PNC Infratech Limited (NSE: PNCINFRA) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Talluri Raghupati Rao — Director
Unidentified Speaker
Yogesh Kumar Jain — PNC Infratech Limited
Pankaj Agarwal — Vice President
Analysts:
Bhavin Modi — Analyst
Shravan Shah — Analyst
Vaibhav Shah — Analyst
Abhinav Nalawade — Analyst
Ketan Jain — Analyst
Deepashree Joshi — Analyst
Vasudev — Analyst
Vishal Periwal — Analyst
Balasubramanian — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to The PNC Infratech Ltd. Q3FY26 earnings conference call hosted by Anandrati Share and Stock Brokers Limited. This conference call may contain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve 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 an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Bhavin Modi from Anandhati. Thank you. And over to you sir.
Bhavin Modi — Analyst
Good afternoon ladies and gentlemen. On behalf of Anandrathi Institutional Equities I am pleased to welcome you all on the PNC Infratech Limited Q3FY26 earnings 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 the interactive Q and A session. Thank you and over to you sir.
Yogesh Kumar Jain — PNC Infratech Limited
Good afternoon everyone. On behalf of PNC Infatech Ltd. I extend a very warm welcome to everyone for joining us today on this call. Today I have with me Mr. T.R. rao, Director Infra, Mr. D.K. agarwal, CFO Mr. Pankaj Agrawal, BP Finance and Account and Strategic Growth Advisors, our Investors Relation Advisor. The financial results and investor presentation have been uploaded on the Stock Exchange and the company’s website for reference. Initially I would like to share key updates on the industry followed by operational development of the company and highlights of financial performance during the quarter ending 31st December 25th post which we will be happy to answer your questions.
Over the past two years, project awarding by MORTs including NHI remain muted with NHI awarding only 377 kilometer of new road projects in quarter three financial year 26 compared to around 504 kilometer in quarter three financial year 25. Even during the first nine months of financial year 26, new project awarding activity by both MORTH and NHI remained subdued consequent to very low awarding activity that persisted over the past two years. Around 5,800 and 5,000 kilometer roads constructed during financial year 25 and finance layer 26 respectively which are much lesser in comparison to earlier years through several new projects announced by NHI under epc, HEM and BOT formats with a strong bid pipeline of over rupees 1.5 lakh crore.
The same is not getting translate to awarding activity due to recurrent extension of bid due dates owing to either delay in securing necessary approvals or delay in acquisition of required land. However, in the Union budget for financial year 27, capital expenditure for core infrastructure development has gone up by nearly 9% 2 rupees 12.2 lakh crore underlining the government continued commitment and focus on infrastructure led economic growth being one of the key infrastructure sectors the the Ministry of Road Transport and Highway received a record allocation of rupees 3.09 lakh crore in union budget of financial year 27 which represents a year on year increase of 8%.
On the similar lines, NHI has been allocated rupees 1.87 lakh crore, a 10% increase over the previous year in the financial 27 budget. This funding is primarily aimed to supporting new IB development. The increased allocation to the roads and ivy sector looks not only encouraging but also would help all the stakeholders to achieve higher growth going forward. Taking a broader view India’s core infrastructure opportunity for private capital spending well beyond roads and highway sector to ports, logistics, power transmission, renewable energy, road base and water resources sectors rapidly in support of momentum Proposed Infrastructure Risk Guarantee Fund as announced in the Union budget is expected to reduce financing risk during the construction phase and and encourage active funding from lenders For Jalgivan mission the budget has provided an allocation of Rupees sixty seven thousand six hundred seventy crore for Financial year twenty seven.
In case the allocated fund are disbursed in timely manner to the state it would be part of, it would be of a great help to clear the long outstanding dues to contractors by respective states and expedite the progress for faster commissioning. With increased and sustained allocation, healthy project pipeline and diversified funding mechanism, the roads and highway sector is well positioned to move into its next phase of sustainable growth in line of government policies and allocation. It is expected that new projects are awarded quickly. Vacant row for execution of awarded project is provided timely for expedits execution and delivery of projects.
Now I will share the recent update on the company in quarter three financial year 26. PNC Infratech Limited Inc. New wholly owned subsidiary PLC Renewal Energy Private Limited to undertake and manage its renewal energy related operations. NHPC Solar plus BAS project which was awarded to the Company will be executed through a step down subsidiary. Now moving on to the operational and financial performance of the company. Out of the company’s 16 fund based project, one is bot torn project, two are bot annuity project and 13 are hem projects and aggregate bid project cost of 13 hemp project is over Rupees 14,800 crore.
Out of total 13 hemp projects, five projects achieved PCOD and COD, seven projects are under construction. One project of MPRTC achieved financial closure. Total equity investment requirement for the AHEM project is rupees17.44 crore. Till December 25, company already infused rupees11.10 crore equity in the remaining equity of rupees634 crore to be invested over the next two years. The internal accruals that would be generated over the next one to two years should be adequate to meet the above equity investment requirement. In addition, the company is currently executed 16 standalone EPC project for an aggregate contract value of over rupees eighteen thousand crore.
Now moving to our order book, as of 31st December 25th, the company unexecuted order book stands over rupees nineteen thousand crore. However, contract contribute highway contacts contribute 53% of total and executed order book while water, canal area development, railways and airport projects contribute around 32% and coal mining project contributes 15%. I am pleased to share with you that the company submitted two bids to the Ministry of Transport Ujbekistan as part of Overseas Business Development Andovers in road sector during this quarter. Now I would present standalone quarterly and nine month ended 12-31-2025. Standalone revenue for the third quarter of financial year 26 is rupees 1056 crore.
Standalone EBITDA for third quarter of financial at 26 is rupees 131 crore. Standalone EBITDA margin for the quarter is 12.4%. Standalone profit for the third quarter of financial year 28 is 77 crore. Standalone pet margin for the quarter is 7.26%. Standalone revenue for nine months of financial year 26 is rupees 3176 crore. Standalone EBITDA and EBITDA margin for nine months is rupees 408 and 12.84%. Standalone profit for nine months of financial at 26 is 200 and 44 crores and standalone paid margin for nine months of financial year 26 are 7.67%. Now moving on to the consolidated results console revenue for third quarter of financial year 26 is 1201 crore.
The console EBITDA for third quarter of financial at 26 stood at 239 crore. The EBITDA margin for quarter three financial year 26 is 19.91 crore. The console paid for the third quarter of finance 26 is rupees 77 crore. The paid margin for quarter three financial year 26 Is 6.3 6.39%. Console revenue for nine months of financial year 26 is 3751 crore. The console EBITDA is rupees 860 crores. And EBITDA margin is 22.91%. The console PAT for nine months financial at 26 is 724 crore. And PET margin is 19.29%. Our net worth as a standalone basis as on 31st December 2025 is rupees 5710 crores.
Where the standalone debt from the banks financial institution and inter Corporate deposit is Rupees 1106 crore. This translates to net debt to equity of 0.19 times. The total cash and bank balance including current investment is rupees 1299 crore. Our network on console basis as on 31st december 25 is rupees 6704 crores. Whereas total debt is rupees 5478 crores. This translates to net debt to equity of 0.82 times. The total cash and bank balance including current investment is rupees 27. 45 crore. With this we now open the floor for question answer. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone ask a question star and one on the touchstone telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use hand touch 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 Sriramansha from Daulat Capital please. Word?
Shravan Shah
Yeah, thank you sir, A couple of questions from my side. So also we’ll need the order book, breakup and balance it numbers but that will be the last. So first on the. On the order inflow and on the pipeline front. So you mentioned that you have submitted two bids overseas. If you can specify where and how much, how much is the value and why are now we looking at overseas business.
Talluri Raghupati Rao
See we submitted two beads in the Uzbekistan. These are the road bids akin to what the road projects what we undertake say two lane road projects in Uzbekistan. So we submitted because we find that there is a synergy with our activities what we are doing in the country, particularly in the road sector and we have adequate inventory of the Equipment which are meant for the road sector. See, this is part of our Warsaw business opportunity endeavors we submitted. This would be around international kind of Indian equivalent. Indian would be around 50, 1500 course both put together.
These are the funded projects funded by government of Uzbekistan. So there is no investment.
Shravan Shah
Okay.
Talluri Raghupati Rao
With the multilateral funding by adb.
Shravan Shah
Okay, got it. But do we now have a kind of a strategy that we will keep on looking at other countries also?
Talluri Raghupati Rao
Yes, yes, we are looking at other. Countries if the right opportunities are coming into our way.
Shravan Shah
Okay, got it. Now in India how much value of updates that we have submitted which is which are yet to be open and how much more now are planning in terms of the pipeline to be bidded before March and maybe beyond that. Also if you can specify sector wise. Also
Talluri Raghupati Rao
as of now in India, including. Those two Uzbekistan projects, we have submitted 33 bids for an aggregate value of around 28,700 estimated cost. These bits we submitted during the last two one and a half quarter. And these 33 bits comprising 22 EPC bits, seven HAM bids and four TBCB bids for renewable energy projects. So this value of around 28,700 apart from we identified a bidding opportunities over 80 bidding opportunities across the sectors for a value of over 1 20,000 crores. If these bids are currently scheduled for the receipt of bids by latest by 31st March but may extend into the first quarter of FY27.
So these are the 1.2 lakhs worth of bits and what we are pursuing.
Shravan Shah
And out of this how much would be 1.2 lakh? How much would be the NHI and similarly for India how much would be the NHIS?
Talluri Raghupati Rao
See for department value bifurcated readily. Otherwise these bits are 12 EPC bits for NHA MoRTH and other road projects and 6 EPC bits for railway projects. 7 EPC bits for airport projects for 6 HAM bids primarily of NHA.
Yogesh Kumar Jain
70,000. More than 70,000.
Talluri Raghupati Rao
More than 70 thousand toes NHA and 4 DBA 40 toll projects. Of course that’s also NHA and other projects.
Shravan Shah
Okay, got it. So sir, now how we look at the revenue? Because in nine months we are already kind of a 20 to 23% decline. Last time we said that we are looking at kind of a 5% for the full year. So just wanted to understand in the fourth quarter how much can we look at 13, 1400 crore kind of a revenue is possible at standalone level and then on that low base how one can look at FY27 and 28 and also at the same time you can specify now how much more in terms of the order inflow that we are looking to by March.
Talluri Raghupati Rao
See, I’m coming from the last question in case of order inflow. Since we had already submitted bids for more than 28,000 and also we are going to submit bids for few thousands before the end of the current financial year. We expect a further order flow of inflow of around 6,000 crores this year. So totaling to total totaling to 12,000 crores in the current financial year. That is order book side as there is a decline of around 22.5% in comparison to FY 29 months of FY 25 income to the current nine months of this quarter this year.
But we expect robust execution during the fourth quarter because three of our projects appointed dates have been declared and going in full swing. That is the Varanasi Calcutta packages EPC and also after a long spell of monsoon and flooding and other things the projects of Maharashtra also now they geared up and coal project also we are compassionate and almost six new projects EPC projects execution we commenced during the quarter three that includes airport project of Varanasi. Then Bharatpur flyover whole project and three ham projects of nha. So with this kind of thing we are expecting revenue say up to 5000 which will translate into 10% decline when compared to FY25.
Shravan Shah
Okay. So we are kind of looking at 171800 crore kind of a revenue in the fourth quarter.
Talluri Raghupati Rao
Yes, 17 to 1800 crores revenue and 5000 crores. And with a base of 5000 crores we are expecting a increase of 25% in FY27. And FY28 will going forward in the next quarter will be kind of a more clarity we’ll have then FY28 will share later.
Shravan Shah
Yeah. And now sir, couple of balance sheet data points if you can say so first on the inventory data spread payable and then retention unbilled mobilization and data slaughter data.
Talluri Raghupati Rao
Can you come back again? We’ll let other people think and in the meantime we’ll compare the things and. We’Ll keep it ready.
Shravan Shah
Yeah, yeah. And on the margin front it would be the similar that what we are guiding kind of a 12 and a half, 13% that will be doable.
Yogesh Kumar Jain
Yeah. 12 to 12.5%.
Talluri Raghupati Rao
Yeah, yeah. 12 to 12.5%.
operator
Thank you. The next question comes from the line of Webhav Shah from JM Financial. Please go ahead.
Vaibhav Shah
Yeah. Earlier we were targeting closer to 13 margins. We guided for two and a half of 13. So we are lowering the guidance now going forward.
Talluri Raghupati Rao
See because this year current year at the turnover is we are 10% decline in the turnover and the fixed overheads being the same. So this year we are having we are targeting of EBITDA of 12 to.
Vaibhav Shah
12.5% for 27
Talluri Raghupati Rao
27 also be in the. Same around 12.5% only as of now. So maybe during the first quarter we’ll relocate and we’ll share with you.
Vaibhav Shah
Okay. Secondly what would be our water receivables as of now and are there any improvement in payment? So when do you see this order almost 2600 crores getting completed?
Talluri Raghupati Rao
Sorry. See as of 31st December 2025 we have a build outstanding of 822 crores. Out of that we received 87 crores. During the month of December and January they started paying. So as of now as on date it is 735 crores is the build amount which is outstanding and we are expecting another 35 crores remittance during the current current month. And then by 1st of March it would be around 700 course will be outstanding which we are expecting substantial amounted before the end of March. See the government continuing the program and already allocated 67,000 odd crores for the current for the FY27.
And during the our interaction with the Finance Minister as well as the State Chief Minister we requested for the release of funds so that the projects are which are in advanced stage of completion can be commissioned and put into point of stage. So we are we are expecting that these outstandings also will be cleared during the first hour during the first half of next financial year and then we move ahead with regard to seeing as of now around 2000 crores worth of project to be completed. So expecting FY27 will complete around 60% of that and remaining in FY28.
Vaibhav Shah
Okay sir. In terms of Q4 we see some improvement in the water exhaustion as well. It will be similar to the quarter end of this first nine months.
Talluri Raghupati Rao
Q4 also will be the similar what is there in the first three months because now funds are slowly coming so we are removalizing the people and all. So it will be in the same kind or otherwise there will be some marginal increase.
Vaibhav Shah
And beyond this 822crore what is the build part? What will be the unbuilt part in the water?
Talluri Raghupati Rao
Whatever WIP apart from 822 crores around 100150 crores will be WAP which you are not doing.
Vaibhav Shah
Okay. The lastly on Capex what you have done nine months and target for 26 and 27.
Pankaj Agarwal
The total capex which were earlier reported that total required capex is 400 crore rupees on company basis. Out of that up to December we have capitalized 125crore rupees. And the balance will be in the quarter is in this quarter.
Vaibhav Shah
So you maintain 400 number for 26.
Pankaj Agarwal
Yes. Yes.
Vaibhav Shah
And for 27.
Pankaj Agarwal
Around 150 crore rupees.
Vaibhav Shah
Okay. Okay.
Pankaj Agarwal
It will active ad on the ham project. When do we expect.
Talluri Raghupati Rao
Only Bhopal Pas. We are expecting in the first quarter.
Vaibhav Shah
Okay. Okay. Thank you sir. Those are my patience.
Talluri Raghupati Rao
Thank you.
operator
Thank you. The next question comes from the line of AB from ICICI securities. Please go ahead.
Abhinav Nalawade
Yeah, so thanks for the opportunity. My first question is with the appointed date received for the three packages of prk. Is it fair to assume that the execution worth around 15 billion will be done in the next 12 months from these three projects?
Talluri Raghupati Rao
15 billion would be slightly on this thing. But already we executed 100 crores of work in the three projects combined in Q3. And we are expecting another 300 crores 3 billions of work in the Q4. And next year it would be around it say 1200 to 1500.
Abhinav Nalawade
That will be around. Around 12 billion in the next 12 months. Right?
Talluri Raghupati Rao
You can say next billion. 12 billion in the next 12 months. Because these projects are having a completion period of 2 years. Okay. Totally 3006 crores is the total VPC value and which is to be completed in 24 months. So that that kind of things there. But what happens initially there will be low value work. As we move ahead. When we reach the top for of the crust and other items there’ll be higher value works like bitterness works.
Abhinav Nalawade
Understood. So second question is for the operational HAM assets. Are we in talk to monetize those in in the near term?
Talluri Raghupati Rao
No. No.
Abhinav Nalawade
Hello sir.
operator
Ladies and gentlemen, the line for the management has been disconnected. Please wait while we reconnect them. Thank you. Ladies and gentlemen, thank you for patiently holding. The management line has been reconnected. Thank you. So you may proceed.
Talluri Raghupati Rao
Yeah. Regarding the divestment of assets ham assets which are under implementation. So we are evaluating all the options. The some investors are approaching us and we are looking at other options also. But as I said, our primary focus as of now is to achieve the PCOD for the four projects here we expect to receive the pcod in the Q4 and the Q1 of this financial year. So going forward we will share the details because we are evaluating all the operational.
Abhinav Nalawade
Hello. Yeah, thank you sir.
operator
Those are my questions. Thank you. The next question comes from the line of Bhavin Modi from Anandrati. Please go ahead.
Bhavin Modi
Yeah. Thank you sir for providing the opportunity. So my first question is. So the. The last quarter the order book was something around 20,000 crore. And now it has gone down to 19,346 crore. So around the change in the order book is 700 you know, 750 crore something. Whereas our revenue is around you know, 1100 crore. So there’s a gap of something around you know, 300 crore. So does our revenue include any you know, one time arbitration income, you know or any proceeds from the, you know, hold back amount from the monetization?
Pankaj Agarwal
Actually the revenue includes the some maintenance project revenue as well as the price escalation and sus works also. That’s why you find the the difference between the two order book is 750crore rupees. But in addition to that the work is received, revenue is received on this field also.
Bhavin Modi
So sir, so, so have we, so this quarter we not received any arbitration income or like that, right sir?
Pankaj Agarwal
No, no, no, no. Received in this quarter.
Bhavin Modi
And what about the holdback amount? You know there was some, you know, 200cr holdback amount for the tan ham assets, you know that we sold.
Pankaj Agarwal
In the monetization, monetization process around 200cr was hold back out of that we have received around 42cr rupees on this account.
Bhavin Modi
Did we receive this quarter 42cr or it was last quarter?
Pankaj Agarwal
Last quarter. Quarter. Two.
Bhavin Modi
Okay. Quarter. Okay. The second is what is the you. Know, status of the CCO orders?
Yogesh Kumar Jain
So we cannot discuss.
Bhavin Modi
Okay. So third thing we have been lately seeing even in the, you know, when the nhr more tenders are getting opened there is still you know, aggressiveness, you know, in terms of the, you know, the number of bidders which are there, you know there are almost like 20 to 25 bidders, you know, even after, you know, the NHAI, you know made the stringent network criteria. So how do you see, you know, as a competition intensity going forward?
Talluri Raghupati Rao
See now NHA has introduced that depletion network criteria for the bid. It’s a stringent criteria. Agree. But now the project since the no major projects awarded in terms of number as well as quantum. So that depletion will start when the awarding activities are picked up. So as awarding activities increases this number of bidders whose network is limited, they will get depleted and they may not able to bid for the new projects going forward. Competition is expected to be reduced.
Bhavin Modi
Okay.
Talluri Raghupati Rao
There is a robust pipeline. But as our managing director mentioned though there is a robust pipeline of projects. The awarding activity is very slow, as you say. As you see the recurrently they shifting the bid due dates and even after even further lab either for the internal approvals from the central government or due to the non availability of the minimum required land.
Bhavin Modi
Understood, sir.
Yogesh Kumar Jain
Now, now you can say competition in. Ham in the moderate condition and EPC is very high.
Bhavin Modi
Okay, Understood, sir. Next question is when I see order book in case of the, you know, coal, you know, order book. There hasn’t been any change, you know, in terms of the unexecuted value. So last did we, you know, execute anything last quarter?
Talluri Raghupati Rao
The last quarter we are not though we have executed some removal of overburdened quantities. But the billing is possible only once we extract the code. So during the Q3 we have not built anything. But in Q4, in January, we already executed a hundred course worth of project, 100 worth of work.
Bhavin Modi
And that will be led to the client, right?
Talluri Raghupati Rao
Yeah, we’ll build it to the client.
Bhavin Modi
And so how much amount did we executed in case of a renewable. The BHS project.
Talluri Raghupati Rao
The BSS project. We are in the final stage of identifying the land and executing the land lease and other kind of agreements. We identify the two locations across two states. We are going to finalize one of them and then accordingly. Then we will finalize the land lease and other kind of agreement connectivity things. Then we’ll start physical execution of the project maybe from the second quarter of FY27.
Bhavin Modi
Okay. Okay. Understood. Yeah. Thank you, sir.
operator
Thank you. The next question comes from the line of Ketanjean from Aventus Park. Please go ahead.
Ketan Jain
Thank you. Good afternoon, sir. As you mentioned, the awarding activity has slowed down. You’ve mentioned a number. 377km versus 500km here on here. What would be this number for nine months? And how much do you expect to get awarded in
Talluri Raghupati Rao
See exactly nine month figure precisely is not available on the publicly available data. But previous year they awarded 12. I’m talking about FY24. They awarded around 12,000 kilometers of new projects. See now our vendor awardee service reduce. Consequently, construction is also reduced.
Ketan Jain
Correct.
Talluri Raghupati Rao
So exact figures, whatever is available on the everybody available to everybody in the public domain. Only we’re finding out figures will share offline will share.
Ketan Jain
Okay. Do you expect these land acquisition hurdles delays to get done for this in the next two months? February and March.
Talluri Raghupati Rao
We hope so. Because the land being a state subject, NHA is Also struggling to get the minimum land and removal of obstructions. But now they’re streamlining the process. Compensation, distribution, everything. Now they made it digital. We expect land acquisition that will be speed enough.
Ketan Jain
Okay. Okay. But it still remains uncertain. My other questions are answered. Thank you.
operator
Thank you. The next question comes from the line of deeper. Sri Joshi from Ambit Capital. Please go ahead.
Deepashree Joshi
Hello. Sir, I wanted to understand. Under Pune Ring road and the Jalana Day project, how much do you expect to execute in Q4 for those two?
Talluri Raghupati Rao
In the Pune Ring road project we are expecting 240 crores in Q4 and in Jalan Anded project we are expecting 300 crores in Q4.
Deepashree Joshi
Okay, got it. And for the canal project, Sri Shailam Canal project, how much did you execute in 3Q and how much do you expect to execute in 4Q3?
Talluri Raghupati Rao
Practically you could not execute because the water is standing in the canal system for the irrigation purpose and the because of the high rainfall in the catchment area. However, in Q4 we expect to execute around 25 crores worth of thing.
Deepashree Joshi
Okay, got it. And on the equity investment trend you mentioned that 634 is yet to be invested. Now that is for total in totality or can you give the breakup between what you’re investing road and what you’d invest for the Bess project?
operator
Ladies and gentlemen, the line for the management has been disconnected. Please wait while we reconnect them. Thank you. Ladies and gentlemen, the line for the management has been reconnected. Thank you for patiently holding.
Talluri Raghupati Rao
We are coming back to S on canal. Canal project in Andhra Pradesh. In Q3 we executed 14 crores of work which is basically peripheral works and supporting works not the main canal works. In Q4 we expect 25 crores worth of work will be executed.
Deepashree Joshi
Okay, got it. And the equity requirement balance that you mentioned, does that include the Bess equity?
Talluri Raghupati Rao
No, that. That doesn’t include BSS equity.
Yogesh Kumar Jain
That is 400 crores.
Talluri Raghupati Rao
That would be around 400 crores.
Deepashree Joshi
Okay. And this one I think. What? What is the unbilled revenue for the road segment as on day.
Talluri Raghupati Rao
Order value?
Deepashree Joshi
Unbilled? Unbuild.
Talluri Raghupati Rao
It’s actually out of 1900 crore road segment. 1900 code. Uneducated utter. Road segment comes to around 53%.
Deepashree Joshi
What is the revenue?
Pankaj Agarwal
Just note down the annual revenue for the road project is 140 crore. And EBC DBC amount is around 200cr.
Deepashree Joshi
Got it. Okay. Thanks. Yeah. Thank you sir. That’s all.
operator
Thank you. The next question comes from the line of Vasudev from Nuvama, please go ahead.
Vasudev
Yeah. Thank you for the opportunities. Sir, I just wanted to know how. Is our execution likely to ramp up in the mining in the solar projects? Like you know, what kind of revenues are we targeting in FY27 and 28 over here?
Talluri Raghupati Rao
As I mentioned, in case of mining project we expect around in the 100 cores in FY26 and 500 cores in FY27 and 600 cores in FY28.
Vasudev
Okay. And just for the solar project.
Talluri Raghupati Rao
See, solar project will be able to tell precisely once we start commission, we start the execution. But tentatively we expect a thousand crore. Revenue in FY27 which is nearly 50% of the total EPC value of the solar project. Solar composite.
Vasudev
Okay. Sure sir. And on the irrigation front, you know. When do we expect to complete this project altogether?
Talluri Raghupati Rao
See irrigation will take time because see we are getting only five months working. Period in any year. So seven months we are not able to do any work over there because of the water is left into the canal system. So we the execution will go up to FY28.
Vasudev
Okay. Sure sir. And can you just help me with the toll collection numbers for this quarter?
Pankaj Agarwal
Just note down the toll numbers. For MP IVS. It is 10.79 crore. For average on is 32.16 crore.
Talluri Raghupati Rao
It’s a basically annuity project.
Vasudev
Yeah.
Pankaj Agarwal
He’s asking only tolls.
Vasudev
Okay. And the Narella project, Sir,
Pankaj Agarwal
Narella project is 3.82 crore.
Vasudev
Sure sir. And just sir, one confirmation of the standalone cache. Can you just repeat that number please?
Pankaj Agarwal
It’s 12. 1299 crore rupees.
Vasudev
Okay, this is this number. Last quarter was about 373 crores. And this quarter it’s 1299. There’s been a quite bigger jump.
Pankaj Agarwal
In last quarter. Actually this amount includes the proceeds received from the kkr.
Vasudev
Okay. We’ve received that amount in this quarter. So that’s it from my side.
operator
Thank you. The next question comes from the line of Shravanshah from Dalat Capital. Please go ahead.
Shravan Shah
Yes sir. All the balance sheet numbers are inventory data. Straight payable retention money, mobilization hand dittos.
Pankaj Agarwal
Just note down.
Shravan Shah
Yeah.
Pankaj Agarwal
The total inventory as on 31st December is 750 rupees.
Shravan Shah
Yes.
Pankaj Agarwal
Address is 1898 crore rupees.
Shravan Shah
1898.
Pankaj Agarwal
Yes. 181898.
Shravan Shah
Okay. Trade paper.
Pankaj Agarwal
Trade paper is 743cr rupees.
Shravan Shah
Retention money.
Pankaj Agarwal
Retention money is 219cr rupees.
Shravan Shah
Okay. And total unbilled you we mentioned 140 plus 200 that is a 340 odd cr.
Pankaj Agarwal
348. 340. It’s around 440 crore rupees.
Shravan Shah
440. Okay. And mobilization.
Pankaj Agarwal
Mobilization. 170 crore rupees.
Shravan Shah
170. And HAM data.
Pankaj Agarwal
470 crore rupees.
Shravan Shah
470. Okay. And. The equity that to be invested in the fourth quarter and the FY27.
Pankaj Agarwal
Would be the total equity which is. To be infused in that in this year and next year is 634 crore rupees.
Shravan Shah
Yeah. But in fourth quarter how much we will invest on in FY27
Pankaj Agarwal
we expect. Around 100 will be infused in this quarter.
Shravan Shah
Okay. And in FR27.
Pankaj Agarwal
It’S around 500 crore.
Shravan Shah
500 crore. Okay. Okay. Got it. And just a couple of outstanding order book as on December. So this irrigation sir has mentioned I think 15 or 15 crore. So it the outstanding is. Is now 8.05 odd crow.
Pankaj Agarwal
815 crore.
Shravan Shah
815 crore. And this Sonali Korapur.
Pankaj Agarwal
Sonali Korapur is 175 crore.
Shravan Shah
75. And Akal quote package 2.
Pankaj Agarwal
418 crore.
Shravan Shah
And Haryana orbit rail.
Pankaj Agarwal
Orbit rate is 450.
Shravan Shah
And elevated corridor flyover in Gwalia city.
Pankaj Agarwal
580 crore.
Shravan Shah
580 crore. And Hirada’s cha chora will be the similar. 240 crore.
Pankaj Agarwal
Yes. That will be the same.
Shravan Shah
And Varanac also 297 crore. Same.
Pankaj Agarwal
Yes. Yes. Yes.
Shravan Shah
And this Bess 2000 crore. When will start putting in in the order book.
Talluri Raghupati Rao
From in Q2 of FY27.
Shravan Shah
Okay. And both the Kanur L packages has been over in terms of order book. Now has it become zero?
Yogesh Kumar Jain
It is almost over.
Talluri Raghupati Rao
Almost over. I think. So 60 to 70 road is to be built.
Shravan Shah
Okay. Okay. Got it. Got it. And this early completion bonus. 1400 odd crore. Will it be coming in the fourth quarter?
Yogesh Kumar Jain
We have received. We have received 16.69 crore in Harzoi. 16.69 crores in Harzoi and 513 crore in Pansy Maka.
Shravan Shah
Okay. So this entire will be part of revenue and part of EBITDA for this quarter. Third quarter.
Talluri Raghupati Rao
Yes.
Shravan Shah
Okay. Okay. Okay. Got it. And this project 420 crore. So have you received the appointed date?
Yogesh Kumar Jain
We will receive appointed date in this quarter.
Shravan Shah
Okay. In fourth quarter. Okay. Okay. Okay. You got it sir. Yeah. That’s it. My side and thank you. And I hope we get the significant order info. Thank you. All the best.
operator
Thank you. The next question Comes from the line of Vishal Periwal from PL Capital. Please go ahead.
Vishal Periwal
Yes, thanks for the opportunity sir. In the console cash balance of almost 2,700 odd crore. So what is our own cash in this?
Unidentified Speaker
This is pure own cash.
Vishal Periwal
Okay, so no.
Unidentified Speaker
Basically anything to do with the debt which is there and then similarly which is there in the exercise side is a cash. So. Sorry, can you repeat?
Vishal Periwal
Okay, so no. Yeah, so no. My question is the 2,700 odd crores of cash balance in a consolidated account that we have. Can we say it is. It is completely our own cash. It’s not related to the debt that we have raised and yet to be deployed in the. In any of the project.
Talluri Raghupati Rao
Completely, completely one fund.
Vishal Periwal
Okay. Okay. Okay. So. So standalone when we have 13 and out crores and console is 27. So meaning there are certain subsidiaries where the cash is lying in the books or how exactly it is getting accounted.
Pankaj Agarwal
This balance is having in the subsidiary companies. One is the older company and the rest is other subsidies company.
Vishal Periwal
Okay, sure, sure. I think this is all that I have. Thank you very much.
operator
Thank you. The next question comes from the line of web of Shah from JM Financial. Please go ahead.
Vaibhav Shah
So what revenue are we targeting from the irrigation order? See for 27 and 28
Talluri Raghupati Rao
27150 crores. We are expecting in 27 and 28 would be expecting around 200 to 250 crores.
Vaibhav Shah
How about you indicated that we are targeting to complete the order in FY28 and outstanding movies are roughly 800 crore. So how is this possible?
Talluri Raghupati Rao
See actually say this mainly comprising two parts. One is the main canal and the then the subsidiary canal. The in the branch canal there are certain issues. As of now the whatever the funds available. Based on that we are talking about around 400 to 450 crores as funds clear. Then we’ll revisit the FY28 target.
Vaibhav Shah
Then what is the offshore receivables from the project?
Talluri Raghupati Rao
Simple, from the project is around.
Yogesh Kumar Jain
Around 110 170cr. During this year.
Vaibhav Shah
So we won this project in FY21 and almost now 5 odd years and no major execution has happened. So how do you see this? So even margins would have been impacted or was there escalation in the project. So how are we looking at this project? Because even after seven years in FY28 we won’t be completing the half of the value of the entire project.
Talluri Raghupati Rao
No. As of now more than nearly 400 course worth of ND of work completed. We are targeting another 450 to around 450 in the next two financial year. By the time 75% of the project would have been completed. There is escalation provision in the contract. But not for the whole work but for the fuel, steel and cement. The escalation provision is there. Yes, it is delayed. They extended the contract period up to 2026. The further extension they’re considering.
Vaibhav Shah
Current payments. We have seen it was roughly around 100 crores outstanding and now it is exist to 170 odd crores. So other payments stuck or there is some movement.
Talluri Raghupati Rao
There is movement more than 220 crores we already received which was otherwise struck during the past two two and a half years. We started receiving the funds from the after change of government from the last financial year. We are also somewhat aligning the progress with the receipt of funds. Also the funds availability and the funds allocated for this project. That’s the thing. And we expect another 40 to 50 crores of payments before end of the current financial year. And going forward we expect to really release the balance amount in the next financial year.
Vaibhav Shah
Okay. Okay. And then lastly on the cash
operator
we. Request you to return the question queue for the follow up question.
Vaibhav Shah
Okay, thank you.
operator
A request to all participants. Please restrict your question to one per participants. For more questions please rejoin the queue. The next question comes from the line of Bala Subramanian from Ariant Capital. Please go ahead.
Balasubramanian
Good evening sir. Thank you so much for the opportunities. Solar project with NHPC is valued nearly 2000 crore. And the mining project 2957 crore. And what is the margin profile of these projects? And. And I just want to understand what. Is that our we have bidded for 28,000 crore. And I just want to understand our bidding is majorly focused on diversifying into like beyond roads like water, renewables and minings over the next three to five years. So how this mix looks like after three to five years. Thank you sir.
Talluri Raghupati Rao
We are expecting a margin of 9% PBT. 9% PBT we are expecting in the. Solar project because it’s a fund based. Project at a equity level we’ll be having a equity IRR again will have a execution margin. So once we finalize the final designs and finalization of the financial project will be able to share you more clarity. And with regard to pouring into other sectors, roads and highway sectors will continue to be our key focus area and key focus sector. And at the same time we are looking opportunities in railways, metro rail, water transmission lines, renewable energies. So we maybe next to two to three years it would be a 50, 50 kind of a thing. Highways will have a 50%.
Around 50% and the other sectors will be around 50%. The further we’ll able to see that how things will unfold where more projects will able to secure with a decent watches.
Balasubramanian
Got it, sir. Thank you.
operator
Thank you. Ladies and gentlemen. That was the last question for today. I now hand the conference over to the management for closing comments. Thank you. And over to you sir.
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.
operator
Thank you. On behalf of PNC Infratech limited that concludes this conference. Thank you for joining us. And you may now disconnect your line. Thank you.