GPT INFRAPROJETCS LTD (NSE: GPT) Q3 2026 Earnings Call dated Jan. 29, 2026
Corporate Participants:
Atul Tantia — Executive Director and Chief Financial Officer
Analysts:
Omkar Bagwe — Analyst
Darshil Pandya — Analyst
Pranav Pal — Analyst
Ritesh Bhagwati, — Analyst
Parth Kotak — Analyst
Shivom Revankar — Analyst
Viral Jain — Analyst
Pratik Shah — Analyst
Presentation:
operator
Foreign. Ladies and gentlemen, good day and welcome to the GPT Infra Projects Limited Q3 and 9M FY26 earnings conference call hosted by MEF Gentime. 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. I now hand the conference over to Mr. Omkar Bhagwe from MUFG in time for opening remarks. Thank you. And over to you, Mr. Omkar Bhave.
Omkar Bagwe — Analyst
Thank you. Good afternoon everyone. I welcome you all to the earnings conference call to discuss Q3 and 9 months FY25 results of GPT Infra Projects Limited. On behalf of GPT Infra Projects Limited I am delighted to welcome you all to this call. Thank you for taking the time out on this call to discuss our latest financial results and performance. To discuss our results we have with us from the management Mr. Atul Tantia, the joint managing director and CFO. He will take you through their results and then we will proceed to Q and A session. Before we proceed to the call, a small disclaimer.
This conference may contain certain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company. As on date of this call, the actual results may differ materially. These statements are not guarantee of future performance and involve risk and uncertainties that are difficult to predict. A detailed safe harbor statement is also given in the company’s investor presentation. Now I would like to hand the call over to Mr. Atul Tantia. Thank you. And over to you sir.
Atul Tantia — Executive Director and Chief Financial Officer
Thank you, Omkar. Good afternoon everyone and a warm welcome to the GPT Infra Projects Ltd. Earnings conference call for the third quarter and the nine months ended December 31, 2025. I hope you all have had the opportunity to go through our financial results and the investor presentation based on the yesterday on the website of the stock exchanges and on our website as well. I will briefly take you through the key highlights for the quarter and the nine months Before I move to the financial performance, I would like to highlight a significant strategic development during the quarter.
During the quarter, GPT Intraplex Limited entered into a share purchase agreement to acquire 100% equity stake in Alcon Builders and Engineers Private Limited. A well established signaling EPC contractor with over three decades of execution experience in the Indian Railway ecosystem. ALCON is among a limited set of technically qualified players in the country that are eligible to independently bid for large value contracts for signaling exceeding more than rupees 100 crores for Indian Railways, IRCON and RBNL. ALCON provides end to end EPC solutions covering design, procurement, installation, integration and testing and currently has an unexpected order book of approximately Rs 200 crores providing strong forward revenue visibility.
The Signaling EPC segment is a highly specialized space with significant entry barriers and only around a handful of contractors nationwide who possess comparable qualifications, certification and execution capabilities. This acquisition provides GPT a plug and play platform with an experienced technical team, established OEM relationships and a ready execution ecosystem which would otherwise take several years to build organically. Strategically, this acquisition marks GPT’s entry into the high margin Signaling EPC system and complements our long standing relationship of over four decades with Indian Railways. The opportunity is substantial and the current Signaling EPC market is estimated at around USD 1.5 billion and the Indian Railways is planning a capital outlay of nearly rupees one trillion over the next six years towards signaling modernization.
With GPT’s strong governance framework and strength of balance sheet and execution discipline, we believe the signaling business has the potential to emerge as a meaningful contributor to both revenues and margins over the medium to long term. This transaction is an all cash deal of Rupees 154.19 crores with a structured holdback and the closing is expected on or before March 31, 2026 so subject to condition precedence as per the SPA. Now moving forward to our financial performance for the third quarter and nine months ended December 31, 2025 for Q3FY26 on a standard basis the revenue from operations stood at rupees 273.3 crores and on a consolidated basis revenues for the quarter ended at Rupees 283.9 crores a growth of approximately 2%.
On for the nine months ended FY26 standalone revenues were at Rs 852.4 crores as compared to Rs 790.3 crores in the same period last year while on a consolidated basis revenues stood at Rs 875.2 crores compared to Rs 807.3 crores in 9 months FY25 our standalone EBITDA for Q3FY26 was at Rs 39.9 crores compared to Rs 35.8 crores last year while EBITDA for the nine months ended stood at Rupees 123.6 crores compared to Rupees 110.3 crores in 9 monthsFY25. On a consolidated basis EBITDA for the quarter stood at Rs. 41.8 crores and for the nine months ended 12-31-2025 EBITDA was at rupees 130.3 crores.
We continue to maintain our long term EBITDA margin guidance of over 13% which has been our hurdle rate historically. With improvement in revenues and better absorption of fixed costs, operational efficiencies continue to support strong margin stability and we expect to enhance these levels going forward as well. Especially with the acquisition of ALCON and the Africa operations contributing better going forward. Profitability has also remained healthy. Consolidated PAT for Q3FY26 stood at Rupees 20.2 crores while for the nine months consolidated PAT was at Rupees 65.4 crores compared to 55.8 crores during the same period last year. On a standalone basis PAT was at Rupees 19.6 crores compared to Rupees 63.2 crores for the nine months FY26.
Cash flows remain stable supported by strong execution, disciplined working capital management and reduction in continued expectation of reduction in interest cost. The exhibition was muted during the quarter on account of extended monsoon and festival season in October month. Now coming to the segmental performance, the infrastructure segment continues to be the backbone of our business. For the nine months ended December 31st, 2025, the Infrastructure segment reported revenues of Rs. 800 crores which is approximately 94% of the company’s total revenues. Key projects such as Preagra, Jinga Bridge, Kona Expressway, Raniyah Bypass and other ongoing contracts continue to perform well and drive execution.
The infrastructure segment order book backlog was at Rupees 3942 crores as on 12-31-2025. The sleeper segment in Panagar generated revenues of Rupees 55 crores during the nine months ended 12/31-2025 and the African operations generated revenues of approximately 12 crores during the nine months. It has an order book of Rupees 473 crores as on this day. The performance was primarily driven by the steady demand in the domestic market along with contributions from our South Africa operations, we continue to work towards improving the utilization levels across geographies. The Ghana factory has also started operations recently and will contribute to their revenue and margins in Q4 onwards.
Now coming to our order book position, the highlight for the quarter has been the new Orders backed by the company. We have received new order inflow of approximately Rs.1072 crores in Q3 and were further declared L1 in a large contract of Rupees 1201 crores yesterday. Our share being 40%, that is Rupees 480 crores as on December 31, 2025. The company has a net unexecuted order book of Rs.4415 crores excluding the L1 representing approximately 3.75 times our FY25 revenues providing strong medium term revenue visibility. During the year till date, we have achieved an order inflow of Rs.
1770 crores excluding the L1. And this has enabled us to bump up our full year target for the order inflow from rupees 2000 crores which was our previous guidance to rupees 2,500 crores. This would be the highest order improve in any financial year for GPT infra. With a strong order book, diversified project portfolio, stable margins and improving balance sheet metrics, we believe we are well positioned to sustain growth momentum while maintaining financial discipline. As we move forward, our focus remains on timely execution, selective bidding, strengthening our balance sheet and improving return ratios while continuing to maintain to build a robust and healthy order pipeline.
Added to this, we will focus on developing the signaling business manifold given the plug and play platform with the acquisition of Alcon builders and engineers. With this, I would now like to open the floor for any question and answers. I’ll request the moderators to kindly queue the questions. Thank you.
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Darshan Pandya from Fin Trust Capital. Please go ahead.
Atul Tantia — Executive Director and Chief Financial Officer
Yes, yes, please go ahead.
Darshil Pandya — Analyst
Thank you. So I just wanted to understand the rational behind you know, acquiring Algon Builders. Technically cc this is. This business is into signaling, telecommunication and light works and we are quite into infrastructure and you know, bit of railways that is into other parts. So just wanted to understand how is this going to benefit us in longer time frame and what are we seeing in this company? As you know, we have acquired 154 crore valuation. The company doing sales of just 100 crores. So where are, where are we seeing this company going in next two to. Three years, how is it going to. You know, contribute to us in GPT group?
Atul Tantia — Executive Director and Chief Financial Officer
Sure. Thank you. So Alcon does railway signalling and telecommunication work point in railways. We are bidding for a lot of these EPC contracts wherein signaling is almost a 15% kind of portion for the entire EPC contract bid that we generally do submit to the new railways. With this acquisition we will be able to do signaling works in house compared to outsourcing it to other agencies who were charging a 20% kind of margin. This business with Alcon has an EBITDA margin of approximately 22% and that will be directly available to us. The order book there is approximately, like I said is 200 crores.
So that again order book will contribute highly to the margin. With us stepping in, obviously we will be able to bump up the order book given our relationship with Indian Railways and our other EPC business as well. As regards the valuation of 154 crores the company is sitting on cash of almost 45 crores which is available to the to GPT. And therefore the net acquisition value is close to 100 odd crores compared to 154 crores which is the headline acquisition value. So which represents almost 1x the revenue. The acquisition is not dilutive to our valuation and it will be accretive to our valuation as such.
Darshil Pandya — Analyst
Understood. And what is the PADD margin that this company is doing?
Atul Tantia — Executive Director and Chief Financial Officer
The pat margin so they don’t have any debt. So after 22%, at 22% EBITDA level it would translate to almost 15% kind of PAT. That is an adjusted PAT because the promoters were drawing a salary which was quite high. So that would obviously fall off once the acquisition is complete.
Darshil Pandya — Analyst
And what is the Plan for next. Two to three years? Where do we see this 100 crores of revenue scaling from?
Atul Tantia — Executive Director and Chief Financial Officer
So we see this in the next three years the revenue to double from here. So it will be a 200 crore kind of business for us in the next three years.
Darshil Pandya — Analyst
Okay, understood. The second question is with regards to our execution. Execution part sir, as on date, as we sit on almost 5,000 crore order book we have got tremendous high orders in last six months. Wanted to understand one thing that you know, in the results we do not. We didn’t see the kind of execution that we should be. You know, probably we were anticipating. And for our 20% guidance as well. We need to do a tremendous hard job for Q4 if we need to meet that guidance. So what is the plan in that and what is Something that is stopping us to, you know, aggressively go on this order book that we have now because earlier order book was around three times, now we have around four and a five times.
So just to understand how aggressive are we for now.
Atul Tantia — Executive Director and Chief Financial Officer
Sure. So the end. So the incremental orders that we received up largely in December and 1l1 in January itself, which is approximately 1500 crores out of the 5000. So you have to appreciate that those orders don’t add to the revenue on day one. It takes about four to five months to start adding to the revenue. Because a large part of the thing is also in terms of design of the contracts and handing over of the land, etc. So those 1500 crore of order book has not really contributed to the revenue. Secondly, Q3, like I said in my opening remarks, the execution was depressed due to the extended monsoon in October this year.
I’m sure you’re aware India has faced heavy monsoon and this was also extended till mid of October. October also represents the entire Durga Puja, Navratri and Diwali period which traditionally leads to a lot of disruption due to the workers etc. So that has also affected Q3 for us. Generally Durga Puja Ratri happens in September and the Diwali is in October. But this time October had both festivals. So we are still confident of maintaining our guidance. In terms of 1400 crores of orders. This 49 crores of revenues this year compared to 1180 crores last year. It should represent a growth of almost 220 crores.
That is close to 20%. 18 to 20% given the strong performance that we’re seeing in Q4 and I’m sure that we’ll come back with a bang for Q4. All the best.
Darshil Pandya — Analyst
And I’ll fall back in the queue. Thank you so much.
operator
Thank you. Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and one on a touchstone telephone. The next question comes from the line of Pranav from Protent Equity. Please go ahead.
Pranav Pal — Analyst
Yeah, hi, good afternoon. Am I audible?
Atul Tantia — Executive Director and Chief Financial Officer
Yes, please go ahead.
Pranav Pal — Analyst
Yeah. So you said you’re maintaining the guidance of like 18 or 20%. For that in Q4 you’ll have to do like more than 500 crores which is like almost a 50% year on year growth. So do you actually see that happening in Q4?
Atul Tantia — Executive Director and Chief Financial Officer
So it’s not more than 50% growth in Q4. Last year Q4 was significantly higher. So we see the close to 40500 crore kind of number happening in Q4 for us last year Q4 was approximately. Around 380 crores. So. So three, from 380 to 480 is not a 50 kind of growth. 4,000. So that’s almost like a 20, 30 kind of growth. So we see that 30 kind of growth happening for this year, for this quarter.
Pranav Pal — Analyst
Right, okay. And my next question was like as of this moment you had like the highest order book ever.
Atul Tantia — Executive Director and Chief Financial Officer
So just, just, just to stop you there. Sorry, stop you there.
Pranav Pal — Analyst
Yeah, go ahead.
Atul Tantia — Executive Director and Chief Financial Officer
To achieve that, there are two or three things which should also contribute. One is this acquisition of ALCON which will give US revenues in Q4. Second is also the operations in Ghana which will also contribute. So these things have not happened in Q in the last nine months. So both these things will also contribute to the primary program number that we’re looking for in Q4.
Pranav Pal — Analyst
Algon consolidation happened in FY27.
Atul Tantia — Executive Director and Chief Financial Officer
No. So there. So the acquisition is with effect from the 1st of January. We have gained transitory control as per the share purchase agreement signed yesterday and the acquisition is with it from the 1st of January.
Pranav Pal — Analyst
Okay, my next question was like, you have the highest ever order book ever in the company’s history. I guess so that’s almost like five times order book to revenue ratio. So what do you expect in FY27 and to finance that, do we expect any fundraising happening in the history?
Atul Tantia — Executive Director and Chief Financial Officer
So FY27 we will, we are expecting more than 25% kind of growth given the strong order book that we do have. We will give the full year guidance in our annual results which is in which we will do the con call sometime in May. And however, having said that, given the order book of almost four times our revenues, we expect almost 25% kind of growth. Our revenue, our execution cycle has always been strong and we expect it to remain strong. In terms of financing the same, I think that we don’t expect any dilution or equity fundraiser at this moment.
We are, we do have strong internal accruals and cash flow to EBITDA has also been strong, almost at 80%. So we don’t expect any equity fundraise to happen. Obviously some working capital debt would be required both in terms of funded and non funded, in terms of bank entities, etc. Which we will approach our consortium bankers.
Pranav Pal — Analyst
Right, okay. So just a industry wise question, like if you see like across the industry there was like a slowdown of orders in terms of government orders, so but in that scenario also we bagged like quite a few orders, so could there be Any margin pressure or like, we’ll continue to maintain the similar margins.
Atul Tantia — Executive Director and Chief Financial Officer
Well, I’ve said that in my opening remarks as well. We maintain the order EBITDA hurdle rate of 13% and we expect to be north of 13% especially with the addition of ALCON as well as the operations in Africa also picking up.
Pranav Pal — Analyst
Right, sir. And my last would be any update on the pledge and the release of the sin.
Atul Tantia — Executive Director and Chief Financial Officer
So the pledge stands today at almost 35% of the promoter of the total company shareholding. We already approached the consortium to reduce that further. We expect it to come down to 25% in the near term and then further reduce from there.
Pranav Pal — Analyst
Thank you. Thank you for your time. Thank you.
Atul Tantia — Executive Director and Chief Financial Officer
Thank you.
operator
Thank you. The next question comes from the line of Ritesh Bhagwati from Alpha plus Capital. Please go ahead.
Ritesh Bhagwati, — Analyst
Thanks for taking my question. So last quarter you mentioned short term borrowings rose temporarily due to, you know, monsoon execution and invoicing delays which led to working capital days increased. Now could you share an update as. To what is our current working capital. Days as compared to like last quarter?
Atul Tantia — Executive Director and Chief Financial Officer
So the borrowings has come down slightly by almost 10 to 15 crores compared to the 168 crore kind of number that was there in last quarter. It has come down by almost 10 to 15 crores as of now. In terms of working capital days. Obviously if the borrowings come down, working capital days has also kind of shaved off by 10 odd days. So we are now back to double digits in the working capital.
Ritesh Bhagwati, — Analyst
Okay, fair enough. Like that’s it for my end. Thanks.
Atul Tantia — Executive Director and Chief Financial Officer
Thank you.
operator
Thank you. The next question comes from the line of Parth Kotak from Plus 91 Asset Management. Please go ahead.
Parth Kotak — Analyst
Hi sir. Hopefully you’re doing well. Most of. Most of the questions have been answered. Just you mentioned to the previous participation participant that debt has actually come down. Meaning the acquisition that we did was fully from internal accruals. Is it?
Atul Tantia — Executive Director and Chief Financial Officer
So the acquisition has not been completed. Acquisition is. The share purchase agreement was signed yesterday. Like I said in my opening remarks, acquisition will close on compliance or certain condition precedent in the spa that is expected to close on or before March 31, 2026.
Parth Kotak — Analyst
Okay, super. That’s helpful. So secondly, concrete sleepers. We are guiding for about 130, 140 crores of revenue. So is it. Is it Ghana which has not really picked up and expect Q4 to be really strong.
Atul Tantia — Executive Director and Chief Financial Officer
So concrete sleepers till now we have done close to. Sorry, we have done close to 78 crores in terms of revenues. We expect this Quarter to do almost 45 to 50 crores in terms of Congress super business. So we would be doing close to 125 crores for Congress deposit for the full year. Which is quite close to the overall guidance for the year at 130 crores.
Parth Kotak — Analyst
Absolutely sir. And sir, lastly on the execution front we like I think we’ve already seen we have a pretty healthy order book. Assuming the execution period for order book would be about two years, right? So maybe even with a slight delay by the end of FY28 we should at least see this order book getting executed.
Atul Tantia — Executive Director and Chief Financial Officer
No, the entire order book of 5000 doesn’t get executed by 528. The order book would get this entire order book get executed by 29. Because the last part of the order book like I said previously as well it has been in the last 45 odd days. So that will only. That will take three years to get executed minimum. So by 529 this entire 5,000 order close of order book will get executed.
Parth Kotak — Analyst
Sure sir, sure, sure. Thanks a lot and wish you all the very best for the quarters to come.
Atul Tantia — Executive Director and Chief Financial Officer
Thank you.
operator
Thank you. The next question comes from the line of Shivam Revankar, an individual investor. Please go ahead.
Shivom Revankar — Analyst
Hi Atul, can you hear me?
Atul Tantia — Executive Director and Chief Financial Officer
Yes, please go ahead.
Shivom Revankar — Analyst
Yeah, most of my questions are answered Atul. It’s just about the this new strategic acquisition. So are we able to provide some details on the phases of the transaction if there are any. Because you mentioned you are going to pay it through internal accruals. I’m just curious to know like how that will happen. Because you know it doesn’t look like there’s that much cash at one go.
Atul Tantia — Executive Director and Chief Financial Officer
We will pay approximately 125 order pros the next 45 odd days. The internal accrual is quite strong. We do have some investments sitting on the balance sheet as well in terms of mutual funds etc. And we do have the working capital lines which are not fully drawn down. We do have adequate drawing power but the working capital lines from the banks are not fully utilized. So obviously that will get also fully utilized. If I say this internal accruals as well.
Shivom Revankar — Analyst
Okay, and with that what would be your updated debt guidance? Because from last year.
Atul Tantia — Executive Director and Chief Financial Officer
So debt would obviously increase by almost 80 odd crores given the drawdown of the working capital. But that would that like I said previously as well this acquiring company sitting on cash of almost 45 crores. So we are quite comfortable with that. Because once that acquisition is complete we can use that cash to repay the debt as well.
Shivom Revankar — Analyst
Okay, okay. Okay. Yeah. And that will mean our, you know, next year sort of interest costs are going to be in 3540 crore range.
Atul Tantia — Executive Director and Chief Financial Officer
No, no, it should not be 3540 crore range because interest cost would be below 30. Would be below 30 crores next year.
Shivom Revankar — Analyst
Oh yes, but you’re expecting. Yeah, because, because this quarter again, you know there was interest, I mean expense of some 10 crores. That’s, that’s my basis to actually. So when with this addition I’m thinking that it’ll go even higher. But. But yeah, but you’re comfortable with that, right?
Atul Tantia — Executive Director and Chief Financial Officer
So this 9 months interest cost has been 23 odd crores which is expected to close the year at almost 27, 28 crores. We don’t, we see an incremental interest cost of almost 4 odd crores from this acquisition. But with the equation my EBITDA will also go up by almost 25 odd crores.
Shivom Revankar — Analyst
I see. Okay. And what you also mentioned during last call that there is another EPC sort of order that we can expect. So do you think that is going to happen?
Atul Tantia — Executive Director and Chief Financial Officer
Pardon?
Shivom Revankar — Analyst
You mentioned that there’s another EPC order from, you know, the like of Ivory coast order you got. We can expect something like that from that region. An EPC order. Do you think that is in line?
Atul Tantia — Executive Director and Chief Financial Officer
Yes. So for Africa, we are actively pursuing opportunities in couple of countries. Let’s see how it plays out. Africa, I’ve always said is a very patient continent. Nothing happens very fast in Africa. Things take their own time. So we’d have to wait for it.
Shivom Revankar — Analyst
Perfect. Thank you.
Atul Tantia — Executive Director and Chief Financial Officer
Thank you.
operator
Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on the Touchstone telephone. The next question comes from the line of Darsheel Pandeya from Fin Trust Capital. Please go ahead.
Darshil Pandya — Analyst
Thank you again for taking questions. Sir, my question is more regards to the interest cost because since we’ve been tracking this company, the fundraiser that we did, you know, we raised, we reduce our debt significantly but ultimately we are not seeing the effect on the, on the, on the penal side because you know what we have been paying is something that is there. So just to understand how is this, you know, how is this working and how much have we completely deployed or is there something that is still yet to be deployed from the QIP proceeds.
Atul Tantia — Executive Director and Chief Financial Officer
Part of the QIP proceeds also being used for this acquisition as well. So interest cost is coming, has come down. So at the peak, I think two years ago, interest cost was close to 40 plus crores. This year it will come down to below 30 crores as well. Last year also it was around 27, 28 crores. So we are looking at reduction in interest cost going forward further from here given the strong cash rate that we do have. In addition to that, like I said, the acquisition, although we’ll add on incremental debt, but that would be a temporary bridge because a large part of that would also be able to reduce due to the cash sitting on their balance sheet.
Darshil Pandya — Analyst
Yeah, but technically we will need some cash also to run the company again. Right.
Atul Tantia — Executive Director and Chief Financial Officer
That company that has a very strong cash flow, they have zero debt on the balance sheet. They don’t have. You’re talking about the acquisition of the.
Darshil Pandya — Analyst
Existing operations, the existing operations and the new operations because you know, since it’s sitting on 50 crore cash, but technically that money will be, you know, needed to turn out more business in future.
Atul Tantia — Executive Director and Chief Financial Officer
No, so, so that company has a very strong, what do you call, cash flow profile. We don’t anticipate any working capital requirement there to grow the business there. They have a very strong EBITDA and cash to EBITDA is also very strong. Given the strong relationship they have with their vendors. They are able to provide the line of rate at the vendor level compared to having any bank facilities. So we don’t anticipate much of challenge in that.
Darshil Pandya — Analyst
And do we need, of course continuing from the earlier question, do we need any, any fundraiser or something to you know, execute this order book now or where do we need to invest now to you know, scale up this number as you know, as the base grows bigger.
Atul Tantia — Executive Director and Chief Financial Officer
So for executing this existing order book for GPT infra, we don’t need like I said, much of fundraise from an equity perspective. Obviously some working capital lines both in terms of fund based as well as bank guarantee limits. We might require, having said that the use of insurance, surety bonds, bank ante requirement has come down to a large extent. We will be able to grow this business and execute the order book basis. The equity base that we do have.
Darshil Pandya — Analyst
Right now and from you just mentioned the order book inflow, we have upgraded the order inflow from 2000 orders. What was that? I just missed out?
Atul Tantia — Executive Director and Chief Financial Officer
So the target for this year was new order inflow of 2000 crores. We’ve already achieved 1770 crores plus the 480 crores that we announced L1 yesterday. So we have kind of given the expectation that the 40 crores will convert to a confirmed order in the next couple of days. That 2,000 crore number is kind of already breached to 2,250 odd crores. So that is why I’m saying that we have kind of bumped up our order and so to 25 target.
Darshil Pandya — Analyst
Understood. And just one last question sir, since you know we are into this phase of new acquisition also and we are trying to reduce on the borrowing sides just to understand if we can, you know, slow down on the dividend process and use that money again to put up in the business rather than, you know, incentivizing the investors for the sake of the company’s interest. Just a suggestion.
Atul Tantia — Executive Director and Chief Financial Officer
So I think, I think the board has kindly mostly heard what you are saying or discussed what you’re seeing. That is why the dividend was brought down from ten to seven and a half percent.
Darshil Pandya — Analyst
Correct? Absolutely, I understand. Thank you so much.
Atul Tantia — Executive Director and Chief Financial Officer
Thank you.
operator
Thank you. The next question comes from the line of Viral Jain from SMG Finance. Please go ahead.
Viral Jain — Analyst
Hello, Am I audible?
Atul Tantia — Executive Director and Chief Financial Officer
Yes, you’re audible. Please go ahead.
Viral Jain — Analyst
Yeah, thank you for the opportunity. So my first question was regarding with the execution part. So you did mention in the previous quarter in Q2, FY26 that the H1 execution is typically 40% of the full year revenue and looking at the second half we’ll be getting the 60% of the contribution and reaffirmed 20% annual growth guidance. Am I correct?
Atul Tantia — Executive Director and Chief Financial Officer
Correct.
Viral Jain — Analyst
Yeah. So given that in 9 month FY26 the revenue growth is 8% year on year at the consolidated level. So can you just help us to give a clear picture with regards to the implied execution required in Q4 FY26 and whether can we expect any larger order to peak the revenue execution in Q4 versus Q spilling into the FY27.
Atul Tantia — Executive Director and Chief Financial Officer
So I think I did reply to this question previously but again I’ll repeat it for the sake of clarity. We expect Q4 revenue to be close to 500 crores. 40 to 500 crores which will enable us to achieve a revenue full year revenue of close to 1400 odd crores. So this is something that is we feel is quite achievable. And given the acquisition of alcon as well as the operations in Ghana and Africa also picking up quite well. And that is so if we do 1400 crores that is like a 40% which we did in Q till H1 which is 600 odd crores and the balance 800 which we are doing in H2.
So that is what I think that reaffirms my statement in the previous call that H1 is typically 40% and H2 is 60%.
Viral Jain — Analyst
Got it sir. And can we expect any larger order to peak the revenue in Q4 versus spilling into FY27?
Atul Tantia — Executive Director and Chief Financial Officer
So like I said, There are contracts which are performing quite well which we have highlighted earlier as well. Prayag, Rajgang, Abridge, Kona Expressway, Raniganj, etc. So these are contracts which are performing Cola guard for that matter. So these are contracts which are performing already quite well and they will continue to perform well in FY27 as well.
Viral Jain — Analyst
Got it sir. And my next question was with regards to the monsoon related disruption. So in the previous quarter you did mention that the monsoon related disruption impacted the execution and temporary billing. So from Q3 numbers the revenue has been quite flattish on quarter, on quarter basis. So can you give us a more. Clear picture on how much the execution was being deferred due to the monsoon and whether this will fully normalize by Q4?
Atul Tantia — Executive Director and Chief Financial Officer
I would say that almost 20% close to 45 to 50 crores of revenue was deferred due to monsoon. This obviously will be. We will be able to achieve that balance number in Q4 as well which will enable us to do the five profile number in Q4. Got it.
Viral Jain — Analyst
So that was all from my side. Thank you.
operator
Thank you. The next question comes from the line of Pratiksha Investing Alpha. Please go ahead.
Pratik Shah — Analyst
Hello. Yeah, hi sir. I hope I’m audible.
Atul Tantia — Executive Director and Chief Financial Officer
Yes, please go ahead.
Pratik Shah — Analyst
Yeah. So my question is on the recent acquisition of Alcon Builders and engineers. So it has given us entry into a high barrier, high margin signaling. Signaling EPC segment with about 22% of EBITDA margin. So can you elaborate on revenue contribution expected from Alcon in the coming year, the coming financial year?
Atul Tantia — Executive Director and Chief Financial Officer
Yeah. So like I said previously as well, Alcon did revenues of almost 100 crores in FY25 this year. In nine months they’ve done revenues of almost 104 crores. We expect Alcon to do revenue of another 30 crores in this year to close the year at almost 130 crores. Given the order book that they have and the new order pipeline that they’ve already bid for, we expect FY27 revenues to be 140 odd crores as well for ALCON which will contribute to the full year revenues for FY27 for GPT in prior as well on a consolidation basis.
Pratik Shah — Analyst
Okay, so do we plan to scale signaling Beyond Alcon’s existing 200 crore up order book?
Atul Tantia — Executive Director and Chief Financial Officer
Yes, obviously this 200 crores is just the order book. As on date we will continuously bid for new contracts in ALCON as well. And like I said previously, we expect the revenue to double in the next three years to 200 odd crores. Obviously the order book will grow in proportion to the revenue guidance as well.
Pratik Shah — Analyst
Got it, Got it. And so another question is like, how should we think about the capital allocation between traditional EPC signaling EPC and HAM JB projects?
Atul Tantia — Executive Director and Chief Financial Officer
So I think the traditional EPC requires the maximum capital signaling. EPC will not require much of capital allocation other than this acquisition which is being paid to their shareholders, to the existing shareholders of Alcon. The Ham project obviously will require 45, 50 crores of investment from us which will partly be funded by the margins that we do make on the APC portion of the HAM as well.
Pratik Shah — Analyst
Okay. Okay, sir. Got it. That’s it. From my side. Thank you.
Atul Tantia — Executive Director and Chief Financial Officer
Thank you.
operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and one on your Touchstone telephone. The next question comes from the line of Parth Kotak from Plus 91 Asset Management. Please go ahead.
Parth Kotak — Analyst
Just one follow up on the bid pipeline. I’m not sure if you mentioned about the same in your opening remarks for. I’m sure. I mean, as we continue to grow our revenue, the author book needs to keep on growing at a healthier pace. So if you need, if you can give some color on the bid pipeline, that would be helpful.
Atul Tantia — Executive Director and Chief Financial Officer
So obviously you’re right that we are continuously bidding for new contracts with a healthy ebitda margin of 13%. We have already announced yesterday that we were L1 in one of the contracts of 1200 odd crores, our share being 40% in that we have bid for more than 2000 crores of further orders in the recent past wherein the prices have not been opened. So we cannot predict what is going to happen. But we are quite hopeful that we should get further new orders as well in the balance two months of this quarter. And that is why we have bumped up our order book inflow guidance from 2000 to 2500 crores.
Parth Kotak — Analyst
Thanks.
Atul Tantia — Executive Director and Chief Financial Officer
Thank you.
operator
Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Atul Tantiya for closing comments. Thank you. And over to you, sir.
Atul Tantia — Executive Director and Chief Financial Officer
Thank you everyone. I hope we have been able to suitably answer your queries. In case you have any further queries, you can please direct it to mufg, our investor relations advisors, or directly to us. Thank you and have a good day.
operator
Thank you. On behalf of GPT Infra Projects Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.