidentified Participant
Okay, sure. So that’s it from my side.
operator
Thank you. Participants, if you wish to ask a question please press star and one on your touch tone telephone.
Unidentified Participant
Yeah for the question. So just have one question from my side. So just on the tnbp. So this year we’re targeting three to four thousand, I mean four, three and a half four thousand crores of water in floors. And you already started with the pilot few years back and we have ramped up the order book to call 1001300 crores. So on the back end side, on the supply chain side, how do you think this opportunity will play out? Is it going to be only standalone capital projects? Are you looking to do more projects for other direct clients like Power Grid and other developers of tcv? So how do we read into this and growth plans for this vertical?
ANKIT MAHESHWARI
So so far I mean our target is to basically go more captive only because the capacity so far we have built is I think would be sufficient enough or it, I mean there is no scope, I believe that there won’t be any much scope left with us if we have to go outside our, you know, captive project.
So idea is to either let’s say that if we are getting more projects which we can target even 5000 crore dbcp project or transition project but we would like to do in house, I mean for our own
Unidentified Participant
so that announced capability, I mean as you keep developing you get qualified on the higher HP rating 400 or 765. So it’s which can be used to monetize in third party direct orders. So any plans in the near future mid to long term that outside the captive book which is more equity intensive, you’ll also look to do third party PC orders and where also you set up your power capacity and conductive capacity.
Any thought there?
ANKIT MAHESHWARI
No, so yes of course, I mean see point is we are already in discussion with various, I mean we are exploring other options also where though we have doing, we have been agreeing executing captive projects and where we will start doing monetization discussion all that of those projects. So ultimately what we have shown or what we have basically demonstrated in highway sector where we’ll be bidding for bot projection ultimately it will end up basically as a EPC for us. So yes of course, I mean first we want to you know, fully utilize those kind of synergies and then certainly maybe if we’ll be having more capacity left with us, we’ll be certainly looking for that particular.
Unidentified Participant
Okay, sure sir, thank you. And I think there is no further questions. I’d like to thank the management for giving us the opportunity to work this call.