PNC Infratech Limited (PNCINFRA) Q3 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the PNC Infratech Limited Q3 FY '26 Earnings Conference Call hosted by Anand Rathi Shares 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. [Operator Instructions] 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 FY '26 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, Infra; Mr. D. K. Agarwal, CFO; Mr. Pankaj Agarwal, VP Finance and Accounts and Strategic Growth Advisors, our Investor 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 '25, post which we will be happy to answer your questions. Over the past 2 years, project awarding by MoRTH, including NHAI remained muted with NHAI awarding only 377 kilometer of new road projects in quarter 3 financial year '26 compared to around 504 kilometer in quarter 3 financial year '25. Even during the first 9 months of financial year '26, new project awarding activity by both MoRTH and NHAI remained subdued. Consequent to very low awarding activity that persisted over the past 2 years, around 5,800 and 5,000 kilometer roads constructed during financial year '25 and financial year '26, 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 1.5 lakh crores. 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 '27, capital expenditure for core infrastructure development has gone up by nearly 9% to INR 12.2 lakh crores, underlining the government's continued commitment and focus on infrastructure-led economic growth. Being one of the key infrastructure sector, the Ministry of Road Transport and Highway received a record allocation of INR 3.09 lakh crores in Union Budget of financial year '27, which represents a year-on-year increase of 8%. On the similar lines, NHAI has been allocated INR 1.87 lakh crores, a 10% increase over the previous year in the financial year '27 budget. This funding is primarily aimed to supporting 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 sector to ports, logistics, power, transmission, renewable energy, road base and water resources sectors rapidly. In support of momentum, 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 Jal Jeevan Mission, the budget has provided an allocation of INR 67,670 crores for financial year '27. In case the allocated funds are disbursed in timely manner to the state, it would be part of -- 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, healthy project pipeline and diversified funding mechanism, the roads and highway sector is well positioned to move into its next phase of sustainable growth. In line of government policies and allocation, it is expected that new projects are awarded quickly, vacant ROW for execution of awarded project is provided timely for expeditious execution and delivery of projects. Now I will share the recent update on the company. In quarter 3 financial year '26, 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 plus BESS project, which was awarded to the company will be executed through a step-down subsidiary. Now moving on to the operational and financial performance of the company. Out of the company's 16 fund-based projects, 1 is BOT toll project, 2 are BOT annuity project and 13 are HAM projects and aggregate bid project cost of 13 HAM project is over INR 14,800 crores. Out of total 13 HAM projects, 5 projects achieved PCOD and COD, 7 projects are under construction, 1 project of MPRDC achieved financial closure. Total equity investment requirement for the HAM project is INR 1,744 crores. Till December '25, company already infused INR 1,110 crores equity in the remaining equity of INR 634 crores to be invested over the next 2 years. The internal accruals that would be generated over the next 1 to 2 years should be adequate to meet the above equity investment requirement. In addition, the company has currently executed 16 stand-alone EPC projects for an aggregate contract value of over INR 18,000 crores. Now moving to our order book. As of 31st December '25, the company unexecuted order book stands over INR 19,000 crores. However, contract contribute -- highway contracts contribute 53% of total unexecuted order book, while water, canal, area development, railways and airport projects contribute around 32% and coal mining project contributes 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 endeavors in road sector during this quarter. Now I would present the stand-alone quarterly and 9 months ended December 31st 2025. Stand-alone revenue for the third quarter of financial year '26 is INR 1,056 crores. Stand-alone EBITDA for third quarter of financial year '26 is INR 131 crores. Stand-alone EBITDA margin for the quarter is 12.4%. Stand-alone profit for the third quarter of financial year '26 is INR 77 crores. Stand-alone PAT margin for the quarter is 7.26%. Stand-alone revenue for 9 months of financial year '26 is INR 3,176 crores. Stand-alone EBITDA and EBITDA margin for 9-month is INR 408 crores and 12.84%. Stand-alone profit for 9 months of financial year '26 is INR 244 crores and stand-alone PAT margin for 9 months of financial year '26 is 7.67%. Now moving on to the consolidated results. Consol revenue for third quarter of financial year '26 is INR 1,201 crores. The consol EBITDA for third quarter of financial year '26 stood at INR 239 crores. The EBITDA margin for quarter 3 financial year '26 is INR 19.91 crores (sic) [ 19.9% ]. The consol PAT for the third quarter of financial year '26 is INR 77 crores. The PAT margin for quarter 3 financial year '26 is 6.39%. Consol revenue for 9 months of financial year '26 is INR 3,751 crores. The consol EBITDA is INR 860 crores and EBITDA margin is 22.91%. The consol PAT for 9-month financial year '26 is INR 724 crores and PAT margin is 19.29%. Our net worth as a stand-alone basis as on 31st December 2025, is INR 5,710 crores, where the stand-alone debt from the banks, financial institution and inter-corporate deposit is INR 1,106 crores. This translates to net debt to equity of 0.19x. The total cash and bank balance, including current investment is INR 1,299 crores. Our net worth on a consol basis as on 31st December '25, is INR 6,704 crores, whereas total debt is INR 5,478 crores. This translates to net debt to equity of 0.82x. The total cash and bank balance, including current investment is INR 2,745 crores. With this, we now open the floor for question and answer. Thank you.

[Operator Instructions] The first question comes from the line of Shravan Shah from Dolat Capital.

Yes. 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 2 bids overseas. If you can specify where and how much is the value and why are now we looking at overseas business?

See, we submitted 2 bids in the Uzbekistan. These are the road bids akin to what the road projects what we undertake, let's say, the 2-lane road projects 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 Indian -- equivalent Indian would be around INR 1,500 crores, both put together.

Funded projects.

These are the funded projects funded by government of Uzbekistan. So there is no investment risk.

Okay. And...

So it would be on the -- 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 is -- 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 2 Uzbekistan projects, we have submitted 33 bids for an aggregate value of around INR 28,700 crores estimated cost. These bids we submitted during the last 2 -- 1.5 quarters. And these 33 bids comprising 22 EPC bids, 7 HAM bids and 4 TBCB bids for renewable energy projects. So this value of around INR 28,700 crores. Apart from we identified bidding opportunities, over 80 bidding opportunities across the sectors for a value of over INR 1,20,000 crores. If these bids are currently are scheduled for the receipt of bids by -- latest by 31st March, but may extend into the first quarter of FY '27. So these are the [ INR 1.2 lakhs ] worth of bids that what we are pursuing.

And 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...

See, we are -- 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. [ 6 ] HAM bids, primarily of NHAI, almost...

INR 70,000 crores. The NHAI around -- more than INR 70,000 crores.

More than INR 70,000 crores 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 9 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 INR 1,300 crores, INR 1,400 crores kind of revenue is possible at stand-alone level? And then on that low base, how one can look at FY '27 and '28? 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 INR 28,000 crores 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 crores this year. So totaling to -- total -- totaling to INR 12,000 crores in the current financial year. That is the order book side, as there is a decline of around 22.5% in comparison to FY -- 9 months of FY '25 to the current 9 months of this year. But we expect robust execution during the fourth quarter because 3 of our projects, appointed dates have been declared and going in full swing, that is the Varanasi-Calcutta packages, EPC. And also after a long spell of monsoon and flooding and other things, the projects of Maharashtra also now they geared up. And coal project also, we have commissioned and almost 6 new projects, EPC projects, execution we commenced during the quarter 3. That includes airport project of Varanasi, then Bharatpur flyover coal project and 3 HAM projects of NHAI. So with these kind of things, we are expecting a revenue, say, up to INR 5,000 crores, which will translate into 10% decline when compared to FY '25.

Okay. So we are kind of looking at INR 1,700 crores, INR 1,800 crores kind of revenue in the fourth quarter.

Yes, yes. INR 1,700 crores to INR 1,800 crores revenue and INR 5,000 crores. And with a base of INR 5,000 crores, we are expecting an increase of 25% in FY '27. And FY '28, we going forward in the next quarter will be kind of more clarity we'll have. Then FY '28, we'll share later.

Yes. And now, sir, a couple of balance sheet data points, if you can share. So first, on the inventory debtors, trade payable and then retention, unbilled, mobilization and debtors, water debtors?

Mr. Shravan Shah, can you come back again? We'll let other people think. And in the meantime, we'll compare the things and we'll keep it ready.

Yes. Yes. And on the margin front, it would be the pillar that what we are guiding kind of 12.5%, 13% that will be doable?

Yes, 12% to 12.5%.

Yes, yes. 12% to 12.5%.

The next question comes from the line of Vaibhav Shah from JM Financial.

Yes. Earlier, we were targeting closer to 13% margins. We had guided for 12.5% to 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 overheads being the same. So this year, we are targeting of -- EBITDA of 12% to 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. And 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 crores getting completed?

Sorry. See, as of 31st December 2025, we have a billed outstanding of INR 822 crores. Out of that, we received INR 87 crores during the month of December and January. They started paying. So as of now, as on date, it is INR 735 crores is the billed amount, which is outstanding. And we are expecting another INR 35 crores remittance during the current month. And then by 1st of March, it would be around INR 700 crores will 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-odd crores for the current -- for the FY '27. 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 are -- which are in advanced stage of completion can be commissioned and put into O&M 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 crores worth of project to be completed. So we're expecting FY '27, we'll complete around 60% of that and remaining in FY '28.

Okay. And sir, in terms of Q4, we see some improvement in the water execution as well, it will be similar to the quarterly run rate of this first 9 months?

Q4 also will be the similar what is there in the first 3 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.

Beyond this INR 822 crores, what is the billed part? What will be the unbilled part in the water vertical?

WIP, apart from INR 822 crores, around INR 100 crores, INR 150 crores will be WIP, which we have not billed.

Okay. And sir, lastly, on CapEx, what you have done in 9 months and target for '26 and '27?

The total CapEx, which were earlier reported that total required CapEx is INR 400 crores on a company basis. Out of that, up to December, we have capitalized INR 125 crores and the balance will be in the quarter -- in this quarter.

So you maintain INR 400 crores number for '26?

Yes, yes.

And for '27?

For '27, around INR 150 crores.

Okay. Okay. And sir, lastly, AD on the HAM project, when do we expect? Western Bhopal Bypass.

The HAM projects -- only Bhopal Bypass, we are expecting in the first quarter.

The next question comes from the line of Abhinav from ICICI Securities.

Yes. My first question is with the appointed date received for the 3 packages of PRK, is it fair to assume that the execution worth around INR 15 billion will be done in the next 12 months from these 3 projects?

INR 15 billion would be slightly on this thing. But already we executed INR 100 crores of work in the 3 projects combined in Q3. And we are expecting another INR 300 crores, INR 3 billion of work in the Q4. About INR 3 billion. And next year, it would be around, it say, INR 1,200 crores to INR 1,500 crores.

Understood. So around -- 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 2 years, okay? Total EPC value is -- INR 3,006 crores is the total EPC value and 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, so there will 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, no.

Ladies and gentlemen, the line for the management has been disconnected. Please wait while we reconnect them. Ladies and gentlemen, thank you for patiently holding. The management line has been reconnected. Sir, you may proceed.

Yes. Regarding the divestment of assets, HAM assets, which are under implementation. So we are evaluating all the options. The -- 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 4 projects, which are -- 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.

The next question comes from the line of Bhavin Modi from Anand Rathi.

Yes. Sir, my first question is, sir, the last quarter, the order book was something around INR 20,000 crores, and now it has gone down to INR 19,346 crores. So overall, the change in the order book is INR 750 crores something, whereas our revenue is around INR 1,100 crores. So there's a gap of something around INR 300 crores. So does our revenue include any onetime arbitration income or any proceeds from the holdback amount for the monetization?

Actually, the revenue includes some maintenance project revenue as well as the price escalation and Suez works also. That's why you find the difference between the 2 order book is INR 750 crores. But in addition to that, the work is received -- revenue is received on this field also.

So sir -- so have we -- so this quarter, have we not received any arbitration income or nothing like that, right, sir?

No, no, no. No arbitration claim is received in this quarter.

And what about the holdback amount? There was some INR 200 crores holdback amount for the 10 HAM assets that we sold.

In the monetization process, around INR 200 crores was holdback. Out of that, we have received around INR 42 crores on this account.

Did we receive this quarter, INR 42 crores or it was last quarter?

Last quarter, quarter 2.

Okay. Quarter 2, okay. Sir, second is what is the status of the CIDCO order?

CIDCO order.

Matter is under sub judice. So we cannot discuss.

Okay. Sir, third thing, we have been lately seeing even in the -- when the NHAI or MoRTH tenders are getting opened, there is still aggressiveness in terms of the number of bidders which are there. There are almost like 20 to 25 bidders even after the NHAI made the stringent net worth criteria. So how do you see as the 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 projects -- since no major projects 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 will 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 after the -- even for the LAP, either for the internal approvals from the central government or due to the nonavailability of the minimum required land.

Understood, sir.

So now you can say competition in HAM 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 coal order book, there has not been any change in terms of the unexecuted value. So last -- did we execute anything last quarter?

See, last quarter, we have not -- though we have executed some removal of overburden quantities, but the billing is possible only once we extract the coal. So during the Q3, we have not billed anything. But in Q4, in January, we already executed INR 100 crores worth of projects -- INR 100 crores worth of work.

And that we'll bill it to the client, right, the INR 100 crores?

Yes, we'll bill it to the client.

And sir, how much amount that we executed 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 -- we shortlisted 2 locations across 2 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 FY '27.

The next question comes from the line of Ketan Jain from Avendus Spark.

Sir, as you mentioned, the awarding activity has slowed down. You mentioned a number, 377 kilometers versus 500 kilometers year-on-year. What would be this number for 9 months? And how much do you expect to get awarded in the next [ 2 ] months for...

See, exactly 9 months figure precisely is not available on the publicly available data. But previous year, they awarded -- I'm talking about FY '24, they awarded around 12,000 kilometers of new projects. See, now when their award itself is reduced, consequently, construction is also reduced.

Correct.

So exact figures, whatever is available on the everybody -- available to everybody on the public domain, only we are finding out. Exact figures, we will share. Offline we will share with you.

Okay. Do you expect these land acquisition hurdles, delays to get done for this in the next 2 months, February and March?

We hope so, because see, land being a state subject, the 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, it will be speeding up.

Okay. Okay. But it still remains uncertain?

Yes, yes, that's the uncertainty.

The next question comes from the line of [ Deepashri Joshi ] from AMBIT Capital.

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 2?

In the Pune Ring Road project, we are expecting INR 240 crores in Q4. And in Jalna-Nanded project, we are expecting INR 300 crores 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 and because of the high rainfall in the catchment area. However, in Q4, we expect to execute around INR 25 crores worth of thing.

Okay. Got it. And on the equity investment front, you mentioned that INR 634 crores 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. Ladies and gentlemen, the line for the management has been reconnected. Thank you for patiently holding.

See, we are coming back to BESS -- on canal, canal project in Andhra Pradesh, in Q3, we executed INR 14 crores of work, which is basically peripheral works and supporting works, not the main canal works. In Q4, we expect INR 25 crores worth of work will be executed.

Okay. Got it. And the equity requirement balance that you mentioned, does that include the BESS equity?

No, that doesn't include BESS equity. This -- that would be...

That is INR 400 crores.

That would be around INR 400 crores.

Okay. And just one last thing. What is the unbilled revenue for the road segment as on date?

Order value?

Unbilled revenue.

It's actually out of INR 1,900 crores, road segment -- INR 1,900 crores unexecuted order book, road segment comes to around 53%.

What is the unbilled revenue, sir?

Unbilled revenue, right? Just hold on. The unbilled revenue for the road project is INR 140 crores. And EPC amount is around INR 200 crores.

The next question comes from the line of Vasudev from Nuvama.

Yes. Sir, I just wanted to know how is our execution likely to ramp up in the mining and the solar projects? Like what kind of revenues are we targeting in FY '27 and '28 over...

As I mentioned in case of mining project, we expect around INR 100 crores in FY '26 and INR 500 crores in FY '27 and INR 600 crores in FY '28.

Okay. And sir, for the solar project?

See, solar project would be able to tell exactly once we start commission -- we start execution. But tentatively, we expect INR 1,000 crores revenue in FY '27, which is nearly 50% of the total EPC value of the solar project, solar come 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 5 months working period in a year. So 7 months, we are not able to do any work over there because of the water is left into the canal system. So we -- the execution will go up to FY '28.

Okay. Sure, sir. And 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 crores, Raebareli-Jaunpur is INR 32.16 crores.

It is basically annuity.

Annuity project. He's asking only toll.

Okay. And the Narela project, sir?

Narela project is INR 3.82 crores.

INR 3.82 crores. Sure, sir. And just sir, one confirmation, the stand-alone cash, can you just repeat that number, please?

It's INR 1,299 crores.

Okay. Sir, this number last quarter was about INR 373 crores and this quarter, it's INR 1,299 crores. So there's been a quite bigger jump.

In last quarter, actually, this amount includes the proceeds received from the KKR.

Okay. We have received that amount in this quarter.

The next question comes from the line of Shravan Shah from Dolat Capital.

Yes, sir. Sir, all the balance sheet numbers, sir, inventory, debtors, trade payable, retention money, mobilization and debtors.

Just note down.

Yes.

The total inventory as on 31st December is INR 758 crores, debtors is INR 1,898 crores.

INR 1,898 crores?

Yes, INR 1,898 crores. And...

Okay. And trade payables?

Trade payable is INR 743 crores.

Okay. Retention money?

Retention money is INR 219 crores.

Okay. And total unbilled, we mentioned INR 140 crores plus INR 200 crores, that is INR 340-odd crores.

[ INR 340 crores ], it's around INR 440 crores.

INR 440 crores. Okay. And mobilization advance?

Mobilization advance is INR 170 crores.

INR 170 crores. And debtors?

And debtors around INR 470 crores.

INR 470 crores. Okay. And the equity that to be invested in the fourth quarter and FY '27 would be?

The total equity, which is to be infused in this year and next year is INR 634 crores.

Yes. But in fourth quarter, how much we will invest on in FY '27?

We expect around INR 100-odd crores will be infused in this quarter.

Okay. And in FY '27?

It's around INR 500 crores.

INR 500 crores. 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 crores. So the outstanding is now INR 805-odd crores?

Around INR 815 crores.

INR 815 crores. And the Sonauli Gorakhpur?

Sonauli Gorakhpur is INR 175 crores.

INR 175 crores. And Akkalkot Package 2?

INR 418 crores.

INR 418 crores. And Haryana Orbital Rail?

Haryana Orbital Rail is INR 450 crores.

INR 450 crores. And elevated corridor flyover in Gwalior City?

INR 580 crores.

INR 580 crores. And Heeradas Chouraha will be the similar, INR 250 crores?

Yes, that will be the same.

And Varanasi also INR 297 crores, same?

Yes, yes, yes.

And this BESS, INR 2,000 crores, when we'll start putting in, in the order book?

Q2 of FY '27.

From -- in Q2 of FY '27.

Okay. And both the Kanpur-Lucknow packages has been over in terms of order book. Now has it become 0?

That is almost over, Kanpur-Lucknow.

Almost over. I think there is one December work.

So INR 60 crores to INR 70 crores to be bid.

Okay. Okay. Got it. Got it. And just Hardoi, early completion bonus, INR 1,400-odd crores will be coming in the fourth quarter?

We have received.

We have received in those.

We have received INR 16.69 crores in Hardoi and [ INR 5.13 crores in ]...

INR 16.69 crores...

INR 16.69 crores in Hardoi and INR 513 crores (sic) [ INR 5.13 crores ] in [indiscernible].

INR 5.13 crores.

Okay. So -- 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 Hathroi-Hathras project, INR 420 crores. So have we received the appointed date?

Bagmati River.

Yes, Bihar project.

We will receive...

In the current quarter.

We will receive appointed date in this quarter.

Okay, in fourth quarter. Okay, okay, okay. Got it, sir. And hope we get the significant order inflow.

The next question comes from the line of Vishal Periwal from PL Capital.

Sir, in the consol cash balance of almost INR 2,700-odd crores, so what is our own cash in this?

This is pure own cash.

Okay. So no, basically, anything to do with the debt, which is there and then similarly, which is there in the asset side is the cash. So...

Sorry, can you repeat?

Okay. So, no -- my -- yes. So my question is the INR 2,700-odd crores of cash balance in our consolidated accounts 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 project?

Yes, yes, completely...

Completely own project -- own fund.

Okay. Okay. Okay. So stand-alone when we have INR 1,300-odd crores and consol is INR 2,700-odd crores. 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.

The next question comes from the line of Vaibhav Shah from JM Financial.

So what revenue are we targeting from the irrigation order for '27 and '28?

'27 -- INR 150 crores we are expecting in '27 and '28, we'll be expecting around INR 200 crores to INR 250 crores.

But we indicated that we are targeting to complete the order in FY '28 and outstanding will be roughly INR 800 crores. So how is this possible?

See, actually, this is mainly comprising 2 parts. One is the main canal and the -- then the subsidiary canal. The -- this -- in the branch canal, there are certain issues. As of now, whatever the funds available based on that, we are talking about around INR 400 crores to INR 450 crores. As funds cleared, then we'll revisit the FY '28 target.

And what is the outstanding receivables on the project?

Receivable from the project is around...

Around INR 170 crores during this year.

So we won this project in FY '21 and 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 FY '28, we won't be even completing half the value of the entire project.

No, now -- as of now, more than nearly INR 400 crores worth of value of work completed. We are targeting another INR 450 crores to -- around INR 450 crores in the next 2 financial years. By the time 75% of the project would have been completed. There is an escalation provision in the contract, but not the -- 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 have seen it was roughly around INR 100-odd crores outstanding and now it has increased to INR 170-odd crores. So are the payments stuck or there is some movement?

There is movement. More than INR 220 crores we already received, which was otherwise stuck during the first 2, 2.5 years. We started receiving the funds from the -- after change of government from the last financial year. We are also somehow aligning the progress with the receipt of funds also, the funds availability and the funds allocated for this project. That's the thing. And we expect another INR 40 crores to INR 50 crores of payments before end of the current financial year. And going forward, we expect to release the balance amount in the next financial year.

Okay. Okay. And sir, lastly, on the cash side, just to...

Sorry to interrupt, Mr. Shah. We request you to return to the question queue for the follow-up questions. [Operator Instructions] The next question comes from the line of Balasubramanian from Arihant Capital.

Solar project with NHPC is valued nearly INR 2,000 crores and the mining project, INR 2,957 crores. And what is the margin profile of these projects? And I just want to understand what is that -- we have bidded for INR 28,000 crores. And I just want to understand our bidding is majorly focused on diversifying into, like beyond roads, like water, renewables and mining over the next 3 to 5 years. So how this mix looks like after 3 to 5 years?

See, the road 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 the execution, we'll have a execution margin. So once we finalize the final designs and the finalization of the project and financial closure, we'll be able to share you more clarity. And with regard to foraying 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 opportunities in railways, metro rail, water, transmission lines, renewable energies. So maybe next 2 to 3 years, it would be a 50-50 kind of a thing. Highways will have a 50% -- around 50% and the other sectors will be around 50%. I can say like the further we're able to see that how things really unfold where more projects we'll be able to secure with decent margins.

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 lines. Thank you.