G R Infraprojects Ltd (NSE: GRINFRA) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Ajendra Kumar Agarwal — Managing Director
Ankit Maheshwari — DEPUTY CHIEF FINANCIAL OFFICER
Anand Rathi — Chief Financial Officer
Analysts:
Parikshit Kandpal — Analyst
Abhinav — Analyst
Shravan Shah — Analyst
Ayush Goyal — Analyst
Vaibhav Shah — Analyst
Khadija Mantri — Analyst
Ashish Shah — Analyst
Sudeep Bora — Analyst
Karan Gupta — Analyst
Presentation:
operator
Good evening ladies and gentlemen and welcome to The Grinfa Projects Limited results call for the quarter and nine months ended 12-31-2025 hosted by HDFC Securities. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded today. We have on the call Mr. Ajendra Kumar Agarwal, Managing Director and Mr. Anand Rati Group CFO.
Before we proceed, this conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risk and uncertainties that are difficult to predict. I now hand the conference over to Mr. Parikshit Khanpal from HDFC Securities. Thank you. And over to you sir.
Parikshit Kandpal — Analyst
Thank you, Satnani. So without taking any further time, I would now invite Ajinder sir to give a brief industry overview followed by RTG on the financials. Over to you sir. Thank you.
Ajendra Kumar Agarwal — Managing Director
Good afternoon ladies and gentlemen and a warm welcome to the Q3 Financial Year 26 earning call of GR Infra Project Limited. Thank you for taking the time to join us today. I hope you and your families are keeping well. I am joined on the call by Mr. Anandrathi CFO and Mr. Ankit Maheshwari, Deputy CFO of the company. I will begin with the sharing our performance during quarter and our overview of the infrastructure sector after which Ankit Ji will take you through the financial in detail. We will then open the floor for questions. During Q3 the company has recorded the revenue from operation of approximately 2039 crore which is up by 36% from corresponding period in previous financial year.
The EBITDA margin excluding other income for the current quarter stood at 10.07% as against 12.82% in the corresponding period in previous financial year. Profit before tax is 274 crore which is up by 18% from corresponding period in previous financial year. During the quarter the company has repaid the debt of 262crore which has resulted in improved debt equity ratio to 0.03 which is one of the best in the sector. The company has recently won the battery energy storage system project of 414 crore for NTPC plant. As on date the company’s order book stood at rupees 20,250 crore approximately as on date.
One DBFU toll project of 3700 crore approximately is awaiting appointed date. We have bids of 20,000 crore approximately which are yet to be opened in highway and railway, tunnel and other business units. Government commitment to infrastructure remain firm. I would first like to present some key highlights from recent Union budget for financial year 2627. Public capital expenditure on infrastructure was raised by 9% from financial year 2526 to record 12.2 lakh crores representing roughly 3.1% of GDP. The budget also proposes establish an infrastructure risk Guarantee fund to enhance the confidence of private development through carefully designed partial credit guarantees.
Road and highway with 3.09 lakh crore and railway with 2.8 lakh crore together account for nearly half of the capex, highlighting that convert connectivity investment continue to be central pillar and focus of the national growth story. Moving on the sectors Highlights Road and Highway Sector the road sector continue to show healthy momentum. The Ministry of Road, Transport and Highway NHI etc has set target of building 10,000km of national highway this year after achieving around 10,660km last year. So the actual awarding of NHI in financial year 2526 has shown a significant slowdown. However, the sector is moving out through market by slow target tendering and intense competition into recovery phase led by structural reform.
India’s national highway toll collections are expected to cross 1 lakh crore in financial year 27 driven by higher traffic volume, expansion of high speed corridors and changes in tolling system. Further, NHI debt to equity ratio has fallen from about 50% in initial year 22 to around 20% in financial year 25 creating fiscal headroom to support more than 8 lakh crore project pipeline in our financial year 26 to 28 including tunnels of significant amounts. While competition is expected to remain elevated, amendments in technical and financial qualification norms and shift towards large BOT toll projects should reduce competition in medium term.
The government look to prioritize the BOT model for highway projects in in financial year 27 aiming to enhance public private participation in infrastructure delivery in railway and metro, focus has moved to easing congestion on high density routes, improving freight movement and strengthening multimodal integration through dedicated freight corridor and economic rail corridor. Under the PM Gati Shakti framework, proposed seven high speed corridor in the Union budget are being positioned as growth connectors linking major economic, IT, industrial and cultural hubs across the country. Together the seven corridors will span nearly 4,000 km and are expected to be developed at an estimated cost of 16 lakh crore rupees under the PM Gati Sikti Framework 3 Economic Railway Corridor program covering energy, mineral and cement routes, port connectivity and high traffic density lines identify 434 projects with a total outlay of around 11 lakh crore rupees.
Maharashtra leading in railway infrastructure activity with 35 projects with a total investment of 3.5 lakh crore rupees in power and transmission. India’s power transmission head distribution sector is seeing strong investment to support rising power demand and renewable energy growth. India has the investment potential of nearly 45 lakh crore in the power sector including generation, transmission and storage in the next seven years. Further, with increasing renewable pan India especially power transmission and distribution sector is seeing an investment potential of nearly 9 lakh crore in the sector. Further, to scale up the sector and maintaining the grid stability, the government has also introduced energy storage obligations.
The CAA estimates a need for about 236 gigawatt hour of battery storage of more than 1 lakh crore in oil and gas roadmap setup. Ambitious goal for the nation, increasing domestic crude production of ended MMT and refining capacity of 450mmt per annum. By 2047 the budget had continued to earn mark 1.5 lakh crore rupees of allocation which will increase the opportunity for us in the EPC sector. Logistics sector is set for a massive transformation and expected to grow at CAGR of 8% approximately in next five years. Warehousing and distribution services is the most lucrative service segment registering the fastest growth during the forecast period.
Grade A and B warehouse is expected to grow at CAGR of 12 to 12.5% driven by increasing demand for high quality infrastructure to reach 800 million square feet in financial year 29. We are focused on building future ready logistics platform. Our vision is to deliver high quality, scalable and technology driven warehousing solutions that enhance efficiency, connectivity and customer value across India. Evolving supply chain landscape. For remaining financial year we expect order inflow to pick up subject to tendering activity and project award timelines. Execution momentum is also expected to improve. Our strategy is leverage this momentum by broadening our participation in multiple infrastructure and strengthen our business diversification.
Before I conclude, I would like to reiterate that our approach remain consistent.
operator
Sorry, interrupt in between. Sir, your voice is not audible. It is breaking. In between.
Ajendra Kumar Agarwal — Managing Director
Is audible. Hello.
operator
Yes sir. You. Thank you.
Ajendra Kumar Agarwal — Managing Director
Before I conclude, I would like to reiterate that our approach remains consistent. We are focused on financial discipline, timely delivery, progressive strengthening of our order book and diversification. I would like to thank you our clients and shareholders for their continued trust and support. With that I will now request Ankiti to take through the financial in detail. Over to you Ankitji.
Ankit Maheshwari — DEPUTY CHIEF FINANCIAL OFFICER
Thank you MD sir and hello everyone. Here are the key highlights of quarter three performance. The standalone revenue from operations was 2,039 crore in quarter ended December 25th which is increased by 36% year over year compared to 1500 crores in the quarter ended December 24th. This increase was primarily on account of work execution being started in various projects including oil and gas, power transmission and ropew business units. The consolidated revenue from operation was 2,308 crores in quarter ended December 25 which is increased by 36% approximately compared to 1695 crores in the quarter ended December 24.
The standalone EBITDA margin stood at 10.07% in quarter ended December 25 from 12.82% in quarter ended December 24. The decrease is primary due to one time claims income recognized amounting to 37.7 crores in quarter ended December 24. The EBITDA margin at group level has marginally decreased to 20.28% in quarter ended December 25 from 21.82% in quarter ended December 24. Profit after tax at standalone level increased to 232 crores in quarter ended December 25 as compared to 169 crores in quarter ended December 24. The PAT includes 35 crores net of tax of exceptional gain on sale of subsidiary.
Profit after tax in current year has increased due to better execution of the projects. Profit after tax at consolidated level decreased to 259 crores in quarter ended December 25th as compared to 263 crores in quarter ended December 24th. The standalone net worth stood at 8471 crores at the end of December 25th. It was 7888 crore at the end of fiscal 24. The net worth on consolidated level is 9200 crores at the end of Dec 25th. It was 8500 crores at the end of fiscal 25. The total stand alone borrowings outstanding at the end of fiscal 25 is 244 crores with debt to equity of 0.03 times and the total consolidated borrowing outstanding at the end of fiscal 25th is 6281 crores with debt to equity of 0.68 times during the quarter the company has made additions to the fixed assets amounting to 30 crores.
The net block of property, plant and equipment including CVIP and intangible is 1090 crores at the end of current quarter. Investments in our subsidiary companies in the form of loans and equity is 2,789 crores at the end of December 25. The balance equity contribution required to be made from our operational ham or Bawd projects is 3044 crore of which we are expecting contribution of approximately 500 crores in quarter four of current fiscal. The working capital in days at the end of December 25th is 93 days as compared to 117 days at the end of fiscal 25.
The decrease is primarily in account of decrease in SPV debtor days. Trade receivables at the standalone basis are 1614 crores which includes 1,038 crore of HAM debtors at the end of December 25th and the trade receivables at the consolidated level are 631 crore at the end of December 25th. The unbilled revenue at the standalone basis is 851 crore at the end of December 25 and the unbilled revenue at the consolidated level is 739 crore at the end of December 25. The inventories are 533 crore as compared to 538 crore at the end of fiscal 25.
I sincerely thank to all our stakeholders including employees, business partners, vendors, bankers and auditors who have supported the company on behalf of GR Infra Projects Limited. I thank everybody for attending the Earnings Hall. Thank you. I would now like to hand over the call back to the moderator.
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 the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Please use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have the first question from the line of Abhinav from ICICI securities. Please go ahead.
Abhinav
Yeah sir, thanks for the opportunity and congrats on a good set of numbers. The execution has been good for this quarter. If you look at revenue numbers I could gather that this has been primarily on account of execution starting various project. So just wanted to understand what can we expect in the last quarter and in FY27 because we had guided for a 5% revenue growth last time around. I think we’ll be surpassing that. So just your views on this.
Ajendra Kumar Agarwal
So. So why actually we have been surpassing this 5% growth is because the revenue which we have got from oil and gas EPC sector. Right. So that actually help us in surpassing that revenue. And we continue to bank on that particular sector in going forward for next financial year as well. And if it. If we talk about that quarter four our our revenue would be in the range of 3,000, 3,000 od crore. Right. And for next financial year again we are targeting a growth of 10 to 15% of revenue. Yeah.
Abhinav
15%. And what was the revenue from oil and gas EPC for current quarter it.
Ajendra Kumar Agarwal
Is around 400 crore.
Abhinav
And how much can we expect this in the next year?
Ajendra Kumar Agarwal
This Q4 and next year see Q4 also we again we can expect in the range of 500 crore but next year we would be targeting more than thousand crore for in this particular sector. So we have to set up that JV also for qualification and hopefully we’ll be able to have this you know qualification through in our direct jv. Right. So we’ll be directly bidding and we’ll be targeting for next financial year we’ll be targeting around 20,000 crore of the projects. Right. For bidding in this particular sector. And we’ll be having around 4,5000 crore of the order book from this sector.
Maybe we’ll be able to achieve thousand thousand to 15 crore of the orders in next financial year.
Abhinav
Second secondly on the order inflow front end I think nine months order inflow we stand at about 60 to be billion. So I think we are falling short on that front in terms of guidance. So would like to hear your views on this.
Ajendra Kumar Agarwal
Yeah, so large been disappointed on this highway front where our target was high but somehow the projects were not there from NHI side or and now they and for different reasons. Right. And we were expecting that in quarter four at least they would be coming out with you know, good amount of projects. But so far the pipeline is. There’s a good amount of a good pipeline is visible. But yes, we are not pretty sure because that MCA is also under modification. They are coming out various modifications you know in MCA. And now what we have realized is that they have shifted from EPC or rather HEM I would say it is that the government is shifting their stand from HEM to BOT bot toll mode.
And for that actually we need full proof you know MC also that model concession agreement. So that is also why I believe that the the reason that they are taking time. Right. And going forward what I believe is that on highway sector so we’ll be having good amount of order book coming in. Maybe next financial year would be having 10 to 15,000 crore of orders coming from highway sector, because the pipeline which right now is available though they are not ready for bid. But because of this reason that MCA is yet under modification. But what we believe is that size of project is, you know, the ticket size of the project is more than 2000 crore and BoT in 8000 crores, 7000 crore.
So what we expect that would be confident that we’ll be getting 10 to 15,000 crore orders in highway sector at least going forward next year.
Abhinav
And so I mean any timelines, when can we expect this modification and in MCA and I mean when the ordering can pick up, can we expect it in Q1 of FY27 or will it be beyond that?
Ajendra Kumar Agarwal
No, probably, maybe. Because see hem, HEM is a settled contract right now for bot because there is a big plan with the government for, you know, big size, beauty and all that. So they are taking time that is under modification and maybe in next 15 days or next, I would say one, one or two months at max probably and maybe even during the month of March itself we can, you know, we may see that some projects coming in for participation and for bidding. But yes, of course, whatever the case may be will be, you know, will be in execution, will be in position of execution only in the next financial year after Q2, any Q3, Q3, Q4, on what side? So but that we, what we believe is that it is pretty certain that those projects would be coming in next.
Maybe not this quarter, Then probably next Q1 of the next financial year. Yeah.
Abhinav
So my final question is on the bot project, the Agara one, there’s been delay in recept of appointed date over there. So what is the actual status? Why is there there been a delay?
Ajendra Kumar Agarwal
Yeah, so there has been delay in that particular project. And maybe and, and see issue for bot project is we are also, you know, we want to be pretty sure in terms of land acquisition, right? Unlike, unlike hem, right where we are, HEM is more kind of epc where even if let’s say land is not there, Iowa is not there, we can, you know, construct and we can continue to get the payment and we can, can also get the provisional cod. Right. But in BOT toll model, even if, let’s say a pretty small amount of RW is not there, then probably it would be, you know, entering our bot toll collection.
So we, we want, we are actually cautious at this particular time in bot projects and we want to be doubly sure in terms of whenever we are appointed date is declared, 100% or 90% at least whatever committed in their agreement that land is Made available to us without any hindrance where we can, you know execute the work. So. So that’s how we. But what I believe is that going for. I mean see some land compensation issue is going on over there and maybe next one of next next couple of months it would be settled. Once they get the compensation.
We’ll be having the appointed date and we are fully ready with you know our mobilization and equipments over there will be able to you know next next financial year Q1 we’ll be able to book the revenue on that particular project.
Abhinav
Thank you sir. Thank you. All the best.
Ajendra Kumar Agarwal
Thank you.
operator
Thank you. A reminder to all the participants. You may press star and one to ask a question. We have the next question from the line of Shravanshah from Dollar Capital. Please go ahead.
Shravan Shah
Hi sir. Thank you and congratulations on good setup number particularly on the execution front. A couple of questions from my side. So first just a clarification in terms of order inflow till now excluding GST how much order info that we have received is it 2480 odd crore?
Ajendra Kumar Agarwal
See except that power transmission where you know order is. Because for power transmission we have received order of around 3600 crore. But then in EPC would be having revenue, you know around 1800 crore. Which is 50% of the order which we have received. Right. So the total order so far for the current year is around 6,000. Sorry, 4,800 crore. Right. That, that the orders which we have received which ultimately would be converted into the EPC revenue going forward.
Shravan Shah
So. So. So here we are excluding the three L1 projects. So two MSRDC projects.
Ajendra Kumar Agarwal
Yeah.
Shravan Shah
So this 4800 crore. When we are saying. So we are saying the transmission we are right now taking a 171800 crore. And then ultimately it will be a 3600 crore.
Ajendra Kumar Agarwal
Yeah, yeah, yeah, yeah.
Shravan Shah
Okay. And this Bess NTPC. So there the 488 crore that we announced on the exchange. So is this, including the 18 GST?
Ajendra Kumar Agarwal
That is 488 is including GST. Without GS it is 414 crore.
Shravan Shah
Okay. 414 or corrode. Okay, yeah. And this two MSRDC project, 4300 crore. So what’s the status? Whether it will get cancelled?
Ajendra Kumar Agarwal
That status remains same what we have you know spoken on last call. Right. Because so far I mean what we believe is that because of the new alignment they would. That would be cancelled and they would be retentering and all that. But yes, I mean that is the latest information which we have. Beyond that we also don’t have that any information on that.
Shravan Shah
Okay. Okay. And sir said that we have bidded 20,000 odd corrode projects where bid is yet to open. So is this entirely. If you can split into the sectors where this is.
Ajendra Kumar Agarwal
Largely highway and railway which is around 16,000 crore and then there is a tunnel and hydro which is 4000.
Shravan Shah
And before end of March how much more are we planning to build? And there also I need a clarification when we say that the now MCA for BOT is under modification. So whatever the project NHI till now have announced in terms of the tender where they are either EPC or ham. So is there also a possibility that they can also be converted into bot and that’s why there is a delay or this is the new projects that they will come up with attendance.
Ajendra Kumar Agarwal
Already defined pipeline. Okay. They have already defined this a criteria. They have said right. If. If a developer is not getting 15% kind of IRR basis right. Then those project would be either bidded under the EPC or hem. So basis that they only basically you know classifying those how those projects under which bucket they those projects would be covered. Right. So it is not that the EPC would be convenient to HEM and or EPC would be convenient to. To beauty. I don’t think so this is the philosophy.
Shravan Shah
Okay. Okay, got it. So. So. So now by. By March, how much more are we are we planning to build? And also broadly if you can say how much let’s say on the NHA front there is still not a hundred percent kind of a clarity. But in other sectors or transmission or maybe oil and gas or any other. How are we looking at how much more orders can be won before March end.
Ajendra Kumar Agarwal
See one is different. The point is that pipeline which is right now, you know available or visible. That is for IO it is 1 lakh. One more than 1 lakh road of the orders. Right. Railway is more than 50,000. But if they would be you know bidded into March itself or they would be spillover to next quarter. That’s maybe what I believe is that for next in the this up to March, I think 60,000 crore orders would be. We did and we would be participating in those orders. Yeah.
Shravan Shah
Okay. And. And so in totality next year sir has said that on the highway front you mentioned that 10,15,000 crore. That particularly on the 20,000 crore that you are planning to bid in The Oil and Gas 4,5000 crore plan to get in FY27 from the Oil and gas and on the highway front 10 15,000 crore. So totally. Can we say 20,000 crore inflow we are looking at in FY27 so or maybe from here on till the next year. FY27 and how much inflow are we, are we looking at.
Ajendra Kumar Agarwal
The current year? We are already running with the backlog of, I mean a good amount of backlog is there. So probably in current year depending on that, you know, bidding, you know, intensity current year also we are basically poised to get 10,000 crore of at least orders in the current year. And maybe next financial year we’ll be having including oil and gas and all that 10 to 10, 10 to 12,000 at least from highway and then the 45,000 from you know oil and gas. And then then there is a power transmission which again we are targeting around 3,000 crore.
The order then hydro turn laying, Metro road. So more than 20,000 crore orders in inflow we can target for next century also.
Shravan Shah
Okay, okay, got it. Got it. Understood. And lastly sir, the equity in terms of the FR27 500 crore you mentioned that in the fourth quarter that we are planning so this 500 crore including the TND HAM and maybe BSS or any any other that we are, we are or Ropeway that we are saying.
Ajendra Kumar Agarwal
Find it grow this, this financially we’re targeting for Q4. Right?
Shravan Shah
Yeah. So that includes everything.
Ajendra Kumar Agarwal
Yeah, yeah, that include everything.
Shravan Shah
And in FY27 28 how much to be invested?
Ajendra Kumar Agarwal
Thousand. See after this infusion he remains with 2,500 crore of the equity infusion. Right. So yeah, which is to be infused in next two to three years. And assuming we’ll be getting more orders right under BOT or HAM or whatever you say. But then thousand CR of equity infusion you can safely assume for only on yearly basis.
Shravan Shah
Okay. And in terms of the margin is there now a possibility that we can reach to a kind of a 13% for next year. So this year already we are at. So for next year how one can look at EBITDA margin.
Ajendra Kumar Agarwal
For next year? I don’t think so. I mean unless until we have this order at least, for example if we are getting only 10,000 orders then probably we would be having this kind, this, this kind of number only for EBITDA margin. But if we’ll be getting you know, so every incremental maybe after 1450,000 in order inflow, every incremental order would be giving us higher EBITDA margin that I believe.
Shravan Shah
Okay, okay, got it sir. That’s it from my side and, and, and the capex. Lastly if you can say for this year and the next year total how much capex that we are looking at.
Ajendra Kumar Agarwal
In this year we have made 98 crores worth of Capex. And next year also we estimate to be in the range of 100225 crores.
Shravan Shah
Okay, got it. Thank you. And all the best.
Ajendra Kumar Agarwal
Thank you.
operator
Thank you. A reminder to all the participants. You may press Star and one to ask a question. We have the next question from the line of Ayush Goyal from Cavi Capital. Please go ahead.
Ayush Goyal
Yes. Hi sir. So I just had one question. So as the company continues to diversify into different sectors and reduce the reliance on road segments. So what are the margin expectations over the coming few quarters?
Ajendra Kumar Agarwal
Margin. What we believe is that to remain in the same range. Maybe, maybe if you are targeting 10, 10 to 12%. That is the target which we are having.
Ayush Goyal
Okay. And it depends on the order inflow. Right?
Ajendra Kumar Agarwal
Yeah.
Ayush Goyal
Thank you sir.
operator
Thank you. A reminder to all the participants. You may press Star and one to ask a question. We have the next question from the line of Abhinav from ICICI securities. Please go ahead.
Abhinav
Hi sir. Thanks for the follow up. I just wanted to check that the guidance that you are given for Q4 is about 3000 crores of revenue. Is that right?
Ajendra Kumar Agarwal
Yeah. Yeah.
Abhinav
So just wanted to understand. I mean last quarter we were looking at 5% growth. Now with this 3000 crores of revenue in Q4 this will entail a growth of about more than 20, 25% year on year. So what has changed during the last quarter that you are looking at these numbers now?
Ajendra Kumar Agarwal
So we have got you know associated into this. I mean we enter into new sector oil and gas. I mentioned right in in my previous answer also. And there this is October to March is the season. And we got this opportunity to enter into this particular sector right time. And we could you know generate the revenue from this sector in the current half year also. So that’s the basic reason, right. Which and this particular sector actually what I believe is that is going to generate a revenue of thousand crore for us at least for the current year.
So this is a basically significant change in terms of our revenue guidance.
Abhinav
Understood? Yeah, that was my question. Thank you.
Ajendra Kumar Agarwal
Thank you.
operator
Thank you. We have the next question from the line of Webhav Shah from GM Financial. Please go ahead.
Vaibhav Shah
Yeah sir. On the revenue front. So if we remove the oil and gas revenue so it would be around 1600 crores for Q3 and your 3000 crore guidance includes around 600 crore of oil and gas revenue. So we are going from 1600 to 2400x of oil and gas. So it is almost 1550% jump from 3Q to 4Q. So how do you see that?
Ajendra Kumar Agarwal
No, no. So see, see. 3,000 would be having our revenue from oil and gas sector. 500 crore kind of revenue. So 2500 crore. 2000. Yeah. 5, 600. So from 1600 to 2400 only because of that the appointed date is there with us. And some execution on PTND. Also power transmission also is helping us in you know, increasing our revenue. Right. Which was low base in previous year. Now we are getting good revenue also. And because of that orders which we are having from this particular sector. So. So overall if you write, if you add the number, add up the number then total revenue without oil and gas would be around 7,000 crore for the year basis.
On the year basis which is again 5 to 10% of the revenue. The growth. Right. Which we have given in the. Our previous call. Also that guidance which we have given. Right.
Vaibhav Shah
Okay. And the next year also we are targeting revenue of thousand crores from oil and gas.
Ajendra Kumar Agarwal
Yeah. Yeah. Target is more than thousand. Right. But yes it’s, it’s a new entry. So it has to be, you know, it has to be proved. Right. So yes, we will be. Target target is more than thousand for next year.
Vaibhav Shah
Targeting next year 20,000 crore plus. So of that 5,000 would be from oil and gas for next year.
Ajendra Kumar Agarwal
Yeah.
Vaibhav Shah
And then for this year what would be the target for the entire year? Order inflow for 26 was around.
Ajendra Kumar Agarwal
For 26 it was around 22, 000 crore.
Vaibhav Shah
So now do we revise it downwards given the muted ordering in the first nine months.
Ajendra Kumar Agarwal
Yeah, yeah. So so far we have received only 4,000. Right? 4,000. 4,000. 5,000 only. And probably on a. On highway front we may add up, you know, another 10,000 crore. If you know things goes as we are, as we believe. Right. Then our total revenue, total order info for the current year would not, won’t be. I. I don’t believe that would more than 15,000 for that list for the current year.
Vaibhav Shah
So revised downwards 15,000 more expected in the next two months.
Ajendra Kumar Agarwal
Yep.
Vaibhav Shah
Okay.
operator
Thank you. We have the next question from the line of Khadija Madri from Kepri Global. Please go ahead.
Khadija Mantri
Yeah. Good evening sir. So my question is regarding the NHVI target. So it was about three 6,300 kilometer of order awards that were planned in FY26. So I just wanted to know till date how much has been awarded and how much is it expected to come in the next couple of months and whether they will be meeting this order award target.
Ajendra Kumar Agarwal
So they want to be for the current year there so far they awarded only one third of what they have committed. Not even one third. Maybe 20% or 30. 30%. Right. And yes, of course they are good pipeline. They are. I mean the momentum has been built into this bidding activity. But largely they are now focusing on BOT projects. Right. Not on HEM or epc. So which is taking time maybe because they want to settle for that portal consultant agreement for bot, which they have tweaked to a large extent basis that the feedback they have received from the industry with the various stakeholders. And so maybe in current year, in next two months, probably what I believe is around 60, 70,000 crore, the orders can be, you know, floated by them.
That, that, that can be, you know, coming for bid. That’s, that’s our, that’s my sense.
Khadija Mantri
Okay sir, so how much would that be in kilometer terms?
Ajendra Kumar Agarwal
In kilometer terms won’t be more than, I would say,500 kilometers. That’s all.
Khadija Mantri
Okay sir. And sir, the changes in the concession agreement. So is it going to be more favorable for the developers like us or what do you sense?
Ajendra Kumar Agarwal
So it would be, I would say it would be more balancing. Right. Where risk and reward is properly shared. May not be that favorable. Yes, what I believe is that they would be more favorable for the epc. You know, come. I mean that developer who has become, who has graduated from EPC player to developer, that would be more beneficial to them and pure play developer may not be having that attractiveness in those beauty model.
Khadija Mantri
Okay sir, so but largely most of the list in the listed pack we have companies which are EPC as well as developers. So.
Ajendra Kumar Agarwal
Yeah, yeah, so, so there are player who are, I mean there are some players who are only, you know, playing a developer role though they might be having that epc, but ultimately those projects are being executed or being subcontracted by them to some other EPC player. Right. So, so they are probably. If a company who is having EPC strength and forcefully enter into this particular sector of development, then they would be more beneficial out of this tweeting.
Khadija Mantri
All right sir, thanks. That’s all from my side.
Ajendra Kumar Agarwal
Okay, thank you.
operator
Thank you. We have the next question from the line of Ashish Shah from hdfc. Mutual fund. Please go ahead.
Ashish Shah
Yeah, thank you for the opportunity. So my question on the oil and gas is that so we’ve guided for something like thousand crore this year and maybe thousand crore next year or thousand crore plus. But what’s the total order book that we are working with today. So as in how much is this total value going to be whether it is 26, 27 or 28.
Ashish Shah
So far we have joined you know existing company and so we have got associated with some existing company. Right. For execution of those projects which are already been awarded to them. Which is around 2000cr of the orders. Right. Which would be executed in, by, by. By next year, next financial year also. So and going forward we would be directly bidding into. You know we’ll be participating directly with ONGC or the client who are coming up with orders. Right. So, so and, and do and when we’ll be participating directly we’ll be targeting around 20,000 crore the orders.
Right. Where we we target to participate and out of that we’ll be having 4, 4, 5,000 crore the orders directly from them. Right. In our either subsidiary or that. I mean we have to be basically because to get that qualification we have to form and we already formed the subsidiary subsidiary and we would be you know participating through our subsidiary. That’s the plan.
Ashish Shah
Correct. So unless I mean if you win more orders it will get added like you’re saying you were targeting 4 to 5,000 crore wins next year but the current work on hand could amount to close to 2000 crores.
Ajendra Kumar Agarwal
Right.
Ashish Shah
Of which thousand is what you’re targeting this year? Thousand maybe next year. And then based on new orders that you get in next financial year the this can continue going forward.
Ajendra Kumar Agarwal
Right. Right.
Ashish Shah
Answer. What’s the margin trajectory or margin range that one could factor for. For this sort of scope that we are doing?
Ajendra Kumar Agarwal
See that has to be basically tested but we are targeting at least 10% kind of margin so far.
Ashish Shah
Okay. So roughly 10% is what we think we can make here and. Right. And also you did mention about the seasonality part here. So in that sense when we say thousand crores even next financial year is it safe to say that it will be in the non monsoon period in the sense that the, the thousand crore number, the bump up that you see would come in the second half rather than the first half. Or it could be uniformly.
Ajendra Kumar Agarwal
No, no, no. Right. You you rightly got right. That would be you know more the back ended I would say in the next five years.
Ashish Shah
Right. So this, this thousand crore incremental next year. But it could be more back ended rather than uniformly spread for four quarters.
Ajendra Kumar Agarwal
Right, Right. Right.
Ashish Shah
Understood sir. All right sir. Thank you.
Ajendra Kumar Agarwal
Thank you.
operator
Thank you. We have the next question from the line of Sudeep Bora from Ambit. Capital. Please go ahead.
Sudeep Bora
Thank you sir for the opportunity. I wanted to understand what exactly are we doing in the oil and gas space and what currently what are we doing and what do we aspire, how do we grow in this particular sector?
Ajendra Kumar Agarwal
We are into oil and gas EPC where we are you know laying pipeline into the subsea pipeline. We are, we are laying. Right and we are platform modification, platform erection in the subsea in the seaside right offshore side. That is the basic sector which we are targeting in the soil and gas.
Sudeep Bora
Okay sir, so the skill set, machinery, equipments, does it entail any capex or the road equipments are capable to do this work?
Ajendra Kumar Agarwal
No, no, it’s totally different set of machineries to be utilized but so far we have not targeted any capex unless until we have some sort of visibility out to in terms of our order intake and all that. But as of now we haven’t part, you know planned any capex on this front.
Sudeep Bora
Okay, so like without any equipment then are we leasing it out?
Ajendra Kumar Agarwal
Yeah, we are taking on lease. Yes.
Sudeep Bora
Okay. Okay so and one last question from my end. So there’s a slight dip in terms of EBITDA margins in this particular quarter when the revenue run rate is high. So can you just throw some light on it whether this is temporary or how does it turn out in future.
Ajendra Kumar Agarwal
No see because in terms of we are not witnessing any revenue margin. I mean though there this quarter we are having growth but which is not commensurate to what the equipment or what all resources which we are having. So so largely because of we are not growing. That, that’s the, that’s why that, that the the decline in the margin and of course oil and gas as already mentioned, right. It is not, it is not capex heavy or as of now we have you know basis that lease only. So EBITDA margin and gross margin or net margin is.
I mean PVT margin is almost same for this particular sector. So it is actually even if so even EBITDA is also with this kind of margin we are targeting 10% of EBITDA margin for this kind of sector. Right. So ultimately it is dragging our margin overall margin. Got it.
Sudeep Bora
So thanks. These were the questions. Thanks for the opportunity.
Ajendra Kumar Agarwal
Thank you.
operator
Thank you. We have the next question from the line of Shravan Shah from Dollar Capital. Please go ahead.
Shravan Shah
Hi sir, this TND equity which is a 384 odd crore. Sorry 967 crore that needs to be invested also in fourth quarter. How much are we are we looking to Invest? And for 26. And for 27 how much.
Ajendra Kumar Agarwal
Total 967 crore is to be invested in next next two years of time. And generally it is back ended. Right. So in for current what current year I don’t think maybe 1015 crore of equity probably will be putting in for the TND activity. And for next year it would be I would say 40% next year, 60% in next financial year. So maybe around 400cr. That would be next financial find. It could be next mention.
Shravan Shah
Okay, okay, okay, got it. And sir, this, this invit investment that that we have. So if, if dividend and interest that we receive that we book in the standalone as a part of other income. But if there is a return of equity. So how do we do the accounting in the standalone?
Ajendra Kumar Agarwal
See return of equity would be that cost would be reduced to that extent. Return of equity would be reducing the cost of equity investment. Right?
Shravan Shah
Yeah, yeah. So because in nine months we have received close to 144 odd crore. So because now in this fourth quarter there is a increase in the return of equity at the Pinweed level. So for the full year I think maybe given the whatever the Invital disclosure number 171 crore kind of other income that we can get versus what last time we said around 230, 240 crore that we are looking at.
Anand Rathi
Right. So. So that would be written on equity that would be you know ultimately would be going to reduce my investment.
Shravan Shah
Yeah. And I understand but if in terms of the other income for the full year that’s the way one can.
Anand Rathi
Yeah, yeah. Other income would be reduced to that extent.
Ajendra Kumar Agarwal
Correct.
Shravan Shah
Okay, okay. Okay.
operator
Thank you. We have the next question from the line of Karan Gupta from Cavi Capital. Please go ahead.
Karan Gupta
Yes, I appreciate the opportunity. Two questions. One regard there were some recent news reports about developers approaching the ministry regarding timelines of road projects that have been built. So be part of that representation and you know how do we stand currently on the projects that are under execution with regards to delays or timelines. And secondly if you could just talk about plans for transferring any ham projects to the invit over the next quarter and into financial year 27. Thanks.
Ajendra Kumar Agarwal
Around 5,000, 6,000 crore timeline 2 to 2 and a half years. Reasonable time period on achieve or regarding invert transfer. K so for current quarter we are having target, I mean see at least asset which we are targeting subject to the tap necessary approval we are having in place. And next quote next financial year again we’ll be having around 4 to 5 asset which will be transferring eventually to that in.
Karan Gupta
So what would be the book value of equity for these projects that we are planning to transfer?
Ajendra Kumar Agarwal
Well, you have 250. I’m not having that nd immediately.
Karan Gupta
No problem. Just on the timeline. So your timeline is only for bot projects. Existing projects timeline we are comfortable with. So.
Anand Rathi
No, no, no. It’s upcoming. Upcoming.
Ajendra Kumar Agarwal
But timelines, they haven’t actually, you know, so, so, so they have worked only on size but not on timeline. So. Because we are just basically reminding them that you have to work on both the, you know.
Karan Gupta
Thank you sir.
Ajendra Kumar Agarwal
Thank you.
operator
Thank you. We have the next question from the line of webhav Shah from JM Financial. Please go ahead.
Vaibhav Shah
Sir. On the BharatNet project, what is the current status? Have you started the execution?
Ajendra Kumar Agarwal
The execution we started. It is O and M scene. It was a new construction plus existing project that O and M which was supposed to be done by us. But somehow new construction could not be started because row issue has not been resolved by them so far. And O and M activities already started two, three months back only. Right. So. So we have taken the position of existing network. But yes, new activity has not yet started. We are, we are expecting that that would be, you know, in the month of March itself we’ll be able to start this.
Vaibhav Shah
What kind of revenue are we targeting in FY27 and 28 from the project?
Ajendra Kumar Agarwal
See, we are targeting around, I mean for next. Financially we are targeting 50% of the total project value plus O and M. So that would be around, I would say 400 odd crore which we are targeting for next financial year. And then 600 crore will be targeting for next financial year.
Vaibhav Shah
Okay. So that equity number of 3,044 crore that you mentioned in the start of the call, that is the overall equity or it’s for the HAM projects.
Anand Rathi
Overall equity.
Ajendra Kumar Agarwal
Overall equity.
Vaibhav Shah
Overall. Right. It includes the TND as well.
Anand Rathi
Yeah, TND trope way. Right. Beauty.
Vaibhav Shah
Okay. And the lastly of the. The current backlog that we have as of December. So it doesn’t include the oil and gas orders, right?
Anand Rathi
Yeah, yeah, it doesn’t include oil. Right. It is around 4,400 crore or 500 crore of additional orders. You can have toilet. Yes, 20 to 20,000. Gar. It is 20,500. That’s that you can safely assume. Yeah.
Vaibhav Shah
Okay. Okay. Lastly on the the Pune MSRDC packages, so how do you see the execution moving forward? Are there any challenges in terms of land or anything or. It is moving so smoothly right now.
Ajendra Kumar Agarwal
So in pieces. Land is pending. Which is yet to be handed over to us. But but whatever land front is made available to us that is execution is smooth on those those particular front.
Vaibhav Shah
So can we do roughly 40% of the work in next year? 40, 45% given the timeline.
Ajendra Kumar Agarwal
Yeah. Yeah we can do.
Vaibhav Shah
Thank you sir. Those are my questions.
Ajendra Kumar Agarwal
Thank you.
operator
Thank you very much. Ladies and gentlemen. As there are no further questions from the participants. That concludes the question and answer session. I now hand the conference back to the management for closing comments. Thank you. And over to you sir.
Ajendra Kumar Agarwal
Thank you. Thank you all the shareholders and investors. And bankers are all stakeholders. Thank you to all. Yes, thank you.
Parikshit Kandpal
Thank you sir. Thanks for. Thanks for allowing us to this call. And now we can close the call. Thank you.
operator
Thank you all on behalf of HDFC securities limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.