Good afternoon, ladies and gentlemen. On behalf of JM Financial, I'm pleased to welcome you on the call of PNC Infratech Ltd., Q1 FY 2026 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of the future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participants' lines will be in the listen-only mode, and there will be no opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the conference operator by pressing Star then zero on your touch-tone phone. Please note this conference has been recorded. I now hand the conference over to Mr. Vaibhav Shah from JM Financial. Thank you, and over to you, sir. Thank you. On behalf of JM Financial, I am pleased to welcome you all to the PNC Infratech Q1 FY 2020 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 a structured Q&A session. Thank you, and over to you, sir. Good morning, everyone. On behalf of PNC Infratech Ltd., I extend a warm welcome to all of you for joining us today on this call. Today, I have with me Mr. Talluri Rao, Vice Chairman (Infra), Mr. D. Agarwal. CFO, Mr. Pankaj Agarwal, Vice President (Finance & Accounts), and Mr. Jay Gurudeva, our Investor Business Advisor. The financial data and investor presentation have been uploaded on the stock exchanges and the company website for your reference. Initially, I would like to mention key updates from the industry, followed by operational developments of the company and highlights of financial performance during the quarter ending June 30, 2025. We will be happy to answer your questions. The Indian roads and highway sector has faced notable headwinds in recent years, with a slowdown in both project awarding and concession activities. Between April and July 2025, NHAI awarded only 180 km of highways. However, long-term outlook looks slower, as ministries, including NHAI and NHAI DCL, aim to award new highways and expand the project of INR 7 million before the end of the current financial year. In line with these targets, NHAI intends to build out more than 140 highways and expand the project's workload to INR 3 lakh million before the end of the financial year. The proposed NHAI projects cover a diverse network comprising economic corridor, digital corridor, expansion, inter-corridor, feeder route, and port connectivity highway. Stemming to water infrastructure, the delivery mission has shifted focus on infrastructure creation to ensure long-term sustainability. These over 14 crore rural households now have at least two 10-quarter connections covering nearly 75% of rural India. As part of expansion and upgradation of rail networks in the country, India is launching a series of new projects across all its railway zones, generating new business opportunities to the infrastructure. A significant number of new projects are also coming up in renewable energy, power transmission, coal mining and development, water resource management, industry area development, and other infrastructures in both central and districts before diversified business opportunities. Four Four means stabilizing infrastructure. On the project's planning component, the company has significantly expanded into two new business segments: renewable energy and coal mining. In the month of July, the company's foray into renewable energy is taken by securing an L1 position for 300 megawatt solar power project for its 600 megawatt-hour battery energy storage system. The project is located by NFC. The project is to be implemented in 24 months and operated for 25 years post-commissioning. In August 2025, the company deemed delayed as L1 projects received letters of acceptance from South Eastern Coalfields Ltd for overburden removal and coal acquisition at Devra Mines in the state of Chhattisgarh. Foray contracts value of INR 3,489 crore including GST to be executed in five years. On asset valuation side, the company and its 100% subsidiary PNC Infra Holdings demonstrate successfully completed sale of 18% equity shares in PNC Holdings and Infra Library by the DBT. A BOT toll-associated highway project to Highways Infrastructure Trust promoted by KKR and its affiliates. The amount of transactions were completed on 31st July 2025 at an enterprise value of INR 716.2 crore. Out of this, INR 153.48 crore received through equity and INR 239.35 crore received amid the unsecured loss. In addition to the consideration received as amount by the company, there are certain other receivables amounting to INR 80 crore for the same project. This would be received by the company from SIP and distributed in the purchase agreement going forward. With the successful transfer of PNC Value and Infra Library Private Ltd, the company has now completed 100% equity divestment in 11 out of 12 assets under the purchase agreement executed for the equity sale last year. The 12th and final asset, CNC Territory Karnataka Private Ltd, is expected to be divested in quarter two financial year 2026 upon fulfillment of remaining conditions, proceeding. Now moving on to the operational and financial performance of the company. The company is presently having a fund-based portfolio of 15 projects. Out of this, one is BOT toll project, two are BOT NOC projects, and 13 are HAM projects. Aggregate bid project cost of 13 HAM projects is over INR 14,600 crore. Out of 13 HAM projects, three projects achieved PCOD, six projects under construction, three projects achieved financial closure, and appointed dates are expected to be delivered in quarter two and quarter three of financial year 2026. The remaining HAM projects of NHAI, documents for financial closure have already been submitted, and appointed date is expected to be delivered in quarter two of financial year 2026. Total equity requirements for all 13 HAM projects stand at INR 1,744 crore. Out of this, the company has already infused the equity of INR 1,019 crore since June 2025, and the remaining equity of INR 725 crore to be infused over the next two to three years. The internal accruals that would be generated over the next two to three years should be adequate to meet the further equity investment. Now moving on to our order book. As of June 2025, the company's unexecuted order book stands at over INR 17,000 crore, which includes EPC value of RNC Kolkata phases II, III, and VI, and Varanasi Lucknow HAM project of NHAI, and the flyover project of Rajasthan PWD in Bharatpur. The amount of unexecuted order book does not include the recently secured renewable energy project of NTPC and mining projects of South Eastern Coalfields Ltd., having an aggregate value of over INR 5,000 crore. Considering these two projects, the total order book comes to over INR 22,000 crore as of now. Out of the unexecuted order book of over INR 17,000 crore, as of June 2025, highway and expressway contracts are at 67%, while water, canals, area development contracts are at 33%. Now I will present the results for the quarter ending June 30, 2025. The revenue for the first quarter of financial year 2026 is INR 1,136 crore, and EBITDA for the first quarter of financial year 2026 is INR 141 crore. EBITDA margin for the first quarter of financial year 2026 is 12.4%. Profit after tax for the first quarter of financial year 2026 is INR 81 crore. PAT margin for the first quarter of financial year 2026 is 7.1%. Standalone quarterly revenue for the first quarter of financial year 2026 is INR 1,423 crore. Standalone EBITDA for the first quarter of financial year 2026 is INR 357 crore. The EBITDA margin for quarter one financial year 2026 is 25.8%. Standalone PAT for the first quarter of financial year 2026 is INR 431 crore. The PAT margin for quarter one financial year 2026 is 13.6%. Our standalone net worth as of June 2025 is INR 5,557 crore, whereas standalone debt from banks and financial institutions is INR 20 crore. This translates to net debt-to-equity of 0.07. We have also a net surplus of INR 482 crore as of June 2025. Our net worth on standalone basis as of June 2025 is INR INR 6,421 crore, whereas total debt is INR 4,712 crore. This translates to net debt-to-equity of 1.3x. The total cash and bank balance, including current investment, is INR 2,672 crore. With this, we now open the floor for questions. 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 on the attached telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is on the line of Shravan Shah, Dolat Capital. Please go ahead. Hi. Thank you, sir. A couple of questions. First, on the guidance front, last time we stated INR 6,600 crore revenue, which is a 20% growth for this year. This quarter, we have seen a hard growth of 13%. In balance, nine months, we need a kind of a 45% kind of a growth. I just wanted a revised guidance number on the revenue for this year and also for next year. For 2027, we have talked about 15%-20% kind of a growth. If you can let us know. As of now, we received 19%, 15%- 20% growth for FY 2025. Because the first quarter, if you compare the last year also, the corresponding quarter, that we received an artificial award amount as well as a bonus amount. That's a matter of comparison. Nevertheless, we expect an improved turnover during the Q3 and Q4 with the new projects flowing and also once this rainy season gets over. Still, we maintain 15%- 20% growth over the previous year as a guidance for FY 2026. On the lower side versus the 20%. Is it fair? Let's put a number, would be better. I think INR 6,300 crore plus kind of a number could be there on the topline front. Yeah, if you are referring to that, I think that's INR 6,300 million. On the margins front, this quarter was also on the lower side, 12.4%. We are looking at a 13% margin. The rest still remains intact. Yes, sir. Let me remind you. We got this year over the IT transfer. The fixed overheads are the same, being the same. There is a pressure on the margin. The 13% EBITDA margin, we should be able to maintain for the FY 2026 12%. For next year, now once we have this coal mining and the BESS, both put together INR 5,100 crore. For next year, how one can look at when the growth rate on the revenue front should be much higher? 20% plus would be there. Okay. 20%. Presently, we are already given 20%. As of now, see 2% we are expecting. This is again the 15%- 20% we are expecting next year for FY 2027. We were expecting some appointed dates to be declared for the projects which have already been awarded last year. Once we review the appointed dates that we cleared for the core M projects and also the execution beginning at 15, we'll be able to assess in a better way next quarter. As of n ow, 15%- 20% for FY 2027 or FY 2026. It comes from the order inflow now. If we consider this INR 5,200 crore for the battery energy storage system and coal mining, how much more are we looking to bag in this year? At the same time, if you can also specify in terms of the bridge pipeline from which segments we are looking at. The order book, last time you had mentioned INR 12,000, INR 15,000 for FY 2026. Since we are already secured over INR 5,000 growth, we are expecting another INR 7,000- INR 10,000 growth new order in the next three quarters, from Q2 to Q4. There are INR 7,000- INR 10,000. We are expecting others primarily from the highway sector. Our Managing Director has mentioned it. It is coming out with 120 major projects that are having a value of more than three year growth. Definitely, our focus will be on highway sector only. Roughly, you can say the majority of this remaining INR 7,000 from the highway sector, remaining from the other sectors. Got it. Got it. Just, how much revenue one can look at from the coal mining this year and from next year onwards once it will be a kind of a stabilized on a yearly basis, how much revenue one can look at? The same way for BESS, that the RE project that we have received, this year on the EPP front, how much one can look at revenue and next year, how much one can look at? In coal mining, if you see this 5,000, 3,000 worth of projects have to be included in five years, it's an average revenue of INR 600 crore per year. This year, you know now, post this rainy season and our EPP beginning, INR 300-INR 400 crore we expect in this current year. The next year onwards, it should be INR 600 crore, slightly more than INR 600 crore for annual. If we're able to complete this entire scope within five years, whatever this year is calculated in the contract, FX. Got it. For. We probably have INR 50 crore per each quarter. Got it. For BESS, how much we are looking at this year and next year? See, BESS, still we have to receive the letter of award. Post that, there is a process involved. The NFCC has to sign it or sale agreement with the state government. Subsequently, we'll process it with the client very well. After that, we have to be implemented. This year, we are not looking at a significant amount of implementation. In 24 months, we have to implement this project of over INR 2,000 crore EPC revenue. You say one quarter in the Q4, we'll be executing some work this year, and the major work will be executed next year. Got it. Yeah. Lastly, some balance sheet and project-wise order book data, if you can, sir. Inventory data, scale payable, mobilization, retention, value as of June. Sorry. Can we only come back on these details? Next time, if you could ask for this, this will come on the PF issue on these details going forward. Project-wise order book, whatever is left, if I can name the project, if you can pair the outstanding order book? Okay. Okay. Okay. Yeah. Yeah. Sir, irrigation, what's the value as of June? Irrigation? Irrigation project. Yeah. Outstanding. Hello? Yeah. Yes, sir. Irrigation outstanding order value is how much? It's INR 866 crore. 866 crore. It sends some scope of increase as happened. Kanpur, Lathnaur, package one and package two. Kanpur, Lathnaur, package one is INR 67 crore and package two is INR 40 crore. It's INR 40 crore. Matsura bypass, Raju Village? Complete. Haryana Orbit Rail? Haryana Orbit Rail is INR 528 crore. INR 528 crore. Ganga Bridge? Ganga Bridge is around INR 230 crore. Got it, sir. Thank you and all the best. Thank you. Thank you. The next person comes from the line of Mohit Kumar with ICICI Securities. Please go ahead. Yes, sir. Good afternoon, sir, and thanks for the opportunity. My first question is on the renewable energy asset portfolio. You have 1,300 megawatts, 600 megawatt output. The question is, what is your estimation of medium-term ambition in building up this business? Are you willing to have any capital allocation plan if you have 40% business? This is the first project in the renewable energy space for our company. We are looking forward to see this portfolio. As we go forward, by implementing this project, we'll also know what is a deeper insights about this renewable energy space. We look forward to more opportunities in this space going forward, but our focus will be partially implement this project. Understood. You expect a limited cash flow, right? What is the equity requirement for this portfolio? This depends upon the debt equity ratio that we are going to be discussing with the banks. Based on that, we'll be having an equity requirement of around INR 400 crore equity requirement per year, assuming a debt equity of 20: 20 as of now. Only the finance leaders will know once we are in the process of financing for the portfolio. Understood. My second question is, sir, how do you also think about the margin profiles in coal mining projects? I believe this is our first project in the coal mining, right? The related question is, do you anticipate what kind of tactics you will require to execute this project? We are expecting a capex of around INR 400 crore for this project, for this coal mining project because it's an engineering intensive project. We are expecting INR 400- INR 500 crore capex for this project. What about margin profile? Margin profile? Will it be similar to the existing teams, or do you think it will be? Yeah, it will be similar. It will be around 30% EBITDA. We are expecting from this project, similar to our other portfolio. Understood, sir. Thank you, Professor. Thank you. Thank you. The next question comes from the line of Vasudev from Nuva ma. Please go ahead. Sir, what are the current status of the irrigation you have given initially on the Silco project? See, irrigation project, we have executed certain works during the current, the previous quarter. Now, as of now, only the peripheral works we are executing because the water is flowing into the canal system. Here we've resumed the projects in the month of January. Overall, this year, we are expecting INR 150 crore work. Next year, this will be further increased. Project is going on. We are expecting it to be time up to September 2026, and we are expecting further extension of this project. Project is going on because hardly we get six months, less than six months time in a year to execute the project because remaining year for the irrigation purposes, water is left into the canals. In general, we can see phase three. Phase two, we have completed two-thirds of the projects, more than 67% physical progress. Nearly 55%- 58% is completed in phase three. Overall progress is around 60%. Project is going on. We expect to complete in FY 2027 and maybe some residual works in later. Sure, sir. On the Silco project, in the presentation, you're saying that the project is subsidized. What's the status there? See, the matter is still under, sir, which is, we halted the project. Implementation of this project we halted. Nevertheless, we have mobilized our resources. We set up our camp and other things. As of now, physical execution of the project will halt. Any matters before the court. Matter is sub judice. We don't want to share further on this project, matter being sub judice. Okay. What is the KPIs that you are planning for the full year? Out of that, how much have we done in Q1? Lastly, can you also give the total collection numbers for the quarter? Our targets for CapEx in this financial year is around INR 450 crore, including the projects of coal mining. For the money. For the financial year. The total number is, please note down. For NTI Wave, it is INR 12.34 crore. For Rae Bareli and Narela, it is INR 19.65 crore. Narela, the collection is INR 22.64 crore. For Bareilly, NHAI is INR 32.16 crore. Okay. Sir, what is the KPIs that we already incurred in Q1? We have not incurred any CapEx in this quarter. We will do the CapEx in the next three quarters. Okay. Sure. That is fine. Thank you. Thank you. The next question comes from the line of Ketan Jain with Evandis Park. Please go ahead. Thank you. Sir, I would like to understand on the renewable project. If I understand the CapEx involved is around INR 2,000 crore. Do we have the execution capability enough to execute this project? How is the execution of the project going to be? This renewable energy project? Yes, yes sir. No, renewable energy project, we engaged a special agency. We already engaged the consultants who have had adequate expertise in this project, hand-holding expertise in this project. We are in the process of, we can also understand the team is also there already with us. We should be able to execute this, in-house only, this project, by having some partnership with the technology providers and special agent vendors. If you support. Understood. Understood. Okay. That's okay. Thank you. The CapEx is INR 2,000 crore, right, sir? Please come again. CapEx is INR 2,000 crore, right, for the project, sir? No, no, sir. This particular project, whatever the equipment, solar panels that we went through the options, that is a part of project cost only. Until we cash flow, there will not be any separate CapEx. Only CNC box. Understood. On the short term, I was thinking that the project cost is around INR 2,000 crore, sir? Yeah, yeah, over INR 2,000 crore. Understood. Okay, thank you. Thank you. The next question is from the line of Survey Gupta with Maximal Capital. Please go ahead. Yes, sir. Please Please make your noise. We can hear anything about this project. Sorry to interrupt, Mr. Gupta. We are not able to hear you. Can you speak a bit loudly? Hello. Hello. Yes, you are able now. Please go ahead with the question. The first question is on this INR 4,500 crore worth of NSRDT project. If you can update us with the progress on these two, you know, what is going on with these two? See, I'm not charging three projects. INR 4,500 crore compared to Jalvan and the expressway as well as Pune Ring Road. Both projects are going on. We started the commencement of execution in the fourth quarter of last year. The first quarter of this year also, we have executed several work. Projects are going on as of now. Only because of the current quarter, ongoing quarter of the monsoon and the intense rain, project is slightly progress is affected. Otherwise, progress, projects are progressing as per the schedule. Okay. Sir, secondly, on the orders which the industry is hoping to get. In the past two, three quarters, we have always been expecting that the orders will come eventually. That is getting delayed, or not getting received every quarter. Two, three quarters back, we had a revenue growth guidance of 30% for FY 2026. It got revised down to 20% and now 15%-20%. Two times already we have taken downward revision because, obviously, there is nothing which not just you, but other players are also not getting. What gives us the hope that we will be able to get these orders? I mean, are there some tangible changes that have come in from NHAI's side that you feel confident that they will be giving out these orders? If you can update on that because, otherwise, we don't have enough of road orders to be able to sort of meet the guidance, even the revised one. Oh, see, the last two years, everybody knows the awarding activity by NHAI subdued. It is reflecting into the low construction activities in this last year as well as the current year. As announced by NHAI, from Q2 onward, they're going to award major projects of large number of major projects of INR 3 lakh crore. We are positively thinking that, okay, we'll get a certain amount of projects from this team. The second thing, the reason for the downward in the last year's number, as you had already mentioned, because of the four projects which per the construction agreement were signed in FY 2024, those projects we could not start because of the delay in the deposition of our partners there due to the non-sufficient land is available. There is a problem in acquisition of land in the state of Bihar. That is the reason. Now the land acquisition process has improved. We are expecting appointed dates during Q2 and Q3. These projects will generate income in the current financial year as well as the next financial year substantially. We should be able to maintain the revenue guidance whatever given. We don't remember that we have ever given any 30% guidance for FY 2026. Last year, maybe I mentioned up to 20%. Now we say about 15%-20%, which we should be able to maintain, which we should be able to achieve, given the fact that we received around INR 5,000 crore new projects and also the four projects which have been awarded last to last year are going to be coming once the appointed dates are secured. Sir, even if the orders were to come, from an industry perspective, what has happened is all the players are having, you know, a balance sheet, which is probably the best that has been in the industry. Everyone is sitting with a lot of cash, and everyone is sort of starved of any orders in the last 18 months to 24 months. Given that sort of a scenario, you know, how do you feel about the margins that can be expected on the future orders if at all they come? Because everybody is hungry for orders, and everybody is sitting on a lot of cash. No, that is there. See, particularly infrastructure takes a decision over the last decade. It is cyclical. There are downs and there are ups in the infrastructure as to how the government and the articles inflow is happening. Yes, people are there. Everybody is ready to garner the new business. What we feel is there is enough space for everybody because the NGOs are also coming with a large number of projects. Also, metro rail projects are coming. Apart from NHAI, the renewable energy transmission line, a lot of projects are coming up. We feel that, okay, there are several players who are very much hungry to secure movers, but sufficient business is available as the government trusts on infrastructure development for the overall stage of public health. Mr. Gupta, may we request you to come back in the question queue for any follow-up questions? The next question comes from the line of Vaibhav Shah with JM Financial. Please go ahead. Yeah. Sir, what execution do we expect from the existing MSRDC orders, Pune Ring Road and Jalna, in FY 2026? Let's see a moment for this. This figure is not readily available. I will share it with you, but we'll have a substantial amount to be executed in Q2 and Q3. There are too many facts in there for Q3 and Q4 since it's a property-based project. We'll share it with you. The figure is not readily available. Okay. Sir, you are L1 in Bandara Garchik Road as well. Any status and update on that? No, for our practical reasons, that project is non-S. See, it's not really no plan thing. We are not considering it as a thing. If anything is there, any development in that project, we will share it with you through the stock exchanges. Okay. Sir, secondly, on the JJM side, what would be our receivables outstanding right now? See, if you go, sir, as of 30th June, it's more than INR 700 crore receivables are there. Because there is a paucity of funds, the Government of India just halted the funds today, removing the whole program. We are expecting funds to come in the current quarter since this backlog will be cleared. Can I get the number you mentioned? What was the number? 700 crores. 700. The same for irrigation projects? Irrigation projects, actually, since last year, we received more than INR 200 crore amount. Now the outstanding is around. Around INR 90 crore. 90 crore. Because the Government of Africa just has paid during the one year, progressively they paid. They paid more than INR 200 crore out of the total outstanding amount. Now the outstanding amount is less than INR 100 crore. What execution are we targeting from JJM segment in FY 2026? We are targeting INR 900 crore in FY 2026. We are more focusing on making this project into a window stage. We are also consolidating the rest of the 80%- 90% works are completed. We are going trying to take them to a window stage and commissioning the projects. We are targeting as of now INR 900 crore. We should be able to tell a more tangible figure, more precise figure next quarter. Sir, the entire backlog of almost INR 2,900 crore, that will be completed by FY 2028? Yes, FY 2028. As per the budget space, the extension is scheduled up to FY 2028. Okay. Sir, a guidance on the appointed dates for the three packages of VRK and VPAL Vipass? See, we are expecting this appointed date for these three projects of NHAI, VRK, and one project of MPRTC, VPAL Vipass, during the current financial year. Maybe one project in Q2 and the remaining three projects in Q3. These initial stages because these initial works will not be highly well. We are not expecting very high value of this project. This project will give some tangible amount. Our three projects, our four projects should give more than INR 1,000 crore turnover during the current financial year. All the four together? Yes. Okay. Okay. Lastly, on the monetization front, there's a question on the accounting. How are you accounting for the money inflow? In the standalone book, we don't see any cash coming, right? No, actually, the money is flowing through the main company, PNC Infratech Ltd and PNC Infra Holdings. Sir, 100% custodial of PNC Infratech Ltd. If we are holding, the money has come in PNC and PNC Infra Holdings also. Okay. Sir, last time we mentioned that the total amount of cash that we have received in the deal, around INR 2,200 crore had come, INR 1,660 crore from the PACE fund and INR 584 crore from the changing scope. Yes, yes. Of these INR 2,245, 2,250 crores, how much has come in the standalone books and how much is in the control books in the S3? Actually, in standalone basis, the money will come around INR 1.1 billion. The balance will be seen in PNC Infra Holdings. Okay. Thank you, sir. Those were my questions. I'll come back in the queue. Thank you. The next question is from the line of Anikesh Nagamani with Sitpreet Capital. Please go ahead. Hello, sir. Am I audible? Yes. Yes. Here we can see, from FY 2024, there is a dip of 22% in the topline in FY 2025. Can you specify the reason for it? See, you're saying the FY 2025 is not the FY 2024? Yes. We have already shared last year many notes of discussions there. As we said, the main reason in the delay in declaration of appointed dates for the four HAM projects, which were awarded in FY 2024, in July 2023, we signed the concrete implements for these HAM projects. We timed it six months. We achieved the financial projects within six months. Are you audible? Sir, am I audible? Yeah, yeah, yeah. See, sir, the new projects were awarded in July 2023. We signed the construction agreement. Though two years passed, appointed dates were not declared because of the non-availability of land. There were certain issues with the land pricing and the acquisition process and all. Prolonged delay happened in the land acquisition. These projects are worth nearly INR 5,000 crore. We could not execute anything during the FY 2025. Sir, our main question is, you know, that question has happened. Hello. Hello. Am I? Sir, our main question is with regard to dip in June 2025 revenue, right? If you look at the year-on-year, there has been a dip of 35%, right? Simultaneously, there has been a dip in the profit. Actually, in the June quarter, Q1 FY 2026 versus Q1 FY 2025, in Q1 FY 2025, we received more than INR 400 crore towards the Arbitration Award awarded in our favor. Also, around INR 64 crore bonus we received from one of the EPC projects. It's not exactly INR 1,700 crore that we did. The amount, if you compare it to the early FY 2021 figures, the corresponding figures would be around INR 1,300 crore without these. INR 1,136 crore we achieved, which is a dip of around 13%. Sir, what I want to ask you is, we have an order book of INR 17,000 crore here, right, as of the date. The company is not able to perform well. What are the critical reasons? If you look at the history, it shows the downtrend, right? What are the critical limiting factors for us? What are the bottlenecks? Do we have insufficient working capital, or do you have insufficient CapEx? What are the critical problems that you are facing, right? When we look at the order book, it is a reminder, right? Obviously, you have three to four years of runway as far as the order book is concerned, right? As far as the bank, the bank is also listed. Why is the company not able to perform? That is what we want to understand from your end. See, out of INR 17,000 crore order book, nearly INR 7,000 crore new orders we received last year only. That's towards the end of the last year. This MSRDT project and the Silco project, we received towards the end of the last year. We started executing those projects, but those projects didn't do much well. The Silco project of INR 2,000 crore halted because of the judicial intervention. That project was halted. We are having sufficient working capital. In fact, our working capital limits and CC limits are being moved on. We have sufficient cash. There is no dearth of any equipment or anything. We are having a crop block of more than INR 400 crore, which can be executed 60, 70 times. This is happening because the INR 17,000 crore of the order book, INR 7,000 crore new orders we received last year only. INR 5,000 crore order book, which was received in FY 2023, so appointed dates are not declared so that we could not commit the physical execution. All these reasons are beyond our jurisdiction and beyond our control. Also, this INR 5,000 crore order book, we could not execute because of the land acquisition issues. It's completely out of our control. We are not sparing any effort, but we factored beyond our control, drive seeds. Sir, you mentioned one of your projects got on hold, right? What is the value of that project? That project is INR 2.04 billion. Okay. ₹5,000 crore land acquisition issue, ₹2,400 crore is due to on hold, correct? We should remove. 7,000. Okay. We should eliminate this contract for the time being, right? Temporarily, we should not consider this temporarily. This project accepts INR 2,040 crore, which is subsidies last year. The INR 5,000 crore project, these are on hold because of the land acquisition issues. We are expecting appointed dates during the current financial year. We expect to commence the physical execution during the current financial year. Going forward, these projects will give revenue to us. Mr. Vadvani, may we request you to come back in the question queue for follow-up questions? The next question is from the line of Parth Thakkar with JM Financial. Please go ahead. Hello, sir. Thank you for the opportunity. My first question is, what would be our current grid pipeline? From that, have we put out any bids where results are awaited? Yes. We have put out bids, we put out around 13 bids, comprising both HAM, EPC, and some one POT project. If you see the total value of the bids, what you put, it comes to around INR 48,000, including the POT project. These bids are under evaluation. We expect this is to be opened in Q2 next week. We still should be opened the price question period. What would be the value of the POT project? POT project, equaling a period of 20 years, it is expected to generate a total revenue of over INR 30,000 crore over a period of 20 years. Okay. If you have the numbers handy, what was your mobilization advance and working capital debt as of June? As of June, the net mobilization advance reached INR 4,500 crore. Hello, working capital debt, sir? Working capital debt in standalone is nearly zero, but there is some loan of INR 20 crore in the standalone balance sheet. Okay. Thank you, sir. Those were my questions. Thank you. Thank you. The next question comes from the line of Lokesh Piplodiya with Smith Institution Equities. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. My question is basically on the mining projects which we have bagged recently. My analysis is that we have bagged this project under 20% discount to the authorities' call. I just want to understand the reason behind it. Have we bid it on an aggressive basis, and what are the margins we are targeting on this project? We have done a thorough market analysis. We have also done the surveys and other things, taking all the factors into consideration, including the competition. We bid this project very judicially. We didn't make it 80% below what the project procurement has estimated. We don't think that we bid this project very aggressively. We bid it very judicially and judiciously, and we expect a margin of around 14% or 13% margin from this project. Okay. Sir, on the bidding pipeline, do you see that there would be chances that we will get more mining projects and more BESS projects during FY 2022? See, we targeted these mining projects for the two more mining projects nearby. We see we are having a project value of around INR 32,000 crore in as much as we can sell the margin CapEx as a core. We may get some projects depending upon the competition and other things. The rest of the projects, we continue to focus on road projects. We targeted HAM projects of road sector and also targeted projects to NHAI and EPC. We targeted two projects to railways also. Okay. Don't you see that, you know, given that we have backed around INR 5,000 crore of projects during Q1 only, and given that we have strong bidding pipeline, we can easily cross INR 15,000 crore of order input for FY 2022? Yeah. Hopefully. We have given a guidance up to INR 15,000. We are hoping that we may see INR 15,000. Otherwise, on the optimistic side, we may even cross INR 15,000 in the current financial year. Okay. The last question is that we have announced an arbitration award of around INR 485 crore during the period of May for our Vipass project. We have not reported that during Q1. What was the reason? Have you received that claim amount? We have the award has been published in our favor. NHAI has time up to three months if they want to accept it or if they want to challenge it. It is with the knowledge in the court of NHAI. Once the NHAI decides, then the further course of action will be. Okay, that is my thought. Thank you. Thank you. The next question comes from the line of Rishabh Agarwal with [Nuvama Institutional Equities]. Please go ahead. Hello. Hello. Thanks for the opportunity. Sir, I missed on the cash number which you mentioned at a control level. If you can just highlight again. The total cash number on a control basis is INR 2,600 crore. Okay. Got it. In terms of the mining that we'll be doing for the next five years, is it part of the SPV or subsidiary or in standalone we'll be booking this revenue? It will be standalone. Standalone. See, we'll be booking on PNC Infra Holdings, main company. This turnover will come directly on a standalone basis. Okay. Okay. Got it. Maybe one last thing. I think though you did clarify on this pending EB, what is there, and you have given a note based on the current timeline, one EB will be receiving this quarter and then the main phase in the next. What exactly is the issue? Like, you know, are you seeing things getting sorted now in any color that can be provided? Probably, I mean, there are still things that are still highly balanced between like a DNA getting and not getting. If you can just clarify that. This has materially improved because our team is at the site project. We know the ground reality. Out of four projects, one project, the adequate length ROW has been required. Yes, we are waiting because currently, monsoon is very active in that area. We are waiting for the monsoon to be received. One project, that is ERP6, will get the appointed date before end of the current quarter. Next quarter, we'll receive the value. There is a mark on the ground. It's in real conditions. The land acquisition process has been expedited and improved. Okay. We don't see any changes in these projects. Okay. I think we have a further 15-20% revenue growth. INR 1,000 crore is expected from these couple of projects where EBITDA is expected. That's it. We'll be a little bit asked, right? I mean, given the projects we will be acquiring, like you know, we'll be starting and mobilization advance will be received in six months. When will it take time for a pickup? I mean. First, three projects, since all these four projects, we received the Venture Up award and also signed the construction agreement long back. Our site establishments already we've put it there. We fracked our material, and also, we positioned our plant and the machinery. Everything is ready. With the current position, the ones that are appointed date is request. We'll be able to start in Q3. It is not like I said further we'll request some extra money or anything. In Q3, we'll start at all these four projects. On an optimistic side, we are expecting around an additional INR 1,000 crore from these four projects. That also will depend upon the date of declaration of appointed dates, whether we'll get it beginning of the quarter or the end of the quarter. We are fully ready because we got a sufficient time for mobilization. We adequately mobilized and positioned the man-made material and the machinery over there. We should be able to start these projects in Q3 and achieve the progress. Okay. Sir, I think that's pretty helpful, sir, explaining all the questions, sir. Thank you very much, sir. Thank you. Thank you. The next question comes from the line of Shravan Shah with Dolat Capital. Please go ahead. Hi, sir. Sir, can you give the now the balance sheet numbers for inventory, trade receivable, trade payable? Just note down. Yeah. Inventory is around INR 900 crore. Trade payable is INR 750 crore. INR 750 crore. Trade receivable? Trade receivable is around INR 1,900 crore. INR 1,900 crore. Out of that, HAM debtor is how much? HAM debtor is INR 730 crore. INR 730 crore. Okay. The retention money is how much? Retention money is around INR 180 crore. INR 180 crore. Unbilled revenue would be how much? Unbilled revenue is around INR 340 crore. 340 crore. Okay. Got it. Sir, just a clarification. When you say this INR 2,950 crore coal mining order, where we will be doing an INR 500 crore kind of a CapEx, and this will be kind of depreciated over five years. Am I right? I think it's a year. Yeah. If I look at, if I do the math, this INR 3,000 crore into a 12% kind of a number would be a INR 330, 340 crore kind of EBITDA, and then a 25% tax is this INR 280-INR 290 odd crore. Versus we are spending a INR 500 odd crore capex. Actually, we are doing a loss on that project. No, no. Actually, see, for this project, considering on a standalone basis, whatever equipment we purchase, we are subsidizing at five years. Otherwise, as per FLM, it cannot be completed in five years to go forward. If you get some other projects, because once you open this particular sector, the machinery can be redeployed from the other projects also. It's not like that we will be ready with the entire equipment in five years. The reality is it's going to be using for three projects of a similar kind. Okay. It doesn't make sense, the kind of a CapEx that maybe a maximum expense, kind of a 1% net profit margin that maybe we will be doing. Ultimately, this equipment has to be maximum seven, eight years. It should be a kind of a return of, if not in five years. That is your critical base. As we said, we'll analyze resources. Yeah, no issues. Go ahead, sir. Please. This is not seen as a single project kind of a thing. Once we invested into this thing and enter, we are looking at a long-term kind of a construction in this particular mining sector. Okay. Sir, you mentioned that we bid for two mining projects, which would be around INR 7,000 crore. Am I right? Yes, yes, yes, yes, yes, yes, yes. Okay. Okay. Is this bonus on the highway, INR 50 crore odd, that we will be receiving in this quarter? Yeah, we are expecting this will be because this INR 14.8 crore has been recommended by the PEA and sent to NHAI headquarters. We are expecting. Okay. Sir, if you can now summarize this monetization of 12 odd projects, what is now left is Talluri Rao Harrier, where INR 114 crore equity is invested. From that, how much will we be expecting in terms of the equity value? If you can also now tell me the total, how much we will be receiving and against what, how much we have invested, and how much already we have cash received? Yeah. This will be updated once the Telecaro Harrier is, we will let us know. Telecaro Harrier, we are expecting we will be closing in Q2. Once we cross all against the total thing, we will tell you how much we will increase and how much we have received. I think Telecaro Harrier, our equity valuation will be around INR 200 crore. Okay. 200 odd crores. Put together, if I assume the 200 crores, that's a receivable for the previous 10? Sir, I will share with you, we confronted all the figures, including Talluri Rao here. Yeah. Could I be guided, last week of standalone cash and bank balances versus March INR 682 crore, how much is value as on June? March standalone cash versus March versus 30 to June. Yeah, cash and bank, which was INR 682 crore as on March? 600? 682 was the value. Yeah. Standalone. Yeah. Standalone. Yes, sir. Standalone cash and bank balance as per reported balances, as on March was INR 682 crore. As on June, how much is the value? 483. Okay. Okay. Thank you, sir. All the best. Thank you. The next question comes from the line of Krish with Anand Rathi. Please go ahead. Thanks for taking the question, sir. Can you please tell me how much was received in the 11 assets monetized? Can you come again? Please, how much was the receivable 11 assets monetized? We have received around INR 250 million and INR 5 billion we have realized against the 11 assets. Okay. How much was the subsidy against 11? Infra Holdings. Yes, the sales in PNC Infra Holdings is around INR 1,100,000. Rupees? Okay. How much has money has been used? What is the cash standing in PNC Infra Holdings? The outstanding cash in PNC Infra Holdings is INR 2,000 million. 2,000? 2,600,000. INR 2,600. Okay. How much has been utilized? It was. It was utilized? We did not utilize the money as yet. Okay. The money has been withdrawn in the investor portfolio. Okay. So. On session. All for now. Thank you. The next question comes from the line of Vasudhey. It's Nuwama. Please go ahead. Thank you for the follow-up. For the solar project and the mining project, how is that working capital cycle different compared to the road projects? See, as far as the solar project is concerned, we will be floating an SPV for this implementation of this project, Project SPV, which is the subsidiary of our parent company. The working capital and the cycle may not be linear. In case of coal projects also, being digitized and a lot of digitization has happened. What we understand is that the measurement, certification, billing, and the payment is quite expedited. There are some loans that expanded longer working capital cycles. They will pay and it's a payment that may run on a 48-day basis because the quantum of work is large. A lot of digitization and a lot of technology interventions have happened. They will be giving payment. There won't be any longer working capital cycle for these two projects. Okay. Sir, can you give the total collection for the Kanpur Highway project? See, Kanpur Highway project, the completion period ended on January 20, 2025. Therefore, we don't have any total figures for Q1 FY 2026. Okay. Sure. Thank you so much. Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Thank you, everyone, for your active participation in our earnings call. In case of further queries, you may get in touch with the Strategy Growth Advisor, our Investor Relations Advisor, or feel free to get in touch with us. Thank you, everyone.