Ceigall India Limited — Q3 FY26

Ceigall India Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=34pqMOramYY Published: 3 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Seagull India Limited Q3 and 9 month FY26 earnings conference call. 0:11 11 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:22 22 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on 0:29 29 seconds your touchstone phone. Please note that this conference is being recorded. 0:35 35 seconds I now hand the conference over to Mr. Ar Praash from Air Factors PR. Thank you and over to you sir. 0:42 42 seconds Uh thank you. Uh good evening everyone. 0:45 45 seconds Today we have with us Mr. Ramnik Cycle, chairperson and managing director. Uh Mr. Sudir Hoshing wholetime director uh 0:53 53 seconds Mr. Capil Aaral uh the chief financial officer and the ad factors team on call I must remind you that this conference 1:00 1 minute may include forward-looking statements about the company which are based on the beliefs opinions and expectations of the company as on the date of this call the 1:08 1 minute, 8 seconds statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. We will begin the call with the 1:16 1 minute, 16 seconds opening remarks from the management after which we will have the forum open for the interactive Q&A session. I now hand over the conference to Mr. Renik 1:24 1 minute, 24 seconds Seagel for the opening remarks. Thank you and over to you sir. 1:29 1 minute, 29 seconds Good evening everyone. I'm pleased to welcome you all to the quarter 3 and 9 month financial year 26 earning call for 1:37 1 minute, 37 seconds Seagull India Limited. Our financial results, investors presentation, press release have been uploaded on the stock 1:44 1 minute, 44 seconds exchanges and company's website. I trust you had an opportunity to review them. 1:49 1 minute, 49 seconds Let me begin with the brief microeconomic backdrop. The Indian infrastructure sector continues to witness the strong momentum supported by 1:58 1 minute, 58 seconds the sustained government spending and policy focus. The Ministry of Road, Transport and Highways has increased its budgetary lotment by around 8% 2:06 2 minutes, 6 seconds approximately 3.1 trillion for the year 2627 clearly reflecting the government's continued commitment to the 2:14 2 minutes, 14 seconds infrastructure development. We are seeing steady improvement in on ground execution conditions post monsoon. 2:21 2 minutes, 21 seconds Tendering activity has also picked up across highways, urban infrastructure and light segments. With infrastructure investments expected to grow at a 2:29 2 minutes, 29 seconds healthy pace over the last few years, we believe the overall environment remains very constructive for the EPC players with strong execution capabilities. 2:39 2 minutes, 39 seconds At Seagull, we are well positioned to benefit from this momentum given our diversified capabilities across roads, 2:48 2 minutes, 48 seconds railways, tunnels, metros, industrial infrastructure, non renewables, transmission, distribution as well. With 2:55 2 minutes, 55 seconds a strong domestic opportunity pipeline and growing presence across the multiple industrial verticles, we believe we are well placed to capture upcoming 3:04 3 minutes, 4 seconds opportunities and drive sustainable growth. Overall, the combination of the continued government-led infrastructure 3:10 3 minutes, 10 seconds pushed improving execution environment and our expanding sectoral presence give us confidence in sustained business 3:19 3 minutes, 19 seconds momentum going forward. Against this backdrop, we remain optimistic about business momentum. Alongside our strong 3:27 3 minutes, 27 seconds domestic pipeline, we have also taken initial steps to expand our global footprints. During the quarter, we have 3:34 3 minutes, 34 seconds incorporated Seagull Global PTE Limited in Singapore which will help us to explore selective opportunities in Southeast Asia, Middle East. 3:43 3 minutes, 43 seconds This is a long-term strategic initiative. We will approach international markets in a calibrated manner. 3:50 3 minutes, 50 seconds For the 9-month period of financial year 26, Seagull India sustained growth momentum across the operational and strategic front building on the 3:58 3 minutes, 58 seconds performance of the first half of the year. During quarter 3 financial year 26, the company achieved a strong order in flow approximately 1433 crores. The 4:07 4 minutes, 7 seconds total order book stands at around 13,290 crores providing solid revenue visibility for conducting quarter of 4:14 4 minutes, 14 seconds financial year 26 and beyond. During the quarter, we received multiple pre prestigious projects award and preferred 4:22 4 minutes, 22 seconds bidder position L1 further strengthening our execution pipeline. We secured a highway construction projects valued at 4:29 4 minutes, 29 seconds approximately 1,89 cr BPC for indoor Ujan greenfield ex highway in Madhya Pradesh under HA. In 4:38 4 minutes, 38 seconds addition, we received an order of 130 megawatt aggregate capacity under the Surya Mish Mitra Trishi feeder scheme valued for 423 crores. Our subsidiary 4:47 4 minutes, 47 seconds Seagal Infra Private Limited has emerged at L1 bidder for one of the largest infrastructure contracts. We have 4:54 4 minutes, 54 seconds pursued the 2,160 cr for four laning of SA Gunge Arid Bitty stretch of NH139W 5:03 5 minutes, 3 seconds in Bihar and Ham. This contract spans the nearly 79 kilometers includes about construction uh period plus 15 years of 5:12 5 minutes, 12 seconds the post construction operation and maintenance period significantly enhancing our long-term revenue visibility strengthening a foothold in the large scale highway execution. 5:24 5 minutes, 24 seconds Further we have also emerged as L1 bidder for uh project with a Japur main uh rail uh corporation valued at rupes 5:32 5 minutes, 32 seconds 98 crores. Together, these achievements reinforce our focus on consistently diversifying the order book, positioning 5:40 5 minutes, 40 seconds the company for sustainable growth and resilience in an evolving infrastructure landscape. We have also made meaningful 5:48 5 minutes, 48 seconds progress in diversifying beyond roads and highways. Renewables now accounts for cumulative orders of 3,168 5:56 5 minutes, 56 seconds crores. Transmission and distribution stands at INR 407 crores. The well-ground subscription project industrial infrastructure cont 6:04 6 minutes, 4 seconds contributes around 622 crores including the urban. This diversification is deliberate and strategic and its 6:12 6 minutes, 12 seconds position as well for sustainable growth across the multiple infrastructure verticles. In addition to these developments, we have eight ham projects 6:19 6 minutes, 19 seconds currently under execution. As of December 2025, the company has infused 65.6 6:27 6 minutes, 27 seconds 6 cr of equity in these ham projects and after IPO around 850 cr we have infused 6:35 6 minutes, 35 seconds this strategic investment underscore our dedication to enhancing our project portfolio and ensuring the successful 6:43 6 minutes, 43 seconds delivery of our projects on operation side butinda dumbali project ham project 6:50 6 minutes, 50 seconds achieved precood on December 22 2025 to date seven of our projects have completed ahead of schedule which has 6:57 6 minutes, 57 seconds enabled us to earn early bonus completion bonus and further strengthen our execution credentials. Technology continues to be a focus area. We are 7:06 7 minutes, 6 seconds actively deploying AI datadriven tools across the bidding project monitoring to improve efficiency strengthen controls 7:14 7 minutes, 14 seconds and enhance over execution quality. Let me also briefly touch upon our capital strategy. We continue to focus on the 7:21 7 minutes, 21 seconds balance sheet optimization. Standalone debt has reduced to INR 552 crores as of 7:27 7 minutes, 27 seconds December 2025 compared to INR 336 cr in March 2025 on a consolidated basis debt 7:35 7 minutes, 35 seconds stands at 1421 CR in line with a capital recycling strategy the board has in uh 7:42 7 minutes, 42 seconds board has in principally approved a binding offer for 100% divestment of seagull malot abort Sadhuali ham asset 7:50 7 minutes, 50 seconds this will help us unlocking the capital and redeploy it in our core business EPC and new growth segment while further strengthening our balance sheet. 8:01 8 minutes, 1 second Overall, we remain confident about the outlook of the seagull with a strong order book, increasing diversification, improving leverage metrics and 8:09 8 minutes, 9 seconds supportive industry environment. We believe we are well positioned for consistent and sustainable growth. I will now hand over the call to our CFO 8:18 8 minutes, 18 seconds Capilagal who will take you to through the financial performance in detail. Thank you so much everyone. 8:26 8 minutes, 26 seconds Thank you Romik sir and a warm welcome to everyone joining us today. It is pleasure to discuss our performance as we close the 9 months milestone of this 8:35 8 minutes, 35 seconds fiscal year following our strategies discussions in the previous quarter. I'm pleased to share that the third quarter has been a period of significant 8:43 8 minutes, 43 seconds execution momentum capitalization on the post monsoon working window to escalate our project timelines across the board. 8:51 8 minutes, 51 seconds For Q3 FY26 performance, our standalone revenue from operations reach 970 crores as against revenue from operations of 8:59 8 minutes, 59 seconds 810 crores registing a 19.7% year-on-year growth. showing showcasing our ability to scale operations 9:07 9 minutes, 7 seconds effectively during the peak construction season. This bring our total standalone revenue for the first 9 months of the year to 2575 crores representing a 9:16 9 minutes, 16 seconds steady growth of 7.6% YUI. On the profitability front, standalone AITA for Q3 FY26 stood at INR20 crores as against 9:26 9 minutes, 26 seconds INR 105 crores for the same quarter previous year resisting a margin of 12.3%. While our PAT for Q3 FY26 was INR 75 with a PAT margin of 7.7%. 9:38 9 minutes, 38 seconds For 9 months FY26 period, our standalone AITA stood at INR 305 crores as against INR 323 crores resisting a margin of 9:48 9 minutes, 48 seconds 118% versus 13.5% in the same period previous year. While our standalone pad for 9 9:54 9 minutes, 54 seconds months FY26 stood at 186 with a PAT margin of 7.2%. Moving to our consolidated results which provides a 10:02 10 minutes, 2 seconds more holistic view of the growing portfolio and SPV performance for Q3 FI26 our consolidated revenue from 10:10 10 minutes, 10 seconds operations stood at rupees 991 crores as against 30 831 crores growing by 19.3% 10:19 10 minutes, 19 seconds yearonear for the cumulative 9 months FY 26 our consolidated revenue grew by 8.7% 10:25 10 minutes, 25 seconds to reach INR 2636 crores versus 2475 crores revenue for the 9 months FYI 25 10:34 10 minutes, 34 seconds on 9 months FYI 26 her consolidated AITA were at 362 crores resisting a 13.7% 10:42 10 minutes, 42 seconds AITA margin on a consolidated consolidated path for 9 months FY 26 stood at 180 crores resulting in PAT 10:50 10 minutes, 50 seconds margin of 6.8% 8% on a consolidated basis. On the operational side, our execution engine remains robust with 28 10:57 10 minutes, 57 seconds ongoing projects currently in various stage of completion. Although total book has now scaled to 1395 crores providing 11:05 11 minutes, 5 seconds us a multi-year revenue visibility which make this order book particularly strong is it diversified nature. It is no 11:13 11 minutes, 13 seconds longer just about roads and highways. We now merge manage a sophisticated mix of comprising 14 EPC projects, eight ham 11:20 11 minutes, 20 seconds projects, one DB F40 project and five TI based projects. Our reach now spans critical sectors including tunnels, 11:27 11 minutes, 27 seconds railways, metros and airport runways, transmission and distribution and renewables effectively drisking our business from any single sector. 11:37 11 minutes, 37 seconds Critically looking ahead, we are entering the final quarter of the fiscal year with a strong tailwind. The government continued commitment to 11:46 11 minutes, 46 seconds infrastructure evidenced by high velocity projects award in the recent months aligned perfectly with our core competence. We remain focused on 11:57 11 minutes, 57 seconds lean execution, timely commissioning and maintaining a robust balance sheet. Our diverse project mix allow us to pivot 12:05 12 minutes, 5 seconds towards a high margin opportunities while contributing to the nation's infrastructure backbone. With that I conclude my opening remarks and would 12:12 12 minutes, 12 seconds request the moderator to open the floor for QA question. Thank you. 12:18 12 minutes, 18 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 12:26 12 minutes, 26 seconds star and one on the touchstone telephone. 12:29 12 minutes, 29 seconds If you wish to remove yourself from the question queue, you may press star and two. 12:35 12 minutes, 35 seconds Participants, you are requested to use handsets while asking a question. 12:41 12 minutes, 41 seconds Ladies and gentlemen, we will wait for a moment while the question assembles. 12:56 12 minutes, 56 seconds We have the first question from the line of web from GM Financial. Please go ahead. 13:02 13 minutes, 2 seconds Yeah. Now firstly if you come to slide number 38 of the presentation so over there we have mentioned uh equity 13:10 13 minutes, 10 seconds invested as of December and company share of equity. So there is uh quite a significant difference for couple of 13:16 13 minutes, 16 seconds projects one is Ludjana Batinda where investor equity is 86 crores whereas our share is only 1.6 crores and for 13:24 13 minutes, 24 seconds northern bypass investor is 105 crores and our share is 28 crores. So why is there a difference of so much? So who is the other party investing? 13:36 13 minutes, 36 seconds In case of Butinda Dwali Ramik sir he has also contributed 20 crores. 13:42 13 minutes, 42 seconds So being a promoter of the company he has invested 20 crores in binder. 13:46 13 minutes, 46 seconds No no in Ludjana Batinda and Northern Iodia. 13:54 13 minutes, 54 seconds No no entire money has been put by company own that was before IPO. 14:01 14 minutes, 1 second There is some uh issue in the PPD slide 38 that that okay mistake otherwise the 14:09 14 minutes, 9 seconds entire equity has been put by the company only. 14:11 14 minutes, 11 seconds If in million basically against 105 cr equity 283 has been infused. So company share is basically what we have infused. 14:20 14 minutes, 20 seconds So what is 1045 million? It is that also invested. 14:27 14 minutes, 27 seconds Sir basically there is a two kind of holding one is single one is single intra so balance has been infused with single intra single in 14:37 14 minutes, 37 seconds okay so it is entirely by our company only either through shadow entity or throughpl yes yes 14:45 14 minutes, 45 seconds okay okay secondly uh on the uh ham projects so the couple of ham the new 14:52 14 minutes, 52 seconds ones so what would be our total equity requirement now for the entire ham portfolio Earlier 15:08 15 minutes, 8 seconds new earlier one it was 1391 total uh investment which was supposed to be invested in ham projects. So recently awarded two projects. 15:17 15 minutes, 17 seconds One is uh basically the indor jen and second one is uh 15:24 15 minutes, 24 seconds t gun. So 155 cr is the estimated figure which will be in indoor regen and for siren we are yet to receive a lo. So the 15:32 15 minutes, 32 seconds tentative amount will be closer to 250 cr. 15:38 15 minutes, 38 seconds Okay. Okay. And uh sir when do we expect to uh start the solar projects? 15:45 15 minutes, 45 seconds What is the status of uh of each of the projects? 15:49 15 minutes, 49 seconds So LOA we have already received. We are waiting for the PPA to be signed and we are expecting uh Maharashtra PPA to be 15:57 15 minutes, 57 seconds signed soon. Once we have that we have already kind of you know finalized the land the DDS of the land has already been done. We're just waiting for the 16:05 16 minutes, 5 seconds PPA to happen and for the uh the RAA project and uh another NP project. 16:16 16 minutes, 16 seconds Yeah, same situation. Same situation. So uh in one of the project we are expecting uh the LOA otherwise PP has to 16:23 16 minutes, 23 seconds be signed. In one of the project there is no land requirement because the land has to be given by the government. 16:30 16 minutes, 30 seconds So out of the same,000 crores uh order book of solar and best what kind of revenue are you targeting for FI27 and FI28? 16:40 16 minutes, 40 seconds So you know everything depends upon the PPA. So uh once we receive the PPA you know seagull has a execution capacity 16:48 16 minutes, 48 seconds and have a track record of completing projects before time. So um once we get the PPA signed execution will start ASAP. 16:58 16 minutes, 58 seconds Okay sir. Lastly uh when do we expect to receive the appointed dates for the five ham projects VRK 112 southern Lugjana and two new ones? 17:09 17 minutes, 9 seconds So um V1 it is expected why uh I think around tomorrow a day after there's a final 17:16 17 minutes, 16 seconds meeting for the forest we once we that is cleared NHI has given a very positive uh sign that uh it will be given to us 17:24 17 minutes, 24 seconds soon uh for southern we've already requested the department and uh um I think that's also with NHI we should get 17:33 17 minutes, 33 seconds it in this month and we are trying to expedite it so these two appointed dates will achieved uh before 31st March. And 17:41 17 minutes, 41 seconds uh then if you talk about uh Bihar, Bihar is VRK12 also immediately once we have the 17:50 17 minutes, 50 seconds 11 after maybe a month or two we should have a VRK2 also and Bihar L is not received yet. So once the LO is received 17:59 17 minutes, 59 seconds we have to make a SPV we have 45 days for that then 150 days for uh financial closure. So we have ample time there in 18:07 18 minutes, 7 seconds in terms of uh indoor the agreement is to be signed ASAP. Once the agreement is signed we have 150 days to furnish the 18:14 18 minutes, 14 seconds SC. Once that is done then um of course once we have the RO we will have the 40. 18:23 18 minutes, 23 seconds Okay. And sir uh what what uh revenue are we targeting for uh next year and this year? 18:32 18 minutes, 32 seconds So of course as we have guided our uh investors before also we are targeting to achieve 10 to 15%. And we are on uh track. 18:42 18 minutes, 42 seconds Okay. Okay. Thank you sir. Those are my question. 18:48 18 minutes, 48 seconds Thank you. We have the next question from the line of Kaitan from Aenders Park. Please go ahead. 18:55 18 minutes, 55 seconds Thank you. Uh so just first as a clarification on the equity infusion requirement for ham. uh so correct me if 19:01 19 minutes, 1 second I'm wrong so it is 1391 crores till now is the total equally required plus uh 19:08 19 minutes, 8 seconds the two new projects and uh we've infused till now around 65 65 crores am I right 19:15 19 minutes, 15 seconds yeah total is 1391 we have already included 605 as on 31st December and uh plus requirement will be the two 19:23 19 minutes, 23 seconds new projects yeah plus requirement for the two new projects understood thank you thank you for the clarification Okay. Uh so second uh on 19:31 19 minutes, 31 seconds your own opening remarks you mentioned that ordering activity has picked up uh uh in roads. Uh so this could help us with how much kilometers has been 19:40 19 minutes, 40 seconds awarded uh till date uh by NHI and mod combined uh in kilometers and in rupees. 19:48 19 minutes, 48 seconds So uh you know we we have already won one more project which is u for 79 kilometers and uh we have already quoted 19:56 19 minutes, 56 seconds for three more projects a few days back and every week they are receiving the contracts and and normally whatever contracts have been received during 20:04 20 minutes, 4 seconds February March we should get the loss by 31st March because uh even NH has a target but any number specific number um 20:13 20 minutes, 13 seconds discussing at this moment will not be correct. 20:16 20 minutes, 16 seconds No any number like but but there are there are a lot of contracts available online and uh 20:24 20 minutes, 24 seconds they've already got the approval from the cabinet. So NHI has a great target uh and we are looking forward to it. 20:31 20 minutes, 31 seconds Understood. Uh I'm just checking if you have a number which was awarded till date like a how many kilometers were 20:38 20 minutes, 38 seconds awarded uh till now. I mean it's not it is not easy for us to uh this we can check it on NHI website and then we can 20:46 20 minutes, 46 seconds update you maybe you can share your email with the couple. 20:50 20 minutes, 50 seconds Okay. Okay. Uh uh fair enough. Uh that's it. I'll come back to my cues. 20:58 20 minutes, 58 seconds Thank you. We have the next question from the line of Rohit Maha from SK Securities. Please go ahead. 21:06 21 minutes, 6 seconds Yeah, thank you for the opportunity sir. 21:08 21 minutes, 8 seconds Uh so my first question is uh related to the uh capex with the incorporation of sigil global Singapore and proposed 21:16 21 minutes, 16 seconds Dubai subsidiary. What level of capex or initial investment has been embarked uh in this international market uh let's say by FY 27. 21:28 21 minutes, 28 seconds So um you know we are right now targeting EPC projects. So for these projects normally you need the BG limits only and uh like we have already quoted 21:37 21 minutes, 37 seconds one project um in Romania we have already quoted few projects in UAE. So um as such there is no much of the 21:45 21 minutes, 45 seconds equity requirement but we'll be requiring only the BG limits that we already have surplus here and uh uh once um we are lowest they give the 21:54 21 minutes, 54 seconds mobilization vans also. So as such there is no um equity requirement coming from these and we have very conservative in um setting up international. 22:05 22 minutes, 5 seconds Okay. Got it. Got it. Got it. And uh uh related to one of your project uh 22:12 22 minutes, 12 seconds which was uh I think a Punjab border right? Hello. 22:19 22 minutes, 19 seconds Hearing you hearing you. Yeah. What is your point? 22:21 22 minutes, 21 seconds Yeah. Yeah. Uh so uh related to that project I just wanted to know given the strategic nature and uh is there any uh 22:28 22 minutes, 28 seconds unique execution or security related challenges impacting our progress? 22:35 22 minutes, 35 seconds No no I I don't understand your question. Can you repeat it again? 22:38 22 minutes, 38 seconds Uh so you have one project uh for the Punjab border fencing right? 22:44 22 minutes, 44 seconds No we don't have any project for Punjab fencing. 22:47 22 minutes, 47 seconds Oh okay okay. So I misunderstood. Okay, no worries. Uh, that's it from my side. 22:54 22 minutes, 54 seconds Thank you. 22:57 22 minutes, 57 seconds Thank you. We have the next follow-up question from the line of Babusha from GM Financial. Please go ahead. 23:05 23 minutes, 5 seconds Yeah, thanks for the followup. Uh so what would be the equity requirement for the uh solar and best projects and uh 23:12 23 minutes, 12 seconds and same and for the ham as well uh in each how are we planning to influence the money year wise. 23:21 23 minutes, 21 seconds So basically uh Morena solar park we have received the LOA today and we are yet to finalize 23:28 23 minutes, 28 seconds the model but uh the equity will be close to 750 to 800 cr in the solar projects and uh it the execution time is 23:37 23 minutes, 37 seconds for two years definitely based on the sanctions when we get a appointed date we have to infuse only 20% as an upfront 23:43 23 minutes, 43 seconds equity in solar budgets and uh since it is not like the ham assets whatever we are going to execute we can immedately 23:51 23 minutes, 51 seconds commission and start billing to the government and uh that fund can be used towards the equity in infusion in these 23:58 23 minutes, 58 seconds budgets and we have already sold one ham um which we have announced it also today 24:05 24 minutes, 5 seconds and we expecting that equity also coming before this financial source so money should come in by uh March for 24:14 24 minutes, 14 seconds the or by June yeah we have our target is we should uh get that money before 31st March 24:21 24 minutes, 21 seconds And um we have a cash flow also and we we are planning and we already in discussion for another two hams also. So because we have already received a 24:29 24 minutes, 29 seconds precood for the uh second ham also and then you know otherwise also whenever the money is immediately required you can refinance and get the money from 24:37 24 minutes, 37 seconds that source also. So equity availability is not a problem and not a challenge for so the 750 to 800 cr equity for the 24:46 24 minutes, 46 seconds solar projects. So these needs typically it would be done by FI28 if things go on 24:52 24 minutes, 52 seconds time. No it is it is it is it is 810 but you know uh uh till the time we have the 24:59 24 minutes, 59 seconds PPA you don't have a pointed date here once the PPA is signed then only you have to start these uh execution and you 25:06 25 minutes, 6 seconds have to put it in timeline for example if I talk about the ham project um till the time ad is given we never put like 25:14 25 minutes, 14 seconds we got we we did the FC two years back for uh um this uh jarken 11 and 12 and we are ready with the equity But the ROA 25:23 25 minutes, 23 seconds was not given clear to us. Same is the case of the solar till the time we have the PPS with us. We don't have to uh put 25:31 25 minutes, 31 seconds equity because after PP only we have to put the equity. 25:36 25 minutes, 36 seconds Okay. And sir on the TND project what would be the equity requirement? 25:42 25 minutes, 42 seconds So the total equity requirement which we have shown was 1391 in which 605 we have already pulled and for the new project is 395 and for solar is close to 810. 25:54 25 minutes, 54 seconds So that includes TNT project as well. Yeah. Yeah. Okay. Okay. Okay. 26:02 26 minutes, 2 seconds Project is going to start. I didn't get you. What did you say? TNT project it's going to start ASAP. 26:11 26 minutes, 11 seconds Okay. Okay. And sir, uh what order infos are we targeting for next year for FI27 26:18 26 minutes, 18 seconds and uh how much of that could be from international markets? 26:24 26 minutes, 24 seconds So um last year we guided our uh investors that we will be getting 5,000 cr in against 5,000 cr we have already 26:33 26 minutes, 33 seconds got close to 8,500 cr and u this year also our guidance would be incremental 26:39 26 minutes, 39 seconds of 15%. So should be around 5,800 crores and uh we have already surplus of 3,500 cr last year. So things are good and 26:49 26 minutes, 49 seconds internationally we are not very aggressive. Um we should target at least 10 to 15% coming from international and 26:57 26 minutes, 57 seconds we we are still setting up the things there. So it might take time but for u India the things are very good as I said 27:05 27 minutes, 5 seconds we have already whatever we committed we were conservative and we have done better than that and there's lot of uh 27:11 27 minutes, 11 seconds tendering happening um in next 2 3 months so we we targeting to get good orders and a good uh IR thank you 27:20 27 minutes, 20 seconds okay and sir what kex we did in fi 20 in 9 months and what are we targeting for 26 and 27 27:28 27 minutes, 28 seconds sir if Look at we are not investing much in capex as uh guided to investors as well. See figure is basically uh 27:35 27 minutes, 35 seconds following a policy of buyback wherein they buy the assets and they sell it off after a certain period to the same vendors. So as far as execution is 27:43 27 minutes, 43 seconds concerned we do have ample machiny and we are giving few contracts on backtoback basis also. So much capex 27:50 27 minutes, 50 seconds investment will not be required. So it will be close to 25 to 30 crores which we will be doing that's to from our subsidiary not from directly from secret. 28:00 28 minutes Okay. So for 23 also it will be around 25 per Yeah 25 to 30. 28:08 28 minutes, 8 seconds Okay. And so lastly just to understand how are we putting the money so for equity for ham projects so incrementally 28:17 28 minutes, 17 seconds uh what indiv so so just to get a sense of the number so you said that 605 cr is 28:23 28 minutes, 23 seconds invested in ham till uh till December so of that uh entirely it won't be seen on 28:31 28 minutes, 31 seconds the standard on books because a part of it is done through CIBPN. 28:37 28 minutes, 37 seconds Yeah, part of CIPL being a subsidiary they are also holding shareholding in these SPVS. So part of 28:45 28 minutes, 45 seconds the investment is done by CAPL part is done by FEL. 28:49 28 minutes, 49 seconds So out of 605 what would have been already done by CIPL is not uh uh visible on standard on books. 28:59 28 minutes, 59 seconds It's visible whatever money has been invested by CAPL that has been given by seagull only in form of loan which is representing the balance sheet. 29:08 29 minutes, 8 seconds Okay. Okay. Okay. Got it. And sir, what would be our cash number as of uh December? 29:16 29 minutes, 16 seconds Can you please pardon? I didn't get the cash. What is the outsting cash as of December? 29:23 29 minutes, 23 seconds It was 233 crores as of uh September. 29:26 29 minutes, 26 seconds including it is 235 crores. Okay. Thank you sir. 29:36 29 minutes, 36 seconds Thank you. We have the next question from the line of Par Patel from Patel Investment. Please go ahead. 29:44 29 minutes, 44 seconds Good evening sir. Am I audible? Yeah. 29:50 29 minutes, 50 seconds Yeah. Thank you. Thank you so much for the opportunity. 29:53 29 minutes, 53 seconds uh the first question I the first couple of questions are on the similar lines. 29:57 29 minutes, 57 seconds So I I think you me mentioned it before that you completed a sale of uh sale to I think NEO asset for about 177 crores. 30:06 30 minutes, 6 seconds So I just wanted to know what are the expected timelines for the this investment for the new the other 30:14 30 minutes, 14 seconds projects such as Batinda Dwali and Talva Sabad and uh secondly from the sale of 30:22 30 minutes, 22 seconds those projects what are we planning to do are we planning to uh you know repay the loan or it will it will go towards 30:29 30 minutes, 29 seconds equity requirements for the other hand projects that we are going to on board in the coming quarters. 30:37 30 minutes, 37 seconds Yeah, basically for Malotabore we are targeting 31st March and for sale of other two assets we are targeting uh 30:44 30 minutes, 44 seconds 30th September and uh as far as the money is concerned our debt equity ratio is uh low it is 28 as on 31st December 30:53 30 minutes, 53 seconds so which is pretty good and uh whatever money we are going to realize primarily it will be used towards equity. 31:02 31 minutes, 2 seconds Okay, got it. Uh secondly the another question I had was uh uh we have uh 31:10 31 minutes, 10 seconds received a lot of early compilation bonuses for our projects. So I just wanted to know for 31:16 31 minutes, 16 seconds Jalber are we uh are we on the lines of getting an early combination bonus as we are almost at the verge of completing it. 31:30 31 minutes, 30 seconds There was an aotable problem in Jalba. 31:32 31 minutes, 32 seconds Moreover, there was a flood problem in Jula. Though, so government is planning to give us an EOT for that. So, we are awaiting for the so once we have EOT in 31:41 31 minutes, 41 seconds hand, then only we will be in a position to tell the investors about the bonus. 31:46 31 minutes, 46 seconds Got it. Got it. And uh finally, I just wanted to know that we signed the J Jur metro project. So I just wanted to know 31:56 31 minutes, 56 seconds some some bit on if if you could shed some light on it. 32:00 32 minutes So uh we are L1 we are still waiting for the LOA and once we receive the LOA we'll immediately start the work because 32:07 32 minutes, 7 seconds you know our two of the project where vioduct is almost on completion which is Agra and Kpur. So I mean yeah our 32:16 32 minutes, 16 seconds strategy is totally waiting to start this work ASAP. 32:21 32 minutes, 21 seconds So that that's all from Michael. I joined the queue again for more questions. Thank you so much and all the best for the future. 32:28 32 minutes, 28 seconds Pleasure. Pleasure. Thank you. 32:31 32 minutes, 31 seconds Thank you. We have the next question from the line of Nimsh Pandy, an individual investor. Please go ahead. Please go ahead. 32:40 32 minutes, 40 seconds Hello. Am I audible? Yes. Yes, you're audible. 32:44 32 minutes, 44 seconds Yes. So sir, I have a couple of questions. My first question is sir as we have recently fored into renewables 32:52 32 minutes, 52 seconds and TND with the ordering cures of around as mentioned PPT 3,168 crores sir 32:59 32 minutes, 59 seconds uh so are these you know uh entry level uh initials as we have done it or uh 33:06 33 minutes, 6 seconds these uh match the our historical segments margins also often 33:13 33 minutes, 13 seconds your voice surrounding it is not clear can you repeat it again your Voices surrounding am I audible now? 33:20 33 minutes, 20 seconds Yeah. Yeah. Clear. 33:22 33 minutes, 22 seconds Okay. So sir, my question is as we have recently poured into renewables, right? 33:27 33 minutes, 27 seconds And TND with order inflows as mentioned in the BPD around 3,168 crores, right sir. 33:36 33 minutes, 36 seconds Right. Right. Right. 33:37 33 minutes, 37 seconds Right. Okay. Huh. So I wanted to know are these low margin entry-level bids or do they match your historical 15% plus the margin levels? 33:49 33 minutes, 49 seconds Yeah. Yeah, they they'll match the historical bit match levels. 33:54 33 minutes, 54 seconds Okay. So, so these are not uh initial bids for the market entry, right? 34:00 34 minutes No, no, no, no, not really. Because we've been bidding for so long, we we you know, we we bid so many bids. Our strike rate would be less. Doesn't 34:07 34 minutes, 7 seconds matter. But we have to get the projects at our project. 34:13 34 minutes, 13 seconds Uh also sir my next question is sir can you let me know so what is the expected timeline for the next investments uh 34:20 34 minutes, 20 seconds like batinda and dwali and jalber and shabat if you could. 34:27 34 minutes, 27 seconds So we have we have already uh started the you know this negotiations with few of the investors. Good thing is you know 34:36 34 minutes, 36 seconds market is big now and there's a lot of liquidity to buy these assets. So we have good number of people discussing with us. Uh first one we've narrowed it 34:45 34 minutes, 45 seconds down and these two we are targeting to close it before September. Um and um I think it it should be done. So we we targeting to close it before September. 34:55 34 minutes, 55 seconds Okay. Understood sir. That's it from my side. Thank you and congratulations sir. Pleasure. Thank you. 35:02 35 minutes, 2 seconds Thank you. We have the next question from the line of Senna, an individual investor. Please go ahead. 35:13 35 minutes, 13 seconds SA please proceed with your question. 35:16 35 minutes, 16 seconds Hello, good evening and thank you for the opportunity sir. 35:20 35 minutes, 20 seconds Sir, I have few questions. My first question is how do you see the business mix evolving over the next 3 to 5 years? 35:29 35 minutes, 29 seconds So um you know we started from a very small city Lana with only road work and over the period we have grown in about 35:37 35 minutes, 37 seconds now 12 13 states and about 10 11 verticals. uh we really feel if you don't get a work in road we have 35:44 35 minutes, 44 seconds structure work we have metro work we have railway we have uh tunneling now renewable and tnd also so um the target 35:54 35 minutes, 54 seconds here is we should grow vertically and geography that's a uh way seagull is growing if you compare us with the peers 36:01 36 minutes, 1 second in the market at what stage we are the number of verticals and geography wise we have grown uh strategically uh the 36:08 36 minutes, 8 seconds company is very declare that um if we're not getting a work in one vertical we're getting in other vertical that is the reason autobook been a challenge for 36:17 36 minutes, 17 seconds companies and whatever we are guiding our investors we achieving that so you can see that is visible in last three 36:24 36 minutes, 24 seconds quarters we're always guiding 10 to 15% our growth is much more than that thank you okay and sir one more question I do have 36:32 36 minutes, 32 seconds uh in the newer vertical like the metro and TD which you mentioned what differentiates your bid strategy from established income government. 36:41 36 minutes, 41 seconds So you know metro um is a very similar business what we are doing um because we've been doing viuctu u bridges 36:51 36 minutes, 51 seconds flyovers we we are building one of the country's longest elevated in dhabur vita so the work is almost the same you 36:57 36 minutes, 57 seconds know it's a structure work um and if you talk about the TND and uh renewable uh if you see we've been already uh fixing 37:06 37 minutes, 6 seconds uh solar plants for our existing ham project as a EPC project and uh for TND also we've been doing lot of uh um 37:13 37 minutes, 13 seconds projects in terms of uh you know utility shifting line shifting um building a substation project so this is not a new 37:21 37 minutes, 21 seconds work so we already have a stabilized u work field workforce and it's just we are taking individual products out so 37:28 37 minutes, 28 seconds that that's how we do it okay that's it from my side thank you so much sir and all the very best 37:35 37 minutes, 35 seconds pleasure thank you thank you very Much ladies and gentlemen that was the last question for today and 37:43 37 minutes, 43 seconds with that concludes the question and answer session. I now hand the conference over to Mr. Ramikel for the closing comments. Thank you and over to you. 37:53 37 minutes, 53 seconds Thank you so much everyone. I would again thank all the participants for joining the earning calls today making this an engaging discussion. We remain 38:01 38 minutes, 1 second committed to pursuing our business strategies and doing everything that is right and continuing to deliver the positive results. We hope all your 38:08 38 minutes, 8 seconds queries have been answered well. In case you have any other further queries, please feel free to contact the uh investor relation team at ad factors. 38:17 38 minutes, 17 seconds Thank you so much once again. Good evening. 38:20 38 minutes, 20 seconds Thank you very much. On behalf of Seagull India Limited, that concludes this conference. Thank you for joining with us today and you may now disconnect your lines.