SRM Contractors Ltd — Q3 FY26

SRM Contractors Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=JZtLfv6r7YM Published: 2 months ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to SRM Contractors Limited Q3 FY26 earnings conference call hosted by 0:10 10 seconds Philip Capital Private Client Group. As a reminder, all participants lines will be in the listen only mode and there will be an opportunity for you to ask 0:18 18 seconds questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please 0:27 27 seconds note that this conference is being recorded. I now hand the conference over to Mr. Rutu Chawan. Thank you and over to you Mr. Chawan. 0:35 35 seconds Good afternoon everyone. On behalf of Philip Capital Private Client Group, I welcome all of you to the Q39 MFI26 earning conference call of SRM 0:44 44 seconds Contractors Limited. Today from management we have Mr. Sanjay Meta, chairman and Mr. Punit Pal Singh, managing director. The management will 0:52 52 seconds be sharing key operating and financial highlights for the quarter and 9 months ended 31st December 2025 followed by a 1:00 1 minute question and answer session. Please note this call may contain some of the forward-looking statements which are completely based upon company's beliefs, opinions and expectations as of today. 1:10 1 minute, 10 seconds These statements are not a guarantee of company's future performance and involve unforeseen risks and uncertainties. I now hand over the conference to Mr. 1:18 1 minute, 18 seconds Sanjay Mata. Over to you sir. Hi everybody. Good to see you all again. Am I audible? Okay. 1:28 1 minute, 28 seconds So to everyone, good afternoon to everyone joining us today for SRM contractors earning call for quarter 3 of financial year 26. 1:38 1 minute, 38 seconds We appreciate your interest and support. 1:40 1 minute, 40 seconds I trust you had the chance to review our investors presentation and financial results which are available on stock exchanges. 1:49 1 minute, 49 seconds As you know at SLM Contractors, our core business is anchored in the precision execution and critical road infrastructure with specialized 1:58 1 minute, 58 seconds expertise across highway, bridges, tunnels, slope stabilization and complex roadway alignments. 2:05 2 minutes, 5 seconds To date, we have successfully delivered over 50 uh infrastructure projects supported by a fully integrated in-house 2:13 2 minutes, 13 seconds execution model that spans design, engineering and project delivery. 2:19 2 minutes, 19 seconds This self-reliant operating structure enables tight control over quality, cost and timelines particularly in high entry 2:27 2 minutes, 27 seconds barrier segments such as high altitude and land stride prone regions. 2:32 2 minutes, 32 seconds Our capabilities are best demonstrated by our execution in some of India's most demanding environments. During the period, we achieved a key engineering 2:41 2 minutes, 41 seconds milestone with the completion of India's longest high altitude pre-cast cotton cover tunnel in lei which is called 2:49 2 minutes, 49 seconds shoke tunnel which was in whole of the national media where which was inaugurated by our honorable defense minister Mr. Rajna Singh. It was a as a flagship uh project of uh border roads. 3:02 3 minutes, 2 seconds This project has been constructed over altitude of over 12,000 feet. We have also delivered India's tallest 3:10 3 minutes, 10 seconds reinforced cell wall at Rasi Jammu and Kashmir. These landmark achievements have been recognized with the ETN infra leadership award 2025 for excellence in 3:18 3 minutes, 18 seconds border remote and hilly region infrastructure for the late tunnel marking our second consecutive ET infra 3:26 3 minutes, 26 seconds award this year which last time we which we back the same award for the uh reinforc one. 3:34 3 minutes, 34 seconds These landmark projects underscore our ability to innovate and execute complex engineering solutions that are critical for national security and regional connectivity. 3:43 3 minutes, 43 seconds The strength of our execution capabilities and leadership was also recognized during the quarter with our managing director Mr. Punit Pal Singh 3:51 3 minutes, 51 seconds being conferred the 80 young industry leader 2025 award by none other than times of India group for excellence in 3:59 3 minutes, 59 seconds roads and highways in hilly train. This marks the third consecutive time the company has received such recognition and reflects our consistent delivery of 4:09 4 minutes, 9 seconds complex infrastructure projects in geologically fragile and logistically challenging regions. 4:17 4 minutes, 17 seconds This quarter our focus remained on disciplined execution and strengthening our presence in core infrastructure segment. SRM continues to operate a 4:25 4 minutes, 25 seconds specialized engineering and construction company with deep expertise in road, bridges, tunnels and geotechnical solutions particularly in difficult and high altitude terrains. 4:37 4 minutes, 37 seconds While our legacy is rooted in union territories of Jammu and Kashmir and Ladak where our local execution track 4:44 4 minutes, 44 seconds record remains key differentiator. We are actively expanding our footprint across India. During the year we entered 4:52 4 minutes, 52 seconds new geographies with meaningfully projects in Maharashtra and uh we have got a project in Palar 5:00 5 minutes along with new projects in Gujarat and Uttarak. This pan India expansion is helping us diversify our order book reduce geographical concentration and 5:09 5 minutes, 9 seconds participate more broadly in India's infrastructure growth story. 5:14 5 minutes, 14 seconds A pivotal step in our strategic road map has been the acquisition of 51% stake in Mecca infrastructure private limited. 5:22 5 minutes, 22 seconds This partnership with the subsidiary of Italy based officient meafery strengthen our leadership in slope stabilization 5:30 5 minutes, 30 seconds rockfall protection and advanced geotechnical solutions beyond India. The partnerships also provides a strategic 5:37 5 minutes, 37 seconds platform to evaluate opportunities in international markets particularly in the GCC and Africa where demand for specialized infrastructure in challenging trends remain strong. 5:48 5 minutes, 48 seconds As we move forward our priorities remain clear, consistent order book conversion, strengthening balance sheet metrics, 5:56 5 minutes, 56 seconds disciplined capital allocation and long-term value creation through steady performance in our core adjacent 6:04 6 minutes, 4 seconds markets. Continuing with industry updates, Indian fast sector sector remains in spectally strong growth phase with roads and 6:12 6 minutes, 12 seconds highway continuing form the backbone of economic connectivity and regional development. This environment is particularly favored for companies with proven execution capabilities in complex 6:21 6 minutes, 21 seconds and high altitude trains where technical expertise and track record creates meaningful entry barrier. The union 6:28 6 minutes, 28 seconds budget of 2627 reinforces this momentum through a strong focus on building resilient future ready infrastructure 6:35 6 minutes, 35 seconds under the national infrastructure growth plan. 6:39 6 minutes, 39 seconds Key initiatives such a development of city economic regions are expected to enhance urban productivity while strengtheing regional linkages. 6:48 6 minutes, 48 seconds The proposed increase in c capital expenditure to 12.2 2 lakh crrenia of 27 highlights the government sustained commitable to infrastructure 6:56 6 minutes, 56 seconds modernization and long-term capacity creation. Further, the introduction of infrastructure risk guarantee fund is a 7:04 7 minutes, 4 seconds positive structure reform improving funding across the partial uh credit 7:10 7 minutes, 10 seconds granted for lenders within roads. The ministry of road transport highway had received an 8% higher allocation of 3.09 7:19 7 minutes, 19 seconds 09 lakh cr sport supporting accelerated expansion and upgradation of natural road network. 7:25 7 minutes, 25 seconds Against this backdrop as contractors well positioned a significant portion of our outer book is concentrated in 7:32 7 minutes, 32 seconds strategically important regions such as Jammu and Kashmir Lelay Anachal Pradesh Imachal Pradesh Uttra geographies where difficult train and climatic conditions 7:41 7 minutes, 41 seconds make execution capability a critical differentiator. Our long operating history and proven proven track record 7:49 7 minutes, 49 seconds in high altitude roads, bridges and tunnels and slope presentation provide us with strong confidence in our ability to capitalize on these opportunities. 8:00 8 minutes From a capability standpoint, our partnership enhances our execution strength in specialized geotechnical and 8:07 8 minutes, 7 seconds so protection solutions rather than being a general consection capability. 8:12 8 minutes, 12 seconds This follow this allows us to address complex train related challenges more efficiently, improve asset durability 8:19 8 minutes, 19 seconds and optimize life cycle cost capabilities that are increasingly important in both domestic and international infrastructure projects. 8:30 8 minutes, 30 seconds Overall, the sector outlook remains favorable supported by sustained public spending, policy stability, long duration infrastructure programs. 8:40 8 minutes, 40 seconds We believe our niche expertise, regional depth and technical strength position us well for the next phase of growth. In 8:47 8 minutes, 47 seconds terms of visibility, the company currently has a robust bid pipeline for exclamatory 4,000 more than 4,000 cr which includes opportunities under 8:55 8 minutes, 55 seconds hybrid annuity model as part of our diversification strategy. In addition, we are actively evaluating international bidding opportunities particularly in 9:04 9 minutes, 4 seconds marketers where our specialized execution capabilities and technical partnerships provide a clear competitive advantage. 9:12 9 minutes, 12 seconds Uh let me now begin with the glimpse of our operational and financial updates. 9:17 9 minutes, 17 seconds As of December 2025, the company order book stood at a 14 more than 1400 cr reflecting a well 9:25 9 minutes, 25 seconds diversified mix across our core infrastructure segments. This includes approximately 940 cr from roads and bridges, 139 cr from tunnel projects and around 344 cr from slopes works. 9:39 9 minutes, 39 seconds During the first 9 months of financial year 26, we achieved a order in flows of 329 cr while our bid pipeline for 9:46 9 minutes, 46 seconds financial 26 remains robust more than 4,000 cr. This pipeline provides strong visibility and underpins our confidence 9:54 9 minutes, 54 seconds in sustaining execution momentum over the coming quarters. 9:59 9 minutes, 59 seconds In first 9 months of 26, we have incurred a capex of rupees 78 cr and plan to further incur capex of 1920 cr 10:07 10 minutes, 7 seconds in 26. Now coming to the financial performance, we have had a exceptionally best quarter 10:14 10 minutes, 14 seconds in terms of performance and execution. I am particularly delighted to inform you that we have outperformed our earlier guidance and have delivered strong setup 10:22 10 minutes, 22 seconds numbers as compared to the most of players in infrastructure. During quarter 3 of financial 26 the company achieved a s significant operational 10:31 10 minutes, 31 seconds milestone delivering record-breaking performance across all key financial metrics with simultaneously exceeding our previously communicated guidance. 10:42 10 minutes, 42 seconds The revenue scaled to 220 231 cr representing rupus 50% growth year-over-year expansion. A bit s to 10:51 10 minutes, 51 seconds rupees 45 cr. Demand is up to 72% year-over-year growth with margin expansion of 19% from 17 in the same 10:58 10 minutes, 58 seconds quarter last year. PAT reached rupees 24 cr achieving 51% year-over-year growth while EPS mirrored this performance with 11:07 11 minutes, 7 seconds 51% year-over-year acceleration to rupees 10.5 per share. 11:14 11 minutes, 14 seconds Thank you. Uh now we are open for the questions. 11:22 11 minutes, 22 seconds Thank you very much. So we'll now begin the question and answer session. Anyone who wishes to ask a question may press RN1 on the touchstone telephone. If you 11:30 11 minutes, 30 seconds wish to remove yourself from the question Q, you may press RN2. 11:33 11 minutes, 33 seconds Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question Q assembles. 11:43 11 minutes, 43 seconds The first question is from the line of Ammon Bahiti from Incred. Please go ahead. 11:52 11 minutes, 52 seconds Hi sir, Mr. Thank you for the opportunity. Uh am I audible? Hello. Yeah, Ammon, please go ahead. Hello. Yes, sir. Yes, sir. Yeah. Yeah. 12:01 12 minutes, 1 second So, sir, uh the uh the first question was in line with our order book. So, sir, our our order book was quite flat. 12:10 12 minutes, 10 seconds Uh we were expecting some big uh orders in close uh this uh quarter. So, what's the update there sir? 12:18 12 minutes, 18 seconds Yeah, we just wait for two more weeks. 12:20 12 minutes, 20 seconds We are expecting some good uh orders in coming two weeks. Even today we have it under opening at 3 p.m. for a project of 12:28 12 minutes, 28 seconds more than 550 cr. Let's hope for the best. 12:33 12 minutes, 33 seconds Uh so sir, what would be your order book uh guidance for the next few quarters? 12:41 12 minutes, 41 seconds First before end of this uh financial year our order book will be more than 2,000 cr and of course we have a 12:48 12 minutes, 48 seconds pipeline of more than 4,000 cr and in the coming months also we are going to go for that. So order book we in the 12:56 12 minutes, 56 seconds next quarter by the end of the uh June 26 should be around 3,000 cr. 13:04 13 minutes, 4 seconds This is sir. 13:07 13 minutes, 7 seconds Okay. And sir, this this includes our uh international expansion in Abu Dhabi as you said in the uh PPD Africa and Abu Dhabi. 13:17 13 minutes, 17 seconds No. No, we have not included any project of international expansion. So far we are still working on different territories. We are working on Saudi, we 13:26 13 minutes, 26 seconds are working in Oman and we are working in Abu Dhabi and various projects. We are talking to many contractors as of today. But this uh projections have not included any international uh earnings. 13:39 13 minutes, 39 seconds Okay. Sir, have we have we opened uh any offices uh in any of these areas in Abu Dhabi or something? 13:45 13 minutes, 45 seconds Yeah. Yeah, we have already opened in Abu Dhabi. Our office in fact a branch of SM contractor has been set in Abu Dhabi and we have been uh we are there. 13:56 13 minutes, 56 seconds Our presence is there now. We have recruited business development people also. 14:01 14 minutes, 1 second Okay sir. And uh one last question be before I join the queue sir. Uh what would be our uh aida and uh pad u uh 14:11 14 minutes, 11 seconds guidance uh as we expand in new uh geographies? uh what would be our uh 14:17 14 minutes, 17 seconds guidance for next year FI 27 we will be the continuing with the same 14:25 14 minutes, 25 seconds trend which we are doing it that that is always I say in all my meetings I do my cherry picking of the project so that's 14:33 14 minutes, 33 seconds why I am not in a hurry to you know expand my order books just just for the numbers only so we will continue with 14:40 14 minutes, 40 seconds the same trend of pattern a bit you will not see any change for next year also it can increase it will not decrease. 14:48 14 minutes, 48 seconds So we uh we can expect around 10 to 11% of PAT margins next year also. Yeah, of course. Definitely. 14:56 14 minutes, 56 seconds Okay sir. Thank you for the same bracket. Yeah. Thank you. Okay sir. Thank you. 15:03 15 minutes, 3 seconds Thank you very much. The next question comes from the line of Daril Pandya from Finest Capital. Please go ahead. 15:11 15 minutes, 11 seconds Hello. Hi. How are you? 15:14 15 minutes, 14 seconds How are you sir Mr. Dashin? We cannot hear you clearly. 15:21 15 minutes, 21 seconds There is a a bit of background noise from your I'm actually traveling now. So sir, my question is with regards to you know recently uh there has been some press 15:30 15 minutes, 30 seconds releases by government that you know they have sanctioned some uh good orders for uh you know uh for Nashik also for Maharashtra and there was one from JNK 15:38 15 minutes, 38 seconds also which where the chief minister had you know told us. So just to understand are we considering in this you know are 15:46 15 minutes, 46 seconds are we there in this projects that are being fitted the shield we have quoted for package six in ring road so there are two biders 15:55 15 minutes, 55 seconds so the best package three also package three also two okay package punit you can clarify package 16:03 16 minutes, 3 seconds three I'm not sure hello we have bidded for two packages package three and package six okay package three in package six right? 16:13 16 minutes, 13 seconds Yeah. Yeah. We have bidded for two packages and uh in package uh six and both of punit there are two 16:21 16 minutes, 21 seconds biders more than two two bers. Two biders two biders. Yeah. Punit is looking after Maharashtra. Yeah. 16:30 16 minutes, 30 seconds Okay. Okay. So sir uh any any guidance on where when these numbers will be you know when this orders will be uh put in 16:38 16 minutes, 38 seconds place as in when we when do we get a conclusion on this? 16:42 16 minutes, 42 seconds We already we have submitted their queries and uh I think they should be opening the financial bits in another week to 10 days time. 16:52 16 minutes, 52 seconds Okay. 16:53 16 minutes, 53 seconds And 17:04 17 minutes, 4 seconds you are not audible. Can you uh Dash we cannot hear you clearly? Can you hear me now? properly. 17:12 17 minutes, 12 seconds Yes. Better. 17:13 17 minutes, 13 seconds Yeah. So I was asking sir that in the me in the meafari acquisition uh we haven't you know acquired much in this specific 17:22 17 minutes, 22 seconds quarter. Uh are we going to see the number emerging up in Q4 or I want to understand how this we are sitting. 17:29 17 minutes, 29 seconds Yeah. Yeah. Yeah. Definitely you will see the because we have consolidated only few months of quarter B only. So we have not consolidated first and second 17:37 17 minutes, 37 seconds quarter in this balance sheet. And uh of course you will see the final numbers in the final year end balance sheet. 17:46 17 minutes, 46 seconds Understood. 17:47 17 minutes, 47 seconds Okay sir. I'll call back in the queue and uh all the best to the team SRM and you know we hope that you know she's good and ask question in the years to come. Thank you. 17:57 17 minutes, 57 seconds Thank you. The next question comes from the line of Matria from Sapphire Capital. Please go ahead. 18:04 18 minutes, 4 seconds Yeah. Hello. Am I audible? Yeah you are. Please go ahead. 18:08 18 minutes, 8 seconds Yeah. Good morning. Uh congratulations on the result. Uh just a few questions. 18:13 18 minutes, 13 seconds Firstly, you've given a target for 800 to 900 crores uh on the console uh on the standalone level for the business. 18:20 18 minutes, 20 seconds So any targets for the console level? 18:22 18 minutes, 22 seconds How what sort of guidance do you have for FI26 and also FI27? 18:30 18 minutes, 30 seconds For 26 uh we have a given a standalone of 800 to 900 and a consolidated of uh 18:37 18 minutes, 37 seconds maybe 1,000 plus and for 207 we will uh we we are growing you can see we are 18:44 18 minutes, 44 seconds growing at a pace of something around 70 to 90%. So by any conservative means for 27 we will be crossing 1500 cr. 18:54 18 minutes, 54 seconds Okay that is great. Um and this 1,000 crores of execution will require close to 400 crores of execution in just 19:02 19 minutes, 2 seconds quarter 4. So how do you see the quarter for shaping up so far that we almost half of the way through through this quarter? 19:11 19 minutes, 11 seconds Uh this quarter of MIPL will be great because we will be adding another uh we will be closing MAPL near to something around 300 cr. 19:21 19 minutes, 21 seconds Okay, that is great. And that 300 crores is a full year correct. 19:26 19 minutes, 26 seconds So asam will be closing at something around 8 to 900 8 900. Okay, that is great. And uh secondly on the margins of this quarter, we had quite a big jump in the margins. 19:38 19 minutes, 38 seconds Is any sort of drivers that led to these margins for this quarter? And do you see them sustaining over the next year, year and a half with the projects that we've chosen? 19:48 19 minutes, 48 seconds The margins are same ea has increased a little bit because of maybe capex. We have infused a lot of money in capex this year and same is going to happen 19:56 19 minutes, 56 seconds next year also for capex. So we are hoping to infuse another 100 cr in next financial years. This year we have 20:04 20 minutes, 4 seconds already till now we have infused almost 70 75 cr in cap. 20:09 20 minutes, 9 seconds Okay. And uh um so do we expect these 19% margins to stay sustainable for the next year as well on the right? 20:19 20 minutes, 19 seconds Yes of course. Oh, that's of course that's what I told Ammon also we we we try to uh improve it rather 20:26 20 minutes, 26 seconds there's no question of keeping the opportunity correct and the next year any targets you have for the international business since you set up a office in Abu Dhabi 20:35 20 minutes, 35 seconds and we are in discussions with a lot of contractors there so what sort of projects you want to aim for what's your margins you are hoping to get and secure 20:44 20 minutes, 44 seconds on those side any any sort of guidance on that side the margins here will better than what we are doing in India. That's why we have decided to move uh one arm here. 20:56 20 minutes, 56 seconds So, but we are not going to give any figures as as of today because we are as as I told we are negotiating with number of international players. So, let 21:04 21 minutes, 4 seconds something mature then only we will in a position to give you figures. So, that figures I think will come in next year first quarter of next year we will be able to share some figures with you. 21:14 21 minutes, 14 seconds Okay. Any sort of like color on what projects you're hoping to get there? Um these are going to be more on the difficult ends. What's your project? 21:22 21 minutes, 22 seconds Yeah. Yeah. 21:24 21 minutes, 24 seconds Yeah. In international market we are just looking at slope stabilization works in countries like Oman, Saudi Arabia and Pujera National areas of UAE. 21:34 21 minutes, 34 seconds So we as you know we are country's top leader in snowflation and protection works. after tying up with makafery and 21:41 21 minutes, 41 seconds quaring 51 friends stick in the official makafer's uh le subsidiary MIPL we hold the number one slot in the country and 21:49 21 minutes, 49 seconds we same mafery experience and their office and our specialization we want to carry on in the GCC and of course we 21:58 21 minutes, 58 seconds people are showing interest and very soon we will break through that is great just last question on the fund raise are we raising any funds for 22:06 22 minutes, 6 seconds the growth that we are hoping to get for next Yeah, we we we we we will be doing that. We will be doing that post March. 22:15 22 minutes, 15 seconds Post March. Okay. Okay. Okay. Uh any sort of number you can give on that? How what sort of how much are we raising the funds? 22:22 22 minutes, 22 seconds It will be it will be something 100 to 130 CR. 22:26 22 minutes, 26 seconds Uh I I'm sorry I couldn't hear you. 100 to 130 CR. It can be anything. 22:34 22 minutes, 34 seconds Okay. Yeah, that's it for my side. Thank you all the rest. Thank you. 22:40 22 minutes, 40 seconds Thank you. The next question comes from the line of Rahan from Cohur and Wil. Please go ahead. Uh hi am I audible? 22:49 22 minutes, 49 seconds Yeah. Yeah. Please go ahead. 22:51 22 minutes, 51 seconds Congratulations on a good set of numbers to the entire team. I just had a couple of bookkeeping questions. Uh for Makaferi if you can quantify what was 22:59 22 minutes, 59 seconds the amount consolidated in Q3 and for 9 months for this financial year. And second of the same lines is uh in the 23:08 23 minutes, 8 seconds financial results the Q2 numbers are not uh retrospectively stated. So can you help us with that understanding as well? 23:16 23 minutes, 16 seconds Actually can you give them the figures please because I don't have in my print of sure. 23:28 23 minutes, 28 seconds Thank you. 23:38 23 minutes, 38 seconds Sorry. What you talking about? Sorry. 23:44 23 minutes, 44 seconds Uh you wanted to find out the MIPL numbers that we consolidated, right? 23:49 23 minutes, 49 seconds Yes. For the quarter 3 and for 9 months and also in Q2 the numbers are not uh comparison like this the numbers have 23:56 23 minutes, 56 seconds not been retrospectively changed. So can you help me with that? We we have not consolidated for quarter 1 and quarter two. We have consolidated numbers only 24:04 24 minutes, 4 seconds from uh whole quarter of quarter three or some part of quarter 3. Ashi please let uh we consolidated from 21st of October 24:13 24 minutes, 13 seconds onwards because that was the day when uh final acquisition happened as per the company law 21st. 24:23 24 minutes, 23 seconds Sorry your voice is not clear. 21st 21st of October sir. Okay. And what would be the amount? 24:31 24 minutes, 31 seconds Uh so we had 31 CR in revenue. 24:35 24 minutes, 35 seconds That is the Q3 portion of revenue that we've included. Okay. 24:39 24 minutes, 39 seconds And so we have not uh we have not consolidated quarter 1 and quarter two and uh part of September and half of the 24:47 24 minutes, 47 seconds October but these all figures will be consolidated in our annual uh report. 24:54 24 minutes, 54 seconds Understood. Because the quarter and quarter then doesn't become an apple to apple comparison. 24:58 24 minutes, 58 seconds Yeah. Yeah. Yeah. Because because there was some uh issues with the company that that's why we didn't. Understood. 25:05 25 minutes, 5 seconds Although we have acquired the micro from 1st April onwards. 25:09 25 minutes, 9 seconds Understood. So 31st cr 31 crores is the revenue and sorry you were saying ma'am. 25:15 25 minutes, 15 seconds Oh yes 31 cr is the revenue and in MIPL as well we operate on a similar margin of 10% back and 16 to 17% of the data. 25:25 25 minutes, 25 seconds Okay. And u you had mentioned I think Jansa mentioned that we did about there's an order bit pipeline about 25:32 25 minutes, 32 seconds 4,300 odd draws. Um what is our sample set in that that we can actually that we've actually bid for or that we are critically evaluating. 25:45 25 minutes, 45 seconds Uh you can please repeat your question. 25:49 25 minutes, 49 seconds So sure. So I think out of the order bit the order bid pipeline as for the presentation is about 4,300 crores. Um 25:56 25 minutes, 56 seconds how much under how much above that is what we've bid for or is the entire amount we've bid for like 26:04 26 minutes, 4 seconds we have bidded for 4,000 cr already we have bidded for more than 4,000 cr projects. These are bidded projects. 26:11 26 minutes, 11 seconds Okay. These are projects. Okay. Okay. 26:14 26 minutes, 14 seconds Where where the results have not been declared. 26:17 26 minutes, 17 seconds Okay. Understood. So I I I think that was just a like communication. 26:21 26 minutes, 21 seconds No, no, no, no, no, no. These are all video projects. 26:24 26 minutes, 24 seconds Okay. Okay. Thank you so much. Thank you. 26:28 26 minutes, 28 seconds Thank you. The next question comes from the line of Anukul Aurora from Invet. Please go ahead. 26:35 26 minutes, 35 seconds Yeah. Hi. Thanks for the opportunity. So wanted to know our progress on Han projects. Uh like how many orders have we received are in the bid pipeline? 26:47 26 minutes, 47 seconds Uh which projects you are talking about locals mar projects. Ham projects sorry 26:54 26 minutes, 54 seconds ham projects. Ham projects ham projects. Okay. We have not been open to our found so far but today there 27:01 27 minutes, 1 second is one opening. Let's uh keep our fingers crossed. Uh that is at 3 p.m. Let's hope for the best. 27:10 27 minutes, 10 seconds Understood sir. Understood. And on on this part only uh like when we get any ham projects uh are the trade 27:18 27 minutes, 18 seconds receivables going to increase uh going forward uh whenever we are going for a h project. 27:27 27 minutes, 27 seconds Of course h will be uh will be more revenue generating than the projects because the competition in is 27:34 27 minutes, 34 seconds comparatively less uh when you compare it to the projects only. 27:42 27 minutes, 42 seconds Okay. This this was your question or I I replied some other way. 27:47 27 minutes, 47 seconds No, no. I think uh this was the question mainly on the trade receivable side. Uh whether they'll be stressed or not going forward project. 27:59 27 minutes, 59 seconds I don't think so there will be any stress. 28:04 28 minutes, 4 seconds Okay. Okay. We have not we have this this is just we have quoted a very few amput this is 553 CR only 28:14 28 minutes, 14 seconds and we will be closing to this year at 1100 CR okay on console level we'll be closing 28:23 28 minutes, 23 seconds at 1100 CR so I think uh till now we have done around uh 580 to 600 till 9 28:29 28 minutes, 29 seconds months so are we on track to go for queue for around 400 to 500 CR. 28:36 28 minutes, 36 seconds Yes, of course, it definitely even I would I would like to touch this magical figure of 1,00 and PA more than 100 CR. 28:44 28 minutes, 44 seconds So, we are putting our best efforts to do it and we are confident of achieving it. 28:51 28 minutes, 51 seconds Okay, got it sir. Great. And all the best to you. Thank you so much. Thank you. Thank you. 28:58 28 minutes, 58 seconds Thank you. The next question comes from the line of one Solanki from RSP Ventures. Please go ahead. 29:05 29 minutes, 5 seconds Uh hi, good afternoon management. Uh so my questions is on MIPL. Uh that you 29:12 29 minutes, 12 seconds just told that the quarter three revenue is only 31 crores while the management is targeting around 300 crores full year 29:20 29 minutes, 20 seconds revenue. So uh I just want to know that what is the standalone MIPL revenue uh 29:26 29 minutes, 26 seconds for 9 months and where are we on like you know track or what? 29:33 29 minutes, 33 seconds Ashley tell them the standalone revenue of MPL per 9 months please. 29:40 29 minutes, 40 seconds Uh yes sir. Uh standalone revenue of MIPL is around 90 crores right now and we're expecting great results in Q4. So 29:48 29 minutes, 48 seconds consolidation would stay in place. Uh 800 to 900 crores is for SRM and the balance would be out of MIP. So we're in line. 29:59 29 minutes, 59 seconds Uh so indirectly you are expecting around 200 crores from MIPL in Q4 right? 30:05 30 minutes, 5 seconds 200 plus yeah anything between 150 to 200. Punit how what what are we expecting from last quarter of MPL? 30:16 30 minutes, 16 seconds Hello sorry Punit. How much we are expecting from last quarter? Yeah. 30:27 30 minutes, 27 seconds How much we are expecting from last last quarter of MIP? MP last quarter expectation 30:36 30 minutes, 36 seconds around 150 150 15 30:44 30 minutes, 44 seconds 150 CR. So we will be between 250 to that 2 around 250 we'll be achieving here. 30:50 30 minutes, 50 seconds Mhm. And around 275 to between 275 to 350 275 to 350 is bun saying. Yeah. 31:01 31 minutes, 1 second So that is what I said 250 to 300 we are expecting last uh this will be the total turnover of MPL. 31:09 31 minutes, 9 seconds Okay. And what is the current working capital cycle for MIPL? because uh I have uh you know read someone that it is 31:18 31 minutes, 18 seconds around five or six months working a cycle. Is this right? Uh no sir. 31:27 31 minutes, 27 seconds Yeah Ashley please go ahead. 31:29 31 minutes, 29 seconds Uh no sir that's not true. Earlier with the uh previous management maybe it was true but in our case it is not. Uh the 31:37 31 minutes, 37 seconds working cycle is similar to SRM. It's just one to two months only. when we build it uh we get the money in tax. 31:46 31 minutes, 46 seconds Uh okay. It is and it is it is not more than 60 days. That is the working cycle we have been doing for both and 31:55 31 minutes, 55 seconds the five to five to six months working capital was due to the reason that MIPL 32:02 32 minutes, 2 seconds was working maximum for the private companies and for the private companies 90 days is the payment schedule and they 32:11 32 minutes, 11 seconds lead up it to uh 4 months or 5 months but now uh we have shifted from private careers 32:19 32 minutes, 19 seconds to 80 to 90% government orders. So it's the same as we do in SLRM. 32:28 32 minutes, 28 seconds Okay. 32:29 32 minutes, 29 seconds So what you have read was the earlier management they were more into with the private players. Now the new management 32:36 32 minutes, 36 seconds has taken over from first April onwards and we have shifted to public and government institutions and this working cycle remains same as in case of ARM which is 60 days. 32:47 32 minutes, 47 seconds Okay. Okay. Uh got it. And just two more questions on PNL. What is our gross that net level net level at console as of Q3? 32:59 32 minutes, 59 seconds And also is there any uh new labor code impact for Q3 because the employee expense is looking quite significantly high on sequential basis. 33:11 33 minutes, 11 seconds Uh sir Yeah. Yeah. 33:14 33 minutes, 14 seconds Yeah. Yeah. Please. Our net debt level on a consolidated level is 0.14 and uh the increase in in is primarily 33:24 33 minutes, 24 seconds because of mobilization of our new projects in Maharashtra. It's uh affected by labor code but not very much. The increase in cost is primarily 33:33 33 minutes, 33 seconds due to the mobilization of the project in Maharashtra. 33:38 33 minutes, 38 seconds Okay. Uh thank you management and all the best for the future. That's from my side. Thank you. 33:45 33 minutes, 45 seconds Thank you very much. A reminder to all the participants that you may press star and one to ask a question. 33:53 33 minutes, 53 seconds A reminder to all the participants, please restrict yourselves to two questions. 33:59 33 minutes, 59 seconds The next question comes from the line of Madhuru Rati from Counter Cyclical Investment. Please go ahead. Sure. Thank you for the opportunity sir. 34:07 34 minutes, 7 seconds What would be the success rates for this four 4,000 cr plus project that we have already building? 34:15 34 minutes, 15 seconds Ah very dicey question man but we are expecting almost 1 1500 cr to minimum to 34:21 34 minutes, 21 seconds be on the prudent size minimum 1500 cr right answer and for this high this 34:28 34 minutes, 28 seconds annut model kind of a project or what kind of ro do we expect and what is the debt to equity ratio that we'll be using 34:36 34 minutes, 36 seconds uh to uh for these kind of projects uh uh we can get back to you but I won't 34:44 34 minutes, 44 seconds have uh papers with me right now but we of course uh we we will get back to you. 34:50 34 minutes, 50 seconds Uh please note Tarun we will share with him question. 34:58 34 minutes, 58 seconds Uh sir uh also is my understanding correct that our margins have increased because we have done lot of capex and 35:05 35 minutes, 5 seconds because of that rental and other expensive uh as a percentage of our revenue has reduced. 35:12 35 minutes, 12 seconds Yeah. Yeah. That's I told you that we have a this year we have a already done a capex of 75 CR 35:20 35 minutes, 20 seconds which may increase in coming two months also. Yeah. We we can touch 100 CR this year only. 35:29 35 minutes, 29 seconds Got it. And sir, I wanted to understand regarding the bank guarantees for these uh highway and tunnel the slope 35:36 35 minutes, 36 seconds utilization the projects that you do is it higher versus any other road maintenance or road construction contracts because of the we've seen that 35:45 35 minutes, 45 seconds some of these projects have uh failed after completion there has been some issues. So uh has this increased or if you could help us understand what is that? 35:56 35 minutes, 56 seconds There is a maintenance period of four to 10 years was after completion of the projects. For many slope work they're 36:04 36 minutes, 4 seconds asking for a maintenance of 10 years and road works is the standard of four years. So we have to hold our 36:12 36 minutes, 12 seconds performance bankrant till that date but uh we have not faced any issue till date and uh there is I don't think we will be facing any such issues. 36:26 36 minutes, 26 seconds Right. And sir, what is the opportunities of the project that we need to provide uh either guarantees or some kind of money that is stuck with 36:34 36 minutes, 34 seconds the government uh because of these projects? Sorry, bank guarantees or what? 36:40 36 minutes, 40 seconds Uh sir, bank guarantee or performance guarantees for these projects. Sir, for normal uh road road construction is I think five or 10,000. Is it higher for 36:48 36 minutes, 48 seconds these slope stabilization or tunnel kind of projects? 36:53 36 minutes, 53 seconds Yeah. Yeah, they are more uh maintenance period they ask for more for the slope work and uh somewhere like border road 37:01 37 minutes, 1 second they only ask for one year. National highway ask for four years. I constructed a tunnel and slope works they ask for one year. So it depends 37:10 37 minutes, 10 seconds from agency to agency and conquen again one year. So it varies from agency to agency. 37:20 37 minutes, 20 seconds Right. And so just a final question from mine. So this MIPL that we have acquired had a 200 odd cr order book I think as 37:29 37 minutes, 29 seconds per their credit report. So uh this 200 K would be a higher working capital and the new order that we expect going 37:38 37 minutes, 38 seconds forward that would be low working capital right. 37:42 37 minutes, 42 seconds We have existing limit for MAPL also separately. 37:49 37 minutes, 49 seconds We have bank guarantee limit for them also. 37:52 37 minutes, 52 seconds No sir, I was asking about the 232 cr 232 cr rupee order book that is that was 38:01 38 minutes, 1 second available as of July 25. So okay this would be a very high working capital right and whatever new order 38:09 38 minutes, 9 seconds that we expect that would be lower working capital. Mr. 38:17 38 minutes, 17 seconds I working capital I still want to understand your question before replying right 38:24 38 minutes, 24 seconds Mr. Madur Raj may rejoin the queue for follow-up questions the next question comes from the line of 38:32 38 minutes, 32 seconds Rut Shawan from Philip Capital please go ahead Mr. Rot Shawan you can proceed with your question. 38:43 38 minutes, 43 seconds Okay. Hello sir can you hear me? Yeah. Yeah Johan sir please. 38:47 38 minutes, 47 seconds Yes sir. Uh I wanted to know uh how what is the order book that we have in MIPL? 38:54 38 minutes, 54 seconds Do we bid it uh for SRM and MIPL together or is it an individual order and what is the current outstanding order book that we have in MIPL? 39:04 39 minutes, 4 seconds Uh MPL of the 1400 plus is only for SRM. MIP anor how much we have 232. 39:15 39 minutes, 15 seconds No m hello. 39:16 39 minutes, 16 seconds Right now we have order book of 282 crores in MI. 282 crores in right as of today. 39:24 39 minutes, 24 seconds And what is the bid pipeline in MIPL? 39:29 39 minutes, 29 seconds Bid pipeline in that is around 400 cr. 400 400. 39:34 39 minutes, 34 seconds Okay. And if I'm not wrong, uh we we but but remember one thing the conversion rate in slope is much higher than conversion rate in uh highways. 39:45 39 minutes, 45 seconds Right. 39:45 39 minutes, 45 seconds So conversion is is more will be more in slope as compared to understood. And uh what are the regions 39:54 39 minutes, 54 seconds this MIPL is focused in? Is it more northeast focused or is it pan India? 40:02 40 minutes, 2 seconds It is basically focused in pan India but we are we are basically focused in northeast Utakand Himachel as the 40:10 40 minutes, 10 seconds landslide area is these only but we are expanding in Rajasthan also because we have bidded two projects in Rajasthan 40:17 40 minutes, 17 seconds and we are hopeful that before 20th of this month only we will back that project and and and we are into mining also we 40:24 40 minutes, 24 seconds are already into Puberneshwar Orisa doing mine augmentation and we in Gujarat also were minor. 40:32 40 minutes, 32 seconds Understood. And uh in sir SRM what is the bank guarantee that we have currently? Uh last time I 40:40 40 minutes, 40 seconds remember it was 250 odd crores of bank guarantee that we had credit line what is it right now? 40:45 40 minutes, 45 seconds I think I think with the last sanction which we have received from SBI two days back now total uh limit uh Arun please 40:54 40 minutes, 54 seconds go ahead with the figures. I don't want to be approximate uh actually it is 49 if we add SBI the 41:03 41 minutes, 3 seconds latest sanction it will be around uh 500 crores of bank guarantee limits and how much of it is utilized and 41:10 41 minutes, 10 seconds unutilized 182 is utilized only okay understood so we have a good scope 41:17 41 minutes, 17 seconds of guarantee that we can utilize for the fger further growth that's that's how that's growth If we don't have that's good. 41:26 41 minutes, 26 seconds Yeah. One last question if I'm not wrong. Uh there was till 9 months in 41:33 41 minutes, 33 seconds MIPL we've done 90 crores worth of uh billing right total topline for MIPL in 9M. 41:42 41 minutes, 42 seconds Yes. 41:43 41 minutes, 43 seconds Uh 90 cr 90. Yeah. Yes. Yes. Yes sir. 41:49 41 minutes, 49 seconds Okay. Okay. Great. That's it. Thank you so much and congratulations sir. Thank you very much. 41:54 41 minutes, 54 seconds Thank you. The next question comes from the line of Chiak Shia from ICSA securities. Please go ahead. Yeah. 42:02 42 minutes, 2 seconds Hi, good morning sir. Uh yeah. Hi sir. The uh just a clarification I wanted because if I 42:10 42 minutes, 10 seconds remember the last call you had mentioned that FI27 you will be dropping revenue in northward of 2,000 crores and today 42:17 42 minutes, 17 seconds we were talking about sorry sir you had guided for a revenue guidance of 2,000 crores plus in FI27 42:25 42 minutes, 25 seconds and now in this call you have mentioned that that number would be somewhere around 1500 cr plus so why this change of guidance as in 42:33 42 minutes, 33 seconds are there any slow moving orders of the order final final organization has become slow on the ground. Why? 42:39 42 minutes, 39 seconds No, no, no, no, no. We we are trying to be more prudent only. But this is what uh like we are closing our 26. So we I told you it will be more than 100,000. 42:50 42 minutes, 50 seconds It will be something near 1100 also. And uh in 27500 is a prudent figure. So we 42:58 42 minutes, 58 seconds will come out with the figure once we have our annual results. Okay. 43:03 43 minutes, 3 seconds The same goes for the backlog thing as well because we were expecting a backlog of 3,000 kores by mid Feb or early 43:10 43 minutes, 10 seconds March. But that figure that is changed to June now. So that is what I'm trying. 43:16 43 minutes, 16 seconds Yeah, that you are right. But we have enough projects to feed us for next two years. Okay. 43:22 43 minutes, 22 seconds Now we I don't want to burn my fingers by just to increase my order book. I go for something with I told I I am in a we 43:30 43 minutes, 30 seconds are in a we have a policy of cherrypicking the projects and getting those projects where we can get good margins still we we are not in a hurry 43:38 43 minutes, 38 seconds to increase our order books with the projects which have a less margin so this uh you you don't worry you see in 43:45 43 minutes, 45 seconds March also even 2,000 is a huge order book for next year that we are talking about now the project cycle is two years 43:52 43 minutes, 52 seconds maximum if I have even 2,000 I have so I have enough work for next year also also but I'm talking about June where it will 43:59 43 minutes, 59 seconds be 3,000. So we we are well placed in that order book and I I am not in a hurry to do that also. I will I will not do that also. 44:08 44 minutes, 8 seconds So the uh uh the the big time plan of 4,000 crores that we have the order finalization of this project could that 44:16 44 minutes, 16 seconds happen before June so that we can get those orders in a no no this 4,000 cr finalization will happen before March. 44:25 44 minutes, 25 seconds Okay. 44:26 44 minutes, 26 seconds I am I am I am talking about because I am not stopping here. I am bidding daily. So by March this pipeline will 44:34 44 minutes, 34 seconds also remain close to this figure only because some projects will come but some projects will go. 44:39 44 minutes, 39 seconds So we'll be maintaining a pipeline of 3 to 5,000 crores always. 44:43 44 minutes, 43 seconds Okay. Just one last clarification. You mentioned that there are only two biders in the ring road budget. So uh there are only sorry 44:52 44 minutes, 52 seconds there are two bidders in the there are two packages on the ring road. Three and six. Okay. 44:58 44 minutes, 58 seconds So, what would Yeah. Yeah. Yeah. What? 45:06 45 minutes, 6 seconds The two packages that you have mentioned package and size size 45:14 45 minutes, 14 seconds 500 for each 500. 500 more than 500 together will be,000. Okay. I what who would be the second Buddha? 45:24 45 minutes, 24 seconds Sorry. 45:25 45 minutes, 25 seconds Yeah. Who is so can you mention the name of the second Buddha because you mentioned there are only two qualified Buddhas in this. One is FRM and the other if you can name if you have the permission. 45:38 45 minutes, 38 seconds One is Acom and one is Srig Infra. 45:41 45 minutes, 41 seconds Okay. So one is FCOMS and one is SG Infra. Okay. 45:46 45 minutes, 46 seconds No no no we have bidded for two projects. Okay. Both project cost is around 900 cr. 45:55 45 minutes, 55 seconds In package three, one bidder is SRM and the second one is FCON. Okay. 46:01 46 minutes, 1 second And in package in package six, one is Srig infraspace and one is SRM. 46:06 46 minutes, 6 seconds Okay. Got it. Thank you sir. Thank you for the Thank you. The next question comes from 46:16 46 minutes, 16 seconds the line of Anjali Baj, an individual investor. Please go ahead. Hello sir. 46:24 46 minutes, 24 seconds Historically, what has been our inquiry to order conversion percentage? Has the ratio improved after our technical capability especially post acquisition? 46:34 46 minutes, 34 seconds On average, how long does it take for inquiry to convert into confer? 46:46 46 minutes, 46 seconds Hello. Hello. 46:55 46 minutes, 55 seconds Yes, Anjeli. 46:59 46 minutes, 59 seconds Uh, so my question is regarding what has been our inquiry to order conversion percentage? Has the ratio improved after safely post meta activation? 47:20 47 minutes, 20 seconds I have got it. 47:22 47 minutes, 22 seconds The line for Mr. Sanjay was disconnected and he's back right now in the conference room. 47:29 47 minutes, 29 seconds Anel's a question has been answered by somebody. 47:34 47 minutes, 34 seconds There is a lot of background noise. So Mr. from your end's 47:43 47 minutes, 43 seconds question has been answered by somebody in the conference or I she can repeat it's not answered 47:52 47 minutes, 52 seconds it was not answered uh Mr. Raj there is a lot of background noise from your end 48:00 48 minutes now Mr. Raj you can proceed with your question now. 48:05 48 minutes, 5 seconds Yeah. Thank you very much. Uh uh am I audible? Yes you are. Yeah yeah ra. 48:13 48 minutes, 13 seconds Yes sir. Uh this fund raise that you have talked about will it be equity or debt? 48:22 48 minutes, 22 seconds Equity in equity we do preferential. Yeah. 48:29 48 minutes, 29 seconds Okay. Okay. And then you uh as per your judgment this amount will be enough to grow for next two years or 3 years or uh one year. 48:39 48 minutes, 39 seconds What is the rational sir? 48:41 48 minutes, 41 seconds One year for one year. 48:44 48 minutes, 44 seconds Okay. Okay. That's it. Thank you very much. Thank you. 48:50 48 minutes, 50 seconds Thank you. The next question comes from the line of Akile and individual investor. Please go ahead. 48:57 48 minutes, 57 seconds Uh good afternoon sir. The number looks good. Yes. 49:02 49 minutes, 2 seconds Uh my first question is about Brahmaputra infrastructure. They work in roads, tunnels, slope stabilization, 49:09 49 minutes, 9 seconds bridges etc. and operate in most of the location where we are present. They continues to receive government orders 49:17 49 minutes, 17 seconds including undergo slope stabilization project in Madurum 6 months back. 6 months ago. Your margins are higher. 49:27 49 minutes, 27 seconds Huh? Sir, Bumutra I I don't know anything about Bumutra infrastructure man. 49:33 49 minutes, 33 seconds Uh they are listed in the market. Uh they are announcing regularly of orders. 49:39 49 minutes, 39 seconds Their margins are higher than their margins are higher than us. 49:45 49 minutes, 45 seconds Uh yes sir. They are even getting tunnels, bridges and roads etc. Same like us. M 49:52 49 minutes, 52 seconds okay so what do you know sir uh their margins are higher than us and we have not received any orox updates in 50:01 50 minutes, 1 second last three months could you please explain why their margins are better like that if you know about that company 50:08 50 minutes, 8 seconds no no ma'am I don't know about the company neither I have studied so I can't comment on that company 50:17 50 minutes, 17 seconds but uh our order books I as I have told you will see a search in next two weeks. 50:25 50 minutes, 25 seconds You can check later on the uh market. 50:28 50 minutes, 28 seconds And my second question is what is the target segment revenue mix from commodity road projects to niche business such as tunnel break and slop 50:36 50 minutes, 36 seconds stabilization for higher margins higher margins and financial 27. 50:42 50 minutes, 42 seconds This is you want to know the mix of the projects. So roughly to as of today we have 60% of our revenue coming from 50:51 50 minutes, 51 seconds roads and something like 25 to 35 slopes and 10 to 15% from tunnels. So we are 50:59 50 minutes, 59 seconds still looking for a good tunnel project and uh let's see by the road and slope we have got we are bidding and we are 51:07 51 minutes, 7 seconds getting whatever is required. Tunnel project we of course we are lacking a little bit but we are looking for a good project and as you know there are few 51:15 51 minutes, 15 seconds tunnel projects as compared to road project and smoke projects but as and when we get a good margin tunnel projects we are definitely we going to 51:23 51 minutes, 23 seconds do it already we completed world highest cotton cover tunnel at sh so which I told you in the beginning which was in 51:31 51 minutes, 31 seconds the national headline it is our flagship tunnel it's 920 m India's longest pre-cast cotton cover tunnel 51:39 51 minutes, 39 seconds So we are looking for the same opportunities. Let's see. 51:43 51 minutes, 43 seconds Any percentage s for financial sorry any percentage revenue mix for high 51:52 51 minutes, 52 seconds margin segment uh even with the roles which we are choosing now or they are not a less 51:59 51 minutes, 59 seconds margin. So as of today my project mix is up. Uh slope is of course highest margin 52:07 52 minutes, 7 seconds uh in the segment and we are increasing slope component slowly but road is also giving us a good margins as of today. If 52:15 52 minutes, 15 seconds you compare with the other industry our competitors we are getting good margins in road also. 52:22 52 minutes, 22 seconds Uh yes sir. What are the margins in the road sir? Can you explain compared to other if it varies from project? If it varies 52:29 52 minutes, 29 seconds from project to it can be uh 7% or it can be 18% also in some projects. It 52:36 52 minutes, 36 seconds depends how you mix and match your projects. it we we can't say anything with because if you are bidding for 52:43 52 minutes, 43 seconds something like minus 35 project and you see it is a good opportunity and you are already working there you are mobilized there so you may settle for a little 52:53 52 minutes, 53 seconds some little margin but if you are going to a new territory and everything then we look for a better margin so it varies it's a mix 53:03 53 minutes, 3 seconds thank you the next question comes from the line of Anjali Baj and individual investor please go ahead 53:11 53 minutes, 11 seconds Hello sir, congratulations for good set of numbers and thank you for giving me opportunity. My first question is historical what has been our inquiry to 53:19 53 minutes, 19 seconds order conversion percentage has this ratio improved after our technical capability especially post Mecca 53:26 53 minutes, 26 seconds acquisition on another how long does it take for inquiry to convert into confirm order? 53:34 53 minutes, 34 seconds Okay. So of course I as I told me earlier uh some investor also that conversion in slope is much higher than 53:43 53 minutes, 43 seconds conversion in road. So if I have a uh order pipeline of 400 cr in meapy for 53:51 53 minutes, 51 seconds which we have bid so my conversion will be more than 50% here in road it can be 10% it can be 20% 20 because even one 53:59 53 minutes, 59 seconds project you get it you know suddenly increases your you know if you get a 600 core project so it 10 increases by 10%. 54:08 54 minutes, 8 seconds So that way road is you can say 20 20 20% but slope is almost 50% as of today. 54:16 54 minutes, 16 seconds Okay and my second what kind of revenue contribution can be accept from accept from the meap in 54:24 54 minutes, 24 seconds finan year 26 and 27 and meap business operating at higher margin compared to SRM existing business. Can this improve 54:32 54 minutes, 32 seconds the overall ITA margin going forward and how much of current order book include geotechnical solution and how do you see this segment growing over the next two to three years? 54:44 54 minutes, 44 seconds Yeah, in Mecca uh we are expecting a turnover of 250 to 325 CR range and uh 54:55 54 minutes, 55 seconds as of today EBIA and PAT are same similar in SRM and Mecca and we in love 55:04 55 minutes, 4 seconds to have a higher margins in both the companies. Thank you. 55:12 55 minutes, 12 seconds The next question comes from the line of Disha from Sapphire Capital. Please go ahead. Hello. 55:19 55 minutes, 19 seconds Am I a Yes. Yes, you are. Thank you so much for this opportunity. 55:24 55 minutes, 24 seconds So, most of my questions have been answered. Just one question from my side. So, you mentioned we expecting 275 to 300 CR contribution from MIPL to this 55:33 55 minutes, 33 seconds year. What could this number look like for FI27? 27. Yes. 55:41 55 minutes, 41 seconds 27 will be in the range of 400 to 500 CR. Yeah, this was this since this was our first year, we expected a hard 55:50 55 minutes, 50 seconds turnover but first year first two quarters we have been you know streamlining for formulating new policies going to new customers. So of 55:58 55 minutes, 58 seconds course second year will be the launching overseas. 56:02 56 minutes, 2 seconds So overall I think we can expect 2,000 CR kind of target on a console basis because I think 1500 is what we're expecting from standard. We we keep our 56:10 56 minutes, 10 seconds we keep our fingers crossed but of course and so yeah any plan for increasing the stake in MRI? 56:20 56 minutes, 20 seconds Uh not not as today because the management is interested to go with the official metaphair is interested to go 56:26 56 minutes, 26 seconds for the same setup but we have one class of increasing our stake. If we are able to achieve certain turnovers they will 56:35 56 minutes, 35 seconds give some there is a ram ramp up of the some shares which will happen let's see and so for this MIPL what sort of growth 56:44 56 minutes, 44 seconds kagger can we expect going ahead also going ahead what 56:50 56 minutes, 50 seconds so F27 you mentioned 400 to 500 go F28 FIR 29 F going ahead what sort of growth do you see in this business? 57:01 57 minutes, 1 second Yeah that that but the slope works are not that high in the country right so their size is also not very big they 57:09 57 minutes, 9 seconds range from 20 cr to 200 or 30 cr something like that so even I say next year 400 so we we cannot grow like 800 57:17 57 minutes, 17 seconds and 1200 as we can grow in grow this road business slope slope will take its time so by any conservative means if we 57:26 57 minutes, 26 seconds achieve 400 then 600 something like this not it can't grow double or something like Yeah. Yeah. Right. Right. Okay. That was helpful. 57:34 57 minutes, 34 seconds Thank you so much and all the best for the future. Yeah. Thank you. 57:39 57 minutes, 39 seconds Thank you very much. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Sanjay Meta for closing remarks. 57:49 57 minutes, 49 seconds Thank you very much investors for keeping faith in us. We always say we are here to perform and we believe in 57:57 57 minutes, 57 seconds merit only and merit always shine. Thank you very much. 58:03 58 minutes, 3 seconds On behalf of SRN Contractors Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. 58:11 58 minutes, 11 seconds Thank you.