Thank you. Good morning and very warm welcome to everyone.

On behalf of Ashika Institutional Equities, I welcome you all to Power Mech Projects Limited Q4 FY26 earnings conference call. Today, we have with us the management team represented by Mr.

S. K.

Ramaiah, Director Business Development; Mr. N.

Nani Aravind, Chief Financial Officer. We thank Power Mech Projects for giving us the opportunity to host the call, and we will now like to hand over the floor to the management for their opening remarks, post which we will open the floor for Q&A.

Thanks, and over to you, sir.

Thank you. Good morning, everyone.

I am Aravind, CFO of the company. I would like to extend a warm welcome to all of you joining us today for our quarter four and financial year '26 earnings call.

Thank you for taking the time to participate in this discussion. As we conclude the fourth quarter of financial year '26, I am pleased to share that the company has continued its growth trajectory, delivering improved performance across all our core business verticals.

Our results reflect the strength of our diversified business model, disciplined execution capabilities, and sustained focus on operational excellence. For quarter four FY26, the company recorded total revenue of ₹2,121 crore, reflecting a growth of 13% over quarter four FY25.

The growth was driven by sustained execution across our core verticals and ramp-up of operations, newly secured EPC order, and MDO projects, partially offset by delays in certification of bills under the water division. EBITDA for the quarter was ₹237 crore, registering a growth of 2% year-on-year with EBITDA margin at 11.17% margin.

Margins were comparatively lower than the quarter four FY25, primarily due to increase in the operating cost and lower other income during the quarter. Profit after tax for the quarter was ₹153 crore, reflecting an 18% increase over quarter four FY25.

PAT margins improved to 7.27% as against 7% in quarter FY25. For the full year ended March '26, the company achieved a total revenue of ₹6,107 crore, representing a growth of 16% year-on-year.

The strong annual performance was driven by ramp-up across our key verticals, particularly industrial power construction, civil infrastructure projects, O&M services, and increasing contribution from EPC and MDO businesses. EBITDA for financial year '26 was ₹750 crore, up 16% year-on-year, while EBITDA margins remained stable at 12.3%.

Profit after tax for FY26 was ₹412 crore, reflecting a growth of 18% over financial year '25. Now coming to the revenue mix, for quarter four FY26, the geographical revenue mix comprised 94% domestic and 6% international revenue.

Sector-wise, the power segment contributed 57% of revenue, while non-power segment contributed remaining 43%. For financial year '26, the geographical mix was 95% domestic and 5% international.

The power sector contributed 64% of revenues, while non-power sector accounted for 36%, reflected a continued diversification of our business portfolio. From order inflow perspective, the company secured orders worth of approximately ₹7,210 crore during FY26, achieving around 72% of the annual target.

The shortfall was primarily attributable to the cancellation of battery energy storage system order worth of ₹1,563 crore by West Bengal State Electricity Department. During the year, we secured several large and strategic orders across EPC, O&M, civil, and ETC business.

A key highlight was the award of a large BOP EPC package for the 800 MW Singareni thermal project from BHEL. This project marks an important milestone in expanding our capabilities from the execution packages to integrated EPC delivery in BOP systems.

The company also entered a new business vertical through Mumbai Monorail O&M contract, marking our presence in the metro rail operations and maintenance space. Looking ahead to FY27, the company is targeting order inflow of around ₹12,000 crore with a strategic focus on expanding our BOP EPC portfolio and securing new O&M contracts.

The total order backlog including MDO contracts stands at approximately ₹55,151 crore. Excluding MDO order, the executable order book stands at around ₹15,899 crore.

This provides a strong multi-year revenue visibility across power, civil, EPC, and O&M business. We continue to see a strong order pipeline across thermal power, balance of plant systems, civil infrastructure, railways, and energy transition-related projects.

The financial parameters, the company's operating cash flow improved significantly during FY26, increasing from ₹74 lakh in FY25 to ₹430 crore in FY26, primarily driven by the improved realization of receivables during the year. This is expected to further strengthen our operating cash flow and reduce the dependence on working capital borrowings going forward.

Gross and net debt levels remains well controlled despite delays in certification of water division bills. As on 31st March 2026, gross debt was ₹622 crore, while net debt was ₹163 crore.

The debt-equity ratio as on the same date remained comfortable at 0.32 times. In summary, we are pleased with the progress achieved during quarter four and financial year '26.

Our diversified order book, strong execution capabilities, and strategic focus on high-value projects continue to position the company for sustained long-term growth. There is a clear visibility of growth till financial year '30.

Our focus remains on increasing the share of high-margin recurring business to ensure the stable growth in both top line and profitability. At the same time, the global macroeconomic environment continues to remain volatile, with potential disruptions arising from supply shortages, inflationary pressures, interest rate movements, and other external shocks.

Accordingly, we are strengthening our operational and financial preparedness to remain resilient and agile to navigating such uncertainties. With strong order pipeline and execution momentum across businesses, we remain confident of delivering on our growth objectives and creating a long-term value for all stakeholders.

With this, I now request Mr. Ramaiah garu to share key business developments and the outlook for the coming periods.

Thanks, Aravind, for your all the important numbers and the growth story. Thanks for your participants.

I think we should be still be very bullish and positive on the total outlook for the company, looking at the growth which is happening. Of course, there can be a lot of new initiatives like what we had taken in the BESS and then there was a issue with the West Bengal Electricity Board and then it was had to be cancelled, otherwise we would have numbers would have been much better in the order backlog.

Overall, if you look at the total order backlog has gone up by 10.5% for the current year from ₹14,387 crores last year to ₹15,898 crores. The three growth areas have been to be in the power sector.

That is mainly because of the bullish investments which is happening in a substantial way in all the segments of the power sector, particularly in the new thermal business, both with the public sector utilities and also the private sector like Adani, and recently JSW also have joined and then others other players also expected to kick in. Therefore, that is the basis on which we are continue to focus on that.

The mechanical business had a slight dip. Of course, if you take the EPC portion is the installation, it can it can be still okay.

Then the civil side also, but the major growth came out with the O&M sector, about 8%. This this one like solar is a new entity we have entered, about a 16 MW plant in in Bihar.

These are the new entities. What is the key aspect is the foray we have made into the engineering project construction, that too in the balance of plant, that is synergizing our expertise in the service side.

That means we have got a strong background in doing the civil works, structural works, mechanical works, and also commissioning support works. That has helped us to take up the 40% of the value addition in-house working, 60% to be managed by engineering and procurement from the key parties.

Overall, the company is quite confident of executing this an important job. This allows us also to enter into similar type of jobs in future with a better value addition in similar projects which are expected based on the present tendering practice by BHEL.

Then the domestic domestic scene is to be continues to be the positive, more of more of the orders coming in the domestic sector. Then power sector, the backlog of the order is about 70% and non-power is about 30%.

That is on the overall numbers. The key aspect of the business is continues to be, in the case of power sector if you look at it, I think we continue to remain positive on that.

Actually, government's initial plan of 80 GW, 80,000 MW, can go up to nearly 100 GW in the coal-based power plants. We have seen recently certain trends about the increased solar power, it has gone up 150 GW, and it may solar may go up to more than 300 GW.

That can bring in a lot of grid imbalance, and that's why the necessity of managing the grid, it needs more thermal power in the night operations and day-night operation practices. Now the new players are also coming.

JSW is coming in new plants coming up in Salboni and then Odisha. Adani has taken substantial initiatives, and then perhaps their overall plan is to triple their capacity from 17,000 MW to more than 45, to 50,000 MW in the overall this one.

They have done substantial ordering, about 16,000 MW as on today. NTPC has done the other major ordering, about 112,500 MW.

Apart from the other players like Damodar Valley Corporation, NLC, then Singareni, and then Gujarat State Electricity Company Limited, and then Chhattisgarh, and then MP Genco also. Therefore, the expectation is that the present opportunities what has been ordered, that comes to substantially about nearly ₹2.8 lakh crores in terms of the direct ordering done by BHEL, L&T, etc.

on the major packages. That will translate into a reasonable opportunity for us, about ₹60,000 crores in various segments like installation business, civil business, structural works, and then balance of plant some packages and all.

That is what we are banking upon. That is how we have seen recently the major orders also flowing from primarily from Adani side.

About we are actually working in about four major projects in Adani in Mahan Phase 2 and Phase 3, Mirzapur Phase 1, and Raipur, totally 6,400 MW, and ongoing projects valued about ₹3,166 crores. Then BHEL is there, and then apart from the one nuclear project we have taken Kaiga civil works for ₹563 crores, 2 into 700 MW.

Rest of the thermal plants, about 7,000 MW, nearly around the ₹2,200 crores. Then if we add the recent addition of the Singareni, about ₹2,550 crores, the total BHEL various packages and orders will be about ₹4,700 crores.

Therefore, these are the two major players in which we are continue to focus it. Only thing, how much is the additional order will flow from the balance ordering to be done, and then the packaging to be done by Adani, then potentially JSW Salboni, and then in they're putting up a plant in Assam also, 4 into 800 MW.

That we are discussing with them. O&M is going to be a continues to be a interesting opportunity for us, and that is a margin-driven.

Then new opportunities are being followed up in BALCO and also in Butibori with Reliance Enfras and other projects. Then recently, we have taken a job in Hindustan Zinc Limited also in continuation with the earlier order for the Hindustan Zinc captive power plants, 91 MW.

Therefore, about 4,100 MW of ordering has been taken up in the O&M in the last in the previous year. Then looking at the commissioning program and the aspects what should happen in terms of the commissioning in the coming years, if we take the average 8 to 10,000 MW of ordering, perhaps the two areas our business, that is installation business, then the civil works, and the third area which is important is the O&M, long-term O&M, that should give bring us a lot of results in terms of balance ordering and other things.

Apart from that, company is very much focused, recently major breakthrough had been in entering into O&M business in the metro sector. ₹279 crores we have taken up in this one light railway in Bombay, that is 15 stations work of doing the That is a major technological breakthrough for us in terms of the operation, maintenance practices.

Today, we have seen about 950 km of railways metro routes are there and is going to double up it to 2,000 km. That should help in you know the this initiative should help in terms of the outsourcing of the O&M and the operation of the metro works.

That should be a new opportunity which we should follow up in the future also, apart from the traditional power sector and to some and some of the areas in the non-power sector also. Then coming to the major opportunities what we are planning is in the current year, there is a reasonable opportunity basket available.

We have identified about ₹70,000 crores of opportunities in terms of what is visible in the various sectors: in the power sector, non-power sector, infra works, then O&M services, metro maintenance, and then EPC works, etc. That that we are being keeping a track of it.

Of course, the order order booking plan we have based on the opportunity available, we hope to get about ₹12,000 crores as the you know ₹12,000 crores is the more this one we have kept it for the current year. We we we continue to follow this all this opportunities, and a clear tracking has been done about the ₹70,000 crores of opportunities in all the sectors.

Another important development is the NMDC is coming with a lot of investments. Perhaps their plan is to check up their existing capacity of 60 million tons to nearly 110 million tons by 50 million tons, and that needs an investment of about ₹70,000 crores.

We had recently done one bidding project bidding for the BOT projects for a 5 million ton capacity mine site handling facilities. That has to be seen the outcome of it, what they are going through and all based on the price levels and other things.

Then new EPC tenders have come. We are we are tying up with ThyssenKrupp, the Pune.

They are one of the strongest technology partners in terms of the iron ore material handling and then process management this one. We will be their construction partner and we retain the lead.

About three couple of projects are there in NMDC worth about ₹8 to 10,000 crores. Then the other other aspects is that you know the non-power, roads investment continues to be there, railways is to be there.

Then non-power NMDC I told. Then the new visibility perhaps is a steel plant.

Recently, we had done some bidding work in the IISCO Burnpur, but our prices were a little bit higher than the other players, about ₹3,000 crores of opportunities. There is a new investments coming up in Bokaro steel plant and then Rourkela steel plant.

Apart from that, ArcelorMittal is planning to put up a 10 million ton capacity plant in near Anakapalli in Andhra Pradesh. Then JSW is planning a new plant up in Paradip, 10 million tons.

Of course, after some time they are planning to invest 25 million ton capacity in Gadchiroli near Nagpur. Therefore, we have got some exposure in undertaking the steel plant works also.

Earlier we have done in Dolvi, Bellary, and then JSPL Angul. We want to see how to leverage our existing experience, what we have achieved there, and also the similar works what we have done in the civil infrastructure and the installation works, whether we can take up in the the case of steel plants also.

Therefore, overall you know the investments will continue to be there in terms of the railways, highways, metro expansion, power sector I told you 100 GW nearly, and other sectors also. Then O&M some opportunities we're following it up in the Middle East also.

Now lot of about 1,500 head count is deployed in the Middle East to do about nearly ₹300, ₹350 crores of jobs. We have taken a major O&M job for the captive power plant in Nigeria also.

Now there are some inquiries coming from Senegal and then Liberia, then Nigeria, and also some of the African countries. Therefore, we have to see how to expand these opportunities in all these sectors.

Therefore, from that perspective the overall opportunity available, we feel reasonably that the ₹12,000 crores of this one what we have kept as a our this one current year target could be possible, and we will try to do that as much as possible on that. Thank you.

Okay.

Good morning and thanks for the opportunity. My first question is on this, sir, on the order inflow.

I think last year we're guided for ₹10,000 crore order inflow and we think there's a substantial miss, right? Can you please explain is it that you saw a lot of order which finalization got postponed in Q4?

Is that the reason of the miss, and do you expect tenders to get finalized in fiscal year '27? Fiscal year '27 should be a better year in terms of order inflow?

Also a color on the order inflow opportunity for the thermal BOP for fiscal '27.

Yeah. I think as far as our interest was there, Adani we had been reasonably successful in getting many orders of their Mirzapur, Mahan, and then Raipur.

Of course, then new investments whatever there we are bidding with them also. Now, even though BHEL has got a lot of orders on the existing, but there some packaging philosophy they have changed it, and that we are watching it.

Of course, on the BOP side, we are going to bid for two, three projects, that is about ₹15,000 crores. Our aim is to get one more BOP in the current year.

On that a strong team has been established with some experienced people from BHEL also and with the present experience what we're gaining in Singareni. Then our in-house expertise in the execution, that should help us to be competitive.

We are getting qualified also in these BOP main projects. On the main installation side, we are quite positive on Adani and then JSW.

Then BHEL is a question of how much is the competitive levels we can work on the pricing because of the packaging philosophy they may follow, because they also want to see how much competitive they can get the pricing for the market to fit their budgets and all. We are having a long association with BHEL and they value our association and also our execution capability.

Therefore, that should still come into our help when we focus on that. Therefore, I will again come back to the opportunity levels available, about ₹70,000 crores which have been identified opportunities.

That should be the basis on which we can look at it. O&M we are discussing a major job in BALCO around ₹1,500 crores, another ₹700 crores of opportunity Butibori 2 into 300 MW, that also we are discussing on the O&M side.

Then with the new plants coming up in the O&M side, that is commissioning completion, perhaps progress should be there on the O&M side also. Then the new initiative we have taken in terms of the mine site facilities because there is a lot of focus on mine site investments and then as a policy by the government, both in the iron ore side and the coal side, they want to avoid this transportation by road and they want to mechanize the entire system right from the mine site to the delivery side.

We have developed some expertise based on the work we have recently getting completed in Kurmitar. That was in association with Adani's job.

That was a small, about ₹200 crores, in association with ThyssenKrupp. That expertise should help us to bid for all these projects, and we are fully qualified for couple of tenders there in NMDC.

That is an area we have to see how we can be successful as a new initiative. Therefore, from that point of view, I can only say that let us expect that the opportunities what we are tracking should fructify.

Understood, sir. My second question is on the mine side.

What kind of volumes one can expect in both the mines separately for FY27 and FY28, given that both the mines are now operational?

KBP mine November started production, and ramping up happened. Last till March, we did around ₹248 crore revenue.

In Sail project, we did around ₹106 crore revenue during the FY26. This will scale up.

The KBP mine, their off-take is now beyond the contract capacity they are lifting. So ₹350 crore we are projecting for the FY27 and ₹500 crore for FY28 from KBP.

Tasra, our washery project is undergoing, and by December we'll complete our entire washery. Maybe Q4 mid of Q4 will start our production and ramping up the production from the Tasra mine.

We may expect ₹150 crore from FY27, and it will ramp up to ₹750 crore by FY28. So

6%

to 7% growth will be there for next year, and from 7% will jump to 13% overall revenue in a revenue component. It will jump 16% jump 6% jump will be there on the revenue.

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

Thank you.

Good morning, sir. I understand we missed the order inflow guidances and revenue guidances, but we are able to meet the revised revenue guidances this year.

I see a lot of challenges in MDO segment of the business. Management is seeming quite confident for achieving the 2027 guidances and '28.

Is there any underlying change in micro-level or business-level or initiatives from the company from which we are seeming this confident on achieving the '27 and '28 numbers?

In FY26, basically we projected around ₹6,500 crore, and there is a shortfall mainly on account of the water division. There is a delay in certification of bills.

Otherwise, we almost against ₹700 crore shortfall, we our shortfall was only ₹400 crore ₹450 crore shortfall. More or less with that, we achieved more than the what projected in other divisions.

For the FY27, we are confident of achieving we are projecting around 21% growth for the current '27 estimate, we are projecting 21% growth. We are confident of achieving that, and even the MDO ramp-up is happening.

We are more focus on the high-margin O&M business. This year, we are expecting more O&M orders, high-value orders in O&M division also.

EPC is also we just started last year, and we are expecting more revenue from the EPC business. We are confident of achieving the projected number of 21% growth, sir.

Thank you. For second question, are we facing any labor side shortages or labor problems?

No, labor shortage is always there, and we are always recruiting the people and training on our side. We are managing.

We are the largest service provider in terms of erection business and O&M side. Major opportunities are there with us, attrition is there, but we are maintaining with the new people, and we are managing requirements.

Thank you. Thank you, sir.

That answers my question.

Hello?

Okay. Sir, my question is more on the raw materials inflation that the industry is witnessing as a whole due to the West Asia ongoing war.

I wanted to understand from our current order book, what percentage of the order book is insulated partially or fully with any escalation clause in place, and for the part that is not insulated, what is our strategy going forward?

Sir, our international order book we are only doing O&M services, which is consist of 1.2%, 1.5% overall order. There is no much impact on the war on our O&M business.

In fact, if you compare my FY25 to FY26, my revenue has grown up from ₹292, it is increased to ₹327 during the current year. As such, there is no impact.

In fact, we may get more opportunity in terms of construction side. A lot of plants are under dismantle, and we may get good opportunities in O&M in erection business.

Moreover, I think most of our major works we are doing in Nigeria O&M, nearly ₹100 crores job, that is a long-term contract. Then some inquiries are also coming in the West Africa.

Let us see, because our registration jobs which we had a substantial presence, that has practically come down. We are only doing the need-based O&M jobs, manpower supply, and that is okay with the better margins and all.

I hope war also will not last.

We are doing majorly O&M business, we're not into the erection. There is no impact of international any raw material prices impact is not there.

Domestically, actually there is an increase in the pricing, and at the same time we are covered with the escalation. For every contract, we are carrying that escalation value.

We may get the reimbursement from the clients.

My question more was on the civil works side of it, right? On the power projects, if any on the domestic side, because there are other EPC players who are facing it as of now.

The question was more on that line.

EPC, there will be impact, sir. Steel and cement prices have increased.

Diesel price has increased. To that extent, PVC is covered through our contract arrangements, we'll get the reimbursement from the clients to the extent of that change in the PVC.

How should we, sir, look at our margins then for the upcoming year on the standalone side of the business if you could for the entire year

if you could? Standalone level, there is a marginal pressure because of the water division certification delays are there.

Whereas this year we are expecting the central government release their funds, we are expecting because of the additional overhead, the margins constraint is there in the water division. We're hoping that the funds release will rectify this problem and the certification will generate more margins.

For FY27, overall margins because of our O&M revenue mix is increasing and EPC division revenue is increasing, the margin profile will improve. MDO business is also increasing in the total top line and bottom line.

We are hoping that this time we'll touch EBITDA of 12.5%. Including other income, we may touch around 12.5%.

There may be a jump of 0.25 to 0.3% jump in the EBITDA.

Okay. How should we, sir, if you could share it, how should we look at the margins for the two MDO projects?

Sorry?

How should we look at the margins for the two MDO contracts that we have got?

MDO just started the production, sir, only when we reach the peak rate capacity, we will touch the blended together around 20% average EBITDA. At this moment, 15% to 16% we can take the average EBITDA margin we are generating on this MDO.

Sir. Sir.

That's all from my side. Thank you.

Hello?

Hi.

Yeah. Hello, sir.

Am I audible?

Yes.

Yes, sir. Thank you very much, sir, for this opportunity.

Sir, I just wanted to understand the MDO. We are targeting from MDO FY27 ₹500 crores kind of a revenue and FY28 ₹1,250 crores.

Is that right understanding?

Yes, sir.

Okay. How should one look at then margin trajectory in MDO?

FY27 and FY28?

It will reach every year 1% jump in the MDO revenue, because when we reach the peak rate capacity by '29, '30, both the plant we'll reach the PRC by 20 '29 in one project and 2030 another project. By that time, we'll touch 20%.

So 15% to 20%, every year 1% jump will be there.

15% to 20%? Sir, I did not follow.

Every year 1, 1.5% jump will be there depends on the volume.

Every year. How much was the margins in FY26?

It's a 15% roughly. We achieved higher side because KBP we received March month itself we did around ₹117 crore revenue.

Which is a bigger number. Every month we should do 40, but this month March month we ramped up the production.

The initial OB removal will be very less. When we go deep into the pit, you will get more OB removal.

Your cost also will increase for the production. Average we can take 15% to 16%, sir.

Okay. This 15% EBITDA margin, 15% to 16% was at ₹354 crores kind of a revenue, right?

We did in FY26?

Yeah. At going forward, 500 also you can take 16%.

In FY27 also, a 16% is more?

Year-on-year, because of the ramping up production happens and at the same time we'll get a production overhead adjustment, 1% jump you can take from 15% to 16%, 16% to 17%. By peak rate, by 2030, we can touch 20%, 21%.

Okay. Understood.

In FY27, in the order inflow outlook we have, what sort of order inflow we might be targeting?

We are targeting ₹12,000 crore, sir. This year, we are majorly targeting BOP, one or two projects of BOP EPC, and major MDO projects O&M projects we are targeting.

Okay. What's our CapEx plan for this year, FY27?

CapEx, we are doing washery as of now, and we'll complete the washery activity. Around ₹400 crore capacity will be added by FY27.

In SPV, another 400 for Tasra washery, Tasra coal handling plant and railway sliding is added in the SPV books. At Power Mech level, only 400 will be the addition to the CapEx.

Without any debt, we are adding that ₹400 crore CapEx.

Understood. What's our export mix right now?

What, sorry?

Export mix.

This is 4% of the revenue.

Okay. Because of this global macro scenario, are we facing any issue in terms of our business?

We are only doing O&M services majorly, sir. There is no disruption so far, and all the plants are running wherever we are supplying the manpower.

As such, there is no issue as of now. All are running, sir.

Okay. Because of commodity prices have been quite volatile, right?

Is that also

Volatile is there, and it have impact on the domestic business than the international, because international we are supplying only O&M manpower. In construction is there only in domestic.

There is increase in the prices of material and contract execution expenses have increased. To the extent, we have a PVC factor is already factored in the agreements, we'll get the reimbursement from the client on the escalated values.

Okay. We are able to pass on the cost increase, right?

Yes. Yes, sir.

Okay. That's very helpful, sir.

That's it from my side. All the very best.

Thank you.

Hello, good morning. Am I audible, sir?

Yes, sir.

My question was, is the government going for the coal gasification. Do we have a scope there?

Because GAIL and Adani Group is also there in coal gasification. Do we see business opportunity, and what with the amount, sir?

You see, the recent information, we're also tracking it. Government has planned an initial investment of ₹37,500 crores, because looking at the import dependency of the fossil fuels, particularly petrol, LNG, and other things, coal gasification is an alternative.

Of course, the pilot projects have been launched with a group of companies like BHEL as their technology provider and then along with Coal India and all those things. Then, of course, this is a very much in the initial stages and the investment size what we are looking at ₹37,500, government has planned.

I think that should happen. The only thing, we are also trying to start tracking these investments.

First, we have to look for the technology partners, because as a similar job what we can take it up. As a developer and owner, that can be a second option.

First option is to enter the work in terms of a traditional work what we can do in installation, service business, and then undertaking the complete plant construction. That should be a possibility with our qualification.

This is already in our thinking, but let the investment it should take some time. It is a thinking and allocation.

Then there should be developers and owners and plant developers who has to invest it. Then the engineering aspect has to be firmed up and the investment has to flow.

Then, perhaps it'll happen. Maybe we will expect maybe down the line six months or one year it can start.

Hello.

Yeah. I think his line got disconnected.

you got it?

Thank you for giving me the opportunity. Sir, my first question is in terms of the demand from private CapEx.

Are we seeing demand from thermal CapEx apart from thermal, where are we seeing major demand, from which sectors? Yeah.

No,

yes, madam. I agree.

I told you mining side a lot of investments are coming, particularly from Coal India. Of course, on the mining side we have taken up all the two jobs which is on the progress.

Another development I brought out was on the NMDC investment of ₹70,000 crores for their mining capacity expansion by 50 million tons for all their mines in Bellary and then in Chhattisgarh. Therefore, an opportunity of ₹10,000 crores has come.

We are trying to work with ThyssenKrupp to jointly bid with the in those tenders. That is a major thing.

Then there can be other opportunities in the case of steel also, I told you. Steel sector, the total capital investment planned in the next 5, 6 years is about ₹10 lakh crores.

Of course, they are all big projects. JSW is planning, then ArcelorMittal is planning, Steel Authority is planning it.

We have started a initial bidding, but in the case of IISCO Burnpur, we're not successful there. We'll keep our efforts there in the future opportunities which can come up.

Now ArcelorMittal is going to put up the plant in near Vizag. JSW, we are in touch with them because we have done the work for them in Dolvi and Bellary for their expansion coming up in Odisha.

Therefore, these are the areas we can certainly look at it.

Apart from what Ramaiah sir said, another area is the railways where we are looking at the new broad gauge lines works

and the O&M.

even the erection construction of new lines we are looking at. Road projects are also there, but of course there is an unhealthy competition is there in roadside.

If any good opportunity is there, roadside also we'll look at it.

The new thing what we got the breakthrough in the metro O&M, we have taken the job ₹279 crores in Bombay. That is a beginning.

I already told you about that it can be a huge opportunity which can be there for the changeover from the present system operation maintenance to outsourcing by the metro companies.

Got it. Also in terms of client concentration, how much would BHEL and Adani form for our total order book?

As I told you, Adani we are doing 6,400 MW. The total order about ₹3,200 crores.

Then BHEL, we are doing about 7,000 7,000 MW on thermal and 1,400 MW in nuclear. That comes to and then BOP project, that comes to ₹4,700 crores.

Got it. Are we facing any working capital issues considering price cost prices increase?

Do we have escalation clauses in place for these orders? Yes, ma'am.

We are having PVC clauses which we are claiming in every bill are based on the indices we are claiming the bills. Advances are also they are giving.

Mobilization advances, there is no much of working capital issues in terms of running this project, ma'am. Okay.

In terms of the water project issue which you were mentioning, just wanted to know what is the order size for that contract?

Balance is around ₹900 crore of order we have to execute, ma'am. Last one year, we stopped doing the work, and only we are concentrating on the near-to-completion projects where we completed 75%, 80%.

That project only we completed and we brought this major projects into the O&M phase. For O&M, we are getting monthly fixed revenue as per the state government funding.

They are releasing that fund for the O&M revenue. Almost 500 schemes which we are targeting by June, we have to bring everything into the O&M.

Out of that, so far we did around 300-plus of schemes we moved to the O&M. Based on the central government allocation of funds, then probably we'll restart this balance work of ₹900 crore.

The movement last year also, state government level side they have released the fund. We have realized almost ₹231 crore during the last FY26.

Further, we need to get the certification for ₹128 crore of work in progress, and another ₹90 crore of receivable we have to realize from the client.

Could you help me with the total amount for the work we have done and the amount not received yet?

Not received is ₹90 crore, ma'am, against the ₹2,700 crore of order value. ₹1,800 crore worth of work we have executed.

We have received entire money except the ₹90 crore of receivable, and ₹128 bills are yet to work done and spending for certification. It's around ₹200 crore out of that, ₹200 crore is the overall pending in the balance sheet.

Got it. This is included in our order book numbers,

the It is there in the overall closing order value. 55,000, it is included ₹900 crore value.

We can remove ₹900 crores? ₹900 100

₹200 is already WIP is there. The remaining ₹700 is we have to execute.

Got it. Now, are we taking any further water projects or something?

As of now, we are not showing interest, ma'am, because we are getting more power orders. We are concentrating more on the power and O&M business.

Till 2030, this is the major requirement, we're concentrating more on this. The water division Jal Jeevan Mission schemes are now stuck because of central government holding funds, we are concentrating on the regular business.

Got it. In terms of railway, I think last couple of years there has been incrementally very high competition and margins were compromised.

What part of railway are we excited about?

We are actually not doing the regular civil kind of works now. We are taking the combination of overhead electrification, signaling telecommunication, and civil together as a package.

That the competition is very less because the technical eligibility may not be there for the regular civil kind of people. We are targeting only those mix of both civil and technical qualification requirement projects only we are targeting.

How much is this in our order book, railway, and how much have we done?

₹700 crore is there,

ma'am. ₹700 crores, okay.

Just for a broader guidance perspective, since we saw ₹7,200 crores of order inflow this year, are we on place to see ₹10,000 crores for the next year? The West Bengal order which we did not get, is it a re-tender or somebody else received it?

They will again recalling the tender, ma'am. This year, we may look at that at BESS.

Moreover, some of the projects are L1. In one Bangalore Metro, we received L1, and Monorail also we received L1 in March.

Then L1 we received in April. L1 in March, but LOI received in the month of April.

Our guidance at 10,000 almost is nearer to that 10,000, but unfortunately because of this cancellation, it shortfall happened.

We are on track to have ₹10,000-odd crores of order intake for this year, right?

Yes.

The current order book which we have excluding MDO, what would be the average tenure of the order in

All our orders, two to three years. Between two and a half years, you can take average order execution time, ma'am.

For every year, we are doing 40% execution on opening order value. The two and a half years, you can assume the average order size.

Right. Also for now on the MDO side, when is our coal washery getting commissioned?

Almost all materials already reached the site, and erection works are already started. By December, we'll be ready with our washery, ma'am.

We'll do the testing and we'll be ready with our washery. From Q4 onwards, we will do the washed coal.

We'll supply washed to the SAIL.

Just to revisit, this for FY27, you said ₹450-odd crore, 300 plus 150. Next, FY28 will be 500 plus ₹750 crores, right?

No, 350 plus 150, ma'am. ₹500 crore for FY27.

KBP mine 350 and SAIL 1 150 crore.

Could you repeat your voice? We are being confused.

KBP mine we will do ₹350 crore. Tasra, SAIL mine, we will do ₹150 crore for FY27.

Got it. Total 450, right?

500, ma'am.

Yes, fine. Thank you so much.

Hi, sir. Sir, first question is that you have highlighted some labor code provision in Q4 that has impacted the margin.

Can you give details about the exact amount?

Around ₹4.5 crore, we created a provision for the increase in that earlier we followed the 40% basic, now it's increased to the 50% level. There is incremental gratuity increase.

That we created a provision for the entire year impact.

Sir. Sir, on the nuclear side, we have already received one project.

Are we seeing any further opportunities there? How are the discussions going with some of the clients?

I think we have already taken in Kaiga ₹563 crore civil works, that is in progress, that is 2 into 700 MW. As we know, policy making by government is bullish on the nuclear side.

We have got 8,800 MW of installation. Their plan is to make it 100 MW 100 GW, 1 lakh 1 lakh MW.

That is a very tall task, but it needs a lot of supply chain management, engineering, and technology and then operation maintenance. We are looking at it, and now the small modular reactors, SMRs, coming at 200 MW, 250 MW, that is to be there.

Then we have seen recently the American team is there in India to discuss their association with nuclear supply chain. Because there are on the nuclear side, there are two aspects briefly.

One is the off-site facilities, another is the reactor site facilities. Reactor site facilities is very different in terms of quality.

Off-site facilities are similar like what we do in a power plant, like turbine package, turbine island, and then cooling water system, and activities of piping. We will watch carefully and see, because nuclear power installation has got its own issues in terms of challenges, and that we have to slowly master it.

Ultimately, we have to enter there.

Thank you.

Hi, good morning. Am I audible?

Sir. Firstly, congratulations on the decent set of numbers.

Sir, my question revolves around the so that what we've seen is a lot of infra capabilities have been kind of vanished from the due to the war. Are we seeing any erection or maybe ETC or EPC kind of a opportunity in that sense, and what could be the opportunity size from that market?

Which one?

Middle East. Middle East opportunity?

Middle East, as we explained, about ₹300 crores ongoing jobs, mainly in the maintenance, manpower supply. Then some jobs we are doing in West Africa, that is there.

At present, our focus is on providing purely manpower supplies for the operation maintenance and then shutdown jobs, etc. Now as far as the installation jobs and then major jobs in construction, that we have got a strong reference there in combined cycle gas-based plants about nearly 7,000 MW.

That will be there, but let us wait for the war to end and then the fresh investments should come up. There can be a lot of opportunities there.

We're there already. We have got an organization set up in Dubai and then in West Africa.

We'll be there to see how to take it.

Sir. Sir, the second question is that you mentioned that the market size for your power business is around ₹60 to ₹70,000 crore.

In that sense, how much are we trying to bid over there and what is our bid-win ratio over there? No,

we have to see what is the hit ratio there. When the competition is there, we have to see the factor of the competition and then the customer's interest in the contractors.

Like Adani, they will prefer it, it is a different matter. JSW, perhaps they can have a choice being a private sector.

All the government jobs, we have to see how the competition be there. Therefore, the general size is that our previous record is we have been bidding ₹40 to ₹50,000 crores of opportunities for hitting.

Therefore, the hit ratio can be somewhere about 15%. That is how it is.

That's why this year, because of the new opportunities and new areas of the business and then mining side, metal side, and then power sector more investments coming up, and also in some of the infrastructure side, ongoing jobs in railways and roads, we are kept a target of ₹12,000 crores. That with that, we have kept opportunities identified about ₹70,000 crores.

Sir, if I've heard it correct, you said that ₹70,000 crore is the opportunity size for which you will bid for around ₹40, ₹50,000 crores, and the hit ratio could be around 15%, right?

That should be there, correct.

Okay. Sir, and the third part is on the labor.

Like what we have seen is that the kind of labor availability, it's kind of a challenge right now. What are we seeing, what is the ground reality when it comes to labor?

What is the kind of a price increase that has been there in the labor cost, and when do we see the availability of labor coming back to on the fields?

Now ultimately, I think the developments in West Bengal. That is where a lot of labor comes, particularly the civil labor.

Hello?

Hello. Hello, yes, sir.

The civil part of the labor mostly comes from West Bengal, Odisha, and then some considerable labor is there from Jharkhand and Uttar Pradesh also. Therefore, as on today, if you look at it, our total head count has gone up more than 40,000.

It's nearly 70%, 75% is on the labor side. Then O&M, in that O&M is about 18,000.

In the case of O&M, we don't find any problem because they're all skill-based and then the semi-skill-based, and there is a secured job for the 5 years, 3 years like that, and the people are trained for that. Once they are there in that, we continue to employ them.

Then when the jobs get renewed, it will be continued and all. The challenge will be in the construction side and the civil side and then installation side.

That way, so far we have been managing it, and that is how we are able to meet our physical targets also. The new jobs what we are coming, certainly some more increase are required.

What we can say based on the record of Power Mech, we have reasonably jacked up the manpower requirements meeting the schedules and contractual requirements. Far, there was no major shortfall of any labor in executing the jobs.

Okay. Sir.

Sir, one last question that you mentioned for the order inflow target for FY27 is around ₹12,000-odd crores. For FY28, what would be the target look like?

Maybe in the same range, sir, ₹12,000 to ₹15,000 range. Depends on the opportunities available.

Sir. Sir.

Those were my questions. Thanks for answering those, and all the best for your future.

Thank you.

Hello, good morning, sir. Am I audible?

Yes.

Thank you for the opportunity, and congrats on a excellent set of numbers and the good guidance on order book. I just wanted to reconfirm one understanding.

I think in one of the comments you said we are expecting 20 21%, is that number for revenue growth or is that for order book growth?

That is revenue growth, sir, 21%.

Thank you, sir. That was the only clarification.

All the very best.

Just wanted to somewhere you have said that your growth in MDO operation, there would be a 7% jump in FY27 and a 13% jump in FY28 after the washery is put up.

If

the numbers that you gave where you have done ₹106 crores in FY26 and you are projecting ₹150 crores, that's almost a 50% jump.

The jump is in the percentage of revenue, I am saying, percentage of revenue, sir. The 7% of the total revenue.

Oh, okay. Okay.

7% and another 12% on the revenue component. Okay.

Secondly, in terms of growth, you have said around 21% growth would be for the coming year. In EBITDA, you had mentioned around

12.5%? A 0.2 to 0.3% jump will be there.

Okay. Can you share the EBITDA numbers?

Because you have given the mining EBITDA numbers to be around 15% to 16%. For your mechanical and civil, what would be your general EBITDA margins, and O&M?

See,

in O&M is around 15% to 16%, and remaining construction will always be less than 10%. Blended together as of now with other income, we are announcing at 12.3%.

Now the other income, because earlier I have a unutilized funds are there. I have a major interest income.

Now that consumption already happened. Now

going forward, we will generate around 12.5% for the coming year. Every year it may jump another 0.5% till we reach the PRC, which is in 2030 will touch 14%.

'31 will touch around 14.25%.

Okay. Just last question.

This is you had said for civil it is less than 10%. For mechanical also it will be around the same?

All erection, civil, everything you can take less than 8% to 10% level of margins.

Okay. Just one small bookkeeping question which in till last presentation, you had mentioned electricals as one of the business segment.

This time you are mentioning EPC. Is it the same or is it different?

No, no, it is a different business, because the actually earlier the transmission division actually we used to do the transmission erection of the lines and other thing. That business is over now.

In between, we have taken a railway work, and the team is doing that railway activity. We shifted that entire portfolio to the civil business, and we added a new line of activity of EPC business.

Okay. The electrical part is now covered in the civil work?

In infra, yeah.

Okay. Thank you very much, sir.

All the best for the next year.

Thank you.

Thank you for the opportunity. Sir, my first question is that in Q4 of FY26, our MDO revenues were ₹226 crores, is that right?

Correct.

Sir, for the full year FY27, we are guiding ₹500 crores when in this quarter we've done 226. Is there a lot of seasonality through the year, that's why that Q4 is so heavy?

No, actually the KBP mine as per the contractual capacity, it is a 0.4 million is the first year of operation we have to supply. The client accepted because there is a delay of project, they have taken higher capacity.

So 1.6 million we supply. We did November only we started the production, and December, January, up to February, we did around ₹40 crore of revenue.

March month, we scaled up the operation, and we did around 117 as exceptional. Year-on-year, we comfortable we can do 40 ₹40 to ₹50 crore of revenue going forward.

We we but in between rainy season will be there, so as a factoring all these condition and and the current year I have to do around 1.5 million tons as per the contractual capacity. Again, client constraints also will be there for no selling this material up to the outside market.

We are conservatively factoring this at a ₹350 level.

Okay. While you started late in the year, a lot of it was compensated in the month of March, which was higher volumes, but that's not the sustainable monthly run rate, and so full year it will be lower, right?

Actually, this is a entire land belongs to the forest department, and forest clearances and all there was delays in the forest clearances. Then after that, we have to do the tree cutting and a lot of pre-operative activities we have to do to bring this into the production.

OB removal started in April, and in between the rainy season started, and then we started production post rainy season, and November we started the production.

Got it. Sir, in the last call, which was in Feb '26, we'd said that by FY28 we can touch ₹1,800, ₹1,900 crores in the MDO space, but now we are saying it's ₹1,250 crores.

Where's the gap now, sir?

KBP mine, see the their washery is not ready from the CCL side, but even though it is not in our scope, but as per the contractual terms, our intention was to push the client to take the major material. The next year is 1.5 this year 1.5, next year is 3 million.

Our intention was to push the client to take the major higher side, higher off-take we are pushing him. If that happens, we can do the major business, but conservatively for the people I am giving at 350 level.

The SAIL project, we projected '28 will reach the PRC, but again ramping up of the production from zero to again 4 million ton in a single year is again a tough challenge. Conservatively, we projected 750, and FY29 we are projecting the full capacity in SAIL project.

Okay. At full capacity, it will be?

4 million tons in the SAIL

and

5 million is in KBP. The KBP will touch full capacity by '30, and full capacity '29 by the SAIL, because a lot of washery just newly constructed, and there will be the first year of operation we have to see the conditions of this washery and everything, then conservatively because of all these reasons we are factoring this at a conservatively at a lower value, but we can exceed that number.

Okay. Sir, in revenue terms, how will it be?

4 million and 5 million, how much does that translate in revenue crores in '29 and 2030?

Around ₹2,100 to ₹2,200, depends on the escalation value, sir.

Got it.

Yeah.

Sir. Thank you and all the best.

Thank you.

Thanks for your participation and very interesting questions. Of course, we continue to be bullish on our business opportunities.

The power sector investments growing, maybe another two, three years, and maybe five years we have got a clear outlook of its growth in the power sector. Then O&M is a business in which we sustain the profitability and then growth also.

Then we are tracking a lot of new investment, new plants coming up for O&M. Advanced stages of working in closing in some of the contracts there.

Therefore, O&M is a positive thing because of the annual commissioning can go up to eight six to 8,000 MW on a minimum side, and that should throw up a lot of opportunities. Then power sector, I said overall opportunity size about ₹60,000 crores, and considerable orders have been taken on that side by BHEL and then Adani particularly, and then JSW is coming up.

Then new investments which will come in power sector will continue to track it. Then the non-power sector, I said mining side facilities, we are taking an interest and we have done the bid for a one BOT type of projects, but the outcome is not known even though we are a position because the pricing issues.

Then the EPC type of jobs are also coming up, about three tenders about ₹10,000 crores in NMDC, and then steel plants non-power sector. Then O&M on the metro side we have discussed, that we have made a beginning in Bombay light metro, and that should open up lot more opportunities for increasing the O&M profile of the company.

Then in the export side, we look for the how the opportunity takes up on what is the situation improves in terms of the Middle East war. Then in the West Africa, we are trying to look at new territories in terms of Liberia, Senegal, apart from Nigeria.

We're having some discussions in the Africa side also for the new investments coming in many of the countries. Overall, I can say power sector will continue to drive the business with the order backlog of 70%, and that will be there in the next couple of years.

Our interest is to diversify more and more into similar jobs in steel sector, mining sector, and then preferably in other sectors which will come up, oil and gas, etc. Let us see.

That is how we have kept a target of ₹12,000 crores this year, and that should be reasonably possible with an opportunity size of nearly ₹70,000 crores for the current year. Thank you very much.