Ladies and gentlemen, good day and welcome to Ashoka Buildcon Limited Q2 FY26 earnings call, hosted by Nirmal Bang Equities Private Limited. As a reminder, all participants' 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 star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Jyoti Gupta. Thank you, and over to you, ma'am.
Thank you, Danish. Good evening, everyone. On behalf of Nirmal Bang Institutional Equities, I welcome you to the Q2 FY2026 earnings of Ashoka Buildcon Limited. The management of Ashoka Buildcon Limited is with Satish Parakh, Managing Director, and Mr. Paresh Mehta, Chief Financial Officer. Without further ado, I would now request Mr. Satish Parakh, sir, to start with his opening comments, after which we can open the floor for questions and answers. Thank you, and over to you, sir.
Thank you, Jyoti. Good afternoon, everyone. I would like to welcome you all to the Q2 and H1 FY2026 earnings conference call of Ashoka Buildcon Limited. Joining me on this call are our CFO, Mr. Paresh Mehta, and our investor relations partners from SGA. Thank you for taking the time out to join us today as we share our business and financial updates for the quarter and half-year ended 30th September 2025. Let me begin with the industry overview. Execution in Q2 FY2026 was somewhat muted due to extensive monsoon and intense competition. Only 300 km was awarded while 1,600 km was under construction. With robust pipeline and MHR taxing contract eligibility, larger players with strong balance sheets are well positioned. Fast track toll collections, which rose 15% in volume and 23% in value during July-August 2025, further improving the monetization dynamics.
From a medium-term industry standpoint, India's infrastructure sector continues to gain momentum, bound by strong policy support and long-term growth visibility. The government has outlined a massive INR 11 lakh crore investment to expand India's high-speed road network, fivefold by 2033, adding nearly 17,000 km of access control expressways capable of speeds up to 120 km per hour. As of March 2025, the national highway network stood at 1.46 lakh km, of which only 4,500 km meets expressway standards, highlighting a significant expansion in the runway. At the same time, the Ministry of Railways is also exploring hybrid MUT models like structure to boost private participation in rail infrastructure, while the Highway Ministry is revisiting its DOT model to make PPTs more viable through enhanced viability gap funding and MUT-based support. The recent rollout of GST 2.0 is also expected to have a far-reaching positive impact on infrastructure and construction ecosystem.
By rationalizing tax rates on key building materials such as cement, bricks, and stones, the government has effectively lowered construction costs by an estimated 3.5%-4%. This move is expected to make housing and infrastructure models more attractive and more economical. The National Highways Authority of India has signaled its intent to accelerate onboarding in H2. It has identified 124 projects covering 6,396 km with an estimated EPC cost of INR 2 lakh crore and total capital cost of nearly INR 3.45 lakh crore. Approximately 72% of these are expected under the HAM model, 18% via BOT, and 10% via EPC. Additionally, NHAI has raised its asset monetization target to INR 40,000 crore in FY 2026, up from INR 30,000 crore earlier, following successful monetization of INR 28,724 crore in FY 2025. Sorry for that. Coming to the company update, so excuse me.
As highlighted in our previous call, we continue to demonstrate strong execution capabilities and financial discipline across the project portfolio, continuing our diversification into regular electrification during Q2 FY2026. We secured two significant contracts from North Western Railway, one from Jaipur Division worth INR 499.95 crore, and another from Ajmer Division for INR 539.35 crore. Both involve upgrading the electrification traction system to 225 kV standard to enable high-speed rail movement up to 160 kilometers per hour. These wins not only enhance our order book visibility in railway but also validate the growing trust of public authorities in our technical expertise and execution record. On portfolio management funds, we successfully completed the sale of five HAM SPVs for an aggregate consideration of INR 1,146 crore to Epic Concessions II Private Limited, Infrastructure E-Trust, and E-AAA India Alternatives Limited.
This transaction reflects our continued focus on unlocking value and strengthens our balance sheet, enabling us to reinvest in new growth opportunities. During the quarter, we also consolidated our presence in toll space through strategic acquisition of our subsidiary, Viva Highways Limited, increased its stake by 26% in Jhavana Agro Toll Road Company Limited to 61.167% for a consideration of INR 166.6 crore, underscoring our confidence in the asset's long-term cash flow potential. Additionally, the company acquired convertible debentures worth INR 882 crore in Ashoka Concessions Limited. Coming to the order book status, the company has received two new project orders, as discussed above, from the following: North Western Railway Jaipur Project and North Western Railway Ajmer Project. As of 30th September 2025, our balance sheet order book stands at INR 14,888 crore.
This is excluding orders received post 30 September 2025 of INR 468 crores and Coal Shed Project of INR 279 crores canceled by NYDA. The breakup of order book is as follows. Roads and railway projects comprise around INR 9,804 crores, which is 65.8% of the total order book. Among the road project order book, HAM projects are to the tune of INR 1,834 crores. EPC road projects are worth INR 6,816 crores. Railway is around INR 1,154 crores. Power T&D accounts for around INR 4,623 crores, which is approximately 31% of the total balance order book. The total EPC building segment is at INR 462 crores, which is 3.1% of the total order book. Our primary focus remains on maintaining a sustainable EPC business in segments of roads, highways, railways, power transmission, and as well as buildings. I would now request Mr. Paresh Mehta, CFO, to present the financial performance. Thank you.
Thank you, sir. Good afternoon, everybody. Starting with the standalone numbers, for Q2 FY2026, total income stood at INR 1,303 crores as compared to INR 1,459 crores in Q2 FY2025, a degrowth of 11%. EBITDA for the quarter stood at INR 160 crores, flat year-on-year, with EBITDA margin of 12.3% and improvement of 130 basis points year-on-year. Profit before exceptional items stood at INR 57 crores. In Q2 FY2026, the company sold its entire stake in one HAM subsidiary and recognized gain on sale of this investment as exceptional item. Overall PAT stood at INR 139 crores against INR 36 crores over Q2 FY2025, up by 284% year-on-year. Our revenue contribution for each segment for Q2 FY2026 is as follows: Road EPC contributed 54.9%, Road HAM contributed 11.8%, Power T&D contributed 15.3%, Railway stood at 6%, and other segments like Building, EPC, and others contributed to 12%.
For half-year FY 2026, total income for half-year stood at INR 2,642 crores as compared to INR 3,360 crores in HY FY 2025, a degrowth of 21%. EBITDA for H1 FY 2026 stood at INR 311 crores, up 2% year-on-year with EBITDA margin of 11.8% and improvement of around 2.70% year-on-year. Profit before exceptional items stood at INR 101 crores and PAT stood at INR 170 crores as compared to INR 77 crores in H1 FY 2025, up by 120% year-on-year. Coming to the consolidated results, total income of Q2 FY 2026 stood at INR 1,908 crores as compared to INR 2,529 crores in Q2 FY 2025, with a degrowth of 25%. EBITDA for the quarter stood at INR 642 crores, down 32% year-on-year, with EBITDA margins of 33.6%. Profit before exceptional items stood at INR 284 crores.
In Q2 FY26, the company and ACL sold their entire stakes in five subsidiaries, and the resulting deficit versus the carrying value was recognized as exceptional loss. PAT stood at INR 910 million during Q2 FY26. Total consolidated debt as of 30th September 2025 stood at INR 4,910 crore. The standalone debt is at INR 1,362 crore, which comprises INR 83 crore of equipment finance, INR 300 crore of NCD, and INR 978 crore of working capital loan. In Q2 FY26, in our BOT division, the company recorded a gross total toll collection of INR 357 crore as against INR 316 crore in Q2 FY25, recording a growth of 13% year-on-year. With this, we now open the floor for questions and answers. Thank you. Hello. Hello.
Yes, sir. Please go ahead.
Yeah, we are done, so I've opened it for questions and answers, so you can ask participants to line their questions.
Sure. Thank you so much, sir. Ladies and gentlemen, we'll now open for the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. Our first question comes from the line of Trisha Rati from Enam Securities. Please go ahead.
Hello. Hello. Am I audible?
Yes, yes, ma'am.
Okay, okay. I have a couple of questions. My first question is, what is the latest status on the proposed sale of the five BOT subsidiaries, Maple Infrastructure Trust, and what timeline should we assume for the completion?
For the five BOT projects, we expect to conclude the transition by 30th November.
Okay, okay. My second question is, with the multiple asset transfer completed, how should we think about the long-term portfolio mix? Does the company remain focused on EPC, or is there continued interest in HAM and BOT assets selectively?
EPC continues to be our forte as a business, and we derive EPC from our HAM and BOT projects also. In consequences to the EPC businesses or parallel to the EPC business, as opportunity is available, we will continue to bid for HAM and BOT projects as and when opportunities arise and continue the development of assets along with major drive on EPC, including other sectors.
Okay. Thank you, sir, and all the best.
Thank you. Our next question comes from the line of Dr. Amit Vora from the Homeopathic Clinic. Please go ahead.
Good afternoon, management. My question is regarding this—there was this article on 29th of October uploaded by the company regarding this SSLD resolution plan approved for INR 80 crore, MTLT approval pending. There was some land acquisition or something. Can you just brief us about that? I have some idea about it, but I wanted to know something in detail.
As we have communicated in the past, our subsidiaries, including Viva Highways and other SPVs, hold land out of the surpluses arrived from their BOT projects. One of the lands was taken up for JDA development with one of the partners through the SSLD company, SRI Srinath Land Development Company. This project was taken up along with another partner who was the working partner, which was way back in 2017-2018. During the course, the project could not go as envisaged, and it went into NCLT. Post NCLT, in order to salvage the land and to ensure that the land revenues are protected, the company has bid for this project through its subsidiary, Ashoka Infra Waves, and has given an offer to settle the loan for this project from LIC Housing for INR 81 crore.
In the due course, in the next three to four years, the company will repay the loan of LIC Housing Finance and complete the project in its optimum timelines.
Okay. What is that project, sir? Is it a building or what is it?
It's a real estate project. It's a real estate project in.
Real estate project.
Right, sir.
Near Pune, I suppose.
No, this is near Nashik. This is at Nashik.
Ajha. Last year, we sold the land to Infosys or someone—I don't know—Microsoft, Microsoft. That was in Pune, around Pune.
Right, right. That was in Pune. We had a land bank, which we sold 16 acres to Microsoft.
Okay. So we still have some land bank in Pune also?
Yeah, we do have land bank in Pune and Nashik in our three SPVs, Viva Highways, Ashoka Infra Waves. As an opportunity comes, we keep on monetizing these.
Okay. Thank you. Sir, if you can just let me know what is the book value of that land bank, either in mentioned the books or the current book value, current value of the proper land?
Maybe you can come back separately on this.
Okay. No problem. Sir, there is another question. We have this INR 1,826 crore on consolidated cash. How did we arrive at this in this quarter? How are we planning to use it in future, this INR 1,826 crore?
This INR 1,826 crore is largely cash lying at our various BOT projects and substantial cash lying at Ashoka Buildcon in the event of the monetization of the five HAM projects. Out of this, almost INR 900 crore of cash lying at Ashoka Buildcon's bank balance was utilized for procuring the CCDs of Makkuri, which we have said of approximately INR 882 crore, which was post 30th September. Largely, this money was utilized for buying the CCDs of ACL by Ashoka Buildcon. When the other five BOT projects also culminate, we will buy the balance stake of around INR 650 crore from Makkuri and give 100% exit to Makkuri from ACL.
Still another INR 650 crore is to be paid to Makkuri.
Yes, yes.
We have still INR 900 crore on the balance sheet even after this INR 1,800 crore.
That is largely on BOT projects and HAM projects, which are very project-specific, so generally not.
It's not free cash to be used.
Yeah, yeah. They are generally project-based cash.
Any L1 bids for Pali at any places, L1 currently?
We have a project. Yeah, yeah, please, sir.
We currently have no L1 bids. Yes, sir. I did get that. Sorry, sir. We are not L1 in any of the bids. There are certain bids that we opened.
If I can just ask one more question, if it's possible, sir, our traffic management system revenues have started?
Not yet. Not yet started. These are in survey mode, survey and finalization of the locations.
Okay. I have some more questions, but I'll join the queue again. Thank you.
Okay. Thank you. Our next question comes from the line of Vibhor from JM Financial. Please go ahead.
Yeah, sir, we have seen a sharp decline in terms of revenue in the first half. How do you see the growth in the second half and the guidance for the entire year, both for revenue and margins?
Largely, the revenue for H1 has seen a decline. A couple of major reasons are quite a long elongated monsoon for these six months, continuing in October also, which may have a small impact on Q3 also. In certain projects, there is some delay in land acquisition for projects largely in the Maharashtra area. Looking forward, we believe that based on these constraints as well as new projects being bid out slightly on a slower mode, though we expect in the second half there could be good bidding and receipt of orders. We expect to close this year with the same tenor as last year on the EPC.
Even for that, the required rate in the second half is around 18-19% revenue.
That will be achieved because generally, second half is a high turnover, and the projects which have taken off will give a lot of turnover in H2.
Sir, and one of our MSRDC projects was canceled. Is there a risk to other packages as well?
No, so other projects.
There is, I'll take up. So this project particularly underwent a lot of change of scope, which was almost equal to the tune of the project cost, and hence MSRDC has gone into rebidding of this project. There is no risk for any other project, particularly this project. The DPRs were found they are not as per the site conditions, and hence they have gone for the complete rebid.
Execution of other projects has started, or this is yet to start?
Other projects almost started. Malkut is moving very well. Valmukha has also started. Coochbehar and Jaigarh will start now because they have forest clearances and mangrove clearances under process. By December, other projects should start.
When do we expect to receive the appointed date for the HAM project, the Bhuskaravan?
That we have now recent target is December. This December also, if they're not able to achieve land acquisition, it will go to March. The land acquisition on that project is only 30%. It has to go to 80% plus.
You are confident of it going to 80 at least by?
Yeah, now there is a very aggressive separate team put on the ground by MHI for acquisition. So they are very much hopeful they should be able to complete by December end.
Okay. Sir, on the order inflow side, it has been on a softer side for the first half. How do you see it moving in the second half and the guidance for the entire year?
We still hope we will be able to back 6,000-7,000 crore in second half.
Incrementally 6,000-7,000 in second half?
Yes, addition to what we have. This year, we had around INR 3,000 crore plus INR 6,000-7,000 crore is what we are looking at.
Okay. Sir, in the cash flow statement, there is a receivables and advances return of INR 7 crore and a credit loss of INR 19.5 crore. What is this regarding to?
These are largely regarding to projects which have been foreclosed, so there is some income on that side. ECL provision made on receivables from our debtors, which were recognized in this year, this quarter, so they were reversed.
Okay. So any more impairments or losses they expect in the second half?
ECL is a general feature of the accounting practice. Debtors which are slightly dated, like six months and above, there is some provisioning done. Whenever the money is received, because these are monies received from either SPVs of ADL or from government, the moment we receive that, these ECL provisions get reversed.
Okay. Sir, lastly, are there any slow-moving projects in the order book?
Pardon?
Any slow-moving projects in the order backlog?
As a couple of projects.
As I explained, you know, Maharashtra, two of the projects are yet suffering from forest and mangrove clearances. Once they get cleared, they will be fast-moving projects. Until then, we are not able to do any activities on those projects.
Which are those projects? I missed the name.
These are Maharashtra-backed MSRDC projects.
Okay. The Kalyan Murbad one and Kalyan Murbad?
Kalyan Murbad is going on well. This is Jaigarh and Coochheath.
Jaigarh, okay. Kundalika Creek is going on well?
Kundalika is about to start now.
Okay. Okay. Thank you, sir. Those are my questions.
Thank you. Our next question comes from the line of Pankaj Agarwal, an individual investor. Please go ahead.
Hi. Good afternoon. I would like to know, is this delay in the project execution because of monsoon, etc., is this going to impact our cash flow realization in H2? Will it get shifted? The second thing, there were a few projects that were withdrawn in Q2, especially in August. Are the remaining projects for H2 on time, or are there more surprises or premature withdrawal of the projects? Because our reliance mostly lies on remaining projects in hand.
One project of INR 278 crore was withdrawn, mutually agreed, because it underwent major change of scope. Other projects are intact, and some of them have already started and begun very well, like Malkut and Kalyan Murbad and others. Two projects are stuck up for mangroves and forest clearance, which we are likely to start this quarter end, towards the December end, we will be able to start those projects. There are no other projects which we are going to get canceled or terminated.
Okay. How are we placed on the cash realization target for H2 by margin?
It will not largely impact cash flows. The way it is moving now, it will slightly improve by margin, but we'll be moving on the same pattern.
Okay. Just to get further clarity, are these projects which are ongoing, which are about to be completed, or is the revenue realization on the basis of completion of the project or part payment based upon the phased delivery of the project?
These are based on POCN method, percentage of completion way of accounting.
Do we expect 60-70% of the completion even after the project?
Every project, I didn't follow that. 60-70% of?
Of this project value?
As what?
I mean, cash realization target for saying that suppose even if the project execution delays, suppose we delay our cash realization, so approximately what % we are expecting to come by H2, let's say, by margin or year-end?
Generally, if there is a delay in implementation of the project, the expenditure also is get postponed. From a recognition purpose, it is based on expenditure incurred, revenue recognized, and largely revenue recognized countries get converted into cash from client in a span of, say, 45-90 days' time. In the power, it is 45 days. In roads, it is 45 days.
Okay. Sure. Thanks for.
Thank you, sir. Our next question comes from the line of Raj Mehta from MR Advisors. Please go ahead.
Hi, sir. Thanks for the opportunity. I'm Audhivil.
Yes.
Yeah. So sir, I had two questions. First is, has the completion and improvement in tender activity in Q3, especially with the MHI's planned acceleration of awards towards H2?
We have a building of around more than INR 80,000 crore of projects lined up now for which bids have been declared. There are other projects in the pipeline. Every month, they come out with a new set of projects. They are definitely aggressive on bidding as well as awarding in H2.
Okay. Got it. Got it. Sir, I have one more question. The net debt levels and interest costs have increased in this quarter. Can you please guide me on the key drivers, and do you expect any de-leveraging by the end of FY 2026?
Definitely, there is a substantial de-leveraging happening in this H2 after realization of the monetization proceeds of the BOT projects. Interest costs will be reduced.
Okay. Got it. Got it, sir. That's all. Thank you so much.
Thank you. Our next question comes from the line of Vasudev from Navama Wealth Management. Please go ahead.
Yeah. Thank you for the opportunity. So sir, can you give us what is the bid pipeline across all the segments for the second half that we are targeting?
As I explained, we are targeting around INR 6,000-7,000 crore across these sectors. We are building on roads, railways, power, solar projects, buildings. All across, building activities are in full swing. We expect to realize that by year-end, we should add another INR 6,000-7,000 crore to current output.
Okay. Sure, sir. What would be the pending equity requirements for the HAM projects, like pending to be infused?
On the equity requirement, on the latest project, Bhavai Chandi, it is approximately INR 225 crore. On the balanced projects, which are yet to be closed, that is Kumkushinoga 4, the Khanapur project, approximately INR 100 crore is to be invested.
Okay. So total INR 325 crore is pending to be infused. And can you help me with the breakup? Like how much are we expecting to infuse in H2 and FY 2027 and FY 2028?
In H2, approximately INR 200 crore and balanced in 2026-2027, 2027-2028.
Okay. And sir, now that we've monetized these five assets, when do we expect to close the deal for remaining assets?
We have monetized five of the HAM projects out of 11 HAM projects. We expect to monetize four of the assets by March end and two of the assets by June 2026 end.
Okay. What would be the rough valuations if we can share that?
Approximately 800 and 300. 800 by March and 300 by June.
Okay. Got it. Sir, what is the capex that we have done in the second quarter, and how much are we targeting for the full year?
Approximately, in H1, we have spent approximately INR 350,000,000, of which INR 100,000,000 was in H2 2022. We expect to spend approximately INR 1,000,000,000 by the year-end total.
Okay. Okay. Got it. And sir, after these monetizations, once these are completed, by year-end, where do we expect our debt levels to be?
By the year-end, we expect our debt levels to be as good as at zero level because though there will be certain outstanding instruments which will continue of approximately INR 425 crore, which will get liquidated in April, but that will be supported by cash balances in the balance sheet of ABL. We probably will see a substantial reduction in the standalone debt of ABL.
Okay. And sir, this year, that we'll be seeing flattish revenue. So next year, then can we expect about 10-15% growth?
Yeah. That is the target. Of course, this is based on all of the inflation that happens in the next six months.
Okay. What kind of EBITDA margins then are we looking at for this year and next year?
In the range of 10-11%.
10-11%. Sure, sir. That's it from my side. Thank you.
Thank you. Our next question comes from the line of Sandeep Dixit from Aljab Partners. Please go ahead.
Thank you. Out of these INR 1,100 crore of assets, HAM assets, so to speak, do these second quarter numbers exclude those five assets or do they include those five assets?
Sorry, could not hear you. Probably it could be clearer.
Yeah. Sure. The notes to the account say that these five HAM assets were transferred on 29 September. So does the second quarter number include those five assets or exclude the five assets on the P&L?
No. So what happens is in the P&L and the console, in the console level, the revenues up to 29 September, that is almost for full of the quarter, is captured. As on 30 September, it is reversed to exit the project from the console balance sheet.
Right. So if I understand that correctly, the P&L has those five HAM assets, but the balance sheet does not. Correct?
Right. You're right.
Okay. Sir, one request I've made, unfortunately, investor relations department hasn't been able to help, is to get some kind of a proforma of how Ashoka Buildcon will look after all these assets are divested off. Because over the next 6-12 months, there's going to be a lot of change in the P&L and the balance sheet. So a large part of that, for example, next quarter, a large part of the drop in revenues can be explained because of these five HAM assets going off the books. So may I request that if you can sort of put in your presentation a proforma of how P&L and balance sheet will look, excluding the assets which are contracted to be sold?
We will try to work along with our IR guys to give whatever information you require, the way you want to present it from your internal consumption.
Thank you, sir. I would appreciate that. Thank you.
Thank you. Our next question comes from the line of Bhavin Modi from Anand Rathi Wealth Management. Please go ahead.
Hi, sir. Thank you for the opportunity. In the last call you mentioned that we will be receiving around INR 1,800 crore from the BOT, and INR 700 crore will be the contingent consideration. Is the monetization in line? There are no changes in the proceed amount, right?
Yes. Approximately around INR 1,770 crore will be probably by 30th of November. The balance around will not be INR 700 crore, maybe slightly lesser due to various changes in NHAI's calculus. It could be around INR 500 crore, which will come maybe after one year or two years based on extension of time given by NHAI for our toll extension claims with NHAI.
Secondly, with respect to the HAM assets, it was mentioned that INR 600 crore will be referred by March 2026 and INR 500 crore by June 2026. Are the timeline and the numbers intact in respect of the HAM?
Yes. As I communicated sometime back, probably we will have INR 800 crore before March. We may probably sell four assets by March and two assets by June. So INR 800 plus INR 300 is what the number could look like.
Okay. Sir, with respect to the monetization of five HAM assets, we received the proceeds of INR 1,146 crore, but there was some contingent consideration which was kept as a holdback. What is the amount, and have we received that amount?
That is approximately INR 960,000,000, which will be received over the next two to two and a half months for certain compliances which we have to do so as to be eligible for those amounts.
Okay. Sir, got it. Sir, and last two questions with respect to the bookkeeping, sir. In the presentation, you mentioned that the ACL four HAM assets, the profit is INR 435 crore. Is this profit, sir, in the standalone books of ACL? Can I interpret it that way?
Yeah. Yeah. You're right. You're right.
Yeah. Second question is with respect to the taxation, sir, in the console books. It is showing a negative taxation, sir. How should I interpret that?
This is deferred tax reversal. For this, probably it can come offline also on this.
Deferred tax reversal on account of carrying value?
What's happening is when we are accounting at SPV level, there is carrying value difference. Now, carrying value, as we have shown in the balance sheet, there is a loss of INR 2.10 billion which we are accounting in the console. Based on that, there is a deferred tax asset reversal which is being shown there.
It's considered as deferred tax. It takes liability as the deferred tax. Is it that, sir, we have already recognized the profit, and now since there's a loss, we have already recognized with the higher profit, we have already recognized the higher taxation in the previous years? Now, because of showing us the loss, we are reversing the taxation. Is that the way to interpret?
Exactly. The provisioning accounting entries are that way.
Okay. Got it. Got it, sir. Thanks. Thanks a lot.
Right.
Thank you. Our next question comes from the line of Dr. Amit Vora, the Homeopathic Clinic. Please go ahead.
Thank you for giving me the second chance. My question is regarding there are two questions. First is regarding the future outlook for the industry and our company for the next one or two years. And are we looking out for any high-margin areas apart from our existing, like water, irrigation, solar, or any other high-margin or any other areas? Outlook I have given in my opening call. We have a strong outlook in infrastructure all across National Highway, MRTH, as well as various states are coming up with their programs. It is all for highways, state highways, and also sectors like railways, water, buildings. Everything is showing up, good number of opportunities. In fact, next decade or so is going to be really a good sector to work in. We are not looking at any new sector other than what we are presently working at. Okay. Okay.
Sir, any outlook about Jaora-Indore-Guna-Anuppur? When are you planning to monetize on this? This already, Paresh, you can update you.
Yeah. Yeah. Yeah. So on Jaora-Indore-Guna-Anuppur, as we have communicated, we now own economic interest of 100% of the project. We are seeking certain approvals from the authority for allowing us to transfer some 26%, which is in process. We believe it will take some time. Maybe 2026-2027 is something which we will try to look at for monetizing that asset.
Okay.
Otherwise, the project continues to perform very well with good revenue.
In terms of what? In terms of, sorry, this?
Revenue.
Revenue.
Toll collection.
Revenue. Yeah. Toll collection.
is hardly any debt. There is hardly debt of around INR 13 crore, which we will get paid off in this year.
Okay. For the second half, we see margins of around 10%-11% on the INR 6,000-7,000 crore extra that we have planned to get in H2.
Yeah. Around 10-10.5%.
Okay. Thank you so much, sir. Thank you.
Thank you. Our next question comes from the line of Vibhor from JM Financial. Please go ahead.
Thanks for the follow-up. Just wanted some clarity on the overall gross inflow and net inflow from the monetization. From the five BOT assets, what will be the gross amount that will be received?
Approximately gross amount would be around INR 2,300 crore. From the.
Timeline?
Yeah.
Timeline for the same? How much is 26, how much is 27?
Approximately, as I said, INR 1,750 crore-plus by November end. The balance could probably get in 2026-2027 or 2027-2028. It will all depend on how NHAI gives us the approvals for extension of time for concession period.
Sir, so where is the balance amount is stuck, around INR 550 crore?
That is, see, these are extension of project period for claims made by the SPVs to NHAI, which is as per concession agreement. There are certain interpretation disconnects which is getting sorted out, which is more of an industry subject. Once that is sorted out, these extensions will be granted. Once that grant letter is there, we can claim our amount from Maple.
750 crore tax should come in by November end?
It should be approximately INR 500 crore based on whatever approvals which we believe are going to find. We expect this amount to be around INR 500 crore, not INR 700 crore.
Okay. No, no. INR 750 crore should be received by November end, or cash would come in at a later date?
No, no. INR 1,750 will come by November end, cash.
Okay. Okay. For the five HAM, what was the gross amount we received?
1,150.
1,150. And out of that, the entire amount we have received in second quarter or something is remaining?
INR 1,050 crore has been received in second quarter. Around INR 96 crore is outstanding, subject to certain compliances from our side, which will be done in the next couple of months. By January, we should get those money also. The target is that.
Okay. And sir, for the four HAMs and two HAMs you mentioned, INR 800 crore and INR 300 crore, so that is the gross amount. So entire would be received, or there is some holdback in that as well?
That will be holdback, sir, generally for two- three months. That is only for certain compliances, audit, certain balance permissions to be done from other agencies, tax clearances, and that. I mean, it is more of a routine compliances which will be got done, and 100% amount will come through.
Sir, so INR 650 crore balance of SBI M acquiry, that should be paid off in November itself?
Yeah. As soon as we get this receipt, within eight days' time, they will be paid off.
Okay. Secondly, we have seen quite some rise in terms of working capital in the second quarter, in the first half. How do you see it moving ahead?
Largely will remain in the same way, except for power where we expect the release of working capital from our employers. By March end, we should see some improvement in the working capital number of days.
Okay. And sir, lastly, what would be our order backlog for the MCGM sewage treatment plant?
One second. I'll just come back.
Yeah. Sure.
What's wrong?
Management team needs some time.
I'll just come back to you on this.
Okay, sir. Those are my questions. Thank you.
No problem.
Thank you. Our next question comes from the line of Vasudev from Navama Wealth Management. Please go ahead.
Just to close that answer, around INR 270 crore MCGM. Hello. Hello?
That participant has left the queue.
Okay. No problem. Yeah.
Thank you.
Yeah.
You can continue.
Sir, just an update on the Chennai ORR project. Where are we in terms of monetization for this project?
We are discussing with a potential investor, and he's in the process of due diligence. We expect to close out as early as possible. By March, we should be able to sign something with them. That's the target. Discussions are on.
Okay. Sure, sir. That's it from my side.
Thank you. That was the last question for today. I now hand the conference over to Ms. Jyoti Gupta. Thank you, and over to you, ma'am. Over to you, Ms. Jyoti Gupta.
Yeah. From the management side, I would like to thank everyone for being part of this call. We hope we have given whatever possible answers you wanted to understand. If you need any other further information, please feel free to contact Mr. Devendra from SGA, our investor relationship advisors, or myself. Thank you. Thank you.
Thank you so much, sir. On behalf of Nirmal Bang Institutional Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.