Hi, thanks, Ananya, and very good afternoon to all of you. Thanks for joining in.

Today we have with us the entire management team of Engineers India to to discuss the Q1 FY27 results, and post that we'll follow up follow that up with the Q&A. From the management we have with us with us Mr.

Sanjay Jindal, who is the Director (Finance); Mr. Suendu Padhi, who is the Company Secretary; Mr.

R.P. Batra, who is the Executive Director; Mr.

Vivek Midha, the Chief General Manager, Marketing and Business Development; Mr. Amanpreet Chopra, who is the Senior General Manager; and Ms.

Neha Narula, who is the Senior Manager. With that, I would now like to hand over the conference to the management for their opening remarks.

Over to you, sir.

Thank you, Mr. Kishan.

Good afternoon, everybody, and a warm welcome to all the members from press fraternity to investors meet. We have declared our first quarter results for the financial year 26-27 yesterday, that is on 30th 13th August 2026.

Company order book position stands at ₹14,424 crore as on 30th June 2026, which comprises consultancy segment of ₹10,498 crore and turnkey segment constitute of ₹3,926 crore. Order inflow in EIL during first quarter of financial year 26-27 stands at ₹514 crore.

With respect to the financial performance for the quarter ended 30th June 2026 on a standalone basis, the company achieved profit before tax of ₹145 crore in comparison to ₹94 crore during the first quarter of financial year 25-26, showing an increase of 55% approximately. Further, company also achieved profit after tax of ₹109 crore in Q1 of financial year 26-27, vis-a-vis ₹70 crore in the quarter one of financial year 25-26, showing an increase of 55% approximately.

Operating margin during the first quarter of 26-27 stood at around 14%, that is ₹108 crore as compared to 7%, that is ₹59 crore during the quarter ended June 25. EBITDA of the company as on 30th June 2026 stood at ₹150 ₹155 crore with EBITDA margin of 18.55% in comparison to the ₹104 crore, EBITDA margin 11.72% as on 30th June 2025.

Further, company achieved a turnover of ₹801 crore compared with ₹857 crore achieved during the first quarter of financial year 25-26. The consultancy and engineering segment recorded a turnover of ₹499 crore during the quarter, compared with ₹400 crore ₹408 crore in June 25, representing a growth of approximately 22%.

Notably, the consultancy and engineering segment has a higher profit margin as compared with turnkey segment. The turnkey segment recorded a turnover of ₹302 crore in June 26, compared with ₹449 crore in June 25.

The decline is primarily attributable to tapering of certain major projects. However, the company has achieved new orders of in the turnkey segments over the last few quarters.

These projects are currently in the initial stage of execution, and are expected to gain momentum in the coming quarters. As execution progresses, the turnkey segment turnover is expected to increase during third quarter and fourth quarter of financial year 26-27 once these projects reaches their planned execution pace.

On the consolidated basis, the company earned a profit of ₹157.94 crore for the quarter ended 30th June 2026 in comparison to ₹65 ₹65.4 crore earned during the first quarter of financial year 25-26. Therefore, there is increase of around 141% in the consolidated profit on year-on-year basis.

The profit of EIL subsidiary, CEIL, has increased to 6.8 crore ₹88 crore in the first quarter of financial year 26-27, as against ₹2.67 ₹2.69 crore in the first quarter of financial year 25-26, with the increase in margin around 155%. The profit from joint venture or associate contributes ₹42.51 crore in the consolidated profits, while there was loss of 7.37 crore from the joint venture in the Q1 of last year 25-26.

Now I hand over to Mr. Kishan for further Q&A.

Operator, you can begin the question-and-answer session.

Good afternoon, sir. Thanks for the opportunity.

My first question, sir, can you just help us with the granular details of the domestic consultancy order prospect, international prospect order to the extent possible? Are you still confident of meeting the order inflow target ₹80 billion for this fiscal?

Out of ₹80 billion, how much do you expect to be consultancy orders?

Good afternoon. This is Vivek from marketing and business development.

With respect to the current business inflow, as of today, we are sitting at 2,700 ₹2,750 crore worth of business, and out of which 1,000 around 1,100 is from the overseas and rest is from the domestic segment. That's the current situation.

Definitely, when we have talked about the 8,000 crore, we are going to touch upon that. We have not changed our outlook for the financial year.

We're just two quarters, almost two quarters down, but still we have two quarters to gain. Many of the projects which we are discussing across the world are there in discussion, as well as some of the projects in India also exist.

We are very hopeful that we should be able to meet the target of 8,000. We'll in fact try to cross that.

Sir,

out of 27 27 2,750 crore, how much is the consultancy as of now? The consultancy is in the range of, just a sec.

Out of 1,500 crore, which is the domestic business, around 523 is the consultancy. Out of 2750 2750, we have 1,100 is approximately the consultancy.

1,100 is 1,100 is the overseas, as well as the left out is the domestic, and domestic we have approximately 1,500 crore is from the LSTK and rest is from the consultancy.

Sir, second question is on the Middle East, of course, we had open I think we had qualified with Aramco for bidding for consultancy projects. Can you just let us know how the things are progressing and are we and do we expect anything material to get finalized in this fiscal?

In the Middle East, that market situation is still very grim. Nothing is stabilized.

Still there is not much is happening on the new project side. Some repair and modernization projects are still on.

In that environment also, we have been able to secure more worth business for 500 crore from our Abu Dhabi office, as well as from the other clients in the Middle East. With respect to the Saudi, we are still waiting for some of the good opportunity from them and some of the business to come from them.

We are still in the initial stages of discussion with them. The contract is already on.

We are waiting for certain inquiries to come. As you know that there has been the situation, the new inquiries are a little bit slow from their side.

Understood, sir. Thank you and wish you all the best.

Thank you.

Thank you.

Yeah. Thanks so much for the opportunity.

Congratulations on a good set of numbers. My first question was regarding the write-backs or change orders.

For this fiscal, are you expecting any write-backs or any change orders? If you look at in June 26, HPCL's Barmer project, which got commercialized.

For that also, will the write-backs will come this fiscal or next fiscal?

In the current quarter, there is no exceptional change order, which is included in the turnover. We are not expecting any write-off as such.

Sir, any write-back in this whole fiscal are you expecting?

Your voice is not clear.

Sir, I was asking are you expecting any write-back, the provision write-back for the...

No, we are not expecting any write-back of provisions. All the provisions kept for guarantee and warranty are right-off as per accounting standard and as completion of project only.

Okay. Sir, because in June 26, the HPCL Barmer project got commercialized, so that's why I was asking.

We have defect liability period also. After completion of defect liability period, all the provisions are reversed.

Okay. Sir.

Sir, my next question was regarding the consultancy growth rate. If you see in the Q1 FY27, the consultancy growth rate was just 2% despite a very big order backlog.

Should we how should one assume the full year's growth rate, taking into account the big order book for consultancy?

Order book?

No, sir.

Which order book execution you're talking about?

I'm talking about basically the revenue growth rate for consultancy.

Revenue growth. Revenue growth rate definitely we are targeting in the last year we were having total turnover of ₹3,850 crore.

This time we are targeting at least 10% growth. We are keeping close watch on the progress of the projects.

This guidance can be improved in the coming quarters also. We are expecting around more than 50% from the consultancy business.

More than 50%. Sir, because my question was regarding the execution rate, if you see in consultancy, has been in the range of around 30%, which was again 27% last year.

How will the execution rate be if you can just throw some light on that?

Last year, our consultancy portion was 48% in the total turnover.

Correct.

It was not 23%.

No, sir, I'm talking about the execution rate. From the closing order book, how much part of...

Understood. See, this is the execution rate which you are talking about is a cyclic in nature.

It depends on what stage of the project is, it varies slightly from year to year basis.

Okay. Sir, again my question...

Basically our total, whatever jobs are being shown in the order book, these projects are mega projects are typically completed in four to five years,

and

mid-range projects are completed in two to three years,

and

some of the studies like DFPR studies and some FEED type project, study type projects, that projects are completed in one year itself. Basically it depends upon the job whether it is mega job or mid-size job or small job.

Or at what point of time in the financial year it is received. Let me give you an example.

If

we got a mega project in the month of towards the end of January, you will not have much of execution in that financial year.

If the

execution will mostly find in the next financial year.

If you calculate the percentage, that will distort the figure.

Right. Sir.

Sure, no problem. Thank you.

I'll come back in the question queue.

Thank you for the opportunity. Sir, my first question is, given a strong consultancy order book and a book-to-bill ratio, how are we seeing the gross margins going forward?

Segment,

you are talking about the segment profit? Already if you see in the last year, our segment profit was 17% in the first quarter of 25-26, but in the current quarter, it rose to 24%.

Gross margin have been improved in the consultancy job, and in the LSTK margin is also improved, and it is currently 7.5% in the first quarter of current financial year.

Okay.

We are sure to keep 24-25% segment profit in the consultancy segment.

Sir. Sir, second question is, how are we seeing the things moving in the nuclear segment?

What? Can you just repeat?

How are we seeing the things moving in the nuclear segment?

Nuclear, that this the government has started pushing on the nuclear, and a lot of impetus has come after this Hormuz crisis and all. We have seen a lot of inquiries coming from the nuclear side.

In fact, we are doing various environmental studies at this point of time. Three projects we are doing from a private investor, and one is from the government side also we are doing environmental study.

These are the projects on the anvil at this stage. There are certain EoIs also there in the market.

We are also engaged with the NPCIL for some of the consultancy assignments at this point of time also, engineering consultancy assignments. You also know that we had last year secured the SMRs, SMR projects from NPCIL and other clients.

Nuclear is now on the push. Let's hope for the best, it goes fine.

Sir. Sir, my last question is, sir, in terms of the revenue contribution, the consultancy other revenue mix has increased to above 60%, which used to earlier stand around 48%, 45%.

What sort of revenue mix are we expecting from the consultancy side going forward in FY27 or FY28?

In the financial year current financial year, we are expecting more than 50%, but definitely around 50% to 60% we are still expecting from the consultancy segment, and balance will come from the LSTK turnkey segment.

Sir. That answered my question.

Thank you so much. 50

55% is at least figure.

Mm. Sir.

Yeah.

Okay. Thank you.

Thank you.

Sir, because of the Middle East conflict, have any of the clients put their project on hold as of now?

As such, by saying of it, they don't say anything is being holded. In fact, you won't even see the damage has happened anywhere in these days you don't see any kind of news.

There is a problem there. The new projects are not coming very fast.

The new tenders and new projects are not coming very fast. We have got few of the assignments, PMC assignments, under the existing select our long-term agreement with them, more than 500 400 crore worth of assignments which we have got from the Middle East.

There is an impact, definitely. Nobody's publishing that it has been on hold.

On routine basis, we are getting jobs from the Middle East, yeah.

Okay. Any not

new mega projects are under hold,

yeah? Yeah.

That's what I wanted to understand. Any existing mega project, means the client is not officially saying, but as of now status quo, let's not proceed now and we'll see kind of a scenario?

Wherever we are working, those projects are on.

All the existing projects are on. They have not stopped them.

Existing jobs are on. They have not stopped them.

They have not stopped.

New mega projects, we have not seen much.

Okay. What about the impact in India, sir?

Because of the current financial position of the oil marketing companies and everything, has the Middle East war had any impact on the India business aspect?

Recently, we have received order of rupees more than ₹500 crore from the Middle East region itself.

With respect to the Middle East, yeah.

In this quarter itself. In

this quarter itself. In this quarter only.

Got it, sir. Now I'm asking about the India business.

Overall, what do you see the impact of war on the India aspect?

All the mega projects which we are having are on progress path. There is no disturbance to the existing Indian projects.

Also, sir, the capex investments of all the OMCs are in place and going ahead with that.

That's what I wanted to know. Thank you so much, sir.

Thank you, sir. That's it.

Thank you, sir. Thank you.

Hi. Thanks for taking my question.

My question would be, can you please touch upon coal gasification opportunities in consultancy, and are you seeing improvement in order pipeline in that segment? The government

as soon as has revised this policy and they have said that they will be giving gap funding of ₹34,000 crore, many inquiries are there with respect to putting up the feasibility studies. We are bidding for those ones at this point of time.

In any case, coal gasification, we are doing one project for NTCIL and for NTPC, which is for gas to SNG. This we are doing right now, and many of the projects which we are in the bidding stage.

These will be realized in couple of months. We'll get to know the results of those because these are under negotiation and in advance stage.

There are definitely more inquiries on coal gasification at this point of time.

That was it from my side. Thanks.

Thank you so much for taking my question again. My first question was regarding the RFCL.

If you see even this quarter they've almost ₹42 crore of revenue, which was I think the last Q3 and Q4 also they got the similar in the range. Is this can this be considered sustainable this kind of profit?

Yes, RFCL project is running well, and now we are expecting this kind of profit on regular basis.

Okay.

We are expecting some kind of dividend in the current financial year also.

Okay. Sir, in the last con call, you also said that there will be some smaller kind of their technical thing you have to do in December as well in that...

That will be done, but that will be done during the regular shutdown period and there will not be impact on the profitability of the project.

Sir.

Generally, plants such kind of fertilizer plants are run for 330 days in the financial year. Within that window of 35 days or 30 days, which is kept for the regular shutdown period, during that period, all the activities will be carried out so that regular profitability will not be hurt.

Right. Sir.

Another question was regarding the major projects which will be coming this year. One is BPCL Andhra, IOCL Paradip, and another one is ONGC's some petrochemical plant, right?

Where do all of these projects stand right now? When could we realistically see them coming into the order inflows?

Dekhiye,

Andhra feasibility was on. They are now maybe anticipating towards the site development activities and all.

Probably the execution tender would come towards the end of this financial year. If it is settled before the financial year, then depending on the competition, if we get it, it will come within this financial year or otherwise it early next financial year, first quarter, it should be reflected.

On the ONGC part, we are still not listening anything. Feasibility study is on, and it's just in the process, but it is going to take time.

Okay. Sir, what about IOCL's Paradip the phase two?

Paradip phase two

is again under their approval. It is their management has to take a call.

We have not anything heard from them also. The phase one is completed and rest they have to decide.

There was certain land issues and all. We understand that they are trying to settle.

Then this project for the phase two will start.

Right. Sir, even without even if they don't contribute to the order inflows, still we will reach the ₹8,000 crore mark?

Are you confident with that?

It's not only those projects which we target. We target number of projects.

We don't focus only on those two. Many other projects which cannot be disclosed at this point of time, we keep on discussing.

You can see something coming there.

Right. Can you also talk about the pipeline if you can, please, throw some light on that?

On the pipeline side?

Yeah.

Which project you're talking? On the pipeline side or projects you're talking about, or the order pipeline?

Sir, the order pipeline. Which kind of projects are you targeting for the execution?

No, it is both. It is I'll tell you that now we are targeting hydrocarbon is definitely there.

Hydrocarbon primarily the petchem projects whichever are going to come, those are there. We are also focusing on nuclear.

I told you in the earlier call in the earlier question also that nuclear there are a lot of inquiries which are coming in the market. We're already doing EIAs, environmental impact assessment studies.

We are moving towards coal gasification also. A lot of coal gasification inquiries are there.

Even though they are the initial nascent stages. Infrastructure, is a very good segment for us.

We have just got a major assignment in the data center from Powertel. Similar kind of projects which we are targeting apart from hydrocarbon also.

We have a lot of opportunities in that segment also.

Right, sir. Just a last question regarding the infrastructure.

Mostly the infrastructure projects are mainly in the kind of the LSTK job, right, or OB? It is a mix, actually.

It is a mix. Somewhere it is project management services.

Somewhere we get those assignments as an OB, under the OB, or somewhere we on the depository mode. It's always mixed.

Last couple of years, more of them are coming on the major ones are coming on the OB basis or on the depository. There are PMC assignments also, those are smaller in size.

Smaller ones. Sir.

Thank you.

Congratulations on good set of numbers. Couple of questions from my side.

I want to understand the progress on the Dangote order in Nigeria. If I'm not wrong, revenue recognition there is going to be on percentage of completion method, right?

It's a progress percentage.

Cost progress based.

Cost progress basis.

Okay. Since the project is like three to four years, revenue recognition will be recognized, it will be like front-ended, front-loaded or back-loaded?

If you can give any picture on that. No,

it is never on the front-loaded or back-loaded, depending on the progress achieved.

Basically, turnover will be recognized based on the cost progress achieved during the quarter. If it is 10%, then turnover will be 10% of the contract value.

If cost progress is 20%, turnover will be on cumulative basis 20% of the contract value. This is the method.

Whole turnover will be booked within I think four years, four years span of time.

Got it. Sir, do we see any opportunity in this deepwater drilling, the project which government has recently announced?

Sir, we are not into the drilling part of it. We get involved in the offshore segment.

We are involved when the oil is out in the processing of the oil. We are not into deep drilling, deepwater drilling and all in that segment.

Got it. One last question is, since currently the order mix is more tilted towards consultancy, do you think this is going to be, will it be the strategy of the management to keep consultancy in the mix higher or it's going to be as the orders we win, there's no strategy as such, whatever orders comes we'll take it?

Definitely, it is the strategy of the company to keep consultancy business on higher side, since we are having strong margin in the consultancy segment. Management efforts are always there to grab the consultancy business first.

Got it, sir. Thank you.

Thank you for sharing your views, sir. Good luck for future.

Okay.

Sir. Thank you so much for the opportunity.

Congrats on a good set of numbers. Sir, I just had one or two clarifications.

Sir, in case of consultancy, you did mention that the growth targeted for the year is approximately 10 odd percentage. Sir, but however, looking at our say first quarter sort of a run rate, we could do approximately around 200 odd crores on a full-year basis.

That in fact is a higher growth rate vis-a-vis what you have been talking about. Just wanted to get a sense even if we consider a ₹10,000 crore order book which we have in case of consultancy and we take a 20% kind of an execution in the current year out of that, we would be almost at around 2,000 odd crores of total top line in consultancy.

Is that the right number or directional right number to work with? Just wanted to get your thoughts on that, sir.

Yes, we have already given target of more than 10% in the increase in the turnover, which is in the total turnover, which sets around ₹4,200 crore. We are expecting more than 50% turnover from the consultancy segment.

As I have already said, it may be around 55% also. Definitely our consultancy segment turnover will be more than ₹2,000 crore.

It will be around 23 and ₹2,400 crore. You are on right path, sir.

Okay. Meaning consultancy could have a higher growth rate, that.

Definitely, consultancy will be higher than LSTK.

Okay. Sir, secondly, you did talk about coal gasification as a new segment opening up, and from our previous conference call, what we understand is normally a coal gasification kind of an order could be anywhere close to around 10,000 to ₹30,000 crore in terms of the overall order size.

Sir, out of that, EIL could get what percentage for say a consultancy/turnkey or in any other order?

It is this. It depends on the kind of service we are going to offer.

Many of these coal gasification projects are at the feasibility stage at this point of time. They are submitting the study to get the VGF funding from the government, and then probably towards the end of it they will realize and they will go for the implementation.

Typical consultancy for us remains in the same zone only, which we get it from any hydrocarbon. Doesn't matter to us whether it's hydrocarbon and all.

We target the same kind of business from them, whether it is on the PMC mode, EPCM mode. Mode of execution of these projects remains the same.

Okay. Probably our average has been around 3% to 5%, one could work approximately with that?

You can guess guestimate from the past progress. For the past past in the consultancy, it's almost remains.

Okay. Sir, the ₹5,000 crore revenue target FY28, we maintain that or we would be escalating on that?

We are still maintaining that, and definitely we will try to improve it, yeah.

Okay. Sir, final question from my side.

You did give some glimpse on the areas of business such as hydrocarbon, nuclear, environmental, coal gasification. Sir, but if ballpark one wants to understand what would be your pipeline in terms of the bidding you have currently in terms of an approximate ballpark number, how much would that be, sir?

Sir,

all these projects are multi-million dollar, multi-crore projects. It because it's very difficult to tell which segment, how much we are going to bid.

We want to bid for everything whatever we can, because when you bid for 10 projects, you can get one. It all depends on the competition in segment.

It's very difficult to tell what is the total business for which we'll be bidding.

Okay. Sir, finally, sir, in terms of competition, for us, the competitive intensity would be quite low vis-a-vis any other industry.

With that in mind, what would be, say, a success ratio we could work with?

Who says that competitive intensity is less? It's competitive and competition intensity is very high in all the segments wherever we are working.

All the assignments which we are getting is mostly on the competitive basis, including the public sector. There are consultants are there in the segments, and we have been able to get the assignments from them in competition.

Fine, sir. Thank you, sir.

Hi, sir. Good afternoon.

Thank you for the opportunity.

Hi, good afternoon.

Hi. Sir, first question on the Aramco agreement, which you spoke about last time.

Any development on that front? Second, because of the Middle East, probably we have some 12%, 15% exposure there.

You were kind of cautious in last quarter in terms of guidance, and this time you have suggested that probably the guidance can upgrade. Just wanted to understand, since the war is still continuing, what is your thoughts on that as a company?

Are we on track or still there are some concerns on the execution? Second first was on the Aramco agreement, yeah.

On the Aramco side, we are still to get something from them. We are still in the initial stages.

We have not got any major inquiry from them, because I told you, no, many of the projects have been slowed they have been there's a slowdown on the new projects which they are not issuing. If something starts, then it will come under those inquiries.

This is with respect to the general guidance about the Middle East. Middle East, you have a situation which is a little bit grim, but our teams are already stationed there.

Our full-fledged team which was there earlier, it's still there in Abu Dhabi, and we have already indicated that we have got the business for 500 crore in first quarter itself from the Middle East side. At the same time, there's a cautiousness.

Businesses new projects are less, but still we are continuing to target the projects and have been successful in doing so.

Right. You have highlighted the consultancy revenue contribution can be more than 50% and probably 55%.

That's the segment where we really earn very good margins. Can we assume last time you highlighted operating margin with other income probably you can hit 18%, 19%.

Can that number now, since consulting will be more, be revised to probably 20%, 21% including other income? What is your thought on that?

Last year, our operating margin was 15%, and definitely we will try to hit that target in the current financial year also.

Can it be better because consultancy now you're guiding that could be

a higher contribution? Definitely.

We are finalizing some change orders with our clients also. If it is materialized, our operating margin may be more, even more with the previous year figure.

Right. I think you said somewhere probably 18% to 19%.

That's the guidance for this year, right? No, sir.

No, sir.

No, sir.

Including other income, I'm saying, yeah. No, sir.

No, sir. This year, we are targeting the operating margin of 16%, which you have achieved the last year also.

There may be a possibility if we settle the change order with our clients, we may achieve more. Definitely right now we are saying, since it is the first quarter of the financial year, we are maintaining the figure of 16% operating profit.

Okay. Lastly, sir, on the intake, you did explain that you're still maintaining 8,000.

Does that mean that the lumpy orders and you saw the execution delays or what is the YTD order if I might have missed in order inflow? For the remaining of the year, what are the orders we're looking for conversion?

Is it more exports or consultancy or turnkey, if you could highlight that?

Primarily it could be in the consultancy, or it could be in the overseas. Could be more towards consultancy and overseas.

Let's see how it goes.

Probably the lumpy order?

We will see how it goes. The number of things are under negotiation.

Right. What is the YTD order inflow?

Um... You say

during the current year also, means we told you that we are already at the 2,750 at this point of time. Okay.

Understood. Thank you, sir.

Thanks and all the best. Thank you.

Yeah. Thank you for the opportunity.

Couple of questions. See, when we talk about the new non-oil and gas initiatives, can you give some color in terms of what is our right to win here?

Because see, in oil and gas, we have quite sizable quantum of credentials and built over the years. When it comes to the non-oil and gas, especially say nuclear or coal gasification or other segments, what is our right to win here and what is our communication to the customers?

That is one. What kind of initiatives or what steps we have been taking in capabilities or skill sets in these new segments?

Yeah. With respect to the hydrocarbon, we are not saying that we are leaving hydrocarbon.

We are going beyond hydrocarbon. Hydrocarbon is going to be it's always a core.

There is always a time lag when the project is not there, which you've not we have not seen in this financial year as of now, the mega projects which is there, they are still in the initial stages and all. You have to target other businesses outside the hydrocarbon also.

That's how we are focusing on the other segments which we have explained in the earlier segment. You already know that infrastructure is one of the major part of our business today.

Today in this financial year itself, it is around 45% which is contributing to infrastructure. Infrastructure is contributing to our business inflow.

With respect to the nuclear and the other area coal gasification, we have the strengths available within the company to handle those kind of projects, which we have people who have worked in the nuclear segment, we have people who have worked in the hydrocarbon. Hydrocarbon and coal gasification is not much of a difference because the you need the same skill set and same technology a little bit is different, but the skill sets are available to handle all this kind of.

We have been involved in coal gasification for quite some time, many years in this segment, because however there was not much of a project, the smaller projects were there. We have been doing some R&D work in-house also on this.

There is no problem of skills. We keep on upgrading the skills of our people, we keep on sending them on the training for the relevant areas wherein they have to strengthen their skills in that new area which we are doing.

We are also open and we are recruiting people from the mid level also, wherever it is required, the specialization is required. That all kinds of strategies we adopt to develop the skill set within the company.

See, and that's very elaborate answer. Thanks for that.

See, if one has to understand outside of hydrocarbons, what kind of guardrails you have in place, because these are relatively new segments for you, and even from the customer, they would have a steady state of vendors, coming who have a good execution track record, right, which for us, we are just starting out. In that sense, when it comes to communication or putting that value proposition to the customer, what is that based on?

Internally, what kind of a guardrails you have in place to make sure that you hit the internal profitability or return targets?

Dekhiye, whenever you go into the new segment, you always use your existing capabilities to emphasize on the clients. That we are a 60-year-old company, and handled all kind of complex projects.

If you talk about the infrastructure, it's not a very complex project. We have the skill set available for project management everywhere, and we have done a lot of projects in infrastructure, nobody questions the capability of EIL in those segments.

In fact, we are very choosy in the infrastructure. We don't go into the specific segments only.

We don't go into the regular building construction and any kind of road construction and all. We go into the specific like data centers.

We go into the work like research and development facilities of the clients. We go into the projects which are related to the IIMs, IITs, constructing their buildings and all, are going into the some kind of convention centers wherein you have skill sets available.

Many of these projects are from the oil and gas companies also, like we have been associated with ONGC in development of the convention center. We are also engaged with NTPC for development of their townships.

We are targeting the clients which are in the hydrocarbon segment only, and outside segment also, who need the infrastructure support, and they know our capability, there is no dearth of that issue. Going into the new segment like coal gasification and all, we have people.

We have people trained with us, and they know there's nobody like EIL in the hydrocarbon segment available, because hydrocarbon segment is much more complex than any other segment like coal gasification or maybe other segments. Nuclear, it's a new areas wherein we are developing our skills and we're gradually entering into the area wherein primarily we focus on the balance of plant.

Balance of plant is a non-core nuclear, which is similar to what we do in the hydrocarbon. Those skills are available and the client understands.

All the relevant clients understands that they can do it, and that's how we get the assignments. Sir,

just one follow-up on this. See, if you look at our own journey in the fertilizer space, especially in India, just to make a very strong point in terms of building that credential, we also co-invested in the project, right?

When it comes to this new sectors, especially say coal gasification or clean energy, be it green hydrogen or green ammonia or, nuclear projects, would we be also co-investing in those projects to build those credentials or the approach would still largely be more on the execution side and not participate financially?

It's not like that. It is depending on the kind of opportunity and the profitability in that segment which is established.

Fertilizer, we have seen. Fertilizer, we had the experience, we have implemented it.

In non-core, you can see that we are setting up a CBG plant, we're investing our own money to set up that plant. Those non-hydrocarbon investments we are also taking, but that's a public sector company.

We have to take guidance and work under the guidance and kind of money available with us. Those decisions and number of proposals are always under consideration.

We'll see what fits best and where the project is of our interest and where we can have the way we utilized our capability in the fertilizer and we became the partner in that project. If this kind of opportunity comes, we are open to thinking about it.

Okay. I just have two three more questions.

Can I ask?

Please go ahead.

Sir, see, in domestic market also, you have this new urea policy being rolled out by the government recently. In that sense, you have a multiple sectors outside of core hydrocarbon for you to clean.

Where will the larger focus of the management lie? Would it be more on consultancy, would it be more on LSTK projects, or since there's so much of, correct me, but there's so much of inquiry or opportunities available for you, what is typically a approach?

Because, you have a study only a limited base of skilled manpower for you to deploy. How are you going about with that project selection or, end sector selection?

We have

we have extensive manpower available with us. Plus, we take people from outside, we have been recruiting people from outside, we take the support of the specialized agencies for the non-critical work.

Those manpower is not a dearth for us. With respect to going for the EPC or LSTK, we choose depending on what kind of project which where the risk is minimized, we try to choose that kind of segment first.

Because you know that most of the EPC projects we do it on OB basis, on open book estimate basis. Our preferred choice is that, and most of the contracts which have been entering into in the EPC segment are OBE only.

We choose if we get an opportunity on this basis, OBE basis, or in such a area wherein we have this skill and we know that we don't need any we have minimum dependence on the other agencies, other execution agencies, then we also bid for the EPC. It's all choice depending on the type of the project, depending on the skill set available within the company itself, we choose.

Right. Do you think it's a problem where, it's a good problem to have, but is it a scenario where you're seeing many inquiries or pipeline being very strong across existing core and non-core, segments based on what are you seeing right now?

They are just an inquiries in the core and non-core segment, definitely. That's how we are getting the business.

Okay. This annual flow of ₹8,000 crore kind of a order book, this can this should be able to sustain for next few years?

Yes, we will.

That's

what we are working towards.

Okay. Last two questions.

One is on the investment book. See, we invested in the fertilizer project and there's another investment as well.

Any thoughts in the monetization? Because, it has served as a utility in terms of that credential building.

Incrementally, how you do look at it?

No, it is not the purpose of credentials building. It is an investment also.

We are getting money out of it. It's an investment safe investment for us.

We're getting dividends from the NRL. In times to come, we'll be getting good dividend from RFCL as soon as the plant has started working and crosses the capacity limits.

This is an investment is not only for the PTR. We didn't need the PTR for getting into the fertilizer.

Fertilizer, we already had the PTR earlier. NRL, we have the extensive experience.

It's all strategic investments. We will not I don't think we are at this point of time thinking about cashing out.

Right. Sir, the cash position will just keep on building up, outside of these investments, there are sizable surplus cash.

Given the nature of the business, this will only further increase. Is there any concrete thinking around, sharing this cash with shareholders?

No, definitely we are having cash reserves, but certain other investment plans are also under consideration with management. Whenever these plans will be concrete, definitely we will let you know.

As of now, there is no such plan to distribute the entire reserves to the shareholders.

Okay. Last question was on the overseas book.

We are already giving good dividend to our shareholders. It is in the range of 100% in the current financial year.

No, that is really appreciative, but as I said, given the nature of the business, this will only further keep building up, and as minority shareholders, we would also prefer instead of say investments in some other... We're looking for the opportunity for investments.

Definitely, we are fulfilling the expectation of our minor shareholders also by way of dividend.

Okay. Sir, last question was on the overseas book.

See, traditionally Middle East as a region we have had very little penetration, right? We have been making efforts to further penetrate, and get approved with most of the global players.

Can you give some color, more elaborate color in terms of what exactly so what initiatives we've been taking, where are we in that whole journey right now, and how do we see this scaling up over next three, five years? Sir,

you must have seen that in last three years where we have grown in the international market, specifically in the Middle East. We have already declared how much business we have received from Middle East, specifically from Abu Dhabi in last three years.

We have grown from ₹30 crore to ₹1,000 crore in three, four years itself. You can understand from that kind of business initiatives and a lot of frame agreements which we have entered with all the clients and all.

We are not struggling for it, but we have already signed all those agreements in mega projects. Mega contracts we have signed.

We are on a good path and we are on a progressive path. If this Hormuz thing would not have happened, the business scenario would have been different.

You all everybody knows about what is happening there.

Are we now empaneled, approved with all the major players?

We are empaneled with all the consultant, all the major national oil companies, we are empaneled.

Okay. Then the discussion on projects, is it more based on pricing or there's a lot of hard sell you have to do in terms of capability showcase?

No. Wait a minute.

We don't have to hard sell. When you are empaneled, then you don't have to hard sell.

It's a competition. Again, when you get empaneled, it's a competition.

There are 10 parties. There will be competition.

That's true everywhere, whether it's in India or outside India. It's a competitive world.

Got it. Thank you very much, sir.

Thank you, everyone. Thank you so much for your participation.

Let's hope the current financial year would be much more profitable and better than the last financial year. All our company's efforts are in that direction.

Jindal sir, you would like to...

No, thanks. Thank you.