Ladies and gentlemen, good day and welcome to the PNC Infratech Q4 FY2025 Earnings Conference Call hosted by Dolat Capital Markets Private Ltd. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the 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 the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Shravan Shah. Thank you, and over to you, sir. Thank you, Anushka. Good evening, ladies and gentlemen. On behalf of Dolat Capital Markets Private Limited, I am pleased to welcome you all on the PNC Infratech Ltd fourth quarter FY 2025 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 an interactive Q&A session. Thank you, and over to you, sir. Good afternoon, everyone. On behalf of PNC Infratech Ltd, I extend a very warm welcome to everyone for joining us today on this call. I have with me Mr. T. R. Rao, Director of Infra, and Mr. D. K. Agarwal, CFO, Mr. Pankaj Agarwal, VP, Finance and Accounts, and Strategic Growth Advisors, our Investor Relations Advisor. We have uploaded the financial results and investor presentation on the stock exchanges and company website for your reference. Initially, I would like to mention key updates of the industry, followed by operational development of the company and highlights of the financial performance during the quarter and full-year ended financial year 2025, which we will be happy to answer your questions. Yes, year 2024 and 2025 posed significant challenges for the infrastructure sector, particularly in roads and highway subsector regarding both awarding and construction activity. Awarding of new projects for implementation saw significant delay due to the general election cycle across the nation in 2024, longer processing and approval timeline in getting clearances for bidding new projects, and persistent delay in acquisition and possession of land required before project bidding and awarding process. Due dates for more than 90% of new projects extended multiple times mainly due to above-mentioned reasons. In some of the projects, due dates extended up to two years from initial launching dates. The subdued new project award activity by MoRTH and NHAI, total hold on Bharatmala Program, extended monsoon seasons, and widespread rains coupled with continued delay in acquisition and possession of vacant and encumbrance-free land for construction, even for already awarded projects, adversely impacted construction timeline of national highway and expressway projects across the region significantly during the financial year 2024-2025. The above advents reflected in so much a total 6,444 km of national highways were only constructed during the financial year 2024-2025, as against the set target of 10,421 km, around 60% of targeted land. Further, as we move into fiscal year 2025-2026, MoRTH set an ambitious target of constructing 10,000 km of national highway. Further, MoRTH targeted investment of 1,100 km in the Northeastern States and 750 km in tribal regions. Additionally, MoRTH aims to operationalize a 5,800 km high-speed corridor network to strengthen national connectivity to further economic growth. In the union budget of financial year 2025-2026, the central government allocated INR 74,226 crore to the Department of Drinking Water and Sanitation, and a significant portion of this budgetary provision, INR 60,000 crore, allocated to the Jal Jeevan Mission. The government also announced the extension of the Jal Jeevan Mission until 2028, with an end to outlay and focus on completing the remaining work by prioritizing the operation and maintenance of the rural piped water supply scheme through Jan Bhagidari to ensure citizen-trick water service delivery. A significant number of new projects are being launched in other core sectors, including railways, mass rapid transport, airports, roadways, renewable energy, energy storage system, logistics park, urban and industrial area development, and tourism sector, which are expected to generate new business opportunities for the industry players in both fund-based and non-fund-based segments. Recently, Honorable Prime Minister of India expressed his confidence that given the speed and scale of renewable energy project development in India, especially in the solar energy space, India should be able to achieve its target of 500 GW of renewable energy by 2030. This outlook is not only very encouraging, but also will create opportunities for the development of a huge number of large projects in this sector going forward. Another emerging opportunity is the development of energy storage systems that will enable a continuous supply of energy when needed, particularly during the periods of peak demand. As for sustainable renewable energy growth, the concurrent growth of energy storage capacity is becoming imperative. The government is expected to mandate 10% battery storage for all renewable energy projects, which is expected to further accelerate growth in the energy storage system sector. As in the union budget for financial year 2025-2026, the central government made INR 1.5 lakh crore provision for the long-term interest-free loans to support infrastructure investment by the state government. A sizable number of new infrastructure projects are expected to be initiated by the state government going forward on both TPC and TPV mode. Now coming to the recent update on the company. On the project development side, the company subsidiary Hardoi Highway Private Limited received the provisional completion certificate on 18th January 2025, 167 days ahead of the scheduled completion date, and became eligible for early completion bonus in terms of the concession agreement. During the quarter, the company was declared as L1 bidder for an EPC project of PWD Rajasthan for a price of INR 240 crore. CARE Ratings has reaffirmed its accreditation on long-term bank facility to CARE AA Plus, stable, and short-term bank facility to CARE A1 Plus. On the tech monetization side, the company and its subsidiary PNC Infratech Holding Limited successfully completed the sale of 10 road projects to Highways Infrastructure Trust as of 22 May 2025. Earlier in January 2024, the company had signed a definitive agreement with Highways Infrastructure Trust to divest a total of 12 road assets comprising 11 national highway HAM projects and one state highway BOT toll project spanning approximately 3,800 land kilometers to be transacted in two tranches. Tranche 1 comprised 10 HAM assets concluded for an equity consideration of INR 1,827.6 crore after adjustment on account of certain items of work biscoped in these 10 projects. Apart from the above consideration, there are other receivables to a tune of INR 200 crore to be received by the company upon realization of the same by the SPV as per the terms of the definitive agreement. The total equity investment in these 10 projects was INR 1,371 crore. The company, through the above-mentioned SPVs, executed several additional items of total value of INR 624 crore under the change of scope provisions of respective concession agreements. Out of this amount, the company has already received INR 546 crore. As the Tranche 1 transaction concluded, all 10 projects and SPVs have been duly handed over to Highways Infrastructure Trust. The sale of equity in the remaining two assets, PNC Bareilly Nanital Highway Private Limited, which is a BOT Toll project, and PNC Challakere (Karnataka) Highways Private Limited, which is a HAM project, is expected to conclude in the first half of financial year 2026. For Bareilly project, approval for transferring 100% of share capital of the SPV has been received from UPSHA, the authority, on 31 May 2025, according to the closing action that has been commenced. An arbitration award for an amount of INR 485.27 crores was made and published in favor of the company on 17/5/2025 by the arbitration tribunal in connection with an EPC project executed by the company, Agra Bypass of NHAI, along with a future interest of 12% per annum from the date of award till the date of payment. Moving on to the operational and financial performance of the company. Out of the company, 18 fund-based projects: three are BOT toll projects, including Kanpur covering projects; two are BOT NOT projects; and 13 are HAM projects. The aggregate project cost of 13 HAM projects is over INR 16,500 crores. Out of the total 13 HAM projects, three projects achieved PCOD; six projects are under construction; three projects achieved financial closures; and appointed dates are to be declared. For the remaining one project, a concession agreement was executed and a financial closure document was submitted to MPIDC. Balance equity to be infused in 13 projects as of 31 March 2025 is INR 7.59 billion. Till 31 March 2025, the company invested INR 9.84 billion in 13 HAM projects and remaining equity of INR 7.59 billion to be invested over the next two to three years. The internal accruals that would be generated over the next two to three years should be adequate to meet the above equity investment requirements. As of 31 March 2025, the company's unexecuted order book stands over INR 17.7 billion, which includes three EPC contracts secured by the company during the financial year 2025 for an aggregate contract value of INR 6.67 billion. Out of the unexecuted order book, highway contracts contributed around 63%, while water, canal, industrial area development, and railway projects contributed around 37%. During the financial year 2025, the company has booked a total revenue of INR 8.22 billion in the rural drinking water segment. Diversification into other sectors. As part of the diversification handover, the company during the past few months actively pursued opportunities in the area of railway, metro rail, renewable energy, installation of smart meters, industrial area development, coal mining, airports, and building construction, and already submitted bids for some of the projects in these sectors under both fund-based and non-fund-based projects. Now, I would present the results for the quarter and full year ended March 31, 2025. Stand-alone revenue for the fourth quarter of financial year 2025 is INR 14.15 billion. The EBITDA for the fourth quarter of financial year 2025 is INR 1.76 billion. The EBITDA margin for the fourth quarter of financial year 2025 is 12.4%. The profit for the fourth quarter of financial year 2025 is INR 1.21 billion. The PAT margin for the fourth quarter of financial year 2025 is 8.6%. Stand-alone revenue for the financial year 2025 is INR 5,513 crore. The EBITDA for the financial year 2025 is INR 1,049 crore. The EBITDA margin for the financial year 2025 is 19%. The profit for the financial year 2025 is INR 706 crore. The PAT margin for the financial year 2025 is 12.8%. Consolidated revenue for the fourth quarter of financial year 2025 is INR 1,704 crore. The consolidated EBITDA for the fourth quarter of financial year 2025 is INR 362 crore. The EBITDA margin for the fourth quarter, financial year 2025, is 21.3%. The consolidated PAT for the fourth quarter of financial year 2025 is INR 75 crore. The PAT margin for the fourth quarter, financial year 2025, is 4.4%. Consolidated revenue for the financial year 2025 is INR 6,789 crore. The consolidated EBITDA for the financial year 2025 is INR 2,066 crore. The EBITDA margin for the financial year 2025 is 30.5%. The consolidated PAT is INR 815 crore. The PAT margin for the financial year 2025 is 12%. As of 31st March 2025, our net working capital cycle is 113 days as compared to 102 days as of 31st March 2024. Our net worth on a stand-alone basis is INR 5,475 crore as of 31st March 2025, whereas stand-alone debt from banks and financial institutions is INR 16 crore, which translates to net debt to equity of 0.07 times. We also have a net surplus of INR 437 crore. On a consolidated basis, our net worth is INR 5,989 crore, whereas total debt is INR 9,345 crore as of 31st March 2025. The total cash and bank balance, including current investment, is INR 2,433 crore. This translates to net debt to equity of 1.56 times. After completion of monetization of 10 assets as of date, the debt got reduced to INR 4,300 crore, which translates to net debt to equity of 0.72 times as amidst 1.56 times. With this, we now open to the floor for question and answers. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one to ask a question. Anyone who wishes to remove themselves from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jain am Jain from ICICI Securities. Thank you for the opportunity. So my first question is, out of the total deal amount, we are yet to receive INR 1,070 crore. Is my understanding correct in that sense? INR 1,070 crore. Including equity valuation and debt, you are saying? Yeah. No, no, no. Only equity. Amount is balanced. INR 1,060 crore. No, INR 1,064 crore. INR 649 crore. INR 649 crore is balanced. INR 649 crore? For Bareilly and Challakere project. Hello? For Bareilly and Challakere project, only INR 629.5 crore is balanced. Okay. You mean only for Bareilly? And what about the HAM assets which is yet to be sold? Okay. Including those two. Sir, we will be having a surplus cash balance this year. What are we planning to do with that? We are pursuing quite a few fund-based projects on a PPP mode. Both in the sector, we are very much active in roads, highway sector, like HAM projects, and very judiciously we will look at the BOT toll projects also. Followed by other project opportunities initiated by central government agencies. There also, there are investment opportunities coming up for that. Those opportunities also, as our MD said, we are pursuing those opportunities also. We will certainly judicially deploy our funds in a productive manner in the best interest of the company. Okay, sir. Sir, as we understand, the CIDCO order has been canceled by Bombay High Court, and we have not removed it from the current order book. Is there any reason for that? Sir, the matter is sub judice. As we had informed to the exchanges, we challenged Bombay High Court order. The matter is sub judice. CIDCO has not formally withdrawn the work order issued to us, but we commenced the pre-construction activities, but we halted as of now. Since the matter is sub judice, we do not want to dwell into it, and we do not want to further discuss on this. As soon as we get some updates and some development in this, we will share with you. Okay, sir. Sir, one question. Can you give us some guidance for FY 2026 in terms of revenue, margins, and out-and-inflow? FY 2026, we are looking at a guidance of 20% growth in the gross revenue top line and EBITDA margin of around 13%. With regards to order inflow, we are looking at, as we are aggressively pursuing the opportunities in all the sectors, we are expecting INR 15,000 crore new orders before the end of the current financial year. Okay, sir. Sir, my last question is on the working capital side. Can you just give us a number on mobilization advance, retention money, and unbilled revenue? Just note down the amount of mobilization advance. The total mobilization advance as of 31 March is INR 437 crore. And the retention money as of 31 March is INR 196 crore. Any other amount, sir? And unbilled revenue? Unbilled revenue around INR 300 crore. Okay, sir. That answers my question. Thank you so much. All the best. Thank you. Thank you. The next question is from the line of Vaibhav Shah from JM Financial. Please proceed. Yeah. Thanks for the opportunity. Sir, firstly on the deal side, for the 10 HAM assets, what amount have you received and what is pending for those 10 assets? Hello? Hello? We have received a consideration of INR 1,827 crore for 10 assets. Out of that, INR 162 is the holdback amount which is to be received after completion of some conditions as per the definite agreement for 10 assets. The remaining INR 629 is for the two assets. The remaining INR 629 is for the remaining two assets, namely Bareilly and Nital, and the Challah Kerry project. No, no, sir. For the previous question, you mentioned that for change of scope, we have INR 624 and INR 200 also receivables are pending. That is what I am asking. Pertaining to those 10 assets. Yeah. INR 200 receivables are pending apart from what INR 1,800 consideration you had just mentioned. We will get INR 200 receivables. This is towards change in law for a GST amount and other payments which are to be received by the company through respective SPVs as and when they are realized. The INR 624 crore towards certain additional claims of changing scopes? No, no. That has been received. INR 624 crore is not additional claims. INR 624 crore is towards the additional works, extra items we executed. That we have received from NHAI. Out of INR 624 crore, INR 584 crore we have already received. Yeah, yeah. The total we have received out of INR 1,827 crore, INR 167 crore is pending. INR 1,660 crore is received, and INR 584 crore additional is received. Total INR 2,200 crore is received broadly. Actually, INR 584 crore we received through COS, this will not be included into the consideration. But INR 1,800 crore plus INR 200 crore more we will be receiving towards CAL and other things. Actual cash has been received in the books for INR 584 crore. Sorry, sorry. Actual consideration for 10 asset is INR 1,827 crore plus INR 200 crore other receivers which is to be received as and when the same is received from NHAI on back-to-back basis. Hence, the total consideration for 10 asset is around INR 2,027 crore. In addition to that, INR 624 crore was the COS amount which is duly executed during the transition period and which is received from NHAI and passed on to the EPC contractor during the transition. That is not included in the same consideration. But the cash has been received in the books, INR 584 crore? Yes. INR 580 crore is received in the books of the account. Okay, okay. Sir, secondly, what will be our investment in the remaining two assets, the Challa kere and the BOT project? The total equity invested in Balance Two project is INR 407 crore. Against which we are expecting INR 629? Including unsecured loan. Okay. Against which we are expecting INR 629 crore? Yes. Against that, we are expecting INR 629 crore. Okay. Sir, another thing, of the total debtors, what would be JJM debtors and HAM debtors? The HAM debtor is INR 700 crore approx, and the JJM debtors is INR 717 crore. Have you seen any movement in terms of better payments for the JJM projects during the quarter? Because the number has not reduced by much. It was INR 790 crore in last quarter. How do you see it moving in first quarter this year? See, INR 790 crore last quarter was there, and subsequently, we received a certain payment, and also we billed a certain amount during the last quarter. That amount is different. Now, since the budget has already been approved, INR 60,000 crore allocated for the JJM mission. The Government of India is in the process of allocating these funds to state governments. We expect some tangible amount before the end of the current quarter and the remaining amount in the first half of the current financial year. What execution are we targeting from JGM for FY2026? INR 900 crore-INR 1,000 crore we are targeting. Okay, okay. Sir, lastly, on the order book, we have not included the Gadchiroli MSRDC project. Yes. That project, since we have not received the LOI, we have not included it in the order book. Also, once the process of issuing the LOI is done, we will let you know. When do we expect to receive the same and the appointed dates for the remaining HAM projects? For the remaining HAM projects, one HAM project we expect to get the appointed date before 30th of June. The remaining three HAM projects, we expect appointed dates before the end of the first half, that is before the end of the next quarter. Yeah, next quarter. Okay, okay. Sir, I have one question. I'll call back in that queue. Thank you. Please. Thank you. The next question is from the line of Parikshit from HDFC Securities. Please proceed. Yes, sir. My question is on the consideration. The initial consideration which we have around the deal was INR 2,900 crore. Now it has come down to INR 2,400 crore. Why is there a difference of INR 500 crore? Sorry, INR 500 crore Sorry, INR 500 crore difference now? Hello? Yeah. Sir, we have reported the total consideration will be INR 2,900 crore odd number. Out of that, we have received INR 1,827 crore for 10 assets. Initially, INR 2,900 crore was for 12 assets. Out of INR 2,900 crore, INR 629 crore related to the balance two projects. Around INR 380 crore is regarding the de-scoping. There are some liabilities of GST, which is treated as leakages, around INR 30 crore. The other is... Yeah, other is? The other is interest at working capital. No, but that will not be the part of consideration, right? Consideration, that will be your revenues, but that will not be part of your consideration, right? For which, sir? No, no. I am saying the receivables will not be the part of consideration, right? So de-scoping, we have some de-scoping which has happened, but de-scoping will not be the part of consideration, right? No, no. Actually, what has happened, the consideration... Yeah, the... अभी Parikshit? Yes, sir. Hello? Yes, sir. I am saying your receivables. HAM के प्रोजेक्ट में क्या है कि कुछ de-scope हुआ तो कुछ पॉजिटिव हो गया, कुछ नेगेटिव हो गया। नेट ऑफ करके पॉजिटिव हुआ. [Foreign Language] लेकिन HAM में एक कंडीशन है कि जब COS पॉजिटिव है, तो आप उसका इमीडिएट पेमेंट दे सकते हो आप. तो उसके अगेंस्ट हमने INR 624 crores का जो COS पॉजिटिव हुआ, उसका हमने पेमेंट ले लिया. तो कुछ उसका पार्ट नेगेटिव भी हुआ. तो नेगेटिव हुआ, तो नेगेटिव में उन्होंने नेगेटिव कर दिया. तो नेगेटिव जो consideration का पार्ट था, वो INR 384 crores, INR 378 crores का नेगेटिव consideration का जो पार्ट था, वो नेगेटिव होगा उसमें. लेकिन एज ए कंपनी, हमको इमीडिएट पैसा NHAI से डायरेक्ट मिल गया उसमें. एक नेगेटिव Change of Scope है, जो INR 378 crores है, वो रिड्यूस फ्रॉम द बिग प्रोजेक्ट प्राइस एंड द फ्यूचर एन्युटीज. सो, इट विल अफेक्ट द वैल्यूएशन. दैट्स व्हाई दे डू दैट एक्सपेंस. Okay. So what was the de-scoping as a% of the total project cost? [Foreign Language] तो जैसे कि आप बोल रहे हैं कि जो भी de-scoping हुई है, उसकी टोटल प्रोजेक्ट कॉस्ट के अगेंस्ट जो भी% था, उसकी एन्युटी का NPV निकाल के आपने उतना कम कर दिया है. Yes, sir. तो de-scope का... वही है. [Foreign Language] मतलब वो NHAI बोलती है कि जो negative होगा, उसको de-scope आपकी एन्युटी फिर reduce होगा. BPC revise कर दी उन्होंने. तो BPC revise कर दी, लेकिन हमको जहां positive हुआ, वहां cash payment दे दिया. तो net off हमको कोई नुकसान नहीं हुआ उसमें. Yes, sir. That's what I was going to say. टोटल absolute valuation एन्युटी loss because of the de-scoping. So, basically आप बोल रहे हैं जो भी gross एन्युटी loss हुई है, उसकी NPV is what does reduce? वो NPV, हां, वो NPV of एन्युटी loss है, that is about INR 378 crore. ये वही है, हां. NPV वही है. If there is no change in the valuation of that, there is no reduction. Because the reduction is on account of the de-scoping and the related NPV. And any book adjustment of this. Okay, okay. Okay. The second question is on the ordering now. How is the bid pipeline looking? What is the view on NHAI ordering this year? Because last year nothing has happened. You also highlighted earlier in the call that the Bharatmala Program kind of has gone on a pause. What is the view on the bid pipeline? What are the bids opened? As of now, what is outstanding bid? How do you look at the ordering this year? What kind of inflows are you looking from NHAI this year? See, as of now, we submitted a bid, around 15 bids we submitted, which are under evaluation, with a total revenue stream of around INR 500 billion. These bids we submitted both to NHAI and other clients also, essentially central government. And INR 500 billion we submitted. Over the next two years, before end of July, we proposed to submit bids for 42 projects for a valuation of around INR 600 billion. Total pipeline for the next two months is around more than INR 1 trillion bids. We are expecting some projects from this pipeline. Going forward, again, some more projects are expected from NHAI. These projects are a larger size when we compare to the average size of projects what NHAI is currently bidding out. As the size of project increases, we expect some lesser competition. We expect some ordering flow from NHAI as well as from other clients also. Okay. That you are submitting is approximately almost INR 900 billion including what you have? Yeah. Yeah, sir. Your word. Yes, yes, sir. Approximately INR 1 trillion. Out of that, how much will be the NHAI bids? NHAI bids, NHAI and MoRTH put together are INR 525 billion. INR 600 billion is NHAI. The remaining INR 400 billion is other clients. What is the breakup of INR 400 billion? Which segments are these? If you can help us understand the breakup of this balance INR 400 billion, in which segments they are. See, precise breakup is readily not available. Otherwise, from railway and DMRC and some projects of NPCIL, Nuclear Power Corporation, then we have some Airports Authority of India, NHPC, coalfield, the South Eastern Coalfields and other region, Rajasthan Canal Project and other projects. expect these INR 1,000,000 crore bids to be opened and at least opened and once data should be known in next at least July or August? Yes, yes. Out of that, it should win significantly. I mean, and how much is the expectation of this win within this second quarter by September out of this INR 1,000,000 crore? See, it will be a bit thing, speculative depends upon the level of competition and all. At least minimum we should get 5-10%. I think this will be the highest ever bidding in the single financial year, almost INR 1,000,000 crore worth of projects. Is it right to assume that this will be the highest ever pipeline would have been and this is all bunching up of orders? Of course, it's there, but earlier also bid such kind of level. Given the competition and all, we need to see how things will unfold. We expect 5%-10%. By end of August, by first listing, we should get 5%-10% bid translate to INR 5,000-INR 10,000 crore. Okay. Here as a whole, you're targeting at least in the upwards of INR 15,000 crore of ordering flows, right? Yeah, yeah. Yes, yes. INR 15,000 crore. Okay, sir. I'll take those on my questions and join the next round of questions. Thank you. Thank you. The next question is from the line of Parvez. Parvez from Nuvama Group, please proceed. Hi, good afternoon and thanks for taking my question. My first question is, from this INR 1,827 crore, have we already received the cash consideration or is it still to be received? Hello? Hello. Sir, except hold back amount of INR 160 crore, all amount is received. What would be the, let's say, tax consideration on this INR 1,827 crores? I think it will be around INR 60-70 crores tax amount. That's it. Sure. For FY 2026, what is the kind of CapEx that we are looking for? For CapEx side, since we are able to execute the contract up to INR 8,000 crores with the existing equipment and machinery, we are not seeing any major CapEx guidelines. For critical equipment, if any required, it will be up to INR 40 crores. Sure. Lastly, for the pending equity that we need to include, how much do we need to include in, let's say, FY 2026 and how much in FY 2027? Around INR 400 crores is required for current financial year 2026. The balance will be required in 2027 and 2028. Sure. Thanks, and all the best for future. Thank you. Thank you. The next question is from the line of Vishal Periwal from Antique Stock Broking. Please proceed. Yes, sir. Thanks for the opportunity. Sir, in terms of our equity investment in our portfolio of HAM and other assets, X of these 12 assets, what is the amount now? Except these 12 assets. Yeah, meaning these 12 assets. That our total equity for balance 13 project is INR 700 crore, INR 1,700 crore. So you're saying INR 1,700 crore is the balance equity, I mean, removing this 12 assets, correct, sir? Yes, yes, yes. Okay, got it. And second, in terms of the arbitration award that we received in May, so anything that we have already booked or the full INR 480 crore will be moving to PNF? We have not booked anything. See, only upon realization of this award only, just we'll be able to book the income and accordingly we'll translate into PNF. Okay. So you'll wait for actual cash receipt, then only you'll be routing it to PNL. That's what you're saying? Yes, yes, yes. Yes. Okay. And then when this amount expected, sir? See, we don't know what will be the reaction of NHAI. In case the award is challenged, it may take time. It will be a legal process that has to be. Okay. No, no, no. Sure, sir. Got it, got it. Yeah. That's all from my side, sir. Thank you. Thank you. The next question is from the line of Bharath Prabh u Shah from JM Financial. Please proceed. Sir, we have given guidance of 20% growth for FY2026. Earlier, we were targeting around 30% plus growth. So isn't this growth conservative given the strong order backlog? Yeah, it is conservative. We will revise in next quarter after. After determination of appointed date for these four HAM projects, once the actual dates of appointed dates will come, we will relook into this guidance and then we will come back to you. Potentially, could it be around 25%, 30%, or? No, as of now, we do not want to mention any number, but we stick to 20% till the end of this quarter. We will come back to you as we progress. Sure. Secondly, sir, I wanted some data points on the order backlog of a few projects. What would be the order book for a new Patli station to Sultanpur station? New Patli to Sultanpur. That is, you are calling it HORC project, Haryana Orbital Rail Corridor project? Yes, yes, yes. Yes, yes. HORC, it is INR 470 crore. And for Kanpur Nakhno Package 1 and Package 2? Package 1 is INR 115 crore. For Package 2, it is INR 130 crore. For Mathura Bypass? Mathura Bypass Package 1B. 1B, yes. It is INR 78 crore. For Prayagraj, Possumby? Singhora to Baranpur? INR 360 crore. For the irrigation project? Irrigation project, it is around INR 850 crore. We have seen good execution in irrigation for the quarter. It comes out around INR 74 crore. Yes, we have executed INR 77 crore in quarter four. In this current financial year, we are expecting to execute another INR 150 crore. INR 150 crore for the—for FY2026? For FY2026, yes. Sir, over what time would we be completing the project? Because it has been quite a long time since we have won the project, and if the pace is only INR 150 crore for FY2026, when are we targeting to complete? We actually—the government has granted us the extension up to 2026. We should be able to complete by 2026. Because we get only six months working time in this project. Remaining six months, water is flowing into the canal for the irrigation purpose. We get. Hello? It seems like the management's line has been disconnected. Please stay connected till I reconnect the management. Thank you, ladies and gentlemen. Waiting patiently. We have connected the management's line. Mr. Bharath Prabhu, can you continue with your question? Yeah. Sir, if we do INR 150 crore execution for FY 2026, then pending order would be around INR 700 crore for FY 2027. Would we be able to execute the entire period in 2026? Yeah, yeah. We'll be able to execute. Now we are starting in other fronts also. We have a main canal as well as a branch canal. Next working season we'll be starting work on all other fronts also. We should be able to complete it by 2026. Okay, okay. Sir, what are the pending receivables from the irrigation project as of March? It is INR 1.14 billion for irrigation. What did we receive in the quarter? During the quarter, we received around INR 400 million. INR 400 million. Okay, okay. Thank you, sir. Those were my questions. Thank you. The next question is from the line of Shravan Shah from Dolat Capital Markets Private Limited. Please proceed. Hi sir. Sir, just for one clarification for this monetization that we have already done, how much will we be booking as exceptional gain standalone in 1Q and also in terms of the post-tax? How much would be the PAT on that front in the standalone PNL? Hello? Yes, sir. On standalone PNL, there is no gain for the monetization. It will come in the PNC Infratech Holding Subsidiary Company. It will be around INR 460 crore capital gain, pre-tax. Post-tax, it will be around INR 400 crore. That will reflect in the consideration balance sheet. Okay, okay. Got it. Got it. Sir, you said that the one appointed date you will be getting for the HAM by 30th June and raised by three projects by September. This one project is which one? Package 2? Package 6. We We are 6. Bihar? Varanasi-Kolkata Package 6. Package 6. Okay, okay. Package 6. Okay. I got it. Sir, what we are saying, so two parts on the revenue front and on the order inflow. As you mentioned, around INR 60,000 crore NHAI, MoRTH bids, and the INR 40,000 crore among all other sectors. We are looking at INR 5,000-10,000 crore to be win. Even if, let's assume if we win the INR 10,000 crore, do we think that the balance, even the INR 5,000 crore that we need to get, do we see that kind of a further bid pipeline will be there? Sir, just wanted to kind of a risk that we were even last year also we did not receive what we were expecting. Not only we, but the entire most of the players. Just trying to see whether this INR 15,000 crore, is there a further risk that it can even be on the lower side? See, now whatever this INR 5,000-INR 10,000 crore, what we expect to get during the H1. Remaining INR 5,000 crore, we should be able to get during the H2. Because the pipeline is there. NHAI announced a lot of projects, as mentioned by our MD, economic corridors, and also tribal area roads, and also many of the HAM projects also. Also, quite a few BOT toll projects. Certainly, we are looking forward to having another INR 5,000 crore in H2. We should be able to secure new business of INR 15,000 crore, what we are expecting. Okay. Sir, this INR 60,000 crore that we are looking to bid in NHAI and MoRTH, is it mostly the HAM and toll, or are there EPC projects also? If toll, any ballpark idea, are we open to take the toll project where we can invest this INR 2,000 crore kind of equity, or we are just restricting for a INR 1,000 crore kind of equity only, that kind of a project only in the toll we are looking at? Our priority will be HAM projects. Toll assets also, toll opportunities also, we will definitely pursue toll opportunities. With due diligence and the traffic forecast and traffic demand forecast, and also financial viability, we'll pursue the toll opportunities also. Our prime focus should be on HAM projects. This INR 60,000 crore does not include any toll bid pipeline? It includes some toll projects also. O kay. This also includes the EPC projects also? Because still, I think there is a decent competition is there despite the change in whatever the NHAI is doing on the bidding part. Yes, it is there. It includes EPC projects also. We'll continue to bid for EPC projects also. Okay, okay. Got it. Now, sir, when we are saying that the or rather we have reduced our revenue to kind of a INR 6,100 crore that we are looking at, definitely lower than what previously what we were looking at. Does that, let's say, if we get all the appointed dates and maybe INR 10,000 crore by this July, for FY 2027, how one can look at it? Because previously we were looking at FY 2026 to be similar to FY 2024, which is close to INR 7,300 crore, INR 7,400 crore. Already we are doing right now, looking at INR 1,400-1,500 crore less. For FY 2027, if somebody has to look at it, is it fair to say that we can easily do an INR 8,000 crore plus kind of revenue in FY 2027? Sure, definitely. Definitely. Depending upon the new projects secured, this one. What happens if you get an EPC kind of project, we will be able to start execution immediately. In case of fund-based process or HAM or BOT toll, certain time will be taken for financial closure and all. The commitment of project may take a few months. Currently, we are looking at that 20% over and above FY26, and more also if we get more number of projects. Okay, okay. Sir, this bonus part that you mentioned, Hardoi, 167 days early, so what would be the bonus amount and when will we be booking in the standalone? It is around INR 15,000 crore. Okay. We will be booking in the first quarter itself or it will be in the second quarter? It will be second quarter because the bonus is paid along with the first annuity. First annuity becomes due only in the month of July. 18th of July, first annuity becomes due in June. They will release the bonus along with the first annuity. Partly it will be reflected in console and partly in the standalone. Okay. Lastly, sir, this MSRDC, you see two projects, Pune Ring Road and Jalna. When can we start doing the execution and how for this year, in this INR 6,000 crore, how much are we looking to book a revenue in these two projects? See, in both projects, execution has already started. Both Jalna-Nanded as well as the Pune Ring Road, we started the execution, both the projects. Okay. Because in terms of the outstanding is INR 4,630 crore order book. So how one can look at in terms of the revenue for this year? This year, see, we can say around 25%-30% of the revenue we are expecting in FY2026 would be from these projects. We'll say around INR 1,800-2,000 crore from these two projects. Okay, okay. Great, sir. Great, sir. Thank you and all the best. Thank you. The next question is from the line of Lakshay and analyst. Please proceed. Yeah. Thank you for taking my question. My first question would be, although there has been a significant decrease in revenue from FY 2024 to FY 2025, the past was similar to FY 2024. I wanted to know what contributed towards the increased margin of the company. Arbitration Award in policy. Hello? Yes, sir. Hello? Yes, sir. During the financial year 2025, we have received Arbitration Award in two projects and a bonus in one MSRDC project that contributed more and better as well as the PAT rate. Okay. When will PNC Infratech plan to consider private projects or is it solely going to be the government projects? See, we will continue to pursue the government projects only as of now because a lot of project opportunities are coming up in the government. The government is the largest spending entity in the infrastructure. We will continue to pursue the government. As of now, we are not looking at the opportunity in the private sector. Okay, sir. That's all for my questions. Congratulations on a good financial year. Thank you. Thank you. Thank you. The next question is from the line of Bharath Prabhu Shah from JM Financial. Please proceed. I'll just some clarification on the monetization. So you mentioned that in the standalone entity, there will be no gain booked for the entire monetization deal. Is that correct? Yes, yes. Okay, okay. Thank you, sir. Thank you. The next question is from the line of Sarvesh Gupta from Maximal Capital. Please proceed. Good afternoon, sir. And thanks a lot for giving the opportunity. Sir, on the revenue guidance, so you are saying around 20% for this year and maybe around 15% odd for FY2027. Is that the right understanding, sir? Yeah, yeah. See, 20% for FY 2026 and similar kind of things, you can say 15%-20% for FY 2027. See, it will be too early to say about FY 2027 because how the order inflow will be there and what kind of order inflow will be in the FY 2026. We'll be able to tell in the coming quarters some certain guideline for the certainty guideline for the FY 2027. Otherwise, as of now, we are staying with you at 15%-20% for FY 2027 over and above FY 2026. This would mean one more slide that you have given on employees. Your employee count has decreased by almost like 30% from 10,000 to 7,000. You will be ramping up the workforce to reach this number or how do you see that? No, no, no. Certainly, we'll be ramping up the workforce because there is a persistent delay in the declaration of appointed dates for four major HAM projects during FY 2025 and even recent. Normally, the decline in the staff is only like mechanical staff and drivers and all who are the core operating staff. As we receive the appointed date for these four projects and also as progress picks up in the MSRDC projects, we'll keep recruiting back these mechanical and operating staff. It will reach to the previous levels. Okay. This year, out of this 20% growth, around INR 6,500 crore that you are projecting, did I hear it right that out of this, around INR 2,000 crore will come from Jalna-Nanded and Pune Ring Road project? Yes. Okay, okay. Margins of around 13%, right? Yes. Capital margin will be around 13%. Sir, on the balance sheet for the standalone level, we have around INR 450 crore net cash as of now. Right? We are expecting around INR 150 crore out of the INR 1,800 crore to be received. Yes, yes. That will make it INR 1,600. INR 200 crore more is pending. That will make it INR 2,000. Right? Yes. Sorry. INR 450 we have and then INR 150 more is coming to INR 600. Then INR 200 more is pending. INR 800 and INR 50 crore more is pending from the additional work that you have done. Around INR 850 crore we will reach. Plus what you have received, around INR 1,400-INR 1,500 you have received. You will get to almost around INR 2,500 crore net cash. Yes, yes. Yes. Around INR 2,000 crore. INR 2,000 crore. Yeah. How do we plan to utilize this, sir, in this year? Because I think almost around INR 1,700 crore has to be invested in the HAM assets. How much of that will come in this year and the remaining amount, what are we planning? See, the HAM projects, whatever these to be invested, once these appointed dates are declared, for both ongoing HAM projects as well as new HAM projects would be requiring investment. Also, as we are pursuing other projects, fund-based projects, we submitted a solar energy project and also battery storage projects. These are all fund-based projects. Smart metering projects also, we submitted one bid in the state of Himachal Pradesh. Like that, we'll be again submitting bids for the HAM projects. We already submitted some bids and further will be submitting. Going forward, these all fund-based projects would need equity-type amounts. We should be able to deploy our equity gainfully. We judiciously do things. Since we have cash, we will not go for everything. We'll do the required due diligence and accordingly, we'll deploy the capital. Sir, on the margin side, how do we look at it because earlier we were mostly into road where the margins are a little bit better. Now if you look at other companies in the EPC space, which are operating into multiple assets, multiple types of things, their margins are usually much lower at around 8%-10%. Do we see our margins also coming down as we diversify our book, or how do we look at it in the medium term? No, no. We don't see any decline in the margin significantly even with expanding into other areas. See, as you know, when we entered forward into drinking water supply, we could be able to maintain the same margin in the rural drinking water supply project what we already executed, more than 60%, and we'll be executing balance amount. We maintained the margin same. Similarly, even if you execute in other projects in other areas, we don't see there will be any significant reduction in the margins. Okay, okay. On the working capital side, sir, last two, three years, we have seen some increase. How do we see that going forward? The working capital days? Net working capital days will come down. We are hopeful that it will be around 70-80 days. Okay. We are planning for a major reduction from the 110 odd days that we are at. Okay, sir. Okay, sir. That's all from my side. All the best. Thank you. The next question is from the line of Parvez Qazi from Nuvama Group. Please proceed. Hi. Good afternoon. For taking my follow-up questions. It would be great if we could get the toll collection on our existing older projects. Yeah. Just note down. For MV Highways, it is INR 11.69 crore. And for Bareilly & Anital, it is INR 17.5 crore. And Nareela is INR 10.76 crore. And Ravelry & Jonpur is INR 32 crore. And Kaso Sabray is INR 5 crore. Thanks a lot. Thank you. The next question is from the line of Anupam Gupta from IIFL Securities. Please proceed. Sir, just one question. You said there will be no gains booked in the standalone entity. Are the gains being booked in PNC Infratech Holding for the monetization? Yes. Yes, yes. Okay, okay. Understood. Thank you. That's all. Thank you. Thank you. The next question is from the line of Anand Mundra from High Temple Capital. Please proceed. Hello. Thank you for the opportunity. Sir, I just had one question. The INR 200 crore that is receivable on account of change in law, this is something that we already recognize as receivable on balance sheet? Or when this amount comes, it will directly hit the bottom line? That will hit directly on the bottom line. On console basis. On console basis. That will also come in PNC Infratech Holding, is it? Yes, yes. Okay. The change in scope that I think some INR 624 crore. Out of that, I think INR 80 crore we've already received, something like that. The balance INR 40 crore is yet to be received. Correct? Yeah. Yes. That will also, when it comes, it will directly hit the bottom line. Is that correct? No, yeah. That will hit the top line on the standalone basis. That will hit the top line. But corresponding to that, do we have some assets? Is there something sitting on inventory that will get net off? That is why the impact on the bottom line might be lower than the— Yes, yes. Corresponding to that, see, whatever expenses have been called from EPC side towards the execution of this additional work, that will be adjusted. Accordingly, bottom line will be depleted. Got it, got it. The net gain that is yet to be recognized will be about INR 460 crore plus the INR 200 crore that will come in. At the console level, at PBT level. Is that understanding correct? INR 400 crore is the capital gain for 10 assets. Hello? 400 crore is the net cash for 10 assets. And the INR 200 crore will be accounted for as and when received from the NSCI. Got it. Sir, is there a timeline of when we expect that? We are expecting in the current financial year itself. Okay. That's it from mine. Thank you. Thank you. The next question is from the line of Pankaj Motwani from Equirus Securities. Please proceed. Yes. Thank you for the opportunity. So my question was on the guidance part. You were guiding for 20% revenue in the effort. I wanted to check if this guidance includes execution from the order book in which the appointed date is pending. So how much of the order value you have been considered in this guidance for the, yeah, from this appointed date in which appointed date is pending? Yeah. See, we have considered guidance of 20%. We have taken into account the appointed dates which are to be declared one before the end of current quarter and three before the end of H1. That is the second quarter. We consider the income from these projects also in the guidance what we have projected. Okay. You are considering all the four projects in the FY 2026? Yes. In the guidance. In the In the guidance, 20%. Okay. One more question. There was an arbitration award of INR 700 million in FY 2027. I just want to know this 20% guidance is on the reported revenues which you are reporting in the PNL, or it is excluded of the arbitration award? See, FY 2026, we are not expecting any arbitration award to be realized. See, whatever arbitration award published in our favor, the realization of the amount will take time. We are not taking any income either at a top line or a bottom line against this arbitration award in FY 2026. No, I'm sorry. I sorry. I was asking for the base of this 25% revenue growth. The base of FY 2025 revenue should be excluding the arbitration award, or should it be inclusive of the arbitration award? No, no. It is inclusive of arbitration. Whatever INR 5,500 crore revenue you have booked, we are expecting 20% over and above the INR 5,500 crore, including the arbitration award we received during FY 2025. Okay. Got it. That was my question. Thank you. Thank you. As there are no further questions from the participants, I would now like to hand the conference over to Mr. Shravan Shah for closing comments. Over to you, sir. Sir, I think the INR 240 crore project where we are L1, when are we likely to get the LOA and then the appointed date? Within this month, or? LOA will get this month, within this month. And appointed date may be in the next month. Okay, okay. So at least we should have some exhibition from there also. Yes. Yeah. Thank you, management, for giving us the opportunity. And thank you all the participants for joining in. Sir, do you have any closing comments? Yes. Thank you, everyone, for your participation in our earning call. In case of 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. On behalf of Dolat Capital Markets Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.