Ladies and gentlemen, good day and welcome to the PNC Infratech Limited Q3 FY26 earnings conference call, hosted by Anand Rathi Share and Stock Brokers Limited. This conference call may contain forward-looking statements about the company which are based on beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Bhavin Modi from Anand Rathi. Thank you, and over to you, sir. Good afternoon, ladies and gentlemen. On behalf of Anand Rathi Institutional Equities, I am pleased to welcome you all on the PNC Infratech Limited Q3 FY26 earnings conference call. We have with us the Managing Director of the company, Mr. Yogesh Jain, along with the senior management team. We will begin with the opening remarks from the management, followed by the interactive Q&A session. Thank you, and over to you, sir. Good afternoon, everyone. On behalf of PNC Infratech Limited, I extend a very warm welcome to everyone for joining us today on this call. Today, I have with me Mr. T. R. Rao, Director of Infra, Mr. D. K. Agarwal, CFO, Mr. Pankaj Agarwal, VP Finance and Accounts, and Strategic Growth Advisors, our investors' relations advisors. The financial results and investor presentation have been uploaded on the stock exchange and the company's website for reference. Initially, I would like to share key updates on the industry, followed by operational development of the company and highlights of financial performance during the quarter ending 31st December 2025, post which we will be happy to answer your questions. Over the past two years, projects awarded by MoRTH, including NHAI, remained muted, with NHAI awarding only 377 kilometers of new road projects in quarter three financial year 2026 compared to around 504 kilometers in quarter three financial year 2025. Even during the first nine months of financial year 2026, new project awarding activity by both MoRTH and NHAI remained subdued. Consequent to very low awarding activity that persisted over the past two years, around 5,800 and 5,000 kilometers of roads constructed during financial year 2025 and financial year 2026, respectively, which are much lesser in comparison to earlier years. Through several new projects announced by NHAI under EPC, HAM, and BOT formats, with a strong bid pipeline of over INR 150,000 crore, the same is not getting translated to awarding activity due to recurrent extension of bid due dates, owing to either delay in securing necessary approvals or delay in acquisition of required land. However, in the Union Budget for financial year 2027, capital expenditure for core infrastructure development has gone up by nearly 9% to INR 1,220,000 crore, underlining the government's continued commitment and focus on infrastructure-led economic growth. Being one of the key infrastructure sectors, the Ministry of Road Transport and Highways received a record allocation of INR 309,000 crore in the Union Budget of financial year 2027, which represents a year-on-year increase of 8%. On similar lines, NHAI has been allocated INR 187,000 crore, a 10% increase over the previous year in the financial year 2027 budget. This funding is primarily aimed to support new highway development. The increased allocation to the roads and highway sector looks not only encouraging but also would help all the stakeholders to achieve higher growth going forward. Taking a broader view, India's core infrastructure opportunity for private capital is expanding well beyond roads and highway sectors to ports, logistics, power, transmission, renewable energy, road-based, and water resources sectors rapidly. In support of momentum, the proposed infrastructure risk guarantee fund, as announced in the union budget, is expected to reduce financing risk during the construction phase and encourage active funding from lenders. For the Jal Jeevan Mission, the budget has provided an allocation of INR 67,670 crore for financial year 2027. In case the allocated funds are disbursed in a timely manner to the state, it would be of a great help to clear the long outstanding dues to contractors by respective states and expedite the progress for faster commissioning. With increased and sustained allocation, a healthy project pipeline, and diversified funding mechanisms, the roads and highway sector is well positioned to move into its next phase of sustainable growth. In line with government policies and allocation, it is expected that new projects are awarded quickly. Vacant ROW for execution of awarded projects is provided timely for expeditious execution and delivery of projects. Now, I will share the recent update on the company. In quarter three, financial year 2026, PNC Infratech Limited incorporated a new wholly-owned subsidiary, PNC Renewable Energy Private Limited, to undertake and manage its renewable energy-related operations. NHPC Solar + BESS projects, which were awarded to the company, will be executed through a step-down subsidiary. Now moving on to the operation and financial performance of the company. Out of the company's 16 fund-based projects, 1 is BOT-Toll project, 2 are BOT-Annuity projects, and 13 are HAM projects. The aggregate bid project cost of 13 HAM projects is over INR 14,800 crore. Out of total 13 HAM projects, 5 projects achieved PCOD and COD, 7 projects are under construction, and 1 project of MPRDC achieved financial closure. Total equity investment requirement for the HAM project is INR 1,744 crore. Till December 25, the company already infused INR 1,110 crore equity in the remaining equity of INR 634 crore to be invested over the next 2 years. The internal accruals that would be generated over the next 1-2 years should be adequate to meet the above equity investment requirement. In addition, the company is currently executing 16 standalone EPC projects for an aggregate contract value of over INR 18,000 crore. Now moving to our order book. As of December 31, 2025, the company's unexecuted order book stands over INR 19,000 crore. However, highway contracts contribute 53% of the total unexecuted order book, while water, canal, area development, railways, and airport projects contribute around 32%, and coal mining projects contribute 15%. I am pleased to share with you that the company submitted 2 bids to the Ministry of Transport, Uzbekistan, as part of overseas business development and overseas road sectors during this quarter. Now, I would present the standalone quarterly and 9-month ended December 31, 2025. The standalone revenue for the third quarter of financial year 26 is INR 1,056 crore. The standalone EBITDA for the third quarter of financial year 26 is INR 131 crore. The standalone EBITDA margin for the quarter is 12.4%. The standalone profit for the third quarter of financial year 26 is INR 77 crore. The standalone PAT margin for the quarter is 7.26%. The standalone revenue for the nine-month of financial year 26 is INR 3,176 crore. The standalone EBITDA and EBITDA margin for the nine-month is INR 408 and 12.84%. The standalone profit for the nine-month of financial year 26 is INR 244 crore, and the standalone PAT margin for the nine-month of financial year 26 is 7.67%. Now moving on to the consolidated results. The consolidated revenue for the third quarter of financial year 26 is INR 1,201 crore. The consolidated EBITDA for the third quarter of financial year 26 stood at INR 239 crore. The EBITDA margin for quarter three financial year 26 is INR 19.91 crore. The consolidated PAT for the third quarter of financial year 26 is INR 77 crore. The PAT margin for quarter three financial year 26 is 6.39%. The consolidated revenue for the nine-month of financial year 26 is INR 3,751 crore. The consolidated EBITDA is INR 860 crore, and the EBITDA margin is 22.91%. The consolidated PAT for the nine-month of financial year 26 is INR 724 crore, and the PAT margin is 19.29%. Our net worth as a standalone basis as of 31st December 2025 is INR 5,710 crore, whereas the standalone debt from the banks, financial institutions, and intercorporate deposits is INR 1,106 crore. This translates to net debt to equity of 0.19 times. The total cash and bank balance, including current investment, is INR 1,299 crore. Our net worth on consolidated basis as of 31st December 2025 is INR 6,704 crore, whereas total debt is INR 5,478 crore. This translates to net debt to equity of 0.82x. The total cash and bank balance, including current investment, is INR 2,745 crore. With this, we now open the floor for questions and answers. Thank you. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Shravan Shah from Dolat Capital. Please go ahead. Yeah. Thank you, sir. A couple of questions from my side. So also, we'll need the order book breakup and balance sheet numbers, but that will be the last. So first, on the order inflow and on the pipeline front, so you mentioned that you have submitted two bids overseas. If you can specify where and how much is the value and why are we now looking at overseas business? See, we submitted two bids in Uzbekistan. These are the road bids akin to what the road projects were we undertake. It's a two-lane road project in Uzbekistan. So we submitted because we find that there is a synergy with the activities what we are doing in the country, particularly in the road sector, and we have adequate inventory of the equipment which are meant for the road sector. See, this is part of our overseas business opportunity endeavors we submitted. This would be around international kind of equivalent Indian would be around INR 1,500 crore both put together. Funded project. These are the funded projects funded by the government of Uzbekistan. So there is no investment risk. Okay. And. With the multilateral funding by ADB. Okay. Got it. But do we now have a kind of a strategy that we will keep on looking at other countries also? Yes. Yes. We are looking at other countries if the right opportunities are coming into our way. Okay. Got it. Now, in India, how much value of bids that we have submitted which are yet to be opened, and how much more now are planning in terms of the pipeline to be bidded before March and maybe beyond that also, if you can specify sector-wise also? As of now, in India, including those two Uzbekistan projects, we have submitted 33 bids for an aggregate value of around INR 28,700 estimated cost. These bids we submitted during the last one and a half quarter. These 33 bids comprising 22 EPC bids, seven HAM bids, and four TBCB bids for renewable energy projects. This value of around INR 28,700. Apart from, we identified bidding opportunities, over 80 bidding opportunities across the sectors for a value of over INR 120,000 crore. If these bids currently are scheduled for the receipt of bids latest by 31st March, but may extend into the first quarter of FY27. These are the INR 120,000 crore worth of bids that we are pursuing. Out of this, how much would be INR 1.2 lakh? How much would be the NHAI? And similarly, for India, how much would be the NHAI that we are expecting? See, per department-wise, we are not bifurcated readily. Otherwise, these bids are 12 EPC bids for NHAI, MoRTH, and other road projects, and 6 EPC bids for railway projects, 7 EPC bids for airport projects. For 6 HAM bids, primarily of NHAI, almost 70,000. NHAI, more than 70,000. More than INR 70,000 crore NHAI. And 4 DBFOT toll projects. Of course, that's also NHAI and other projects. Okay. Got it. So sir, now how we look at the revenue? Because in nine months, we are already kind of a 22%-23% decline. Last time, we said that we are looking at kind of a 5% for the full year. So just wanted to understand in the fourth quarter, how much can we look at a INR 1,300-INR 1,400 crore kind of a revenue is possible at standalone level? And then on that low base, how one can look at FY 2027 and 2028? And also, at the same time, you can specify now how much more in terms of the order inflow that we are looking to by March. See, I'm coming from the last question. In case of order inflow, since we had already submitted bids for more than 28,000, and also, we are going to submit bids for a few thousands before the end of the current financial year, we expect a further order flow of inflow of around INR 6,000 crore this year. So totaling to INR 12,000 crore in the current financial year. That is order book side. As there's a decline of around 22.5% in comparison to nine months of FY25 to the current nine months of this year. But we expect robust execution during the fourth quarter because three of our project appointed dates have been declared and going in full swing. That is the Varanasi-Kolkata packages, EPC. And also, after a long spell of monsoon and flooding and other things, the projects of Maharashtra also now, they gave up. Solar project also, we are commissioned. Almost six new projects, EPC projects, execution we commenced during quarter three. That includes airport project of Varanasi, then Bharatpur flyover, solar project, and three HAM projects of NHAI. So with these kind of things, we are expecting revenue, say, up to INR 5,000 crore, which will translate into 10% decline when compared to FY25. Okay. So we are kind of looking at INR 1,700 crore-INR 1,800 crore kind of a revenue in the fourth quarter. Yes, yes, yes. INR 1,700-INR 1,800 crore revenue and INR 5,000 crore. And with a base of INR 5,000 crore, we are expecting an increase of 25% in FY 2027. And FY 2028, going forward in the next quarter, will be kind of a more clarity we'll have. Then FY 2028, we'll share later. Yeah. Now, sir, a couple of balance sheet data points, if you can share. First, on the inventory, debtors, payables, and then advances on unbilled mobilization, HAM assets, water assets. Mr. Shravan Shah, can you come back again? We'll let other people think. In the meantime, we'll compile the things, and we'll keep it ready. Yeah. Yeah. On the margin front, it would be the pillar that what we are guiding kind of a 12.5%-13% that will be doable. Yeah. 12%-12.5%. Yeah, yeah. 12%-12.5%. Thank you. The next question comes from the line of Vaibhav Shah from JM Financial. Please go ahead. Yes. Earlier, we were targeting closer to 13% margins. We are guided for 2.5%-13%. So we are lowering the guidance now going forward? See, because this year, current year, as the turnover is we are 10% decline in the turnover, and the fixed overhead is being the same. So this year, we are targeting of EBITDA of 12%-12.5%. For 27? 27 also would be in the same around 12.5% only as of now. So maybe during the first quarter, we'll relook at, and we'll share with you. Okay. Secondly, what would be our water receivables as of now, and are there any improvement in payments? So when do you see this order book of almost INR 2,600 crore getting completed? Sorry. See, as of 31st December 2025, we have a billed outstanding of INR 822 crore. Out of that, we received INR 87 crore during the month of December and January. They started paying. So as of now, as on date, it is INR 735 crore is the billed amount, which is outstanding. And we are expecting another INR 35 crore remittance during the current month. And then by first of March, it would be around INR 700 crore would be outstanding, which we are expecting substantial amount before the end of March. See, the government continuing the program and already allocated INR 67,000 crore or odd for the FY27. And during our interaction with the finance minister as well as the state chief minister, we requested for the release of funds so that the projects which are in advanced stage of completion can be commissioned and put into point of stage. So we are expecting that these outstandings also will be cleared during the first half of next financial year, and then we'll move ahead. With regard to seeing as of now, around INR 2,000 crore worth of project to be completed. So we are expecting FY27, we'll complete around 60% of that and remaining in FY28. Okay. Sir, in terms of Q4, we see some improvement in the water execution as well? Or it will be similar to the quarterly run rate of these first nine months? Q4 also will be the similar what is there in the first three months because now funds are slowly coming. So we are remobilizing the people and all. So it will be in the same kind, or otherwise, there will be some marginal increase. Sir, and beyond this INR 822 crore, what is the billed part? What will be the unbilled part in the water material? WIP, apart from INR 822 crore, around INR 100 crore-INR 150 crore will be WIP, which we have not billed. Okay. And sir, lastly, on CapEx, what we have done in nine months and target for 2026 and 2027? The total CapEx, which were earlier reported, that total required CapEx is INR 400 crore on company basis. Out of that, up to December, we have capitalized INR 125 crore. The balance will be in this quarter. So you maintain INR 400 crore number for 26? Yes, yes. For 27? For 27, around INR 150 crore. Okay. Okay. And sir, lastly, AD on the HAM project, when do we expect? Western Bhopal Bypass? Only Bhopal Bypass we are expecting in the first quarter. Okay. Okay. Thank you, sir. Those are my questions. Thank you. Thank you. The next question comes from the line of Abhinav from ICICI Securities. Please go ahead. Yeah. Sir, thanks for the opportunity. My first question is with the appointed date receipt for all the three packages of VRK, is it fair to assume that the execution worth around INR 15 billion will be done in the next 12 months from these three projects? 15 billion will be slightly on this thing. But already, we executed INR 100 crore of work in the three projects combined in Q3. And we are expecting another INR 300 crore, INR 3 billion of work in the Q4 FY23. And next year, it would be around, it's INR 1,200-INR 1,500 crore. Understood. So that will be around INR 12 billion in the next 12 months, right? You can say INR 12 billion in the next 12 months because these projects are having a completion period of two years. Okay. Total EPC value is INR 3,006 crore is the total EPC value, which is to be completed in 24 months. So that kind of thing is there. But what happens initially, there will be low value work. As we move ahead, when we reach the top of the crust and other items, there'll be higher value works like bituminous works. Understood. Sir, second question is for the operational HAM assets. Are we in talk to monetize those in the near term? No. Hello? Hello, sir. Ladies and gentlemen, the line for the management has been disconnected. Please wait while we reconnect them. Thank you. Ladies and gentlemen, thank you for patiently holding. The management line has been reconnected. Thank you. So you may proceed. Yeah. Regarding the divestment of assets, HAM assets, and other implementations, so we are evaluating all the options. Some investors are approaching us, and we are looking at other options also. But as I said, our primary focus as of now is to achieve the PCOD for the four projects, which we expect to receive the PCOD in the Q4 and the Q1 of this financial year. So going forward, we'll share the details because we are evaluating all the opportunities, all the options that are available. Hello? Yeah. Thank you, sir. Those were my questions. Thank you. Thank you. The next question comes from the line of Bhavin Modi from Anand Rathi. Please go ahead. Yeah. Thank you, sir, for providing the opportunity. So my first question is, so the last quarter, the order book was something around INR 20,000 crore, and now it has gone down to INR 19,346 crore. So overall, the change in the order book is INR 750 crore something, whereas our revenue is around INR 1,100 crore. So there is a gap of something around INR 300 crore. So does our revenue include any one-time arbitration income or any proceeds from the holdback amount from the monetization? Actually, the revenue includes some maintenance project revenue as well as the price escalation and COS works also. That's why you find the difference between the two order books is INR 750 crore. But in addition to that, the work is received, the revenue is received on this field also. Okay. So, sir, have we not received any arbitration income or nothing like that this quarter, right, sir? No, no, no. No arbitration claim is received in this quarter. What about the holdback amount? There was some INR 200 crore holdback amount for the 10 HAM assets that we sold. In the monetization process, around INR 200 crore was holdback. Out of that, we have received around INR 42 crore on this account. Did we receive this quarter, INR 42 crore, or it was last quarter? Last quarter. Quarter two. Sir, second is, what is the status of the CIDCO order? CIDCO is managed under subsidiaries, so we cannot discuss. Okay. Sir, third thing, we have been lately seeing even in the NHAI, more tenders are getting opened. There is still aggressiveness in terms of the number of bidders which are there. There are almost 20-25 bidders even after the NHAI meets the stringent net worth criteria. So how do you see as a competition intensity going forward? See, now NHAI has introduced that depletion net worth criteria for the bid. It's a stringent criteria. We agree. But now the project, since no major projects are awarded in terms of number as well as quantum, so that depletion will start when the awarding activities are picked up. So as awarding activities increases, this number of bidders whose net worth is limited, they'll get depleted, and they may not be able to bid for the new projects. Going forward, competition is expected to be reduced. So there is a robust pipeline, but as our managing director mentioned, though there is a robust pipeline of projects, the awarding activity is very slow. As you see, recurrently, they are shifting the bid due dates. And even for the award, either for the internal approvals from the central government due to the nonavailability of the minimum required land. Understood, sir. Now you can say competition in HAM is in the moderate condition, and EPC is very high. Okay. Understood. Sir, next question is, sir, when I see your order book, in case of the whole order book, there has not been any change in terms of the unexecuted value. So did we execute anything last quarter? See, last quarter, we are not though we have executed some removal of overburdened quantities, but the billing is possible only once we extract the code. During the Q3, we have not billed anything. In Q4, in January, we already executed INR 100 crore worth of project, INR 100 crore worth of work. That will be late to the client, right? The INR 100 crore? Yeah. We'll be late to the client. Sir, how much amount did we execute in case of a renewable, the BESS project? See, BESS project, we are in the final stage of identifying the land and executing the land lease and other kind of agreements. We shortlisted two locations across two states. We are going to finalize one of them. And then accordingly, then we'll finalize the land lease and other kind of agreement connectivity things. Then we'll start physical execution of the project maybe from the second quarter of FY27. Okay. Okay. Understood. Yeah. Thank you, sir. Thank you. The next question comes from the line of Ketan Jain from Avendus Spark. Please go ahead. Thank you. Good afternoon, sir. Sir, as you mentioned, the awarding activity has slowed down. You've mentioned a number, 377 kilometers versus 500 kilometers here on here. What would be this number for nine months, and how much do you expect to get awarded in the two months for the current year? See, exactly nine months figure precisely is not available under the publicly available data. But previous year, they awarded 12. I'm talking about FY2024, they awarded around 12,000 kilometers of new projects. See, now when their award itself is reduced, consequently, construction is also reduced. So exact figures, whatever is available and available to everybody on the public domain, only we are finding out. Exact figures we'll share offline, we'll share with you. Okay. Do you expect the land acquisition hurdles, delays to get done for this in the next two months, February and March? We hope so because, see, land being a state subject, NHAI is also struggling to get the minimum land and removal of obstructions and all. But now they are streamlining the process, compensation distribution, everything. Now they made it digital. So we expect the land acquisition project will be speeding up. Okay. Okay. But it still remains uncertain. Yeah. Yeah. That's the there. Understood. That's it. My other questions are answered. Thank you. Thanks. Thank you. The next question comes from the line of Deepashree Joshi from Ambit Capital. Please go ahead. Hello, sir. I wanted to understand on the Pune Ring Road and the Jalna-Nanded project, how much do you expect to execute in Q4 for those two? In the Pune Ring Road project, we are expecting INR 240 crore in Q4. In the Jalna-Nanded project, we are expecting INR 300 crore in Q4. Okay. Got it. And for the canal project, Srisailam Canal Project, how much did you execute in 3Q, and how much do you expect to execute in 4Q? Q3, practically, you could not execute because the water is standing in the canal system for the irrigation purpose because of the high rainfall in the catchment area. However, in Q4, we expect to execute around INR 25 crore worth of things. Okay. Got it. On the equity investment trend, you mentioned that INR 634 is yet to be invested. Now, that is for total in totality, or can you give the breakup between what you'd invest in road and what you'd invest for the BESS project? Ladies and gentlemen, the line for the management has been disconnected. Please wait while we reconnect them. Thank you. Ladies and gentlemen, the line for the management has been reconnected. Thank you for patiently holding. Hello. Actually, we are coming back to the canal project in Andhra Pradesh. In Q3, we executed INR 14 crore of work, which is basically peripheral works and supporting works, not the main canal works. In Q4, we expect INR 25 crore worth of work will be executed. Okay. Got it. And the equity requirement balance that you've mentioned, does that include the BESS equity? No, that doesn't include BESS equity. This is absolutely the system. That is INR 400 crore. That would be around INR 400 crore. Okay. Just one last thing, what is the unbilled revenue for the road segment as on date? Order value? Unbuilt revenue. It's actually out of INR 1,900 crore, road segment INR 1,900 crore unexecuted order book, road segment comes to around 53%. What is the unbilled revenue, sir? Unbilled revenue. Just note down, the unbilled revenue for the road project is INR 140 crore. The EPC amount is around INR 200 crore. Got it. Okay. Thank you, sir. That's all. Thank you. The next question comes from the line of Vasudev from Nuvama. Please go ahead. Yeah. Thank you for the opportunities. Sir, I just wanted to know, how is our execution likely to ramp up in the mining and the solar projects? What kind of revenues are we targeting in FY2027 and 2028 overall? As I mentioned, in case of mining projects, we expect around INR 100 crore in FY26 and INR 500 crore in FY27 and INR 600 crore in FY28. Okay. And just for the solar projects? See, solar project, we'll be able to tell precisely once we start execution. But tentatively, we expect INR 1,000 crore revenue in FY27, which is nearly 50% of the total EPC value of the solar project, Solar + BESS project. Okay. Sure, sir. And on the irrigation front, when do we expect to complete this project altogether? See, irrigation will take time because, see, we are getting only five months working period in a year. So seven months, we are not able to do any work over there because of the water is left into the canal system. So the execution will go up to FY28. Okay. Sure, sir. Can you just help me with the toll collection numbers for this quarter? Just note down the toll numbers. For MP Highways, it is INR 10.79 crore. For Raebareli-Jaunpur, it is INR 32.16 crore. It's basically annuity. Annuity project. He's asking only toll. Okay. And the Narela project, sir? Narela project is INR 3.82 crore. Sure, sir. And just, sir, one confirmation, the standalone cash, can you just repeat that number, please? 12,299 crore. Okay. Sir, this number last quarter was about INR 373 crore. On this quarter, it's INR 1,299 crore. So there's been a quite bigger jump. In last quarter, actually, this amount includes the proceeds received from the KKR. Okay. We've received that amount in this quarter. Sure, sir. That's it from my side. Thank you. The next question comes from the line of Shravan Shah from Dolat Capital. Please go ahead. Yeah, sir. Sir, all the balance sheet numbers, inventory data, trade payable, retention money, mobilization, HAM datas. Just note down, the total inventory as on 31st December is INR 758 crore. Yes. Debtors is INR 1,898 crore. 1,898? Yes. 1,898. Okay. And trade payable? Trade payable is INR 743 crore. Okay. Retention money? Retention money is INR 219 crore. Okay. Total unbilled, you mentioned INR 140 plus INR 200. That is INR 340-odd crore. No, 340 not. It's around INR 440 crore. 440 crore. Okay. And mobilization advance? Mobilization advance is INR 170 crore. And HAM data? HAM data is around INR 470 crore. Okay. The equity that to be invested in the fourth quarter and the FY27 would be? The total equity, which is to be infused in this year and next year, is INR 634 crore. Yeah. But in fourth quarter, how much will we invest in FY27? We expect around INR 100 crore will be infused in this quarter. Okay. And in FY27? It's around INR 500 crore. 500 crore. Okay. Okay. Got it. And just a couple of outstanding order book as on December. So this irrigation, sir has mentioned, I think, INR 15 crore. So the outstanding is now INR 805 crore odd? Around INR 815 crore. INR 815 crore. This Sonauli-Gorakhpur? Sonauli-Gorakhpur is INR 175 crore. Akkalkot Package 2? 418 crore. 418 crore. And Haryana Orbit Rail? Haryana Orbit Rail Corridor is INR 450 crore. INR 450 crore. Elevated Corridor Flyover in Gwalior City? 580 crore. 580 crore. And Hapur-Garh Mukteshwar will be the similar, INR 240 crore? Yes. That will be the same. Varanasi also INR 297 crore, same? Yes, yes, yes. This BESS INR 2,000 crore, when will start putting in the order book? Q2 of FY27. In Q2 of FY27. Okay. And both the Kanpur-Lucknow packages have been over in terms of order book? Now, has it become zero? It is almost over. Almost over? I think there is some work still. 60-70 road is to be built. Okay. Okay. Got it. Got it. Just a Hardoi early completion bonus, INR 1,400-odd crore, will it be coming in the fourth quarter? We have received. We have received in starting? We have received INR 16.69 crore in Hardoi and INR 5.69 crore in Hardoi. Huh? INR 5.13 crore in Unnao-Lalganj. 513 crore. Okay. So this entire will be part of revenue and part of EBITDA for this quarter, third quarter? Yes. Okay. Okay. Okay. Got it. And this Mathura-Hathras-Budaun-Bareilly project, INR 420 crore. So have you received the appointed date? Bagmati. Bagmati River. Yeah. Yeah. Bihar project. We will receive in the third quarter. We will receive the appointed date in this quarter. Okay. In fourth quarter. Okay. Okay. Okay. Got it, sir. Yeah. That's it from my side. Thank you. And I hope we get the significant order info. Thank you. All the best. Thank you. Thank you. The next question comes from the line of Vishal Periwal from PL Capital. Please go ahead. Yes. Thanks, sir, for the opportunity. Sir, in the consolidated cash balance of almost INR 2,700 odd crore. So what is our own cash in this? This is pure our own cash. This is pure our own cash. Okay. So no, basically, anything to do with the debt, which is there, and then similarly, which is there in the exercise, is the cash, so. Sorry. Can you repeat? Okay. So no, yeah. So no, my question is, the INR 2,700 crore odd cash balance in a consolidated account that we have, can we say it is completely our own cash? It's not related to the debt that we have raised and yet to be deployed in any of the projects? No, no. Completely. Completely own fund. Okay. Okay. Okay. So standalone, when we have INR 39-odd crore and consolidated is INR 2,700-odd crore, so remaining, there are certain subsidiaries where the cash is lying in the books or how exactly it is getting accounted? This balance is having in the subsidiary companies. One is the holding company, and the rest is other subsidiaries' companies. Okay. Okay. Sure, sir. Sure, sir. I think this is all that I have, sir. Thank you very much. Thank you. The next question comes from the line of Vaibhav Shah from JM Financial. Please go ahead. What revenue are we targeting from the irrigation order? See. For 27 and 28? INR 150 crore we are expecting in 2027. 2028, we'll be expecting around INR 200 crore-INR 250 crore. But you indicated that we are targeting to complete the order in FY28, and outstanding book is roughly INR 800 crore. So how is this possible? See, actually, this is mainly comprising two parts. One is the main canal and then the subsidiary canal. In the branch canal, there are certain issues. As of now, whatever the funds are available based on that, we are talking about around INR 400 crore-INR 450 crore. As funds clear, then we'll revisit the FY28 target. What is the outstanding receivables from the project? Receivable from the project is around. Around INR 170 crore. During this year. Sir, we won this project in FY21, and there are almost now 5 odd years, and no major execution has happened. So how do you see this? So even margins would have been impacted, or was there escalation in the project? So how are we looking at this project? Because even after 7 years in FY28, we won't be even completing half the value of the entire project. No. As of now, more than nearly INR 400 crore worth of value of work completed. We are targeting another INR 450 crore to around INR 450 crore in the next two financial years. By the time, 75% of the project would have been completed. There is an escalation provision in the contract, but not for the whole work, but for the fuel, steel, and cement, the escalation provision is there. Yes, it is delayed. They extended the contract period up to 2026. The further extension they are considering. Sir, in payments, we are seeing it was roughly around INR 100 crore outstanding, and now it has increased to INR 170 crore. Are the payments stuck, or there is some movement? There is movement. More than INR 220 crore we already received, which was otherwise stuck during the past two, two and a half years. We started receiving the funds after change of government from the last financial year. We are also somewhat aligning the progress with the receipt of funds also, the funds availability and the funds allocated for this project. That's the thing. We expect another INR 40 crore-INR 50 crore of payments before the end of the current financial year. Going forward, we expect to release the balance amount in the next financial year. Okay. Okay. Sir, lastly, on the cash. Sorry to interrupt, Mr. Shah. We request you to return the question queue for the follow-up question. Okay. Thank you. A request to all participants, please restrict your question to one per participant. For more questions, please rejoin the queue. The next question comes from the line of Bala Subramanian from Arihant Capital. Please go ahead. Good evening, sir. Thank you so much for the opportunities. Solar project with NHPC is valued nearly INR 2,000 crore, and the mining project, INR 2,957 crore. What is the margin profile of these projects? I just want to understand what is that our we have bid for INR 28,000 crore, and I just want to understand our bidding is majorly focused on diversifying into beyond roads like water, renewables, and mining over the next three to five years. So how this mix looks like after three to five years? Thank you, sir. See, in the four projects, we are expecting a margin of 9% PBT. 9% PBT we are expecting. In the solar project, because it's a fund-based project, at an equity level, we'll be having an equity IRR. Again, in this case, we'll have an execution margin. So once we finalize the final designs and the finalization of the project and financial project, we'll be able to share you more clarity. And with regard to pouring into other sectors, roads and highway sectors will continue to be our key focus area and key focus sector. And at that same time, we are looking at opportunities in railways, metro rail, water, transmission lines, renewable energies. So maybe next two to three years, it will be a 50/50 kind of a thing. Highways will have around 50%, and the other sectors will be around 50%. I can say. Okay. Okay. The further we're able to see how things will unfold, where more projects we'll be able to secure with decent margins. Got it, sir. Thank you. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Thank you, and over to you, sir. Thank you, everyone, for your active participation in our earnings 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. Thank you. On behalf of PNC Infratech Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line. Thank you.