Ladies and gentlemen, good day and welcome to the Dilip Buildcon Limited Q3 and nine months FY 2026 earnings conference call. As a reminder, all participant lines will be in a 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Chaitanya Satwe from Adfactors PR . Thank you, and over to you, sir.
Thank you. Good evening, everyone, and thank you for joining us today to discuss the unaudited financial performance for Q3 and nine months FY 2026. I have with me Mr. Devendra Jain, MD and CEO, Mr. Rohan Suryavanshi, Head, Strategy and Planning, Mr. Sanjay Bansal, the CFO. Before we proceed, I would like to bring to your attention that certain statements made during this discussion may constitute forward-looking statements. These statements are based on our current expectations, assumptions, and beliefs regarding future developments and are inherently subject to various risks, uncertainties, and factors beyond our control. Such forward-looking statements involve both known and unknown risks, and we advise you to interpret them with caution. I will now hand over the call to Mr. Rohan Suryavanshi for his opening remarks. Thank you, and over to you, sir.
Thank you, Chaitanya. Good evening, everyone, and a warm welcome to all our investors and analyst partners to the Dilip Buildcon Limited's quarter three FY 2026 earnings conference call. The financial results and investor presentation for the quarter have already been uploaded on the stock exchanges, and we trust that all of you have had the opportunity to go through them.
To begin with, I would like to share some perspective on the overall sector environment and policy landscape before I move to DBL's business and strategic updates. The government of India continues to maintain a strong long-term focus on infrastructure development as a key driver of economic growth. We welcome the government's continued push on CapEx in the union budget and the allocation of INR 12.21 trillion towards CapEx for FY 2027 represents an almost 12% increase over the revised FY 2026 estimate.
Let me also add, this is nearly four times higher than the 2014 levels when the BJP-led government came to power. Increased allocations to key segments such as road and railways, broadly in line with the nominal GDP growth, provide sustained growth visibility for the sector. This signals continued commitment towards infrastructure creation, employment generation, and increasing domestic competitiveness.
From a regulatory standpoint, the recent reforms announced by SEBI for REITs and InvITs are a positive structural development for India's infrastructure ecosystem. By enhancing flexibility around asset holding, leverage, and capital deployment, these measures are expected to deepen long-term institutional participation in infrastructure financing. For multi-asset infrastructure players like DBL, this strengthens our asset monetization pathways across the project lifecycle and supports sustainable capital recycling.
Turning to sector activity, awarding during the first half of the financial year, in fact, for the first nine months, has remained largely subdued on account of various state elections and other administrative delays. However, we are seeing some momentum gradually building across multiple infrastructure verticals. In the road sector, the awarding has been muted till now, and we expect the government to at least push out a large number of contracts in the remaining part of the financial year.
Beyond roads, other infrastructure segments such as water supply, irrigation, metro rail, and urban infrastructure continue to have healthy medium-term pipelines. The extension of timelines in the Jal Jeevan Mission and renewed emphasis on urban infrastructure are expected to support execution visibility over the next few years for DBL and other companies which are participating over multiple sectors. Now, coming to DBL's business performance.
I am very happy to report that the company's order book currently stands at the highest level in DBL's history, and it is also the most diversified across sectors to date. With elections behind us and the pace of awarding showing early signs of recovery, we are very happy about future prospects for the company in the next couple of years as well. During FY 2026 year to date, DBL has secured order inflows of approximately INR 17,900 crores, which is already over the full-year order inflow guidance that we had set at the beginning of the year.
And with some more one and a half months of awarding activity remaining, we hope to win some more. As we have consistently communicated in earlier calls, our approach to order booking remains selective. We continue to prioritize profitability, cash flow visibility, and return ratios over pure top-line growth. In this context, EPC at DBL increasingly plays the role of a capital-efficient execution and incubation engine enabling the creation of long duration monetizable platforms, rather than being viewed purely as a volume-driven profit center.
Of course, DBL's business has been impacted by lower execution volumes during this year, which was a direct consequence of lower order book, which in turn affected our operating leverage, which did not work at its full efficiency. As execution normalizes in the coming years, given the large order book that we already have and with the improved awarding momentum that we are expecting, operating efficiencies and margin profiles should improve accordingly. At the same time, let me also add that we have remained focused on structural cost customization. Employee strength over the years have been rationalized.
From a peak of 38,000 employees, today we stand at 19,000 employees, which is a half. However, revenues have remained in that same range, barring this year. Also very important to add, annual CapEx has also moderated to around INR 100 crores in the last few years, compared to peak levels of around INR 500 crores every year, which means almost one-fifth reduction or one-fifth the value of earlier times. And reflects our disciplined capital allocation framework under the DBL 2.0. More importantly, the majority of our growth CapEx across our asset-led business is already behind us, which materially improves free cash flow visibility as execution and production scale up. On the asset monetization level, our InvIT strategy remains to progress and continues to progress broadly in line with the roadmap shared earlier.
As of date, seven HAM assets have been transferred under our InvIT platform, with the remaining assets at various stages of construction and completion. The balance assets are to be monetized in two tranches, one in June 2026 with four assets and remaining by March 2027, aligned with the COD milestones. I would also like to briefly touch upon Anantam Highways InvIT, which has now been successfully listed.
We view Anantam not as a one-time monetization event, but as a long-term annuity platform providing predictable distributions and treasury-like cash inflows with retained unit value. While also simultaneously enabling time-bound de-leveraging at the consolidated level at the parent. Now coming to our mining business, which remains central to DBL's long-term performance and transformation. Our coal MDO operations continue to scale up steadily and are progressing broadly in line with our internal plans.
At the Siarmal mine, production during quarter three stood at approximately 7.01 million tons. Taking the cumulative nine months production to about 15 million tons, and for the full year, we expect production of around 23 million tons. At the Pachhwara coal mine, production during the quarter was 1.74 million tons, with FY 2026 total production expected to be around 6 million to 6.5 million tons. On a consolidated basis, DBL expects coal production of approximately 30 million tons in FY 2026. Over the medium term, we remain on track to achieve coal production of around 57 million tons by FY 2029, which would represent approximately 8% to 9% of India's total coal output.
With long senior contracts, high operating margins, limited investment risk, and majority of CapEx already deployed, mining is increasingly emerging as a central EBITDA and cash flow engine for the company. Now, let me touch upon a question that we get asked very frequently about the debt levels. On the balance sheet, while the debt levels may appear elevated in the near term, this is largely a temporary phenomenon driven by lower execution and is expected to rationalize as execution picks up and asset monetization and cash flows scale up.
Now compared to peak levels, DBL has already achieved meaningful debt reduction at both standalone and consolidated levels, in line with the milestones outlined under DBL 2.0. To give some perspective, debt which stood at INR 3,500 crores in FY 2021 has reduced significantly to INR 1,500 crores in FY 2025. This is while we were building so many assets. Even though currently net debt stands at around INR 2,100 crores and we expect this to remain around these levels only by the end of the financial year.
One thing to note is that had DBL not retained its assets in the InvIT units, we would have significantly reduced. Against these INR 2,100 crores of debt right now, we have almost INR 1,400 crores of InvIT units in Anantam Highways and about INR 200 crores of units in Shrem InvIT, which means INR 1,600 crores of InvIT units that we have presently against this INR 2,100 crores of debt. That we could have, had we not engaged in this strategic shift where we wanted to own our assets, we would have reduced our debt. Let me also add one more important aspect here.
The remaining 11 assets which are to go into the Anantam InvIT, we have only about INR 200 crore to INR 250 crore of investment left to be made in them. But the InvIT units that we will get against it is about INR 2,000 crore, which means still a net inflow of INR 1,700 crore to INR 1,800 crore. If I total these InvIT units, the INR 1,600 crore today, plus the INR 1,700 crore to INR 1,800 crore that is still to come against the debt of INR 2,100 crore, we are already beyond the range and we would have been debt-free. Our plans of reducing this debt has largely been hampered because of the lower ordering activity by the national government in the last two years, and this is a problem that the overall industry has faced.
Our order book for the last two years was the lowest that it had been in almost seven to eight years. Because of which, our execution capabilities and what we had prepared for in terms of full deployment could also not be fully utilized, and hence, the revenue reduced and proportionately, we were not able to reduce debt. Going forward, as we are able to maximize on our operating leverage, we expect in the next year we will reduce debt of about INR 700 crore to INR 800 crore. This is remarkable for a company which has built these assets, and also continued on their journey of debt reduction. Our goal remains to be net debt free, and we are targeting FY 2028, but we will give more color on that as the years progress and our execution goes on.
Over the medium term, our objective remains to transform DBL into a diversified multi-asset infrastructure platform, where a significant majority of our profitability will be driven by long duration asset backed business such as mining, HAM assets, InvITs, and the selectively incubated renewable platforms, plus transmission assets, plus water HAM assets. This transition, like I said, is aimed at delivering predictable cash flows, improving ROIs versus historical levels, and reducing the cyclicality that is in our business. With that, I now hand over the call to CFO, Mr. Sanjay Bansal, who will take you through the financial performance for the quarter.
Thank you, Rohan ji. Good evening, everyone. I welcome all our stakeholders to our earning call. Let me present key highlights and results of nine months ended 31st December 2025. During nine-month period ended 31st December 2025, the company added 10 projects worth INR 17,565 crore and completed four projects aggregating to INR 2,744 crore. Now let me update on the business to financial performance.
On standalone basis, nine months YoY, the revenue decreased by 23.09% to INR 5,145 crore from INR 6,690 crore in the similar period last year. The EBITDA decreased by 22.91% to INR 535 crore from INR 694 crore. The profit after tax increased by 193.56% to INR 775 crore from INR 264 crore. The increase in profit after tax is mainly because of the exceptional gain received by the company from flipping off seven assets to Anantam InvIT.
On console basis, the revenue for the first nine months decreased by 18.69% to INR 6,684 crore from INR 8,221 crore. The EBITDA decreased by 7.82% to INR 1,373 crore from INR 1,490 crore. The profit after tax increased by 126.4% to INR 1,275 crore from INR 563 crore. This is mainly because of the exceptional item from the divestment to InvIT. Now we can open the floor for the questions and answers. Thank you.
Thank you very much, sir. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and star on their touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Vignesh Iyer with Sequent Investments. Please go ahead.
Hello, sir. Thank you for the opportunity. My first question is more on the execution side of it. I see our order book at the end of this quarter is around INR 29,300 crores, which is probably the highest since FY 2022. After a lot of quarters where the order inflow was not there. With these issues of order book sorted now, more or less, how do you see the execution going forward, maybe in FY 2027, majorly on revenue growth? If you could give some idea on that.
Thank you for your question, sir. You are very right. This order book is actually the highest in the company's history. It is also the most diversified that we have had built till now, without relying on any one single sector. That is also a very important bit of this order book. This order book obviously gives us tremendous optimism for next year because all these projects will be coming online and in the execution.
I am happy to say that at least we are expecting around INR 10,000 crores of revenue in next financial year, given the healthy order book that we have. Obviously, in this financial year, the numbers have been muted, but there will be a significant jump from this financial year to next financial year. In terms of almost, I would say, from wherever we will close to 30%+ to 30% to 40% growth from this year's number to next year's financial performance.
Sir, if I understand this right, usually our Q4 is the strongest quarter when it comes to execution. Would this Q4 see some growth or maybe at the same levels to that of last year's same quarter, or would we see the accelerated execution of order book only from next year?
No, not in this quarter because the order book that we have won right now. See, whenever you win an order, it takes at least six months for revenue to start flowing from them in EPC. For HAM project, and huge projects, it is usually a little longer than that. Hence, this Q4 will be in line with the overall numbers that we have set, and we think expect to close our year-end about INR 7,000-INR 7,500 crore in between.
But like I said, the next year will be a big jump given the order book that we have in hand and given the diverse execution of the order book that we have. It is also important to note that while we diverse and with this huge order book, we also have laid the foundation for that multi-asset approach, ownership of assets over long term. We have gone into renewable assets. We have gone into water HAM assets. We have also gone into transmission assets.
Currently, if you look at our business, the three pillars to it is, one is mining, the second will be this InvIT Anantam Highways. What will add to Anantam InvIT and others are all these other assets that I mentioned, the renewable transmission and the water assets. Along that, we have the EPC machine of DBL, which will continue to build all these assets in a profitable manner and on time. This strategy gives the EPC business also visibility, plus it also helps us build our long-term assets, where just like what we have done for Anantam Highways, we will be going with partnerships over these other asset classes as well and look at partners where we can build long-term platforms.
Okay, sir. On debt part of the business on the standalone debt, we have ended this quarter almost on par with what it was in September. Are we on track to reach INR 1,500 crores net debt by end of this financial year as guided in the last quarter?
No, sir. Like I said in my opening remarks, we are expecting debt levels to remain around this level only where that is currently. Given this is the muted execution that has happened. When we had originally started the year, we were expecting INR 18,500 crores of revenue but that has obviously reduced greatly and which has impacted our operating leverage and hence which has impacted profitability and the ability to reduce debt. But like I said, next year we are looking to reduce debt of INR 700-INR 800 crores. We will reduce it from the levels that we will close this financial year at. That remains on track. But like I also pointed out earlier, if you look at the assets that DBL already has.
Typically, EPC companies sell out whatever PPP project that they do, if you look at my peer groups as well. Hence, that balance sheet remains lighter. In our case, this time we decided to hold those assets. If you look at the assets that we are already holding in terms of completed, there is INR 1,400 crores of units of Anantam, and then there is INR 200 crores of units of Shrem, which means INR 1,600 crores of assets that we have not sold, which would have helped us reducing our debt and would have remained from INR 2,100 levels.
It would have remained around INR 400, INR 500 or INR 600 crores of levels. That is important. Also another important thing, even in our coal SPV, we are having currently fixed deposits of about INR 400 + crores currently. So there is that also, which is on my coal SPV books. There is significant, I think that number is around INR 490 crores as the quarter ended. So almost INR 500 crores of fixed deposits standing on my coal SPVs.
When you look at the company in whole, there is a lot of cash flows that is there. While our earlier endeavor has not materialized as we envisaged because of the low ordering in the last two years, like you said, but with the great order book that we have today, we are expecting that the debt reduction would happen over the next year. By the end of next year, we will have in total almost INR 3,500 crores of InvIT units. With a reduced debt level and an InvIT units of about INR 3,500 crores that we will have. When you will look at that, we will still be almost, I would say INR 2,000+ crore of cash surplus.
Okay. Just one last question from my side. I have been looking at your working capital days. For the last four quarters, there has been consistent increase in inventory days from 75 to now 132 in almost four to five quarters, whereas our regular level of inventory days have always been around 65 to 80, 85. Is there any specific reason for such an increase in inventory days?
Vignesh, if you can see the balance sheet, the inventory has not increased from 31st March 2025. It remained almost same or even lesser than 31st March 2025. However, you can see the revenue of the company reduced significantly. Basically, the denominator reduced, per day sales reduced. Okay. That is why the increase in the number of days in the creditors, in the debtors, and the inventory. As Rohan said, because we have a great order book now, going forward, the execution will increase and the company will basically achieve the numbers that we were plugging in past. Then the working capital days will again basically be like we had in past. It will not increase from here. It will basically decrease. This is our higher execution in coming quarters.
Okay, sir. Got it, sir. Thank you. That is all from my side.
Thank you.
Thank you. Participants who wish to ask a question may press star and one on their touch-tone telephone. The next question comes from the line of Shravan Shah with Dolat Capital. Please go ahead.
Hi. Thank you. First of all, congratulations on historic order win, INR 17,500+ crore this year. So, congratulations on that front.
Thank you, Shravan. Thank you.
Yeah. Sir, you have already said this year you are looking at INR 7,000, INR 7,500 revenue. Next year, INR 10,000 crore, which is 30%, 40% growth. On the margin front, till now 10.4%. In the fourth quarter, I hope would be similar, but from FY 2027, how one can look at the margin there?
Shravan ji, the margins for this quarter four, will remain in line with what has been done for this year. Next year, we are expecting increase in EBITDA level, and we are expecting that to be in the range of 12%-13%. That is what we are. So, 12% + we will be targeting, and let's see how the execution progresses.
Okay. How much order that we have already bidded and where bid is yet to open?
There is already about INR 15,000 crore of orders where we have bidded, which are expected to open.
Okay.
About INR 70,000 crore is the pipeline of NHAI that I'm sure you must be very well aware of.
Yeah.
How much of that will materialize, we don't know.
That was what to ask. So who knows that answer, I want to find that person.
NHAI chairman, secretary more than the honorable minister would be a better place to answer that.
Yeah. This INR 15,000 crore that we have bidded, any specific from the NHAI that we have already bidded?
Yeah, most of these are NHAI, Shravan ji.
Okay. Maybe we can expect further more orders by end of March. Any idea, maybe INR 4,000, INR 5,000 crore more that one can look at?
Shravan ji, honestly, that will depend on how the bidding is and how aggressive other players are at, because we have always maintained that we want to be working on our own margin, which is why we diversified across all these sectors, so that our margins don't take a hit, and we can make use of all our equipment and the CapEx that we have done over the past years. Which is why also when you look at the current order book, it's also the most diversified.
So we're not relying on one sector. We would like to have orders in the road sector, but at our margin. Hopefully, we have seen some rationalization that has started to happen. In future, I hope more rationalization will happen in the road sector. And we remain optimistic with that, with the government also taking accountability of some of its strategic sort of initiatives, which have not really worked out well for them.
Yeah. No, so I was trying to understand across all the sectors broadly how one can look at more extra orders by March, kind of a INR 3,000 crore, INR 4,000 crore, INR 5,000 crore eases. That one can look at easily can be won.
Shravan ji, there are some more orders. The problem is, we are tracking other sectors and looking to build out. But typically what happens is, a lot of times the last date of filling is usually postponed. Even after once it is done, the date of opening of tenders in a lot of cases are postponed. Because of that, it is extremely difficult for us to be able to comment with certainty of how much will actually translate in the next 45 days.
We can only say we are looking and there are some more about INR 3,000 crore to INR 5,000 crores of projects that we are looking at. But the dates to be very certain and to give you that, whether it will all close by 31st March is really beyond the scope of what we would be able to tell you.
Got it. But, then in next year, then we slow it down in terms of the inflow or, given the overall awarding is muted at that industry level. For next year also similar INR 15,000 crore, INR 20,000 crores. That is the way we are now looking at?
See, first if I talk about the larger industry, Shravan ji, I think the order inflow for the next year should be better because I think in the last couple of years, we have seen muted orders from the government.
Especially roads.
Especially roads. That is why I think that order inflow should happen. For us, we are targeting about INR 10,000 crore-INR 15,000 crores of orders on selective basis. Now, how much that translates and what kind of orders we get at what margins will also kind of depend, if we find something which is opportunistic and a good add to our portfolio, we might end up taking that. But our target would obviously be around INR 10,000 crore-INR 15,000 crores of new order inflow next year too.
Okay. There also, we are open for even BOT tolls also.
Yes. We already have a partner for the road sector, so we already have a platform. We already have a partner with Alpha Alternatives. They have already raised INR 5,000 crores to invest in greenfield or brownfield projects. That kitty remains open to us where we can go along and bid for our BOT projects as well. There is nothing that stops us from doing that. Even for other sectors like I mentioned, we will be building those partnerships as well. As time goes on in a few quarters, we will update you how that progress looks. Our idea is very determined that we want to set up platforms with high-quality partners, which provides long-term, sustainable, predictable cash flows for the company, while in the short term, providing EPC opportunity for the company.
Okay, got it. Given now the order inflow is higher, in terms of CapEx, we will be increasing the CapEx for next year. Maybe in the fourth quarter, how much more? But till now in terms of, if I look at net level, it is kind of a flat. Nothing is done in terms of the new and the sale of assets. For fourth quarter and maybe next year, given the order inflow is there, are there any specific orders where we need to go for new equipment?
Shravan, firstly, in this quarter four, we are not expecting any CapEx. That is the first part of your question. For the next year also, there might be replacement CapEx, but that will also all be in that INR 100 crores and lower range. That is what we are targeting.
Okay.
See, our idea is not to get into sectors where we have to take some specialized equipment. We do not envisage going into, let us say, tunnel boring machine where that will be used. Whatever we have, we will not be doing using those assets to do whatever new sectors that we also want to continue to focus and foray into. That is the idea. Even next year, you can remain assured that CapEx will be that. That fiscal discipline that we had mentioned when we announced our DBL 2.0, which has remained in line. Our CapEx has broadly been in that INR 100 crores kind of range over the last two, three years, and that is how it will remain. That is the idea of the company over the short term, sir.
Yeah. This INR 1,400 crore units of Anantam and INR 200 crore save and further, once we transfer the balance, another INR 2,000 crore that we will be getting by in FY 2027. Just wanted to understand. We will continue to hold and we only keep on getting whatever the dividend distribution or there are plans to even encash this.
Our strategy is to hold those assets. The distribution that we will get from there, once all that materializes, whether it is our internal debt reduction or to invest in further new projects, that will be the idea to grow that InvIT platform. The idea is very clear. We will not be looking to monetize that on a short-term basis. The whole idea of setting up that platform with a financial investor was to think of how can we grow that InvIT platform into one of the larger ones in India. That is the goal for us as a company.
Yeah.
Because not only will be that the pure-play EPC opportunity that we will do, but also the long-term operations and maintenance revenue, that will be like an annuity revenue for the company, whether it is for our own assets or the other assets that we add on the InvIT. So that is also something for our aging equipment bank, we will want to do that.
Got it. In terms of MDO, are there any thoughts or are we thinking in terms of value unlocking through listing or anything, at least in the next one or two years?
MDO opportunity also is performing well for us. We have also added another bauxite mine to our mining operations. We are widening the scope from just pure play coal, we are widening it to other segments of mining as well. And whatever MDO opportunity comes, we are looking at all of them in an opportunistic manner. As for listing and all that, those are conversations for a later time as we decide whether, and what our shareholders also suggest around it. If there is more value to be created into demerging and hiving it off into a different platform where different risks with different reward profile, with different set of investors, we will take that call completely with our shareholders inline and approval.
And last two questions. CFO, sir, this quarter, the exceptional gain of INR 577 odd crore. So how much will be the tax in the P&L against this INR 577 crore?
Basically, the financials are made versus the old tax regime. The total tax for nine months is taken at INR 113 crore. First of all, let me tell you for the math calculations, the gains on account of flipping asset to InvIT and getting units, that is exempted under Section 47(17) of the Income Tax Act. So there is no income tax on the gains. The income tax will be versus other business and other profits other than this capital gain.
Okay. So broadly, whatever the exceptional gain is there, that is directly shifted to the PAT.
Yes, exactly.
Okay. In terms of in the third quarter, out of other income, how much is from the distribution from the InvITs and others? The INR 63 crore, that other income that we have, out of that, how much is from the InvITs?
So let me tell you, Shravan ji, the units of Shrem InvIT units were held at DBL and DIAPL level level. DBL units we have exhausted up to quarter two. So quarter three in DBL, there was no units outstanding of Shrem InvIT. The 207 crore units are in DBL Infra Assets Private Limited, which is 100% subsidiary. So there we received the distribution in quarter three. But in quarter three, DBL, there is INR 63 crore other income. Out of the total other income, INR 6.5 crore is basically FDR, interest on FDR. Around INR 14 crore, INR 15 crore is from the profit on sale of assets and the INR 42 crore on the leasing income from the SPVs.
Okay. Got it. In the PPT, this structure equity, the equity divestment tracker, the slide 29. Can you explain what this structure equity from acquirer for transmission and for solar?
Shravan ji, the solar and transmission projects are very large. The equity requirement for a solar project is INR 1,255 crore. Out of that, we propose to raise. While bidding, we made a bidding basis. We will put a marginal equity in the project and balance equity we will raise as a mezz debt at the Solar Holdco level. We have created a Solar Holdco below DBL, which holds the solar assets, and we will raise the mezz debt there to fund the part equity. The mezz debt will be paid out of the forward sale of the equity on completion as per the concession agreement. Similarly, for the transmission also, we envisaged to raise the mezz debt. While bidding, this phenomena was fixed within the management. We will not put 100% equity in those projects.
Okay. From our DBL standalone per se, if I have to look at this solar and transmission, put together would be closer to INR 1,700 crore. How much we will be putting equity from our side?
Around INR 200 crore equity will be put in by DBL in both the projects, and balance will be raised at the Holdco level as debt.
INR 200 crore both put together or each?
Yes. INR 200 crore to INR 300 crores that will be put for our side for both this platform that we are talking about, whether it is solar or transmission. The other, like Sanjay sir explained, it will be structured equity with an acquirer plus some part of structured debt to it. With the same strategy like what we have done earlier with Canada Pension Plan Investment Board, once we took that, and once the projects were completed, there was a bigger upside that we could do once we flipped it into pure equity. Rather than giving complete equity returns to someone, keeping part of it for ourselves for a long term and flipping it once the assets mature and achieve COD.
Okay. Last, DBL.
Mr. Shravan Shah, I would request you to please come back in the queue. Thank you. The next question comes from the line of Sanjay Parekh with Sohum Asset Managers. Please go ahead.
Yeah. Congratulations on great order book and doing the heavy lifting, and more so focusing on profitable orders. That is really appreciated. Phenomenal work done in coal MDO and Shrem units in which side. My question only one thing is while we are in a growth phase and de-leveraging is yet to happen, but at a point, you will appreciate that the stock has remained the same for last one and a half year. So, at a point, it could be six, nine months away or 12 months away, we are not for short-term.
Can you just consider something which unlocks the value and reflects in the price? It could be a split of the coal MDO. Because, the buyback rules also have been very liberal now, but I don't know whether that is feasible given our current debt levels. But at a point, if there is an alternative between getting into a growth asset or doing a short buyback of INR 400 crores, I am not talking about big thing, even that can be considered. And I am not saying today, but maybe at a point, if the stock price does not reflect the current value. That is the suggestion I have.
Sanjay sir, your suggestion is very well taken, and the company is thinking around a bunch of interesting ideas. And obviously, like I said, as a shareholder of a company, we will obviously come and also discuss the various options and opportunities that can be done. The hiving off of, let us say, a coal business or demerging of that business, part of it is also regulatory, where the contract that we entered, how their language is also structured and what we may want to do at certain point of time. So rest assured that the monetization is something that we have as an agenda, the timing of which, as can only be discussed in the coming future, and we will have that conversation, too.
Thank you. Thank you very much and best of luck.
Thank you. Thank you, sir.
Thank you. The next question comes from the line of Darshika with AV Fincorp. Please go ahead.
Hello. Thank you for the opportunity. My question was mainly on the timeline of the transfer of assets to Anantam InvIT, which was answered by the previous participant. Would you be able to give us more idea on the fact that nine projects were supposed to be transferred to Anantam initially, but only seven were transferred. Could you just highlight on that?
Basically, we had idea to transfer nine assets. Eight assets of Dilip Buildcon and one asset of Alpha bought from outside, but the NHAI approval could not receive one project of ours and one project of Alpha they bought from market. We could flip only seven assets. The one asset left from the first eight and the 10 subsequent assets will basically transfer this year, the coming financial year. Quarter one, we are expecting three assets of DBL will be flipped to InvIT and balance assets in quarter four.
All right. I am sorry. Can you please repeat the last part? Three assets of DBL will get transferred in Q4?
Q1 of 2027.
All right.
Eight assets of Q4 of 2027.
Yeah.
FY 2027, all 11 assets will be flipped to InvIT.
Perfect. All right. Yeah.
Thank you.
That is it from me. Thank you.
Thank you. The next question comes from the line of Bhavin Modi with Anand Rathi . Please go ahead.
Hi, sir. Thank you for the opportunity. Just wanted to understand that at the standalone level, our debt has increased, right? We would have also taken a good amount of mobilization advance, saying that we had a good inflow in the last two quarters. Just wanted to understand the position. How much mobilization advance did we take? Why the debt has not reduced?
Bhavin ji, why the debt has not reduced, I had explained in quite detail in the opening remarks and also in the earlier questions. I think that the repetition of that again would be probably not the best use of your time to explain. We will take that separately, and we can read through that. Now coming to mobilization advance, there has been no mobilization advance that has come from these projects. There is no mobilization advance that has been received from any of the projects that we won.
We are working on that. The larger point is the debt could not be reduced as we had anticipated because of the lower execution. Because you know our model is a fixed asset model. If we are unable to do that, there will always be challenges in the direction that we want to do. But like I mentioned, for the next year, given there is a clear order book that we have in hand, we anticipate that we will be able to meet the certain guidances that we are giving you guys on.
Okay. The second thing is, you mentioned about the CapEx, right? There won't be any heavy CapEx at the standalone level. Maybe there will be replacement CapEx. But when we come at the SPV levels, for example, Siarmal or maybe now the Pottangi and the solar business. What is the CapEx estimated at the SPV levels?
Sir, for both the SPVs that you are talking about. First, Siarmal, it is financially closed and the CapEx is being done on the SPV level, where we mentioned that there is already INR 500 crores of equity that is also lying there. We had invested about INR 350 crores of equity. Against that investment, there is already INR 500 crores cash lying in that account right now. We still have to draw down the debt for more equipment and also for the coal handling plant, which will be drawn in the subsequent two years. That plan has also been widely socialized and explained to the market. In the bauxite mine, again, the CapEx will be done on the SPV level, and that is not a large CapEx.
That will be about INR 150 crores of CapEx that we are anticipating, again, at that SPV level, which will be servicing . On the DBL parent level, we do not expect CapEx to be done like I had iterated. It is about INR 100 crores of CapEx at DBL parent level. Now talking about solar and all, there is no equipment CapEx that we need to do. The solar, whatever will be the project building cost, that will again come on the SPV level.
That has nothing to do with DBL. All the equipment and all for building a solar, this thing with whether it is excavator that might be needed for ground leveling and all, those are very basic, which we already have in hand. So I do not anticipate any specific CapEx for solar business or transmission business.
Okay, got it. What will be the margins, expected margins for the Pottangi? Do we have any estimations? Hello?
Yes, sir. Sir, on the EPC, so the Pottangi mine has two parts to it. There is an EPC bit to it, like we have explained last time as well, about INR 1,700 crores about EPC, and the rest is about INR 150 crores of revenue that we will get every year for the next 22 years or so. So for the EPC, like I said, it will be in line with what we are doing.
No, I am asking about the SPV level. If you can give me the SPV. I am just asking for the SPV.
At the SPV level, we are expecting mid-teens of EBITDA levels at the SPV level also there.
Okay. Last thing. When I see the standalone financials, obviously, there are many exceptional items which are there. Had it been a normal routine business, what would have been our PAT, adjusted PAT? Because I see a lot of adjustment with respect to the taxation and all. If I have to see only the EPC business PAT, then what would that have been? Do you have any calculation in hand, or I will take it separately?
We can take the calculation separately. We can discuss separately.
Sure. That is it from my side.
Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments.
On behalf of the whole DBL family, I thank all the participants who came and joined us today and asked all the questions that they did. In case we were not able to answer any of your questions, please feel free to reach out to us on a one-on-one basis and we will be able to answer. The idea and the goal of the call was to give you the strategic direction with which the company is functioning. Our commitment to whether it is debt level reduction or widening our asset platform approach. Those remain in line, and that is how the company is looking to grow going forward as well. Thank you very much, and I look forward to you guys on our next conference call, and hope all of you have a great end to this financial year.
Thank you. On behalf of Dilip Buildcon Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.