G R Infraprojects Ltd (NSE: GRINFRA) Q4 2025 Earnings Call dated May. 16, 2025
Corporate Participants:
Ajendra Kumar Agarwal — Managing Director
Ankit Maheshwari — Deputy Chief Financial Officer
Anand Rathi — Chief Financial Officer
Analysts:
Mohit Kumar — Analyst
Shravan Shah — Analyst
Jainam Jain — Analyst
Unidentified Participant
Vaibhav Shah — Analyst
Sarvesh Gupta — Analyst
Parvez Qazi — Analyst
Uttam Kumar — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to G R Infraprojects Limited Q4 and FY ’25 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr Mohit Kumar from ICICI Securities. Thank you, and over to you, sir.
Mohit Kumar — Analyst
Yeah. Thank you, Steve. Good evening. On behalf of ICICI Securities, I welcome you all to the Q4 FY ’25 and FY ’25 earnings call of GR Infra Projects Limited. Today, we have with us from the management, Mr Agawal, CEO; Mr Ant Rathi, Group CFO; Mr Ankit, Deputy CFO; we’ll begin with the opening remarks from the management, which will be followed by Q&A. Thank you and over to you, sir.
Ajendra Kumar Agarwal — Managing Director
Thank you, Moiji. Ladies and gentlemen, a very good afternoon. I welcome you all to the 4th-quarter earnings call of GR In Limited for financial year 2025. Joining me on this call today is Mr Anand Rathi, the CFO; and Mr Ankit, Deputy CFO of the company. I would like to start by mentioning that we are a socially responsible organization focused on delivering all our projects with quality and in a safe manner.
I will now take you through the key highlights of the quarter and decent developments in the infrastructure sector, followed by question-and-answer session. Revenue from operation in 4th-quarter of ’25 stood at INR2,129.30 crores as against INR2,310.35 crores in the corresponding period in previous financial year. The EBITDA margin for the current quarter stood at 17.51% as against 17.69% in the corresponding period in previous financial year. During the quarter, the company has repaid the debt of Indian rupees INR361 crores, which has resulted in improved debt-equity ratio to 0.07, which is one of the best-in the sector.
During the quarter, the company transferred one operational HAM asset to Indus Infra InvIT for a total consideration of 225.58 crores rupees. The resulting gain on this transaction is shown as an exceptional item in financial statements. During the quarter, the company received pre-COD for one HAM project and LOA for One Road DBF40 toll project worth 3,687 crores. Moving on the update on the order book, at the end of 4th-quarter of the order book stood at INR24,346 crores. As on-date, the company has 30 projects worth Indian INR14,370 crores that are under execution. As on-date, two projects worthees, INR4,810 crores are awaiting appointed date. One in HAM, in Bihar and one DWI 40 toll projects spreading across, UP and MP.
For four projects, that is two roads and one each railway and OFC worth 5,166 crores are having L1 shares. LOA of OFC and projects has also been received recently. As on-date, bids of Indian INR6,500 crores are yet to be opened, it constitutes of five railway and one highway projects. Moving on the sector highlights and infrastructure development of India. This year, awarding activity was a little muted in this first 3/4, although it did pick-up a little in the last quarter. Also, the instances underbidding up to 46% continue to persist. This is although concerning and we are continuing to keep a close watch. We do accept a decent flow of awarding utilities, especially large projects, continuing in the next financial year.
As the central government continue to focus on infrastructure development, this is evident from the fact that the capital investment outlay for the infrastructure has been increased to INR11.21 lakh crore in the union budget of ’25-’26. My sector-wise use are first road and highways. Investment in National Highway are and expressway are projected to grow by 1.4 times between financial year ’26 and financial year ’29. Government target building 22 new greenfield expressways. Recently, government has announced to convert 30,000 kilometers two lane highways into full lane with an investment of Indian INR10 lakh crores. Further, Mort has imposed additional performance security on bidders of road projects for a bit lower than estimated cost of the project.
Also it mandates timelines for land and environment clearances. It gives us the confidence to enhance our order book as the initiatives are designed to better synchronize the approval, awarding process and declaration of appointed dates. Second, metro and railway systems. As of financial year ’25, India’s metro rail network spans approximately 973 kilometer across 23 cities. Government aimed to more than double this network to about 1,700 kilometer by financial year ’26, extending the metro services to 31 cities. Indian Railway has also received the highest-ever total outlay of INR2.65 lakh crores in the IUN project 25 ’26 power transmission.
The sector is expected to attract a significant amount of investment with estimates suggesting a need for over Indian INR10 lakh crore to double India’s power capacity by 2032. In the next financial year, the company is targeting an order pipeline of approximately INR1,80,000 crore and continue to build a robust order book. In various sectors like road, railway, metro tunnels, power transmission and distribution, roadway, logistics, etc. We will continue our strategy of diversifying and balancing our portfolio across various market and sectors and take the company back to double-digit growth in current financial year ’26.
I am confident in our strategic direction and our ability to succeed in new markets. Our strong team and focus on project delivery will continue to drive our success. That’s all from my side. Over to you, Anandji, for update on financial position of the company. Thank you.
Ankit Maheshwari — Deputy Chief Financial Officer
Yeah, thank you, MD, sir. This is Ankit Maheshwari. Thank you, Ananji, and good afternoon, everyone on the call. So I’ll start sharing the financial performance for the year ended, 31 March 2025 and the following key highlights are, the company’s standalone revenue from operations decreased by INR1,272.39 crores, which is a decrease of 16.34% year-over-year. That is from INR7,787.96 crore in the year ended March ’24 to INR6,515.57 crore in the year ended March ’25. This decrease was primarily on account of decrease in order intake. The company’s consolidated revenue from operations decreased by INR1,585.45 crores, which is a decrease of approximately 17.66% year-over-year. That is from INR8,980.15 crores in the year ended March ’24 to INR7,394.70 crores in the year ended March 2025. The standalone EBITDA margin has decreased to 13.88% in year ended March ’25 from 14.58% in the year ended March ’24.
The EBITDA margin at Group level has decreased to 22.13% in the year ended March ’25 from 23.63% in the year ended March 2024. So it has some impact, of course, from the order intake as well. Profit-after-tax at standalone level decreased to INR806.61 crores in the year ended March 2025 as compared to INR1977.43 crores in the year ended March 2024. However, I would like to highlight that in the financial year 2024, it includes the exceptional gain of INR1,22 crore, which is net of tax pertaining to gain recorded on transfer of seven HAM assets to Indus Infra InvIT. Moving on, profit-after-tax at consolidated level also decreased to INR1,015.40 crores in the year ended March 2025 as compared to INR1,322.97 crores in the year ended March 2024.
The company’s standalone net-worth stood at INR7,887.74 crores at the end of fiscal 2025, it was INR7,195.72 crores at the end of fiscal 2024. The net-worth at consolidated level is INR8,503.20 crores at the end of fiscal 2025 and it was INR7,602.40 crores at the end of fiscal 2024. The standalone borrowing outstanding at the end of fiscal 2025 is INR512.34 crores with debt-to-equity of 0.07 times. The total consolidated borrowing outstanding at the end of fiscal 2025 is INR966.16 crores with debt-to-equity of 0.59 times. During the quarter, the company has made additions to the fixed assets amounting to INR39.41 crores and the net block of property, plant and equipment, including capital work-in progress is INR1,206.96 crores at the end of current quarter. Investment in our subsidiary companies in the form of loans and equity is INR2009.04 crores, including interest at the end of fiscal 2025.
The balance promoter contribution required to be made-for the operational HAM projects is INR2,875.23 crores, of which we are expecting a contribution of INR1,000 crore in the fiscal year 2026. The working capital in days at the end of fiscal 2025 is 117 days as compared to 112 days at the end of fiscal 2024. This increase is primarily on account of increase in SPV debtors. The trade receivables at the standalone basis are INR1,842.17 crores, including INR1,691 crores HAM debtors at the end of fiscal 2025. The trade receivables at the consolidated level are INR224.72 crores at the end of fiscal 2025. The unbilled revenue at the standalone basis is INR713.15 crores at the end of fiscal 2025 and the unbilled revenue at the consolidated level is INR162.55 crores at the end of fiscal 2025.
There has been some improvement in the inventory levels. The inventory stood at INR538.01 crores at the end of fiscal 2025 compared to INR767.65 crores at the end of fiscal 2024. With this, I would also like to sincerely thank to our stakeholders, including employees, business partners, vendors, bankers and auditors, those who have supported the company. And on behalf of GR Infra Projects Limited, I would like to thank everybody for attending this earning call. Thank you so much.
Now I would like to hand over 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 your touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star N2. Participants are requested to use handset 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 Shravan Shah from Dolat Capital. Please go-ahead.
Shravan Shah
Hi, sir. Thank you and congratulations on good set of margin for this quarter, particularly. So, yeah, I have a couple of questions. So starting with the — in terms of the order inflow. So first need a clarity in terms of FY ’25 excluding GST, what was the order inflow for FY ’25.
Anand Rathi
Yeah. It is around INR13,000 crores, which we have taken, which is including L1.
Shravan Shah
Okay, including this INR1,166 crore L1, it was INR13,000 odd crore.
Anand Rathi
Right.
Shravan Shah
Okay. So now two, three things. First, how much orders that we have bidded, sir as mentioned INR6,500 crores, so that is yet to be open and how much more are we looking to bag in terms of the order inflow? And also if you can help us in terms of from road transmission or the state EPC, how much are we looking.
Ajendra Kumar Agarwal
Highway sector approximately your pipeline may have oh my pipeline makes INR75,000 crore power transmission may INR20,000 crore.
Anand Rathi
Actually some background noises there.
Ajendra Kumar Agarwal
Hello. or tunnel may be 20,000 rupees air or railway may give 10,000 crore rupees game tender pipeline may come big or is Isalka Joe order booking as target curriep okay 20,000 crore rupee there this my highway sector may are railway May, those are pay or metro may INR1,000 crore. The railway and metro INR3,000 crore, power transition is in May, INR2,000 crore rupees. And hydro Internal may INR3,500 crore or logistic or telecom May INR500 crore each. Total INR20,000 crore a target is — is 26 May financial year mean in.
Shravan Shah
Okay. Okay. But sir,, in terms of particularly Roadme, Lagra, KBA, Kangi last also such yeni here. Joe, but are I think immortunate, performance guarantee, you increased KI, Kaya say competition for Podega. Government sector may, improvement career, we beauty, EPC, HEM, Subi May, bank guarantee or qualification area may to change its currently or just a last quarter inflow, but I was say a time may state-level pay or central level pay — government care projects inflow Chi or BOT changes — BOT baby maybe activity for AES.
We target achieved government — major changes to your target achievable last year we managed our target INR13,500 croreskash may gave INR10,000 crore project. This although INR4,000 crore project to have status a project AB appointed Unka Award Projecta. Sir, so based on this, Avi, FY ’26 if possible FY ’27 look revenue growth this year and margin miss Ravi, a quarter margin could extra KSR, one of 15% typeca margin of offers exceptance. Margin open OECO from margin, underpeating BB Bohajada.
So the market just competitive tracking margin margin key growth decre like in 26 May, Joe revenue growth, decre was per double-digit currently double-digit growth. And so last-time such Bhara percent type of similar came on a 100% plus of growth possible gee, let’s say 100% sector growth possible as well. Okay. And here even next year can you be KLA similar run-rate should be possible for us or even maybe a slightly higher 27 months INR20,000 crore so naturally more than 15%?
Yes. Okay. Okay. And margin, sir, annual FY ’25 if Bhara had 12.2% percent. So are we margin case of, standalone, Bhara Thera percent or can we look at 14% 15% margin? So margin be flat consider Karna. Juppressor a competition car or scale a market where prices get you in just a escalation organic issue there, which gives you up on flat expectation okay.
And lastly, sir, yes, other income, Joha, which may — up my answer, this quarter, 4th-quarter may how much was the dividend and for around similar amount of INR250 odd crore PAC nice. So total for the year was around INR227-odd crores, so dividend raise and interest income because came up.
Anand Rathi
We are carrying cash-in our balance sheet for whole year. We havena go interest income. And then in this current year, in fact, which bad debts which we have earlier written-off, right, write-back BKM because we could recover those bad debts, right? So it’ll be other income was a difference other year — year-to-year compared year. So last year it was around — last year are the, which is only because of this interest income again apart from and InvitPay, what we are target — see,, every year we are targeting this much of interest or dividend or whatever income although in where income IG that would be in the range of INR225 crore to INR250 crores for a yearly on yearly basis.
Shravan Shah
Okay, sir. Nika, questions, I will be in queue. Thank you and all the best, sir.
Anand Rathi
Thank you.
Operator
Thank you. The next question is from the line of Jain from ICICI Securities. Please go-ahead.
Jainam Jain
Good afternoon, management. Sir, my first question is, what are our investments in BoT and subsidiaries at the end of FY ’25?
Anand Rathi
It is totaled INR2,000 crores.
Jainam Jain
Okay, sir. And sir, when do we expect to receive the appointed date for two of our projects in the road. One is BOT and HEM project.
Anand Rathi
See one hem we are expecting that is we are — we are hem, we are expecting in the month of June. And for Agra Gwaliar, that is BOT projects, we have signed a consistent agreement recently. So it takes time — it’s a beauty project, which takes time of another six months for getting closure and all other which is done. So maybe for that Agra, we’ll be receiving that appointed date in the Q3 quarter.
Jainam Jain
Okay, sir.
Anand Rathi
Q3 means September to — September — yeah, September to — October to December quarter, right?
Jainam Jain
Q4.
Anand Rathi
Maybe Q2. Maybe in January or November this — I mean around December, January, right?
Jainam Jain
Okay, sir. And sir, what is your — what is the contract liabilities as of March ’25? I mean the
Anand Rathi
March 21st sorry come again?
Jainam Jain
What is the contracted liabilities as of March 25,000.
Anand Rathi
Contracted liability.
Jainam Jain
Yes sir I meant to say monetization advance mobilization advance.
Ajendra Kumar Agarwal
Yeah mobilization advance.
Anand Rathi
Is I think it is around INR18 crores there. So now INR37 crores that is outstanding as of March 2025, INR37 crores.
Jainam Jain
Okay, sir. And sir, can you comment on our investment in at the end of FY ’26, like currently what we understand it is somewhere close to INR20 billion, right?
Anand Rathi
It’s INR2,110 to INR100 odd crores, which is the market.
Jainam Jain
All right, sir. That answers my question. Thank you so much and all the best.
Anand Rathi
Thank you. Thank you.
Operator
The next question is from the line of Surindra Mala from GR Infra Projects. Please go-ahead.
Unidentified Participant
Mala. Hi, sir, good afternoon.
Ajendra Kumar Agarwal
Good afternoon.
Unidentified Participant
Yeah. My question is that we are having — we are generating the profit quarter-on-quarter, but if you go to the cash-flow statement, our cash from operating activity is on the lesser side. For instance, 2023 is nearly a negative of INR363 crores. FY ’24 it is INR1,592 and FY ’25 it is minus INR2,000 crores. So I know the reason for this?
Anand Rathi
FY ’19, this year we had FY come again.
Unidentified Participant
FY ’25, cash generated from operating — operating activities is minus INR2,000 crores.
Anand Rathi
Minus INR2,000 crores, okay?
Unidentified Participant
Yeah.
Anand Rathi
So what exactly your question is?
Unidentified Participant
So why it is like minus INR2,000 crores when you are generating the profit.
Anand Rathi
See cash-flow from operating activity generally, let’s say, I don’t think it would be minus INR2,000 crores. I think in terms of number, we have to confirm. But see, cash-flow because we are putting that money into working capital, right, maybe in working capital and hence we are not converting that money into cash, whatever profit is there, that has been kept in as a working capital. So you will find that my working capital in absolute number is increasing on a year-on-year basis because we are not drawing debt from the SPV level, right? So it is helping us in reducing the interest cost interest cost at group level. So that could be one reason, but minus INR2,000 crore is,
Unidentified Participant
I’m looking at the financials. Financials in front of me so it is minus INR2,032 crores to be precise.
Anand Rathi
So okay so I have to either we can discuss this offline or maybe after five, 10 minutes, let me go through it and let me understand it what exactly this is for what reason because cash-flow is given in detail, right? If you are having cash-flow in front of you, probably each and every item of the cash-flow is given over there, right?
Ankit Maheshwari
This is net cash-out in operating activities. And this is cash-flow from operating activities. So what minus INR2,000 you are talking about is basically the net cash which we have used in operating activities. But if you see the total position, I mean the inflow and outflow, it’s on the positive side.
Anand Rathi
Cash-flow, net cash used in operation.
Unidentified Participant
When normally when the company is generating profit, not only for, but cash use would be positive. And on the other side, the borrowings are also increasing.
Anand Rathi
No, no. So okay, okay. You are — this is investment
Ankit Maheshwari
Of the consolidated.
Anand Rathi
You are taking — I mean you are discussing that consolidated cash-flow, right?
Unidentified Participant
Yes, yes, yes.
Anand Rathi
Standalone cash anyway? See, consolidated cash-flow is basically, you need to understand that business operation. What we are doing, we are basically doing what — we are actually executing various HEM projects, right? And where we — every everywhere we are executing, it is 60% is actually to be received by us over the period next 15 years.
So it is — it is actually increasing my working. If I’m executing INR1,000 crores of the project, right, I’ll be getting only INR400 out of that and INR600 would be basically I’ll be receiving over the period of next 15 years because this time — I mean, right now we are discussing consolidated cash-flow, right? So if I’m making INR100 of turnover, INR60 would be receivable by me, right? So because of the nature of business, I can’t convert that INR60 into cash. You got my point. On consol basis.
Unidentified Participant
Yeah. Yeah.
Anand Rathi
Right. But so it would be funded by that INR60 has to be funded by debt, debt and equity, right?
Unidentified Participant
Okay.
Anand Rathi
So though for INR100 of turnover, let’s say if I’m getting the profit of 10%, then also I’ll — at max, INR10 would be in the form of cash, but then INR90 out of that 90 40 I’m receiving cash and 50 I have to be kept in — kept as a debtors that is showing as a debtors in my balance sheet. That is a financial asset, right? And hence, this is the figure you are getting over there in the consolidated cash-flow. The matter is you go through the standalone cash-flow, standalone financial cash-flow there you would be that then it is showing that cash generated from operating activity is INR868 crores, that is positive, right? And our profit is INR806 crore, as we mentioned, right? So that cash we have generated from business is more than the profit which we are, right?
Unidentified Participant
Yeah.
Anand Rathi
Okay.
Unidentified Participant
One follow-up question, sir, to that. I am able to see on the consolidated level, loans and advances of INR3,193 crores it has gone up from INR254 crores. So can you explain what this point sir like why is the increase?
Anand Rathi
Because see this is increased because whenever we will be doing HAM projects every year, as I mentioned you, right, when we have — see on consolidated basis, what kind of turnover which you have booked out of that turnover, 60% is to be funded by debt and equity. So that amount has to become from debt-only now.
Ankit Maheshwari
INR7,500 crores.
Anand Rathi
INR7,500 crores of consolidated turnover. Out of that INR700 crores that 40% is we are getting into cash, balance would be funded from debt-only, debt or equity, right?
Unidentified Participant
I’m talking about assets, loans and advances, it is under other assets. It is an asset balance and it has gone up from INR254 crores.
Anand Rathi
To 60%. See, see asset as well as royalty, both would be increasing because this asset I’ll be receiving from NSI over the next 15 years, right?
Unidentified Participant
Okay. Okay. Sir.
Anand Rathi
Hope your — I maybe satisfied your query.
Unidentified Participant
Yeah, I’m clear. I’m clear. Thank you. Thank you so much.
Unidentified Participant
Okay.
Operator
Thank you. The next question is from the line of Shah from JM Financial. Please go-ahead.
Vaibhav Shah
Yeah. Sir, you mentioned that equity requirement is close to INR2875 crores, which is pending. So it includes BOT project as well, right?
Anand Rathi
Yeah, yeah. Every outselling project.
Vaibhav Shah
Yeah. So what would be the equity requirement for BOT project and the EPC value that we are factoring.
Anand Rathi
EPC value around INR3,700 crores and BOT is around INR1,075 crores for equity value of that BOT.
Vaibhav Shah
So we will be funding equity of INR1,075 from our books.
Anand Rathi
Right.
Vaibhav Shah
Okay. And sir, secondly, we saw that EBITDA margins were quite high in the quarter, even after the adjustment. So of the bonus. So what was the reason for that?
Anand Rathi
See, this particular year in last quarter, there are so many projects which are near completion. In fact, we received the COD for two of the projects and we are about to receive the COD for another two, three projects. So when the projects are near completing stage now. Then generally what we have seen that probably because of release of contingency and if we are finding that okay, not much cost would be incurred and accordingly, revenue and profit would be booked. So that’s a — that’s the normalized case. It happens whenever — and this time basically it is a cluster. It’s six, seven projects which are nearing completion, right? Because of this, it has happened.
Vaibhav Shah
So ex of that, what would be the normalized margin for the quarter?
Anand Rathi
So that I think we have discussed 13% — around 13% my MD sir told you.
Vaibhav Shah
Okay. So for next year, margins could be in the range of 12% to 13% for ’26 and ’27.
Anand Rathi
That we can expect, I mean, comfortably.
Vaibhav Shah
Okay. Okay. And sir, CapEx for ’26 and how much you have done in ’25?
Anand Rathi
’25 capex in is in the range of INR70 crore INR80 crore, but then we are building our corporate office as well. So total capex is, which has to be including that corporate office building and around INR135 crores, INR130 INR134 crores, right? And for next year, we are targeting another INR100 crores IN 125 crore not more than that.
Vaibhav Shah
And of that building part would be how much for the corporate office.
Anand Rathi
For current year?
Vaibhav Shah
Yeah. For ’26.
Anand Rathi
That would be another in the range of that 40 crore 40 — around INR40 crores number.
Vaibhav Shah
Okay. Okay. Thank you, sir. I will call-back in the queue.
Anand Rathi
Thank you.
Operator
Thank you. The next question is from the line of Sarvesh Gupta from Maximal Capital. Please go-ahead.
Sarvesh Gupta
Good afternoon, sir, and congratulations on a good set of numbers. So just wanted to understand on the order inflow part. Hello.
Ajendra Kumar Agarwal
Yeah. Good evening.
Sarvesh Gupta
Yeah. So last year, we got only INR8,000 crore, crore excluding the L1 and now we are targeting about INR20,000 crore. And I think in the bidding side, especially on the road, we have seen that slowdown persisting for a while. So what gives us the confidence that this 2.5 times jump we will be able to achieve in this financial year?
Anand Rathi
Sir, if so, status quote took IN 13,000. First thing. Second, BOT may activity start VA. We obviously to government BOT project. Can you say open opportunity buddy. Second, government norms will change or was it award may improvement wide or major port out of 20,000 — 11,500 to highwak a year remaining every sector to 3,000 days. So EA achievable. Highway sector or your major portion here. BOT or particular state ski activity, but they say I’m going confident, right achieved curling including L1 last year the Highway buses are going to become. This year we are targeting 11,500. So L1 — because of whatever reason, Kabi L1 status remains for three months, six months, but projectato again, so L1 to Anabichie so that number is feasible.
Sarvesh Gupta
But in general, the BOT may have come,, other government. The total other is, probably. We government 22 May Greenfield Expressway announced here or ugly pipeline was INR75,000 crore already Joe bid INR1 lakh INR20,000 crore. IBK. Is number the to Hugai, Kabi, whatever reason election time election says a bit slow in a big government action layer here, come on a calm to or what is achieved to Karnai is sector revived to Honaiye. And sir, though, Abhi Hamara, your revenue mix will change how we just say order inflow later which may since 55% 57% highway I’m expect current or generally basket segments may Manage attack, EPC margins are lower, I think. So standalone margin just mix go upka or away from the highway overhead.
So margins up ranking same maintain, but is it possible as well? Yeah, highway historically the margin a beach open margins you expect current 13% who high sector AEA. EPC business from margin pay sector love survival being in. Or I thought operational leverage be Hoega because let’s say, if we are targeting double-digit growth, we, we are underutilized to.
Anand Rathi
So we are not giving any extra consideration to that. The get up 100%, hence, they said my margin here. They said company, PTN company, right? So I don’t think margin to metrics here. Now the margin parameters remains the same.
Sarvesh Gupta
Okay. And sir, finally, you indust me Abhi download coming in with me or Dutra associated question that you have of JCOT major AO2 assets toning beauty May.
Anand Rathi
So they are actually I would say there are more investors who are willing to buy beauty assets than HEM asset. So — and this asset is already matured. This market is already matured. Due, monetization while a road asset, monetization while a market and other, that is already matured. Occupasm, if you have got any operational road, there are enough takers for those assets.
So Indus Lega, who is a newt lega, that is a question which probably will be solving in future. But liquidation of will be able to monetize it challenge in EA. And Joe Kitna so as on-date, we are having pass asset a pure operational health, around 7. It’s — Joe, last year the operational asset here, which may be which asset there are four asset which we have received COD in last year or in which we don’t like the condition is one year of a track-record of operation. So last year Lea that can be transferred to the. So those four assets we can transfer garing a thin garing a that is over, probably I may not be able to comment right now, but that — this is the situation.
Sarvesh Gupta
Okay. And sir, power transmission maybe I think Invik is MOU to maybe say develop.
Anand Rathi
See power transmission, MOU VATA, which got expired in March, March or April first week of this financial year. Power transmission may be. Key as on-date, we have got one operational power transmission project and three under-construction. So be upon, will create some asset, good asset. And then certainly we’ll discuss with various investors, monetization, how can we maximize that monetization benefit in our favor. We’ll be getting this?
Sarvesh Gupta
Okay. Thank you, sir, and all the best.
Anand Rathi
Thank you.
Operator
The next question is from the line of Pravesh Kazi from Nuvama Group. Please go-ahead.
Parvez Qazi
Hi, good afternoon, sir, and thanks for taking my question. So my first question is for the two road projects where we are L1. So by when do we expect the LOAs for these projects? I’m assuming both these projects are from Maharashtra State government.
Ajendra Kumar Agarwal
Maharashtra State Government key EPC or is upon expect a second to 3rd-quarter KPH see land Purat Upai, right? So issues that land acquisition 80% say for over this for.
Parvez Qazi
Got it. And secondly, we have taken BOT project recently where you said we have equity commitment of something like INR1,075 crores. So going ahead, what is our appetite for taking more BOT projects? I mean on an annual basis, are we okay taking BOT projects where, let’s say we might have to put in INR3,000 crore of equity or will the number be less and lesser?
Anand Rathi
See BOT because of different structure, otherwise, so we are comfortable while taking BOT projects or is again beauty where there also we have to put in equity. So to — to the extent of, let’s say, if we have to put in INR2,000, INR3,000 crore of equity on a yearly basis, we are comfortable, but may not be 100% on BOT. So Usume BOT May will try to take one or two projects on a yearly basis depending on what kind of projects which are floated by the NHI and is dynamics metrics, all that we’ll consider. So, in will effect on a yearly basis, where we are comfortable putting INR1,000 crores of equity on a yearly basis because see issue is that we are not able to say as of March also, we are having almost INR1,000 crores of cash lying with us, right?
So we want to — we would like to utilize those also. And if we are getting good opportunities, we are certainly will be — will be willing to put in that money into various beauty projects also, yeah. But not 100% of my total. For this current year, our beauty — highway target is around INR11,000 crores. So we may — out of that INR11,000 crore can’t be 100% beauty only. So, which, Beauty, so beauty would be in the range of INR200 crores, INR4,000 crores sort of range and balance would be HEM and DPC. Right.
Parvez Qazi
Sure, sir. Thanks and all the best.
Anand Rathi
Thank you.
Operator
Thank you. The next question is from the line of Uttam Kumar from Axis Securities. Please go-ahead.
Uttam Kumar
Yeah, good afternoon, sir and thanks for the opportunity. Sir, in terms of our equity investment both in HAM and both right now, what is the total equity investment and how much will we have been doing in FY ’26 and ’27? I just missed the figure, if you can just provide.
Anand Rathi
So total equity so-far we have invested INR2,000 crore and still pending is INR2,875-odd crore, which is to be put in over the period next three years of time. For current year, we are targeting INR1,000 crore of what number and for next year again would be in the same range, INR1,000 crores.
Uttam Kumar
So INR1,000 crores this year and INR1,000 crores, FY ’27 also.
Anand Rathi
Right. Okay. And sir, what kind of revenue growth we are in FY ’26 is currently, if we see most of the accounty dates we have received and our executable order book is also seems to be a quite good. So how much revenue growth we are expecting in FY ’26?
Ajendra Kumar Agarwal
Up double-digit growth expect we are baking air order book which has grown high for the last year of revenues after because of funded date. So in which case, I’d say at least 20% 25% as per revenue as since most of the appointed dates are with us. So we pay
Anand Rathi
Order book — executable order book is around INR14,000 crores. So as we speak in current month, right, May, May, because April-May be happening with those projects we have got that appointed. And the care, I mentioned an earlier question also, project nearing completion right, Apne Abhi start. The maximum projects which have started now that is in the range of — they are their initial phase. So that’s why maybe next year also we’ll be taking that kind of growth, but that growth is getting split into two years. The salad,. So point year. Key — Abne that all projects have just started or about to start, right? So we are expecting double-digita. 100% growth are there, but a purchase percent? Well, maybe after six months, probably we’ll be able to give you more clear guidance on this.
Uttam Kumar
Okay. Okay. And another thing, Anandhi, with regard to diversification, we have already diversified into some transmission and logistic and railway. So any other sector where we can diversify currency, where if you are buying something that is apart from the sector where we are held?
Anand Rathi
Recently, we have taken another project with Telecom optical fiber cable and that networking, right, that is linked to — I mean, telecom and IT infra we call. So we recent, that is the new sector we have opened. I mean, we have done one project into — in past also, almost seven years back, seven, eight years back. But we will oppos current and we are expecting that we’ll be getting more projects in current year also in the same-period so that is the new sector we have yet, I mean, we are exploring, but once we are done with our 100% due decision, certainly will certainly announce and we’ll come back to you.
Uttam Kumar
Margin.
Anand Rathi
It would be more than 10% only.
Uttam Kumar
Okay, sir, that’s all from my side and wish you all the best.
Anand Rathi
Thank you.
Operator
The next question is from the line of Ashita Lodha. Please go-ahead.
Unidentified Participant
Hi, sir. Thank you for the opportunity. I just need a clarification that the order inflow target of INR20,000 crores does not include the L1 position of INR4,000 crores, right?
Ajendra Kumar Agarwal
Yeah. Obviously.
Unidentified Participant
Okay. And also another question is that the receivables on a standalone level have increased by 7%, but our revenue has declined by 16%. So what excludes this?
Anand Rathi
See, receivable on standalone is actually consisting of SPV debtors. SPV debtors has gone receivables total total receivables is INR1,842 crore, right? Out of that INR1,842 crores, my own debtors, group debtors are 691. So if I — so excluding that number probably there is no increase as for us. I mean, out of that because the year, last year.
Ankit Maheshwari
70.
Anand Rathi
My — other than group debtor was 148. It was 1487. So last year other than SVB debtors or group debtor.
Ankit Maheshwari
90 crore.
Anand Rathi
INR190 crore was the outside debtors, right? This year what is INR151 crore.
Ankit Maheshwari
So we have reduced actually.
Anand Rathi
So we have reduced that number.
Unidentified Participant
Okay. And what is the outstanding attention money?
Ankit Maheshwari
It is INR17, INR17 — INR17 crores.
Anand Rathi
Thank you. Thank you.
Ankit Maheshwari
INR17 crores.
Unidentified Participant
Yeah. Thank you. That’s it from my queue.
Anand Rathi
Thank you.
Operator
Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go-ahead.
Shravan Shah
Hi, sir, I just wanted to understand the Beauty project under, Adra Gwalia Joe L1, L2, L3 Sub beat. So our beat was Malab, in terms of revenue-sharing was much higher, close to 17% versus almost all the other players have quoted close to 5.5% to 6%. So Itna other variation here. So do we think that we can — we can generate a decent IRR on the equity that we are looking at INR1,075 crores.
Anand Rathi
So these BOT project is a major game of traffic analysis. And
Shravan Shah
Yes.
Anand Rathi
Because and in traffic maybe for this particular beauty concession where my floor and cap is fixed, right, because I can’t get more than that and I can’t be losing more than that. This is the agreement — this is the provisions which we already given into consistent agreement. So generally, those BOT projects are assets basis the traffic and cost where we believe that we are quite confident in terms of the cost which we have estimated and in terms of traffic also, we are quite comfortable. So — and hence we believe that we’ll be able to get good margin good IRR also on these.
Shravan Shah
Okay. So roughly, if you can help us in terms of IRR level pay, how much are we looking at, 16% 17% plus kind of IRR?
Anand Rathi
More than 15%.
Shravan Shah
Okay. Okay, got it. And sir, is it possible INR1,075 crores to equity and-or let’s say INR1,000 crore that overall that we are looking at this year, may say beauty Rega because as I January appointed that. So Equity Ketna for initially put in Karna this year.
Anand Rathi
Generally that depends on what kind of financing we are agree with the bank, but maybe 10% you can take on safe side, that is INR100 crores.
Shravan Shah
Got it. Okay, got it. And sir, — L1 projects have MSRDC of, 2Q or 3Q. So value out of total L1 — another 5,100 plus car.
Anand Rathi
INR4,300 crores.
Shravan Shah
4,300 crores. Okay. So OFC car value both come our and Bharat Netwala, OFC,
Anand Rathi
Oscar Rega value is 650, 650 and 650 is OFC and 220 is yeah.
Shravan Shah
Okay. Okay. Take care, sir. Got it. Thank you, sir.
Anand Rathi
Thank you.
Operator
Okay. Thank you. Ladies and gentlemen, that was the last question for today’s conference call. I now hand the conference over to the management for closing comments.
Ajendra Kumar Agarwal
Thank you. The Investor Sco or or a confidence requirer both the Nevad, unlock and, SKLI, of course your. Thank you. Thank you, too.
Operator
Thank you. On behalf of GR Infra Projects Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you. Thank you.