Good morning, everybody, and welcome to H.G. Infra Engineering Limited earnings call to discuss the quarter one FY '27 operational and financial performance hosted by Go India Advisors.

We have on call today Mr. Harendra Singh, Chairman and Managing Director from H.G.

Infra, and Mr. Vikas Jain, the Chief Financial Officer.

We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks that the company faces. I now request Mr.

Harendra Singh sir to take us through the company's business outlook performance, subsequent to which we will open the floor for the Q&A. Thank you, and over to you, sir.

Good morning to all of you. India continues to remain focused on infrastructure development, creating a strong long-term opportunity for companies with proven execution capabilities.

Against this backdrop, H.G. Infra has evolved significantly over the past two decades.

What started as a focused roads and highways companies has now transformed into a diversified infrastructure platform with capabilities across EPC and hybrid annuity barrel projects of highway, along with a growing presence across railways, metro, solar power, battery energy storage systems, transmission and distribution across more than 14 states now. This growth has been demonstrated through and made possible by our strong in-house capabilities, including an extensive equipment fleet, an experienced workforce, and established project management capabilities.

We are today executing projects across multiple infrastructure segments and building capabilities that will support our next phase of growth. Just to highlight here, last year was not as per our expectations.

The last one year, and specifically the first quarter of FY '27, has been challenging from a revenue conversation perspective. Revenue during the last quarter was impacted by several external and internal factors, as the infrastructure industry experienced a period of slower growth and overall sluggishness that is driven by multiple factors.

These industry wide headwinds, has also impacted H.G., affecting new projects awarding, execution momentum, and overall business spectrum, including muted project awarding and bidding activities. Geopolitical uncertainties also has affected severely.

Intensifying competition and lower margins, as always, has been there. Against this backdrop, H.G.

went through a phase of consolidation with focus on maintaining stability across all key metrics, that is leaderships, automation, manpower systems, and process realignment, with more focus on the balance sheet, improving cash flows, accelerating debtor realizations, and enhancing execution efficiencies to propel into the next phase of growth. After testing waters with our diversification in phase one in renewable space, we will now further scale and consolidate our next phase of growth aggressively into energy storage like solar, BESS, and transmission and distribution projects.

This will remain an important part of this strategy for growth beyond our traditional roads and highway business. The quarter one FY '27 results were disheartening from an overall business and financial performance perspective, with a significant shortfall in both top line and bottom line.

Along with the decline in the margins, the margin improvements were largely attributed to project-specific factors, such as in two roads execution was impacted by delays in the appointed dates and handover of working fronts, constraints in the availability of pond ash in few projects, and disruption in the supply of key commodities such as bitumen and HSD. In our BESS and transmission projects, execution was impacted by delay in land clearances and the right of use permissions, certain statutory approvals and pre-construction activities delayed.

The constraint in the availability of critical metal commodities in the long lead items also impacted badly in these projects. Also, similar challenges being faced in our few rail and the metro projects, including pending block permissions, restricted working fronts due to operational constraints at few of the stations.

Taking together, these project-specific and external factors materially affected our execution momentum and contributed to the deep decline in the top line of quarter one FY '27. Having said that, these were unprecedented and largely unexpected factors which had impacted on overall performance during the quarter.

We have undertaken corrective measures across the affected projects to address the bottlenecks and bring the execution back on the track. I would like to convey that most of these issues are now under control, and we are working towards regaining the desired execution momentum.

We remain confident that the upcoming quarters, particularly the period post-monsoon, especially in later half of FY '27, will be much more promising with improved execution and meaningful recovery in our performance. Let me begin with a glimpse of our operational highlights.

As of quarter one FY '27, the company's order book stood at ₹14,502 crore, comprising ₹9,386 crore from roads and highways, ₹3,054 crore from rails and metro, ₹461 crore from BESS, and ₹144 crore from solar projects, ₹1,457 crore from transmission and distribution. Segment-wise, roads, highways contribute 65%, railways 21%, and remaining 14% from renewable projects.

Update on our ongoing EPC, as we have already completed Ganga Expressway and UER project. COD for both the projects are being obtained.

The Jamshedpur elevated project is running smoothly with a current progress of 61.12%. The Nelamangala-Tumkur project at 70% completion is progressing towards completion, and by March it's likely to be completed.

The DLR project is struggling in the initial stage because of the land constraint, with the completion of only about 3%. The momentum on this project will be built shortly.

During the quarter, the company secured the Pune-Shirur project from Welspun valued at ₹3,931.11 crore and is currently in the initial phase of mobilization, with execution expected to gain momentum in quarter three FY '27 onwards. Progress on HAM projects: Karnal Ring Road has reached 99% completion, and we already has applied PCO, which we are likely to get in quarter two FY '27, and with COD expected in quarter three FY '27.

As shared in the previous quarter, Provisional Completion Certificates for Raipur-Visakhapatnam corridor projects like OD 5, 6, and AP 1, also Khammam-Devarapalle projects, KD 1 and 2, already received the provisional completion, and we'll obtain the COD for all these projects in quarter two and quarter three FY '27 since now all the pending issues are being resolved. The Chennai-Tirupati HAM project reached at 59.6% completion.

Varanasi-Kolkata package 13 has achieved 43.1% financial progress. Varanasi-Kolkata package 10, which received appointed date with effect from 30th May '26 in quarter one FY '27, and the project has now achieved 15.5% completion.

For 84 Kosi Parikrama package six of Ayodhya, project execution has reached 35.7% completion. The Narol-Sarkhej project has achieved 44.2% progress and remains on track for timely completion.

The company has signed the concession agreement on 24th April 2026 for Gobindpur-Tangi, Capital Region Ring Road package three in Odisha. The land acquisition is in advanced stage, and the appointed date is expected in quarter three of the year.

Turning to the progress of railway projects: the DMRC metro project has achieved 100% completion and is currently in the handover process. The Bilaspur RVNL project, which is at 99% completion and targeted for completion in quarter two FY '27.

The Kanpur Railway Station project is at 50%. The Dhule-Nardana railway project has achieved 54% again, and the Gaya, Sone Nagar, and Karanjgaon project are at 50% and 54.5% completion, respectively.

The New Delhi railway stations, though faced initial delays in land clearances and utility shifting approvals, however, gradual improvement is visible now with execution now gaining, and the project completion is currently at 13.34%. The appointed date for the newly awarded Thane metro project being declared as 11th January '26.

However, the project is facing various challenges such as land availability and the local disruptions. The company recently secured two railway projects from Adani Group in their two thermal projects: one is Anuppur in Madhya Pradesh with ₹340 crore and the Mirzapur thermal, Uttar Pradesh is a ₹440 crore.

Both these projects are currently under mobilization and both these projects are in execution phase. Regarding solar projects, as of 30th June '26, the overall physical progress in solar projects stood at around 94%.

The project execution has been impacted by heavy monsoon conditions last year, land acquisition challenges, and the transmission lines, and the certain local issues resulting in the delays. These challenges have been progressively resolved now, and the company is deploying adequate resource to commission all balance plants within the revised contractual timelines over the coming months.

Notably, the Ministry of New and Renewable Energy, MNRE, has extended the commissioning deadlines for KUSUM projects in Rajasthan up to 31st March '27, thereby providing additional flexibility to address localized project execution challenges. From a financing perspective, approximately 85% of the total project debt requirement has been sanctioned, of which 95% being disbursed.

The remaining balance of about ₹300-plus crore is expected to be largely released post commissioning of these plants during quarter two and quarter three of FY '27. On the operational front, the company has raised invoice of ₹175 crore to state DISCOM and for 137 commissioned plants till date, and upon commissioning of all plants, we are targeting to have annual revenue of ₹250 crore-plus.

Regarding BESS project, the company has executed binding agreement with GUVNL and NVVN for development of three battery energy storage system projects with an aggregate capacity of 735 megawatt, that is 1,470 megawatt hour. The procurement activities for projects aggregating 438 megawatt almost completed, and purchase order for all critical long lead item, including batteries, have been placed, and the purchase order for DC block container has been awarded to a reputed overseas supplier, that is CATL.

Also, all long lead items, such as hitachi and Siemens, for the procurement of all such systems has been done. The company, through its special purpose vehicle, has acquired land for Banaskantha, Dholera, and Choraniya projects.

Execution activities in these three projects are now progressing at a rapid pace, including civil works and associated infrastructure development. Initial two projects are targeted for commission as planned in February and March '27, respectively, while Choraniya plant is targeted for commission in June '27.

Upon commissioning of all these BESS project, the company expect to generate annual revenues of approximately ₹225 crore. In power transmission projects of Odisha, where SPV has been incorporated and project design and engineering being completed, the procurement of all key long lead items being placed.

Also, the financial closure has been achieved, and the procurement of all major components are currently underway, and the project remains on track. Additionally, the company has secured two power transmission projects from RECPDCL, comprising a project in Mirzapur, Uttar Pradesh and an EPC cost of ₹320 crore, and another in Jamshedpur, Jharkhand with a EPC cost of ₹843 crore.

All these three projects are expected to generate annual revenue of approximately ₹215 crore once commissioned for 35-year concession period. This is the update regarding the five HAM projects: during quarter one FY '27, company successfully transferred 51% of its shareholding in KD 1 and 49% in OD 5 and 100% in OD 6, receiving partial consideration of ₹70 crore, ₹140 crore, and ₹203 crore, respectively.

The remaining holdback amounts are expected to be received during quarter two and quarter three once we complete these projects and achieve the COD, and AP 1 NOC is yet pending. Subsequently, in July '26, the company transferred the remaining 51% shareholding in Raipur-Visakhapatnam OD 5 project, receiving a partial consideration of ₹103 crore.

The balance consideration is expected to be received in quarter three and quarter four, subject to final COD and completion of relevant conditions. The company expect to complete the equity transfer of AP 1 project during the upcoming quarter.

With respect to Karnal HAM project, discussions are ongoing with the prospective investor to finalize the NBO, and the project is expected to be monetized by end of this current financial year. Regarding the equity requirements into all projects: so in HAM projects, transmission, BESS, around ₹3,819 crore of total equity requirement as of June '26, ₹1,665 crore has been infused in all these projects.

The remaining equity will be infused in nine months '27 and FY '28, '29. Moving on to the financial highlights of quarter one FY '27: standalone financials remained ₹907 crore as a revenue, with EBITDA of ₹77 crore, and EBITDA margin of 8.49%.

PAT for quarter one FY '27 stood at ₹28 crore at a margin of 3.12%, compared to ₹125 crore and a margin of 7.34% in quarter one FY '26. On a standalone basis, our gross debt stood at ₹1,834 crore.

This comprises of ₹910 crore in working capital debt, ₹400 crore from NCD, and ₹524 crore from term loans and current maturity, trade limits, etc. With our expected collections from receivables and the monetization proceeds, we are targeting to close our standalone debt at ₹900 crore by end of this year.

Regarding the consolidated financials, revenue for quarter one FY '27 reached at ₹1,101 crore, with an EBITDA of ₹304 crore, and an EBITDA margin of 27.6%. PAT for quarter one stood at -₹45 crore, with a PAT margin of -4.04%, compared to ₹99 crore and a margin of 6.7% in quarter one FY '26.

Regarding way forward, we are confidently targeting for an order inflow of ₹11,000 to ₹12,000 crore in FY '27, of which projects worth approximately ₹5,500 crore already being received in quarter one FY '27. Going forward, we see a strong opportunities across roads, rails, and metro, with an increased focus on transmission and power sector.

On roads, NHAI has identified 54 projects worth approximately ₹1.85 lakh crore to be awarded in FY '27. While the expansion of high-speed rail and Rapid Rail Namo Bharat is creating significant long-term opportunity in the rail and metro segment.

The transmission sector is also witnessing strong growth, supported by rising power demand and renewable capacity additions and the government's Green Energy Corridor initiatives. We remain focused on selective pursuing these opportunities while strengthening our execution capabilities to deliver sustainable growth.

We are positioned for accelerated growth and superior returns, and our diversified pipeline, financial discipline, and bold sector bets positions as a future-ready multi-sector infrastructure leader, and committed to delivering outsized value to our investors year after year. I will now hand over the call to our IR advisor and request them to open the floor for question-answer session.

Thank you.

Firstly, on margins, why were they impacted in 1Q, and how do you see it moving forward in the remaining three quarters of the year?

Ultimately in quarter one, say, for solar projects, they have been impacted because of the local issues, the transmission lines, and other ROW constraints were there. Because of that, we need to shift few of the plants also to a new location.

Also the transmission line cost has been increased significantly over there. That is the hit which you have taken in margins this quarter one margin.

What would be the margins for the remaining quarters? How do you see it for FY '27 as a whole?

Overall this margin front, definitely the project which you already have started in highways and rail projects, say one or two projects where the margins are not that encouraging, but overall margin would be in the range of about, say, 13.5% to 14% EBITDA level.

Even after 8.5% in first quarter, the entire year would be around 13.5% to 14%?

Yes.

It should revert back to normal levels from Q2, or we should see improvement in the second half?

Because in Q2 also this because of the rainy season and other impacts of supply disruption, again we are not having that control. Then later half of the year, second half of the year, we believe that they're likely significantly we will be bouncing back to the top line as well with good bottom line.

Secondly, what would be our revenue guidance for this year and next year? Also, can you give the breakup of equity investments for the next three years for both HAM and BESS portfolio?

For this year revenue, we are quite hopeful, though we have lost significantly in first quarter, but we are quite hopeful to touch at least the number which we scored in FY '25, that is ₹6,100-plus crore. We would be in a range of ₹6,000 to ₹6,500 by the year end.

Next year, no doubt for FY '28 with the orders in hand, we believe that we will be around ₹7,000 crore for '28. For the equity requirement is concerned, till date, we have invested around ₹1,664 crore of equity into all this transmission, BESS, and HAM projects.

The nine-month estimate is around ₹583 crore yet to be invested for the balance part of this year, and FY '28 requires ₹625 crore, and just ₹146 crore in FY '29.

Breakup of this between HAM and BESS?

The HAM project do require ₹309 crore for the balance of this year, and rest ₹275 crore in transmission and BESS. For year FY '28, HAM requirement is ₹235, and for FY '29, it's just ₹71 crore.

This BESS and transmission, the requirement for FY '28 is ₹390 crore, and around ₹75 crore for FY '29.

Okay. Sir, lastly, AD both for Pune-Shirur and Capital Region is expected by when?

We are expecting in October because the land acquisition and then all related utility shifting things are in alignment, and within next two, three months, it would be done, and the financial closure is also in advanced stage of this Odisha project. Likely by October end, we would be getting appointed date for both these projects.

Also

for Pune-Shirur?

Both these projects. Both of these.

Okay. Thank you, sir.

Those were my questions.

Hi, sir. Sir, a couple of questions again coming back to one on the guidance front.

Sir, we are still saying that for full year FY '27, we are looking at ₹6,100 to ₹6,500-odd crore. Sir, it seems it is definitely much difficult to even reach a ₹6,000 crore kind of a number for this year.

Can you help us in terms of Q2 broadly? Are we seeing much better?

This quarter, ₹907 crore, can Q2 would be a similar ₹900, ₹2,000-odd crore, then ₹2,000 less than a ₹2,000 crore, we need a ₹4,000 crore kind of a number in the second half. That means ₹2,000 crore in third and fourth quarter.

How is that doable? If you can broadly break it down in terms of whatever the segments that we have, HAM, EPC, BESS, transmission, how are we looking at the revenue for this year?

That would be helpful. Maybe the bigger project like a Shirur, how much we are looking at?

Then it would be helpful, because it seems a very, very difficult even if we reach a ₹5,000, ₹5,200 crore would be a great.

I think you are talking regarding the revenue guidance. Say ultimately, as we are lost miserably in quarter one for various factors, but in quarter two, we are quite hopeful that we would be roughly around ₹1,000 crore.

No doubt there has been, say, the monsoon impact in few of the states which we are working, so that is one of the factor. In quarter three and four, having received the appointed date of Pune-Shirur as well as this Odisha project, which is a big-size projects, we are already in the advanced stage of mobilization and already has secured everything like quarry and setup the plants, and our entire establishment is in place, and utility shifting is at advanced stage of progress in Pune-Shirur also.

One is the factor which we are talking, then the highway, we are expecting to roughly do around ₹3,000 crore in next these three quarters. So ₹3,000 crore is from, say, ultimately it's around ₹700 crore from Pune-Shirur only out of this ₹3,000, and roughly around ₹150 crore from Odisha this Ring Road project.

Talking of that ₹3,000 crore, if we are going to add this number, and rest BESS and transmission. Both the BESS projects to be completed in this financial year, and they are at the advanced stage where the orders being already released, and by December and January, we are likely to receive entire all battery and containers.

Looks like that in battery, we would be roughly around 90% of the progress completion would be done all three battery projects by this year end. With the transmission of first transmission projects and the second transmission project, which is going to be completed in 18 months, is already ordered all items which are required.

In that scenario also, we are looking at at least ₹4,600-plus crore of revenue to be done in this. So ₹3,000 and ₹600 is ₹3,600, and rest is we are expecting, no doubt, around ₹2,000-plus crore of revenue to be done in all rail projects, including Anuppur, Mirzapur, as well as the recently awarded projects, as well as all earlier projects which we are discussing like Kanpur, RVNL.

These are all the projects which we are quite hopeful, and that are running on track also.

Okay. On the margin front, sir, when we are saying 13.5%, 14%, in Q2 let's say the similar ₹1,000 crore revenue, what I look at is the entire margin hit is primarily because of the lower revenue, because our employee cost as a percentage of revenue has gone up significantly from 5.4% to 10.3%.

That's the entire 5%. If we add 8.5% and 5%, 13% 13%-plus kind of a number is there.

In Q2 most likely would be the kind of a similar number, then in second half are we kind of a looking at a 15%-plus kind of a margin? That's why we are saying that for full year, 13.5% to 14% is doable?

I think you are quite right. Because of the employee cost, it has been significant high, and the employee cost at this particular top line in any case is not matching.

Quarter three and four, where ₹2,000, ₹2,000-plus crore of revenue to be done at this employee cost or even lower the employee cost, because say we are dragging to few of the projects of highways, specially I'm talking of HAM 6, 4 HAM projects, as well as one Ganga project, which was dragged for almost one year plus the completion when we could completed 96%. This 3% to 5% of completion in this seven projects, that has impacted a lot in all employee cost into these projects, where the not a big amount was executed, but the entire cost of employee and establishment was huge.

Then again, now we are into these all mid-stage and the new, say, initial stage of those projects, no doubt it would be in that range where 14-15-odd percent margins, then overall margin could be 13.5% for the year.

For next year also, FY '28, the similar 13.5%, 14% then would be doable because then we will be I believe that because

as of this scenario is there, we are targeting those transmission projects which do have this juice of about, say, 13% to 15% EPC margin. Looking to that, in rail also, some of the high-value projects being announced, and we are looking at these are the projects which is around ₹3,000-plus crore of single project is there.

Also in other than this rail and metro projects, urban infra projects, and highways, they are significant big-size projects which are likely to be there. Looking to this scenario, we are expecting that at least this number is quite doable in future years.

Okay. Lastly, in terms of the entire monetization, till now how much we have received cash for the equity front, equity and sub debt that we have invested, and what is pending, and when we will be receiving the balance money?

This is around ₹660 crore being received, and ₹725 is balance. In ₹725 typically in quarter two, roughly we would be getting some ₹250 crore, and balance portion in quarter three.

Also we are expecting to close this Karnal project where already the term sheet being shared with the potential buyers, and likely that we would be closing this transaction at the year end because there the COD is not having that delay. Once the PCO is achieved, within three to six months, we would be getting the COD also.

Looking to that monetization, we are expecting roughly from now onwards, roughly around ₹850-odd crore to be collected in the company by the year

end. That's why we are expecting that the ₹1,800 crore debt will go down to the ₹900 crore by year

end? Of course.

Either there are few other factors which we were earlier expecting that solar debt would be released to SPVs and in turn H.G. would be getting this money of ₹304-plus, could not be done because of several issues related to the project.

Also, there has been long drawn receivables where this contract current asset could not be billed because of this COD and certain variation items not being approved till date by client. These are all majorly all factors would be there that is going to help us to see this front of cash flow inflow being a high target for the year.

Considering that, we are expecting that it would be half the number which we are at this stage.

Got it. Lastly, sir, balance sheet numbers: retention money, HAM debtor, solar debtor, and Ganga and railway debtors?

These details, I will tell my team to connect to you, because now, say, I'm not having immediately with me.

No issues, sir. No issues.

No issues. Thank you and hope we will start seeing a recovery soon.

Thank you.

Thank you.

Hi, sir. Thanks a lot for the opportunity.

A lot of my questions were already answered. However, I did have a few more.

We had some settlement of operational claims that we were expecting in H1. Where do we stand on that?

We had highlighted about the delay that was witnessed in Q4. Where do we stand on that?

Ultimately in last quarter, we could, say, sign off one of the three one of the settlement claim, in almost three projects were there, around ₹42 crore. Already received ₹29 crore in July.

Apart from this, say, one of the settlement claim which is in ministry, which is likely to be closed within this August only, and roughly in September within, say, 30 days of the settlement agreement, they need to pay us. Likely in September, we would be getting this amount of around ₹100 crore.

This is

we are at a ₹100 crore in September. This is again which we are targeting in this particular quarter two only.

Again, from other projects also, we are looking at this consideration to be completed within next three to six months. By year end, there are fair chances that we would be getting around ₹200-odd crore onto the various considerations being done.

Sir. Understood.

Understood. Just confirming the numbers, I think I may have dropped off in between, with respect to the equity requirement, the total equity requirement is at ₹3,819 crore, ₹3,819 crore, of which ₹1,056 has been infused till June '26, if I'm not wrong, yeah?

I think it's a wrong information you are having. The total equity requirement into HAM is ₹1,331 crore,

in

which we are not considering the project which we are only considering as the project already monetized. We are considering Karnal, we are considering package 10 and 13 of

Varanasi-Kolkata,

Chennai-Tirupati, Ayodhya, and Narol-Sarkhej, and this recently awarded this Odisha Ring Road. This is around ₹1,331 crore, out of ₹715 already invested till June in this projects,

and

₹309 for nine months for the year, balance part of this year, ₹235 for FY '28, and ₹72 is for FY '29, okay? In solar and BESS and transmission projects, if you are talking, this is a total equity requirement of ₹1,689 crore, out of which already ₹959 crore is invested, balance ₹275 for the year balance part of the year, ₹390 crore for next year, and ₹75 crore for FY '29.

Understood, sir. Understood.

What would be the gross debt as on June '26 at standalone level?

Sorry? Debt?

The debt at standalone level.

Standalone is ₹1,834 crore.

₹1,834 crore. ₹1,834 crore.

Yes. Understood, sir.

No more queries. Thank you so much.

Good morning, sir. Am I audible?

Yeah.

My first question

Yes, you are audible. Yes, sir.

My first question is how much of the current debt is expected to come down in the next 12 months, purely based on project cash inflows, excluding the asset monetization and equity infusion, sir?

The equity infusion which we are looking at for the nine months is around ₹585 crore. This equity infusion, if you see, and the monetization is around ₹800 crore, which is likely to be there.

This is, taking out these two, the current assets, there are the certain claims, certain closure projects, these are the all final bills and the other point of operational these are not claims, rather these are all operational cash flows. Which we are expecting that by the year end, we are likely to get ₹300 crore-plus for reduction in the debt out of these other things.

And ₹800 crore of monetization is going to fund ₹583 crore of commitment with a surplus of ₹200 crore. If you see in totality, we would be roughly expecting that at around ₹900 crore the total cash receivables, including ₹300 crore-plus receivables into solar from the debt which is we are going to receive from banks in solar SPVs.

Understood, sir. The consolidated EBITDA margin has increased substantially despite fall in revenue.

Can you please give us some color on this? Is it because of the business mix change or any other accounting factors?

No, it's a normal I think the EBITDA in console is because of the solar receipt which we are continuously now would be getting on quarterly basis. It would be roughly around ₹50 crore which we have built to DISCOM, so that has helped us.

That is a pure EBITDA only, because hardly there is any cost which is incurred in operations in all these solar projects. If you see these solar, our BESS and transmission, which put together roughly is around ₹650 or ₹700 crore of total EBITDA that is likely to be there on annual EBITDA, which would be there in consolidated numbers once we commission all these projects.

Thank you for the opportunity. Sir, what would be our revenue expected from the two VRK package, Pune-Shirur, Thane Metro, and Capital Region for this year?

Pune-Shirur, we are expecting around ₹750 crore. Capital Ring Road, we are expecting ₹150 crore.

We are not very hopeful in Thane project, hardly ₹50-odd crore likely to be there. Put together is around ₹900 crore in these three project, new projects.

Sir, both VRK packages?

Sorry?

The two VRK packages?

Which packages?

VRK,

VRK, sir. VRK, definitely they are advancing well, and we are expecting the significant amount would be done within this year only.

We are expecting around ₹1,200 crore to be executed within this year only.

Sir, how has the working capital moved compared to quarter-on-quarter?

Already we have discussed the working capital is going to be eased out once the collection is in fast pace. Looks like that the collection, including monetization, including solar debt, is likely to be realized from quarter two, three, four and progressively incrementally good.

Though it was expected last six months, definitely there are few reasons which there have been delays, significant delays has happened. The working capital would be roughly in control, and we would be at around 50 days, if you see, by year end.

Sir, last question: have we submitted any bids where results are awaited, and what would be our total bid pipeline?

Almost we have submitted around ₹22,000 crore of bid in HAM and highway projects, around ₹4,000 in rail projects till date, and one or two transmission projects also has been bidded.

Okay. Thank you, sir.

Those were my questions.

Good morning, sir. Good

morning.

Any word on the CBI matter?

No update as of now. Till the time when this bail and everything was granted, thereupon only few queries and few, say, details they required, and we furnished those details, and that's it.

I think we are not yet updated any further details are and any further updates are not available.

Sir, is the execution speed picking up from the quarter two, sir?

Quarter two, definitely there has been some initiatives which we have taken into few of the projects which were badly affected because of pond ash and this appointed date being declared in Varanasi-Kolkata. The execution has been picked up in these projects.

Also this recently awarded projects of Anuppur and the project, these progress is being there. Also there is one variation of around ₹200 crore which we have received in Delhi-Vadodara package, where the progress is there.

Looks like the in quarter two, it is a plus side, but in quarter three and four, it would be very aggressive.

Okay. Thank you, sir.

Good morning, sir. I have a question like we have a fairly reasonable order book at ₹14,500 crore, yet revenue has declined.

What percentage of the current order book is currently executable? How much is free back by hurdles like land acquisition, appointed dates, and approvals?

Approximately ₹6,000-plus crore of project out of ₹14,500 has not executable as of now because of the, say, you see Pune-Shirur, you see ₹1,500 crore-odd of Odisha, this Capital Ring Road project. These are the two big size, and one more project from Mirzapur not yet started because of the land, and one of the transmission projects.

Put together, it is around ₹6,000 crore plus. If you take out this, only ₹8,000 crore of order execution is in there.

In these three projects also, which we are expecting in quarter three initial month of quarter three, in October, we will be getting the appointed date.

Sir. Thank you, sir.

That was from my end.

Hi, sir. Am I audible?

Yeah. Hello?

Sir, mujhe ek

query thi

aap logo se. Hamara share price 70% down hai, sir, all-time high se.

Bahut saare retail investor, kyunki aap log ka guidance itna achha tha last 2 saal mein, bahut saare retail investor trapped hain. To aapko kya lagta hai, sir, hum log matlab kab tak nikal payenge?

Ya fir matlab future kya hai, sir, apna? Dekho, future stock price ko to kaise hum govern kar sakte hain, lekin ye zaroor hai ki jo pichhle 1 saal ke andar thoda sa jo maine bataya na aapko, kuch specific reasons the.

Within the company zyada nahi the, out of the company bhi the. Wo factors ki wajah se hamari matlab itni growth ya itne margins aggressively nahi dikhe, aur itna jo debt hai jiske andar reduction tha, wo nahi expect hua.

Haan, definitely we are quite hopeful for the year. Aisa nahi hai, aur but natural hai ki numbers achhe honge to share price to aap log waise bhi decide karenge hi karenge.

Haan, sir, kyunki kya hua hai ki dekhiye hum we were about to recover some of the prices, uske baad aapka CBI ka case aa gaya, matlab cherry on the top agar bologe to. To that also affected the sentiment of the market, right?

Aur second thing agar itna hum log ke guide lekin

we are quite hopeful for the year, by the end of the year, we would be again coming back to that normal.

Sir. Sir, second query yeh hai, sir, agar matlab hum log ko itna hopeful hain hum log, to why not we buy the shares if it's at a most attractive valuation?

Matlab 70% down hai, promoter holding 71.5% hai, you can still buy.

Thank you.

Thank you. Sir, one more thing, can you allocate some time Hello, Mr.

Manish. Just one thing.

Can you

We will be doing that. Okay.

Thank you.

Yes, sir. All right.

Thank you.

Thank you.

Yes, hello. Thank you for the opportunity.

Am I audible?

Yes, yes. Please continue.

Yes. In your consolidated financials in the exceptional item, there is a loss and impairment charge which is recorded for the Raipur OD 5 and 6 SPVs.

I just wanted to know the nature of this, if you can just throw some light on it?

Basically on consolidation, in standalone and consolidation onto this project, these are the project where the net worth which was built because of the significant delays, say we were for 2 years and then delayed by another 2.5 years-plus. There's a financial income which is the accrued financial income where this particular net worth was built, which now with the realization of this monetization proceed is being discounted, and that is the factor which you are looking at this exceptional item is giving this a negative number.

With regards to the impairment charge?

With regard to?

There is an impairment charge as well for the AP 1 project.

AP 1 project, which is already auditors and we discussed that way that in AP 1 also the monetization is being concluded at a number. Once we have agreed at a number, we are discounted by ₹20-odd crore in ₹224, ₹5 crore, that AP 1 monetization, this exceptional item already has been taken into consideration.

Okay. I just missed out on the debt numbers, the gross debt and net debt-to-equity as on June '26, if you can just share it again?

I will tell my, say, IR team to get back to you. Thank you.

Hello?

I will tell my IR team to get back to you. They will touch base.

Sure, sure. Thank you so much.

Thank you for joining us all today, and we remain confident in our continued success and are here to address any further questions. Please feel free to reach out to our IR advisor, Go India Advisors.

Thank you, and good day.