Ladies and gentlemen, the conference will begin shortly. Please stay connected. Ladies and gentlemen, good day and welcome to KNR Constructions Limited Q2 and H1 FY 2026 earnings conference call. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in 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. K. Venkata Ram Rao, General Manager of Finance and Accounts, KNR Constructions Limited. Please go ahead. Good afternoon. Thank you for joining us today on the call to discuss the financial results for Q2 and H1 FY 2026. Along with me, I am Mr. K. Jalandha Reddy, our Executive Director and Strategic Growth Advisor, our Investor Relations Advisor. We have uploaded results and investor presentation on the stock exchanges as well as on our company website. I hope everyone got an opportunity to go through it and would like to touch upon a few key company updates and industry events, post which we will have a question and answer session. In the first half of FY 2026, the industry witnessed some sluggishness in the project awarding activity by both MoRTH and NHAI. While the overall award pipeline remains healthy at around INR 3.5 trillion, the pace of order book conversion has been relatively slow. Our execution front activities was muted during the quarter, impacted by extended monsoon conditions across several parts of the country. That said, with the strong NHAI pipeline and the new project expected to be announced by various state governments, the industry anticipates a clear pickup in both awarding and execution momentum in the second half of fiscal. This recovery is further expected to be supported by the government continuous focus on the large scale infrastructure development including plan for 25 new greenfield expressway, a 3,000 km port connectivity highway network and nearly INR 1 trillion of investment aimed at improving road links to key religious tourism destinations. Another encouraging development has been NHAI tightening of the RFP provision which now ensures that the projects are awarded to the contractor with proven technical and financial strength. Further, NHAI has been undertaking several initiatives to enhance India's highway infrastructure. One such initiative is the development of network survey vehicles across National Highway. These vehicles will collect, process, and analyze detailed data on the road inventory and pavement conditions, enabling NHAI to take timely corrective measures and ensure better upkeep of highways. Further, NHAI has lined up big-ticket asset monetization offerings as part of its INR 40,000 crores target for FY 2026. This will help the authority recycle capital and fund new infrastructure holders, boosting the sector. With those initiatives and reforms gaining momentum, the overall environment for road infrastructure is clearly turning more positive, paving the way for strong growth and improved execution in the coming quarter. Now coming to the key updates of the company, the percentage of fiscal progress as of September 30, 2025 for HAM projects are as under: Ramanathapuram to Valancheri approximately 99% has completed, Valancheri to Khajaguda approximately 98% completed, Chittur to Thakhu around 70.97%, Malari to Somar Padu around 89%, and Meripadu to Somar Padu approximately 56%, and Mysore to Kushal Nagar package 5 approximately 5% as of September 30, 2025. The company has already invested INR 698 crore out of the INR 991 crore revised equity requirement for all the HAM projects. The additional equity requirement of INR 292 crores to be infused as INR 175 crores and INR 117 crores for FY 2026 and FY 2027 respectively. You can refer to slide number 26 of our investor presentation for detail on. Each and for year. On May 25th, KNR Ramanathapuram Kwara Infra Private Limited, a wholly owned subsidiary of KNR Constructions Limited as well as the parent company, received a so-called notice from NHAI. Subsequently, the settlement agreement was signed with NHAI on October 16th, 2025, as under the KNR Ramanathapuram Kwara Infra Private Limited proposed to construct the viaduct at its own cost and to complete it by February 20th, 2026, including a grace period of 90 days, and NHAI has agreed to grant extension of time without damages for the project work. The likely date of issuance of the provisional completion certificate of the project, excluding the completion of this stage, should be July 18th, 2025, without damages. Ramanathapuram Kwara Infra Private Limited and its promoter proposed that they would not be participating in the bid of the NHAI up to the 30th November 2025. Considering the above, the NHAI agreed to drop all the penalty and development proceedings against KNRPL and its promoter. As of September up to October 27, 2025. KNR Ramanathapuram Kwara Infra Private Limited, the wholly owned subsidiary of the company, has received provisional certificate of completion dated 18th July 2025, and also KNR Guru Infra Private Limited, the wholly owned subsidiary of the company, has also received provisional certificate of completion dated 17th July 2025. Moving ahead, the company received letter of acceptance for two EPC projects in the state of Telangana. First, from Greater Hyderabad Municipal Corporation for construction of three-lane flyover on MS 65 at Kukatpally Y Junction, Hyderabad. The project cost is INR 72 crores and second one the construction of multi-level flyover at Khajaguda Junction and IIIT Junction and widening and development of road for project cost of INR 459 crore. Now coming to the order book position as of September 30th, 2025 the company's total order book including the recently won EPC project stand at INR 8,748 crores. This is divided into 29% for the road projects, 18% for the irrigation project, 12% for pipeline project, and 41% for mining project. Client-wise bifurcation is 81% of the order book is from third-party client and balance 19% is from the captive project. This third-party book percentage is split between state government contract at 76%, whereas 3% from the central government, and balance 2% from the private player. The current order book will be executed over a period of one and a half years to two years, excluding with the government emphasis on infrastructure development. We anticipate new orders award in the coming quarter where we aim at order inflow of approximately INR 8,000 crores-10,000 crores by end of FY 2026 with a mix of NHAI project, irrigation project, and other state government projects. Now let me take you through the Q2 and H1 FY 2026 standalone financial performance followed by the consolidated. The revenue for the quarter stood at INR 493 crore. EBITDA for Q2 FY 2026 stood at INR 54 crores and EBITDA margin is 10.9%. Net profit for the quarter was INR 28 crores. Now coming to H1 FY 2026 highlights, the revenue for H1 FY 2026 stood at INR 976 crores. EBITDA for H1 FY 2026 stood at INR 119 crores with margin of 12.2%. Net profit for H1 FY 2026 stood at INR 79 crores. Now coming to Q2 FY 2026 consolidated performance of the company, the revenue for the quarter stood at INR 646 crores. EBITDA for Q2 FY 2026 stood at INR 192 crores, which is 29.8%. Profit after tax stood at INR 105 crores in Q2 FY 2026. Moving to H1 FY 2026 consolidated highlights, the revenue for H1 FY 2026 stood at INR 1,259 crores. EBITDA for H1 FY 2026 was INR 375 crores with margin of 29.8%. Net profit stood at INR 228 crores. Now moving on, the consolidated balance sheet. Standalone balance sheet. The company continued to maintain strong balance sheet. The working capital rate stood at INR 144 crores. The standalone debt as on 30th September stood at INR 74 crores. The consolidated debt at INR 2,338 crores as compared to INR 1,865 crore as of March 25th. The net debt to the company, equity and consolidated rates as of 30th September, this stand at 0.49x as compared to 0.41x as of March 25th. With this, we can open the floor for question and answer. Over to you. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone 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 Shravan Shah from Dolat Capital. Please go ahead. Hi. Thank you for the opportunity, sir. Two things wanted to understand: order inflow and the revenue. First, on the order inflow front, till now have we bidded—obviously NHAI we can't bid right now—but any other state level projects have we bidded where bid is yet to open? That is first. Second, how much value of projects, and maybe state wise or segment wise, where we are planning to bid? Because now when we are looking at INR 8,000 crores-INR 10,000 crore further order inflow in the balance 4-5 months. Yes sir. Actually order inflow concerns. Yeah. As you all know that we are observing some silence period for NHAI up to November 30. I think we will be free to participate from December onwards. As such there is no important tenders which we have selected. Our selected tenders which are not there in the November. They are mostly, whatever, there are few, I think three, four tenders which are there in November also. Because of that sanction issues from PMO, sanction issues, or there is some estimate approval issues, they are getting postponed to January. What I have been told, the number of tenders which are there in November, they may get postponed to January, which I was informed in the NHAI. As such, I do not see any damage that can happen to us with this. However, it is all subjected to some assumption only. So even one or two tenders, if. They. Happen also we may have to be silent during this period. Apart from that sir, as you all know that we are expecting January, February, March there should be a big rally from NHAI and we would aim some projects for our company that anyhow it is on the progress. Apart from that definitely as you rightly asked the state highway projects are all. We are participating most of the tenders. Last time we have participated in that Ujjain Johora project but however we are not L1 and apart from that there are certain state highway projects in GH we have participated in some tenders, Greater Hyderabad also we have participated, so those tenders we would get to know the results. I think about say INR 600 crores, up to INR 600 crores is on. We are participating in those tenders and few other tenders also we have participated in the MP. Yeah, these are the areas. Apart from that, sir, we are aiming certain flyover projects in Maharashtra as well, Madhya Pradesh, and even in Tamil Nadu. There are certain projects coming up in Tamil Nadu. There are ADB projects also coming up in Tamil Nadu, which we would like to focus on. Apart from that, sir, we are also focusing on irrigation projects from various states like MP, Maharashtra, and all other places. We are trying to participate in those areas. Apart from that, we are keenly observing the data on, you know, there have been certain bids which are coming out from battery expansions to that solar energy stations. Those projects have also come up, which we are now viewing. I think we have taken on board with one CEO, one Mr. Mohan Reddy is assisting for that area. He's well known with that subject. Apart from that, we are also trying with some consultants also we have taken outside the board so that they can help us in the bids and all. In future, going forward, some solar projects also we'll be looking at. As you all know, earlier I said that the mining struggle is on. Anyhow, recently we have placed in Odisha one bid around INR 1,200 crore bid we have placed in Odisha that is not yet opened. Like that, whenever there are opportunities in our expertise concerned, we are trying our best to get the order, sir. Turnovers are the things concerned, I think, will be down coming three to four quarters because even though job inflow is less now, by the time you win the bid and then they ground onto the reality to get the turnovers, it will take at least three to four quarters. We are expecting that to go down in this only, sir. Whatever the order book is there, which we are trying to execute. Yes, yeah. Sir, broadly this INR 8,000 crores-INR 10,000 crores that we are looking at, is it fair to say that around INR 5,000 crores we are aiming from the NHAI and that too particularly, are we looking at only HAM? Yes, that way. State governments, we are aiming at at least INR 3,000 crores-INR 4,000 crores and balance from NHAI or from other areas which I spoke about. Got it, sir. Revenue, just to understand, because of the low order book we will be having a slow execution. Still, just wanted to understand for this year in the second half how much now are we looking at to execute, and let's say if we get an INR 8,000 crores order inflow, next year how can we look at how much revenue we are aiming. Actually it's all you know sir, the revenues, you know they generally if a HAM project means you know that it will take nine months minimum to take the turnover to come out of the, to come into the turnover's position it will take at least nine to 10 months. With that I think initially it works only so 5%-10% only can be expected from. Hardly 5% can be expected from the last quarters or the fourth quarter from now. Whatever the orders that are there we will try to execute and complete by this April May I think we'll be trying to close. We are expecting some bonuses also, with bonuses we are clearing those, those. Just. To still further understand a better way. In one H we have done broadly around INR 976 crores and currently INR 8,700 crores. If we remove the unbilled revenue, the source would be around INR 7,600 crores order book that we should be executing. There also INR 3,500 crores is the mining. Just trying to understand, can we expect a INR 900 crores-INR 1,000 crores kind of revenue in the second half and next year, let's say this year if we do INR 2,000 crores, so next year INR 2,500 crores, is this doable or can it be even close to INR 3,000 crores? Yeah, that is right. Now it is quite difficult to say anything, however, I'll try to answer this way. That. Yeah. That INR 800 crores-INR 900 crores will be there in this second half of this year. That will be there and upcoming. I think we are expecting good ordering flow to come. It's not that we are very keen. The tenders are also seen on the board only that it is to bid and get the job in our hand. That is only left. We will try our best to push the case that if we get any good orders in hand. Definitely. I don't think something will happen in the first half of next year. Maybe some revenue inflow will come in the second half of next year itself. Sir. Okay. Okay. Margin broadly will be doing the similar 13%. Because till now it is lower because of the low execution. But broader level pay, 13%-14% margin is doable. EBITDA margin. Yeah, yeah. That whatever new which we are ending in that way, we'll definitely try our best in that. Okay. Okay. Thank you and all the best. Thank you. The next question is from the line of Parikshit Kandpal from HDFC Securities. Please go ahead. Yes, my first question is on the margin. Is there any one off during the quarter? Both employee cost looks elevated and even the raw material and other expenses looks elevated. So anyone else in this. Actually on t hat basically for this employee cost actually this INR 10 crores actually that variable paid to the director has been provided because it has been approved in our AGM and by the board. That is the, you can say, one item in this has this quarter and we have incurred some of the expenditure for our Kerala project also around due to that margin was lower actually in this quarter. How much is the amount in the Karnataka project? Karnataka. Karnataka. No, the project which are flyover project. Sorry, which NHAI has that road project. Which NHAI has asked you to. Mysore Kushal Nagar project? Sir, you are asking about. Yeah. Yeah. How much was that expenditure? He said there's some expenditure provided on that. Right. In this quarter. This is Kerala one I think you're asking. Kerala one. Yeah. Where that incidences happen. You're talking. Yeah. How much have you provided in this quarter on that project? Around INR 10 crores. Actually, we have provided towards expenditures for that project in this quarter. Just on this question on the variable to the directors. I mean given the performance which we are seeing right now. I know that's AGM approved, but was it qualified to be provided in 2Q or was there a possibility that it could have been deferred given the performance as the company has gone down because of the execution and other issues, and especially this incident which happened. Yeah, definitely because it has been approved in this board meeting and that thing. That is why we have provided thing in this quarter only. We cannot defer it, postpone it. That is the one thing, and regarding definitely these promoters, they are very, very focused and they are working, working hard towards that thing. Based on that, actually director has approved. Okay. The question is to Reddy sir. So sir, on this, this last one and a half years, two years have been very weak on dollar inflows. Is it right to say that maybe during this period this is the worst kind of inflow of the prospect pipeline which we have seen? I mean, that has not converted into orders. Even, like, if I look at states, not seeing any major ordering from the states. NHAI significantly slowed down. Is it right to assume maybe this is the worst of the period where none of the states are doing any awards or the pipeline does not look very encouraging on the state side, be it Karnataka, be it Tamil Nadu, up Maharashtra? We have not seen large orders coming out and even on NHAI, any comment on NHAI ordering changes which have happened and now all the projects are going to approval? I mean, NHAI kind of power has been curtailed and the bigger ordering is now going towards Cabinet Committee for approval. When do we see the light at the end of the tunnel on the ordering side? Both on the states. According to my inquiry. Yes sir. This is the right, right word which you used, the worst time ever faced by such a situation. The main thing what I read out is that state governments are little now coming forward to get onto the orders. As of now there are very little orders which they have announced. Going forward I think states will be also coming out. You know, the state government, there is a risk with the payments, that is to be noted always, and data is every time we have that time we had very void choice sir. We were using, choosing our client and do the work. This time such situations are not there. Wherever there is a job we are just going and just bidding on it and trying our best to push the case. Here, little bit cautious we have to be this time. One thing is that NHAI is going to come up in a bigger scale project. What I am hearing now, I think. There are certain bits which have been grouped to get into a bigger size. There we can have some light that we can get some projects because sensible bidding all thousand below and 1,500 below. There is a very huge crowd which is coming down. Because of the. Change in norms in the bid, NHAI seems to be a little bit okay. I think initial period of the jobs being coming out that time, it could be some aggression could be there. Going forward, little bit aggression can come down because the aggressive bidders will be a little bit losing on the bid capacity front. That is showing some light, sir. Definitely that's where we are. Little bit confident about getting the jobs in hand. Okay, sure sir. Thank you. That's my question. Thank you. Yeah. Thank you. The next question is from the line of Bharani from Avendus Spark. Please go ahead. Good afternoon. Am I audible? Yes, sir. Yeah, very much audible. So, Great. My first question is on some macro details the ministry used to publish on a monthly basis. They're awarding, say, they have done in kilometers. Right now it's not there. Just your sense of how much has been awarded in kilometers wise so far in the first eight months by NHAI and what is the target set by NHAI for the full year? Actually, full year target is around 3,000 km that we got to know. As of now, how much is awarding has come, that we have to just check. The main thing is that NHAI is now, we have seen a little bit of slowdown only as of now because the bids are there. I think there have been enormous bids you can see on the website, but they are getting postponed. What we are hearing is that it could start from January onwards up to March. They want to call out the tenders and that will be the phase which we are also gearing up. Like if I were to look at what has happened, we are having around 29% of our order book in roads. This is the lowest in the last 10 years. The current order book size, we are lower than what we achieved in FY 2021, around INR 11,000 crores of order book. Essentially, this is a down cycle. I can distinctly compare this with what happened before 2014. When the new government took over, focus on EPC was back and a lot of new ordering happened that revived the cycle or that upcycle came. This time around, this down cycle, you know, will turn into an upcycle for companies like KNR only if again the competition is low and if good EPC orders come with no challenges on land acquisitions and all. If I were to think whether this will happen, competition is still going to be high and the land acquisition is the prime reason why tenders or bids are getting postponed and NHAI has much lesser power in terms of awarding and approving larger projects. Even if it is a down cycle, my question is whether there is an upcycle at all in the next few years or I mean it is fine from January things can improve because nothing has happened in a significant way. Whether this will be a sustainable large upcycle for the sector in your view or are we going to not, you know, have only other segments like irrigation or mining or something else becoming mainstay rather than roads going forward. Actually, it is a little bit, quite, quite difficult to say anything at. This point of time. You know, going forward the combination could improve in other sectors also because highways and all, you know, the only. Greenfield highways which are now there are. On the NHAI side and they are also planning TOTs and BOT toll projects and annuity model projects. We have started like this. That okay, if there is any bigger player like the developer, things like Adani's or any kind of bigger players. We are also tying up with them. For EPCs to do. We are under discussion with IRB for some project to midway along with them, and we are under dialogue with Cube Highways also to go on certain projects with them. It is not only we are completely depending on the bid what we get from NHAI, we are also depending on some other players who are prominent in paying the thing. There also we are focusing, and it improves our confidence that we can get some jobs income. Okay sir, put it in other way. Have you gone through each and every project of this INR 3.5 trillion opportunity that is there within the now and have you accessed what proportion of it has 90% plan? Because that is what is kind of delaying. According to you what proposal of that INR 3.5 trillion has 90% plan? Yes sir. Actually, the LAD addition plan or whatever that is, we can procure from NHAI only. We generally go to NHAI and take the position whenever there is a bid or the bid is there on a sector, selected bids. We will be collecting the information from NHAI office itself, headquarters, Delhi, and PD offices and RO offices are also helpful because we are regular contractors who are working with NHAI, so they always share the information with us. In such cases, we will be confident that this tender can come out like that. Also, we are gauging the things. Of the INR 3.5 trillion, how much% are you confident about. Sir? Right now I haven't calculated, sir. If you want, I can come back on the email after I do some homework. No problem. That's it. All the best. Yes. Yes. Thank you. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Sir. What is the status of the mining project? When do we expect to start the execution? In FY 2027 what can be the exported revenue from the project? Actually, that land acquisition is on. Sir. For that especially there are some villages where some illegal occupants are there. That is being under discussion with the DC. I think within the document period we are quite confident to solve all these issues and go on to execution. Plus or minus 12 months will be there sir on that. I think major move that is happening on the thing that grammar Sabhas are being conducted. The more proactively the revenue department is also doing the job. We can now the confidence is building up that things can be moved. Can the exhibition. According to the schedule. For 27th? 1/4 i s over for that. Yeah. After third quarter or fourth quarter we'll be able to do that. From now. It'll take almost a year from here. Yeah, it's not here but it is nine to 10 months. Okay. Okay. Secondly, on the pipeline order, last time we indicated that we should reach that revenue recognition threshold, and that could be a booking of roughly INR 10,020,000,000 in Q3. Where are we on that, and what could be the annual revenue from the pipeline order? Pipeline, Venkata go on. Yes sir. This pipeline order almost actually around INR 150 crores-INR 200 crores. Actually the bill has been. We have done the work actually but the billing has to be done because we have to achieve the milestone. We are expecting that this quarter around INR 150 crores-INR 200 crores certification will happen. Actually because this work we have given actually back to back to our subcontractors. In this quarter actually we are expecting that around INR 150 crores-INR 200 crores certification. Is going to happen. For FY 2026 can it be roughly INR 500 crores revenue from the project. Total Not cannot. This will be there. Next quarter will be around seven to eight mega. You can consider around INR 300 crores- INR 350 crores. For the entire year? For entire year yeah. Okay. Sir, any update on the MSRDC order with Patel where we were L1? Not that, sir. We have been asked to submit the bank guarantee extension, which we have submitted, and just waiting, and they said somewhere in December, second, third week, there will be the land acquisition gets over, and then they'll go on to that. However, it is all subjected to the approvals from the. Any possibility of the order getting cancelled or repaid? As of now it is not there. Any negative news is not there as of now. Certain projects they have canceled, you know, certain projects they have canceled. After passing out so much time, will they now cancel? Because going forward they have done a lot of work. Land acquisition and bidders were also waiting more than one year. I do not think they will. Yeah. Yes, correct. You are right. At this stage I do not think they will drop out, but that CMO. Is. Viewing it actually. Any idea what would be the current land acquisition status for the project or the package? I think the one stage has come for the 60% of the land, sir, and balance they said by November and they will be trying to distribute for 60% of the land balance in December. As of now or during the what time? Time to award only they take, yeah. 60% of the land prices they are going to award to the landowners by this November. What they said, and balance they will do it in December, so that if they have comfortable position like getting 70%-80% land in hand, they will go for LoA. LoA may come in Q4. Yes sir. Okay. Okay. Secondly, on the irrigation side, out of the order book, what would be the unbilled portion? What will be the actual revenue potential from the irrigation backlog? Irrigation almost certainly around. Yeah yeah. Out of that unbilled is around INR 720 crores. Balance, you can say around INR 700 crores is there that is potential to b uild actually. Out of INR 1,540 crores around INR 800 crores-INR 820 crores would come out to be the. Yeah. In return over here. Okay. Okay. Sir, lastly, when do we expect to complete this exhibition of irrigation, complete by next year? Have we started the exhibition on the other two orders which we had won, the smaller ones? Definitely. Actually, most of the work is going to complete a irrigation of this year only. Maybe some portion of work for package three is going to be spill in the next year. As far as these two projects are there, which is a small one actually, that also we have given for the subcontractor. There is a land acquisition issues are there. That's why this project has not been taken off actually as of now. Okay, thank you sir. Also my question. Thank you. Thank you. Next question is from the line of Nithin Ranjit from [Frontline Access]. Please go ahead. Thanks for the opportunity. My question, I was looking at the order book version. Apparently, there have been some increase in proceedings also, which pertains to the irrigation project in and around. When do you expect those things to resolve? Apparently, based on the, from whatever I have read from the footnotes of the published mention, it's being said that, you know, we are still continuing execution even if the bills are not being cleared. What's the question on that? Are we gonna continue executing these irrigation projects in Telangana? That's pretty much my first question. Sir actually, the package three. Okay, go on, go. Out of INR 1,090 crores actually for debtors this irrigation receivables are around INR 758 crore. And HAM receivables is INR 258 crores. This irrigation receivables unbilled is around INR 720 crores. This is the work what we did actually. It has to be certified by the department. As of our status is that still. Actually we are. Because we have to complete the project that is our first priority. Almost for package four actually entire work has been completed almost. For package three around INR 300 crores work is there. That will definitely going to fill in the next year. Except INR 300 crores other works mostly will complete. Actually in this year our package three actually we have received payment actually post September around INR 74 crore. That's why for package three there is no issue. Only delays are there. Definitely for payment wise there is no issue for package four. Definitely. We are trying actually in talking to the government officials to get the relief. We are getting assurance from them actually. They will release the payment. We are just waiting for that. Basically you're expecting things to get resolved maybe in the next three to six months. Maybe within. Within the next two quarters, right? Yes. That is what we got the promise from the concerned minister and finance minister. Also, we have been doing repeated meetings with them. That loan part, which they are not, neither they are clearing the loan part or not, they are there. Actually, the loan is already closed. If they renew the loan part and then go for it, then things will be easy. Otherwise, no, this. If they allocate from this, the state funds, they will be paying in installments. Not at one go they can pay. That is what the expectation is there, Sir. As Mr. says, this time we met him, I think for the third or fourth. I think he said within one month we will call. Every time he is saying that things are not happening, that is a major setback which we are seeing there. However, as you asked, we were working on that project not on full fledged basis. But whatever the staff is there, whatever the people are there, we are trying to do some job. Because major of the pumps and everything, motor pumps, rotors, everything have come. Only assembly part and that winding part is going on. So that assembling we have to anyhow do it. Because unless we do it, the material will be here and there. After one year you go, the things will not be in order. We are trying to keep the things in control and assemble and keep it ready. Otherwise, you know, all of a sudden they pay, then we also land into problem. Because that material which is we got, we have been tested on the day one we have received. Then if there are some repairs and all we'll. will be getting those. Getting to know after one year. Then things will not be good. We also feel the people who are there. We are getting the work done and doing the thing. The INR 750 crores piece of unbilled revenue has not got recognized. It still forms part of the order book, right? Yes. Actually that. There is some RO. That means revised order, revised estimate order. There is some technical committee has approved yesterday, yesterday or day before yesterday. I think with that I think it will go to the government and then that gets approved. Got it. Coming to the same project, I mean the Kushal Nagar project, the package five. As long as, have we achieved like 90% land acquisition for that project, and have we got the, I mean, have you got the appointment there? When do you expect to, when do you actually expect revenue recognition? When I say the initial 40% share from the government share to be actually get recognized. Yes sir. Kushal Nagar 4, 4 and 5 is with us. The package 5, we have issues in that. You know that they wanted some service roads. This is a greenfield highway for which the service roads are not provided. Locals have demanded for service road. The land acquisition is over for at least 80-85%. They have stopped in 13, 14, 8 km, 8 and a half kilometers. They stopped for want of that service roads. Except that portion, all other portions are under progress. Okay, got it. So. Basically this bid wouldn't go into rebuilding, right? This project would be filled. No, no. It is already coming. The project is commenced. There is no chance of going for rebuilding. One. If I could just squeeze in one more question regarding the mining projects. When do you expect revenue from the mining projects to come in and what sort of margins are we looking at with respect to the mining project? I know nine to 12 months. Nine to 12 months. Nine to 12 months is when, and so what is this development period? I think the product value 12 months. 12 months. The project value is something like INR 4,000 crores-INR 3,000 crores. Initial development pays how much, how much auto value would you can, can one subscribe to the initial week. You have the program with you? Venkata? I will say, but this will be one year, the development period. On that development period, we have to do the land acquisition, we have to get all the clearances like forest, and we have to do this nala diversion, and some village development work is there. That is approximately around INR 90 crores. In the next one year, we may do maximum work of around INR 90 crores. After that, operation period will start. That is five years, and operation period also, because initially it is around INR 3,500 crores into INR 5, 700 crores. Initially, it will be around INR 300 crores-INR 400 crores, and after that, it will go to engage, and next five years, it will complete with INR 3,500 crore of work. Okay, sure. All the rest. Hopefully the next year would be better than this one. Thank you, sir. Thank you, sir. Thank you. The next question is from the line of [Pasin] from Nuvama Wealth Management Limited. Please go ahead. Yeah, thank you for the support, sir. We were looking for some monetization of four of our assets, so just wanted. To know what's the status of that. The monetization is very advanced. States are actually, so we are just, it is SPA actually, draft has been circulated ourselves, so we expect that by this month actually we should be able to close the deal. Okay, and just a few bookkeeping questions. What is the CapEx we did in Q2 and how much are we planning? For the full year. Till six months we did actually CapEx of only INR 3 crores actually and this year we are not expecting we are going to do much CapEx because if we are because other project has to has to start, so maybe you can say around maximum around INR 30 crores-INR 40 crores will be CapEx there for balance six months. Okay, can you give the revenue split for the second quarter across the segment? Segment wise revenue split is there that for HAM actually it is around 20%-29% and for EPC road work it's around 34% and for irrigation it is around 36% and around 1% is back to the. Okay. Lastly sir, what is the outstanding receivables from the Telangana government? Receivables and including unbilled around INR 1,350 crores are there. Okay, so that's it from my side. Thank you. Thank you. The next question is from the line of Abhishek Jain, an individual investor. Please go ahead. Hi sir. Good afternoon. My first question is on the receivables front. When do we see getting that from the Karnataka government? Or it might lead to a situation where we'll have to write it off. Because it's been a couple of quarters that we haven't been able. That's why I introduced out of house INR 1,090 crores receivables and irrigation receivables around INR 758 crores. On this Kalesurum package four, which is big one, that is around INR 677 crores received from package four. And from package three, actually receivables were INR 74 crores which was received actually post September total in 2025. Right now as we already informed that we are already, management is discussing at the highest level with the government authority and all the things that we expect that actually we are following with them. We expect thereby you should receive the payment. That is amounting to INR 670 crores, right? That is for work. We have already. INR 600 crores package for that. Is a major one which is certified and not yet paid. Okay. And. Pointed out in the recent AGM a pay package was. You know, approved by the agent. What was that quantum? That is going to be applicable for next year. It is from April 26th onwards actually. Okay. Not for this area. That is for the next year. How much that would be? It is. It is that. I will check in offline. I will tell you it is there in the resolution. I have to just see that and tell you. Okay. There was another news circulating by an influencer. I don't know. I died. I am not very, very sure as how much that is. How much of that is true. That said, the Tamil Nadu government has recently would be awarding a INR 4,000 crores. Crore contract to KNR Constructions. I'm just. Just wanted to know if this is? True or if there is something you can comment on this. Sir, actually it is an open bidding which happens, sir comes on the corner and they would be dead. It is on some local news channels. We have completed one project in that Coimbatore. Maybe there are subsequently there are tenders. We are also aiming some fake news which is getting roamed around. It is not in the mainstream of that media, it is all in the thing. You know, even tomorrow if I win they will blame me that I have taken it like that. Things are not like that, sir. This is open global bidding. Anybody can come from any corner and bid it. Actually. Correct. Are there any approvals pending for any of the tenders we have applied for in Tamil Nadu? If you can share the quantum of that bidding. No sir, not it. Nothing applied in Tamil Nadu. Nothing applied sir. Nothing as of now. Nothing. Sure. This last question. The last two years have been. Last one or two years have been. Quite, you know, tough for the company on the financials and even the sector as such. Where do you? When do you see the? You know the company getting back on its, you know, where it was when it. Was at its peak? If our assumptions go well and our efforts take shape, definitely by three to four quarters we'll be on track. Maybe four quarters. I expect so. Come back to that. Okay. Sure sir. Thank you. Thank you. Thank you. The next follow up question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi sir. Initially we said we are expecting bonuses in some of the projects. Can you help us how much and in which project and when we can be getting or booking in the P&L? Actually, recently we got bonus in one project. That is already accounted. Other three projects which are going on, we are not expert in right now. It will take some time. Actually, not right now. Okay. In second up not looking at any bonus to be booked in the P&L. Yeah. Nothing. Nothing. Okay. This Ramanathapuram project where we said that INR 10 crores, that provision we have done in the second quarter. How much more do we have to do? I think INR 40 crores-INR 50 crores, that total amount is there. How much, and will it be in the second, third, and fourth? Quarter we will be booking. Same balance. One will book in the third and fourth quarter. Because anyway we have to execute that work in our own cost. We have to complete this by February 26th. Definitely in third, fourth quarter the balance will you have to book. Okay. Okay, got it. Sir, this put together both this Mysore two packages. In second half how much we are looking that in terms of the revenue and next year how much one can look at. I think both put together is INR 1,200 crores currently in terms of order book. How much revenue we can look at in the second half and for 2027. Around second quarter we are looking around INR 300 crores you can say revenue. The second part is the two projects out of INR 1,200 crores. The next year will be somewhere around INR 600 crores. INR 600 crores-700 crores. Got it. Just to clarify, in irrigation we said that out of INR 820 crores, excluding the unbilled, except the INR 300 crores, the balance around INR 500 crores we will be booking as revenue in the second half. The total order book is INR 1,500 crores plus. Out of that, if I remove the unbilled, then the number is around INR 820 crores that we can book as revenue. Out of that, in the second half, how much will we be booking and the balance obviously will go into the FY 2027. You can say around INR 300 crores-INR 350 crores. Actually we are going to book in the second half and balance will be next year. Okay. Okay. Because in some of the project some of the miscellaneous items will be there. That will carry actually, so not entire INR 500 crores, maybe around INR 350 crores-INR 400 crores. We are going to book in second half of this. Okay. Okay. Okay. The pipeline, you said that in the second half we will be doing INR 300 crores-INR 350 crores and the balance may be around INR 600crores-INR 700 crores. That entirely most likely will be over in FY 2027, that project pipeline. Yeah, yeah. Definitely. Like it is like that. Because this year we will do around INR 300 crores- INR 350 crores and balance around INR 600 crores in the next year. Okay. Okay. Got it sir. Thank you. All the best. Thank you. Thank you. Ladies and gentlemen, due to time constraint we have reached to the end of the question analysis session. I now hand the conference over to the management for the closing comments. Thank you all for joining us on this call. Please reach out to our investor relations consultant Strategic Growth Advisor or us directly. Should you have any further query, we can now close the call. Thank you. Thank you. Thank you all. On behalf of KNR Constructions Limited. That concludes this conference. Thank you for joining us. You may now disconnect your lines.