Good afternoon, everyone. On behalf of Ambit Capital, I thank the management of Ahluwalia Contracts India Limited for the opportunity to host their Q3 FY '26 earnings conference call.

To discuss the results, I am pleased to welcome Mr. Shobhit Uppal, Deputy Managing Director, Mr.

Vikas Ahluwalia, Director, and Mr. Satbeer Singh, Chief Financial Officer.

Now I invite the management to discuss the key highlights of the quarter, post which we'll open up for Q&A. Thank you, and over to you, sir.

Hi. Good afternoon, good evening, everybody.

Ahluwalia Contracts India Limited has announced its financial results for Q3 FY '26. During Q3 FY '26, the company has achieved a turnover of ₹1,060.72 crores and a PAT of ₹54.02 crores in comparison to a turnover of ₹951.96 crores and a PAT of ₹49.39 crores during Q3 FY '25.

The company has registered a growth of 11.43% in turnover and a 9.38% growth in PAT during Q3 FY '26 as in comparison to the corresponding quarter, FY '25. EPS of the company for Q3 FY '26 is ₹8.06 compared to ₹7.37 in the corresponding quarter, FY '25.

During Q3 FY '26, the company's EBITDA margin is 9.05% as compared to 8.86% in Q3 FY '25, and PAT margin is 5.02% as compared to the PAT margin of 5.11% in Q3 FY '25. During the period of 9 months FY '26 of the company, the company has achieved a turnover of ₹3,242.90 crores and a PAT of ₹184.18 crores in comparison to a turnover of ₹2,882.79 crores and a PAT of ₹118.35 crores during the corresponding 9 months of the last financial year, FY '25.

EPS of the company for the period of 9 months FY '26 is ₹27.49 as compared to EPS of ₹17.67 during the period of 9 months, FY '25. During the period of 9 months, FY '26, the company's EBITDA margin is 9.59% as compared to 7.57%, PAT margin of 5.60% as compared to 4.05% in the period of 9 months, FY '25.

Net order book of the company as on 31st December, 2025 is ₹18,679.50 crores to be executed in the next 2.5 to 3 years. Total order inflow in FY '26 year-to-date is ₹9,562 crores.

Thank you. We are open to take questions now.

Yeah. Sir, firstly, given the margins and the execution in 9 months, how do you see the annual revenue for FY '25, for FY '26?

We were targeting around 15% to 20% kind of growth.

No, more like anywhere between 10% to 15%. Margin projection is what I had given last time, it will be double digit.

December, January have been impacted by NGT and project closures in Delhi. As nearly 44% of order book comes from Delhi, that's impacted the top line a bit.

We're expecting slight disruption in March also this time because Holi is earlier this time. Anywhere between 10% to 15% top line.

Sir, and for next year?

Next year it'll be 15% to 20%.

Okay. Sir, given the very strong order book and you mentioned that the orders are to be executed in roughly 3-odd years, can the growth be even higher?

Are we being conservative for '27?

Vaibhav, you ask me this every time. We are being slightly conservative.

It was healthy last time around, it's healthier now. We'd given a projection of about ₹8,000 crores worth of fresh order inflow in this year.

We've crossed that. It's at about ₹9,500 crores.

We're being conservative when we're saying 15% to 20%.

Okay. Sir, secondly, on a few key projects, when do we expect to start the work on Gems and Jewellery Park?

We will start it in Q1 FY '27. I'd mentioned last time around also, in April, I'd said we'll start.

The drawings, approvals are coming in now, and the client is in the process of handing over part of the site to us. There was an overburden of earth which was to be removed by the client.

They have already done that substantially, and 30% to 40% of the area, they're in the process of handing over to us, which should happen in the next month, and we should start the work.

Any target that we look for this project in FY '27 in terms of revenue?

Definitely. Gems and Jewellery Park, definitely.

As I said, Q1 FY '27, the work will start, actual billing will start.

Can we do this 30%, 35% kind of execution which you are targeting earlier for '27?

Sorry. Come again?

30%, 35% what? Sorry?

For FY '27, what kind of revenue are we targeting from this project?

Of the total value of the project, I think it would be to the tune of about 20%, 20% to 25%.

Okay. Sir, secondly, on CSMT, we have seen some weakness in execution in Q3 compared to the run rate of last 4 quarters.

How do you see it for the entire year and for next year?

I think totally we had projected that we will execute in this financial year, we would be executing anywhere between ₹300 and ₹350 crores worth of work on CSMT. We we are confident we will be doing that.

Work progress has picked up there, and so we should be meeting that target. As far as the next financial year goes, we should be doing a work of about ₹700 crores there.

Okay. Sir, lastly, one data point.

On order inflow number is ₹9,562 crores.

Out of this, what would be

the

value ex of GST? Out of this 9,562, ₹603 crores.

₹603 is the GST value?

Is the GST value. Yeah.

GST. Okay.

That's it from

my side.

Thank you.

Hello. Yes, sir.

Yes, sir. Yeah.

Hello.

May I go ahead?

Yes, please go ahead.

Yeah. See, when we had a call in the third week of November, we were confident of growth of around 15% to 20%.

Did you anticipate that this would actually get toned down to 10% to 15%? Or what actually happened in the last 5 to 6 weeks of Q3?

That is my first question. The second question is that one of our key accounts, Signature Global, they called out some bit of slowness in their projects, particularly the Sector 37D, Sarvam.

I don't know whether we are working on the DXP, the...

We are working. Yes.

Sarvam or DXP, we are working?

We're working on DXP, Deluxe, Signature, 37D, not the new one. New one is the name that you took, we are not working on that.

Okay. Also, there...

Sorry to interject, but this Sarvam, what was the name that you said?

Yeah. They talked about the project Sarvam which was launched in December 2025.

They... They are talking about a slowness in sales there.

That's why we are not associated with that job, nor have we bid for that job.

Got it. Okay.

Also, the larger question because DLF is also a large, important client. What is your sense of the entire market?

I think last time also you said that we are somehow ring-fenced ourselves from any particular slowdown or any particular cash issues with any of the developers. Can you just elaborate a bit more on that?

These are my two questions. One is that what happened between November 17 to December end, which led to a seemingly underwhelming guidance from where you started?

Is there something that really happened? Then the second, in terms of the Gurgaon stuff.

Yeah. First question, as I mentioned to Vaibhav in response to the question that he asked, the NGT impact this year has been more prolonged, to say.

Since 44% of our order book is from NCR, December and January have been impacted. Even the first week of February was impacted as far as the project closure on account of pollution was concerned.

This time March, the Holi festival is in the first week of March. Generally, what we've seen in the past is that 3 or 4 days before the festival, the labor force starts going back to their hometown, and then it takes about a week for them to come back.

March is also going to be impacted. That's why we have reduced our projection by 2, 3, 4 percentage points as far as the top line is concerned.

As regards ring-fencing or our exposure to the slowdown as far as sales of residential buildings or projects is concerned, I had mentioned last time around that we have now slowed down as far as bidding for further residential projects is concerned. We feel that out of our total bouquet of projects, residential is quite a bit.

We're now focusing on institutional projects or airports or hotels or commercial projects. Residential is not a focus area for us, especially in NCR.

Having said that, the projects that we're working on, be it with DLF as you mentioned, we've not seen any sort of issues with payments, DLF being obviously the premier development company in the country. Even with the likes of Smart World or Emaar, all the projects that we are executing were launched more than 2 years ago, RERA being in place.

We've not felt any financial issues with all the clients that we are working for on these residential projects in NCR.

Got it. Just to understand, the RERA ensures that the cash flows are restricted to that project and it is not actually taken out for any other things, right?

So...

Yes, sir. Yes.

In fact, it also puts pressure on the developer to sort of ensure that the projects are delivered in time. We continue to face those pressures from developers to execute faster and build faster.

As I said, we've not faced any cash flow issues from these developers.

Right. Quickly on the NGT thing, right?

This seems to be a recurring phenomenon every year, right? If that is the case, how do we build in our growth expectations internally?

How do you realign yourself? Because this is happening maybe consecutively for a second or maybe third year also.

We have 44%, 45% in NCR region, and that's something which will be there for the next 2, 3 years also. Is it fair to assume that that's something which is a given, and is there any way in which you can address this?

You're right. It's pretty much become a part of the annual calendar, especially the third quarter of the financial year.

Having said that, because it's become a part now, all the constituents of the ecosystem have become alive to it. We're all constructively brainstorming as to how to mitigate the impact of this, how to sort of sensitize the powers that be, be it the courts or the government, be it the state governments or the central government, the impact that this is having on the livelihoods of the workers involved with our industry.

We are reasonably hopeful that in the coming years, this impact is going to be mitigated with the measures that we are taking on the projects to ensure that we are not contributing as much to pollution as the popular notion is. We're sensitizing the governments to this fact also.

The most important point is all of us, be it the developer or be it the contractor or be it the bureaucracy, we seem to be getting aligned on this point. We're hoping that in the coming year or years, the disruptions are not going to be as much as they have been the last 2, 3 years.

This year has been a little more peculiar in the sense that right from the festive season onwards, the disruption started. Now Holi, as I said, is also earlier.

This impact, starting from Diwali from October till January, January end, has impacted our top-line performance. Got it.

Just one more question. See, sometime back, maybe a year back or maybe 3 quarters back, you mentioned that there is a non-availability of workers, and especially post elections, you couldn't get them assembled, etc.

Now has any steps have been taken by the industry or by yourself so that we will have some UP elections coming next year and so on and so forth? How do you ensure that the labor availability at the right time, at the right amount is actually taken care of?

Or is still that a lurking issue at your end?

No, it's actually a full-blown issue. It's not a lurking issue.

Again, the slight advantage of this becoming such a large issue is that, again, all of us are aware of this fact now. In the days gone by, it was only the contractor who used to grapple with this issue.

Now everybody's aware. More importantly, the clients are aware of this, the governments are aware of this.

This is leading to greater standardization wherein we can do a lot of work off-site, use more mechanization to reduce the impact on or reduce the dependency on labor. Then training is also something that we've started, but that's in a very nascent stage.

Have I answered your question or... Hello?

Yeah. Thank you so much, sir.

You have answered my question.

Yeah. Thank you.

Thank you so much.

Hi. Good afternoon, sir, and thanks for...

Hi, Parvez. Hi.

Hi. First, on this NGT issue, assuming let's say if it had not been there, what kind of execution would we have done in Q3?

What kind of execution? We would have stayed on course for a 15%-plus growth in our top line.

Sure. Secondly, on the payment, etc., how do you see things now, especially from the government department?

In some of the other segments of infra, we have seen a slowdown in payments in FY '26. How is the situation in your government-funded projects?

A lot of our, or most of our government projects are central government projects. We're not really seeing much of a problem there, other than in the odd project here and there, like we're doing a central university project in the state of Himachal Pradesh, which is partly funded by the state and partly by the Centre.

There, we are facing some challenges. That project is nearing completion.

We are hoping to complete it in Q1 of FY '27. There is a bit of a challenge there.

We completed another hospital for the Centre and state government in again Himachal. The final payment there has been stuck for a while.

With the state of Himachal, there is a bit of an issue. We are also seeing some issues with the state of Assam.

I think that's also due to the fact that the machinery there has slowed down a bit on account of the impending elections. Otherwise, We haven't seen.

All our other slow-moving projects, be it for the state of Bihar or other states, they're okay now. We've got our payments.

Sure. A couple of data points that I needed from Satbeer-ji.

What is our current gross borrowings?

Gross borrowing is this is ₹22 crores, approx.

What would be the cash level that we have currently?

Cash balances, hold for a moment. Cash balance is ₹253 crores, and bank balances is ₹587 crores.

What is the capex that we have done in Q3?

In 9 months, we have incurred around ₹193 crores.

Okay. Apart from this order book, are we L1 in any other project?

Yes, we are L1 in 4 projects. This is amounting to ₹2,485 crores approx.

Sure. Last question.

What is the status on the Chandigarh Station redevelopment project? Has work picked up there, or what is the status now?

Chandigarh station is nearing completion. We are targeting to complete it in Q1 FY '27.

The 2 stations, Panchkula and Chandigarh, have already been completed, and we have offered the client to take them over. Platform work is also substantially underway.

As I said, somewhere by May, we should be completing it.

Sure, sir. Thanks, and all the best for the future.

Thank you.

Yeah. Hi, sir.

Sir, my first question is on the DLF Dahlias project. I think last time we guided for more than 100 CR of revenue in this fiscal and around 3 to 3.5 billion next year.

Are we on track for that for this year?

No. This year, it will be about 40% of that because new earthquake codes were put in place, and DLF has redesigned or is in the process of redesigning or doing the structural design again.

That is why a lot of work had to be redone obviously at the client's cost. That is why our target turnover is going to be lesser by March end.

We should be post Holi, we should be in a position to take up the work in real earnest. Their designs are coming in as we speak.

Sir, what is the estimate for FY '27 from this project?

From Dahlias, for the next financial year, it remains what we had said last year.

Okay. Sir, pollution issue, right?

Are we facing any challenges in the current month as well or because I think in the last...

You're not very clearly audible. Repeat that, please.

Sir, I was asking in the last con-call in November, we highlighted that till that date, we were around 11% of margins. Apart from this GRAP issue, anything else that impacted our revenue and margins this quarter?

Primarily it was GRAP only, as I said. Sir,

was there any...

Hello. Come again.

Yeah. Sir, was there any impact of this issue in the base quarter last year, Q3?

The impact of GRAP, you're talking about?

Correct, sir. In the base quarter last year.

It was there, definitely, but it was lesser since our exposure now has increased to the NCR market.

Okay. You mentioned around 40% of the order book is from NCR.

Yeah. More than 40% is now from NCR.

Okay. Sir, for next year, if I may ask, what would be our revenue estimate from this NCR region for FY '27, any ballpark number?

It should be about 40%.

40%, yes.

40% of revenue estimate. Okay.

Sir. Thank you.

Thank you.

Hi. Thank you, sir.

Sir, a couple of questions and clarifications. In the fourth quarter, how much are we looking to do ₹1,400-odd crore kind of a revenue that we are looking at in this fourth quarter?

Yes, yes. Exactly.

It would be 10%

to 15%. About ₹1,400 crores, yes.

Okay. Next full year, then we should be doing 20%

to 25%? I'd said 15% to 20% earlier.

Some recoup should be there in the FY '27 given the inflow is also on the higher side, sir.

It should be. I had also mentioned that this is a conservative estimate, that I think the recovery, what we've sort of lost out, 3, 4 percentage points, should be made up in the next financial year.

That's why I said 15% to 20%.

Okay. The margin for fourth quarter

should be... Our project, just to put things in context, more so with the Central Vista project, which has come in, will be a fast-moving project.

That is one project which the Central Vista projects are insulated from the GRAP impact. That should also contribute substantially to our turnover next year.

Yeah. I was about to ask that only.

This out of this...

I know you well, that's why I preempted you.

Yeah. Roughly how one can look at?

The overall timeline for Central Vista is 24 months, and in FY '27, can we see kind of a 40-odd percent of this ₹2,600 crore?

Initially time is going to be taken by designing. It's a large project, it's a very complex project.

Designing is already started. We are awaiting clearance from the authorities.

These are important buildings which are having to be demolished. They've yet not been vacated.

We should be billing at least 30%-plus in this year.

Okay. Got it.

In terms of the margin, Q4 and next year, 10% is doable or we can see even higher?

No, no, it is definitely doable.

Okay. Okay.

A possibility towards a 10.5% is there for next year?

Let's stick to 10%.

Okay. Okay.

Just to, sir, clarify this ₹9,500 crore-plus order inflow, this is excluding the GST, you are saying?

No, sir. GST is included in that, that ₹603 crores.

603?

Yes.

Is included in the figure of 9,562.

Okay. Okay.

If we remove that, then broadly ₹8,900-odd crore without GST.

Yes.

Okay. The L1 that we said ₹2,485, so that is also excluding GST or including?

That is also including GST. Because mostly it's government projects, and that's why including GST.

Okay. These are 3 projects, last time we were having the 2 projects, Bhubaneswar University and RML Hospital Delhi?

These are 4 projects.

4 projects.

Can you, sir, name it, all these 4 projects?

University, one is Assam Judicial Complex, one is Kota Airport.

Okay. Lastly, sir, balance sheet details: inventory, debtors, trade payable, and mobilization, retention, and unbilled?

Debtors are ₹638 crores.

Okay.

Retention ₹431 crores.

Okay.

Mobilization ₹729 crores.

Okay.

Trade payable ₹738 crores.

Sorry. 738 is what?

Trade payable.

Creditors. Creditors.

Creditors. Yeah, 738.

Yeah.

Inventory ₹359 crores.

359.

Unbilled revenue ₹639 crores.

639 crores. In terms of the capex in the fourth quarter, ₹193 crores we have done, how much more we will be doing?

In

this quarter, we have incurred ₹55 crores.

₹55 crores

more.

That is around

₹100 crores.

About ₹100 crores. ₹100 crores.

Okay. Total, around ₹300 crore for the entire full year?

Yes,

yes. Yes.

Next year also similar ₹300 crore?

Yes. Next year also similar.

Should be lesser actually because the order inflow that we've had now, more or less by the end of March, we would have catered to the capex for those projects.

Okay. Sir, this L1 most likely will be converted into LOA by this March, this ₹2,485-odd crore?

Can't say on all these jobs, really. It's very difficult because as we've seen, sometimes with government projects, especially state government projects, it takes a long time.

Okay. Next year then, apart from this, if I have to look at, can one look at ₹8,000, ₹9,000 crore similar run rate in terms of inflow for FY '27?

As I said, we are picking and choosing our projects. We have focus on residential is not there.

I think logically speaking, next year the inflow will be slightly lesser.

₹5,000, ₹6,000 crore?

Yes. Because our focus is going to be in increasing our efficiency and increasing our margins and doing delivery on the projects that we've bagged in this year and last year.

Yeah. Got it.

Got it, sir. Yeah.

That's it from my side. Thank you, and all the best.

Thank you. Thank you.

I just want to find out about this new labor code provision. Most companies actually put this as a extraordinary expense.

You have, I think, included it in the labor and salary and wages. Ex of that, if you have to see what would have been the margins and the PAT, have you done some calculations?

That is ₹1.31 crores, that has impacted during this 9 months due to introduction of the labor code.

Satbeer

is saying the impact till December is ₹1 crore

and 31 lakhs. All right, ₹1 crore 31, it's not ₹13 crores.

Okay.

No, ₹1 crore

31 lakhs. Okay.

That's fine. Thanks.

Yeah. Sir, what would be our bid pipeline as of now?

Bid pipeline as of now is about ₹7,000 crores.

Okay. Sir, in your guidance of ₹5,000 to ₹6,000 crores of inflow, does it include the L1 orders as well of around ₹2,500 crores?

It does.

Likely conversion would be in next year?

Yes.

Okay. Sir, secondly, on the Bihar Animal Husbandry project, when do we target to complete the project?

Because run rate has dropped down in last 2 to 3 quarters.

In FY '27. Because the area, it's an existing campus.

The new buildings are coming up as and when they are handing over or vacating existing old buildings. They are being demolished and the new ones are being constructed.

In the last quarter and a half, the vacation of these buildings has slowed down. This will definitely complete in FY '27 because part of the complex in this quarter has been inaugurated by the honorable CM and he's announced a date for completion of the entire campus.

We are reasonably confident in the next year it will be completed.

Okay. Sir, lastly on Gems and Jewellery, what is the timeline of construction, when do we intend to complete the project?

Vikas is on the call? Vikas, are you there?

You want to answer this question?

Never mind. Completion of this job is about 3.5 years, if memory serves me right.

As I've mentioned earlier, we're going to start billing in Q1 FY '27. The work will start on the ground.

Since this is an EPC job, engineering is already happening.

Okay. Okay.

Thank you, sir.

Thank you.

Hi. Am I audible?

Yes, you are.

Thanks. Sir, with regards to CSMT project, is there any delay relative to the original timeline?

Yes, there is a delay. There is a huge delay.

As I had been explained in the earlier calls, the entire design of this project had to be redone because conceptual design which was given by the tender was not tenable. Certain aspects of that design were not tenable on the ground.

That designing is complete, work is now moving at a fast clip there. That's why there's a delay.

Can that result in any cost overruns for us, like lower margins in this project for us?

Yes, there has been an impact on the cost, but as we move along, we are hopeful that some of these costs will be mitigated either through extra work or through extra claim.

Okay. Can there be any penalties as well?

No, we've got the extension of time owing to the delays till now, which are not attributable to us, has been granted.

That has been amicably agreed upon?

Yes. What happens in all government contracts is that there is a hindrance register which is maintained and which is jointly signed off, which helps establish the delays which are not attributable to the contractor.

Generally, these are finally quantified towards the end or the last stage of the project. In this project, since the delays have been quite large and very obviously not attributable to us, up until now the extension of time has been granted.

Sure. The margins on this project were same as company-level margins going into the project, or since it was a marquee project, we bid at a lower margin?

No, these were similar to the company-wide margins that we target. In fact, because the competition on this job was lesser because the scale of the job, only the larger players were there.

We had bidded with the same margin that we keep for our other projects or other blue-chip projects. I think that's it.

Have I answered your question or is something left?

Yeah.

Yeah.

One more related to this. Given it's a very complex project, a lot of traffic at the station.

Do you envisage any delays in execution because of that reason in the future?

You are right. Because while the buildings, the greenfield buildings, the DRM or the node building, or the other buildings, we don't envisage any further delay.

Platforms or doing them up or concourses, that depends on the shutdown, which is given to us. It's very hard to predict.

Yes, generally going by our experience at Chandigarh railway station, there may be some delays there.

Okay. Those delays can again cost overruns or that has been budgeted in or how is that?

Those have been budgeted in to some extent.

Okay. All right.

Sir, you just mentioned that Gems and Jewellery will start from April and the timeline original was probably 2.5 years to 3 years. That timeline will begin from April, or it has already started from the time of...

No, it'll begin from April. It'll begin from April.

It will begin from April. Okay.

Understood. One last one.

Given the pollution-related construction ban in Delhi has been happening for the last 2, 3 years and it is affecting our top-line growth and the guidance that we give, we need to revise it downward. Now my question relates to the next year where we are saying 15% to 20% growth.

Do you think that we might have to again revise it downward or we are budgeting in 10 or 9 months of construction activity only in Delhi while we give this guidance for FY '27?

No, no, we're not budgeting in only 10 or 9 months of this thing. What I had said earlier was, while some impact will be there, but we are hopeful that this year, this year or next year, because the entire ecosystem is totally sensitized and much more aware about this issue, every constituent of this ecosystem is working to mitigate its effects.

We are hopeful that this time around, the effects will be lesser, much lesser.

Sure. Sure.

I hope so, and that's the case because we were hoping that FY '26 will also have much lesser impact, but it turned out to be the opposite. Just...

You're right. It's not only impacted the top line, it's also impacted our profitability.

Because, while we bagged a lot of large orders and to execute those large orders, our overhead costs had also gone up. In the short term, our profitability has been hit.

The silver lining is that now going forward, not only are we well-stocked on on on our order book, but we are also well-equipped every which way to, ramp up our execution speed. Hopefully, next year we will make up for We are very optimistic that we'll make up for the shortfall that we've encountered this year.

Sure. Sure, sir.

Thank you so much, and wish you all the best.

Really appreciate

answering all the questions.

Thank you. Thank you.

Yeah. Hi.

Good evening, sir. I see the results for this quarter, I see a subcontract work as well as other expenses are substantially high, almost 30% year-on-year, which are very similar to our Q2 numbers.

The first question is, is there a substantial reason to it apart from the NGT issue which has been discussed already?

Just a second, please. Let me take a look at the numbers.

You are asking about in comparison to which quarter?

The same quarter last year, sir, the subcontract work as well as other expenses.

Just if you have to see including cost of material and other expenses as subcontract, then you will find that is at par. Because our PAT is also approximately on the similar lines.

6.90% was the last year and now 6.85%.

Right. That has...

Basically, you have to include entire things: subcontract, construction expenses, and cost of material. Then you will find a appropriate answer.

Fair enough. Fair enough.

Thank you.

The second question I just had was there have been news of lately on increasing steel prices. Does that impact you on Q4 onwards?

Because in the last call, we discussed that we will use or we normally use our cash positions to sort of hedge against the supply chain costs. Is there something which we see as an inflation in terms of raw material costs, or have we already hedged it?

No, the inflation definitely is there, but in the pricing of cement and steel, this is pass-through because in all our contracts or most of our contracts, there are base prices for these materials. There is an indirect impact on account of increase in steel prices because of the other material, our equipment that we buy, be it tower cranes, be it mixers, transit mixers, on and so forth, scaffolding, aluminum shuttering.

There is an impact on account of this pricing.

Sure. This were two questions I had.

Thank you.

Thank you.

Hello. Am I audible?

Yes, you are.

Yeah. Sir, I just wanted to know why your other employee expenses are as compared to your percentage of revenues is so high this quarter or as compared to last year?

In

this basically provision as per the ECL method has been made around ₹3 crores, that's why there is a slightly difference.

Okay. Okay.

Okay. When do you expect your operating margins to be 10% from which financial year onwards?

This will be double digit.

Okay. Okay.

Okay. That's it, sir.

Thank you so much. Thank you.

All the best.

Thank you.

Sir, how much value of projects that we have already bidded and is outcome is yet to come?

Shravan, that's a number that we don't have handy at the moment. L1 we've already told you, it's 2,485.

The other value is more on the private sector side. Can we get back to you on that number?

That's not going to be substantial. As I said, we're not focusing on the residential side.

Primarily government projects hi hote hain. Usme L1 aa gaya, woh aapko number humne de diya.

Jo jobs jo abhi khule nahi hain, government projects tender, woh abhi I don't have that figure handy. We'll get back to you on that.

No issues. Jo apna, sir, abhi jo private, government ka jo abhi order book ka share, which is at 68%, which is a private.

Last time we said that we want it to reduce to 60%. Till December, that is 60:40.

Actually yeh even ho gaya aur. If you take the Central Vista, which is come in after December, it will be about

60:40. 60% private, 40%

government.

Now we will keep it at this level or we want to it to at 50:50 going forward?

Going forward, dekho 50:50 ke kareeb hi le ke aayenge, but it's very difficult to say whether it will be 55:45, whether it will be 60:40 one way or the other, or 40:60. It will be quite even.

Okay. Okay.

Okay. Got it, sir.

Got it. Thank you, sir.

Thank you.

Hello.

Yeah. Hi.

Hi. Just one question, sir.

Is there any impact of the new labor code on our contract labor front? If yes, what is the impact?

I think we have answered this question. ₹1.31 crores in absolute numbers up to December.

No, I understand, sir. This is for the our employee base, right?

I was just wondering the outsourced labor, is

that... That's include outsourced labor.

Okay.

Whatever it is, yes.

Okay. Okay.

Outsourced labor is generally we for labor rate works, we have petty contractors, right? There it's rate per unit the work is contracted out to them.

This impact going forward is in the rates that is agreed with them. It becomes very difficult to quantify this.

Have I been able to articulate? Have you understood?

Yes, sir. Understood.

I was just trying to understand from bidding point of view or pricing point of view for going forward, how does this impact us?

As far as labor is concerned, due to its scarce availability and diminishing skills, the quarter-on-quarter, the when we bid for a job, we see we're seeing that the unit rates are on the increase every 3 months or 4 months. They are far more than what the governments are recognizing.

We are putting we have we're sort of accounting for this increase based on the past data, past 1 year or past 2 years. We are extrapolating that data and using it to sort of hike our bids also.

Okay. Understood.

Thank you.

Hello.

Yeah. Hi.

Thank you, sir, for the opportunity. Sir, in the Q2 presentation, year-to-date order was ₹4,374 crores, and in Q3 presentation, it is ₹9,565 crores.

In the meanwhile, we have received two orders of ₹3,070 crores and ₹888 crores. Still there is a difference of around ₹1,200 crores.

Have we received any other order?

I don't have that data handy. Satbeer, you can reach out to Satbeer.

We'll provide you that detail.

Sir. Okay.

Thank you, sir.

Thank you.

Yeah. Thanks for the opportunity again.

I just wanted to ask a couple of points. One is on Q2 presentation, we had mentioned Whiteland Corporation is around order value of around ₹1,065 crore, which in the Q3 presentation has come up to be ₹821 crore.

Is there a change here? That's the first question.

I think there is a mismatch. The 1,060 includes GST.

Okay.

The 821 is without GST.

Okay. Okay.

The second question was that what type of benefits in terms of operational, financial, or any other organizational benefits we would like to extract from the action of subsidiaries which are getting merged into the parent company?

No, these are the subsidiaries which own a tract of land in Kolkata, which has been on our books for a long time. As we have been mentioning in our investor interaction, we are now looking to leverage this land.

To do that, we have applied for necessary clearances. For those clearances to go through, amalgamation of this land is required.

That is why we are merging these companies with the parent company.

Sure, sir. Thank you.

Thank you.

Sir, thank you for the follow-up. I just wanted to know when do you expect the growth to be in mid 15% or 20% growth annually from the current 10% growth?

From this year onwards or from the next FY '27 you expect this growth to be much better, sales growth?

The sales growth or top-line growth, as I said, between 15% to 20%, we are extremely hopeful it'll be there in the next financial year.

Sir. That's great.

Thank you, sir. Thank you.

All the best.

Thank you.

Thanks. Thank you, everybody, for joining in.

Hopefully, we've answered all your queries. If there is any more questions, feel free to reach out to Mr.

Satbeer Singh, our CFO, and hope to see you again in a few months' time. Thank you.

Bye.