Good evening, everyone, and welcome to HG Infra Engineering Limited earnings call to discuss the Q3 and 9M FY '26 operational and financial performance, hosted by Go India Advisors. We have on the call Mr.

Harendra Singh, Chairman and Managing Director; Mr. Rajiv Mishra, 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 risk that the company faces. We now request Mr.

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

Thank you, Selina. Good evening, everyone, and a warm welcome each one of you joining us on the call today.

At HG Infra, we are immensely proud and delighted to have spent over 23 years shaping the backbone of India's infrastructure, and marked recently by our 24th Foundation Day. As we reflect on this journey with pride and advance with purpose, it has been built on trust, driven by passion, and defined by quality.

These enduring values continue to guide us in constructing infrastructure that propels India's progress. To meet India's evolving requirements, we are scaling for success fast-tracking innovation to build smarter, faster, and safer infrastructure.

We are entering new sectors such as solar energy, transmission, and battery storage, guided by the simple belief that infrastructure must be as dynamic, as diverse, as the nation it serves. Union Budget of 2026-2027 has strengthened the road sector with higher allocation to Ministry of Road Transport at ₹3.09 lakh crore, up 8% year-on-year, and increased funding for National Highways Authority of India to ₹1.87 lakh crore.

This enhanced investment is expected to accelerate development of national highways, expressways, and greenfield corridors. Leveraging our strong execution capabilities, HG Infra are well positioned to benefit from this momentum with 45-plus road projects delivered, and our track record reflects engineering excellence, timely execution, and durable quality.

As of December '25, our roads and highway order book stands at ₹8,460 crore, constituting about 62% of the total order. Simultaneously, the Union Budget 2026-2027 again remains focus for rail infrastructure with a capital outlay of ₹2.55 lakh crore for Indian Railways to support network expansion, capacity enhancement, and modernization.

Aligned with this momentum, HGIL has strategically diversified into rail and metro infrastructure with seven-plus ongoing projects. Our presence in this segment reflects growing technical expertise, disciplined execution, and capability to deliver complex infrastructure.

Green energy also marks a significant new phase in HGIL's growth journey as we have already executed 350-plus megawatt and remaining 250 megawatt likely to be completed by March '26 out of total 600 megawatt capacity ordered, which is supported by integrated storage solutions, reinforcing our focus on sustainable and future-ready infrastructure. Let me begin with a glimpse of our operational highlights.

As of quarter three FY '26, the company's order book stood at ₹13,624 crore, comprising ₹8,734 crore from roads and highways, ₹2,779 crore from railways and metro, ₹1,620 crore from BESS, ₹394 crore for solar and transmission project, rest 98 from other sectors. Segment-wise, roads and highway contributes 64%, followed by railways 20, renewables 15, and other segment 1%.

Regarding the updates on the EPC and highway projects, we almost has 99% Ganga project completed, and COD are being applied, likely to be obtained within this quarter only. The Jamshedpur Elevated project is running smoothly with current progress at 36.9%.

The Nelamangala-Tumkur project is gaining execution momentum and reached 54.4% completion. The appointed date of DLF project is declared as 30th December '25, and the project is under mobilization stage.

Regarding HAM and highway projects, the Karnal Ring Road has reached 94.2% completion, marking steady progress and likely to get provisional completion in Q4 FY '26. As shared in the previous quarter, provisional completion certificates for Raipur-Visakhapatnam Corridor OD-5 and OD-6 projects already received, and both projects remain close to completion.

The Raipur-Visakhapatnam, again, AP project is also nearing completion, and we have received provisional completion certificate with effect from May '25. All three projects of Raipur-Visakhapatnam Corridor, that are OD-5, 6, and AP-1, continues to be on track for COD in next few months only.

The Khammam-Devarapalli package, 8, KD-1 and 2, where the PCC already received, which are at 99.1 and 96.9% completion, both the packages are expected to be 100% completed in Q4 FY '26. The Chennai-Tirupati HAM project reached at 40.1%.

The provisional appointed date for the Varanasi-Kolkata Corridor package 13 has been received with effect from 30th September '25, and the project progress of package 13 stand at 19.4%. For package 10, the appointed date is expected to be received in quarter four '26.

For 84 Kosi Parikrama package number 6 of Ayodhya, the concession agreement is signed on 21st of June '25, and the appointed has recently been declared on 16th Jan '26. The project execution stands at 3.4%.

For the Narol-Sarkhej project, financial closure, which was achieved, and the appointed date was received with effect from 19th August '25. The project execution stands at 15.6%.

Turning to the progress of railway projects, the DMRC metro project is 99% completed and progressing as per the scheduled timelines, and targeting its completion in Q1 FY '27. The Bilaspur, Himachal Pradesh railway RVNL project is 87.8% completed, and is targeted for completion in Q4 FY '27.

The Kanpur Railway Station project is at 44.9%. Dhule-Nardana railway project has achieved 35% 35% progress, and the Gaya-Son Nagar and Karanjgaon projects are at 27.3 and 32.7% completion, respectively.

Progress across these projects was impacted due to abnormal rains, but it is expected to pick up in this quarter. The appointed date for the New Delhi railway station project has been declared as 6th August '25.

After the initial hiccup related to the utility shifting and design, the execution is now at initial phase with 6.9% completion. The appointed date of newly awarded Thane Metro project has been declared as 11th January '26, and the project is in the mobilization stage.

On the solar project, as of 30th 31st of December '25, overall physical progress across the project stands at approximately 95.8%, despite delays in few months caused because of the prolonged and heavy monsoon conditions in Rajasthan, as well as the land-related challenges affecting the transmission line infrastructure development. These projects got delayed.

Despite of these site-specific constraints, the company has been able to execute the project largely in line with the planned schedule. The company is putting adequate resources to commission all the plants within the revised contractual timelines in the coming months.

The anticipated commissioning will also enable the drawdown of the remaining sanctioned debt and clear the outstanding liabilities. In view of the challenges faced by the developers in Rajasthan, the Ministry of New and Renewable Energy, that is MNRE, has extended the commissioning guidelines for the solar plant under KUSUM-C scheme A and C up to 31st March '26.

From a financing perspective, approximately 86% of the required project debt has been sanctioned, out of which around 74% being disbursed. The balance sanction and disbursements are likely to happen post-commissioning of the installed plants.

In the interim, to bridge the funding gap and ensure timely project completion, the company has availed additional working capital limits. Consequently, the overall debt level at the company level has temporarily increased, which will be reduced in coming months once solar balance disbursement of around ₹425 crore will be received.

As of December '25, the total equity investment in these solar projects stands at ₹731 crore. As of now, the total amount billed to the discom is ₹72.88 crore, and the total of ₹56.33 crore has been collected till date.

Regarding the BESS projects, they are the three projects: two from GUVNL, one from NVVN, totaling 1,04,070 megawatt-hour. The procurement process of BESS project has been initiated, and the orders for the long lead components like power transformer, GIS switchgear systems has been placed by the company, and the exhaustive technical due diligence being conducted for DC block container from both overseas and domestic vendors.

Final orders for the same is likely to be placed by March '26. In Jan '26, company formed SPV and purchased land for the Banaskantha project, and both the projects are now got the approval of connectivity agreement.

Financial closure of Banaskantha project is completed, and Dholera is at advanced stage of closure, and expected to complete by March '26. Upon completion and commissioning of all the BESS projects, the company expects annual revenue of ₹225 crore from BESS.

Regarding the transmission project, which is progressing well as per the timelines, the SPV being formed, and the design and the long lead items are booked. This is a update on the monetization of five new HAM assets, where the PCC already being received.

In August '25, we executed a binding offer document with NIIF Infra Income Opportunity Fund for the divestment of our HAM portfolio in four five wholly owned subsidiaries. We have executed the security purchase agreements of all five projects during the previous quarter.

We had already initiated the process of fulfilling all condition precedents, including obtaining clients' approval, lenders' consent, and completing requisite representation and warranties. We have received lenders' NOC for Khammam-Devarapalli package 1 and 2, and for the Raipur-Visakhapatnam project package 5, NOC has been received from one of the senior lenders, and the approvals from remaining two lenders are expected shortly.

Further, NHAI has also approved the NOC of Khammam-Devarapalli package 2. From the remaining projects, we are in continuous follow-up with NHAI and respective lenders, and anticipates receiving the required NOC within the next month.

Based on the current progress, we are expect to complete the transaction for at least three of the projects, the SPVs, within the current financial year, and we are expecting around ₹500 to ₹600 crore as first part of consideration for these projects. Regarding equity requirement on HAM projects, the total equity requirement for 11 HAM projects is ₹1,750 crore.

As of December '25, ₹1,242 crore has been infused, and the remaining amount, 117 is scheduled for the infusion in three months for the year, followed by ₹220 crore in FY '27 and ₹171 crore in FY '28. Moving on to the financial highlights of quarter three FY '26 and nine-month of '26: Standalone financials: Revenue for quarter three FY '26 reached ₹1,450 crore with an EBITDA of ₹224 crore at an EBITDA margin of 15.5%.

PAT for the Q3 FY '26 stood at ₹97 crore with a PAT margin of 6.7% compared to ₹137 crore and at 9.1% in quarter three FY '25. Revenue for nine months FY '26 reached ₹4,313 crore with an EBITDA of ₹607 crore at an EBITDA margin of 14.1%.

PAT for nine months FY '26 stood at ₹290 crore with a PAT margin of 6.7% compared to ₹365 crore and at a margin of 8.9% in nine months FY '25. On a standalone basis, our gross debt stands at ₹1,545 crore.

This comprises of ₹914 crore in working capital, ₹631 crore on term loans and current maturity, trade limit, and means of debt. Regarding the consol number, revenue for Q3 FY '26 reached at ₹1,421 crore with an EBITDA at ₹309 crore of 21.1% margin.

PAT for Q3 FY '26 stood at ₹94 crore with a PAT margin of 6.6% compared to 111 ₹115 crore at margin of 9.1% in Q3 FY '25. Revenue for nine months FY '26 reached ₹3,808 crore with an EBITDA of ₹775 crore and an EBITDA margin of 20.3%.

PAT for nine months FY '26 stood at ₹245 crore with a PAT margin of 6.4% compared to ₹358 crore at margin of 9.7% in nine months FY '25. Update on recent CBI matter is, as you are aware, that the CBI and Anti-Corruption Bureau, Patna, has conducted search in our offices in the month of January.

The necessary updates for the same are already disclosed through the stock exchanges. We are extending our full support to the agencies in the matter, and will continue to update the investors through our disclosure on stock exchange upon any material development, and would like to mention that there has not been any impact on the operation and financial position of the company.

Turning on to the future strategy and outlook: HG has outperformed exceptionally in all fronts against all odds, and delivered timely project with great trust, passion, and quality. As you all know, that there has been less traction in new projects awarding in last 18 months from NHAI, but our deliberation with NHAI looks like will again flourish with new projects bid.

In nine months nine months of FY '26, we have bagged new projects worth ₹3,300 crore up to date, and quite hopeful to add project worth around ₹4,000 to ₹5,000 crore by March '26. I will now hand over the call to our IR advisor and request to open the floor for question-and-answer session.

Good afternoon, sir, and thanks for the opportunity. Sir, can you please help us with the update on the appointed date for Nagpur EPC orders?

I think there were two projects which were of worth around 42 billion, and is there a risk of cancellation of these orders?

Probably the cancellation of these projects is not at all in pipeline or in discussion. The land acquisition, which actually has been impacted in the recent past because of the municipal elections in Maharashtra.

It is going on at say not at the same pace as we were envisaged. Probably by April or May looks like that 70% of the land, which is the prerequisite for LOA to be issued, by that time we are checking upon with the authorities what is the present recent update.

You expect maybe the work to start in H2 FY '27, is that a fair assumption given the current information?

Correct,

H2. Understood.

Second thing, sir, of course, NHAI tender pipeline has been pretty weak for last several quarters. What are you seeing the progress on the ground?

Are you hopeful of a sharp momentum in the balance of the fiscal, or do you think the progress will most likely happen in FY '27 and FY '26 will again be a dull year?

See, as far as development and with the getting the feeler from the authority, it is way promising that they are the pipeline is so long. The land acquisition and the which is a very much prerequisite condition for the authority to award any project, which earlier was not there, as well as the quality of the DPR validation through their DPR cell is taking some time.

The project where the cabinet approval is already being obtained, they are almost more than ₹60,000 crore of projects. Then again, there are many more projects where the cabinet approval is likely to happen within the shortest possible time.

It's a matter of only few months from now where these projects of around ₹6 lakh crore which they have they have given to the their domain also would be likely to be awarded not for this current year current financial year, but for definitely for the next year.

My last question, the revenue guidance, are you still maintaining the guidance of 65 billion for the fiscal, or do you think there is risk to that number?

There has been a bit of a say slackness as far as the progress because of the prolonged monsoons is one reason, and the retrieving monsoon which has affected the Tirupati project. Even then we are quite hopeful that we will be overpassing the last year number.

Looking at the appointed date of Jharkhand package 10, which was supposed to be there, but is not yet issued, likely in next month only it would be given to us. That has impacted around ₹2 to ₹300 crore.

Otherwise, we would be say in and around the last year number plus some percentage over the number.

Understood, sir. Thanks, and all the best.

Yeah. Sir, any one-offs in the EBITDA margin this time?

Sorry?

Were there any one-offs in the margin, or 15.5% is normal EPC margins for 3Q?

It's normal EPC margin. There is no additional exceptional item which has been added here.

Okay. Sir, why was the tax rate so higher at 31.5% for the quarter?

There has been say for last year there has been for MSME ₹6 crore of provision which has been made in this year for this tax matter. For that reason it is a bit higher.

Okay. Sir, secondly, when do we expect to complete the solar projects, and when do you see the debt coming down?

The debt of ₹425 crore which we need to receive from this SPVs from the lenders to SPV and, in turn, to HG, is likely that around ₹200-odd crore would be there by March, and followed by in April, because the entire commissioning now being deferred till March because of the all local disturbances and the issues which we all has faced and several other companies has faced rather. In April and May, in quarter one, we would be getting the entire debt once we commission these plants in totality.

Sir,

but for the incremental work also, we'll be spending roughly 400-odd crores. For that also, we will be required to put another money, right, to support the SPV?

No, as far as execution is concerned, it is already 98% plus completed. The fund which require for the say nearing completion is not that big amount.

It's a ₹35-₹40 crore would be required in quarter four only for entire completion. The money which we will be collecting is ₹425 crore is coming from the SPV through debt.

Order book seems quite high in the solar projects as of December.

Solar, no, it's transmission and solar.

Okay. Got it.

Sir, when do we expect to start the work for the BESS projects, and your guidance for FY '27 given the revenue expectation from the MSRDC projects would be quite low or given it's likely to start in second half? What would be your guidance for '27?

What we have designed as a AOP plans for the existing order book and likely to execute some 2,000 numbers within this year, with that number, the BESS execution, which is likely to be completed till the next year only, entire completion would be there. As far as if we are not considering even this Nagpur-Chandrapur, which is MSRDC project, what is to be done with the new projects which we are likely to bag in the coming months only, we are considering some ₹1,500-odd crore from the new project or the MSRDC project.

Other all these projects which are already yet say just started or just one project is to be started would be good enough to reach out to around our number of ₹7,000 crore for the next year.

Okay. Sir, when do we expect to receive the appointed date for the MoRTH HAM,

the

one HAM which is pending? MoRTH,

Ayodhya project we have started. 3% completed.

Started just recently appointed date was declared on the 16th of January. Just the one project is balance where the appointed date is not yet declared, which is Jharkhand package 10,

Varanasi. Package 10, right.

Yeah.

Okay. Okay.

Thank you, sir. Those were my questions.

Hi, sir. Sir, just again coming back on the first on the revenue front, you said that close to ₹2,000 crore that we are looking in the fourth quarter.

That is there. In the next year, we are saying a ₹7,000-odd crore.

Even if I look at broadly, it would be a kind of a 13% kind of a growth that we are looking at. Still not able to understand whatever the shortfall which is there for FY '26, we were earlier looking in FY '27 15% plus.

Now again ₹200-₹300 crore shortfall is there for FY '26. FY '27, previously we were looking at ₹7,800-odd crore.

Sharp fall that we are looking at in FY '27.

Ultimately, there has been the big reason for the shortfall for the year where because of the prolonged monsoon as well as the appointed date for this particular project, which has been delayed, Jharkhand package 10. This has been the reason which we are quite hopeful that we would be picking it up, and around ₹6,200-odd crore if we do during the year.

The balance for the year 2026-2027, we are estimating for the at least ₹1,500 crore would be done from the project where the appointed date, which is not yet issued or LOA is yet awaited, which is MSRDC, or any other project which we would be likely to get in the coming months only. Rest apart from 1,500, if we do BESS, all other projects' progress would be yielding around 5,500.

That we have estimated that we will be touching around ₹7,000 crore without much of a problem for the next year.

Okay. Of ₹1,800-odd crore that we have already got the inflow till now and ₹4,000 to ₹5,000 crore that we are looking at by March, there just wanted a more clarity.

Two, three aspects: one is how much worth of value of bids that we have already submitted, and also if you can break it up into whether NHAI, MoRTH, railway, or solar, or BESS, or any other sector, and how much more are we planning to bid, whatever the tenders till now is available? See,

around 14,000 of crores of highway projects already being bidded, EPC and HAM. There are three EPC, five HAM, where the results are yet awaited.

Till March, we are expected to bid 4,800 ₹48,000 crore of projects. We are expecting these are all the projects, and apart from the projects which we are aligning with private developers also.

Those are the projects which we are quite hopeful that give us the opportunity for the year. Railway, we are already one project where the bidded, the second is ₹4,600 crore of project, which you already has bidded, the bid yet to open.

BESS, around 4,400 crore of 4,800 megawatt of bid is yet to be submitted and 2,760 megawatt of bid being done, where the result are yet awaited.

What would be the roughly value of this 1,400 megawatt that we bidded and 2,760 that we are planning to bid? In terms of the EPC, I'm particularly asking.

That would be roughly around ₹8,000 crore.

Put together, combined?

Put together, which we have already bidded or likely to bid.

Got it. In terms of margin, this 15%, 16% that guidance for couple of years will remain intact, or are we facing kind of a competition and maybe going forward the margin can be on the lower side?

As of now, the project which we are already having in hand, which do have this margin, this is for sure. In near future, definitely, as the market trend is giving a bit of a sense of correction where the margins are likely to be not in the same number, would be around 14 or say that number.

In any case, when we bid and we try to see as authority, we are not going to see that 10% to 12% margins are the doable kind of a margin for us, but we are looking at the project with having 14-odd percent in any case for the future bids.

We are open to bid for BOT toll also, or we will prefer through the subcontracting mode

only? No, no, we are not yet explored this particular option as of now.

Lastly, just a couple of balance sheet items: inventory, debtors, trade payable, mobilization, unbilled, retention, HAM debtors, solar debtors.

Mobilization advance is ₹260 crore, and the stock stands at ₹358 crore. The debtors are at ₹1,551 crore, out of which HAM debtors are 579.

Solar SPVs do have 330. These are the all SPV.

Ganga is at ₹277 crore, and others and railway are at around ₹200 crore. The current asset, which is unbilled, is ₹1,448 crore.

₹1,448 crore. Trade payable?

Solar and HAM do have ₹700 crore.

No, no, total trade payable, which was ₹1,177 crore at September end.

Trade payable is ₹1,298 crore, including retention.

Okay. Inventory total you said

I know, I know. I am completing this.

This is for everybody. This is not a question, I understand this.

That's what I'm asking. If the promoter is not having a problem, I think you should be keeping silence.

Sorry, sir. Please go ahead, sir.

Yeah. Consol debt and consol cash is?

Consol, I'm not having the right number. I think we will be giving, huh?

We'll come back to you.

Just time,

you had asked for consol debt.

Consol debt, gross debt, and consol cash.

This debt is there with me, consol debt, ₹6,032 crore.

Consol

cash is ₹255 crore.

₹255 crore. BESS equity till now the same ₹10 crore is invested, and the balance how much to be invested in fourth quarter and '27, '28?

Solar, we have invested full equity, ₹731 crore. No further requirement is there.

BESS for the year would be around ₹99 crore. Already ₹16 crore invested till date.

And '27, '28? BESS

would be 250. Total equity requirement for 26-27 would be ₹605 crore, including HAM.

Okay. Got it, sir.

Thank you, and all the best.

Hi, sir. I'm audible?

Yeah.

Yeah. Hi, sir.

I have one query. As of now, in nine months, we have done around ₹3,807 crore of revenues.

On the fourth quarter, what do you expect? Means, what is

See, this is the consolidated number, ₹3,800 crore, and standalone we are already has done ₹4,300 crore. We normally count our turnover as a on a standalone basis, but for the last quarter we are expecting to do around ₹2,000 crore.

Okay. What will be the EBITDA margin and the profit margin, sir?

We're expecting the same thing, or it will come down a bit?

Roughly around 15%.

15%. Sir.

Sir, one more query regarding you told that you'll having the ₹4,000 to ₹5,000 crore of you'll get the work in this quarter. How confident are you of getting that, sir?

The bids we are already has submitted and the advanced stage of certain for the private developers also which we are hoping for. This is how we are looking at that around ₹4,000-odd crore of ₹4,000 to ₹5,000 crore of orders likely to be added in this till March only.

Sir. Okay.

Thank you, sir. All the best.

Thank you.

Mr. Singh, I just want to understand one thing.

Can you just throw some more light on the CBI visiting our premises and whether any of the employees were involved into any kind of illegitimate activity?

See, the matter whatever has been reported, we are already has reported to the stock exchange. Nothing beyond that is with say as far as it's yet to be updated.

If in case any updation would be there, we will give it.

No, because the submission that has been made with the stock exchanges doesn't talk about whether any of the employee was involved because we see a dramatic exit of three senior executives from the company. Are they in any way, or any of the employee or anyone from the management is involved in any sort of activity?

Hello, yes?

This is not in any way related to this particular matter.

How do we get any update on this? Why did the CBI come?

No, but, again, it's a matter is sub judice, and whatever we state on the matter of updation would be given to the stock exchanges as a communication.

Not to the shareholders, is it?

No, no, it can be given, but there is no update as such. We already have told it.

No, no, I'm not asking for the update. I'm only asking what was the reason why CBI came because why do people come?

They come with some sort of an explanation. With respect to so-and-so matter, we have come here.

Can you just throw some light on that?

I think CBI do not have any reason to say search any place. They do have their own reason.

They did that, and whatever was the event, we have updated the stock exchange. There has not been any transaction, nothing doing, so that has been updated.

Yeah. Sir, till now, nine months, how much capex we have done, and going forward so we used to say minimal capex, so that stand remains?

What kind of a capex?

In nine months, at a standalone level, how much capex in

nine months? Hardly I think it's around ₹30 or ₹35-odd crore invested in this particular nine months, and not a major would be done because the kind of a project which we are having mix of that, we do have a good amount of machines and equipment.

Okay. Okay.

Then this, you said, this debt of ₹1,545-odd crore, maybe ₹200 crore once we get the solar disbursement it would be reduced, or that is one part. Second, apart from that, any further option in terms of the reduction by this March end, and how one can then look at for FY '27 onwards the debt?

Basically, there have been two big reasons: one is the solar debt, second is the debtor and the current asset. This is a very high all-time high because the project which we are at this stage is around 10 big-sized project.

Including solar, it is a 12 big-sized project which are at this particular verge of this where certain unbilled is there, contract asset, and certain debtors that they have gone high. Once we are 100% at this stage, completion is being done and the COD being done and the whatever unbilled is being billed and the debtors would be received.

This will give a significant relief to the debt.

Okay. Okay.

Got it. This BESS, you said, the entire ₹1,600 crore order book which is there will be executed by FY '27, or half of '27, '28?

Which '20 Battery?

BESS.

BESS, around 85% of the BESS would be completed by March because the third BESS do have the timeline till June '27.

Okay. Okay.

Got it. Got it.

In railways, out of broadly currently ₹2,800-odd crore, how much one can look at to execute?

Around we would be doing around ₹1,700 crore from this project railway.

Okay. Okay.

Got it. Got it.

Thank you, sir.

Hi, sir. Sorry to ask you again.

Our profit margin has been declining, what's the reason for that?

The last three quarters, it was at a declined stage because of some modified profit projection in few of the projects, especially Ganga and solar and one more project of NHAI. Now they are stabilized.

Last quarter also, sir, it was 6.7%.

No, no, I'm not talking about the PAT. We are talking about the EBITDA number.

Which is around

I'm talking the PAT margin. The PAT margin also it has been declined from 9% to 6.7%.

The reason behind it?

This is the tax rate, I think, in one of the exceptional reasons which has been affected this PAT. It's ultimately it is 25%, but this time it is 32% for the reason which is a kind of a tax provisioning being done for the last year.

Sir.

Sir, assuming the LOA comes for MSRDC in the first half of this year, we were L1 in May '24. This is almost a gap of two years.

Will the bid be revised, or can it impact our margins?

There is no update as far as the revision and anything is concerned. It's a bid validity we are extending every time.

We are quite hopeful because the land acquisition is going on, our team's sight at the project level, they are witnessing the land position, etc. We are quite hopeful that very soon it will going to be awarded.

It's a matter of only the government reason where the land availability was not there.

Sir, but if we accept the current bid which we had submitted two years back, won't the margins be impacted on the project when we execute it?

No, if we just discount that number gives let's say if the order is not there, we would be having a less number of orders in any case, which is a balance order book in case what you trying to tell. It's basically then the order in the forthcoming months and the forthcoming year need to be added to just maintain that streak of around see 10% to 15% year-on-year growth.

No, what I was coming from is that if the LOA had come earlier a year back, we would have been already executing the project around 50%, 60-odd percent. Now, what margins would we have built in at that time of bidding, and what would we be doing once we start the execution say sometime in second half?

No, margins in any case are not going because these which kind of a project do have price escalation. Anything from the base date would be added to our this head for the price escalation, be it negative or

It does have PVC clause?

There's a PV clause.

Okay. Okay.

Okay. Thank you, sir.

Sir, one more question: what would be the order inflow in the nine months?

Sure.

Thank you for the opportunity. Sir, last call you discussed something about the inflow from the Adani Group.

What is the status with that?

Discussion is at the advanced stage. We have submitted our and they are two twice the negotiation of the further terms and conditions has been discussed.

Say one more bids or few more bids also has been in advanced stage of discussion with Adani Group and one more group.

Sir, these are with respect to all the road projects, or is it diversified?

Roads and rail.

Okay. In the last call, you also mentioned about entering into the building construction space and the green hydrogen space.

Any progress there?

Green hydrogen yesterday only this bid was there, but we were not there in the race. We stood L3, but we would be looking in the future bids for the green hydrogen also.

Okay. Sir, what is our order inflow year-to-date?

It is ₹3,300 crore for the year. Okay.

Thank you. Thanks.

Hi, sir. Thank you for the opportunity.

Sir, could you clarify on the execution guidance for FY '27, how much are you expecting from roads, railways, BESS, and solar? Also, as a follow-up, could you also let us know the order inflow target for FY '27 for future growth?

Already has been guided that we are looking at about say 10% to 12% year-on-year number as far as FY '27 is concerned, roughly would be 7,000. As far as order inflow guidance, we are targeting around ₹10,000 to ₹12,000 crore of order in the year FY '26-'27.

Out of the ₹7,000 crore execution, 1,500 is expected from the new projects? That

we have considered that out of the existing project, which including Varanasi-Kolkata package 10, and excluding this project of MSRDC, around 5,500 crore would be from this project already started, including BESS. The project likely with the new in the near future, including MSRDC, we are looking at 1,500 crore from those projects.

Okay. Thank you.

Thank you for joining us today. We remain confident in our continued success, and we are here to address any further questions.

Please feel free to reach out to us or our IR advisors, Go India Advisors. Thank you.