Current Infraprojects Ltd — Q4 FY26

Current Infraprojects Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=2JfaCIMW-CQ Published: 3 weeks ago

0:01 1 second Good afternoon ladies and gentlemen. 0:04 4 seconds Thank you for joining us for the inaugural investor conference call of current infra projects limited to discuss the operational and financial performance for FI26. 0:14 14 seconds From the management team we have with us today Mr. Sunil Singh Gangoir chairman and managing director of the company Mr. 0:22 22 seconds Draat Singh full-time director Mr. Chaitan Dad chief executive officer Mr. 0:29 29 seconds Dr. Manish Kumar Sharma as chief financial officer. We will begin the call with the opening remarks from the management following which we will open 0:37 37 seconds the floor for a question and answer session. Before we begin, I would like to remind everyone that certain statements made on this call may be 0:45 45 seconds forward-looking in nature. These statements are based on management's current expectations and are subject to risks and uncertaintities that may cause actual results to differ materially. 0:56 56 seconds Detailed information in this regard is available in the company's public disclosure and filings. I would now like to hand over the call to Mr. Sunil Singh 1:04 1 minute, 4 seconds Awar for his opening remarks. Thank you and over to you sir 1:12 1 minute, 12 seconds and good afternoon everyone. I am SS Gango. I welcome you all to CIL's inaugural investor call post 1:20 1 minute, 20 seconds announcement of H2 and full year FY26 results. 1:25 1 minute, 25 seconds When we started in 2013 as a specialized electrical contractor in Rajasthan, our ambition was simple. Build a company known for execution quality and trust. 1:36 1 minute, 36 seconds Over the years, that vision has evolved significantly. Today, CIP is no longer a 1:43 1 minute, 43 seconds regional electrical contractor. We're steadily transforming into a national multi-disiplinary EPC platform with 1:50 1 minute, 50 seconds capabilities across power distribution, railway electrification, utility shifting and renewable energy solutions. 1:59 1 minute, 59 seconds The last three years have been transformational for us. We have consciously redesigned the company around three strategic pillars. 2:07 2 minutes, 7 seconds Execution velocity, capital efficiency and sectoral diversification. 2:13 2 minutes, 13 seconds This framework has allowed us to move from being project participants to becoming preferred execution partners for large infrastructure developers and utilities. 2:24 2 minutes, 24 seconds A monumental milestone in this journey was our IPO this fiscal year. The market's response to our public issue was nothing short of extraordinary with 2:33 2 minutes, 33 seconds our IPO being overs subscribed nearly 380 times overall. 2:38 2 minutes, 38 seconds We saw staggering participation across all investor categories led by non-institutional investors subscribing over 640 times. Retail investors to over 2:47 2 minutes, 47 seconds 396 times and qualified institutional buyers booking their portion nearly 192 times. 2:54 2 minutes, 54 seconds This tremendous valuation from the investment community underscores the deep market trust in a corporate governance, operational capabilities and future growth trajectory. 3:05 3 minutes, 5 seconds The success of our core business model is clearly demonstrated by our exceptional business momentum headlined by a strong three-year exact revenue caggr of 38%. 3:16 3 minutes, 16 seconds Building on this foundation in FI26 alone we secured approximately Indian INR 100 cr in high value government 3:23 3 minutes, 23 seconds projects from Japur discom and jotur discom. This substantial addition aggressively expands our foot footprint with a major revenue from these 3:31 3 minutes, 31 seconds prestigious mandates poised to rise directly in FY27 giving us immense forward visibility. 3:38 3 minutes, 38 seconds Simultaneously our push into high margin renewable energies yielding remarkable operational commercial success. A 3:45 3 minutes, 45 seconds defining achievement for us in FY2526 was the successful commissioning of four RCO power plants. 3:52 3 minutes, 52 seconds We have secured highly competitive PP rate agreements with premium institutional partners namely Jodpur discom and IIT Dhanad University. 4:01 4 minutes, 1 second Through these plans we have locked in more than Indian rupees 6 cr in levelized annual revenue for a guaranteed period of 25 years with 4:09 4 minutes, 9 seconds provisions to extend for an additional 5 years based on terms and and plan conditions. 4:15 4 minutes, 15 seconds Characterized by exceptionally low maintenance cost. These newly installed assets add highly predictable recurring cash flows to our portfolio. 4:24 4 minutes, 24 seconds Building on this, one of our key operational focus area remains our transition towards high velocity projects. Historically, EPC business 4:32 4 minutes, 32 seconds were associated with long execution cycles and stretched cap working capital. We deliberately focused on changing that model. Today many of our 4:41 4 minutes, 41 seconds contracts are short duration exhibition intensive mandates where mobilization speed and engineering coordination become ski differentiators. 4:50 4 minutes, 50 seconds A recent example is our Indian rupees 12.16 cr JVNL bar circle project where we moved from letter of intent to on 4:59 4 minutes, 59 seconds ground mobilation in record time. This operational agility allows us to recycle working capital faster, improve project turnover and hence capital productivity. 5:11 5 minutes, 11 seconds At the same time, we are scaling geographically and technically. Our teams are now executing projects across multiple states and railway zones from 5:19 5 minutes, 19 seconds utility shifting mandates for national highway developers to electrification projects in diverse terrains across India. This diversification reduces 5:27 5 minutes, 27 seconds concentration risk while strengthening our positioning in India's infrastructure buildout cycle. Another 5:35 5 minutes, 35 seconds major strategic bio has been the strengthening of our internal technical ecosystem. We have expanded our engineering base to more than 45 5:42 5 minutes, 42 seconds certified engineers and developers and an in-house NABL accredited MEC test house in an EPC environment where 5:51 5 minutes, 51 seconds quality failures can significantly impact timelines and margins. Internal quality assurance 5:58 5 minutes, 58 seconds assurance has become a major competitive advantage for us. Every project passing through internal testing framework 6:05 6 minutes, 5 seconds enhances the reliability, execution confidence and client trust. 6:10 6 minutes, 10 seconds Importantly, we also see a long-term structural opportunity emerging India's power infrastructure sector. 6:17 6 minutes, 17 seconds The implementation of the resource adequacy framework has fundamentally changed the industry landscape. Grid strengthening and power infra infrastructure upgrades are no longer 6:26 6 minutes, 26 seconds discretionary investments. They're becoming nationally mandated priorities. 6:31 6 minutes, 31 seconds We believe this creates a multi-year opportunity pipeline for companies with strong execution capabilities and domain specialization. 6:39 6 minutes, 39 seconds While we continue to expand our healthy solar EPC and resco base, our focus is also gradually shifting towards integrated energy solutions particularly resco opportunities. 6:51 6 minutes, 51 seconds Best stands for BES. 6:54 6 minutes, 54 seconds the opportunity in moving beyond simply generating green energy towards delivering reliable round-the-clock 7:01 7 minutes, 1 second power solutions. We believe energy storage integration will be an important value creation driver over the coming years. 7:09 7 minutes, 9 seconds As we enter the next phase of growth, our objective is very clear. Build a scalable EPC platform that combines 7:16 7 minutes, 16 seconds engineering capability, disciplined capital allocation and execution excellence. With the support of our strengthened balance sheet post IPO, we 7:25 7 minutes, 25 seconds are now positioned to participate larger utility transmission, railway and energy infrastructure opportunities across India. 7:34 7 minutes, 34 seconds The foundation has been built carefully over the last few years. The organization is stronger, the execution engine is sharper, and the opportunity 7:42 7 minutes, 42 seconds landscape ahead of us is significantly larger than ever before. Thank you. And with that, I would now like to hand over 7:50 7 minutes, 50 seconds the call to our CEO, Mr. Chetan Dad, to discuss the operational and financial performance of for FY26 in greater detail. Thank you very much. 8:02 8 minutes, 2 seconds Uh, thank you Bas. 8:04 8 minutes, 4 seconds Good afternoon everyone and thank you for joining us today. Uh let me take uh you through the operational and financial highlights for the year financial year 26. 8:15 8 minutes, 15 seconds This year has been a landmark year for us like uh for CIPL from both an operational and financial perspective. 8:22 8 minutes, 22 seconds The year reflects the benefits of the strategic transformation and taken over the last few years. particularly our 8:29 8 minutes, 29 seconds focus on faster execution cycles, capital efficiency and diversification across infrastructure segments. 8:36 8 minutes, 36 seconds Our order book reached a record level of rupees 305 crores as on March 31st 2026 8:44 8 minutes, 44 seconds which compared to INR 120 K in the financial year 2023. The order inflows momentum remained particularly strong 8:52 8 minutes, 52 seconds during the second half of financial year 26 supported by increased activity in utility infrastructure distribution strengthening projects and relable 9:00 9 minutes electrification mandates. Importantly the quality and shifting dynamics of our order book perfectly highlights our 9:09 9 minutes, 9 seconds agility while solar EPC was our primarily revenue deliver in financial year 26. Our focus is on forward-looking 9:18 9 minutes, 18 seconds activities projects pipeline of rupees 320 crit reflects a strong deliberate returns of momentum to our core 9:26 9 minutes, 26 seconds electrical infrastructure and utility verticals which now commands the dominating share of 54%. 9:34 9 minutes, 34 seconds This is backed heavily by the major government mandates under the RDSS scheme including our feeder segregation projects with Japur discom and the 9:42 9 minutes, 42 seconds turnkey household electrification projects with juror discom our solar and renewable pipeline remains highly robust 9:50 9 minutes, 50 seconds at INR88 crores approx which is contributing 28% of our total outwork while watery and shifting projects captured around 16% of total volume. 10:01 10 minutes, 1 second This shift demonstrate our ability to dynamically balance our portfolio progressively scaling and monetizing our 10:09 10 minutes, 9 seconds solar capabilities in financial year 26 while simultaneously securing high volume long jian electrical utility 10:17 10 minutes, 17 seconds contracts to secure our growth trajectory for financial year 27 and beyond that. Geographically we have successfully expanded beyond our 10:26 10 minutes, 26 seconds traditional boundaries to build a resilient multis-scale multi-state presence while Rajasthan remains our 10:33 10 minutes, 33 seconds anchoring market with 52% share and Kerala has emerged as a powerhouse territory accounting for 36% of total 10:41 10 minutes, 41 seconds active ordering pipelines alongside active project footprints scale across Karnataka, Maharashtra and Tamiladu to 10:48 10 minutes, 48 seconds significantly minimize regional concentration risks. 10:53 10 minutes, 53 seconds During financial analysis, we delivered a strong growth across key financials parameter driven by accelerated project execution and improved operational 11:01 11 minutes, 1 second efficiencies. Our focus on high turnover projects enabled us in better working capital rotation while maintaining execution quality. 11:10 11 minutes, 10 seconds If I continue with the revenue part, revenue operations for the year grew by 76% to the tune of final 160 crores in 11:18 11 minutes, 18 seconds financial year 26 as compared to the 91 crores in financial year 25 supported by the faster execution across utility 11:25 11 minutes, 25 seconds infrastructure and APC projects operating aida for the year scaled by 58% to the tune of 23 cr against 14 11:35 11 minutes, 35 seconds crores in the financial year 25 which margin remains healthy at 14.5% despite 11:42 11 minutes, 42 seconds a competitive competitive execution environment and geopolitical raw material pressures. The improvement was supported by a better project mix, 11:50 11 minutes, 50 seconds stronger execution efficiencies and an increased contribution from higher margin business such as solar EPC for us. If I go with the consolidated PA, 11:59 11 minutes, 59 seconds the consolidated PD margins grew by 49% to the tune of 14 K in financial year 26 compared with the 9.5 K of P in the 12:06 12 minutes, 6 seconds financial year 25 again reflecting a strong operating leverage and discipline financial management. 12:12 12 minutes, 12 seconds From a segmental performance perspective in the financial year 26, it marks a monumental shift in our revenue mix providing the success of our 12:20 12 minutes, 20 seconds diversification strategy. Our solar EPC business has scaled dramatically registering a 4x revenue now reaching to 12:28 12 minutes, 28 seconds the INR 96 crores from 25 cr in the last financial year 25th. Simultaneously we 12:36 12 minutes, 36 seconds optimize our project execution mix within the electrical EPC segment which contributed around 32.72 crores while 12:43 12 minutes, 43 seconds our water EPC vertical grew by nearly 25% and reached to the tune of 15 crores in this year. 12:51 12 minutes, 51 seconds Complementing these business lines, our newly commissioned Rascco power plant contributed an inaugural revenue for 12:58 12 minutes, 58 seconds 2.90 Kores in our consolidated revenue for this financial year. While this segment is physically smaller today, it 13:05 13 minutes, 5 seconds is a strategic value in immense through 25 years of novelized PPA agreement with premium counterparties like Jopur Discom 13:13 13 minutes, 13 seconds and IIT Dhabad University. We have locked in more than I six cr rupes in annual recurring revenue with extension provision for another five years. 13:23 13 minutes, 23 seconds Because these assets operates with exceptionally low maintenance cost, this segment injects highly predictable high margins annuity cash flows directly into 13:32 13 minutes, 32 seconds our portfolio strengthening our long-term returns ratios. 13:36 13 minutes, 36 seconds Looking ahead, our priorities remains focused on efficient execution of existing order pipeline, disciplined working capital management and selective 13:43 13 minutes, 43 seconds participation in larger central utility and railways infrastructure opportunities with IP proceeds strengthening our liquidity positions. 13:53 13 minutes, 53 seconds We believe that the company is well positioned to scale sustainably while maintaining healthy returns ratios and operational security. With that, we 14:00 14 minutes conclude the opening remarks here and we will now be happy to take your questions. Thank you once again for being with us. Now I request all of you 14:08 14 minutes, 8 seconds to you can please put your questions here. Thank you very much. 14:14 14 minutes, 14 seconds Thank you sir. We will now open the floor for the question and answer session. Anyone wishing to ask a question may use the raise hand feature 14:21 14 minutes, 21 seconds post which we uh we will unmute the line of that person. Participants are requested to unmute themselves and ask the question following that. Also, 14:30 14 minutes, 30 seconds participants are requested to limit themselves to one question and one follow-up question if needed to allow everyone an opportunity to pass participate. 14:39 14 minutes, 39 seconds We'll just wait for the question queue to assemble. 15:09 15 minutes, 9 seconds So we have first question from the line of Sha Sharma. 15:15 15 minutes, 15 seconds Shasha Sharma, could you please unmute yourself and ask your question? 15:22 15 minutes, 22 seconds Uh yeah, thank you for the opportunity. Hope I'm audible. Yeah. 15:27 15 minutes, 27 seconds Yeah. So, uh yeah. So, sir, uh my question is in the segment breakdown, uh you reported inaugural um 2.9 K of realized revenue from your RESCO plans. 15:39 15 minutes, 39 seconds So, um but you mentioned uh these um four commission plants secure more than 15:45 15 minutes, 45 seconds six crores in annual uh levelized revenue. Can you explain this variance 15:51 15 minutes, 51 seconds and uh when we uh when will we see the um full six cr run rate reflect on the incoming statement? 16:03 16 minutes, 3 seconds Yes please. Uh actually the last financial year 25th 26th was the year in which these all four plants was commissioned. One was in the April, one 16:11 16 minutes, 11 seconds was in the September and onwards. So the last year was the uh partial year of getting revenues from these all four 16:18 16 minutes, 18 seconds plants. So in the future year 26 27 you will see the complete revenues in your books. 16:26 16 minutes, 26 seconds Okay. Thank you so much sir. I'll join the queue. 16:38 16 minutes, 38 seconds Next question is from the line of Mr. Aran Amera. 16:43 16 minutes, 43 seconds Aran Amera could you please unmute yourself and ask your question. 16:51 16 minutes, 51 seconds Yeah sir first of all congratulations for your excellent set uh set of number for this financial year. So I have one 16:59 16 minutes, 59 seconds question with me. So despite reporting healthy growth in revenue and profitability during uh financial year 2026 17:07 17 minutes, 7 seconds operating cash uh cash flow remained negative. Sir sir, could management elaborate on key reason behind the weak 17:15 17 minutes, 15 seconds cash flow conversion and negative CFO particularly in terms of uh revenue uh uh receivables, retention money and working capital movement. 17:30 17 minutes, 30 seconds Man, please uh uh take this question. 17:35 17 minutes, 35 seconds H in the contracting field uh our payment cycle are around 45 to 60 days 17:43 17 minutes, 43 seconds and around 1 to two month stock are in the site. So our working cable requirement also increase due to delay 17:52 17 minutes, 52 seconds of payment from the client and who stock at the site and all those impact are result in the or case fl negative. 18:13 18 minutes, 13 seconds Okay sir. Thank you. 18:20 18 minutes, 20 seconds The next question is from the line of Mr. Sahil Gupta. 18:24 18 minutes, 24 seconds Mr. Sil Gupta, could you please unmute yourself and ask your question? 18:31 18 minutes, 31 seconds Yeah. Hi everyone. I'm audible. Yes, please. 18:38 18 minutes, 38 seconds Yeah. Uh my uh congratulations on your phenomenal IPO over subscription. Now 18:45 18 minutes, 45 seconds you have the significantly healthy balance sheet and fresh capital. How exactly do you intend to deploy these proceeds? Are we going to see a capital 18:54 18 minutes, 54 seconds intensive push into asset ownership like uh Bess you said or will this primarily act as an working capital to bid for a larger utility tickets? 19:09 19 minutes, 9 seconds Um um uh thank you for asking this question. Basically if you will see our IP mandates mandates 19:18 19 minutes, 18 seconds we have clearly mentioned that 30 crores will be used in the working capital cycle and 5.85 crores will be used as an investment in the subsidiaries and 19:25 19 minutes, 25 seconds remaining amount will be for the general corporate purposes. So according to that we have already submitted a certificate of consumptions also. So entirely fund 19:34 19 minutes, 34 seconds was used as as it is which we have mentioned in our mandate. 30 crores was deployed in the working capital sector through which we have okay 19:41 19 minutes, 41 seconds we able to generate a big revenue the growth you already seen that uh 160 crores in the consolidated uh balance 19:49 19 minutes, 49 seconds sheet so the 30 crores were invested in the working capital cycle and 5.85 85 cr was invested in the subsidiary to 19:56 19 minutes, 56 seconds commissioned a resco plant with IIT Dhad and remaining was for the general corporate purposes. So as such there was 20:04 20 minutes, 4 seconds no spare fund was planned from the IPO proceeds to investment in bass. But yes the bass is a growing sector for us and we are looking forward for projects and 20:12 20 minutes, 12 seconds some good projects by which we can uh like we will be into the this uh field also maybe by the rescue mode or by the uh EPC mode. 20:25 20 minutes, 25 seconds Okay. Thank you so much for taking my question. Thank you. 20:32 20 minutes, 32 seconds The next question is from the line of Miss Nidhi Matu. Nidi Mu, could you please unmute yourself and ask your question? 20:41 20 minutes, 41 seconds Hello. Am I audible? 20:44 20 minutes, 44 seconds Yeah, you're audible. So, you mentioned that recently Kerala has emerged as your second largest territory commanding over 20:52 20 minutes, 52 seconds 36% of your book. Could you give us some color on what kind of projects you are executing in Kerala? Who the 21:00 21 minutes counterparties are and how you are managing execution risk in a state so far from your headquarters? 21:11 21 minutes, 11 seconds Okay. So if you will see the uh total orders in the Kerala uh we have three four kind of works uh in that. One is 21:19 21 minutes, 19 seconds the electricality shifting. Second one is the water shifting. Third one is the highway lighting works and a small project of toll plaza building construction. 21:28 21 minutes, 28 seconds So uh if you will go with the client uh name one is a shala construction company limited another one is a KCC. 21:36 21 minutes, 36 seconds So these two companies are there for which we are doing um uh these four works and the locations are primarily in Kulum and uh uh Dipar it is near Koti. 21:49 21 minutes, 49 seconds So these are the locations and regarding managing these works so far from our head office. This is not an challenge 21:56 21 minutes, 56 seconds for us because we have done like uh we have exhibited projects on the pan India basis. We have done projects in uh 22:03 22 minutes, 3 seconds Gujarat, in Tripura, in Jammu and Kashmir in Kerala in Tamil Nadu. We are right now doing we are doing in Maharashtra right now. So the distances 22:11 22 minutes, 11 seconds is not a challenge for us because we are totally uh we are managing entire execution, entire procurement and entire things on a central basis. So we have 22:20 22 minutes, 20 seconds like central purchase team. We have central uh monitoring system with us in the head office only. So this is the standard practice which we are using. We 22:27 22 minutes, 27 seconds are on in on ERP to track the progress and to purchase the materials and everything. The MIS is totally on ERP. 22:34 22 minutes, 34 seconds So we have a strong system enough system to maintain all these projects. Okay, thank you so much. 22:42 22 minutes, 42 seconds Okay, the next question is from the line of miss Sha Singh. 22:53 22 minutes, 53 seconds Uh sh singh could you please unmute yourself and ask your question 23:15 23 minutes, 15 seconds seems there is some technical issue so we will take the question from the next participant that is uh Miss Priyanka 23:22 23 minutes, 22 seconds from TIC. Uh Mr. Priyanka, could you please unmute yourself and ask your question? 23:31 23 minutes, 31 seconds Hi team, am I audible? Yes, Priya. Priyanka. 23:35 23 minutes, 35 seconds Okay, thank you. Uh first of all, congratulations uh to the management for hosting your first uh earnings call. And 23:44 23 minutes, 44 seconds uh my question is actually with regards to the revenue from operations. If we look at your revenue for uh this year, 23:53 23 minutes, 53 seconds it stands at about uh 160 crores. Uh however, if we just bifocate into the first half and the second half of the 24:01 24 minutes, 1 second year, uh the major portion of this revenue comes from the second half of the year. Uh first half generated about 24:09 24 minutes, 9 seconds 44 crores of revenue. So uh my question is uh why is the revenue so heavily backloaded in the second half of the 24:17 24 minutes, 17 seconds year and should we expect this kind of seasonality to continue in the next year also. 24:29 24 minutes, 29 seconds Your question is very valid actually in every construction company you will see these kind of scenarios. See uh every 24:37 24 minutes, 37 seconds work which is under progress needs to be capitalized on 31st March till the quantum of work completed. However 24:45 24 minutes, 45 seconds during the year generally the capitalization is done on the uh basis of milestones. 24:51 24 minutes, 51 seconds So 31st March is generally a time where we can capitalize the work completed till that date. So this is the 25:00 25 minutes basic reason in the construction sector in every company you will see this kind of scenario. The second half will always be the better one from the first half. 25:11 25 minutes, 11 seconds Got it. Thank you. Thank you. 25:18 25 minutes, 18 seconds The question is from the line of uh Priyanchu Gupta. 25:23 25 minutes, 23 seconds Pria Gupta, could you please unmute yourself and ask the question? Hi sir, I'm audible. 25:31 25 minutes, 31 seconds Uh it's bit feeble. Uh could you be more louder? 25:35 25 minutes, 35 seconds Yes. Yes. My question is uh I see that 4x growth in in solar EPS revenue for 25:42 25 minutes, 42 seconds Api 26 making it nearly 60% of total top lines. How looking at your active 25:49 25 minutes, 49 seconds project pipeline electrical infrastructure utilities I have suddenly jump back up to command a dominating 54% share. 26:00 26 minutes Why are we seeing this reversal back in electrical contract and does it mean for explosive growth in solar has peaked? 26:13 26 minutes, 13 seconds Okay. 26:13 26 minutes, 13 seconds Uh I would like to yeah if I can answer this question. Uh yes you're right. You're right. 26:20 26 minutes, 20 seconds Actually earlier we had uh executed a lot of solar projects. So you could see a large share of revenue from solar 26:27 26 minutes, 27 seconds projects in our uh in our portfolio. uh but uh I mean the thing is actually we have currently we have a lot of orders 26:35 26 minutes, 35 seconds in the pipeline like we have bidded for a lot of tenders in solar sector which are yet to be materialized or yet to be 26:42 26 minutes, 42 seconds awarded to us. We have bidded uh very aggressively in those and I think there are around around 200 cr worth of solar 26:50 26 minutes, 50 seconds tenders plus best tenders which we have already bidded for and we are awaiting the results of them. Once once we get the results we we are we are confident 26:59 26 minutes, 59 seconds that we but 50 50 to 80 crores of solar projects in the coming uh you can say coming year 27:08 27 minutes, 8 seconds as well. It's just that uh uh we had executed and completed the works in hand 27:15 27 minutes, 15 seconds for solar and as you know RDSS is a scheme of comet of India which was recently launched. So we thought that uh 27:24 27 minutes, 24 seconds uh we can we can go back to this uh this portfolio uh sorry this sector in our portfolio and generate uh you know good 27:32 27 minutes, 32 seconds business opportunity. So it's just a matter of time before we get more solar orders and we execute them. 27:52 27 minutes, 52 seconds Priyancho. I hope that answers your question. Yes. Yes. Thank you. 27:58 27 minutes, 58 seconds Thank you for asking the question, Priyu. 28:01 28 minutes, 1 second Next question is from the line of Miss Na WMA. Uh Miss Neha, could you please allow your uh mic and ask the question? 28:10 28 minutes, 10 seconds Uh thank you for the opportunity. Uh first of all, I would like to congratulate uh the management on the incredible results uh that have been uh 28:18 28 minutes, 18 seconds published. So your operating revenue jumped an exceptional 76% yearonear. 28:23 28 minutes, 23 seconds However, uh your operating ebita growth trailed uh slightly behind at 58% yearonear causing further causing the 28:31 28 minutes, 31 seconds margins to settle at 14 uh%. And even the press release mentions the raw material price increase due to geol 28:38 28 minutes, 38 seconds geopolitical conditions. So can you quantify the impact of these commodity pressure pressures and what internal steps are you taking to insulate margins 28:47 28 minutes, 47 seconds in for FI27 right see regarding the quantum impact 28:54 28 minutes, 54 seconds on these datas you can clearly see in our so the quantum is very much clear but uh let me take a suitable reply to 29:03 29 minutes, 3 seconds for this question see the war scenarios or the geopolitical conditions was uh there from December Jan January, 29:10 29 minutes, 10 seconds February onwards the major impact is for that period only. So last year uh only one or two 3 months was impacted by that 29:18 29 minutes, 18 seconds uh reasons. However, for the projects which was awarded before that situation generally what is our practice is once 29:27 29 minutes, 27 seconds we get the project we freeze all procurement and uh all kind of labor works also. So we have not faced so much of tension about all these situations. 29:39 29 minutes, 39 seconds maximum things was covered under uh the fixed rate contracts uh basis. However, for the impact on the increased price, 29:48 29 minutes, 48 seconds we are looking forward for the price variations from the government on the government projects under which the they have the preview loss. 29:56 29 minutes, 56 seconds So this is the way how we how we are moving forward for these kind of situations. 30:06 30 minutes, 6 seconds Okay. Thank you. Yeah. Thank you. 30:13 30 minutes, 13 seconds Thank you, Nha. Uh we we have the next question from the line of Miss Shrea Singh again. Let's see if the mic is working again. 30:23 30 minutes, 23 seconds Miss Shrea, could you please uh unmute yourself and ask your question? Hi sir, first of all congratulations. 30:30 30 minutes, 30 seconds Um so my question is that you announced capturing approximately 100 crores in new government mandates from Jaipur and Jpur discoms primarily hitting your 30:39 30 minutes, 39 seconds revenue realization and financial year 2027. Now what specific milestones do these projects entail? And given that state discoms are historically known for 30:48 30 minutes, 48 seconds slower payment cycles, what gives you confidence that these mandates won't stretch your collection timelines? Thank you. 30:56 30 minutes, 56 seconds Yeah. Um actually if you see these contracts these are the RDSS contracts and these has been funded by the central governments. 31:05 31 minutes, 5 seconds So the risk of getting payments the delayed payments from the state governments is not here and in RDSS if you will see the payment cycle and 31:14 31 minutes, 14 seconds getting payment within 7 days after raising the bills. 31:19 31 minutes, 19 seconds So these kind of risk are not here. In the last financial year, we have executed uh around five or maybe 7 cr rup rup rup rup rup rup rup rup rup rup 31:26 31 minutes, 26 seconds rupees of the projects from these out of these 100 crores and we have received payment within 7 days. 31:37 31 minutes, 37 seconds Okay sir. Thank you. Yeah. Thank you. 31:50 31 minutes, 50 seconds So next question is from again from the line of miss nha verma or 31:58 31 minutes, 58 seconds is this a raised hiken just from the before? Okay, seems we don't have any other questions. Uh all the participants 32:07 32 minutes, 7 seconds please uh ask your questions if you do have any. Please raise your hands accordingly. 32:18 32 minutes, 18 seconds So we have a question from the line of Mr. Anik Madwani. 32:23 32 minutes, 23 seconds Mr. Anik, could you please unmute yourself and ask your question? 32:41 32 minutes, 41 seconds Mr. Kate, are you there? 32:53 32 minutes, 53 seconds Seems there's some technical issue at his end. 33:03 33 minutes, 3 seconds We have a next question from the line of Miss Ojasi Ma. 33:07 33 minutes, 7 seconds Could you please unmute yourself and ask the question? 33:31 33 minutes, 31 seconds We are not able to hear you. 33:35 33 minutes, 35 seconds Could you please unmute yourself and ask the question? 33:42 33 minutes, 42 seconds Just could you please uh rejoin because that may be some technical error. 33:49 33 minutes, 49 seconds You can type your question. Then I'll read out for the management. 34:03 34 minutes, 3 seconds Mr. Anik, I have allowed the mic for you as well. 34:08 34 minutes, 8 seconds Okay. So, Ojasi has the question related to bifocation of the revenue between B2B and B2G 34:15 34 minutes, 15 seconds and the gross margins. So she wants to get some color on that. 34:27 34 minutes, 27 seconds In the FI26 our B2B revenue are around 15% and remaining are 34:36 34 minutes, 36 seconds B2C B2 B2G are 15% and B2B are 85% of 34:42 34 minutes, 42 seconds around also there is another uh question on the 34:50 34 minutes, 50 seconds chat that is about the order book stands at rupes 280 crores can management share the execution timeline and expected 34:57 34 minutes, 57 seconds revenue continue conversion over FI26 to FI27. 35:01 35 minutes, 1 second Also, what percentages from the repeat customers? 35:07 35 minutes, 7 seconds Uh the maximum uh turnover will be captured in this financial year only because uh these projects are having completion period of 35:15 35 minutes, 15 seconds another 12 months. So we are expecting a maximum revenue from these uh all all these projects within this financial trans one day. 35:25 35 minutes, 25 seconds Sure. Okay. 35:37 35 minutes, 37 seconds All the join participants if you want to ask the question please raise your hands so that we can unmute you and ask the question. You can ask the question. 35:55 35 minutes, 55 seconds We again have a question from the line of Miss NaMa. 36:00 36 minutes Miss Na could you please unmute yourself and ask the question? 36:03 36 minutes, 3 seconds Uh thank you. Uh so I have a follow up on my previous question. Uh so when and how much uh you know the gap is going to be realized for the price variation uh 36:12 36 minutes, 12 seconds that you had mentioned for the government projects there is a 36:20 36 minutes, 20 seconds uh scientific calculation for getting price variations. 36:24 36 minutes, 24 seconds The uh IMA index is the uh main uh factor by which we calculate the price variations. And yes for aluminium and 36:32 36 minutes, 32 seconds copper we are expecting to get a PV of around uh 15 to 25% depending on the time because every month the immens will 36:40 36 minutes, 40 seconds change and for the uh MS material maybe around 5 to 10% because uh the MS was not fluctuated much more. 36:52 36 minutes, 52 seconds Okay. Thank you. Yes. Next question is from the line of Mr. 37:00 37 minutes Anit Aniket Madwani. 37:07 37 minutes, 7 seconds Mr. Anik, could you please try now unmuting your mic? 37:17 37 minutes, 17 seconds We are not able to hear you. 37:28 37 minutes, 28 seconds uh you could even uh write your question in the chat box so we can take that question from there as well. 37:35 37 minutes, 35 seconds Yeah, we'll we'll be waiting for your questions. 37:50 37 minutes, 50 seconds We can take the question from Ojasi Ma if you're able to unmute yourself right now. 37:58 37 minutes, 58 seconds So the question from Ojasi is what kind of issue do we exactly face 38:05 38 minutes, 5 seconds due to geopolitical tension which leads to deterioration of margins? 38:13 38 minutes, 13 seconds Sir uh major the major impact was on the gas petrol and diesel. So the material 38:22 38 minutes, 22 seconds which is being manufactured by gas like the basically we use the towers and the MS materials which is which needs to be 38:31 38 minutes, 31 seconds galvanized. So the galvanization plants is being run by the gas. So the shortage of gas was there. So due to that the 38:38 38 minutes, 38 seconds lead time is increased. The lead time has impacted a cost running cost and again the gas is now being uh getting 38:47 38 minutes, 47 seconds the getting gases is now more costlier to the manufacturer. So they they increase slightly the prices due to that factors and the sourcing of MS or 38:56 38 minutes, 56 seconds almonium or copper is not an issue. They has issue of price hike. So that uh the price hike on a particular time was 39:05 39 minutes, 5 seconds issued for us and the petrol diesel v these results the laborers is asking a more price because of uh consumption of 39:13 39 minutes, 13 seconds diesels and petrols in the sets and their factors and all those things. So these are the small factors which is impacting due all due to all these geopolitical situations. 39:31 39 minutes, 31 seconds So the crude barrel is about $100 is uh is just like that the petrol diesel price is getting high. So due to that 39:39 39 minutes, 39 seconds the transportation cost and the labor cost is increasing. So we are we are negotiating with them that it is not so 39:46 39 minutes, 46 seconds much hiked. So the crude that is not a main reason for um the main factor of this geopolitical situation. 39:59 39 minutes, 59 seconds Hope that answers your question miss Ojasui. 40:03 40 minutes, 3 seconds So we have just as we'll just take it as last question from Anikate as we promised. Can we have the guidance for topline and the operating margins for 40:12 40 minutes, 12 seconds FI27 and secondly any project executed in RCO base? Thank you for asking the question Anik. 40:22 40 minutes, 22 seconds Uh uh so the top line margin see in the top line what we are expecting is around 40:28 40 minutes, 28 seconds 200 or 250 K for this initially 27 and again the operating margins will be almost same. 40:38 40 minutes, 38 seconds Yes, Rasco best uh uh regarding and uh and secondly project exhibited in rescu best we are 40:47 40 minutes, 47 seconds actually now bidding for this projects so best projects are under pipeline for us 40:56 40 minutes, 56 seconds hope that answers your question Mr. Anik 41:06 41 minutes, 6 seconds Mr. Shanikit has asked a follow-up question if they can have the bid for the resco bid amount for best 41:14 41 minutes, 14 seconds bid bid amount David would you like to answer I could not hear the question can you 41:22 41 minutes, 22 seconds repeat it can we have the bid amount for best 41:30 41 minutes, 30 seconds I mean the uh the project we are bidding currently for is 41:37 41 minutes, 37 seconds uh I mean uh 15 to 16 cr but uh the tariff rate will be accordingly different. So as it 41:45 41 minutes, 45 seconds as it is a resco project we we'll have to put the tariff rate not the lump sum rate 41:53 41 minutes, 53 seconds but if you want to know the value it is around 15 to 16 42:01 42 minutes, 1 second sure that hoops uh hope that answers your question Mr. 42:07 42 minutes, 7 seconds So uh as we were taking this as the last question so I would like to hand over the call back to Mr. Sunil Singh Angar 42:16 42 minutes, 16 seconds for his closing comments. Over to you sir. 42:36 42 minutes, 36 seconds Uh thank you. Uh I would like to thank everyone for joining us today and for the continued confidence you have placed 42:43 42 minutes, 43 seconds in current infra projects limited. FY26 has been a defining year in our journey. 42:48 42 minutes, 48 seconds Over the last few years, we have consciously built a stronger organization with sharper execution capabilities, better capital efficiency 42:56 42 minutes, 56 seconds and a diversified business model aligned with India's infrastructure and energy transition opportunities with a healthy order pipeline, improving 43:05 43 minutes, 5 seconds operational metrics and a strengthened business balance sheet post IPO. We believe CIP is entering its next phase of growth from a position of strength. 43:15 43 minutes, 15 seconds Our focus going forward will remain on disciplined execution, sustainable scaling, prudent working capital management, and creating long-term value 43:23 43 minutes, 23 seconds for all stakeholders. On behalf of the entire management team, I sincerely thank our employees, customers, 43:31 43 minutes, 31 seconds partners, shareholders, and analysts for their continued support and trust. We look forward to engaging with all you, 43:38 43 minutes, 38 seconds all of you once again in the coming quarters. Thank you very much. 43:43 43 minutes, 43 seconds Thank you, sir. Thank you members of the management team. On behalf of Current Infra Projects Limited, thank you for all or thank you all for joining the 43:51 43 minutes, 51 seconds call today. You may now disconnect your lines and have a great day ahead.