Thank you, Swapnali. Without taking any further time, I would now invite Ajendra, sir, to give a brief industry overview, followed by Rathi ji on the financials.

Over to you, sir. Thank you.

Good afternoon, ladies and gentlemen, and a warm welcome to the Q3 FY '26 earnings call of GR Infraprojects Limited. Thank you for taking the time to join us today.

I hope you and your families are keeping well. I am joined on the call by Mr.

Anand Rathi, CFO, and Mr. Ankit Maheshwari, Deputy CFO of the company.

I will begin with the sharing our performance during quarter and overview of the infrastructure sector, after which Ankit ji will take you through the financial in detail. We will then open the floor for questions.

During Q3, the company has recorded the revenue from operation of approximately ₹2,039 crore, which is up by 36% from corresponding period in previous financial year. The EBITDA margin excluding other income for the current quarter stood at 10.07% as against 12.82% in the corresponding period in previous financial year.

Profit before tax is ₹274 crore, which is up by 18% from corresponding period in previous financial year. During the quarter, the company has repaid the debt of ₹262 crore, which has resulted in improved debt-equity ratio to 0.03, which is one of the best in the sector.

The company has recently won the battery energy storage system project of ₹414 crore for NTPC plant. As on date, the company's order book stood at ₹20,250 crore approximately.

As on date, one DBFOT toll project of ₹3,700 crore approximately is awaiting appointed date. We have bids of ₹20,000 crore approximately which are yet to be opened in highway and railway tunnel and other business units.

Government commitment to infrastructure remain firm. I would first like to present some key highlights from recent Union Budget for FY '26-27.

Public capital expenditure on infrastructure was raised by 9% from FY '25-26 to record ₹12.2 lakh crore, representing roughly 3.1% of GDP. The budget also proposes establish an Infrastructure Risk Guarantee Fund to enhance the confidence of private development through carefully designed partial credit guarantees.

Road and highways with ₹3.09 lakh crore and railway with ₹2.8 lakh crore together account for nearly half of the capex, highlighting that connectivity investment continue to be central pillar and focus of the national growth story. Moving on the sectors highlight, the road sector continued to show healthy momentum.

The Ministry of Road Transport and Highway, NHAI, etc. has set target of building 10,000 km of national highway this year after achieving around 10,660 km last year.

Though the actual awarding of NHAI in FY '25-26 has shown a significant slowdown, however, the sector is moving out through market by slow target tendering and intense competition into recovery phase led by structural reform. India's national highway toll collection are expected to cross ₹1 lakh crore in FY '27, driven by higher traffic volume, expansion of high-speed corridors, and changes in tolling system.

Further, NHAI debt-to-equity ratio has fallen from about 50% in FY '22 to around 20% in FY '25, creating fiscal headroom to support more than ₹8 lakh crore project pipeline in our FY '26 to '28, including tunnels of significant amounts. While competition is expected to remain elevated, amendments in technical and financial qualification norms and shift towards large BOT toll projects should reduce competition in medium term.

The government look to prioritize the BOT model for highway projects in FY '27, aiming to enhance public-private participation in infrastructure delivery. In railway and metro, focus has moved to easing congestion on high-density routes, improving freight movement, and strengthening multi-model integration through dedicated freight corridor and economic rail corridor under the PM Gati Shakti framework.

Proposed seven high-speed corridors in the Union Budget are being positioned as growth connectors, linking major economic, IT, industrial, and cultural hubs across the country. Together, the seven corridors will span nearly 4,000 km and are expected to be developed at an estimate cost of ₹16 lakh crore.

Under the PM Gati Shakti framework, three economic railway corridor program covering energy, mineral, and cement routes, port connectivity, and high-traffic density lines have identified 434 projects with a total outlay of around ₹11 lakh crore. Maharashtra leading in railway infrastructure activity with 35 projects with a total investment of ₹3.5 lakh crore.

In power and transmission, India power transmission and distribution sector is seeing strong investment to support rising power demand and renewable energy growth. India has the investment potential of nearly ₹45 lakh crore in the power sector, including generation, transmission, and storage in the next 7 years.

Further, with increasing renewable hubs pan-India, especially power transmission and distribution sector is seeing an investment potential of nearly ₹9 lakh crore in the sector. Further to scale up the sector and maintaining the grid stability, the government has also introduced Energy Storage Obligation.

The CEA estimates a need for about 236 gigawatt-hour of battery storage of more than ₹1 lakh crore. In oil and gas, India's Viksit Bharat roadmap setup ambitious goal for the nation, increasing domestic crude production of 100 MMT and refining capacity of 450 MMT per annum by 2047.

The budget has continued to earmark ₹1.5 lakh crore of allocation, which will increase the opportunity for us in the EPC sector. India logistic sector is set for a massive transformation and expected to grow at CAGR of 8% approximately in next 5 years.

Warehousing and distribution service is the most lucrative service segment, registering the fastest growth during the forecast. Grade A and B warehouse is expected to grow at CAGR of 12% to 12.5%, driven by increasing demand for high-quality infrastructure to reach 800 million sq ft in FY '29.

We are focused on building future-ready logistics platform. Our vision is to deliver high-quality, scalable, and technology-driven warehousing solution that enhance efficiency, connectivity, and customer value across India's evolving supply chain landscape.

For remaining financial year, we expect order inflow to pick up, subject to tendering activity and project award timelines. Execution momentum is also expected to improve.

Our strategy is leverage this momentum by broadening our participation in multiple infrastructure projects and strengthen our business diversification. Before I conclude, I would like to reiterate that our approach remain consistent.

We are

is audible?

Hello?

Before I conclude, I would like to reiterate that our approach remain consistent. We are focused on financial discipline, timely delivery, progressive strengthening of our order book, and diversification.

I would like to thank you our clients and shareholders for their continued trust and support. With that, I will now request Ankit ji to take through the financial in detail.

Over to you, Ankit ji.

Thank you, MD, sir, and hello, everyone. Here are the key highlights of quarter 3 performance: The standalone revenue from operations was ₹2,039 crore in quarter ended December '25, which has increased by 36% year-over-year compared to ₹1,500 crore in the quarter ended December '24.

This increase was primarily on account of work execution being started in various projects, including oil and gas, power transmission, and ropeways business units. The consolidated revenue from operation was ₹2,308 crore in quarter ended December '25, which has increased by 36% approximately compared to ₹1,695 crore in the quarter ended December '24.

The standalone EBITDA margin stood at 10.07% in quarter ended December '25 from 12.82% in quarter ended December '24. The decrease is primarily due to one-time claims income recognized amounting to ₹37.7 crore in quarter ended December '24.

The EBITDA margin at group level has marginally decreased to 20.28% in quarter ended December '25 from 21.82% in quarter ended December '24. Profit after tax at standalone level increased to ₹232 crore in quarter ended December '25 as compared to ₹169 crore in quarter ended December '24.

The PAT includes ₹35 crore net of tax of exceptional gain on sale of subsidiary. Profit after tax in current year has increased due to better execution of the projects.

Profit after tax at consolidated level decreased to ₹259 crore in quarter ended December '25 as compared to ₹263 crore in quarter ended December '24. The standalone net worth stood at ₹8,471 crore at the end of December '25.

It was ₹7,888 crore at the end of fiscal '25. The net worth on consolidated level is ₹9,200 crore at the end of December '25.

It was ₹8,500 crore at the end of fiscal '25. The total standalone borrowings outstanding at the end of fiscal '25 is ₹244 crore with debt to equity of 0.03 times, and the total consolidated borrowing outstanding at the end of fiscal '25 is ₹6,281 crore with debt to equity of 0.68 times.

During the quarter, the company has made additions to the fixed assets amounting to ₹30 crore. The net block of property, plant, and equipment, including CWIP and intangible, is ₹1,090 crore at the end of current quarter.

Investments in our subsidiary companies in the form of loans and equity is ₹2,789 crore at the end of December '25. The balance equity contribution required to be made from our operational HAM or BOT projects is ₹3,044 crore, of which we are expecting a contribution of approximately ₹500 crore in quarter 4 of current fiscal.

The working capital in days at the end of December '25 is 93 days as compared to 117 days at the end of fiscal '25. The decrease is primarily on account of decrease in SPV debtor days.

Trade receivables at the standalone basis are ₹1,614 crore, which includes ₹1,038 crore of HAM debtors at the end of December '25, and the trade receivables at the consolidated level are ₹631 crore at the end of December '25. The unbilled revenue at the standalone basis is ₹851 crore at the end of December '25, and the unbilled revenue at the consolidated level is ₹739 crore at the end of December '25.

The inventories are ₹533 crore as compared to ₹538 crore at the end of fiscal '25. I sincerely thank to all our stakeholders, including employees, business partners, vendors, bankers, and auditors who have supported the company.

On behalf of GR Infraprojects Limited, I thank everybody for attending the earnings call. Thank you.

I would now like to hand over the call back to the moderator.

Hi, sir. Thanks for the opportunity, and congrats on a good set of numbers.

The execution has been good for this quarter if we look at revenue numbers. I could gather that this has been primarily on account of execution starting in various projects.

Just wanted to understand what can we expect in the last quarter and in FY '27, because we had guided for a 5% revenue growth last time around. I think we'll be surpassing that.

Just your views on this.

Why actually we have been surpassing this 5% growth is because the revenue which we have got from oil and gas EPC sector, right? That actually helped us in surpassing that revenue.

We continue to bank on that particular sector in going forward for next financial year as well. If we talk about that quarter 4, our revenue would be in the range of ₹3,000 ₹3,000-odd crore, right?

For next financial year, again, we are targeting a growth of 10% to 15% of revenue. Yeah.

15%. What was the revenue from oil and gas EPC?

For current quarter, it is around ₹400 crore.

How much can we expect this in the next year, this Q4 and FY '27? Next year

see, Q4 also we can expect in the range of ₹500 crore, but next year we would be targeting more than ₹1,000 crore for in this particular sector. We have to set up that JV also for qualification and hopefully we'll be able to have this, qualification through in our direct JV, right?

We'll be directly bidding and we'll be targeting for next financial year we'll be targeting around ₹20,000 crore of the projects, right, for bidding in this particular sector. We'll be having around ₹4,000, ₹5,000 crore of the order book from this sector.

Maybe we'll be able to achieve 1,000 ₹1,000 to ₹1,500 crore of the orders next financial year.

Understood, sir. Secondly on the order inflow front, I think 9 months' order inflow we stand at about 62 billion.

I think we're falling short on that front in terms of guidance, would like to hear your views on this.

Largely we have been disappointed on this highway front where our target was high, but somehow the projects were not there from NHAI side for different reasons, right, and we were expecting that in quarter 4 at least they would be coming out with good amount of projects. Far, the pipeline is there a good pipeline is visible, but yes, we are not pretty sure because that MCA is also under modification.

They are coming out various modifications in MCA and now what we have realized is that they have shifted from EPC or rather HAM I would say. It is that government is shifting their stand from HAM to BOT, right, BOT toll mode.

For that actually, we need full-proof MCA also, that model concession agreement. That is also what I believe that the reason that they are taking time, right?

Going forward, what I believe is that on highway sector also we'll be having good amount of order book coming in. Maybe next financial year, we would be having ₹10,000 to ₹15,000 crore of orders coming from highway sector because the pipeline which right now is available though they are not ready for bid, but because of this reason that MCA is yet under modification.

What we believe is that the ticket size of the project is more than ₹2,000 crore, that BOT in ₹8,000 crore, ₹7,000 crore. What we expect that would be confident that we'll be getting ₹10,000 to ₹15,000 crore of orders in highway sector at least going forward next year.

Understood. Sir, any timelines when can we expect this modification in MCA and when the ordering can pick up?

Can we expect it in Q1 of FY '27 or will it be beyond that?

No, probably maybe because see, HAM is a settled contract, right? Now for BOT because there is a big plan with the government for big-size BOT and all that.

They are taking time. That is under modification and maybe in next 15 days or next I would say 1 1 or 2 months at max, probably.

Maybe even during the month of March itself, we may see that some projects coming in for participation and for bidding. Yes, of course, whatever the case may be, will be in position of execution only in the next financial year after Q2, Q3 Q3, Q4 onwards side.

What we believe is that it is pretty certain that those projects would be coming in next maybe not this quarter, then probably next Q1 of the next financial year, yeah.

Understood. Sir, my final question is on the BOT project, Agra one.

There's been delay in receipt of appointed date over there. What is the actual status?

Why is there been a delay?

There has been delay in that particular project. See, issue for BOT project is we want to be pretty sure in terms of land acquisition, right?

Unlike HAM, right, where HAM is more kind of EPC where even if let's say land is not there, ROW is not there, we can construct and we can continue to get the payment and we can also get the provisional COD, right? In BOT toll model, even if let's say a small amount of ROW is not there, then probably it would be hindering our BOT toll collection.

We are actually cautious at this particular time in BOT projects and we want to be doubly sure in terms of whenever appointed date is declared, 100% or 90% at least whatever committed in their agreement that land is made available to us without any hindrance where we can execute the work. What I believe is that, see, some land compensation issue is going on over there and maybe next 1 next couple of months, it would be settled.

Once they get the compensation, we'll be having the appointed date. We are fully ready with our mobilization and equipments over there.

Next financial year Q1, we will be able to book the revenue on that particular project. Yeah.

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

Thank you.

Hi, sir. Thank you and congratulations on good set of number, particularly on the execution front.

Couple of questions from my side. First, just a clarification.

In terms of order inflow till now, excluding GST, how much order inflow that we have received? Is it ₹2,480-odd crore?

See, except that power transmission, where order is getting splitted, because for power transmission, we have received order of around ₹3,600 crore, but then in EPC would be having revenue around ₹1,800 crore, which is 50% of the order which we have received, right? Total order so far for the current year is around ₹6,000 ₹4,800 crore, right?

That the orders which we have received which ultimately would be converted into the EPC revenue going forward.

Here we are excluding the three L1 projects, two MSRDC

and Yeah.

This ₹4,800 crore when we are saying, we are saying that transmission we are right now taking ₹1,700, ₹1,800 crore and then ultimately it will be a ₹3,600 crore?

Yeah.

Okay. This BESS NTPC, there the ₹488 crore that we announced on the exchange, is this including the 18% GST?

That is, ₹488 is including GST. Without GST, it is ₹414 crore.

Okay, ₹414-odd crore. Okay.

This two MSRDC project, ₹4,300 crore, what's the status, whether it will get canceled?

That status remains same what we have spoken on last call, right, because so far, what we believe is that because of the new alignment, that would be canceled and they would be re-tendering and all that. Yes, that is the latest information which we have.

Beyond that, we also don't have any information on that.

Sir. Sir said that we have bidded ₹20,000-odd crore projects where bid is yet to open.

Is this entirely if you can split into the sectors where this is?

It largely highway and railway, which is around ₹16,000 crore, and then there is a tunnel and hydro, which is ₹4,000-odd crore.

Tunnel and hydro. Before end of March, how much more are we planning to bid?

There also, I need a clarification. When we said that now MCA for BOT is under modification, whatever the project NHAI till now have announced in terms of the tender where they are either a EPC or HAM, is there also a possibility that they can also be converted into BOT and that's why there is a delay or this is the new projects that they will come up with a tender?

Nahi sir, usme already yeh defined hai. Abhi HAM ke projects bhi pipeline mein hai aur BOT ke projects bhi hai.

Jo HAM ke projects hai, woh HAM mein hi hone wale hai. Aur jo BOT ke projects hai, woh alag se unhone matlab jo woh thoda uske bidding thoda delay hoti ja rahi hai.

A criteria they have set, right, if If a developer is not getting 15% kind of IRR on toll basis, right, then those projects would be either bidded under EPC or HAM. Basis that they are only basically classifying under which bucket those projects would be covered, right?

It is not that the EPC would be converted into HAM and or EPC would be converted into BOT. I don't think so this is the philosophy.

Okay. Got it.

Now by March, how much more are we planning to bid and also broadly if you can say how much let's say on the NHAI front there is still not a 100% kind of a clarity, but in other sectors, transmission or maybe oil and gas or any other, how are we looking at how much more orders can we won before March end?

See, won is different. The point is that pipeline which is right now available or visible, that is for highway it is ₹1 lakh crore, more than ₹1 lakh crore of the orders, right?

Railway, it is more than ₹15,000 crore. If they would be bidded in to March itself or they would be spillover to next quarter that's maybe what I believe is that up to March, I think ₹60,000 crore of the orders would be bidded and we would be participating those orders, yeah.

Okay. In totality next year sir has said that on the highway front you mentioned that ₹10,000, ₹15,000 crore, that particularly on the ₹20,000 crore that you are planning to bid in the oil and gas, ₹4,000, ₹5,000 crore you plan to get in FY '27 from the oil and gas and on the highway front ₹10,000, ₹15,000 crore.

Totally can we say ₹20,000 crore inflows we are looking at in FY '27, or maybe from here on till the next year FY '27, and how much inflow are we looking at?

See, current year a good amount of backlog is there. Probably in current year, depending on that bidding intensity current year also we are basically poised to get ₹10,000 crore of at least orders in the current year.

Maybe next financial year, we'll be having, including oil and gas and all that, 10 to 10 to 12,000 at least from highway and then ₹4,000, ₹5,000 from oil and gas and then there is a power transmission which again we are targeting around ₹3,000 crore of the order, then hydro, tunneling, metro, road. More than ₹20,000 crore of orders in inflow, we can target for next financial year also.

Got it. Understood.

Lastly, sir, the equity in terms of the FY '27, ₹500 crore you mentioned that in the fourth quarter that we are planning. This ₹500 crore including the T&D, HAM, and maybe BESS or any other ropeway that we are saying?

₹500 crore this financial year we are targeting for Q4, right?

Correct. That includes everything?

That includes everything.

In FY '27, '28 how much to be invested?

₹1,000 crore see, after this infusion, na, we remain with ₹2,500 crore of the equity infusion, right? Which is to be infused in next 2 to 3 years.

Assuming we'll be getting more orders, right, under BOT or HAM or whatever you say, but then ₹1,000 crore of equity infusion you can safely assume on yearly basis.

Okay. In terms of the margin, is there now a possibility that we can reach to a kind of a 13% for next year?

This year already we are at 11.1%, 11.5%, 12% so for next year how one can look at EBITDA margin? See,

for next year unless until we have this order. At least for example, if we are getting only ₹10,000 crore of order, then probably we would be having this kind of number only for EBITDA margin.

Every incremental maybe after ₹14,000, ₹15,000 crore of order inflow, every incremental order would be giving us higher EBITDA margin, that I believe.

Okay. Got it, sir.

That's it from my side. The capex, lastly, if you can say for this year and the next year, total how much capex that we are looking at?

In this year we have made ₹98 crore worth of capex, and next year also we estimate to be in the range of ₹100 to ₹125 crore.

Got it. Thank you, and all the best.

Thank you.

Yes, hi, sir. I just had one question.

As the company continues to diversify into different sectors and reduce the reliance on road segments, what are the margin expectations over the coming few quarters?

Margin what we believe is that to remain in the same range. Maybe if we are targeting 10 10% to 12%, that is the target which we are having in our mind.

It depends on the order inflow, right?

Yeah.

Okay. Thank you, sir.

Hi, sir. Thanks for the follow-up.

I just wanted to check that the guidance that you had given for Q4 is about ₹3,000 crore of revenue. Is that right?

Yeah.

Just wanted to understand, last quarter we were looking at 5% growth. Now with this ₹3,000 crore of revenue in Q4, this will entail a growth of about more than 20%, 25% year-on-year.

What has changed during the last quarter that you are looking at this numbers now?

We entered into new sector, oil and gas, I mentioned right in my previous answer also. October to March is the season, and we got this opportunity to enter into this particular sector right time, and we could generate the revenue from this sector in the current half year also.

That's the basic reason, right, and this particular sector actually what I believe is that is going to generate a revenue of ₹1,000 crore for us at least for the current year. This is basically significant change in terms of our revenue guidance.

Understood. That was my question.

Thank you.

Thank you.

Yeah. Sir, on the revenue front, if we remove the oil and gas revenue, it would be around ₹1,600 crore for Q3.

Your ₹3,000 crore guidance includes around ₹600 crore of oil and gas revenue. We are going from ₹1,600 to ₹2,400 ex of oil and gas.

It is almost 50 50% jump from 3Q to 4Q. How do you see that sharp jump?

No, no, so, see, see, ₹3,000 would be having our revenue from oil and gas sector ₹500 crore kind of revenue. So ₹2,500 crore, 2,000 yeah, 5, 600.

From ₹1,600 to ₹2,400 only because of that the appointed date is there with us, and some execution on PT&D front also, power transmission also is helping us in, increasing our revenue, right, which was low base in previous year. Now we are getting good revenue also, and because of that orders which we are having from this particular sector.

Overall, if you right, if you add the number add up the number, then total revenue without oil and gas would be around ₹7,000 crore for the year basis on the year basis, which is again 5% to 10% of the revenue the growth, right, which we have given in the our previous call also, that guidance which we have given, right?

Okay. For next year also we are targeting revenue of ₹1,000 crore from oil and gas?

Yeah. Target is more than 1,000, right?

Yes, it's a new entry, it has to be proved, right? Yes, target is more than ₹1,000 crore for next year.

Sir, in the order inflow you are targeting next year ₹20,000 crore plus. Of that, 5,000 would be from oil and gas for next year?

Yeah.

Sir, for this year, what would be the target for the entire year order inflow for '26?

For '26, it was around ₹22,000 crore.

Now do we revise it downwards given the muted ordering in the first 9 months?

Yeah. Far we have received only 4,000, right, ₹4,000 ₹4,000, ₹5,000 only.

Probably on highway front, we may add up another ₹10,000 crore if things goes as we believe, right? Then our total order inflow for the current year I don't believe that would be more than 15,000 for at least for the current year.

We revise it downwards to 15,000, with 10,000 more expected in the next 2 months.

Yep.

Okay.

Good evening, sir. Sir, my question is regarding the NHAI target.

It was about 3 6,300 km of order awards that were planned in FY '26. I just wanted to know till date how much has been awarded, and how much is it expected to come in the next couple of months?

Whether they will be meeting this order award target?

For the current year so far they awarded only 1/3 of what they have completed, not even 1/3, maybe 20% or 30 30%, right? Yes, of course, the momentum has been built into this bidding activity.

Largely they are now focusing on BOT projects, right, not on HAM or EPC. Which is taking time maybe because they want to settle for that model concession agreement for BOT, which they have tweaked to a large extent basis that the feedback they have received from the industry with various stakeholders and.

Maybe in current year in next 2 months, probably what I believe is around ₹60,000, ₹70,000 crore of the orders can be floated by them. That can be coming for bid.

That's my sense,

yeah. Sir.

How much would that be in kilometer terms?

In kilometer terms won't be more than I would say 1,000, 1,500 km, that's all.

Sir. Sir, the changes in the concession agreement, is it going to be more favorable for the developers like us or what do you sense?

I would say it would be more balancing, right, where risk and reward is properly shared. May not be that favorable.

Yes. What I believe is that they would be more favorable for the EPC, that developer who has graduated from EPC player to developer, that would be more beneficial to them.

Pure-play developer may not be having that attractiveness in those BOT model.

Sir. Largely most in the listed pack, we have companies which are EPC as well as developers, so.

Yeah. They are some player who are only playing a developer role.

Though they might be having that EPC, but ultimately those projects are being subcontracted by them to some other EPC player, right? There probably if a company who is having EPC strength and forcefully entering to this particular sector of development, then they would be more beneficial for this treaty.

All right, sir. Thanks.

That's all from my side.

Thank you.

Thank you for the opportunity. Sir, my question on the oil and gas is that so we've guided for something like ₹1,000 crore this year and maybe ₹1,000 crore next year or ₹1,000 crore plus, but what's the total order book that we are working with today?

As in how much is this total value going to be, whether it is '26, '27, or '28?

See, so far we have got associated with some existing company, right, for execution of those projects which are already been awarded to them, which is around ₹2,000 crore of the orders, right, which would be executed by next year, next financial year also. Going forward, we would be participating directly with ONGC or the client who are coming up with this orders, right?

When will we directly participating, we'll be targeting around ₹20,000 crore of the orders, right, where we target to participate. Out of that, we'll be having ₹4,000, ₹5,000 crore of the orders directly from them, right, in our either subsidiary or direct.

Because to get that qualification, we already formed the subsidiary and we would be participating through our subsidiary. That's the plan.

Correct. If you win more orders, it will get added like you're saying you're targeting ₹4,000 to ₹5,000 crore wins next year.

The current work on hand could amount to close to ₹2,000 crore, of which 1,000 is what you're targeting this year, 1,000 maybe next year. Then based on new orders that you get in next financial year, this can continue going forward.

Right, Ashish.

Sir, what's the margin trajectory or margin range that one could factor for this sort of a scope that we are doing? See,

that has to be basically tested, but we are targeting at least 10% kind of margin so far.

Okay. Roughly 10% is what we think we can make here.

Right. Also, you did mention about the seasonality part here.

In that sense, when we say ₹1,000 crore even next financial year, is it safe to say that it will be in the non-monsoon period in the sense that the ₹1,000 crore number, the bump-up that you see, would come in the second half rather than the first half or it could be uniformly

spread? No, right.

You rightly got right. That would be more back-ended, I would say, in the next financial year.

Right. This ₹1,000 crore incremental next year, but it could be more back-ended rather than uniformly spread for four quarters.

Right, right, right, right.

Understood, sir. All right, sir.

Thank you.

Thank you.

Thank you, sir, for the opportunity. I wanted to understand what exactly are we doing in the oil and gas space and what currently what are we doing and what do we aspire, how do we grow in this particular sector?

See, we are into oil and gas EPC where we are subsea pipeline, we are laying, right? We are platform modification, platform erection in the subsea in the seaside, right, offshore side.

That is the basic sector which we are targeting in this oil and gas.

Okay. Sir, the skill set, machinery, equipments, does it entail any capex or the road equipments are capable to do this work?

No, no, it's totally different set of machineries to be utilized. Far we have not targeted any capex, unless until we have some sort of visibility in terms of our order intake and all that.

As of now, we haven't planned any capex on this front.

Okay. Sir, without any equipment then, are we leasing it out?

How We are taking on lease, yes.

Okay. Sir, and one last question from my end.

There's a slight dip in terms of EBITDA margins in this particular quarter when the revenue run rate is high. Can you just throw some light on it, whether this is temporary or how does it pan out in future?

No, see, because in terms of though this quarter we are having growth, but which is not commensurate to what the equipment or what all resources which we are having. Largely because of we are not growing, that's why the decline in the margin.

Of course, oil and gas, as I already mentioned, right, it is not capex heavy or as of now we have basis that lease only. EBITDA margin and gross margin or net margin is, PBT margin is almost same for this particular sector.

It is actually even EBITDA is also with this kind of margin we are targeting 10% of EBITDA margin for this kind of sector, right? Ultimately, it is dragging our margin, overall margin.

Got it, sir. Thanks.

These were the questions. Thanks for the opportunity.

Thank you.

Hi, sir. Sir, this T&D equity, which is a ₹384-odd crore sorry, ₹967 crore that needs to be invested.

In fourth quarter, how much are are we looking to invest, and FY '26 and FY '27 how much?

Total ₹967 crore is to be invested in next 2 years of time and generally it is back-ended, right? For current year, I don't think maybe ₹10, ₹15 crore of equity probably will be putting in for the T&D activity.

For next year, it would be, I would say, 40% next year, 60% in next financial year. Maybe around ₹400 crore would be next financial year, ₹500 crore next financial year.

Okay. Got it.

Sir, this InvIT investment that we have, if dividend and interest that we receive that may book in the standalone as a part of other income, but if there is a return of equity, how do we do the accounting in the standalone?

See, return of equity would be that cost would be reduced to that extent. Return of equity would be reducing the cost of equity investment, right?

That's how

Because in 9 months we have received close to ₹144-odd crore. Because now in this fourth quarter there is a increase in the return of equity at the InvIT level, for the full year, I think maybe given whatever the InvIT has disclosed the number, ₹171 crore kind of other income that we can get versus what last time we said around ₹230, ₹240 crore that we are looking at.

Right. That would be return on equity that would be, ultimately would be going to reduce my investment.

I understand, but in terms of the other income for the full year that's the way one can Yeah. Other income would be reduced to that extent, right.

Other income would

Okay. Got it.

Hi. Sir, appreciate the opportunity.

Two questions. There were some recent news reports about developers approaching the ministry regarding timelines of road projects that have been built.

Were we part of that representation? How do we stand currently on the projects that are under execution with regards to delays or timelines?

Secondly, if you could just talk about plans for transferring any HAM projects to the InvIT over the next quarter and into FY '27. Thanks.

Jo timelines ke liye bhi humne bhi usme jo hum bhi shaamil hain. Matlab usme kya hai ki abhi jo aane wale BOT projects hain, jo around ₹5,000-₹6,000 crore ke hain, usme bhi timeline government ne 2 2 and 1/2 years ki di hai, kaafi kam hai.

Uske liye humne approach kiya ki iske isme par time period hona chahiye. Aur regarding InvIT transfer ke For current quarter, we are having target, three at least asset which we are targeting subject to that necessary approval we are having in place.

Next financial year again we'll be having around four to five asset which will be transferring eventually to that InvIT.

What would be the book value of equity for these projects that we're planning to transfer? Book

value of equity, I'm not having that handy immediately. Maybe you

can send an

email. Sure.

Just on the timeline. Yeh timeline is only for BOT projects ya existing projects mein hamari timeline we're comfortable with?

No, yeh upcoming jo BOT projects hai uske baare mein. Size kya hai, kaafi bada kar diya, but timelines they haven't actually, they have worked only on size, but not on timelines.

We are just basically reminding them that you have to work on both the aspect of the

work. Thank you, sir.

Right, thank you.

Sir, on the BharatNet project, what is the current status? Have we started the execution?

See, execution we started, it is O&M seen it was a new construction plus existing project ka that O&M which was supposed to be done by us. Somehow new construction could not be started because ROW issue has not been resolved by them so far.

O&M activity has already started 2, 3 months back only, right? We have taken the possession of existing network, but yes, new activity has not yet started.

We are expecting that would be in the month of March itself, we'll be able to start this.

What kind of revenue are we targeting in FY '27 and '28 from the project?

See, for next financial year, we are targeting 50% of the total project value plus O&M, so that would be around I would say ₹400-odd crore which we are targeting for next financial year, and then ₹600 crore we'll be targeting for next financial year.

Okay. Sir, that equity number of ₹3,044 crore that you mentioned in the start of the call, that is the overall equity or was for the HAM projects?

Overall equity.

Overall equity. It is Overall, right?

It includes the T&D as well?

T&D, ropeway, right, BOT, all.

Okay. Sir, lastly, of the current backlog that we have as of December, it doesn't include the oil and gas orders, right?

It doesn't include oil and gas. Right.

It is around ₹400 crore of ₹400, ₹500 crore of additional orders you can have at oil and gas,

yeah. Instead of ₹20,000 crore, it is ₹20,500, yes, that you can safely assume, yeah.

Okay. Sir, lastly on the Pune MSRDC packages, how do you see the execution moving forward?

Are there any challenges in terms of land or anything or it is moving smoothly right now?

In pieces land is pending, which is yet to be handed over to us, but whatever land front is made available to us, that is execution is smooth on those particular front.

Can we do roughly 40% of the work in next year, 40%, 45% given the timeline?

We can do it.

Okay. Thank you, sir.

Those were my questions.

Thank you.

Thank you all the

shareholders and investors and bankers, all stakeholders. Thank you to all.

Thank you.

Thank you, sir. Thanks for allowing us to host this call, and now we can close it all.

Thank you.