Thank you so much, Ikra. Good afternoon, everybody.

On behalf of IIFL Capital, I welcome you all to Q3 FY '26 earning conference call of Ashoka Buildcon Limited. From the management, we have Mr.

Satish Parakh, Managing Director; and Mr. Paresh Mehta, Chief Financial Officer.

With this, I would request Mr. Satish Parakh to start with his opening comments, and then we can open floor for questions and answers.

Thank you, and over to you, sir. Yeah.

Thank you, Mudit. Good afternoon, everyone.

I welcome you all to the Q3 9-month FY '26 earning conference call of Ashoka Buildcon Limited. Thank you for taking out time to join us as we share our operational and financial updates for the quarter and 9 months ended 31st December, 2025.

Joining me on this call is our CFO, Mr. Paresh Mehta, and our investor relations partner from SGA.

Okay. Along with me, I'm having our CFO, Mr.

Paresh Mehta, and our investor relations partner from SGA.

Is it clear now?

I don't know what's happening there. Joining me on this call are our CFO, Mr.

Paresh Mehta, and our investor relations partners from SGA. Am I clear now?

the backup. I'll disconnect the line.

Just hold on.

We'll use the backup line.

sir. Hello?

Can you hear?

Can you hear me now?

Okay. I'll begin from the beginning.

Thank you, Mudit. Good afternoon, everyone.

I welcome you all to the Q3 9-month FY '26 earning conference call of Ashoka Buildcon Limited. Thank you for taking out time and to join us for this operational and financial updates for the quarter and 9 months ended 31st December, 2025.

Joining me on this call are our CFO, Mr. Paresh Mehta, and our investor relations partner from SGA.

The Indian highway sector is currently navigating a phase of major transition, where the emphasis is gradually shifting from rapid expansion to quality, sustainability, and capital efficiency. While near-term activity levels reflect moderation, the medium- to long-term structural outlook for the sector remains intact.

The awarding activity by the central agencies has remained subdued for the past 2 years, and in this financial year, the highway construction is expected to drop by 10% to 15%, to 9,000 to 9,500 km from 10,660 km in 2024-'25. The construction of national highways this financial year will be lowest since 2017-'18.

That said, there are several signs of improvement also. The Ministry of Road Transport and Highways and NHAI have consciously recalibrated their focus to corridor-based development, access-controlled highways, and expressways.

Under this approach, the government is targeting approximately 11,000 km by FY '27 and 15,000 km by FY '32, up from 3,000 km currently, reflecting a sharper focus on economic productivity, safety, logistics efficiency rather than sheer scale. At the same time, the government's focus on financial prudence at NHAI continues.

₹35,000 to ₹40,000 crores is expected from monetization of road assets in FY '26 by NHAI, which will be used for supporting new investments without materially increasing the public sector leverage. An important positive development for the sector is renewed push towards PPP models.

Against this background, Ashoka aims to leverage its strong execution capabilities, prudent capital management, and experience across EPC, HAM, and BOT asset monetization models. We remain well-positioned to navigate the cycle and participate in the next phase of growth.

Now, let me take you through some of the key developments during the period. We began with significant portfolio monetization milestone.

In November 2025, Ashoka Concessions Limited completed the sale of its entire stake in 5 BOT SPVs to Maple Infrastructure Trust and its nominees. The transaction was concluded for an aggregate consideration of ₹1,814 crores and marks an important step in unlocking value from mature assets.

I am pleased to announce that this led to significant reduction in our consolidated debt from ₹4,910 crores in September to ₹2,722 crores in December 2025 and aligns with our strategic move towards deleveraging, thus reducing interest cost and strengthening our balance sheet. Following this, Ashoka Buildcon Limited acquired equity shares in Ashoka Concessions Limited, and Ashoka Buildcon together with Viva Highways Limited acquired the remaining Class A and Class B CCDs held by the investors.

This was done for an aggregate consideration of ₹667 crores, resulting in a full acquisition of securities previously held by Macquarie SBI Infrastructure funds. This transaction consolidates our control and simplifies the ownership structure of ACL, which is now 100% subsidiary of Ashoka Buildcon.

On the project execution front, two major letters of acceptance were received from BMC through joint ventures. Mahanadi Ashoka Akshaya JV secured Mithi River development and allied work projects valued at ₹1,816 crores excluding GST.

The project includes a 48-month design and build phase followed by 10 years of O&M. In addition, Ashoka Akshaya JV received a LOA for a flyover construction project worth ₹1,041 crores including GST with 24-month execution timeline.

Ashoka has also secured an additional scope of work order from the BMC towards the existing Sion-Panvel Highway flyover project amounting to ₹447 crores including taxes, reflecting continued confidence in our execution capabilities. Lastly, we received an LOA from the Public Works Department in Daman for a construction of a signature bridge connecting Jampore Sea Front to Devka Sea Front.

This project is valued at ₹307.7 crores excluding GST with a completion timeline of 30 months. Coming to the order book status, the company has received 4 new project orders including 1 additional work order as discussed above from BMC and Daman Public Works Department.

As on 31st December, 2025, our balance order book stands at ₹15,927 crores. This is excluding orders received post 31st December, 2025 of INR 308 crores.

As on date, it is ₹16,235 crores of balance order book. Roads and railway projects comprise around ₹10,292 crores, which is 65% of the total order book.

Among the road projects order book, HAM projects are to the tune of ₹1,705 crores, EPC road projects are to the tune of ₹7,025 crores, and railway is around ₹1,562 crores. Power T&D accounts for around ₹5,108 crores, which is approximately 32.1% of the total order book.

Total EPC building segment is to the tune of ₹528 crores, which is 3.3% of the total order book. Our primary focus remains on maintaining a substantial EPC business in segments of roads, highways, railways, power transmission, distribution, as well as buildings.

I'd now request Mr. Paresh Mehta, CFO, to present the financial performance.

Thank you.

Thank you. Good afternoon, everyone.

Starting with the standalone numbers for Q3 FY '26: Total income stood at INR 1,492 crores as compared to INR 1,816 crores in Q3 FY '25, a degrowth of 18%. EBITDA for the quarter stood at ₹157 crores, a degrowth of 16% year-on-year, with a EBITDA margin of 10.6%, an improvement by 30 bps year-on-year.

Profit before tax before exceptional items stood at INR 50 crores. Overall PAT stood at ₹102 crores against INR 61 crores during Q3 FY '25, up by 68% year-on-year.

Our revenue contribution for each segment for quarter 3 FY '26 is as follows: road EPC 51.9%, road EPC HAM 13.2%, power T&D 21.9%, railways 9%, and other segments 4%. For 9 months FY '26 standalone: Total income stood at ₹4,134 crores as compared to ₹5,175 crores in 9 months FY '25, a degrowth of 20%.

EBITDA for 9 months FY '26 stood at ₹468 crores, down 5% year-on-year, with an EBITDA margin of 11.3%, an improvement over FY '25 of 180 bps. Profit before tax before exceptional items stood at ₹150 crores and PAT stood at INR 272 crores as compared to ₹138 crores in 9 months FY '25, up by 97% year-on-year.

Coming to the consolidated results: Total income for Q3 FY '26 stood at ₹1,866 crores as compared to INR 2,426 crores in Q3 FY '25, registering a 23% degrowth. EBITDA for the quarter stood at INR 474 crores, down by 30% year-on-year, with EBITDA margin of 25.4%.

Profit before tax before exceptional items stood at ₹233 crores. PAT stood at ₹2,111 crores during Q3 FY '26.

Total consolidated debt as on 31st December, 2025 stood at INR 2,722 crores, down from ₹4,910 crores. The standalone debt is at ₹1,046 crores, which comprises of INR 79 crores on equipment loan, ₹300 crores on NCDs, and INR 667 crores on working capital loans.

In Q3 FY '26, in our BOT division, the company recorded a total gross toll collection of ₹73 crores from Jaora-Nayagaon toll road company. With this, we now open the floor for question-answers.

Thank you.

Sir, on the EBITDA margin side, we saw some impact on Q3, and also other expenditure was quite higher at ₹71 crores. Is there any one-off, and why the margins were lower on a Q-o-Q basis?

On a Q-on-Q basis, I think so the EBITDA stood at approximately 9%, which is almost equal to that. It's more an impact of a lower turnover and coverage of the fixed overheads which are there.

Certain provisions

turnover was higher.

Q-o-Q, our turnover was higher. There was ECL provisions, which has increased the other expenses.

What is the quantum of the provision?

₹25 crores.

What is it regarding to, ₹25 crores?

Maybe I'll come back later.

Okay. Okay.

Sir, secondly, how do you see the margin going ahead in Q4 and FY '27?

As we have been saying that margins will improve over the quarters as we go ahead. Q20 Q4 '26 will typically remain similar, but '26-'27 definitely will be in the range of 9%, 9.5% plus.

We don't see that double-digit margin yet in '27. Earlier we were targeting around 10% to 10 10.5%, 11% in '27.

We see as the quarter goes quarter-on-quarter, but we believe the bits which are there, the pipeline which is there, will throw approximately 10%, 10.5%, and being a bit conservative.

Okay. Secondly, on the overall revenue side, we have seen quite a weak numbers in the first 9 months.

How do you see the revenue for '26, and what will be your guidance for '27?

'26, probably based on current order book and the way the projects are moving, the new projects having started a bit late, we believe that we will probably may not be able to achieve last year's revenue, and we'll be probably short by approximately 8% to 10%. Going ahead for '26-'27, we definitely believe that 15% growth would be there over 15% growth would be there over '26.

Sir, given the lower base Pardon? Because the order book is already at ₹16,000.

Pardon? Sir,

given the lower base of '26, even if we grow at 15%, we'll be still lower than our '24 and '25 revenue numbers. Do you see scope of a higher growth?

Yes, it will also depend on certain new projects which we are vying for and the order book which will come. Then probably we'll do a better number, definitely.

Okay. Lastly, on the order inflow side, what would be our order inflow in terms of EPC value for YTD FY '26?

Year to date, approximately ₹5,200 crores is the order book flow for EPC in 9 months, and another ₹307 crores which has come post

December. What are you targeting for the entire year?

We believe that we should, keeping in these 3 months two 2 months available, around ₹3,000-odd crores order book should come in with probably NHAI also pushing their biddings probably in the last 2 months. I think ₹3,000 should be an easy number to achieve for a new order in book.

Okay. Okay.

Okay. Thank you, sir.

Those were my questions.

Hi, sir. Thank you for providing me the opportunity.

Couple of questions from my side. Sir, first, I saw your order book details, and there were few of the slow-moving projects like Kundalika, Jaigad, Bandkot, Gaimukh-Payegaon.

How are we looking in terms of accelerating the speed of execution?

These projects basically are suffering in terms of land acquisition, and probably this would get over in another quarter. Next year, we'll see a good pick-up in all these projects.

Okay. Okay.

Sir, second, in terms of the appointed date for Guskara-Boywanchi, when it is expected?

We expect in February. February we should get an appointed date for this GG.

Sir,

what actually took it so long? Because I think we completed the financial closure 2 quarters back.

Yes, we completed financial closure, but land acquisition is still very difficult in West Bengal. Okay.

Now this will pick up only in these 2 months. That is what they have promised by Feb they should be able to award us.

Understood, sir. Sir, third point was, sir, there are two things in the BOT assets we sold.

One was the holdback amount, and second is the contingent consideration. What is the quantification in terms of the holdback amount and the contingent consideration?

What are the expected timelines?

On the holdback amounts, in the HAM, we have approximately ₹96 crores of holdback, and in the BOT project, approximately ₹50 crores. We expect both these numbers to materialize before March.

All the compliances or whatever actions to be taken, I think so before around February between February and March, we should get those monies released, along with the sale of at least 4 of the 6 assets before March.

Okay. Sir, what about the contingent consideration?

There was some ₹500 crore of

Yeah. The contingent consideration is a consideration linked to extension of toll concession period, which will take approximately a year 1 to 2 years for it to materialize with NHAI.

Once the period is freezed, at that time the money will be released. It will be based on how NHAI gives us the extension for low traffic as per concession agreement.

Right now we cannot zero in on any number, right, sir? Because that will once the NHAI gives the approval for the extension.

Right, right. Okay.

Sir, one point was, sir, you have created some impairment for certain subsidiary loans in your financials. Which is the subsidiary, and what is the loan amount, sir?

Largely, this is see, we have floated a subsidiary in Saudi for businesses in Middle East, where we have incurred establishment expenses of around ₹37 crores, which is taken as an impairment. We are looking at business.

Being prudent, we have presently impaired it. As soon as we get business, probably this amounts will get reversed.

This is the initial establishment expenses for the office established for overseas projects.

Okay. Okay.

Sir, last two questions from my end. These are regarding two things.

One is the timeline and the amount for the balance 6 assets to be monetized. Second is, sir, the matter which was sub judice, we got actually the immunity from the court.

Where is the matter now right at present?

It's a status quo. Still there is a stay from the court, and we are bidding NHAI projects, all other projects.

There is no impact on the business as such.

Okay. Do we expect any action from the NHAI or has it gone to any disciplinary committee, the thing?

What is the status with that?

They have formed a committee and work is in progress. Yeah.

There will be series of meetings, and then decision will be taken.

Okay. Our stand

has been

to Yeah. Sir, and the last question about the monetization of the balance 6 assets, what are the timelines and what are the amount that we can expect?

For the monetization of the 6 HAM projects which are yet with us, 4 of the HAM projects we expect to monetize by March, approximately ₹600- ₹750 crores plus. The last two projects, approximately ₹400 crores, by in June by

June '26. Got it.

Thank you, sir.

Hi, sir. Thanks a lot for the opportunity.

On the bidding part that you mentioned, if you can tell us what is the current bid pipeline that we have?

Current bid pipeline for NHAI is around ₹65,000 crores. Non-highway is around ₹20,000 crores.

₹20,000 crores.

Yeah.

Understood, sir. Just one other question would be on the HAM equity investment.

What would be the amount that we have invested till date and how much is the amount that we would invest going forward?

On the equity investment balance for the current HAM portfolio, approximately ₹320 crores is balance, of which largely ₹220 crores is for the new HAM project, Boywanchi. Balance is for the TS3 and TS4, that is Tumkur-Shivamogga 3 and 4 balance equity to be invested.

Okay.

Which will be invested in the period of ₹180 crores by March '26, '26-'27 ₹72 crores, and '27-'28 ₹72 crores.

Okay, ₹180 crores by March '26 and ₹72 ₹72.

March or June '26. It will all depend on how Boywanchi appointed date is declared.

Okay. Understood, sir.

Understood. Thanks a lot.

Hi, sir. Out of the total order book of around ₹15,900 crores, how much is executable?

How much is any pending clearance, including appointed date or any other clearances?

This entire is executable. We already received appointed date, and work is progress on all the projects.

Sir, but even if we, let's say, look at last quarter order book, we are not able to execute in terms of reported numbers from revenue. Is there any other Yes.

As I explained earlier, these 5 projects of bridges are stuck up due to land acquisition. They are slow-moving.

We expect them by quarter 1, we should be able to pick up on all these projects. Boywanchi project, which we explained you, we yet to get the appointed date.

That we're expecting in Feb. March onwards, we should be able to carry out work on this project also.

Understood, sir. From comparing Q-on-Q from 2Q to 3Q, how is the payment been from NHAI side or from discom side across all our sectors?

Payment-wise, there is not much issue either at NHAI level or discom level. Discoms are also funded from central funds.

Payment-wise, there is not an issue. Execution-wise, there have been challenges, and that is how the order book has moved a little slower.

Got it, sir. Thank you.

Thank you for the opportunity, sir, and congratulations on the monetization of the BOT assets. Sir, while most of the questions are answered, just a few bookkeeping kind of questions.

These 5 BOT assets which we sold, what was the enterprise value and the equity value of these assets?

Equity value was approximately 2,400 2,300, against which there was a debt of approx ₹2,500 crores. Enterprise was approximately 5,000-plus, 5,600-700.

The debt has already been excluded from the consol now. Out of the total equity of 2,300, we have already realized 8 ₹1,750 crores, and balance will be realized over a period of time, including contingent consideration.

Sure, sir. Now after these monetizations and even we are hopeful of monetizing 4 other HAM assets, by end of FY '26, where do we see our debt levels?

Once we monetize this 4 assets also, we should see our debt levels by March or April, if there are certain debts like the NCDs which are payable in April. Considering that also as paid, we should be in the range of ₹200 to ₹300 crores.

Okay. Sure, sir.

Lastly, what is the capex that we did in Q3, and how much are we planning for Q4?

For Q3, the capex was approximately ₹15 crores. We expect another ₹25 crores in Q4 to take it around ₹75 to ₹80 crores for the year.

Okay. Sure, sir.

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

Do we expect any further ECL provisions in Q4?

Largely it's time-related provision for payments which are slightly delayed. We believe that as the recovery will happen by March, I don't think so large impact may be there for Q4.

Okay. Sir, secondly, you mentioned about the Saudi establishment expenses.

When did we incur this expense, and why did we write it off so early?

This expenditure is being incurred since last 1.5 years for the establishment. We are bidding for projects.

Unfortunately, they are not bagged. From a conservative view, because there was no order book at that office, we took a decision of making an impairment of it.

Probably as soon as we expect a few orders in next month or so, 4 to 5 weeks. Once that happens, then maybe for post Q1 FY '27, we'd be able to reverse those impairments.

What segments are we targeting from Saudi, which verticals?

We are all infra-type of infrastructures: roads, power, and buildings.

Okay. Sir, secondly, our PBT was around ₹50 crores for the quarter.

What was the adjusted PAT? Reported PAT is ₹102 crores.

What was the adjusted PAT for the quarter?

I didn't follow. ₹50 crores?

₹50 crore is our PBT. Basically, you were trying to figure out what was the tax expense for the quarter, both on the normal operations and on the exceptional items.

See, before exceptional items, the profit was ₹50 crores, which is almost on the same edge of Q3 Q2 also.

Tax was negligible for the quarter.

Right. ₹57 crores for Q2.

Tax was negligible for the quarter, tax amount?

Tax amount was negligible because of the deferred tax reversal of the provisions which we made for impairment.

Okay. Got it.

Thank you, sir.

Hi, sir. Thank you so much for the opportunity.

I'm sort of investor new to the entire domain of this entire EPC and project business. My apologies upfront if this is a silly question to begin with.

You're sort of deleveraging the balance sheet. You've already done a lot in the first 9 months, 9 quarters.

You're still sort of looking to further sell assets. At a point in time where you sort of said that this year has been fairly soft.

You're obviously expecting some improvement next year. Even your existing projects are slow-moving.

I'm just sort of trying to understand because EPC business, seemingly it involves a fair bit of debt any which ways in terms of working capital basically. When you're basically sort of selling those assets, I'm just sort of trying to understand the balance sheet bulk-up that you're sort of looking to do.

What is the sort of purpose of that? Isn't the balance sheet, as it sort of stands today, sort of already support your future plans

basically? See, there are two strategies which we have.

One is of the development projects which we have, which we are monetizing and bringing cash in. This typically gives an opportunity to look at future development projects also, like projects under solar or projects under BOT.

Now the balance sheet being as it is around almost a net worth of plus ₹4,000 crores and monetization of these assets and deleveraging the debt to the extent of almost in the range of ₹200 to ₹300 crores only or maybe as well as nil, I think so we try to make the balance sheet a bit leaner.

The projects that you have on your balance sheet, right, there is always a construction risk, a whole bunch of risks during the construction period in a project. Now you have sort of executed these projects.

They are now sort of starting to throw cash. Let's even assume that fourth quarter basically these 4 assets that you're looking to sell, that happens.

The NCD also you sort of pay back in April. You sort of get to a ₹200, ₹300 crore sort of debt number, which is for the size of your company, that's ₹5,000, ₹6,000 crore kind of top line company, that's actually quite small.

Is there any need to basically further sell the assets that you have or at least sell them sort of strategically? If you are sort of bidding for some huge project, then maybe you might need to sort of sell some assets to basically fund it on that side.

Let's say beyond March or beyond April, is there sort of any need to basically sell additional projects as you have indicated in the past that you are pretty much selling everything. I don't think that you're planning to keep any operational either HAM or BOT or whatever projects on your books basically.

Is there any need to do that? That's my point.

Because There is a lot of demand for assets, and there is a good arbitrage in selling this asset. This asset may be giving us an IRR of 15% to 17%, and the kind of projects which are acquired by buyers who are largely financial institutions or private equity funds or pension funds, they are generally discounting this cash flows at 10% to 12%.

Makes sense in cashing them out and use this money for newer projects, which will bring an EPC order book also, plus another asset with, say, 17 15% to 17% IRR, which again will have an opportunity to flip to a new buyer. This probably is the model of every EPC contractor-cum-developer.

Should be going ahead also that you create assets, hold for a couple of years maturity, then flip it to a investor who is happy with a 10% to 12% IRR.

Or That's exactly my point. See, first of all, your existing projects are, for a 15%, 16% IRR, they're fairly safe cash flows.

Execute ho gaya hai. They are running essentially, and I presume you will also be managing the O&M for all of your projects basically.

Again, like I said, I'm sort of slightly new to the business and the company, I'm not sort of sure on that count also. When you're sort of taking a new project, new projects also sort of bring a fair bit of risk.

Even leaving that aside, my sort of principal point here is that this year we have seen a very, again principally, given the fact that you're in the almost 60%, 70% of your order book, 65%, 2/3 of your order book is in the road sector, we have seen a pretty soft bidding in FY '26. I'm not sure what sort of changes in FY '27.

If you sort of seen the budget also, just about less than a 10% increase in capex what the government is basically talking about, and clearly defense and some of the other sectors, high-speed rail corridors, etcetera, those sort of seem to be the priority. Then the other sort of question is that are you basically looking to expand materially into some new sectors?

Because traditionally, the company sort of seemingly has been mostly on the road side, and, of course, there is a little bit of power T&D. Railways is less than 10% sort of share of order book, that's fairly small.

Are you sort of looking to expand in a big way into some new verticals, new business lines, or Because as far as the road piece is concerned, I don't really see. Even the current balance sheet, and let's assume the March-April what you're basically saying also happens, beyond that, the leftover projects that you have, which you've sort of said that you would sort of look to monetize those as well, what purpose would that sort of serve?

Because at least in the intermediate term, till such time that you can sort of scale up your order book and get new projects, which I think this year also you're missing on your order book guidance at the beginning of the year primarily because of slow bidding on the road side itself, right? That's just going to be cash sitting on the books earning, what, 6%, 7%.

That's interest rates are also fairly low. Isn't it better to sort of keep those projects, at least sort of keep having that 15%, 16% IRR, whatever it is basically, definitely double-digit IRR, keep earning that IRR, and then as and when you see the order book pipeline basically firming up, then you can probably selectively probably monetize some of those assets?

Actually, there are two thought to it. The assets which you're monetizing and the core business of the company are typically two different revenue streams.

The asset which you monetize are giving a revenue stream of either a financial income or a toll revenue, which is not an effort-driven revenue. Once you have already constructed, it's more of a economic impact on the project.

We're not making any EPC effort. Our major source of revenue is EPC, which brings in the revenue.

Our return expectation on EPC is better, and we expect 15% to 18% IRR on that kind of business. Better to invest in EPC contracts to earn that income, which we have monetized at a discounting of 12%.

That is, principally, one driver to that. Second also is the burden.

Initially, it is all these projects, which are BOT projects or PP projects, have high debt. Definitely, there is a pressure on the balance sheet with a high debt.

We were almost 6,700 debt before Q2, and now we are in the range of around 2,700. Substantially brings down the debt burden on the consol level also.

These two being the main drivers, and helps in creating cash, which could be used for various purposes, including probably also servicing the investors who are there today on board.

I know I understand the history of it, but I'm still sort of

Sorry to interrupt, Amit. Sorry to interrupt.

Can I have this

one sort of bookkeeping question if you don't mind, please? Yeah.

One final point.

This Middle East impairment also, this ₹25 crores, isn't sort of running an office principally an operational sort of expense? Why is this coming on the balance sheet side and why are you sort of impairing it?

I'm not sure I understood this bit also, basically. Fine, it was an office in the Middle East, but principally, the expense on that side would be operational and not capital.

That is true, but then the operations are being done by a subsidiary where the holding company, which is Ashoka Buildcon, has given a loan or a equity to that subsidiary. In the books of ABL, as a bookkeeping issue, is an investment or loan.

It's not an operational expense. Operational at the consol level, probably yes, what you're saying is right.

At consol level, it would be merged as an expenditure, but at the standalone level, it is looking as a loan or equity invested. Now, because of the business not coming in the way, we have preferred to do an impairment as a conservative policy.

Over the quarters, probably we'll reverse then.

Okay. This impairment then doesn't sort of exactly show up into your consol, basically, then?

No, it will not.

It will not. All right.

Okay. Understood.

Thank you. That's it from my side.

Thank you for providing me the opportunity again. Sir, in the order book details, Maharashtra in the power T&D and others, Maharashtra is increased by ₹641 crores.

Can you help me which project was included in this?

Maharashtra, probably I just

Power T&D and others.

Maybe I come back on this which specific project you're talking about.

Yeah. Yeah.

Sir, also in the EPC buildings, it has increased from ₹462 crores to ₹528 crores. Again, where's this increase was?

Was it change in the scope or there was some new addition?

New addition is there. New addition of an EPC contract, small EPC contract.

Okay. Sir, second thing here, I just wanted to understand with the NHAI coming up with the stringent rule about the net worth.

The formula on a broader level goes like this: 5 times into the net worth minus the unexecuted value of BOT and HAM projects. Just wanted to understand, this BOT and HAM projects, the unexecuted value, will this belong only to the NHAI MoRTH or will it also belong to the state projects as well as other than the road projects?

Like, for example, there are water projects which are also under in a HAM All PPP projects. It will be all PPP.

All the PPP across the state or across the segments, right?

Yes. All PPP in the central government and state.

Okay. Sir, one more thing, Sir, are we currently L1 in any of the projects?

We are L1 in some of the project, but we cannot disclose at this stage.

Got it. Sir, last bookkeeping question, sir.

There was exceptional item which is being recognized, where it has mentioned that we are, just a minute, sir, I will just word-to-word. It was mentioned we have created the obligation of something around ₹3,600 crore for the obligations towards the investors in subsidiary.

Of which we have only adjusted ₹2,660 crores, and balance ₹953 crore was credited back to the P&L. Just wanted to understand, sir, in terms of bookkeeping, what is this provision about?

See, over the years in the past, because Macquarie was a investor along with us in our Holdco company, that is Ashoka Concessions, there was a provision created for the investors of around ₹360 crores. After adjusting their value of actual investment and the amount paid for acquiring that CCDs, the balance amount of ₹95 crores, which was on the credit side, was brought to the P&L account as a income.

Okay. As a exceptional item.

Okay. Sir, over the period, whatever the cumulative the provision was turned, ₹361 crore, was it debited to the P&L?

Now that excess is being

Yes, yes.

Got it. Thank you, sir.

That's from my side.

Thank you for the follow-up. Sir, what is our current status and thoughts on monetization of Chennai ORR and Jaora-Nayagaon projects?

Chennai ORR, we continue to pursue a seller. On the Jaora-Nayagaon, we are still holding it in our books as a investment.

The revenues are strong, and when any good interest comes, we will be doing a dialogue. Chennai ORR, we continue to discuss with investors, potential buyers.

Okay. Sure, sir.

Thank you.

Good afternoon. Sir, I have joined a bit late.

Just wanted to know, yesterday our Finance Minister has told that ₹12.2 lakh crores will be spent on infrastructure. What is your expectation for order book this year and next financial year, and the margins?

Hello?

For FY '26, we are typically looking at order book intake in the next 2 months to the tune of around ₹3,000 to ₹3,500 crores. Based on budget promises which have been made, definitely, we will look overall order book intake for the next year to the tune of around ₹11,000 to ₹12,000, which we generally keep as a vision for the intake of orders.

Right. What is the kind of margins, sir, that you are looking out?

Generally in the range of 10%

to 11%. 10% to 11% EBITDA margin.

This ₹11,000 to ₹12,000 crore for next year includes only this central government orders or even Maharashtra or state government?

This would be all sectors: roads, power, and

others. Okay.

Thank you so much, sir. Thank you.

Hi, sir. Just a last question.

I think you said there was some impact because of extraordinary items of ₹52 crores. If you have quantified the amount of tax, it will be helpful.

Or otherwise, over to you, sir. Thanks.

We have already said approximately ₹19 crores of reversal of deferred tax is there of impact of these impairments and other impairments of investments all put together. Deferred tax reversal is there of ₹19 crores.

Thank you so much, sir. You can proceed with your closing remarks.

Yeah. Shall we?

We thank everybody for having joined this call. We hope you have had the answers for what you are looking for.

If you need any further information, you're free to contact me or our investor relations advisors, SGA, Mr. Deven Dhruva.

Thank you, everybody. Good day.

Thank you, everyone.

Thank you.