Thank you. Good morning, and thank you for joining us today on the call to discuss the financial results for Q4 and FY26.

Along with me, I have Mr. K.

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

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

Moving to the broader industry landscape, the road infrastructure sector witnessed a relatively measured pace during FY26, particularly on the project awarding front. Over the past two years, awarding activity by NHAI and the MoRTH has remained below the peak level seen earlier, reflecting a more calibrated and execution-focused approach across the sector.

During FY26, NHAI has awarded 3,100 km of the project, lower by approximately 22% year-on-year and below the initial target of 4,500 km. The moderation was primarily driven by extended project appraisal and approval timelines, land acquisition-related challenges, and increased emphasis on ensuring better project preparedness and structuring before tendering.

That said, execution activity on the ground continued to remain healthy. NHAI constructed around 5,300 km of the national highway during the year, which, while marginally lower than the previous year, but it surpasses in its internal construction target of 5,000 km.

This reflects the sector's strong execution capability and continued progress across ongoing projects despite near-term awarding headwinds. More importantly, the government long-term commitment towards infrastructure-led growth remain very strong.

Continued investment towards expressways, economic corridors, logistic infrastructure, and multi-modal connectivity are expected to support sustainable opportunity for sector over the medium to long term. Also, new meaningful opportunities are now opening up across segments such as mining development, irrigation, ropeways, metro tunnel projects, urban mobility, and rail connectivity.

This is creating a broader infrastructure ecosystem and enabling companies to diversify their capabilities, expand into new area of growth, and build stronger long-term business models. On the cost front, the industry also witnessed some volatility in the commodity-linked inputs during the year.

The ongoing geopolitical tension and conflicts in the West Asia led to an increase in crude oil prices, which consequently impact bitumen prices. However, the impact on the domestic infrastructure sector remains manageable.

To provide better support to the contractors and improve cash flow visibility, the Ministry of Road Transport and Highways reduced the price adjustment cycle from 3 months to 1 month, enabling faster pass-through of the fluctuation in the construction material and equipment costs. This step has been positively received by the industry and is expected to provide greater stability in the project execution going forward.

Asset monetization also continued to witness healthy momentum during FY26, with NHAI monetizing around ₹28,000 crores through InvIT and TOT transactions, largely in line with government target. This reflect the increasing maturity of the asset recycling model and supports continue investment towards future infrastructure development.

Looking ahead, the outlook for FY27 remain constructive. As per industry estimate, the MoRTH is expected to construct around 9,000 to 9,500 km during the year.

While the pace of awarding and construction may remain more balanced compared to the peak cycle witnessed earlier, the sector continue to benefit from the strong policy support, sustainable public capital expenditure, and rising private sector participation across infrastructure segments. Overall, India's infrastructure opportunity set today extend well beyond roads and highways, with increasing opportunity across transportation, urban infrastructure, energy, logistics, mining, and water sector.

The industry is entering a more diversified and sustainable growth phase. Companies with strong execution capability, financial discipline, and multi-sector expertise are expected to well position to the capitalization on long-term opportunities.

Now coming to the key updates of the company. The percentage of physical progress as of March 31st, 2026, for the HAM project is as under: Ramanattukara to Valanchery, around 99.4%; Valanchery to Kappirikkad, 98.3%; Chittoor to Thatchur, around 97.4%; Magadi to Somwarpeth, around 91.3%; Marripadu to Somvarappadu, approximately 27.1%; and Mysore to Kushalnagar Package 4, around 15.5%; and Mysore to Kushalnagar Package 5, approximately 12.2%.

As of March 31st, 2026, the company has already invested ₹734.24 crores out of ₹952.17 crores revised equity requirement for all the HAM projects. The additional equity requirement of ₹217.93 crores to be infused as ₹170 crores and ₹47.93 crores for FY27 and '28, respectively.

You can refer the slide number 26 of the investor presentation for details on the each HAM project. During the quarter, the company received letter of award from two HAM project with a combined project value, BPC, of ₹3,897 crores.

The first project was awarded by Tamil Nadu State Highways Authority, TANSHA, for development of four-lane elevated corridor from Thiruvanmiyur to Uthandi on State Highway 49. The bid cost of the project is ₹2,163 crores and has a construction period of 3 years and followed by an operation period of 5 years.

Subsequently, the SPV named KNR Mahabalipuram Infra Private Limited has been incorporated and concession agreement has also been executed. The second project was awarded by NHAI for four-laning of NH-167 from Utkoor to Mahabubnagar in Telangana.

The project is valued at ₹1,734 crores and has a construction period of 2 years, followed by an operation period of 15 years. Subsequently, an SPV named KNR Manyamkonda Infra Private Limited has been incorporated, and concession agreement has also been executed.

The tentative equity requirement for two HAM projects will be around ₹510 crores. Further, company has also received letter of acceptance for two EPC project worth ₹133 crores.

One from the Greater Hyderabad Municipal Corporation for construction of four-lane unidirectional flyover at Rasoolpura in Telangana, the project value is approximately ₹50 crores and scheduled to be completed over 24 months. Second one is from Hyderabad Growth Corridor for the widening and strengthening of pipelined road from Shankarpally road in Telangana.

Project is around ₹83 crores and has an execution period of 9 months. In respect of monetization proposal, we wish to inform that the company has transferred its all of equity shares in one of its subsidiary company, that is KNR Palani Infra Private Limited, to IndInfravit Trust.

The company has invested ₹64.40 crore in the form of equity and sub-debt in that SPV. Pursuant to this transaction, the company has received a consideration of ₹205.05 crores from the purchaser.

Further, the SPV has also upstream ₹90 crores of the cash surplus to the company through this transaction. The company is expected to close one of the project by June '26 and other two projects by September '26.

Now coming to order book position. As of 31st March 2026, the company total order book stand at ₹8,672 crores.

The order book does not include the recently won HAM project. Including the HAM project, the company total order book stands at ₹11,903 crores.

This is divided into 49% of the roads project, 14% for irrigation, and 7% for pipeline project, and 30% for mining projects. Client-wise distribution is 60% of order book is from the third-party client and the balance 39% from the captive HAM project.

In third-party order book, percentage is also state government contract at 59%, whereas 1% from the central government and balance 1% from our other private players. Kindly read the slide number 32 of investor presentation as above.

The current order book will be executed over a period of 3 to 3.5 years, excluding the mining project. With the government continuing emphasis on infrastructure development, we expect order activity to be improved over the coming quarter across both center and state government.

In the line with this, the company is targeting order inflow in the range of approximately ₹8,000 to ₹10,000 crores during FY26, comprising a healthy mix of NHAI project, irrigation project, mining, and other state government infrastructure work. Now let me take through the Q4 and FY26 standalone financial performance firstly, followed by the consolidated financial highlights.

The revenue for the quarter stood at ₹535 crores. EBITDA for Q4 FY26 stood at ₹28 crores and EBITDA margin at 5.3%.

Net profit for the quarter was ₹19 crores. Now coming to the FY26 highlights.

Revenue for FY26 stand at ₹2,097 crores. EBITDA for FY26 stood at ₹178 crores and EBITDA margin stood at 8.5%.

Net profit for FY26 stood at ₹116 crores. Now coming to Q4 FY26 consolidated financial performance.

The revenue for the quarter stood at ₹696 crores. EBITDA for Q4 FY26 stood at ₹169 crores and EBITDA margin is 24.3%.

Net profit for the quarter was ₹106 crores. Moving on the FY26 highlights.

The revenue for FY26 stood at ₹2,698 crores. EBITDA for FY26 stood at ₹711 crores and EBITDA margin FY26 stood at 26.4%.

Net profit for FY26 stood at ₹473 crores. Now moving on the standalone balance sheet.

The company continue to maintain a strong balance sheet. The working capital days stood at 78 days compared to 93 days as of March '25.

The consolidated debt as of 31st March 2026 is stood at ₹2,438 crores as compared to ₹1,847 crores as of 31st March 2025. The net debt to equity on consolidated basis as of 31st March stand at 0.49 times as compared to 0.41 times as of 31st March '25.

With this, we can open the floor for question and answer. Over to you.

Hi. Thank you for the opportunity, sir.

Sir, I wanted to understand how many kilometers were awarded, you said around 3,000 kilometers by NHAI. In totality, including MoRTH, how many kilometers were awarded in FY26?

Voice is not clear actually. What you are asking, sir?

Hello. Is it better now, sir?

Yeah. Tell me, yeah.

Sir, I wanted to understand how many kilometers of road projects were awarded in FY26? 3,000 was from NHAI.

Including MoRTH, how many kilometers, sir?

MoRTH, we have that NHAI data. MoRTH data also we will get it and we will let you know.

Understood. Sir.

What was our order inflow in FY26, sir?

Order inflow concerned for FY26, one LOA and...

Hello?

2,150 crores and...

Yeah. That we've got ECR flyover in Chennai, that is around 2,150 crores is recently awarded.

Apart from that, I think that

NHAI one that Utkoor to Mahabubnagar one project, which is about 1,750 crores. A few flyover works in GHMC, which were already announced in the market.

They are in almost near about say 1,400 to 1,500 crores is now awarded. Further, there had been some bids which were submitted, we are also expecting some bids out of that.

Again, there is some other bids in Chennai, ORR also we are expecting, those around 800 crores. Mostly, there is another mining project is also on the pipeline.

Maybe we will be having enough order book for upcoming year. Barring which, another two, three projects also we are aiming from NHAI and MoRTH, further from flyover project.

With all that, I think we will be able to achieve the targets as set in for order book concerned in this year. Definitely, this is going to be a good start for us for next year concerned.

Sir, any guidance on revenue and order inflow for this year, sir, FY27?

Revenue is now quite difficult to say anything because which project is going to be awarded when and when it can be taken off. As certain projects are there which are EPC in nature, they can start in 2, 3 months' time after agreement.

Certain projects are HAM model type and all, they take about 6, 7 months. Further, this is a different situation we are heading, sir.

First time we are unable to say what we are going to do this year. That's the major thing, because we are mainly depending on the works which are coming up.

It's not that every time we used to be having order book in pipe, order book under execution and then say something we used to have. This time is a quite difficult situation.

However, we'll try to touch around 2,000-plus, that's real safe. Further, anything added will also boost the things.

Sir, I think we are slightly gearing up for the FY27 kind of thing.

Understood. Just the last question on my side.

I see working capital has increased. Debtor days have been higher.

Which pocket of customers are you seeing delay in payments? Are you seeing any particular states delaying payments?

Actually, as payment perspective is there, because we have one project in Kaleshwaram Package 4, where almost 670 crores of debtors is pending. Other than this, every state government, whether NHAI or other state government, we are not facing any issue.

Debtor days has been actually, compared to March '25, it is reduced. Definitely, Package 4 debtors, there is no movement in that actually.

Basically from government of Telangana, irrigation project, where we have stuck with some of the debtors.

Understood. Sir.

I'll join back the queue. Thank you.

Yeah. Thank you.

Hello?

Hello, thank you, sir, for the opportunity. Sir, few questions.

Sir, just regarding the Telangana dues, sir, any timeline or any update regarding this?

Sir, actually see, the thing is Telangana concerned, we are confident of getting the payments. That recent discussions says that loan issue will be pursued severely by the finance minister.

That me, KNR and Megha Engineering had an extensive meeting with finance minister last but week, not last week, but last to the week. They said another two months, within one, two months, we'll be solving.

I think we are hearing the same from the situation. I think this time finance minister is reviewed, we are hoping that things would be a better shape.

Sir. Next one...

I request always with my investors or our known people, that our persuasion is never stopped, and we have been under severe persuasion to get this payment, sir. I think more or less, we should get clear in if not in this quarter, but next quarter, we should be able to get that's feel what we have, sir.

Okay. Thank you.

Just next one is, regarding our order pipeline for the financial year '27, what is our expectation other than this 3,600 crore initially we get?

3,600 crore, I think apart this includes

Chennai and all.

Chennai

and NHAI concerned.

Sir, I think another say 4,000 crores is under pipeline, we can say, LOAs, near about, again it is all unless we get issued with LOA, we cannot say. It is all a pipeline kind of thing only what I am talking about.

Apart from that, further we are also pursuing some bids. I think another 4,000, 5,000 crore also we are focusing to get the orders, sir.

Because Hyderabad, RRR is also gearing to come out, and they are almost 56 highways which are around Hyderabad are likely to come up. Apart from that, we are also trying to gear up something in railways, we are also gearing up in mining, we are also gearing up in say flyover projects.

As well, we will also look at good projects from this solar. With all that, I think we will be able to achieve the target which we set for last year.

They are not getting fulfilled entirely in last year, but we will try to do in this coming one, two quarters.

Okay. Just last one is, sir, any major claims pending to be received in current year and next year?

Claims are, almost all they have been paid off, sir. There's nothing actually, whatever that was there, they have been received in the last quarter, I mean this quarter itself, I mean to say the last announced quarter.

Later, I think we have hardly anything. Anything small small could be there, but I think to get settled with that also it is quite difficult task right now in the situation which we are heading in NHAI also.

Okay. Thank you, sir.

Thank you.

Hi, sir. Just to understand in more detail in terms of, particularly on the revenue front.

I will try to break it up into the segment-wise, would be easy for you in terms of FY27 specifically. From now onwards, if we include the two new HAM projects, our current order book is 11,900-odd crore.

Let's say, in that, how each segment-wise one can look at in FY27? Let's say pipeline, we have 832 crore; irrigation, 1,667, obviously the unbilled will minus say 700, 800-odd crore.

Maybe 700, 800 crore is executable; mining is 3,500-odd crore; and HAM is the 1,400-odd crore; and the two new HAM, 3,200 crore in terms of the EPC. Each segment-wise, how one can look at this?

Given let's say if we do, as you are saying, 2,000 minimum, I know will still be able to do close to 2,400, 500-odd crore. So 11,900 crore and less this, close to 9,000 crore and plus another we will get of 9,000, 10,000 crore.

Kind of a 18,000, 19,000 crore order book will be there at the end of FY27. In that sense, how one can look at FY28?

Will it be a kind of a at least 4,500 crore kind of a revenue that one should be looking at?

Sir, one thing is sure, sir. This time, whatever the order which is coming up, it's coming at a tight competition.

Cannot be expecting like levels last but years. Turnover can go, but I don't think bottom line will be to that tune which we were giving in the earlier days, because now that market is entire perception is changed actually.

However, we will try to keep up the better way. We are also thinking in a different pattern, different methodologies by which we can economize the things and do some sort of productive job.

By which if we gain anything, that's an additional thing. However, nowadays the market is at very low levels, sir.

I think EBITDA, if you talk about EBITDA, I am very shameful to say that today it is around 10 kind of levels which now we are heading of. If we are able to do something better, I think it is always better.

Because actually, sir, all the orders on hand were executed, and because big gap that has come in NHAI for 2 years, there has been very less job inflow. That has caused us to bid in such a way, for that's the major issue here, sir.

Second, sir, the overheads are higher because the staff and equipment, everything is being maintained in a same level, and the turnover has come down, for which also we are paying that. Everything we put into the shape and everything is coming into busy shape, then things will improve.

That's what we are thinking.

Got it. You are saying that the execution, the turnover in the next year, FY28, obviously can be ramped up significantly if we win the order inflow, but on the margin front, we are saying that 10% is the one that one can look at.

There also, given whether the HAM projects that even recently we have won, there previously we used to have an 18%, 20% kind of margin, at least HAM will still be contributing a decent margin, but the other segments, as you are saying, would be having a kind of a 10% margin, that's the way one can look at? Sir, actually

that Gudiballur one, that Mahabubnagar-Gudiballur project, I think it is aimed at 11%, 12% levels only, the EBITDA for that execution thing. Going forward, we'll have to see that, sir.

Again, I think Chennai one is little bit comfortable, we can say. Overall, we should be doing good, but we'll have to see, sir, how it goes.

Because based on the amount of works being executed to that particular quarter, with respect to the same level of staff and same level of equipment depreciation which is being passed on, everything correlate. That you always know that calculation.

I need not to tell you. Situation is that, sir.

Really it is critical thing now. Every time I used to tell you smoothly that this will happen, this may happen, like that.

This time with dilemma is there. However, I think going forward, after winning a few more orders, I can clearly tell you what happens, sir.

Okay. For mining, the existing one in terms of the CapEx and the revenue, how we can look at for this year, FY27, and next year, the existing 3,552 crore mining order that we have?

In terms of revenue and the CapEx?

Sir, mining orders are actually concerned that the main first hurdle of getting that Banhardi mine is that F1 clearance has come up for the forest. It is about say 850 hectares land, out of which 50% is given for I think that F1 clearance has come.

Now the Banhardi village Gram Sabha is to happen. Once that comes out, then we'll be able to tell you when exactly the timeline start.

Once that Gram Sabha conducted, but NTPC officials, they could not answer the questions raised by the villagers, about the rehabilitation issues. I think for the next meeting, they will be prepared to answer those questions, because they were needing some certain clarifications with their headquarter department and central government clearances they have to take before they announce anything.

I think they are getting prepared for that and then go for the Gram Sabha again. This time it could be a successful story.

I think not less than it will take 9 to 10 7 to 8 months to start at least.

Okay. Sir, lastly, in terms of how many value of projects, and also if you can specify NHAI and the state level, that we have already submitted bids and where the outcome is yet to come?

Sir,

actually that submission happened in many fronts. One mining project which we have submitted around 3,600 crores or 600 crore, bid is submitted for that.

I think apart from that, there are Chennai two ORR projects. Two projects put together around say 850 crores and-odd.

This is about say 4,000-plus, that's what in the pipeline is there now. Apart from that, I think tenders submitted but not opened near about say 3,000, 4,000 crores.

GHMC is also has come up, no, around 1,400 crore has come in the last year ended itself. With all that, I think now we have good pipeline.

We are also few bids which we have submitted. I think we are waiting for NHAI bids to happen.

In many areas, we have studied from past two years. Those studies are ready now.

I think when the tenders happen, then definitely we are going to participate.

Good afternoon, sir. Thank you so much for the opportunities.

Sir, on the mining CapEx of 350 crore, this will be funded at standalone level via internal accruals or new debt, or a separate project SPV? I'm trying to understand, I think the project is triggered to start at third quarter of this financial year.

When we can expect revenue contributions in mining in FY27 or FY28?

Whatever the CapEx is in the mining project, definitely it will be in the parent company actually balance sheet, because this project is being MDO, but whatever the back-to-back work done by KNR as JV partner. Whatever the CapEx requirement will come, that KNR is going to borrow that money.

For that, you know that already our monetization proposal is going on, we have the internal accruals, and we can definitely go for hire purchase loan also. We are working out actually how we have to fund that CapEx.

That is one thing. In respect of mining project, as sir already explained that it will take further 7 to 8 months to start.

We can say maybe from Q4 actually that mining may give some revenue actually in this year.

Sir. Sir, my second question, could you please talk about concrete bid pipeline for railway and metro projects in the coming years?

Earlier, you have mentioned about 2% to 3% percentage of margin dilutions to win new orders. Out of 11,900 crore, how much percentage is in high-margin orders and how much percentage at low-margin orders, which you have taken 2% to 3% percentage of margin dilutions?

Definitely, in this railway sector actually, we have bidded actually some of the project worth might be around 700 to 800 crores actually. We have bidded the project on the railway sector.

As we are making the diversification in other sectors, definitely that margin level is, as sir explained, around 10% to 10%, we are seeing overall margin level with composition of our HAM project and this ECR Chennai project and whatever the project we got actually in the GHMC area. Because there is not much irrigation project is there, because generally irrigation projects used to give actually above around 18% to 20% of EBITDA.

That's why our overall EBITDA was good. Now irrigation projects are not much in our order book.

Definitely execution aspect, definitely we will try to achieve that. EBITDA front, definitely we have to keep our growth actually.

We are telling that around 10% to 12% 10% to 11% like EBITDA we could maintain in the future.

Yes, am I audible?

Very much audible, yeah, sir.

Okay. Thanks for the opportunity, sir.

Sir, just now you said that by Q4 of this financial year our mining project can get operational. If this goes on, what can we expect going in FY28?

What revenues our mining project can make us make for us in going for in going within FY28? Because

actually you know that in this mining project, it is a open mining actually. We have to do lot of excavation to first and after that and our billing is based on how much coal we extracted.

The project actually around 3,500 crores. Initially, our turnover will be somewhere around 300 to 400 crores actually per annum if it is a fully operational.

Then it will pick up to you can say 1,000 crores turnover in the fifth year. Initially, we are expecting somewhere around 300 to 350 crores of the turnover if it is going to be operational.

Okay. This is for FY28, 350 to 400 crores in mining?

Okay. The second one is, sir, by the end of FY26, we got two HAM projects worth around 3,600-odd crores.

What appointment date for them we can expect as well as is there any revenue guidance you can give going ahead for FY27 and '28 from these two particular HAM projects which we got in the very last?

Sir, as far as this ECR Chennai project is concerned actually, we are almost finalized. We are there in the process of doing the financial closure.

We expect that we may complete the financial closure this month end, you can say. After that actually, based on the land is also available.

We can target actually appointed date maybe in next 2 months actually. That project is going to start contributing in somewhere in Q3, Q4 actually Chennai.

As far as our Telangana project is concerned, we have time till September. Maybe in Q4 actually, this Telangana project is going to contribute actually something our turnover.

Okay. The main contribution from these two projects will be there in FY28 only.

Sir, the last one of mine, you said that in 2 to 3 months we'll get the irrigation receivables and all, which are pending. Recently there was an article published in which the irrigation minister is saying that they are focusing more onto this Palamuru irrigation project.

They are focusing on a mission mode on these projects. Even he has suggested that the previous government was more into Kaleshwaram financing and going on to these projects, and we are more focused on to this Palamuru irrigation project.

What should we expect from it? Can it add to more time receiving our receivables or something?

Actually, sir, as we already told you, because for Package 4 basically, where is the concern is there for the receivable of the debt actually. Definitely we are following rigorously with the government actually.

Ultimate, as you know that this water supply to the Hyderabad city is right now there is scarcity is there. Definitely we had actually meeting with irrigation officials.

Once our project is completed, then only that water can come to the Hyderabad city. This is also one of the, you can say, priority project the government has to, because government has already awarded actually project from pipeline from our project to the Hyderabad city.

Once water is available in that reservoir, then only the water is going to come. That's why we are discussing with them actually.

We are hoping that maybe 2 to 3 months actually, we should able to get the money. Definitely our project, we will get money actually, what we want to say.

Okay. Sir, in the very last, I know it's already...

Yeah. Thank you for the opportunity.

Sir, in the irrigation and the pipeline projects, how much have we done the execution in FY26, and how much are we planning for FY27?

Actually, percentage-wise, if in FY26 actually, we did around 17% actually work in irrigation project

actually.

Out of that, pipeline work it is around 13%, 14% we did in the pipeline work in FY26.

Could you quantify in value terms, like how much we did in '26 and our plan for '27?

In fact, our pipeline work we did actually around 270 crores work actually in FY26. As far as irrigation, we did around 300 340 crores of work in FY26.

Next year, definitely for Nalgonda actually, we are trying to do around 350 to 400 crores work actually in FY26 for our pipeline work. Irrigation work actually, most of the work is completed.

Package 4 is almost it is everything in unbilled only almost. Turnover will come from Package 3 project only.

Because there is some land issue is there, the government has to pay to this villager actually for acquiring that land. If government is pays that land, then definitely we can execute around maybe around for two around 200 to 250 crores work in that Package 3 in FY27.

Okay. Sir, just some bookkeeping questions.

What is the CapEx we did in Q4 and our target for FY27, our revenue split for the quarter across segments, and how much is the balance outstanding from Telangana government?

As far as Telangana government outstanding is almost 1,400 crores, 1,450 crores is there, including our...

Yeah. Around this is 1,450 crores actually receivables, including unbilled actually there, pending from the government of Telangana.

As far as CapEx requirement is there, for FY27, because whatever the existing CapEx is sufficient actually for our existing order book, but once this mining projects and because we have project in this ECR Chennai, because this is completely elevated corridor, there's some CapEx requirement will come. This year actually, we are targeting somewhere around 200 to 250 crores of the CapEx, based on when this mining project is going to start actually.

Sure, sir. And...

you mentioned that we will get ADs for the two new HAMs in 3Q and 4Q. What kind of execution are we targeting in FY28 from both the HAMs?

FY28, period

I think we have to complete that project.

That is three years, sir.

That is three years, but anyhow I think mostly... 2028.

Yeah. We'll have to target actually that Mahabubnagar one we'll have to complete actually by FY28.

September '28.

That's it, 2029.

You can say around 1,000 to 1,200 crores we can execute from these two projects in FY28.

From both HAMs combined?

Say both and combined, yeah.

Okay. Sir, what would be our unbilled portion in the irrigation order backlog?

Unbilled is there around 800 crores, sir.

That revenue are already recognized, only it's staying in the order book

since... Correct.

Sir, lastly, what was our revenue from irrigation in Q4?

Q4 irrigation revenue is around 8%, sir.

8% for Q4?

For Q4, yeah.

Okay. Sir, lastly, you mentioned that margins could be around 10%, 11% for FY27.

Do you expect it to remain similar in '28 as well, despite we growing by a sizable portion in FY28, given the very strong order book right now, which will be under execution for the entire FY28? Actually,

as sir explained, because what are the existing order books are there, we have taken with, because you know that last almost last two years we are not getting much order, definitely we have gone a little bit aggressively actually, and we have got this project. That's why previously actually you know that HAM project we are getting around 15% to 16% of EBITDA, and irrigation is more than 20 20%.

Now this is not a say actually right now we can do. We are definitely going aggressively, and that's why in our Mahabubnagar project there is we will get somewhere 12% to 13%.

That's why overall order book, as of now actually, we are expected around 10% to 11% of EBITDA actually.

Okay. Sir, lastly, what revenue are we targeting for FY28?

Actually, sir explained, but our target is because this year we did 2,000, and next year we will do somewhere around 2,000-plus, maybe 2,200, 2,300. Definitely around 3,000-plus actually, we are targeting actually in FY28.

Because we have to see that. Yeah.

Thank you.

Hi, sir. Sir, can you help me what is the unbilled revenue pending from the road order book and from the pipeline?

Actually, almost irrigation project is almost 800 crores, sir. Balance, you can say around 500 crores in the roads actually.

Understood. Sir, second with respect to the, in the last call, you mentioned that we are forming the team for the railway segment.

We also saw there was a bidding done by the KNR in the railway. How do you see railway vis-a-vis the road?

Because all the other players are saying that not such good margins in the railway segment. How are you looking at or what different we are trying?

Sir, railways, we have done almost six, seven tenders as of now, out of which none of them we won because the market is there also it is a little bit heated. Recently, we have submitted in some contract between Tumkur and Shivamogga.

Tumkur-Shivamogga,

I think that is around 800 crores. There we are expecting.

I don't know what happens, we can't say, but we have quoted little bit sensibly. We'll have to see what happens here.

I think the trend is very wrong there right now.

I think, sir, this will ease out our problems in going to the high-speed railways and all. It's a targeting for high-speed railways with few joint venture partners under which we are discussions.

Definitely, I think this will give us in quoting those aspects. I'm making a trial to the section.

Sir, and last thing, any ongoing talks for the back-to-back EPC arrangement, either in railways or roads, anything which is going on?

No, actually, the back-to-back discussion was there on some Maharashtra projects. There also they were not offering some lucrative price.

They have got a lucrative price, but they are not giving us a lucrative price. We said, as per the discussions, we can't say it's a successful story or it is not successful story.

We have quoted our price to them. If they accept, definitely we will do at that price.

Okay. Sir, and any plans on the elevated metro?

Akola-Nanded highway, I can even say that where we have done

that.

We are waiting for that persons to respond on that. Sir, trials are there from all corners.

Jahan project milta hai, with a little bit sensible payment track up, we are all trying in it, sir. Understood, sir.

Understood. Thank you, sir.

Thank you.

Sir, over the years, we have accumulated a lot of land in the sense for mining, etc. Now because of solar projects in rural areas, etc., there is a lot of value for these lands.

Can you just give an estimate of what this land bank that we have is worth today at current prices? That is one.

Second, sir, there are a lot of data center projects which are coming on in Andhra Pradesh. We are kind of quite strong in that region.

Are we looking at executing these projects, because these are also rather complex projects, and we can have some private sector involvement here so that our payments matters are also eased out? Third is, sir, what are our plans in solar, and how do we plan to really get into this sector in a big way without compromising on margins?

Sir, actually solar concerned, first I'll talk about the lands which we have on the ground. See, actually, sir, these lands were accumulated only for the quarries and all other.

See, there is every highway which we have done four-lanes, I think now they are coming for six-lane or for the greenfield. Mostly the quarries are little bit useful for those projects which were coming up, because later if you want to buy, this is not at an un-acquirable cost today.

Even the land which I want to purchase on the side-wise, I cannot purchase because the price is so much. Almost they are gone by three for three to four times above.

With this, sir, actually a little bit comfortness is there for the company asset kind of a build up. Actually it's a right idea that going solar into these projects.

Yes, definitely, sir, we are examining the case, and as and when the things roll out, like nearby areas if they call for tenders, NTPC tie-ups if we are able to make up, all that we are trying up. Definitely, sir, we would like to develop these lands with solar or for the quarries.

We want them to be under utilization in coming 4, 5 years. That is the target which we are working on it, sir.

Second, sir, which you have asked about... Data centers.

Solar?

Data centers.

The data centers concerned, sir, we are now thinking of data center in Hyderabad, near about Smart City areas. There have been certain technocrats who would like to join the thing and they want to make the business successful.

The model has come up like agentic AI plus data center development. This sort of thing is going to be a little bit EBITDA making and then going forward, it is lucrative for the public also.

Definitely, sir, we are now under discussion stage. I think once the model MOU has been circulated between us and the partners who want to join the thing.

This is a little bit at this stage, sir, right now. Going forward, the plan for the company is that to grow very big in the data center, not like doing one data center and restricting ourselves, because backup data centers are also required and then multiple data centers requirement is there in India because 2007 '27 onwards, the data should be Indian.

In India, so that territory advantage also is going to boost the business. That's what everybody's thinking, and we are also a positive thought we are giving towards that, sir.

We are definitely very well-equipped to do data center EPC work?

Yes, sir.

Yes, sir.

Yes, sir, we will do EPC. KNR can do EPC, no doubt, will be done by KNR.

The thing is, sir, the allotment of land from the government where the 100% power supply assurance is there, that is only the important point with water supply. This is the main thing, sir.

Yes.

Sir, what are our long-term plans in solar EPC? I believe that the plain vanilla solar EPC is not attracting us much because of the low margins.

Is there some other long-term plans that we have to develop?

Solar EPC kind of thing, sir, what is happening here, yeah, actually I forgot to answer that question. In solar EPC, in a small scale, it is worst, sir.

We cannot even touch. The larger scale is like 1,000 megawatt and all that, they are having some sensible touch.

Definitely, sir, there only we want to hit, not the below this. Above 500 are all happening in a good way actually.

Only the best challenging point in this is acquiring the land for those things. In certain contracts, land is being offered by the client itself.

There we have no issues. Certain areas, we have to go with our own land or the land leasing method which we have to go.

Those we are now exploring, sir. Maharashtra area, we are exploring opportunities, and Karnataka also recently we have gone one land position and we have seen this.

All that is happening, sir, slowly.

Thank you so much for answering my questions so well.

Thank you.

Hello, sir. Thanks for the opportunity.

I just have one question in the result PDF, on the standalone part, on point number fourth. It's mentioned that the company has recognized claims for an amount of ₹16,297 lakhs from client on settlement.

Also you have mentioned about cost and everything. Just wanted to know this part of recognized claims is already included in the revenue or not?

It is included, because what is happened, 162 crores of the claims we have recognized, and we have assessed that some of the project where our cost estimate has changed. You can consider that around net of 162 minus 135, around 27 crores has been considered in the other income from revenue from operation.

Basically this 16,297 and 13,552 is both included in revenue and cost in the given statement. That's the thing, right, sir?

Yeah. It is included in revenue from operation.

Net has been included, what you can say.

Net has been included. Sir.

Sir. Thank you, sir.

That's all from my side. Thank you.

Thank you for the follow-up. Sir, we're targeting 8 to 10,000 crores of order inflows for next year.

For this, what kind of bid pipeline, if you can just quantify that we are looking at?

As sir told that, around 4,000 crores are the pipeline is there. That is basically in some of the GHMC project and some of the mining projects are there.

We are targeting to actually bid for some of the NHAI projects in the northeast part actually. NHAI bid projects are coming in the HAM model.

That's why 8 to 10,000 crores is the mix of all these things actually. Mining and roads actually.

Okay. Got it, sir.

You said that irrigation is about 8% of the total revenue for this quarter. If you can give breakdown for remaining segments as well?

Like road EPC, HAM, and as such?

Yeah. HAM is around 42% for this quarter.

Road EPC is 33%. Back-to-back EPC is around 17%.

Okay. Sure.

Lastly, sir, what is the CapEx that we did in Q4?

Q4 we did actually almost nothing.

Almost null, you can say,

not much actually. Total year, we did around 4 crores of CapEx, that's all.

Okay. Sure, sir.

Got it. That's it from my side.

Am I audible, sir?

Yeah.

Okay. Only just one question from my side is that, give me a second.

Okay. Are there any major delays or execution challenges in the current projects?

If yes, then what steps are being taken to improve execution and timeline in financial year '27?

Delays in major, I think Kushalnagar

is... In Mysore-Kushalnagar, sir, there has been certain land problems were there, because of that service road they wanted, the public.

It's a greenfield highway, sir. Actually, the lands are divided into two parts, whether access to the village and the land have been cut by the highway, they wanted certain service roads to be provided and access to the village to be provided.

For that they were fighting, and all these days they stopped it. NHAI could not conclude that.

Later, recently within I think 2 weeks back, they have given the police protection to go ahead with the work. Now the works are restored.

I think the work is in full swing by today. With all that, I think those projects' timeline is going to be a little bit shifted, but however we will try to procure the provisional completion on time.

The final completion may differ with the final completion date. That's what we are expecting, sir, because more than 50% of the land was under problem.

On both the projects, Mysore-Kushalnagar two projects it is like that actually.

Okay. Thank you, sir.

Rest all I think most of them on line, sir. Even that Mahabubnagar what I heard recently we met the project director, he was very confident of giving land within 5 months of FC time.

He would give entire land to us to go ahead.

Okay. Thank you, sir.

Thank you.

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

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

Thank you.