Highway Infrastructure Ltd (NSE: HILINFRA) Q3 2026 Earnings Call dated Feb. 09, 2026
Corporate Participants:
ABHISHEK BHATT
Riddharth Jain
Analysts:
Sucrit Patil — Analyst
Anjali Singh — Analyst
Amit Kumar — Analyst
Amit Chaudhuri — Analyst
Akansha — Analyst
Ajit — Analyst
Aditya — Analyst
Abhishek Sharma — Analyst
Yash — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to the Highway Infrastructure Limited Q3FY26 earnings conference call. As a reminder, all participant lines will be in the listener leave mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Bhatt from EY. Thank you and over to you sir.
ABHISHEK BHATT
Thank you and good morning everyone. On behalf of Highway Infrastructure Limited, I welcome you all to the quarter three and nightmare FY26 earnings conference call. The results are investor presentation. And are also available on website to our filings and stock exchanges. Joining us today to discuss the company’s performance and outlook, we have with us Mr. Aryan Kumar Jain, Managing Director, Mr. Anu Bhagarwal, full time Director and Chief Financial Officer. Mr. Ritas Jain, Director and Chief Executive Officer and Mr. Sourab Mittal, Joint Chief Financial Officer. Before we proceed, a disclaimer. Please note that anything said on this call during the course of the interaction and in our coalacting which reflects the outlook towards the future or which should be constituted as a certain forward looking statement must be viewed in conjunction with the risks the company faces and may not be updated from time to time.
More details are provided at the end of investor presentation and other filings available on our website at www.highwayinfrastructure.in should you have any queries or require further information following this call, please feel free to reach out to us via the contact details provided in the investor material. With that, I now hand over the call to Mr. Idaj Jain. Over to you sir.
Riddharth Jain
Good morning everyone and thank you for joining us. Let me start with the key milestones for this quarter. Q3 has been transformative for highway infrastructure. We secured the largest two way collection mandate in our history.
The 328.8 crore Casa P Plaza on NH16 in Andhra Pradesh. This reflects strong confidence in our ability to operate high volume plaza with discipline and efficiency. Along this we added 437point crore of new tollway collection orders significantly scaling our presence as the technology enabled asset light toll operator. With this momentum and steady EPC attraction consolidated, the order book has reached 1160 crores as of January 2026, the highest in our history and were 4x higher than March 2025. Over the last four to five years we have made a decisive shift from operationalizing our first plaza to listing on the exchanges.
We have now scaled to the largest order book ever and preparing to execute our biggest tollway collection contract to date. This marks the beginning of the strongest growth phase in our journey. Let me briefly explain our business model and its evolution. Highway infrastructure operate across three complementary verticals APC infrastructure, tollway collection and Real estate. Our APC business is the execution backbone built over 30 plus years with more than one year five complete projects across highway, bridges, industrial areas, irrigation and urban infrastructure. In 2020 we added tollway collection to this platform. Then we have built a scaled asset light technology driven tolling vertical focused on digitalization, legal control and high through book operations.
Our first project at Ruta in 2021 was a key catalyst and today we are emerging as a meaningful operator across national corridors. Our real estate activity through smaller contributes though smaller contributes incremental earnings through developing lease commercial assets. Together these three verticals diversify our income. In these cyclicality we will capitalize on NYC apartment inventory with growing market demand. NYC is a New York City apartment project. Order book visibility is at its strongest ever. The consolidated order book of 1,160 crores includes 623.6 crores in EPCs, around 536.5 crore in total collection and has grown by 181% since September 2025.
In just the last two to three months we secured about 507 crores in new mandates across both verticals. In EPC, projects worth 400 to 450 crores are targeted for completion over the next two years, giving clear execution visibility into FY27 and FY28. Our customer mix remains about a robust 2077% of government, ensuring predictable payments and strong cash for security. We are also diversifying with clear intent. Geographically, we are expanding into Gujarat, Rajasthan and the wider Northeast while evaluating selective entry into Jammu and Kashmir and Canada. This reduces concentration risk and broadens our addressable market. Operationally, we are building adjacencies across renewable ECC EV charging infrastructure, ropeway operations and collections and ancillary commercial services at tollway plazas such as warehousing, fuel stations, retail, commuter amenities.
These initiatives enhance our role in the mobility ecosystem and improve learning quality. On the sector front, the environment remains supportive. A 3.1 lakh crore allocation for highways, a materially expanded road network and a projected doubling of toll collection over the next two years create strong tailwinds over 3,900 NIP road projects and a robust awarding pipeline expected in FY26. FY27 continue to support both EPC and tolling opportunities. We are also seeing healthy traction on the ground with L1H1 positions exceeding 200 crores. With a record order book, a disciplined balance sheet and an asset light model for tollway collection, we are well positioned to benefit from the infrastructure upcycle.
Let me now turn to the financials on standalone basis Q3 FY26 total income grew by 11.6% year on year 129.4 crores 9th month FY26 total income rose to 18.3% rose by 18.3% to 353.4 crores. Q3 EBITDA grew 52.7% to 9.6 crores. The 9 month EBITDA increased 136.9% to 36.3 crores. Standalone PAT for Q3 was 6.1 crores up by 38% and 9 months PAT was 22.9 crores up by 192% year on year. At the consolidated level Q3 FY26 total income was 128.4 crores. 9 months total income climbed to 365.2 crores. Q3 EBITda increased 10.7% to 9.6 Crores.
9 month EBITda grew 65.2% to 35.4 crores. Consolidated PAT rose 34.3% year on year in Q3 to 6.3 crores and 9 month PAT increased 121.5% to 23.1 crores. With that we will now open the floor for questions.
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 their touchstone telephone. If you wish to withdraw yourself from the question queue, you may press Star and two participants are requested to use handset while asking a question. Ladies and gentleman, we will wait for a moment while the question queue assembles. The first question comes from the line of Sukrit Patil with Eyesight Fintrade. Please go ahead.
Sucrit Patil — Analyst
Good morning to the team. My first question to Mr. Arun Jain is looking ahead, how do you see highway infra balancing between winning new road projects, ensuring timely execution and protecting the profits as demand for infrastructure grows and the competition intensifies. What will guide your decision Making process on which of these areas should get the strongest focus in the coming quarters. That’s the first question. I’ll ask my second question after this. Thank you. Thank you. Okay. My Second question to Mr. Anoop Agarwal is. As you plan for the next few years or quarters, which financial insights or metrics will be most important? Just hold on. Sorry. Sorry for that. As you plan for the next few years, which financial signals or metrics will be most important in guiding the decisions on cost control, cash flow management and capital allocation for the new new projects? How do you see these particular levers in shaping highway Infra’s ability to protect the margins and deliver. And deliver sustainable value as the business grows?
Riddharth Jain
Thank you. Thank you for question. Next two years.
Sucrit Patil — Analyst
Okay, thank you and best wishes. Thank you.
operator
The next question comes from the line of Anjali Singh with Bansal family office. Please go ahead.
Anjali Singh — Analyst
Hello. Thanks for the opportunity. So my first question is, can you please help me understand what differentiates our technology driven toll operations versus peers?
Riddharth Jain
Sorry, can you come again?
Anjali Singh — Analyst
Yeah, sure. So my first question is, can you please help me understand what differentiates are technology driven operations versus peers?
Riddharth Jain
Okay. Thank you for the question. It is very important to know that. That our company we have deployed different kind of software for operating tools. Actually toll operationism is how well you manage the manpower and license with the local agencies present at site. And as the history and the numbers tell, we have already deployed. We try to reduce the manpower and hand over most of the work to technology. In terms of how well we manage through our software, how well we manage the local agencies. As a fact we have as a strategy we try to deploy.
We try to accommodate maximum local people of that area so as to cut the costs and for the company for operations. And also at the same time we also deploy some old managerial stuff at this at the toll level. So we are compliant and there is smooth working. Other than that, all of the tollways operations, all of the money that is collected, every operation, every violation is being clearly monitored at site along with cross monitoring at the ho. So this reduces any kind of leakage that might be possible on site. This is how we are different from other toll operators.
Anjali Singh — Analyst
Okay, thank you. So one more question. Before participating in tollway collection weights, what are the key criterias you do evaluate and if you could also share what is the minimum bid which we take for tollway fidgets?
Riddharth Jain
Actually, I think to start with there is no minimum bid that we take for tolls. It is very important to understand where we can find more growth. So Our first factor would be what kind of growth are we expecting on that particular path. Let’s say, for example, for any new package on the New Delhi Varodara Expressway, Delhi Mumbai Expressway, we will always expect more growth. So the growth percentage is high. So our margins will be higher over there. That is one of the key things. The other thing is do we have any local issues, do we have any weather related issues in that particular area? For example, if you take up a toll much north in, let’s say some areas near Manali or Himachal Pradesh where there is high possibility of landslide, that might pose a problem for us.
And as opposed to. And if you see tollways in the upper northeast, the rain might affect a lot of collection, large parts of almost more than two months of the year. That is how we try to select the tolls. And then we also try to create a balance. So let’s say if a toll collection goes down in the winter due to fog in one particular state, then we also try to take up a toll in other parts of India where there is no downtrend during the winter season because of, let’s say we take up our toll in the coastal region.
There is no downtrend in the winter season. So we’re trying to balance it out with different phase. That is why it is very important that we important for us to become a Pan India player is that we can mitigate our risk in one toll with another tool in another area. These are the key factors.
Anjali Singh — Analyst
Okay, thank you so much. That’s all from my side. All the best. Thank you.
operator
Thank you. The next question comes from the line of Amit Kumar, an individual investor. Please go ahead.
Amit Kumar — Analyst
Yeah. Hi. Thank you for taking my question. So my question is can this commercial leasing evolve into recurring annuity style income similar to toll operations?
Riddharth Jain
Hi Amit, thank you for your question. I think definitely that is our agenda that we create some base recurring income through these commercial properties. As we have already mentioned that highway already owns pieces of land which hold a lot of great commercial value. So our target is ideally to create assets which give us recurring income throughout the years which increase at a good rate year on year.
Amit Kumar — Analyst
Okay. And follow up to this like can you share your plans and strategy for expanding this business going forward?
Riddharth Jain
I think we are looking at two major fronts. One would be hospitality. Why hospitality is because I think given. Given the wedding industry in India is one of the biggest in the world. And more and more the spending on weddings has been increased year on year. You can see the trend and otherwise spending for people with increased income and savings on tax, I think there is more spending on leisure otherwise. And the second to that note also goes for commercial leaving. So more and more people are now spending more on food and beverages outside. They are spending more on clothing and accessories and other commercial shopping arenas.
I think this becomes a very good proposition for the coming year. And that value that we own the land so that we already have the major part of the investment has already been done. Now it is the only place that we strategically develop what the area demands and then increase our rental revenue from there.
Amit Kumar — Analyst
Okay, thank you for the detailed answer. And if I may ask you one last question. Where do you see the company in next three to five years in terms of revenue and business mix?
Riddharth Jain
It is a very, it is very difficult to put a number to that. But I would strongly say that the kind of growth that we have seen in the past one year since our listing, you can see a sustained growth such as this. And we can assure that we are trying our level best to increase our efficiency, increase our margins and it is evident in our numbers in our books. So that is that. And for any detailed answer, we would love for your detailed question from your end to eva and we will be very, very happy to answer that.
Amit Kumar — Analyst
Okay. Okay, thank you. That’s it from my side. All the best.
Riddharth Jain
Thank you so much.
operator
The next question comes from the line of Amit Chaudhary and individual investor. Please go ahead. Amit Chaudhary, your line has been unmuted. Yes, please go ahead.
Amit Chaudhuri — Analyst
Yeah, so thanks for taking my question. So the first question is regarding the tollway collection order book. So it is I think grown substantially. So can you elaborate on the sustainability of this momentum and how competitive is the scenario that we are looking at for bidding?
Riddharth Jain
So first of all I would talk about the competitiveness for high value toll orders. There is less competition. That is because NHI has very less registered contractors which can actually tender for these kind of contract values. And secondly, I think there is momentum will continue to go on because facts suggest that like I’ve also mentioned in my speech is more allocation of funds from the government to road and building infrastructure. More roads are being built by public funds, that is etc mode. And the more opportunity in tollway collection, like I have also mentioned, we are in the EPC business.
So there is more business for us to construct the roads and after construction there is more business for us to collect the tolls. The momentum keeps going on and factually I think it will only increase with time. Also to mention that India Is a developing country for a developing country. Infrastructure growth commands the growth of the country and the gdp. And so we are very positive about that. Hello.
operator
Yes sir. Sorry to interrupt. The current participant has left the queue. Ladies and gentlemen, if you wish to ask a question please press star and 1. The next question comes from the line of Akansha, an individual investor. Please go ahead.
Akansha — Analyst
Hi, good afternoon and thanks for the opportunity. So I have two questions like can you share your working capital cycle in PPC projects and any expected changes as order book scales up?
Riddharth Jain
Working capital cycle for EPC is almost three months and in toll almost one of one to two months.
Akansha — Analyst
Okay. My second question is asked. Can you explain your bidding strategy in the sole gray collection segment? And how would you decide which projects.
Riddharth Jain
You need to bid for? There are multiple factors to that. Thank you for the question, Akansha. There are multiple factors to that. Like I previously mentioned. First is to understand what kind of growth are we expecting in that particular place. For example, I would iterate my examples such as the Delhi Mumbai expressway. Obviously expect a lot of good. Because if you compare the earlier road which was used for travel between Mumbai and Delhi was NH8. The tollway collection from ISO 6 passes on NH8 was around 5 crores per day. Now obviously if there is a new road people will prefer because of the fuel efficiency, time saving and better road quality.
So you can expect. So obviously we will expect a lot of traffic from the NHA to convert and go on the expressway. So we always expect a lot of potential for growth in that particular road. Right. So growth is one of the major factors. The other what kind of balance is it creating for us? For example, we will not like to concentrate all of our plazas in one particular state. Because plaza or traffic is always affected by festivals. It is affected by weather. Weather such as fog in winters, rains, monsoon affect a lot of traffic for heavy vehicles.
So it is important that we spread our portfolio across India across different climates. And we are. I think it is very India being a vast country with different climates. It becomes a very positive point for us. So that is why we have a couple tolls. We have. We are strategizing to take up a couple tolls in south. Like we recently took up the Kaza plaza which has clear weather almost around except monsoon. And so to counter that monsoon period we have a. We have a couple plazas in Rajasthan which have a downtrend in monsoon but have a good up cycle in the monsoon season.
That is how we try to strategize and take goals in different areas to counteract the downtrend for individual causes in different areas. And apart from that, we also see the kind of execution that we can do. For example, we have a very good hold in all of the states that we are currently working in. Not to say that we are not trying to expand in different regions, but we always make sure that we are to make sure that we have good hold in that particular state in terms of manpower and deployment and management. Then only we try to venture into that particular area.
Like we mentioned, we are also trying to venture into the northeast and further southeast states going forward in this particular year.
Akansha — Analyst
Okay, got it. Yeah, that’s it. From my side. All the best.
Riddharth Jain
Thank you.
operator
Thank you. The next question comes from the line of Ajit with ULJK Financial Services. Please go ahead.
Ajit — Analyst
Yeah. My first question is that sir, can you explain the Tor business and it’s different from the other infra companies like the irb. First question is that. Second is what is the revenue and the pad targets for the year you are looking for FY27? Thank you. I will. I will repeat your question. Are you talking about how are we different or are told way business different from other companies such as. The second question is what is the revenue and the pat target you are looking at the FY27.
Riddharth Jain
Okay, so I will take up the first part of the question. Ajit, thank you for the question. First of all, I think we are majorly into public funded tollway collection and companies such as IRB were majorly into pot model which is built, operate and transfer. So although that model was recently closed by nha now it is bringing up the that model again. What that model suggests is that you have to fund for that road, let’s say 1000 crore project. As the government expects you to fund that particular thousand crore road, you own it for 2030 years based on the contract type and you collect the toll for that particular 2030 year period.
And that is how you generate revenue for the expenditure that you’ve done initially as opposed to in public funded roles. What the government is now doing is they are basically funding the construction of the roads which comes under etc mode. So government funds, they pay you bill to bill and then after the completion they give a tendering agency such as us to operate the toll and manage the tool which comes under public funded role. So we are majorly in public funded tools.
Ajit — Analyst
Okay sir. And for the second part of question, can you repeat the question? What is the revenue and the paired targets you are looking for the FY27?
Riddharth Jain
Sir, we are estimate revenue for 27 is almost thousand crore. From EPC we are expecting 700 crore. And from EPC and real estate we are expecting 300 crore.
Ajit — Analyst
Okay, thanks. Another question is that. One last question is the new project as a Kaza toll will be the monthly collection equity. What expected sir.
Riddharth Jain
From Kaza we are expecting a collection of about approximately an average of 1 crores per day. So you can amount it up to 3031 crores per month. 300 crore is.
Ajit — Analyst
Thank you sir. Thank you very much. Thank you.
operator
Thank you. The next question comes from the line of Aditya with AYC investments. Please go ahead.
Aditya — Analyst
I thank you for the opportunity, sir. So my first question is in your order book. So which has expanded sharply to 1160 crores. So I just wanted to know about the bifurcation of this order book within segments like epc, Toll etc. And also if you have any internal tentative order book target which you can share for FY26 exit or by FY27 per se. And as you already shared about the revenue target by of around you know, thousand crores for FY27. Can I also. Can I. May I also ask about the margin targets if that will be going up from 6% or so.
Riddharth Jain
Sorry, I will. I will. I will have to start with one question. Thank you so much for your question. Aditya for the split. The EPC split is about 630 crores and tollways about 530 crores or 550 crores. And what is the next part of your question? I’m sorry. Yeah.
Aditya — Analyst
And tentative order book which you can. If you can share which you. Which you will be having internally for FY26 exit or FY27.
Riddharth Jain
I think it is. We are expecting about growing the order book by 50% in the coming financial year. Although it is again very hard to put a number because we are more focused in not only focused on increasing the order book but we are also focused in selecting objectively selecting projects which benefit the company in terms of EBITDA and margins also. So our only target is not to just increase the order book but also increase the revenue in terms of profitability.
Aditya — Analyst
Yeah.
Riddharth Jain
So again but like I said that 50% increase would be comfortable to say.
Aditya — Analyst
Yeah. So by FY27 your target is thousand crore revenue. So can we see the upside in the margins as well from current 6, 7%.
Riddharth Jain
Yes, yes, definitely. Definitely.
Aditya — Analyst
Do you have any internal target for that as well?
Riddharth Jain
We are looking at a increase of about 2 to 3 comfortable 2 to 3%. Having said that it is very important to note that since we are venturing into higher value contacts the margin definitely increases because of a few competition. So again we are looking at an increase of 2 to 3% hopefully.
Aditya — Analyst
Thank you sir, this was very helpful. And my last question is is there any major support to the sector in the recent budget which you can call out?
Riddharth Jain
Can you come again with the last question?
Aditya — Analyst
I’m saying sir, is there any major support to the sector in the recent budget that you can call out?
Riddharth Jain
Oh yeah, definitely. I think I’ve already mentioned but I would like to highlight. I will call out the numbers right now. Give me a second. Yeah, I think. I don’t know if you’ve read the news but Nitin Gadkari in a very in an interview mentioned that the tollway collection has increased already almost doubled in the past year. And India’s toll collection is projected to surge from 55,000 crores to 1.4 lakhs crores within two years. And the government is very much focused on expansion, highway construction, wider tollway coverage and fast tag adoption. Right. And even even for that matter if you’re seeing the government plans to make highways use seamless and reduce leakage which will obviously increase more margin in that.
In that particular front in terms of PPC the government has allocated about 3.1 lakh crore to the Ministry of Road and Transportation, Road Transport and Highways under the Indian budget 2627. It is up by 8% year on year. And I would like to also mention that India again a growing developing economy. Infrastructure becomes quintessential into how it contributes to the gdp. Even as a fact under the national infrastructure pipeline roads and bridges are key focus. With 3,906 projects under development, Government is putting up new schemes such as the Bharat Mala Yojana International Highways Development Project to enhance the connectivity overall.
So I think there is a lot of good development happening as even For a fact NHI has been allocated 1.87 lakh crore FY27 for the construction of national highways, expressways, greenfield access corridors. And actually as a matter of fact for the past 10 years we have seen this growth actually not only in numbers, not only on paper, the physical visible difference has been seen. The travel time for multiple cities has reduced drastically and the road quality has significantly increased. Not to say that they are constantly working on the quality but there has been significant physical strength also.
So I think that becomes a very promising opportunity for us.
Aditya — Analyst
Thank you sir. This was really helpful and insightful. All the best. I will Jump on with you. Thank you so much.
Amit Chaudhuri — Analyst
Thank you.
operator
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and 1. The next question comes from the line of Abhishek Sharma with Sapphire Capital. Please go ahead.
Abhishek Sharma — Analyst
Yeah, so. Hi sir. Firstly, congratulations on good set of results. My question is. Sir, as you mentioned in this piece that we are planning to expand into other regions also like Gujarat, Rajasthan and northeast region. So what early tractions are you seeing in this market?
Riddharth Jain
Can you repeat the last part of the session?
Abhishek Sharma — Analyst
Like sir, you mentioned. We are planning to expand into other regions like Gujarat, Rajasthan and northeast regions. So what early tractions are seeing are you seeing in these markets?
Riddharth Jain
Yeah, actually I think it is. I think it is very important to note that in terms of. If I talk about Gujarat and northeast Gujarat becomes a very important strategical geographical location. Why? Because if you talk about the connectivity between major cities. Mumbai, Delhi, Ahmedabad for that matter, Gujarat spans in between. Gujarat as a location also is by the coast. So a lot of ports, a lot of newer industries. A lot of connectivity to the western part of the world is being connected. So I think Gujarat becomes a very, very important location in northeast. What has happened in the past 20, 30 years? A lot of development was being paused because of several problems such as geographical problems, resource problems and even so I think budget allocation and the recent past there has been a lot of focus on the northeastern states.
The government wants to now develop more infrastructure over there. Recently opened by Mr. Prime Minister. The which marks as a very important landmark that they want to increase the connectivity in the northeastern states. Not only the airport. They are also building a lot of new infrastructure in terms of road, expressways, highways. So there is a lot of opportunity. And as early movers, we will benefit from these.
Abhishek Sharma — Analyst
Okay. And my follow up question on the same. Like what revenue contribution do you expect from new regions from FY27?
Riddharth Jain
I think I lost you the last bit. Can you repeat please?
Abhishek Sharma — Analyst
Okay, so follow up question was what revenue contribution do you expect from the new regions from FY27? Particularly from new regions only.
Riddharth Jain
We are hard to put a number. But I think we are expecting good contribution from your regions. Because not. I mean not that NP does not have opportunities. I think in the union ministry the MoD has already allocated about 60,000 plus. 60,000 crores plus infrastructure projects were in Madhya Pradesh. But I think we have already a lot of opportunities in our home state. But I think contribution for different states could. We will increase it gradually over the years. But we are looking at at least a minimum of 2020-30% contribution from different states in the very near future.
And going forward we will see how it bodes well for us.
Abhishek Sharma — Analyst
Okay. Okay. Thank you sir. That is from my side. All the best.
Amit Chaudhuri — Analyst
Thank you.
operator
Thank you. Participants who wish to ask a question may press star and 1. The next question comes from the line of Yash with Hni. Please go ahead.
Yash — Analyst
Yeah. Hi sir. I have three questions. First one is regarding EBITDA margin. Second one is regarding business model. And third one is regarding order book. So the first question is on what are the EBITDA margin in the tollway collection segment versus epc? And how do you see margins evolving as scale increases?
Riddharth Jain
7% ebitda margin in dual business.
Yash — Analyst
Okay. Okay. And do you foresee any impact of the upcoming multi lane free free flow trolling system on our business model?
Riddharth Jain
Sorry, your voice is muffling. I’m sorry, can you repeat the question? Yes.
Yash — Analyst
Do you foresee any impact of the upcoming multi lane free flow tolling system on our business model?
Riddharth Jain
No. I think. In fact for that matter I think it will only benefit us because the faster the car moves it will attract more and more traffic towards the road. I think as a matter of fact in very very few regions now just because of high traffic people try to avoid tolls because of. Because they have to stop at tolls for a longer period of time. The government only aims to ease the flow of the tolls. And in fact for that matter we will require less manpower at tolls which will increase our efficiency and margins.
So I think we are. We are on the benefit side of that ML effect strategy.
Yash — Analyst
Okay. And so the third question is regarding order book. So your order book has expanded sharply to 1160 crore since March 2025. So how much of this is exit executable in FY26 and FY27. And what revenue conversion can we expect annually.
Riddharth Jain
Approximate and 630. This may look 250 crore. 27 may complete 757. 800 approximate order in hand me executable and further to new contact.
Abhishek Sharma — Analyst
Okay sir. Got it. Got it sir. Thank you.
Riddharth Jain
Thank you so much.
operator
Thank you. A reminder to all participants that you may press star and one to ask a question. The next question comes from the line of Amit Chaudhary an individual investor. Please go ahead.
Amit Chaudhuri — Analyst
Yeah. Hi. Sorry, my line had dropped earlier. So if you. Sir, if you can just repeat your answer on the sustainability of tollway collection order book that will be great.
Riddharth Jain
In terms of sustainability we have year round contracts. Right. And so again the Contract that we take today can be taken again the next year if. If we seem if it deems feasible, like for example the Kiratpur toll plaza, we are operating it for the second consecutive year. Other than that, newer opportunities always show up such as the Jaipur Bandeqi Greenfield Expressway and multiple other new corridors are being built constructed at the moment with some are near completion, some are already completed, some are. Some the fund has been allocated in the contracts have been executed.
So with the growing infrastructure demand and the growing infrastructure always the tollway connection will become very a bigger industry with time. Not only that, I think it is a collection expected to double in the coming years from 55,000 crores to across 1.4 lakh crores. Even in one of the interviews by Nitin, Mr. Nitin Gadkari, he mentioned that past two years, from past two years the Tolik election is already doubled and he is also expecting it to double in the coming two years. So I think that tells you a lot about the sustainability of this particular industry.
And as a matter of fact earlier what was happening is that government was putting up a lot of BOT projects, right? So the bot, the public funded tolls were not. The tolls were not coming under the public funded. Now the government is allocating a lot of projects under ETC mode. So after the completion of the project it directly comes under public funded. Also before like the projects that were under BOT and now the contracts are almost near completion, all of those stores are also coming under public funded tools. So I think there is more and more opportunity every day.
Amit Chaudhuri — Analyst
Got it, got it. Fair enough. And my second question was on the line of our plan to diversify in renewables epc. If you couldn’t just throw some light on that, that’ll be great.
Riddharth Jain
India is now coming forward as a big player in renewable energy sources. So while we are also investigating a lot about how can we venture into renewable energy production, we are also venturing at the same time into renewable energy power supply from source to required location. I hope that answers your question.
Amit Chaudhuri — Analyst
Okay. And so to look into or to go venture out into newer verticals, are we looking to form any partnerships, JV, etc. How are we seeing this? Definitely.
Riddharth Jain
I mean the good part about this is that we would love to partner up with people who have great experience. We are always open to connect with people, to broaden our horizon and always to learn and impart something that we have learned previously. We are always looking for good opportunities.
Amit Chaudhuri — Analyst
Okay. Okay, fair enough. That’s it. From my side. Thank you. Thank you. So much.
Riddharth Jain
Thank you.
operator
Thank you. Ladies and gentlemen, if you wish to ask a question to the management please press star and 1. Participants who wish to ask a question please press star and 1. As there are no further questions from the participants I would now like to hand the conference over to the management for closing comments.
Riddharth Jain
First of all thank you everybody for joining. Thank you everybody for supporting the company in one way or another. It has been a benchmark year for the company. Company. We are trying to supply what we have promised to our investors and we continue to do so. We are focused on a sustained growth so that the company over the years sees a stronghold in this particular industry which will be all by your support. So thank you so much. See you next time.
operator
Thank you. On behalf of Highway Infrastructure Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.