Thank you. We will now begin the question -and-answer session. The first question is from Mr. Alok Deora from Motilal Oswal. Please go ahead.

Just had a couple of questions. One is on the awarding. I believe we have not received any new orders in this quarter and even YTD NHAI awarding has been very weak at around 500 kilometers. So, what is the sense which we are getting now for the remaining 4 to 5 months of this financial year? Because would it be another year where awarding is weak? Or could there be some revival here?

I think, Alok, even historically, project awards from the authority have typically come toward the end of the year, and we are now beginning to see some traction. In terms of the bid pipeline, there are about six TOT projects — TOT 18 to TOT 22 — expected to be bid out over the next month, covering roughly 680 km. There are also around eight BOT projects, including six from NHAI and a couple from MSRDC, worth about ₹30,000 crore, which are also slated for bidding within the same period. So, there is clearly a healthy pipeline visible over the next month. We believe the award activity will pick up as we move toward the fag end of the year.

Sure. So, sir, based on the current run rate, what kind of construction revenue we are expecting because the growth has been primarily driven by the toll revenues, right? So, the core construction, what can be the growth outlook for this year and even the next year, considering the current order backlog and assuming the orders we win some orders in the remaining part of this year?

So, Alok, based on the order book in hand, we estimate revenue to be around ₹4,000 crore for FY26 . This includes both EPC and O&M. Our total order book stands at ₹32,000 crore, of which the executable portion over the next 1 to 1.5 years is about ₹4,000 crore. To add, we are gradually moving towards higher O&M execution. The O&M order book for the next 10–12 years is around ₹30,000 crore. Given the 20-year weighted average concession life across Public InvIT, Private InvIT, and other portfolios, the 20-year O&M order book will be in the range of ₹60,000– ₹70,000 crore. As O&M execution increases, a larger share of revenue will come from this segment. From earlier levels of 8–10%, O&M now contributes 25–30%, and we expect this to gradually increase to around 50%. This will provide steady, visible, long-term revenue. Once we transition fully to O&M, the revenue visibility will extend 15–20 years, with stable margins. Naturally, overall margins will improve compared to EPC revenue. That said, as mentioned earlier, there are ₹30,000 crore worth of BOT projects expected t o be bid out in the next month. Wherever opportunities are viable, we will evaluate them. However, over time, we see EPC increasingly shifting towards supporting O&M activities, rather than focusing solely on pure-play EPC where order visibility needs to be refreshed every two years.

Got it. Just last question. Now after this sale of assets from Private InvIT to Public InvIT, there is obviously release of capital. So, how we are positioning InvIT and how we are looking to best use it for our future bidding? Are we also looking at other sectors or any because this equity release is a much required thing and so how we look to utilize that? That would be my last question.

I think, Alok, as you mentioned, there are about six TOT projects lined up for bidding over the next month, with an overall size of around ₹20,000 crore to ₹25,000 crore. As we have already communicated, the ₹5,000 crore of proceeds will be deployed toward upcoming opportunities, which can support approximately ₹14,000 crore to ₹15,000 crore of additional projects. Considering the available pipeline, there is ample opportunity in the sector. We are not looking to move out of the sector, and given the strong pipeline, we should be well-positioned to secure projects.

Thank you. The next question is from the line of Mr. Aditya Sahu from HDFC Securities. Please go ahead.

Yes, sure. So, as you mentioned about the pipeline, so ₹30,000 crores would be the BOT bid pipeline that we have and ₹25,000 crores would be the TOT bid pipeline. So, overall ₹55,000 crores would be the overall bid pipeline that we have right now?

Yes, Aditya. So, that is a bid which is lined up over the period of next 1 month.

Understood, sir. and since you have mentioned that you are targeting a revenue of about ₹4,500 crores from EPC and O&M. Any sense if you can provide on what sort of margin levels are you looking at?

So, margin levels will be in the range of 20% to 23% for the O&M order book. There will be a steady stream of O&M revenue. Even if we execute around ₹2,000–₹3,000 crore of order book, the EBITDA contribution from O&M alone would be roughly ₹700–₹750 crore, as we gradually move towards 50%– 60% of our total execution coming from O&M.

Thank you. The next question is from the line of Mr. Bhavik Shah from Invexa Capital. Please go ahead.

Sir, my first question is when we look at the half yearly balance sheet, our net debt comes to ₹12,805 crores. But in the investor presentation, the number is different. Can you help us understand what is included and what is not, one? And second, sir, can you help us provide the breakup of the debt, how much is the private InvIT debt? And how much i s the debt on the books for EPC projects? And how much is the debt on the books for BOT and HAM projects?

Yes, Tushar will provide the detailed debt breakup for each segment. Broadly, if you look at the financial disclosures, the deferred premium is included as part of total liabilities. If you remove the deferred premium in the case of Ahmedabad–Vadodara, the numbers in the presentation and the financials will reconcile. If you need the detailed debt breakup, we can share it —it is also disclosed in the financial statements. Primarily, our debt is at the Mumbai –Pune level, Ahmedabad–Vadodara, and three HAM projects (Overall debt at HAM level is not significant) and at the HoldCo level. At the Private InvIT, there has total project cost of around ₹63,500 crore, of which about ₹ 23,000–₹25,000 crore is debt —around 40% leverage. For the Public InvIT, based on September financials, debt is around 25–28%. Tushar will provide the detailed breakup for IRB.

Yes. So, if you see for SPV, the debt would be around ₹76 billion for the SPV of IRB, which is Mumbai-Pune, Ahmedabad-Vadodara and the other 3 HAM assets. The debt is close to ₹ 80 billion for IRB and MRM, which is the executing arm.

Understood sir and sir, what is our debt given to private InvIT.

So, there is no loan given to Private InvIT from IRB. It's like the receivables are on account of certain claims, which are filed with NHAI. So, there is no loans given separately to the Private InvIT.

Okay. So, what is the quantum of that?

Quantum would be somewhere around ₹35 billion to ₹40 billion.

How are you receiving? What are the terms?

Yes. So, in terms, once the SPV of the Private InvIT will receive those amounts, they will escalate to the IRB level.

When are we going to receive the same?

I think that is expected to be received in the next 2 to 3 years and just to share with you, whenever the claim is awarded, that is awarded along with the interest. So, there is no such any kind of loss to the IRB.

Thank you. The next question is from the line of Mr. Vishal Periwal from Antique Stockbroking. Please go ahead.

Sir, first is on construction segment, which you generally provide in the PPT. So, it has reported almost like ₹820 odd crores kind of revenue in this quarter. Okay. So, now if one has to understand a breakup between O&M and EPC, so the EPC order book has fallen by almost like ₹600 odd crores this year. So, is it fair to say ₹220- odd crores is coming from the O&M and that is kind of quarterly run rate that we could have?

Yes.

Right. So, which means probably in the second half, I mean, like we execute everything on EPC side, incrementally total revenue in the second half from the construction could be in the range of ₹1,900 crores to ₹2,000-odd crores. That's fair to understand?

Also, second half construction revenue expected in similar range i.e.1600 to 1800 crores.

Got it, sir. And second, sir, there was a media report which talked about like we have won a big order in TOT 17 or maybe like we are L1 in the TOT 17. Can you give some update what is the status out there? And by when I mean, the complete formalities and when we can get a revenue and how we plan to fund it?

I think we are awaiting the official communication from NHAI, and once we receive it, we will be able to share further details. Having said that, I can speak about the broad yardsticks. If you look at the merit of the project and compare it with the past TOT awards from about 1 to 1.5 years ago, those projects were typically awarded at around a 12–12.5x revenue multiple. Our bid is also in a similar range. Additionally, over the past 1–1.5 years, there has been a savings of nearly 100 basis poin ts in interest costs, which is another favourable parameter. Once we receive the official communication, we will share more details.

Okay. Sure, sir. We will wait for that. Maybe one last thing. You did mention there has been, I mean, like after the sale of assets from private to public and then I mean, private has cash in the books for the growth plan. So, going ahead, the TOT or maybe any BOT, I mean, like if you are planning, so directly Private InvIT can do the acquisitions or I mean, how it will be structured?

Yes, you are right. The proceeds that have been received from sale of these 3 assets are very much available at the private InvIT end for deployment on to new assets. And as we explained earlier, the TOT opportunity looks to be very promising. And certainly, these proceeds will come in very handy to take care of those equity requirements.

Okay and then this TOT 17, I mean, so this is with the Private InvIT or it is by the IRB?

Yes. We have been bidding all the TOT projects through the Private InvIT platform. Because the earlier TOT 12 and 13 were also bid through the Private InvIT platform.

Ladies and gentlemen, that was the last question for today. We have reached to the end of the question-and-answer session. I now hand the conference over to the management for the closing comments.

Thank you. Thank you, sir. Ladies and gentlemen, this concludes this conference. We thank you for your participation and for using Research bytes Conference services. You may please disconnect your lines now. Thank you. Have a great evening ahead.