PNC Infratech Limited — Call Transcript 2025

Nov 19, 2025

Tapan Digitally signed by Tapan Jain Jain Date: 2025.11.19 11:55:01 +05'30'

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“PNC Infratech Limited Q2 FY '26 Earnings Conference Call”

November 13, 2025

E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchanges on 13th November 2025 will prevail.

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– MANAGEMENT: MR. YOGESH JAIN MANAGING DIRECTOR, PNC INFRATECH LIMITED MR. T. R. RAO - DIRECTOR (INFRA), PNC INFRATECH LIMITED – MR. D. K. AGARWAL CHIEF FINANCIAL OFFICER, PNC INFRATECH LIMITED – MR. PANKAJ AGARWAL VICE PRESIDENT (FINANCE AND ACCOUNTS), PNC INFRATECH LIMITED – MODERATORS: MR. VIKRAM SURYAVANSHI PHILLIPCAPITAL (INDIA) PRIVATE LIMITED – MR. HARSHIL SHAH PHILLIPCAPITAL (INDIA) PRIVATE LIMITED

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Moderator:

Ladies and gentlemen, good day, and welcome to the PNC Infratech Limited Q2 FY '26 Earnings Conference Call hosted by PhillipCapital (India) Private Limited.

This conference call may contain forward-looking statements about the Company which are based on the beliefs, opinions and expectations of the Company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict.

As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing ‘*’ then ‘0’ on your touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Vikram Suryavanshi. Thank you, and over to you, sir.

Vikram Suryavanshi:

Thank you, Anushka. Good afternoon and a very warm welcome to everyone. On behalf of PhillipCapital, I am pleased to welcome you all on the PNC Infratech Limited 2nd Quarter FY '26 Earnings Call.

We have with us, Managing Director of the company, Mr. Yogesh Jain, along with Mr. D. K. Agarwal – Chief Financial Officer, and Mr. Pankaj Agarwal – Vice President.

We will begin with the opening remarks from the Management, followed by interactive question-and-answer session. Over to you, sir.

Yogesh Jain:

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, Chief Financial Officer, 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 the Company’s website for your reference.

Initially, I would like to mention key updates of the industry, followed by the operational developments of the Company and highlights of financial performance during the quarter and half year ending 30th September 2025, post which we will be happy to answer your questions.

• ✓ In Q2 FY26, the road infrastructure sector reported modest performance, with projects execution remaining subdued as construction activity declined to 644 km, down from 802 km in the corresponding period last year, mainly due to very subdued

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project awarding activity by the authorities over the past two & half years and widespread intense and prolonged monsoon across nation this year.

• ✓ NHAI has set an ambitious target of 6,300 km length of new projects award for FY26, which is expected to generate substantial new business for the industry players going forward.

• ✓ As NHAI launched a huge new projects pipeline comprising over 120 projects to be implemented on EPC, HAM, DBFOT formats with an estimated capital cost of over Rs. 3.00 lakh crore, the whole industry is looking for speedy conversion of this pipeline into awarding, for turnaround of the sector and to create a strong execution visibility from FY27 onwards.

• ✓ The tightening of RFP norms to improve the quality and speed of project execution, including stricter qualification criteria, and more accountability on performance, are expected to ensure projects are awarded to only credible construction firms with proven technical and financial competence.

• ✓ In water sector, Jal Jeevan Mission moved significantly closer to realizing the Government’s ‘Har Ghar Jal’ vision driven by rapid network expansion, use of digital monitoring systems, and active participation from local communities. This development will generate robust O&M revenue streams to the firms executed the capital works over the next 10 years.

• ✓ Various zones of Indian Railways, different subsidiaries of Coal India, various undertakings of Union Power Ministry are coming out with a large number of new projects in track-construction, coal mining, power transmission and renewable energy for bidding, which provide promising business opportunities for infra players.

Now coming to the recent updates on the company:

• ✓ Our subsidiary, Yamuna Highways Private Limited, has received the Provisional Completion Certificate for the Mathura 1 B HAM project in Uttar Pradesh on 15 September 2025, declaring it fit for entry into commercial operations with effect from 30th August 2025.

• ✓ In Q2 FY 26 Company received Early Completion Bonus of Rs. 5.3 crores for Mathura 1C project received during Q2.

• ✓ During Q2 FY26, Company received three Letters of Award

• from Bihar State Road Development Corporation for High-level bridge construction on High Level Bridge along with approach road on Hathouri - Aurai, in Bihar

• From Airports Authority of India (AAI) for the development of Varanasi International Airport.

• from NHPC for the Solar Power-Cum-BESS project

• ✓ Company has received appointed dates for 3 HAM projects: Varanasi Kolkata Highway Packages 2, 3 & 6.

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• ✓ During the quarter, Company also received appointed date for an EPC project in Rajasthan for Construction of Flyover in Bharatpur City.

• ✓ I am happy to share, during the quarter, credit ratings of four of Company’s subsidiaries have been upgraded significantly :

• Hathras Highways (Mathura Package 1C): Upgraded from CARE Single A to CARE AA Plus

• Hardoi Highways (Hardoi Bypass): Upgraded From CARE Single A to CARE AA Plus

• Yamuna Highways (Mathura Package 1B): Upgraded from CARE Single A to CARE AA

• Awadh Expressway (Kanpur Lucknow Expressway Package 2): Upgraded from CARE Single A to CARE A Plus

Moving on to the operational and financial performance of the company

• ✓ Company's 16 fund-based projects, comprise 1 BOT-Toll Project, 2 BOT Annuity Projects and 13 HAM projects.

• ✓ Aggregate Bid Project Cost of 13 HAM projects is over Rs. 14,800 Crore.

• ✓ Out of 13 HAM projects,

• ➢ 4 projects achieved PCOD/COD,

• ➢ 8 projects are under construction

• ➢ Remaining 1 HAM project of MPRDC, documents for financial closure have already been submitted; however, declaration of appointed date is delayed due to land and alignment issues.

• ✓ Total equity investment requirement for the HAM projects is Rs. 1,744 crores.

• ✓ Till September 2025, Company already invested Rs. 1,081 crores and the remaining equity of Rs. 663 crores is to be invested over the next 2 to 3 years.

• ✓ Internal accruals that would be generated over the next two to three years should be adequate to meet the above equity investment requirements.

Now moving on to our order book

• ✓ As of 30th September 2025, the company’s unexecuted order book stands over Rs. 20,000 crores, which includes EPC value of Bhopal Bypass HAM Project of MPRDC and newly secured high level bridge project of BSRDC, in Bihar.

• ✓ Highway contracts contribute around 55% of total unexecuted order book, while water, canal, area development and railways projects contribute around 30%, and coal mining project contributes 15%.

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Now I would present the results for the quarter, and half year ended September 30, 2025.

Standalone revenue for the 2[nd] quarter of FY26 is Rs. 983 crore.

Standalone EBITDA for the 2[nd] quarter of FY26 is Rs. 136 crore. Standalone EBITDA margin for the quarter is 13.9%.

Standalone PAT for the 2[nd] quarter of FY26 is Rs. 86 crores. Standalone PAT margin for the quarter is 8.8%.

Standalone Revenue for H1 of FY26 is Rs. 2119 crore.

Standalone EBITDA for H1 of FY25 is Rs. 277 crores. Standalone EBITDA margin for H1FY25 is 13.1%.

Standalone profit for H1 of FY25 is Rs. 167 crores. Standalone PAT margin for H1FY25 is 7.9%.

Consolidated revenue for the 2[nd] quarter of FY26 is Rs. 1128 crores.

Consolidated EBITDA for the 2[nd] quarter of FY26 is Rs.253 crores. Consolidated EBITDA margin for Q2FY26 is 22.4%.

Consolidated PAT for the 2[nd] quarter of FY26 is Rs. 216 crores. Consolidated PAT margin for Q2FY26 is 19.1%.

Consolidated revenue for H1 of FY26 is Rs. 2550 crores

The consolidated EBITDA for H1 FY26 is Rs. 620 crores. Consolidated EBITDA margin for H1 FY26 is 24.3%.

The consolidated PAT for H1 FY26 is Rs. 647 crores. Consolidated PAT margin for the H1 FY26 is 25.4%.

On Standalone Basis,

Our net worth as on 30[th] September 2025 is Rs. 5,628 crores, whereas standalone debt from Banks/Financial Intuitions is Rs. 796 crores. This translates to net debt to equity of 0.14 times. The total cash & bank balance including current investments is Rs. 1,203 crores.

On Consolidated Basis ,

Our net worth as on 30[th] September 2025 is Rs. 6,623 crores whereas total debt is Rs. 5,049 crores. This translates to net debt to equity of 0.76 times. The total cash & bank balance including current investments is Rs. 2,736 crores.

With this, we now open the floor for question-answers. Thank you.

Moderator:

Thank you very much. We will now begin the question-and-answer session. We take the first question from the line of Shravan Shah from Dolat Capital. Please proceed.

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Shravan Shah:

Thank you, sir. Sir, a couple of things to understand. So, first, on the revenue front, so in the first half, the revenue at the standalone is 26% down, Rs. 2,100 crore. So, to achieve, we were looking at 15% to 20% kind of a growth. So, the ask rate in the second half is significant, kind of doubling the revenue in the second half. So, just wanted to know now how we can look at the revenue for this year and also at the same time for next year also, how one can look at the revenue for FY '27?

T. R. Rao:

Good afternoon, Mr. Shravan Shah. Yes, there has been a decline in the revenue during the first half when you compare to last year's revenue. But as you know, that even earlier also we shared with you, 4 HAM projects which were awarded way back in 2023, appointed dates have not been declared till now. Of course, they have been declared for 1 project, appointed date was declared in September, and another 2 projects appointed date declared in the first week of October.

So, otherwise, had these projects been declared appointed date, we would have achieved substantial work done during the current year as well as the previous year's second half. But unfortunately, appointed dates got declared, and the value of these projects of EPC value itself is RS. 4,000 crores. This is the main reason in the decline of the appointed date, and we never expected the appointed dates would be declared so delayed, declaration would be so delayed more than 2 years. That is the reason for the decline. And since now, appointed date for 3 out of 4 projects already been declared having a value of over Rs. 3,000 crores. So, these projects will generate income going forward.

And with regard to the guidance, what we had given, 15%-20% with the delayed declaration of awarding date, and also slow awarding activity by the NHAI for the past 2.5 years, what our MD has mentioned now, so slow awarding, delay in declaration, and also, of course, though rains are a repetitive phenomenon every year, this year the monsoon also has been very active and prolonged. With all these reasons, now we are revising our guidance from 15% to 20% to 5% over the previous year. That is the guidance kind of a thing.

Now currently we are executing more than 20 projects, precisely 24 EPC projects, having a value of more than Rs. 17,000 crores, including coal mining and solar projects. So, with that kind of a revenue visibility is there, the unexecuted order book is there, so this 5% over the previous year, remaining work comes to around Rs. 3,000-odd crores that we should be able to achieve during the H2 of the current financial year.

Shravan Shah:

Now, sir, given that the growth will be lower, as you said, 5% in this year, so next year also, because on that high base, also we were looking at 15%-20% growth. So, FY '27, can we see a 30% kind of a growth once all the appointed date now kind of are received and the execution will start, and maybe the kind of order inflow that we are looking at?

T. R. Rao:

No. Certainly, we will be aspiring to achieve that kind of growth during FY '27. But as of now, since FY '26 has not been completed and the base needs to be established, so still we maintain 20% growth for FY '27 as of now. So, once some clarity emerges at what value we will be

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closing FY '26, then we will revise this one. We will relook into this growth. But as of now, we would like to maintain 20% growth in FY '27. But certainly, we will be aspiring for 30% growth.

Shravan Shah:

And the current 13% margin is doable?

T. R. Rao:

It should be. 12.5% to 13% margin should be doable in the current financial year. And next year also, it will be around 13% margin should be there.

Shravan Shah:

And in terms of now, the order inflow, that is the main pain point for the entire sector. So, just wanted to understand, though in the opening remarks, sir has talked about the significant value, 6,300 Kilometers of NHAI, Rs. 3 lakh crore, all this. But actually, how do you see in terms of because so many kind of a Cabinet approval, land acquisition and all this, so what we understand is 2,500 Kilometer to maybe 3,000 Kilometer.

So, just wanted to understand how much value of work from NHAI can be awarded and how much order inflow now we are looking at. And that too, if you can also specify in terms of the HAM specifically, and what are other state level or other segments where we are looking at and broadly how much the total order inflow now we are looking at?

T. R. Rao:

See, we had mentioned in the beginning of the year and the last quarter of the last year, our order book for FY '26 would be between Rs. 12,000 crores to Rs. 15,000 crores. We still maintain the same kind of guidance for FY '26. So, that means around another Rs. 6,000 crores plus order book we need to secure, new business we need to secure.

Given the project pipeline of NHAI and other departments, we have identified around 70 projects we have identified for bidding during the next 1.5 to 2 months, comprising an aggregate value of Rs. 1,00,000 crores. So, with this kind of a bidding pipeline available, we expect that we should be able to achieve another Rs. 6,000 crore plus new orders during the remaining 4.5 months of the current financial year.

Shravan Shah:

And then there also mostly it would be a HAM.

T. R. Rao:

No. In case of NHAI, it would be HAM. In case of other clients, it would be mostly EPC. EPC and as well as TBCB.

Shravan Shah:

And just on the JJM front, so now how do we see the particular JJM and the irrigation one, so how much revenue can we look at in this year and when can we see both the projects to be fully completed?

T. R. Rao:

See, under JJM, in the H1, we achieved Rs. 235 crores apart from certain revenue from the irrigation project and we still maintain Rs. 900 crores from the JJM and irrigation for FY '26. Same kind of revenue, we are still maintaining our guidance of Rs. 900 crores. And going forward, we are pursuing opportunities in both sectors also. So, JJM, we do not see further new

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projects will be coming in a major way. But in the water resource sector, many projects are coming by different state governments. We are pursuing those opportunities. Moderator: We take the next question from the line of Ketan Jain from Avendus Spark. Please proceed. Ketan Jain: What is the order inflow so far till date in FY '26? T. R. Rao: Rs. 6,000 crores. Ketan Jain: And this includes the flyover projects, but not the mining and the BESS projects. Yogesh Jain: This includes coal mining. This includes flyover Bharatpur. This includes high-level bridge in Bihar. This includes Varanasi Airport project and solar power also. Ketan Jain: And we do not have any L1 orders right now, right? T. R. Rao: No. As of now, we do not have any L1 orders. Wherever we stood L1, we received the letters of award. Ketan Jain: I will get back to the queue. Moderator: We take the next question from the line of Aditya Sahu from HDFC Securities. Please proceed. Aditya Sahu: I wanted to understand, so, in the asset monetization space, I think we have monetized 11 assets, 11 HAM assets, and we have one state asset that is pending. Do correct me if I am wrong. T. R. Rao: No, no. The current position is that out of 12 assets, 11 assets we monetized, including the state asset. The state asset, state highway asset, we monetized in the Q2. Now only one HAM asset of NHAI is pending for which we have received the final approval for the change of control. We received it. In fact, we received today. Aditya Sahu: And this also, we are selling it to Highway Infrastructure Trust? T. R. Rao: Yes. Because it is a part of the master security purchase agreement we executed last year. Aditya Sahu: So, this one asset that is pending, what would be the equity invested? Because I think you have mentioned equity invested and the consideration for 11 assets. This one particular asset which is pending, what would be the equity invested and the consideration that you are expecting from this asset? Yogesh Jain: Equity invested is Rs. 114 crore. Aditya Sahu: And the consideration would be, do we have that or?

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Yogesh Jain: Enterprise value consideration is around Rs. 630 crore. Aditya Sahu: And on the CAPEX part, what is the CAPEX that we have done in H1 and what are we expecting for the balance H2 and '27 for that matter?

Pankaj Agarwal: As a total CAPEX, up to September 30 is Rs. 121 crore, and we are expecting that around Rs. 200 crore CAPEX will be done in the total Financial Year '26. Aditya Sahu: So, Rs. 200 crores is overall. Pankaj Agarwal: Yes. Aditya Sahu: And sir, I may be repeating this. I think you have mentioned. The total equity investment for the 13 projects, if you could repeat that, and how much have we infused till date? Pankaj Agarwal: Total equity was Rs. 1,744 crore. Out of that, the balance equity is Rs. 663 crore, which is yet to be infused. Aditya Sahu: Thanks a lot for entertaining the question. Moderator: We take the next question from the line of Divyansh Agarwal from Iconic Asset Manager. Please proceed.

Divyansh Agarwal: Sir, so wanted to understand, once again, a couple of reasons. Firstly, why have we cut the guidance? And secondly, what has been main core reasons why we have not seen revenue grow? And what are the few things we are looking which will help to grow in, say, Q3, Q4? T. R. Rao: See, as you had mentioned in response to another question by another person, the primary reason for the decline in the turnover as well as revising on a downside, the guidance, is because the delayed appointed dates for 4 major HAM projects having a revenue potential of more than Rs. 4,000 crores. These HAM projects were awarded way back in 2023, middle of 2023. But appointed dates got delayed by more than 2 years. So, had these appointed date been declared earlier, we would have achieved certain revenue in the current year as well as last H2 of the previous year, but we could not do it. That is the main reason for the decline in turnover.

Second thing, for the last 2.5 years, the awarding activity of NHAI is very subdued. It was very subdued. The new projects are not forthcoming from NHAI, and our projects which are coming are very, very smaller-sized projects are coming, which is kind of a very unhealthy competition. So, that is another reason that we could not secure any major projects during the last two years, particularly from NHAI. So, we revised the guidance. We have to be more realistic this year.

But going forward, out of 4 HAM projects, for 3 HAM projects, appointed dates have been declared during the month of September and October. Now we are having an unexecuted order

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book for the ongoing project itself of over Rs. 17,000 crore. So, going forward, the growth will be increased, and we will have significant growth in FY '27 over FY '26.

Divyansh Agarwal:

And sir, just one last question from my end. Sir, with respect to order book, what are we targeting for these next two quarters and for FY '27? And how much orders have we bid for, and approximately what might be the success ratio in that?

T. R. Rao:

See, as of now, we have submitted 17 bids for an aggregate estimated cost of Rs. 17,000 crores till yesterday. So, 19 bids we have submitted for Rs. 17,000 crore of this thing. Out of these 19 bids, 16 bids are EPC, and 3 bids are HAM. In fact, we have submitted 2 more bids today, but that we have not included. And these bids, we are hopeful getting at least if we get even 20% of this one, then we will be getting around Rs. 3,000 crores worth of projects.

And further, we identified opportunities of bidding for 76 projects precisely, which are to be bid in the next 1.5 to 2 months with an aggregate value of over Rs. 1,00,000 crores. There also, even if you consider modestly of 3% to 5%, then still we will have a Rs. 3,000 to 5,000 crore plus Rs. 3,000 crore. So, we are expecting another Rs. 6,000+ crores new orders, Rs. 6,000+ crores new orders before end of the current financial year.

Moderator: We take the next question from the line of Aniket Madhwani from Steptrade Capital. Please proceed.

Aniket Madhwani: So, my first question is, in Q1, here I can see JJM receivables were around Rs. 700 crore due to the central funding hold, right? So, have those payments been released in Q2? And what is the current receivable position?

Pankaj Agarwal: The total receivables for JJM project as of Q2 is around Rs. 800 crore.. What is the next question is?

Aniket Madhwani: So, my question was with regards to the order book. So, is it Rs. 17,000 crores order book current or Rs. 20,000 crores unexecuted?

T. R. Rao: Unexecuted order book is Rs. 20,000. Out of that, Rs. 17,000 crore projects for which appointed dates have been declared or which are active. Because one project of MPRDC, that is still because of land issues, what you had mentioned, one HAM project of MPRDC, that is the Western Bhopal bypass. There are certain land issues, so appointed date has not been declared. For another project, we are not executing the work due to legal issues.

Aniket Madhwani: So, as you mentioned, you will be closing around Rs. 5,000 crores top line in FY '26, right? T. R. Rao: Yes. Rs. 5,000 crores plus top line in FY '2026.

Aniket Madhwani: So, could you please throw some colors on the revenue bifurcation you are expecting by FY '26 from this Rs. 5,000 crore? How much it will be from highways? How much it will be from water?

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T. R. Rao: See, for FY '26? Aniket Madhwani: Yes, FY '26. T. R. Rao: See, FY '26, we are expecting from water and irrigation sector, FY '26. Remaining amount would be from the highways and other projects. Aniket Madhwani: Sorry, you can repeat what you just said? T. R. Rao: See, in FY '26, we are expecting total Rs. 900 crore turnover from water, drinking water supply, and irrigation projects.

Aniket Madhwani: And remaining from the highway.

T. R. Rao: And the remaining Rs. 4,000 plus crores from highways and other projects, including coal mining. Aniket Madhwani: Including coal mining. Moderator: We take the next question from the line of Vaibhav Shah from JM Financial. Please proceed. Vaibhav Shah: Sir, on the guidance front, our revenue for FY '25 was Rs. 5,500 crores. You mentioned a 5% growth. So, is it a Rs. 5,500 crores base or a Rs. 5,100 crores base? So, can you provide actual number for '26? T. R. Rao: As of now, we have taken Rs. 5,500 crores as the base. Vaibhav Shah: So, it should be somewhere around Rs. 5,700 crores, Rs. 5,800 crores. T. R. Rao: Yes. Vaibhav Shah: Sir, secondly, when do we expect to receive the AD for MPRDC HAM? T. R. Rao: There are issues. The land and alignment issues are still persisting. There is a bit of uncertainty for the term. So, we would not be able to share what would be the likely appointed date. Going forward, we should be able to share in Q3 when we meet after Q3. Vaibhav Shah: Should it likely come at least by March '26? T. R. Rao: We are hoping so. Vaibhav Shah: Sir, secondly, on the CAPEX front, we had earlier guidance of Rs. 400 crore. Now we reduced it to Rs. 200 crore. So, can '27 be a bump up in terms of CAPEX?

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Pankaj Agarwal:	Actually, we have given the guidance of Rs. 400 crore for the coal project. Out of that, we are
	planning to meet the CAPEX in this financial year, which is around Rs. 200 crore. And the rest
	will be done in the next financial year.
Vaibhav Shah:	Total CAPEX for '26 will be Rs. 200 crore?
Pankaj Agarwal:	Will be Rs. 200 crore.
Vaibhav Shah:	And for '27?
Pankaj Agarwal:	'27, around Rs. 250 crore.
Vaibhav Shah:	And sir, lastly, when do we expect to start the execution for mining and BESS order?
T. R. Rao:	Mining, we have already started the execution. Physical execution is underway.
Vaibhav Shah:	Sir, just one clarification. On BESS order?
T. R. Rao:	BESS order, we are doing the preliminary work. The process of procurement will start in Q4.
Vaibhav Shah:	Sir, any equity requirement for the T&D order? So, what would be the value?
T. R. Rao:	For the solar cum BESS project you are talking about?
Vaibhav Shah:	For BESS project, yes.
Yogesh Jain:	Around Rs. 400 crore.
T. R. Rao:	It would be around Rs. 400 crore, subject to finalization of the financial package and
	discussions with the banks.
Vaibhav Shah:	So, incrementally, the infusion in these HAM assets and the BESS assets, since the entire,
	largely the gain has been booked in the subsidiary of the monetization, so a large part of
	money is in the subsidiary. So, incrementally, how do we plan to invest the money in these
	assets? So, it will be partly from the subsidiary and partly from the standalone entity.
Moderator:	I will take the next question. We take the next question from the line of Shravan Shah from
	Dolat Capital. Please proceed.
Shravan Shah:	Sir, still just wanted a clarification. Sir, when we are saying a 5% growth over Rs. 5,500 crore
	of FY '25 revenue, that comes Rs. 5,800 crore. That means in the second half, we need to do
	Rs. 3,700 crore kind of a revenue. So, kind of a Rs. 1,800 crore kind of a run rate quarterly. So,
	do we think, and if the third quarter is on the lower side, then the fourth quarter needs to be a
	kind of a significantly higher? So, just trying to understand, is this the number that we are
	looking at? Or there is a possibility that this number can go down?

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T. R. Rao: See, as of now, we are looking at the similar kind of thing. As the now appointed dates have declared, the progress is ramping up. See, third quarter number would be lesser than the fourth quarter number. But overall, we are looking at 5% of the thing. So, given all the appointed dates have been declared, until unless there is any adverse kind of a thing, development and unexpected thing, we should be able to meet this 5% target.

Shravan Shah: Second, sir, we were supposed to get a Rs. 14 crore bonus on Hardoi project. When will we be receiving and booking in P&L? T. R. Rao: We will be booking in P&L in Q3. The approval process is underway. So, once it is approved by NHAI Apex body, we will be receiving during the Q3 Rs. 14.18 crores. And as our MD has mentioned, we already received Rs. 5-odd crores for the Hathras Highways. Shravan Shah: Sir, can you provide the breakup of this Rs. 663 crore equity that is to be invested? In second half, how much in '27 and '28? Pankaj Agarwal: Just a minute. The total equity which is required to be invested is Rs. 663 crore. Out of that, around Rs. 100 crore should be invested in this current financial year. And the balance will be in '27 and '28. Shravan Shah: That would be, so Rs. 553 crore is left by end of FY '26. So, roughly Rs. 250-odd crore would be in FY '27? Pankaj Agarwal: You can say just like this. Shravan Shah: And in BESS, out of Rs. 400 crore, till now, how much have we invested in FY '26 balance second half how much, and in FY '27 how much? Pankaj Agarwal: No, out of Rs. 400 crore, we have not invested any amount out of that Rs. 400 crore. And that hopefully, it will be invested in Financial Year '27 and '28. Shravan Shah: No, nothing, no equity in the second half of FY '26? Pankaj Agarwal: Yes. Shravan Shah: Just another clarification. This is the entire monetization of 12 assets. So, you said the left one is the Rs. 114 crore equity we have invested. Against that, how much equity we will be getting? Pankaj Agarwal: The enterprise value of that project is Rs. 630 crore. Out of that, the outstanding loan will be paid and the balance will be contributed to the equity. Shravan Shah: So, debt is how much? Pankaj Agarwal: Original debt was Rs. 394 crore.

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Shravan Shah: Rs. 394 crore. Okay. So, around Rs. 230 crore kind of equity that we will be getting against the Rs. 114 crore of the original invested?

Pankaj Agarwal: Yes. Shravan Shah: And the total till now, how much we have received of whatever the 11 projects and what is still because there were some Rs. 200-odd crore that was supposed to be received? Pankaj Agarwal: For the 11 asset, the net receivable net of debt was Rs. 2,200 crore, which we have received. Shravan Shah: The entire money has been received? Pankaj Agarwal: Yes. The entire money has been received. And out of Rs. 200 crore, some money has received in this quarter, which is around Rs. 38 crore and the balance will be received as and when received from NHAI on back-to-back basis. Shravan Shah: And roughly in terms of if we look at this JJM project, how can one look at it in terms of because the payment issues are there, in terms of the completion, when it will be? So, around Rs. 2,750-odd crore which is left, how one can look at it? Will it be even FY '29 is also possible that we will be completion, or it depends on as and when the payment will come, so accordingly, we will keep on doing the execution? T. R. Rao: No, no. See, we are targeting around Rs. 900 crores work to be completed. Out of that, Rs. 235 crores already completed. And going forward, in the next two years, this work would be completed. It will not go beyond FY '28. Shravan Shah: But there in terms of payment, have we got anything payment? Or obviously, the Rs. 800 crore which is left as a debtor, so just trying to understand. T. R. Rao: See, we interacted with the highest level in the state government for the payments. Though there is a paucity of funds from the government of India, but state government has agreed to provide the funds from their part of 50% and also something extra also. So, we are expecting some funds before end of November. So, we will receive certain amount out of the total outstanding. Going forward also, state government is expected to provide the funding in case of any gap in the central government funding. Shravan Shah: And this MP project where we are saying that there is an uncertainty in terms of the appointed date, so is that also a possibility that this project can also go for a kind of a rebidding or we may be removing from our order book? T. R. Rao: See, as of now, we can't say anything what state government final decision would be. But still now, we are hoping that once this land issue and alignment issues are sorted out, the project will be revived. As of now, we are hoping for that. Moderator: We take the next question from the line of Vasudev from Nuvama. Please proceed.

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Vasudev: Sir, can you give us the toll collection numbers for Q2? Pankaj Agarwal: Just note down. The toll collection for MP Highways in Q2 Financial Year ‘26 is Rs. 10.8 crore. And the annuity for Raebareli project is Rs. 32 crore. And for Narela, it is around Rs. 4 crore. Vasudev: And for Raibareli? Pankaj Agarwal: Raibareli Rs. 32 crore. Vasudev: And the Bareilly-Almora? Pankaj Agarwal: Bareilly-Almora, actually it got disposed off, sold to KKR. So, we don’t have the toll number for this. Now project is transferred. Vasudev: And sir, out of this Rs. 900 crore of water revenues that we are targeting, irrigation would be somewhere around Rs. 150 crore, Rs. 200 crore out of this? T. R. Rao: Yes, yes. Rs. 150 crore. Vasudev: And are we currently L1 in any of the projects? T. R. Rao: No. We have received LOI.

For all L1 projects we received a letter of award… For all five projects. Vasudev: That's it from my side. Moderator: We take the next question from the line of Vaibhav Shah from JM Financial. Please proceed. Vaibhav Shah: Sir, what would be the cash and current investments in PNC Infra Holding as of September? Pankaj Agarwal: It is around, PNC Infra Rs. 1,200 crore. Vaibhav Shah: So, sir, since we have received sizable amount of money in the SPV, so incrementally the equity investment in the HAM projects and the BESS projects, would it be partially from SPV and partially from the standalone entity? T. R. Rao: It will be from the holding company as well as PNC. Same thing, what practice you have been doing, same thing would be there. Vaibhav Shah: This Rs. 200 crore would be used completely towards the equity commitments, which is sitting in SPV.

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T. R. Rao: Yes. Vaibhav Shah: Sir, lastly, any update on the CIDCO order? T. R. Rao: See, matter is still sub judice. So, we can't say anything now. We are not in a position to share the further details. Matter is still sub judice. Vaibhav Shah: And have you started the flyover project in Bharatpur City from PWD Rajasthan? T. R. Rao: We have started. Vaibhav Shah: Those are my questions. Moderator: We take the next question from the line of Aditya Sahu from HDFC Securities. Please proceed. Aditya Sahu: Just one question over here. On the equity requirement for BESS, this would be Rs. 400 crore, right, sir? And this would be excluding Rs. 663 crore that we are investing in the HAM assets, right, sir? Pankaj Agarwal: Yes.

Aditya Sahu: And this Rs. 400 crore, of which, as you mentioned, the investment would be done in '27 and '28, FY '27 and '28. And so, how are we planning to fund this equity requirement? If you can throw some light on that. T. R. Rao: See, this Rs. 663 crores to be invested in HAM projects and this Rs. 400 crores, total it is coming to Rs. 1,000-odd crores, which is to be invested in the next two years. One source is the funds that are available with our PNC Infra Holding, the key investment company. And also then there will be internal accruals in FY '26. And for FY '28 investment, again, there will be internal accruals in FY '27. So, both, it is a combination of the amount we are having, what we realize from sale of our assets, and also from internal accruals. That would be accrued over the next two years. Aditya Sahu: So, no debt funding for the BESS? T. R. Rao: Yes, no debt funding for the equity funding. Aditya Sahu: That answers my question. Moderator: We take the next question from the line of Anant Mundra from Mytemple Capital. Please proceed. Anant Mundra: Sir, you mentioned that we received some Rs. 37 crores this quarter out of the Rs. 200 crores that were receivable from the SPV that we sold off to KKR. So, if I net off that, I think our

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EBITDA is about Rs. 100 crores, and the EBITDA margin would come out to just about 10%. Is that understanding correct?

Pankaj Agarwal: No, no. Out of whatever amount we have received from KKR, that is subject to the taxation, which is GST, and the net amount is around Rs. 32 crore, which is reflected in our books of account and included in the EBITDA. Anant Mundra: So, out of the standalone EBITDA, Rs. 136 crore, Rs. 32 crore is coming on account of this receivable. Pankaj Agarwal: This receivable. Anant Mundra: So, if I net that off, our core EBITDA would be about Rs. 104 crores. Is that correct? Pankaj Agarwal: Yes. Anant Mundra: So, there has been a sharp fall in the margin this quarter. What would be the reason for that, sir? T. R. Rao: See, the fixed cost being the same, there is a decline in the turnover. So, the fixed cost will be largely same, similar to this one because of the overheads and other things which we cannot suddenly reduce it. That reflected in the marginal reduction in the EBITDA. Anant Mundra: And sir, I think Agra Bypass also, there was some arbitration of Rs. 485 crore that you had announced, but when do we plan to recognize that? T. R. Rao: See, this arbitration award is a contingent kind of a thing. Now, see, the award, what we understand is that NHAI is contemplating challenging the award. Anant Mundra: So, that will take its own time because it is challenged. T. R. Rao: Yes, it will take its own time. When they challenge the award before the court of law, it will take its own time. Anant Mundra: So, sir, the total cash that we were supposed to receive from the transaction was Rs. 2,500 crores, partially in PNC Infra Holdings and in the standalone entity. So, what would be the cash if I combine both? How much cash do we have on the balance sheet? Pankaj Agarwal: On consol basis, the total cash is around Rs. 2,700 crore as on 30th September. Anant Mundra: And most of the debt that we have on the consol balance sheet is project debt. Pankaj Agarwal: Yes.

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Anant Mundra: So, there is hardly any debt that we can settle from this except maybe some Rs. 400 crores, Rs. 500 crores that we have as working capital.

Pankaj Agarwal:

Yes.

Anant Mundra: So, mainly, how do we plan to use this capital? Would that be for funding new projects that we get, or are we planning some kind of a buyback or capital return to shareholders?

T. R. Rao: No. As of now, we are not considering the buyback of this thing. But that could be, see, as we are actively bidding the HAM projects in the next two-three months, the high-value HAM projects would be requiring equity infusion in these HAM projects.

In other also, we are also pursuing some TBCB projects where competitive bidding for the transmission lines as well as the solar and BESS projects, there also would be required a sizable amount of equity. We will be basically, for the fund-based projects, we have earmarked this money. So, we will see going forward how the things will unfold.

Anant Mundra: And sir, out of that target that MoRTH and NHAI has for this year in terms of contract awarding, how much has been awarded till Q2?

T. R. Rao: Q2 awarding activity was very low. See, readily we don’t have numbers to share with you. We have the figures, but it is not readily available. But its awarding activity is not great in Q2 also. Anant Mundra: Sir, just one final question. So, on the BESS project, what kind of EPC margin do we expect to make and then the overall IRR for the project?

T. R. Rao: See, BESS market, now we are actively doing the market soundings. The situation is so dynamic, particularly in the solar panel industry as well as the BESS industry. So, the situation being very dynamic, we are assessing what would be the market prices and all. Once we have some firm quotations and we finalize, then we would be knowing what would be the equity IRR and the whole investment. But it would be around 15% approximately, but it is a very preliminary assessment.

Anant Mundra:

That's it from my end.

Moderator: We take the next question from the line of Vaibhav Shah from JM Financial. Please proceed.

Vaibhav Shah: Sir, I just missed this part. From where did you receive this Rs. 37 crore?

T. R. Rao: Rs. 37 crore, the receivables to be received by the SPVs through the buyer, VAT. So, we received, basically this amount received by respective SPVs and passed on to PNC.

Vaibhav Shah: So, our EBITDA includes the Rs. 32 crores post-tax?

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T. R. Rao:

Yes, post-tax. Not post-tax, pre-tax.

Post GST.

Moderator: Thank you. As there are no further questions from the participants, I would now like to hand the conference over to Mr. Harshil Shah from PhillipCapital (India) Private Limited. Thank you, and over to you, sir.

Harshil Shah:

We thank the management of PNC Infratech Limited for giving us an opportunity to host the call and taking time out for interaction with the stakeholders. Thank you all for being on the call. Now, I hand over the call to the management for their closing remarks.

Yogesh Jain:

Thank you, everyone, for your active participation in our earning call. In case of further queries, you may get in touch with the Strategic Growth Advisors, our Investor Relations Advisors, or feel free to get in touch with us. Thank you.

Moderator: Thank you. On behalf of PhillipCapital (India) Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

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