Good afternoon. Thank you for joining us today on the call to discuss the financial results for Q2 and H1 FY26.

Along with me, I have Mr. K.

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

I hope everyone got an opportunity to go through it and would like to touch upon a few key company updates and industry events, post which we will have a question-and-answer session. In the first half of FY26, the industry witnessed some sluggishness in the project awarding activity by both MoRTH and NHAI.

While the overall award pipeline remained healthy at around 3.5 trillion, the pace of order book conversion has been relatively slow. Our execution front activities was muted during the quarter, impacted by extended monsoon conditions across several parts of the country.

That said, with the strong NHAI pipeline and the new projects expected to be announced by various state governments, the industry anticipates a clear pickup in both awarding and execution momentum in the second half of fiscal. This recovery is further expected to be supported by the government continuous focus on the large-scale infrastructure development, including plans for 25 new greenfield expressways, a 3,000-kilometer port connectivity highway network, and nearly 1 trillion of investment aimed at improving road links to key religious tourism destinations.

Another encouraging development has been NHAI tightening of the RFP provision, which now ensures that the projects are awarded to the contractor with proven technical and financial strength. Further, NHAI has been undertaking several initiatives to enhance India's highway infrastructure.

On such initiative, it is the development of network survey vehicles across national highways. These vehicles will collect and process and analyze detailed data on the road inventory and pavement condition, enabling NHAI to take timely corrective measures and ensure better upkeep of highways.

Further, NHAI has lined up big-ticket asset monetization offerings as part of its ₹40,000 crores target for FY26. This will help the authority recycle capital and fund new infrastructure projects, boosting the sector.

With those initiatives and reforms gaining momentum, the overall environment for road infrastructure is clearly turning more positive, paving the way for strong growth and improved execution in the coming quarter. Now coming to the key updates of the company, the percentage of physical progress as of September 30, 2025 for HAM projects are as under: Ramanattukara to Valanchery, approximately 99% has completed; Valanchery to Kappirikkad, approximately 98% completed; Chittoor to Thatchur, around 97%; Magadi to Somwarpeth, around 89%; and Meenabolu to Somwarappadu, approximately 56%; and Mysore to Kushalnagar Package 5, approx 5%.

As of September 30, 2025, the company has already invested ₹698 crores out of the ₹991 crores revised equity requirement for all the eight HAM projects. The additional equity requirement of ₹292 crores to be infused as ₹175 and ₹117 crores for FY26 and '27, respectively.

You can refer to slide number 26 of our investor presentation for detail on each HAM project. In May '25, KNR Ramanattukara Infra Private Limited, a wholly owned subsidiary of the KNR Constructions Limited, as well as to the parent company, has received a show-cause notice from NHAI.

Subsequently, the settlement agreement was signed with NHAI on 16th October '25, as under: KNR Ramanattukara Infra Private Limited proposed to construct the viaduct at its own cost and to complete it by 28th February 2026, including grace period of 90 days, and NHAI has agreed to grant extension of time without damage for the project work. The likely date of issuance of provisional completion certificate of the project excluding the completion of this stretch should be 18th July 2025 without damage.

The KNR Ramanattukara Infra Private Limited and its promoters proposed that they would not be participating in the bid of the NHAI up to 30th November '25. Considering the above, the NHAI agreed to drop all the penalty and debarment proceeding against KRIPL and its promoters.

As of October 27, 2025, KNR Ramanattukara Infra Private Limited, the wholly owned subsidiary of the company, has received provisional certificate of completion dated 18th July 2025. Also KNR Guruvayoor Infra Private Limited, the wholly owned subsidiary of the company, has also received provisional certificate of completion dated 17th July 2025.

Moving ahead, the company received letter of acceptance for two EPC projects in the state of Telangana: first, from Greater Hyderabad Municipal Corporation for construction of three-lane flyover on NH-65 at Kukatpally Y Junction, Hyderabad, the project cost is ₹72 crores; and second one, the construction of multi-level flyover at Gachibowli Junction and IIIT Junction and widening and development of road for project cost of ₹459 crores. Now coming to the order book position, as of September 30, 2025, the company's total order book, including the recently won EPC projects, stand at ₹8,748 crores.

This is divided into 29% for the road projects, 18% for the irrigation projects, and 12% for pipeline projects, and 41% for mining project. Client-wise bifurcation is 81% of the order book is from third-party client and balance 19% is from the captive HAM projects.

The third-party book percentage is split between state government contract at 76% and whereas 3% from the central government and balance 2% from the private player. The current order book will be executed over a period of 1.5 years to 2 years, excluding mining.

With the government emphasis on infrastructure development, we anticipate new orders award in the coming quarter. We aim at order inflow of approximately ₹8,000 to ₹10,000 crores by end of FY26 with a mix of NHAI project, irrigation project, and other state government projects.

Now let me take through the Q2 and H1 FY26 standalone financial performance, followed by the consolidated. The revenue for the quarter stood at ₹493 crores.

EBITDA for Q2 FY26 stood at ₹54 crores and EBITDA margin is 10.9%. Net profit for the quarter was ₹28 crores.

Now coming to H1 FY26 highlights, the revenue for H1 FY26 stood at ₹976 crores. EBITDA for H1 FY26 stood at ₹119 crores with margin of 12.2%.

Net profit for H1 FY26 stood at ₹79 crores. Now coming to Q2 FY26 consolidated performance of the company, the revenue for the quarter stood at ₹646 crores.

EBITDA for Q2 FY26 stood at ₹192 crores, which is 29.8%. Profit after tax stood at ₹105 crores in Q2 FY26.

Moving to H1 FY26 consolidated highlights, the revenue for H1 FY26 stood at ₹1,259 crores. EBITDA for H1 FY26 was ₹375 crores with margin of 29.8%.

Net profit stood at ₹228 crores. Now moving on standalone balance sheet, the company continued to maintain strong balance sheet.

The working capital debt stood at ₹144 crores. The standalone debt as on 30th September stood at ₹74 crores, and the consolidated debt at ₹2,338 crores as compared to ₹1,865 crores as of March '25.

The net debt to the company equity on consolidated basis as of 30th September is stand at 0.49 times as compared to 0.41 times as of March '25. With this, we can open the floor for question and answer.

Over to you.

Hi. Thank you for the opportunity.

Sir, two things wanted to understand: order inflow and the revenue. First on the order inflow front, till now have we bidded obviously NHAI we can't bid right now, but any other state-level projects have we bidded where bid is yet to open?

That is first. Second, how much value of projects, and maybe state-wise or segment-wise, where we are planning to bid because now when we are looking at ₹8,000 to ₹10,000 crore further order inflow in the balance 4-5 months?

Yes, sir. Actually, order inflow concern, sir, as you all know that we are observing some silence period for NHAI up to November 30th.

Then I think we'll be free to participate from December onwards. As such there is no important tenders, our selected tenders which are not there in the November.

There are few, I think, 3-4 tenders which are there in November also. That because of that PMO sanction issues or there is some estimate approval issues, they are getting postponed to January what I've been told.

The number of tenders which are there in November, they may get postponed to January, which I was informed in the NHAI. As such, I don't see any damage that can happen to us with this.

However, it is all subjected to some assumption only. Even one or two tenders if they happen also, we may have to be silent during this period.

Apart from that, sir, as you all know that we are expecting January, February, March, there should be a big rally from NHAI and we would aim some projects for our company. That anyhow it is on the progress.

Apart from that, sir, definitely, as you have rightly asked, the state highway projects are all we are participating most of the tenders. Last time we have participated in that Ujjain-Jhora project.

However, we are not L1. Apart from that, there are certain state highway projects in GHMC we have participated in some tenders.

Greater Hyderabad also we have participated. Those tenders we would yet to know the results.

I think about say ₹600 up to ₹600 crores is on we have participated in those tenders. Few other tenders also we have participated in the MP.

Yeah. These are all the areas.

Apart from that, sir, we are aiming certain flyover projects in Maharashtra as well as Madhya Pradesh and even in Tamil Nadu. There are certain projects coming up in Tamil Nadu.

There are ADB projects also coming up in Tamil Nadu, which we would like to focus on that. Apart from that, sir, we are also focusing irrigation projects from various states like MP, Maharashtra, and all other places.

We are trying to participate in those areas. Apart from that, we are keenly observing the data on there have been certain bids which are coming out from battery expansions to that solar energy stations.

Those projects have also come up, which we are now viewing it. I think we have taken on board with one COO, one Mr.

Mohan Reddy is assisting for that area. He is well known with that subject.

Apart from that, we are also trying with some consultants also we have taken outside the board so that they can help us in that bids and all. In future going forward, some solar projects also we'll be looking at.

As you all know earlier I said that the mining struggle is on. Anyhow, recently we have placed in Orissa one bid around I think ₹1,200 crore bid we have placed in Orissa.

That is not yet opened. Like that whatever wherever there are opportunities in our expertise concern, we are trying our best to get the orders, sir.

Turnover or the things concerned, I think we'll be down coming 3 to 4 quarters because even the job inflow is less now. By the time you win the bid and then they ground onto the reality to get the turnovers, it will take at least 3 to 4 quarters.

Which we are expecting that to go down in this only, sir. Whatever the order book is there, which we are trying to execute.

Yes, sir. Yeah.

Sir, broadly this ₹8,000 to ₹10,000 crore that we are looking at, is it fair to say that around ₹5,000 crore we are aiming from the NHAI and that too particularly are we looking at only HAM? Sir, yeah.

Yes, that way. State governments, we are aiming at least ₹3,000 to ₹4,000 crores, and balance from NHAI or from other areas which I spoke about.

Got it, sir. Revenue I understand because of the low order book, we will be having a slow execution.

Still just wanted to understand for this year in the second half, how much now are we looking at to execute? Let's say if we get a ₹8,000 crore order inflow, next year how we can look at how much revenue we are aiming?

Sir,

actually it's all sir, the revenues, they generally if a HAM project wins, you know that it is take 9 months minimum to take the turnover to come out of the to come into the turnover position, it will take at least 9 to 10 months. With that, I think initially earthworks only.

So 5-10% only can be expected from hardly 5% can be expected from the last quarters, the fourth quarter from now. Whatever the orders that are there, we will try to execute and complete by this April, May, I think we will be trying to close.

We are expecting some bonuses also, with bonuses we are clearing those those issues. Sir,

just to still further understand a better way: so in 1H, we have done broadly around ₹976 odd crore, and currently ₹8,700 crore, and that too if we remove the unbilled revenue, should be around ₹7,600 crore order book that we should be executing, and there also ₹3,500 crore is the mining. Just trying to understand, can we expect a ₹900-1,000 crore kind of a revenue in the second half?

Next year, let's say this year if we do a ₹2,000 crore, next year ₹2,500 crore is doable? Or can it be even close to or ₹3,000 odd

crore? That is right now it is quite difficult to say anything, sir.

However, I'll try to answer this way that, yeah, that ₹800 to ₹900 crores will be there in this second half of this year. That will be there.

Upcoming, I think, we are expecting good order inflow to come. It's not that we are very keen, and the tenders are also seen on the board.

Only that it is to bid and get the job in our hand. That is only left.

We will try our best to push the case that if we get any good orders in hand, definitely, but I don't think something will happen in first half of next year. Maybe some revenue inflow will come second half of next year itself, sir.

Okay. Margin broadly will be doing the similar 13% because till now it is lower because of the low execution.

Broader level pe 13% to 14% margin is doable, EBITDA margin?

That whatever view which we are aiming in that way only. We'll definitely try our best in that.

Okay. Thank you and all the best, sir.

You're welcome, sir. Thank you.

Sir. My first question is on the margin.

Is there any one-offs during the quarter? Though both employee cost looks elevated and even the raw material and other expenses looks elevated, any one-offs in this?

Actually, basically for this employee cost that ₹10 crores, that variable pay to the director has been provided because it has been approved in our AGM and by the board. That is the, you can say, one item in this side in this quarter.

We have incurred some of the expenditure for our Ramanattukara Kerala project also. Due to that, margin was lower in this quarter.

How much is the amount in the Karnataka project?

Karnataka, what Karnataka?

No, the road project which NHAI has asked you to

Mysore-Kushalnagar project, sir, you're asking about?

Yeah. How much was that expenditure?

You said there is some expenditure provided on that, right, in this quarter? No.

This is Kerala one actually, I think. You are asking Kerala one where Yeah.

Where that incident has happened. You're talking about that only, no?

Yeah. How much have you provided in this quarter on that project?

Around ₹10 crores actually we have provided towards expenditure for that project in this quarter. Okay.

Just on this question on the variable pay to the directors. Given the performance which we are seeing right now, I know that's AGM approved, but was it qualified to be provided in 2Q or was there possibility that it could have been deferred given the performance as the company has gone down because of the execution and other issues and especially this incident which happened?

Definitely, because it has been approved in our board meeting and that thing. That's why we have to provided thing in this quarter only.

We cannot defer it, postpone it. That is the one thing is that.

Regarding definitely this promoters, they are very, very focused and they are very working hard towards that thing. Based on that actually, director has approved it.

Okay. My other question is to Reddy, sir.

Sir, this last 1.5 years, 2 years have been very weak on the order inflows. Is it right to say that maybe during this period, this is the worst kind of a inflow or the prospect pipeline which we have seen?

That has not converted into order even if I look at states. Not seeing any major ordering from the states.

NHAI has significantly slowed down. Is it right to assume maybe this is the worst of the period where none of the states are doing any awards or the pipeline doesn't look very encouraging on the state side, be it Karnataka, be it Tamil Nadu, UP, Maharashtra?

We've not seen large orders coming out, and even on NHAI, any comment on NHAI ordering, changes which have happened, and now all the projects are going to approval NHAI kind of power have been curtailed and the bigger ordering is not going towards Cabinet Committee for approval. When do we see the light at the end of the tunnel on the ordering side, both on the states and NHAI?

Sir, actually yeah,

according to my inquiry, yes, sir, this is the right word which you used. This is the worst time ever faced by us, such situation.

The main thing what I read out is that state governments are little now coming forward to get onto the orders. As of now, there very little orders which they have announced.

Going forward, I think states will be also coming out. State governments there is a risk with the payments.

That is to be noted always. Better days that time we had very wide choice.

Sir, we were choosing our client and do the work. This time, such situations are not there.

Wherever there is a job, we are just going and just bidding on it and trying our best to push the case. Here, a little bit cautious we have to be.

This time, one thing is that NHAI is going to come up in a bigger scale projects. What I am hearing now, I think there are certain bids which have been grouped to get into bigger size.

There we can have some light that we can get some projects because sensible bidding all 1,000 below and 1,500 below, there are very huge crowd which is coming down. Because of the changed norms in the bid, NHAI seems to be a little bit okay.

I think initial period of the jobs being coming out, that time it could be some aggression could be there, but going forward little bit aggression can come down because the aggressive bidders will be little bit losing on the bid capacity front. That is showing some light, sir.

Definitely that's where we are a little bit confident about getting the jobs in hand.

Sir. Sure, sir.

Thank you. Those were my questions.

Thank you.

Good afternoon. Am I audible?

Yes, sir.

Very much audible.

Yes. Great.

My first question is on some macro details. The ministry used to publish on a monthly basis their awarding say the target in kilometers.

Right now it's not there. Just your sense of how much has been awarded in kilometers-wise so far in the first 8 months by NHAI and what is the target set by NHAI for the full year?

Actually, full year target is around 3,000 kilometer, that we got to know. As of now, how much is awarding has come, that we have to just check and Sir,

the main thing is that we have seen a little bit slowdown only as of now because the bids are there. I think there have been enormous bids you can see on the website, but they are getting postponed.

What we are hearing that it could start from January onwards. Up to March, they want to call out the tenders, and that would be the phase which we are also gearing up.

Understood. If I were to look at what has happened we are having around 29% of our order book in roads, this is the lowest in the last 10 years, and the current order book size we are lower than what we achieved in FY21 around ₹11,000 crores of order book.

Essentially this is a downcycle. I can distinctly compare this with what happened before 2014.

Then when the new government took over, focus on EPC was back and a lot of new ordering happened, that revived the cycle or that upcycle came. This time around this downcycle will turn into an upcycle for companies like KNR only if again competition is low and if good EPC orders come with no challenges on land acquisitions and all.

If I were to think whether this will happen, competition is still going to be high, and the land acquisition is the prime reason why tenders or bids are getting postponed, and NHAI has much lesser power in terms of awarding and approving larger projects. Even with the downcycle, my question is whether there is an upcycle at all in the next few years or it's fine, from January things can improve because nothing has happened in a significant way, but whether this will be a sustainable large upcycle for the sector in your view or are we going to not hope or not have only other segments like irrigation or mining or something else becoming mainstay rather than roads going forward?

Sir,

actually it is a little bit quite difficult to say anything at this point of time. Going forward, the combination could improve in other sectors also.

Because highways and all, the only greenfield highways which are now there on the NHAI side. They are also planning TOTs and BOT toll projects and HAM annuity model projects.

We have started like this that, okay, if there is any bigger player like developer things like Adanis or any kind of bigger players, we are also tying up with them for EPCs to do. We are under discussion with IRB for some project to bid along with them.

We are under dialogue with Cubes also to go on certain projects with them. It's not only we are completely depending on the bid what we get from NHAI, we are also depending on some other players who are prominent in paying the thing.

There also we are focusing. It improves our confidence that we can get some jobs in

hand. Sir.

Put it in another way: have you gone through each and every project of this 3.5 trillion opportunity that is there with NHAI now, and have you assessed what proportion of it has 90% land? Because that is what is kind of delaying.

According to you, what proportion of that 3.5 trillion has 90% land?

Yes, sir. Actually, the land acquisition plan or whatever that is, we can procure from NHAI only.

We generally go to NHAI and take the position. Whenever there is a bid or the bid is there on a sector, selected bids, we'll be collecting the information from NHAI office itself, headquarters, Delhi.

PD offices and RO offices are also helpful because we are a regular contractors who are working with NHAI, they always share the information with us. In such cases, we'll be confident that this tender can come out.

Like that also we are gauging the things.

Of this 3.5 trillion, how much percentage you are confident about, sir? Sir,

right now, I haven't calculated, sir. If you want, I can come back on the email after I do some homework.

No problem, sir. No problem.

Sure, sir. That's it from my side.

All the best. Thank you.

Yes, sir. Yes.

Sir, what is the status of the mining project? When do we expect to start the execution?

In FY27, what can be the expected revenue from the project? Sir,

actually that land acquisition is on, sir, for that. Especially there are some villages where some illegal occupants are there.

That is being under discussion with the DC. I think within that development period, we are quite confident to solve all these issues and go on to execution.

Plus or minus 1-2 months will be there, sir, on that end. I think major move that is happening on the thing that Gram Sabhas are being conducted, and proactively the revenue department is also doing the job.

A little bit now the confidence is building up that things can be moved according to the schedule.

Can the

execution start from 4Q of '26 or 1Q of '27? Sir, already 1 quarter is over for that.

Yeah. After 3 quarters or 4 quarters, we'll be able to do that, sir, from now.

It'll take almost a year from here?

If not a year, but it is 9 to 10 months.

Okay. Okay.

Secondly, on the pipeline order, last time we indicated that we should reach that revenue recognition threshold and there could be a booking of roughly ₹100-200 crores in Q3. Where are we on that, and what would be the annual revenue from the pipeline order?

See, Venkata, go on.

Yeah. Sir, this pipeline order almost actually around ₹150 to ₹200 crores actually, we have done the work actually, but billing has to done because we have to achieve the milestone.

We are expecting that this quarter around ₹150 to ₹200 certification will be happen actually, because this work we have given actually back-to-back to our subcontractors. In this quarter actually, we are expecting that around ₹150 to ₹200 certification is going to happen.

For FY26, can it be roughly ₹500 crores revenue from the project?

Total cannot be this will be then and next quarter will be around some two maximum, you can consider around 300 to ₹350 crores.

For the entire year?

For entire year, yeah.

Okay. Sir, any update on the MSRDC order with Patel where we were L1, Bhandara-Gadchiroli?

Not yet, sir. We have been asked to submit the bank guarantee extension, which we have submitted, and just waiting.

They said somewhere in December, second, third week, there will be the land acquisition gets over and then they'll go on to that. However, it is all subjected to the approvals from the CMO.

Any possibility of the order getting canceled or rebid? Sir,

as of now, it is not there. Any negative news is not there as of now.

Certain projects they have canceled. After passing out so much time, will they now cancel?

Because going forward they have done a lot of land acquisition and bidders were also waiting more than 1 year. Oh, yeah.

Yes, correct. You're right.

At this stage, I don't think they will drop out, but that CMO is viewing it actually. Sir, and

any idea what would be the current land acquisition status for the project, Bhandara-Gadchiroli for the package we Sir,

I think the award stage has come for the 60% of the land, sir. Balance they said by November end there will be trying to distribute for 60% of the land.

Balance in December they will do. Okay, 60%

as of now or during the award time?

Award to award only they take, yeah, 60% of the land prices they are going to award to the landowners by this November end, what they said. Balance they will do it in December.

That if they have comfortable position like getting 80% to 70% land in hand, they would go for LOA.

LOA may come in Q4?

Yes, sir.

Okay. Okay.

Sir, secondly, on the irrigation side, out of the order book, what would be the unbilled portion? What will be the actual revenue potential from the irrigation backlog?

Irrigation almost actually around just a minute. Order book is ₹1,540 crores.

Out of that, what would be the revenue potential? Out of that unbilled is around 720.

Balance you can say around ₹700 crores is there. That is potential to build actually.

Out of 1,540, around 8 ₹820 would come out to be the

Yeah. In the turnover, yeah.

Okay. Okay.

Sir, lastly, when do we expect to complete this execution of irrigation projects? Is it to complete by next year?

Have we started the execution on the other two orders which we had won, the smaller ones? Actually,

definitely, actually most of the work is going to complete irrigation of this year only. Maybe some portion of work for Package 3 is going to be spill in the next year.

As far as these two projects are there, which is a small one actually, that also we have given for the subcontractor. There is a land acquisition issues are there, that's why this project has not been taken off actually as of now.

Okay. Thank you, sir.

Those were my questions. Yeah.

Thank you.

Sir, actually the Package 3 Okay. Go on.

Go on. Sir, this

out of ₹1,090 actually for debtors, this irrigation receivables are around ₹758 crores, and HAM receivables is ₹258 crores. This irrigation receivables, unbilled is around ₹720 crores.

This is the work what we did actually, and and it has to be certified by the department. As of our status is that still actually we because we have to complete the project, that is our first priority.

Almost for Package 4 actually, entire work has been completed almost. For Package 3, around ₹300 crores work is there.

That will definitely going to spill in the next year. Except ₹300 crores, other works mostly we will complete actually in this year.

For Package 3 For Package 3, actually we have received payment actually post September around ₹74 crores. That's why for Package 3, there is no issue.

Delays are there, but definitely for payment-wise, there is no issue. For Package 4, definitely we are trying actually and talking to the government officials to get the release, and we are we are getting assurance from them actually.

They will release the payment. We are just waiting for that.

Basically, you're expecting things to get resolved maybe in the next 3 to 6 months? Maybe within next 2 quarters, right?

Yes, sir. Actually, that's what we got the promise from the concerned minister and finance minister also.

We've been doing repeated meetings with them. Loan part which neither they are clearing the loan part nor they are Actually, the loan is already closed.

If they renew the loan part and then go for it, then things will be easy. Otherwise, no, if they allocate from this the state funds, they will be paying in installments, not at one go they can pay.

That's what the expectation is there, sir. As minister says, this time we met him, I think, third or fourth week we met him, I think.

He said within 1 month all will be. Every time he is saying that, but things are not happening.

That is the major setback which we are seeing there. However, sir, as you asked, we were working on that project, not on full-fledged basis, but whatever the staff is there, whatever the people are there, we are trying to do some job because major of the pumps and everything, motor, pumps, rotors, everything have come.

Only assembly part and that winding part is going on. That assembly we have to anyhow do it because unless we do it, the material will be here and there, then after 1 year you go, then the things will not be in order.

We are trying to keep the things in control and assemble and keep it ready. Otherwise, all of a sudden they pay, then we also land into problem because that material which is here which we got, we have been tested on the day one we have received.

Then if there are some repairs and all, we'll be getting to know after 1 year, then things will not be good. We also feel the people who are there.

We are getting the work done and doing the thing. Okay.

The ₹750 crore of unbilled revenue hasn't got recognized, and it still forms part of the order book, right? Yes, sir.

Actually, that there is some RO, that means revise estimate order. There is some technical committee has approved yesterday.

Yesterday or day before yesterday. I think with that I think it will go to the government and then that gets approved.

Got it. Coming to the HAM project, the Kushalnagar project, the Package 5, have we achieved like 90% land acquisition for that project?

Have we got the appointment date? When do you actually expect revenue recognition the initial 40% share from the government share to be actually get recognized?

Yes, sir. Kushalnagar 4 4 and 5 is with us.

The Package 5, we have issues in that that they wanted some service roads. This is a greenfield highway for which the service roads are not provided.

Locals have demanded for service road, and the land acquisition is over for at least 80 85%. They have stopped in 13-14 8 kilometers to 8.5 kilometers, they stopped for want of that service roads.

Except that portion, all other portions are under progress, sir. Got it.

Basically, this bid wouldn't go into rebidding, right? No.

It is already commenced, sir. The project is commenced, there is no chance of going for rebidding.

Right. If I could just squeeze in one more question regarding the mining project.

When do you expect revenue from the mining project to commence? What sort of margins are we looking at with the prospect of the mining project?

And 9 to 12 months, sir. 9 to 12 months.

9 to 12 months is when And, sir, what is this development period? I think the project value is 12 months.

12 months development period. The sort of project value is something like ₹4,500 crores, sorry, ₹3,500 crores.

Initial development phase, how much order value can one ascribe to the initial phase? You have the program with you, Venkata?

I will tell. This is 1 year the development period.

On that development period, we have to do the land acquisition. We have to get the all clearances like forest, and we have to do this nala diversion and some village development work is there.

That is approximately around ₹90 crores. In next 1 year, we may do maximum work of around ₹90 crores.

After that, operation period will start. That is the 5 years.

Operation period also because initially it is around ₹3,500 to ₹3,700 crores. Initially, it will be around ₹300 to ₹400 crores actually.

After that, it will go to increase and next 5 years, it will complete ₹3,500 crores of work. Sure.

All the best. Hopefully, the next year would be quite better than this one.

Thank you, sir. Yeah.

Thank you, sir.

The monetization is very advanced stage, sir, actually. It is SPA actually draft has been circulated ourselves.

We expect that by this month-end actually, we should able to close the deal actually. Okay.

Sir, just a few bookkeeping questions. What is the capex we did in Q2 and how much are we planning for the full year?

Till 6 months, we did actually capex of only ₹3 crores actually. This year we are not expecting we are going to do much capex because other project has to start.

Maybe you can say around maximum around 30 to ₹40 crores will be capex for balance 6 months. Okay.

Sir, can you give the revenue split for this quarter across the segment? Segment-wise revenue split is there that for HAM actually, it is around 20 29%.

For EPC road work, it's around 34%. For irrigation, it is around 36%, and around 1% is back-to-back.

Okay. Lastly, sir, what is the outstanding receivables from the Telangana government?

Actually, receivables and including unbilled around ₹1,350 crores are there as of now. Sir.

That's it from my side. Thank you.

that's why I told. Out of ₹1,090 crores receivables, irrigation receivables are around ₹758 crores.

On this college from Package 4, which is big one, that is around ₹677 crores we received from Package 4. From Package 3, actually, receivables were ₹74 crores, which was received actually post September 2025.

Right now, as we already informed that management is discussing at the highest level actually with the government authority and all the things. We expect that actually, we are following with them.

We expect that we should receive the payment. That is amounting to ₹670 crores, right?

That is for work we have already ₹670 crores for Package 4. That is the major one, which is certified and not yet paid actually.

Okay. As you pointed out, in the recent AGM, a pay package was approved by the AGM.

What was that quantum? That is going to applicable for next year.

It is from April 2026 onwards actually. Okay.

Not for this year, yeah. That is for the next year actually.

How much that would be? It is okay.

It is that I will check and offline I will tell you actually. It is there in the resolution.

I have to just see that and tell you. Okay.

There was another news circulating by an influencer. I'm not sure how much of that is true, but that said that Tamil Nadu government would be awarding a ₹4,000 crore contract to KNR Construction.

Just wanted to know if this is true or if there is something you can comment on this.

Sir, actually it is a open bidding which happens, sir. Whoever comes on the corner and they would bid it.

It's all some local news channels. We have completed one project in that Coimbatore, sir.

Maybe subsequently there are tenders we are also aiming. There's some fake news which is getting roamed around.

It is not in the mainstream of that media. It is all in the thing.

Even tomorrow if I win, they will blame me that I've taken it like that. Kind of that things are not like that, sir.

It's open global bidding. Anybody can come from any corner and bid it, actually.

Correct. Are there any approvals pending for any of the tenders we have applied for in Tamil Nadu, and if you can share the quantum of that bidding?

No, sir. Not yet, sir.

Nothing applied in Tamil Nadu? Nothing applied, sir.

As of now, nothing. Sure, sir.

This last question: the last 2 years have been tough for the company on the financials and even the sector as such. When do you see the company getting back where it was when it was at its peak?

If our assumptions goes well and our efforts take a shape, definitely by 3 to 4 quarters, we'll be on track. Maybe 4 quarters I expect, sir.

Okay. Sure, sir.

Thank you, sir. Yeah.

Thank you, sir.

Hi, sir. Sir, initially we said we are expecting bonuses in some of the projects.

Can you help us how much and in which project and when we can be getting or booking in the P&L?

Actually, recently we got bonus in one project that is Cheyyur-Vandavasi, that is already accounted. Other three projects which are going on, that we are expect not in right now.

It will take some time actually. Not right now.

Okay. In second half, not looking at any bonus to be booked in the P&L?

Nothing like that.

Okay. This Ramanattukara project where we said that ₹10 crore that provision we have done in the second quarter, how much more that we have to do?

I think ₹40-50 crore that total amount is there. How much and will it be in the third and fourth quarter we will be booking?

Sir, balance one we'll book in the third and fourth quarter, because anyway we have to execute that work in our own cost, and we have to complete this by February '26. Definitely in third, fourth quarter, the balance one we have to book.

Okay. Got it.

Sir, this put together both this Mysore two packages, in second half, how much we are looking that in terms of the revenue and next year how much one can look at? I think both put together is ₹1,200 odd crore currently in terms of order book.

How much revenue we can look at in the second half and FY27? Because

second quarter, we are looking around ₹300 crores, you can say revenue, in the second part for these two projects out of ₹1,200 crores. Next year will be somewhere around ₹600 crores, you can say, 600 to ₹700 crores.

Got it. Just to clarify, in irrigation we said that out of ₹820 odd crore excluding the unbilled, except the ₹300 crore, the balance around ₹500 odd crore we will be booking as a revenue in second half?

Actually, this irrigation one is Total the order book is ₹1,500 crore plus, ₹1,540 odd crore. Out of that, if I remove the unbilled, then the number is around ₹820 odd crore that we can book in a revenue.

Out of that, in the second half, how much we will be booking, and balance obviously will go into the FY27? Yeah.

You can say around 300 to ₹350 crores actually we are going to book in the second half, and balance will be next year.

Okay.

Because in some of the projects, some of the miscellaneous items will be there, so that will carry actually. Not entire 500, maybe around 350 to ₹400 crores we are going to book in second half of this.

Okay. The pipeline, you said that in the second half we will be doing the 300, ₹350 odd crore, and the balance maybe around ₹600 to ₹700 crore that entirely most likely will be over in FY27, that project pipeline?

Definitely. It is like that, because this year we will do around some 300 to ₹350 crores, and balance around ₹600 crores in the next year.

Okay. Got it, sir.

Thank you and all the best.

Thank you.

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.

Thank you. Thank you all.