Ceigall India Ltd — Q4 FY26

Ceigall India Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=dhDu_K6wFRQ Published: 6 days ago

0:00 Ladies and gentlemen, good day and welcome to Seagulling the Limited Q4 and financial year 2026 earning conference 0:07 7 seconds call. As a reminder, all participant line will be in the listen only mode and there will be an opportunity for you to ask question after the presentation 0:15 15 seconds conclude. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchdown phone. Please 0:23 23 seconds [clears throat] note that this conference is being recorded. I now hand the conference over to Mr. Arun Praash from Atac PR. Thank you and over to you. 0:34 34 seconds Everyone uh today we have with us Mr. 0:36 36 seconds Ramikel, chairperson and managing director of Seager India. Uh Mr. Aarwan, CEO, Mr. Kapil Aarwanal the CFO and Mr. 0:45 45 seconds Akshai Jen VP strategy and planning. I must remind you that this conference may include forward-looking statements about the company which are based on the 0:54 54 seconds beliefs of people opinions and expectations of the company as on the date of this call. The statements are not a guarantee of future performance 1:01 1 minute, 1 second and involves risks and uncertainties that are difficult to predict. We will begin the call with the opening remarks from the management after which we will 1:09 1 minute, 9 seconds have the forum open for the interactive Q&A session. I now hand over the conference to Mr. Anik Fel for the opening remarks. Thank you and over to you sir. 1:18 1 minute, 18 seconds Good evening everyone. I'm pleased to welcome you all to the quarter 4 financial year 26 earning calls for the Sean India Limited. Our financial 1:27 1 minute, 27 seconds results investor presentation and press release have been uploaded on the stock exchanges and the company's website. We trust you had an opportunity to review 1:35 1 minute, 35 seconds them. The global macroeconomic environment continues to be challenging. 1:41 1 minute, 41 seconds Geopolitical ambiguities, inflationary pressure and supply chain uncertainties persist. Yet India needs 1:50 1 minute, 50 seconds to form modern infrastructure keeps solidifying and the growth story in the sector remains compelling. the tightening of the technical and the 1:58 1 minute, 58 seconds financial legibility norms in the bidding process, higher net worth requirements, additional performance curities and the greater emphasis on the 2:05 2 minutes, 5 seconds triple P projects continue to favor established players with a proven execution capabilities and credentials. 2:14 2 minutes, 14 seconds These developments bode well for the company like Seagull and we believe that we are well positioned to capture a meaningful share for the upcoming wave of the projects. 2:23 2 minutes, 23 seconds At the macro level, India remains one of the fastest growing major economies and the government sustained 2:32 2 minutes, 32 seconds infrastructure push combined with the nation's energy agenda provides a promising backdrop for kind 2:38 2 minutes, 38 seconds of diversified EPC and developer platform we are building at seagull. 2:44 2 minutes, 44 seconds Financial year 26 have been strong year for the growth of seagull driven by the consistent execution across our core EPC 2:51 2 minutes, 51 seconds business. a robust order inflows across highways and urban mobility. 2:57 2 minutes, 57 seconds The fourth quarter has been a strong execution quarter. We are pleased with the way our projects have progressed throughout the year. Our total order 3:05 3 minutes, 5 seconds book stood at 18,554 crores as on March 31, 2026. Total order inflow for the year stood at 11,332 crores. 3:16 3 minutes, 16 seconds significantly surpasses surpassing annual guidance of 5,000 cr for financial year 26 and the order in pro 3:23 3 minutes, 23 seconds composition includes approximately 35.02% 02% from renewable sector. During 3:31 3 minutes, 31 seconds the year, we entered five new verticals, expanded our footprints in new three states. This provides strong multi-year revenue visibility. 3:40 3 minutes, 40 seconds Quarter four financial year 26 witnessed high healthy order inflow of rupees 6,4 3:47 3 minutes, 47 seconds crores across renewable sector and road sector. We remain confident about the inflow pipeline going into financial 3:55 3 minutes, 55 seconds year 27 as well. The booktoill ratio remains comfortably at 4.8x. We see no shortage of bidding opportunities across 4:04 4 minutes, 4 seconds our vertical. One of the key highlights for the year was the LO of Sen Batya corridor which remains the biggest 4:12 4 minutes, 12 seconds project single biggest project SEL has received till date. The total project cost is 21,160. 4:20 4 minutes, 20 seconds Quarter for financial year 26 was a strong quarter for our order awards meaningful inflow across our renewable and power transmission segment. We 4:28 4 minutes, 28 seconds secured multiple solar and battery energy storage project further strengthening our presence in the energy transition space. I would 4:37 4 minutes, 37 seconds like to highlight this strategic milestone as it reflects our successful diversification into high growth energy 4:44 4 minutes, 44 seconds linked sector. These winds position us well to participate in India's increasing focus on clean energy provide 4:52 4 minutes, 52 seconds long-term revenue visibility. I would also like to touch upon a strategic diversification 4:59 4 minutes, 59 seconds which has been a key highlight of 26 financial year. We have made a meaningful progress in renewable energy, power transition, wind and turbine generator and industrial infrastructure. 5:12 5 minutes, 12 seconds During the year we secured various awards of solar bess and transmission projects. These placed the company in 5:19 5 minutes, 19 seconds the position to benefit from India's energy transition and growing opportunity in the entity based 5:26 5 minutes, 26 seconds infrastructure assets. Additionally, the Dharma Katr express project has successfully achieved COD during the 5:33 5 minutes, 33 seconds year marking it an important milestone in our project lifestyle. On the H monetization front, I'm pleased to share that financial year 26 have been a 5:41 5 minutes, 41 seconds defining year for a capital recycling strategy. We have entered into a binding document for below the board Sadiwali 5:49 5 minutes, 49 seconds asset with new asset management. This is the first transaction of its kind for it. It validates our execute monetize recycle framework for Pinda Dwani Jalbid 5:58 5 minutes, 58 seconds Sha project. We have signed non-binding offer and these are currently under due diligence. Having stated this we have a 6:08 6 minutes, 8 seconds clear pipeline of ham assess mortage and head of office. On the renewable energy and power transition we have received all for the solar parks in projects in 6:16 6 minutes, 16 seconds Maharashtra and Madhya Pradesh. Marina solar park best project in Madhya Pradesh and is now part of our order book. PP has been signed for Maharashtra 6:25 6 minutes, 25 seconds and Madhya Pradesh solar projects and execution has commenced. The wealth of 400 KV substation in Maharashtra is progressing as well. On the balance 6:34 6 minutes, 34 seconds sheet, the company continued to maintain a disciplined deleveraging posture. A standalone debt to equity stood at 2x. 6:44 6 minutes, 44 seconds As on March 31st, 2026 on a consolidate basis, it uh stood at 6. We remain 6:52 6 minutes, 52 seconds committed to optimizing our capital structure using standalone debt and deploying ham on proceeds towards the both growth and the deleveraging. 7:03 7 minutes, 3 seconds For financial year 27 we are guiding 15% minimum revenue growth with the renewable sector contributing close to 7:11 7 minutes, 11 seconds 20 25% of the total revenue. Further building up a diversification, a beta margin expected to sustain between 11 to 12.5%. 7:21 7 minutes, 21 seconds And order inflow guidance of minimum 5,500 crores. Going forward, we remain focused on strengthening execution, 7:30 7 minutes, 30 seconds expanding our order book, building a diversified asset portfolio with long-term revenue visibility while 7:37 7 minutes, 37 seconds maintaining financial discipline and creating sustainable value for our stakeholders. We are confident about the momentum going to financial year 27. We 7:47 7 minutes, 47 seconds believe that the combination of the strong order improving execution environment our expanding sectoral 7:54 7 minutes, 54 seconds presence give us a positive outlook for the year ahead. I'll hand over the call to our CFO Mr. Kapila Garwal who will take through the financial performance in detail. Thank you so much everyone. 8:06 8 minutes, 6 seconds Thank you Ramika and I'm welcome to everyone joining us today. It is pleasure to discuss our performance as we close the fourth quarter and FY26. 8:16 8 minutes, 16 seconds The fourth quarter has been a period of significant execution momentum capitalizing on the strong contribution window enabling us to deliver our best 8:24 8 minutes, 24 seconds quarterly performance of the year. In Q4 April 26, our standalone revenue from operations reach INR 1,294 crores as 8:34 8 minutes, 34 seconds against revenue from operations of 992 crores in Q4 FY25. registering a 30.5% 8:42 8 minutes, 42 seconds YI growth showing our ability to scale operations effectively during the peak construction seasons. This bring our 8:49 8 minutes, 49 seconds total standalone revenue for the year to another 3,869 crores representing a healthy growth of 14.3% 8:58 8 minutes, 58 seconds yearonear on the profitability fund standalone aida for Q4 FY26 stood at INR 9:05 9 minutes, 5 seconds 183 crores as against INR 109 cr for the same quarter previous year registering a 9:11 9 minutes, 11 seconds margin of 14.1% in Q4 FI26 our path for Q4 FI26 was 119 19 crores with a margin of 9.2%. 9:21 9 minutes, 21 seconds For the full year FY26, a standalone abit stood at 487 crores as against INR 9:28 9 minutes, 28 seconds 432 crores in FY25, yielding a margin of 12.6% in F26 versus 12.8 in FY 25. A 9:37 9 minutes, 37 seconds standalone PA for FY 26 to that INR 305 crores with a PAT margin of 7.9%. 9:43 9 minutes, 43 seconds Moving to our consolidated results which provide a more holistic view of the growing portfolio and SPV performance 9:50 9 minutes, 50 seconds for Q4 FI26. or consolidated revenue from operations stood at INR 1,386 crores as against INR 1012 crores in Q4 9:59 9 minutes, 59 seconds FY25 growing by 37.1% quarteron quarter for FY26 our 10:05 10 minutes, 5 seconds consolidated revenue grew by 70.1% to reach 4,22 crores as against 3,437 10:13 10 minutes, 13 seconds crores revenue on FY25 for FY26 our consolidated AIA was at 585 crores resulting in a bit margin of 14.6%. 10:24 10 minutes, 24 seconds Consolidated path for 26 stood at 309 crores resulting in a PAT margin of 7.7%. 10:30 10 minutes, 30 seconds On the operation side, our execution engine remain robust with 37 ongoing projects currently in various stages of completion. 10:39 10 minutes, 39 seconds Our order book has now scaled to 18,5654 crores providing us a multi-year revenue visibility which makes this order book 10:47 10 minutes, 47 seconds particularly strong is its diversified nature. It is no longer just about roots and highways. We now manage a broad mix 10:56 10 minutes, 56 seconds of projects comprising of 19 EPC projects, San Ham projects, one DBF40 projects and seven ferry based projects. 11:03 11 minutes, 3 seconds Our reach now spans across critical segments including tunnel, railways, metros, transmission distributions and 11:11 11 minutes, 11 seconds renewables effectively delinking our business from dependence on single segments with renewables contributing 19% of the total order. 11:21 11 minutes, 21 seconds With that I conclude my opening remarks and would request the moderator to open the floor for QA session. Thank you everyone. 11:27 11 minutes, 27 seconds Thank you so much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. 11:38 11 minutes, 38 seconds If you wish to remove yourself from the question queue, you may press star and two. Ladies and gentlemen, we'll wait for a moment while the question symbol. 12:00 12 minutes Our first question come from the line of web sha from JM financial please go ahead. Yeah so with a good set of numbers. 12:09 12 minutes, 9 seconds So firstly on uh on the international fora so first what pipeline are we looking at in both domestic and 12:18 12 minutes, 18 seconds international markets and what is your target for the international business say in the next 1 to 1 to 3 years. 12:26 12 minutes, 26 seconds So uh weather good question we've already opened one office in Singapore in Dubai. We've already imported one co 12:33 12 minutes, 33 seconds international and uh only causes position we were a little slow and we are waiting for the things to settle down and u see since we have entered 12:42 12 minutes, 42 seconds into a renewable vertical so I think um there's no dirt of the work be we already have about 11 verticals in 12:49 12 minutes, 49 seconds seagull now so you know what matters is our beta margins and IR at a concessional level so if we get that 12:57 12 minutes, 57 seconds we'll be we'll definitely bid outside India also thank Thank you. 13:02 13 minutes, 2 seconds What would be our bid pipeline in both domestic and international markets? 13:06 13 minutes, 6 seconds So right now we have quoted tenders which are under uh valuation is about 14,000 cr 13:14 13 minutes, 14 seconds and international um only one tender was there that was in Dubai and one tender 13:20 13 minutes, 20 seconds in EU. uh shoa was about 250 million dhams and um uh in you it was close to 13:29 13 minutes, 29 seconds about 13,000 cr u which is again under vation which is in Romania. 13:37 13 minutes, 37 seconds So these are in this segment the the that's a highway that's a single highway project which is comprising of highway 13:45 13 minutes, 45 seconds tunnel and bridges single project 17 km this is highway which is $1,000 for a single project. 13:53 13 minutes, 53 seconds Yeah. Yeah. Yeah. Yeah. Single projected with Okay. So we bid with I think there should be a partner, right? 14:02 14 minutes, 2 seconds No, no, no, no. We have qualified loan. 14:04 14 minutes, 4 seconds Out of the 12 biders, we were the only qualifying partner. We were only qualifying single company. Rest everyone has quoted in consortium or something if I'm not wrong. That's our story. 14:12 14 minutes, 12 seconds Okay. 13,000. It's not uh so we were earlier uh as mentioned by in the last call we were thinking of growing the 14:20 14 minutes, 20 seconds business gradually it is at the international part so if we win this order it will be a very very big order a very big uh expansion in the 14:28 14 minutes, 28 seconds international market will be almost 65% of the current book 65 70%. So how do you look at that or any risk or how do you perceive that? 14:38 14 minutes, 38 seconds So first of all it is a very conservative bid getting L1 is very difficult. Secondly, 14:45 14 minutes, 45 seconds uh if it is a se it's just a 17 kilometer job for 13,000 cr and whereas 14:52 14 minutes, 52 seconds in India if I have to do such kind of job 17 km it would be for hardly say 6 700 800 crores and it is just a matter 15:01 15 minutes, 1 second of you know EU because the cost is high otherwise we have executed projects much 15:09 15 minutes, 9 seconds much larger than this in size of length linear length Okay. Okay. So, when are they likely to open? 15:20 15 minutes, 20 seconds I think um they will take time cuz u what I've heard is it's already been four five months and in a month's time I think the bidity will also be finished. 15:30 15 minutes, 30 seconds So they take a lot of time. They about 12 bids. 15:33 15 minutes, 33 seconds Okay. Okay. Okay. So secondly uh on the equity investment. So what uh investment are we targeting? So what is the pending 15:42 15 minutes, 42 seconds investment in both uh the the highway and non-h highway business and what is the uh uh year- wise timeline for the investment? 15:51 15 minutes, 51 seconds So next 3 years we have to put close to 2,000 cr 1937 cr after IPO we have put 15:58 15 minutes, 58 seconds more than 400 cr and uh we as I said we have already sold three assets to uh NEO 16:05 16 minutes, 5 seconds in which first asset we are expecting it should get executed in this month only. 16:10 16 minutes, 10 seconds So more than 400 cr will come from NEO which is another cash. We have a unencumbered cash lying in our uh bank 16:18 16 minutes, 18 seconds on 31st March is close to 266 cr and unencumbered FDR close to 146 cr. So uh 16:26 16 minutes, 26 seconds equity is not a problem with legal we have amazing cash flow available with us and besides that we have our cash flows also. 16:36 16 minutes, 36 seconds So out of 1937 what would be ham and ham question? 16:41 16 minutes, 41 seconds So I think the difference between the one second this is these two. 16:59 16 minutes, 59 seconds So almost 800 cr is renewable rest is all uh ham road and both have to be there next three years. 17:09 17 minutes, 9 seconds Next three years. Yes. 17:10 17 minutes, 10 seconds Okay. Okay. And then lastly the revenue guidance you have given are on 15% plus it looks uh quite low given the very 17:19 17 minutes, 19 seconds strong book we have. So internally what would we be targeting? 17:24 17 minutes, 24 seconds So good question. So you know I we a little conservative with the number is and that's the reason you would have seen me every time I remain between 10 17:32 17 minutes, 32 seconds to 15% this time I've said it's 15% minimum. So we we we we are looking forward to good uh results. 17:40 17 minutes, 40 seconds Okay. Okay. Thank you sir. Thank you. 17:49 17 minutes, 49 seconds Our next question come from the line of Tpal Singh from Man Capital. Please go ahead. 17:56 17 minutes, 56 seconds Hello. Am I audible sir? Yes. Hi. Yes sir. Yes sir. 18:00 18 minutes Uh hi sir. Congratulation on great setup numbers first of all. Uh uh sir my uh question is that that your bidding 18:08 18 minutes, 8 seconds pipeline is little bit uh uh on the aggressive side. Your uh project uh your order book is also growing very fast but 18:16 18 minutes, 16 seconds on the guidance side you are just saying that 15 to 20 15% you are growing. So it doesn't add up. So can you throw a light on this? 18:26 18 minutes, 26 seconds So you know uh if you see our last investor was also pretty conservative 18:34 18 minutes, 34 seconds is giving a guidance of between 10 to 15% and we have already achieved it. So this time also we have given a guidance of minimum 15%. 18:42 18 minutes, 42 seconds So just to be on a conservative side we say that we will achieve 15% easily. But um we we have I mean this is a 18:51 18 minutes, 51 seconds conservative side of our you know revenue. 18:55 18 minutes, 55 seconds Okay. Okay. Answer one more question that uh although we are well diversified across the segments but uh our order 19:03 19 minutes, 3 seconds book is huge. So how do you plan to manage uh receivables and uh receivables and working capital days so that we can we we didn't stuck in the payment cycle. 19:14 19 minutes, 14 seconds So that's how that we can execute easily and comfortably. 19:20 19 minutes, 20 seconds So good question. Um you know I mean when this war happened um our um department which is M has come up with 19:28 19 minutes, 28 seconds the notification. They've come up with three different notifications now and they've eased out our billing plan. 19:34 19 minutes, 34 seconds Earlier we used to achieve the milestone and get the payment. With this we can get a monthly payment also and with that it'll ease out our cash flow also. And besides this we have sold three assets. 19:46 19 minutes, 46 seconds So more than 400 cr will come from uh NEO also after selling those assets. So cash flow will not be a challenge for SE. We we have very clear cash flow with us. 19:56 19 minutes, 56 seconds And sir from the margin perspective what are the margin accative segments in our order book. 20:03 20 minutes, 3 seconds So we have guided between 11 to 12.5% the double digit margin. Besides this we make money from other income also. No 20:12 20 minutes, 12 seconds but uh in our order book we have segment uh we have different segments. So what are the margin negative segment uh in those if you can buy biker kit margins? 20:22 20 minutes, 22 seconds No no so so we always guide on a conservative way. So our guidance towards the investor would be between 11 20:29 20 minutes, 29 seconds to 12.5%. Plus other income which will come from you know selling these assets like we sold it to NEO or some bonus or 20:37 20 minutes, 37 seconds some money earned from FDR or some royalties. So um uh plain vanilla EPC would be minimum between 11 to 12.5%. 20:47 20 minutes, 47 seconds Okay. Okay. Answer uh how much order book is from the state governments and the central government. So is there any? 20:55 20 minutes, 55 seconds Uh yeah yeah in Ham only we have one project which is uh MPDC rest all projects H projects are from NHI. 21:03 21 minutes, 3 seconds Okay. Okay great sir. Thank you. Thank you for your detail answer and all the best for future. Thank you. Hello. Hello. 21:10 21 minutes, 10 seconds Thank you so much ladies and gentlemen. 21:13 21 minutes, 13 seconds Anyone who wishes to ask a question at press star one. Thank you. 21:20 21 minutes, 20 seconds Our next question comes from the line of Ishita Loda from Swan Investments. Please go ahead. 21:25 21 minutes, 25 seconds Hi sir. Thank you for the opportunity and congratulations for a very good quarter. Um with in continuation to the 21:32 21 minutes, 32 seconds previous question uh the money that we're expecting 400 cr from new in which quarter are expecting or uh will it come in our standalone books? 21:44 21 minutes, 44 seconds So um uh this uh what do you call the first project which is about sadu we're expecting in this month so that is that will come in this quarter. 21:54 21 minutes, 54 seconds Patenda Dwali we are expecting in second quarter and jala shabas we're expecting in third quarter. So every quarter we get a intro coming. 22:03 22 minutes, 3 seconds Okay. And this will be directly upstream to uh standalone books. Yes. Yes. Yes. Yes. 22:10 22 minutes, 10 seconds Okay. Then um also this trade tables have seen a sharp jump from 79 days to 138 days. 22:21 22 minutes, 21 seconds So why this happening? Yeah. Couple will answer this. 22:25 22 minutes, 25 seconds Yeah. So basically if you look at the March only so whatever we have build that that that payments are released by 22:33 22 minutes, 33 seconds the department in April same way. So the payments are which are to be made to the ctors those are linked to the receivables only. So accordingly the 22:41 22 minutes, 41 seconds payment has been made in the month of April to the citors as well. 22:44 22 minutes, 44 seconds Okay. So in April month how much money have been released to these citors? Close to 300 crores. 22:53 22 minutes, 53 seconds Okay. and similarly revenue and also senior sharp junk 94 days to 133 days. 23:02 23 minutes, 2 seconds This was primarily because of the notification of at number which was withdrawn by the government in April 24. 23:09 23 minutes, 9 seconds So what had happened earlier we were billing on monthly basis starting from 1st April so it has been linked to milestones. So since most of the 23:17 23 minutes, 17 seconds projects which are help executed by seagull are in the range of more than thousand crores. So every project has an uh billing cycle of 10% if you look at 23:27 23 minutes, 27 seconds more than 100 cr billing cycle. So that's why since the number of the project which are being executed uh more in number that's why the revenue has increased. 23:36 23 minutes, 36 seconds Okay. 23:37 23 minutes, 37 seconds But this will improve because now monthly bills have already started with a new notification. This will improve now. You'll see the improvement in the coming quarter. 23:45 23 minutes, 45 seconds Okay. Okay. Thank you. 23:54 23 minutes, 54 seconds Thank you. 23:57 23 minutes, 57 seconds Our next question come from the line of DJ Krylani from Avid Spark. Please proceed. Hello. Hello. 24:06 24 minutes, 6 seconds Yes, please go ahead. Please go ahead. 24:09 24 minutes, 9 seconds Thanks for the opportunity and congrats for a good set of numbers. So there's one question industry specific from mine. So how is the NA evolving in FRA 24:18 24 minutes, 18 seconds 26 in kilometer come terms and then value terms and how you are looking it going forward. 24:27 24 minutes, 27 seconds Uh so if you talk about NHI NH if you see in the from this year start 24:34 24 minutes, 34 seconds the January there were lot of good works which were out but it was getting all the cabinet approval and this quarter 24:42 24 minutes, 42 seconds also we're expecting good amount of tenders and besides this um you know we are bidding in renewable also which 24:49 24 minutes, 49 seconds storage and solar so we are not depending on any orders if you See last year also our 24:59 24 minutes, 59 seconds order which has come from renewable was close to and uh overall the pip of NHI is close 25:07 25 minutes, 7 seconds to two lakh cr okay so like any any number what was the 25:17 25 minutes, 17 seconds volume after 50 so you know these are the figures which NHI has put on their own website and 25:26 25 minutes, 26 seconds these I'm sorry to interrupt you, sir. Uh, but there's a disturbance coming from your line. 25:42 25 minutes, 42 seconds Hello. Please go ahead. Yeah. Okay. 25:50 25 minutes, 50 seconds Thank you so much. 25:54 25 minutes, 54 seconds Thank you ladies and gentlemen. Anyone who wishes to ask a question may press star M1. 26:02 26 minutes, 2 seconds Our next question comes from the line of Mahesh Patil from ICS securities. Please go ahead. 26:08 26 minutes, 8 seconds Yeah. Hi. Uh so congrats on the very good set of visit. My first question is on the margins only. So if you see on Q4 26:17 26 minutes, 17 seconds the last four there has been an increase. So uh is there any one off or is it just it's just because of the 26:25 26 minutes, 25 seconds execution that we have uh and going forward uh obviously you have added probably 11 to 10 and a half% range 26:34 26 minutes, 34 seconds uh but are you seeing any intact uh you know RF caused inflation etc we can just do some details. 26:45 26 minutes, 45 seconds So last year last year if you look at we have started four ham pullets which has majorly contributed in the PAT margins 26:52 26 minutes, 52 seconds and uh obviously the increase in the turnover is also one of the reasons uh for increasing the pat overall pat of 26:58 26 minutes, 58 seconds the company. So going forward we we are getting our investor between 11 to 12.5 we are just on the conservative side. So 27:07 27 minutes, 7 seconds definitely we try and match those numbers in the quarter to come as well. 27:13 27 minutes, 13 seconds Okay. And so there is no impact that we can uh see in the upcoming quarters right in the with RM cost inflation etc. 27:21 27 minutes, 21 seconds No more near-term challenges. 27:24 27 minutes, 24 seconds So the increased cost is already compensated by the department they already come up with the circular for compensating the uh escalation part 27:31 27 minutes, 31 seconds [clears throat] and earlier mother it was linked to 3 months and now it has been linked to monthly basis. So whatever increase in the cost of that we 27:38 27 minutes, 38 seconds can uh um that will be paid by the authority ultimately to the EPC contractor. 27:48 27 minutes, 48 seconds Okay sir. Thank you. And so my second question is on the order book EPC uh as a part of the overall order book where 27:55 27 minutes, 55 seconds the exition hasn't started for the project. out of this how how much of the order book can we expect to you know 28:02 28 minutes, 2 seconds fresh that we can expect to start in the next let's say couple of quarters uh do you have any number 28:11 28 minutes, 11 seconds so you know except ham project and these uh um projects where like for marina um 28:19 28 minutes, 19 seconds you know till the time transmission is line is done the project will not start or in h till the time you know 80% land is given clear to us it doesn't start 28:27 28 minutes, 27 seconds But the visibility what we have given as a minimum number is available with us as a revenue and of course the more 28:35 28 minutes, 35 seconds projects will start the numbers will be better. Okay. Thank you. 28:44 28 minutes, 44 seconds Thank you. 28:47 28 minutes, 47 seconds Reminder to all the participant if you wish to ask a question you may press star and one. 28:56 28 minutes, 56 seconds Our next question come from the line of Matrica from Sapphire Capital. Please go ahead. Yeah. Hello. Am I audible? 29:05 29 minutes, 5 seconds Yes, you are. Go ahead. Hi. 29:06 29 minutes, 6 seconds Yeah. Hello. Good evening. Uh just one question again on the margins. So, uh for the past three years, our cross and 29:14 29 minutes, 14 seconds AITA margins have been going down and you were again guided for a much lower margin for FI27. 29:20 29 minutes, 20 seconds Any sort of competition pressure are we seeing? Why do you see these margins going down and is this a bit too conservative or is this the way our order currently stands right now? 29:32 29 minutes, 32 seconds So ma'am if you look if you look at the previous year so there was a re uh income from bonus and royalty as well. 29:38 29 minutes, 38 seconds So you must be comparing uh considering the bonus and royalty income as well. So our beta from uh pure operations is in 29:46 29 minutes, 46 seconds the range of 112.5 which we are consistently maintaining since last three years. The other income is always dependent upon the execution and and as 29:54 29 minutes, 54 seconds well as the royalty which is dependent upon the contract itself which we are going to the subcontract. So these two are not directly related to the 30:03 30 minutes, 3 seconds operations and uncertain in nature. So if you complete any project during the year and if you get early bonus that will increase your overall margins but 30:10 30 minutes, 10 seconds if you look at the margin from the operations is more or less the stable across the last three years. 30:16 30 minutes, 16 seconds Um actually I I was referring to the slide 41 on the presentation. So the royalty income probably will be added to 30:24 30 minutes, 24 seconds the other income but the beta margins above them are also decreasing year on year. So I was just wondering or is the royalty income being added to revenue from operations I was wondering. 30:34 30 minutes, 34 seconds No no beta mar beta margin is stable that's not decreasing and if you look at the numbers of the current year as well 30:42 30 minutes, 42 seconds our beta margins haven't grown up as compared to the previous year uh um could you could you maybe refer to 30:49 30 minutes, 49 seconds the slide 41 um maybe I am looking at it the wrong way on the consult side we do see the 30:58 30 minutes, 58 seconds margins going down so uh you 4 margins includes bonus as well and FI25 also includes bonus. 31:09 31 minutes, 9 seconds So these bonuses are added to the revenue from operations. Yeah, revenue from operations. Yes. Okay. 31:16 31 minutes, 16 seconds So we had 20 cr royalty and bonus in FY25 and even FY 24 there was a basus for canal pa which was which was forming part of your only. 31:27 31 minutes, 27 seconds Oh and just to add we have certain awards also in place. Yeah. whenever we get that will also come straight to the uh bottom line. 31:37 31 minutes, 37 seconds Okay. Thank thank you. Thank you so much. Thank you. 31:44 31 minutes, 44 seconds Reminder to all the participant if you wish to ask a question you may press star and one. 31:52 31 minutes, 52 seconds Our next question come from the line of Modi Bandari from Capital. Please go ahead. 31:58 31 minutes, 58 seconds Hi sir, congratulations on a fantastic 4K performance. Uh so first question upon the solar and VSSs project. So I 32:05 32 minutes, 5 seconds believe we have already signed PPA and TSA for these projects. So uh whether they have started execution or any land 32:13 32 minutes, 13 seconds acquisition or approval from those projects. 32:18 32 minutes, 18 seconds So good question. Solar Maharashtra is already started where we've already done a need for more than 50 megawatt uh 32:28 32 minutes, 28 seconds uh project and we expecting to get in this month more than 75 megawatt and project have already started uh land 32:34 32 minutes, 34 seconds development fencing uh piling is already started we are expecting to give you good results in next uh 3 months. 32:43 32 minutes, 43 seconds So uh this is for one solar project and a part for the remaining two solar projects. So so we have two projects one is solar in 32:52 32 minutes, 52 seconds uh Maharashtra one in uh there are two in sorry Maharashtra and one in Madhya Pradesh. Maharashtra both the solar has started and Madhya Pradesh the land 33:00 33 minutes leasing is happening. I think that will also be closed in next 10 days. The execution will start there also. And if 33:07 33 minutes, 7 seconds you talk about TND TN is already uh the construction is in uh in progress. We already acquired the land. We bought that land cuz that land has to be bought 33:15 33 minutes, 15 seconds by us. Then solar we have to leave the land and uh the site development fencing is already started. We've already placed the order for the transmissions and GIS. 33:25 33 minutes, 25 seconds Got it sir. And uh for BS is Mona project uh whether that acquisition has started. 33:32 33 minutes, 32 seconds No, that project will take some time because that the government the tender was very clear that government has to provide us the land that transmission 33:40 33 minutes, 40 seconds connectivity and the PPA. Till now only LO is received PP to be signed and even transmission line tender is not even received. So once that is done once the 33:49 33 minutes, 49 seconds transmission line is completed then only the product will start. 33:53 33 minutes, 53 seconds Understood sir. And one question on the industry front. Uh I know we are not very much now focused upon NHI road projects but uh if you are bidding how 34:02 34 minutes, 2 seconds are you seeing the order awarding from NHI in terms of uh the uh timelines or the competition perspective. 34:12 34 minutes, 12 seconds So you know we are in a higher sector where we are building projects more than 2,000 cr majority of them and we have 34:20 34 minutes, 20 seconds already got one 2160 cr project and a 600 cr project of zakur bibas so we have 34:27 34 minutes, 27 seconds a notch above there and better because of the higher network as a group we have a very good network and as a listed 34:34 34 minutes, 34 seconds company this is on a better side and uh going forward also um we expecting lot 34:41 34 minutes, 41 seconds of good bids from NHI and we looking forward to it. Thank you so much. 34:49 34 minutes, 49 seconds Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to Mr. Ramit Seagel for 34:57 34 minutes, 57 seconds closing comments. Thank you and over to you sir. 35:02 35 minutes, 2 seconds Thank you so very much uh everyone. I would again thank all the participants for joining the earning calls today making this an engaging discussion. We 35:10 35 minutes, 10 seconds remain committed to pursuing our business strategies and continue to deliver positive results for our stakeholders. We hope that all our your 35:18 35 minutes, 18 seconds queries have been answered. In case you have any further queries, please feel free to connect with the investor relation team at ad factor. Thank you once again. Good evening. 35:29 35 minutes, 29 seconds Thank you so much, sir. Ladies and gentlemen, on behalf of Seagel India Limited, that concludes this conference. 35:34 35 minutes, 34 seconds Thank you for joining us and