Ladies and gentlemen, good day and welcome to G R Infraprojects Limited Q4 and FY 2025 earnings conference call. 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 this 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 Mr. Mohit Kumar from ICICI Securities. Thank you, and over to you, sir.
Yeah, thank you, Steve. Good evening. On behalf of ICICI Securities, I welcome you all to the Q4 FY 2025 and FY 2025 earnings call of G R Infraprojects Limited. Today, we have with us from the management, Mr. Ajendra Kumar Agarwal, CEO; Mr. Anand Rathi, Group CFO; Mr. Ankit Maheshwari, Deputy CFO. We'll begin with the opening remarks from the management, which will be followed by Q& A. Thank you, and over to you, sir.
Thank you, Mohit ji. Ladies and gentlemen, a very good afternoon. I welcome you all to the fourth quarter earnings call of G R Infraprojects Limited for financial year 2025. Joining me on this call today is Mr. Anand Rathi, the CFO, and Mr. Ankit Maheshwari, Deputy CFO of the company. I would like to start by mentioning that we are a socially responsible organization focused on delivering all our projects with quality and in a safe manner. I will now take you through the key highlights of the quarter and recent developments in the infrastructure sector, followed by question and answer session. Revenue from operation in fourth quarter of 2025 stood at INR 2,129.30 crore, as against INR 2,310.35 crore in the corresponding period in the previous financial year.
The EBITDA margin for the current quarter stood at 17.51%, as against 17.69% in the corresponding period in the previous financial year. During the quarter, the company has repaid the debt of INR 361 crore, which has resulted in an improved debt-equity ratio to 0.07x, which is one of the best in the sector. During the quarter, the company transferred one operational HAM asset to Indus Infra InvIT for a total consideration of INR 225.58 crore. The resulting gain on this transaction is shown as an exceptional item in the financial statements. During the quarter, the company received pre-COD for one HAM project and LOA for one road DBFOT toll project worth INR 3,687 crore. Moving on, the update on the order book at the end of the fourth quarter of the order book stood at INR 24,346 crore.
As of today, the company has 30 projects worth INR 14,370 crore that are under execution. As of today, two projects worth INR 4,810 crore are awaiting appointed date. One in HAM in Bihar and one DBFOT toll project spreading across Rajasthan, UP, and MP. For four projects, that is two roads and one each railway and OFC worth INR 5,166 crore are having L1 status. LOA of OFC and railway projects has also been received recently. As of today, bids of INR 6,500 crore are yet to be opened. It constitutes five railway and one highway projects. Moving on, the sector highlights and infrastructure development of India. This year, awarding activities were a little muted in this first three quarters, although it did pick up a little in the last quarter. Also, the instances under bidding up to 46% continued to persist.
This is although concerning, and we are continuing to keep a close watch. We do expect a decent flow of awarding utilities, especially large projects, continuing in the next financial year. As the central government continues to focus on infrastructure development, this is evident from the fact that the capital investment outlay for the infrastructure has been increased to INR 11.21 lakh crore in the union budget of 2025-2026. My sector-wide views are: First, road and highways. Investment in national highway and expressways are projected to grow by 1.4 x between financial year 2026 and financial year 2029. Government targets building 22 new greenfield expressways. Recently, the government has announced to convert 30,000 km of two-lane highways into four-lane with an investment of INR 10 lakh crore.
Further, MoRTH has imposed additional performance security on bidders of road projects for bids lower than the estimated cost of the project.
Also, it mandates timelines for land and environment clearances. It gives us the confidence to enhance our order book as the initiatives are designed to better synchronize the approval, awarding process, and declaration of appointed dates. Second, metro and railway system. As of financial year 2025, India's Metro Rail Network spans approximately 973 km across 23 cities. Government aims to more than double this network to about 1,700 km by financial year 2026, extending the metro services to 31 cities. Indian railway has also received the highest-ever total outlay of INR 2.65 lakh crore in the Union Budget 2025-2026. Power transmission. The sector is expected to attract a significant amount of investment, with estimates suggesting a need for over INR 10 lakh crore to double India's power capacity by 2032.
In the next financial year, the company is targeting an order pipeline of approximately INR 1,800 crore and continues to build a robust order book in various sectors like road, railway, metro, tunnels, power transmission, and distribution, ropeway, logistics, etc. We will continue our strategy of diversifying and balancing our portfolio across various markets and sectors and take the company back to double-digit growth in the current financial year 2026. I am confident in our strategic direction and our ability to succeed in new markets. Our strong team and focus on project delivery will continue to drive our success. That's all from my side. Over to you, Anand ji, for an update on the financial position of the company. Thank you.
Yeah, thank you, MD sir. This is Ankit Maheshwari. Thank you, Anand ji. And good afternoon, everyone on the call. So I'll start sharing the financial performance for the year ended March 31st, 2025. And the following key highlights are: The company's standalone revenue from operations decreased by INR 1,272.39 crore, which is a decrease of 16.34% year- over- year. That is from INR 7,787.96 crore in the year ended March 2024 to INR 6,515.57 crore in the year ended March 2025. This decrease was primarily on account of a decrease in order intake. The company's consolidated revenue from operations decreased by INR 1,585.45 crore, which is a decrease of approximately 17.66% year- over- year. That is from INR 8,980.15 crore in the year ended March 2024 to INR 7,394.70 crore in the year ended March 2025.
The standalone EBITDA margin has decreased to 13.88% in the year ended March 2025 from 14.58% in the year ended March 2024. The EBITDA margin at group level has decreased to 22.13% in the year ended March 2025 from 23.63% in the year ended March 2024. So it has some impact, of course, from the order intake as well. Profit after tax at standalone level decreased to INR 806.61 crore in the year ended March 2025, as compared to INR 1,977.43 crore in the year ended March 2024. However, I would like to highlight that in the financial year 2024, it includes the exceptional gain of INR 1,222 crore, which is net of tax pertaining to gain recorded on the transfer of seven HAM assets to Indus Infra InvIT.
Moving on, profit after tax at consolidated level also decreased to INR 1,015.40 crore in the year ended March 2025, as compared to INR 1,322.97 crore in the year ended March 2024. The company's standalone net worth stood at INR 7,887.74 crore at the end of fiscal 2025. It was INR 7,195.72 crore at the end of fiscal 2024. The net worth at consolidated level is INR 8,503.20 crore at the end of fiscal 2025, and it was INR 7,602.40 crore at the end of fiscal 2024. The standalone borrowing outstanding at the end of fiscal 2025 is INR 512.34 crore, with debt-to-equity of 0.07 x. The total consolidated borrowing outstanding at the end of fiscal 2025 is INR 4,966.16 crore, with debt-to-equity of 0.59 x.
During the quarter, the company has made additions to the fixed assets amounting to INR 39.41 crore, and the net block of property, plants, and equipment, including capital work in progress, is INR 1,206.96 crore at the end of the current quarter. Investment in our subsidiary companies in the form of loans and equity is INR 2,009.04 crore, including interest, at the end of fiscal 2025. The balance promoter contribution required to be made for the operational HAM projects is INR 2,875.23 crore, of which we are expecting a contribution of INR 1,000 crore in the fiscal year 2026. The working capital in days at the end of fiscal 2025 is 117 days, as compared to 112 days at the end of fiscal 2024. This increase is primarily on account of an increase in SPV debtors.
The trade receivables at the standalone basis are INR 1,842.17 crore, including INR 1,691 crore HAM debtors at the end of fiscal 2025. The trade receivables at the consolidated level are INR 224.72 crore at the end of fiscal 2025. The unbilled revenue at the standalone basis is INR 713.15 crore at the end of fiscal 2025, and the unbilled revenue at the consolidated level is INR 162.55 crore at the end of fiscal 2025. There has been some improvement in the inventory levels. The inventory stood at INR 538.01 crore at the end of fiscal 2025, compared to INR 767.65 crore at the end of fiscal 2024. With this, I would also like to sincerely thank our stakeholders, including employees, business partners, vendors, bankers, and auditors, those who have supported the company.
And on behalf of G R Infraprojects Limited , I would like to thank everybody for attending this earnings call. Thank you so much. Now, I would like to hand over to the moderator.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone 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 a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shravan Shah from Dolat Capital. Please go ahead.
Hi, sir. Thank you, and congratulations on a good set of margin for this quarter, particularly. So yeah, I have a couple of questions. So starting with in terms of the order inflow, so first, I need clarity in terms of FY 2025, excluding GST, what was the order inflow for FY 2025?
It is around INR 13,000 crore, which we have taken, which is including L1.
Okay. Including this INR 1,166 crore L1, it was INR 13,000-odd crore.
Right.
Okay. So now, two, three things. First, how much orders that we have bid? Sir has mentioned INR 6,500 crore, so that is yet to be open. And how much more are we looking to bag in terms of the order inflow? And also, if you can help us in terms of from road transmission or the state, EPC, how much are we looking?
Sure. [Foreign language] INR 75,000 crore [Foreign language] INR 50,000 crore [Foreign language] INR 20,000 crore [Foreign language].
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[Foreign language]?
[Foreign language].
[Foreign language] ?
[Foreign language].
[Foreign language] INR 20,000 crore [Foreign language] INR 20,000 crore [Foreign language] INR 10,000 crore [Foreign language] INR 20,000 crore [Foreign language] INR 11,500 crore, [Foreign language] INR 2,000 crore, [Foreign language] INR 1,000 crore, [Foreign languag] INR 3,000 crore, [Foreign language] INR 2,000 crore, [Foreign language] INR 3,500 crore, [Foreign language] INR 500 crore each [Foreign language] INR 20,000 crore [Foreign language] 2026 [Foreign language].
Okay. But sir, [Foreign language] in terms of particularly road [Foreign language] last two years [Foreign language] Motilal Oswal [Foreign language] performance guarantee [Foreignlanguage] increase [Foreign language] competition [Foreign language] ?
[Foreign language] government is sector [Foreign language] improvement [Foreign language] BOT [Foreign language] , EPC, HAM [Foreign language] bank guarantee [Foreign language] qualification area [Foreign language] changes [Foreign language] government. [Foreign language] last quarter [Foreign language] inflow [Foreign language] , us [Foreign language] state level [Foreign language] central level [Foreign language] government [Foreign language] project inflow [Foreign language] . [Foreign language] BOT [Foreign language] changes, [Foreign language] BOT [Foreign language] activity [Foreign language] . [Foreign language] target achieve [Foreign language] .
[Foreign language] government [Foreign language] major changes [Foreign language] target achievable [Foreign language] last year [Foreign language] target the, INR 13,500 crore [Foreign language] against [Foreign language] INR 10,000 crore [Foreign language] project [Foreign language] achieve [Foreign language] already INR 4,000 crore [Foreign language] project [Foreign language] L1 status [Foreign language] project [Foreign language] appointed date [Foreign language] award project [Foreign language] .
[Foreign language], sir. To based on this, [Foreign language] FY 2026 [Foreign language] , possible FY 2027 [Foreign language] log revenue [Foreign language] growth [Foreign language] ? And margin [Foreign language], sir, [Foreign language] ? [Foreign language] quarter [Foreign language] margin [Foreign language] extra [Foreign language] 15% type [Foreign language] margin [Foreign language] ?
[Foreign language] 2026 [Foreign language].
[Foreign language] , 9%, 12% [Foreign language] 15% [Foreign language] ?
[Foreign language], 10%, 15% [Foreign language].
And then even, even next year for 27 also, similar run rate should be possible for us, and even may be slightly higher.
2027 [Foreign language] INR 20,000 crore [Foreign language] 15% [Foreign language] .
Okay, okay. And margin [Foreign language], sir, annual [Foreign language] FY 2025 [Foreign language] 12% [Foreign language] , 12.2%. [Foreign language] , 15.5%. To [Foreign language] margin [Foreign language] ? [Foreign language] standalone [Foreign language] 12%-13% [Foreign language] can we look at 14%-15% margin?
[Foreign language].
Okay. And lastly, sir, this other income [Foreign language] InvIT, sir, this quarter, fourth quarter [Foreign language], how much was the InvIT [Foreign language] dividend? And for around similar, [Foreign language] INR 250-odd crore type [Foreign language]?
No, so total InvIT for the year was around INR 227 crore, [Foreign language] InvIT [Foreign language] dividend rate [Foreign language]. And [Foreign language] interest income, because [Foreign language] we are carrying cash in our balance sheet for whole year. [Foreign language] interest income [Foreign language]. And in this current year, in fact, [Foreign language] bad debts, [Foreignl language] which we have earlier written off, right, wo write back [Foreign language] , because we could recover those bad debts, right. To [Foreign language] other income waise difference [Foreign language] year on, [Foreign language] year to year compare [Foreign language].
To last year, it was around, [Foreign language] last year [Foreign language] INR 250 crore [Foreign language] , which is only because of this [Foreign language] interest treasury income [Foreign language] , apart from InvIT. And InvIT [Foreign language] what we are target, see, InvIT [Foreign language] every year, we are targeting this much of interest [Foreign language] dividend [Foreign language] whatever income. [Foreign language] , InvIT [Foreign language] income [Foreign language], that would be in the range of INR 225 crore-INR 250 crore for yearly, on yearly basis.
Okay, [Foreign language] , sir. [Foreign language] question [Foreign language], I will be included. Thank you and all the best, sir.
[Foreign language].
The next question is from the line of Jainam Jain from ICICI Securities. Please go ahead.
Good afternoon, management. Sir, my first question is, what are our investments in BOT and subsidiaries at the end of FY 2025?
It is total INR 2,000 crore.
Okay, sir. And, sir, when do we expect to receive the appointed date for two of our projects? One is BOT and HAM project.
So, one HAM we are expecting in the month of June. And for Agra- Gwalior, that is BOT projects, we have signed a concession agreement recently. So, it takes time, it's a BOT- DBF-BOT project, which takes time of another six months for getting financial closure and all other prerequisite done. So, maybe for that, Agra- Gwalior, we will be receiving that appointed date in the Q3 quarter.
[Foreign language].
Q3 means September to September, or September to October to December quarter, right?
Q24, [Foreign language] Q4.
Yeah, maybe in January and November, December, I mean around December, January, right?
Okay, sir. And, sir, what is the contract liabilities as of March 2025? I mean the.
March 2025, sorry, come again.
What is the contracted liabilities as of March 2025?
[Foreign language] ?
Yes, sir. I mean to say, monetization advance.
[Foreign language] ?
[Foreign language].
I think, it is around INR 18 crore-INR 20 crore. That's all. [Foreign language] ? IRN 37 crore. INR 37 crore. That is outstanding as of March 2025. INR 37 crore.
Okay, sir. And, sir, can you comment on our investment in InvIT at the end of FY 2026? Like, currently, what we understand, it is somewhere close to INR 20 billion, right?
INR 2,110 odd crore, which is the market value.
All right, sir. That answers my question. Thank you so much and all the best.
Thank you, thank you.
The next question is from the line of Surendra Malla from G R Infraprojects. Please go ahead.
Hi, sir. Good afternoon.
[Foreign language].
Yes, my question is that, we are having, we are generating the profit quarter on quarter, but if you go to the cash flow statement, our cash from operating activity is on the lesser side. For instance, 2023, we made a negative of INR 363 crore. FY 2024, it is INR 1,592, and FY 2025, it is INR -2,000 crore. So mainly the reason for this.
FY 2019, which year we are FY 2025? Come again.
FY 2025, cash generated from operating activity is INT -2,000 crore.
INR -2,000 crore, okay.
[Foreign language].
Yes, sir. So, what exactly your question is?
So, why it is like INR -2,000 crore when you are generating a profit?
See, cash flow from operating activity generally, let's say, I don't think it would be INR -2,000 crore. I think in terms of number, we have to confirm. But, see, cash flow, because we are investing that money into working capital, right? Maybe in working capital, and hence, we are not converting that money into cash. Whatever profit is there, that has been kept in as a working capital. So, you will find that our working capital in absolute number is increasing on year-on-year basis, because we are not drawing that from the SPV level, right? So, it is helping us in reducing the interest cost, interest cost at group level. So, that could be one reason, but INR -2,000 crore is.
I am looking at the financial, sir. Financial in front of me.
Haan, haan, haan.
So, it is INR -2,032 crore, to be precise.
Yes, INR -2,031 crore, I don't know. So, okay. So, I have to, we can discuss this offline, and maybe after five, 10 minutes, let me go through it, and let me understand it, what exactly this is for what reason, because cash flow is given in detail, right? If you are having cash flow in front of you, probably each and every item of the cash flow is given over there, right? This is net cash. This is cash flow from operating activity. So, what INR -2,000 you are talking about is basically the net cash, which we have used in operating activities. But, if you see the total position, I mean the inflow and outflow, it's on the positive side.
No, no, one big question. Cash, cash flow, net cash used in operating.
No, when normally, when the company is generating profit, normally for a cash flow, operating activity would be positive. And on the other side, the borrowings are also increasing.
No. So, okay. This is a consolidated.
[Foreign language].
No, no, you are talking, I mean you are discussing that consolidated cash flow, right?
Yes, yes, yes.
Standalone cash flow [Foreign language] . See, consolidated cash flow is basically, you need to understand that business operation. What we are doing, we are basically doing, what we are actually executing, various HAM projects, right? And where we, every, every HAM projects, wherever we are executing, it is 60% is actually to be received by us over the period next 15 years. So, it is, it is actually increasing by whatever. See, if I am working, I am executing INR 1,000 crore the project, right? I will be getting only INR 400 out of that, and INR 600 would be basically, I will be receiving over the period of next 15 years. Because this time, I mean right now, we are discussing consolidated cash flow, right? So, if I am booking INR 100 of turnover, INR 60 would be receivable by me, right?
because of the nature of business, I can't convert that INR 60 into cash. You got my point? On consolidated basis.
Yeah, yeah, yeah.
So, right. So, it would be funded by debt. That INR 60 has to be funded by debt and equity, right?
[Foreign language]
So, say for INR 100 of turnover, let's say, if I am getting the profit of 10%, then also, I will at max INR 10 would be in the form of cash, but then INR 90 out of that INR 90, INR 40 I am receiving in cash, and INR 50 I have to be kept as debtors. That is showing as debtors in my balance sheet. That is a financial asset, right? And hence, this, this is the figure you are getting over there in the consolidated cash flow. So, better is you go through the stand alone cash flow, stand alone financials cash flow. There you would be, then it is showing that cash generated from operating activity is INR 868 crore. That is positive, right? And our profit is INR 806 crore, as we mention, right?
So, that cash we have generated from business is more than the profit, which we are showing, right?
[Foreign language].
Ok.
Final question, sir. To that, I am able to see on the consolidated level, loans and advances of INR 3,193 crore. It has gone up from INR 254 crore.
[Foreign language].
So, can you explain me this point, sir? Like, why is the increase?
Because, see, this is increase because whenever we will be, you know, doing HAM projects, every year, as I mentioned to you, right? When we have, see, on consolidated basis, what kind of turnover, which you have booked, out of that turnover, 60% is to be funded by debt and equity. So, so, that amount has to come from that only, [Foreignlanguage]? INR 7,500 crore of consolidated turnover, out of that INR 7,500 crore, that 40% is we are getting into cash. Balance would be funded from that only, debt and equity, right?
I am talking about assets, loan advances. It is general other assets. It is an asset balance, and it has gone up from INR 254 crore to INR 3,000 crore.
Yeah, yeah, so asset balance 60%. See, asset as well as royalty, both would be increasing, because this asset I will be receiving from NSA over the period next 15 years, right?
Okay, okay, okay, sir. Done.
I hope I have satisfied your query.
Yeah, I am clear, sir. Clear. Thank you. Thank you so much.
[Foreign language].
Thank you. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead.
Yeah, sir, you mention that equity requirement is close to INR 2,875 crore, which is pending. So, it includes BOT project as well, right?
Yeah, yeah, every outstanding project.
Yeah, so, what would be the equity requirement for BOT project and the EPC value that we are factoring?
EPC value around INR 3,700 crore, and BOT is around INR 1,075 crore for equity value of that BOT.
So, you will be funding equity of INR 1075 from our books.
Right.
Okay. And, sir, secondly, we saw that EBITDA margins were quite high in the quarter, even after the adjustment, so, of the bonus. So, what was the reason for that?
See, this particular year in last quarter, there are so many projects, which are near completion. In fact, we receive the COD for two of the projects, and we are about to receive the COD for another two-three projects. So, when the projects are near completing stage , then generally what we have seen, that probably because of release of contingency, and if we are, if we are finding that, okay, not much cost would be incurred, and accordingly revenue and profit would be both. So, that's, that's, that's the normalize case. It happens whenever, and this time basically, it is, you know, a cluster. It's, it's a six-seven projects, which are nearing completion. Right, because of this, it has happened.
Sir, so, excluding that, what would be the normalized margins for the quarter?
That, I think, we have discussed 13%, around 13%. My MD sir told you.
Okay, sir. So, for next year, margins could be in the range of 12%-13% for 2026 and 2027.
That we can expect, I mean, comfortably.
Okay, okay. And, sir, CapEx for 2026, and how much you are done in 2025?
in machinery is in the range of INR 70 crore-INR 80 crore. But then we are building our corporate office as well. So total CapEx, which has to be, you know, including that corporate office building and machinery, is around INR 135 crore, INR 135.5 crore, INR 134 crore, right? And for next year, we are targeting another INR 100 crore-INR 125 crore, not more than that.
And of that, building part would be how much for the corporate office?
For current year?
Yes, for 2026.
For 2026, that would be another in the range of INR 40 crore, INR 40 crore, around INR 40 crore, INR 50 crore.
Okay, okay. Thank you, sir. I will call back in the queue.
Thank you.
The next question is from the line of Sarvesh Gupta from Maximal Capital. Please go ahead.
Good afternoon, sir, and congratulations on a good set of numbers. Sir, so just wanted to understand on the order inflow part. Hello?
Yeah, begin you.
Yeah, so, so, last year, you know, we got only INR 8,000 crore, excluding the L1. And now, we are targeting about INR 20,000 crore. And, I think, in the bidding side, especially on the road, we have seen that slowdown persisting for a while. So, what gives us the confidence that this two and half times jump, we will be able to achieve in this financial year?
Sir, [Foreign language] L1 status [Foreign language] , to INR 13,000 crore [Foreign language] . First thing. Second, [Foreign language] BOT [Foreign language] activity start [Foreign language] . [Foreign language] quarter [Foreign language] , to government [Foreign language] BOT project to start [Foreign language] opportunity [Foreign language] . Second, government [Foreign language] norms [Foreign language] change [Foreign language] project [Foreign language] award [Foreign language] improvement [Foreign language] , major portion [Foreign language] out of INR 20,000, INR 11,500 to highway [Foreign language] . Remaining every, every sector [Foreign language] 2,000 to 3,000 [Foreign language]. [Foreign language] achievable [Foreign language] . Highway sector [Foreign language] major portion [Foreignlanguage] BOT [Foreign language] particular states [Foreign language] activity [Foreign language] confidence [Foreign language] log [Foreign language] expect [Foreign language] , achieve [Foreign language] .
Including L1, last year [Foreign language] highway [Foreign language] INR 10,000 crore [Foreign language] . So, this year, we are targeting INR 11,500. So, [Foreign language] L1 [Foreign language] ? Because of whatever reason, [Foreign language] L1 status remains for three months, six months, but project [Foreign language] again, so L1 [Foreign language] , to that number is feasible.
But, in general, sir, jo BOT [Foreign language] government [Foreign language] growth rate [Foreign language] size [Foreign language] the, us type [Foreign language] ratio [Foreign language].
Ji, total [Foreign language] , is sector [Foreign language], highway [Foreign language] . [Foreign language] government [Foreign language] 22 [Foreign language] Greenfield expressways announced [Foreign language] . [Foreign language] pipeline [Foreign language] , [Foreign language] INR 75,000 crore project [Foreign language] already [Foreign language] bid [Foreign language] INR 1,20,000 crore [Foreign language] , highway [Foreign language]. To is number [Foreign language], [Foreign language] slow [Foreign language] government action [Foreign language] achieve to [Foreign language] . Is sector [Foreign language] revive to [Foreign language].
[Foreign language] 55%-57% [Foreign language] ?
[Foreign language] , 13% [Foreign language].
[Foreign language] , because let's see, if we are targeting double digit growth, [Foreign language] we are underutilized, [Foreign language]. So, we are not giving any extra consideration to that. [Foreign language] 15% [Foreign language]. Hence, [Foreign language] , right? So, I don't think [Foreign language] remain the same.
Finally, [Foreign language] Indus Infra InvIT [Foreign language] target [Foreign language] download [Foreign language] InvIT [Foreign language]? [Foreign language] associated question [Foreign language] BOT [Foreign language] wo assets to [Foreign language] Indus Infra InvIT [Foreign language] cash release [Foreign language] ? [Foreign language] cash release [Foreign language] plan [Foreign language] income [Foreign language] ?
See, in BOT there are actually, I would say, there are more investors who are willing to buy BOT assets than HAM assets. So, and this asset is already matured. This market is already matured. [Foreign language] monetization [Foreign language] road asset, monetization [Foreign language] market [Foreign language] , that is already matured. [Foreign language] , if you have got any operational road, there are enough takers for those assets. So wether Indus or some other InvIT will take it, that is a question, is probably will be solving in future. But, liquidation [Foreign language] , will be able to monetize it, [Foreign language] challenge [Foreign language] . And [Foreign language] InvIT [Foreign language] is [Foreign language] , to as on date, we are having [Foreign language] five assets [Foreign language] operational [Foreign language]. Is [Foreign language] , around seven.
So, this jo last year [Foreign language] operational asset hai, which [Foreign language] which four assets [Foreign language], there are four assets, which we have received COD in last year. And InvIT [Foreign language] , the condition is one year of track record of operation. So last year [Foreign language] COD [Foreign language] , that can be transferred to that InvIT. And so, those four assets, we can transfer. [Foreign language] , teen [Foreign language], that is a [Foreign language] . Probably, I may not be able to comment right now, but that, this is the situation.
Okay, sir. Power transmission [Foreign language] InvIT [Foreign language] MOU [Foreign language] , to [Foreign language] . But, ham asset develop [Foreign language], uske baad InvIT [Foreign language] transfer [Foreign language] .
See, power transmission [Foreign language] MOU [Foreign language] , which got expired in March, March [Foreign language] April first week of this financial year. Power transmission [Foreign language] log [Foreign language] as on date, we have got one operational power transmission project and three under construction. To [Foreign language] , [Foreign language] bulk [Foreign language] we will create some asset, good asset, and then certainly we will discuss with various investors [Foreign language] monetization. How can we maximize that monetization benefit in our favor? Wo [Foreign language] , sir.
Okay, thank you, sir, and all the best.
Thank you.
The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead.
Hi, good afternoon, sir, and thanks for taking my question. So, my first question is for the two road projects where we are L1. So, by when do we expect the LOA for this project? I am assuming both this projects are from Maharashtra State Government.
[Foreign language] State Government [Foreign language] EPC project [Foreign language] expect [Foreign language] second to third quarter [Foreign language] land acquisition [Foreign language] . Land [Foreign language] issues [Foreign language] land acquisition 80% [Foreign language] , government [Foreign language] projects [Foreign language] award [Foreign language].
Got it. Secondly, have taken BOT project recently, where you said we have equity commitment of something like INR 1,075 crore. So, going ahead, what is our appetite for taking more BOT projects? I mean, on an annual basis, are we okay taking BOT projects where let's say we might have to put in INR 2,000 crore-INR 3,000 crore of equity? And, and will the number be less and less?
See, BOT because of different structure. I mean, otherwise, so we are comfortable while taking BOT projects. And HAM, HAM is again BOT, where there also we have to put in equity. So, to the extent of let's say, if we have to put in INR 2,000 crore-3,000 crore of equity on yearly basis, we are comfortable. But may not be 100% on BOT. So, in that BOT we will try to take one or two projects on yearly basis, depending on what kind of projects, which are floated by the NHAI. And in that how the dynamics, metrics, all that, we will consider.
So, I mean, INR 3,000 crore-INR 4,000 crore of BOT we can take on yearly basis, where we are comfortable putting INR 1,000 crore of equity on yearly basis. Because, see, issue is that we are not able to. As of March, also, we are having almost INR 1,000 crore of cash lying with us, right?
So, we want to, we would like to, you know, utilize those cash also. Also, and we, if we are getting good opportunities, we are certainly will be, you know, willing to put in that money into various BOT projects. Also, yeah, but not 100% of my total. See, for this current year, our highway target is around INR 11,000 crore. So, I mean out of that INR 11,000 crore, can't be 100% BOT only. So, some EPC we will do, some HAM, some BOT. So, BOT would be in the range of INR 2,000 crore, INR 3,000 crore, INR 4,000 crore, sort of range. And balance would be HAM and EPC. Right?
Sure, sir. Thanks and all the best.
Thank you.
The next question is from the line of Uttam Kumar from Axis Securities. Please go ahead.
Yeah, good afternoon, sir. And thanks for the opportunity. Sir, in terms of our equity investment, both in HAM and EPC, right now, what is the total equity investment? And how much will we be doing in FY 2026 and 2027? I just missed the figure, if you can just provide.
So, total equity so far, we have invested INR 2000 crore. And still pending is INR 2,875 crore, which is to be put in over the next three years of time. For current year, we are targeting INR 1,000 crore of what number. And for next year, again would be in the same range, INR 1,000 crore.
So, 1INR ,000 crore, this year, and INR 1,000 crore, FY 2027, also.
Right.
Okay, and sir, what kind of revenue growth we are eyeing in FY 2026? Currently we see most of the appointed date, we have received. And our executable order book is also, seems to be quite good. So, how much revenue growth we are expecting FY 2026?
We expect double-digit growth in 2026.
Because, sir, see, if you see, our current order book is INR 19,000 crore. And last year, our revenue was quite low, because of our appointed date not received. So according to that, at least 20%-25% around revenue growth should be, since most of the appointed dates are with us.
No, so our EPC order book, executable order book is around INR 14,000 crore, which as of now meaning as we speak in current month, right, May in, because in April also we got appointed date for two projects. And what is, I mentioned earlier question also that many projects near completion are, right? To [Foreign language] start [Foreign language] . To maximum projects, which have started now, that is in the range of, [Foreign language] initial phase. So, that's why maybe next year also will be taking that kind of growth. But, that growth is getting split into years. [Foreign language] is [Foreign language] 25% [Foreign language] , to [Foreign language] . So, point [Foreign language] 25% [Foreign language] that projects are just started and about to start, right?
So we are expecting [Foreign language] double [Foreign language] , [Foreign language] 15% [Foreign language] , 10%-15% [Foreign language] growth [Foreign language] . But, [Foreign language] 25% [Foreign language] may be after six months, probably will be able to give you more clear guidance on this.
Okay, okay. And another thing, Anand ji, with regard to diversification, we have already diversified into transmission and multimodal logistics and railways. So, any other sector where, where we can diversify currently, where if you are eyeing something else, apart from the sector where we have
Recently, we have taken another project, in telecom [Foreign language] optical fiber cable and that networking, right? That is linked to, I mean, telecom and IT infra, which we call. So recently, that is the new sector, we have opened. I mean, we have done one project in the past, also, almost seven years back, seven-eight years back. But, now we are bringing it back, and we are expecting that we will be getting more projects in current year, also, in the same, same field. So, so, that is the new sector, we have yet, I mean, we are exploring and also looking. But, once we are done with our old 100% duties, and certainly, will certainly announce and will come back to you.
Okay, sir, margin [Foreign language] BharatNet [Foreign language] Projects [Foreign language]?
A margin [Foreign language] it would be more than 10% only.
10% okay, sir, that's all from my side, and wish you all the best.
Thank you.
The next question is from the line of Ishita Lodha. Please go ahead.
Hi, sir, thank you for the opportunity. Just need a clarification that the order inflow target of INR 20,000 crore does not include the L1 position of INR 4,000 crore, right?
Yes, [Foreign language].
Okay. And also, another question is that the receivables on a standalone level have increased by 7%, but our revenue has declined by 16%.
So, what explains this? See, receivable on standalone is actually consisting of SPV debtors. SPV debtors has gone receivable total [Foreign language] ? Total receivable is INR 1,842 crore, right? Out of that INR 1,842 crore, my own debtors group debtors are INR 691 crore. So, if I excluding that, that number probably there is no increase. I mean, out of that, because the last year, last year 70, my other than group debtor was [Foreign language]? It was INR 148 crore, no, INR 722 crore. So, last year, other than SPV debt and group debt, INR 190 crore was the outside debt, right? This year, it is 1INR 51 crore.
So, we have reduced, actually.
So, we have reduced that number.
Okay, and what is the outstanding retention money?
It is INR17 and it should be, INR 17 crore, INR 17 crore.
Okay, thank you. INR 17 crore.
Yeah, thank you.
The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead.
Hi, sir, just wanted to understand, [Foreign language] BOT project [Foreign language] , Agra- Gwalior, [Foreign language] L1, L2, L3, [Foreign language] , to our bid was, [Foreign language] in terms of revenue, sharing was much higher, close to 17% versus almost all the other players have quoted close to 5.5%-6%. To [Foreign language] variation [Foreign language], to do we think that we can, we can generate a decent IRR on the equity that we are looking at 1,075 crore?
No. So this BOT project is a major game of traffic analysis. And yes, because and in traffic [Foreign language] ? For this particular BOT concession, where my floor and cap is fixed, right? Because I can't get more than that, and I can't be, you know, losing more than that. This is the agreement, this is the provisions, it's already given into concession agreement. So, generally, those BOT projects are as is basis, the traffic and cost, where we believe that we are quite confident in terms of the cost, which we have estimated. And in terms of traffic, also, we are quite comfortable. So hence, we believe that we will be able to get good margin, good IRR, also, on this project.
Okay, so roughly, meaning, if you can help us in terms of IRR level, at how much are we looking at? 16%-17% plus kind of IRR?
More than 15%.
Okay, okay, got it. And, sir, is it possible that this INR 1,075 crore which equity is, and let's say INR 1,000 crore, that overall, that we are looking at this year, out of that this BOT toll in how much will remain? Because, as you said that by January perhaps we will get appointed date, so in this equity we how much initially put in have to do this year?
Generally, that depends on what kind of financing arrangement we are agreeing with the bank, but maybe 10% you can take on safe side, that is INR 100 crore.
Okay, got it. And, sir, this our L1, which two projects are, MSRDC's, which you said that these 2Q or 3Q in LOA will come, so their value how much will remain out of total L1, our which is INR 5,100+ crore ?
INR 4,300 crore.
INR 4,300 crore. Okay, to OFC [Foreign language] value [Foreign language] . OFC, [Foreign language] BharatNet [Foreign language] OFC [Foreign language] value?
OFC INR 650 crore, INR 650 crore [Foreign language] ? INR 650 crore is OFC and INR 220 crore is railway.
Okay, okay, [Foreign language] , sir, [Foreign language] , got it. Thank you, sir.
Thank you.
Thank you, ladies and gentlemen. That was the last question for today's conference call. I now hand the conference over to the management for closing comments.
Thank you sabhi investors [Foreign language] confidence rakha hai, uske liye bahut-bahut dhanyavad. Hum log aage bhi aapke trust pe khare utre, iske liye main expect karta hoon, aapko assure karta hoon. Thank you, thank you too.
Thank you on behalf of G R Infraprojects Limited. That concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you.