Ladies and gentlemen, good day and welcome to the conference call hosted by GE Vernova T&D India Limited for quarter three of financial year 2025-26. 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 touchtone phone. I now hand the conference over to Ms. Megha Gupta from GE Vernova T&D India Limited. Thank you, and over to you, Ms. Megha Gupta. Good evening, everyone. Welcome to the GE Vernova T&D India Limited earnings call for quarter 3 of financial year 2025, 2026. I'm Megha Gupta from Investor Relations Team, and I'm joined by Mr. Sandeep Zanzaria, CEO and MD of the company; Mr. Sushil Kumar, Whole Time Director and CFO of the company; Mr. Abhishek Srivastava, Head, Business Operations; Ms. Kanika Arora, Communications Leader; and Ms. Shweta Mehta, Company Secretary of the company. During the call, we will discuss company's financial performance, including operational highlights. After the presentation, we will have a dedicated question and answer session. Before we begin, I would like to highlight that today's discussion may contain few forward-looking statements, which are subject to risks and uncertainties. These statements are based on our current expectations, and actual results may differ materially from those expressed or implied. We encourage you to refer to our public filings and documents for a comprehensive understanding of the factors that could impact our future performance. Now I'll turn the call to Mr. Sandeep Zanzaria to initiate the discussion. Thank you. Thank you, Megha, and thanks, everyone, for joining the call. India added nearly 38 GW of solar and 6.3 GW of wind capacity in calendar year 2025, marking the country's highest ever annual renewable energy additions. RE now accounts for about 50% of India's installed power capacity, underscoring the structural shift underway in the generation mix. What does that mean for transmission and distribution infrastructure? Every megawatt of renewable capacity added demands robust T&D network to evacuate power, ensure grid stability, and deliver reliable electricity to homes and industries across this vast nation. The Draft NEP 2026 sets a target of 2,000 kWh per capita electricity consumption by 2030, rising to over 4,000 kWh by 2047, a significant leap from the current 1,460 kWh. The peak power demand is projected to touch 446 GW by 2030. These targets reflect India's growing energy needs, driven by industrialization, urbanization, and economic development. Renewable energy is increasingly being generated in remote locations: solar power in Rajasthan deserts, wind farms off Gujarat coast, hydropower in Himalaya, far from urban and industrial centers where power is consumed. This is where HVDC transmission comes not just useful, but essential. With our HVDC solutions, we are well positioned to support India's renewable energy evacuation backbone. Now, turning to our financial performance. We had a productive, strong quarter of robust demand, significant revenue growth, and EBITDA margin expansion. Our order book remains strong in Q3, and we saw bookings of INR 29.4 billion, up by 41% year-on-year, compared to INR 20.8 billion in quarter ended December 2024. The numbers exclude the Adani Khavda HVDC project, which will be reported in subsequent quarters on achieving defined commercial milestones. Our Q3 revenue stood at INR 17 billion versus INR 10.7 billion in Q3 FY 2024, 2025, up by 58% year on year. New orders outpaced revenue, further expanding the order backlog to INR 143.8 billion as of December 2025, versus INR 131.1 billion as of September 2025, up by 10%. Our profit before tax and exceptional items for the quarter ended December 2025 was at INR 4.6 billion, compared to around INR 1.9 billion in the corresponding quarter of the previous financial year, growing by more than 2.4x. The cash and cash equivalent balance was at INR 15.9 billion as of December 31, versus INR 15.2 billion as of September 30. The cash generated in Q3 was INR 0.7 billion. This was our financial performance snapshot. I would like to convey that the board has recommended the appointment of Ms. Rashmi Joshi as an independent director of the company for a period of five years, subject to shareholders' approval. In conclusion, as India races towards a target of 500 GW of non-fossil, non-fuel capacity by 2030, we are building the network through which this energy will flow. We are enabling grid modernization, supporting renewable integration, and ensuring that India's growth story has the power infrastructure it deserves. Our strategy is clear: execute with excellence, pursue profitable growth, and be India's trusted partner in building the energy infrastructure of tomorrow. On behalf of the leadership team at GE Vernova T&D, our sincere thanks to our valued customer, our dedicated investors, our exceptional teams, and our partners. Now I'll request Abhishek to share further insights. Hi, good evening. So, as Sandeep just mentioned, our commitment towards strengthening of the transmission infrastructure of the company. of the country. We had added some new strengthening projects to our electrical network in the last quarter. Like, for our customer, ReNew, we commissioned 400 and 220 kV bays, strengthening the evacuation of wind and solar power from the state of Karnataka. For our customer, BSPTCL, we commissioned 132 kV bays, along with 50 MVA transformer. For our customer, WBSETCL, we commissioned 132 kV GIS. Similarly, we continued addition of transformation capacity through commissioning of transformers, shunt reactors. For our customer, Power Grid at Bhadla, we commissioned 6 80 MVAR, single phase 765 kV reactors. Similarly, for our customer ReNew at Hisar, we commissioned 400 kV single phase shunt reactors, 3, at Power Grid Buxar and Power Grid Narela. Similarly, we added 3 number 500 MVA, 765 kV single phase reactor, and 10 number 110 MVAR, 765 kV single phase reactors. The network, transmission network was further strengthened through commissioning of gas-insulated substation. Some notable mentions for the last quarter were GETCO, where we commissioned 15 number bays of 400 kV. For KPTCL, where we commissioned 66 kV GIS, 41 bays. Then we had an export project for Elecnor, Dominican Republic, where 400 kV CBs were commissioned. And then for Godrej, Power Grid substation, we commissioned 10 numbers of circuit breakers and CSDs. So, our commitment towards strengthening continues, and we will try to keep up this performance and keep on adding to the electrical infrastructure of the country. I hand over to Sushil to take the floor. Thanks, Abhishek, and good evening, all. We delivered a robust growth in revenue and profitability due to our strong operational performance during the quarter, as well as for the nine-month period. As highlighted by Sandeep earlier, we booked orders of INR 29.3 billion in quarter three. This was the highest quarter for orders in this financial year. This quarter order performance includes the refurbishment of Chandrapur HVDC order from Power Grid. As Sandeep mentioned, in addition, we won HVDC Khavda-South Olpad VSC order from Adani Group, and the same is expected to book in subsequent quarters. This is the commercial condition, commercial milestone achievement. On a cumulative basis, we have booked orders of INR 61.6 billion in the financial year 2025-26. Out of the 61.6 billion orders during the current financial year, 15% orders are from export market and about 85% orders from the domestic market. Our new orders continuously exceed the revenue execution, and this has led to further improvement in our order in hand position to INR 144 billion. Due to disciplined underwriting process at the company and phasing of the old, low-margin orders, the margin on order in hand has also improved over the last financial year. 98% of the orders in hand are from private customers, central utilities, and public sector enterprises. The exposure to state utilities is limited to less than 2% of our orders in hand. Healthy order in hand gives us a strong visibility of continuing strength in our business. Our execution has ramped up, and this has led to the strong revenue growth as well. We delivered revenue of INR 17 billion, representing a 58% growth during the quarter. On a nine-month basis, the revenues were INR 46 billion, representing a strong 46% growth versus the corresponding period in the previous financial year. In this quarter, about 28% of the revenues were generated by execution of export contracts, and whereas 72% revenues were generated by execution of domestic contracts. On profitability side, we delivered another strong profitable quarter with the EBITDA of 26.7%. On a nine-month basis, we delivered EBITDA of 27.1%. This represents 80 basis point improvement over the last financial year. The significant increase in EBITDA was driven by increase in volume, price improvement, and execution productivity. During the quarter, we made a provision of INR 693 million on account of impact in the retirement benefits due to the new wage coding, codes, and this was reflected or reported under the exceptional item in the profit and loss statement. We continue to generate or convert our profits into cash, and during the nine-month period, we generated INR 6.7 billion cash operationally. And end of December, we have healthy cash and cash equivalents of INR 15.9 billion, with no debt. We are now happy to answer the questions. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press * and 1 on the touchtone telephone. If you wish to remove yourself from the question queue, you may press * and 2. 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 Kumar from ICICI Securities. Please go ahead. Yeah. Good evening, sir, and congratulations on a very strong quarter and the end of nine months. My question is, first question is, can you please help us with the reason for not including the HVDC orders from Adani in the current quarter? And does the Adani HVDC orders also include transformers for the project, or is it only for the terminal? I think, Mohit, so, as per company's, you know, processes, there are certain processes, there are certain milestones defined on which the orders are booked. So, once we reach that milestone, that order will be booked, and yes, the transformers for the HVDC are included as part of the order. Understood. My second question, how do you think about the impact of the FTA with Europe? Does it make our product more competitive in the European region, thereby improving our export chances? Or does it anywhere reduce our cost of raw materials? Since we, I think, import a significant part from Europe. So, Mohit, we are yet to get the details of FTA. So, once we have the FTA details available with us, then only we will be able to make a judgment on, what is the impact, both on export side and also on the cost side. So, it will be too premature for us to comment on FTA. Sir, how much exported in last 9 months to the Europe? Is that number available? I don't think that that will be available, that how much we have exported to the European country. But I don't think that from India, the customs duty is so high that FTA is going to make a meaningful impact in terms of increasing the export numbers in a big way. Understood, sir. Thank you, and all the best, sir. Thank you. Thank you. Thank you, Mohit. Thank you. The next question is from the line of Umesh Raut from Nomura India. Please go ahead. Yeah, hi, sir, and congratulations for very good set of numbers once again. Sir, my first question is pertaining to HVDC order win that we had in last quarter. So, assuming that we will have commercial finalization by maybe next couple of months, so what could be delivery timeline for this particular project? And how it will span over a period of, say, multi-year in next few years? Umesh, order is already with us. Zero date has already started. It's only that once we reach certain commercial milestones, we are going to book it into the system and declare it to the market. Time, timeline. Execution timeline- And, timeline- Yeah. Execution timeline is very near to what has been defined by the TBCB development environment. It is very near to that, about four years. Okay. Okay. And, if I look at, Sorry to interrupt you, Mr. Raut, but we can hear disturbance from your line. May we request you to please mute your line when management is answering your question? Okay, understood. In terms of the HVDC project, if I look at our current capacity, on the basis of existing capacity, are we in a position to execute this project immediately? Or will we require to add more capacity, and then we are thinking about execution? No, sir, as a good governance process, we don't take order when we don't have the capacity and thinking that we're going to add the future capacity and then execute the project. So whatever capacity is required to execute this order is already available with the company. Understood, sir. Thank you. And last question on the HVDC project between Barmer and Kurnool. So, you mentioned during last interaction that probably that order finalization might happen by the end of fiscal year FY 2026. So, any color on updated status of that project? So, we expect that order to get finalized in Q2 of 2026-2027 for the developers, and then whatever time additional it requires for the OEM to take. Understood. This is as of today visibility, but it might change depending upon the extensions and things like that, which is not in our control. Understood, sir. Thank you so much. All the very best. Thank you. Thank you. The next question is from the line of Amit Anwani from Prabhudas Lilladher. Please go ahead. Hi, sir. Thank you. First question, sir, on the base order inflow for nine months, which is about INR 6,100 versus INR 7,700, we understand that there was an export order. So, just wanted to understand the status of one export order we were expecting from the parent. Is it expected in 4Q? And on the base order side, what are the opportunities that are still there in terms of pipeline or... areas and what is, our kind of estimate or confidence based on the growth, for 4Q and even for next year? So, if you could highlight the pipeline there. Okay, thanks, Amit. So, on the export order that was in the pipeline, it is still in the pipeline, but there has been some delay from the customer side in terms of the decision. And now we expect the order to move to quarter two of the next... Sorry, it's second half of the next financial year. So, it will be from, let's say, September to March of the next financial year, then we expect the order to be decided. And I request Sandeep to talk on this order. Amit, we are not seeing any major slowdown in the market. We have today a number of TBCB opportunities coming up. I don't think that we are seeing any slowdown in the ordering, and now with states also going for TBCB, for example, we have seen Maharashtra and Karnataka going, and a few more states thinking of going or moving their pipeline towards TBCB. I think, we are very pretty confident on achieving the growth in orders in the base order this year as well as next year. Right. So next question on this, the Chinese news which was circulating. Are you seeing any impact to you, any assessment you guys have done, if at all the government reverses, relaxes that, you know, order which was there for Chinese players to bid for HVDC, or T&D orders? So, any color on that, any impact or any assessment? So, Amit, one thing is there, it's a media reporting, so the government has not issued any clarification on that. So, I think, without any government clarification, if we try to do anything or if we try to do anything on that, it is purely a speculation. But we don't, we don't, we don't think that government is going to dilute its Make in India criteria. And, for example, we have built a very strong. You know, since we have put up the manufacturing capacity, the teams have worked together in developing a lot of supply chain in the country. So I don't see a major impact coming in terms of even if the existing factories which are based in India are approved, of the Chinese make, which are approved, I think to reach that maturity level, it's going to take them a lot of time. Right. So lastly, on the export opportunity, we saw a few companies getting orders for the U.S. data centers on transformers and stuff like that. Wanted to understand, I think GE Global also has been focusing there. So any strong traction you guys are looking, which will be directly, directly related to the data center space in global markets and also in India? So just more color on, on the data center opportunity and what we are actually eyeing on that space here. I think, yes, definitely we are working with the global teams, and, India being a strong manufacturing base, so whenever a capacity is required and it is not available, obviously Indian factories will be available, depending upon obviously the delivery slots, et cetera. But I think, if you look at the data center or the IT company's announcement of close to about $80 billion of data center and AI factory by 4 major US companies, to be invested in next 4-5 years, I think that itself is going to present a huge opportunity in terms of data center and AI for the Indian market as well. So we'll be concentrating on those opportunities as well. Right. So lastly, on the margins, so for nine months, we had 27% margin already. So are we revising, revising that upward for the full year? And after this order win of VSC HVDC, what is the margin expectation at firm level for the upcoming years? Will it dilute to certain level or some understanding with the execution of HVDC coming in for the subsequent years? Okay, Amit. So, we talked about this year's expectation of delivering mid-20s kind of EBITDA. So now we expect, with the first three quarters of good performance, that we'll be kind of delivering at the higher end of this range. And it's difficult to talk about individual orders. Of course, the endeavor of the management is to continue to perform like this and to deliver good EBITDA in the coming years. So, Amit, Thank you. Yeah. Amit, I think you would have seen that we have been constantly saying that improvement of commercial terms and conditions, better cash conditions, better margins, these have been the focus of the company in the turnaround what has achieved, and this is the area we'll be constantly on working. So, I think we don't expect a major dilution or things like that happening on the margin front in the foreseeable time. Understood, sir. Thank you so much, sir, and all the best. Yeah. Thank you. The next question is on the line of Punit Gulati from HSBC. Please go ahead. Yeah, thank you so much, and, you know, great performance here. If you can talk a bit about, how are you really mitigating the negative impact of commodity inflation in, in your costs, it'll be very helpful. So, Punit, for many of the products what we supply in the market, they are variable price. That means if there's an increase or decrease of the raw material cost, the impact is directly passed on to the customer. Second, for orders which are on firm price, based on our global assessment, we take depending upon the delivery timelines, et cetera, suitable provisions are built into the costing to take care of any material price movement. And also looking into the order book, order backlog situation, et cetera. So, we keep on working with our supply chains to improve the cost on one side, and to mitigate such risk if they, at any point of time, if they emerge into the business. There is no hedging of commodity that you do there. It's not required because we don't buy a commodity per se because, for example, transformer, et cetera, where the commodity is very high, where variable- Yeah prices are there. Other places, the components come into small forms only, so we don't require... We cannot actually hedge into that form. Okay. And if you can also give some sense of, how much of your order book could be under variable price and how much would be firm price? We don't give these details, so. Okay. On just harping on back to Adani Khavda, you talked about once you hit milestone, you'll book the orders. What are these milestone that we are looking at? So, these are all commercial process-wise, internal to the company, so, I think you'll have to wait for it, for the declaration when we are—when the booking is. Okay. Also, if you can talk a bit about the scope of the project, what all will be a part, and will right of way be your responsibility, or will that be their responsibility? So, Puneet, we are not doing the transmission line. We are just building the HVDC stations at both the ends, at Khavda and South Olpad. We are not doing the civil... The civil work is being done by the customer themselves. So obviously, the right of way from the terminal land, et cetera, everything is in customer's court. Perfect. Great. Thank you so much, and all the best. Thank you. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yeah. Hi, Sandeep. Congratulations on a great quarter, sir. So, first question is, is this Power Grid order of 3,500 MVA included in this current order? Yes. Yes. Okay. Okay. Just on the exports this quarter, we have seen a substantial jump, and as I see the 4, 9-month numbers, the exports have picked up, third party exports. So any color on, like, so what has driven this improvement in exports, export order booking of INR 420 crore? Yeah, so overall, the export orders are at 15% of the total order for the grid. Yeah. I think these are of the- Another quarter also, it is around 14% of the order booking. And see, earlier, we had a higher order share as well as with the large opportunities. So these are the regular order, and as the domestic as well as export market are growing, in our industry, so that's the reason of significant growth in the order in value terms, though percentage-wise, it looks little less compared to past, because the domestic order booking has been very strong due to large PGCIL and HVDC refurbishment order. So, as I'm saying, so nine months, we have INR 918 crores, and in this quarter, we have booked INR 420 crores. So, any particular reason why exports are, order imports are high this quarter? Is it like we have- There's no specific trigger on this. It's just the regular orders what we are getting. Sometimes it is high, sometimes it is normal. Okay. Just on, I mean, the parent has been highlighting strong orders in Asia, and I think we have been posting on social media and other places that our HVDC current expansion will supply to whole of Asia. So just wanted to get a sense and color on how the certification is going around Europe. And now, I think Europe is also saying that FTA may come into effect next year. But how are you progressing with the certification across these geographies? And earlier, there was a mandate, I think, in U.K., that there has to be a localization. So how do you think now with FTA in U.K. and Europe, how the export opportunity unfolds for us? So, I think you have to understand one thing is that HVDC is a big market in Europe, and today we have European facilities which are catering to that HVDC market, specifically in Europe. So, I don't see any big role what we, as India, can play in Europe HVDC market. And, I'm sorry to interrupt you, Mr. Kandpal, but we are unable to hear you, sir. Hello? Mr. Kandpal, we are unable to hear you. As there is no response, we'll move to the next question, which is from the line of Garvit Goyal from Serene Alpha. Please go ahead. Hi, am I audible? Yes, you are. Please go ahead. Actually, my question is already answered, so thank you very much. Thank you. Thank you. The next question is from the line of Nitin Arora from Axis Mutual Fund. Please go ahead. Hi, this is Nitin from Axis Mutual Fund. Am I audible? Yeah, yeah, you're audible, Nitin. Yeah. Hi, hi, Sandeep. Good evening. Hi, team. Sandeep, just first question, on your international opportunities. I know you said that the order has been moved in the second half. So, if you can highlight, is it more of a capacity constraint issue that it moved to second half or not? But just a one-liner on that. But giving the opportunity, on the, on the international side from the last quarter to this quarter, how you are looking at it, I mean, from the inquiry perspective, and also, I know you stated in the, in the starting of the call that even states are looking on the domestic side, I'm saying. But can you elaborate a little bit, you know, how the opportunity pipeline is? Because... Why I'm asking you this, because street is getting very nervous, and a lot of narratives are being doing round. Like, for example, the first narrative which came, that China is coming to India. You know, a lot of Chinese companies will suddenly start, and India will welcome them. That was the first narrative. The second is, you know, because solar addition has been lower for the rightly reason, you know, I mean, you know much better, how government is now working on the battery aspect, which also get, you know, eventually lit up by solar only, eventually. So, just if you can articulate on the domestic side, you know, how is the inquiry pipeline, how you're looking at it? Because I remember times when you used to announce an order size of INR 400 crore or 500 or 600, you used to announce to exchange, but today we are winning more than INR 1,000 crore a single order, we are not announcing. So it looks like the ordering is strong, but if you can articulate a little bit on, on the domestic and as well as on the international side. That's my first. So, Nitin, on your first question, that the large order on which we took the RTP approval, that is not a capacity issue, but that is primarily the delay at the customer end. So, that is just one clarification, which Sushil talked about, that we expected to get deferred to the second half of next year. That is one thing. I think second on, Nitin, on the domestic market, at least I'm not seeing a slowdown happening. So, when I'm saying that, there is a huge, not huge, but there is a sustainable pipeline of projects. So even if you go to, like, PFC website, REC website, you see the number of TBCB opportunities which are there, and even states are coming up. So, and also, as I said at the start, of course, China policy needs to be clarified by the government, because at any time, there is no government clarification, everything is a speculation. But, you know, for us to reach whatever position we have reached under Make in India of, like, 60%, 70% in different products, et cetera, it has taken a lot of time where we have spent- Right. - effort, energy to build the local supply chain, qualifying vendors. Because we are talking about these components being used in 400, 765 KV. So it is not that just you develop in 2 months and then you are able to use it. It requires a rigorous process of testing, and then, when it goes under the implementation, first on a smaller scale, and then it is scaled up on a bigger scale. So it's not a very small process. So even when the Chinese factories get locally qualified, they would still take a lot of time to reach those maturity levels. So I expect that. And also we are expecting the market to grow. So today, for example, TBEA. So whatever is the TBEA. TBEA is today a large part of the TBEA factories are blocked by Indian developers only, who will be supplying to solar and all those things. So, suppose tomorrow, if TBEA gets qualified and it takes one order in Power Grid, then obviously the renewable capacity which he was earlier supplying in XY developer, that will be available for third party. So, what's the challenge with that? Got it. Market is not going anywhere, no? Got it. Got it. And how you think about international opportunity? So, international opportunities, we are seeing, I think, there's a lot of traction which is happening globally. So, we've seen some—you would have seen that this quarter, the order numbers were better on export side, so. But we are constantly working towards improving the pipeline and also improving the order intake. But globally, the decision-making processes in many geographies are slower than what we see in Indian market. Got it. Got it, got it. So, just one comment of yours, where you said that, look, you don't see issues to profitability or margins in the foreseeable future. So, I can assume that the ordering which has done in the last nine months for you, or let's say for the industry, still no pricing pressure has come, and rather, given the commodity has increased, there would be, you know, adjustment in pricing or rather, sustainability. How, how one should think about that? Yeah. So, Nitin, Sandeep, talked about the pricing aspect, as well as the costing. So, in terms of costing, there are a lot of committees on which the price escalation is passed through to the customer. And also, the cases where we have a firm price contract, we mentioned that we build in the cost assumptions in our working. This is our internal focus, which is a very robust process. And Sandeep also mentioned earlier that the pricing is stable, it's not deteriorating. It's kind of similar as we had few quarters ago. Got it. Got it. Thank you, thank you, Sandeep and the team, and, thanks for clarifying on the outlook. Thanks a lot. All the best. Thank you. Thank you. The next question is from the line of Mahesh Padin, from ICICI Securities. Please go ahead. Yeah. Hi, sir. So, my first question is on the export order book. So, is the export order book around 30% of our overall order? It will be in the range of 24%-27%. This is it may change, keep changing depending on what kind of order we will run this quarter. So, but, the overall theme is that the domestic market is strong, the international market is also strong. We continue to see the overall order booking growing. In few quarters, it could be the larger orders from the domestic, and in the other, it could be the export markets. Okay. My second question is on the HVDC project side. For Khavda-Olpad and the upcoming one at South Colombo, what is typically the local content requirement for these HVDC projects? For Khavda-Olpad, there was no local requirement which was defined in the tender. Okay. Okay. And, sir, my last question is on the execution PC sales numbers, right? So, for nine months this year, compared to nine months last year, there is a sharp increase in the export revenue, around 75%. So, is this because the large export orders that we received in Q2, FY 2025 and Q3 of 2024, is this execution belonging to that order? And, related question is, is the margin improvement partly because of these export orders? Yes, you're right, Mahesh. The export order related revenue in the execution also includes the large order that is booked in the last year. And, as we mentioned in the earlier calls, the export volume gives us better margin. Those are the better priced deals. So, that is also one of the reasons of the improvement in profitability. Of course, there are other reasons, as I mentioned earlier, which is the overall increase in volume gives us the operating leverage, and also significant operational execution that we are having as a team, gives us execution improvement. Okay. And this export order will continue for throughout the next year? The large order that is, last year, had a timeline of 5 years of execution. Okay. Okay. And, sir, anything on the CapEx that we had announced, earlier this fiscal year update? We announced a CapEx of close to INR 1,000 crore all put together. Okay. They have a respective timeline for execution implementation, which will go up to financial year 2026, 2027 in some cases, and 2027, 2028 in the other cases. Okay. Thank you. Thank you very much. Thank you. The next question is from the line of Mahesh Bendre from LIC Mutual Fund. Please go ahead. Hi, sir. Thank you so much for the opportunity. Sir, Government of India has released, I mean, the draft National Electricity Policy, 2026, where they have given a lot of, I mean, targets. For example, like, per capita electricity consumption to go up to 2,000 kWh by 2030, and 4,000 kWh by 2047. And for the same, plan, they have envisaged, I think, investments about INR 5,000,000 crore by 2032. So just wondering, I mean, from your viewpoint, out of this INR 5,000,000 crore, what kind of investments you anticipate that will go into transmission side? Mahesh, we will have to make an assessment. I don't think that we'll be able to give this number upfront. Okay. Okay. And, sir, given this new target, I mean, earlier there was opportunity you talked about was INR 900,000 crore in investments in transmission. But this, because of this broad number, INR 5,000,000 crore, does that change the opportunity in a larger manner compared to what we anticipated earlier? Yeah, it will change. Definitely it will change. But then it also requires. There will be a lot of investment has to come in the generation side as well. Because obviously, when you are generating, then only you are transmitting. So, generation CapEx has also to match the transmission CapEx. Yeah. Yeah, earlier, I'm, I'm, I'm not looking for any number as such. I'm just wanted a qualitative input on this. I mean, given this such a large-scale investment, government is looking to, you know, look out for next 15, 20 years. Does that our plan for dealing with in terms of increasing capacity and adding new products and so on? So, are there any internal discussions about all this opportunity and how we are going to focus? We are already investing, as Sushil said, we are already investing into a CapEx of INR 1,000 crore. And this is something which we always keep on our radar, and there are always internal discussions which keep on happening as a part of the strategy. And whenever we think that we are ready for another round of CapEx, we will go ahead with that. Sure. Thank you. Thank you so much, sir. Thank you, Mahesh. Thank you. The next question is from the line of Viren Deshpande from Alphapeak Investments. Please go ahead. Hello. Congratulations for the excellent growth which the company has achieved consistently over the last one year. The order book also INR 14,000 crore plus, plus the HVDC order of Adani, which will also be quite substantial, I hope, where the company with the has the order book full for maybe next two years, if you consider the reasonable growth of about 20-25%. So as you mentioned, that Chinese competition also is just a speculation, and even if it comes, it is likely to face the issues like testing and various other things, and it will take a lot of time. So, our growth projections and all those things, and the order booking continues to be good. So, it is good. I, I would like to wish only the best for the company. I don't have any questions. Thank you. Thank you, Viren, but I'm saying that Chinese competition is not speculation. I said that the media news which has come in, in that, at the time, we don't get a government clarification, this news and everything is a speculation. Yeah, yeah. So the government has not mentioned anything on that. It has. Yes. This news has been appearing for last 15 days or 1 month. But because there is some shortage in some transformer parts, et cetera. But as you mentioned, these things, even if they are clarified, there is only one manufacturing company which has to produce it in India, no? Normally, the things government is mentioning for China is that you should produce here in India. So if that is the case, these people have to put up a plant and all those things, so it will again be a matter which will be after 2, 3 years only. So is this understanding correct? Yes. Yes. Okay, so that is good. Thank you. Thank you, and all the best. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yeah, so sorry, I got dropped out. My question is on HVDC. Now, we have an HVDC already in our kitty. So are we looking to... do we have capacity to take on more or not more HVDC products? We'll be active in this market. We definitely have capacity for more HVDC project, but, it will not be possible for us to disclose on an open call that we have capacity for 1, 2, 3, 4 HVDC, because these are commercially sensitive information. But yes, we have capacity. Okay, so you are open and exploring more opportunities in this sector. Secondly, That was part of my opening statement as well, that with the HVDC opportunities, we look forward towards growth with HVDC, more HVDC. Okay. The other question is related to I was talking about U.S. that time that I got dropped out and the opportunity in Asia. So, are there further discussions on the recent projects with the parent as well, I think, in Iraq and in the Middle East? So can we get a share of some component of related party for the next year? It's something which we keep on working, and, I think whenever there's an opportunity and if it is very large in nature, we will obviously go back to the shareholders for related party approval. Okay. And so just lastly, on this current HVDC, which we won, which is DFC project. So, what kind of localization we have for this? And what will be the import content or the parent share of outsourcing for the parts or the equipments in this? So these are very specific information, Parikshit, and these are commercially sensitive information, so we don't share it, these information. But I can only tell you that the whole order has been taken by GE Vernova T&D India Limited, and we will deliver the order. So, the cash equivalent in the nine months is INR 15.9. So is there a reduction in cash equivalent? There has been improvement, Parikshit. So last quarter, we had, I think, INR 15.2 billion, and this quarter we have INR 15.9 billion. And over the last nine months, we have generated INR 6 billion. So I think, starting March, it used to be around 8-9 billion of cash, which has now gone up to INR 15 billion. INR 15.9 billion, rather INR 16 billion. Okay, INR 6.7 is for the nine-month period. Okay. Yeah. Sure, sir. Thank you. I wish you the best, and those are the questions. Thank you. Thank you. The next question is from the line of Aniket Mittal from SBI Mutual Fund. Please go ahead. Yes, thank you. Firstly, Sundeep, this is a basic question. While I understand there's no direct impact of ROW, because a very large chunk of the issue is really coming on the transmission line front. But let's say, because of that, is there any indirect impact that comes through? As in, let's say, the pooling substation or the grid level substation supply gets deferred, if there are ROW issues on the transmission line that continues or, you know, irrespective of that, they would ask or they will have to pick up the supply? So yeah, definitely there is a, sometimes there is an impact in terms of lifting the material, but, today the developers, or the EPC companies, they make alternate provisions. For example, they might take a land somewhere to store the material, et cetera. So we might, for a few cases, we might see a delay of maybe a month or two months in terms of material getting dispatched, but nothing major. Okay. So fairly large and is essentially being picked up and stored right now, irrespective of the order book like. Is that fair? No, but I don't, I am not saying that there's a large number of projects where it gets delayed. For few projects where it get delayed, yes, it gets stored, and then subsequently, whenever it is required or whenever the land is available, then automatically the EPC and the developer speed up the process of executing that project, so the gap is not so much. Okay, fair. And the other one was just to understand on the margin front, right? I mean, it's now three quarters where we've been delivering almost 27% and above. And while you've partly given reasons, could you maybe elaborate on how much of this is really because of product mix, and how much of this is because of some of the legacy orders getting, you know, getting out of the system and we, you know, subsequently getting price hikes? It'd be good to understand, you know, just for us to think about how sustainable margins can be. So, I think it depends on what is the starting point. The numbers change depending on which period you are comparing to. But overall, as I mentioned in my beginning statement, there are three major reasons of this increase. One is the volume, because we have been growing like, 46% in this nine-month period, and last year also we have grown by 35%. So a significant volume growth has given us the operating leverage because we are keeping our fixed cost at a very minimum increase. And besides volume, the other one is the, the increase in pricing, which has happened over the last- Sorry to interrupt, sir, we are unable to hear you. Hello? Hello. Rutu, Rutuja, we are disconnected on the landline number. We can hear you. Okay. I can still see the connection is there. So you can- Can you please call back? Yes, doing that. This is already added. Ladies and gentlemen, thank you for patiently waiting. Sir, you may please go ahead. Yeah, so we got dropped. Sorry for that. Aniket, I'll repeat my answer. So this margin improvement is, or the better EBITDA in the range of 27%, is a result of multiple factors. Increase in volume by 46% this financial year and 35% in the last financial year. That is one of the primary reason. Better improvement in pricing and execution of the high margin contracts booked in the last couple of years is another factor. And the third one is the execution improvement, because the team has been working very strongly to make a significant execution delivery. Difficult to give the breakup of this improvement. It's a result of overall coordinated effort of the company, and we continue to hope to work in this direction. If I can just ask, you know, one more question. The current order book that you have, how much of that would be products and how much would be projects? So as of now, the projects will be lower, less than 30%. But as we are going to also book HVDC order, this mix is going to change significantly, because HVDC is classified as a turnkey project. And again, I will say that it's difficult for anyone to keep you know evaluating the company basis these further nitty-gritty stats. For us, we as a management team, evaluate our company at the larger level, as one company, without going into these breakups like export and domestic or you know one particular business and versus other. We have a very disciplined commercial underwriting process. Wherever we get the opportunity to fill in the volume and book orders at a better deal, whether it is domestic market or export market or turnkey project or a specific product, this is our commercial underwriting process, we book good deals. And as a result, the overall order booking is at a healthy level, and we are delivering a good result at 25%-27% EBITDA. Got that. Yeah. Thank you for taking my questions. Thank you. The next question is from the line of Subhadip Mitra from Nuvama. Please go ahead. Good evening, and thank you for the opportunity. Sorry, I got cut off in between, so some of my questions might be a repeat. So taking off from where Aniket left on the margin point, just trying to get a little bit more color on this. I think in the previous con calls, you had alluded to the fact that despite the operating leverage plays and all the other benefits that are there, maintaining a margin of, you know, 25% plus would be difficult. However, what we are hearing now is, you are saying that maintaining a 25%-27% or somewhere in that range of margins is something that is sustainable. Is that the right understanding? So Subhadip, I'll start, and then I'll give it Sandeep to answer. So Subhadip, there are two parts of this question. First, one of the question was that what is the expected margin for this year? And I answered that, we have been talking about mid-20s. And now, with the first 3 quarter in, a good, you know, the results have been very good, so we expect now to be the higher end of the mid-20s for the full financial year, for this financial year. And the other related question was the expectations for the future. And for that, I and Sandeep, we answered that our endeavor is to maintain this mid-20s kind of margin. And Sandeep answered in the other way around, saying that he doesn't see a deterioration in the foreseeable future, a significant deterioration in the foreseeable future. Sandeep, you would like to add anything? No, I think you are right. So Sushil, you have captured it well. So I think, Subhadip, so as we said clearly, that of course, at that point of time as well, we didn't mean it, that it would be a significant deterioration we expect. But it was, it was read or it was understood like that, but, so this is the final position that we have. Perfect. Perfect. I think that makes it amply clear. Secondly, I think if I have to look at the overall ordering in the transmission space right now, I think the current fiscal has been relatively slow. I believe last fiscal ordering was in excess of INR 100,000 crore. We are significantly lower in this year so far. So do you anticipate a large pickup, you know, in the forthcoming quarters because there is a lot of tendering activity? Is it possible to kind of articulate, you know, what is the size of overall pipeline of, let's say, TBCB projects that are in the tendering pipeline that you are seeing? Look, I think, I think I don't have the ready numbers with me about the pipeline, but I expect that, yes, next year is going to be a much stronger year than what we had this year. Perfect. Perfect. Understood. Thank you so much, sir. Thank you. Thank you. Ladies and gentlemen, this was the last question for today. I now hand the conference over to Ms. Megha Gupta for closing comments. Thank you all for joining the call today. We hope the insights provided by our speakers have been informative and valuable to you. We value the trust and support of our investors and analysts, and ensure to remain committed to maintain transparent communication and fostering strong relationships. If you have any further questions or require additional information, please do not hesitate to reach out to me or our communications leader. Thank you. Thank you. On behalf of GE Vernova T&D India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.