PSP Projects Limited (NSE: PSPPROJECT) Q3 2025 Earnings Call dated Feb. 07, 2025
Corporate Participants:
Unidentified Speaker
Prahaladbhai Shivrambhai Patel — Chairman, Managing Director and CEO
Analysts:
Unidentified Participant
Rushabh Shah — Analyst
Navid Virani — Analyst
Sarvesh Gupta — Analyst
Shreyans Mehta — Analyst
Shravan Shah — Analyst
Vishal Periwal — Analyst
Sanjay Kohli — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the PSP Projects Limited Q3 FY ’25 Earnings Conference Call. 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 call, please signal an operator by pressing star then 0 on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Kanav Patel. Thank you, and over to you, sir.
Unidentified Speaker
Thank you, and good evening, everyone. I’m pleased to welcome you all to the projects Limited earnings conference call to discuss the Q3 FY ’25 and nine FY ’25 financial results. Please note a copy of the disclosure and the investor presentation is available on the Investors section of our website as well as on the stock exchanges. Anything said on this call, which reflects the outlook for the future or which will be construed as a forward-looking statement must be reviewed in conjunction with the risks that the company faces. Now I shall hand over the call to our Chairman, sir, for his opening remarks. Over to you, sir.
Prahaladbhai Shivrambhai Patel — Chairman, Managing Director and CEO
Thank you, Kenan. Good evening, everyone, and warm welcome to the earnings conference call of Limited to discuss our Nordic financial results for the 3rd-quarter ended and 31st December 2024. We concluded the Board meeting in the morning. First, let me share the financial numbers for the quarter and nine months. During quarter three FY ’25, the revenue declined year-on-year by 11% and increased quarter-to-quarter by 8% as on nine months by FY ’25. Company registered a revenue of INR1,813 crores. The revenue achieved is similar to nine months of FY ’24 levels. FY ’25 has been a unique year for the company in terms of performance. As mentioned during the last quarter, the subsidiary performance during this year is largely certain projects such as building at GIF City, and Science Gallery,, EPC walls were awarded during quarter-four — quarter-four FY ’24 are progressing not as per our planning and expectation. However, during quarter three FY ’25, the work has began at this project and the revenue has been booked. Profitability has declined during the quarter due to additional expenses booked on UP projects. During quarter three — nine months FY ’25, the company was awarded three projects and three projects and 10 projects respectively during the quarter. Key projects awarded SAR. A residential project at City comes in for about 600 flights at one location. School and hotel projects in, at. During nine months quarter — FY ’25, the order inflow was the extent of INR9,983 crores. As you are all aware during this quarter, the company entered into an agreement with Adani Infra, wherein Adani Infra to acquire from the founder promoter. With this partnership, we foresee a larger visibility in terms of construction orders from Adani portfolio of the companies. The current business of the company to continue on the current management regime. The arrangement has taken place to meet the objectives of long-term growth opportunities for the company. As on nine months FY ’25, the outstanding order book was to the extent of INR6,617 crores, a year-on-year growth of 44%. Out-of-the outstanding order book, the private project comprises of 45% by government project increases of 55%. As on 31st December 2024, there are 58 ongoing projects, 87 projects are based in Gujar, 6% in Nanataka, 4% in UP and 2% in luxury. Till-date, the company has completed 233 projects in total since the inception with 82% private projects and balanced with government projects. With regards to litigation, the company has filed at a Section nine petition before the honorable commercial for Lucknow, in which the company has requested the Honorable to maintain the status for the contract terms and grant interim belief against the termination of the contract. The matter is currently subsidy sites and subsidies. While the hearing and judgment is the opposite matters appendi, correspondents have engaged the mobilization being guarantee amounting to INR24.6 crores and performance guarantee amounting to INR8.02 crores. The engagement occurred after the quarter entered or ended on, 31 December 2024, but before the publication of these financial results. So some of the projects we use, Surat Corporation project, we have completed almost all four basements and ground first podium. We have already started the digital at the — we are at the level of second two, the whole RPC that will be completed by September 2 this year. At city as the project started in March, April and we have very heavy monsoon and at the same time, there is a water very-high in per product, the projects have almost come out-of-the business foundation in how the projects — the buildings are going at the basement level, overall, we see it is 45 days delay from the scheduled timeline of the project. The other project is also one and the projects of Himalia which is for, there is also one with this I request Mr to continue with the financials.
Unidentified Speaker
Thank you,. Good afternoon, everyone. The financial performance during the quarter ended, 31, 2024 is quarter three FY ’25 versus quarter three FY ’23. Revenue from operations for the quarter is at INR623 billion versus INR690 crores decreased by 10.5% on Y-o-Y basis. EBITDA for the quarter is at INR35 crores versus INR75 crores and decreased by 50.5% on Y-o-Y basis. EBITDA margin is at 5.67% versus 10.25%. Net profit for the quarter is at INR6 crores versus INR33 crores, reduced by 89% on Y-o-Y basis. PAT margin is at 1% versus 4.6%. During the quarter under review, company had to incur additional expenses in UC projects with the extent of INR18 crores towards the completion of the remaining acquisition. Other expense includes assets addition of the extent of INR1.8 crores and loss booked from are debt as of the employee cost has also increased by INR3 crores compared to previous quarter of current financial year as a result of annual approvals. During quarter three FY ’25, company capex of INR15 crores, gross block as on December 31, ’24 is INR591 crores and net crores. We’d like to mention few of the important balance sheet numbers as of December 31, 2023. Long-term borrowings stood at INR66 crores, which includes short-term borrow maturity of INR46 crores. Short-term borrowing is INR237 crores, excluding short-term financial. Net unveiled revenue is INR556. Retention is 163 mobilization advanced stands at INR267 crores. Inventory amounts to INR31 crores, which comprises of INR125 crore of construction much, INR166 crore of work-in progress and 21. Our total sanction credit facility of INR1,497 crores, company utilized INR1027 crores, including fund-based utilization of INR182 crores and INR470 crore is available for utilization. As on December 31, ’24, the company had totaled fixed deposit of 314, out of which near III are INR27 crores. FRI worth INR179 crores are under for credit facility and, both INR8 crores are given as the security deposits. Work on-hand as on December 31, 2417 and the detailed is available on the presentation. That concludes my update on financials and we are now open for the question-and-answer session.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask questions may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and 1. The first question is from the line of Jain from ICICI Securities. Please go-ahead.
Unidentified Participant
Thank you for the opportunity. Sir, sir, my first question is, what is the order pipeline for the balance Q4 FY ’25 and FY ’26
Prahaladbhai Shivrambhai Patel
See, FY ’25 what we have given the guideline was about INR3,500 to INR4,000, I think we have already seen close to INR1,800 and did the orders which we are discussing with will be in the tune of more than INR2,000 crores within this range of three March. So that guideline will be maintaining before March. And for FY ’26, we are in long discussion with on the large projects, which we are envisaging for the next one year. So that will be again in the range of more than INR.
Unidentified Participant
Okay, sir. And sir, and are we changing any guidance here of order inflow given the fact that in Nine-Month FY ’25, we have received order worth only INR2,000 crores?
Prahaladbhai Shivrambhai Patel
Pardon me hello. So are we looking to change the order inflow guidance for this year’s give like we had initially guided for INR3,500 crores of order and right now we have received only INR2,000 crores of quarter. So are we confident that we will be achieving the guarantee for this year? That’s what I said that the orders which we are discussing with the group will be declared before March and that will be in the tune of INR2,000 crores plus. So the tagline the orders which we already received, INR2,000 plus the new INR2,000 crore orders to come from Adani that will end-up into the total of our tagline of INR4,000 for these year-ends.
Unidentified Participant
Okay, sir. And sir, what are the major tenders which we are expecting to be floated in the near-term, let’s say, in-quarter four or FY ’26 — in the first-half of FY ’26?
Prahaladbhai Shivrambhai Patel
You mean to say out of group or out of organic group or you are saying in general?
Unidentified Participant
In general, so in which we will be participating.
Prahaladbhai Shivrambhai Patel
So presently, we have a big pipeline of about INR1,800 crores, which is almost — all the projects are in Ahmedabad. There is project of INR400 crores in Ahmedaba, there is resolution budget of of INR350 crores. That is a commercial project of INR200 crore. They have limit the commercial projected city INR25 crore and government and project of state development at, 20. So in total, it is presently pipeline out of other improvement. Okay, sir. Okay, sir, that answers my question. Thank you and all the best thank you.
Unidentified Participant
Thank you. Next question is from Rushab from RBSA Investment Managers. Please go-ahead.
Rushabh Shah
Hi, sir. So just firstly one clarification on the Adani deal. Just want to understand, so did Addani approach us first or we approach them initially? How do the conversations play-out? If you could just share some light here.
Prahaladbhai Shivrambhai Patel
See, we haven’t approached Adaniki. We were already working with last three years, to their capex and looking to the projects which they have been work-out for next five to seven years, they approach us what we see this partnership.
Rushabh Shah
Okay. And secondly, you mentioned that you are in talks with Adani Group for around INR2,000 crore orders, which will get materialized before March. So you will be maintain the double-digit margin in these quarters?
Prahaladbhai Shivrambhai Patel
You are talking about the overall margins in the EBITDA now I’m asking about the other new orders specifically. You mentioned about other new orders, INR2,000 crores you’re expecting by March? Yeah, definitely in the same guideline what we have been. So the margins will be double-digit in these orders also other new orders.
Rushabh Shah
That’s what I am just confirming from your side.
Prahaladbhai Shivrambhai Patel
Yeah, yeah
Rushabh Shah
Okay, okay, thank you.
Operator
Thank you. Next question is from Navid Virani from Basian Research. Please go-ahead.
Navid Virani
Hello. Hi, sir. Thank you for the opportunity. Am I audible? Hello.
Prahaladbhai Shivrambhai Patel
Can you speak little louder please?
Navid Virani
Better now?
Prahaladbhai Shivrambhai Patel
Yeah.
Navid Virani
Okay. So sir, I had a broader question first. So if I look at the past more than a year, the business has been slightly muted due to multiple reasons. It can be because of project overruns or cases, etc. And I’m sure you must-have seen this kind of slowdown in the past as well because you have a huge experience in the industry. So sir, I just wanted to understand slightly from a longer-term point-of-view that, A, from a revenue growth point-of-view and B, from a margin point-of-view, where do we go from here, sir? So can you just give us a sense?
Prahaladbhai Shivrambhai Patel
See, there are two-ways to understand after this partnership with other group, they are buying the second of 30% and most of the orders coming from their side. I think revenue growth should not be a question as far as ESG is concerned. Is already having one, we are already in of projects of more than INR15,000 crore-plus. So whenever that project slip neutral during next one year, that will be a part of the revenue growth in next two or three years. And as far as the second question, which is related to the risk parameters, as we have faced two or three days in our projects past. One was at Surat, which was a parent organization and second was at UP that was a project over and then third was at Kashi also some of the money is still yet to serve. So those types of things as we are more focused towards the group which are already a partner in the company that risk is also now eliminated as far as-is concerned.
Navid Virani
Understood. And sir, on the UP project, all the impact is now done and dusted or do we see — do you still foresee some impact.
Prahaladbhai Shivrambhai Patel
The last quarter also we were expecting this is almost done and. But the problem is with the — because when you are entering into the final completion of the project between the lines ready and there were three — all the projects were having some renovations in the existing hospitals. And those renovations were not calculated perfectly at the government level and also at our level also. So that has been INR15 crore-plus in this quarter. But probably from now onwards, I won’t see anything but let’s not consider that will be zero. So it can be within the range of INR2 crore. Okay, perfect. That’s it from my side. Thank you and all the best, sir Thank you.
Operator
Thank you. Next question is from Shah from JM Financial Limited. Please go-ahead.
Unidentified Participant
Sir, what will be our revenue guidance for FY ’25 and ’26?
Prahaladbhai Shivrambhai Patel
So the projects which we are envisizing for the crew projects which we have already on-hand if we consider next year’s revenue INR3,000 crores from the Group existing order book and the new order book for, average we should be in the range of INR2,500 crores.
Unidentified Participant
No, I mean revenue — so revenue for ’25 should be around INR2,600 crores.
Prahaladbhai Shivrambhai Patel
Oh, this year you have seen.
Unidentified Participant
Yeah.
Prahaladbhai Shivrambhai Patel
This year you are saying,
Unidentified Participant
Yeah, yeah, for FY ’25
Prahaladbhai Shivrambhai Patel
Yeah, yeah, it will be in the range of it will be a little less with our sales as ’27 27, which will be in the range of INR2,600.
Unidentified Participant
And next year for ’26 you are saying what is the ’26 revenue guidance for FY ’26, it should be more than INR4,000 crores.
Prahaladbhai Shivrambhai Patel
So we are a growth of 50-odd percent in FY ’26 maybe just because of the large order book to come from and most of the projects starting somewhere in the month of April — April and May till June. So that is the reason I’m saying even if we target for INR1,500 crores of revenue to come from next year, I think we can have that INR3,000 plus INR1,500 crores 2,500 plus. So gearing.
Unidentified Participant
So those are very short gestation orders that we are expecting from Adani. So if we get around INR2,000 crores orders, so revenue would come in a second year in FY ’26
Prahaladbhai Shivrambhai Patel
We are expecting orders which we are under discussion will be in the range of more than INR10,000 crores, which these orders can continue till December 2025. But the revenue which we are expecting out of these orders, which will be concluded till December 2025, we are expecting about INR1,500 from next year.
Unidentified Participant
Okay. And sir, for this quarter also, if we remove the impact of UP, so margins are around 8.6%, if I remove that INR18 crore impact. So what would be a sustainable margin for Q4 and ’26 and ’27?
Prahaladbhai Shivrambhai Patel
See, yes, we have already now been telling that as we go on increasing our revenue size and the deposit sizes are going up. There’s — what EBITDA margin level what we have now will be in the range of 9% to 10% and probably next quarter also, we should expect — it should be in the media range provided we don’t have much more impact on this.
Unidentified Participant
And for 2027 also, it will be in the 9% to 10% range. Yeah, yeah. Okay. And sir, lastly, any update on Mahila UP project.
Prahaladbhai Shivrambhai Patel
So there they have a performance guarantee and bank guarantee. That’s what I would — that I already discussed in my speech, they have already — we have already filed a case at Section 19 score and we have asked for status quo and do not dominate the contract. They’ve already in case the bank guarantee, but they try to maintain the status, the bank guarantee will be released debt to us and they can initiate to start the project again.
Unidentified Participant
Okay. Sir, lastly, our tax-rate for the quarter was 40%. So any particular reason it is so high?
Unidentified Speaker
Yeah. So basically, as I have already mentioned in my speech, we have a written on certain assets, which are not income tax. So that amounts to around INR4. And we have also accounted for GDCL loss of INR1.5k. So more or less around four cred expenses as such where we are not getting any income of which is a. And at the same time, on additions of new assets, the depreciation rate is a lower depreciation rate between income tax and companies.
Unidentified Participant
But going-forward, the rate should be 25% on an annual basis. Yeah, it should be 25% 26%. Okay. On annual basis, it should be that, but if that written-off — write-off of assets, which are not deductible and at this point, India PSR is also such expense, which may not be anything for us in this year. So that also. So apart from INR18 crores write-off that a cost overrun we mentioned for UP, is there any one-off in the numbers?
Unidentified Participant
Sorry, apart from INR18 crores of cost overrun you mentioned for the UP project, is there any other cost overrun? No. Any other one-off in the numbers?
Unidentified Speaker
No, no. Only just additional expense we had to incur for which we do not book any revenue in this quarter. So that impacted directly on the performance
Unidentified Participant
Okay. Okay. Thank you. I will come back-in the queue.
Operator
Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. Next question is from Sarvesh Gupta from Maximal Capital. Please go-ahead.
Sarvesh Gupta
Good afternoon, sir. So sir, just for clarification, so from the original contracts that you had with various UP bodies, how much of the work is pending to be done as per the original contract? I’m asking this because in case the courts decide to, you know, inforce that the remaining part of the work has to be finished. I would want to know-how much of the work is still pending.
Unidentified Speaker
I think that project was INR60 crore. So actually 35% be completed and the remaining was 10 weeks. So how much is that sir in value terms?
Prahaladbhai Shivrambhai Patel
340 with GST so it is 260 to INR260 minus almost INR60 crores of that has been in the range of INR90 crores.
Sarvesh Gupta
Okay, around INR200 croresponding, okay. And secondly is that apart from the bank guarantee, so how much of our receivables are stuck as of now? So how much money is stuck in UP with various government authorities, you know, as of now, which we have not realized, but we have booked already.
Unidentified Speaker
So there are two bifurcations in. So seven EP project between one member of hospitals that are coming. That’s a and is a. So if we talk about first, we do not have any visible outstanding, rather we have mobilization advance of this party and that amounts to around 23, which includes mobilization advance as well as SME. So that makes that they have N. There are no other receiver from their side because they have already paid the which we have executed. And if we talk about the UC projects, 40 CR is the GSP, if you know and around the 65 is in the. Since that 40 CR they haven’t paid us, we even need further because it will unnecessary of the builder of GHT,
Sarvesh Gupta
Okay. Okay. Understood. And so going-forward, till this matter is decided by the court, we will not be doing any further work-in the UP. So for some time it will not occur in your P&L. But as and when some settlement is decided, you will have to do the remaining INR200 odd crore of work, right?
Prahaladbhai Shivrambhai Patel
Yeah, either obviously this terminate totally. And if sir, then we’ll not be operating on any of the things. We have already increased the bank guarantee. So we have to that they can go for. And if the decides that the of starting on the project, then we have to continue on the project accordingly. Okay. Okay, okay. And just a clarification.
Sarvesh Gupta
So what I understood because your voice was not very clear, but you are saying that from Q4 onwards, you should be hitting 10% EBITDA margin, which was our usual sort of the run-rate. And in FY ’26, when you are expecting to get around INR1,500 crore of Adani’s work. So that will also since that will come at similar 10% margin. So overall in FY ’26 also, our guidance is 10% EBITDA margin with INR4,000 crore revenue.
Prahaladbhai Shivrambhai Patel
Is that right.
Sarvesh Gupta
Okay, okay. And finally on the open offer, sir, so where are we right now and how much more time will it take for the open offer to conclude?
Prahaladbhai Shivrambhai Patel
There are few questions from where-is from CD which we are trying to resolve. So probably that has been delayed by more than 20 25 days or based on the actual schedule of, but probably before March, it should take.
Sarvesh Gupta
Okay, okay. Thank you, sir, and all the best.
Operator
Thank you. Participants who wish to ask questions, please press star and one on your touchstone telephone. Ladies and gentlemen, to ask questions, please press star and 1. Next question is from Shah from JM Financial. Please go-ahead.
Unidentified Participant
Thanks for the follow-up. Sir, what is our gross debt number? I missed the number, short-term plus long-term.
Unidentified Speaker
Yeah, I just short-term debt is 237 and long-term borrowing is 50%.
Unidentified Participant
So it is largely flattish on a Q-o-Q level around INR280 crore INR90 odd crores.
Unidentified Speaker
Yeah, right. Yeah. And any update on? So when are we expecting to receive the balance amount?
Unidentified Participant
The second — second of the money which was to be released in February. So we already to remove confirmation that we have received from them because we have wrote the with so I start following them next week so whatever amount we expect in February? We have paid 35. We have paid 35 CR, including GST at 26 C a year gross remaining amount is 90 not clear. South of 90. So this — again, the second installment will be also in the range of INR26 crore-plus. Okay. And after that, the remainder amount would be INR90 crores
Unidentified Participant
. No, then after this second it will be received in this month, then it will be only 51, 52 and that would come by October.
Unidentified Participant
No, no, that again, I think there is a mean. There is one in February, then in April and then in October. May and October, last month. Okay, May and October. Installment of services.
Prahaladbhai Shivrambhai Patel
Yes. Okay, okay. And sir, lastly on FY ’27, so after getting a good days reset of around INR4,000 crore 4,500 crore revenue in ’26, we expect a strong growth from — was there as well or then can be some consolidation in terms of revenue? Movement to say from next year and next to next year? Next to next year? Then what is going to happen and if we consider the that improved order book to grow from there. And if the company’s capabilities have also double, maybe we would be able to maintain our.
Unidentified Speaker
Okay. Sir, lastly, we their tax — their capex is going to run for next five to six years. Okay. And sir, for year we are — for FY ’25, we are targeting INR3,50 to INR4,000 crores of inflows. So what is the number for FY ’26? That’s why I would say in most of the projects which you are discussing in the range of 10,000 tons and the orders which we have — if we start-off with INR2,500 crores before March Manari, next year also we should be in the range of more than INR5,000 crore order to this for next year. So for the entire year FY ’26, total order inflow should be around INR5,000 crores.
Unidentified Participant
Yeah. Okay. Okay. Thank you, sir.
Operator
Thank you. Participants who wish to ask questions, please press star and 1. Next question is from Shreyan Mehta from Equirus. Please go-ahead. v
Shreyans Mehta
So just for clarification, this year we are saying the order inflow would be closer to 3.5 to 4,000, right? FY ’25?
Prahaladbhai Shivrambhai Patel
This year, yes, you are right. INR3,500 crore only. And revenue would be closer to INR2,800 crores. It will be reduced to INR2,600 crores. INR2,600 crore, sure. And on in terms of next year, we are guiding for closer to 50% growth, which is INR4,000 crores of revenue INR3,500 crores to INR4,000 odd crores for inflows. Minimum.
Shreyans Mehta
Sure. And lastly on capex number, if how much have we have done till-date and what would be the guidance for 4th-quarter and next year?
Unidentified Speaker
Yeah, this quarter we expanded around INR15 and in totality, our gross block is 591cred. Okay. And how much for next year? And net block is next year see as around 13% to 4% of our expected turnover be expending on spending on the capex. Got it. And lastly, the EBITDA margin guidance for next year is 10% or 9% to 10%. 9% to
Shreyans Mehta
Got it. Thank you and all the best, sir.
Operator
Thank you. Participants who wish to ask questions, please press star and one. Thank you. Next question is from Shravan Shah from Dolat Capital. Please go-ahead.
Shravan Shah
Thank you, sir. Sorry, sir, actually I joined late. So pardon me if I’m repeating anything. Sir, if you can help so I just — what you spoke that the INR4,000 crore revenue that we are looking at in FY ’26, which is a kind of a close to a 60% kind of a growth. So this growth will be coming from where, if you can help us, it would be a great see now going further,
Prahaladbhai Shivrambhai Patel
The presently outstanding order book after orders took down, it is 6,500 as of now. So if we consider INR2,500 crores minimum even to come from our own order book and next year’s their order book will be in their previous order, it will be an addition of more than INR2,000 crores and further for next year it will be in the range of INR5,000 crores. So if we consider INR7,000 crores orders to come in till FY ’27, then there will be a revenue of minimum we expect of about INR1,500 from there too. So adding on to INR1,400 plus 1,000. Okay.
Shravan Shah
And sir did we share the inventory debtors and payable numbers as on December?
Prahaladbhai Shivrambhai Patel
Yeah, we have payable numbers we have shared that is in the range of around INR40 it will be already said I will repeat it inventory is 312 CR which includes 125 CR of construction material and 166 CR of work-in progress and 21 CR for finished yeah trade receivable and payable.
Shravan Shah
Yeah, trade.
Unidentified Speaker
Sorry, 500 5, 65 and trade payable is 4, 50 4, 50
Shravan Shah
Okay, okay, thank you, ma’am, all the best.
Operator
Thank you. Next question is from Vishal Periwal from Antique Stock Broking. Please go-ahead. Yes, sir.
Vishal Periwal
Thanks for the opportunity. I think one thing probably you’d like to say that the audio — I mean, usually the call that we do, I know, I mean we put a lot of efforts and I mean like we try to explain a lot of things. But somehow ideally Chorus call should guide you like the audio is not at all-clear. This is maybe like have been quite a consistent in previous calls also. So that’s why like there is lot of repetition in asking the same thing again from participation. So I think just thought to share that. And maybe one thing from my side. Sir, when we say that we’ll be doing almost like INR2,600 crore revenue. So which implies like quarter-four almost like INR780 crore INR800 crores kind of revenue that we can deliver, so which is almost like 20% kind of growth. So I mean almost like one and a half month has passed. So do you think that we are on-track for that or any surprises on that front?
Prahaladbhai Shivrambhai Patel
Yeah. As of now, we don’t see any surprises because all the projects are now in-full placed. Previous quarter, we were having less revenue from the project, which started late in government City, GBRC and Museum at Science City. Now all the projects are on trash and the monsoons have also gone. So this quarter should be better than the last quarter.
Vishal Periwal
Okay. Okay. And then in terms of bid pipeline apart from ex of, so what was the bid pipeline that we have as of now?
Prahaladbhai Shivrambhai Patel
You already said it is INR1,800 crores which is most of the projects are from. So they are in Gujarat only, in Gujarat.
Vishal Periwal
Okay, okay got it. And yeah, I think that’s probably from my side. Yeah. Sure, sure, sir. Thank you so much.
Prahaladbhai Shivrambhai Patel
Thank you.
Operator
Thank you. Next question is from Sanjay Kohli from Goldstone Capital. Please go-ahead.
Sanjay Kohli
Good afternoon and thank you for the opportunity., I wanted to know that you know, what are the new capabilities that we are adding in the company which areas we haven’t touched before that we are adding highly-skilled personnel in-house so that you know we are positioned — well-positioned for the future.
Prahaladbhai Shivrambhai Patel
See, there are several changes. If I say after addition of this order book for Modhani in discussion with Group, now our plant will be doing the maximum as far as Ahmedabad is concerned. So we are already discussing on three projects being converted into. When we talk about Ahmedabad and Mumbai airport and also we are exploring so many other types of shuttering methodology, which can reduce our labor by minimum 50% and we should be in position to execute all the projects with minimum numbers of labor. So we are also in discussion with. They have a special type of shuttering wearing. Most of the things are done through cranes and mechanical joint. At the same time on the enforcement part also, we are trying to put things on-board like we are having exploring. We already have one cutting-bending machine at the factory level. We may also explore one more cutting lending machine in the middle of the city at least that can cater to all the projects of and nearby Ahmedabad for our own projects, which was new opened. So more-and-more we are trying to move towards mechanization and more-and-more, we are moving towards people rather than creating — having directly labors from UP and we are only known for reimbursement and shuttering to try to make them a steel labor rather than considering that in a specialized person can only do shuttering, shuttling will convert those things into mechanical mode so that things can be done and get can be carried out to its local labor if it is some type of training also and engineers, architects all basically Indian or are you sourcing from overseas as well? We are already — we have already initiated — we have already initiated that part of the recruitment of new staff in the company wherein most of the people are coming from different, different regions as we are exploring Mumbai equal to people from Mumbay. There are two appointments we are doing in Gujarat also they are coming out of Gujarat. So it is more about now trading our internal staff with our own culture and one about with our own SOP there is our own method to execute the project on the fast with the maximum utilization of technology so that the overall benchmark to grow can be maintained. So again this budget, there’s quite a lot of allocation again to capex in Infra. And I think there’s going to be a lot going on in UP and we’ve already made inroads over there. So can we expect much further growth visibility in the next — in the immediate future, given that is coming up and lot of work has to be done also in that area.
Sanjay Kohli
So any visibility that you can give us for the next two or till FY ’26 and FY ’27, see, as I told you, presently then we are already in talking with JV region partnership is attending after selling at the 30% stack.
Prahaladbhai Shivrambhai Patel
Most of the orders which we are going — are going to come from the other INR50,000 crore-plus of capex to be done in next five to six years. So we may not be exploring too much on the projects out of Gujarat there is a sizable project or some market or some — there is a niche competition then only then and then only we will be looking for projects out of Gujarat. Otherwise, we will be focusing more on our own order book, which is about INR6,500 crores. At the same time, we are expecting more than INR5,000 crore order or another in next three years. So going ahead with the sufficient.
Unidentified Speaker
So sorry to — sorry to interrupt this the audio is really bad do allow us to interact with you later on after the conference call also at a later in a couple of days time after this, you know the audio is very — so we are only being able to get about 40% to 50% really. Otherwise it’s very, very gobbled. We will be connecting with you again later on, so yeah.
Operator
Thank you very much happen everybody so next question is from Ayush Sabu from Choice Equity Broking. Please go-ahead.
Unidentified Participant
Are you hearing this problem?
Prahaladbhai Shivrambhai Patel
I can hear you fine, sir. Really, really unclear. Even we are not able to hear it at our end. I mean, I can just hear 30, 40 hello, so your audio is not clear at all. I’m not able to comprehend it coming in a very failured manner. We are able to hear you whatever you can ask, let us continue because you are the last two people to talk. So we’ll continue. We can continue.
Unidentified Participant
Okay, sir, what would be the guidance regarding the working capital cycle going-forward for the next two years, considering the increase in the order books in the
Prahaladbhai Shivrambhai Patel
Can you request to conclude the call and with whatever people left,
Operator
We will submit your to mobile hello ladies and gentlemen, thank you for patiently holding your lines. The line for the management is reconnected. Over to you, sir. We’ll move to the next question. Next question. Yes, sir. I’ll just move to the next question from Shubham Shellar from IDBI Capital. Go-ahead, Mr Shellar. Hello
Unidentified Participant
Yeah, sir, just one question. So what is the cash balance currently? Currently I have already mentioned 214 and free-cash is around 28 PM okay, and what is the value of net-debt?
Prahaladbhai Shivrambhai Patel
Debt is 237 short-term debt and long-term debt is 56 years,
Unidentified Participant
Okay, yeah, that’s it. Yeah. Thank you. That’s it from my side.
Operator
Thank you. Thank you we’ll move to the next question. Let us put that question as last question. Sure. We’ll take the last question from Minaya, who is an individual Investor. Please go-ahead.
Unidentified Participant
Yes, sir. Good evening. As you know, Adani is constructing a plant in Mumbai. Yeah. Yeah, are there any talks with Adani to take the operational part of it? No, no, it is — see, as there is this — after this consideration of partnership with Adani, as far as Gujarat is concerned, our precas plant we will run and we will operate. When we talk about other plant, there is an agency who is going to make — operate the plant. But as far as the installation part is concerned, there will be the agencies like us who will be installing the elements once started to decide.
Prahaladbhai Shivrambhai Patel
Okay. We won’t be operating that plant as and when we quiet, because presently it is not in our discussion to operate that plant. They help the agency and experts because all the plant cannot be owned by contractor. So they are making agents as one more company, wherein they are putting up this capex for installing production of the. Later on that element which is produced will be given to the contractor to install the — install the RCC well and is the whole. Okay, okay. Sir, one more question. As on today, what is the order book-related to Adani Group numbers presently, as I told you, we are in the discussion of more than INR5,000 crores of projects we plan out of this year expecting to consider INR2,000 crore-plus this year.
Unidentified Speaker
Okay. In the present order book, sir, what is the percentage or number in the present order book I think in present order book, almost the projects of all the projects are getting concluded. It will not be more than — out-of-the 6,300 crores and 100 INR300 odd crores of. Maybe INR6,500, it will be 300 also, it will be 200 plus. 200 plus.
Unidentified Participant
Okay, okay. Got it, sir. Thank you. Thank you, sir. Thank you very much.
Operator
That was the last question. I would now like to hand the conference back to Mr PS Patel for any closing comments. Thank you, sir. Thank you all of — all for joining us on the earnings conference call today. Thank you for your support and trust in us. We hope that we have been able to address most of your queries. In case of further queries, you may reach-out to our Investor Relations Advisor. I am Yan and they will connect with others plan. Thank you again. Thank you, everyone. Thank you very much. On behalf of PSP Projects Limited, that concludes the conference. Thank you for joining us. Ladies and gentlemen, you may now disconnect your lines