Ladies and gentlemen, good day and welcome to the NCC Limited Q2 FY 2026 earnings conference call, hosted by JM Financial Institutional Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask 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 note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Shah from JM Financial Institutional Securities Limited. Thank you, and over to you, sir. Thank you. On behalf of JM Financial, I welcome everybody to Q2 FY 2026 earnings conference call of NCC Limited. We have from the management, Sri AVS Raju, Director of Projects, Sri Sanjay Pusarla, Executive Vice President, Finance and Accounts, and Sri Neeraj Sharma, Head Strategy and Investor Relations. Now I hand over the call to the management for the opening remarks, followed by Q&A. Over to you, sir. Hi. Good morning, everyone. This is Neeraj. It gives me great, great pleasure to welcome you all to our earnings call for the second quarter of the financial year 2025 2026. At the very outset, I would like to thank each of you for joining this interactive session and for your continued interest and trust in NCC. I have with me my colleagues, Mr. AVS Raju, Director of Projects; Mr. Sanjay Pusarla, our CFO. Yesterday, we announced our unaudited financial results for the second quarter of the current financial year, which have been uploaded on our website and shared with the stock exchanges. We believe you have had the opportunity to review the financial statements and the investors' presentation. Before we begin, I would like to draw your attention to the standard disclaimer, which is also available in the investors' presentation. This presentation may contain certain forward-looking statements concerning NCC's future business prospects and profitability, which are subject to several risks and uncertainties. The actual results could materially differ from those indicated in such forward-looking statements. This interaction is broadly divided into three parts. I will first present a brief overview of the business environment, operational highlights, and our outlook for the remaining part of the financial year. In the second part, our CFO will cover the financial performance for the second quarter. In the last part, we will take up your questions and clarifications. Due to the challenging external business environment and elongated payment cycles, we have decided to withdraw the guidance for the financial year 2026. We will be able to share any update by March 2026. As of 30th September 2025, our order book stands at INR 71,957 crore, compared to INR 7,087 crore at the end of the previous quarter. During the quarter, we booked new orders worth INR 6,223 crore, which is mainly from buildings, water, and irrigation divisions. In the second quarter of FY 2026, the company has reported a turnover of INR 4,585 crore as against INR 5,224 crore in the corresponding quarter of the previous year. The EBITDA margin stood at 8.7% on consolidated basis. For the first half of FY 2026, the company achieved a cumulative turnover of INR 9,793 crore, compared to INR 10,782 crore in the same period last year. The cumulative order inflow for H1 FY 2026 stood at INR 9,881 crore. Now I will break down the order book segment-wise as of second quarter. The order book in the building division stands at INR 22,492 crore, which is about 31% of the total order book. The transportation division has an order book of INR 17,361 crore, which is about 24% of the order book. The order book in the electrical division stands at INR 15,013 crore, which is 21% of the total order book. The water and railway division holds INR 7,553 crore, which is about 10% of the total order book. The irrigation division has INR 5,394 crore, which is about 7% of the total order book. The mining division order book stands at INR 4,137 crore, which is about 6% of the total order book. Now I will hand over to Mr. Sanjay Pusarla with a request to take us through the detailed financial performance of the company. Over to you. Good morning, ladies and gentlemen. This is Sanjay Pusarla, CFO from NCC Limited. I am pleased to announce the financial results of Q2 of FY 2026 of NCC Limited. My announcement will be in the sequence of order book, revenue, profitability, debt movement, and some of the important balance sheet items. To start with, order book. Our order book stands at INR 71,957 crore at the end of September 2025. You are aware the order book at the beginning of the year is INR 71,568 crore. Orders received in Q2 is INR 6,223 crore. And cumulatively. As Neeraj said, we have received orders, including the orders in the month of October, stands at INR 17,420 crore. The order book of INR 71,957 crore includes standalone order book of INR 64,326 crore and INR 7,632 crore of the subsidiaries. Coming to the revenue. Turnover reported in Q2 of FY 2026 is INR 3,774 crore as against turnover of INR 4,480 crore in the corresponding quarter of the previous year. It shows a decline of 16% at the standalone level. When it comes to six months, the turnover for Q2 for the H1 of FY 2026 is INR 8,204 crore as against INR 9,227 crore, which shows a decline of only 11%. At the consolidated level, the turnover reported in Q2 FY 2026 is INR 4,585 crore as against the turnover of INR 5,224 crore in the corresponding quarter of the previous year, a decline of 12%. When it comes to six months for the H1 of FY 2026, it is INR 9,793 crore as against INR 10,783 crore, shows a decline of 9%. Let's get into the profitability. At the standalone level, we achieved EBITDA of 7.45% for Q2 as against 9.03% of the corresponding quarter of the previous year. PBT we achieved 3.1% and PAT we achieved 2.68% in the current quarter. That is Q2 FY 2026 as against PBT of 4.86% and PAT of 3.58% reported in corresponding quarter of the previous year. At consolidated level, we achieved EBITDA of 8.66% and PBT of 4.51% and PAT of 3.37% in the current quarter. As against EBITDA of 8.52%, PBT of 4.79%, and PAT of 3.12% reported in the corresponding quarter of the previous year. Let's get into the debt movement. The debt at the beginning of the quarter stood at INR 1,852 crore, and net debt after cash and cash equivalents is INR 1,497 crore. At the end of quarter two FY 2026, it stood at INR 2,115 crore and net debt of INR 1,890 crore. At the end of Q2 FY 2025, the same is INR 1,773 crore and net debt of INR 1,624 crore. There is an increase in debt by INR 263 crore. The debt equity ratio stands at 0.28 at the end of Q2 FY 2026 as against 0.25 at the end of Q2 FY 2025. Beginning of this year, it was 0.20. Coming to the working capital, excluding cash and margin money deposits, at the end of Q2 FY 2026, it stands at INR 5,406 crore, which is 33% of the turnover. In terms of working capital days, it is 110 days. Data outstanding at the end of Q2 has decreased from INR 3,296 crore to INR 3,277 crore, and the number of days increased from 77 to 78 days in the current quarter. It is 65 days for the corresponding quarter of the previous year. Coming to unbilled revenue, it stands at INR 6,662 crore, which is 41% for Q2 as against INR 5,937 crore at Q4 of the last year. Retention money stands at INR 1,993 crore for Q2 as against INR 1,870 crore at the beginning of the year. Coming to the mobilization advances. Advances stood at INR 2,961 crore as at the end of September 2025 as against INR 2,944 crore as at the end of June. A net increase of about INR 17 crore. Of these mobilization advances, 63% are interest-bearing, and the average interest comes to around 9.17%. Interest-bearing advances decreased from 79% to 63% during the half year. Cash and cash equivalents, it is INR 224 crore as of 30th September 2025. INR 355 crore as at the end of June 2025. Margin money deposits, INR 671 crore at the end of September, and same is the number at the end of June 2025 also. Coming to the CapEx, we have incurred a CapEx of INR 77 crore in Q2, and cumulatively we incurred INR 169 crore for the first half of 2026. As against the budgeted CapEx of INR 1,050 crore for the regular projects. Earlier, in the earlier call, we said the INR 750 crore is the CapEx, but the CapEx now revised to INR 1,050 crore. Coming to the investor-related ratios, the ROAS stands at 9.82% as against 14.61% end of February. As of financial year 2025 end. Return on net worth is 9.53% as against 14.43%. EPS stands at INR 1.61 as at the end of Q2 FY 2026 as against INR 2.55 for the corresponding quarter. Inventory stood at INR 1,725 crore as end of September. The investments are INR 1,191 crore as at the end of September. With this, I conclude my results announcement. Thank you. Over to Neeraj. Yeah, Mr. [Bhebab]? Yes, Neeraj. Q&A. We can start the question- and- answer session now. 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 the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mohit from ICICI Securities. Please go ahead. Yes. Good afternoon, sir. Thanks for the opportunity. My question is, what exactly has changed compared to the last quarter that we have adopted guidance despite having very large order book? Is it that the work has not started for a very significant part of the order book, and we are finding it difficult to book revenues? It is very clear, sir. Even Mr. Neeraj has covered in his initial opening remarks. There is unprecedented rains that happened in the Q2. In addition to that, there was an elongated payment cycle. These are the two main reasons which have caused a drop in the turnover. Nothing else than that. The order book is strong, and we are able to execute, and we are positive in the coming quarters. The other thing is some of. Yeah, Mohit, yes, Mr. Mohit, please continue. My question is also, sir, why drop the guidance? Why not give some guidance for the H2 and something like that? Is it possible to have 5% growth in the entire fiscal compared to FY 2025? This is the decision of the management, you know. This decision. No, at the moment, it is very difficult to predict. Because considering the situation, it is very difficult to predict what is going to happen. That is the reason even Mr. Neeraj said at the end of the year, we will be able to give a concrete picture. Understood, sir. Are we seeing a recovery now, sir, as we are already in the midst of Q3, middle of Q3? Are you seeing a recovery, some sort of which can help us post a better number compared to last year, last year H2? We have already shared with you, Mr. Mohit, that we will update you. Give us some time. We will update you by end of March. We will have more clarity, and I hope this situation improves. Then we should be in a position to talk about this. Understood, sir. Sir, how is the ordering flow environment? Are you seeing the weakness in the weakness also percolating to the ordering environment in general? I mean, ordering, if you really see the number of orders that we have bagged as today, this continues to be healthy in line with what we had anticipated. As we speak, we already have, as of today, INR 17,420 crore orders. I mean, the order inflow is moving in line with our anticipation. Understood, sir. Thank you and all the best. Thank you. Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi. Thank you, sir. I understand that. We withdrew the revenue guidance, but still trying to understand further. In which segment. So broadly, if I look at the numbers, it seems that the building and water segment, we have seen a decent degrowth. Where particularly the building segment, which is in terms of order book, if you look at even for last three, four quarters also, it is in the similar line. Not able to understand. Is it that again we are facing major issues apart from whatever the recent projects that we have bagged in last six to nine months, that obviously it seems that the execution has not picked up. Still are not able to understand why we are withdrawing the revenue guidance. Yeah, let me, because I think my colleague, Mr. Pusarla, has already answered this question, but let me try to reiterate. Firstly, what we have seen is in the second quarter, we have had extended and aggressive sort of monsoon, so some of the projects got impacted. The second one is some of the projects that we had anticipated would pick up pace in this quarter has not happened. Some of the permissions, some of the ROWs, they have delayed the start of those projects. The third and important reason is I have already talked about this at the very outset. We have noticed elongated payment cycles. The clients are not able to make the stipulated payments on time. So these are the three important factors that has sort of convinced us to revisit the guidance. We believe that in the fitness of things, it is always better to communicate openly with the market. This is what we have done. Okay. Second, in terms of the margin also, so there previously we are looking at 9%. So already in the one net, we are at 8.3%. So there. Still one can see the similar 8%-8.5% in the second half, or there is a possibility that we can even have a 9% in the second half EBITDA margin. Mr. Sai, it is very difficult to say. When we say that we have withdrawn the guidance, we have withdrawn the guidance, right? It is very difficult to anticipate. If it was possible, I mean, we would have shared that number with you. I mean, we will revisit all these things and come back to you by March. One thing is that we are very near to whatever lower band we have given. It depends on how it will move in Q3. Okay? If you see that the turnover revenue was low in the first half, and when the turnover is low, obviously it is understood that absorbing the fixed cost will be low. So depending on the turnover, depending on the situation, that improvement that will happen in Q3, we may reach the lower guidance. Lower guidance is the 9% or what's the lower guidance? 9%. Okay, okay. Is it even to some extent, with some probability, this third quarter? Till now, whatever the October and November we are here, still we are seeing the degrowth kind of. On the execution front, or have we seen the improvement? A broader sense, I understand we have withdrawn the guidance because now it is becoming a very, very difficult. That is what I am trying to understand. No, I think Mr. Neeraj has sufficiently answered on this. He has told very clearly that we'll be able to help you out maybe over the year end. Okay, got it. On the finance cost front and the data points on the loans and to subsidiary and associate, if you can tell me the number there. Finance cost, will it remain similar to the current run rate quarterly? It has gone down. Yeah, it is 4.3% down in one net. So the similar 150-odd crore quarterly will remain for next two quarters? Sir, it is like this. If you see the finance cost, it is 3.25%. So it will be in the similar lines. Hopefully. Hopefully it will be on the similar lines. Got it, got it. On the data point, on the investment, total investment in subsidiaries and associate, if you can spell, also break it into the loans to subsidiary and associate. One second. Just. Investment is into subsidiaries, INR 1,191 crore. And loans to the group companies are INR 179 crore. 179 crore. Okay. Okay. So it seems there is a significant repayment on the loan front would have happened from 452-odd crore, which was the number from March to 179 crore. No, the other body corporate, which is the advisor [Garbhan], which is there, that was not part of this number what I have told you. That number was INR 391 crore. Okay, INR 391 crore. Okay. Lastly, on the JJM payment, last time we said INR 1,700 crore odd kind of a receivable were there. Have we seen some payment coming in, or still the datas are at INR 1,700 odd crore? Some traction is happening, but it is very confidential to reveal anything about client information today, given the situation. It is moving. Some traction is happening. Okay, okay. Thank you. Welcome. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Hello. My first question is, in the last call, you said that almost INR 28,000 crore of the orders yet to receive the notice to proceed. Out of the current order book, the work has not started on what quantum of the orders? It is like this. Last time we said INR 28,000 crore proceed to work. That was orders received in the month of March. That is the reason it was told that orders had to be started for execution. Same is the case. Even the orders which have come in March 2025. Generally, what happens, you will have a mobilization period. One, second thing, you will have design clearances that are required to be done. Also the clearances which are required to start the work at the work front. These are all the things which generally take five to six months. It will take. Now all those orders which have come in the month of March 2025 will start getting executed maybe in Q3 and Q4. Okay. The second question is again the continuation of the same. Besides these INR 28,000 crore of orders of the order book, are there any others where, if you can quantify, where the approvals like NGT or environmental issues or other approvals have not come in from the statutory bodies and we have not been able to execute? Is there any other, any further pipeline of orders beyond the INR 28,000 crore, or is that included in INR 28,000 crore? No, INR 28,000 crore is not that it was held back because of some clearances or NGT order or other things. Those orders that have come in the month of March at the back end of the last year. That was the reason the execution getting happening only maybe in Q3 and Q4. The second question you are asking that, as at the moment, are there any orders which have been stalled because of these reasons? At the moment, there are no orders which have been hampered because of this. Okay. Now on the building side, sir, I mean, when we look at the other developers or the players, we have seen very strong build-out in the private sector building orders, especially on the residential side. I just want to understand how is our thought process on the private building orders on the resi side. Are we bidding there? Do we have order books there? What's the outlook on that segment beyond the government buildings which we typically do? Yeah, Mr. Kandpal, we are actively looking at the private capital development space as well. We do have some projects from the private sector as well. Private residential, I'm talking about, sir. Private residential sector, I'm talking about players like Brigade, Prestige, or something. Yeah, a couple of them. A couple of projects we have for the private developers. Okay. Just lastly on the JJM outstanding receivables, which was INR 1,700 crore last quarter. What is the number now? What would be overdue beyond six months here where you would have, should have come? I just want to understand on the debt side, if these numbers would have come in, what that would have been? It is almost similar to those numbers. Okay? We are waiting for some certifications from them. Once the certifications happen, the money flow also will happen. It is almost on the similar lines. How much is overdue on this? I wanted to know that if the timely payments would have come in. What have been the? Generally, it is a running bill contract. What happens in the construction contract? They keep on paying. If you go on existing on first-in-first-out basis, generally the outstandings will be well within the limits. One thing, sir, how much of this 1,700 is overdue right now beyond six months? I mean, which should have come in? I understand that last time we had INR 4,000 crore of order backlog from JJM, and we were planning to execute this entirely in this year. Against that INR 4,000 crore of pending, how much should have been the working capital or the debtors outstanding? It was more generalized basis rather than being overdue right now. Yeah. Let me give you some picture on this JJM projects. We have about INR 7,000 crore of orders pending to be executed. Okay? That is a number that includes not only the projects of UP, the projects which are there in other states also, which are under the same mission. INR 9,000 crore is the INR 7,000 crore is the order book that need to be executed. As far as the receivables are concerned, it is also in the similar range as what we said as INR 1,700. It is in the similar. We are also expecting some payments to happen in this month, maybe month-end or so, or maybe the first week or first fortnight of December. We are expecting. Once these things are coming, probably the improvement will be there in all these cases. My question was that out of this INR 1,700 crore, how much is overdue? I mean, because of the delay, the client is not paying. The receivable collection would have passed from the deadline, which was originally supposed to happen. How much is the overdue in this INR 1,700 crore? There is no overdue as such. Because last time we said INR 1,700 crore, even now also the same level. We used to keep billing, and we are getting money also. The money is getting churned, and the outstandings will become latest. It is not the overdue. Okay. Okay. Let me put it another way. What is the revenue from JJM in this quarter, sir? In Q2? In Q2, huh? Yeah. One second. INR 1,000 crore, sir. First quarter. It was up to H1, it was INR 1,082 crore. If you take Q2, it will be around INR 600 crore. You have collected INR 600 crore in Q2. From the government? It's about that money only, near to that. Okay. Understood, sir. Thank you. Yeah. Right. Thank you. The next question is from the line of Ashish Shah from HDFC Mutual Fund. Please go ahead. Yes, sir. Sir, just wanted to dwell a little bit more upon. I'm sorry to interrupt in between. Your voice is not audible. Yeah. Is it better now? Yes. Pleased to see it. Yeah. Sir, what I wanted to probably understand a bit, you said that there is obviously the heavy rain impact, and there is elongated payment cycles. Now, you just mentioned to the previous participant question that we've done about close to INR 600 crore in JJM in the second quarter. Is that what you are primarily referring to by saying that because of elongated payment cycles, you have not been able to execute? Or are there other areas, other sectors, or other projects where also you are not able to execute because of the slow payment cycle? Yeah. I think we need to give a little elaborate reply on this. If you see in other states, like in AP, you have got heavy rains, which are even continuing even today. In Maharashtra, you have got heavy rains. In a, you have got heavy rains, which are unprecedented. Unexpected rainfall was there in this year. In UP, same thing. Considering all these things, the impact is there. It is not only the UP projects. It is also the projects which are being executed in other states because of these rains, heavy rains. If you see the rains which were unprecedented, and if you see the rains in the south, like in Karnataka or in Andhra Pradesh, the rains were so heavy that it was never expected, maybe the heaviest rainfall. Even beyond the season, the rains are happening. That is the reason why there was a reduction in the execution. Understood. On the rain part, it is understood, sir. What I'm also saying is in terms of slow payment cycles, it is obvious that JJM is moving slower. Besides the JJM, is there any specific thing that you want to highlight where the payments are probably slower than expected, hence you're not able to execute as much as you would have liked? No, sir. It was only those payments which are related to the water project. Otherwise, we are okay with all other areas. Okay. So just hypothetically, as you are saying, by the end of November or December, if some of the payment issues are getting resolved, there should not be other constraints, according to you, apart from what we have already discussed. Okay? You are right. Okay. The other thing, sir, is you said INR 7,000 crore is the total JJM. How much of that is UP? UP, right now, I don't think I have right on my hand. One minute. INR 3,000 crore. INR 3,000 crore + INR 800 crore, [INR 4,300 crore]. INR 3,840 crore. Yeah. INR 3,840 crore. Okay. The rest is primarily which other state besides UP? It is Odisha is there, Jharkhand is there, and Karnataka is there. Yeah. Understood. The other thing, sir, is in terms of CapEx, we just mentioned that we've increased our CapEx outlook from INR 750 crore earlier to INR 1,050 crore. On what is this account, sir? We have received one major order in mining in the month of October. Okay? For that, we have not initiated before. That is the reason we have increased the CapEx from INR 750 crore to INR 1,050 crore. Sir, it's a large order. It's a large order of INR 6,800 crore. That is the reason we need to incur that CapEx for this specific project. That is the reason we have decided to increase the CapEx. Understood. As I understand, this is like a development order. Hello? Yeah. Hello? Am I audible, sir? Hello. Yes, sir. Please speak. Mr. [Bhebab]? Sir, we are able to hear you. Mr. [Bhebab], are you there? Ashish, are you there? I'm there, sir. Looks like they have a problem. Hello. Can you hear me, sir? Hello? Maruta, I am able to hear you. I think the management is not able to hear you. Ladies and gentlemen, please stay connected. Ladies and gentlemen, the line for the management has been disconnected. Please stay connected while we connect them back. Thank you. Ladies and gentlemen, the line for the management has been connected. Thank you, and over to you, sir. Yeah, yeah. We can start. Yeah. Yeah. Can I continue, sir? My other thing, this is Ashish, sir. My other question is that if I look at the numbers in terms of standalone and console, this time there is about INR 500 million incremental profit coming in console accounts from standalone. Can you just broadly break it up? From where is this coming? Is there any one-off there? Also, where are we capturing the value of the smart metering projects in Maharashtra? Is that getting captured in console or in standalone? That is all from my side. The profit increase in. Just give us one second. Yeah. The profit is coming from subsidies like Pachhwara Coal Mining, urban, and also on the smart meters. As far as your question for smart meters is concerned, the execution is happening at NCC level as an EPC contractor. The profit is captured partly at the SPV level and also at the NCC level. Okay. Okay. Thank you, sir. Thank you, sir. Right. Thank you. The next question is from the line of Parvez Qazi, from Nuvama Group. Please go ahead. Hi. Good afternoon, and thanks for taking my question. Two questions from my side. We have already won about INR 17,000 crore odd. On a still October. In addition to that, do we have any other L1 projects currently? The value would be about INR 1,000 crore-INR 1,500 crore. What is your second question, Mr. Qazi? Did I get it correctly that we said that the payment issues that we are facing are largely there only in the water segment? In other segments, I mean, there are not really any great payment issues. Is that correct? Yes. Yes. You heard rightly. Okay. So then the related question is, I mean, of our overall order book, ultimately, the water projects are only around or projects where we are facing payment issues are maybe only around 10% of the order book. If we remove that, then let's say what are the kind of projects where work is yet to start because maybe we got them only towards March or so? In other words, what I want to ask is, what is the current executable order book where work is already underway? The entire order book is executable. One thing is that about INR 7,000 crore orders, which we talked about on the water projects. The second question is that some of the projects, like the tunnel project, which we are executing in Mumbai, and also the coastal road project, which is being executed in Mumbai. These two are the projects where we require lots of clearances, and all those clearances are now in place. Even those projects also, which were not moving in the last two-three quarters, I think those projects also will start moving now. The rest of the projects, we are able to move. There is absolutely no problem. Those projects which have been awarded in this first and second quarters, maybe those projects will start producing the revenue maybe in Q4 onwards. Sure. Thanks, and all the best to you, sir. Thank you. Thank you. The next question is from the line of Vaibhav Shah from JM Financial Institutional Securities Limited. Please proceed. Yeah. Sir, have we made any investment in smart meters in the second quarter? Yeah. We have about INR 230 crore of investment. This year, we have made investment of in the first H1 about INR 140 crore. The last year, we had made about INR 70 crore. So total, if we add this up, it would be close to INR 210 crore. What would be the numbering? The numbering means? A number of the total investment. Hello? We have invested INR 140 crore in the first half. What would be the number in the second quarter? Your voice is not clear. Sir, I mean, in the first half, it is INR 140 crore. So what is the number in the second quarter? Second quarter number? Second quarter, you mean to say investment? Yeah. Second quarter investment in smart meters. Yeah. It was INR 230 crore. In the first quarter, it was INR 70 crore. The total investment what we have made so far is INR 300 crore. First quarter, this is INR 70 crore and March 2025. That is March 25. Sorry. The INR 70 crore was up to March 2025. Last year. In the current half year, we have invested INR 230 crore. The total investment that has gone into the smart meters till now is INR 300 crore. Okay. Thanks. Sir, secondly, what would be our AP receivables? AP receivables as of date, they are very live because all the projects we started executing, and whatever projects we are executing and billing, we are getting the money in time. Okay. Sir, what is our current bid pipeline? We have already shared the number at the start of the we continue to see a very healthy prospective project pipeline. It would be about INR 250,000 crore. Okay. Sir, lastly, on the Vizag land deal, what would be the outstanding loan to be recovered, and have we received any money? INR 391 crore. Okay. Have we received anything in the first half? We have not received anything in the first half, expecting in the second half. What are we targeting to, what do we expect to receive in this year and next year? This year, we expect to receive, as per the agreement, about INR 80 crore. INR 120 crore. Sorry. Yeah. INR 120 crore. The remainder amount? Subsequent period. Next two years. One and a half years. Okay. Yeah. Okay. Thank you, sir. Those are my questions. Right. Thank you. The next question is from the line of [Darshil Jhaveri] from Crown Capital. Please go ahead. Hello. Hello. Good afternoon, sir. Hopefully, I'm audible. Yeah. Good afternoon. Your voice is not very clear. One second, sir. There's a lot of disturbance. Hello. Hello. Is this better, sir? Yeah, yeah. Please tell us. Yeah, yeah. Hi, sir. Sorry if my question feels a bit repetitive, but I think it's a bit in line with earlier participants. I just wanted to know, sir, H2 is usually the better half as execution, and I think rain has died down in most of the parts of the country. Can we at least be able to deliver similar performance to last year's H2? We have already answered that question that we have withdrawn the guidance. It is not prudent to talk about H2. We will come back to you and update in March 26. Okay. Okay. Fair enough, sir. Even if some kind of qualitative statement like how the work is going now, better, or try to just give us some kind of color, sir. We hope things to improve. On the basis of the media reports, it looks like that monsoon is already retreating, and things should improve going forward. Okay. Okay. Okay. Very fair. Very fair. Okay. Sir, I just want to know, we have been able to receive a lot of good set of orders. How do we look at next year? I know we are going to give a firm guidance, but in general, our order inflow, at least, that is nearly stacking up to the guidance that we have given. How do we look at that right now? That will help us execute much better in the next year. Is that a fair assumption, sir? See, most of the orders that we generally bag will have some kind of time to. Gestation period. Gestation period to report for the revenues. All these projects that we have recently bagged will have different contractual milestones, different kind of prevailing conditions like permissions, ROWs. It is not helpful really to generalize that. Depending on the situation, we should be able to make good progress. For the future, we will come back to you and hopefully talk about how we are really looking at the future. Okay. Okay. Fair enough, sir. Thank you so much from my side. That's it for my side. Thank you, sir. Thank you. The next question is from the line of [Saket Kapoor] from Kapoor & Co. Please go ahead. Yeah. Thank you for this opportunity. Hope I'm clearly audible to you. Yeah, yeah. Mr. [Kapoor], good morning. You're audible. Yeah. Thank you, sir. Sir, we can understand for the reasons mentioned by you and our learned team that we are withdrawing the guidance, and we are not in a position to guide about growth. But, sir, as a layered participant, and every participant has put forward that request that during the normal course of business, now set aside the monsoon impact and set aside the receivable parsing on account of receivable, our debt has already gone up. If there is another three months that goes without any further movement in the same, what has the complete plan be to prepare to continue with the execution? Number one point. Number two is, in terms of the order intake, how will this affect even the order intake going ahead? How will this mismatch of the receivable dates and the receivable amount will lead to affecting the. Prospective business going ahead? What is your question, Mr. [Kapoor]? The first question is about the. Sir, my first, I just remembered one again. One second. Sir, we are an engineering company, construction company. So there must be a normal course of business plan that we have. Set aside the growth number, what we have, what we were guided earlier, what we will execute. There is some normal business activity that will go ahead irrespective of the receivable issue, irrespective of the monsoon impact. Monsoon impact has receded or will recede by another 15 days. Receivable may or may not be achieved during the course of business. We as investors would like to understand what is the plan we have in terms of the execution going ahead if the receivable issue still persists going ahead. That is what my question is. Yeah. Mr. [Kapoor], I mean. We do not only look at the revenue growth as a prudent measure. We also try to limit or try to look at the working capital that we commit for all the businesses. That is also an important factor for us. If all the payments are not coming, there is no way we can continue to invest, borrow, and invest, right? As an investor, that is in your ultimate interest. We do have all those measures in place. Okay. I need to add something more to this. I just want to tell you that the projects which are being executed, other than those projects where the receivables are held up, we have no problem in receiving the money. As it is, the project's execution will continue to happen. We expect that the clients also continue to release the payments, except maybe in a few cases where there may be elongated payments. In other cases, we are even seeing them that they are releasing the payments on time. We expect that in the normal course of business, it should happen. That's right, sir. Only the point I'm trying to make myself and the other people understand is, if that is the case, set aside the slow-moving orders or the elongated days of receivables. We have that understanding of how H2 will shape up. Why is the management differing to give some color to how the execution will be and will be speaking only in March? This has not been the case earlier in my recent memory. That was the reason I'm asking the question. Even if we set aside the issues with the orders, we have a huge order book, even excluding the one that is affected. As Neeraj, Neeraj sir itself mentioned that we will not be progressing in case the receivables remain elongated further. You are also articulating with the fact that other orders are moving good, and we are getting the payment on time. What stops us from giving us at least a picture of how H2 will look? That was my question, the brief question. That's all. I think we were discussing about water projects where we said the order book at the beginning of the year was about INR 8,000 crore and about INR 1,000 crore were executed in H1, right? About INR 7,000 crore is a big number, a tall number, which a substantial portion is expected to be executed in the current financial year. If elongated payments are there in a particular segment, definitely, it will impact. Today, we are not in a position to predict and anticipate what will happen in the near future for those cases. That is the reason we are very optimistic that, and we have given our withdrawal of the guidance. Okay, sir. Right. Thank you, sir. It is not clear to me anyway. Thank you for the elaborate answers, sir. Okay. Thank you. All the best, sir. We are only left with being hopeful now. Thank you. Thank you. The next question is from the line of Shubham Shelar from Antique Stock Broking Limited. Please go ahead. Sorry to interrupt. Your voice is not audible to us. Yes. Mr. Shubham, your voice is not audible. Yes. Can you hear me now? Yes, sir. Please proceed. Yeah. Sorry. Sir, in terms of earlier guidance, I mean, 10% odd revenue growth. What was, I mean, we were pitching for the JJM work that INR 8,000 crore order book will fall to what level if we do not receive any orders in FY 2026? Could you please repeat your question? Rephrase it, sir. Sir, in terms of our GM order book, what was our earlier thought process of exiting this INR 8,000 odd crore? Sorry, sir. You're cutting again. Your voice is breaking in between. Your voice is not very clear, Mr. Shubham. Yeah. Sir, is this better now? Yeah. Yeah. Please ask. Okay. Right. Dr. And at the start of the year, almost like INR 8,000 crore. What was our earlier prediction? When we are given a guidance of 10% revenue growth? Your voice is not clear. Sorry to interrupt, Mr. Shubham. I would request you to rejoin the queue again as your voice is not audible. Thank you. The next question is from the line of Vaibhav Shah from JM Financial Institutional Securities Limited. Please proceed. Yes, sir. What is the incremental investment that we need to make in the smart city, in the smart meter projects? Under INR 280 crore. INR 280 crores. INR 250 crores. Yeah. Another INR 280 crore we have to make. The time period? Time period may be under one year to one and a half years. INR 280 crore, right? Yeah. Okay. Okay. Thank you, sir. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for closing comments. Thank you very much for a very enthusiastic participation. I thank all of you. Thank you very much. Thank you, everyone. Thank you. Thank you. On behalf of JM Financial Institutional Securities Limited, that concludes this conference. Thank you for joining us today, and you may now disconnect your lines.