PNC Infratech Limited (NSE: PNCINFRA) Q1 2026 Earnings Call dated Aug. 14, 2025
Corporate Participants:
Unidentified Speaker
Yogesh Kumar Jain — Managing Director and Executive Director
Analysts:
Unidentified Participant
Vaibhav Shah — Analyst
Shravan Shah — Analyst
Mohit Kumar — Analyst
Vasudev Ganatra — Analyst
Ketan Jain — Analyst
Sarvesh Gupta — Analyst
Aniket Madhwani — Analyst
Parth Thakkar — Analyst
Lokesh Kashikar — Analyst
Vishal Periwal — Analyst
Krish — Analyst
Presentation:
operator
Good afternoon ladies and gentlemen. On behalf of GM Financials, I’m pleased to welcome you on the call of PNC Infratech Limited Q1FY26 earnings conference call. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of the future performance and involves risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode and there will be any opportunity for you to ask questions after the presentation concludes.
Should you need assistance during the conference call, please signal a conference operator by pressing Star then zero on your touchstone phone. Please note this conference has been recorded. I now hand the conference over to Mr. Vaibhav Shah from GM Financial. Thank you. And over to you sir.
Vaibhav Shah — Analyst
Yeah. Thank you. On behalf of GM Financial, I’m pleased to welcome you all to the PNC Infratech Q1 FY20 conference call. We have with us the Managing Director of the company, Mr. Yogesh Jain along with the senior management team. We will begin with the opening remarks from the management followed by interactive Q and A session. Thank you. And over to you, sir.
Yogesh Kumar Jain — Managing Director and Executive Director
Yeah. Good morning everyone. On behalf of PMG Infratech Limited I extend a warm welcome to all of you for joining us today on this call. Today I have with me Mr. T.R. rao, Director Infra, Mr. T.K. agrawal, CFO Mr. Pankaj Agrawal, PP Finance and Account and Strategic Growth Advisors, our Investor Relations advisors. The financial result and investor presentation has been uploaded on the stock exchanges and the company website for your reference. Initially I would like to mention key updates of the industry followed by operational development of the company and highlights of financial performance during the quarter ending 30 June 25th for which we will be happy to answer your questions.
The Indian roads and highway sector has faced notable headwinds in recent years with a slowdown in both project awarding and construction activities. Between April and July 25, NHI awarded only 180 kilometers of five years. However, long term outlook looks robust as Mort including NHI and NHI DCN aim to award new highway and expressway project of rupees seven lakh crore before end of the current financial year. In line with these targets, NHI intend to bid out more than 120 highway and expressway projects worth over rupees three lakh crore before the end of financial year. The proposed NHI project cover a diverse network comprising Economic corridor, national corridors, expressways, inter corridor and feeder routes and port connectivity Highway Turning to water infrastructure Jaljeevar mission has shifted focus on infrastructure creation to ensuring long term sustainability with over.
14. Core rural household now having access to tap water connections covering nearly 75% of rural India. As part of expansion and upgradation of rail network in the country, India Railways launches a series of new projects across all its railway zones generating new business opportunities to the infra developers. A sizable number of new projects are also coming up in renewable energy power transmission, coal mining and development, water resource management, industrial area development and other infra sectors at both central and state levels. Therefore, diversified business opportunities for these stabilizing infrastructure. On the project front, company has strategically expanded into two new business segments, Renewable Energy and coal mining.
In the month of July the company foray into renewable energy space by securing an Alban beta position for 300 megawatt solar power project with 600 megawatt hour battery energy storage system project floated by NHPC. The project is to be implemented in 24 months and operated for 25 years post commissioning. In August 25, the company being declared as L1 bidder received letter of acceptance from Southeastern Coal Field Limited for overwater removal and coal extraction at Gebra Mines in the State of Chhattisgarh for a contract value of rupees 3489 crore including GST to be executed in five years.
On asset monetization side company and its 100% subsidy, PNC Infra Holding Limited successfully completed sale of 100% equity stack in PNG barely Nainikal Highways Private Limited a BOT toll state highway project to highway infrastructure truck promoted by KKR and its affiliates. The above transaction was concluded on 31st July 2025 at an enterprise value of Rupees 716.2 crore. Out of this rupees 153.48 crore received towards equity and rupees 239.35 crore received against the unsecured bond. In addition to the consideration received by received as above by the company, there are certain other receivables amounting to Rupees eighty crore for the same project.
This would be received by the company from HIT and distributed in the definitive agreement. Going forward with the successful transfer of PNC validity and ital Highway Private Ltd. The company has now completed 100% equity divestment in 11 out of 12 assets under the definitive agreement and reputed for the equity sale last year. The 12th and final asset PNC Cherry Keri Karnataka IV Private Limited is expected to be divested in quarter two financial year 26 upon fulfillment of remaining conditions. Precedent now moving on to the operational and financial performance of the company. The company is presently having its fund based portfolio of 16 project out of this one is BOT toll project, two are BOT annuity project and 13 are HAMP projects.
Aggregate bid project cost of 13amp project is over rupees fourteen thousand eight hundred crore. Out of 13amp projects, three projects achieve PCOD six projects under construction, three projects achieve financial closure and appointed dates are expected to be delivered in quarter two and quarter three of financial aid. 26 remaining hemp project of MPIDC document for financial closure has already been submitted and appointed date is expected to be declared in quarter two of financial year 26. Total equity requirement for the 13M project stands at rupees 17.44crore out of which the company has already influenced equity of rupees which 1019 crore till June 25 and the remaining equity of rupees 725 crore to be infused over the next two to three years.
The internal accruals that would be generated over the next two to three years should be adequate to meet the further equity investment. Now moving on to our order book as of 30th June 25th the company’s unexecuted order book stands at over rupees seventeen thousand crore which includes EPC value of Varanasi Kolkata package 2, 3 and 6 and Bhopan bypass M project of MPRDG and the flyover project of Raikhan PWD in Bharatpur. The above uneducated order group does not include the recently secured Renewal energy project of NSBC and mining project of Southeastern Coalfield Limited having an aggregate value of rupees over 5000 crore.
Considering these two projects the total attribute come to over rupees 22,000 crores as of now out of the uneducated order book of over rupees seventeen thousand crores as on 30th June 25th. Highway and Expressway contact contribute 67% while water canal area development contract continued 33%. Now I would present the result for the quarter ended June 30. 25 Revenue for the first standalone revenue for the first quarter of financial year 26 is rupees 11. 36 crores. Visa for first quarter of financial year 2016 is rupees 141 crore with the margin for the first quarter of financial year 2016 12.4% profit for the first quarter of financial year26 is rupees 81 crore.
PET margin for the first quarter of financial Year 26 is 7.1% console. Quarterly real console revenue for the first quarter of financial Year26 is rupees 14. 23 crore. Console EBITDA for the first quarter of financial 26 is rupees 367 crore. The EBITDA margin for quarter one financial year 26 is 25.8% controlled paid for the first quarter of financial year:26 is rupees 431 crore. The PET margin for quarter one financial year:26 is 30. Our standalone network as on 30-06-25 is rupees 5557 crore. Whereas standalone debt from banks and financial institution is Rupees 20 crore. This translates to net debt to equity 0.07 times.
We have also a net certainly surplus of Rupees 483 crore. And on 30 June 25th our net worth on console basis as on 30 June 25th is Rupees 6421 crore. Whereas total debt is Rupees 4712 crores. This translates to net debt to Equity of 0.73 times. The total cash and bank balance including current investment is 2,672 crores. With this we now open the floor for questionnaire. Thank you.
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 their touchstone 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 is from the line of Shravan Shah with Daulat Capital. Please go ahead.
Shravan Shah
Hi. Thank you. Sir, a couple of questions. So first on the guidance front. So last time we said up 6,600 crore revenue which is a 20% growth for this year and this quarter we have seen a degrowth of 13% so far in balance nine months. We need a kind of a 45% kind of a growth. So just wanted a revised guidance number on the revenue for this year and also for next year. FY27 we have talked about 15 20% kind of a growth. So if you can let us know.
Unidentified Speaker
As of now we still maintain a 15 to 20% growth for FY25. Because the first quarter if you compare to the last year first quarter corresponding quarter we received arbitration award amounts as well as the bonus amount. Let’s say it’s not an objective comparison. So nevertheless we expect an improved turnover during the Q3 and Q4 with the new projects flown in and also the once this rainy season gets over. So still we maintain 15 to 20% growth over the previous year as a guidance for FY26.
Shravan Shah
On the lower side versus a 20%. So is it fair? So let’s put up a number would be a better so at least 6,300 crore plus kind of a number should be there on the top line front.
Unidentified Speaker
Yeah if it is that comes to that.
Shravan Shah
Yeah. And now on the margin front so this quarter was also on the lower side 12.4% but we are looking at a 13% margin. So that still remains intact.
Unidentified Speaker
Yes, that will remain because this so fixed overheads are same being the same. So there is a pressure on the margin. But 13% EBITDA margin we should be able to maintain for the FY26.
Shravan Shah
For next year. Now now once we have this coal mining and the BSS so both put together 5100 odd crore. So for next year how one can look at will the growth rate on the revenue front should be a much higher 20% plus would be there.
Yogesh Kumar Jain
Already given 20%.
Unidentified Speaker
So as of now see 20% we are expecting this is again the 15 to 20% we are expecting next year for FY27. But see we are expecting some appointed dates to be declared declared for the projects which have already been awarded last to last year. So once we these appointed dates are declared for the four HAM projects and also the execution begin at this thing. So we’ll able to assess in a better way next quarter. But as of now 15 to 20% for FY27 for FY26.
Shravan Shah
Yeah and in terms of the order inflow now so if we consider this 5200 odd crore for the BSS and coal mining. So now how much more are we looking to bag in this year and also at the same time if you can also specify in terms of the bid pipeline from which segments we are looking at.
Unidentified Speaker
See other book last time had mentioned 12,000 to 15,000 for FY26 since we already secured over 5,000 crores. So we are expecting another 7,000 to 10,000 crores new orders in the next three quarters from Q2 to Q4. So 7,000 to 10,000 and we are expecting orders from the primarily from highway sector. As our managing Director has mentioned. NHA is coming out with 120 major projects are having a value of more than 3 lakh crores. So definitely our focus will be on highway sector only. Roughly you can say the majority of this remaining 7,000 from the IB sector remaining from the other sectors.
Shravan Shah
Got it. Got it. And just how much revenue one can look at from the coal mining this year and from next year onwards once it will be a kind of a stabilizer on a yearly basis how much revenue one can look at. And same way for Bess that the RE project that we have received. So this year on the EPC front how much one can look at revenue. And next year how much one can look at.
Unidentified Speaker
Coal mining. If you see this 5,000. 3,000 worth of my project has to be executed in five years. With the average revenue of 600 codes per year. So this year anyhow now post this rainy season and all will be beginning. So 3 to 400 crores we expect in current year. And the next year onwards it should be 600 crores. Slightly more than 600 crores per annum. So we should be able to complete this entire scope within five years. What was the serial? What is stipulated in the contract?
Shravan Shah
Got it.
Unidentified Speaker
And for this uniformly 140 crores for each water.
Shravan Shah
Got it. And for Bess how much we are looking at this year and next year.
Unidentified Speaker
Still we had to receive the letter of award post that there is a process involved. The NSPC has to sign a power sale agreement with the state government. And then subsequently power purchase agreements signed. And then post that we have to implement. So this year we are not looking at a significant amount of implementation but 24 months we have to implement this project of over 2000 crores EPC value. So we say 1/4 in Q4 will be executing some work this year and major work will be executed next year.
Shravan Shah
Yeah. So lastly sir, balance sheet and project wise order book data. If you can share so inventory data straight payable mobilization retention value as on June.
Yogesh Kumar Jain
Hello.
Unidentified Speaker
We come back on this detail. So let other people also listen. This will come. We will share with you all these details going forward.
Shravan Shah
And project wise order book or whatever is left. If I can name the project. If you can share the outstanding order book.
Shravan Shah
Yeah. Yeah. Sir, Irrigation. What’s the value as on June.
Unidentified Speaker
Irrigation.
Shravan Shah
Irrigation project.
Unidentified Speaker
Yeah.
Unidentified Speaker
I. Outstanding.
Shravan Shah
Yeah. Yes sir. Irrigation. Outstanding order value is how much
Unidentified Speaker
866 crore.
Shravan Shah
866 crore. It seems some scope of increase has happened. Package 1 and package 2.
Unidentified Speaker
Package 1 is 67 and package to around 40 crore.
Shravan Shah
And Mathura Bypass Kaju village and Haryana Orbit Rail.
Unidentified Speaker
528 crore.
Shravan Shah
And Ganga Bridge.
Unidentified Speaker
Ganga Bridge is around 230 crore.
Shravan Shah
Got it sir. Thank you and all the best.
Unidentified Speaker
Thank you.
Unidentified Speaker
Thank you.
operator
Thank you. The next question comes from the line of Mohit Kumar with ICS Securities. Please go ahead.
Mohit Kumar
Good afternoon sir and thanks for the opportunity. My first question is on the. On the RE asset portfolio year one 300 megawatt 600 megawatt hour bid. The question is what is the aspiration of medium term ambition in building on this business and are you willing to and any. Any. Any. Any capital allocation plan that you have for this?
Unidentified Speaker
This is the first project in the renewable energy space for our company. We are looking forward to see this is the first project and as we go forward while implementing this project so we will also know what is more deeper insights about this renewable energy space. So definitely we look forward to more opportunities in this space going forward. But our focus will be first is we implement this this project.
Mohit Kumar
And this is expect a limited capital, right? What is the equity requirement for this particular year?
Unidentified Speaker
This depend upon the debt equity ratio that we are they will be discussing with the banks. Based on that we’ll be having a equity requirement of around 400 crores. Equity requirement would be there assuming a debt equity of 80:20 as of now. But only final figures will know once we are in the process of financing project.
Mohit Kumar
Second question is that how do you. How should we think about the margin profile in coal mining project? And I believe this is our first project in the. In the coal mining right? And the related question is what kind of capex you require to execute this project.
Unidentified Speaker
We are expecting a capex of around 400 crores for this project. For this coal mining project because it’s a machinery intensive project. So we are expecting 400. 400 to 500 crore scale effects of this project.
Mohit Kumar
And what about margin profile sir? Margin profile do you believe it is similar to the. To the existing business or do you think it will be.
Unidentified Speaker
Yeah it be similar. It will be around 30% EBIT. We are expecting from this project similar to our other portfolio.
Mohit Kumar
Understood sir. Thank you. Best of a thank you.
operator
Thank you. The next question comes from the line of Vasudev from Nuama. Please go ahead. Yeah.
Vasudev Ganatra
Thank you for the opportunity. What is our current status of the irrigation given mission on the circuit project?
Unidentified Speaker
The irrigation project we have executed certain work during the current previous quarter now as of now only peripheral works we are executing because the the water is flown into the canal system again we’ll Resume the project in the month of January Overall this year we are expecting 150crores worth then next year this will be further increased so project is going on they extended the time up to the 2026 September and we are expecting further extension of this project so project is going on because hard drink will get six months less than six months time in a year to execute the project because remaining here for the irrigation purposes water is left into the canals and in gen D1 mission see phase 3 phase 2 we have completed 2/3 of the projects more than 67% physical progress and nearly 55 to 58% were completed in phase 3 so overall progress is around 60% so project is going on we expect to complete in FY27 and maybe some residual works in later.
Vasudev Ganatra
Yes sir and sir, on the CDCO project my presentation we have written that the project is subsidized so what’s the status here?
Unidentified Speaker
See, matter is still under subsidies we halted the project Implementation of the project we halted nevertheless we have mobilized our resources we set up our camp and other things but as of now physical execution of the project we halted it Mattering before the court matters of duties we don’t want to share further on This project Matter being subdued is .
Vasudev Ganatra
okay and so what is the capex that we are planning for the full year and order that how much have we done in Q1? And lastly can you also give the total collection numbers for the quarter?
Unidentified Speaker
Our target for capex in this financial year is around 450 crore rupees including the capex of coal mining.
Yogesh Kumar Jain
For the.
Unidentified Speaker
Financial year and the coal number hours please Note down for MP highways it is 12.34 crore it is 19.65 crore narella the collection is 22.64 crore and for I believe rally not is 32.16 crore okay and sir, what is the capex that we have already incurred in Q1? We have not incurred any capex in this quarter Will do the capex in. The next three quarters.
Vasudev Ganatra
Okay, sure so that’s it from my side thank you.
operator
Thank you the next question comes from the line of Kate and Jane with Evan De Spark Please go ahead thank.
Ketan Jain
You Sir, I just wanted to understand on the renewable project if I understand the capex involved is around two of course do we have the exhibition community announced to execute this project or how is the exhibition going to be?
Unidentified Speaker
This renewable energy project?
Ketan Jain
Yes, yes.
Unidentified Speaker
No renewable energy project See we’ll engage the specialized agencies and also we already engaged the consultants have an adequate expertise in these projects and holding expertise in this project. So we certainly, we are in the process of people also and certain team is also there already with us. So we should be able to execute it in house only this project by having some partnership with the technology providers and specialized vendors with the support of.
Ketan Jain
Understood. Okay. So that’s. That was my question. And the capex is 2000 crores, right? Sir.
Unidentified Speaker
Please come again.
Ketan Jain
Capex is 2000 crore, right? For the project.
Unidentified Speaker
Sir, you know, for this particular project, whatever the equipment of solar panels as well as the battery banks will be purchasing, that is the part of cap. That is a part of project cost only which will be capitalized. There will not be any separate CAPEX on the PNC books.
Ketan Jain
Yeah, so I was thinking of the project cost is around 2000 crores. Okay, thank you.
operator
Thank you. The next question is from the line of Sarvesh Gupta with maximal capital. Please go ahead. Sorry to interrupt. Mr. Gupta, we are not able to hear you. Can you speak a bit loudly?
Sarvesh Gupta
Hello. Hello.
operator
Yes, you are able now. Yep. Please go ahead.
Sarvesh Gupta
So first question is on this 4,500 crore worth of MSRDC project. So if you can update us with the progress on these two. You know what is going on in these two.
Unidentified Speaker
See MSRDC Projects, 4500 stores comprising Jalana Anded Expressway as well as Pune Ring Road. So both projects are going on. We started in the commencement of execution during the fourth quarter of last year and started first quarter of this year also we have executed certain work and projects are going on as of now only because of the current quarter. Ongoing quarter of still the monsoon and intense rains project is slightly. Progress is slightly affected. Otherwise progress projects are progressing as per the schedule.
Sarvesh Gupta
And so secondly on the, you know, the orders which the industry is hoping to get. So now I think in the past 2, 3/4 we have been always been expecting that orders will come eventually. But I think that is getting delayed or not getting received every quarter. So I think two, three quarters back we had a revenue growth guidance of 30% for FY26 which got revised down to 20% and now 15 to 20%. So two times already we have taken downward revision because obviously there is nothing which not just you but other players are also not getting.
So what gives us the hope that you know we will be able to get these orders? I mean are there some tangible changes that has come in from Nhai side that you feel confident that they will be giving out these orders or if you can update on that because otherwise we don’t have enough of road orders to be able to sort of meet the guidance. Even the revised one.
Unidentified Speaker
See last two years. Everybody knows the awarding activity by NHS Abdul. So it is reflecting into the low construction activities in the last year as well as the current year. But as announced by NHA from Q2 onwards they’re going to award major projects of large number of major projects of 3 lakh crores. So we are positively thinking that okay, we will get certain amount of projects from this team. And the second thing, the reason for the downward in the last year turnover as you had already mentioned because of the four projects which finance the concession agreement signed in FY24.
Those projects we could not start because the delay in declaration of apartheid date due to non sufficient land is available there prolonged delay in acquisition of land in the state of Bihar. So that is the reason. But now the land acquisition process has improved. So we are expecting appointed dates during the Q2 and Q3. Certainly these projects will generate income in the current financial year as well as the next financial year substantially. So we should be able to maintain the revenue guidance what I have given. But we don’t remember that we have ever given any 30% guidance for FY26.
Last time we mentioned up to 20%. Now we say about 15 to 20%. So we choose the able to maintain. We should be able to achieve given the fact that we received around 5000 crores new projects. And also the four projects which have been awarded last to last year are going to be commenced once the appointed dates are declared.
Sarvesh Gupta
Sir, even if the orders were to come. So from an industry perspective now what has happened is all these, all the players are having, you know, balance sheet which is probably the best that has been in the history. So everyone is sitting with a lot of cash and everyone is sort of starved of any orders in the last 18 months to 24 months. So given that sort of a scenario, you know, how do we feel about the margins that can be expected on these future orders if at all? They come because everybody is hungry for orders and everybody is sitting on a lot of cash.
Unidentified Speaker
No, that is there. See the particularly infrastructure cycle. If you see over the last decade it is a cyclical. See there are downs and there are ups in the infrastructure at the how the government and the inflow is happening. So yes, people are there. Everybody is very eager to garner the new beginners. But what we feel there is enough faith for everybody. Because railways are also coming with a large number of projects. And also Metro Rail projects are coming. And also apart from NHA and the renewable energy transmission line. Lot of projects are coming up.
So we feel that. Okay. There are several players. We are very much hungry to secure move. But sufficient business is available at the government trust on infrastructure development for overall socioeconomic development.
operator
Mr. Gupta may be requested to come back in the question queue for any follow up questions. The next question comes from the line of Vaibhav Shah with GM Financial. Please go ahead.
Vaibhav Shah
Yeah. Sir, what execution do we expect from the existing MFLDC orders? Pune Guru and Jalna in FY26.
Unidentified Speaker
See, this figure is not readily available. We share with you. But we will have a substantial amount to be executing in Q2. Q3 and Q2 may be slightly less. But Q3 and Q4 will be expedited. So we’ll share with you offline.
Vaibhav Shah
Okay.
Unidentified Speaker
The figure is not readily available.
Vaibhav Shah
Okay. And sir, we were L1 in Bandara Giroli as well. Any status? Any update on that?
Unidentified Speaker
For our practical reason that project is nonest. See, it’s no. There’s no thing. And also this. We are not considered it as a thing. And so if anything is there any development in the project? We’ll share with you through the stock exchanges.
Vaibhav Shah
Okay. Okay. So secondly on the JJM side what would be our receivables outstanding Right now?
Unidentified Speaker
The receivables are as of 30 June. 700 goods receivables are there. Because there is a passport capacity of funds. The government of India just halted the funds. They’re reviewing the whole program. We are expecting funds will come in the current quarter. Then these backlogs will be cleared.
Vaibhav Shah
Can I miss the number you mentioned? What Was the number?
Unidentified Speaker
700 crores.
Vaibhav Shah
700 and the same for irrigation project.
Unidentified Speaker
Irrigation project. Actually since last year we received more than 200 crores amount. Now the outstanding around 90 crore. 90 crore. Because the government of Andhra Pradesh has paid during the one year progressively they paid. They paid more than 200 crores out of the total outstanding amount. Now the outstanding amount is less than 100 crores.
Vaibhav Shah
And sir, what execution are we targeting from JGM segment in FY26?
Unidentified Speaker
We are targeting 900 crores in FY26. Focusing on making this project into O and M stage. We are also consolidating wherever the 80 to 90% works are completed. We are going trying to take them to O and M stage and commissioning the projects. But still we are targeting as of now 900 crores. But we should able to tell a more tangible figure, more precise figure in the next quarter.
Vaibhav Shah
So in the entire backlog of almost 2800 crores that should be completed in by 28. FY28.
Unidentified Speaker
Yes, F20. As for the budget speech, they extended the JGM up to FY28.
Vaibhav Shah
Okay. I’m sorry. Guidance on the ads for the three packages of VRT and Western Bhopal Vaipaks.
Unidentified Speaker
See, we are expecting this appointed dates for these three projects of NHA VRK and one project of MPRDC Bhopal Bypass during the current financial year. Maybe one project in Q2 and the remaining three projects in Q3. So initial stages. Because since the initial works will not be a high value works. So we are not expecting very high value of this project. But this project will give some sizable amount. All three project. All four projects should give more than a thousand course turnover during the current financial year.
Vaibhav Shah
All the four together.
Unidentified Speaker
Yes.
Vaibhav Shah
Okay. Okay. And sir, lastly on the monetization front. So just a question on the accounting. So how are we accounting for the money inflow? So in the standalone books we don’t see any cash coming, right?
Unidentified Speaker
No. Actually the money is flowing to the main company. PNC Infra Tech Limited and Infra Holding 100 subsidiary of PNC Infra Tech Limited the shareholding the money has come in PNC and PNC Infra holding both.
Vaibhav Shah
Okay. So last time we had mentioned that the the total amount of cash that we have received in the deal. So around 2200 crores had come. 1660 crores from the phase one and 584 crore from the change in scope.
Unidentified Speaker
Yes.
Vaibhav Shah
So correct. So of these 20 to 45, 2250 crores, how much has come in the standalone books and how much is in the console books in the SP?
Unidentified Speaker
Actually in standalone basis the money will come around 1100 crore rupees and the balance will receive in the beginning.
Vaibhav Shah
Okay. Okay. Thank you sir. Those are my questions. I’ll come back in the queue.
Unidentified Speaker
Okay.
operator
Thank you. The next question is from the line of Aniket Madhwani with Step Trade Capital. Please go ahead.
Aniket Madhwani
Hello sir. Am I audible?
operator
Yes.
Unidentified Speaker
Yes.
Aniket Madhwani
So here we can see from FY24 there is a dip of 22% in. The top line in FY25. Can you specify the reason for it?
Unidentified Speaker
See, you are telling FY25 vis a vis FY24.
Aniket Madhwani
Yes.
Unidentified Speaker
We had already shared last year. Many rounds of discussions had. But still as we said the main reason in the delay in declaration of appointed date for the four HAM projects which were awarded in FY24 in July 2023. We signed concession agreements for these HAM projects and we timely within six months. We achieved the financial projects within six months. Are we audible, sir?
Aniket Madhwani
Am I audible, sir?
Unidentified Speaker
Yeah, yeah, yeah. See
Aniket Madhwani
the main question.
Unidentified Speaker
In July 2023 we signed the concession agreements. And though two years passed, appointed dates were not declared because the non availability of land. There are certain issues in the land pricing and acquisition process. And all prolonged delay happened in the land acquisition. So these projects of worth of nearly 5000 crores we could not execute anything during the FY25.
Aniket Madhwani
Our main question at F. Hello. Hello. Am I. So our main question is with regard to deep in June 2025 revenue, right? If you look at the year on year there has been deep of 35 percentage, right? And simultaneously there is deep profit.
Unidentified Speaker
And I’ll tell you. I’ll tell you. In June, June quarter the Q1 versus Q1 of FY26 versus Q of FY25. In Q1 of FY25 we received more than 400 crores from the towards the arbitration award awarded in our favor. And also around 56 crores bonus we received from one of the EPC projects executed. So it’s not exactly 1700 four decimal deal. The amount if you compare it objectively FY21 figures corresponding figure be around 1300 course visa will be 1136 course we achieved with a dip of around 13%.
Aniket Madhwani
What I am trying to ask you, we have a order book of 17,000 Sierra right? As on the date but still the company is not able to perform well. So what are the critical reason? And if you look at history, so it shows the downtrend, right? So what are the critical limitation factor for us? What are the bottlenecks? Do we have a inefficient insufficient working capital or do you have insufficient capex? What are the critical problem that you are facing, right? Because when you look at order book so it is tremendous, right? Obviously you have three to four year of the Runway so far as the order book is concerned, right? So far as the bands or ban is also lifted.
So why the company is not able to perform. That is what we want to understand from your end.
Unidentified Speaker
Out of 17,000 crore Adarbo nearly 7,000 crores new orders we received last year. Only that towards the end of the last year. This MSRDC project and Citco project we received towards the end of the last year and we started executing those projects. But those projects didn’t do much work. And the citco project of 2004 so halted because of the judicial Intervention. So that project was halted. And see we are having a sufficient working capital. In fact our working capital limits and CC limits we hardly use them. We have a sufficient cash and there is no depth of any equipment or anything.
Because we are having a gross plus of more than 1200 course we can execute 6 to 7 times. This has happened because the 17,000 crores order book. 7000 new orders we received last year only and 5000 crores order book which was received in FY23. So appointed dates are not declared so that we could not commence the physical execution. So all these regions are beyond our jurisdiction and beyond our control. And also this 5000 crores order book we could not execute because of the land acquisition issues. It’s a completely out of control. So see we are not sparing any efforts in our.
But the factors beyond our control.
Aniket Madhwani
You mentioned. You mentioned one of your project got got on hold, right? So what is the value of that project?
Unidentified Speaker
That project is 2040 crores.
Aniket Madhwani
Okay. So 5000 cr land equation issue 2400 crore is due to on hold. Correct. So we should remove
Unidentified Speaker
7,000 crores.
Aniket Madhwani
Okay. So we should eliminate this contract for a time being, right? Temporary. We should not consider out of this.
Unidentified Speaker
These projects except 2040 crores which is subject to this we can’t say. But this 5000 crores projects which are on hold because of the land acquisition issues. We are expecting appointed dates during the current financial year. And we expect to commence the physical execution during the current financial year. So going forward these projects will give revenue to us.
operator
Mr. Bhadwani, may we request you to come back in the question queue for follow up questions. The next question is from the line of Parth Thakkar with GM Financial. Please go ahead.
Parth Thakkar
Hello sir. Thank you for the opportunity. My first question is what would be our current bid pipeline? And from that have we put out any bids where results are awaited?
Unidentified Speaker
As we have put out our bids, we put out around 13 bids comprising both HAM EPC and some one tot project. If you see the total value of the bids, what we have put it comes to around 48,000 including the t ot project. So these bits are under evaluation. So we expect this which will be opened during next two to six weeks. These bits will be open. The price bits will be open.
Parth Thakkar
What would be the value of the TOT project?
Unidentified Speaker
Project is for a period of 20 years which is expected to generate a total revenue of over 30,000 crores over a period of 20 years.
Parth Thakkar
Okay. And also if you have the number in handy what would be Our mobilization advance and working capital debt as of June.
Unidentified Speaker
As of June the net mobilization advance is over 5,500 crore rupees. Hello.
Parth Thakkar
And working capital debt set?
Unidentified Speaker
Working capital debt in standalone is nil 0. But there is some loan of 24 in the standalone balance sheet.
Parth Thakkar
Okay, thank you. Those were my questions.
operator
Thank you. The next question comes from the line of Lokesh Kashikar with Smith’s Institutional Equities. Please go ahead.
Lokesh Kashikar
Yeah. Hi sir. Thank you for the opportunity. My question is basically on the mining project which we have backed recently. So my analysis is that we have backed this project on a 20% discount to the authorities cost. So just to understand the reason behind it and have we bidded on the aggressive basis and what are the minor margin we are targeting on this project?
Unidentified Speaker
See, we have done a thorough market analysis and also we have done the surveys and other things taking all the factors into consideration. Of course the competition also. So we pick this project very judicially. Of course. Incidentally it is 80% below the what the project proponent has estimated. But we don’t think that we did this project very aggressively. We breed as a duration and judiciously and we expect a margin of around 12 to 13% EBITDA margin from this project.
Lokesh Kashikar
Okay. And sir, on the bidding pipeline, do you see that there would be chances that we will get more mining projects and more B recess projects during FY26?
Unidentified Speaker
See, we submitted for the two more mining projects nearby having a project value of around 6 to 8,000. We can’t share what is the exact kind of reports. But we may get some projects depending upon the competition and competition and other things. The rest of the projects we continue to focus on road projects. We submitted ham project abroad sector and also projects to nha epc. And we submitted few projects to write this also.
Lokesh Kashikar
Okay. Okay. But don’t you think that the. You know, given that we have bagged out on 5000 crores of projects during Q1 only and given that the we have strong bidding pipeline so we will. We can easily cross 15,000 crores of you know, order interest for effort 20 days.
Unidentified Speaker
Yeah, yeah. Hopefully. Hopefully. So we have given a guidance up to 15,000. We are hoping that we will achieve 15,000 or otherwise an optimistic side. We may even cross 15,000 in the current financial year.
Lokesh Kashikar
Okay, and this last question, sir, we have announced, you know one arbitration award of 485 crores during the period of May for Agra bypass project. But we have not reported that during Q1. So what was the reason and have you received that claim.
Unidentified Speaker
No, actually we have. The award has been published in Octavia. But the NHA has got time up to three months if they want to accept it or if they want to challenge it. So it is with the knowledge in the court of nha. So once we NHA decides then the further course of action will be there.
Lokesh Kashikar
Sure. Okay. That’s it for my sir. Thank you.
operator
Thank you. The next question comes from the line of Vishal Perival with NT stock broking Discoid.
Vishal Periwal
Yes, thanks for the opportunity. I missed on the the cash number which you mentioned at a console level. If you can just highlight again.
Unidentified Speaker
The. Total cash number as on console basis is 2,600 crore rupees.
Vishal Periwal
Okay, got it. And then in terms of the mining that we’ll be doing for the next five years. So is it part of the SPV or subsidiary or in standalone will be booking this renovation.
Unidentified Speaker
So we’ll be executing on the main PNC infratech holding main company. So this turnover will come directly on a standalone thing.
Vishal Periwal
Okay, got it. And maybe one last thing. I think though you did clarify on this pending AD that is there and you have given like you know based on the current timeline 1ad will be receiving this quarter and then remaining 3 in the next. So exactly the issue like you know are you seeing things getting sorted now or any. Any color that can be provided or probably. I mean they are still. Things are still highly balanced between like we may get, we may not get. So if you can just clarify that.
Unidentified Speaker
No no situation has materially improved because we our team is at the site project sets. We know the the ground reality out of four projects one project the adequate length row has been acquired. So just we are waiting because the currently monsoon is very active in that area. Just we are waiting the monsoon to receive. So one project that is VRK6 will get the appointed it before end of the current quarter. Next quarter we receive the three. So there is a mark on the ground. It’s in in real position. The land acquisition process has been expedited and improved.
So we don’t see uncertainties in these projects.
Vishal Periwal
Okay. But I think we have for the 15 20% revenue growth thousand crore is expected from these couple of projects where AD is expected. But that’s. It’s. That will be steep ask, right? I mean given the project we will be acquiring. I mean like you know we’ll be starting and mobilization advancing and you know six months generally take time for a pickup.
Unidentified Speaker
So I mean for these three projects since all these four projects we received the letter of award and also signed the concession agreement Long back our site establishments already we put it there. We stacked our materials and also we positioned our plant and machinery. Everything is ready. So with the current position. So the once the appointed date is declared so we’ll be able to start in full swing. It is not like that. Then further will require some lead time or anything. So we in full swing we’ll start at all these four projects. So on an optimistic side, we are expecting around an aggregate development thousand crores from these four projects.
See that also will depend upon the date of declaration of appointed. Whether we will get it beginning of the quarter or at the end of the quarter. But our we are fully ready because we got a sufficient time for mobilization. So we adequately mobilized and were positioned the men material and machinery over there. So we should able to start these projects in full swing and achieve the focus.
Vishal Periwal
Okay. Sure. Sure. I think that’s pretty helpful, sir. Explaining all the questions. Thank you very much.
operator
Thank you. The next question comes from the line of Shavansha with Dolat Capital. Please go ahead.
Shravan Shah
Hi sir. Sir, can. Can you give the. Now the balance sheet numbers are Inventory, trade, trade receivable, trade payable.
Unidentified Speaker
Just note down.
Shravan Shah
Yeah.
Unidentified Speaker
Inventory around 900 crore. Trade payable is 7. 750 crore.
Shravan Shah
750 crore. And trade receivables
Unidentified Speaker
trade receivables around 1900.
Shravan Shah
And out of that ham data is How much .
Unidentified Speaker
m data is 730 crore. Okay.
Shravan Shah
And the retention money is how much.
Unidentified Speaker
Money is around 180 crore.
Shravan Shah
180 crore. And unbilled revenue power would be how much.
Unidentified Speaker
UNWIELD around is 340g.
Shravan Shah
340. Okay, got it. So just a clarification. When we say this 2,957 cr coal mining order where we will be doing a 500 crore kind of a capex. And this will be kind of a depreciated over five years. Am I right? Yeah. So. So then if I look at. If I do the math this 3000 crore into a 12% kind of a number would be a 33340 crore kind of EBITDA and then a 25 tax is this 280 to 90 odd corrode. And versus we are spending a 500 crore capex. So actually we are doing a loss on that project.
Unidentified Speaker
No, no. Actually see for this project considering on a standalone basis whatever equipment we purchase it. So we are considering at a 5 years. But otherwise as per SLM it will not be completed in 5 years. Going forward if you get some other projects because Once we open this particular sector so the machinery can be redeployed from other projects also. And, and it’s not like that that we’ll be writing off this entire equipment in five years. So the reality will be using for the projects of a similar kind.
Shravan Shah
Okay, but still it seems it doesn’t make sense the kind of a capex we are doing maybe a max to max it seems kind of a 1% kind of a net profit margin that maybe we will be doing because ultimately this equipment has to be max to make 78 years. It should be be a kind of a return off if not in five years.
Unidentified Speaker
That is there critically. But let’s see that as. As we said that.
Shravan Shah
Yeah, yeah. No issues. Yeah, go ahead sir, please.
Unidentified Speaker
No, see this is not seen as a single project kind of a thing. Once we invested into this thing and enter. So we see we are looking at a long term kind of a perspective in this particular mining sector.
Shravan Shah
Okay. And sir you mentioned that we bidded for two mining projects which would be around 7,000 odd crore. Am I right?
Unidentified Speaker
Yes.
Shravan Shah
Okay. Okay. And this bonus on Hardoi 50 not crore that we will be receiving in this quarter.
Unidentified Speaker
Yeah. We are expecting this will be because this 14 point odd crores have been recommended by the field units and central energy headquarters. So we are expecting that.
Shravan Shah
Okay. And and sir this total if you can now summarize this monetization of 12 odd projects. So what is now left is Chalakaru Harrier where 114 crore equity is invested. So from that how much we will be expecting in terms of the equity value and if you can also now tell the total how much we will be receiving and against what how much we will we have invested and how much already we have cash received.
Unidentified Speaker
Yeah. This will update once the Telek will be closing in Q2. So once then then we consolidate the total thing and how much we have received. I think our valuation would be around the equity value should be around 200.
Shravan Shah
Okay. Okay, okay. 200 odd corrupt. So put together if. If I assume the 200 crore that receivable for the the previous Tennessee.
Unidentified Speaker
Consolidated we consolidate all the figures including Telek. Have you?
Shravan Shah
Yeah, it would be great. And lastly of standalone cash and bank balances versus March 682crore much is value as on June.
Unidentified Speaker
March standalone cash values March versus the 30th of June.
Shravan Shah
Yeah. So cash and bank which was 682 cr as on March.
Unidentified Speaker
600
Shravan Shah
682 was the value. Yeah, send them. Yes sir. Sir, standalone cash and bank balance as per reported balance sheet as on March was 682 odd crore. So as on June, how much is the value?
Unidentified Speaker
483 crore rupees.
Shravan Shah
483 crore. Okay. Okay. Thank you sir. All the best.
operator
Thank you. The next question comes from the line of Krish with Anandrati. Please go ahead.
Krish
Thank you for taking a question. Sir, could you please tell me how much Was received in 11 asset monetized?
Unidentified Speaker
Can you come again please?
Krish
How much was the. How much did receive 11 assets monetized?
Unidentified Speaker
We have received around. Around 22050 crore rupees. We have realized against the 11 assets.
Krish
Okay. And how much is in the subsidy of PNC insta holdings.
Unidentified Speaker
We have received. In PNC installing is around 1,100 crore rupees.
Krish
Okay. And how much of this money has been utilized and what are the cash standing at the end sin for holdings?
Unidentified Speaker
The outstanding cash in CNC holding is 2,020 600 crore rupees. .
Krish
Okay. And how much of the utility?
Unidentified Speaker
We did not utilize the money as yet.
Krish
Okay.
Unidentified Speaker
The money has invested in the investment portfolio.
Krish
Okay, that’s all for nice.
operator
Thank you. The next question comes from the line of Vasutev with Noah. Mark is great.
Vasudev Ganatra
Yeah, thank you for the follow up. So sir, for the solar project and the mining project, how is our working capital cycle different compared to the road project?
Unidentified Speaker
See as far as solar project is concerned, see we be floating in SPV for this implementation of this project. Project SPV which will be subsidiary of our parent company. So the working capital cycle may not be lengthier. And in case of coal project also they digitized and a lot of digitization has happened. And what we understand that the measurement, certification and building and their payment is quite expedited. There also don’t expect a longer working capital cycle. Working capital cycle. But anyhow they will pay on a. It’s a. Payments are made on a fortnightly basis. Because the quantum of work is large and the lot of digitization and lot of technology interventions have happened.
So there we’ll be getting payment. So there won’t be any longer working capital cycle for these two projects.
Vasudev Ganatra
Okay. And can you give the toll collection for the Kanpur highway project?
Unidentified Speaker
See Kanpur highway project ended. Concession period ended on the 20th of January 2025. So therefore you don’t have any toll figures for Q1 of FY26.
Vasudev Ganatra
Okay, sure.
operator
Thank you. As there are no further questions from the participants I now hand the conference over to the management for closing comments.
Yogesh Kumar Jain
Thank you everyone for your active participation in our earning call. In case of further queries, you may get in touch with the Strategic Growth Advisor, our investor relations advisors, or feel free to get in touch with us. Thank you very much.