Good morning, everybody. Thank you for joining us today on the call to discuss the financial results for Q1 FY '27.

Along with me, I have Mr. K.

Jalandhar Reddy, Executive Director, and Strategic Growth Advisors, our investor relations advisors. We have uploaded results and investor presentation on our stock exchanges, as well as on our company website.

I hope everyone got an opportunity to go through it. We would like to touch upon a few key company updates and industry post which we will have a question-and-answer session.

The road sector is currently going through a phase of the recalibration with the project awarding remain subdued in the initial month of FY '27, following the softness witnessed through FY '26. During the quarter, NHAI awarded approximately 107 kilometers of the project, while execution also moderated to around 638 kilometers.

That said, the government continue to back the sector with a strong spending commitment for FY '27. The Union budget has allocated close to ₹3.1 lakh crore to the Ministry of Road Transport and Highways, and the road sector capex outlay is up around 8% after two relatively subdued years.

This gives us confidence that the groundwork is in place for awarding activity to pick up, even though tendering and award has been slower to come through in this first quarter. NHAI has also outline a revised FY '27 plan to award 54 highways and expressway project covering through 2,442-kilometer worth of combined ₹1.8 lakh crores across 13 states, so that the near-term awarding environment remains measured.

This identify pipeline gives us reasonable visibility for coming quarter. Overall, while the sector is seeing some moderation right now, we remain positive on the awarding outlook for the rest of the year and believe that underlying spending pipeline is healthy.

Beyond [unclear] we are also seeing huge opportunity [unclear]

Is it okay now?

The government continue to focus strongly on the railways capacity expansion and modernization, with a record of ₹2.93 lakh crore of the capital expenditure allocated to the Indian Railways for FY '27, going towards capacity augmentation, multitracking, freight corridors, safety, station redevelopment, and better rail connectivity. This is creating a healthy pipeline of the project across the rail [unclear].

The outlook is particularly encouraging for the Andhra Pradesh, which has received a record ₹10,134 crores railway allocation for FY '27 and the operationalization of South Coast Railway zone, which further strengthening the focus on rail infrastructure in the region and support new project execution. We see this in opportunity to gradually diversify our order book into the railway civil works, track infrastructure, and related works.

With this strong government spending and the growing pipeline across the southern region, railways are gaining increasing importance in our medium-term business mix. Urban mobility is another segment that continue to see healthy activity, with the government supporting the expansion of metro and mass rapid transit corridors.

New corridors and extension are being planned across key cities, creating a sizable pipeline across elevated corridors, viaduct, stations, bridges, and related civil work. As part of our medium-term diversification strategy, we are actively evaluating railway and metro project as they come up for tender, through our focus remain on selectively pursuing project where we see adequate execution visibility, attractive returns, and good fit with our existing capacity.

Another emerging opportunity is the battery energy storage system segment, which are expected significant over the coming years. Overall, we believe that long-term infrastructure opportunity in India remain intact, although the composition of growth is evolving.

Railway will continue to remain our core opportunity, but we see the next phase of growth becoming increasingly diversify across expressway, railway, urban mobility, mining, irrigation, logistics, and emerging areas such as energy storage. We remain positive on overall opportunity and will continue to focus on building a strong and diversify order book while maintaining our discipline on the project selection and returns.

Now coming to the key update of the company, the percentage of physical progress as on 30th June 2026 for HAM project is as follow: Ramanattukara to Valanchery, 100% completed; Valanchery to Kappirikkad, 100% completed; Magadi to Somwarpet, approximately 91.35%; Marrupadi to Somwarpet, approximately 86.03%; Mysuru to Kushalnagar Package 4, around 20%; and Mysuru to Kushalnagar Package 5, around 18.28%. As of 30th June 2026, the company has already invested ₹595 crores out of ₹805 crores revised equity requirement for our all the existing HAM projects.

The additional equity requirement of ₹210 crores to be infused as ₹125 crores and ₹85 crores is in FY '27 and '28, respectively. You can refer to slide number 26 of investor presentation for detail on each HAM project.

The company may require further additional equity investment of around ₹510 crores for Chennai ECR and Telangana NHAI HAM projects. During the quarter, the company, along with its JV partner, Susha Infra & Mining Limited, receive a letter of acceptance from South Eastern Coalfields Limited for a coal mining project at Kusmunda in Chhattisgarh.

The project has a total value of ₹3,361 crores, excluding GST, and is to be executed over a period 8 years. As part of the share purchase agreement with IndInfravit Trust, the company completed the transfer of its 100% stake in KNR Ramagiri Infra Private Limited and KNR Palani Infra Private Limited.

In KNR Ramagiri, the company has invested ₹83 crores in SPV through equity and sub-debt and receive a total consideration of ₹227 crores from the purchaser. For KNR Palani, the company has invested ₹64 crores in SPV through equity and subordinate debt and receive a consideration of ₹295 crores, including ₹90 crores of cash surplus as EPC claims from the purchaser.

On the credit front, CRISIL Ratings reaffirmed the company's long-term bank facility rating at CRISIL AA/Stable and short-term rating at CRISIL A1+, reflecting the company's strong credit profile. Now coming to the order book position.

As on 30th June 2026, the company total order book stand at ₹8,667 crores. This order book does not include the recently won two HAM project and mining project.

Including the HAM project and the mining project, the company's total order book stand at ₹15,234 crores. This is divided into 38% for the road sector, 11% for the irrigation project, 6% for the pipeline project, and 45% for the mining project.

Client-wise diversification is 71% of order book is from the third-party client and balance 29% from the captive HAM project. Third-party order book percentage is also split between state government contracts as 24%, whereas 46% for the central government, and balance 1% from the other private party.

The current order book will executable over a period of 3 to 3.5 years, excluding the mining project. In this line, the company is targeting order inflow of range of around ₹8,000 to ₹10,000 crores during FY '27, comprising a healthy mix of NHAI projects, irrigation project, and other state government infrastructural works.

Now let me take through the Q1 FY '27 standalone financial performance first, followed by the consolidated performance. The revenue for the quarter ended stood at ₹436.7 crores.

EBITDA for Q1 FY '27 stood at ₹65 crores, and EBITDA margin is 15%. Net profit for the quarter was ₹282.3 crores.

Now coming to Q1 FY '27 consolidated financial performance, the revenue for the quarter stood at ₹587.9 crores. EBITDA for Q1 FY '27 stood at ₹96.4 crores, and EBITDA margin is at 16.4%.

Net profit for the quarter was ₹80.7 crores. Now moving on the standalone balance sheet, the company continue to remain in a strong balance sheet.

The working capital days stood at 133 days compared to 78 days as of March '26. The consolidated debt as of 30th June 2026 stood at ₹1,975 crores as compared to ₹2,438 crores as of 31st March 2026.

The net debt-to-equity on consolidated basis as of 30th June 2026 stand at 0.9 as compared to 0.49 as of March '26. With this, we can open the floor for question and answers.

Over to you.

Sir.

Please go ahead.

Sir. On the execution front, how do we see the entire year for FY '27, and what could be the growth in FY '28?

FY '27 actually, we are targeting because that we did last year around ₹2,000 crores. This year actually, definitely, we will cross more than ₹2,000, but maybe you can say 10% to 15% more, maybe around ₹2,200 to ₹2,300 will be FY '27, because what are the execution is going to start on our ECR Chennai project and Telangana Mahabubnagar project and this in the Q3.

Mining project of Kusmunda, Chhattisgarh, that is going to start, you can say, by next month. So '27 will be this, and as far as '28 is concerned, definitely, that year should be the good year actually, because what are the projects are there, everything project will actually completely start in FY '28.

So '28 should be more than actually ₹3,000 crores, we will try to achieve.

Okay. Sir, for the two new HAMs, when do we expect the AD?

They will start in Q3 actually, that's why.

We expect in AD in Q3, ADs for two new HAMs? Uh-huh,

yeah. Q3 we are expecting AD.

The older mining project? Last year's mining project?

Last year mining project in the Chhattisgarh actually, this project has got only the forest clearance. One stage only cleared.

The stage clearance two has not come. It will take further actually around 8 to 10 months to start the project.

What are the project in Kusmunda, Chhattisgarh, recently we got actually, that project is going to start in within one month actually.

Older one will start in FY '28 only probably?

For that, '28 only actually. Yeah.

Okay. How is the execution going on in the water pipeline order, and what revenue we target for next 2 years, '27, '28?

Water pipeline projects is now initially there was some challenges in that project, but that project is doing good actually. Order book is left out around ₹830 crores is there.

This year definitely we are target to do somewhere around 300 around ₹300 to ₹400 crores in this year, and balance in the next year.

For year, year as a whole, what margin are we targeting for '27 and '28? Because

really because this you have seen that Q1, as well as Q2 also, margin will be the same only. Definitely from Q3, once execution of this our HAM project and our mining project will start, Q3, Q4 margin should be good actually.

It will be somewhere end of around 11% to 12% EBITDA will be there in Q3, Q4, and definitely in next year actually, it should be better because once all project will be the full operational capacity, then definitely once turnover will be more, corresponding our EBITDA will be more. Average around 12% to 13% of EBITDA we can achieve.

In next year?

Yeah.

For FY '27, it could be something around 9%, 10%? Ha,

nine. Because Q3, Q4 will be only around 10% to 11%.

Average will be around, you can say, 8% to 9% will be there.

Okay. Sir, lastly, on the irrigation recoveries, what are our expectations?

How do you see those coming down? Did we have any talk recently with the ministry?

Sir. This week developments we speak about, there had been a positive discussion with Finance Ministry as well as with the irrigation department.

As because of the lesser rains that are happening and expecting huge crisis of water into Hyderabad city kind of thing, and our project, one of that Package 4, stands very suitable for them to pump out some water and emergencies and all that, they are now considering to speed it up actually. For that, they thought they will pay in installments.

They even asked us to continue for a speedy working up. I think earlier also this discussion was done by CMO, but right now, they're very serious.

They're talking about installment payments. They said every month they'll be paying us around ₹80, ₹90 crores kind of arrangement, which they said, within, I think, almost ₹650 crore is outstanding on that project.

Again, there is some RE, the revised estimate is also there, which is more than ₹700, ₹800 crore. I think this ₹650 crore part they have said they'll be paying in six, seven installments.

Maybe they've spoken about 10 installments, but we said it's not possible. If you go for 10 installments, it will run in a year time, and we'll be losing lot of money towards the interest payments only because the delay has been so much, and further delay is not acceptable to us.

They said they will try to adjust in five to six installments. I think some positive news.

If they pay first installment, then definitely we will see that something is happening on that front actually. Again, some positive discussion is there, that's which I'm sharing.

Later we have to see what happens. [laughter] But I think this time they are serious.

This time they're serious, I think.

Sir, this year, we can expect something around ₹600 crores from the government in '27?

₹600 crore, yes sir, actually, but they said about say five, six installments they were talking about that ₹650 crores only. That RE concerned, I have an assumption that technical committee has cleared that the revised estimate has to be sanctioned by the government.

I think that is constituted by the same government itself. They have decided that this is a genuine thing and it could be paid.

I think it needs Finance Ministry approval as well as Irrigation Ministry approval after that committee. Then they should make a GO.

Then it will come into for payment. That may take five, six months process.

I think once they get over with this payments, they will start doing that also, kind of that. Right now, only this much news is with me, sir.

[laughter]

Can we expect ₹400 to ₹500 crores coming in this year?

Yes, of course. I'm expecting.

Okay. Sir, lastly, out of the irrigation book of ₹6,085 crores as of June, what would be the unbilled portion where revenue has already been recognized?

Around ₹825 crores is there.

₹825 recognized already?

Yeah. Okay.

Sir,

what would be the HAM debtors as of June?

HAM debtors as of June is ₹178 crores. Okay.

Thank you, sir. Those were my questions.

Right. Thank you.

Thank you.

Hi, sir. Couple of questions.

So...

Hi, sir. Good morning.

Good morning, sir. Kaise ho, sir?

Good, sir.

[laughter]

Please go ahead. Yeah.

Sir, couple of things. First, what is the value of L1 currently?

Second, how many value of projects that we have bidded and where bid is yet to open?

Sir, around 1,500 we have L1, sir, announced, but I think LOA is yet to issue. Few are in Chennai, and few are in Hyderabad city actually.

Apart from that, pipeline, though we have submitted couple of bids. I don't know.

I'm not very sure about things, what is happening there. Yes, sir.

Okay. Second, sir, in terms of capex in Q1, how much we have done, and now this Kusmunda mining will also start?

Overall, in both the mining, how much capex we need to do, and in FY '27, how much, and in FY '28, how much we are planning to do the capex for that?

Yes, sir. Actually, that the first Banhardi mine we speak about, sir, there some land acquisition is still going on, sir.

I think we expect around 5 months to 5 months to 6 months that can happen for the land acquisition. After that, I think we'll have to deploy equipment and all that.

There also will be needing about say ₹300, ₹400 crore, ₹350 to ₹400 crore roughly the equipment will be required. Second, I talk about the Kusmunda mine, which is now on execution.

I think we have been issued LOA 1.5 months back, and now it's they are insisting us to start the work, but they have given that 100-ton dumpers, the minimum capacity to be get started for the OB removals. Those equipment which we don't have, and we have started procuring them.

Right now, I think appointed date is expected in first week of September. In fact, they are insisting us to take from August itself, but August is, Kusmunda, there there's a big rain that is happening.

I think non-stop rains are happening there. We are trying to prepare that road widenings and all, because that haul road, we call it as haul road.

Haul road is not prepared. That widening we are doing, because 100-ton movement ke liye, we will be needing 30-meter wider road is required.

That we are unable to do because the day daily, daily there is rain going on. Then we are we are refusing to take the appointed date because you you cannot insist us to take an appointed date in the rainy season and ask us to do some progress by which we will fall into issues.

Which they are considering. I think first week they are talking about appointed date to happen.

Most probably, I think it September first week onwards, it should grow dry, go dry. We are also expecting that.

Definitely, I think that will come into operation from first, second week of September, sir. Equipment also we have purchased enough.

I think around ₹500 to ₹600 crore equipment need to be deployed. Certain we are planning old, that's why I'm saying that vague words between ₹500 and ₹600.

Certain old equipments are can be used for coal transportation and all, which we are trying to use.

Total capex for Kusmunda is ₹500 to ₹600 crore, or ₹500 to ₹600 crore dumpers we are saying?

No, sir. Everything actually is put together.

There we need surface miners, dumpers, excavators, and then dozers, haul road preparation and maintenance of the road will be used by the graders, and supporting other equipment like lighting equipment, and then, the other what you call coal dumpers, and then surface miners, all that put together, we are talking about, sir.

Okay. Both put together, close to kind of a ₹900, ₹1,000 crore capex is there.

In Q1, how much, sir, we have already spent, and for full year FY '27, how we look at in terms of capex for this?

Actually, sir, Q1 we spent nothing. I think Q2 these things are coming up.

I think almost around ₹200, ₹250 crores we have already given orders. Rest of it, we'll be giving it because the land is not fully available there also.

In available land, we are trying to start around 46 hectares they are supposed to give us, which will run our show for 1 to 1.5 years. Meanwhile, that Riddhi village is there.

Riddhi village need to be acquired. If you acquire Riddhi village in 1 to 1 year time, definitely we will be able to make it clear stretch for another 2, 2.5 years.

It goes like that, sir, actually.

Q1 we did only ₹14 crores of the capex.

Okay. Venkat, sir, overall, if we have to build in terms of number for capex, for FY '27, '28, including this mining and others, how much capex one can build in?

Accordingly, the question is how one can look at the depreciation and when it will start inching up? Because

all this capex will take, as sir told, on phase-wise only. Definitely Kusmunda work is going on, there will be more, and for Jharkhand project, because it will take further around 9 to 10 months to start.

As far as Kusmunda is concerned, definitely that is phase-wise, maybe this year we will do somewhere ₹250 to ₹300 crores, and balance if available land is there, we will do in the next year.

Actually, the department is insisting us for fully mobilization. They are assuring that we will not keep your equipment idle.

There is actually SECL is doing one patch, out of which they are using only 45% to 50% of their patch only. Other patch is free to do some work.

They're asking us, unless your Riddhi village is vacated, we'll be accommodating there also. That's what they're saying.

Definitely, I think it has some meaning. So 60% to 70%, 80% of mobilization we'll have to do this year being says.

Next year then the capex would be a ₹500, ₹600 crore kind of a number should be there. Obviously, the phase basis.

Broadly, if I have to break it down, FY '28 roughly ₹400, ₹500 or ₹500, ₹600 crore kind of capex will be there?

Actually, sir, this year, I think Kusmunda, you can take 400 we'll be doing this year, 400, 450. Up to 450 we'll touch.

Then Banhardi, if it happens, that is around 200 tak this year we'll have to do, because there we can use lot of old equipment. There is no restriction on using the higher-capacity equipment.

There you are free to use whatever the equipment you have, you can do the mining. All our road equipment which were working, if they are not busy, I can deploy and do that.

Yeah.

Okay. Sir, the depreciation then how one can look at?

This quarter ₹10 crore was there.

Sir, actually, that's what I couldn't get the figure actually. I've asked our team to calculate it properly.

What happens, there's around see on overall Kusmunda, if you take I'm just talking about an example. It is almost around ₹500 to ₹600 crore means ₹550 crores you can take for that matter.

The turnover you can expect and with that equipment is around ₹400 crores. There the depreciation is charged heavily.

I don't know what sort of EBITDA that will fetch because it's not like roads. Roads, we used to deploy 10% of the entire project cost.

That is this thing. Every year, we used to get even see, if I take a ₹1,500 crore project, ₹700, ₹800 crores will directly come in a year.

That is distributed quite in a proper way for the highways. Here, complete equipment-based and labor-based, and HSD, the diesel.

All three are major components. Nothing else is the other thing.

Here quite difficult for me to say, but I'm very sure, while quoting the bid or even after bid, we have done lot of practical data collected from various other players and all that, and with the different manufacturers, we've collected the data. After that data, I'm very confident that we'll be able to make PAT level about say 6% plus.

Okay. Broadly, 7, 8 years, we will be depreciating whatever the capex that we do, we will depreciate over 7, 8 years.

That's the way one can look at broadly?

Sir, actually, we are working out different ways. One sort of method what we've started for this dumpers, that Caterpillar is offering every 2 years buyback policy.

That is working out much cheaper for us, because the maintenance cost after second year is going up like anything for that dumpers. What we are also planning to go buyback method only.

They assure around 75% of return to us after 2 years.

Completely we use it for 2 years. Again, we replace with the brand-new equipment.

That efficiency of the trucks is good, and fuel efficiency is good, and maintenance is

less.

With that, I think the capital cost what we are incurring, the differential cost what we are incurring, even we take it into the consideration, we are in good profit for that. Such methods are there for Caterpillar equipments.

Even the Komatsu dumpers we have placed in order because of the urgency, we even have to choose that Caterpillar grade equipment also, the Komatsu equipment. That Komatsu is also offering similar type of buybacks.

We have insisted that, they agreed for that, we will have that. Certain equipments as surface miners and then some certain dozers and all that, they don't have this type of arrangement.

Even for coal equipment is also not having such an arrangement. There we'll have to take it for 5 years and then scrap it and then go for the new ones.

Every 5-year cycle we are taking, sir.

Okay. Got it, sir.

Thank you, and all the best, sir.

Surface miner being a higher-cost equipment, that we are continuing for 8 years. Because that surface miner each one is costing about say ₹13 crore, and we'll be requiring four numbers right now.

If at all any delay that happens, we'll have to induce one more. Five, up to five, that itself is becoming a bigger ticket.

That we will continue for this thing. The certain pattern is there which we have decided, by which company can make good margins.

Okay. Got it, sir.

Thank you, and all the best, sir.

Yeah. Thanks.

Thank you.

Sir, now that the capex at least for the coming year is only on account of the mining projects, why are we not giving a larger dividend or a suitable buyback?

Yes, sir. Buyback we are considering, sir.

We'll come back on that. I think most of the decisions are getting done.

A final meeting need to be concluded to come back on that. Second, sir, capex thing concerned definitely that coal mines we have to do, and certain maintenance capex is also there in that actually.

Most of the projects got completed, and there the equipments they become little bit older and not viable for operation. Those we are deciding, and we are replacing with the new ones.

Actually, we have completed the two Kerala projects and then Mangalore project and my Avinashi also. With all that, those equipments wherever we can accommodate, we'll try to accommodate.

Then after that, whatever we need, then those only we will try to replace. Rest of them, we will just sell it and then be ready for another order to come and then redeploy.

Sir,

it is very heartening to note that now mining, which was not even a major vertical for us, has now become 45% of our total order book. So...

Sir, actually, yeah, concerned, the ticket size will look bigger, but here turnover will become very less actually. That ₹3,300 crores is the order size which look at, but it can give you only ₹400 to ₹350 crore turnover.

That Kusmunda mine is also ₹5,000 crore, out of which my share is about say 75%, that is only stood at 3,500. Like this, there are lot of ifs and buts, and those to be completed in 5 years, and Kusmunda is almost 8 years we need to complete.

This is the way that is catering, sir.

Is it like you said several in the future that we have many such sectors entering our order books and they really become quite significant for us, things like solar EPC or even, for example, something to do with data center, or even large bridges or dam projects?

Sir? Sir.

See, main thing is that most of the flyovers are coming in the EPC mode itself, the minimal working capital will be required. That's it.

Either other highway projects concerned, most of the equipment we own, and then wherever there is an equity commitment that we are just keeping it reserved. In fact, the not taking the decision early on buyback proposals is one of the reasons that we are keeping reserved with our future requirements on equity as well as on the capex.

Those things keeping in mind, then we are moving forward. This is the cautious call which we are trying to take actually.

Sir, about the Telangana outstandings, you feel that once at least the first installment comes through, then the rest of the installments will come without follow-up, or you will have to make rounds of government every month and try to recover?

Sir, actually, we have decided to make full rounds and get that at least, because every time I have to and actually, that is need of an hour. Now I'll be needing that money badly.

I'm making lot of efforts on that actually. I don't want to leave them the committed date.

I'll go sit there. Unless they write the check, I'll not come back.

Like that, we are planning. Let us see, sir, how it goes.

[laughter]

It will not be like an automatic thing. You will have to keep on following every month?

Sir, actually, now see, they say it's an automatic thing. Once we start doing, we will do every month.

We'll be paying you ₹70 crore, ₹80 crore, whatever they're saying. Unless you don't push, things will not happen.

That in Telangana government, now situation is different. Earlier, sir, We never used to even go for payments.

We submit the bill, we used to get. That gut feeling, I went on a bigger order book size and I landed into this issue actually.

No, but to your credit, sir, you have never taken any Andhra Pradesh orders, even though you have been so close to the state, and...

Yes, sir. We'll try to keep a close watch on it, sir, and we'll be pushing that very hard.

Pardon, sir? Pardon?

Pardon?

No, it is that you have always avoided even Andhra Pradesh orders, you have been ever careful with outstandings. These are accidents which sometimes happen in business, and I don't think we can blame the management for this.

Yes, sir.

[laughter] Thank you.

Yeah. Thank you for the opportunity.

Sir, my line got disconnected in the initial part, just wanted to understand what exactly we are planning in storage space, what kind of capabilities we are developing, and what do we want to achieve from there? Any revenue guidance that we are taking over there?

Battery storage. You are talking about battery storage?

Yes, sir. Yes, sir.

Sir, battery storage, initially we tried some bids. They went very bad actually.

Right now, I think we're just preparing some bids, but I'm not very sure of winning a contract because the way things are moving here in India, they're very wrong actually. Moving out that another risk is there with the increasing dollar price and all other external factors.

Each bid has got assigned with its own risk, sir, actually. We are just cautiously going, that's it, sir.

Understood. You mentioned about the entire mining projects' revenue and our part.

If I had to understand, out of this ₹15,000 crore-plus order book, what is the expected total revenue, and during what period it will get executed based on the understanding as of today?

Sir, as I told, excluding mining, it will executed between 3 to 3.5 years. Mining project, you know that one project is a 5 years and one project is a 8 years.

Based on that timeline only, project is going to complete.

Okay. For this year's, what will be the revenue guidance and EBITDA guidance?

I missed that. Sorry if you already covered that.

Actually, this year actually we are targeting somewhere around, you can say, ₹2,200 to ₹2,300 crores of the revenue, with EBITDA of around 8% to 9% this year. Next year should be the good year.

We are thinking they try to cross ₹300 ₹3,000-plus with EBITDA of around 11% to 12%.

Any new orders that are adding in these days, sir, will add up to our expectations, but we have not taken anything into consideration.

Got it. As previous participant also asked about the buyback, I think this may be the time considering the valuations that we are having.

What is the amount that you are keeping in mind? I know that decision is subject to the board, but there must be some amount, percentage amount that you must have kept in mind which you would like to assign towards buyback.

Will it be an market buyback or some other mechanism? What you are considering?

Actually, sir, there is a conclusion meetings supposed to happen, sir, on that. Definitely, after that, we will try to come out with the details, sir.

Right now, it's all under assumptions only.

That's what,

board meeting only to decide.

Okay. Sir.

Got it. Thank you and wishing you best, sir.

Yeah. Thank you.

Thank you for the opportunity. Sir, can you just guide us the kind of revenues that you are looking to clock in irrigation, pipeline, and mining projects in FY '27 and '28?

No,

irrigation is left out, if you adjusted the unbilled, the irrigation order book is almost left to only ₹800 crores only. Out of that, majorly is the back-to-back project actually is there, and one Package 3 is there.

This year from irrigation, it may we do somewhere around ₹200 crores only even.

Pipeline is definitely ₹800 crores order book is there. We will do somewhere around ₹300 to ₹400 crores in pipeline project in this year.

Sir, from mining overall, what kind of revenues can we expect this year and next year?

Sir, actually, this year, we are planning about say ₹150 crore this year, because there are two projects, but I think this year my math say we can only start on one, that too which is starting from September. They asked for 100-ton dumpers.

Actually, the required quantum of dumpers are supposed to deliver by November end, I think. By the time they put them into operation, it'll be few more days.

I think last quarter only we'll be able to do solid execution in that this thing. However, the appointed date is happening from September with partial available equipments.

Whatever best we can do, we'll do, but ₹150 crore we are expecting from this, sir. Plus or minus ₹30, ₹40 crores could be ₹20, ₹30 crores you can say.

Okay. Then next year, how much can we target from the mining project?

400, ₹400 crores.

Both the projects?

No, actually, only one Kusmunda I'm talking about. If that starts, I think Banhardi again it'll be around ₹500 crore per annum, but we don't know when it will start.

That's the problem actually.

Okay. Got it, sir.

Sir, in EBITDA margin, we're guiding for 8% to 9% for the full year, and you said around 11% to 12% in the second half. In Q1, we already did about 15%, was there any one-off because even our subcontracting expenses were quite low during this quarter?

Actually, in this quarter actually, as we already told that we did actually upstream of cash surplus of around ₹90 crores including GST. We did in our deal with our investor.

That was there in actually our Q1 results, sir. That's why this year it is considered that EBITDA is coming to 15%.

Okay. Excluding of that, what would be our EBITDA margins?

Around 5.5% is there.

Okay. Got it, sir.

Sir, if you can just help me with the revenue split segment-wise for the first quarter?

Yeah. The first quarter revenue is actually from irrigation it is just 3% actually.

From HAM, actually it is 70%, and our EPC work, it is 25%.

Okay. Sir, on the capex front, no, at the company level, what is the overall capex that we are planning for FY '27?

Actually, as we already informed, Q1 we did around ₹14 crores actually. FY '27, we are planning somewhere around you can say around ₹350 to ₹400 crores actually, including basically mining capex will be more capex.

Including that, it will be around ₹350 to ₹400 crores.

Okay. Got it, sir.

Sir, just some bookkeeping questions. What is our standalone debt, cash, and outstanding receivables from Telangana as of the end of the first quarter?

Yeah. Standalone debt is nil actually, and console debt is ₹1,975 crores, and standalone cash is ₹310 crores, and console cash is ₹435 crores.

This basically receivables from the Telangana from Package 4 is there, ₹1,300 crores is there actually. That is a overall receivables from irrigation will be around 1,400, ₹1,450 crores is there.

Okay. Got it, sir.

That's it from my side. Thank you.

Okay. Thanks, sir.

Hi, sir. Thank you for the opportunity.

Sir, first question is with respect to the order book, sir. We have the order book of around ₹8,700 crore.

What is amount of unbilled revenue factored in in that order book? Second thing was, what is the amount for the unexecuted order book for the Somwarpet which we have excluded this time and kept in the others?

Out of order, unbilled is total is around ₹1,220 crores was there in unbilled in our order book as of now. Your second question what is Somwarpet is

Last time it was around ₹153 crore, what is there this time, the unexecuted order book?

It is ₹100 crores is there.

It's around ₹100 crore. For that ₹1,220 crore, if you can provide the break up in terms of what is on unbilled revenue for the road, for the irrigation, pipeline?

Irrigation is around ₹825 crores, and around ₹400 crores is rest actually.

Sir. Thanks.

The second question was with respect to, when I'm seeing the order book numbers on unexecuted, so, sir, the Mysuru-Kushalnagar packages still not picked up, sir. What is the reason and what are we planning for this year?

Sir, actually, last 2 months back, I think they have handed over full of land. Otherwise, we had only 5, 6 kilometers in hand for package 5 and then

4

also. 4 also was there only 30%, 35% of the land was available because suddenly the local public has revolted to asking for some service road.

Wherever they wanted the service road, they blocked that highway construction itself. That was dealt with the government and then the central government what NHAI made an agreement with the state government that state government will acquire the land and then give them for execution of that service roads, then they would do.

Actually, it has taken long time for giving the police protection to vacate those people from the obstructing. Recently, 2 months back, they have vacated entire land and they gave us.

Now the execution is speeded up. I think this quarter onwards, things will move better actually.

We are even making arrangements for going COD by December for whatever the land which they made available for us around 30%, 40% available land was there, on that only we would like to do the PCOD and balance we'll execute in the thing. Otherwise, if the revenues are not started on the project, I'm coming into kind of more clocked IDCs and all.

We're starting in that way also for that. Sir, then

what we are factoring revenue from this two projects for the rest of the year?

Sir, actually, entire project has to be completed, sir. Entire project should be completed by April.

We are planning coming April end or May maximum. That's it.

We want to close that.

Okay. One more question was with respect to the recent mining order that we won.

It was I think in the partnership, right, 50:50? Are we getting the back-to-back 100% EPC?

That's why we have taken the entire amount in our order book?

Yes, sir. We are doing 100% as % EPC by taking back-to-back, sir.

Okay. Sir, last question is now most of the road players are also entering the elevated metro space.

Obviously there must be some working or the team building must be happening in the elevated metro space. How are we looking at that space, have we started bidding for the projects in the elevated metro space?

Actually, sir, that Odisha, Bhubaneswar bid we have done for elevated metro. Subsequently that went with unhealthy price, we were not there in that.

Later, it got cancelled also, but I'm not going by that, but however, our struggles are on to go on this, sir. Because we have done a lot of segmental construction, which that is using out our this thing.

We have started JV with NCC also for going on these projects.

Right, sir. Understood.

Sir, any back-to-back arrangement with any of the leading groups, for example, Adani or NCC, or any of the big road players like Welspun? Any talks which are going on?

Actually, sir, in fact, KNR they wanted us to come in. The thing is their price and all that were not suiting, and some pretender understanding we were asking.

I think it is on. The discussion is on.

Actually, there are certain southern projects only I am challenging because if you go with the third parties, southern projects chhod ke bhai doosre projects mein jayenge to, because of the rainy season's extended timings and all, we will not be able to deliver in time. At least in South, things are in control.

We would like to go in South only with the private players. We are sorting certain bids, sir.

Those bids could not happen as of now.

Geographically, sir, there are many bids which are coming up in Madhya Pradesh, in the UPEIDA especially. Are we open to those states or those geographies?

Sir, UPEIDA I'm not getting qualification because they ask for some expressways to be constructed. My expressways have not been completed yet.

Only one, one we are doing as in. Greenfield expressway experience they're asking, so that UPEIDA I'm not getting qualification.

I'm not participating in that, but rest of the bids I'm participating.

Sir. Thank you.

Thanks a lot, sir. Yeah.

Okay.

Yeah. Yep.

Please

go ahead. Please.

Hello. Thank

you

for the opportunity. This question has been already addressed.

Your EBITDA margin being 5.5%, what is the exact quantum? I didn't get the number that has been booked which is a one-off.

One-off is in revenue it is around ₹76 crores of added in the revenue, and expenditure side also it is around ₹30 crores has been there in expenditure side. Net ₹46 crores we consider in the EBITDA.

Okay. Thank you.

One-off, as a one-off, yeah.

Thank you. Thank you.

Thank you, sir, for the opportunity. Sir, I know you talked about it earlier, but just wanted to have an understanding about the margins and the IRR profile for the mining projects.

What range are we looking at?

The mining projects concerned, we have considered while bidding, I think we have considered about 6% plus PAT levels in that. Because I haven't calculated for that equipment component which actually generally we used to have a idea on highways how EBITDA is coming up.

In this mining sector, what is happening that almost ₹500 to ₹600 crore worth of equipment is deployed, and ₹400 crore turnover is expected around on every year, and this is to be continued for 8 years period time. That there are certain equipments which are getting terminated on buyback basis on every 2 years.

Certain equipment are getting terminated on 5 years. All that we need to have a detailed calculation, then only we will get that EBITDA levels.

Otherwise, 6% plus PAT levels are possible. Our estimate according to that.

Sir. Got it.

Sir, just wanted to confirm the outstanding order book numbers on a few projects like the multilevel flyover at IIT Hyderabad, and the two EPC projects, one is the GHMC and this Shankarpally road at MGIT? Uh-huh.

This is actually for Khajaguda Triple IT junction, it is actually ₹459 crores is the closing order book. MGIT to Manikonda, I think you ask, that is same, around ₹83 crores is there.

That is the same.

Okay. The other project like three-lane flyover at Kukatpally, that is completed?

That is the Y-Junction flyover still there. It is not completed.

₹72 crores is order book is there. It has to start actually.

Project has to start.

Okay. Yes, sir, these were my questions.

Thank you.

Sudeep. Thank you.

In Q1, what was the revenue from water pipeline order?

Revenue from?

Water pipeline order revenue.

Because actually water pipeline is just ₹7 crores is their revenue.

Of that ₹830 crore order book, what will be the unbilled portion in water pipeline?

Water pipeline is already back-to-back is there, there won't be any unbilled portion in the water pipeline actually. It is a back-to-back work will be there actually.

Okay. Thank you, sir.

Right.

Okay. Thank you.

Yeah. Thank you all for joining us on this call.

Please reach out to our investor relation consultant, Strategic Growth Advisors, or us directly, should you have any further queries. We can now close the call.

Thank you, everybody.

Thank you.