Thank you, Saloni. Good afternoon, all.

I trust that this festive season has brought the light, prosperity, and joy to you all and your family. May the year ahead be filled with renewed energy, growth, and continued success for all.

Looking forward at HG Infra, our unwavering focus remains on building stronger connections between cities and driving our journey toward bigger achievements. As we embark on this new Samvat, we reaffirm our commitment to elevating India's transportation infrastructure and advancing our initiatives in green energy, ensuring sustainable growth and a brighter future for all stakeholders.

At HG Infra Engineering Limited, our journey spans more than 22 years dedicated to strengthening the backbone of India's infrastructure. In line with the nation's evolving needs, we are scaling for success by accelerating innovation and building smarter, faster, and safer infrastructure solutions.

Driven by our belief that infrastructure should reflect the dynamism and diversity of India, we are strategically entering into new sectors such as solar energy, railways, and battery storage. This commitment enables us to diversify our order book and secure high-potential projects in these emerging areas.

Our proven execution capability, technical expertise, and decades of industry experience position us well for the next phase of growth, allowing us to create a sustainable long-term value for all stakeholders and play a pivotal role in India's ongoing infrastructure transformation. I am thrilled with pride at how far HG Infra has come and how much more we are poised to achieve.

What began as a road-centric EPC company over two decades ago has now today transformed into a diversified infrastructure conglomerate. While road construction remains our core strength, as we are evident by 17-plus highway projects across 10 states having 66% share contributed by the highway segment out of the total order book, and we have strategically ventured into the high-potential verticals such as railways, metros, solar, and battery storage, and recently into transmission infrastructure.

Our diversified portfolio now includes more than 29 active projects spread across 13 Indian states, including seven rail metro projects, and our order book as of September '25 stands at ₹13,933 crore. Moving on to some updates on the infrastructure sector.

Regarding road and rail, which is a transportation sector, under the Vision 2047 as a Viksit Bharat, the Government of India envisages a modern, sustainable, and efficient transportation network that meets the needs of growing urban population. The focus is on decongesting the roads through the expansion of expressways, smart traffic management, and the development of integrated urban structure.

Improved road connectivity between cities and rural roads aims to boost economic growth and reduce travel time. Recently, under Bharatmala Pariyojana, over 26,000 kilometers of highway project have been awarded and a plan to develop 50,000 kilometers of expressway by 2036-37 to ensure seamless intercity mobility.

Simultaneously, the railway sector is undergoing a major transformation with increased electrification, advanced signaling system, and the safety upgrades to enhance speed and reliability. More than 45,000 kilometer of rail routes have already been rectified, and government targets 100% network electrification by 2030, and the major expansion plans are in the pipeline of adding more than 40,000 kilometers of rail track within next few years.

The expansion of metro network in major cities that promote public transport, reduce pollution, and ease pressure on road traffic. Together, these initiatives form the backbone of a sustainable, technology-driven transport ecosystem that supports India's goal of becoming a developed nation by 2047.

Given the healthy project pipeline into road infrastructure and rail, we remain optimistic about securing a share of upcoming opportunities, which should support our growth prospects in the medium term. Regarding the renewables, which are solar, BESS, and green hydrogen, India's battery energy storage sector is entering a period of dramatic expansion, expected to scale from just 0.2 GW in 2024 to nearly 66 GW by 2032, unlocking more than $5 trillion economy in the market.

This growth, fueled by ambitious renewable energy targets, declining battery cost, and the robust policy support, positions BESS as a critical infrastructure layer for grid stability and round-the-clock clean energy supply. As battery storage transitions from early pilot to large-scale tenders and active deployment, industry leaders and new entrants are making bold investments across the value chain.

At this pivotal moment, HG Infra stands committed to accelerating BESS innovation, contributing to India's energy self-reliance, and shaping the future-ready grid that delivers resilient, sustainable power to all. As India transitions a move to green hydrogen as well as ammonia, and with the mission to reach green hydrogen level of 5 MMTPA by 2030, HG Infra will continue to play a pivot role in the same and has already taken first step by participating in the recent tender of Numaligarh Refinery Limited.

This tender is for the purpose of green hydrogen of 10,000 tonnes supply. The large component of operational cost of green hydrogen comprises of RE power, which will have to come from combination of solar, battery, and hybrid of wind, wherein HG Infra is in a process of successfully executing the same.

The move to green hydrogen has a widespread strategic alignment with HG's Infra foray into providing clean energy solutions. Regarding the transmission and distribution, where the government envisages a robust, modern, and green power grid to meet rising energy needs, with a major investment in high-capacity lines, advanced substation, and HVDC systems over the next decade.

Strengthened interregional links and smart grid adoption will integrate renewable energy, enhance reliability, and support a low-carbon economy. India's One Nation, One Grid, One Frequency has unified all regional grids, enabling 1,12,250 MW of interregional transfer for stable, reliable, nationwide power.

In FY '26, HG Infra aims to secure transmission and distribution projects worth ₹1,000 crore, already has secured one project valued at approximately ₹350 crore. We remain active in the transmission space and continue to participate actively into the upcoming tenders.

As HG, we are driven by strength, agility, and steady growth, and we are poised to capture emerging opportunities in renewables, power transmission, and road sector. With proven execution, technical expertise, and industry experience, we are ready to deliver large-scale infrastructure projects that power India's total long-term sustainable vision.

Let me begin with a glimpse of our operational highlights. As of 1H FY '26, the company's total order book stood at ₹13,933 crore, comprising ₹9,163 crore from roads and highways, ₹2,720 crore from rails and metros, ₹1,620 crore from BESS, ₹132 crore from solar, and ₹298 crore from transmission and distribution.

Segment-wise, roads is having 66%, rails around 20%, and renewables around 14%. As of now, the updates on EPC projects is, the Ganga Expressway project, which is a very prestigious project of ours and around ₹4,800 crore, is almost completed at 99%, and we are expecting COD anytime within the few months from now.

The UEA project already has been completed and handed over, open to traffic. The completion certificate is anticipated to be received shortly.

The Jamshedpur elevated project is running smoothly with a current progress of 23%. The Neem Ka Thana-Kotputli project is gaining execution momentum now and is reached at 48%.

Regarding HAM projects, the Karnal Ring Road project has reached 82% completion, marking steady progress and likely to be completed in quarter four FY '25. As shared in the previous quarter, the provisional completion certificate for Raipur-Visakhapatnam project of OD-5 and 6 already received, and both projects remain close to completion, while AP-1 project, which is also nearing completion, where the provisional completion certificate with effect from May '25 being received very recently.

These all projects of OD-5, OD-6, and AP-1 continue to be on track for 100% completion, that is COD, in quarter three and four of this year. The Khammam-Devarapalli project, KD-1 and 2, PCC already received, which are at 95.3% and 91.8% completion.

Both the projects are expected to be 100% completed 100% in quarter three and quarter four of this year. The Chennai-Tirupati HAM project is progressing well at about 28%.

The appointed date, which is a provisional appointed date for Varanasi-Kolkata corridor package 13 has been received with effect from 30th September '25, and for package 10 is expected to be received in this quarter only. The project progress of package 13 is around 13%.

The Kosi Parikrama package 6 of Ayodhya, where the concession agreement is signed on 21st of June '25, the appointed date is likely to be declared in this month, and the project execution is just started. For the Narnaul bypass project, the financial closure achieved and the appointed date declared on 19th of August 2025, and the execution stands at 4.2%.

Now to railway projects, the DMRC project is nearly 92% completed and as per the schedule timeline is likely to be completed within this quarter. The Bilaspur RVNL project, which is around 75% complete, and we are targeting for completion in quarter four '26.

Also, the Kanpur railway station project is around 33%, where the progress is quite slow because of the concourse execution not yet started. However, we are expecting to pick now.

The Dhule-Nardana project has achieved 17.9% progress. The Gaya, Son Nagar, and Karanjgaon projects are at 15.4% and 13% completion.

Progress across these projects was badly impacted due to abnormal rains, but is expected to pick in the coming quarter. The appointed date for the New Delhi railway station project has been declared as 6th of August 2025, and execution has commenced, and the project is at an initial phase with 3.7% completion done.

Regarding the solar projects, during the last financial year, when HG Infra diversified into renewable energy sector by securing 183 solar power plant with a total capacity of 700 MW DC, out of which entailing a total EPC value of ₹2,243 crore, excluding GST. The land lease agreement and the power purchase agreement with discoms being done successfully, and as of now, overall project progress stands at approximately 94.1%, with plant installation activity advancing largely as per the schedule, barring few sites, however, which experienced delay because of the prolonged and the heavy monsoon conditions.

Despite of the local challenges, the company remains confident of commissioning all plants within the contract timeline in the next few months. This progress will also facilitate to draw down the remaining debt, thereby supporting overall liquidity.

On the financial front, approximately 89% of the required debt funding has been sanctioned, where around 74% of the disbursement already done. The remaining disbursement and the further balance sanctions will happen after the commissioning of these installed plants.

Due to these pending disbursements, we have borrowed from banks to mitigate the gap to complete the project on time, and as a result, our overall debt is coming on higher side as comparable. Further, out of the total equity requirement into these projects of ₹721 crore, ₹705 crore being infused as of September '25.

In BESS projects, the company has executed binding agreement with GUBNL and NVVN for a 7 435 MW MW, equivalent to 870 MWh project, scheduling completion for November '26 and December '26, respectively. In May '25, we have secured additional 600 MWh project from GUVNL, and agreement for the same is scheduled to be signed in November '25.

With this, the cumulative contracted capacity stands at 735 MW or 1,470 MWh. The procurement process for BESS project has been initiated, and the orders for key components like power transformer, switchgear system, GIS have been placed by the company, and vendors for BESS container supply has been shortlisted, and final orders for the same is likely to be placed by January '25, January '26.

Equity requirement for all these three projects remains of ₹500 crore, and ₹120 crore is anticipated to be infused in FY '26 and balance in '27-'28. Upon completion and commissioning of all these BESS projects, the company expects annual revenue of ₹225 crore from BESS.

On monetization of five HAM projects, over the past few months, our leadership team engaged into intensive discussion with several prospective investors to monetize our second lot of five HAM projects. These projects include Raipur-Visakhapatnam corridor package AP-1, OD-5 and 6, Khammam-Devarapalli package 1 and 2, and our goal was to secure a partner who could provide both financial and strength and the sector expertise to maximize value of our stakeholders.

During August '25, we executed a binding offer document with NIIF Infra Income Opportunities Fund. Under this agreement, our holding company will sell 100% of its equity stake in this five wholly owned subsidiaries managing these HAM assets.

This achievement reflects a successful execution of strategy, negotiation, and underscores a strong market trust in the value of potential returns of these infrastructure initiatives. Further to this, we have also executed the share purchase agreement of Raipur-Visakhapatnam OD-6 package project recently, and remaining four SPA is target to be executed in this quarter only.

Enterprise value of the transaction is ₹3,584 crore. Total equity investment and total debt obligations in all these five HAM assets are ₹767 crore and ₹2,200 crore, respectively.

We have already initiated to fulfilling the compliances of the conditions precedents as per the binding offer, which includes client's approval, lender's consent, and other representations and warranties. We expect to conclude these formalities and expect to conclude the transaction within this financial year.

This transaction will deliver significant strategic benefits to the group by strengthening the balance sheet and reducing the raised leverage, thereby enhancing our financial flexibility. The realized funds can be deployed into new HAM bids, road expansion, and other high-return infrastructure opportunities.

We believe this deal achieved a robust valuation, positions the company for accelerated growth and value creation in the coming years. Regarding the equity requirement for future balance HAM projects, the total equity requirement for 11 HAM projects is ₹1,709 crore.

As of 22 September '25, ₹1,165 crore has been infused. Of the remaining amount, ₹195 crore is scheduled for infusion in 6 months from now, that is FY '26, followed by ₹163 crore in FY '27 and ₹186 crore in FY '28.

Moving on to the financial highlights of quarter two FY '26, this is first half of FY '26. Standalone financials, revenue for quarter two FY '26 reached ₹1,154 crore with an EBITDA of ₹147 crore and EBITDA margin of 12.7%.

PAT for the quarter two FY '26 stood at ₹67 crore with a PAT margin of 5.8% compared to ₹89 crore and the PAT margin of 8.3% in quarter two FY '25. Revenue for first half FY '26 reached ₹2,863 crore with an EBITDA of ₹382 crore and EBITDA margin of 13.4%, and a PAT of first half FY '26 stood at ₹193 crore with a PAT margin of 6.7% compared to ₹228 crore and a margin of 8.9% in first half of FY '25.

On a standalone basis, our gross debt stands at ₹1,634 crore, which comprises ₹550 crore in working capital debt, ₹400 crore of NCD, and ₹684 crore from term debt, current maturities, and trade limit. Regarding the consolidated financials, the revenue for quarter two FY '26 reached ₹905 crore with an EBITDA of ₹206 crore and an EBITDA margin of 22.8%.

PAT for quarter two FY '26 stood at ₹52 crore with a PAT margin of 5.7% compared to ₹81 crore and the PAT margin of 8.9% in quarter two FY '25. Revenue for first half FY '26 reached ₹2,387 crore with an EBITDA of ₹466 crore and at an EBITDA margin of 19.5%.

PAT for first half FY '26 stood at ₹151 crore with a PAT margin of 6.3% compared to ₹243 crore and a margin of 10% in first half FY '25. As informed in the previous quarter, the dip in the consolidated revenue and PAT is mainly due to the elimination of intergroup transactions with SPVs of solar projects, which are recorded as capital work-in-progress in consolidated accounts.

Since September '24 quarter till this quarter, around ₹2,111 crore of revenue and a profit of ₹380 crore has been eliminated in the consolidated financials. While standalone results reflected EPC revenue and tax, the tax cost remains in consolidated results until the SPVs start generating operational revenue, after which margins will improve.

Turning on to our future strategic plans and the future outlook, in the year ahead, our priorities at HG Infra will focus on sustaining a steady growth trajectory, anchored by a strong financial fundamentals. Operationally, we aim to tighten working capital cycles, ensure on-time project delivery, strategically allocate capital, and advance monetization efforts.

Bold targets have been set for FY '26, where we plan to secure ₹10,000 to ₹11,000 crore of new order inflows, and by FY '27, we intend to expand our non-road infrastructure portfolio to around 35%. Looking ahead, we are focused on expanding into building construction and real estate, green hydrogen, and other emerging sectors.

Our team is actively working to explore opportunities and contribute meaningfully into these sectors. At the same time, our strategy continues to diversify into high-potential areas such as water management, tunnels, transmission and distribution, and smart urban infrastructure.

We remain committed to strengthening our digital and automation capabilities, enhancing ESG performance at the strategic level, and delivering scalable, impactful projects across diversified geographies. Together, these growth levers will drive HG Infra's evolution into a broader, multi-sector infrastructure platform, creating long-term value at its core.

With this, we would like to open the floor for the Q&A. Thank you very much.

We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone.

If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question.

What would be our HAM and solar receivables? Last time you had indicated that solar receivables were quite delayed.

Have we received them? What is solar and BESS receivables?

HAM. Yes, you're talking of debtor?

Yes, yes, yes. Total SPV receivables into debtors is around ₹235 crore in solar and ₹567 crore in HAM.

The contact asset is ₹235 crore in solar and HAM is ₹529 crore. Okay.

Sir, we saw a sharp increase in the debt levels in the second quarter. Any reason for that?

Basically, there has been three significant areas where we have increased debt. One is the advances to our vendors.

That has around ₹150 crore we did into that because of procuring few of the core kind of a material which are required for BESS. Mobilization advance also has been there where ₹250 crore mobilization advance is there, there is a significant decrease into that because in newer project we could not receive any mobilization advance till date.

The payables also has decreased where the retention has been paid because of the many of the project which we had recently completed where the vendor's payment of the retention has been paid. As I have explained into this remarks that a total around ₹490 crore of debt is still to be received from the bank's disbursement.

This is again adding to this particular increase in debt, which was again to quarter one as well. Once that comes, the debt should go down.

Yes, that we are expecting in quarter three and quarter four significant decrease is likely to be there and will be roughly around the normalcy as we were in earlier quarters. Lastly, on the margin side, we have seen some softness in the last two to three quarters.

Were there any one-offs in this quarter because margins were 12.7%, and how do you see it going forward? The margins were on track only.

There are exceptionally few of the projects, say especially Ganga, where we have taken a hit because of the change in law. There's likely that we would be taking this to the arbitration.

We are going to seek this kind of opportunity where it would be paid. It is a payable kind of a thing, but outrightly the client is not agreeing to that.

There's one number which we discounted immediately into our quarter. What was that amount?

In the first quarter it was around ₹40 crore, and this second quarter is around ₹35 crore. Going forward, there is any other expectation, or it is now over?

All projects are running very smoothly and perfectly within the right margins as we have envisaged. It's only one of the project which we have taken a discount because we don't want to keep those numbers where the margins are definitely there as per the contract conditions, but it may take few quarters realize that.

Now that is completed the provision, or it can come further in Q3 as well? No,

we are all done into quarter one and quarter two. Okay.

Sir, lastly, on other income, there is ₹17 crore in second quarter. Why it is so high?

I'm not seeing that because it could be FDR is also there where some maturity would have been there. Other than that, I don't know.

Let us see and I will get back to you.

Okay. Thank you, sir.

I'll fall back in queue.

Hi. Thank you, sir, for the opportunity.

Couple of questions. First, broader guidance on the top-line front.

Now given the muted relatively in 1H, to achieve a ₹7,000 crore, we need a 19% kind of a growth rate in the second half. How do we now see?

The growth in first half of this year is almost as per the plans only. We are around ₹2,800 crore, around the 10% to 11% growth.

For the balance portion, definitely with the rains subsided and the appointed date of this Varanasi-Kolkata package 13 received, Ayodhya is likely to be there within few days, and package 10 would be followed in next month only.

With that, we are estimating that a significant number would be in quarter three and quarter four.

Definitely we are not very much sure that we would be touching 7,000, but something around 6,500 to 7,000 would be our number which by end of the year comfortably we will be able to reach. Okay.

For next year also, earlier we were looking at 8,000. If we can get a ₹10,000-₹11,000 crore order inflow, ₹8,000 crore is doable in FY '27?

Even the balance order of ₹14,000 crore, if we do around ₹4,000 crore in the balance even if around ₹4,000 crore in the balance part of the year, we would be left with ₹9,000 crore and again with the likely addition of the new orders where now even from the government or from any private client, those are the orders which we do not expect much of the delays in the appointed date. Whenever the orders would be placed, likely within few months the appointed date would be in there, because of the land availability and everything has been improving a lot.

With that, we are expecting that we will be touching around ₹7,800 to ₹8,000 crore in the coming year at about say 15% growth, as we earlier estimated.

Okay. Now from the third quarter onwards, we should be having a 15% to 16% kind of a EBITDA margin and that should continue for 2, 3 years?

Because that has been impacted because of the few of the projects which already I have discussed. There we have taken a hit of those margins immediately in the current quarters only.

Good afternoon, sir. Just one clarification again on the margin front.

I think last quarter also you alluded that most of the Ganga Expressway-related one-time provision has been taken in the last quarter only. In this quarter also, we have seen ₹35 crore that you have mentioned.

Even if one includes that, I'm not sure whether it is going up to 16-odd percent, which used to be our normal track record on the margin side. Can you please help us with that?

In the half of only one project which you have taken hit not because the client is not eager to pass on this claim. There is change in law and there is one

interchange which has been constructed as a variation, which we have not considered as a revenue, because the client may take some time for approving that as a variation claim. In NHAI project or this kind of a project, there are two different things because the client always consider anything which he has technically qualifies your claim.

Here in this case, we are putting it to our consideration that we may or may not qualify immediately. It is a matter of time.

Definitely, these are all the numbers which we have taken as a provision or margin has been discounted on the basis. Otherwise, it's not that the margins are not there.

They were all there, and we are likely to see this number also coming in the future quarters, within I think 3 to 4 quarters this can be improved even.

In second half, sir, now can we expect to get back to our normal 15%, 16% margin, or it will remain in 12%,

13%? All the projects yield good margin, we are expecting to come back to the normalcy.

Okay. Second, sir, on the order inflows, now if I compute your order inflows for first half, it is coming to around ₹1,500 crore only against the ₹11,000 crore sort of the expectation in the beginning of the year.

What gives us the confidence that in the remaining 4.5, 5 months, we'll be able to get to ₹10,000 crore order inflows,

sir? There are two big expectations which we are expecting.

One is definitely at NHAI. Nothing much has happened in first half, because of the land and the prequalification criteria and many more things.

Now everything because of the approval of many projects, the bidding pipeline is very strong and they would be awarding in subsequent months. This is one area we believe.

The second is as we have already successfully completed one of the project of Adani, this is a Ganga Expressway project. There also with a strong relationship with them, we are expecting some private orders also.

The rail, roads, and this private orders, which we believe that within say further 3 to 4 months balance, we would be able to secure at around ₹10,000 crore of order.

Okay. Sir, lastly, on the MSRDC project, so that ₹4,000 crore book is not available to us for execution.

Given that sort of a situation and most of the order inflow which will happen let's say in next 1.5 quarters, then I don't know how much we will be able to execute. Are we being too optimistic about ₹7,800 crore sort of run rate next year in revenues given that very little order book will be left for execution for next year?

If you see the total order, if you just take out this order from MSRDC, balance would be around ₹4,000 to ₹5,000 crore. Those are the orders out of which almost everything need to be done in the FY '27, just barring I think not more than ₹400-₹500 crore which would be just going beyond FY '27.

This is one area which we believe. Then the orders which we are likely to secure now, those are the projects which we are expecting where the time which we actually normally take is 1 to 2 years from the award date to the appointed date.

This is not going to happen in future orders, because it's only a time when if you just can see the LOA to the appointed date would be around 2 to 4 months maximum. This gives us the opportunity and we see as a confidence that we would be able to secure the orders as well as we would be able to deliver this much of amount of order.

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

Sir. Thanks for the opportunity.

Sir, continuing on that previous question, out of the ₹14,000-odd crore, barring the Maharashtra order, are there any other projects where the appointed date is pending?

Yes, sir. Appointed date as of now which we one is Ayodhya project, which we will be getting within few days only.

Jharkhand project, this is Varanasi-Kolkata package number 10, in the subsequent month only. Only that appointed date of this MSRDC project, that would be only balance.

Total, you are mentioning four projects, including the Maharashtra one, where the AD is pending, is it? Correct.

Okay. Fine, sir.

Second, last thing is in terms of financial closure of our other projects where we have asset ownership, say BESS, even solar, any update that can you provide, sir?

Solar, financial closure already secured. Say, 89% of the total project being sanctioned, and 74% of the total disbursement happened.

That's still the big chunk of disbursement is yet to be done. We have progressed almost 94%, because the one bank, which is SBI, they are just expecting because within next 2 months, we need to complete almost entire project.

Within that timeline, balance of 11% would be sanctioned and disbursed, and the balance already sanctioned would be disbursed in few months from now. Apart from this, financial closure where the BESS, one of the sanction which we already has received from PNB Bank, and very recently, I think few of the other banks are also participating in financial closure.

We are expecting for both the BESS project where by November and December, we need to submit the financial closure.

Okay. Sure, sir.

I think that's all from my side. Thank you.

Hello. Hi, thank you for the opportunity.

When can we expect the execution in the BESS projects to start? The execution of BESS project is with us only, yes.

When can we start the execution? Execution, we already have started, where the land is in there and engineering being done, and advances to transformer and GIS and other systems already have been placed.

We have already commenced into both the projects of BESS. Can we expect any meaningful revenue to be booked in this letter of the financial year from the BESS project?

Roughly

around I think roughly around ₹150 to ₹250-odd crore would be done within this year only. I missed one of your statements where you said that the MSRDC revenue for FY '27, can you just repeat it once, sir?

Once this order where we are expecting the land is still not say around 75% 70% as per the circular today. Because of that, the delay has happened.

Again, once the land is in place, the appointed date and the LOA do not have much of a difference. In that scenario, we believe that once this year is over, and by the time which we are expecting the appointed date is there, significant amount of work would be done in MSRDC project in subsequent year, FY '27.

Can we expect it to come in this financial year or at the start of FY '27? We are expecting by this year-end only.

Can we expect around ₹500 crore of revenue from this project in this year? Within this year, no, we are not expecting any revenue in this year.

We are not recognizing anything. In FY '27?

FY '27, definitely, more than 50% would be done in FY '27 out of this total ₹4,000 crore.

Thank you. Thank you, sir.

Those were my questions.

Thanks for the opportunity. Sir, my question pertains to current bidding pipeline for HAM EPC and also for metro project.

Last time, you had given some idea of gaining some projects in metro also and also from battery storage services market. If you can highlight how much we have bidded in HAM, in EPC, in railways and metro, and for other projects also.

Till date, whatever we have bidded, it's around ₹12,000 crore of total bids, which already there, where the results are yet awaited. This is around ₹7,000 crore in HAM and EPC projects into various sectors, and around BESS and this solar is around ₹5,000 crore.

As far as bidding pipeline is concerned, if you see into ₹65,000 crore of order where the almost the land acquisition and these are at advanced stage in from NHAI where the HAM and EPC are there. We are not considering any BOT project into this.

Also ministry is also expecting to bid around project equivalent to ₹70,000 crore within this year. This is put together around ₹1,35,000 crore which we are considering for the year where the bid pipeline of NHAI and the ministry is there.

Apart from that, as already we when we have completed one of the big project from Adani as a client, the Ganga, we are expecting that they are also in discussion with few of the projects already with available with them to look as a EPC partner. Okay.

Sir, the margin would be same what we are getting in Ganga Expressway project if we do some project with Adani going forward, or it will be lower than that? We are expecting this is on the similar terms.

We would be taking the call on the similar terms, roughly the same margin as we did in Ganga. Sir, last one, what will be the timeline for this asset monetization that we have already done with this NIIF?

In all five projects, we have received the PCC, and the NOC and other obligations which we already have started. We believe that the COD as soon as we receive the COD as well as we as soon as we get the permission of NOC from the client, which is likely to take not more than 1 to 2 months maximum from now.

By January, continuity in January or February, we would be doing two of the projects, and in March, all three balance projects would be done within the year only. Sir, entire enterprise value of all this transaction is ₹3,584 crore, if I am not wrong?

This enterprise value is ₹3,584 crore. Out of this, ₹2,200 crore of is going to debt and ₹1,384 crore is the total amount which HG would be getting.

Sir. That's all from my side,

and wish you all the best. Thank you.

Yeah. Good afternoon, sir, and thanks for the opportunity.

My first question is, sir, can you explain this change in law which has impacted our margin booking in the quarter? What it is related to?

Change in law, basically the aggregate being taken or being procured from out of state, that is interstate, to Rajasthan, part. There's a significant fee increase into that in UP.

Whatever aggregate we purchase from out of the state of UP, that the duty is being charged. With that, it qualifies as a change in law.

There is a royalty change, which also qualifies as a change in law. In any of the projects of UPDA, they never have paid this change in law.

This is the first time. In NHAI, it is a normal trend.

Okay? That's why they are considering this particular event, which is the first time, and they may or may not consider it.

That's why we have taken that. Those legitimate claim is there, we are already have taken the legal opinion.

If they deny that, then we will be taking this to arbitration.

We are working for Adani, right? Adani has to get this money and pass it on to us.

Is that my understanding?

The both things.

The contract clearly speaks whatever we would be getting from this client, which is UPDA, as a concessionaire event, that only will be passed on to us. Understood.

Understood. My second question is on the NHAI pipeline.

I think NHAI had given us a very strong visibility, saying that they will come with a ₹6 trillion kind of order awarding in the fiscal. Are you seeing the signs of that happening, or do you think it is the numbers will be much, much lower?

Some color on the pipeline which exists as of now? Definitely, NHAI and ministry, they are all bullish about the strong fast pipeline because last 1.5 year nothing much has happened almost 2 years from.

Again, the pipeline is strong, what kind of project is greenfield maximum. Into HAM, EPC, as well as BOT, is a mix of all three.

Taken together, it's around not less than ₹6 lakh crore, but definitely we cannot see everything would be done within this year. We are expecting because of the land.

There is a mandate from the ministry as well as the finance department that you should award those projects only where the 80% or 90% of the land as per the contract is available. Earlier the practice was where the 30%, 50% of the land was available also was put to that awarding.

Now they are strictly the measures of it. Second is the quality of the DPRs.

They are again considering this okay, whatever DPR we should prepare, the DPR should not have not many more variations which are encountering the time loss as well as variations. These are the two big things which are impacting the bidding.

Otherwise, the pipeline is very strong. We are expecting, yes, definitely, it is taking time, but many projects which they believe and we are also expecting would be bidded within the financial year, and subsequently, I think there would be no delay in future years.

Understood. Thank you and all the best.

Thank you.

Thank you for the opportunity again. When can we expect the execution to improve in the Delhi railway station redevelopment?

New Delhi railway station, the execution already started. The improvement is likely definitely it's a urban area, but whatever land and utility shifting which was supposed to be there, a significant progress has been done.

We are expecting around say ₹130 crore of execution within this year only. A significant portion would be done within this financial year when we have started the project now it's quite aggressively.

Can we expect to receive the monetization money by the end of this year? Yes, of course.

As we are progressing and all five projects COD is expected in the subsequent 4, 5 months only. This is a mandate which we have kept that once the COD as well as NOC from the client, these are the two things which are the prime requirement for the transaction to happen.

Thank you. Those were my questions, sir.

Good afternoon, sir. Sir, there are various news articles indicating that Maharashtra MSRDC orders may get canceled and come up for rebidding.

What are you hearing from the government authorities, how this should proceed given land acquisition still is at around 30%, 35% levels? You're right.

It's only a matter of land acquisition. Basically, there are two things.

One is definitely without the land, nothing can be done, like say LOA or appointed date cannot be declared. They are looking at this almost 1.5 year roughly say 1.5 year already has passed.

They are keeping it, definitely once anything is to be done, it will take next 6 to 8 months. They are expecting this order to be given, and now the land acquisition is quite expeditiously being taken.

Earlier there was almost a balance for around 6 months. Now that it is being actively being taken, and every month, we are seeing that there are 10% to 12% land being added into their kitty.

With that, I think it's only a rumor part only.

Okay. Sir, do you expect these orders, MSRDC orders, to go for retendering in any case, or you're fairly confident?

What have been the discussions with the awarding agencies on this? Till date, there's no news as such which is giving this sense okay these are going to be canceled and retendered.

It's only a matter of time where the land acquisition is not say as per the contract. Understood.

Sir, my second question was your comment on foray into residential building segment and also green hydrogen. If you can throw some light on it, what type of orders are we looking for, how are we qualified, will we initially go through JV route, which type of orders will be targeting in those areas?

As such in hydrogen, because all the refineries, they have been mandated to deploy or to install this hydrogen plant, which require green power. One of the project which already has bidded with the JV partner only in Numaligarh Refinery.

That gives that particular strength if we are setting up the plant where the green hydrogen is one area where the revenue would be coming backed by the total operation expense, which is a green power. The green power setup would be much more than the green hydrogen capex.

That we are considering, which L&T is the only player till date they have taken two orders from Panipat and one. Same all the refineries, this is to be done.

As also the government is looking into many other public sector undertakings where the mandate is given for setting up the plant. This is one area which we have fit with one of our trusted partner who do has a patent for setting up the plant in indigenous components, which are now the prime requirement for the bids.

As far as this is concerned, apart from this, if we are looking into the opportunities into buildings, residential building or commercial building, we are looking into this opportunity once we have completed in Kanpur project. Mostly done, the total building part already done.

We would do not require any like say JV partner. We are looking into this opportunity where the building construction can be taken up in a government or private.

Understood. Up to what sizes would we qualify in case of government orders there?

Not a big number. It would be initially at ₹300 to ₹500 crore.

Okay. Understood.

Thank you so much, sir. Thank you.