Ladies and gentlemen, good day and welcome to PNC Infratech Limited Q4 FY 2026 earnings conference call hosted by Ambit Capital Private Limited. Please note this conference call may contain forward-looking statements about the company, which are based on the belief, opinions, and expectations of the company as on date of this call. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict. I now hand the conference over to Mr. Sudeep Bora from Ambit Capital. Thank you, and over to you. Good afternoon, ladies and gentlemen. On behalf of Ambit Capital, I'm pleased to welcome you all on the PNC Infratech Limited Q4 FY 2026 earnings conference call. We have with us the Managing Director of the company, Mr. Yogesh Kumar 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, over to you, sir. Good afternoon, everyone. On behalf of PNC Infratech Limited, I extend a warm welcome to everyone for joining us today on this call. Today I have with me Mr. T. R. Rao, Director of Infra, and Mr. Pankaj Agarwal, Vice President, Finance and Accounts, and Strategic Growth Advisors, our investor relations advisors. The financial results and investor presentation have been uploaded on the stock exchanges and company's website for your reference. I would first like to share the key developments across the industry with you, followed by operational updates of the company and highlights of financial performance during the quarter and full- year ended 31st March 2026, post which we will be happy to answer your questions. Financial year 2026 witnessed a mixed outcome for the highway sector. While awarding activity continued to be subdued during the year, execution activities remained satisfactory for the given order backlog with NHAI constructing over 5,300 kilometers of national highway during the year. Awarding activity by National Highways Authority of India stood at 3,124 kilometers aggregate length, more than 30% below the targeted length of 4,500 kilometers. The subdued awarding activity over the past three years largely caused by persistent delay in acquisition of land extended project appraisal and approval timelines, and delay in finalizing of viability and bankability project structure under DBFOT toll model. Union budget for financial year 2027 reflects the government commitment to faster infrastructure development. Capital expenditure for the road sector has been budgeted at approximately INR 2.9 trillion for financial year 2027, representing an increase of around 8% over the previous year. With increased focus on expressway access control greenfield alignment, including four and six land economic corridors, the expansion in land kilometers is expected to remain healthy, reflecting government's continued emphasis on building larger and more extensively highway infrastructure network in the coming years. Against this backdrop, we remain hopeful that project approval and land acquisition process will accelerate, resulting in improved awarding momentum, which will translate into wider bidding opportunities and stronger pipeline for the key players in highway sectors, particularly in fund-based mandates such as HAM and BOT toll. New opportunities have been rapidly emerging across core infrastructure segments, including renewable energy and storage, power transmission, water supply and irrigation, and other sectors. India's target of achieving 500 GW non-fossil fuel capacity by 2030, coupled with critical requirement of battery energy storage systems to bridge the gap between intermittent renewable energy generation and country's rapidly growing peak power demand, provides a large number of sustained business opportunities in this sector. India's power transmission sector is entering a high-growth phase, driven by the rapid expansion of renewable energy and the acute need for augmentation and strengthening of National Grid. Both central and state governments are heavily investing in new intra- and interstate transmission networks and grid modernization projects, including setting up a large number of high-capacity substations across geographies. Water infrastructure segments in both drinking water and irrigation spaces continue to provide significant opportunities on both EPC and PPP modes, supported by government flagship Jal Jeevan Mission, which has been extended till 2028, and water resource management projects being initiated by states. With emerging opportunities across railways, metro rail, airports, ports, logistics, mining, road-based, and urban development sectors, India's infrastructure opportunities landscape is set to expand in a big way beyond traditional roads and highway sectors. Opportunities in these diverse sectors are expected to generate a sustained project pipeline over the coming years for infrastructure companies with healthy financials, strong execution capabilities, and a proven track record. Towards the end of financial year 2026, geopolitical tensions in the West Asia led to volatility in global crude oil prices and logistics costs, resulting in higher input costs, particularly bitumen, fuel, and logistics. The Ministry of Road Transport and Highways introduced cost escalation compensation mechanisms for national highways projects executed on EPC, HAM, PBMC modes, table from 1st April 2026, and reduced price adjustment cycle from three months to one month to address the adverse impact due to a steep increase in bitumen prices. These measures are expected to provide some relief margin pressures faced by the highway construction and development firms to a certain extent. Now coming to the recent updates on the company: on March 26, the company successfully completed the sale of its equity stack in PNC Chitradurga Highways Pvt Ltd to Highways Infrastructure Trust. This transaction marked the completion of the final tranche of the strategic divestment of 12 assets announced on January 24. On April 26, the company emerged as the lowest bidder for two HAM projects of National Highways Authority of India in Uttar Pradesh, with a combined bid project cost of INR 3,483 crores. On May 26, the company was declared in the L1 bidder for an EPC project of Lucknow Development Authority for the construction of 4-lane flyover on the Bank of Gomti River in Lucknow. The quoted bid value for the project is around INR 2,200 crores. On May 26, the company received a letter of acceptance from Uttar Pradesh State Bridge Corporation Limited for an EPC bridge project of value INR 559 crore in joint venture. On May 26, the company received provisional completion PCOD for Prayagraj-Kaushambi Package III HAM project of MoRTH. The project was declared fit for commercial operation effective from 31st March, 2026. On May 12, 2026, the company entered into a one-time settlement agreement with NHAI regarding Agra Bypass EPC project arbitration award under the Vivad Se Vishwas II scheme for an amount of INR 235 crore payable by NHAI to the company. Moving on to the operational and financial performance of the company: the company's 15 fund-based project portfolios comprising one BOT toll project, two BOT annuity projects, and 14 HAM projects. A ggregate bid project cost of 14 HAM projects is over INR 17,200 crore. Out of total 14 HAM projects, five projects achieved PCOD and COD, six projects are under construction, one project of MPRDC achieved financial closure, and two projects in which the company stands L1 bidder. LOI are expected shortly. Total equity investment requirement for the HAM project is INR 1,623 crores, excluding two HAM projects for which LOI are yet to be received. Till March 26, the company already infused INR 1,081 crores and the remaining equity of INR 542 crores to be invested over the next two years. The internal accruals that would be generated over the next two to three years should be adequate to meet the above equity investment requirement. Now moving on to our order book. C ompany's unexecuted order book stands at over INR 22,000 crores, which includes the value of newly secured two HAM projects and two EPC bridge projects. Highway contracts contribute 62% of total unexecuted order book, while water, canal area development, railway, and airport contracts contribute around 25%, and coal mining contracts contribute 13%. I would present the results for the quarter and year ended March 31st, 2026. Standalone revenue for the- Ladies and gentlemen, we've lost the management connection. Request you to stay connected, please, while we reconnect then. Ladies and gentlemen, we have the management team back on the call. Please go ahead. I will continue. Moving on to our order book. The company's unexecuted order book stands at over INR 22,000 crores, which includes the value of newly secured two HAM projects and two EPC bridge projects. Highway contributes 62% of total unexecuted order book, while water, canal area development, railway, and airport contracts contribute around 25%, and coal mining contracts contribute 13%. I would present the results of the quarter and year ended March 31st, 2026. Standalone revenue for the Q4 of financial year 2026 is INR 1,458 crores, and EBITDA for the Q4 of 2026 is INR 175 crores. Standalone EBITDA margin for the quarter is 12.02%. Standalone profit for the Q4 of financial year 2026 is INR 100 crores. Standalone PAT margin for the quarter is 6.89%. Standalone revenue for the financial year 2026 is INR 4,633 crores. EBITDA for financial year 2026 is INR 583 crores. EBITDA margin for financial year 2026 is 12.58%. Profit for the financial year 2026 is INR 344 crores. Standalone PAT margin for financial year 2026 is 7.43%. Now moving on to the consolidated revenue for the Q4 of financial year 2026 is INR 1,167 crores. Consolidated EBITDA for the Q4 of financial year 2026 stood at INR 277 crores. The EBITDA margin for Q4 of financial year 2026 is 17.14%. PAT for the Q4 is INR 108 crores. PAT for the Q4 is 6.6%. Consolidated revenue for financial year 2026 is INR 5,368 crores. Consolidated EBITDA is INR 1,137 crores. EBITDA margin for financial year 2026 is 21.17%. Consolidated PAT for financial year 2026 is INR 832 crores. The PAT margin for financial year 2026 is 15.49%. On a standalone basis, our net worth as of 31st March 2026 is INR 5,811 crores, whereas standalone debt from banks and financial institutions and intercorporate deposits is INR 741 crores. This translates to net debt to equity 0.13x. Total cash and bank balance, including current investment, is INR 1,068 crores, as we have a net surplus of INR 327 crores as of 31st March 2026. On a consolidated basis, our net worth as of 31st March 2026 is INR 6,813 crores, whereas total debt is INR 5,151 crores. This translates to net debt to equity of 0.76 x. The total cash and bank balance, including current investment, is INR 2,856 crores. With this, we now open the floor for questions- and- answers. Thank you. Thank you very much. We will now begin the question and answer session. Participants who wish to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We will take our first question from the line of Shravan Shah from Dolat Capital. Please go ahead. Thank you, sir. Sir, a couple of questions. Sir, first, broadly, on the guidance part, obviously, the FY 2026 and Q4 were slightly lower versus what we were expecting, INR 353 crore-INR 400 crore-odd, kind of a lower number. We were looking at 25% kind of a growth for FY 2027 at standalone. Just wanted to know now, given the order inflow is also there, and how one can look at the revenue growth for FY 2027, and even possibly, based on the current order book, how one can look at the FY 2028 also, and then the EBITDA margin also. The revenue, what we achieved in FY 2026, because as you know that four of our projects got delayed execution, three of NHAI projects and one of MPRDC projects of having more than INR 4,400 crore, for which we executed our concession agreements way back in July 2023 and March 2024, thus has resulted in lower turnover in FY 2026 than what we expected. Going by this turnover of INR 4,633 crore, we are looking for a guidance. We are proposing a guidance of around 30% for FY 2027, which will be around INR 6,000 crore topline. For FY 2028, from there, we are looking at another 25% guidance for FY 2028, that will roughly translate into INR 7,500 crore. The EBITDA will continue to be around 12% for FY 2027. We'll see what will be the EBITDA in FY 2028 going forward, given the geopolitical tensions and the volatility in commodity prices. Yeah. Just to touch on that, at least for in Q1 or maybe in Q2, do we see a kind of a risk on the margin, and if yes, how much, whatever the price increase has happened, the crude-related, and then the steel and everything? Do we see anything? Structurally also, obviously, we have an escalation clause, but given the kind of a sharp increase, how much one can look at kind of a risk to the margin? Certainly, we cannot deny that there would not be any margin pressure. Certainly, there will be pressure on our margins given the current scenario. As you said, that Ministry of Road Transport and NHAI both came out with a compensation mechanism to cover the steep escalation in the prices of bitumen directly with the base rate from the 1st April, which should be mitigating some of the price rise to a certain extent, which will give some relief to the margin pressure. Certainly, there will be margin pressure would be there. Going forward, once these tensions are subdued and there is a stability in the commodity market, in Q3 and Q4, we should be able to achieve the healthy margins. Overall, in FY 2027, we're looking still, we are hopeful of achieving 12% EBITDA. Yeah, great. Sir, now on the inflow front, two aspects. What I understand is INR 3,975 crore that we have already won till now in FY 2027, plus INR 2,000 crore solar that we have not included. If I include that also, it is kind of a INR 5,000 crore, well, INR 6,000 crore is already there with us now. How much more are we looking at to bag in this year? At the same time, how much projects or the value of projects that we have bidded and bid is yet to be opened? See, we are expecting an overall new order book of around INR 15,000 crore in FY 2027, out of which we got 3,957 new orders, highway sector. As you said, if you consider again order book from the renewable energy, so it will be around INR 6,000 crore. INR 9,000-INR 10,000 crore further orders we are expecting in FY 2027. Regarding the bids, what we had submitted, we submitted 15 EPC bids and one HAM bid, which is around INR 14,000 crore, which are to be opened. The price bids are to be opened maybe before the end of this month, and some bids will be opened during the month of June. We are expecting, see, some projects from the INR 14,000 crore where we already submitted bids. Okay. Lastly, sir, a couple of balancing data points, if you can, sir. The retention money, unbilled revenue, mobilization advance, HAM data, water data. Just note down. Yeah. Retention money is INR 264 crores. Okay. Mobilization advance is INR 155 crores. Yeah. Total debtors is INR 1,660 crores. Out of that, HAM debtors is INR 372 crores. Okay. And water debtors is INR 868 crores. Unbilled revenue would be how much, sir? Unbilled revenue is INR 475 crores as of 31st March 2026. This equity, INR 542 crore. This, I hope, does not include the two HAM project equity. What would be the broader one can take a 14% of the BPC that way? This INR 542 crore, how much we will be investing for 2027 and 2028, and also the solar INR 400 crore-odd that we need to invest, how much in 2027 and 2028? Out of INR 542 crore, around INR 350 crore will be infused in current FY 2027, and the balance will be in FY 2028. Okay. For solar, sir? Solar? BESS, I mean. BESS, can? Actually, the total equity requirement we have told earlier was for INR 400 crore. Out of that, approximately INR 120 crore will be infused in this financial year. Okay. Got it, sir. I have more questions. Come back in queue. All the best. Thank you. Good to see the breakup of the order book project-wise in the presentation. Thanks. Thank you. We'll take our next question from the line of Jainam Shah from Equirus Securities. Please go ahead. Yeah. Hi. Good afternoon. For my article. Sir. Yes. Please go ahead. Yeah. Sir, the first question will be on the order inflow guidance. We have guided for 15,000-odd order book, out of which 4,000-odd number that we have already received, balance for 11,000. With specific segments we will be targeting, do we have anything in mind, like roads would be this much, rest of the segment would be this much? Anything on that part? 60%-70%, we are still targeting from the highway sector because NHAI has declared that they're coming out with a large number of highway projects, both on HAM and as well as BOT toll, apart from the EPC. 60%-70%, we are targeting from the highway sector, and the remaining, we are targeting from the non-highway sector. Okay. Sir, the BOT toll that you told about, we will be keen to bid for the BOT toll project as a direct contractor, or it would be subcontractor to some entity who would have bid it directly? No, no. We are bidding directly. We'll be bidding directly as we are meeting the qualification criteria. Of course, we'll be subject to thorough due diligence, including detailed traffic studies and viability analysis. We'll see because NHAI is still working on the structure, and very recently also, they changed some of the parameters. Today, also, some discussion is going on on one of the BOT projects NHAI proposed to bid. We'll see, but it will be direct bidding. Got it. Got it. Sir, one thing on the toplines, if we see we are targeting 30% and 25% growth for next two years, which will be leading to, let's say, INR 7,000 crore plus revenue for us, which was the case for us in, let's say, a few years back, 2023 and 2024 as well. However, after reaching to that revenue, somewhat, you can say, a few of the infrastructure companies who is mainly into the road generally faces the pressure from the order inflow, and then there has been a decline, which we have seen as well, and other companies as well. How do we see other sectors, you can say, ramping up for us the qualification criteria and going forward? How do we see road as a total order book? Of course, the NHAI pipeline and the overall awarding has been deep over the last few years. How do we see our company beyond, let's say, INR 7,000 crore of topline, which will be achieved, let's say, in over the next two years? See, NHAI will continue to be our focus client because, see, once this kind of there has been a very unhealthy competition for the last two to three years, coupled with the low awarding activity by NHAI. These two have affected our order inflow during the past two to 2.5 years, and consequently, the revenue also because there have been no major orders during the last three years from NHAI, so it affected our revenue also. See, other sectors are emerging. A lot of projects are coming in railways and also transmission and renewable energy, including energy storage, and also some projects are coming from area development and other things. We are looking at them. We are looking at them, and we are pursuing those opportunities also. That's why we said that around 30%-35%, we are expecting the new orders from these things as we are pursuing these opportunities actively. Certainly, that's why we are giving around 30% for the FY 2027 order book, going forward, 25%, that is for FY 2028. Certainly, once these current geopolitical tensions are subsided, we'll relocate it, and we'll share with you maybe sometime in the beginning of H2. Got it, sir. Sir, from the margin part, of course, our majority of the revenue for this and last year was from the road segment. Going forward, let's say, other segments are going to have better inflows, and our focus will be also on that along with the roads. Do we have any, you can say, because we'll be new to those segments, you can say, will it impact our overall margins at the standalone level, or will we continue to maintain 12% margin guidance? Because in roads, we have been doing it since long. These sectors would be new to us. Will there be any risk of the margin with new segments contributing more and more to the revenue? See, we do not see any kind of a cross-subsidy kind of a thing in margin perspective. As you know, that earlier, we were targeting a margin of 13%-13.5% EBITDA margin in our portfolio. Now, with the guidance, what we are sharing with you is around 12%. Considering all the factors. Ladies and gentlemen, we've lost the management connection. Please stay connected. Ladies and gentlemen, we have the management team back on the call. Sir, please go ahead. See, I'm continuing from where I left. See, considering all the factors, we don't see because we are diversifying into other sectors that will impact the margins of the roads and highway sector. So we should be able to achieve a margin of 12% EBITDA even with the kind of mix we are foreseeing with roads and non-roads sectors. Got it, sir. Sir, just last thing one from my side. On the competition part, you were told that because of the lower awarding along with the competition, the order inflow has been muted. Are we seeing any change in the trend from the competition for the NHAI and MoRTH projects, or the same thing has been continuing for, let's say, latest projects which would have occurred recently? What we expect, what we see, the competition in the EPC segment will continue to be very sharp and very, I would say, cutthroat kind of a competition will be there in EPC. NHAI, if you see the NHAI, they came out with a list of projects they proposed to bid out over the next one year. Majority of them are HAM and BOT toll, where we are seeing the lesser competition in comparison to EPC. Since we are in a position to invest into these projects, either it's HAM or BOT toll with our healthy balance sheet and our investible capacity, we look forward to having lesser competition in the HAM projects. That too, particularly in the larger-sized HAM projects. Recently, we won this INR 1,700 worth of two projects because there, you see, the number of bidders are reduced in comparison to earlier bidding projects which were bid out. Going forward, we see lesser competition in the HAM segment as well as BOT toll in comparison to EPC and the smaller-sized projects. Got it, sir. That's it from my side. If I have anything, I'll join back. Thank you so much. Thank you. Next question is from the line of Jyoti Gupta from Ashika Institutional Equities. Please go ahead. Sorry. Am I audible? Good evening, sir. Yes. Please go ahead. Thank you for the opportunity. We've seen some diversification strategy in your company. You've entered into mining services, solar, and other agencies. What kind of return thresholds are being targeted in these segments? In mining services in particular, what is the CAPEX commitment and expected asset turns that you're expecting? Are there any plans to enter transmission, urban infrastructure, or any other kind of infra, maybe defense opportunities that you're actually looking forward to? CAPEX. Hello? Yes, sir. The total CAPEX required for this coal mining project was estimated to be INR 350 crores. Out of which we have already made the CAPEX around INR 250 crores in current FY 2026. What are the expected asset turns, sir? Hello? Hello. Come again. I said, sir, what is the expected asset turns from this CAPEX commitment? What you're investing? We are investing in the plant and machinery, if you see, around INR 350 crores.[inaudible] Okay. I would rephrase it. You are entering into different sectors, like mining services, solar, and other agencies. What kind of return thresholds are being targeted in these segments? Before mining and before solar, we had entered into water sector in a big way five years before. As you know, the rural drinking water supply project and the Jal Jeevan Mission with the overall value of more than INR 6,800 crore, we entered into this segment five years before, Jal Jeevan Mission. Concurrently, that time, we also entered into irrigation project of around INR 1,100 crore in Andhra Pradesh. We diversified into these sectors a decade before, and we could still be able to maintain the margins reasonably around that percentage, what we have been doing from earlier times. There's no major impact on the margin. This coal also, where we got around INR 3,000 crore because we have been doing the capital mining projects from the beginning to meet our aggregate requirement. We have enough kind of experience and expertise in mining activities. In the coal as well as the solar, the margins would be akin to the margin that we have been securing in the road sector. Overall, there won't be any major impact on the overall margin. We should be able to get similar returns in these two sectors also, including highways, what we have been getting, and water sector. Okay. Thank you, sir. That's all. Thank you. We'll take our next question from the line of Vaibhav Shah from JM Financial. Please go ahead. Yeah. Sir, on solar project, when do we expect to start the work? See, maybe physical execution will be starting from Q3, the Q3 of this year. If you know, the land we have already identified, and we entered into some kind of arrangement with the aggregators. Connectivity also, we received in principle approval. We are expecting final approval also in one and a half to two months' time. Going forward, we'll enter into power purchase agreement with the NHPC. We'll start physical execution, starting by initially procurement and followed by construction. What revenue are we targeting in 2027 and 2028? We are targeting around INR 600 crore in FY 2027 and remaining amount. Solar? Solar, solar. INR 600 crores. INR 600 crores and INR 1,400 crores in FY 2028. Okay. Sir, on JJM, how have been the payment service and any improvement in Q1? What revenue are we targeting in 2027 and 2028? They issued some payments they released because the state government released it from their side and to be able to get around the INR 300 crore payment during the current financial year. We are also expecting some more payments maybe before the end of the quarter, June 30. For FY 2027, we are targeting INR 750 crore revenue with the hope that the government will release more and more funds for this project, both central. Sir, any more final project? Sorry to interrupt, Vaibhav. The management line is disconnected. Please stay connected while I reconnect them. We have the management team back on the call. Vaibhav, please go ahead. Yeah, sure. Sir, what will be the cash in PNC Infra Holdings as of now? Yes. Hello. The cash balance in PNC Infra Holdings is around INR 1,100 crores. Okay. Including current investments? Including current investment. Yeah. Okay. Sir, on the AD side, we have received two new HAMs, and also AD is spending for an older HAM. We were targeting to get AD in 1Q27. Are we on track now for Western Bhopal? Western Bhopal, we are expecting AD before the end of the Q2, I would say before the end of this September, 30th September. We should be able to commence physical execution in Q3. Sir, what have been the reasons for so much delay in the appointed date for that project? The original alignment, they faced some serious hindrances and impediments in the original alignment because of the land acquisition issues and the other environmental issues. They changed the alignment because of the change of alignment, it took a prolonged time. Now the things are settled. Government has approved the new alignment and the project. Certainly, we'll be executing some kind of agreement, and appointed date is expected before the end of the Q2. The commencement physical execution will begin during the current financial year, say in the Q3 of FY 2027. Okay. Sir, lastly, on interest cost, it has risen sharply to INR 30 crores in Q4. How do you see it going forward? Hello? Interest cost. Hello? Yeah. The interest cost is increased in Q4 due to two reasons. One is the utilization of working capital, and the second is the interest on term loan which is taken for machine financing. Hello? Yes, sir. We can hear you. Expect going forward in FY 2027? FY 2027, we see that the interest cost will be reduced INR 3 crores-INR 4 crores from the current quarter. Okay. Fine. Okay. Thank you. Those are my questions. Okay. Thank you. Next question is from the line of Archit Agrawal from Steptrade Capital. Please go ahead. Hello? Hello? Archit, please use your handset mode. Hello? Am I audible? Yes. Please go ahead. [inaudible] Has execution pace been slow despite the strong order book? As I had mentioned, the order book in the INR 4,400 crore projects, four HAM projects, three of NHAI and one of MPRDC, though it's a part of the order book, 25% of the order book, we could not commence these projects till, I would say, October, November of this year. One of the projects still we had to get the appointed date, that is the MPRDC projects. Delay in commencement of these projects resulted in the lesser turnover, though we got the order book. Other things, for example, coal, we have a five years of horizon for the coal, the order what we got. We got the five years' time for the coal projects. Whatever the order book is, it will spread over the next five years. Solar also, we are in the development phase. That is there. Going forward, definitely, this execution will be geared up. As you said, that we are expecting 30% top-line growth in FY 2027 and thereby another 25% top-line growth in FY 2028. What will be the margin guidance for FY 2027 and FY 2028? FY 2027, the margin guidance is 12% EBITDA, around 12%. FY 2028, going forward, we'll share with you because of the current volatility in the commodity prices and consequent increase in our input cost. We'll not be able to tell. It should be around 12% in FY 2028 also, should things be normalized going forward. What are the key reasons of sharp EBITDA margin compression from 19% it was in FY 2025, and now it's about 12%-13%? FY 2025, we received more than INR 400 crore payment towards arbitration awards published in our favor through settlement under Vivad Se Vishwas II. We received an INR 50 crore-plus bonus from one of the projects we completed for MSRDC, that is Nagpur-Mumbai Expressway Package 4. Because that reflected in the higher turnover in FY 2025. Okay. Thank you. We'll take our next question from the line of Sarvesh Gupta from Maximal Capital PMS. Please go ahead. Good afternoon, sir, and thanks for the opportunity. Sir, first question is that last year, when we had given the guidance for FY 2026, initially, we were assuming 15%-20% growth. It was subsequently downgraded to 5%, and we ended the year with a 20% down in terms of revenues. Basically, giving any guidance is very difficult because the approvals and all were pending, and you could not get there in time, and execution was hampered massively. Sir, this year, when I look at your guidance of INR 6,000 crore, I mean, if you can break it up between, let's say, all the projects that you are doing where you don't have any approval pending, what is that clean sort of revenue where the execution is just pending? What is that out of that INR 6,000? What is the amount that you are penciling in where you are still waiting for various approvals, etc.? If they don't come, then this INR 6,000 crore will be under question mark. INR 6,000 crore guidance we have given. Very consciously, we are giving a INR 6,000 crore guidance. Last year, there was certain uncertainty about the delay in the appointed date for the already awarded projects. This INR 6,000 crore guidance, what we are giving, based on the projects which have been duly awarded to us, we are not considering any new projects that we are going to secure during the remaining 10 months' period of the current financial year. One thing. Second thing, also, this guidance is largely based on the projects where the appointed date has already been declared, also projects are going on. For example, the large projects of three HAM projects which are going on and earlier two more HAM projects of NHAI, that's also in progress. We got two major projects from MSRDC on Jalna-Nanded Expressway and also Pune Ring Road. Those projects are also going on in full swing. Considering all these aspects, whatever guidance we are giving this year is on firm orders as well as the projects which are going without any pending of anything. Of course, only one project that is the Western Bhopal, we should need to get some appointed date. The rest of the projects are okay. Unlike last year, we don't foresee any major hurdles or any unforeseeable things that will come into achieving our order. We should be able to get. I agree, last year, we were a bit optimistic when we were given guidance in the initial year, but later, we faced these difficulties. There was a prolonged delay in the declaration of appointed date for the NHAI HAM projects due to land acquisition issues and delay in the Western Bhopal bypass project. Sir, this year, this Western Bhopal and then this solar project where you are penciling in INR 600 crores, what is pending, sir, here? One is appointed date is pending. How much are you penciling in for Bhopal this year? For solar project of INR 600 crore also, I think you have not yet started, right? What is pending there and when it will start? Our INR 6,000 crore what we are projecting now with a guidance of 30%, we have taken very minimal value of work around INR 100 crore for the Bhopal bypass project, though we are expecting the physical execution will commence in the Q3. That is one aspect. The second thing, in case of solar, out of INR 2,000 crore of the order what we are expecting from the solar, only 30% we are considering in the current financial year. As we had said earlier, the land acquisition and the land possession is in an advanced stage. We identified the land and also finalized the initial kind of arrangement with the aggregators and all. We are expecting minimum 30% physical possession of the land before execution of PPA. Going forward, initially, the procurement will be there, which will be high-cost items procurement will be there. We are hopeful of getting INR 600 crores from the solar project this year, EPC, even as a fallback kind of a thing because there are other projects we have not taken any project work done from the two new HAM projects what we secured from NHAI. If we are able to achieve the appointed date during the current financial year, we'll get some revenue from these two new HAM projects in Uttar Pradesh what we secured recently. Going by this, some kind of a fallback arrangement we are having, we should be able to achieve INR 6,000 crores comfortably. Sir, on this margin issue, like earlier, we had mostly HAM projects from NHAI where generally, it is considered that margins are better and payment terms are better. Delays are less in terms of release and fund and everything. If I look at your order book, it is more geared towards all state government projects where the fund that we receive from the state governments can also be under question mark, and margins also, we don't have that enough history. How do you look at that, sir, both margin risk and the fund release risk itself? The highway sector, the state government project is only one project from MPRDC. If you go by the MPRDC's past history, they are able to make payments. This also, only 40% payment they have to make during the construction phase being a HAM project. Remaining 60% will come in the form of annuities and interest over the balance payments. We don't see any major challenge in securing payment from MPRDC for this state highway project. All the remaining highway projects are of this government of India, NHAI, and MoRTH. Two more state projects are there from MSRDC. Since beginning, we have been getting the payments regularly. They are also. Package are EPC? Yeah, both packages are EPC. Here, there is no investment risk. Also, we are getting payments regularly for the work done what we are progressively doing the work. At least 12% EBITDA margin? Sir, may I request you to join back the Q&A [crosstalk]. Yes, please. Yeah. Just I'm concluding. 12% EBITDA margin, overall 12% EBITDA margin, we should be able to achieve. Thank you. Thank you. Ladies and gentlemen, in order to ensure that management is able to answer queries from all participants in the queue, kindly restrict your questions to two at a time. You may rejoin the queue for follow-up questions. Next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Hi, Yogesh Jain. Congratulations on a decent quarter. My first question is, now the commodity prices have gone up, so bitumen, which is a large part of the cost, and associated inputs around the fuel cost. When the SPVs gave us the EPC project, so how are we protected on margin? Are these fixed price contract like if you get a HAM and an SPV? When it comes to EPC to us, is it a fixed price or it is a variable price? How do we adjust for commodity inflation in that? [inaudible] See, it's on a back-to-back basis. Whatever SPV is getting the price index multiple, which covers both WPI increase as well as the CPI increase, which will largely cover other things, that will be on a back-to-back basis. Where the bitumen price is now, they are directly compensating between the base price as well as the price in that particular month of execution. That will be also passed on to EPC from SPV on a back-to-back basis. Whatever the SPV gets as inflation from NHAI is passed to you back-to-back. That is what you are saying, right? Yeah. This there, it's a part of the EPC contracts what you executed between SPV and the EPC contract. Okay. Okay. Second question is, what is the pending payment from the [Vertis Infra] now out of the INR 2,500 crore, INR 1,700 crore? How much we have received and how much is pending? Which one? What is we have received other thing except all the things? Except, I think, we have received the entire payment. Okay. What will be the roadmap for the monetization of the next set of assets beyond these 12 assets? How are we looking to monetize the projects where we have achieved PCOD or COD? Wait and watch. Wait and watch. Anything, I'll think. We'll certainly let you know once we reach out any kind of a framework mechanism to how to monetize these projects. We are evaluating multiple options. Certainly, we'll share with you. Nothing with [inaudible]. I mean, beyond the 12 assets which we have monetized with [inaudible], I mean, now for other assets, we are looking for a different investor? No, that's what I said. It's premature to say anything. Please wait. I said my reading director has said, "Please wait." Just now, we got only out of now ongoing 14 assets, including two. We are also evaluating. Yeah, we are evaluating. Only five assets got the PCOD. Okay. The other assets are under construction. Okay. Sir, thank you so much, and wish you all the best. Okay. Okay. Thank you. Thank you. Next question is from the line of Sudeep Bora from Ambit Capital. Please go ahead. Hello, sir. Thank you for the opportunity. Sir, I wanted to know about the Varanasi-Kolkata packages. We got the ADs in September, October. You said in your remarks that the progress has been slow in these packages. What is the outlook on this currently, and how much revenue are we seeing in FY 2027 from these three packages? After commencement of these packages during the month of October, physical execution, we achieved INR 336 crore revenue from these three packages during FY 2026. INR 336 crore we already achieved it. Going forward, in FY 2027, we are looking at around INR 1,600 crore-INR 1,800 crore revenue from these packages. Okay. There's no obstruction or delays right now? No obstructions. All three packages are going smoothly. We are executing in full swing. We don't foresee any major obstruction or anything as of now. We should be able to complete these three packages within the stipulated time of 24 months. Okay. Regarding the Pune Ring Road and Jalna-Nanded, I think one of them was having some issues. Is it sorted? What is the outlook for 2027? These issues, both Jalna-Nanded and Pune Ring Road, whatever issues initially having some land acquisition issues. Last year, for Jalna-Nanded, we encountered a very prolonged monsoon, very intense, and a record-breaking monsoon in Jalna-Nanded. All these issues are behind us. We should also be able to achieve good kind of a turnover from these two projects. We are targeting around INR 1,500 crore to INR 1,600 crore in FY 2027 from these two projects. We don't foresee any major issue in these things. Okay. Sir, about the Haryana Orbital Rail Corridor, that is getting stretched since a long time. It's sitting in our order book since long. Any update on that? In the Haryana Orbit Rail, there are certain issues of land acquisition because it's falling in Aravalli range and other things. Whenever there are restrictions imposed in the construction activity in NCR to curb the pollution, we are also facing these restrictions in construction activities that is there. Nonetheless, we have completed more than INR 400 crore work, which is more than 53% of the work we already completed. Balance around INR 360 crore work is there. We are expecting that this balance work will be completed in FY 2027 as well as in FY 2028. Okay. Of course. The execution is slower than what we expected, but we are eligible for the necessary extension. Okay. Remaining work you are expecting to get completed by FY 2028? Yes, yes. FY 2028. Okay. Okay. Sir, about the mining project, I know we have started with the initial work, the major revenue flow, that would come from which year, and how much are we expecting in, say, 2027 and 2028? In the mining, we started this thing where we execution and mining activities we started, we achieved around INR 68 crore turnover during FY 2026, the year what we completed. We are expecting another INR 400 crore turnover in FY 2027. In FY 2028, we are expecting around INR 600 crore. We got a five-year time for this entire thing of INR 2,956 crore, so we should be able to get a decent progress beyond FY 2028 also. We should be able to complete the entire scope within the time. Got it, sir. Thank you. Those were my questions. Thank you. Thank you. Next question is from the line of Vasudev from Nuvama. Please go ahead. Yeah, thank you for the opportunity. Sir, I just want to know our progress on the Andhra irrigation project. Where are we over there? Irrigation project, we received some payments around INR 300 crores from the Government of Andhra Pradesh after initially, we could not receive any payment. We received. Till 31st March, we achieved INR 380 crores worth of work done we completed. Remaining work done is around INR 700 crores. This year, we are targeting around INR 200 crores work in FY 2027. This further progress and all will depend upon the receipt of payments from the Government of Andhra Pradesh. We are hopeful that being a priority project, they should be able to release. We got time up to September 26th, they given extension. Now, we are applied for another two years up to September 28th. Okay. Sure, sir. Can you just help me with the toll collection numbers and just a bookkeeping question on CAPEX that we did in FY 2026 and our target for FY 2027? Hello? Hello? I just know the number of tolls for MAVs in Q4, financial year 2026 is 13. I'm sorry, Vasudev. Can you use your handset mode, please? Your audio is not very clear. The management is answering the question. Hello? Yes, sir. You can yeah. The toll of MP Highways is INR 13.3 crores in this quarter. For Raebareli, INR 32 crores. For DSIIDC, Narela project is INR 2.65 crores. Okay. Sure, sir. Just on the CAPEX part? CAPEX for financial year 2027, we are targeting INR 150 crore. Sure, sir. That's optional. Thank you. Okay. Thank you. Next question is from the line of Bhavin Modi from Anand Rathi. Please go ahead. Thank you, sir, for giving the opportunity. My first question is with respect to the MDO. Sir, you spoke that you have clocked in the revenue of INR 68 crore in FY 2026 and INR 400 crore in FY 2027 is the fixed plan, right? Sir, is this the EPC revenue or the mining fees that you are speaking about? It's the EPC revenue. It's nothing is mining fee. This is the item rate-based contract. Whatever revenue you are expecting, that is from the EPC revenue only. We are expecting around INR 35 crores on an average per month. We are expecting around INR 400 crores revenue in the FY 2027. Going forward, around INR 50 crores per month to INR 600 crores in the FY 2028. It's just an MDO work. It's not an MDO work. No investment is involved. It's a pure EPC work on an item rate basis. Okay. Understood that. Sir, there will be no separate creation of the SPV, right? Generally, which happens in the MDO model. No, no. It's on the company's balance sheet only. Understood. Sir, second question is with respect to the BESS thing. You mentioned the order book of INR 2,000 crore. This is the pure EPC, or does it also include the procurement of bought-out components? No, no. See, there is nothing EPC kind of a thing is there. It is a TBCB kind of model. We will be getting charged for the power we transferred into the grid through gas and directly. EPC will be the byproduct to what we will be routing through the project through our parent company. Yeah, sir, suppose whatever the bought-out components are there, for example, transformers or something, so that will be directly purchased by the SPV, or will it be purchased through the PNC EPC company? As of now, looking at it will be purchased by the PNC being the EPC contractor. Then it will be passed to the SPV, right? Yes, yes. Sir, the last question. Now that the bitumen prices have skyrocketed, do you see NHAI with already the tenders that they have floated, are they going to revise the authority cost either by corrigendum or through retendering? Anything, have you seen anything, any discussion ongoing for that, especially for the tenders? We are expecting revision of this authority cost because as of now, the compensation mechanism what they introduce is only for three months from 1st of April for the ongoing projects. The projects which they are going to bid out from right now, this thing from the current point, it should be either authority cost should be revised. Otherwise, this kind of compensation mechanism should further continue. Okay. Won't PNC just elongate the tendering process, or do you see it would be through a simple corrigendum? How do you see it? It will be a simple corrigendum. Earlier also, they revised the estimated cost put to tenders through an addendum and corrigendum. This will be also will happen like that only. Understood. Thank you. Thank you for answering the question. Thank you. Next question is from the line of Parth Thakkar from JM Financial. Please go ahead. Thank you for the opportunity. When can we expect the AD for the two new HAM projects? Which project? The two new HAM that we received L1? Once we get the letter of award and then followed by execution of concession agreement, we'll have a 5-months time for the financial closure. Similarly, NHAI also will have a 5-months time to fulfill their conditions prescribed. Take everything by thing. We are expecting appointed date declaration in Q4 of the current financial year. Have we submitted yes, thank you, sir. Have we submitted bid for any of the BOT projects? If yes, what would be the size? No, as of now, we have not submitted any bid for any of the BOT toll projects. We are evaluating the opportunities, the BOT toll projects which have been floated by NHAI. As of now, we have not submitted. Okay. Last question, sir. What would be our outstanding receivables from the canal project? Canal projects outstanding, [inaudible] Hello? Yes, sir. Other outstanding in canal project is around INR 300 crore. Okay. Thank you, sir. Those were my questions. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to management for closing comments. Over to you, sir. Sir, any closing comments from you? Yeah. Thank you, everyone, for your active participation in our earnings call. Should you have any further queries, you may get in touch with the Strategic Growth Advisors, our investor relations advisors, or feel free to get in touch with us. Thank you very much. Thank you. On behalf of Ambit Capital, that concludes this conference. Thank you for joining us. You may now disconnect your line.