PNC Infratech (NSE:PNCINFRA) Q1 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to PNCINFRATEK Limited Q1 FY 'twenty seven Earnings Conference Call hosted by IFL Capital Services Limited. As a reminder, all participant lines will be in the listen only mode, and there'll be an option for to ask questions after the presentation concludes. Please note that this conference is being recorded. This conference call may contain forward looking statements about the company, which are based on the beliefs, opinions and expectations of the company as of the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict.

0:47 I now hand the conference over to Mr. Manil Bandari from IFL Capital. Thank you, and over to you. Thank you so much, Neera. Good afternoon, ladies and gentlemen. On behalf of IFIL Capital, I'm pleased to welcome you all on the PNC Infratech Limited First Quarter FY 'twenty seven Earnings Conference Call. We have with us the Managing Director of the company, Mr. Yogesh Jain, along with the senior management team. We'll begin with the opening remarks from the management followed by a question and answer session. Thank you and over to you, sir. Good afternoon, everyone. On behalf of PNC Infratech Limited, I extend a very warm welcome to everyone for joining us today on this call.

1:36 Today, I have with me Mr. T. R. Rao, Director, Infra Mr. Pankaj Agarwal, Vice President, Finance and Account and Strategic Group Advisors, our Investor Relations Advisors. The financial results and investor presentation have been uploaded on the stock exchange and the company's website for your reference. I would first like to share the key development across the industry with you followed by operational updates of the company and highlights of the financial performance during the quarter ended 06/30/2026, post which we will be happy to answer your questions. In the highway sectors, NHI project awarding activity remained subdued in quarter one financial year twenty seven also.

2:29 With only 107 kilometers awarded, attribution also moderated to approximately six forty kilometers. This slowdown was primarily driven by a weak award pipeline and continued geopolitical tensions. However, we expect the pace of awarding to improve going forward supported by healthy pipeline of projects. Recently, NHI launched 54 highway and Esprive project for an estimated aggregate value of around 1.8 lakh crore for bidding over the coming two to three months. The identified pipeline comprise 26 EPC projects, 21 projects and seven JVFOT based projects across The States.

3:21 A balanced mix of projects with sizable value is expected to create opportunities across different implementation formats for both fund based and non fund based highway developers. The government also continued to make steady progress in expanding India's high speed highway network and other sector also. A cumulative 10,389 kilometers of national highway speed corridor have been launched across the country, out of which 4,809 kilometers have already been completed, while 5,580 kilometers are currently under bidding and implementation. Beyond highways, we are seeing significant opportunities emerging across other sectors.

4:13 Continued government focus on highways, railways, metro rail, freight corridors, power transmissions, renewable energy and storage, mining, airports, water resource developments, including drinking water supply and R1 developments provides confidence in the sustained growth opportunities for very stabilized infrastructure companies with strong execution capabilities, proven expertise and financial credibility. Railway continue to robust project pipeline as the government endeavors to strengthen railway infrastructure through both budgetary support and investments in capacity expansion, station redevelopment and freight connectivity.

5:04 The proposed expansion of PPP led rate projects, including HAM based development, akin to highway development is expected to create broader opportunities for experienced high grade infrastructure developers. Similarly, the power transmission sector is expected to witness a capital expenditure to the tune of INR 6 lakh crore over the next five financial year, driven by the government's plan to strengthen the transmission network and facilitate the efficient from over 900 gigawatt of non fossil fuel capacity, including solar, wind and hydro by Financial Air '35 to 36. This is expected to drive significant investment across transmission, energy storage and associated infrastructure, creating robust long term opportunities for infrastructure developers.

6:03 Water infrastructure continue to offer significant medium term opportunities as JRG1 Mission two already achieved remarkable progress with functional drinking water air connections reaching 82% of rural households as of July 26, up from just 17% in 2019. While highways remain the primary focus, we continue to identify and pursue increasing opportunities across the above mentioned sectors to expand our business landscape for driving sustainable growth going forward with the objective of building a more diversified and sustainable order book. Now coming to recent updates on the company.

6:53 In May 2026, the company received letter of award from Lucknow Development Authority, Uttar Pradesh, for construction of four land flyover on EPC basis. The project is valued INR194 crore and is scheduled to be completed within twenty four months. In May 2026, PNC Infratech JV received the letter of acceptance from UP State Bridge Corporation Limited for construction of four land major bridge over Ganga River Connectivity, Trans Ganga City to Kanpur City on EPC basis. The project is valued at INR559.5 crore and is scheduled to be completed within thirty six months with a fifty-fifty participation ratio between the JV partners.

7:48 In May 26, the company received INR 234.99 crore from NHI in terms of the onetime settlement agreement executed with NHI regarding Angra Bypass APC project arbitration award under the Bivas Rizbat scheme charter. In 2016, the comparison certificate was received for a Hemp project, Priyagraj Khosambi Track 3 with the effect from 06/20/2026. Concession agreement signed with NHI on 07/16/2026 by two new SPV incorporated by the company, namely Barabanki Motubabar Highway Private Limited and Motubabar Bishwariya Highway Private Limited for implementation of two new Hemp projects secured by company in the first quarter of current financial year.

8:42 In July 26, company received letter of intent from Airport Authority of India for EPC work of Pantanagar Airport in Uttarakhand. The project is valued at INR302 crores and is to execute in twenty four months. On 07/31/2026, an arbitration award of $2.44 crore was published in favor of company in connection with an EPC project, upgradation of Shanoli to Gurakpur section on NH 2019, executed for UPWD. Now moving on to the operational and financial performance of the company.

9:31 Company's 17 fund based project portfolio comprised one BOT toll project, two BOT NOT project and 14 AM projects. Aggregate bid project cost of 14 AM projects is over INR 17,200 crore. Out of total 14 AM projects, six projects achieved PCOD and COD, five projects are under construction, one project of LPDG for which financial project documents submitted, two project concession agreement signed and process of financial closure gets underway. Total equity investment requirement for the N project is INR $16.23 crore, excluding two newly awarded N project for which financial closure is to be achieved.

10:23 Till June 26, company already increased INR $11.87 crore and the remaining equity of INR $4.36 crore is to be invested over next two years. The internal accruals that would be generated over the next two three years should be adequate to meet the above equity investment requirement. Company's unexecuted order book stands at over 19,100 crores providing healthy revenue visibility, which includes value of two new Hemp projects secured in Apprent twenty twenty six, so one major bridge project and one flyover project in May 26 and one airport project in July 26.

11:13 Highway contracts contribute 64% of total unexecuted order book, while water, canal, railway and airport contracts contribute around 21% and coal mining contracts contributes about 15%. Now I would present the results for quarter ended 06/30/2026. Stand alone revenue for the first quarter of financial year twenty seven is INR $15.18 crore, which is higher by 34 as compared to INR $11.36 in the first quarter of financial year twenty six. The turnaround EBITDA for the first quarter of financial year twenty seven is INR $3.75 crore, which is higher by 167% as compared to INR 141 crore in the first quarter of financial year twenty six. Standard EBITDA margin for the quarter is 24.7%.

12:17 Stand alone profit for the first quarter of financial year twenty seventeen is INR $2.71 crore, which is higher by $2.35 percent as compared to INR 81 in the first quarter of R. Six. Standard on FAT margin for the quarter one of financial year twenty seven is 17.8%. Now moving on to the console results. Console revenue for the first quarter of financial year 'twenty seven is INR $16.88 crores, which is higher by 19% compared with INR $14.23 crore in the first quarter of financial year 'twenty six.

13:10 Cancel EBITDA for the first quarter of financial year 'twenty seven stood at INR $5.24 crore, which is higher by 42% as compared to INR $3.67 crore in the first quarter of 'twenty six. The EBITDA margin for quarter one of financial year 'twenty seven is 31%. Console PAT is INR $3.32 crore, the PAT margin for quarter one financial year 'twenty seven is 19.7%. On a stand alone basis, our net worth as on 06/30/2026 is INR 6,084 crores, whereas a stand alone debt from banks, financial institution is Rs. $4.28 crores, excluding ICD.

14:05 This translates to debt to equity of 0.07x, excluding ICD. Total cash and debt balance including current investment is INR1046 crore, thus we have a net cash surplus of INR133 crore as on 06/30/2026. Our consolidated net worth as on 06/30/2026 is INR7147 crores, whereas total debt is INR 5,448 crores. This translates to debt to equity of INR 176 crores. The total cash and bank balance, including current investment is INR 2,870 crores.

14:56 With this, we now open the floor for question and answer. Thank you. Thank you very much. We now begin the question and answer who wishes to ask a question, may press star and 1 on the touch tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and one to ask the question. The first question is from line of Shavansha from Dollar Capital. Please go ahead.

15:49 Thank you, sir. Sir, before asking the question, just to get a clarification to we have announced on the exchanges. But for the benefit of everybody, just wanted to clarify again a couple of things there. So is there any time line in terms of the Lucknow Kanpur? When can we have an idea whether will there be any kind of a non performer? We will be declared a non performer? Or are we are going to be banned for for bidding? And if... First is the timeline. And let's say, if in the worst case, if the nonperformer or ban comes, will it be for one month, three months, or four months? Any any any any indication on that? That is one. Second, if it is the case, will it also lead to a kind of a bidding ban at the UP state level?

16:45 Because what we understand there are close to 10,000 kind of a projects will be there before the election. So that will be the case for us or not. And the lastly, in terms of how much cost that we have to incur to repair this thing? And will it be at a stand alone level or at a subsidiary level? And is this only the repair and for the toll loss on net net in terms of the financial impact as on today, how much one can see the financial impact? And will it be at a stand alone or at a subsidiary level? Okay, Mr. Shah. It will be now at this stage, whatever we had in come to the exchanges, we want to say any further material thing because the issue is still under consideration by NHA and we are also submitting our reply to the notices issued by NHA.

17:46 Anything about the whether they will pass any order of nonperformer or otherwise department is a completely speculative and hypothetical at this stage. So once we submit our reply to them and followed with a due process, the decision will be taken by NHA, which we can't speculate as of now whether any prescriptive action will be taken in the concession. So given the fluidity of the situation, so we don't want to comment anything saying that regarding our bidding and also whether we'll be able to beat for the future projects, including projects in Uttar Pradesh being floated by Ubaida.

18:35 I would hope that you understand the sensitivity in the matter, and we don't want to share anything beyond what we're informed to the exchanges. Got it, got it, sir. Now in terms of the guidance that we have last time given the kind of a INR 6,000 crore revenue for this year FY 2027 and INR 7,500 crore for next year FY 'twenty eight. And also on the margin 12% and the order inflow INR 15,000 crore against, I think, close to INR 5,900 crore already received. So any change in the guidance? No. As of now, we are not contemplating any change in the guidance what we had given during the last call.

19:25 So we are making the same guidance. So we received five new projects during the current financial year. So we expected to secure a total new business worth of INR 12 to INR 15,000 crores in FY 'twenty seven. And the guidance of 6,000 crores for FY 'twenty seven and the guidance of INR 7,500 crores in FY 'twenty eight and we want to maintain the same level. Okay, great. Great. And in terms of the two new projects, particularly this Barabang Ki, Mustafa 1, when can we see the appointed date for that? And broadly in terms of the equity, it would be close to INR $4.90 odd crores that we would be to be investing in there?

20:17 The concession agreements for the both the projects we executed with NHA on July 16. Post that, we have a five months, one hundred and fifty days time to achieve the financial closure. And thoroughly, NHA will fulfill their contractual obligations and conditions precedent of providing 90% of the land. So post that 100 rate will be declared. So we expect timely achievement of financial closure and also we expect timely provision of the vacant land for construction within the respective timelines and aphonded rate will be declared timely and we will commence the critical execution accordingly.

21:04 With regard to investment of equity, so once we achieve the financial closure, so we'll able to know the exact percent figure of the equity amount. But it would be around the same amount, but we are mentioning the same in the similar range. Got it. And the Pantanakar Airport and Bhopal Bypass AD, that will be there by this quarter, Q2 itself? Parthenagar Airport, we expect this will be done during the current quarter, that is before end of September twenty twenty six. But whereas in the case of Bhopal, now there are some changes in the scope. That we expect the quarter three, third quarter before we end up current calendar year.

21:56 Okay. And lastly, sir, balance sheet items, if you can help us, inventory, trade payable and data? Hello. Yes, sir. Sir. Tell me inventory is 847 crore rupees. Yes sir. Address is 91900 Crore Rupees. 1,900 crore, okay and trade payable? Trade payable is 680 crore rupees. 680 crore. And mobilization, unbilled and retention? Mobilization advance is 178 crore rupees. Okay. Retention is 295 crore rupees.

22:45 Okay. And the total unbilled as on June 30 is 436 crore rupees. Sorry. $4.04 462 crore. 462 crore rupees. Okay. And the ham data and water data will be? Please note. Ham data is 479. 79. What the debtor is? $909,125. Okay. Okay. Got it, sir. Thank you, and all the best. Thank you. Next question is from the line of Balasubramanian from Adrihan Capital. Please go ahead. Good afternoon, sir. Thank you so much for the opportunities.

23:34 Sir, water order book is around 2,310 crore. Like I think the progressing appears slowly, around 66% completion. Can you provide more granular time line for the completion and recognition of these projects? See, in terms of rural drinking water supply, see, at the beginning of the current financial year, the opening order book, unequipped order book was crores. Out of that, we had executed INR136 crores worth of value of the BOF during the first quarter. So remaining around crores balance is there. So which we expect to execute next two financial years as the Government of India has extended the implementation of the GELD G1 2.0 till December 2028.

24:39 And also because there has been a paucity of funds at the state level as well as the government delay in the release of funds by the central government. So around $7.41 crores, excluding GST, has to be related from the government as of late. So we expect these funds will be realized in the coming months because the state government is very actively pursuing release of 50% subsidy from the government of India. So we expect release of these funds and be able to relay the substantial amount of out of the INR $7.41 crores. Then accordingly, we'll accelerate the progress. Sir. Sir, this net working capital, it's sort of one hundred and ten days, because of JJM, like when we can expect significant improvement on that working capital side?

25:39 And secondly, what is the current receivable for the Andhra Pradesh irrigation projects? Andhra Pradesh irrigation project, we have executed and done the invoicing for INR $4.16 crores, excluding GST. Out of INR $4.16 crores, we have received INR $2.63 crores, excluding GST. As of now, the receivables fee is INR153 crores. So the budget for INR94 crores has been released by the same government last month. We expect release of this amount by within next one week to ten days, then the receivable will further come down.

26:30 It will come down to somewhere around 60 crores. Okay, sir. And the net working capital days, sir? Net working capital days as of June 30 is one hundred and ten days. And definitely, if we receive the fund from water and the canal project, definitely it will be reduced significantly. Sir. So my last question, we are diversifying into solar, a bit sand mining side. Earlier also, we have guided 1,000 crore revenue target and by FY twenty twenty seven or INR 2 crore revenue. So how do you look at our strategic like strategy point of view on the diversification?

27:23 And how do you look at revenue mix in the next three to five years time frame? In case of solar project, the project what we intimated the EPC component would be around INR 2,000 crores. The land we had identified in the state of Madhya Pradesh and around 300 more than 300 acres of land has already been finalized and these have been finalized. And we are in active mode of acquiring or taking lease on the remaining land, which we expect to be completed in next four to five months.

28:17 Simultaneously, we also taken up with the potential buyers of the power with the two states. And we expect these PSA, power sale agreements will be executed between NHPC and the buyers and subsequently PPA will be executed. And then post that, the detailed engineering based on the land configuration and layout and then followed by the procurement and execution. So we expect in the fourth quarter some revenue from this particular project. Got it, sir. Got it, sir. Thank you. Thank you. Next question is from Manav Vaibhav Shah from GM Financial Services. Please go ahead.

29:09 Sir, firstly on the Kantor Lucknow change, so have you received the Socas notice from NHAI? Pardon? Pardon, please? Have you received the Socas notice from NHAI? Yeah. Yeah. The concession... They issued notice to the concessionaire. Okay. To the STV. Okay. Okay. Sir, secondly, what would be the cash and PNC Infratech Holdings as of June? The cash and bank balance as of in the standalone balance sheet, Infratech Holdings. Around 1,100 crore rupees. Okay. And sir, out of the debt of 900 odd crores, what would be the ICD portion?

30:03 Is 485 crore rupees. So why is why is the debt increased so much in 1Q? Actually, the debt is increased due to the... We have taken the term loan for machine financing. That's why the term loan is increased. So we have so much amount of cash, then why are we taking term loan for machinery? Actually, this is a strategic decision. The loan is to be repaid in the next four to five years. And we have maintained the liquidity in our company. Okay. Okay. Sir, we saw that interest cost have significantly come down in q one to almost 20 odd crores from 30 in q four. So incrementally, what will be the quarterly run rate?

31:00 The quarterly run rate will be the... In the range of 20 crore rupees. Okay. So we expect your debt to come down from 900 crore? Yes. Yes. Definitely, that will be come down. Okay. Okay. Sir, secondly, on the... If you look at the equity inclusion, what would be the amount in '27 and '28? And the amount... The number I missed, so for two, you have to be $4.90 crores equity requirement? My equity requirement is INR $4.36 crore rupees, excluding the solar and the two new home projects. Out of that, we are intent to invest in financial 2627 is 226 crore rupees, and the balance will be next year.

31:53 And the amount for total new ham would be around $4.90? 4 Sorry? 400 and No. It will be around 400 crores because two RAM crores put together is 3,470... Yeah. 83 crores. So it will be around $404,400 crore. And the infusions would happen sometime in '28 and '29? In '27, we will infuse marginally, but, majorly, it will be it will be invested in financial at '28 and '29. Yes. Sir, what revenue are we targeting from JM and irrigation individually for 'twenty seven and 'twenty eight?

32:45 So irrigation project, we are planning to complete irrigation project in FY '28. That is our plan that is our target, provided we will get the timely presence from the government of Andhra Pradesh. Okay. So what will be the revenue in FY 2027? We have targeted for 2027 is INR 150 crore for AP General project. We should be able to achieve the same because... So remainder 600 crores in FY 'twenty eight if the payments are in place? Yes. Okay. And sir, on JGM? JGM? JGM, we are expecting around crores to INR800 crores in the current financial year and FY 'twenty seven and around INR1000 crores in FY 'twenty eight.

33:37 And any residual amount will be there, that will be like relief for commissioning and testing kind of I think that will be we'll get it in FY 2019. But you know the whole project will be completed before end of FY '28 calendar year 'nineteen. 'twenty eight, the government extended up to December 2028. Okay. And sir, lastly, on the tax rate, it was on a higher end of 27% in Q1. So for the entire year, what could be the number? The number will be in the range of 25 to 27%. Okay. And sir, CapEx number for q one and entire year? We have Apex for the entire year is targeting 150 crore rupees.

34:28 And in Q1 doing for what? Around 70 crore rupees, we have a purchase in machinery. Okay. Thank you, sir. Those are my questions. Thank you. Next question is from the line of Archit Agarwal from State Trade Capital. Please go ahead. Yes, sir. Good morning. Yes. My question is, in last quarter, the order book was INR22000 crores. Arjun, sorry to interrupt. Can you speak through the handset, please? Hello.

35:16 Yes, go ahead. Yes. So my question is, so in the last quarter, the order book was INR 22,000 crores, whereas in this quarter, the order book is INR 15,000 crores. So can you give the reconciliation of this? See, last time, what we had mentioned INR22000 crores, that includes the new two HAM projects that we had secured in the first quarter. So if you see, if you kindly recall the our MDs fees just before INR 19,000 crores. INR 19,600 crores order book we had mentioned. 19,001 crores. Thousand crores, one you have mentioned in this speech. This INR 19,100 crores includes two Paravansky, Mustafaba, Mustafaba to Visvaraja two projects and Panchakaran Airport Bridge over Gunda and LDAs Flyer.

36:30 Okay. Thank you. Next question is from line of Sarvesh Gupta from Maximal Capital. Please go ahead. So I understand that you may not want to comment on the, you know, correspondence with NHAI and their stance towards company. But, you know, in terms of our own assessment of the situation of this particular road, you know, initially, there were these news items that a 300 meter section was having trouble.

37:25 But later on, we have also seen news items where, you know, it is said that several other parts of the roads are also having problem. And plus, we have also read somewhere that there is a 42 lakh rupees per day penalty because of non... Because of the closure of the toll collection from NHAI towards our company. So can you comment on, you know, what has been our finding on the condition of the road? You know, what is the extent of the problem? How many months would it take to solve them in terms of repair and maintenance work? And, you know, on this 42 lakh per day payment that we have read on the news.

38:15 The first thing, what are the stages and isolated locations that have been affected due to the original range, the project has experienced during the month of July. These are the routine maintenance activities. The concession agreement envisages, there will be in case of any defects or deficiencies, save need to be repaired and rectified. This is as emphasized in the concession agreement, it is nothing like any uncommon phenomena that has happened. It is a very common phenomena than the highway projects. In case of rains and there could be some kind of a maintenance requirement and which we are retaining.

39:06 So you don't want to comment on the media speculations and the rumors that which regions best known to them could be understandably for a sensationalism. So these things are blown out of proportion. See, we are going by the condition and we are in the process of replying truly to the NHS notice what they have issued. And with regard to loss of toll and opening the highway without collecting the user fee, it is the NHS' own decision, but it will be governed by the process of the law and process of the concession agreement. So we don't want to comment on that, but we reserve our position on that because the loss of toll is the decision by the MHA.

40:03 And the repairs, again, stipulates the timelines for the repairs for any emergency kind of things, which they start with twenty four hours, forty eight hours and up to one hundred and eighty days time will be there, which is to which where there is a major observations and major preparations to be done. So we are following these time lines. Whatever timelines duplicated in the contract under Article 17 and Schedule K, we are following them and we are completing the necessary steps and expectations within the given timelines. Is there any sense on on this timeline? I understand that there is a contract period. But, you know, given our own assessment of this newly constructed road, which has been built by ourselves, what is your assessment as of now? Like, how much time it will take for the road to... For you guys to complete the repair and reopen the toll collection?

41:31 Okay. And secondly, sir, on the current pipeline, if you can give some sense on the pipeline of how much we have bidded for already and how much we are planning to bid in the road segment. The bids here, see, there are 24 bids, which we had already submitted, which are under realization and their financial bids are yet to be opened. Total 24 comprises 16 EPC bids and eight HAM bids. If you see the sector wide breakdown, it's a 10 HAM projects of NHA and the MOTH, eight railway projects, two coal fields projects and remaining projects of BFC, TPCB, UP Metro, LDA and other clients.

42:30 So these 24 projects where we had already submitted our bids at a value of INR 32,000 crores. Apart from that, we identified another around 78 projects, which are to be bid for next two to three months for a value of INR 1.7 lakh crores. These bids also comprise HAM projects, EPC projects and also TBCB and DBO for T2 projects. This is the pipeline, you can say around INR 2 lakh crores project pipeline we are pursuing. Okay. Thank you, sir, and all the best. Thank you. Thank you. Next question is from the line of Vasude from Uama Wealth Management. Please go ahead.

43:21 Yes. Thank you for the opportunity. Sir, for the solar and mining projects, what is the total liquidity requirement? And you know, what kind of revenues can we look for in FY '27 and '28 in these two projects? Equity requirement. The total equity requirement estimated for solar project is INR 400 crore rupees. Okay. And for mining project? Mining project, this is still... This is a EPC project, so there is no requirement of equity in this project. Okay. And what kind of revenues can we target in FY '27 and FY '8? For coal project for coal project, we are targeting INR 500 crore for financial year '27 and 500 and crore same is financial year '28.

44:22 Okay. And for the solar one, you said that in q four, we can see some revenue. So, you know, what could that claim in an FY '28 then? Solar, as mentioned, we are planning to start the work in the quarter four. So for financial year 'twenty seven, is difficult to achieve more revenue in the solar project. In financial year '28 and it will be completed in financial year '28 and '29. And we'll be achieving more than 1,000 crores in FY '28 and the remaining in FY '29. Okay. Sure, sir. And if you could help me with the toll collection numbers for this quarter. Please note down, the toll collection for MV Highways is INR 13.8 crore for this quarter. And the Narela project is INR 3 crore.

45:24 Okay. And for RVJ, it's 32 crore. Sir, sir, that's it from me, sir. Thank you. Next question is from the line of Dipashree Ravindraji from Ambit Capital. I just wanted to understand on the Pune Rindrod project, are there any execution challenges that you're facing because you've only done about 75 crores of revenue in this quarter? Hello. See, unit enrolled project is going on as planned, because this project has got both recasting of the segments followed by execution of market side. So it has got specific milestones based on the physical execution side.

46:28 So this is a cyclical, and now we do the pricing of the segments, we won't be billing. And now these segments are directed at site, so billing cycle will be there. So it's a bit fluctuating. And but what are that we should be able to complete this project within the stipulated time of three years. We don't foresee any changes And this despite the challenges. Okay. So what is the expected revenue for this project in FY 'twenty seven and 'twenty eight? This strategy is not available. We can share with you. Okay. Got it. And on the mining project, even there, the execution was pretty low this quarter. Is there any reason for that?

47:19 See, in the mining, because the project proponent, Raghuramti has to provide us very encumbrance free and encroachment free land. But unfortunately, the entire land was not provided. And even the land parcels, what they have provided are in discontinuous manner. And also then there are some resistance with the local people. So these are the teething issues, teething problems we had faced. Now the things are becoming normal and it is getting streamlined. And recently, we deployed two brand new surface miners. So the progress is getting expedited. So going forward, we don't foresee. So we should be able to achieve around crores of overall revenue in the current financial year and similar kind of revenue in the next financial year. And we should be able to complete the project within the five years' time frame.

48:16 Okay. Got it. And one last thing, on the working capital, so your working capital days have improved compared to last quarter. Any particular payment benefit that you've seen coming in this quarter that is like to the improvement? Since the payment from the Maharashtra state and as well as in the water sector, we received the payment in this quarter. And hopefully, this working capital cycle will be improved in next quarter also. Now in terms of Uttar Pradesh, SWSU started releasing payment for the water projects for the work we had already done. So the plan, we are getting the strategy, we are getting payment from the SWS.

49:05 Similarly, in the irrigation project also, we are expecting a payment of 94 crores during the current month. So going forward, in the second quarter, working capital cycle would improve. Okay. Sorry, sir. By water, you mean the JJM project this year this quarter or the irrigation? Yes, it's the lithium project where INR $7.41 crores is pending to be realized from them. And how much did you receive in this quarter from JJM? I think JJM some We'll share with you. Please, before end of the call, we'll share. It's not readily available with us. Okay. No worries.

50:09 And just one last thing, what is the unbilled revenue right now from JGM? Unbilled revenue from JGM is around INR 20 crore. Got it. Thank you, sir. Those were my questions. Thank you. Next question is from the line of Webhak Shah from JM Financial. Please go ahead. Thanks for the follow-up. What will be the CapEx required for the mining project in totality? In totality, the total CapEx was required around INR 300 crore rupees. Okay. So we have guided for INR 150 crore CapEx by 'twenty seven.

50:55 Sorry, $3.50 crore rupees. Okay. So this will be an initial couple of years, right? Yes, yes. Initial couple of years. And then on about that will suffice the for the entire contract duration. So we can expect a higher CapEx for FY 'twenty eight? Yes, definitely. Production will increase in coal mining. So, external level for FY '28, what could be the cheapest? Of course of 200 crores? Around 150 crores rupees in this current financial year, '27. For '28? '28 similar line of number, 154 rupees.

51:46 Okay. Okay. Thank you, sir. Thank you. Thank you. Next question is from the line of individual investor. Please go ahead. Hello. Am I audible? Yes. Yes. So my only question was that whether would you be able to reduce the dependencies on the roadways project provided that saw that the revenue breakup by segments showed a lot of roadways, revenue rules. So how do you plan to mitigate like that concentration risk over the years? See, as we had mentioned, as of now, the road unequivocal data book is slightly more than 60% and the revenue is slightly less than 40%.

52:48 Yes, we are broadening our perspective. As you could see that we are actively bidding in railways, metro rail, coal mining and also TTCP for transmission projects. And also the projects which have been identified for the bidding in the coming future also comprises both highway projects as well as non highway projects in the ratio of 50 to 50. So going forward, we see that this will further we have a balance in kind of a thing. So around 40% to 45% role or non growth sector and around 55%. And going forward, let us see how things will unfold, see how the upbringing opportunities emerge in the non road sector.

53:43 Thank you very much. Ladies and gentlemen, we'll take that as the last question. I'll now hand the conference over to the management for closing comments. Thank you. Thank you everyone for your active participation in our earning call. Should you have any further queries, you may get in touch with the strategic group advisors, our Investor Relations advisors or feel free to get in touch with us. Thank you. Thank you very much. On behalf of IIFL Capital Services Limited that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you. Thank you.