Ladies and gentlemen, good day and welcome to KNR Constructions Limited Q4 and 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 date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. 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 this conference call, please signal an operator by pressing star and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. K. Venkata Ram Rao, General Manager, Finance and Accounts, KNR Constructions Limited. Thank you. Over to you, sir. Thank you. Good morning, thank you for joining us today on the call to discuss the financial results for Q4 and FY 2026. Along with me, I am Mr. K. Jalandhar Reddy, Executive Director and Strategic Growth Advisors, our investor relations advisors. We have uploaded results in the investor presentation on the stock exchanges as well as on our company website. I hope everyone got an opportunity to go through it. We would like to touch upon a few key company updates and industry event posts, which we will have a question- and- answer session. Moving to the broader industry landscape, the road infrastructure sector witnessed a relatively measured pace during FY 2026, particularly on the project awarding front. Over the past two years, awarding activity by NHAI and MoRTH has remained below the peak level seen earlier, reflecting a more calibrated and execution-focused approach across the sector. During FY 2026, NHAI awarded 3,100 km of the project, lower by approximately 22% year-on-year and below the initial target of 500 km. The moderation was primarily driven by extended project appraisal and approval timelines, land acquisition-related challenges and increased emphasis on ensuring better project preparedness and structuring before tendering. The state execution activity on the ground continued to remain healthy. NHAI constructed around 5,300 kilometers of the national highway during the year, which while marginally lower than the previous year, but it surpasses its internal construction target of 5,000 kilometers. This reflects the sector's strong execution capability and continuing progress across ongoing projects despite near-term awarding advance. More importantly, the government long-term commitment towards infrastructure-led growth remain very strong. Continued investment towards expressway economic corridors, logistic infrastructure, and multimodal connectivity are expected to support sustained opportunity for sector over the medium to long term. Also, new meaningful opportunities are now opening up across segments such as mining development, irrigation, roadways, metro tunnel projects, urban mobility, and rail connectivity. This is creating a broader infrastructure ecosystem and enabling companies to diversify their capabilities, expand into new area of growth, and build stronger long-term business models. On the cost front, the industry also witnessed some volatility in the commodity link input during the year. The ongoing geopolitical transition and conflicts in the West Asia led to an increase in crude oil prices, which consequently impacts bitumen prices. However, the impact on the domestic infrastructure sector remains manageable. To provide better support to the contractors and improve cash flow visibility, the Ministry of Road Transport and Highways reduced the price adjustment cycle from three months to one month, enabling faster pass-through of the fluctuation in the construction material and equipment costs. This step has been positively received by the industry and is expected to provide greater stability in the project execution going forward. Assets monetization also continued to witness healthy momentum during FY 2026, with NHAI monetizing around INR 28,000 crore through InvIT and TOT transactions, largely in line with the government target. This reflects the increasing maturity of the asset recycling model and support continued investment towards future infrastructure development. Looking ahead, the outlook for FY 2027 remains constructive. As per industry estimate, MoRTH is expected to construct around 9,000 to 9,500 kilometers during the year. The pace of providing and construction may remain well more balanced compared to the peak cycle witnessed earlier, the sector continued to benefit from the strong policy support, sustainable public capital expenditure, and rising private sector participation across infrastructure segments. Overall, India's infrastructure opportunities set today extend well beyond roads and highways. With increasing opportunity across transportation, urban infrastructure, energy, logistics, mining and water sector, the industry is entering a more diversified and sustainable workspace. Companies with strong execution capability, financial discipline, and multi-sector expertise are expected to well position to the capitalization on this long-term opportunities. Now, coming to the key updates of the company. The percentage of physical progress as of March 31st, 2026 for the same project is as under. Ramanattukara to Valanchery, around 99.4%. Valanchery to Kaprikkad, 98.3%. Chittoor to Thatchur, around 97.4%. Magadi to Somwarpet, around 91.3%. Marripudi to Somvarappadu approximately 77.1% and Mysore to Kushalnagar package four around 15.5% and Mysore to Kushalnagar package five approximately 12.2%. As of March 31st, 2026, the company has already invested INR 734.24 crores out of INR 952.17 crores, revised its equity requirement for all the HAM projects. The additional equity requirement of INR 217.93 crores to be infused as INR 170 crores and INR 47.93 crores for FY 2027 and 2028 respectively. You can refer to slide number 26 of the investor presentation for details on each HAM project. During the quarter, the company received letter of award from two HAM projects with a combined project value, GPV of INR 3,897 crores. The first project was awarded by Tamil Nadu State Highways Authority, TANSHA, for development of four-lane elevated corridor from Troimel to Sandi on State Highway 49. The bid cost of the project is INR 2,163 crores and has a construction period of three years and followed by an operation period of five years. Subsequently, the SPV name KNR Mahabalipuram Infra Private Limited has been incorporated, and concession agreement has also been executed. The second project was awarded by NHAI for four-laning of NH 167 from [Utturallur] to Mahabubnagar in Telangana. The project is valued at INR 1,734 crores and has a construction period of two years followed by an operation period of 15 years. Subsequently, an SPV named KNR Manyamkonda Infra Private Limited has been incorporated, and concession agreement has also been executed. The tentative equity requirement for two HAM projects will be around INR 510 crores. Further, company has also received letter of acceptance for two EPC projects worth INR 133 crores. One from the Greater Hyderabad Municipal Corporation for construction of four lane unidirectional flyover at Rasoolpura in Telangana. The project value is approximately INR 50 crores and should be completed over 24 months. Second one is from Hyderabad Growth Corridor for the widening and strengthening of five lane road from Shankarpally Road in Telangana. Project is around INR 83 crore and has an execution period of nine months. In respect of monetization proposal, we wish to inform that the company has transferred its all of equity share in one of its subsidiary company that is KNR Palani Infra Private Limited to Indus Infrastructure. The company has invested INR 64.40 crore in the form of equity and subject in that SPV. Pursuant to this transaction, the company has received a consideration of INR 205.05 crore from the purchaser. Further, the SPV has also upstreamed INR 90 crore of the cash surplus to the company through this transaction. The company is expected to close one other project by June 2026 and other two projects by September 2026. Now coming to order book position. As of 31st March 2026, the company total order book stand at INR 8,622 crore. The order book does not include the recently won HAM projects. Including the HAM projects, the company total order book stands at INR 11,903 crore. This is divided into 49% of the roads projects, 14% for irrigation, and 7% from pipeline projects, and 30% from mining projects. Client-wise distribution is 60% of order book is from the third-party client, and the balance 39% from the captive projects. In third party order book percentage is also government contracted 59%, whereas 1% from the central government and balance 1% is from our other private players. Kindly read the slide number 32 of investor presentations as we go. The current order book will be executed over a period of three to three and a half years, excluding the mining projects. With the government continuing emphasis on infrastructure development, we expect order activity to be improved over the coming quarter across both central and state government. In line with this, the company is targeting order inflow in the range of approximately INR 8,000 crore to INR 10,000 crore during FY 2026, comprising a healthy mix of NHAI projects, irrigation projects, mining, and other state government infrastructure work. Let me take through the Q4 FY 2026 standalone financial performance first, followed by the consolidated financial highlights. The revenue for the quarter stood at INR 535 crore. EBITDA for Q4 FY 2026 stood at INR 28 crore, and EBITDA margin at 5.3%. Net profit for the quarter was INR 19 crore. Coming to the FY 2026 highlights. Revenue for FY 2026 stand at INR 2,097 crore. EBITDA for FY 2026 stood at INR 178 crore, and EBITDA margin stood at 8.5%. Net profit for FY 2026 stood at INR 116 crore. Now coming to Q4 FY 2026 consolidated financial performance. The revenue for the quarter stood at INR 696 crores. EBITDA for Q4 FY 2026 stood at INR 169 crores, and EBITDA margin is 24.3%. Net profit for the quarter was INR 106 crores. Moving on the FY 2026 highlights. The revenue for FY 2026 stood at INR 2,698 crores. EBITDA for FY 2026 stood at INR 711 crores, and EBITDA margin FY 2026 stood at 26.4%. Net profit for FY 2026 stood at INR 473 crores. Now moving on the standalone balance sheet. The company continued to maintain a strong balance sheet. The working capital days stood at 78 days compared to 93 days as of March 2025. The consolidated debt as of 31st March 2026, it stood at INR 2,438 crores as compared to INR 1,847 crores as of 31st March 2025. The net debt to EBITDA on consolidated basis as of 31st March stand at 0.49 x as compared to 0.41 x as of 31st March 2025. With this, we can open the floor for question and answer. Over to you. Thank you very much. We'll now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on your touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Our investors have requested to use handset while asking a question. First question is from the line of Ketan Jain from Avendus Spark. Please go ahead. Hi. Thank you. Thank you for the opportunity, sir. Sir, I wanted to understand how many kilometers were awarded. You said around 3,000 km by NHAI. In total, including MoRTH, how many kilometers were awarded in FY 2026? Voice is not clear actually. What did you ask me, sir? Hello? Yeah, is it better now, sir? No. Yeah. Tell me. Yeah. Sir, I wanted to understand how many kilometers of road projects were awarded in FY 2026. 3,000 km was from NHAI. Including MoRTH, how many kilometers, sir? Okay. We have that NHAI data. More the data also, we'll get it and we will let you know. Understood. Okay, sir. What was our order inflow in FY 2026, sir? The order inflow concerned for FY 2026, one LOA. Hello? Sir, we lost your audio. Can you hear us? 2,150. Sir, sorry to interrupt. Sir, we lost your audio. Can I request you to repeat the answer once again? Yeah. There is one ECR flyover in Chennai, that is around INR 2,150 crores, is recently awarded. NHAI one. NHAI one, that Gadwal to Mahabubnagar one project, which is about INR 1,750 crore from NHAI agency. There are few flyover works in GHMC, which is already announced in the market. They are in almost near about INR 1,400 crore-INR 1,500 crore is now awarded. Further, there have been some bids which were submitted. We are also expecting some bids out of that. Again, there is some other bids in Chennai ORR also we are expecting. Those around INR 800 crore. Mostly, there is another mining project is also on the pipeline. Maybe we will be having enough order book for upcoming year. Barring which another two, three projects also we are aiming from NHAI and MoRTH, further from flyover projects. With all that, I think we'll be able to achieve the targets as we set in for order book concerned in this year. Definitely, this is going to be a good start for us for next year. Sir, any guidance on revenue and order inflow for this year, sir, FY 2027? Revenue is quite difficult to say anything because which project is going to be awarded when, and when it can be taken up. Certain projects are there which are EPC nature. They can start in two, three months' time after agreement. Certain projects are HAM model type and all, they take another six, seven months. Further, this is a different situation we are heading, sir. First time we are unable to say what we are going to do this year. That's the major thing, because we are mainly depending on the works which are coming up. It's not that every time we used to be having order book under execution and then say something we used to have. This time is a quite difficult situation. However, we'll try to touch around INR 2,000 +, this thing which that we'll say. Further, anything added will also boost the thing. Understood. Sir, I think we are trying to be gearing up for the FY 2027 kind of thing. Understood. Just a last question on my side. I see working capital has increased, debtor days have been higher. Which pocket of customers are you seeing delaying payments? Are you seeing any particular states delaying payments? Actually, payment passport is there because you know that we have one project in [Talcher room] package four, where almost INR 670 crore of debtor is pending. Other than this, every state one, whether NHAI or other state one, we are not facing any issue. Debtor days has been actually, compared to March 2025, it is reduced. Definitely package four debtor, there is no movement in that actually. Basically, from government of Telangana irrigation project, where we have struck with some of the debtor. Understood. Okay, sir. I'll join back. Okay. Thank you. All right. Thank you. Thank you. Next question is from line of Sandeep Agarwal from Naredi Investments. Please go ahead. Hello. Sandeep, you're not audible. Thank you, sir. Hello. Thank you, sir, for the opportunity. Sir, a few questions. Sir, just regarding the Telangana dues, is there any timeline or any update regarding this? Telangana dues. Sir, actually, see, as far as Telangana is concerned, we are confident of getting the payments. Recent discussions say that loan issue will be pursued severely by the finance minister. KNR and Megha Engineering had a extensive meeting with the finance minister last week. Not last week, but last but week. They said another two months, within one, two months, they'll be solving, I think. We are hearing the same from the situation. I think this time, finance minister is reviewed, so we are hoping that things could be a better shape. Okay, sir. Sir, next one. Yes. I request others with my investors or known people, that our persuasion is never, ever stopped, and we have been under severe persuasion to get this semester. I think more or less, we should get clear. If not in this quarter, but next quarter, we shall be able to get that thing what we have. Okay. Thank you. Sir, next one is, sir, regarding our order pipeline for the financial year 2027, sir, what is our expectation other than this INR 3,600 crore initially we get? INR 3,600 crore. I think, apart from this, Chennai only. Chennai. Other than that. Sir, I think another INR 4,000 crores is under pipeline, we can say. It will receive LOAs. It is all unless we get issued with LOA, we cannot say. It is all a pipeline kind of thing only, what I'm talking about. Apart from that, further, we are also pursuing some bids. I think another INR 4,000 crore-INR 5,000 crore also we are focusing to get orders, sir. Okay. Because Hyderabad RRR is also getting to come out, and there are more six-lane highways which are around Hyderabad are likely to come up. Apart from that, we are also trying to gear up something in railways. We are also gearing up in mining. We are also gearing up in flyover projects. As well, we will also look at good projects from solar. With all that, I think we'll be able to achieve the targets which we set forth last year, but they are not getting fulfilled entirely last year, but we will try to do in this coming one, two quarters. Okay. Sir, last one. Just last one is, sir, any major claims pending to be received in current year and next year? Major? Major claims pending? No claims are out there. Rather, they're being paid off, sir. There's nothing, actually. Whatever that was there, they have been received in the last quarter itself. I mean to say, the last announced quarter. Later, I think we have hardly anything. Anything small could be there, but I think that's likely to be tasked, so it is a quite difficult task right now with the situation which we are heading in. Okay. Thank you, sir. Thank you, sir. Thank you. Next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Sir. Go ahead. Hi, sir. Just to understand in more detail in terms of particularly on the revenue front. I will try to break it up into the segment-wise, so it would be easy for you. In terms of FY 2027, specifically from now onwards, if we include the two new HEM projects, our current order book is INR 11,900 odd crore. Let's say, in that, how each segment-wise one can look at in FY 2027, let's say pipeline, we have INR 832 crore; irrigation, INR 1,667 crore. Obviously, the unbilled will minus INR 7,800 odd crore. Maybe INR 7,800 crore is executable. Mining is INR 3,500 odd crore, and HEMS is the INR 1,400 odd crore, and the two new HEM are INR 3,200 crore in terms of the EPC. Each segment-wise, how one can look at this, and given, let's say, if we do, as you are saying, get INR 2,000 minimum. I know we still will be able to do close to INR 2,400-2,500 crore odd. INR 11,900 crore and less this, close to INR 9,000 crore and plus another, we will get INR 9,000-INR 10,000 crore. Kind of INR 18,000 crore-INR 19,000 crore order book will be there at the end of FY 2027. In that sense, how one can look at FY 2028? Will it be at least INR 4,500 crore kind of a revenue that one should be looking at? Sir, one thing is sure, sir, this time whatever the order which is coming up, it's coming at a tight competition. Cannot be expecting like a level last past years. The turnover can go, but I don't think the bottom line will be to that tune which we were giving in the earlier days, because now this market is entire perception is changed actually. However, we will try to keep up the better way, and we are also thinking in a different pattern, different methodologies by which we can economize the things and do some sort of productive job. By which if we gain anything, that's an additional thing. However, nowadays the market is at very low levels. I think, EBITDA, if you talk about EBITDA, I'm very shameful to say that it's around 10 kind of levels which now we are getting out. If we are able to do something better, I think it is always better. Actually, sir, all the orders on hand were executed, and because of the big gap that has come in NHAI, for two years, there has been very less job inflow. That has caused us to bid in such a way. That's the major issue here, sir. Second, sir, the overheads are higher because the staff and equipment, everything is being maintained in the same level and the turnover has come down. For which also we are facing that. Everything we put into the shape and everything is coming into a busy shape, then things will improve. That's what we are thinking. Got it. You are saying that the execution, the turnover in the next year, FY 2028, obviously can be ramped up significantly if we win the order inflow. On the margin front, we are saying that 10% is the one that one can look at. There also, given the HAM projects that even recently we have won, so there previously we used to have 18%-20% kind of margin. At least HAM still will be contributing a decent margin, but the other segments, as you are saying, would be having a kind of a 10% margin. That's the way one can look at? That recent Gudebellur one, that Mahabubnagar Gudebellur project, I think it is aimed at 11-12 levels only, the debit of that execution thing. Going forward, we'll have to see that, sir. I think Chennai one is little bit comfortable, we can say. Overall, we should be doing good, we'll have to see, sir, how it goes. Based on the amount of work being executed to that particular quarter with respect to the same level of staff and same level of equipment depreciation which will be passed on, everything correlates. That you always know that calculation. I need not to tell you. Situation is that, sir. Really, it is a critical thing now to answer. Every time I used to tell you, "Sudhir sir, this will happen, this may happen like that." This time bit dilemma is there. However, I think going forward, after winning a few more orders, I can clearly tell you what happens, sir. Okay. For mining the existing one in terms of the CapEx and the revenue, how we can look at for this year, FY 2027, and next year, the existing INR 3,552 crore mining order that we have? Sir, mining orders are actually concerned that the main one hurdle, first hurdle of getting that Barwadih mine, that FC-1 clearance has come up for the forest. It is about, say, 850 hectares land. Out of which 50% is given for, I think, the FC-1 clearance has come. Now the Barwadih village Gram Sabha is to happen. Once that comes out, we will be able to tell you when exactly the timelines are. Once that Gram Sabha conducted, this NTPC officials, they could not answer the questions raised by the public, any villagers, about the rehabilitation issues. I think for the next meeting, they will be prepared to answer those questions because they were needing some certain clarifications with their headquarter department and central government clearances they have to take before they announce anything. I think they are getting prepared for that and then go for the Gram Sabha again. This time it could be a successful story. I think not less than it will take seven to eight months to start at least. Okay. Sir, lastly, in terms of how many value of projects and also if you can specify NHAI and the state level that we have already submitted bids and where the outcome is yet to come. Actually, that submission happened in many fronts. One mining project which we have submitted around INR 3,600 crore we have submitted, bid is submitted for that. I think apart from that, there are Chennai two big RR projects. There are two projects put together around, say, INR 850 crore and all. This is about, say, INR 4,000 crore plus that's what in the pipeline is there now. Apart from that, I think tenders submitted but not opened, they are about, say, INR 3,000 crore-INR 4,000 crore. GHMC also has come up. Around INR 1,400 crore has come in the last year ended itself. With all that, I think now we have a good pipeline. There are also a few bids which we are now going to submit, which we have submitted. I think we are waiting for NHAI bids to happen. In many areas, we have studied for the past two years, the study is ready now. I think when the bids happen. Thank you. Shravan, I'll request to come back for a follow-up. A request to all the participants, kindly limit yourself to two questions per participant and rejoin for a follow-up. Next question is from the line of Bala Subramanian from Arihant Capital. Please go ahead. Good afternoon, sir. Thank you so much for the opportunity. Sir, on the mining CapEx of INR 350 crore, this will be funded at standalone level via internal accruals or new debt or a separate project SPV? I'm trying to understand, I think the projects are scheduled to start at third quarter of this financial year. When we can expect revenue contributions in mining in FY 2027 or FY 2028? Whatever the CapEx is in the mining project, definitely it will be in the parent company actual balance sheet, because this project is being MDO, but whatever the back-to-back work done by KNR, its JV partner. Whatever the CapEx requirement will come, KNR is going to borrow that money. For that, you know that already our monetization proposal is going on. We have the internal approvals, we can definitely go for a higher purchase loan also. We are working out where we have to get, how we have to fund that CapEx. That is one thing. In respect of mining project, as sir already explained that it will take a further 7 to 8 months to start. We can say maybe from Q4 actually, that mining may give some revenue actually in this year. Okay, sir. Sir, my second question, could you please talk about concrete bid pipeline for railway and metro projects in the coming years? Earlier you have mentioned about 2% - 3% of margin dilutions to win new orders. Out of INR 11,900 crore, how much percentage is in high margins orders and how much percentage are low margins orders, which have taken 2% to 3% of margin dilutions? Sir, definitely in this railway sector, actually, we have bidded some of the projects worth might be around INR 700 crore-INR 800 crore. Actually, we have bidded the project in the railway sector. As we are making the diversification in the other sector, definitely that margin level is, as sir explained, around 10%-10%, actually, we are seeing overall margin level. It's composition of our HAM project and this ECR Chennai project and whatever project we got actually in the GHMC area. There is not much irrigation project is there, generally, irrigation project used to give actually above 18%-20% of EBITDA. That's why our overall EBITDA was good. Now irrigation projects are not much in our order book. Execution aspect, definitely we'll try to achieve that, but EBITDA front, definitely there we have to keep our growth actually, and we are telling that around 10% to 11% EBITDA, we could maintain in the future. Thank you. Bala Subramanian, I'll request to come back. A request to all the participants, kindly limit yourself to two questions per participant, and rejoin for a follow-up. Next question is from the line of Taha Ansari from Taha Capital Management. Please go ahead. Yes. Am I audible? Yes, sir. Yeah. Very much, sir. Yeah, sir. Okay. Thanks for the opportunity, sir. Sir, just now you said that by quarter four of this financial year, our mining project can get operational. If this goes on, so what can we expect going in FY 2028? What revenues our mining project can make for us in going within FY 2028? Actually you know that in this mining project, actually lot of earth, it is open mining actually, we have to do lot of excavation first. Our billing is based on how much coal we extracted. The project is actually around INR 3,500 crores for the initial year. Our turnover will be somewhere around INR 300 crores-INR 400 crores actually per annum. If it is a fully operational, then it will peak up to, you can say, INR 1,000 crores turnover in the fifth year. Initially, we are expecting somewhere around INR 300-350 crores of the turnover, if it is going to be operational. Okay. This is for FY 2028, INR 350 crore-INR 400 crores in mining. Yeah. Okay. The second one is, sir, by the end of FY 2026, we got two HAM projects worth around INR 3,600 odd crore. What appointment date for them we can expect, as well as is there any revenue guidance you can give going ahead for FY 2027 and 2028 from these two particular HAM projects which we got in the very last? Sir, as far as this ECR Chennai's project is concerned, actually, we are almost finalized. We are there in the process of doing a financial closure, and we expect that we may complete the financial closure by this month end, you can say. After that, based on the land is also available, we can target actually a fund date, maybe in the next two months actually. That project is going to start contributing in somewhere in Q3, Q4 actually. As far as this our Telangana project is concerned, we have time till September, and maybe in Q4 actually, this Telangana project is going to contribute something, our turnover. Okay. The main contribution from these two projects will be there in FY 2028 only. Sir, the last one of mine. You said that in two to three months, we'll get the irrigation receivables and all, which are pending. Yesterday only, there was an article published, in which the irrigation minister is saying that they are focusing more onto this Palamuru Irrigation Project. They are focusing on a mission mode on these projects. Even he has suggested that the previous government was more into Kaleshwaram financing and going on to these projects, and we are more focused onto this Palamuru Irrigation Project. What should we expect from it? Can it add to more time receiving our receivables or something? Actually, sir, as we already told you, because for package 4 basically, where the concern is there for the receivable of the debt actually. Definitely, we are following rigorously with the government actually. Ultimate, as you know that this water supply to the Hyderabad city, right now the scarcity is there. Definitely we had actually a meeting with irrigation officials. Once our project is completed, then only that water can come to the Hyderabad city. This is also one of the, you can say, priority project the government has too, because government has already awarded actually project from pipeline from our project to the Hyderabad city. Once the water is available in that reservoir, then only the water is going to come. That's why we are discussing with them actually, and we are hoping that maybe two to three months actually, we should be able to get the money. Definitely our project, we will get money actually, what we want to say. Okay. Sir, Sorry, Taha. Kindly come back for a follow-up, please. Thank you. Participants, kindly limit yourself to two questions per participant. Next question is from Nana Vasudev from Nuvama Wealth. Please go ahead. Yeah, thank you for the opportunity. Sir, in the irrigation and the pipeline projects, how much have we done the execution in FY 2026, and how much are we planning for FY 2027? Actually, percentage-wise, in FY 2026 actually, we did around 17% actually work in irrigation projects. Okay. Out of that pipeline work, it is around 14% we did in the pipeline work in FY 2026. Could you quantify in value terms, like how much we did in 2026 and our plan for 2027? In fact, this our pipeline work, we did actually around INR 220 crores work actually in FY 2026. As for irrigation, we did around INR 340 crores of work in FY 2026. Next year, definitely for Nalgonda, actually, we are trying to do around INR 350 crores-INR 400 crores work actually in FY 2026 for our pipeline work. Irrigation work actually, most of the work is completed. Package four is almost, it is everything in unbilled only almost. Turnover will come from package three project only. Because there is some land issue is there, the government has to pay to this villager actually for acquiring that land. If government pays that land, then definitely we can execute around maybe INR 200 crores-INR 250 crores work in the package three in FY 2027. Okay. Sir, just some bookkeeping questions. What is the CapEx we did in Q4 and our target for FY 2027? Our revenue split for the quarter across segments, and how much is the balance outstanding from Telangana government? As far as Telangana government outstanding is almost INR 1,400 crores, INR 1,450 crores is there, including our. Sir, sorry to interrupt, we lost your audio. Can you hear us? Yeah. Around, this is INR 1,450 crores actually receivables, including unbilled actually there pending from the government of Telangana. As far as CapEx requirement is there, for FY 2027, whatever the existing CapEx is sufficient actually for our existing order book. Once this mining projects and because we have a project in this ECR Chennai, where, because this is a completely elevated corridor, there some CapEx requirement will come. This year actually, we are targeting somewhere around INR 200 crores- INR 250 crores of the CapEx, based on when this mining project is going to start actually. Sure, sir. Thank you. Yeah. Next question is from Vaibhav Shah from JM Financial. Please go ahead. You mentioned that we will get AD for the two new HAMs in 3Q and 4Q. What kind of execution are we targeting in FY 2028 from both the HAMs? FY 2028. 2028, I think we have to complete that project. That is three years. That is three years. anyhow, I think Yeah. We'll have to target actually that Mahabubnagar one, we'll have to complete that actually by FY 2028. September 2028. September. You can say around INR 1,000 crore -INR 1,200 crore we can execute from these orders in FY 2028. From both HAMs combined? Say both combined, yeah. Okay. Sir, what would be our unbilled portion in the irrigation order backlog? Unbilled is there around INR 800 crores. That revenue already recognized, only it's staying in the order books. Yeah. Correct. Okay. Sir, lastly, what was our revenue from irrigation in Q4? In Q4, irrigation revenue is just around 8%. 8% for Q4? For Q4, yeah. Okay. Sir, lastly, you mentioned that margins could be around 10%-11% for FY 2027. You expect it to remain similar in 2028 as well, despite we going by a sizable portion in FY 2028, given the very strong order book right now, which will be under execution for the entire FY 2028? As sir explained, because what are the existing order books are there. Because you know that almost last three years, we are not getting much orders. Definitely, we have gone a little bit aggressively, actually, and we have got this project. That's why previously, actually, you know the HAM project, we are getting around 15%-16% of EBITDA, and irrigation is more than 20%. Now this is not a say actually, right now we can do. We are definitely going aggressively, and that's why this our Mahabubnagar project, there is we will get somewhere 12%-13%. That's why in overall order book, as of now, actually, we are expecting around 10%-11% of EBITDA. Okay. Sir, lastly, what revenue are we targeting for FY 2028? Actually, as sir explained, our target is because this year we did INR 2,000, and next year we will do somewhere around INR 2,000 +, maybe INR 2,200, INR 2,300. Definitely around INR 3,000 + actually we are targeting actually in FY 2028. Okay. Thank you very much. We have to see that. Yeah. Okay. Thank you. Thank you. Next question is from the line of Bhavin Modi from Anand Rathi. Please go ahead. Yeah. Hi, sir. Sir, can you help me? What is the unbilled revenue pending from the road order book and from the pipeline? Actually, irrigation project is almost INR 800 crores. Balance, you can say around INR 500 crores in the roads actually. Understood. Sir, second, in the last call, we mentioned that we are forming a team for the railway segment. We also saw there was a bidding done by KNR in the railway. How do you see railway vis-a-vis the road? Because all the other players are saying there are not such good margins in the railway segment. How are you looking at, or what different we are trying? Sir, railways, maybe we have done almost six, seven tenders as of now, out of which none of them we won because the market is also there, also it is little bit heated. Recently we have submitted in some contract between Tumkur and Shimoga. Right. Yes. Tumkur-Shimoga. I think that is around INR 800 crores. There we are expecting. I don't know. What happens, we can't say. We have quoted little bit sensibly. We'll have to see what happens here. I think the trend is very strong there right now. I think, sir, this will ease out our problems in going into the railways and all. It's a targeting for, I think railways with the joint venture partner under which we are discussing. Definitely, I think this will gain, give us some quoting those aspects. Understood. I'm making a try in this actually. Mm-hmm. Sir, last thing, any ongoing talks for the back-to-back EPC arrangement, either in railways or roads? Anything which is going on? No. Actually, the back-to-back discussion was there under some Maharashtra project. There also, they were not offering some lucrative price. They have got a lucrative price, but they're not giving us a lucrative price. We said As such the discussion, we can't say it's a successful story or it is not successful story. We have quoted our price to them. If they accept, definitely we'll do at that price. Okay. Sir, any plans from the elevated road? That's on Samruddhi Mahamarg, I can even say that, where I've done. Right. We are waiting for that person to respond on that. Sir, trials are there from all corners, and where projects are available with a little bit sensible payment backup, we are all trying it, sir. Understood. Thank you, sir. Yeah. Thank you. Thank you. Next question is from the line of Faisal Hawa from H.G. Hawa and Company. Please go ahead. Sir, over the years, we have accumulated lot of land in the sense for mining, et cetera. Now because of solar projects in rural areas, et cetera, there is a lot of value for these lands. Can you just give an estimate of what this land bank that we have is worth today at current prices? That is one. Second, sir, there are a lot of data center projects which are coming on in Andhra Pradesh, and we are kind of quite strong in that region. Are we looking at exhibiting these projects because these are also rather complex projects, and we can have some private sector involvement here so that our payments matters are also eased out. Third is, sir, what are our plans in solar and how do we plan to really get into this sector in a big way without compromising on margins? Sir, actually, solar concerned, first I'll talk about the lands which we have on the ground. Actually, sir, these lands were accumulated only for the quarries and all other. There is every highway which we have done to four-lane. I think now they're coming for six-lane or for the greenfield. Most of the quarries are little bit useful for those projects which they are coming up, because later if you want to buy, not at an unaffordable cost. Today, even the land which I want to purchase on the side roads, I cannot purchase because the price is so much. Almost they have gone by three to four times above. With this, sir, actually the little bit comfort is there for the company assets kind of buildup. Actually, it's a right idea that going solar into these projects. Yes, definitely, sir, we are examining the case and as and when the things roll out like nearby areas, if they call for tenders, the NTPC tie-ups, which case we are able to make up, all that we are trying out. Definitely, sir, we would like to develop these lands with solar or for the quarries. We want them to be under utilization in coming four, five years. That is the target which we are working on it, sir. Second, sir, which you have asked about solar. Data centers. Data centers. Data centers concerned, we are now thinking of data center in Hyderabad, near about Smart City area. There have been certain techno friends who would like to join the thing, and they want to make the business successful. The model has come up like Agentic AI plus data center development. This sort of thing is going to be little bit profit-making, and then going forward, it is lucrative for the public also. Definitely, sir, we are now under discussion stage. I think one the model MOU has been circulated between us and the partners who want to join the team. This is little bit at this stage, sir, right now. Going forward, the plan for the company is that it will go very big in the data centers. Not like doing one data center and restricting ourselves, because backup data centers are also required, then multiple data centers requirement is there in India because 2027 onwards, Indian data to be Indian, so in India. That territory advantage also is going to boost the business. That's what everybody's thinking, we are also a positive thought we are giving towards that, sir. We are definitely very well equipped to do data center EPC work. Yes, sir. Thank you, sir. Yes, sir. We will do EPC. KNR will do EPC, no doubt will be done by KNR. The thing is, sir, the main thing is that allotment of land from the government where the 100% power supply assurance is there. That is only the important point, with water supply in it also. This is the main thing, sir. Yes. Sir, what are our long-term plans in solar EPC? I believe that the plain vanilla solar EPC is not attracting us much because of the low margins. Is there some other long-term plans that we have to tell? Solar EPC kind of thing, sir. Actually, I forgot to answer the question. In solar EPC, in a small scale, it is worst, sir. We cannot even touch. With the larger scale, like 1,000 MW and all that, they are having some sensible touch. Definitely, sir, there only we want to hit, not the below this. Above 500 are all happening in a good way. Actually, only the challenge is that the first challenging point in this is acquiring the land for those things. In certain contracts, land is being offered by the client itself. There we have no issues. Certain areas we have to go with our own land or the land leasing method which we have to go. Those we are now exploring. The Maharashtra area, we are exploring opportunities, and Karnataka also recently we have gone one land acquisition and rest is it. All that is happening, sir. Slowly. Thank you so much for answering my questions so well. Yeah. Thank you. Next question is from the line of Durgesh Shukla from InCred Capital. Please go ahead. Hello, sir. Thanks for the opportunity. I just have one question. In the results PDF, on the standalone part, on point four, it is mentioned that the company has recognized claims for an amount of INR 16,207 lakhs from client on settlement. Also, we have mentioned about cost and everything. Just wanted to know this revenue, this part of recognized claim, is already included in the revenue or not? It is included because what has happened, INR 162 crores of the claims we recognized, and we have assessed some of the projects where our cost certainly has changed. You can consider that around net actually. Net of 162 - 133, around INR 27 crores has been considered in the operating income from revenue from operations. Basically this INR 16,297 and INR 13,502 is both included in revenue and cost in the given statement. That's the thing, right, sir? Yeah. It is included in revenue from operations. Net has been included, what you can say. Net has been included. Okay, sir. Yeah. Okay, sir. Thank you, sir. That's all from my side. Thank you. Thank you. Next question is from the line of Vasudev from Nuvama Wealth Management. Please go ahead. Yeah. Thank you for the follow-up. Sir, we're targeting INR 8,000 crore-INR 10,000 crore of order inflows for next year. For this, what kind of bid pipeline, if you can just quantify that we are looking at? As you, sir, told that around INR 4,000 crore of the pipeline is there. That is basically some of the GHMC projects and some of the mining projects are there, and we are targeting to actually bid for some of the NHAI projects in the northeast part. Actually, NHAI bid projects are coming in the HAM model. That's why INR 8,000 crore-INR 10,000 crore is a mix of all these things, mining and roads actually. Yeah. Okay. Got it, sir. You said that irrigation is about 8% of the total revenue for this quarter. If you can give breakdown for remaining segments as well, like road EPC, HAM, and as such. Yeah. HAM is around 42% for this quarter, and road EPC is 33%, and back-to-back EPC is around 17%, actually. Okay. Sure. Lastly, sir, what is the CapEx that we did in Q4? Q4 we did actually almost nothing. Almost nothing. Not much actually. Total year we did around INR 4 crores of CapEx. Okay. Sure, sir. Got it. That's it from my side. Thank you. Next question is from the line of Akshat, individual investor. Please go ahead. Am I audible, sir? Yes. Okay. Only one question from my side is that. Give me a second. Okay. Yeah. Are there any major delays or execution challenges in the current projects? If yes, what steps are being taken to improve execution and timeline in financial year 2027? Delays in major, I think Kushalnagar. Magadi, Kushalnagar, sir, there are certain land problems were there because of that service road they wanted, the public. It's a greenfield area, sir. Actually, the lands are divided into two parts. Where there are access to the village and the land has been cut by the highway. They wanted certain service roads to be provided and access to the village to be provided. For that, they were fighting, and all these days they stopped it, and they say could not conclude that. Later, recently, within I think two weeks back, they have given the police protection to go ahead with the work. Now works are restored. I think the work is in full swing by today. With all that, I think those projects' timeline is going to be little bit shifted. We will try to procure the provisional completion on time, but the final completion may differ with the final completion date. That's what we are expecting. More than 50% of the land was under problem on the both the projects. Magadi, Kushalnagar, two projects it is like that actually. Okay. Thank you, sir. Rest of all, I think most of them are on line, sir. Even that Magadi Nagar, what I heard recently, we met the project director, he was very confident of giving land within five months of FC time. He would give entire land to us to go ahead. Okay. Thank you, sir. Thank you. Thank you very much. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you. Thank you all for joining us on this call. Please reach out to our investor relations consultant, Strategic Growth Advisors, or us directly should you have any further query. We can now close the call. Thank you. Thank you very much. On behalf of KNR Constructions Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you