HG Infra Engineering Ltd — Q3 FY26

HG Infra Engineering Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=K5-h-bLFQgs Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to the Q3 FY26 earnings conference call for HG Infragineering 0:07 7 seconds Limited hosted by Go India Advisers. As a reminder, all participant lines will be in the listenon mode and there will 0:15 15 seconds be an opportunity for you to ask questions after the presentation concludes. 0:20 20 seconds Should you need assistance during this conference, please signal an operator by pressing star then zero on your Touchstone phone. Please note that this conference is being recorded. 0:30 30 seconds I now hand the conference over to Miss Selena Shik from Go India Advisers. Thank you and over to you ma'am. 0:38 38 seconds Good evening everyone and welcome to Edgra Engineering Limited earnings call to discuss the Q3 and 9M FI26 0:45 45 seconds operational and financial performance hosted by Goindia Advisers. We have on the call Mr. Harendra Singh chairman and managing director Mr. Rajiv Mishra chief 0:55 55 seconds financial officer. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore moved 1:03 1 minute, 3 seconds in conjunction with the risk that the company faces. We now request Mr. 1:06 1 minute, 6 seconds Harendra Singh to take us through the company's business outlook and performance subsequent to which we will open the floor for Q&A. Thank you and over to you sir. 1:16 1 minute, 16 seconds Thank you Serena. Good evening everyone and a warm welcome each one of you joining us on the call today at AG 1:24 1 minute, 24 seconds Infra. We are immensely proud and delighted to have spent over 23 years shaping the backbone of India's infrastructure and marked recently by 1:32 1 minute, 32 seconds our 24th foundation day. As we reflect on this journey with pride and advance with a per with purpose, it has been 1:40 1 minute, 40 seconds built on trust driven by passion and defined by quality. These enduring values continue to guide us in 1:47 1 minute, 47 seconds construction infrastructure that propels India's progress to meet India's evolving requirements. We are scaling 1:55 1 minute, 55 seconds for success fast tracking innovation to build smarter, faster and safer infrastructure. 2:01 2 minutes, 1 second We are entering new sectors such as solar energy, transmission and battery storage guided by the simple belief that infrastructure must be as dynamic as diverse as the nation it serves. 2:13 2 minutes, 13 seconds Union budget of 2627 has strengthened the road sector with higher allocation to ministry of road transport at 3.9 2:21 2 minutes, 21 seconds lakh cr rupees up 8% yearon year and increase funding for national highway authority of India to 1.87 87 lakh cr. 2:28 2 minutes, 28 seconds This enhanced investment is expected to accelerate development of national highway, expressways and great field corridors. 2:35 2 minutes, 35 seconds Leveraging our strong execution capabilities, AG Infra are well positioned to benefit from this momentum with 45 plus road projects delivered and 2:44 2 minutes, 44 seconds our track record reflects engineering excellence, timely execution and durable quality. As of December 25, our roads 2:51 2 minutes, 51 seconds and highway order books stands at 8,460 criting about 62% of the total order. 2:58 2 minutes, 58 seconds Simultaneously, the union budget 2627 again remains focus for rail infrastructure with a capital outlay of 3:05 3 minutes, 5 seconds 2.5 lakh cr for Indian railways to support network expansion, capacity enhancement and modernization. 3:13 3 minutes, 13 seconds Aligned with this momentum, AGL has strategically diversified into rail and metro infrastructure. Uh with seven plus ongoing projects, our presence in this 3:20 3 minutes, 20 seconds segment reflects growing technical expertise, disciplined execution and capability to deliver complex infrastructure. 3:28 3 minutes, 28 seconds Green energy also marks a significant new phase in AGI's growth journey as we have already executed 350 plus megawatt 3:36 3 minutes, 36 seconds and remaining 250 megawatt likely to be completed by March 26 out of total 600 megawatt capacity ordered which is 3:44 3 minutes, 44 seconds supported by integrated storage solution reinforcing our focus on sustainable and future ready infrastructure. 3:51 3 minutes, 51 seconds Let me begin with a glimpse of our operational highlights as of quarter 3 FY26. The company's 3:58 3 minutes, 58 seconds order book stood at rupes 13,624 cr comprising 8734 cr from roads and 4:05 4 minutes, 5 seconds highways 2779 cr from railways and backro 1,620 cr from base and 394 cr for 4:14 4 minutes, 14 seconds solar and transmission projects rest 98 from other sectors. Segment wise roads and highway contribute 64% followed by 4:22 4 minutes, 22 seconds railway 20 renewables 15 and other segment 1%. 4:28 4 minutes, 28 seconds Regarding the updates on the EPC and highway projects, we almost has 99% Konga projects completed and COD are 4:37 4 minutes, 37 seconds being applied likely to be obtained within this quarter only. The Junior elevated project is running smoothly with current progress at 36.9%. 4:47 4 minutes, 47 seconds The name Langlas Kumur project is gaining execution momentum and reached 54.4% completion. 4:54 4 minutes, 54 seconds The appointed date of DLF project is declared as 30th December 25 and the project is under mobilization stage. 5:03 5 minutes, 3 seconds Regarding HAM and highway project, the Kandal Rang Road has reached 94.2% completion marking steady progress and likely to get provision completion in Q4 FI26. 5:13 5 minutes, 13 seconds As shared in the previous quarter, provisional completion certificates for Ryer Vishaka Patnham corridor OD5 and OD6 projects already received and the 5:21 5 minutes, 21 seconds both projects remain close to completion. 5:24 5 minutes, 24 seconds The Rayor Vishaka again AP project is also nearing completion and we have received provisional completion certificate with effect from May 25. All 5:33 5 minutes, 33 seconds three projects of Riper Vishaka corridor that are OD5, 6 and AP1 continues to be on track for COD in next few months only. 5:42 5 minutes, 42 seconds The kam dea package 8 KD 1 and two PC where the PCC already received which are 5:48 5 minutes, 48 seconds at 99.1 and 96.9% complete completion both the packages are expected to be 5:54 5 minutes, 54 seconds 100% completed in Q4 FI26 the Chennai Turupati Ham project reached at 40.1%. 6:04 6 minutes, 4 seconds The provisional appointed date for the Vanasi Kolkata corridor package 13 has been received with account 30th September 25 and the project of package 13 standards 19.4%. 6:16 6 minutes, 16 seconds For package 10, the appointed date is expected to be received in quarter 4 26. 6:22 6 minutes, 22 seconds for Kosi Paradma package number six of Audiha. The concession agreement is signed on 21st of June 25 and the 6:30 6 minutes, 30 seconds appointed has recently been declared on 16th Jan 26. The project's execution stands at 3.4%. 6:37 6 minutes, 37 seconds For the narrow circ project financial closure which was receive achieved and the appointed date has was received with effect from 19th August 25 the project exclusion stands at 15.6%. 6:50 6 minutes, 50 seconds Turning to the progress of railway projects, the DMRC metro project is 99% completed and progressing as per the schedule timeline and targeting its completion in Q1 FI27. 7:02 7 minutes, 2 seconds The Bilasur Himaral Pradesh railway Arvinal project is 87.8% completed and the targeted and started for completion 7:10 7 minutes, 10 seconds in Q4 FI27. The Kpur railway special progress project is at 44.9%. 7:18 7 minutes, 18 seconds DL Nardana railway project has achieved 35 35% progress and the Gaasagar and Karan projects are at 27.3 and 32.7% completion respectively. 7:30 7 minutes, 30 seconds Progress across these project was impacted due to abnormal range but it is expected to pick up in this quarter. 7:37 7 minutes, 37 seconds The appointed date for the new daily railway station project has been declared as 6th August 25. After the initial recap related to the utility 7:45 7 minutes, 45 seconds shifting and design, the execution is now at initial phase with 6.9% completion. 7:51 7 minutes, 51 seconds The appointed date of newly awarded tane metro project is has been uh uh declared as 11th January 26 and the project is in 8:00 8 minutes the mobilization stage on the solar project as of 30th 31st of December 25. Overall physical progress 8:09 8 minutes, 9 seconds across the project stands at approximately 95.8% 8% despite delays in few months caused because of the prolonged and heavy monsoon condition in 8:17 8 minutes, 17 seconds Rajasthan as well as the land related challenges affecting the transmission line infrastructure development. 8:24 8 minutes, 24 seconds These projects got delayed despite of these sight specific constraint the company has been able to execute the project largely in line with the planning as planned scheduled. 8:34 8 minutes, 34 seconds The company has putting adequate is putting adequate resources to commission all the plans within the revised contractual timelines in the coming months. 8:42 8 minutes, 42 seconds The antifederal commissioning will also enable the draw down of the remaining sanctioned debt and clear the outstanding liabilities. In view of the 8:50 8 minutes, 50 seconds challenges faced by the developers in Rajasthan, the ministry of new and renewable energy that is Minar has extended the commissioning guidelines 8:58 8 minutes, 58 seconds for the solar plant again Kosumi scheme ANC up to 31st March 26. 9:05 9 minutes, 5 seconds From a financing perspective, approximately 86% of the required project debt has been sanctioned out of which around 74% being dispersed. 9:14 9 minutes, 14 seconds The balance sanction and dispersements are likely to happen postcomissioning of the installed plant. In the interim to bridge the funding gap and ensure timely 9:23 9 minutes, 23 seconds project completion, the company has availed additional working capital limits. Consequently, the overall debt level at the company level has temporarily increased which will be 9:32 9 minutes, 32 seconds reduced in coming months once solar balance dispersement of 425 cr will be received. 9:38 9 minutes, 38 seconds As of December 25, the total equity investment in these solar projects stands at 731 cr of now. The total amount built to the 9:47 9 minutes, 47 seconds discom.88 cr and the total of 56.33 cr has been collected till date. 9:56 9 minutes, 56 seconds Regarding the best projects, so there are the three projects, two from GL, one for N totaling 104,70 megawatt hour. The 10:05 10 minutes, 5 seconds procurement process of best project has been initiated and the orders for the long leak components like power transformer GI switch gear systems has 10:12 10 minutes, 12 seconds been placed by the company and the exhausting technical due diligence has been conducted for DC block container for from both overseas and domestic 10:21 10 minutes, 21 seconds vendors. Final orders for the same is likely to be placed by March 26. In June 26, company formed SPV and while 10:30 10 minutes, 30 seconds purchased the land for the Barascata project and the both the projects have now got the approval from of connectivity agreement. 10:39 10 minutes, 39 seconds Financial closure of Banaskata project is completed and Dera is at advanced stage of closure and expected to be completed by complete by March 26. 10:50 10 minutes, 50 seconds Upon completion and commissioning of all the best project, the company expects annual revenue of 225 cr from best. 10:59 10 minutes, 59 seconds Regarding the transmission project which is progressing well as for the timelines, the SVB being formed and the design and the long lead items are booked. 11:08 11 minutes, 8 seconds This is the update on the monetization of five new ham assets where the PCC already being received. In August 25, we 11:15 11 minutes, 15 seconds executed a binding offer document with NEO infra income opportunity fund for the divestment of our HAM portfolio in 11:22 11 minutes, 22 seconds four five wholly owned subsidiaries. We have executed the security purchase agreements of all five projects during 11:30 11 minutes, 30 seconds the previous quarter. We had already initiated the process of fulfilling all condition precedents including obtaining obtaining clients approval, lender 11:39 11 minutes, 39 seconds consent and completing requisite representation warranties. 11:42 11 minutes, 42 seconds We have received lenders NOC for kam developy package 1 and two and the for the rifle misha government project package five. NOC has been received from 11:51 11 minutes, 51 seconds one of the senior lenders and the approvals from remaining two lenders are expected shortly. Further NH has also 11:57 11 minutes, 57 seconds approved the NOC of hamali package 2 from the remaining projects. We are continuous followup with LHI and respective lenders and anticipates 12:06 12 minutes, 6 seconds receiving the required NOC within the next month. 12:10 12 minutes, 10 seconds Based on the current progress, we are expect to complete the transaction for at least three of the projects SPVS within the current financial year and we 12:18 12 minutes, 18 seconds are expecting around 500 to 600 cr as first part of consideration for these project. 12:24 12 minutes, 24 seconds Regarding equity requirement on ham projects, the total equity requirement for 11 ham projects is 1,750 cr. 12:32 12 minutes, 32 seconds As of December 25, 1,242 cr has been infused. Of the remaining amount 117 is scheduled for the infusion in 3 months 12:41 12 minutes, 41 seconds of the for the year, followed by 220 cr in FI27 and 171 cr in FI28. 12:49 12 minutes, 49 seconds Moving on to the financial highlights of quarter 3 FI26 and 9 month of 27 26 12:57 12 minutes, 57 seconds channel financials revenue for quarter 3 FI26 reached 1450 crores with an AIA of 224 cr at an 13:06 13 minutes, 6 seconds margin of 15.5% a bit for the Q3 FI26 stood at 97 cr with a 13:14 13 minutes, 14 seconds PAT margin of 6.7% compared to rupees 137 cr and at at 9.1% in quarter 3 FI25. 13:23 13 minutes, 23 seconds Revenue for 9 months FI26 reached 4,313 cr with an AITA of 67 cr at an AITA margin of 14.1%. 13:34 13 minutes, 34 seconds PAT for 9 months FI26 crude at 290 cr with a PAT margin of 6.7% compared to 365 cr and a margin at a margin of 8.9% in 9 months FI25. 13:46 13 minutes, 46 seconds On a standalone basis, our gross debt stands at 1,545 cr. This comprises of 914 cr in working capital 13:56 13 minutes, 56 seconds 634 crown loans and current majority trees limit and means a subject. 14:03 14 minutes, 3 seconds Regarding the council number, revenue for Q3 FI26 reached at 1,421 cr with an 14:09 14 minutes, 9 seconds AIA at 309 cr of 21% margin. PAT for Q3 14:16 14 minutes, 16 seconds FY26 stood at 94 cr with a PAT margin of 6.6% compared to 1115 14:24 14 minutes, 24 seconds crores at margin of 9.1% in Q3 FI25. 14:29 14 minutes, 29 seconds Revenue for 9 months FI26 reached 300 3,88 crores with an AITA of 775 cr and an AITA margin of 21.3%. 14:40 14 minutes, 40 seconds PAT for 9 months FI26 stood at 245 cr with a PAT margin of 6.4% 4% compared to 14:47 14 minutes, 47 seconds 358 cr at margin of 9.7% in 9 months FI25 14:54 14 minutes, 54 seconds update on recent CBI matter is as you are aware that the CBI and anti-corruption bureau Patna has conducted search in our offices in the 15:02 15 minutes, 2 seconds month of January the necessary updates for the same are already disclosed through the stock exchanges we are extending our full support to the 15:09 15 minutes, 9 seconds agencies in the matter and will continue to update the investors through our disclosure on stock exchange upon any material development and would like to 15:17 15 minutes, 17 seconds mention that there has not been any impact on the operations and financial position of the company. 15:24 15 minutes, 24 seconds Turning on to the future strategy and outlook, AG has outperformed except exceptionally in all fronts against all 15:31 15 minutes, 31 seconds odds and delivered timely projects with great trust, passion and quality. As you all know that there has been less traction in new projects awarding in 15:39 15 minutes, 39 seconds last 18 months from NHI but our deliberation with NHI things will again looks like will again flourish with new 15:46 15 minutes, 46 seconds projects bid in FI 9 months 9 months of FI26 we have backed new projects worth 3300 crores up to date and quite hopeful 15:55 15 minutes, 55 seconds to add project worth around 4,000 to 5,000 cr by March 26. 16:00 16 minutes I will now hand over the call to our IR adviser and request to open the floor for question and answer session. 16:08 16 minutes, 8 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch telephone. 16:18 16 minutes, 18 seconds If you wish to remove yourself from the question view, you may press star and two. Participants are requested to please use handsets while asking a 16:26 16 minutes, 26 seconds question. We also request that you please restrict yourselves to two questions only. You may rejoin the queue if you have further questions. Ladies 16:35 16 minutes, 35 seconds and gentlemen, we will now wait for a moment while the question assembles. 16:43 16 minutes, 43 seconds Our first question is from the line of Mohit Kumar from ICICI securities. Please go ahead. 16:48 16 minutes, 48 seconds Yeah, good afternoon sir and thanks for the opportunity. Uh sir can you please help us with the update on the appointed 16:55 16 minutes, 55 seconds date for Nagpur uh Nagpur EPC orders? I think there were two projects which were of worth around 42 billion and is there any risk of cancellation of the orders? 17:07 17 minutes, 7 seconds Uh probably the cancellation of this uh these projects is not at all uh in pipeline or in discussions. The land 17:14 17 minutes, 14 seconds acquisition which actually was has been impacted in the recent past because of the municipal elections in Maharashtra. 17:21 17 minutes, 21 seconds So it is going on at the say not at the same pace as we were in saj. So probably by April or May looks like that 70% of 17:29 17 minutes, 29 seconds the land which is a prerequisite for LOA to be issued. By that time uh we are checking upon with the authorities what is the present recent update. 17:39 17 minutes, 39 seconds So expect the maybe the work to start in H2 F27. Is that a fair assumption given the current information? Yeah correct. 17:47 17 minutes, 47 seconds Understood. Understood. Second thing also of course NHI tender pipeline has a pretty weak for for last several quarters. Do you what is seeing the 17:56 17 minutes, 56 seconds progress on the ground? Are you full of a sharp momentum in the balance of the Cisco or do you think the the progress 18:03 18 minutes, 3 seconds will most likely happen? F27 and F26 will again be here. 18:10 18 minutes, 10 seconds See as far as development and the with the uh getting the feelers from the authority it is very promising that 18:18 18 minutes, 18 seconds there are the pipeline is so long and the land acquisition and which is a very much prerequisite condition for the authority to award any project which 18:27 18 minutes, 27 seconds earlier was not there as well as the quality of the DPR validation through their DPR sale is taking some time the project where the cap uh this cabinet 18:35 18 minutes, 35 seconds approval is already being obtained uh they are almost more than 60,000 roads of project but then again there are many more projects where the cabinet approval 18:43 18 minutes, 43 seconds is likely to happen within the shortest possible time. So it's a matter of only few months from now where these projects of around six lakh cr rupees which they 18:51 18 minutes, 51 seconds have uh they have given into this uh their domain also would be likely to be awarded not for this current year current financial year but for definitely for the next year. 19:02 19 minutes, 2 seconds My last question on revenue guidance. 19:04 19 minutes, 4 seconds Are you still maintaining the guidance of 65 billion for the fiscal or do you think there's a risk to the number? 19:11 19 minutes, 11 seconds Uh there has been a bit of a say slackness as well as the progress because of the prolonged monsoon. This is one reason and the retrieving monsoon which is 19:19 19 minutes, 19 seconds affected which has affected the sidupati budget but even then we are quite hopeful that we are will be overpassing the last year number and uh looking at 19:27 19 minutes, 27 seconds this the appointed date of jaran package 10 which was not uh which was supposed to be there but is not yet issued likely 19:34 19 minutes, 34 seconds in next month only it would be given to us that has impacted around 2 to 300 rupees otherwise we would be uh in uh say in and around the last year number 19:43 19 minutes, 43 seconds plus some percentage over the number understood sir Thanks and all the best. Thank you. 19:51 19 minutes, 51 seconds Thank you ladies and gentlemen to ask a question you may press star and one. 19:57 19 minutes, 57 seconds Our next question is from the line of web sha from JM Financial. Please go ahead. 20:03 20 minutes, 3 seconds Yeah, there any oneoffs in the margin this time? 20:10 20 minutes, 10 seconds Sorry, were there any burnouts in the margin of 15.5% is normal EPC margins? 20:17 20 minutes, 17 seconds for 3Q normal EPC margin there's no additional exceptional item which has been added here okay and sir why why was the tax rate so 20:25 20 minutes, 25 seconds higher at 31 and a half% for the quarter so there has been a say for last year there has been for MSME 6 crores of 20:34 20 minutes, 34 seconds provision which has been made in the year for the tax matters so that for that reason it is a bit higher 20:43 20 minutes, 43 seconds okay uh sir secondly uh What when do we expect to complete the solar projects and when with this uh uh you when when do you see the debt coming down? 20:56 20 minutes, 56 seconds So the debt of 425 cr which is yet we need to receive from uh this SPV from the lenders to SPV and in turn to AG is 21:05 21 minutes, 5 seconds likely that around 200 or rupes would be there by March and followed by in April because the entire commissioning has now been uh deferred till March because of 21:14 21 minutes, 14 seconds the all local disturbances and the issues which we already have faced several other companies have faced rather. So in April and May in quarter 21:22 21 minutes, 22 seconds one we would be getting the entire debt uh once we commission these plant in in totality. 21:28 21 minutes, 28 seconds So but for the in for the incremental work also which is spending roughly 400 odd crores for that also we'll be required to put another uh money right 21:38 21 minutes, 38 seconds to support the STV no as far as regulation is concerned it is already 98% plus completed. So the fund which we require the for the say uh 21:47 21 minutes, 47 seconds nearing completion it's not that big amount is a 3540 cr rupees which we required in quarter four only for entire completion so the money which we will be 21:55 21 minutes, 55 seconds collecting is 425 rupees coming from the SP through debt but order book seems quite high in the 22:03 22 minutes, 3 seconds solar projects as of December solar no transmission and solar okay okay got it and sir when do we 22:12 22 minutes, 12 seconds expect to start the work for the BSS projects and your guidance for FI27 given the uh given the uh expectation 22:21 22 minutes, 21 seconds from the uh revenue expectation from the MSRDC projects would be quite low or given it likely to start in second half. 22:29 22 minutes, 29 seconds So what would be your guidance for 27? 22:32 22 minutes, 32 seconds So what be your design as the AOP plan with the existing order book and likely to execute some 2,000 number within the CR. So, so with that number the best 22:41 22 minutes, 41 seconds execution which is likely to be completed for the next year only the entire completion would be there as far as if we are not considering even uh 22:49 22 minutes, 49 seconds this Nako Chandraur which is MSRC project. So what is to be done with the new projects which we are likely to beg 22:56 22 minutes, 56 seconds uh in the coming months only we are considering some 1500 rupees from the new project or the MSRDC projects other 23:04 23 minutes, 4 seconds all these projects which are already yes we say just started or just one project which is to be started would be good enough to reach out to a number of 7,000 rows for the next year. 23:18 23 minutes, 18 seconds Okay. Okay. And sir uh what would be so when do we expect to receive the appointed date for the north ham 23:28 23 minutes, 28 seconds the more the project we have started 3% of complete date started just recently appointed date was declared on the uh 23:36 23 minutes, 36 seconds 16th of uh January just the one project is balance where the appointed date is not yet declared which is jan package 10 23:44 23 minutes, 44 seconds package okay okay thank you su Those are my questions. 23:52 23 minutes, 52 seconds Thank you participants to ask a question you may press star and one. 23:58 23 minutes, 58 seconds Our next question is from the line of Shraan Sha from Dalat Capital. Please go ahead. 24:05 24 minutes, 5 seconds Uh hi sir. Uh uh sir just again uh coming back on on the first on on the revenue front. So you said that close to 24:15 24 minutes, 15 seconds 2,000 K that we are looking in the fourth quarter. So uh that is there and in the in the next year we are seeing a 24:22 24 minutes, 22 seconds 7,000 odd k. So even if I I look at uh broadly it would be a kind of a 13% kind 24:29 24 minutes, 29 seconds of a growth that we are looking at uh so still not able to understand uh uh whatever the shortfall which is there 24:38 24 minutes, 38 seconds for F26 uh uh we were earlier looking in F27 15% plus so now again 2300 K shortfall is 24:48 24 minutes, 48 seconds there for F26 so uh FRA 27 previously We are looking at 7,800 or so of fall that 24:57 24 minutes, 57 seconds we are we are looking at in FR27. 25:04 25 minutes, 4 seconds So ultimately these are there has been the big reason for the shortfall for the year because of the prolong monsoon as well the appointed date for this particular project uh which has been 25:13 25 minutes, 13 seconds delayed which are gun package 10. So this has been the reason which we are quite hopeful that we would be uh picking it up and uh around 6 6,200 odd 25:22 25 minutes, 22 seconds cr if we do during the year. So the balance for the year 25 26 27 we are estimating for the comp for the at least 25:31 25 minutes, 31 seconds the 1,500 cr rupees would be done from the project where the appointed date uh which is not yet issued or LO is yet 25:39 25 minutes, 39 seconds awaited which is MSRDC or any other project which you would be likely to get in the coming months only. So rest apart 25:45 25 minutes, 45 seconds from 1500 if you do all other projects progress would be yielding around 5500. 25:51 25 minutes, 51 seconds So that we have estimated that we will be touching around 7,000 cr without much of a problem for the next year. 26:00 26 minutes Okay. And the 1,800 odd cr inflow till now and 4 to 5,000 K that we 26:09 26 minutes, 9 seconds are looking at by March. So there just wanted a more clarity. So two three aspects one is how much worth of value 26:18 26 minutes, 18 seconds of bids that we have already submitted and also if you can break it up into whether NHI MOS or railway or solar or 26:25 26 minutes, 25 seconds BES or any other sector uh and how much more are we are we planning to bid whatever the tenders till now is 26:33 26 minutes, 33 seconds available see around 14,000 crores of highway projects already being bidded EPC and 26:40 26 minutes, 40 seconds HAM there are three EPC five HA which the results are get awaited and uh till March we are expected to bid 4800 to 26:48 26 minutes, 48 seconds 48,000 crores of projects. So we are expecting that these are the projects uh apart from the projects which we are aligning with uh private developers 26:56 26 minutes, 56 seconds also. So those are the projects which we are uh quite hopeful that give us the opportunity for the year. Railway we are 27:03 27 minutes, 3 seconds already one project where the bid and but uh sorry the second is for 4600 crores of project which already has 27:10 27 minutes, 10 seconds bided the bid yet to open best or 4400 crores of 400 megawatt of bid is uh yet 27:18 27 minutes, 18 seconds to be submitted and 2760 megawatt of bid being done where the result are yet emitted. 27:25 27 minutes, 25 seconds uh what would be the roughly value of this 1400 megawatt battery that we did and 2760 that we are planning to build 27:34 27 minutes, 34 seconds in terms of the EPC I'm particularly asking that would be that would be roughly around 8 8,000 crores 27:43 27 minutes, 43 seconds put together combined put together which we would be we have already bidded or like to bid 27:50 27 minutes, 50 seconds okay got it and in terms of margin this 15 16% sent that guidance for for for a couple of years will will remain in tech 27:59 27 minutes, 59 seconds or are we are we facing a kind of a competition and maybe uh going forward the margin can be on on the lower side. 28:09 28 minutes, 9 seconds So as of now the project which we are already having uh uh in hand we do have this margin uh this is for sure but in 28:16 28 minutes, 16 seconds near future definitely as the market trend is giving a bit of a sense of correction where the margins are likely to be not in the same number would be 28:26 28 minutes, 26 seconds around 14 or say that number. So in in any case when we build and we try to see that energy we are not going to see that 28:33 28 minutes, 33 seconds 10 to 12% margins are the doable kind of a margin for us but we are focusing we are looking at the project which having 40 odd percent in any case for the 28:42 28 minutes, 42 seconds future bids and then we we we are we are open to it for b tool also or we will prefer 28:50 28 minutes, 50 seconds through the the subcontracting no we are not no we are not yet explored this particular option as 28:59 28 minutes, 59 seconds Yeah, lastly just a couple of balance sheet items. Uh inventory datas, trade table, mobilization, unwill, retention, M data, solar datas. 29:11 29 minutes, 11 seconds So the mobilization advance is 260 cr rupes and uh the stock stands at 358 cr 29:19 29 minutes, 19 seconds and the the letters are at 1,51 cr rupees. uh out of this data ham dats are 579 29:27 29 minutes, 27 seconds solar SPVS do have 330 so these are all SPV Ganga is at 277 cr rupees and uh 29:35 29 minutes, 35 seconds others and railway are around 200 cr rupees and uh the current asset which is unbuild is 1448 cr rupes 29:43 29 minutes, 43 seconds 1 1400 okay and trade payable sorry solar and ham do have 700 cr 29:51 29 minutes, 51 seconds no no total trade payable which was 1177 K at September end trade payable is uh uh 1298 cr including 30:01 30 minutes, 1 second retention okay but inventory total you said sorry to interrupt we request 30:08 30 minutes, 8 seconds I I know I know I am completing this is for everybody this is not a question I understand this so that's what I'm asking if if the if the promoter is is 30:17 30 minutes, 17 seconds not having a problem I think you should be keeping silence Sorry sir. Yeah. Can you please again? 30:27 30 minutes, 27 seconds Yeah. And console date and console is console. I'm not having the right number. I think we would be giving her uh we'll come back to you. 30:41 30 minutes, 41 seconds Oh, you're asking for console debt. 30:45 30 minutes, 45 seconds Yeah, console debt. Gross debt and console cash. 30:51 30 minutes, 51 seconds Uh this debt is there with me console at 6,32 cr and console cash is 255 cr5 31:00 31 minutes rupees and bes equity till now the same 10 is invested and the balance uh uh how 31:09 31 minutes, 9 seconds much to be invested in fourth quarter and 2728. So solar we have invested full equity 731 cr rupees no further requirement is there. BS for the year 31:18 31 minutes, 18 seconds would be around 99 cr rupes already 16 cr invested till date 31:24 31 minutes, 24 seconds and 2728 would be 350. The total equity 31:31 31 minutes, 31 seconds requirement for 27 20 20 26 27 would be 65 rupees 31:38 31 minutes, 38 seconds including okay got it sir thank you and all those 31:47 31 minutes, 47 seconds thank you participants to ask a question you may press star and one our next question is from the line of Manish Ga 31:54 31 minutes, 54 seconds an individual investor please go ahead hi sir I'm audible Yeah. 32:02 32 minutes, 2 seconds Yeah. Hi. Uh I have one query. Uh yeah. 32:06 32 minutes, 6 seconds As of as of now in 9 months we have done around 3,87 cr of revenues. So in the fourth quarter what do you uh expect 32:14 32 minutes, 14 seconds mean what is see this is the consolidated number 3800 32:21 32 minutes, 21 seconds rupees and that standalone we have already has done 4,300 rupees. We normally count our turnover as a on a standalone basis but for the last 32:29 32 minutes, 29 seconds quarter we are expecting to do around 2,000 cr. 32:33 32 minutes, 33 seconds Okay. And what will be the debit margin and the profit margin sir we expecting the same thing or it will come down a bit around 15%. 32:40 32 minutes, 40 seconds Roughly around 15%. 15%. 32:43 32 minutes, 43 seconds Okay sir. And sir one more query uh regarding you told that you'll having the 4,000 to 5,000 crores of or you will 32:51 32 minutes, 51 seconds get a work in this quarter. How confident are you of getting that sir? 32:57 32 minutes, 57 seconds With we already has submitted and the advanced stage of certain uh uh uh for the private developers also which we are 33:05 33 minutes, 5 seconds hoping for. So these are the this is how we are looking at around 4,000 rupees of 4 to 5,000 course of order likely to be added in the till March only. 33:16 33 minutes, 16 seconds Okay sir. Okay. Thank you sir. All the best. 33:22 33 minutes, 22 seconds Thank you ladies and gentlemen to ask a question you may press star and one our next question comes from the line of 33:30 33 minutes, 30 seconds Vive Jooshi an individual investor please go ahead Mr. thing. Uh I just want to understand one thing. Can you just throw some more 33:38 33 minutes, 38 seconds light uh on the CBI visiting our premises and whether any of the employees were involved in any kind of illegitimate activity? 33:49 33 minutes, 49 seconds See the matter whatever has been reported we have already has reported to the stock exchange. So nothing beyond that is with uh say as far as it's yet 33:56 33 minutes, 56 seconds to be uh updated. So if in case any updation would be there we will give it. 34:02 34 minutes, 2 seconds No submission that has been made with the stock exchange. It doesn't talk about whether any of the employee was involved because we see a dramatic exit 34:09 34 minutes, 9 seconds of three senior executives from the company. So are we in any way or any of the employee or anyone from the management is involved in any of the 34:17 34 minutes, 17 seconds activities with this? Hello. Yes. 34:22 34 minutes, 22 seconds This is not any new related to this particular matter. 34:26 34 minutes, 26 seconds So how do we get any update on this? I mean where did the CBI come? No but again it's a matter is subjudice and whatever we take from the matter of 34:36 34 minutes, 36 seconds abation would be given from to the stock exchanges as a communication and not to the shareholders is it 34:44 34 minutes, 44 seconds no it can be given but there is no update at such we already upload it no no I'm not asking for any update I'm only asking what was the reason why CBI 34:52 34 minutes, 52 seconds came because whenever CBIT people come they come with some sort of an explanation in with respect to so So metro we have come here. So can you just throw some light on that? 35:03 35 minutes, 3 seconds I think CBI do not have any reason to uh say search any place. They do have their own reason. They did that and whatever 35:11 35 minutes, 11 seconds was the event we have updated the uh stock exchange. So there has no there not being any transaction nothing doing. 35:17 35 minutes, 17 seconds So that has been updated. Thank you. 35:22 35 minutes, 22 seconds Thanks participants. You may press star and one to ask a question. Our next question comes from the line of Shrahan Sha from Dalat Capital. Please go ahead. 35:34 35 minutes, 34 seconds Yeah. Uh assert till now 9 months how much capex and going forward. So we used 35:42 35 minutes, 42 seconds to save minimal capex. So uh that stand remains what kind of a capex 35:50 35 minutes, 50 seconds for 9 month how much? Huh? Equipment. So at at a standalone level how much it is hardly hardly anything I think is around 30 or 500 rupees invested in this 35:58 35 minutes, 58 seconds particular 9 month and not a major would be done because uh so the kind of a project which we are having mix of that so we do have a good amount of uh machines and equipment. 36:10 36 minutes, 10 seconds Okay. Okay. And then this this you said this date of 1545 W K. So maybe 200 K 36:17 36 minutes, 17 seconds once we get the solar disruptment uh uh it would be reduced or that is one part and second apart from that any further 36:26 36 minutes, 26 seconds uh option in terms of the reduction by by risk and then how one can then look at for FI27 onwards the date. 36:36 36 minutes, 36 seconds So, so basically there have been two big reasons. One is the solar debt. Second is the the data and the uh say current receive. Say this is the current asset. 36:45 36 minutes, 45 seconds So this is a very high all-time high because the project which we are at this stage is around 10 bits size project including solar it is a 12 big size 36:53 36 minutes, 53 seconds project which are at this particular verge of this where certain unbuild is there contractor set and certain dattors they have gone high. So once we are 100% 37:02 37 minutes, 2 seconds at this stage completion is being done and the cood being done and the whatever unbuild is being built and the data would be received. So this will give a significant relief to the debt. 37:12 37 minutes, 12 seconds Yeah. Okay. Okay. Uh got it. and and uh uh uh 37:20 37 minutes, 20 seconds uh this DES you said the entire 1,600 K order book which is there will be 37:27 37 minutes, 27 seconds executed by F 27 or half of 2728 battery 37:36 37 minutes, 36 seconds uh BS hs around 85% of the best would be 37:44 37 minutes, 44 seconds completed by uh March because the third best do have the timeline till June 27. 37:51 37 minutes, 51 seconds Okay. Okay. 37:54 37 minutes, 54 seconds And and in in railway so out of broadly currently 2,800 odd cr one can look at uh to to uh 38:03 38 minutes, 3 seconds we will be doing we will be doing around 1,700 cr rupees from this project uh right? Okay. Okay. 38:11 38 minutes, 11 seconds Got it. Got it. 38:16 38 minutes, 16 seconds Thank you. Participants you may press star and one to ask a question. Our next question is from the line of Manish Gada, an individual investor. Please go ahead. 38:27 38 minutes, 27 seconds Hi sir. Uh sorry to ask you again. Now the profit margin has been declining. So what's the reason for that? 38:36 38 minutes, 36 seconds So in the last three quarters it was at a decline stage because of some uh modifi modified uh profit projection in 38:44 38 minutes, 44 seconds few of the project especially Junga and Sona and one or more project of NHL now they are stabilized 38:52 38 minutes, 52 seconds because the last quarter also sir it was 6.7%. No, no, I'm not talking about the PAT. 38:57 38 minutes, 57 seconds We are talking about the number which is around. No, I'm talking the PAT margin. The PAT margin also it has been declined from 9% to 6.7%. The reason behind it? 39:09 39 minutes, 9 seconds No, this is the tax rate I think is one of the exceptional reason which has been affected this is the ultimately it is 39:16 39 minutes, 16 seconds 25% but this time it is 32%. For the reason which is a kind of a provisioning being done for tax provisioning being done for the last year. 39:28 39 minutes, 28 seconds Okay. Thank you. 39:34 39 minutes, 34 seconds Participants, you may press star and one to ask a question. Our next question comes from the line of web of Sha from GM Financial. Please go ahead. 39:43 39 minutes, 43 seconds Sir, assuming the the LOA comes from MSIDC in the first half of this year. So 39:49 39 minutes, 49 seconds we win the we won the uh L1 in May 24 there almost a gap of two years. So will 39:56 39 minutes, 56 seconds the bid be revised or can it impact our margins? 40:02 40 minutes, 2 seconds So there is no update as such as for the revision and anything is concerned it's the bid validity we are extending every time. So we are quite hopeful because the land acquisition is going on our 40:11 40 minutes, 11 seconds team site at the project level they are witnessing the land position etc. So we are quite hopeful that very soon it is going to be awarded. It's a matter of 40:19 40 minutes, 19 seconds only the government reason that was not there. 40:24 40 minutes, 24 seconds But if you if you accept the the current bid which which I had submitted two years back, so won't the margins be impacted on the on the project when we execute it? 40:36 40 minutes, 36 seconds No, if we just discount that number let's say the order is not there. So we would be having a less number of orders in any case which is a balance order in 40:45 40 minutes, 45 seconds case what you if you trying to trying to tell. So it's some basically then the orders in in in the forthcoming months 40:52 40 minutes, 52 seconds and the forthcoming year need to be added to just maintain that streak of around see 10 to 15% yearon year growth. 41:02 41 minutes, 2 seconds So what I was coming from is that if if the LO had come earlier a year back and we would have been already executing the project around 50 60 odd percent and now 41:11 41 minutes, 11 seconds so what margins would would we have built in that time of bidding and what would we be doing once we start the execution say sometime in second half? 41:22 41 minutes, 22 seconds No margins in any case are not going because the these do these kind of a project do have price escalation. So anything from the base date would be 41:30 41 minutes, 30 seconds added to a uh uh this uh uh hit for the price escalation be it negative or it does have PVC clause. 41:37 41 minutes, 37 seconds Yeah, there's a PV clause. 41:39 41 minutes, 39 seconds Oh okay. Thank you sir. I have one more question. What would be the order? 41:44 41 minutes, 44 seconds Request you to please rejoin the queue if you have any further questions. Sure. 41:49 41 minutes, 49 seconds Thank you. Our next question is from the line of Bhavan Modi from Anundrati. Please go ahead. 41:55 41 minutes, 55 seconds Yes. Thank you for the opportunity. So last call you discussed something about you know the inflow from the Adani group. So what is the status with that? 42:06 42 minutes, 6 seconds This question is at advantage. We have submitted our and there are two twice the negotiation or the further terms and condition has been discussed. Say one 42:14 42 minutes, 14 seconds more uh bids or few more bids also has been in advance stage of discussion with the Dani group and one more group 42:21 42 minutes, 21 seconds and so these are with respect to all the road projects or is it you know what uh uh roads and roads and rail 42:29 42 minutes, 29 seconds okay and in the last call you also mentioned about you know entering into the building construction space you know and the green hydrogen space so any 42:37 42 minutes, 37 seconds progress there yeah green hydrogen uh yesterday only this uh bid was there But we were not there in the race. Uh we have stored L3 42:46 42 minutes, 46 seconds but we would be looking be in the future for the hydrogen also. 42:53 42 minutes, 53 seconds Okay. And so what is the like order inflow year to date? 42:59 42 minutes, 59 seconds This is 3,300 rupees for the day for the year. Thank you. Thanks. 43:08 43 minutes, 8 seconds Thank you. Our next question is from the line of Ishita Lodha from Swan Investments. Please go ahead. 43:16 43 minutes, 16 seconds Hi sir, thank you for the opportunity. 43:19 43 minutes, 19 seconds Um so can you clarify on the execution guidance for FI27? How much are you expecting from roads uh railways best 43:27 43 minutes, 27 seconds and solar also? Um as a followup uh can you also uh let us know the order inflow target for FI27 for future growth? 43:41 43 minutes, 41 seconds So already has been uh guided that we are looking at about say 10 to 12% key on year number uh as far as FI27 is 43:49 43 minutes, 49 seconds concerned roughly would be 7,000 and as far as order inflow guidance we are targeting around 10 to 12,000 crores of order in the year FI2627. 44:00 44 minutes So out of the 7,000 cr execution 1500 is expected from the new project. 44:07 44 minutes, 7 seconds So that we have considered that out of the existing project which including Vani Kolkata package 10. So and 44:15 44 minutes, 15 seconds excluding this project of MSRDC around 5500 cr will be from this project already started and including this and 44:24 44 minutes, 24 seconds the project likely with the new in the newer future including MSRDC we are looking at 1500 crores from those project. 44:31 44 minutes, 31 seconds Okay. Thank you. 44:35 44 minutes, 35 seconds Thank you ladies and gentlemen. We will take that as the last question for today. I would now like to hand the conference over to the management for closing comments. Over to you, Jen. 44:46 44 minutes, 46 seconds So, thank you for joining us today. Uh we remain confident in our continued success and we are here to address any further questions. Please feel free to 44:54 44 minutes, 54 seconds reach out to us for our advisor, Go India Advisor. Thank you. Thank you. 45:02 45 minutes, 2 seconds On behalf of Go India Advisors, that concludes this conference. Thank you all for joining us.