Financial Performance Highlights (Q1 FY27)

Standalone Performance:

  • Revenue from operations: ₹2,423 crores, representing 32.71% YoY growth (vs. ₹1,826 crores in Q1 FY25)
  • EBITDA margin: 11.02% (vs. 12.65% in Q1 FY25)
  • Profit After Tax: ₹203.63 crores (vs. ₹216 crores in Q1 FY25)
  • Net worth: ₹9,074 crores as of June 2026 (vs. ₹8,869 crores at FY26 end)
  • Total borrowings: ₹239 crores with debt-to-equity of 0.03x

Consolidated Performance:

  • Revenue from operations: ₹2,784 crores, representing 40% YoY growth (vs. ₹1,988 crores in Q1 FY25)
  • EBITDA margin: 16.8% (vs. 20% in Q1 FY25)
  • Profit After Tax: ₹358 crores (vs. ₹244 crores in Q1 FY25), including exceptional item of ₹46 crores (gain on dilution of interest in associate from 43.56% to 31.58%)
  • Net worth: ₹9,750 crores as of June 2026 (vs. ₹9,391 crores at FY26 end)
  • Total borrowings: ₹5,286 crores with debt-to-equity of 0.55x

Operational Metrics

  • Order book: ₹25,300 crores as of 1st July 2026
  • Bids pending: ₹32,000 crores yet to be opened
  • Fixed assets additions: ₹22 crores during quarter, net block at ₹1,019 crores
  • Investment in subsidiaries: ₹2,445 crores (loans and equity)
  • Pending equity contribution to HAM/BOT projects: ₹3,346 crores, with ₹900-1,000 crores expected in FY27
  • Working capital days: 148 days (vs. 128 days at FY26 end)
  • Trade receivables (standalone): ₹2,655 crores (including ₹1,784 crores HAM debtors)
  • Trade receivables (consolidated): ₹1,091 crores
  • Unbilled revenue (standalone): ₹938 crores
  • Unbilled revenue (consolidated): ₹498 crores
  • Inventories: ₹863 crores (vs. ₹739 crores at FY26 end)
  • Trade payables: ₹1,073 crores (standalone)

Project Updates

  • Received PCOD for Amritsar Bathinda (Punjab) and Yamuna Bridge (UP) projects during quarter
  • Awaiting appointed dates for three projects totaling ₹7,250 crores
  • Agra-Gwalior project expected to receive appointed date in October-November 2026
  • Two other HAM projects targeting December 2026 for appointed dates
  • BharatNet project waiting for ROW, O&M activity started, capex expected to start in October 2026
  • BESS project work has started, battery ordering pending due to geopolitical issues affecting prices
  • Railway project in MP has already started

Revenue Guidance and Outlook

  • FY27 revenue growth guidance: 15-20% (maintained despite Q1's 32.7% growth)
  • FY28 revenue target: ₹11,000-12,000 crores (approximately 20% growth)
  • EBITDA margin guidance: 10-11% for FY27
  • Oil & Gas revenue target: ₹1,000+ crores for FY27 (Q1: ₹270 crores)
  • BharatNet revenue expectation: ₹400 crores for FY27 (₹300 crores capex, ₹100 crores O&M)

Capital Expenditure and Investments

  • FY27 capex guidance: ₹300 crores
  • FY28 capex guidance: ₹200-250 crores
  • Warehousing business: ₹130 crores deployed to date, ₹450-500 crores planned for FY27
  • Total equity investment planned for next 3 years: ₹3,300 crores (already committed)

Sectoral Opportunities Discussed

Transportation Sector:

  • Pipeline: ₹3.85 lakh crores (78% highways, 16% railway, 6% metro)
  • New toll cum Annuity Model combining BOT and HAM features
  • Revamped BOT toll framework expected to bring 10,000+ km projects into private bidding
  • Urban Decongestion Policy to strengthen center-state coordination

Power Transmission:

  • Estimated transmission capex: ₹5-6 lakh crores between FY27-FY32
  • Government preparing overhaul of National Electricity Policy

Tunnel and Hydro:

  • Estimated opportunity: ₹1 lakh crores over next 5 years
  • Government viability gap funding: ₹15,000 crores for 112 GW storage capacity

Oil and Gas:

  • Government approved ₹84,000 crores incentive package for deepwater exploration
  • 46 new exploration blocks under OALP 10th and 11th rounds covering 2.6 lakh sq km

Logistics and Warehousing:

  • India may require 216 multimodal logistic parks by 2047
  • Institutional investment in warehousing rose 53% YoY to ₹500 crores
  • Expansion beyond metropolitan markets to Tier 2 cities

Distribution from InvIT

  • Received ₹70 crores distribution from Indus Infra Trust in Q1 FY27
  • Planning to transfer 3-4 more assets to InvIT in current year

Raw Material Impact

  • Bitumen price increases compensated by government through special circular
  • Diesel and energy-related price hikes impacting costs without compensation
  • Power transmission materials (aluminum, copper) facing volatility due to speculation and supply chain issues

Competition and Market Outlook

  • Healthy competition expected to continue in road sector
  • Government moving toward more private participation models (BOT, HAM) across sectors
  • Strong balance sheet companies expected to benefit from increased capital requirements

International Expansion

  • No immediate focus on international markets for next 1-2 years
  • Priority on establishing domestic credentials in oil & gas and transmission first
  • May consider international expansion after developing surplus manufacturing capacity