Vishnu Prakash R Punglia · tone and specificity signals across the available quarters.
Language signals
The moderation in EBITDA and PAT margin was largely due to higher working capital utilization during the early part of the quarter, floor repayment release from CW water supply project and initial mobilization expenses and newly commenced project. These are temporary impacts.
Additionaly we have recognized an ECL provision of 8.5 crore based purely on the aging of receivable. This is a national conservative provision and does not reflect any concern regarding recoverability.
This ₹11 crore order book provides clear visibility for the next 2-3 years. Railway segment which was 15-17% of our order book last fiscal year has now increased to 33% as of September 2025.