Q1 2027 Dilip Buildcon Ltd Earnings Call

August 11, 2026

Speaker #1: Participants remain connected to the Dilip Buildcon conference call. Please stay connected. The call will begin shortly. Participants, you have been connected to the Dilip Buildcon conference call.

Speaker #1: Please stay connected. The call will begin shortly.

Speaker #2: Ladies and gentlemen, good day, and welcome to Dilip Buildcon Limited's Q1 FY27 earnings conference call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Shashank Salun: Ladies and gentlemen, good day, and welcome to Dilip Buildcon Limited's Q1 FY2027 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 * then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shashank Salun from Adfactors. Thank you, and over to you, sir.

Speaker #2: 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.

Speaker #2: And now I hand the conference over to Mr. Harshit Salin from AddFactors. Thank you, and over to you, sir.

Speaker #3: Thank you. Good morning, everyone, and thank you for joining us today to discuss the audited financial performance for Q1 FY27. From the management, we have Mr. Devendra Jain, MD and CEO.

Shashank Salun: Thank you. Good morning, everyone, and thank you for joining us today to discuss the audited financial performance for Q1 FY27. From the management, we have Mr. Devendra Jain, MD and CEO, Mr. Rohan Suryavanshi, Head, Strategy and Planning, and Mr. Sanjay Bansal, the CFO. Before we proceed, I would like to bring to your attention that certain statements made during the 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.

Speaker #3: Mr. Rohan Suryavanshi, Head of Strategy and Planning, and Mr. Sanjay Bansal, the CFO. Before we proceed, I would like to bring to your attention that certain statements made during the discussion may constitute forward-looking statements.

Speaker #3: 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.

Speaker #3: 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.

Speaker #3: Thank you, and over to you, sir.

Speaker #4: Good morning, everyone. On behalf of the entire DBL family, I extend a warm welcome to all our investors and analysts to our Q1 FY27 earnings conference call.

Rohan Suryavanshi: Good morning, everyone. On behalf of the entire DBL family, I extend a warm welcome to all our investors and analysts to our Q1 FY27 earnings conference call. The financial results and investor presentation for the quarter have already been uploaded on the stock exchanges, and I trust you've had the opportunity to go through them. Let me begin with providing the broader sector environment. The infrastructure sector continues to enjoy strong policy support with sustained government focus on roads, railways, water transmission, and renewables, all sectors in which we are currently and actively engaged in. The awarding cycle in the first quarter was on the softer side, as is usually the case, and particularly in the national highways on account of the ongoing recalibration of the Bharatmala Pariyojana pipeline and the process-related delays. However, the medium-term signal from the government remains constructive.

Speaker #4: The financial results and investor presentation for the quarter have already been uploaded on the stock exchanges, and I trust you've had the opportunity to go through them.

Speaker #4: Let me begin by providing the broader sector environment. The infrastructure sector continues to enjoy strong policy support, with sustained government focus on roads, railways, water, transmission, and renewables.

Speaker #4: All sectors in which we are currently and actively engaged. The awarding cycle in the first quarter was on the softer side, as is usually the case.

Speaker #4: And particularly in the national highways, on account of the ongoing recalibration of the Bharatmala pipeline, and the process-related delays. However, the medium-term signal from the government remains constructive.

Speaker #4: During the quarter, NHI articulated its FY27 project pipeline of 54 highways and expressway projects, covering 2,442 kilometers, with a total capital cost of approximately ₹1.80 lakh crore, spread across 13 states. Of these, 26 projects are proposed under the EPC route, 21 under the HAM route, and 7 under the BOT route.

Rohan Suryavanshi: During the quarter, NHAI articulated its FY27 project pipeline of 54 highways and expressway projects covering 2,442 kilometers with a total capital cost of approximately INR 1.80 lakh crores spread across 13 states. Of these, 26 projects are proposed under the EPC route, 21 under the HAM route, and seven under the BOT route. This gives the industry a clear line of sight on award activity for the balance part of the year. It's also heartening and aligned with our own strategy is the acceleration of the government's own monetization program. NHAI has finalized 17 highway stretches spanning approximately 1,693 kilometers for monetization in FY27 through its BOT and InvIT routes and which is expected to generate proceeds in the range of INR 30 to 35 thousand crores.

Speaker #4: This gives the industry a clear line of sight on award activity for the balance part of the year. It's also heartening that, aligned with our own strategy, is the acceleration of the government's own monetization program, NHI has finalized 17 highway stretches spanning approximately 1693 kilometers, for monetization in FY 27, through which DOT and Invit routes, and which is expected to generate proceeds in the range of rupees 30 to 35 thousand crores.

Speaker #4: This is part of the second National Monetization Pipeline, under which the road sector alone is targeted to unlock ₹4.42 lakh crore between FY26 and FY30.

Rohan Suryavanshi: This is part of the second national monetization pipeline, under which the road sector alone is targeted to unlock INR 4.42 lakh crores between FY26 and FY30. This validates the InvIT-led capital recycling model we are building at DBL and reinforces the depth of the institutional market for the operating road assets we develop and transfer. Global uncertainties around crude prices definitely continue to weigh on fuel bitumen and related input costs. Working capital cycles across the industry remain elongated and administrative delays on project approvals and payments have persisted through the quarter. In our assessment, these are cyclical rather than structural, and the medium-term thesis for Indian infrastructure remains firmly intact. Our approach, therefore, continues to be one of selective tendering, execution discipline, and preservation of balance sheet strength. Coming to DBL's performance. Our order book stood at INR 27,691 crores as of 30 June 2026.

Speaker #4: This validates the InvIT-led capital recycling model we are building at DBL and reinforces the depth of the institutional market for the operating road assets we develop and transfer.

Speaker #4: Now, global uncertainties around crude prices definitely continue to weigh on fuel, bitumen, and related input costs. Working capital cycles across the industry remain elongated, and administrative delays on project approvals and payments have persisted through the quarter.

Speaker #4: Now, in our assessment, these are cyclical rather than structural. The medium-term thesis for Indian infrastructure remains firmly intact. Our approach, therefore, continues to be one of selective tendering, execution discipline, and preservation of balance sheet strength.

Speaker #4: Now, coming to DBL's performance, our order book stands at ₹27,691 crore as of 30 June 2026, with a well-diversified presence across 12 verticals. Key segments include mining, roads and highways, irrigation, and renewable energy, which together form the core of our order book.

Rohan Suryavanshi: With a well-diversified presence across 12 verticals. Key segments include mining, roads and highways, irrigation, and renewable energy, which together form the core of our order book. This spread is a deliberate outcome of the DBL 2.0 strategy and gives a strong revenue visibility without dependence on any single segment. Out of this order book, in the MDO, the reported order book is about INR 5,224 crores, which represents only a three-year rolling snapshot across the Siarmal, Pachhwara, and Pottangi SPVs. Beyond this, the balance contract value of the mining sector stands at approximately INR 1.03 lakh crores at current pricing. These assets provide a substantial pool of long-term contracted revenues beyond the reported order book. In Q1 FY27, order inflow stood at approximately INR 268 crores.

Speaker #4: This spread is a deliberate outcome of the DBL 2.0 strategy and gives strong revenue visibility without dependence on any single segment. Now, out of this order book in the MDO, the reported order book is about ₹5,224 crore, which represents only a three-year rolling snapshot across the Siyarmal, Pachhwara, and Potangi SPVs.

Speaker #4: Beyond this, the balance contract value of the mining sector stands at approximately ₹1.03 lakh crore at current pricing. These assets provide a substantial pool of long-term contractor revenue beyond the reported order book.

Speaker #4: In FY27 Q1, order inflow stood at approximately ₹268 crore. As I mentioned, this is the first quarter, and the ordering activity usually picks up at the end of the financial year. We are very hopeful of maintaining our guidance of ₹10,000-12,000 crore of new orders in this financial year.

Rohan Suryavanshi: As I mentioned, this is the first quarter and the ordering activity usually picks up at the end of the financial year, and we are very hopeful of maintaining our guidance of 10,000 to 12,000 crores of new orders in this financial year. Currently, our bid pipeline stands at approximately 1.5 lakh crores across sectors. We continue to maintain our selective bidding approach, prioritizing profitability, cash flow visibility, and balanced risk-reward over pure top-line growth. Additionally, I am pleased to share that DBL has been declared the L1 bidder for the construction of Sikasal to Kudar Reservoir Link Canal pipeline project in Chhattisgarh on a lump sum basis, which is valued at about INR 2,524 crores. This win further reinforces our positioning in the water and irrigation vertical, which remains a strategic focus area within our diversified order book.

Speaker #4: Currently, our bid pipeline stands at approximately ₹1.5 lakh crore across sectors. We continue to maintain our selective bidding approach, prioritizing profitability, cash flow visibility, and balanced risk-reward over pure top-line growth.

Speaker #4: Additionally, I am pleased to share that DBL has been declared the L1 bidder for the construction of the Sikasar to Kodar reservoir link canal pipeline project in Chhattisgarh.

Speaker #4: On a lump sum basis, which is valued at about ₹252.4 crores, this further reinforces our positioning in the water and irrigation vertical, which remains a strategic focus area within our diversified order book. Now, on the execution front...

Rohan Suryavanshi: On the execution front, during the quarter, we completed three HAM projects worth INR 1,700 crores, all forming part of the Bengaluru-Vijayawada Expressway in Andhra Pradesh. Each of these packages was completed ahead of the scheduled COD, consistent with our track record of nearly 90% early completion across our project portfolio. Our mining vertical, which is progressively becoming the most important driver of our long-term earnings visibility and predictable cash generation. The total coal production for Q1 FY27 stood at 4.79 million tons. At the Pottangi bauxite, production is yet to commence, and we will update the market as we approach the operational startup. However, we remain firmly on course to reach our previously guided coal production of approximately 57 million tons by FY29.

Speaker #4: During the quarter, we've completed three HAM projects worth ₹1,700 crores, all forming part of the Bangalore–Vijayawada Expressway in Andhra Pradesh. Each of these packages was completed ahead of the scheduled COD, consistent with our track record of nearly 90% early completion across our project portfolio.

Speaker #4: Our mining vertical, which is progressively becoming the most important driver of our long-term earnings visibility and predictable cash generation—the total coal production for Q1 FY27 stood at 4.79 million tons. At the Potangi box site, production is yet to commence, and we will update the market as we approach the operational startup.

Speaker #4: However, we remain firmly on course to reach our previously guided coal production of approximately 57 million tons by FY29. At that scale, DBL will be one of the top three participants in India's energy security architecture, and a significant contributor to the country's coal supply mix.

Rohan Suryavanshi: At that scale, DBL will be one of the top three participants in India's energy security architecture and a significant contributor to the country's coal supply mix. On our multi-asset platform, Anantham Highways Trust continues to progress in line with the roadmap we had shared at the time of listing. As of 30 June 2026, DBL, along with its associates and economic interest, hold units of approximately INR 1,314 crore at face value in Anantham Highways Trust and approximately INR 207 crores face value of units in Shriram InvIT, taking the total value of units held by the group to approximately INR 1,521 crores. On the pipeline of asset transfers to the Anantham Highways InvIT, we remain on track to transfer the balance HAM assets in phases through March 2027.

Speaker #4: On our multi-asset platform, Anantam Highway Trust continues to progress in line with the roadmap we had shared at the time of listing. As of 30 June 2026, DBL, along with its associates and economic interest, holds units of approximately ₹1,314 crore at face value in Anantam Highway Trust and approximately ₹207 crore face value of units in Shrem InvIT.

Speaker #4: Taking the total value of units held by the group to approximately ₹1,521 crore. On the pipeline of asset transfers to the Anantam Highways InvIT, we remain on track to transfer the balance HAM assets in phases through March 2027.

Speaker #4: The next tranche of 11 assets that will be flipped is expected to require less than ₹81 crore of incremental equity investment, while generating InvIT units valued at approximately ₹1,750-plus crore.

Rohan Suryavanshi: The next tranche of 11 assets that will be flipped is expected to require less than INR 81 crores of incremental equity investment while generating InvIT units valued at approximately INR 1,750 plus crores. Beyond the HAM portfolio, I am very happy to report that our multi-asset platform is being built further through the 1,977 megawatt solar plant mandate that has been awarded to us in FY26 and the Mekhali Intrastate Transmission project in Karnataka. As these assets are also commissioned, they will feed into the recurring distribution income over the medium term. Beyond these assets, we also have water HAM and oil and gas portfolio, which we will also look to put into an InvIT structure so that it is held off DBL's balance sheet, plus held in the most tax-efficient manner and providing long-term cash flow visibility to the group. Now, coming to our debt position.

Speaker #4: Beyond the HAM portfolio, I am very happy to report that our multi-asset platform is being built further through the 1,977 megawatt solar plant mandate that has been awarded to us in FY26, and the Mehakali Interstate Transmission Project in Karnataka.

Speaker #4: As these assets are also commissioned, they will feed into the recurring distribution income over the medium term. Beyond these assets, we also have the Water HAM and oil and gas portfolio, which we will also look to put into an InvIT structure so that it is held off DBL's balance sheet, plus held in the most tax-efficient manner, and provides long-term cash flow visibility to the group.

Speaker #4: Now, coming to our debt position—now, this is a question that is usually asked, and I'll just take some time to explain where we are.

Rohan Suryavanshi: Now, this is a question that is usually up. I will just take some time to explain where we are. On net debt on a standalone basis, as on 30 June 2026, stood at INR 2,106 crores compared with INR 1,880 crores as on 31 March 2026. Now, this movement reflects a normal seasonal buildup in working capital that is typical in the first two quarters of the fiscal year and has been the same in the last few years, if you look at our past record. The normal working capital cycle has moved marginally from 131 to 133 days. However, we expect working capital to normalize in the second half of the year. The standalone net debt to equity stood at a comfortable 0.31 times as of 30 June 2026.

Speaker #4: Net debt, on a standalone basis, as on 30 June 2026, stood at Rs 2,106 crore, compared with Rs 1,880 crore as on 31 March 2026.

Speaker #4: Now, this moment reflects a normal seasonal buildup in working capital. That is typical in the first two quarters of the fiscal year and has been the same in the last few years, if you look at our past record.

Speaker #4: The normal working capital cycle has moved marginally from 131 to 133 days. However, we expect working capital to normalize in the second half of the year.

Speaker #4: The standalone net debt to equity stood at a comfortable 0.31 times as of June 30, 2026. The consolidated net debt as on June 30, 2026, stood at ₹7,801 crore, and Mr. Bantul will provide additional color on this shortly.

Rohan Suryavanshi: The consolidated net debt as on 30 June 2026 stood at INR 7,801 crores, and Mr. Bansal will provide additional color on this shortly. Now, while these are the numbers, as I have said before also, our debt must be viewed in context of whatever has happened in the last couple of years, and in the context of the asset base that sits on our balance sheet. Now, when we first gave the vision of DBL 2.0, we expected our debt levels to reduce significantly further than what we have been able to do. But part of the reason has been the last two and a half years have been years of low order books, which eventually led to lower revenue, which eventually led to lower profitability and lower capital generation, because of which we were not able to do as much as we had intended.

Speaker #4: Now, while these are the numbers, as I've said before also, our debt must be viewed in the context of whatever has happened in the last couple of years.

Speaker #4: And in the context of the asset base, that sits on our balance sheet. Now, when we first gave the vision of DBL 2.0, we expected our debt levels to reduce significantly further than what we have been able to do.

Speaker #4: But part of the reason has been that the last two, two and a half years have been years of low order book, which eventually led to lower revenue, which eventually led to lower profitability, and lower capital generation.

Speaker #4: Because of which we were not able to do as much as we had intended. At the same time, we were also investing in our assets, where DBL in the last two and a half years has invested ₹1,200 crores plus, or around that, from its own books.

Rohan Suryavanshi: In the same time, we were also investing in our assets, where DBL in the last two and a half years has invested INR 1,200 crores plus from its own, or around so, from its own books into these assets, which will convert into InvIT units going further. Now, had we not made this call of holding this investment and doing this investment, we would have been able to reduce our debt significantly, but all these things led to it. Now, today, we hold InvIT units of INR 1,521 crores already on our books, and we are expecting INR 1,700, 1,800 crores of more InvIT units to come as the balance 11 assets are transferred to Shrem InvIT. Besides this, like I mentioned last time also, our gross block of about INR 3,600 crores, which roughly is about INR 800 crores of net block, which is also almost entirely debt-free, is also on our books.

Speaker #4: To go into these assets, which will convert into InvIT units going forward. Now, had we not made this call of holding this investment and making this investment, we would have been able to reduce our debt significantly.

Speaker #4: But all these things led to it. Now, today, we hold InvIT units of ₹1,521 crore already on our books, and we're expecting ₹17,180 crore of more InvIT units to come as the balance 11 assets are transferred to Shrem InvIT.

Speaker #4: Besides this, as I had mentioned last time also, our gross block is about ₹3,600 crores, with a net block of roughly ₹800 crores, which is also almost entirely debt-free and is on our books.

Speaker #4: So that's, again, very positive. Our goal to reach net debt positive on a standalone balance sheet by FY28 remains firmly on track.

Rohan Suryavanshi: So that is again, very positive. Our goal to reach net debt positive on a standalone balance sheet by FY28 remains firmly on track, let me assure you guys. It will be supported by the combined cash generation from the EPC, MDO, and the rising InvIT distributions. I reiterate that our debt reduction guidance of INR 600 to 800 crores that we mentioned at the start of the year is on track, and we will achieve that. At the same time, let me reiterate that our guidance on our revenue of 30% to 40% also remains on track. None of our guidance that we had given in the last quarter has changed, and we are very positive around that.

Speaker #4: Let me assure you, and this will be supported by the combined cash generation from the EPC, MDO, and the rising INVIT distributions. I reiterate that our debt reduction guidance of ₹600 to ₹800 crores, which we mentioned at the start of the year, is on track, and we will achieve that.

Speaker #4: At the same time, let me reiterate that our guidance on our revenue of 30–40 percent also remains on track. So none of our guidance that we had given in the last quarter has changed, and we are very positive around that.

Speaker #4: See, the key thing that we need to understand is that the revenue from our large projects, whether it's transmission, whether it's road projects, whether it's solar, all of those projects, or water, has not really meaningfully started yet. As this year progresses, we will see significant buildup in our revenue.

Rohan Suryavanshi: See, the key thing that we need to understand that the revenue from our large projects, whether it is transmission, whether it is road project, whether it is solar, all those projects or water has not really started. As this year progresses, we will see significant build-up in our revenue because of all these new projects which are there on our order book. Let me come to one of the most important and last agenda that I have to share with you. I am very happy and glad to share that the board has considered and approved a stake sale in our under-construction power transmission and solar projects, which represent a combined project cost of approximately INR 8,400 crores to Alpha Alternatives.

Speaker #4: Because of all these new projects which are there in our order book. Now, let me come to one of the most important and last agenda items that I have to share with you.

Speaker #4: I'm very happy and glad to share that the Board has considered and approved a stake sale in our under-construction power transmission and solar projects.

Speaker #4: which represents a combined project cost of approximately Rs. 8,400 crore. To Alpha Alternatives—now, this deal is like the past deals that we've done with Alpha Alternatives.

Rohan Suryavanshi: Now, this deal is like the past deals that we have done with Alpha Alternatives, where the consideration under this transaction will be received in two parts, partly in cash and partly in units. Once the final terms are firmed up, as the definitive agreements are signed, which should happen in the very near future, we will be able to disclose in detail of how that is structured. What is most important that I can say, that as part of this arrangement, Alpha will also co-invest alongside DBL throughout the construction phase to the extent of 49%. This will meaningfully reduce our equity commitment into these projects. This freed-up equity commitment can be used for redeployment across our businesses and will also help us in reducing our debt.

Speaker #4: The consideration under this transaction will be received in two parts: partly in cash and partly in units. Once the final terms are firmed up and the definitive agreements are signed, which should happen in the very near future, we will be able to disclose in detail how that is structured.

Speaker #4: But what is most important that I can say is that, as part of this arrangement, Alpha will also co-invest alongside DBL throughout the construction phase.

Speaker #4: To the extent of 49 percent. Now, this will meaningfully reduce our equity commitment into these projects. And this freed-up equity commitment can be used for redeployment across our businesses.

Speaker #4: And will also help us in reducing our debt. So more on this, when we and we will hold a separate call once we announce this deal to explain it in detail, like I said, as per regulation, I can only share this broad part right now, that this is a transaction in line with our past transactions and which furthers both our debt reduction goals and also our second goal of building long-term cash flows for the company.

Rohan Suryavanshi: More on this, and we will hold a separate call once we announce this deal to explain it in detail. Like I said, as per regulations, I can only share this broad part right now, that this is a transaction in line with our past transactions, and which furthers both our debt reduction goals and also our second goal of building long-term cash flows for the company. To summarize, Q1 FY27 has been a quarter of steady execution against a sectoral backdrop that was on the softer side in terms of awarding activity, but constructive in terms of medium-term policy signals. Every one of our three engines, EPC, MDO, and the multi-asset program is progressing in line with the roadmap we shared with you last quarter. The strategic direction of the company remains unchanged.

Speaker #4: So, to summarize, quarter one FY27 has been a quarter of steady execution, against a sectoral backdrop that was on the softer side in terms of awarding activity.

Speaker #4: But constructive in terms of medium-term policy signals. Every one of our three engines—EPC, MDO, and the multi-asset program platform—is progressing in line with the roadmap we shared with you last quarter.

Speaker #4: And the strategic direction of the company remains unchanged. We are confident that the compounding effect of these three engines will translate into strong and sustainable value creation for all our stakeholders over the coming years.

Rohan Suryavanshi: We are confident that the compounding effect of these three engines will translate into strong and sustainable value creation for all our stakeholders over the coming years. I can very confidently say that our capital efficiency will be amongst the top guys in the sector and the ROE and the ROC will be much better as not only our investment has reduced significantly, but also the return that we will accrue to DBL will be meaningful. Now with that, I would like to hand over the call to our CFO, Mr. Sanjay Bansal, who will take you through the financial performance in greater detail. Thank you.

Speaker #4: I can very confidently say that our capital efficiency will be amongst the top guys in the sector. And the ROE and the ROC will be much better as not only our investment has reduced significantly, but also the return that we will accrue to will accrue to DBL will be meaningful.

Speaker #4: Now, with that, I'd like to hand over the call to our CFO, Mr. Sanjay Bansal, who will take you through the financial performance in greater detail.

Speaker #4: Thank you.

Speaker #1: Thank you, Rohan ji. Good morning to all. I will now briefly take you through the key financial highlights for the quarter ended 30th June 2026.

Sanjay Kumar Bansal: Thank you, Rohan. Good morning to all. I will now briefly take you through the key financial highlights for the quarter ending 30 June 2026. On standalone basis, the revenue from operation for Q1 FY27 stood at INR 1,930 crore and EBITDA stood at INR 199 crore. The EBITDA margin was 10.32%, marginally expanded from 10.11% in Q1 FY26, reflecting steady cost management even in a quarter of moderate execution. The profit before exceptional item and tax grew to INR 72 crore in Q1 FY27 from INR 57 crore in Q1 FY26, an increase of approximately 26% year-on-year. The profit after tax stood at INR 39 crore in Q1 FY27 as against INR 123 crore in Q1 FY26.

Sanjay Bansal: Thank you, Rohan. Good morning to all. I will now briefly take you through the key financial highlights for the quarter ending 30 June 2026. On standalone basis, the revenue from operation for Q1 FY27 stood at INR 1,930 crore and EBITDA stood at INR 199 crore. The EBITDA margin was 10.32%, marginally expanded from 10.11% in Q1 FY26, reflecting steady cost management even in a quarter of moderate execution. The profit before exceptional item and tax grew to INR 72 crore in Q1 FY27 from INR 57 crore in Q1 FY26, an increase of approximately 26% year-on-year. The profit after tax stood at INR 39 crore in Q1 FY27 as against INR 123 crore in Q1 FY26.

Speaker #1: On a standalone basis, the revenue from operations for quarter one FY27 stood at ₹1,930 crore, and EBITDA stood at ₹199 crore. The EBITDA margin was 10.32%.

Speaker #1: Marginally expanded from 10.11 percent in quarter one FY 26, reflecting steady cost management even in a quarter of moderate execution. The profit before exceptional item and tax grew to rupees 72 crore in quarter one FY 27 from rupees 57 crore in quarter one FY 26.

Speaker #1: An increase of approximately 26 percent year on year. The profit after tax stood at 39 crore. In quarter one FY 27 is against rupees 123 crore in quarter one FY 26.

Speaker #1: The base quarter profit after tax included an exceptional gain of approximately ₹98 crore relating to a divestment transaction. Once we adjust for this, the underlying profitability shows a clean improvement during the last quarter.

Sanjay Kumar Bansal: The base quarter profit after tax included an exceptional gain of approximately INR 98 crore relating to divestment transaction, and once we adjust for this, the underlying profitability is a clean improvement during the last quarter. Now come to the console performance. The consolidated revenue from operation for Q1 FY27 stood at INR 2,378 crore against INR 2,620 crore in Q1 FY26. The EBITDA, excluding other income, was INR 429 crore with EBITDA margin of 18.05%. The profit before exceptional item and tax at the console level was INR 127 crore during last quarter. The profit after tax on consolidated basis was INR 128 crore in Q1 FY27 against INR 271 crore in Q1 FY26. With this, I would like to hand back the call to the operator for the questions and answer session. Thank you so much.

Sanjay Bansal: The base quarter profit after tax included an exceptional gain of approximately INR 98 crore relating to divestment transaction, and once we adjust for this, the underlying profitability is a clean improvement during the last quarter. Now come to the console performance. The consolidated revenue from operation for Q1 FY27 stood at INR 2,378 crore against INR 2,620 crore in Q1 FY26. The EBITDA, excluding other income, was INR 429 crore with EBITDA margin of 18.05%. The profit before exceptional item and tax at the console level was INR 127 crore during last quarter. The profit after tax on consolidated basis was INR 128 crore in Q1 FY27 against INR 271 crore in Q1 FY26. With this, I would like to hand back the call to the operator for the questions and answer session. Thank you so much.

Speaker #1: Now come to the console performance. The consolidated revenue from operation for quarter one FY 27 stood at rupees 2,378 crore. Against rupees 2,620 crore against in quarter one FY 26.

Speaker #1: The EBITDA, excluding other income, was ₹429 crore, with an EBITDA margin of 18.05 percent. The profit before exceptional items and tax at the consolidated level was ₹127 crore.

Speaker #1: During the last quarter, the profit after tax on a consolidated basis was ₹128 crore in Q1 '27, against ₹271 crore in Q1 FY26.

Speaker #1: With this, I would like to hand back the call to the operator for the question and answer session. Thank you so much.

Speaker #2: Thank you very much. We'll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone.

Operator: 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 remove yourself from the question queue, you may press star and two. 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 a question. First question is from Shravan Shah from Dolat Capital. Please go ahead.

Speaker #2: If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question.

Speaker #2: Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. The first question is from Mr. Shravan Shah from Daulat Capital.

Speaker #2: Please go ahead.

Shravan Shah: Hi. Thank you, sir, for the opportunity. Couple of questions. Rohan sir has already mentioned in terms of the guidance, most of the parts, plus just two, three things on that front. On the EBITDA margin, guidance for this year, 11%, 11% guidance is still there only. Okay. And in terms of the execution, when we are saying 30% to 40% growth, primarily the Q4 then we will be seeing a significant growth. That is the way one can look at?

Speaker #3: Hi. Thank you, sir, for the opportunity. A couple of questions—Rohan sir has already mentioned them in terms of guidance. Most of the parts were just two or three things on that front.

Speaker #3: On the EBITDA margin, guidance for this year is 11 to 12 percent. That remains the same.

Speaker #4: Yeah, the guidance is as we had indicated earlier only, Shravan ji, that 10 to 12 percent company जो बोला है, that's the guidance, it's still there only.

Speaker #3: Okay, okay. And in terms of the execution, when we are saying 30–40 percent growth, so primarily in the fourth quarter, then, we will be seeing significant growth.

Speaker #3: That's the way one can look at it.

Speaker #4: हाँ सर, वो थर्ड क्वार्टर से रैंप-अप दिखने लगेगा, और फोर्थ में फिर और हो जाएगा। और यह कंटिन्यू करेगा फर्स्ट क्वार्टर तक, जब तक रेनफॉल्स कम नहीं हो जाते—मतलब नेक्स्ट ईयर, नेक्स्ट फाइनेंशियल ईयर।

Rohan Suryavanshi: Yes, sir. Q3 will start to show a ramp-up, and it will increase further in the Q4, and this will continue to the Q1 till rainfalls come of next financial year.

Speaker #3: Okay, okay. And till now, what is the value of projects that we have bid for and where the bid is yet to be opened?

Shravan Shah: Okay. And till now, how many value of projects that we have bidded and where bid is yet to be open?

Speaker #4: करीबन 15,000 से 20,000 करोड़ के बीच के प्रोजेक्ट्स किए होंगे, सर, हमने बिड। जो अभी खुलना है, 15,000 समथिंग का।

Rohan Suryavanshi: Approximately INR 15,000 crore to INR 20,000 crore projects are yet to be bid.

Shravan Shah: Okay. This working capital that we are seeing, obviously in Q1, Q2, normal cyclical increase. Year end, how one can look at, will it be a kind of a 10, 15 days kind of a reduction versus the last year? How one can look at on working capital days score?

Speaker #3: Okay, okay. And this working capital that we are saying, obviously in one Q, two Q, normal cyclical increase. So, year end, how should one look at it? Will it be a kind of a 10, 15 days kind of a reduction versus last year?

Speaker #3: How should one look at the working capital days score?

Speaker #4: 120,000. So yeah, the working capital days will reduce to about 120, where we expect. And overall debt also, like I mentioned, that will also reduce from the ₹1,600 crore that we had given the guidance for.

Rohan Suryavanshi: The working capital days will reduce to about 120, where we expect, and overall, debt also, like I mentioned, that will also reduce, INR 1,600 to 1,800 crores that we had given the guidance for.

Speaker #3: Yeah, yeah, got it. Sir, now on the MDO part—so, a couple of things I just wanted to understand. This quarter—so first, last time we had talked about that, being FY27, FY28, and FY29, we were looking at ₹2,500 crore, ₹3,000 crore plus, and ₹4,000 crore kind of revenue.

Shravan Shah: Yeah. Got it. Sir, now on the MDO part, couple of things I just wanted to understand. Last time we have talked about that being FY27, FY28, and FY29, we were looking at INR 2,500, INR 3,000 crore plus, and INR 4,000 crore kind of a revenue. In terms of coal production, you have mentioned that 57 million tons by FY29. Looking at the first quarter number, it seems that to achieve for FY27 INR 2,500 crore, this quarter we have done 362. So we need a significant kind of 82%, 83% kind of growth. Similarly in terms of coal production also we need a decent growth. Just wanted to understand that we will be able to do that.

Speaker #3: And in terms of the coal production, you have mentioned 57 million tons by FY29. But looking at the first quarter number, it seems that to achieve for FY27, ₹2,500 crore, this quarter we have done ₹362 crore.

Speaker #3: So we need a significant kind of 82 to 83 percent kind of growth. And similarly, in terms of coal production also, we need a decent growth.

Speaker #3: So, just wanted to understand if we will be able to do that.

Speaker #4: Shravan ji, coal production ekdum track pe hai jo plan tha. Is saal mein, in the current month, we have planned around 27 million metric tons of coal production. First quarter mein woh kam isliye hai ki wahan pe vacation uska kam hua tha. And another second and third quarter mein equal hoke, we will close with the 27 million tons in this year. And 7 million tons will be in Pachwara Project. Aur Pachwara Project mein abhi coal production kam isliye dikhta hai. There was some strike between the PS, PCL and wahan ke employees ke beech mein. Toh woh sorted ho gaya. Another two-three quarters mein woh ramp up ho jayega. And the same plan is there. 57 million tons we will achieve in the FY29 as per the contract plan. Usmein koi change nahin hai.

Devendra Jain: Shravan, coal production is exactly on track. The plan was this year in the Siarmal, we have planned around 27 million metric tons of the coal production. In the first quarter, it is less because the vacation was less there, and in the second and third quarter, it will be equal, and we will close with the 27 million tons in this year, and 7 million tons will be in Pachhwara project. In Pachhwara project, coal production looks less because there was some strike between the PSPCL and the employees there. That has been sorted out. In another two, three quarters, it will ramp up. The same plan is there, 57 million tons we will achieve in the FY29 as per the contract plan. There is no change in that.

Speaker #3: Okay, okay. But sir, अगर हम ब्रॉडली मतलब थोड़ा सा रियलाइजेशन के एंगल से मतलब, व्हाटएवर द नंबर्‍स वी हैव, तो इस क्वार्टर का अगर ₹362 करोड़ का रेवेन्यू है और प्रोडक्शन जो 4.79 मिलियन टन है, अगर वैसे देखते हैं तो रियलाइजेशन जो ₹756 per ton आता है, I understand देयर इज ओवरबर्डन का अलग है, कोल का अलग है। बट स्टिल Q4, मतलब Q4 FY26, लास्ट क्वार्टर से इस क्वार्टर को अगर देखते हैं, तो वो क्लोज टू 58% का जंप हुआ है। तो जस्ट वांटेड टू अंडरस्टैंड कि अभी रियलाइजेशन का जो रन रेट है, ये कंटिन्यू रहेगा या कुछ वन-ऑफ जैसा था इस क्वार्टर में? और जो अपना कोल हैंडलिंग प्लांट है, वो कब तक आएगा?

Shravan Shah: अगर हम broadly थोड़ा सा realization के angle से whatever the numbers we have. यह quarter का अगर ₹362 करोड़ का revenue and production जो 4.79 million ton है, अगर वैसे देखते हैं तो realization जो ₹756 per ton आता है। I understand there is a overburden का अलग है, coal का अलग है, Q4 मतलब Q4 FY26 last quarter से यह quarter अगर देखते हैं तो वह close to 58% का jump हुआ है। तो just wanted to understand कि यह अभी realization का जो run rate है यह continue रहेगा कि कुछ one off जैसा था यह quarter में, and जो अपना coal handling plant है, वह कब तक आएगा? तो यहां पर अभी revenue के angle से कैसे देख सकते हैं MDO का अभी?

Speaker #3: तो कैसे, यहाँ पे अभी, कैसे अपने रेवेन्यू के एंगल से, अपने कैसे देख सकते हैं MDO को अभी?

Speaker #4: आप इसको कोल्ड हैंडलिंग प्लान कॉन्ट्रक्चुअली अभी ये फाइनेंसियल ईयर और नेक्स्ट फाइनेंसियल ईयर द कोल्ड प्रोडक्शन विल रन विदाउट कोल्ड हैंडलिंग प्लान। एज पर द कॉन्ट्रैक्ट। और वही वो एकदम रूटीन में चल रहा है कोल्ड हैंडलिंग प्लान में करीब डेढ़ साल पूरा करने में लगेगा। तो अकॉर्डिंगली कोल्ड प्रोडक्शन रैंप अप होगा दिस ईयर 27 मिलियन नेक्स्ट ईयर 35 मिलियन एंड उसके बाद कोल्ड हैंडलिंग प्लांट पे विद द 50 मिलियन। इन केस ऑफ द पचवाड़ा 7 मिलियन इज द कॉन्ट्रैक्टेड कैपेसिटी जो लास्ट टू ईयर में अचीव भी किए। इस साल भी उतना ही होगा। तो बाकी सेपरेटली आपके नंबर्स को है ना एक बार हमारी टीम आपके साथ अपडेट करके आपको बता देगी कि आपके नंबर कैसे हैं। लेकिन मेजर जो आप रेवेन्यू में जंप देखोगे, वो कोल्ड हैंडलिंग प्लांट जब बन जाएगा, देन आवर कोल्ड फी 78% विल बिकम द 100%। देन द मेजर जंप विल कम इन द एफवाई 29।

Devendra Jain: आप इसको coal handling plant contractually अभी यह financial year और next financial year the coal production will run without coal handling plant as per the contract और वही एकदम routine में चल रहा है। Coal handling plant में करीब डेढ़ साल पूरा करने में लगेगा। Accordingly coal production ramp up होगा this year 27 million, next year 35 million and उसके बाद coal handling plant with the 50 million. In case of the Pachhwara 7 million is the contracted capacity जो last two year में achieve भी की है। इस साल भी उतना ही होगा। बाकी separately आपके numbers को एक बार हमारी team आपके साथ update करके आपको बता देगी कि आपके number कैसे हैं। लेकिन major जो आप revenue में jump देखोगे वह coal handling plant जब बन जाएगा then our coal fee 78% will become the 100%.

Devendra Jain: The major jump will come in the FY29.

Speaker #3: Okay, okay, okay. समझ गया। But, but so broadly अगर इसको भी अगर, if I have to broadly break it down करना रहेगा, तो ये साल में जैसे अभी ये quarter 362 करोड़ है, तो full year के लिए अपने कैसे देख सकते हैं?

Shravan Shah: समझ गया। broadly अगर इसको भी if I have to broadly breakdown करना रहेगा तो यह साल में जैसे अभी यह quarter ₹362 करोड़ है तो full year के लिए अपने कैसे देख सकते हैं? मतलब broader level पर अगर as you highlighted कि 27 and 7 so kind of a 34 million ton अगर होता है coal production तो-

Speaker #3: मतलब ब्रॉडर लेवल पे अगर अपना अगर एज यू हाईलाइटेड के 27 एंड 7 सो काइंड ऑफ अ 34 मिलियन टन अगर होता है, कोल्ड प्रोडक्शन तो आप इसमें सिंपल मैं आपको बताता हूं। तो सिंपल मैच करो। आप 27 मिलियन इन द सीआर मल विद द रेट ऑफ अराउंड 600 पर मेट्रिक टन एंड 7 मिलियन इन पचवाड़ा विद होल ईयर। Okay, okay, समझ गया, समझ गया, समझ गया सर, समझ गया। एंड सर जस्ट अ वन थिंग टू टू टू अंडरस्टैंड द ये जो 11 एसेट जो अपने को अभी ट्रांसफर करने के हैं, तो उसमें से ये साल में कितने हो जाएंगे?

Devendra Jain: मैं आपको बताता हूँ। Simple math करो आप 27 million in the Siarmal with the rate of around INR 600 per metric ton and 7 million in Pachhwara with the rate of the INR 1,200 metric ton whole year.

Shravan Shah: समझ गया sir। Sir, just one thing to understand, यह जो 11 assets जो अपने को अभी transfer करने के हैं तो उसमें से यह साल में कितने हो जाएंगे and बाकी के कैसे होंगे? तो just wanted to understand जो ₹1,700, ₹1,800 करोड़ अपने को अभी InvIT units अपने को मिलने के हैं तो वह कैसे आएंगे अपने पास।

Speaker #3: And baaki ke kaise honge? To yeh jo abhi—just wanted to understand—jo ₹1,700–1,800 crore apne ko abhi InvIT units apne ko milne ke hain, to woh kaise aayenge apne ko?

Speaker #4: उसमें से 11 प्रोजेक्ट में से शवन जी, इसी महीने में चार प्रोजेक्ट इनविट में फ्लिप हो जाएंगे। और बैलेंस सात प्रोजेक्ट में से चार का सीओडी अलरेडी हो चुका है। तीन का सीओडी सितंबर तक हो जाएगा। तो, वन्स वी क्रॉस द सिक्स मंथ्स आफ्टर द फर्स्ट एनटी, जैसे ही एनएचआई का एनओसी आता है, मोस्ट लाइकली इस फाइनेंशियल ईयर एंड से लेकर Q1 ऑफ द नेक्स्ट फाइनेंशियल ईयर, 100% — 18 प्रोजेक्ट पूरे ट्रांसफर हो जाएंगे।

Devendra Jain: उसमें से 11 project में से Shravan जी इसी महीने में चार project InvIT में flip हो जाएंगे and balance seven project में से चार का COD already हो चुका है। तीन का COD up to the September हो जाएगा। Once we cross the six months after the first annuity जैसे ही NHAI का NOC आता है most likely इस financial year end से लेकर Q1 of the next financial year 100% 18 project पूरे transfer हो जाएंगे।

Speaker #3: Okay, okay. एंड एंड सर जो भी अपना एमडीओ में अपने पास जो भी एक्स्ट्रा जो ऑब्वियसली वी आर डूइंग अ मच बेटर इन टर्म्स ऑफ द मार्जिन एमडीओ लेवल। तो वहां से अपने को जो स्टैंड अलोन पे जो डेट रिडक्शन करने का है, मतलब अभी जो 2100 करोड़ का है एंड ये साल अच्छे से 800 करोड़, तो वहां से हम लोग कैन वी कैन वी डायवर्ट और मे बी कैन गिव अ डिविडेंड टू द स्टैंड अलोन दैट विल आल्सो हेल्प कि खाली अपने को जो इनविट से ही जो इनकम आएगा एंड द स्टैंड अलोन पे जो इंप्रूवमेंट दिखेगा उससे ही हम लोग डेट रिडक्शन देख रहे हैं।

Shravan Shah: Okay. sir, जो भी अपना MDO में अपने पास जो भी extra, obviously we are doing a much better in terms of the margin at MDO level. तो वहां से अपने को जो standalone पर जो debt reduction करने का है, मतलब अभी जो INR 2,100 crore का है, यह साल INR 600, 800 crore. तो वहां से can we divert or maybe can give a dividend to the standalone that will also help कि खाली अपने को जो InvIT से ही जो income आएगा the standalone पर जो improvement दिखेगा, उससे ही हम लोग debt reduction देख रहे हैं.

Speaker #4: अभी देखिए, बैंक ने परमिट किया है कि उसमें इंटरनल अक्रूअल का जितना भी पैसा अलरेडी बैंक में है, फर्दर इक्विटी इन्वेस्टमेंट सीआरएमएल कोल्ड प्रोजेक्ट में जीरो हो जाएगा। तो आगे उसमें कोई भी इक्विटी इंटरनल अक्रूअल से लगने वाला नहीं है। प्लस, फर्दर अगर आप देखोगे तो लास्ट फाइनैंशियल ईयर में जो ₹15,000+ करोड़ के प्रोजेक्ट्स आखिरी में Q4 में आ के ऐड हुए थे, उसका किसी का भी रेवेन्यू पार्टिसिपेशन अभी शुरू नहीं हुआ है। द मेजर प्रोजेक्ट इज - हमारा बिहार का ₹3,500 करोड़ का जो प्रोजेक्ट है। अगर हम इसमें सोलर में देखेंगे तो लगभग ₹5,500 करोड़ का प्रोजेक्ट है। ₹1,700 करोड़ का प्रोजेक्ट हमारा ट्रांसमिशन प्रोजेक्ट है, और एआरसीपी राजस्थान कैनाल करीब ₹2,000 करोड़ का प्रोजेक्ट। ये सबका रेवेन्यू पार्टिसिपेशन विल स्टार्ट फ्रॉम Q2 स्लोली, एंड Q3/Q4 में ये पीक पे चला जाएगा। तो वंस द रेवेन्यू विल कम, तो बाकी सारी चीजें रैंप-अप हो जाएंगी। बाकी अगर आप देखोगे तो लास्ट पूरे क्वार्टर में जब पूरा वार के कारण डिस्रप्शन था, वी बाय द डीजल इन द 140 एंड द बिटुमिन प्राइसेस इज डबल। उसके बाद भी सारे रेवेन्यू गाइडेंस जो थे वो पूरे हुए हैं। सिर्फ थोड़े से प्लांट्स आगे-पीछे हुए हैं, लेकिन अल्टीमेटली, जो हमने लास्ट क्वार्टर में भी बोला था कि इस साल में लगभग ₹700-800 करोड़ का हमारा डेट रिडक्शन होगा, तो 100% होगा। वी विल अचीव द 30-40% रेवेन्यू गाइडेंस जो प्लस करके दिया है, वो 100% अचीव होगा। और आपको Q2, Q3 ऑनवर्ड वो सारी चीजें हमारे रिजल्ट्स में दिखने लगेंगी।

Devendra Jain: अभी देखिए bank ने permit किया है कि उसमें internal accrual का जितना भी पैसा already bank में है, further equity investment CRML coal project में zero हो जाएगा। तो आगे उसमें कोई भी equity internal accrual से लगने वाला नहीं है। Plus further अगर आप देखोगे तो last financial year में जो ₹15,000 plus करोड़ के project आखिरी में Q4 में आकर add हुए थे, उसका किसी का भी revenue participation अभी शुरू नहीं हुआ है। The major project is our बिहार का ₹3,500 करोड़ का जो project है। अगर हम solar में देखेंगे तो लगभग ₹5,500 करोड़ का project है। ₹1,700 करोड़ का project our transmission project and ERCP राजस्थान canal करीब ₹2,000 करोड़ का project है। यह सबका revenue participation will start from the Q2 slowly and Q3, Q4 में यह peak पर चला जाएगा। तो once the revenue will come तो बाकी सारी चीजें ramp up हो जाएंगी। बाकी अगर आप देखोगे तो last पूरे quarter में जब पूरे war के कारण disruption था, we buy the diesel in the ₹140 and the bitumen price is double.

Devendra Jain: उसके बाद भी सारे revenue guidance जो थे वो पूरे हुए हैं। सिर्फ थोड़े से plans आगे-पीछे हुए हैं। लेकिन ultimately जो हमने last quarter में भी बोला था कि इस साल में लगभग ₹700 to ₹800 करोड़ का हमारा debt reduction होगा तो 100% होगा। We will achieve the 30, 40% revenue guidance जो plus करके दिया वह 100% achieve होगा और आपको Q2, Q3 onward वह सारी चीजें हमारे results में दिखने लगेंगी।

Speaker #3: Okay, great, sir. Great, sir. Thank you, and all the best, sir.

Shravan Shah: Okay, great sir. Thank you and all the best sir.

Speaker #4: थैंक यू शवन जी।

Devendra Jain: Thank you, Sanjay ji.

Speaker #1: Thank you. Participants, give us a star and one to answer questions. Next question is from the line of Deepak Barswani from Swan Investments. Please go ahead.

Operator: Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Deepak Purswani from Swan Investments. Please go ahead.

Speaker #3: Yeah, hi. Thank you for the opportunity, and congratulations for the deal. Sir, just wanted to check on this deal trend. In the presentation we have shown that the balance equity requirement for these two projects is going to be around ₹1,250 crore and ₹420 crore. So, once this deal culminates, incrementally, do we have to put the equity, or this would come entirely from the Alpha Accurate?

Deepak Purswani: Yeah. Hi. Thank you for the opportunity and congratulations for the deal. Sir, just wanted to check on this deal front. In the presentation we have shown that the balance equity requirement for these two project is going to be around INR 1,250 and INR 420 crore. Once this deal culminates incrementally, do we have to put the equity or this would come entirely from Alpha Alternatives?

Speaker #4: Sir, thank you for your question. Yes, you are very right. In both of the projects put together, it comes to ₹1,600 crore plus of equity needed. Now, Alpha will be putting 49% during construction, so which means ₹800 crore plus of equity, somewhere around in that range, will come from Alpha, and only the remaining ₹800 crore will need to be put from the DBL side.

Rohan Suryavanshi: Sir, thank you for your question. Yes, you are very right. In both of these projects put together is some INR 1,600 plus crores of equity needed. Alpha Alternatives will be putting 49% during construction. Which means INR 800 odd plus crores of equity somewhere around in that range will come from Alpha Alternatives and only the remaining INR 800 will need to be put from DBL's side.

Speaker #3: Okay, okay. And secondly, just wanted to check on some of the developments which have recently happened, especially related to the Kerala project. I mean, how should we see that development from an overall project execution point of view?

Deepak Purswani: Okay. Secondly, just wanted to check on some of the development which has recently happened, especially related to the Kerala project. How should we see that development from overall project execution point of view? How much that order is there in the order book and is there any implication for us going ahead?

Speaker #3: And how much of that order is there in the order book, and is there any implication for us going ahead?

Speaker #4: केरला प्रोजेक्ट में कमेटी ने वहां पे विजिट किया था। They were there, have given the report that it was a natural calamity. और वो टनल में हमेशा दो पोर्टल होते हैं कंस्ट्रक्शन के। तो वो एक पोर्टल साइड में है। Mostly इस month end में एक पोर्टल से उसका टनल का कंस्ट्रक्शन स्टार्ट हो जाएगा। तब तक जिस पोर्टल पे ये दुर्घटना हुआ है उसका कुछ न कुछ due diligence चलेगा। बाकी प्रोजेक्ट पूरा on track है and that accident was due to purely natural calamity। ये वहां की Supreme Court की guided committee ने रिपोर्ट भी दिया है इसका।

Devendra Jain: Kerala project, the committee had visited there. They have given the report that was a natural calamity. In a tunnel, there are always two portals for construction. That is on one portal side. Mostly, by this month end, the tunnel's construction will start from one portal. Until then, the portal where this accident happened, there will be some delay. The rest of the project is completely on track and that accident was due to purely natural calamity there. A Supreme Court guided committee has also given a report on this.

Speaker #3: ओके। ओके। एंड सेकंडली सर आई मीन टू थिंग्स। वन फ्रॉम द वर्किंग कैपिटल पॉइंट ऑफ व्यू आगे चलके कैसे देखना चाहिए कि ओवरऑल व्हाट इज द काइंड ऑफ़ रिडक्शन जब ये आपका रैंप अप होगा तो उसको कैसे देखना चाहिए स्पेशली इन द केस ऑफ़ इन्वेंटरी जो एट दिस पॉइंट ऑफ़ टाइम रिलेटिवली थोड़ा हायर एंड पे है। एंड सेकंडली ऑन द मार्जिन फ्रेंड बिकॉज़ ऑफ़ द कमोडिटी प्राइस हाइक वहां पे हमारा पास ऑन हो जाएगा या दे वुड स्टिल वी आर फेसिंग सम प्रॉब्लम इन टर्म्स ऑफ़ द कमोडिटी प्राइसेस।

Deepak Purswani: Okay. Secondly, sir, two things. One from the working capital point of view, आगे चलके कैसे देखना चाहिए कि overall what is the kind of reduction जब यह आपका ramp-up होगा तो उसको कैसे देखना चाहिए? Especially in the case of inventory जो at this point of time relatively थोड़ा higher हैं। Secondly, on the margin front because of the commodity price hike, वहां पर हमारा pass on हो जाएगा या still we are facing some problem in terms of the commodity prices?

Speaker #4: कमोडिटी प्राइसेस तो गवर्नमेंट ने कुछ-कुछ रिलैक्सेशन दिए हैं। उससे स्पेशली इन केस ऑफ़ द फ्यूल एंड बिटुमिन कुछ 60 65% आपका वापस रिइंबर्स हो जाएगा। लेकिन ओवरऑल कहीं ना कहीं मार्जिनस पे इंपैक्ट पड़ा है उसका क्योंकि डिस्ट्रप्शन के कारण बाकी भी चीजें कॉस्टली हुई है। लाइक सीमेंट बिटू में सीमेंट स्टील एंड एवरीथिंग ट्रांसपोर्टेशन के कारण। बाकी इन फ्यूचर मुझे ये लंबा डिस्ट्रप्शन नहीं नजर आता है। मुझे लगता है Q2 Q3 में जाके ये लेवल अप हो जाएगा। और वर्किंग कैपिटल के लिए संजय जी आप सो वर्किंग कैपिटल बेसिकली लाइक रोम सेड बाय दिस ईयर एंड वी मे रीच टू 120 डेज एंड नेक्स्ट ईयर प्रोबेबबली अराउंड 90 डेज। ऑफ द टोटल

Devendra Jain: Commodity prices तो government ने कुछ relaxation दिए हैं उससे especially in case of the fuel and bitumen, कुछ 60, 65% आपका वापस reimburse हो जाएगा। लेकिन overall कहीं ना कहीं margins पर impact पड़ा है उसका क्योंकि disruption के कारण बाकी भी चीजें costly हुई हैं like cement, bitumen, steel and everything transportation के कारण। बाकी in future मुझे यह लंबा disruption नहीं नजर आता है। मुझे लगता है Q2, Q3 में जाकर यह level up हो जाएगा। और working capital के लिए Sanjay ji आप-

Sanjay Kumar Bansal: So working capital basically like Romit said that by this year end we may reach to 120 days and next year probably around 90 days of the total.

Sanjay Bansal: So working capital basically like Romit said that by this year end we may reach to 120 days and next year probably around 90 days of the total.

Speaker #3: Okay. And sir, from the finance cost point of view, this year, how should we see this finance cost?

Deepak Purswani: Okay. Sir, from the finance cost point of view, इस साल में how should we see this finance cost?

Speaker #4: So, the finance cost for the full year would be a total of ₹350 crore, because we are basically expecting some lesser utilization of working capital during Q3 and Q4. So our targeted cost is around ₹350 crore.

Sanjay Kumar Bansal: The finance cost for full year would be total INR 350 crore because we are basically expecting some lesser utilization of working capital during Q3 and Q4. So our targeted cost is around INR 350 crore.

Sanjay Bansal: The finance cost for full year would be total INR 350 crore because we are basically expecting some lesser utilization of working capital during Q3 and Q4. So our targeted cost is around INR 350 crore.

Speaker #3: Okay. Thank you. Thanks a lot, and wish you all the best, sir.

Deepak Purswani: Okay. Thank you. Thanks a lot and wish you all the best sir.

Speaker #4: थैंक यू।

Rohan Suryavanshi: Thank you.

Speaker #1: Thank you very much. Participants, give out a star and one to answer the question. Next question is from the line of Vishal Perewal from PL Capital. Please go ahead.

Operator: Thank you very much. Participants, you may press star and 1 to ask a question. Next question is from the line of Vishal Parwal from PL Capital. Please go ahead.

Speaker #4: Yes, sir. Thanks for the opportunity. Sir, a few questions on that slide that we gave on equity investment trackers. So, I think just a few clarifications. One is, you mentioned that for transmission and solar, the total equity requirement is almost Rs. 1,600 crore. And then half of it is coming from Alpha. But in that slide, the serial number H and I—if we just do a clubbing of both, then the number is coming lower than Rs. 1,600 crore. So, how do you reconcile that thing?

Vishal Parwal: Yes sir, thanks sir for the opportunity. Sir, a few questions on that slide that we gave on equity investment tracker. I think just a few clarification. One is you mentioned for transmission and solar, the total equity requirement is almost INR 1,600 odd crore and then half of it is coming from Alpha. But in that slide, the serial number H and I, if you just do a clubbing of both, then the number is coming lower than INR 1,600 odd crore. So how do you reconcile that thing?

Vishal Periwal: Yes sir, thanks sir for the opportunity. Sir, a few questions on that slide that we gave on equity investment tracker. I think just a few clarification. One is you mentioned for transmission and solar, the total equity requirement is almost INR 1,600 odd crore and then half of it is coming from Alpha. But in that slide, the serial number H and I, if you just do a clubbing of both, then the number is coming lower than INR 1,600 odd crore. So how do you reconcile that thing?

Speaker #4: So, as Rohan ji said, the total requirement in transmission and solar is ₹1,650 crore, and around 49% will be infused by Alpha. But we have also arranged structured equity of about ₹900 crore. So, if you refer to the H&I line, almost 85% equity will be sourced through investors and through structured equity.

Sanjay Kumar Bansal: As Rohan said, the total requirement in transmission and solar is INR 1,650 crore, and around 49% will be infused by Alpha. But we have also arranged structured equity of about INR 900 crore. If you refer the H and I line

Sanjay Bansal: As Rohan said, the total requirement in transmission and solar is INR 1,650 crore, and around 49% will be infused by Alpha. But we have also arranged structured equity of about INR 900 crore. If you refer the H and I line

Vishal Parwal: Yeah.

Vishal Periwal: Yeah.

Sanjay Kumar Bansal: Almost 85% equity will be sourced through investor and through structured equity.

Sanjay Bansal: Almost 85% equity will be sourced through investor and through structured equity.

Speaker #3: Okay. Sir, I meant structure equity. It is not an internal accrual. It is coming from...

Vishal Parwal: Okay. When you say structured equity, it is not an internal accrual. It is coming from

Vishal Periwal: Okay. When you say structured equity, it is not an internal accrual. It is coming from

Sanjay Kumar Bansal: Yes. It is not from internal accrual. We have already raised INR 900 crore.

Sanjay Bansal: Yes. It is not from internal accrual. We have already raised INR 900 crore.

Speaker #4: It is not from internal accrual. We have already raised ₹900 crore.

Speaker #3: ओके। ओके। ओके। गॉट इट।

Vishal Parwal: Okay. Got it.

Vishal Periwal: Okay. Got it.

Rohan Suryavanshi: The idea behind this, very clearly, like you mentioned, in the last two and a half years also, DBL from its book has invested INR 200 plus crores of equity. Which obviously had we not done, we could have reduced our debt by that same number. While our goals are twofolds, we want to reduce debt on the standalone front. We also want to build a long-term cash flow business, which is why at the InvIT units, we want to hold assets. For that, how do we achieve that goal is, A, we do not use a lot of capital from our own books to build these assets. What we will do is, A, so one part we have solved by having a partner who is going to co-invest with us. The second part is structured equity, where we get a structured equity play in place.

Speaker #4: दिस वेरी क्लियरली लाइक यू मेंशन इन द लास्ट टू टू एंड हाफ इयर्स आल्सो डीबीएल फ्रॉम इट्स बुक हैज़ इन्वेस्टेड 1200 प्लस करोड़ ऑफ़ इक्विटी। व्हिच ऑब्वियसली हैड वी नॉट डन। वी कुड हैव रिड्यूस दैट डेट बाय दैट सेम नंबर। नाउ व्हाइल आवर गोल्स आर टू फोल्ड्स। वी वांट टू रिड्यूस डेट ऑन द स्टैंड अलोन फ्रंट। वी आल्सो वांट टू बिल्ड अ लॉन्ग टर्म कैश फ्लो बिज़नेस व्हिच इज़ व्हाई आर दी इनबिट यूनिट्स वी वांट टू होल्ड एसेट्स। सो फॉर दैट सो हाउ डू वी अचीव दैट गोल इज़ ए वी डोंट यूज़ अ लॉट ऑफ़ कैपिटल फ्रॉम आवर ओन बुक्स टू बिल्ड दीज़ एसेट्स। व्हाट वी विल डू इज़ ए पार्टली वी हैव अ सो वन पार्ट वी हैव सॉल्वड बाय हैविंग अ पार्टनर हु इज़ गोइंग टू कोइन्वेस्ट विथ अस। द सेकंड पार्ट इज़ स्ट्रक्चर इक्विटी वेयर वी गेट अ स्ट्रक्चर इक्विटी प्ले इन फ्रेज। वंस वी कन्वर्ट इंटू अ हायर वैल्यूएशन एट एट कंप्लीट एट सीओडी। वी विल लेट गो ऑफ व्हाटएवर वाज़ दी दी स्ट्रक्चर इक्विटी वी हैव रेज्ड एंड दी इंटरेस्ट देयर वी विल वी विल सेल दैट मच ऑफ एंड यूज़ द रिमेनिंग एसेट्स एंड कीप द रिमेनिंग एसेट्स ऑन अ बुक। सो इन अ सेंस डीबीएल बैलेंस शीट हैज़ फ्री कैट टू रिड्यूस डेट। प्लस वी हैव इक्विटी फॉर आवर एसेट्स वेयर वी बिल्ड दोज़ एसेट्स एंड वी गेट दी अपसाइड ऑफ़ द हायर वैल्यूएशन वंस द सीओडी हैज़ हैपेंस।

Rohan Suryavanshi: Once these convert into a higher valuation at COD, we will let go of whatever was the structured equity we have raised, and the interest there, we will sell that much off and keep the remaining assets on our book. In a sense, DBL balance sheet has free cash to reduce debt. Plus, we have equity for our assets, where we build those assets, and we get the upside of the higher valuation once the COD happens.

Speaker #3: Okay. Now, so I think you are linking it with debt also. So, have we raised debt at a holdco, I mean standalone, and is that the same we are putting in the equity? And is that once, like, you know, Alpha puts in money so we can reduce the debt? Is that what the implication is?

Vishal Parwal: Okay. I think you are linking it with the debt also. Have we raised debt at a hold co, I mean, standalone, and that same we are putting in equity, and is that once Alpha put in money, so we can reduce the debt. Is that what the intention is?

Vishal Periwal: Okay. I think you are linking it with the debt also. Have we raised debt at a hold co, I mean, standalone, and that same we are putting in equity, and is that once Alpha put in money, so we can reduce the debt. Is that what the intention is?

Speaker #4: नो नो नो सर टू टू सेपरेट पार्ट्स। वन इज़ दी इक्विटी दैट अल्फा इज़ पुटिंग इन। दैट्स नॉट दैट दैट दे आर पुटिंग एज अ पार्टनर इंटू इट। बसाइड्स द 50 49% दैट अल्फा इज़ पुटिंग इट वी हैव आल्सो मेड अरेंजमेंट फॉर स्ट्रक्चर इक्विटी टू कम इन फॉर आवर पार्ट ऑफ़ 51%। फॉर दैट पार्ट। नाउ दैट दैट व्हाट वी आर पुटिंग इन इज़ द आइडिया एंड द गोल देयर इज़ दैट वी विल कीप वी विल यूज़ व्हाटएवर वी वांट टू विथ दी आइडिया एंड गोल दैट आवर स्टैंड अलोन डेट डज़ नॉट इंक्रीस एंड वी यूज़ आवर स्टैंड अलोन कैश फ्लोस टू रिड्यूस आवर डेट। सर माय वेरी सिंपली व्हाटएवर कैश फ्लोस आई हैव टुडे व्हाटएवर फ्री कैश द कंपनी जनरेट्स इदर इट कैन रिड्यूस डेट और इट कैन पुट एन इक्विटी करेक्ट?

Rohan Suryavanshi: No, sir. They are two separate parts. One is the equity that Alpha is putting in. That they are putting as a partner into it. Besides the 49% that Alpha is putting it, we have also made arrangement for structured equity to come in for our part of 51%, for that part. Now, that what we are putting in, is the idea and the goal there is that we will use whatever we want to with the idea and goal that our standalone debt does not increase, and we use our standalone cash flows to reduce our debt. So very simply, whatever cash flows I have today, whatever free cash the company generates, either it can reduce debt or it can put in equity, correct?

Speaker #3: यस।

Vishal Parwal: Yes.

Vishal Periwal: Yes.

Speaker #4: So I am saving all the free cash that the company creates for the reduction—reducing the debt, while keeping a line open for structured equity. Where, as soon as my project, during construction, we build it, and as soon as it— and as soon as it gets—my project gets completed and I get my units, I will flip this structured equity into those units, pay off whatever structured equity is left, and keep the remaining units for DBL.

Rohan Suryavanshi: I am saving all the free cash that the company creates for reducing the debt while I am keeping a line open for structured equity, where as soon as my project, during construction, we build it, and as soon as it and as soon as my project gets completed and I get my units, I will flip the structured equity into those units, pay off whatever structured equity is left, and keep the remaining units for DBL.

Speaker #3: ओके। ओके। एंड देन इन द सेम सेम स्लाइड द सीरियल नंबर एफ एंड जी सो इज इट फेयर टू से दीज़ 20 करोड़ एंड देन 161 करोड़ सो दे विल कम दे विल बी कमिंग इन पीएनएल एज अदर इनकम फॉर फॉर अस।

Vishal Parwal: Okay. Then in the same slide, the serial number F and G, is it fair to say these INR 20 crore and then INR 161 crore, so they will be coming in P&L as other income for us?

Vishal Periwal: Okay. Then in the same slide, the serial number F and G, is it fair to say these INR 20 crore and then INR 161 crore, so they will be coming in P&L as other income for us?

Speaker #4: So this distribution from AlFAL, so this ₹161 crore will be partly received at DBL level because the total ₹1,314 crore equity is held at two places: DBL and one subsidiary. So basically, this ₹161 crore will be received from the AlFAL in DBL and partly in one of the subsidiaries.

Sanjay Kumar Bansal: This distribution from Alpha, this INR 161 crore partly will be received at DBL level because the total INR 1,314 crore equity is held at two places, DBL and one subsidiary. So basically, this INR 161 crore will receive from the Alpha in DBL and partly in one of the subsidiaries.

Sanjay Bansal: This distribution from Alpha, this INR 161 crore partly will be received at DBL level because the total INR 1,314 crore equity is held at two places, DBL and one subsidiary. So basically, this INR 161 crore will receive from the Alpha in DBL and partly in one of the subsidiaries.

Speaker #3: ओके। सर नहीं रीज़न व्हाई आई एम आस्किंग इट बिकॉज़ इफ यू डू अ डिफरेंस ऑफ़ आवर नंबर व्हिच वर देयर इन एफआई एफआई 26 पीपीटी एंड दिस नंबर सो आइडली द द रिडक्शन व्हिच इज़ हैपनिंग इज़ टू द एक्सटेंट ऑफ़ लाइक 60 65 करोड़। सो सो जस्ट थॉट टू चेक लाइक यू नो इज इट एवरीथिंग कमिंग इन अदर इनकम और प्रोबेब्ली समथिंग इज़ सम अदर सब्सिडरी इन इन अ स्टैंड अलोन बिज़नेस और सम अदर द नंबर इज़ आल्सो गोइंग।

Vishal Parwal: Okay. Sir, only reason why I am asking is because if you do a difference of our number which were there in FY26 PPT and this number, so ideally, the reduction which is happening is to the extent of INR 60, 65 odd crore. Just thought to check, is it everything coming in other income or probably something is some other subsidiary in a standalone business or some other the number is also going?

Vishal Periwal: Okay. Sir, only reason why I am asking is because if you do a difference of our number which were there in FY26 PPT and this number, so ideally, the reduction which is happening is to the extent of INR 60, 65 odd crore. Just thought to check, is it everything coming in other income or probably something is some other subsidiary in a standalone business or some other the number is also going?

Speaker #4: So, the change in number is because of the timing of transfer—the asset to InvIT and getting the units. So, the transfer of units got delayed by one quarter because in June we could not transfer. So now this transfer will happen in this quarter, and we will receive around ₹700-odd crore units against four asset transfers—what Rohan ji said. So, it is because of that. Otherwise, all this long-term amounts returned from F to I will be received in cash.

Sanjay Kumar Bansal: The change in number is because the timing of transfer the asset to InvIT and getting the units. The transfer of units got delayed by one quarter because in June we could not transfer. Now this transfer will happen in this quarter and we will receive around INR 700 odd crores units against four asset transfer what Rohan said. It is because of that. Otherwise, all this lump sum amount return from F to I will be received in cash.

Sanjay Bansal: The change in number is because the timing of transfer the asset to InvIT and getting the units. The transfer of units got delayed by one quarter because in June we could not transfer. Now this transfer will happen in this quarter and we will receive around INR 700 odd crores units against four asset transfer what Rohan said. It is because of that. Otherwise, all this lump sum amount return from F to I will be received in cash.

Speaker #3: Okay, okay, okay. And then, thank you very much. R7, I will press star and one to ask a question. Next question is from the line of Vinay Chaudhary from Anexa Capital. Please go ahead.

Vishal Parwal: Okay. And then

Vishal Periwal: Okay. And then

Operator: Thank you very much. Participants you may press star and one to ask the question. Next question is from the line of Vinay Chaudhary from Nixa Capital. Please go ahead.

Speaker #1: हेलो या हाय थैंक्स फॉर दी अपॉर्चुनिटी। माय क्वेश्चन आल्सो इज़ अराउंड दी कंसोल डेट एंड द इन्वेस्टमेंट ट्रैकर स्लाइड। सो वेयर वी मेंशन द कोल एमडीओ यू नो दी दी रिक्वायरमेंट कैश रिक्वायरमेंट विल बी फ्रॉम एसपीवी इंटरनल अप्रूवल्स आल्सो करेंटली व्हाट इज़ आवर कैश फ्लो जनरेटेड फ्रॉम दिस एमडीओ एंड बिकॉज़ वी नीड टू आल्सो स्पेंड सम केपेक्स ऑन फॉर द फॉर द कोल हैंडलिंग प्लांट एंड अदर स्टफ। सो कैन यू शेयर सम यू नो नंबर्स ऑन दी कैश फ्लो व्हाट करेंटली इज़ बीइंग जनरेटेड एंड ओवर नेक्स्ट से टू इयर्स हाउ विल दिस गेट यू नो एड्रेस्ड बाय द इंटरनल अप्रूवल्स?

Vinay Chaudhary: Hello. Hi. Thanks for the opportunity. My question also is around the consolidated and the investment tracker slide. Where we mentioned the full MDO, the cash requirement will be from SPV internal accruals. Also, currently, what is our cash flow generated from this MDO? Because we need to also spend some CapEx for the coal handling plant and other stuff. Can you share some numbers on the cash flow, what currently is being generated? Over the next, say, two years, how will this get addressed by the internal approvals?

Speaker #4: ओके। सो बेसिकली दी टोटल केपेक्स एट सीआरमल वाज़ ओरिजिनली इन विशाल टू 2730 करोड़। आउट ऑफ़ दैट अराउंड 50 40 45% केपेक्स इज़ ऑलरेडी डन। मोर देन 50% इक्विटी ऑलरेडी पुट इन। देयर इज़ अराउंड 300 ओड करोड़ केस इज़ ऑलरेडी सिटींग एट दी दी सीआरमल लेवल। सो बेसिकली दी दिस दिस स्लाइड दी स्लाइड नंबर 24 सेज़ एस पर दी टोटल ओरिजिनल असेस इक्विटी 235 करोड़ इज़ स्टिल बैलेंस व्हिच वी आर सेइंग इट विल बी मैनेज्ड थ्रू दी एसपीवी इंटरनल अप्रूवल्स एंड दी केस सिटींग एट दी एसपीवी। सो इफ टू टू आंसर योर क्वेश्चन आई हैव ऑलरेडी हैव केस जनरेटेड एंड सिटींग एट दी बैलेंस शीट व्हिच इज़ हायर देन 235 करोड़। सो दी इक्विटी विल बी मेड आउट ऑफ़ दी इंटरनल अप्रूवल्स एंड बैलेंस विल बी रेजिंग डेट। सो व्हिच इज़ ऑलरेडी सेंशर्ड एंड डिस्बर्समेंट विल हैपन।

Sanjay Kumar Bansal: Okay. The total CapEx at Siarmal was originally envisaged INR 2,730 crores. Out of that, around 40%-45% CapEx is already done. More than 50% equity already put in. There is around INR 300 odd crore cases already sitting at the Siarmal level. Slide number 24 says, as per the total original assessed equity, INR 235 crores is still balanced, which we are saying it will be managed through the SPV internal accruals and the case sitting at the SPV. To answer your question, I already have a case generated and sitting at the balance sheet, which is higher than INR 235 crores. The equity will be made out of the internal accruals, and balance will be raising debt, which is already sanctioned and disbursement will happen.

Sanjay Bansal: Okay. The total CapEx at Siarmal was originally envisaged INR 2,730 crores. Out of that, around 40%-45% CapEx is already done. More than 50% equity already put in. There is around INR 300 odd crore cases already sitting at the Siarmal level. Slide number 24 says, as per the total original assessed equity, INR 235 crores is still balanced, which we are saying it will be managed through the SPV internal accruals and the case sitting at the SPV. To answer your question, I already have a case generated and sitting at the balance sheet, which is higher than INR 235 crores. The equity will be made out of the internal accruals, and balance will be raising debt, which is already sanctioned and disbursement will happen.

Speaker #1: सो 1000 इक्विटी कमिटमेंट ऑफ़ 235 दी अदर वुड बी द केपेक्स रिक्वायर्ड एज़ यू मेंशंड अबाउट 50% लॉर्ड इज़ पेंडिंग। सो सो सो सो जस्ट टू अंडरस्टैंड व्हाट वुड बी द करंट डेट ऑन इन दी एमडीओ एंड द द कैश इट कैन थ्रो अप टू यू नो एड्रेस द डेट।

Vinay Chaudhary: One is our equity commitment of 235. The other would be the CapEx requirement, as you mentioned, about 50% odd is pending. Just to understand, what would be the current debt in the MDO and the cash it can throw up to address the debt?

Speaker #4: So, total outstanding debt as of 30th June at the CRML level is ₹660 crore, which is partly equipment debt and partly the mining facility debt. Balance debt is basically total sanction at the CRML level is ₹2,000 crore. So, we are still to draw around ₹1,300 crore. So equity, we have already said, it will be managed through internal approvals. Balance will be through disbursement from the sanctioned facilities.

Sanjay Kumar Bansal: Total outstanding debt as of 30 June at Siarmal level is INR 60 crores, which is partly equipment debt and partly the mining facility debt. Balance debt is basically a total sanction at the Siarmal level is INR 2,000 crores. We are still to draw around INR 1,300 crores. Equity, we have already said it will be managed through internal accrual. Balance will be through disbursement from the sanctioned facilities.

Sanjay Bansal: Total outstanding debt as of 30 June at Siarmal level is INR 60 crores, which is partly equipment debt and partly the mining facility debt. Balance debt is basically a total sanction at the Siarmal level is INR 2,000 crores. We are still to draw around INR 1,300 crores. Equity, we have already said it will be managed through internal accrual. Balance will be through disbursement from the sanctioned facilities.

Speaker #1: Got it. Got it. And lastly, you know, where we have, on the solar and transmission, equity is clearly mentioned that 1,600 is the total and our share attributable is about 51%. So the 1,400 in HNI, that is on the total level. So the attributable cash inflow, what we are assuming here, is also supposed to be, you know, about 51%. Is that the right way to see?

Vinay Chaudhary: Got it. Lastly, where we have on the solar and transmission equity, as clearly mentioned that 1,600 is the total and our share attributable is about 51%. So the 1,400 in HNI, that is on the total level. So the attributable cash inflow, what we are assuming here, is also supposed to be about 51%. Is that the right way to see?

Speaker #4: Can you come again with your question because there is some...

Sanjay Kumar Bansal: Can you come again your question because there is some-

Sanjay Bansal: Can you come again your question because there is some-

Speaker #1: Sure. So while the equity requirement in, you know, on column CD is CD and E is on the total level, and out of that, about 51% is supposed to be infused by us. Likewise, the cash inflow as well, the ₹1,450 crore, so that also has to be attributable, on 51%, to us. What we have assumed is that 5...

Vinay Chaudhary: Sure. While the equity requirement on column C, D, and E is on the total level, and out of that, about 51% is supposed to be infused by us. Likewise, the cash inflow as well, the INR 1,450 crores. So that also has to be attributable on 51% to us. What we have assumed that five-

Speaker #4: सो सो सो लेट मी लेट मी क्लेरिफाई अगेन दी डी एंड ई दी टोटल इक्विटी रिक्वायरमेंट इज़ 16 60 करोड़ आउट ऑफ़ दैट 40% 49% मीनिंग 830 करोड़ विल बी इन्वेस्टेड बाय दी अल्फा। दी बैलेंस 830 करोड़ विल बी मेड आउट ऑफ़ दीज़ डीबीएल कंट्रीब्यूशन एंड सम स्ट्रक्चरर्ड इक्विटी वी ऑलरेडी रेज़्ड। सो टोटल इक्विटी रिक्वायरमेंट विल बी मेड फ्रॉम थ्री सोर्सेस अल्फा डीबीएल एंड स्ट्रक्चर इक्विटी।

Sanjay Kumar Bansal: Let me clarify again. The D and E, the total equity requirement is INR 1,660 crores. Out of that, 49%, meaning INR 830 crores will be invested by the Alpha. The balance INR 830 crores will be met out of these DBL contribution and some structured equity we already raised. So total equity requirement will be made from three sources, Alpha, DBL, and structured equity.

Sanjay Bansal: Let me clarify again. The D and E, the total equity requirement is INR 1,660 crores. Out of that, 49%, meaning INR 830 crores will be invested by the Alpha. The balance INR 830 crores will be met out of these DBL contribution and some structured equity we already raised. So total equity requirement will be made from three sources, Alpha, DBL, and structured equity.

Vinay Chaudhary: Right. Got it. Lastly, on the consol debt, what we have about INR 7,800 on the net level, where do we see, say, the end of this year, FY27 and FY28, where do we aspire that to go?

Speaker #1: Got it. Got it. Got it. Lastly, on the console debt, what we have, about 7,800 on the net level, where do we see this at the end of this year, for FY27 and 28? Where do we aspire that to go?

Speaker #4: Sorry, sir, what was that question? Can you repeat? What do you expect at the end of the year to go?

Sanjay Kumar Bansal: Sorry, sir, what was that question? Can you repeat? What do you expect at the end of the year to go?

Sanjay Bansal: Sorry, sir, what was that question? Can you repeat? What do you expect at the end of the year to go?

Speaker #1: Console net debt, which is currently standing at ₹7,800 crores. So we understand that on the standalone level, we aspire to be net debt free by FY28. But on the console level, with the transfer of the assets and all, and the cash flow on the company level, where do we see this number of ₹7,800 crores going to by end of this year, and say, the next year?

Vinay Chaudhary: Consol net debt, which is currently standing at INR 7,800. We understand that on the standalone level, we aspire to be net debt free by FY28. But on the consol level, with the transfer of the assets and all, and the cash flow on the company level, where do we see this number of INR 7,800 going to by end of this year and, say, the next year?

Speaker #4: Sir, so at the console, the net debt will always be there. There will basically be a cycle that will continue going on. We will complete assets, and as soon as an asset is completed, that debt will move out and go to—let's say, if we sell it to our own InvIT, it goes there, and if we sell it to someone and it goes out of our balance sheet. But at the same time, DBL will continue also investing. Yes, we will, because as a growing, listed company, we will continuously invest in assets under the PPP mode. So, for every one of those assets that we take, we will keep raising debt, be putting our equity, because that is how we will grow our business, that is how we will grow our asset business as well. So, that will be a constant methodology—that we will build assets, sell them; again build assets, keep selling them. So, that will go on. So, there is no console-level goal that we have put in place. There is a standalone thing that we have done, and all the assets that we do are primarily more on the annuity kind of, where there is a fixed return, it is already kind of NSR. So, hence we are very comfortable taking that kind of risk. Banks are very happy funding that kind of project portfolio for us, and we have a very good track record as well. In the HAM, like, in the road HAM alone, we have done upwards of ₹45,000 crore of projects in the road HAM alone, which is the largest portfolio for any road EPC company. So, this is the model that we are comfortable with, and we will continue doing it. So, when we are looking at the company, it will be on the standalone level, where we are saying that we will be a near net-debt-zero company in two financial years.

Sanjay Kumar Bansal: Sir, consol net debt will always be a basically cycle that will continue going on. We will complete assets. As soon as the asset is completed, that debt will move out and go to, let's say, if we sell it to our own InvIT, it goes there, or if we sell it to someone else, it goes out of our balance sheet. At the same time, DBL will continue also investing. As a growing listing company, we will be continuously investing in assets in PPP mode.

Sanjay Bansal: Sir, consol net debt will always be a basically cycle that will continue going on. We will complete assets. As soon as the asset is completed, that debt will move out and go to, let's say, if we sell it to our own InvIT, it goes there, or if we sell it to someone else, it goes out of our balance sheet. At the same time, DBL will continue also investing. As a growing listing company, we will be continuously investing in assets in PPP mode.

Rohan Suryavanshi: For every of those assets that we take, we will keep raising debt, pre-putting our equity, because that is how we will grow our business. That is how we grow our asset business as well. That will be a constant methodology that we will build assets, sell them, again build assets, keep selling them. That will go on. There is no console level goal that we have put in place. There is a standalone thing that we have done. All the assets that we do are primarily more on the annuity kind of where the fixed return is already kind of envisaged. Hence we are very comfortable taking that kind of risk. Banks are very happy funding that kind of project portfolio for us. We have a very good track record as well.

Rohan Suryavanshi: In the road HAM alone, we have done upwards of INR 45,000 crores of projects in the road HAM alone. Which is the largest portfolio for any road EPC company. This is a model that we are comfortable with and we will continue doing it. When we are looking at the company, it will be on the standalone level where we are saying we will be a near net debt zero company in two financial years. Which is on the standalone basis.

Speaker #1: थैंक यू।

Speaker #4: Which is on the standalone level.

Vinay Chaudhary: Thank you very much.

Speaker #2: Thank you. Next question is from Mr. Bhaven Modi from Anand Rathi. Please go ahead.

Operator: Thank you. Next question is from the line of Bhavin Modi from Anand Rathi. Please go ahead.

Speaker #1: Hi sir, thank you for the opportunity. Sir, first thing, I just wanted to understand, sir, how does the, you know, the MDO billing, you know, the revenue recognition work, you know? So, there are two parts to it, right? One is the overburden removal, and second is the coal extraction. So, do we get the, you know, the reimbursement or the billing when only, you know, exactly coal is being removed? Or do we also get, you know, for the OB removal? So, how does it work, actually?

Bhavin Modi: Hi sir, thank you for the opportunity. Sir, first thing I just wanted to understand, how does the MDO billing, the revenue recognition works? There are two parts to it, right? One is the overburden removal and second is the coal extraction. Do we get the reimbursement or the billing when only exactly coal is being removed or do we also get for the OB removal? How does it work actually?

Rohan Suryavanshi: Bhavin ji, Siarmal ka revenue recognition different hai. Pehle main aapko bata deta hoon. Poore saal ka, ek year ka mining plan hota hai, uske according wahan ka ek stripping ratio hota hai. Toh aapko saal ke end mein woh stripping ratio match karna hota hai. During the month on month aapko OB ka ek certain rate par payment hota hai aur coal ka ek payment hota hai mining to the stockyard and stockyard to the siding. Agar coal dispatch ho jaata hai toh woh ek certain payment hota hai. Ultimately year end mein jaakar aapko OB ka jo bhi payment hua hai woh adjust ho jaata hai stripping ratio ke against.

Speaker #4: अभी भी सिहारवल का रेवेन्यू रिकॉग्निशन डिफरेंट है। पहले मैं आपको बता देता हूं। पूरे साल का एक ईयर का माइनिंग प्लान होता है। उसके अकॉर्डिंग वहाँ का एक स्टेपिंग रेशियो होता है। तो आपको साल के एंड में वो स्टेपिंग रेशियो मैच करना होता है। ड्यूरिंग द मंथ, ऑन मंथ आपको ओबी का एक सर्टेन रेट पे पेमेंट होता है। और कोल का एक पेमेंट होता है, माइनिंग टू द स्टॉक यार्ड और स्टॉक यार्ड टू द साइडिंग। अगर कोल डिस्पैच हो जाता है तो वो एक सर्टेन पेमेंट होता है। अल्टीमेटली, ईयर एंड में जाकर आपको ओबी का जो भी पेमेंट हुआ है वो एडजस्ट हो जाता है स्टेपिंग रेशियो के अगेंस्ट। थोड़ी सी मैथ्स कॉम्प्लिकेटेड है। आपको सेपरेटली मेरी टीम समझा देगी इसके लिए। पचवाड़ा में लिटिल सिंपलर है। वन्स वी डिस्पैच द रेक फ्रॉम आवर साइडिंग और जब पंजाब गवर्नमेंट उसको रिसीव कर लेती है तो वहाँ ओबी का कोई पेमेंट नहीं होता। सीधा-सीधा राउंड 1,150 टू 1,200 हमारा उसका कोल रिसीविंग का रेट होता है पर टन बेसिस पे। तो दिस इज द वे टू रिकॉग्नाइज द रेवेन्यू इन बोथ द माइंस।

Rohan Suryavanshi: Thodi si maths complicated hai. Aapko separately meri team samjha degi iske liye. Pachhwara mein little simpler hai. Once we dispatch the rake from our siding aur jab Punjab government usko receive kar leti hai toh wahan OB ka koi payment nahi hota. Either it's around INR 1,150 to the INR 1,200 hamara uska coal receiving ka rate hota hai per ton basis par. This is the way to recognize the revenue in both the mines.

Speaker #1: But to keep it simple for my financial modeling purpose, right, can I directly take, you know, whatever the coal is being extracted, you know, multiply by the, you know, the rate, you know, as per the coal mining agreement? That will be the right way to look at it.

Bhavin Modi: But to keep it simple for my financial modeling purpose. Can I directly take whatever the coal is being extracted, multiply by the rate as per the coal mining agreement. That would be the right way to look at it?

Speaker #4: आई विल एक्सप्लेन यू आप आपके मॉडलिंग के लिए जितना कोल प्रोडक्शन ईयर भर में होता है उसका अराउंड 55 ₹50 पर टन सियारमल का अराउंड अभी रेट है आप वो रेट का करीब 70% लेके आप रेवेन्यू कर सकते हो क्योंकि 100% कोल्ड डिस्पैच नहीं होता है कुल प्रोडक्शन करके रखा होता है 7 मिलियन के लिए सिंपल मैथ्स है आप 1200 से उसका मैथ्स कर सकते हो।

Rohan Suryavanshi: आपके modeling के लिए जितना coal production year भर में होता है उसका around ₹50-₹55 per ton Siarmal का around अभी rate है। आप वह rate का करीब 70% लेकर आप revenue कर सकते हो क्योंकि 100% coal dispatch नहीं होता है, full production करके रखा होता है। 7 million के लिए simple math से आप 1200 से उसका match कर सकते हो।

Speaker #1: गॉट इट गॉट इट गॉट इट अंडरस्टुड सर थैंक यू एंड सेकंड थिंग यू नो सर जस्ट वांटेड टू अंडरस्टैंड यू नो अबाउट द वायनाट टनल कोलैप्स सो कैन दिस यू नो हैव अ इंपैक्ट ऑन आवर टेक्निकल स्कोर यू नो जस्ट वांटेड टू अंडरस्टैंड एस्पेशली यू नो सीइंग द यू नो द टनलिंग बिज़नेस राइट सो वुड दैट इंपैक्ट आवर यू नो फ्यूचर बिल्ड्स इन द टनलिंग बिज़नेस जस्ट वांटेड टू हैव अ यू नो कलर ऑन दैट।

Bhavin Modi: Got it. Understood, sir. Thank you. Second thing, sir, just wanted to understand about the Wayanad tunnel collapse. Can this have an impact on our technical score? Just wanted to understand, especially seeing the tunneling business. Will that impact our future bids in the tunneling business? Just wanted to have a color on that.

Speaker #4: नहीं नहीं भाविन जी उसमें टेक्निकल स्कोर जैसी कोई चीज नहीं होती। मैंने अभी ऑलरेडी आपको बताया है कि एक कमेटी ने ये रिपोर्ट दिया है दैट वाज़ ए प्योरली नेचुरल कैलेमिटी। उसमें हमारे कंस्ट्रक्शन की या हमारी प्रोसीजर का कोई डिफेक्ट नहीं था। लास्ट नाइट जब ये वहां पे एक्सीडेंट हुआ उसके लास्ट नाइट 300 एमएम एक नाइट में बारिश हुई थी। और आपने सबने देखा होगा ये वही प्लेस है जहां 2024 में 400 लोगों का एक पूरा विलेज कोलैप्स हुआ था। और वहां पे कैजुअलिटी हुई थी बड़ी सारी। ये वो वाला प्लेस है। तो ये दिस इज़ अ प्योरली नेचुरल कैलेमिटी। हमारे टेक्निकल स्कोर या हमारी टनलिंग बिल्डिंग को ये इंपैक्ट नहीं करता है।

Rohan Suryavanshi: नहीं Bhavin जी, उसमें technical score जैसी कोई चीज नहीं होती। मैंने अभी already आपको बताया है कि एक committee ने यह report दिया है that was a purely natural calamity. उसमें हमारे construction की, हमारी procedure का कोई defect नहीं था। Last night जब यह वहां पर accident हुआ, उसके last night 300 mm एक night में बारिश हुई थी। और आपने यह सब देखा होगा। यह वही place है जहां 2024 में 400 लोगों का एक पूरा village collapse हुआ था और वहां पर casualty हुई थी बड़ी सारी। यह वह वाला place है। तो this is a purely natural calamity. हमारे technical score या हमारी tunneling bidding को यह impact नहीं करता है।

Speaker #1: हम हम गॉट इट गॉट इट सर। सो सर एनीथिंग यू नो फ्रॉम द कंस्ट्रक्शन इंडस्ट्री साइड यू नो लुकिंग यू नो एट दिस यू नो थिंग्स बिकॉज़ नाउ यू नो वी आर फेसिंग मोर लाइक यू नो यू कैन से यू नो द टोरेंटल रेन टाइप्स राइट वी आल्सो सो यू नो द सिमिलर यू नो कोलैप्स और मे बी यू नो सिमिलर एक्सीडेंट यू नो हैपनिंग इन द मिसिंग लिंक। सो एज अ कंस्ट्रक्शन इंडस्ट्री यू नो आर वी ट्राइंग टू यू नो लाइक इंक्रीस आवर स्टैंडर्ड्स यू नो और हाउ आर वी लुकिंग एट दिस थिंग्स?

Bhavin Modi: Got it, sir. So, sir, anything from the construction industry side, looking at these things? Because now we are facing more like, you can say, the torrential rain types. We also saw the similar collapse or maybe similar accident happening in the Missing Link. As a construction industry, are we trying to increase our standards? Or how are you looking at these things?

Speaker #4: इस पे भाविन जी बहुत सारे डिस्कशंस होते हैं टेक्निकल लोगों के। बड़ी-बड़ी कमेटीज इसके लिए बनती है। हमारे यहां की आईआईटीस और सारे इंस्टिट्यूट इस पे लगातार काम करते हैं। लेकिन ये जितनी भी नेचुरल कैलेमिटी होती है इसके लिए कोई भी स्ट्रक्चर एक आपके पास जो प्रेसिडेंट अवेलेबल होता है उसी पे डिजाइन होते हैं। अगर कोई अनप्रेसिडेंटेड चीजें आपका 300 एमएम बारिश या एक पर्टिकुलर हाई फ्लड लेवल के लिए कोई डिजाइन है और उससे अगर टू टाइम्स या थ्री टाइम्स होगा तो कोई भी इंफ्रा उसके लिए डिजाइन नहीं होता। तो इस तरह की चीजें आज ही नहीं आज पास्ट 30 40 ईयर में भी कभी-कभी नेचुरल कैलेमिटी होती है कई ब्रिज गिरते हैं कभी-कभी ओवरटॉप होते हैं पानी से ये चलता रहता है सब लेकिन 100% इंजीनियर्स इस पे काम करते हैं कि लास्ट टाइम क्या हुआ था कौन सा सोइल कैरेक्टरिस्ट था अभी जो मिसिंग लिंक भी गिरा है वहां पे भी हैवी रेनफॉल के कारण वो एक्सीडेंट हुआ है।

Rohan Suryavanshi: इस पर Bhavin जी बहुत सारे discussions होते हैं। Technical लोगों की बड़ी-बड़ी committees इसके लिए बनती हैं। हमारे यहां की IITs और सारे institute इस पर लगातार काम करते हैं। लेकिन यह जितनी भी natural calamity होती है, इसके लिए कोई भी structure आपके पास जो precedent available होता है, उसी पर design होते हैं। अगर कोई भी precedent thing पर आपका 300 mm बारिश या एक particular high flood level के लिए कोई design है और उससे अगर two times या three times होगा तो कोई भी infra उसके लिए design नहीं होता। तो इस तरह की चीजें आज ही नहीं, आज past 30, 40 year में भी कभी-कभी natural calamity होती है। कहीं bridge गिरते हैं, कभी-कभी overtop होते हैं पानी से। यह चलता रहता है सब। लेकिन 100% engineers इस पर काम करते हैं कि last time क्या हुआ था, कौन सा soil characteristic था। अभी जो Missing Link भी गिरा है, वहां पर भी heavy rainfall के कारण वह accident हुआ है।

Speaker #1: Hum, hum. Got it, got it, got it. Thanks, thanks.

Bhavin Modi: Got it, sir. Thanks.

Speaker #2: Thank you. Next follow-up question is from the line of Shravan Shah from Daulat Capital. Please go ahead.

Operator: Thank you. Next follow-up question is from the line of Shravan Shah from Dolat Capital. Please go ahead.

Speaker #1: हाय सर, ये क्वार्टर का जो अदर इनकम है स्टैंडअलोन पर ₹40 करोड़, तो उसमें इनवेट का कितना रहेगा? मतलब इसमें श्रेम और अल्फा का भी अगर कुछ ब्रॉड ब्रेकअप अगर आप दे सकते हैं तो।

Shravan Shah: Sir, यह quarter का जो other income है standalone पर ₹40 odd करोड़, तो उसमें InvIT का कितना रहेगा? मतलब उसमें Shrem और Alpha का भी अगर कुछ broad breakup अगर आप दे सकते हैं।

Speaker #4: Total other income is ₹40 crore. Out of ₹40 crore, ₹26 crore pertains to the dividend and ₹5 crore from the invest—invent interest. So, around ₹31 crore pertains to the distribution. And so out of ₹40 crore, you can take ₹31 crore from invest and ₹9 crore from my FDR interest and other income.

Sanjay Kumar Bansal: Total other income is INR 40 crore. Out of INR 40 crore, INR 26 crore pertains to the dividend and INR 5 crore from the InvIT interest. Around INR 31 crore pertains to the distribution. Out of INR 40 crore, you can take INR 31 crore from InvIT and INR 9 crore from my FDR interest and other income.

Sanjay Bansal: Total other income is INR 40 crore. Out of INR 40 crore, INR 26 crore pertains to the dividend and INR 5 crore from the InvIT interest. Around INR 31 crore pertains to the distribution. Out of INR 40 crore, you can take INR 31 crore from InvIT and INR 9 crore from my FDR interest and other income.

Speaker #1: ओके। एंड ये 31 में से ब्रॉडली श्रेम में से कितना होगा, और अल्फा से कितना होगा? मतलब अनंतम से?

Shravan Shah: Okay. These INR 31 crore, broadly, how much will be from Shrem and how much from Alpha? I mean from Anantham.

Speaker #4: Just a second. ₹26 crore, ₹19 crore dividend is from Anantam and Alpha, so total, total ₹26 crore dividend, sir. The dividend is entirely—that ₹26 crore dividend is entirely from Alpha, and the interest is from Alpha and Shreeman.

Sanjay Kumar Bansal: Just a second. Of INR 26 crore, INR 19 crore dividend is from Anantham. Alpha's, so total INR 26 crore dividend.

Sanjay Bansal: Just a second. Of INR 26 crore, INR 19 crore dividend is from Anantham. Alpha's, so total INR 26 crore dividend.

Sanjay Kumar Bansal: That dividend is entirely, that INR 26 crore dividend is entirely from Alpha, and the interest is from Alpha and Shrem InvIT.

Sanjay Bansal: That dividend is entirely, that INR 26 crore dividend is entirely from Alpha, and the interest is from Alpha and Shrem InvIT.

Speaker #1: ओके ओके नहीं वो व्हाई व्हाई आई वास आस्किंग ब्रॉडली इज़ कि जो अपना जो ये जो कैपिटल इक्विटी इन्वेस्टमेंट ट्रैकर में जो फॉर लेट्स से कि एफआर 28 के लिए भी हम लोग जो देख रहे हैं ब्रॉडली के कि श्रेम में से 27 करोड़ एंड अल्फा में से 339 करोड़ सो वहां से स्टैंड अलोन पे कितना नंबर रफली होएगा सो जो वन ऑफ़ द पार्टिसिपेंट वाज़ आल्सो आस्किंग सो स्टैंड अलोन में कितना जाएगा बिकॉज़ वी डोंट होल्ड द एंटायर यूनिट्स इन द डीबीएल स्टैंड अलोन मे बी इन टू थ्री कंपनीज़ सो जस्ट वांटेड टू अंडरस्टैंड कि रफली वन हैज़ टू लुक एट तो श्रेम का कितना प्रपोर्शन दैट वी होल्ड एट अ स्टैंड अलोन एंड अल्फा में हाउ मच परसेंटेज एज अ स्टैंड अलोन दैट वी ओन।

Shravan Shah: Okay. Why I was asking broadly is that in our capital equity investment tracker, for let's say FY28 also, we are seeing broadly that from Shrem it is INR 27 crore and from Alpha it is INR 339 crore. So from there, how much number roughly will be there standalone? One of the participants was also asking. So how much will go to standalone because we don't hold the entire units in the DBL standalone, maybe in 2, 3 companies. Just wanted to understand roughly if one has to look at, so how much proportion of Shrem that we hold at a standalone and in Alpha, how much percentage as a standalone that we own.

Speaker #4: Shravan ji, total units are 13, 1,300, 14 crore of ALPHA. Total ₹850 crore is basically at the DBL level, and the balance ALPHA units and SHREM units, these are at the subsidiary level. So total distribution will come like, out of the total ₹1,500 or ₹1,800, ₹850 crore distribution will be received at DBL level, and balance at the SP level. But if you are reconciling the amount shown in the equity tracker and the other income, then one part is missing, which is capital return. So capital return is primarily in all the distribution. It varies, sometimes it is 1/3, sometimes it is half. So, on an overall basis, as a thumb rule, you can take 2/3 as dividend and interest, and 1/3 as a principal return. Then the...

Sanjay Kumar Bansal: Shravan, total units are INR 1,314 crore of Alpha. Total INR 850 crore is basically at the DBL level. The balance Alpha units and Shrem units, these are at the subsidiary level. So total distribution will come like out of the total 1,500, INR 850 crore distribution will receive at DBL level and balance at the SPV level. But if you are reconciling the amount shown in equity tracker and the other income, then one part is missing which is capital return. So capital return is primarily in all the distribution. It varies. Sometimes it is one-third, sometimes it is half. So overall basis, as a thumb rule, you can take two-third as a dividend and interest and one-third as a principal return.

Sanjay Bansal: Shravan, total units are INR 1,314 crore of Alpha. Total INR 850 crore is basically at the DBL level. The balance Alpha units and Shrem units, these are at the subsidiary level. So total distribution will come like out of the total 1,500, INR 850 crore distribution will receive at DBL level and balance at the SPV level. But if you are reconciling the amount shown in equity tracker and the other income, then one part is missing which is capital return. So capital return is primarily in all the distribution. It varies. Sometimes it is one-third, sometimes it is half. So overall basis, as a thumb rule, you can take two-third as a dividend and interest and one-third as a principal return.

Shravan Shah: Got it. That is very much clear. Just one thing on the MDO. So sir has explained very well, Devendra sir. Just the one thing, our current margins, so that will remain even for next 2, 3 years and maybe one can say a slight improvement is also possible there at a margin level.

Speaker #1: गॉट इट दैट दैट दैट इज़ दैट इज़ वेरी मच क्लियर एंड एंड जस्ट अ वन थिंग ऑन द ऑन द एमडीओ सो सर हैज़ एक्सप्लेन वेरी वेल देवेंद्र सर जस्ट अ वन थिंग जो करंट अपना जो मार्जिनस है सो दैट विल विल रिमेन द द द इवन फॉर नेक्स्ट टू थ्री इयर्स एंड मे बी अ वन कैन से अ स्लाइट इंप्रूवमेंट इज़ आल्सो पॉसिबल देयर एट अ मार्जिन लेवल।

Speaker #4: अभी श्रवण जी, मार्जिन लेवल अगर सियारमल की बात करेंगे, तो टिल सीएचपी कंप्लीशन मार्जिन विल ऑलमोस्ट सेम रहेगा। थोड़ा बहुत इनफ्लेशन और उसके कारण थोड़ा ऊपर-नीचे होगा। एंड जब उसके अंदर सीएचपी चालू हो जाएगा, एंड देन 78% विल बिकम 100%, तब मार्जिन प्रोफाइल में ट्रेमेंडस चेंज आएगा पॉज़िटिव साइड में। एंड इन द पचवाड़ा, 7 मिलियन का मार्जिन का प्रोफाइल ऑलमोस्ट सेम रहेगा।

Devendra Jain: Now, Shravan ji, if we talk about margin level, CRML, then till CHP completion, margin will almost remain the same. There will be a little up and down due to inflation and other factors. When CHP will start and then 78% will become 100%, then there will be a tremendous change in the margin profile on the positive side. In the Pachhwara, the margin profile of 7 million will almost remain the same.

Speaker #1: ओके ओके ओके समझ गया सो ब्रॉडली अपना कोल्ड हैंडलिंग प्लांट आ जाएगा पूरा कैपेक्स हो जाएगा उसके बाद अपने पास जो कैश बचेगा एमडीओ पे सियारमल पर्टिकुलरली दैट वी कैन काइंड ऑफ़ अ ट्रांसफर टू द स्टैंड अलोन और एनी ऑफ़ द आवर आवर सब्सिडरी टू टू यूज़ फॉर अ डेट रिपेमेंट और फॉर मे बी फर्दर इक्विटी इन एनी अदर प्रोजेक्ट दैट डायरेक्टली वी कैन पिक इट इन डीबीएल स्टैंड अलोन। ओके ओके मतलब वो जो पैसा जो एमडीओ पे जो है वो जब तक कोल हैंडलिंग प्लांट बन नहीं जाता पूरा कैपेक्स नहीं होता तब तक वी हम लोग स्टैंड अलोन पे उसको शिफ्ट नहीं कर सकते वो एक बार हो जाएगा उसके बाद ही हम लोग कर सकते हैं वो अंडरस्टैंडिंग बराबर है सर।

Shravan Shah: Okay. Understood. Our coal handling plant will come, the entire CapEx will be done. After that, the cash we have left on MDO, CRML particularly, that we can kind of transfer to the standalone or any of our subsidiaries to use for a debt repayment or for maybe further equity in any other project.

Devendra Jain: We can pick it in DBL standalone.

Shravan Shah: Okay. Meaning, the money that is on MDO, until the coal handling plant is built, the entire CapEx is not done, we cannot shift it to standalone. It can only be done once it is done. Is that understanding correct, sir?

Speaker #4: Yes, yes, that's understanding. Main aapko clear kar deta hoon ki coal mein woh terminology hoti hai 'peak rated capacity', that is 42.5 million metric tonnes in a year, and that is the COD of the project. Toh definition of COD is the 42 and 1/2 million achievement—completion of the coal handling plant is the COD. Toh jab yeh dono cheezein ho jayengi toh 42 and 1/2 achieve kar lenge, jismein hum plan kar rahe hain for the 50 million. So then COD will come. Toh yeh saara ka saara jo aapne ganit bataya yeh complete ho jayega usmein.

Devendra Jain: Yes. That understanding, I will clear it for you that in coal, there is a terminology, peak rated capacity. That is 42.5 million metric ton in a year, and that is the COD of the project. The definition of the COD is the 42.5 million achievement. Completion of the coal handling plant is the COD. When both these things are done, we will achieve 42.5, for which we are planning for the 50 million. Then COD will come. All of this, the calculation you told, will be completed in that.

Speaker #1: Okay, okay, okay. Matlab, I was trying to understand ke in terms of the value are unlocking, agar apne ko dekhne ka hai, matlab for the investor going forward. So, that's the time that one can look at in terms of the value unlocking for the MDO, whenever we want to plan.

Shravan Shah: Okay. I was trying to understand that in terms of the value unlocking, if we have to see, meaning for the investor going forward, that's the time that one can look at in terms of the value unlocking for the MDO whenever we want to plan.

Speaker #4: ऐसा एफआई 29।

Devendra Jain: That's FY29.

Speaker #1: या, या, या, गॉट इट, गॉट इट. एंड सर, लास्टली, ये क्वार्टर में कितना कैपेक्स था और फुल ईयर का? ऑब्वियसली बहुत ही कम है अपना स्टैंडअलोन पे, बट जस्ट वांटेड द नंबर. और फुल ईयर के लिए, जो लेस देन ₹100 करोड़ जो हम सोच रहे हैं, तो दैट विल रिमेन द सेम?

Shravan Shah: Yeah, got it. Lastly, यह quarter में कितना CapEx and full year का obviously बहुत ही कम है अपना standalone पे but just wanted the number and full year के लिए जो less than INR 100 crore जो हम सोच रहे हैं, that will remain the same.

Speaker #4: हाँ, that will remain the same. Already, Quarter 1 में कोई बहुत बड़ा capex नहीं हुआ है, तो ₹100 करोड़ लेके चलते हैं। वो भी हम replacement capex—again, some important equipments के लिए।

Devendra Jain: That will remain the same. Already Q1 में कोई बहुत बड़ा CapEx नहीं हुआ है तो INR 100 crore लेकर चलते हैं. Some replacement CapEx against some important equipments.

Speaker #1: Okay, okay, got it, sir. Thank you, and all the best.

Shravan Shah: Okay, got it, sir. Thank you and all the best.

Speaker #4: थैंक यू सो मच।

Devendra Jain: Thank you so much.

Speaker #2: Thank you. Next question is from none other than Deepak Barswani from Swan Investments. Please go ahead.

Operator: Thank you. Next question is from the line of Deepak Purswani from Swan Investments. Please go ahead.

Speaker #1: Yes, thank you. Thank you for the follow-up. HT sir, just wanted to confirm on the 1.5 lakh bit pipeline which we mentioned— which are the key verticals, which are the parts of this. And secondly, river linking segment as a whole— how we are looking at it— wahan pe bit pipeline kaise grow ho raha hai, and what are the incremental opportunities we are seeing in this segment at the current juncture?

Deepak Purswani: Yes, thank you for the follow-up Ajit. Sir, just wanted to confirm on the INR 1.5 lakh bid pipeline which we mentioned. Which are the key verticals which are a part of this? Secondly, river linking segment as a whole, how we are looking at it? वहां पर bid pipeline कैसे grow हो रहा है? And what are the incremental opportunities we are seeing in this segment at current juncture?

Speaker #4: बिट पाइपलाइन में मोस्ट ऑफ़ द बिट पाइपलाइन कम्स फ्रॉम द एनएचआई एंड मोर तो लगभग 1.25 लाख करोड़ के प्रोजेक्ट ऑलरेडी पाइपलाइन में है जो रोड से आते हैं इसके अलावा अलग-अलग स्टेट वाइज इरीगेशन के प्रोजेक्ट हैं उन्हीं इरीगेशन के प्रोजेक्टों का रिवर लिंकिंग पार्ट होता है आपको कहीं भी रिवर लिंकिंग का अलग से आइडेंटिफाई प्रोजेक्ट नहीं मिलेगा वी आर डूइंग वन प्रोजेक्ट इन द राजस्थान जो एक डेम से दूसरे डेम को कनेक्ट कर रहा है कैनाल के द्वारा बाय द ग्रेविटी कैनाल दैट्स आल्सो अ रिवर लिंकिंग सो ऑलरेडी द होल पाइपलाइंस कम फ्रॉम द वर्टिकल मोस्ट ऑफ़ द रोड्स हाईवेज टनलिंग मेट्रो हमारे जितने भी 11 12 सेक्टर हैं सबका मिला के करीब ढाई तीन लाख करोड़ का अभी पाइपलाइन बिड में दिखता है

Devendra Jain: Most of the bid pipeline comes from the NHAI and MORTH. लगभग 1.25 लाख करोड़ के project already pipeline में हैं, जो road से आते हैं। इसके अलावा अलग-अलग state wise irrigation के project हैं। उन्हीं irrigation के project का river linking part होता है। आपको कहीं भी river linking का अलग से identify project नहीं मिलेगा. We are doing one project in the Rajasthan जो एक dam से दूसरे dam को connect कर रहा है canal के द्वारा, by the gravity canal. That's also a river linking. So already the whole pipelines come from the vertical. Most of the roads, highways, tunneling, metro, हमारे जितने भी 11, 12 sector हैं, सबका मिलाकर करीब ढाई-तीन लाख करोड़ का अभी pipeline bid में दिखता है.

Speaker #1: ओके। एंड रिवर लिंकिंग में सर, स्पेसिफिकली नेक्स्ट टू-थ्री ईयर्स में हमें कैसे दिख रहा है? वहाँ पे कुछ बड़े अच्छे प्रोजेक्ट आ रहे हैं या ये एक्सिस्टिंग वाले जो इरीगेशन का ही है?

Deepak Purswani: Okay. And river linking में sir specifically next two, three years eye में हम लोग को कैसे दिख रहा है? वहां पर कुछ बड़े अच्छे project आ रहे हैं या ये existing only जो irrigation का ही है.

Speaker #4: काफी सारी पाइपलाइन है, लेकिन आपको रिवर लिंकिंग जैसा प्रोजेक्ट एक बार डिस्टिंग्विश नहीं कर पाएंगे कहीं पे कि रिवर लिंकिंग ऑलरेडी चल रहा है। लेकिन आप ऐसा, उसका अलग से कोई बीड पाइपलाइन निकालेंगे कि यह रिवर लिंकिंग है, वो इरिगेशन के प्रोजेक्टों को भी जहाँ पे वॉटर अच्छे से होता है और जहाँ पे वॉटर की स्केरसिटी है, उसको कनेक्ट कर रहे हैं। ऑलरेडी, ऑल द स्टेट गवर्नमेंट्स आर वर्किंग ऑन दैट रिवर लिंकिंग टाइप ऑफ प्रोजेक्ट।

Devendra Jain: काफी सारी pipeline है, लेकिन आपको river linking जैसा project को एक बार distinguish नहीं कर पाएंगे कहीं पर। River linking already चल रहा है। लेकिन आप ऐसा उसका अलग से कोई bid pipeline निकालेंगे कि यह river linking है। वो irrigation के project को भी जहां पर water अच्छे से होता है और जहां पर water की scarcity है, उसको connect कर रहे हैं already। All the state governments are working on that river linking type of project.

Speaker #2: Thank you, sir. The line for the participant dropped; that was the last question. I will now like to hand the conference over to Mr. Rohan Suryavanshi for closing comments.

Operator: Thank you. Sir, the line for the participant dropped. That was the last question. I would now like to hand the conference over to Mr. Rohan Suryavanshi for closing comments.

Speaker #4: On behalf of the whole DBL family, I would like to thank all our investors, analysts, and friends who joined this and asked all the questions. In case you missed out on any of the questions, please feel free to reach out to our team internally or to the Ad Factors team to understand whatever doubts you may have. I look forward to seeing all of you guys on our next quarterly call. So, thank you for coming.

Rohan Suryavanshi: On behalf of the whole DBL family, I would like to thank all our investors, analysts, and friends who joined us and asked all the questions. In case you missed out on any of the questions, please feel free to reach out to our team internally or to the Adfactors team to understand whatever doubts you may have. I look forward to seeing all of you guys on our next quarterly call. So thank you for coming.

Operator: Thank you very much. On behalf of Dilip Buildcon Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.

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Q1 2027 Dilip Buildcon Ltd Earnings Call

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