Thank you, Amitabh. I’ll just hand over the call to the management without taking much time.

Ajendra, we will start the proceedings with a brief overview of the industry, followed by the financial presentation by Rathi ji and Ankit. Over to you, sir.

Thank you, Parikshit ji. Good afternoon, ladies and gentlemen, and a warm welcome to the Q1 FY27 earnings conference call of G R Infraprojects Limited.

Thank you for taking the time to join us today. I am joined on this call by Anand Rathi, Chief Financial Officer, and Ankit Maheshwari, Deputy CFO of the company.

I will begin by sharing an overview of our financial and operational performance during the quarter, along with our perspective on infrastructure sector. Thereafter, Ankit ji will take you through the financial performance in detail, following which we will open the floor for questions.

During Q1 FY27, the company reported revenue from operations of approximately rupees 2,423 crore, representing a growth of 32.71 compared to corresponding quarter of the previous financial year on standalone basis. Adjusted EBITDA margin stood at 11.01% for the quarter, as against 12.17% in the corresponding period last year.

During the year, the company maintained a debt-equity ratio to 0.03, which is continued to remain among the best in the sector. As of 1st July 2026, our order book stand at approximately rupees 25,300 crore.

Further, bids aggregating to approximately rupees 32,000 crore are yet to be opened. During the quarter, PCOD of Amritsar-Batala in Punjab and Yamuna Express projects in UP has been received.

As on date, appointed date of three projects amounting to rupees 7,250 crore are still awaited. I would like to reiterate that the company's growth strategy is not limited to the road sector alone.

We continue to see growing opportunity across metro, railway, power transmission, logistics and warehousing, tunnel, battery energy storage system, telecom infrastructure, and oil and gas sectors. Considering that, we believe greater participation of private capital, supported by improved long-term financing mechanism and clear concession structure, shall support the expansion of infrastructure sector and create additional opportunities for experienced EPC players.

While the pace of project award may vary across sector, we remain positive on the overall infrastructure outlook for India. The country continues to have a significant long-term infrastructure requirement, supported by sustained public investment and growing private participation.

Let me now briefly touch upon the key sector developments. In transportation sector, the transportation sector continues to present a strong opportunity, with an overall pipeline of around 3.85 lakh crore, comprising approximately 78% of highway, 16% in railway, and 6% in metro.

The government is also working to revive private sector participation in highway development through a new toll-based energy model, combining features of BOT and HAM. The proposed framework would provide 10 to 25% upfront government support for projects requiring higher levels of visibility-gap funding, while allowing concessionaires to retain toll revenue over a fixed 20-year concession period.

The revised BOT toll framework is also expected to bring over 10,000 kilometers of projects into the private bidding pipeline. The newly introduced urban regeneration policy is expected to strengthen center-state coordination, with greater state participation in planning and financing ring roads, bypass, and other urban connectivity projects.

The railway sector also continues to move towards owner-based capacity creation, freight definition, and technology-based operations. During the quarter, the government approved multiple multi-tracking projects with an aggregate investment of approximately rupees 48,000 crore, while continued investment in safety, signaling, and communication infrastructure continue to strengthen network capability and reliability.

In power transmission, the power sector is entering a period of structural reform, with the government preparing the first major overhaul of the national electricity policy. The proposed policy is expected to address the issue around transmission and distribution networks access, tariff rationalization, and cross-subsidies, with potential implications for investment and private participation across the power sector.

As renewable energy generation expands, the sector’s next phase of growth is expected to increasingly focus on developing high-capacity transmission network to evacuate power from renewable-rich regions. The sector is emerging as a significant infrastructure opportunity, with industry estimates indicating transmission capex of around 5 to 6 lakh crore between financial year 27 and 32.

Rail and hydro, backed by strong government-led project pipeline, the tunnel and hydro segment represent an estimated opportunity of rupees 1 lakh crore, approximately, over the next five years. The government is also strengthening policy support for energy storage, with proposed rupees 15,000 crore viability gap funding scheme for 112 gigawatt of storage capacity, including 60 gigawatt of pump storage.

In oil and gas, the government has approved rupees 54,000 crore incentive package to accelerate deep-water exploration and attract foreign investment, including support of up to 50% of exploratory drilling cost. The government is also stepping up efforts to expand domestic oil and gas exploration with 46 new exploration blocks under open acreage licensing policy, tranches covering over 2.6 lakh square kilometers offered under the latest WLT rounds.

In logistics and warehousing, the logistics and warehousing sector is also presenting a significant long-term opportunity, with industry estimates indicating that India could require around 216 multimodal logistics parks by 2047 to support the growth of freight movement and improve supply chain efficiency. The government is also working to strengthen the model concession agreement framework for multimodal logistics parks, with the objective of improving project viability and facilitating greater private sector participation.

The warehousing sector is witnessing strong investment momentum, with institutional investment in Indian warehousing rising 53% year-on-year to around 500 crores. The warehousing sector is also expanding beyond traditional metropolitan markets, with many tier 2 cities emerging as new warehousing hubs, supported by improving connectivity, growing consumption, and industrial activity.

I would like to thank our clients, vendors, partners, employees, and shareholders for their continued trust and support. With that, I now request Ankit to take you through a financial performance in detail.

Thank you.

Thank you, sir, and good afternoon, everyone. I'll start with the key highlights of Q1 performance.

The standalone revenue from operations was 2,423 crores approximately in the quarter ended June 26, which has increased by 32.71% year over year compared to 1,826 crores in quarter ended June 25. The consolidated revenue from operations was 2,784 crores in quarter ended June 26, which has increased by 40% year over year compared to 1,988 crores in quarter ended June 25.

The standalone EBITDA margin stood at 11.02% in quarter ended June 26, from 12.65% in quarter ended June 25. The decrease was primarily on account of higher consumption and material costs.

The EBITDA margin at group level has decreased to 16.8% in quarter ended June 26, from 20% in quarter ended June 25. Profit after tax at standalone level decreased to 203.63 crores in quarter ended June 26, as compared to 203 crores in quarter ended June 25.

Profit after tax at consolidated level increased to 358 crores in quarter ended June 26, compared to 244 crores in quarter ended June 25. The PAT in the current quarter includes exceptional item of 46 crores, relating to gain on dilution of interest in associate, from 43.56% to 31.58%.

The standalone net worth stood at 9,074 crores at the end of June 26.

Am I audible now?

The standalone net worth stood at 9,074 crores at the end of June 26. It was 8,869 crores at the end of fiscal 26.

The network on consolidated level is 9,750 crores at the end of June 26. It was 9,391 crores at the end of fiscal 26.

The total standalone borrowings outstanding at the end of June 26 is 239 crores, with debt to equity of 0.03 times. The total consolidated borrowing outstanding at the end of June 26 is 5,286 crores, with debt to equity of 0.55 times.

During the quarter, the company has made additions to the fixed assets amounting to 22 crores to the net block of property, plant and equipment, which is 1,019 crores at the end of current quarter, June 26. Investment in the subsidiary companies in the form of loan and equity are 2,445 crores at the end of June 26, and the balance equity contribution required to be made to the HAM and BOT projects is 3,346 crores, of which we are expecting contribution of approximately 900 to 1,000 crores in the fiscal 27.

Working capital days at the end of June 26 is 140 days, 48 days, as compared to 128 days at the end of fiscal 26. The increase is primarily on account of increase in debtor and inventory days.

The trade receivables at the standalone basis are 2,655 crores, including 1,784 crores hand debtors at the end of June 26, and the trade receivables at the consolidated level are 1,091 crores at the end of June 26. The unbilled revenue at the standalone basis is 938 crores at the end of June 26, and unbilled revenue at the consolidated level is 498 crores at the end of June 26.

Inventories are at 863 crores at the end of June 26 compared to 739 crores at the end of fiscal 26. I would sincerely like to thank again to everyone, and on behalf of G R Infraprojects Limited, I thank everybody on the team.

Thank you.

We will now open the forum for questions.

thank you, sir, and congrats on the good set of number, particularly on the execution front. A couple of questions.

Sir, first, broad in terms of the guidance. Previously we were looking at revenue at a standalone level for FY27, 15-odd percent kind of a growth.

Now we have already done a much better number in the 32-33 percent in the Q1. How one can look at FY27 revenue?

Going forward in terms of the FY28 onwards, can we see this execution rate to inch up even 20 percent plus kind of a number? Yeah.

Thank you, Shravan and Ankit here. Quarter one we have been able to achieve 30 percent plus, but for the year our guidance remains the same, around 15 to 20 percent.

Next year, depending upon the order inflow, etc., we expect that yes, we can reach closer to 20 percent of the growth.

Okay. On the margin front, 10 and a half, 11 percent we were looking at.

Still given the commodity prices, and that's why we are still maintaining the same, or can we see 11%, what we have done in the Q1? Can we even maintain, or maybe some improvement is also possible there?

If you see current scenario, 10-11% would be the range. Let's see how the macroeconomic factors evolve after some time.

Marginally things can improve also, but we think that 10-11% would be the right range.

Yeah. Now the main in terms of the inflow.

How one can look at the inflow, which we were looking at 20-25,000-odd crores. How much we are looking at?

Sir has mentioned that 32-32,000 crore, which that we have submitted, is yet to be opened. If you can also facilitate in terms of the segment-wise, what we are looking at and what we have bid, will be helpful.

I would like MD sir maybe. ये जो

project है अभी pipeline में है, तो अगर segment-wise if we see, तो road sector में

28,000. Road

sector में ये maximum

28,000, और अपने hybrid agreements में हैं. लेकिन अभी जो scenario movement है, उसमें अगर आप हम देखें तो BOT में काफी pipelines में हैं, it should improve, but अभी तक जो currently pipelines कम रही है, government के awarding कम रही है, लेकिन आने वाले time में ये improve होनी चाहिए.

कुछ जो national level पर जो disturbance है, उसका भी मुझे लगता है कुछ effect है, जिस तरह से oil prices और bitumen के prices जो disturb हैं, उसकी वजह से भी कुछ projects जो है, वो आने वाले time में update होंगे. क्योंकि internationally अगर आप environment देखें तो कुछ improvement होता हुआ दिख रहा है.

आने वाले time में निश्चित तौर पे infra sector पे एक अच्छा government का pipelines open होनी चाहिए. Okay.

For sure, पूरे साल के लिए जो हम 20-25,000 करोड़ जो देख रहे हैं इस साल के लिए, तो हम लोग confident हैं कि उतना तो अपने को 20-25,000 करोड़ का inflow आना चाहिए. Given कि आप जैसे बता रहे हैं कि 28,000 करोड़ already हमने road में bid किया है.

तो broadly मतलब 12-15,000 करोड़ अपने जो 20-25,000 अगर देख रहे हैं, तो उसमें से road will still remain the major one. बिल्कुल बिल्कुल.

निश्चित तौर पे ये

number achievable लग रहे हैं, जिस तरह का pipeline है और जिस तरह government के साथ में जो discussion में दिखता है आने वाले time में वो sign और अपने ये जो target है, अपन achieve करेंगे.

See, ये road में ना, road, हम लोग 28,000 which we are talking about, right? Which includes, it is actually 40%, which includes metros, right?

वो भी है. It is not only roads.

Traffic transportings जो भी आ रहा है, वो सारी activity cover करती है.

Okay,

okay, okay. But वही थोड़ा सा समझना था कि अभी जैसे NHAI ने recently जो list निकाला है 5,000 km, that they want to award in this year more than 4.5 lakh crore का जो अभी toll plus annuity, वो नया लेकर आ रहे हैं.

तो अपना अभी focus कैसे रहेगा? मतलब वहाँ से या फिर still transmission, oil and gas और वहाँ से भी हम लोग ज़्यादा opportunity देख रहे हैं in terms of the inflow.

So

there is no restriction. Transportation पे there is no restriction.

Only issue is कि bandwidth का तो transportation पे issue है नहीं. Only thing is on transmission side, on oil and gas side, those are the new sectors where we are also developing our team.

उसमें थोड़ा time लगता है. Probably, for example, oil and gas में भी there, the government has come up with the incentive scheme, right?

तो हम लोग, we may not be fast-tracking that particular sector. Road में तो कोई challenge ही नहीं है.

Road में अगर काम आज 5 lakh crore का bid करते हैं, we can take 20,000 crores of orders, right? There is no issue in terms of transportation, चाहे road हो, चाहे rail हो, चाहे metro हो, whatever.

We are targeting both. For the current year what we are targeting is because we are looking at each and every model of the road transport.

तो हम लोग, we are looking at EPC, we are looking at HAM, we are looking at BOT, BOT annuity बोल दो, BOT whatever. We all are comfortable.

We are more comfortable with each and every model. What we are targeting for the current year road sector में around 14,000.

14,000 का अपन BOT, right? In total, order book में भी that income quarter, तो अपन around 14,000 crore of the inflow, which we are targeting in road sector.

Depending on that competition, it may come down, it may go up. इसमें in terms of capacity, in terms of capability, we are not basically, there is no endurance.

We can go up to 15,000-18,000. Then depending on that competition which exists in the sector, उसमें अपन उधर भी आ सकता है.

Idea is this is our guidance, this is our target. So अगर 10% होता है तो we are comfortable.

Okay. Lastly, sir,

appointed date जो अपना बचा हुआ है Agra Gwalior and those HAM- ये, तो वो अभी कब तक आ जाएंगे? And जो equity जो बचा हुआ है, आपने बोला है 900 से 1000 crore this year, आगे के लिए 28,000-30,000 कितना equity अपने invest करेंगे?

See

total equity investment for next year around 3,300 crores. This is 3,300 crores का capillary होता है, plan for next year, which is already committed, अगले तीन साल में.

Largely next year सबtime अपने को डालना है. और Agra Gwalior की अगर हम बात करें तो maybe October or November.

पूरा monsoon का ये खत्म हो जाता है. I think most of the conditions precedences has already been complied.

I think we are confident we will be getting that appointed in the month of October-November, Agra Gwalior का. और बाकी because those projects we have bid in March, after some month, again that would be in the month of December.

बाकी दो HAM projects हैं, will be targeting for appointed in

December. Okay,

okay, sir. Thank you and all the best, sir.

Thank you.

Yeah. What would be our revenue from T&D vertical in first quarter?

So

the T&D vertical first quarter revenue was approximately 110 crores.

110. Growth was mainly driven by highways only in first quarter?

Three sectors I would say, transport, which includes of course highways, second was PT&D, because if you see previous quarter, I mean in the previous financial year, it was 75 crores and this quarter is 110 crores, and also from the oil and gas business unit. Three sectors were the major contributors.

And

what was O&G revenue this quarter?

O&G revenue this quarter is 270 crores. And

our target for the entire year for O&G?

Entire year for the target is approximately 1,000 crores

and plus. Okay.

Secondly, on the order inflow guidance, the total number will be maintained around 20,000 to 22,000 crores combined?

Target, as Anand already explained, sector-wise, depending upon how the bid inflows happen, it could be plus minus 10% also.

Around 20,000 crores mark.

Correct. Okay.

Okay. Yeah.

Thank you. Those were my questions.

Thank you.

Hello, sir. Good afternoon.

Thank you for the opportunity. I wanted to know your views on the opportunity presented by the hydrogen rail program, and which part of the entire value chain does the company expect to participate in, and what meaningful growth driver can come in the medium term from this new project of the government?

Though it's a good initiative, of course, by the government, but presently, from our strategy viewpoint, we are not exploring that particular sector.

Okay. Why are you not actively involved in this project at all?

In hydrogen field, no.

Okay. Okay.

Fine, fine.

no, sir. I just wanted to know if the company is into the hydrogen rail program, because somewhere I had come across that they are actively into the fueling stage.

That's it.

Am I audible now?

Perfect. Thanks.

Sir, just a couple of questions. The first one is we've had a very sharp raw material inflation, particularly related to crude in Q1 and in the last few months.

How confident are you that that gets compensated by the escalation clauses which we have across our projects, and the same holds true for other raw material commodities as well?

See, crude actually, particularly, for us, it is not that crude. It is a bitumen, right?

Bitumen-linked product, which is hydrocarbon product, diesel and all, right? Particularly for bitumen, government has come up with a direct circular, it is over and above the escalation clause which we are having in the contract, because it was so high, right?

Which could not be covered through escalation. They came up with a direct circular, and they linked whatever bitumen which we have been applying on the road construction activities during the quarter, we have been directly compensated by the government.

Yes, of course, on diesel side, that was not the case. To that extent, our prices have been impacted, right?

Diesel and related to that diesel. Because, for example, we are utilizing aggregate, right, which is being crushed by the crusher, where again, the input is the diesel, right?

Or maybe electricity and all that, right? To that extent, yes.

Overall impact is there on the raw material side, and because of the diesel or energy-related price hike, but if we talk about specifically bitumen, which is our component which is getting utilized into our projects, that is very well compensated by the government here.

Understood. How about, sir, for aluminium, steel, particularly in the power transmission sector?

Power transmission sector mein, in aluminium, copper, see, not much, because it is more kind of speculation, right? Because of that war-like situation, the volatility was there, and the price variation was very high, right?

Maybe supply chain could be one of the reasons, but it is more of speculation. Probably what we believe is that in next three to six months, that would be again stabilized, and, see, of course, it is impacting our project margin, but that is getting spread over the period of two years of time, right?

Whatever raw material which we are procuring for our power transmission projects, which we are procuring in next one, one and a half year, it is getting spread over there. Maybe for current quarter, whatever raw material which we are purchasing, right, to that extent my price would be higher, but it is not getting compensated, right?

We are not getting any escalation, at least into power transmission projects. Over the next two years maybe this will again be normalized, and the price impact would not get high, right, which probably we'll see in the current one or two quarters.

Understood. Sir, one bookkeeping question.

If I look at the other income this quarter, that was relatively on the lower side. Any particular reasons for the same?

Yeah. So

if you see, the impact of other income is basically the interest and dividend which we receive from the Indus Infra trust. This quarter that payment was in the form of capital repayment.

That becomes a balance sheet item and not a P&L item. Overall at the company level we have received 3.5 per unit versus 2.25 per unit in the last quarter, previous case quarter.

Interdividend income was lower. That's why you see that difference.

Understood. Perfect.

Thank you so much, sir. Thank you.

Hello, sir. Thank you for the opportunity.

Sir, how are you seeing the competition in the road sector? Like we have been seeing some projects getting opened in the MoRTH and the NHAI.

There are still 15 to 20 which are always there in the base that are open. How do you see the competition?

highway sector में देखेंगे तो competition तो अभी रहेगा लेकिन going forward जो project size है और जैसे से number of projects आएंगे मैं ये देखता हूँ competition थोड़ा reduce होगा और अभी government का जिस तरह से BOT projects के अंदर focus है उसमें bidder participation रहेगा जिनकी balance sheet strong है वो लोग participate कर पाएंगे तो going forward एक अच्छी opportunity है highway sector में.

Okay. Second, sir, how do you see the competition in other sectors like elevated metro, railways?

There also we are seeing the road players are entering into those space, and the competition is elevated even in that space.

Competition को देखिए, जो highway sector में जिस तरह से capability लोगों की बनी है तो going forward सभी इनका sector में. क्योंकि अभी आप चाहे वो power transmission हो, चाहे वो elevated road हो, चाहे वो metro हो, तो competitiveness बनेगी, लोगों का penetration बढ़ेगा.

लेकिन आने वाले समय में जो opportunity बढ़ेगी तो ये एक अच्छी healthy... क्योंकि इसके अंदर जिनकी balance sheet strong रहेगी वही लोग sustain करेंगे.

तो healthy competition तो रहेगा, but opportunity भी अच्छी रहेगी.

See, even railway, you will find that government is basically considering that HAM model in railway projects, right. Dedicated freight corridor they are talking about, those projects would be awarded under HAM model.

So ये तो है कि, government is also considering more and more participation on private side rather than EPC. So जितना EPC कम होगा and more and more capital is required, that also gives that push to basically competition would be less going forward.

अभी वो जो छः महीने में होता है, पर महीने में होता है, that's the only thing which we have to see.

Yes, sir. Thanks for the opportunity.

Sir, my question pertains to Agri. This current trend will continue in the next quarter also?

Yes.

Okay.

Answer, please continue.

Yeah. Okay.

Answer, what would be our guidance for this year and the next year? So

for the current year, the Capex guidance is of approximately 300 crores, and for the next year it shall remain 200 to 250 crores.

That's all from my side, and thank you.

Kindly for the opportunity. Sir, any sufficient getting absolute terms, how much distribution we received from the InvIT in this quarter, and are you planning to transfer any other asset to the InvIT in this year?

Specifically, what you are saying is what exactly the cash flows we have received as a distribution from the InvIT, right?

So

this is around, I would say, 70 crore, 70 crore which we have received in the current quarter, right? The second question you asked for is that,

other effects

available. So, We have got.

For current year also we are targeting at least three-four assets would be transferred to Indus Infra Trust.

What is the status of the BharatNet project?

BharatNet project, we are waiting for ROW. We have started O&M activity, office and maintenance activity, which is also a part of that project.

Whatever existing project which has been handed over to us, we have already started. We have not received so far that ROU where that new capex can be run, right?

We are waiting and probably what we believe is that again in the month of October only we'll be able to start in terms of that project capex here.

Hello, sir. Thanks for the opportunity.

I just wanted to understand why the trade receivables this quarter has increased, the external trade receivables? So

external trade receivable largely includes oil and gas. Because we entered last year and this is a new sector for us and so far our understanding is once that project is complete, then only trade receivable is getting released.

I would say when we start again that next cycle, we'll start realizing those trade receivable maybe in the month of October, December to March, right? Because of that reason and by the end of March or May, I would say May 27th, we'll be able to complete that project as well.

We'll be able to realize our whatever. This is largely because of oil and gas sector.

Otherwise, I think we are on trend.

Okay. For the current year that is ongoing, the trade receivables are expected to stay elevated because you receive payment.

Yeah. Sure.

Yeah. Okay.

Okay. This current project is expected to get completed by March or May of next year?

May,

May, right. And

this is the only oil and gas project that is there in the books currently?

There are two projects, right? Through our subsidiary we keep on bidding and will be doing more and more projects, right, in the oil and gas sector.

Okay.

Okay. Got it.

Thank you, sir.

Hi, thanks for the opportunity. My question on the warehouse.

How much capacity we could deploy in the warehouse area, couple of years, and how much capacity deployed as on date? So

as on date there is a deployment of around 130 crore, and for this current financial year 27, we have a plan of around 450 to 500 crore.

Sir. Thank you.

Sir, what is the trade payable as on June?

Trade payable as on June is 1,073 crores standalone level.

Okay. As you has mentioned in terms of the other income, lower because of the lower interest and dividend from the InvIT side, just to get the number correct.

Roughly in terms of the other income we must have booked around close to 19 crore, 19 and a half crore should be there, part of other income in the Q1 at a standalone level.

Yeah. No.

The total other income is around 68 crores, of which 20 crore is from the InvIT interest, and other interest income is 35 crores. Balance portion, as I already explained, was in the form of repayment of capital.

If we specifically talk about other income from InvIT, that is higher compared to the previous year's quarter, and that differential impact is in the balance sheet because that capital was repaid.

Yeah. Got it.

Okay. Yeah.

That is it from my side. Thank you.

Yes, thank you for the opportunity. Just quickly on the Bharatnet project, there has been significant increase in OFC costs.

Is that covered under your contract or how are you managing that?

what we have done, see, we are not getting any escalation, but at the same time, from our vendor, we also having fixed price contract for the optical fiber cables, right, for the next three years, right. There is pressure, but we have to also see how do we basically come out of this issue.

Theoretically, yes, and then there is no escalation which we are getting from our client and we also are not supposed to pay any escalation to our vendor.

That is my only question. Thank you.

Thanks.

Sir, what kind of revenue are we expecting from the Bharatnet project in FY27? So

in FY27, we are expecting around 400 crores from Bharatnet project. So

this would be the infra works or we will be supplying the cables as well?

It is cable and operation, O&M activities. See Bharatnet includes both laying of cable as well as, operation and maintenance activities.

So

order value is say 650 crore plus O&M of 400 crore, right?

Right, right. 1000 crore is the order value.

So

out of 650, we are going to do 400 in this year itself?

No, not 400. Out of the 650, it would be around 300 in capex side and the balance would be on OPEX side, right.

So

only started it second half time we will do 300 crores revenue.

O&M is already started and we'll be doing that capex, we'll be starting from second half.

And

we'll be able to do around 300 crore.

Okay. When do we expect to start the work on BES project?

See, work is already started. Only thing is because of that geopolitical issues, right, the tariff prices and dollar price, dollar rupee movement.

We are just waiting for the time to, where all those external factors comes to, I would say, which helps, comes to in favor, maybe next time of the time will be, altering batteries and all that probably. That is on track, I mean.

It is already started. Civil work and other items of that project is already under execution.

And

for railway project, in NP?

That is already started.

Can we see a 30% kind of execution this year as per the project?

30%, initially in first year, we should not target more than, I would say, 15-20%

in first

year.

Sir. Lastly on Agra-Gwalior you mentioned that we may get the ED in sometime in October or November.

Can we see a 10% kind of execution this year?

Very much. Yes.

Okay. Thank you so much.

Am I audible?

Yes, dear.

What kind of revenues are we targeting for FY28 and also the margins, sir?

FY28, we are targeting, if we target 20% growth, probably it would be in the range of 12,000 crores, right? 11-12,000 crore kind of revenue which we are targeting for FY28.

The margin, yes, of course, we are expecting in the same range, but that again depends on how those macroeconomic situations pan out for the next six months basis that probably my margin may be on plus side or minus side, yeah.

Sir. Thank you.

Thank you for the opportunity, sir. Sir, I wanted to understand, like in Q1 we had more than 30% kind of a jump in revenue as compared to last year.

For full year FY27, we are guiding 15-20% kind of growth. What is kind of stopping us from say 25-30% growth this year, considering we have a strong order book?

See, in current quarter we witnessed around almost 30%, right? Now the second half would be more guided by how early and how fast we will be getting the appointed dates.

Our target is that we will be getting in the month of October or December, right? If there is any delay, then probably we may not have that kind of.

Monsoon also, the pattern of monsoon which we have seen in last two three years is running up to the month of October. We are practically starting on ground in the month of November, right?

All the construction activity is already generally getting started in the month of November. This is our own previous experience we are targeting.

There could be a possibility that we can witness 25% of growth on annual basis. If there is any positive growth, there is positive deviation, I don't think there would be any issue.

That is our projection.

Understood, sir. Last time we had this labor issue, right, in Q4.

That has got completely resolved, or how is the situation right now?

Labor issue is not there. Last time it was because of Bengal election and all that issue was there.

Now there is no issue. Now it is more on materials side, not on manpower side.

Okay. Thank you, sir.

This was my question.

Thanks for the opportunity. My question is now we are building credentials in the oil and gas sector, and in the past we have done transmission.

Just wanted to understand from the export market standpoint, especially Middle East, which is a big market for both oil and gas and transmission. Do we have any strategy over the next two, three years, given that the road sector has significantly slowed down over the last two, three years?

How are you thinking about expanding beyond India?

First, इसमें क्या है कि दोनों ही सेक्टर में हम domestic level पे पहले अपने credential develop करेंगे और उसके ऊपर फिर confidence आए, पूरी तरह से market पे अपनी पकड़ बने तो फिर international market को. अभी फिलहाल next one to two years में हमारा international business में अभी तक कोई focus नहीं.

And उसमें क्या है moreover, our transmission is, I would say, a huge opportunity over there in India itself, right. At the same time, in India also because of this war situation, right.

तो वहाँ पे भी government is focusing more. Oil and gas में भी अपने को बाहर जाने में ज़्यादा challenge नहीं होता, region being the same, largely if we are working in the sea, right.

Government अभी थोड़ा सा focus कर रही है India में भी in oil and gas sector as well, right. What we also believe is that for next two years at least there are ample opportunities in India also.

अब जैसे हम लोग we are manufacturing transmission tower as well, we have set up that manufacturing facilities transmission tower बनाने का. Probably we are expanding also.

We already started in existing premises. But अभी हम लोग उसको expand भी कर रहे हैं for manufacturing of more transmission tower.

Reason being why we enter into that manufacturing is because there is the challenge which we are facing, tower अपना कोई टाइम पे नहीं मिलता. The point is that market exists in India itself.

And अगर अपने को मिलता है over the next two years, we believe that or we observe that, okay, we are having more than sufficient facility in India, if we are able to cater Indian project as well as we are having surplus capacity, certainly we’ll move to international market as well. But अभी as it is, हमें लगता है अगले दो साल तो India में ही काफी सारा opportunity है, there is no need to basically.

At least for next one year we are servicing ourselves in India, but maybe after one year we will start looking into outside India.

One question is for Ajendra ji, sir. Last three years we are thinking or we are poking the roads, transportation will pick up in India.

Every quarter we talk about some trillions of opportunity or big pipeline from NHAI, which doesn’t convert them on the ground in terms of ordering or execution. Sir what needs to be changed on the ground, or what according to you could change, wherein the ordering comes back, any color from the government interactions that now the bids are going to come maybe towards the year end, maybe towards the second half of next year.

Why road ordering is not happening according to you and what will drive it back. अभी ये जो हर साल निश्चित तौर पे

opportunity जिस तरह से देखते हैं market में, लेकिन convert नहीं हो पा रही है। आने वाले टाइम में अभी government का मुझे ये लगता है कि जो investment की philosophy है इनकी, initially इन्होंने government पे EPC projects और HAM पे ज़्यादा focus किया, अभी नहीं वो जो policy है, मतलब इनको चाहिए more participation of private sector.

BOT scheme, तो अभी तक तो जो policy है, उस policy पे काम हो रहा है और policy पे काम होगा तो नए projects काफी आएंगे. अब policy एक बार finally बन जाए तो निश्चित तौर पे projects आएंगे और उसी चीज़ का नए अभी देखेंगे अपने government के अभी सबसे पहले BOT के नए concession agreement पे काम कर रही है, उसके अलावा BOT plus HAM के ऊपर काम कर रही है.

Once policy final हो जाए तो निश्चित तौर पे नए projects और काफी projects pipeline में हैं, जिनके ऊपर काम होना है और काम की requirement actually interest खुद ही huge है. अभी किसी भी city पे देखें तो traffic का जिस तरह से condition है, किसी भी highway पे भी देखें तो जिस तरह से condition है तो huge requirement है logistics में.

और आने वाले एक-दो साल में requirement भी है, government का focus भी है. But किसी ना किसी वजह से हो नहीं पा रहा है.

क्या चीज़ change जो कहना थोड़ा सा मुश्किल है. लेकिन government का जैसे जहाँ भी discussion होता है तो वहाँ यही लगता है कि अभी opportunity, अगले next quarter में ही इतनी opportunity होगी कि जिसको market absorb नहीं कर पाएगा, मतलब उस तरह के discussions होते हैं.

Reality no doubt पिछले दो साल से देख रहे हैं तो उतना हो नहीं पा रहा है.

Last question sir, investment पे पूछना था. Now we are 2,400 crores invested.

We have pending 33-3,400, which will take the total investment to 5,700, and upwards of between 5,500 and 6,000 in next three years. It will be basically equity investment investing all the assets.

Still we have 2,000 crores of units in the way. It will take the number to 8,000 crores.

The next three years monetization, there will be huge cash flows plus incoming dividend income over many years. How do you think this will get distributed or utilizing the business?

Because there seems to be huge value which is getting created. Even if I multiply it 1.5 times, 1.3, 1.4 times price to book, the number looks to be quite big, in fact more than the market cap.

How do you think this will utilize over a period of time?

Because road mein, that’s why we are also equally interested in BOT projects just to deploy whatever cash accruals which we are having. That’s how we are targeting that we diversify into more business where we can deploy our capital with a meaningful return.

होना वैसे ही है. Hence देखो transmission, we are targeting logistic maybe also we are applying.

We believe that we are getting or we are hopeful of getting good returns over there as well, right. So होना तो वैसे ही है.

More BOT क्या है, अगर BOT भी ढंग का जाता, see even for example if we are able to get 10,000 crores or 8,000 crores of BOT as well, तो then also at least 30%, 2,400 crore तो वो project नहीं चला जाता, right. Government intends also to have more and more private participation.

We are equipped. We are just waiting for right opportunities, right, how to and where to deploy this capital.

We are quite hopeful we will be able to deploy, because infrastructure में काम होना है, government ने private से करवाना है. Whatever limited understanding which we have right now, I am having interaction with government authorities and the news items, right.

Probably we will be able to deploy here.

Thank you, sir.

Thank you.

Thank you.

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