Thank you. Morning, everyone.

Now, let me start with giving the safe harbor statement. The presentation and the press release which we uploaded on our website and exchanges yesterday and discussions during the call today may have some forward-looking statements.

These statements consider the environment we see as of today and obviously carry a risk in terms of uncertainty because of which the actual results could be different and we do not undertake to update those statements periodically. Let me give you an overall assessment of Q3 and then I'll leave the floor open for questions.

Our assessment is that we are very frankly on a roll. Our performance in Q3 is completely in line in a steady and focused manner in all the points and the road map which we had identified when I had given my commentary at the end of H1.

Whether you take the first item in terms of maintaining one order a day, yes, we got 140-plus orders totaling to about 1,140 crores, an average of 1.5 orders a day. One export we said we'll target one export order a quarter, we've got two this quarter totaling to about 350 crores.

Targeting a 10,000 crore order book, yes, we are already moving ahead, we are at an all-time high of 9,262 and definitely the way Q4 is also going, we should be able to try and touch 10,000 by about Q1. Four, a continuous sequential growth, whether it's the operating revenue or the EBITDA, there's a sequential growth of about 10%.

Five, maintaining red lines of 20% EBITDA margins and 15% PAT margins, we are about 24% and 18%. Whether it is order inflow or execution of the young order book, as I said, we are on a roll and we are poised to definitely achieve what we had given a guidance of a double-digit growth on an FY to FY basis as we really step on the gas in Q4.

Those are my opening comments and I leave the floor open for specific questions.

Morning to the team and thanks for giving me the opportunity. I wanted to understand how your segmental performance, so, sir, you have seen that consultancy margin still is very healthy at 35.4%, but turnkey margin significantly lower at 1.3%.

As turnkey now constitutes 49% of the total order book, what structural changes are being made to ensure that overall consolidated PBT margin doesn't compress as this further scale up? This is my first question.

Yeah. As you see, we have a blended revenue mix, and as you correctly said, there are two extremes of the margin.

We also have an export and leasing stream of revenue which is somewhere midway. What we try and do now that we have a healthy order book which is a good mix of all the streams of revenue, we definitely lay down a strategy in every quarter and definitely on an H1 to H1 or complete FY basis that we push the levers on the mix of the orders.

We are executing today, as we speak, more than 700-plus live orders across the country and beyond. As I said, we definitely fine-tune that and iterate it continuously in the quarter so that the red lines of 20% EBITDA margins we are definitely able to maintain.

Okay. My second question is around your export segment.

Okay. Okay.

Hi, sir. Good morning.

Sir, my first question will be around the export margin, sir. On this quarter, we have seen as stated on the PPT, approximately 13.5% of margin you have highlighted.

Sir, my question is since we have now begin ramping up exports and we have seen the order inflow for exports as well, where do we see these margins stabilizing for export orders? Sir, also what kind of hindrances do you see going forward from here for our overall business?

In terms of export stream of revenue, you see, these orders, as I have highlighted earlier, most of these orders were on a global tender competitive basis. Bulk of these orders and also two major orders are on competitive basis in our last five decades the first time.

Definitely, the margins are tighter than the historical margins of export. The levels that you see now are now as the last two quarters, Q2 and Q3 export shipment and revenue booking has started, these are the levels of margin in this range it'll settle down on a quarterly or a half-yearly basis.

In terms of constraints in export business, it's not really a constraint. It is that now more and more we had realized this about two years back and revisited the entire export and international consultancy strategy that now for substantial growth in our RITES Videsh business, we have to get orders on a global competitive basis and not just rely on the Line of Credit funded projects.

In fact, we have ended quarter three with an all-time high order book of our international business which is at about 2,150 crores, which includes the export of about 1,700 crores and the other infrastructure consultancy and execution, etc. Our RITES Videsh, while it's not really a constraint, but, yes, that's a watch out which we will do to keep on trying to reinvent ourselves so that we get more and more international orders.

Sir, because of the exports order revenue booking, is it safe to assume that we'll see a significant top-line expansion in Q1 of FY '27 onwards?

Yes, for sure. Whether it is export or whether it is the turnkey orders, as I pointed out, bulk of our order, about 60% of our order book, nearly two-third, is very young.

It's about a year or so old. Whether these are the fresh export orders or fresh turnkey or even consultancy orders.

That's why the target that sequentially we will definitely continue growing in terms of top and bottom line. This is what we have seen Q3 versus Q2, and that trend will continue moving forward both in terms of top and bottom lines.

Sir. All the best.

Thank you.

Thank you.

with your question. Thanks for the opportunity.

I have one question regarding our export business only. As you mentioned, we are at 1,700 crore order book as of Q3.

I think last month we received $20 million order from Mozambique. That is not included in this order book.

It would be 1,900 crore approximately as of today.

Yes, very correct. This 1,700 is as of 31st December.

This order of about 180-odd crores has come in Q4 in January. That's not included in 1,700.

Okay. If I see so this 1,900 crore, let's say, what would be the execution timeline for this?

You mentioned that now since we are getting these orders through competitive bidding, so that earlier what we used to do, say, 25% kind of margin in export, now I think this 12% to 13% would be more sustainable. Is it fair to understand?

Yes, your assessment is very correct. In terms of timelines, you see, this is a mixture of locomotives and coaches orders, mix of different orders.

On an average, they have an execution timelines of about two to three years depending on locomotives. Sometimes have larger timeline.

On an average, I would say anything between two to three years, and you're correct that this is the level of margins which will stabilize over a period of time since most of them, including this most recent order of Mozambique which we got in Q4, that's also on a competitive basis.

In terms of turnkey projects, last year our revenue was 800-

I'll request you to come back in a queue for a follow-up.

Sure. No problem.

Thank you.

Yeah. Thanks for the opportunity.

Sir, you guided for closer to 15% PAT margin. Whereas if I look at the nine months number, we are closer to, say, upwards of 18%, 19%.

Is it that we are guiding conservatively or probably, we would see some margin deterioration going forward?

Morning, Shreyans. You see, the quarter three has given good margin because the mix in revenue, if you see carefully, it's more of consultancy and export vis-a-vis turnkey.

What I had said was that 15% is our red line in terms of PAT margins and 20% is our red line in terms of EBITDA margins. It'll be not really realistic to take one quarter to be an indicator.

Yes, definitely it will be above 15% and above 20% on an average six-monthly or an annual basis.

Got it, sir. Sir, how should we look at export contribution in FY '27?

Export, the good order book, it's now 1,700 as of 31st December, and another about 180-odd crores which we got this quarter, I mean in January. I think as I mentioned about two to three years execution time, you could see an average out.

Definitely, now there's no looking back every quarter. That gap that we had of about two years of literally zero pulling down the overall top and bottom line, now every quarter you would only see an upward swing.

Got it. I have a couple of more questions.

I'll join back in the queue. Thank you and all the best.

Thank you, Shreyans.

Hello. Hi, sir.

Congrats on a good quarter. Thanks for the opportunity.

One question on the order book side. We've seen that there's a big, big delta quarter over quarter if you look at competition and nomination.

I think it's jumped from 56% to 61%. Just curious is you can get some color on why the big jump and should we expect it to be this way?

Secondly, just some color on that what specific projects are we still getting under nomination considering the competition in the consultancy space is high?

You see, in fact, the fresh order inflow in competitive basis is literally more than two-third or roughly 70%-plus. That break up of 61% is basically the existing order book break up.

That is the break up of the order book of 61:39. In terms of fresh order inflow, it is literally about two-third or about 70%-odd.

Most of the orders we are getting, whether it is across sectors, that is domestic or international, including as I said this recent export order also, are all on competitive basis. By nomination would mean primarily maybe few orders which are there under, say, in some MoU or in terms of some agreement, either with some PSU or some central or state government.

That, too, primarily in terms of, let's say, our skill which has been there and working with them for long. Those are some of the agreements which we still manage to get it on nomination.

Primarily, I would say that most of our trend every quarter, the fresh inflow contribution of competition in fresh order inflow is getting higher.

Right. Would you say that the nomination orders that you're getting are significantly higher margin than your competition orders, or would there not be that big of a difference?

No, not really. In fact, to the contrary, what has happened now is that even the few orders that we are getting on nomination, because of the bulk of the orders and the margins being lower in competitive orders, even those clients are revisiting the nomination and the agreements, etc., and having hard-nosed negotiations to lower the margin.

That's why whether it's a competition or a nomination, the overall scenario is that now you have to work on a broad, higher competition, tough, lower margins kind of scenario.

Right, sir. Thank you.

I'll get back in the queue.

Thank you.

Sir. Thank you for the opportunity.

My question is you mentioned the word disruptive growth in the result. Can you give some color on that?

That's a very strong word to mention.

Yes, Viraj. We say it with a full sense of responsibility that FY '27 is going to be a year of disruptive growth.

You see, as you you've been watching and many of your colleagues and peers have been watching our performance, and every quarter the road map which we have been saying You see '23-'24, '24-'25 was a year of consolidation. It was the year of bottom growth.

The bottom of the barrel and then we consolidated, revisited, started getting orders. '25-'26, I had forecast, will be a year of growth vis-a-vis '24-'25.

We are aiming for a double-digit growth. Since, as you see, the order book has been an all-time high and growing steadily and these orders are now started generating revenue in every quarter sequentially, whether they are export orders or whether they are turnkey orders or consultancy orders, definitely they are poised now to extract the maximum from these orders.

That's why Q4, Q1 onwards even more. Q2, Q3 has been higher than Q2 in all parameters.

That's why we see FY '27 being pitched as a year of disruptive growth. I repeat that that is because that is in all parameters we see firing on all cylinders to be able to make good the slide that we had in especially in '24-'25.

Does it mean we'll be growing upwards of 20% in terms of revenue?

It may be premature and kind of speculative to give numbers right now, but definitely, you can see the way things are moving on all our order book, four streams of revenue, that we will definitely aspire to be not just a year of growth, but a year of disruptive growth. Sir,

the quality assurance business is back, sir? Can we assume that?

Yes, it's definitely back. It's coming back to the levels that it was where it was when we hit the bottom on '23-'24, where the competition had just kicked in.

This year, we are trying to, after a gap of 1.5 years, after revisiting and restructuring the entire business, we are coming back to that levels that when we got the bottom of the barrel in '23-'24.

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

Thank you.

Can you hear me?

Yeah. Morning, Parimal.

Go ahead. I can hear you.

Sir, I just want to know in REMCL business with Indian Railways electrification coming almost 99% completion, how do you see the business going ahead? Because I think they've reported good numbers in REMCL and for the first time, we have order book in REMCL.

Yes. Good thing about REMCL is that, yes, while it is definitely banking on the increased electrification and the increased traffic so, it is getting increased consultancy and that is contributing to the revenue and the profitability.

It's being doing very well, sequentially growing, YoY growing, operating at about 50%-plus PAT margins. The other thing is also that it has again finalized another 1,000 MW RTC tender which is a third one.

Now, we have done about 2,500 total, three tenders totally to 2,500. Each of these tenders that we finalize requires huge amount of effort and we get the consultancy fee from that.

That's another thing which got finalized in quarter three, a 1,000 MW RTC round-the-clock tender. Which also gave us consultancy fee.

REMCL is also now exploring and already started getting orders of consultancy in other streams of renewable energy, building up on its experience of 10-plus years. It is also now exploring avenues for international consultancy in renewables.

All the four fronts REMCL is growing. That's why you can see a growth in both the revenue, profitability, and the order book.

Sir,

this 120 crore is for consultancy part of the business of REMCL, which is

under bidding? Yes, it's a combination of all complete,

total. Thank you.

All the best.

Good morning, sir. Am I audible?

Yeah. Morning.

Go ahead. I can hear you.

Sir, I just wanted to know more about the competition in the consultancy segment. Is there any specific sector where we are facing a lot of competition or any sector which we have backed out to save margins?

You see, we have 13 different verticals, all areas of infrastructure except oil and natural gas. Each of these sectors have different levels of competition, different category and different types of competitors.

Some international, some domestic, some international competitors who have set up shop here. Definitely depending on the competition size, the the the levels of margins of competition are different in different verticals.

It's not that we have stepped out out of any of the verticals. We are getting orders in each of these verticals.

That's what gives us, we got 143 orders in quarter three at a strike rate of 1.5 orders per day. Yes, only thing that we are very clear is that we don't compromise beyond a point in our bidding to be able to, overall have very, very tight margins because as I said our overall blend we have targeted of keeping 20%-plus EBITDA margins.

Okay. Thank you, sir.

Good morning, sir. Can you hear me?

Yeah. Morning, Anand.

Go ahead. I can hear you.

Yeah. Sir, regarding the execution timeline of these export orders, first is the Mozambique order of locomotives and a couple of other orders from Nsoko Rail Holdings, African Rail Company, and Thales Logistics in South Africa.

Can you just tell me the status of the execution timeline of these orders?

Yes, Anand. As far as the Mozambique order is concerned, it was about 10 coach 10 locomotives, out of which two got shipped out in quarter two, two in quarter three.

That is the uniqueness of the export business that the revenue gets booked only when the shipping bill is made. Even if the locomotive is made, reaches the port, but we recognize the revenue when actually the shipping bill is made.

So, 2 plus 2, four have gone out of these 10. We are hoping and targeting that at least minimum of four more should definitely go in quarter four.

These are on track, and we should expect to complete the order of 10 locomotives ideally definitely latest by Q1, if not by end of Q4 or early Q1. The other orders are there, one is the most recent order of eight five locomotives which we got, that was a order from Mozambique.

The other orders which we have got, a series of orders, those are for the in-service locomotives, which is the in-service diesel locomotives, which are spare in Indian Railways due to electrification. We are converting them to the cape gauge, which is a smaller gauge in Africa, about 11 countries, and we have got orders, different orders totaling to about 30 locomotives.

It's an initiative. We have got the designs approved.

The manufacturing of the first two locomotives has started. Definitely we should be able to move them in the early FY of 2026-2027.

Once these two go and run the proving trials there, the production of the balance locomotives will be much quicker because these are the first two converted locomotives from broad gauge to cape gauge that will be shipped out.

You mentioned that expected to complete within FY '26 in your presentation in the previous quarter. Will you still stick to that timeline or

As I said, this is for the Mozambique 10 locomotives new order. We are still targeting, as I said, four have gone.

At least four more definitely in quarter four. The last two, because they go in lots of two.

The shipment happens in lots of two. Maybe we will try and pull it up to end of quarter four, but it may slide to quarter one latest in terms of actual shipment, etc.

I

was referring to the other export orders, the Nsoko Rail Holdings, African Rail, and Thales.

That's what I said. The order of 30 locomotives are different orders.

They are all in-service locomotives converted from broad gauge to cape gauge. The first two of those are under production and they will definitely be shipped out by early 2026-2027, the first quarter.

Once they reach there and they go through the proving trials, they run there and get the go-ahead from the African Railways, then the balance would be shipped out, subsequently the production will start.

I'll join back in the queue. Thank you.

Thank you. Thank you, Anand.

Sir. Thanks for the opportunity.

Sir, on our turnkey segment, I think we have been reporting both the order inflow and order book buildup is also there. In terms of execution, not seeing that similar sort of optimism.

Can you give some color where exactly things are? Where are the slow-moving orders which are impacting the execution out there?

Any color that you can provide, sir?

Yes, morning. You see, this turnkey order book of about 4,500 crores, about 65% of it is about a year now, year old.

As I had indicated in last H1, quarter two, that we these are now in the stages where all the designs have been approved, the execution agencies are in place, and the execution at the ground level will start, and we will see a sequential growth. That's what if you see Q3 vis-a-vis Q2, there's an upward tick of about 60 crores in turnkey execution.

Now, most of them, most of these are now in the situation where moving forward Q4 you will see definitely a double-digit uptick vis-a-vis Q3, etc. All of these turnkey orders, because most of these have a time frame of about three to four years, and by the end of first year onwards, by the, the 12 to 18-month period, that's when they actually start booking revenue in terms of actual physical execution and the revenue realization happening.

The the upward tick of about 60-odd crores has already happened Q3 vis-a-vis Q2, and every sequential quarter, there will be a substantial growth in contribution from the turnkey segment.

Sure, sir. That's helpful.

I think in the beginning you did mention good year in FY '27. Is it fair to say probably in terms of execution, it will start in quarter four onwards because you did mention turnkey will have a good number going forward and others are still following.

Is that fair to say quarter four onwards will have a decent jump in the revenue growth?"

Yes. Yes, definitely.

Quarter four, whether it is the export execution or the turnkey execution, quarter four we are poised to be much higher than quarter three so that our overall FY '26 is definitely on a double-digit aiming to have a double-digit growth in revenue vis-a-vis quarter vis-a-vis FY '26, FY '20 sorry, vis-a-vis FY '25. Definitely quarter four being more than quarter three, that gives us the confidence that sequentially this growth will see FY '27 being definitely of a much higher level of growth vis-a-vis FY '26.

Sure, sir. I think it is very helpful.

Thank you very much.

Thank you.

Yeah. Good morning, sir.

Thanks for the opportunity. Sir, if you see in nine months as far as export is concerned, we have done a revenue of 126 crores.

Now, sir, what would be our guidance for quarter four in terms of export revenue? Further, sir, once we ramp up this export revenue, can our margins will also be increased from 13.4% to 15% once or there will be some operating leverage benefit once we ramp up the export orders going forward?

In terms of quarter four revenue, you see, this nine-month revenue which has been there is about four locomotives, about 120-odd crores. As I said, definitely we will be able to ship out four more locomotives in quarter four.

At least a step-up of another about 120 crores minimum export revenue should be there in quarter four. We are also moving forward.

We will see the other locomotives and the Bangladesh coach order in the coming quarters in the coming FY should definitely start execution and contributing to revenue. As far as the margin question you asked regarding the export stream of revenue, especially which is around about 13%, this, as I have said, that most of these orders are on competitive basis and this is the broad range where on an annual or a half-yearly basis, the export margin would settle down.

A particular quarter may not be a right indication, but this is a broad range where on an average basis, the export margins would settle down.

Sir. That's all from my side, and all the

Thank you.

Hi, sir. Thanks for the opportunity again.

My question with respect to your turnkey business, clearly our execution has picked up this quarter and like you're saying, export as well. Curious is we will close somewhere around the 600, 650 mark this year, and if you could guide a range for the next year as well as with the EBIT margin, I think that would be great, sir.

Thank you.

In terms of turnkey, the indication what we are seeing in terms of execution of the 4,500 crore order book is that as you saw, we are aiming for at least a double-digit growth in turnkey in Q4 vis-a-vis Q3. We will try and touch the last year overall annual levels of turnkey contribution because you see, if you compare with last year, in certain quarters the turnkey revenues were high because those were the contribution from the earlier older orders.

Now, in Q3, Q4 onwards, the contribution of turnkey revenues from the new younger orders. On an annual basis, this would be the comparison.

Moving forward, Q4, Q1, and Q2, etc., every quarter the contribution from the turnkey segment should gradually definitely have a sequential we target about a sequential growth of about double digit. In terms of overall margin, yes, the turnkey has the lowest contribution margin.

As I said, then we strategically in every quarter plan the various execution of the various streams of revenue so that an overall mix of ideal margin of above 20% we are able to ensure.

Right. Just a quick follow-up on that.

I think last couple of quarters, since you've had a higher mix of consultancy, our margins have tended closer to the 23%, 24% mark than the guided range. Next year, since we see turnkey going back up, 20% is the number that we should take?

Yes, for sure. That's why I have been saying that on an annual basis, our red line is 20% EBITDA margins.

We will try and definitely maintain that on an half-yearly or an annual basis with balance between all streams of revenue: export, consultancy, turnkey, etc. Right.

Thank you, sir.

Thanks for the follow-up. Sir, my question is pertaining to our consultancy segment.

Typically, in terms of order book or revenues, it's largely in that 3% to 5% growth range. Any plans to scale this up, say at least what export orders are or probably in probably that 10% to 15% mark over next, say, two to three years?

How should one look at the consultancy segment in terms of order book and revenues?

Shreyans, you see in consultancy, that is the sector where the highest level of competition is there in terms of fresh order inflow. If I say that 70%-odd today is the ratio overall in our fresh order inflows in a competitive basis, the larger percentage is in terms of the consultancy orders.

That's why you see a smaller bump in terms of the revenue growth or the profitability, the actual profit growth. Having said that, since we are constantly trying to get more and more orders at a strike rate, as I said, of one-plus order a day, and the consultancy order book is growing.

Yes, you're correct that it is at a rate of about 5-odd percent, but definitely we are trying that and we feel that as we expand more and more including international orders, we've had number of bids in international orders also, we feel that we will aim to try and touch 10-odd percent in terms of growth in consultancy.

Got it. Got it, sir.

Sir, if I can just add one more question. To previous participant, you said next year we'll be giving out or rolling out a few export orders and the first batch would be on a trial basis.

What is the time lag between when we get the confirmation? What I'm trying to understand is could there be a case where they're taking more time and because of that our revenues from exports could be postponed towards FY '28?

Not really because strategically, the 1,700 crore order book that we have in export plus the 180-odd crore which we recently got in January, about 1,900-odd crore, that also has the Bangladesh coach order of about 900 crores, which definitely the shipment will start in the coming FY. It's a varied mix.

Plus this Mozambique order which we have got, this is of new locomotives, which is similar to the locomotives which we are currently exporting, the old order of 10 locomotives. There is a mix of all types of stock in our export order book.

We are definitely going to be able to not get bogged down by if by chance there is any delay in this approval of this particular type of new developmental order. That is the key strategy that dip that you saw about two years back successively for about two years in export revenue contribution, I don't foresee that happening again now.

Got it. Fair enough.

Thank you, sir, and all the best.

Thank you.

thanks once again. Can you hear me again?

Yes, Parimal. Go ahead.

I can hear. Sir,

as per the budget, there have been increased allocation in terms of open neighboring countries in terms of capital assets by Ministry of External Affairs. Do you think it will benefit us in the long run since we have presence in all these areas?

Yes, definitely. In fact, all the allocations, whether it is in the infra domestic sectors, highways, roll railways, MRTS, city development, urban infra, ports, waterways, and international, all these areas, these freight corridors, these high-speed corridors, the mineral corridors, each one of these has already our presence.

In fact, in our international business which we call RITES Videsh, at quarter three end we have an order book of 2,150 crores, which includes the 1,700 crores of export. Which is an all-time high ever, which is the highest ever RITES Videsh order book which RITES has had.

This is an uptick in our international business also. Whether it is the domestic or the international, all aspects in this budget allocation are definitely we're going to be useful for us and we are going to leverage that.

Sir.

Yes, sir. I wanted to ask that do we still maintain the one consultancy order target a day?

Oh yes, Viraj. We have maintained that steadily.

In fact, quarter three we have got 143 orders, which is a strike rate of 1.5. Now successively for about seven, now eighth quarter, we have been able to maintain a strike rate of one order a calendar day.

Sir, do we intend to maintain our dividend policy 95% payout in going forward also?

Yes, for sure. We maintained that in Q3 and as I have been reiterating in every quarter, our business strategy is very clear and transparent and we don't like to spring any surprises.

Our broad policy of giving a high dividend payout would definitely be maintained.

Thank you and all the best, sir.

Thank you.

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

Good to see growth coming back and margins also sustaining. Congrats on that.

Just one question from my side on the consultancy side, sir. Could you break the revenue in terms of how much has been from the QA and non-QA in terms of consultancy?

That's one question.

Morning, Harshit. Sir, thank you.

You see, I can only tell you broad numbers in QA. QA, the levels which we were at '23-'24, the year when the competitive orders struck in and there were four players in beside three more besides us.

This year, the way nine months have gone, we will and the way we have planned Q4, we will definitely after an entire reinventing the whole business, taking on new clients, varied clients, including some international order, we will come back to that level after the first time in terms of the revenue where we started in '23-'24. That's a huge, huge recovery.

Obviously, the bottom-line contribution from QA will not be there, but we will definitely come back to that level. By next year, you will see a double-digit growth in terms of the QA contribution to my consultancy.

Understood, sir. I have two questions.

I'll join the queue, sir. Thank you.

Thank you for the follow-up question, sir. Can you just throw some light on the working capital requirements in the export segment, especially after the competitive orders we are getting?

There is hardly any working capital requirement. Most of it we covered by advance also.

Our orders are structured like that. It is very, very minimal, and, in fact, it's a very staggered requirement.

That's why that's very minimal and insignificant.

Thank you, sir.

Thanks for the follow-up question. Can you just tell me what would be your expected breakup in terms of revenue breakup especially from turnkey, export, and leasing for FY '27 and FY '28?

Go ahead.

The FY '27, a breakup between all the segments right now would be too speculative to be able to give you. Definitely, on an average basis, you see, our business strategy has been that consultancy and export, because export also we count as a type of consultancy business and that's what we are a consultancy company.

Consultancy and export combined would definitely be in the range of about 70-odd percent, which has been our broad business strategy. On an annual basis, if you look at quarter basis, sometimes they tend to get deviated from that because of the one particular stream contributing more.

On an annual basis, consultancy plus export would contribute about 70-odd percent and the balance leasing in about 5-odd percent and the balance from about turnkey. That's broadly what is our business strategy which we try to achieve on an annual basis.

I'll join back in the queue. Thank you.

Thank you.

Yeah. Thanks for the opportunity again.

Sir, just one small question. We have a good order book all-time high order book of around nine over 9,000 crores.

Just wanted to understand how much of the order book we are booking like in terms of revenue, how much of the revenue booking in terms of percentage for let's say for each quarter? Like, in terms of percentage, can you if if you can guide us?

No. You see, this order is a combination of four streams of revenue which we have of our business.

Consultancy is 2,750 crores, export is 1,700 crores, turnkey is 4,500 crores, and balance leasing and REMCL is about 300 crores. These total add up to about 700-plus orders, which total up to this 9,262 crores.

Now, each of these orders, they have definitely different time frames. Like in consultancy, some are studies which could be a six-month, nine-month study.

Some are project management consultancy which are a percentage of the infrastructure getting created. They have a time frame of about three to three 3.5 years.

Export again, as I said, have about two to 2.5 years. Leasing again, some are long-term leasing contracts, some are about two-year leasing contracts.

To put one number as an average would not give a correct picture. What you should definitely see is the overall revenue trend, and overall revenue nine-month if you compare vis-a-vis YoY in terms of profitability, there's about a 10% growth.

That's what the guidance we will try and see FY to FY to see a top-line and EBITDA trying to reach at least a double-digit minimum.

Okay. That helps, sir.

Thank you.

Thanks for the opportunity again. Just wanted to check on the turnkey construction side.

Since, sir, from last three quarters, the revenue is continuously declining only and our order book is increasing. Where are we in that cycle where we will see the growth coming?

Will it be Q4 or do you think it will be next year?

Harshit, in terms of the total turnkey, yes, it is declining, because, as I said, many of these orders were the last piece of the earlier order book, and the new order book of about 65% of 4,500 crores is about a year or plus old. If you see, these orders have now started giving contribution.

If you see sequentially, there's a growth in 60 crores in turnkey. It would not give a correct picture if you compare YoY.

If you compare sequentially, there's a growth in turnkey in 60 crores as these young orders have started giving revenue. Definitely Q4 will be definitely minimum 10% higher than Q3 in terms of turnkey.

Every passing quarter, these turnkey projects now are in those time frames, between the 12 to 18-month time frame where the work has started on the ground level and the revenue booking has started. Every quarter sequentially, you will see a growth in the turnkey contribution.

The realistic picture will be to see a sequential growth because YoY will not really give a very clear picture in terms of comparison. That was an older order book finishing and this is a new order book kicking in.

Understood, sir. I have one more question.

I'll just ask you after that. Thank you.

Sir. Thanks for the follow-up.

Sir, even on the turnkey segment, sir, even if you do quarter-on-quarter 10% sort of growth, I think year-on-year things still will be weak. We will be declined 5%, 6%.

Probably it looks I know the execution is picking up, but the benefit of execution could happen in quarter one of next year. Is that fair to understand?

Yes, your assessment is very correct because YoY will not definitely it will be down. If you compare FY '26 with FY '25, it will be definitely down.

As I said, because there's a gap of few quarters between the old order book winding up and the new order book kicking in. That will definitely, but as I said, the aim is to increase sequentially as much as possible so that when you compare maybe H2 this year with H1 and H2 next year, those would give you a better comparison in terms of sequential growth.

Sure, sir. Sure, sir.

Then one last thing, on the Bangladesh orders, whatever is happening country-to-country level, relationships and all. Does this have any bearing in terms of our orders, execution, second is recovery of once the dispatches has already commenced?

Any color that you can provide and that will be helpful to us and the market, sir.

No, I think our order is safe. One is in terms of it's an EIB-funded order.

We have already received the advance. The six type of coaches which are there, four types of coaches, the prototypes have already got approved, and the production of the prototypes has started.

We are targeting the first rake definitely by early next FY. This 200 coaches which is about 10-odd rakes, these are on track and we don't see the Bangladesh Railways is in very urgent need of these coaches and the funding is in place.

As I said, the advance has already come in. I don't see any challenge whether in terms of executing this order or getting our money.

Sure, sir. Thanks for all the answers, sir.

Thank you.

Thank you.

Thanks for pushing me in again. Just a follow-up from the previous question that was asked about the Bangladesh order.

You mentioned in the presentation will be executed in 2029 only. Since there is an urgent need of these coaches, will you stick to that timeline or meaning execution in 2029 only?

Will there be no revenue realizations in the next year or anything of that sort? No,

no. Let me clarify.

The Bangladesh order is 200 coaches and the first rake of 20 coaches we are definitely targeting to ship out in early next FY. The execution of the Bangladesh orders should definitely start from this coming FY '27."

Okay. Early FY '27, the first 20 coaches, and then rest of it in the next couple of years going forward like that.

Yes. Normally we will be sending it in rakes of 20 coaches each.

As I said, the first rake of 20 coaches, we're trying to definitely things are on track as said the prototype approvals have happened and now the production is going to start on a bulk way with the prototype also getting more fine-tuned. As I said, the early FY 2026-2027, the first rake should start moving out and subsequently the other rakes in 20 coaches each.

Okay. Will you be targeting towards the 2029 where the entire 200 coaches to be executed by that timeline?

Yes. Yes.

That's the contractual requirement, FY '29, but as I said, we will try and see to optimize and maximize expedite it to the extent possible. That's the outer limit as per the contractual agreement.

Okay. Thank you.

Thanks. Sir, just wanted to check, sir, I know you have spoken about the railway budget in a positive way, but if you look at some data points like the increase in the construction of new lines as well as doubling of lines, in terms of value, we have seen a very decent growth, as in ranging anywhere between 10% to 20%, but in terms of kilometers, we have seen a decline.

Okay? In terms of So, just wanted to check, is it right to assess, maybe not from FY '27 perspective, but probably we have reached a stage where this kilometer addition every year will not be that substantial.

It's just that value is higher because of maybe commodities have rallied to that extent. Probably maybe we are nearing an end to the rail construction cycle.

Is that a right, fair in assessment according to you?

I don't agree with your assessment. If you see the kind of the seven high-speed corridors, the East-West freight corridor, the mineral corridors, each of these are the huge amounts of large kilometers.

Each one of them and for us as a consultant, which has been associated with such corridors in the past, whether it is the DFCs, whether it is the current high-speed two corridors which we are doing the DPR, etc. We see each one of these as a huge opportunity for all our various activities that we do in terms of study, alignment studies, accept PMC, etc.

Okay. Sir, on the seven high-speed freight corridor which have been announced, have we done all seven of them or are we involved in any one of them, sir?

Currently, we are doing two DPRs for two which have been which are in process for some time now.

Okay. Fair enough, sir.

Thank you very much, and wishing you all the best, sir. Thank you.

Thank you all, and thank you for the avid interest and the questions which I got. As I say always that it's a learning experience for my team and me also.

As based on your questions, we revisit our strategies and see what better we can do. As I said, it has been a satisfying quarter in terms of being able to move in a steady and focused manner in all the areas which we had and all the milestone and all the strategy points that we had laid down at the beginning of the FY and we had reiterated at the end of H1.

We are poised to leverage and build up on that in Q4, and I assure you that we are, as I said, firing on all cylinders to be able to definitely surpass the previous FY and also create the sufficient ground for next FY to be a year of disruptive growth. Thank you.