Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
PNC Infratech Limited (NSE: PNCINFRA) Q4 2026 Earnings Call dated May. 20, 2026
Corporate Participants:
Yogesh Kumar Jain — Managing Director
Analysts:
Sudeep Bora — Analyst
Unidentified Participant
Shravan Shah — Analyst
Bhavin Modi — Analyst
Vasudev — Analyst
Presentation:
Operator
Ladies and gentlemen. Good day and welcome to PNC Infratech Limited Q4FY26 earnings conference call hosted by Ambit Capital Private Limited. 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 the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. Please note this conference call may contain forward looking statements about the company which are based on the belief, opinions and expectations of the company as on date of this call.
These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. I now hand the conference over to Mr. Sudeep Bora from Ambit Capital. Thank you. And over to you.
Sudeep Bora — Analyst
Good afternoon ladies and gentlemen. On behalf of Ambit Capital, I’m pleased to welcome you all on The PNC Inflatec Ltd. Q4FY26 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 interactive Q and A session. Thank you and over to you sir.
Yogesh Kumar Jain — Managing Director
Good afternoon everyone. On behalf of PNC Infatech Ltd. I extend a warm welcome to everyone for joining us today on this call. Today I have with me Mr. T.R. Rao, Director INFRA and Mr. Panka Jagarwal, Vice President, Finance and Account and Strategic Growth Advisors, our Investor Relations Advisors. The financial results and investor presentation have been uploaded on the stock exchanges and company’s website for your reference. I would first like to share the key development across the industry with you followed by operational updates of the company and highlights of financial performance during the quarter and full year ended 31st March 2026.
Post which we will be happy to answer your questions. Financial year 26 witnessed a missed outcome for the highway sector. While awarding activity continued to be subdued during the year, execution activities remained satisfactory for the given order backlog. With NHI constructing over 5,300 km of this highway during the year, awarding activity by National Highway Authority of India stood at 3124 kilometer aggregate length more than 30% below the targeted length of 4500 kilometers. The subdued awarding activity over the past three years largely caused by persistent delay in acquisition of land, extended project appraisal and approval timelines and delay in finalizing of Bible and bank limit project structure under DVF 40 tone model union budget for financial act 27 reflect the government commitment to faster infrastructure development.
Capital expenditure for the road sector has been budgeted at approximately 2.9 trillion for financial year 27 representing an increase of around 8% over the previous year. With increased focus on expressways, access control, greenfield alignment including 4 and 6 land economic corridors, the expansion in land kilometers is expected to remain healthy reflecting government’s continued emphasis on building larger and more extensively highway infrastructure network in the coming years. Against this backdrop, we remain hopeful that project approval and land acquisition process will accelerate resulting in improved awarding momentum which will translate into wider bidding opportunities and a stronger pipeline for the key players in highway sector particularly in fund based mandates such as ham and bot toad.
New opportunities have been rapidly emerging across core infrastructure segment including renewable energy and storage, power transmission, water supply and irrigation and other sectors. India target of achieving 500 gigawatt non fudge fuel capacity by 2030 coupled with critical requirement of battery energy storage system to bridge the gap between intermittent renewable energy generation and countries rapidly growing peak power demand provides a large number of sustained business opportunity in this sector.
India’s power transmission sector is entering a high growth phase driven by the rapid expansion of renewal energy and acute need of augmentation and strengthening of national grid. Both central and state governments are heavily investing in new intra and interstate transmission networks and grid modernization projects including setting up of large number of high capacity service stations across geography. Water infrastructure segment in both drinking water and irrigation spaces continue to provide significant opportunities on both EPC and PPP modes supported by government flagship Jaljeevan mission which has been extended till 2028 and water resource management projects being initiated by states with emerging opportunities across railways, metro rail, airports, ports, logistics, mining, road base and urban development sectors.
India’s infrastructure opportunities landscape is set to expand in a big way beyond traditional routes and highway sectors. Opportunities in these diverse sectors are expected to generate a sustained project pipeline over the coming year for infrastructure companies with healthy financials, strong execution capabilities and a proven track record. Towards the end of financial year 26, geopolitical tension in the best Asia led to volatility in global crude oil price and logistic cost resulting in higher input costs particularly bitumen fuel and logistics.
Ministry of Road Transport and Highways introduced cost escalation compensation mechanism for national highway project executed on EPC. Have PVMC modes payable from 1st April 2026 and reduced price adjustment cycle from 3 months to 1 month to address the adverse impact due to steep increase in bitumen prices. These measures are expected to provide some relief margin pressures faced by the highway construction and development firms to such an extent. Now coming to the recent updates on the company in March 26th the company successfully completed the sale of its equity stack in PNC Cherry Harry Highway Private Limited to Vertis Infrastructure.
This transaction marked the completion of the final trench of the strategic Travel divestment of 12 assets announced in January 24th. In April 26th the company emerged as the lowest bidder for two hemp projects of National Ivy Authority of India in Uttar Pradesh with a combined bid project cost of 3483 crore. In May 26 the company was declared in in the L1 bidder for an EPC project of Lucknow Development Authority for the construction of 4Land flyover on bank of Gobti river in Daknam. The quoted bid value for the project is around rupees 2,200 crore.
In May 26 company received a letter of acceptance from Pradesh Uttar Pradesh State Bridge Corporation Limited for an EPC bridge project of value rupees fifty 559 crore 559 crore in joint venture. In May 26th company received provisional completion PCOD for Priyagraj Kosambi package third hemp project of MOR. The project was deliver fit for commercial operation effective from 31st March 26th. On 12th May 2026 the company entered into a one time settlement agreement with NHI regarding Agra Bypass EPC project arbitration award under the Biwasi Biswas third scheme for an amount of rupees 235 crore payable by NHI to the company.
Moving on to the operational and financial performance of the company, the company 15 fund based project portfolio comprising one beauty toll project, two bot annuity project and 14 hemp projects. Aggregate bid project cost of 14 hemp project is over rupees 17,200 crore. Out of total 14 hemp projects, five projects achieved PCOD and COD. Six projects are under construction. One project of MPIDC achieved financial closure two project in which company stands L1 bidder LOI are expected shortly. Total equity investment requirement for the Hemp project is rupees 16.23crore excluding two hand projects for which LOA are yet to be received.
Till March 26, company already infused rupees 1081 crore and the remaining equity of rupees 542 crore to be invested over the next two years. The internal accruals that would be generated over the next two to three years should be adequate to meet the above equity investment requirement. Now moving on to our order book companies uneducated order book stands at over rupees 22,000 crore which includes the value of newly secured two hemp projects and two APC bridge projects. Highway contact contributes 62% of total uneducated order book while water, canal, area development, railway and airport contract contributes around 25% and coal mining contacts contribute 13%.
Now I would present the result for the quarter and year ended March 31, 202026 standalone revenue for the.
Operator
Ladies and gentlemen, we’ve lost the management connection. Request you to stay connected please while we reconnect. Sadies and gentlemen, we have the management team back on the call so please go ahead.
Unidentified Participant
Yeah,
Yogesh Kumar Jain — Managing Director
I will continue. Now moving on to our order book companies uneducated order book stands at over rupees 22,000 crores which includes the value of newly secured two hemp projects and two APC bridge projects. Highway contributes 62% of total unexecuted order book while water, canal, area development, railway and airport contact contribute around 25% and coal mining contact contribute 13%. Now I would present the result of the quarter and year ended March 31, 2026. Standalone revenue for the fourth quarter of financial year 26 is Rupees 1458 crore and EBITDA for 4Q26 is Rupees 1, 175 crore.
Standalone EBITDA margin for the quarter is 12.02%. Standalone profit for the fourth quarter of financial year twenty six is Rupees 100 crore. Standalone pet margin for the quarter is 6.89%. Standard add on revenue for the financial year twenty six is Rupees 4633 crore. EBITDA for financial at twenty six is Rupees five hundred and eighty three crore. EBITDA margin for financial at twenty six is 12.58%. Profit for the financial at twenty six is Rupees three hundred and forty four crore. Standalone PAC margin for financial year twenty six is 7.43%.
Sudeep Bora — Analyst
Now moving on to the control
Yogesh Kumar Jain — Managing Director
Results. Consolidate revenue for the fourth quarter. Financial year 26 is rupees 11. 67 crore. Console EBITDA for fourth quarter of financial year 26 stood at rupees 277 crore. The EBITDA margin for quarter four financial at 26 is 17.14%. Pack for fourth quarter is rupees 108 crore packed for fourth quarter is 6.6% console revenue for financial year 26 is rupees 5368 crore. Console EBITDA is rupees 1137 crores. EBITDA margin for financial at 26 is 21.17% console PAT for final career 26 is rupees 832 crores.
The PET margin for finance layer 26 is 15.49%. On a standalone basis our network as on 31st March 26 is rupees 5811 crores. Where is a standalone debt from banks and financial institutions and interactions? Corporate deposit is Rupees 741 crores. This translates to net debt to equity 0.13 times. Total cash and bank balance including current investment is Rupees 1068 crores. Thus we have net surplus of Rupees 327 crores. As on 31st March 2026. Our on control basis our network as on 31st March 26th is Rupees 6813 crores.
Whereas total debt is Rupees 5151 crore. This translates to net debt to equity of 0.76 times. The total cash and bank balance including current investment is rupees 28. 56 crore. With this we now open the floor for question answer. Thank you.
Operator
Thank you very much. We will now begin the question and answer session. Participants who wish to ask a question may press 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 handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We will take our first question from the line of Shravan Shah from Daulat Capital. Please go ahead.
Questions and Answers:
Shravan Shah
Thank you. Sir. Sir, couple of questions. So sir first broadly one on the guidance part. So obviously the FY26 in Q4 was slightly lower versus what we were expecting 353400 odd crore kind of a lower number and we were looking at 25% kind of a growth for FY27 at standalone. So just wanted to know now given the order inflow is also there and how one can look at the revenue growth for FY27 and even possibly based on the current order book how one can look at the FY28 also and then the EBITDA margin also
Bhavin Modi
See the revenue what we achieved in FY26 because as you know that the four of our projects got delayed execution. Three of NHA projects and one of MPRDC projects of having a more than 4400 cores for which we executed our concession agreements way back in July 23rd and March 24th. This has resulted in lower turnover in FY26 than what we expected. And going by this turnover of 4433. 4633 crores. So we are looking for a guide. We are proposing a guidance of around 30% for FY27 and which will be around 6,000 crores top line and then for FY28 from there we are looking at another 25% guidance for FY28.
So that will roughly translate into 7,500 crores. The EBITDA will continue around 12% for both for FY27. So we’ll see the. What would be the EBITDA in FY28 going forward given the geopolitical tensions and the volatility in commodity prices.
Shravan Shah
Yeah, so that just to touch on that. So at least for in Q1 or maybe in Q2 we will do we see a kind of a risk on the margin and if. Yes, how much? Whatever the price increase has happened the crude related and then the steel and everything. So do we see anything and structurally also obviously we have escalation clause. But given the kind of a sharp increase, how much one can look at kind of a risk to the margin.
Bhavin Modi
See, certainly we cannot design. We cannot deny that there would not be any margin pressure. Margin pressure. Certainly there will be pressure on our margins given the current scenario. But as you said that Minister of Road Transport and NHA both came out with the compensation mechanism to cover the steep escalation in the prices of bitumen directly with the base rate from the first April, which should be mitigating some of the price rise to certain extent. Which will give some relief to the margin pressure.
But certainly there will be margin pressure would be there. But going forward, once this. Once these tensions are subdued and there is a stability in the commodity market. So we in Q3 and Q4 we should able to achieve the healthy margins and overall in FY27. So we’re looking still we are hopeful of achieving 12% EBITDA.
Shravan Shah
Yeah. Great. And so now on the inflow front. So two aspects. So what I understand is 3975 crore that we have already won in till now in FY27 plus 2000 crore solar that we have not included. So if I include that also so it is kind of a 5,000, 6,000 crore is already there with us now. So how much more are we looking at to back in this year and at the same time how much projects or the value of projects that we have bidded and bid is yet to be open?
Bhavin Modi
See we are expecting a overall new order book of around 15,000 crores in FY27 out of which we got 3957 new orders highway sector and as you said if you consider again order book from the renewable energy so it will be around 6,000 cores. So 9 to 10,000 cores. Further orders we are expecting in FY27. And regarding the bids what we had submitted, we submitted 15 EPC bids and one HAM bid which is around 14,000 crores which are to be opened. The price bids are to be opened maybe before end of this month and some bids should be open during the month of June.
So we are expecting see some projects from this 16,000, 14,000 crores where we already submit bids.
Shravan Shah
Okay. Lastly sir, a couple of balance sheet data points. If you can share the retention money unbilled revenue mobilization advance AM data, water debtors
Sudeep Bora
Just note down.
Shravan Shah
Yeah.
Sudeep Bora
Retention retention money is 264 crore.
Shravan Shah
Okay.
Sudeep Bora
Population advance is 155 crore.
Shravan Shah
Yeah.
Sudeep Bora
Total debtors is 1660 crore rupees. Out of that hemp tender debtor is 372 crore.
Shravan Shah
Okay.
Sudeep Bora
And water debtor is 868 crore.
Shravan Shah
And unbilled revenue would be how much? Sir
Sudeep Bora
Unbuilt revenue is 475 crore as of the 31st March 26th.
Shravan Shah
And then this equity 542 crore. So this I hope does not include the two ham project equity. What would be the broader one can take a 14 of the BPC that way. And this 542how much we will be investing for 27 and 28. And also the solar 400 odd crore that we need to invest how much in 27 and 28
Sudeep Bora
Out of 542 crore around 350 crore will be infused in current financial year 27 and the balance will be in financial year 28.
Shravan Shah
Okay. And for solar sir,
Sudeep Bora
Solar
Shravan Shah
BSS. I mean
Sudeep Bora
Actually the total equity requirement we have told earlier was for 400 crore rupees. Out of that approximately 120 crore will be infused in this financial year.
Shravan Shah
Oh okay. Got it. Sir, I have more questions. Come back in queue. All the best. Thank you and and good to see the breakup of the order book project wise in the presentation. Thanks.
Operator
Thank you. We’ll take our next question from the line of Jainam Shah from Equity Securities. Please go ahead.
Sudeep Bora
Yeah, hi, good afternoon. Hope I’m audible. Yes, please go ahead. The first question will be on the order inflow guidance. So we have guided for 15,000 order book out of each 4,000 odd number that we have already received balance for 11,000. Which specific segments will be targeting? Do you have anything in mind? Like routes would be this much, rest of the segment would be this much. Anything on that
Bhavin Modi
60 to 70% we are still targeting from the highway sector because NHA has declared that they are coming out with a large number of highway projects both on HAM and as well as BOT toll apart from the EPC. So 60 to 70% we are targeting from the highway sector and the remaining we are targeting from the non highway sector.
Sudeep Bora
Okay, and so the BOT tool that you told about. So we will be keen to bid for the beauty tool project as a direct contractor or it would be subcontractor to some MD who would have waited directly.
Bhavin Modi
No, no, we are getting directly we’ll be bidding directly as we are meeting the qualification criteria. But of course we subject to thorough due diligence including detailed staffing studies and viability analysis. We’ll see because the NHA is still working on the structure and very recently also they change some some of the parameters. So today also some discussion is going on in one of the BOT projects NHA proposed to be. So we’ll see but it will be direct video.
Sudeep Bora
So one thing on the top line. So if you see we are targeting 30 and 25% growth for next two years which will be leading to let’s say 7000cr plus revenue for us which was the case for us in let’s say a few years back 23 and 24 as well. I was reaching after reaching to that revenue somewhat you can see few of the infrastructure company who is mainly into the road generally faces the pressure from the order inflow and then there has been a decline which we have seen as well and other companies as well.
So how do we see other sectors, you will say ramping up for us the qualification criteria and going forward how do we see road as a total order book and of course the NHEI pipeline and the overall awarding has been deep over last few years. How do we see our company beyond let’s say 7000cr of top line which will be achieved in over next two years?
Bhavin Modi
See see NHA will continue to be the our focus client because see once this kind of there has been a very unhealthy competition for the last two to three years coupled with the low awarding activity by nha. So these two affected the our order inflow during the past two two and a half years and consequently the revenue also because there have been no major orders during the last three years from nha. So it affected our revenue also. But see other sectors are emerging. A lot of projects are coming in.
Railways and also also transmission and renewable energy including energy storage and also some projects are coming from area development and other things. We are looking at them. We are looking at them and we are pursuing those opportunities also. So that’s why we said that around 30 to 35% we are expecting the new orders from these things as we are pursuing these opportunities actively. Certainly that’s why we have given around 30% for the FY27 order book and then going forward 25% that is for FY28.
But certainly once this current geopolitical tensions are subsided, we’ll relocate it and we’ll share with you maybe sometime in the beginning of H2.
Sudeep Bora
Got it sir. So from the margin part, of course our majority of the revenue for this and last year was from the road segment. Going forward, let’s say other segments are going to have a better inflows and our focus will be also on that along with the road. So do we have any, you can say because we’ll be new to those segments. Will it get. Will it impact our overall margins at the standalone level or we continue to maintain 12% margin. That is because in roads we have been doing it since long the sectors would be new to us.
So will there be any risk of the margin with new segments contributing more and more to the revenue?
Bhavin Modi
See, we don’t see any kind of a cross subsidy kind of a thing in margin perspective. As you know that earlier we’re targeting a margin of 13 to 13.5% EBITDA margin in our portfolio. Now the guidance, what we are sharing with you is around 12% considering all the factors.
Operator
Ladies and gentlemen, we’ve lost the management connection. Please stay connected. Ladies and gentlemen we have the management team back on the call so please go ahead.
Bhavin Modi
See I’m continuing from where I left. See considering all the factors we don’t see because we are diversifying into other sectors that will impact the margins of the roads and highway sector. So we should able to achieve a margin of 12% EBITDA even with the mixed kind of mix we are foreseeing roads and non roads sectors.
Sudeep Bora
Got it sir. This last thing from my side on the Competition part you told that because of the lower awarding along with the competition, the order inflow has been muted. Are we seeing any change in the trend from the competition for the NHI and MOTH projects or the same thing has been continuing for let’s say latest projects which would have opened recently.
Bhavin Modi
See what we expect, what we see. The competition in the EPC segment will continue to be very sharp and very cutthroat. Kind of a competition will be there in epc. But nha, if you see the nhs, they came out with a list of projects they proposed to build out over the next one year. So majority of them are HAM and bot tool where we are seeing the lesser competition in compared to vpc. So since we are in a position to invest into these projects, either it’s a HAM or BOT tool with our healthy balance sheet and our investable capacity.
So we look forward to have a lesser competition in the HAM projects that too particularly the larger size HAM projects. So recently we won this 1700 two projects because there the you see the number of bidders are reduced and compared to earlier bidding earlier projects which are bid out. So we going forward we see lesser competition in the HAM segment as well as bot tool compared to UPC and the smaller side projects.
Sudeep Bora
Got it. So that’s it. From my side I find anything, I’ll join. Thank you. Thank you so much.
Operator
Thank you. Next question is from the line of Jyoti Gupta from Ashika Institutional Equities. Please go ahead.
Unidentified Participant
Sorry, am I audible? Good evening sir. Go
Operator
Ahead.
Unidentified Participant
Thank you for the opportunity. Now we’ve seen some diversification strategy in your company where you’ve entered into mining services, solar and other agencies. What kind of return thresholds are being targeted in these segments? In mining services in particular, what is the CAPEX commitment and expected asset terms that you’re expecting and are there any plans to enter transmission, urban infrastructure or any other kind of infra maybe defense opportunities that you’re actually looking forward to?
Vasudev
Hello.
Unidentified Participant
Yes sir.
Sudeep Bora
Required for this coal mining project was estimated rupees 350 crore rupees out of which we have already infused made the capex around 250 crore rupees in current financial year 26.
Unidentified Participant
What are the expected assets?
Bhavin Modi
Hello.
Sudeep Bora
Hello.
Unidentified Participant
I said sir, what is the expected asset terms? Expected asset terms from this capex commitment, what you’re investing?
Sudeep Bora
We are investing in the plant and machinery around 350 crore rupees.
Unidentified Participant
Okay, I would rephrase it. You are entering into different sectors like mining services, solar and other agencies. What kind of return thresholds are being targeted in these segments.
Bhavin Modi
See before mining and before solar we had entered into water sector in a big way five years before. As you know the global drinking water supply project under JLG1 Mission with the overall value of more than 6,800 crores. We entered into this segment five years before JELG1 Mission and concurrently that time we also entered into irrigation project of around 1100 crores in Andhra Pradesh. So we diversified into these sectors of decade before and we could still able to maintain the margins reasonably around that percentage what we have been doing from earlier times.
So there is no major impact on the margin. And this coal also where we got around 3000 crores because you have been doing the capital coal mining projects from the beginning to meet our aggregate requirement. So we have enough kind of experience and expertise in mining activities. So in the coal as well as the solar. So the margins would be around this. It will be akin to the margin that we have been securing in those sector. So overall there won’t be any major impact on the overall margin. So we should able to get the similar returns in these two sectors also including highways, water have been getting and water sector.
Unidentified Participant
Okay, thank you sir. That was.
Operator
Thank you. We’ll take our next question from the line of Vaibhava Usha from GM financial. Please go ahead.
Sudeep Bora
Yeah sir, on solar project when do we expect to start the work?
Bhavin Modi
See maybe physical execution will be starting from Q3 the third quarter of this year. We as you know the land we have already identified and we entered into some kind of arrangement with the aggregators and the connectivity also received in principal approval. We’re expecting final approval also in a one and a half to two months time going forward. Then we’ll enter into PPP purchase agreement with the nhpc. Then we’ll start physical education starting the initial leap recruitment and follow the construction.
Sudeep Bora
So what revenue are we targeting in 27 and 28?
Bhavin Modi
We are targeting around 600 crores in FY27 and remaining amount solar. Solar 600 course, 600 course and 1400 course in FY28.
Sudeep Bora
Okay sir. On JJM how have in the payments have you seen any improvement in first quarter? And what revenue are we targeting in 2728?
Bhavin Modi
They issue some payments they release because the state government released from their side and to able to get around 300 crores payment during the current financial year. And we are also expecting some more payments maybe before end of the quarter June 30th. And for FY27 we are targeting 750 crores revenue. With a hope that the government will release more and more funds for this project. Both centers.
Operator
Sorry to interrupt. The management line is disconnected. Please stay connected while I reconnect them. We have the management team back on the call. Viber, please go ahead.
Shravan Shah
Yeah,
Sudeep Bora
Sure.
Shravan Shah
Sir, what would be the cash in PNC infra holdings as of now.
Sudeep Bora
Hello. Which the cash balance in PNC probably is around 1100 crore rupees.
Unidentified Participant
Okay. Including current investments.
Sudeep Bora
Including current investment. Yeah. Okay. And sir, on the ad side, so we have received two new hands. And also ad is spending for one older ham. So we were targeting to get ad in one Q27. So are we on track now? Western Bhopal.
Bhavin Modi
Western Bhopal. We are expecting AD before the end of the Q2. I would say before end of the September, the 30th of September. And we should able to commence the physical execution in Q3.
Sudeep Bora
What? Whatever is the reason for so much delay in the appointed date for that project.
Bhavin Modi
See, the original alignment, they face some serious hindrances and impediments in the original alignment because of the land acquisition issues and the other environmental issues. So they changed the alignment. Because of the change of alignment, it took long time. So now the things are settled. Government has approved the new alignment and the project so certainly will be executing some kind of an agreement and appointed. It is expected before end of the second quarter. So the commencement physical education will begin during the current financial year say in the third quarter.
FY27.
Sudeep Bora
Okay. The last one, interest cost it has been sharply to 30 crores in
Unidentified Participant
Q4. So how do you see it going forward?
Sudeep Bora
Hello. Hello. Yeah, interest force is increased in Q4 due to two reasons. What is the utilization of working capital and the second is the interest on some loan of loan which is taken for machine financing. Hello.
Operator
Yes,
Unidentified Participant
Going forward in FY27.
Sudeep Bora
FY27. We see that the my interest cost will be reduced 3 to 4 crore from the current quarter.
Vasudev
Okay, thank you. Those are my questions.
Operator
Thank you. Next question is from the line of Archit Agrawal from Step Trade Capital. Please go ahead.
Vasudev
Hello.
Operator
Please use your handset mode.
Vasudev
Hello. Am I audible?
Operator
Yes, please go ahead.
Sudeep Bora
So my question is execution phase being slow despite the strong order book.
Bhavin Modi
See, as I mentioned. See the order books were in the the 4404 projects. Four HAM projects, three of NHA and one of MPRTC. Though it’s a part of the order book, 25% of the order book. We could not commence these projects till I would say October, November of this year and one of the project still we have to get the appointed date. That is the MP RDC projects. Delay in commencement of these projects resulted in the lesser turnover though who got the order book and other things. For example coal. We have a 5 years of horizon for the coal.
The order what we got. So we got the five years time for the coal projects. Whatever the order book, it will spread over next five years. And solar also we are in the development phase. So that is there. But going forward, definitely this education will be geared up. As you said that we are expecting 30% top line growth in FY27 and thereby another 25% top line growth in FY28.
Sudeep Bora
Okay. And what will be the margin guidance for FY27 and 20
Bhavin Modi
FY27. The the margin variance is 12% EBITDA around 12% FY28 will go going forward. We’ll share with you because the current volatility in the commodity prices and then consequent increase in our input cost. So. So we’re not able to tell but it should be around 12% in FY28 also. Should the things be normalized going forward.
Sudeep Bora
And what are the key reason of sharp EBITDA margin compression? Like from 19% it was in FY25 and now it’s about 12 to 13%.
Bhavin Modi
See FY25 we received more than 400 crores payment to arbitration awards published in our favor through settlement under Viva service was 2. And also we received a 50 crore plus bonus from one of the projects we completed for MSRDC that is Nagpur Mumbai Expressway package 4. So that is that because that reflected in the higher turnover in FY25.
Operator
Thank you. We’ll take our next question from the line of Sarvesh Gupta from Maximil Capital pms. Please go ahead.
Unidentified Participant
Yeah. Good afternoon sir. And thanks for the opportunity. So sir, first question is that you know last year when we had given the guidance for FY26 initially we were assuming 15 20% growth. Then it was subsequently downgraded to 5% and we ended the year with a 20% down in terms of revenues. So you know, basically giving any guidance is very difficult because the approvals and all were pending and you could not get that in time and execution was hampered massively. So sir, this year when I look at your guidance of 6,000 crore.
I mean if you can break it up between, let’s say you know all the projects that you are doing where you don’t have any approval pending. So what is that Clean sort of revenue where the execution is just pending. What is that out of that 6,000 and what is the amount that you are penciling in where you are still approved, waiting for various approvals etc. And if they don’t come then this 6000 crore will be under question mark.
Bhavin Modi
The 6000 crores guidance we are given. See with very consciously we are giving a 6000 crores guidance. Of course last year there was certain uncertainty about the delay in the appointed date for the already awarded projects. But the 6,000 crores guidance what we are giving based on the projects which have been duly awarded to us we are not considering any new projects that we are going to secure during the remaining 10 months period of the current financial year. Then one thing, second thing also this guidance is largely based on the where the projects where the appointed date has already been declared and also then projects are going on.
For example the large projects of three HAM projects which are going on and earlier two more HAM projects of NHA that’s also in progress and we got a two major projects from msrdc. One Jalan Anded Expressway and also Puneering Road. Those both projects also going on in full swing. So considering all these aspects the whatever guidance we are giving this year is on a farm orders as well as the projects which are going without any pending of anything. Of course only one project that is the Western Bhopal we should need to get some appointed date and the rest of the projects are okay.
So unlike last year we don’t foresee any major hurdles or any unforeseen things that will come into achieving our order. So we should be able to get. I agree last year we were a bit optimistic when we are given order guidance in the initial year. But later we face these difficulties and there was a prolonged delay in the declaration of appointed date for the NHA HAM projects due to land acquisition issues and delay in the Western Bhopal bypass project.
Unidentified Participant
So sir this year this western Bhopal and then this solar project where you are penciling in 600 crores. So what is pending is sir here. So one is appointed date is pending. So when how much are you penciling in for Bhopal this year and for Solar project of 600 crore also I think you have not yet started right? So what is pending there and when it will start?
Bhavin Modi
See our 6000 course what we are projecting now with a guidance of 30% we have taken very minimal value of work around 100 crores for the Bhopal bypass project. Though we are expecting the physical come Education will commence in the Q3. That is one aspect and the second thing in case of solar out of 2000 crores of the order, what we are expecting from the solar only 30% we have considered in the current financial year as as we had said earlier, hello see Solar, the land acquisition and the land position is in an advanced stage.
We identified the land and also finalized the initial kind of arrangement with the aggregators and all. We are expecting minimum 30% physical position of the land before execution of PPA. Then going forward then initially the procurement will be there which will be high cost items. Procurement will be there. So we are hopeful of getting 600 crores from the solar project this year. EPC even, even as a fallback kind of a thing because there are other projects. We have not taken any project from work done from the two new HAMP projects what we secured from nha.
So if we able to achieve the appointed date during the current financial year we’ll get some revenue from these two new HAMP projects in Uttar Pradesh what we secured recently. So going by the some kind of a fallback arrangement we are having. So we should able to achieve 6000 crores comfortably
Unidentified Participant
On this margin issue. So you know like earlier we had mostly HAM projects from NHAI where generally it is considered that margins are better and payment terms are better, delays are less in terms of release and fund and everything. Now you know, if I look at your order book it is more geared towards all state government projects where you know the fund that we receive from the state governments can also be under question mark and margins also we don’t have that enough history. So how do you look at that both margin risk and and the fund release risk itself.
Bhavin Modi
The state government see if you see the highway sector, the state government project is only one project from MPRDC. If you go by the MPRDC’s past history they’re able to make payments and this also only 40% payment they have to make during the construction phase being a ham project remaining 60% will come in the form of annuities and interest or the balance payments. So we don’t see any major challenge in securing payment from MPRDC for the state project. This state highway project, all the remaining highway projects are of this government of India’s NHA and moth.
And two more state projects are there from msrdc. Since beginning we have been getting the payments regularly. So there also
Yogesh Kumar Jain
Yeah,
Bhavin Modi
Both packages are EPC here there is no investment risk and also we are getting payments regularly for the work done. What we are Progressively doing the work
Unidentified Participant
At least 12% EBIT I
Operator
Request you to join my.
Bhavin Modi
Yeah, just I’m concluding 12% EBITA margin overall 12% EBITDA margin we should able to achieve.
Unidentified Participant
Thank you.
Operator
Thank you ladies and gentlemen. In order to ensure that management is able to answer queries from all participants in the queue kindly restrict your questions to two at a time. You may rejoin the queue for follow up questions. Next question is from the line of Parikshit Khanpal from HDFC Securities. Please go ahead.
Unidentified Participant
Yeah. Hi Yogeshji. Congratulations on a decent quarter. So my first question is now the commodity prices have gone up. So bitumen which is a large part of the cost and associated inputs around the fuel cost. So when the SPVs give up give us the EPC charger X. So. So how are we protected on margin? Are these fixed price contract like if you get a ham in spa. So when it comes to EPC 12 is it a fixed price or it is a variable price? So how do we adjust for commodity inflation in that
Vasudev
We are also
Bhavin Modi
See it’s on a back to back basis. Whatever SPV is getting the price index multiple which cover the both WPA increase as well as the CPA increase it will largely cover other things that will be on a back to back. Similarly where the Bitman price is now they are directly compensating between the base price as well as the price in that particular month of education that will be also passed on to EPC from SPD on a back to back basis.
Unidentified Participant
Whatever the FPV gets as impression from NHR is passed to you back to back. So that is what you are saying right?
Bhavin Modi
Yeah, yeah, yeah yeah. This is a part of the EPC contracts what you executed between SPV and and the EPC contract. Okay.
Unidentified Participant
Okay. Second question is so what is the pending payment from the vertice in out of the 2420500 crores, 1700 crores how much we have received and how much is spending?
Bhavin Modi
Which one? What is, what is? What is? We have received other thing except all the things except I think
Sudeep Bora
We have received entire payment.
Unidentified Participant
Okay, and what will be the road? Road roadmap for the monetization of the next set of assets beyond this 12 assets. So how are we looking to monetize the projects where we have achieved PCOD or cod?
Yogesh Kumar Jain
Wait and watch.
Bhavin Modi
So we’ll certainly let you know once we reach out any kind of a framework mechanism to how to monetize these projects. So we evaluating multiple options. So certainly we’ll share with you Nothing with what is.
Unidentified Participant
I mean beyond the. Beyond the 12 assets which we have monetized with waters. I mean now we are for other assets. We are looking for different investors.
Bhavin Modi
No, that’s what I said that it’s premature to say anything. So please wait. Please wait. And because just now we are that only out of now ongoing 14 assays including two. We
Sudeep Bora
Are also evaluating. Yeah,
Bhavin Modi
We are evaluating. And only five assets only you got the pcod.
Sudeep Bora
Okay,
Unidentified Participant
Thank you so much and wish you all the best.
Sudeep Bora
Okay. Okay, thank you.
Operator
Thank you. Next question is from the line of Sudeep Bora from Ambit Capital. Please go ahead.
Sudeep Bora
Hello sir. Thank you for the opportunity. So I wanted to know about the Varanasi Kolkata packages. So like we got the ads in September October and you said in the your remarks that the progress has been slow in these packages. So like what is the outlook on this currently? And like how much revenue are we seeing in FY27 from these three packages
Bhavin Modi
After commencement of these packages during the month of October? Physical education, we achieved 336 crores revenue from these three packages during FY26. 336 crores we already achieved it. And going forward in FY27 we are looking at around 1600 to 1800 crores revenue from these packages.
Sudeep Bora
Okay, so there’s no deal like no obstruction or delays right now.
Bhavin Modi
Obstructions. All three packages are going smoothly. We are executing so in full swing. So we don’t foresee anything any major obstruction or anything as of now. So should be able to complete these 23 packages within the stipulated time of 24 months.
Sudeep Bora
Okay. And regarding the Pune Ring Road and Jalna Nandir, I think one of them was having some issues. So is it sorted? What is the outlook for 27?
Bhavin Modi
See these issues, both Jalan Anded and Pune Ring Road, whatever issues, initially having some land acquisition issues by then. Last year for a Jalananded we encountered a very prolonged monsoon, very intense and record breaking monsoon in Jalanande. Now all these issues are behind us so we should also able to achieve good kind of a turnover from these two projects. Also around we are targeting around 1500-1600 ports in FY27 from these two projects. And we don’t foresee any major issue in these things.
Sudeep Bora
Okay. And about the Haryana Orbit Rail. So that is getting stretched since long time. It’s sitting in our order book since long. So any update on that?
Bhavin Modi
See in the Haryana arbitrary there are certain issues of a land acquisition because it’s falling in Aravali range. And other thing. And also whenever there is a restrictions imposed in the construction activity in NCR to curb the pollution. So these restrictions are also. We are also these restrictions in construction activities that is there. Nonetheless we have completed more than 400 crores work which is the more than 53% of the work we already completed. Now balance around 360 crores work is there.
So we are expecting that this balance work will be completed in FY27 as well as in FY28.
Sudeep Bora
Okay. So the education is
Bhavin Modi
Slow than what we expected. But we are eligible for the necessary extension.
Sudeep Bora
Okay. So remaining work you are expecting to get completed by FY28.
Bhavin Modi
Yes.
Sudeep Bora
Okay. Okay. And about the mining project, like have we started? Like I know we have. We have started with the initial work. But the major revenue flow that would come from which year and how much are we expecting in say 27 and 28.
Bhavin Modi
See in the mining we started this thing where we execution and mining activities we started. We achieved around 68 crore turnover during FY26 the year what we completed. And we are expecting another 400 crores turnover in FY27 and FY28 we are expecting around 600 crores. So the. Because this we put a five years time for this entire thing of 2956 crores. So we should able to get a decent progress in the beyond FY28 also. And we should be able to complete the entire scope within the time.
Sudeep Bora
Got it sir. Thank you. Those were my questions.
Bhavin Modi
Thank you.
Operator
Thank you. Next question is from the line of Vasudev from Nirvama. Please go ahead.
Vasudev
Yeah. Thank you for the opportunity. Sir. I just want to know our progress on the Andhra Irrigation project. Where are we? Over there.
Bhavin Modi
See. Irrigation project. See we received some. We received some payments around 300 crores from the government of Andhra Pradesh. After initially we could not receive any payment we received and till 31st March we achieved 380 crores project. 80 crores worth of work done. We completed and remaining work done is around 700 crores. So this year we are targeting around 200 crores work in FY27. And also then this further progress and all depend upon the the receipt of payments from the government of Andhra Pradesh.
We are hopeful that being a priority project they should able to release and we got time up to the September 26th they given extension. And now we have applied for another two years up to September 28th.
Vasudev
Okay. Sure sir. And can you just help me with the toll collection numbers and just a bookkeeping question and Capex that we did in FY26. And I target for FY27.
Sudeep Bora
Hello. Hello. I just moved the number of toll.
Vasudev
Yeah.
Sudeep Bora
For mbivs in quarter four financial 26. I’m sorry. Vasudev, can you use your
Operator
Handset mode please? The audio is not very clear.
Vasudev
The management is answering the question.
Sudeep Bora
Hello.
Vasudev
Yes sir you can.
Sudeep Bora
Yeah. The toll of MP highways is 13.3 crore in this quarter. And for rival is 32 crore. And for DSIDC Narella Bridget is 2.6 icon more.
Vasudev
Okay. Sure sir. And just on the Capex part.
Sudeep Bora
Capex for financial at 2827. We are targeting 150 cr rupees.
Vasudev
Sure. So that’s it from my side. Thank you.
Sudeep Bora
Okay.
Operator
Thank you. Next question is from the line of Bhavin Modi from Anandra. Please go ahead.
Bhavin Modi
Thank you sir for giving the opportunity. So my first question is with respect to the mdo. So you spoke that you have clocked in the revenue of 68 crore in FY26 and 400 crore in FY27. Is a plan fees
Sudeep Bora
Plan. Right. So is this the EPC revenue or the mining fees that you are speaking about?
Bhavin Modi
Is nothing is mining fee. This is the item raised item. Item rate based contract. Whatever revenue we are expecting that is from the EPC revenue only. So we are expecting around 35 crores on an average per month. So we’re expecting 400 crores revenue in the FY27. And going forward then around 50 crores per month to a 600 crores. It’s not a MDO work. It’s not a MDO. Any investment is. No investment is involved. It’s a pure EPC work on an item grid basis.
Sudeep Bora
Okay. So sir, there will be no create no separate creation of the spv. Right. Generally which happens in the MDO models.
Bhavin Modi
No, no. It’s on the company’s balance sheet only.
Sudeep Bora
Understood. So second question is with respect to the. You know the BSS thing. So you mentioned the order book of 2000 crore. So this is the pure EPC or does it also include you know the procurement of bought out components?
Bhavin Modi
No, no. You see there’s nothing any EPC kind of a thing is there? But it’s a. It’s a TBCB kind of model. We’ll be getting charged for the. For the power we transferred into the grid and through guests and directly. And EPC will be the byproduct once to the what we’ll be routing through the project through our parent company. So. Yeah, but whatever
Shravan Shah
The Bought out components. Are there like for example transformers or something? So that will be directly purchased by the SPV or will it be purchased, you know through the pnc? You know EPC company
Bhavin Modi
As of now looking at it will be purchased by the PNC being APC contractor
Sudeep Bora
And
Bhavin Modi
Then
Sudeep Bora
It will be passed to the hpv. Right?
Bhavin Modi
Yes, yes, yes.
Sudeep Bora
Enter the last question. You know now that the you know bitumen prices have you know skyrocketed. So do you see, you know nha you
Bhavin Modi
Know with already, you know with the tenders that they have floated. So are they going to revise you know the authority cost, you know either by you know Corey Random or through, you know, retendering. So anything, you know you. Are you
Sudeep Bora
Looking at the, you know as a. Have you seen anything any discussion ongoing for that? Especially for the, you know
Bhavin Modi
We are expecting a revision of this authorities cost because as of now the compensation mechanism what they introduced is only for three months from 1st of April for the ongoing projects. So the projects which they’re going to bid out from right now this thing from the current point it could be either because should be revised. Otherwise this kind of compensation mechanism should further continue.
Sudeep Bora
Okay, so once you know this elongate the universal tendering process or do you see, you know would be through a simple correctum. How do you see
Bhavin Modi
Will be a simple core gender Also they revised the estimated cost put to tenders through a addendum and corndum. So this will be also will happen like that only
Sudeep Bora
Understood under. Thank you. Thank you for answering.
Operator
Thank you. Next question is from the line of Parth Thakkar from JM Financial. Please go ahead.
Sudeep Bora
Thank you for the opportunity. When can we expect the ad for the two new projects?
Bhavin Modi
Which project?
Sudeep Bora
The two new ham that we received L1DC
Bhavin Modi
Once we get the letter of award for letter of award and then followed by execution of concession agreement we’ll have a five months time for the financial closure. Similarly NHA also will have a five months time to fulfill their conditions restraint. So take everything by thing. We are expecting appointed date declaration in Q4 of the current financial.
Sudeep Bora
Yes, thank you sir. And have you submitted bids for any of the BOT projects? And if yes, what would be the size?
Bhavin Modi
No, as of now we have not submitted any bid for any of the BOT toll projects. We are evaluating the opportunities the BOT tool projects which have been floated by nha. Okay,
Sudeep Bora
Okay, last question. Sir, what would be our outstanding receivables from the canal project? Hello.
Vasudev
Yes
Unidentified Participant
Sir.
Sudeep Bora
The outstanding in canal project is around 300 crore rupees.
Unidentified Participant
Okay, thank you. Sir, those are my questions.
Operator
Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to management for closing comments. Over to you, sir. Sir, any closing comments from you? Yeah.
Yogesh Kumar Jain
Yeah. Thank you, everyone, for your active participation in our earning call. Should you have any further queries, you may get in touch with the Strategic Growth advisors, our investor relations advisors, or feel free to get in touch with us. Thank you very much.
Operator
Thank you. On behalf of Ambit Capital. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.