Good day to all, and on behalf of Ambit Capital, I thank the management of Ahluwalia Contracts India Limited for the opportunity to host your Q2 FY26 earnings call. We have the following members of the management with us today: Mr.

Shobhit Uppal, Deputy Managing Director; Mr. Vikas Ahluwalia, Director; Mr.

Satbeer Singh, Chief Financial Officer. I will now hand over the call to Mr.

Shobhit to walk us through the quarter. Thank you all, and over to you, sir.

Thank you so much. Good afternoon, everybody.

Ahluwalia Contracts India Limited has announced financial results for Q2 FY26. During Q2 FY26, the company has achieved a turnover of ₹1,177.30 crore and a PAT of ₹79.45 crore in comparison to a turnover of ₹1,011.48 crore and a PAT of ₹38.36 crore in Q2 FY25.

The company has registered a growth of 16.39% and 106.07% in turnover and PAT respectively during Q2 FY26 in comparison to Q2 FY25. EPS of the company for Q2 FY26 is ₹11.80 as compared to ₹5.73 in Q2 FY25.

During Q2 FY26, the company's EBITDA margin is 10.92% as compared to 7.25% and a PAT margin 6.63% as compared to 3.75% in the corresponding period. During the H1 FY26, the company has achieved a turnover of ₹2,182.18 crore and a PAT of ₹130.16 crore in comparison to a turnover of ₹1,930.83 crore and a PAT of ₹68.96 crore in H1 of FY25.

EPS of the company for H1 FY26 is ₹19.43 as compared to ₹10.29 in H1 FY25. During H1 FY26, the company's EBITDA margin is 9.85% 85% as compared to 6.93% and a PAT margin of 5.88% as compared to 3.53% in the corresponding period of the last financial year.

Net order book of the company as on 30th September 2025 is ₹18,057.60 crore to be executed in the next 2.5 years. Total order inflow during FY26 is ₹4,521.06 crore.

At present, we are L1 in two projects aggregating ₹1,620 crore. Thank you, over to you for questions.

Thank you.

Yeah. Thanks, and congratulations on good margin, sir, specifically.

Couple of questions, sir. First, this L1 ₹1,620 is the same of Bhubaneswar University and MIDC of Mumbai?

Because it was ₹1,800 crore last time.

No, MIDC tender has since been canceled. OUTR Bhubaneswar University, ₹1,620 mein OUTR hai about ₹1,000 crore, and about ₹570 crore or thereabouts is RML Hospital in Delhi, Ram Manohar Lohia Hospital in Delhi.

Got it. Now, given that in 1H on execution we have done 13%, for full year, sir, how we can look at, and we given for 6,000, actually if I include the L1, ₹6,000 crore kind of inflow is there.

Remaining 4.5 months, how much more order inflow are we looking at?

Our target was, as I'd explained last time, was similar to last year, about ₹8,000 crore. We are confident that that is where we'll end up at, around that figure.

Okay. In terms of revenue for full year, how much we can look at now?

I've given you a projection of 15% to 20%. We are maintaining that.

That range in the second half actually leads to a decent 17% to 26% kind of a growth.

That's what wanted maybe a narrow range.

Narrow range? Look, H2 H2 traditionally is more remunerative both in terms of revenue as well as consequently in terms of our earnings.

I think we're going to maintain that. Strictly, it's not possible, as abhi GRAP lag gaya hai Dilli mein, to ab ye kitne din last karega, kya karega, there is a degree of uncertainty there.

Today since approximately 40% of our order book comes from NCR, that is a factor which will hit. We are confident of our earlier projections being met.

There are two projections that I had given during the last call, which is 15% to 20% top-line growth and double-digit EBITDA margin. We are well on our way to get that.

That's what I wanted to ask, this NCR ban. Last time also, it got impacted.

How severe it is and Obviously, it is difficult to predict how long it will continue and how it will impact, but still

[broadly?] [unclear].

You see, we feel that there are some measures which have been taken both by clients and us to mitigate the impact, because the entire ecosystem is impacted when the work is shut down totally. This time the labor is not being allowed to go back to their native place.

In fact, post elections in Bihar and the results, the labor has started coming back. Even when there is no work, the clients have agreed to pay them when they are on-site.

As and when the work restarts, the time will not be wasted for getting the labor back from their native place or other locations. We feel the impact this time around should be lesser.

Okay. The margin now, can we see a 10.5% kind of a margin going forward or maybe 11% going forward?

Shravan, I am sticking my neck out and saying that we will maintain what I had projected last time. We've done that.

For this quarter, we've crossed 10%. We're nearly at 11%, and we are nearly at 10% for H1.

I think overall, it'll be more than double digit. Let me just say that, for the entire year.

Now, sir, private sector wise is close to 69% in order book. We wanted a 60-odd percent.

How do we see? Now going forward, we would be more on government orders, and do we see competition there?

At the moment, there is a lot of competition. Our focus by design only has been on private sector.

In the long run, 60-40 hoga. We see now with NDA coming with more majority, even stronger in Bihar, we see development picking up there.

We now see development again picking up in states like Assam. We see some private sector development.

We've bid for a couple of IT campuses in Bengal. We see well-rounded development happening both across public and private sector in states in which we are already present.

Going forward, that's why I said, jo hamare target hain new order inflow ke, I don't see a challenge in meeting that.

Next year They will drive

They will drive our earnings going forward. Continue to drive.

Yeah. True, true.

Next year onwards also can we see the similar ₹8,000 crore kind of order inflow and 15% plus kind of a revenue growth?

I think so. I don't think there's going to be any slowdown.

There is no slowdown on the horizon. At the moment, actually to sort of give you the correct picture, on the private sector side, we are actually refusing work every month because we don't want the ratio to be skewed too much.

I don't see a problem. I don't see a challenge in maintaining the growth of 15% to 20% even next year.

Got it. Sir, this quarter, the employee cost has jumped up significantly, ₹121-odd crore versus Q1 it was ₹91 crore.

Anything specific in third quarter, how one can look at the staff cost on quarterly basis?

In H2, this will taper off slightly. This quarter, it has gone up because we have declared increments and paid arrears, because our increment, they start from the calendar year, which is 1st January.

This time we got delayed in we were studying, doing our due diligence of what's happening in the industry. We paid the arrears in this quarter, Q2.

That is why this figure is higher. As our high-value projects start, like Dahlias and Downtown, they pick up steam, this figure will come down slightly.

Okay. I have more questions.

Will come back in queue, and thank you, and all the best.

Thank you.

Hi, sir. Sir, first of all, congrats on a very good set of results.

First question is on the pipeline, sir. What is the bid pipeline currently if you can quantify where the bids are open and where are you expecting to open in, say, for next five, six months?

The bids which have opened in which we are L1, that I mentioned in response to Shravan's question, two: OUTR in Bhubaneswar and Ram Manohar Lohia Hospital in Delhi. As far as the order pipeline is concerned, at the moment, it is at about ₹6,500 crore.

I would not like to give out the names of the projects that are under bidding at the moment, but it is a let me say it's a healthy mix of private and government sector projects.

Sir. Sir, just one clarification.

The figure that is mentioned in the PPT in terms of order inflow around ₹4,374 crore, this is till YTD or this is for H1?

This is till date.

Okay. Sir, what is the figure for H1?

H1, I think this is H1, ₹4,000. In the last month or so, we have not got any new orders.

This is basically it's H1 and YTD is same.

Sir. Got it.

Sir. Thank you.

Thank you, sir.

Thank you.

Thank you. I have one question.

We are becoming larger and I believe in the next couple of years we'll be 2x or even more. I want to understand how are you building up for scale in terms of not leadership alone, but in terms of systems and how do you ensure that we are able to deliver at scale as we become much much larger?

Primarily, if I understand your question correctly, you're talking about us scaling up in terms of staffing, in terms of

Yeah. We are looking at for a much larger order book, right?

As we become bigger, we'll have a different set of challenges. It could be exponentially higher.

For example, getting the engineering talent or getting ensuring that the cash flows are managed, your systems are done. Just want to understand how are you thinking about that aspect if at all that is a thing where you are actually spending a lot of time.

No, no, it's a valid question. I think we have started preparing for this a few years ago, two, three years ago, one.

We mentioned this in both me and Vikas have mentioned this in our interactions with all of you, either one-to-one or during investor calls. The company couple of years ago embarked on a digitization drive, and it's an ambitious drive.

It is helmed by Vikas himself. As a step one, we have implemented SAP.

PwC has done that for us. We've gone live.

The process is being refined continuously as we speak. This is the first step.

The use of IT tools, be it tools developed by Autodesk, virtual modeling, digital twins, financial softwares, this is something that the company is doing very, very aggressively. As I said, this is an ongoing process.

Secondly, all of our CapEx is increased. We are heavily investing into machinery, getting in new machinery from outside, getting in new shuttering systems so that our efficiency

May I ask you what kind of machinery you're actually spending on?

A lot of projects that we are doing now are going up vertically. They are high-rise buildings, right?

We are investing in heavy-duty machinery. Traditional cranes have given way to heavier cranes, where these cranes can be used not only to do RCC buildings, but also to do structural steel buildings.

A lot of buildings that we're doing now are designed using pre-engineered techniques or using structural steel. We're importing heavy-duty cranes.

We are using larger and larger batching plants so that we can make higher and these are all electronic batching plants so that we can make higher grades of concrete captively, because all these high-rise building now using Traditionally, the highest grade of concrete which was used five years ago was M30, to put things in context. Now we're manufacturing our own grade going up to M80, right?

That is why we're using more and more sophisticated machinery. Then the CapEx is also towards using more refined shuttering systems or system shuttering, to say, so that we can mitigate the skill shortage in terms of carpenters.

We're using machinery, CNC machines to do bar cutting or fabrication of reinforcement steel. These are some of the measures.

Then as far as the other aspect of skill shortage, which is staff, Ahluwalia for the last few years, even prior to COVID, has been investing in fresh talent. We go to campuses every year barring the two or three years where COVID had impacted the industry.

We recruit 50 to 60 fresh engineers and we train them. Our investment in training is going up now.

These are a slew of measures that we've taken to sort of prepare for the growth which is on the anvil.

Got it. For example, if you have so many parallel running projects, do you have a visibility of of whether your procurement is is actually optimized?

For example, you may be buying a lot of scaffoldings, there may be in some places there may be inventory shortage, some places you may be using more. Is that something which you actually are able to track now given the digitization exactly on a daily basis?

What is the planned target? What is an achieved target?

Is your procurement getting centralized? All those things, I'm just trying to understand.

On a journey of 1 to 10 I mean on a journey of 1 to 10 in your own assessment, where are we? When do you think we would be in a in a much comfortable position, again, as per your own aspirations?

Let me answer the easier bit first. On a journey of 1 to 10, I think we would be at 4, if I was honest.

Having said that, we've always, say, over the last 10 years or so, we've used some homegrown softwares that has sort of helped us keep in touch with what has been happening on at the ground as we multiplied our geographical locations. Now that is why we're using more and more tried and tested software now.

SAP, I gave you an example. We're using tools like Power BI now that SAP is operational or we've gone live, to provide various kinds of dashboards to people at different levels of hierarchy in the company.

While I don't think it's a myth if anybody says or it's a fallacy if anybody says that decisions are based anywhere in the world on a daily basis based on a set of figures, that's not happening anywhere. Yes, from doing a due diligence every quarter, I think the top management of the company is now looking at dashboards on a monthly basis, and our intuition is coupled with more accurate or hygienic data which is coming to us or flowing to the top management, which is helping us take decisions even for projects where we are unable to sort of hit the ground ourselves.

Got it.

Thank you so much, sir. I'll come back in the queue.

Thank you. Thank you, Lakshmi.

Yeah. Sir, firstly on any update on Gemshine JV project?

Vikas, would you like to answer that?

Yes. We have received the environmental clearance on the project and some ground clearance and excavation work has been done, but that is in the scope of the client.

While that is happening, we are now started with the engineering side of this design and other things. In I think another two months time, some work should start on ground.

Okay. Any guidance on how much revenue are we targeting for FY27?

I believe '26 would not be much of a revenue on account of the initial works going on.

No, as per the order book order values, the first year is usually where your things take shape, maybe about 30%, 35% of the order value.

In FY27?

Yeah.

Okay. Sir, secondly, on the working capital side, are we facing any challenges in any of the states, or is it smooth across?

No, I don't think there is anything untoward to sort of report as far as the working capital challenge is concerned in any of the projects.

Working capital days are improved in this quarter which is Already working capital days has been improved in this quarter, which is 87 days approximately from 95 days in as on 30th June.

There is only one challenge which is on a broader this thing, I don't think it's something that is very challenging, but some money is stuck up in Maharashtra and Assam on account of GST revisions. That's a statutory increase.

It's just a matter of time when it will come.

Not sizable.

It's around ₹70 crore approx.

Okay. Sir, secondly, on CST station redevelopment, we have seen improved execution in the second quarter.

Going forward, we should maintain this run rate in the second half? How do you see '27 shaping up?

We feel that now, finally, things have started to move. The design is finally getting closed, and we started the first round of work above the track also.

Up till now, we were not doing work above the track, and the greenfield buildings, the biggest one is now out of the ground, and The progress is now better. We are expanding our structural steel fabrication capacity also.

We are doubling it now in the next two, three months. Now the clearances have come, now it makes sense to extend.

Okay. Any revenue guidance for '26 and '27 from the project?

Pardon?

Revenue guidance for the project from in '26 and '27?

About 40% of the order book of the order value.

In '27?

Yeah.

Okay. Sir, lastly, any challenge we are facing on the labor side?

Yeah. Labor is a continuous challenge.

It is the biggest challenge that we are facing. In addition to the labor there being a skills shortage, there is also an impact on account of events such as festivals such as Diwali, Chhath, and then elections now, which just got over in Bihar.

En masse a lot of skilled workforce had gone to Bihar, especially this year because of implementation of SIR. That challenge is there.

That's why I mentioned in response to Shravan's question, the first question that was asked, that we're trying to reduce our dependency on labor or mitigate this problem by investing in higher mechanization.

Okay. Sir, lastly, what would be our mobilization advances and the interest-bearing portion?

Mobilization advance as of now is approximately

This is ₹708 crore as on 30th September. The interest-bearing portion?

What pardon?

Yeah. Interest-bearing out of this?

Interest-bearing is around 33%.

Okay. Thank you, sir.

Those were my questions.

Hi, sir. Thank you for the opportunity.

I wanted to understand on the other two major projects that we have apart from just the CST. On the CSMC part, I think we have mentioned to the previous participant, the execution has started over there, correct me if I'm wrong.

Because we were in designing phase till now and the revenue that we are expecting is 40% in '27 of the order value. How much are we expecting in '26?

'26, we don't have much of expectation. In '26, about another ₹400 crore in the next four months.

400? Okay.

Actually, yeah, what what Vikas is saying is totally, we've given a projection of about ₹400 crore for the entire year for the entire FY26, and also the balance in H2, it'll be about ₹250 crore.

Okay. Understood, sir.

Same for the Gemshine JV, 30% to 35% of the order value is what to be considered as revenue potential for '26 also?

No. '27.

30% 30% to 35%, FY27.

Understood, sir. Understood.

On the Dahlias project for Gurgaon, I just wanted to check on the execution since we were expecting that the execution to begin by September 25. Are we on track on that part?

We are slightly delayed, but DLF has handed over two towers to us where work has begun. It just began prior to the rains.

Because of the heavy rains in September, they got delayed in handing over the towers to us. Out of eight towers, they've handed over two towers, and the third tower also will be handed over now that the work is stopped for GRAP, that's why that's got delayed.

Two towers, we started work on the ground, and we are expecting to pour concrete as soon as the GRAP is lifted.

Understood, sir. Same question on this particular project, revenue potential for '26 and '27 on this project?

For 20 for '26, we are looking at a revenue of about ₹100 crore and ₹100 crore to ₹125 crore. For '27, the revenue will be between ₹300 crore to ₹350 crore.

Understood. Thanks for all these.

Thanks, sir. Thank you.

Thanks for the follow-up. Sir, the inflows that we received last year second half, especially on the private side, how do we see the momentum picking up in those projects?

Which we picked up last year?

In the second half. DLF Downtown, it's picking up now.

We were on the verge of taking off. In fact, we've been logging a billing of about anywhere between ₹15 crore to ₹20 crore.

This will be ramped up by about 20% to 30%. The other projects that we've picked up last year, I think Signature Global was another sizable project, which has also picked up now.

We are out of the foundation stage there. Varanasi Airport, Darbhanga Airport, they are running full steam.

In fact, we're logging a billing of close to ₹25 crore to ₹30 crore on each of these two projects. Whiteland was a project which was always slated to begin in December, and that's what it will begin in December now.

Particularly for the two airport projects, they are 24-month and 26-month deadline projects. For 26-20 for '26, are we on track to maybe at least do 30-odd percent?

Yes. We're on track.

In fact, you're saying FY26?

FY26.

We are looking at 30%. We are on track to do that.

One project is about ₹650 crore, 30% would be close to ₹200 crore. We will touch that.

We will cross that figure of 30% in both the projects.

Should be even higher

in '27? Both projects will be completed.

In fact, Varanasi, our stipulated date of completion is June or July '27. The client is trying to, because of elections somewhere in March, client is in UP, March '27, the client is pressing us to squeeze the timeline.

We are on track, and Darbhanga will get completed in October '26.

Sir, payments also are not a challenge in either of the projects since it is a by the client?

No, not at all.

No.

No challenge. In fact, on both the projects, I don't think we've taken mobilization advance also.

In Darbhanga, we have taken ₹30 crore.

Okay. Sir, typically, on an average, what would be our interest cost on the mobilization advances?

Mr. Shah, typically major, it's out of this interest-bearing, this is CST project.

It's around ₹250 crore. That's bearing the 7%.

Are you asking the percentage that the client charges us? Yeah.

No, no,

the interest rate that we pay on mob advance.

The interest rate is about 8%

to

9%. 7% to 8%, sir.

7% to 8%. Exactly.

Sir, lastly, what would be our CapEx target for '26 and '27?

For '26, we've given a guidance of about ₹500 crore in the last call. It will be lesser than this only.

For '27, it will be lesser, because the equipment that we've invested in the last cycle, that will become free. A lot of projects will get completed.

FY27, it should be about 20% lesser.

Still, it should be around

₹400 crore, ₹450 crore

for '26? About ₹400 crore, about ₹400 crore.

For '27, it will be around ₹300 crore?

Yes.

Okay. Sir, we have seen that on the depreciation side, on a quarterly basis, we are still in the similar range of around ₹20-odd crore for the last couple of quarters.

When do we see moving up in the second half or in the next year? That

we are planning to increase our CapEx this year just around maybe around ₹350 to ₹400 crore. Depreciation will move according to that also.

What was our CapEx in the first half of this year?

₹137 crore.

Okay. Thank you, sir.

Those were my questions.

Thank you.

Hi, sir. Sir, retention money and unbilled revenue as on September?

That's retention money including non-current is ₹418 crore, and unbilled revenue is ₹552 crore.

Sir, retention you said ₹118 crore?

₹418 crore.

Okay, ₹418 crore. Okay.

Unbilled revenue is ₹552 crore. Okay.

Got it. Sir, couple of things I just wanted to understand.

First, if I actually looked at the annual report FY25, there was a close to ₹25 crore land that we have purchased. Just wanted to understand where and why we purchase the land and Are we going to sell it immediately or

No. This is a land which we've procured to build our own office in Okhla.

Our present office is in Okhla. That's spread across two buildings.

One building is our own, one is on rent. This land, we'll consolidate our offices, and this is the land which we procured for that purpose.

Okay. For office, broadly, how much we will be spending for our office in terms of the CapEx?

At the moment, we're doing our planning. This is a 1,300-square-yard plot.

We will be building up close to about 30-odd-thousand square feet. Let's see.

Our planning is happening at the moment. I will be better able to answer this during the next quarter call.

Okay. This year the ₹350, ₹400 crore of CapEx that we are planning to do, this is primarily on the plant and machinery and shuttering the material?

Yes.

Okay. Broadly, because as per the calculation, if I look at the number, accordingly roughly 16%, 17% normally that's the way we depreciate shuttering materials over a six six year-odd.

How one can look at the depreciation at least in the next year, FY27?

I will get back to you about that.

Okay. Another thing, sir, just wanted to understand.

Let's say

No, let me clarify. While Sudhir will answer this question in detail later, but a lot of investment in shuttering is on aluminum shuttering, right?

The life of which at times is more than the standard depreciation formula that is used. I just wanted to clarify that.

Yeah. Go on.

Okay. Yeah.

That's what I wanted to understand, how is whatever the ₹300 crore if we are spending, multiply into let's say 15%, 16%, so that's the way one can look at or how one can look at the depreciation for next year? Actually,

₹300 crore is not totally on shuttering. A large chunk of this is machinery, and machinery is also of different kinds.

While a crane has a life which is much more than six years, but a batching plant would have a life which is maybe less than six years. You cannot give a standard answer.

Then shuttering, different kinds of shuttering have different lifespans.

Okay. Got it.

Got it. Got it.

Another thing is, sir, ₹18,000 crore is order book as on September. Send our top 10 projects that we have given in the PPT is close to ₹11,400-odd crore.

Balance ₹6,000 ₹6,600, ₹6,700 crore, that is kind of a spread over 33-odd projects, and I took out that also would be at ₹200 crore, ₹300-odd crore. Balance close to maybe a ₹4,500-odd crore would be spread over maybe a 28-odd project.

Do we see this the remaining value most likely will be completed by FY27?

You can't say that, because in this smaller-value projects, there would be some projects which would be, say, MEP projects, stand-alone projects where our company is doing MEP works also, right? If not FY27, by middle of FY28, these smaller-value projects should get over.

Okay. Just wanted to check, is there any update on the West Bengal, Kolkata land?

Previously we were thinking either to sell it or to do a joint venture real estate development. Anything, any progress there?

Progress, as I had said last time, we are working actively to get necessary approvals to make the land I wouldn't say free from encumbrances, it is already encumbrance-free, but to make it ready to build, to speak. Whether we do that ourselves or venture or we sell it outright, that is something to be decided at a later date.

Okay. The flats that we are having, I think I don't remember, maybe a 40, 50, 60-odd crore, the old one.

Is there any thought that when we will be able to sell it off and clear it off?

This is around ₹35 crore, and we are typically looking for that. This value is also reducing.

As and when, we have no intention of retaining it on our balance sheet. As and when we feel that we get a good price, we liquidate the inventory one by one.

Because the time it's with us for since long, so that's what I was asking. In next six months, one year can we sell it off?

Depending, because a lot of this inventory is in, say, Noida. Lots of changes happening in the laws there, and some of this inventory is in projects where the client has gone into NCLT.

Some while our inventory which is there on our balance sheet is secured, but we feel in some of these locations we'll get a better price once the project per se is sort of secured, and issues such as these are resolved. We are waiting.

We are in no hurry to sell. Whenever we feel we get a good price, we liquidate.

Okay. Got it.

Last, just this Whiteland. Last quarter, it was ₹821 crore outstanding order book, and now it was ₹1,065.

Whatever ₹244-odd crore, so that's the increase in scope that we have. That's the value of the project now we will be executing.

Yes.

Okay. This would be the execution most likely would be starting from the FY27 then?

Whiteland, FY27, you can say, yes.

Okay. Got it, sir.

Thank you and all the best.

Yeah.

Yes, am I audible?

No, you're not. Your voice is very faint.

Hello?

Much better now.

Sir. Sir, just one question.

What do we think about the cash which is on the books, I think the sizable amount now, ₹1,000-odd crore. Any strategic moves we want to make in terms of either acquisitions or maybe augmenting our sort of size of the company by maybe getting into some adjacencies, etcetera?

A, a

part of this is being used to fund our CapEx, especially because we've made a policy that on government projects where the advances are interest-bearing, we're trying to avoid taking the advances, right, to reduce our finance cost. Second, we are using this to reduce our procurement costs, right, to get better bargains from our suppliers and better maintain or control our supply chain.

Thirdly, as we move along and as our base becomes larger, we are obviously studying sectors around our core competence to sort of diversify and maintain the growth rate going forward. What we are building now, this will come in use two to three years down the line when we may look at getting in new technologies, tying up with foreign partners, or even looking at acquisitions.

Let me clarify, acquisitions is not something which is on the anvil in the near future.

Understood, sir. How Sorry, just to on that point again, how much is the retention out of this ₹1,000 crore?

Sorry, not retention, my bad, restricted cash?

Around ₹419 crore.

About ₹600-odd crore should be free in this ₹1,000 crore?

Yeah, ₹615 crore, that's the free cash.

All right, sir. Thank you.

Thank you.

I thought time is there, let me try one more. Sir, on the residential part, now obviously the 44-odd percent order book that we have in residential, if you can also specify how much is the private real estate developer per se.

There, we don't see any kind of a risk. Simple point is, do we see any kind of a write-off in terms of the extra provision on debtors going forward?

No, if you go through the pedigree of the clients, the private sector clients that we have, you'll see about ₹3,500 crore is ₹3,300 crore is DLF, which is the largest and the financially most stable and strong of all the developers. Then we have Signature Global, again, a party which is financially stable.

We have Smart World, we have Emaar, right, and then we have Brigade, Down South. These are all we've done our due diligence.

Post the last downturn, we've always maintained that we have to be very strong on our due diligence when we take on a private sector client. Secondly, residential real estate, I don't think there is any sort of downturn which is on the anvil.

I feel that over the next three to four years, the runaway seems clear. Thirdly, we've built in safeguards with some of the newer clients with Whiteland, and others where we're not giving any bank guarantees.

What I'm trying to say is that we've negotiated the contracts in such a fashion that our financial liabilities are we've derisked ourselves, to say. Have I answered your question or anything I've missed out?

Yeah. No.

Perfectly. That's the only thing, because as the exposure is increasing, structural even if the one project goes on a wrong track, then also it will have a decent issue for us.

That's the only thing. Just wanted a clarity there.

That's why I'm saying, like I mentioned Whiteland. The project will begin in December, as I said, but we've already got some mobilization advances from the client, right, which is interest-free.

Similarly, with a few of our other private sector clients, they like DLF, for instance, while they are also very, very strong on their due diligence, they only work with three or four contractors across India, but they are funding our CapEx, right? Our exposure there is also considerably lesser if there is a slowdown in the project.

When they fund our CapEx, that's also interest-free. That funding is interest-free.

Okay. Great, sir.

Great. Thank you and all the best.

Thank you. Thanks, Shravan.

Thank you.

Thank you. Thank you, everybody, for joining in.

Look forward to seeing you again or talking to you again after three months. Have a good evening.

Thank you so much.