Ladies and gentlemen, good day and welcome to KNR Constructions Limited Q1 FY 2027 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 guarantees 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 touchtone 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. Thank you, and over to you, Mr. Rao. Good morning, everybody. Thank you for joining us today on the call to discuss the financial results for Q1 FY 2027. Along with me, I have Mr. K Jalandhar Reddy, Executive Director and Strategic Growth Advisors, our investor relations advisors. We have uploaded results and investor presentation on our 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 posts, which we will have a question and answer session. The road sector is currently going through a phase of the recalibration, with the project awarding remain subdued in the initial month of FY 2027 following the softness witnessed through FY 2026. During the quarter, NHAI awarded approximately 107 km of the project, while exhibition also moderated to around 638 km. That said, the government continued to back the sector with a strong spending commitment for FY 2027. The union budget has allocated close to INR 3.1 lakh to the Ministry of Road Transport and Highways and the road sector CapEx outlay is up around 8% after two relatively subdued years. This gives us confidence that the groundwork is in place for awarding activity to pick up even though tendering an award has been slower to come through in this first quarter. NHAI has also outlined a revised FY 2027 plan to award 54 highways and expressway projects covering 2,440 km worth a combined INR 1.8 lakh crores across 13 states so that the near-term awarding environment remains measured. This identified pipeline gives us reasonable visibility for coming quarter. Overall, while the sector is seeing some moderation right now, we remain positive on the awarding outlook for the rest of the year and believe that underlying spending pipeline is healthy. Beyond, we are also seeing- Speaker, sorry for interrupting. Your voice is breaking. Is it okay now? Yes, please go ahead. The government continued to focus strongly on the railways capacity expansion and modernization with a record of INR 2.93 lakh crore of the capital expenditure allocated to the Indian Railways for FY 2027 going towards capacity augmentation, multi-tracking, freight corridors, safety, station redevelopment, and better rail connectivity. This is creating a healthy pipeline of the project across the rail. The outlook is particularly encouraging for Andhra Pradesh, which has received a record INR 10,134 crore railway allocation for FY 2027 and the operationalization of South Coast Railway Zone, which further strengthen the focus on rail infrastructure in the region and support new project execution. We see this an opportunity to gradually diversify our order book into the railway civil works, track infrastructure, and related works. With this strong government spending and the growing pipeline across the southern region, railways are gaining increasing importance in our medium-term business mix. Urban mobility is another segment that continues to see healthy activity with the government supporting the expansion of metro and mass rapid transit. New corridors and extensions are being planned across key cities, creating a sizable pipeline across elevated corridors, viaduct stations, bridges, and related civil work. As part of our medium-term diversification strategy, we are actively evaluating railway and metro projects as they come up for tender. Our focus remains on selectively pursuing projects where we see adequate execution visibility, attractive returns, and a good fit with our existing capacity. Another emerging opportunity is the battery energy storage system segment, which is expected to grow significantly over the coming years. Overall, we believe that long-term infrastructure opportunity in India remains intact, although the composition of growth is evolving. Railway will continue to remain our core opportunity, but we see the next phase of growth becoming increasingly diversified across expressway, railway, urban mobility, mining, irrigation, logistics, and emerging areas such as energy storage. We remain positive on the overall opportunity and will continue to focus on building a strong and diversified order book while maintaining our discipline on the project selection and returns. Now, coming to the key update of the company. The percentage of physical progress as on June 30, 2026, for HAM project is as follows. Ramanattukara to Valanchery, 100% completed. Valanchery to Kappirikkad, 100% completed. Magadi to Somwarpet, approximately 91.35%. Marripudi to Somavarappadu, approximately 86.03%, Mysore to Kushalnagar Package IV, around 20%, and Mysore to Kushalnagar Package V, around 18.28%. As of June 30, 2026, the company has already invested INR 595 crores out of INR 805 crores revised equity requirement for all the existing HAM projects. The additional equity requirement of INR 210 crores to be infused as INR 125 crores and INR 85 crores is in FY 2027 and FY 2028 respectively. You can refer to slide number 26 of the investor presentation for detail on each HAM project. The company may require further additional equity investment of around INR 510 crores for Chennai ECR and Telangana NHAI HAM projects. During the quarter, the company, along with its JV partner, Sushil Infra and Mining Limited, received a letter of acceptance from South Eastern Coalfields Limited for a coal mining project at Kusmunda in Chhattisgarh. The project has a total value of INR 3,361 crores, excluding GST, and is to be executed over a period of eight years. As part of the share purchase agreement with Indus Infra Trust, the company completed the transfer of its 100% stake in KNR Ramagiri Infra Private Limited and KNR Palani Infra Private Limited. In KNR Ramagiri, the company has invested INR 83 crores in SPV through equity and sub-debt and received a total consideration of INR 227 crores from the purchaser. For KNR Palani, the company has invested INR 64 crores in SPV through equity and subordinate debt and received a consideration of INR 295 crores, including INR 90 crores of cash surplus as EPC claim from the purchaser. On the credit front, CRISIL Rating reaffirmed the company's long-term bank facility rating at CRISIL AA/Stable and short-term rating at CRISIL A1+, reflecting the company's strong credit profile. Now coming to the order book position. As on June 30, 2026, the company total order book stands at INR 8,667 crores. This order book does not include the recently won two HAM project and mining project. Including the HAM project and the mining project, the company's total order book stands at INR 15,234 crores. This is divided into 38% for the road sector, 11% for the irrigation project, 6% for the pipeline project, and 45% for the mining project. Client-wise diversification is 71% of order book is from the third-party client and balance 29% from the captive HAM project. Third-party order book percentage is also split between state government contract as 24%, whereas 46% for the central government and balance 1% from the other private party. The current order will be executable over a period of three to three and a half years, excluding the mining project. The company is targeting order inflow of range of around INR 8,000-INR 10,000 crores during FY 2027, comprising a healthy mix of NHAI projects, irrigation projects, and other state government infrastructure works. Now let me take through the Q1 FY 2027 standalone financial performance first, followed by the consolidated performance. The revenue for the quarter ended stood at INR 436.7 crores. EBITDA for Q1 FY 2027 stood at INR 65 crores, and EBITDA margin is 15%. Net profit for the quarter was INR 282.3 crores. Now coming to Q1 FY 2027 consolidated financial performance. The revenue for the quarter stood at INR 587.9 crores. EBITDA for Q1 FY 2027 stood at INR 96.4 crores, and EBITDA margin is at 16.4%. Net profit for the quarter was INR 80.7 crores. Now moving on the consolidated standalone balance sheet. The company continued to remain in a strong balance sheet. The working capital debt stood at 133 days compared to 78 days as of March 26. The consolidated debt as of June 30, 2026 stood at INR 1,975 crores as compared to INR 2,438 crores as of March 31, 2026. The net debt to equity on consolidated basis as of June 30, 2026 stands at 0.9x, as compared to 0.49x as of March 26. With this, we can open the floor for question and answers. 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 your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use silence while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Niteen S Dharmawat with Aurum Capital. Please go ahead. Yes, sir. Mr. Dharmawat, please go ahead. Mr. Dharmawat, please unmute yourself and go ahead. Since there is no reply from the line of Mr. Dharmawat, we will move to the next. That is Vaibhav Shah with JM Financial. Please go ahead. Yeah. Please go ahead. Yeah, sir. From the execution front, how do we see the entire year for FY 2027, and what could be the growth in FY 2028? FY 2027, actually, we are targeting, because you know that we did last year around INR 2,000 crores. This year, definitely, we will cross more than INR 2,000 crores, but maybe you can say 10%- 15% more. Maybe around INR 2,200 crores to INR 2,300 crores will be FY 2027. Because what are the execution is going to start our ECR Chennai project and Telangana Mahabubnagar project in the Q3, and mining project of Kusmunda, Chhattisgarh, that is going to start by next month. So 2027 will be this, and as far as 2028 is concerned, definitely that year should be the good year, actually, because what are the projects are there. Everything project will actually completely start in FY 2028. So 2028 should be more than actually INR 3,000 crores we will try to achieve. Okay. For the two new HAMs, when do we expect the AD? They will start in Q3, actually. We expect in Q3 the ADs for two new HAMs. Yeah. Q3, we are expecting AD. The older mining project? Last year's mining project? Last year mining project was in Chhattisgarh, actually. This project has got only the forest clearance, one stage only cleared. The stage clearance two has not come, so it will take further actually around 8- 10 months to start the project. But what are the project in Kusmunda, Chhattisgarh, recently we got actually. That project is going to start in within one month, actually. The older one will start in FY 2028 only, probably. For that, 2028 only, actually. Yeah. Okay. How is the execution going on in the water pipeline order, and what revenue we target for next two years, 2027, 2028? Water pipeline project, initially there were some challenge in that project. But that project is doing good, actually. Order book is left out, around INR 830 crores is there. This year, definitely, we are target to do somewhere around INR 300 crores- INR 400 crores in this year, and balance in the next year. For year as a whole, what margin are we targeting for 2027 and 2028? Really, because you have seen the Q1 as well as Q2 also, so margin will be the same only. From Q3 onwards, the execution of this our HAM project and our mining project will start. So Q3, Q4 margin should be good, actually. It will be somewhere around 11%-12% EBITDA will be there in Q3, Q4. In next year, actually, it should be better because once all project will be in a full operation capacity, then once turnover will be more, so corresponding our EBITDA will be more. Average around 12%-13% of EBITDA we can achieve. In next year? Yeah. For FY 2027, it could be something around 9%-10%? Nine, because Q3, Q4 will be only around 10%-11%. So average will be around, you can say, 8%-9% will be there. Okay. Sir, lastly, on the irrigation recovery, what are our expectations? How do you see those coming down? Did we have any talks recently with the ministry? Yeah. The recent talks, this week developments we speak about. There had been a positive discussion with the finance ministry as well with the irrigation department. Because of the lesser rains that are happening and expecting huge crisis of water into Hyderabad city kind of thing. Our project, one of that package four, stands very suitable for them to pump out some water in emergencies and all that. So they are now considering to speed it up, actually. For that, they thought they will pay in installments. They even asked us to continue for a speedy working up. I think earlier also this discussion was done by CMO, but right now they are very serious. They are talking about installment payments. They said every month they'll be paying us around INR 80 crore, INR 90 crore kind of payment, which they said within, I think almost INR 650 crore is outstanding on that project. Again, there is some RE, revised estimate is also there, which is more than INR 700 crore, INR 800 crore. I think this INR 650 crore part, they have said they'll be paying in six, seven installments. Maybe they have spoken about 10 installment, but we said it's not possible. If you go for 10 installment, it will run in a year time, and we'll be losing lot of money towards the interest payments only because the delay has been so much, and further delay is not acceptable to us. So they said that they will try to adjust in five to six installments. I think some positive news, if they pay first installment, then definitely we will see that something is happening on that front, actually. Again, some positive discussion is there, which I'm sharing. Later we have to see what happens. But I think this time they are serious. This time they are serious, I think. Sir, this year we can expect something around INR 600 crore from the government in 2027. INR 600 crore. Yes, sir, actually, but they said about, say, five, six installments they were talking about, that INR 650 crore only. Are you concerned? I have a submission that there is a technical committee has cleared that the revised estimate has to be sanctioned by the government. I think that is constituted by the same government itself. So they have decided that this is a genuine thing and it could be paid. I think it needs a finance ministry approval as well as irrigation ministry approval after that committee. Then they should make a GO then it will come in for payment. That may take five, six months process. I think once they get over with these payments, they will start doing that also. Can have that. At least INR 500 crore. Right now, only this much news is with me, sir. Can we expect INR 400-INR 500 crores coming in this year? Yes, of course. I am expecting. Okay. Lastly, out of the irrigation book of INR 685 crores as of June, what would be the unbilled portion where revenue has already been recognized? Around INR 825 crores is there. INR 825 is recognized already. Yeah. What will be the HAM debtors as of June? HAM debtors as of June is INR 178 crores. Thank you, sir. Those are my questions. Thank you. Next question comes from the line of Shravan Shah, Dolat Capital. Please go ahead. Hi, sir. Sir, couple of questions. Hi, sir. Good morning. Good morning, sir. Good, sir. Yeah. Please go ahead. Sir, couple of things, sir. First, what is the value of L1 currently? Second, how many value of projects that we have bidded and where bid is yet to open? Sir, around INR 1,500, we have L1, sir, announced, but I think LOA is yet to issue. Few are in Chennai and few are in Hyderabad city, actually. Apart from that pipeline, we have submitted a couple of bids. I do not know. I am not very sure about things, what is happening there. Yes, sir. Okay. Second, sir, in terms of CapEx in Q1, how much we have done? Now this Kusmunda mining will also start. Overall, in both the mining, how much CapEx we need to do? In FY 2027, how much, and in FY 2028, how much we are planning to do the CapEx for that? Yes, sir. Actually, the first Banhardih mine we speak about, sir. There, some land acquisition is still going on, sir. I think we expect around five months to six months that can happen for the land acquisition. After that, I think, we will have to deploy equipment and all that. There also, we will be needing about, say, INR 300 crore, INR 400 crore, INR 350 crore- INR 400 crore, roughly, the equipment will be required. Second, I talk about the Kusmunda mine, which is now on execution. I think, we have been issued LOA one and a half month back. Now, they are insisting us to start the work, but they have given that 110 dumpers, the minimum capacity to be started for the OB removals. Those equipment which we do not have, and we have started procuring them. Right now, I think, appointed date is expected in first week of September. In fact, they are insisting us to take from August itself, but August is Kusmunda, there is a big rain that is happening. I think non-stop rains are happening there. We are trying to prepare that road widenings and all because that haul road, we call it as haul road. Haul road is not prepared. That widening we are doing because 100 ton movement, we will be needing 30 m, the wider road is required. That we are unable to do because daily there is rain going on. Then we are refusing to take the appointed date because you cannot insist us to take an appointed date in the rainy season and ask us to do some progress by which we will fall into issues. So, which they are considering, I think, first week they are talking about appointed date to happen. Most probably, I think, September 1st week onwards, it should go dry. We are also expecting that. So, I think, that will come into operation from first, second week of September, sir. Equipment also we have purchased enough. I think around INR 500 crore- INR 600 crore equipment will need to be deployed. Certain we are planning old. That's why I'm saying that vague word between the 500 and 600. Certain old equipments can be used for coal transportation and all, which we are trying to use. Total CapEx for Kusmunda is INR 500 crore- INR 600 crore or INR 500 crore- INR 600 crore dumpers we are saying? No, sir, everything. Actually, it's put together. We need surface miners, dumpers, Exactly. Excavators, and then dozers. All road preparation and maintenance of the road will be used by the graders, and supporting other equipment like lighting equipment, and then the other, what do you call, coal dumpers, and then surface miners. All that put together, we are talking about, sir. Okay. Both are put together close to a kind of a INR 900 crore, INR 1,000 crore CapEx is there. In Q1, how much, sir, we have already spent? For full year, for FY 2027, how we look at in terms of CapEx for this? Actually, Q1 we spent nothing. I think Q2, these things are coming up. I think almost around INR 200 crore, INR 250 crores, we have already given orders. Rest of it, we will be giving it because the land is not fully available there also. But in available land, we are trying to start around 46 hectares they are supposed to give us, which will run our show for one to one and a half year. Meanwhile, that [inaudible] village is there. [inaudible] village need to be acquired. If you acquire the Riddi village in one year time, definitely we will be able to make it clear stretch for another two and a half years. It goes like that, sir. Actually. Okay. Q1 we did only INR 14 crores of the CapEx. Okay. So overall, if we One thing Venkata, sir, so overall, if we have to build in terms of number for CapEx, for FY 2027/2028, including this mining and others, how much CapEx one can build in? Accordingly, the question is how one can look at the depreciation and when it will start inching up? All this CapEx we will take as total and phase-wise only. Definitely, Kusmunda work is going on, so there will be more. And for Jharkhand project, because it will take further around 9- 10 months to start. As far as Kusmunda is concerned, definitely that is phase-wise. Maybe this year we will do somewhere INR 250 crores- INR 300 crores. And balance, if available land is there, we will do in the next year. Actually, the department is insisting us for fully mobilization. They are assuring that, we will not keep your equipment idle. We'll even give from, actually SECL is doing one patch, out of which they are using only 45% - 50% of their patch only. Other patch is free to do some work. They are asking us, unless your [inaudible] village is vacated, we'll be accommodating there also. That's what they are saying. Definitely, I think it has some meaning. 60%- 70%, 80%- Okay. Of mobilization we'll have to do this year if they insist. Next year then, the CapEx would be a INR 500 crore-INR 600 crore kind of a number should be there. Obviously, the phase basis, but broadly if I have to break it down to FY 2028, roughly INR 400 crore, INR 500 crore or INR 500 crore-INR 600 crore kind of a CapEx will be there. Actually, sir, this year, I think Kusmunda, you can take INR 400 crore we'll be doing this year. INR 400 crore, INR 450 crore. Up to INR 450 crore we'll touch. Banhardih, if it happens, that is around INR 200 crore this year we'll have to do. Because there we can use lot of old equipment. There is no restriction on using the higher capacity equipment. You are free to use whatever the equipment you have, you can do the mining. All our road equipment which they were working, if they are not busy, I can deploy and do that. Yeah. Okay. Sir, the depreciation then, how one can look at? This quarter, INR 10 crore was there. Sir, actually, that's what I couldn't get the figure. Actually, I've asked our team to calculate it properly. What happens is around. See, on overall Kusmunda, if you take, I'm just talking about an example, it is almost around INR 500 crores-600 crores. Means INR 550 crores you can take for that matter. But the turnover you can expect with that equipment is around INR 400 crores. So there the depreciation is charged heavily. I don't know what sort of EBITDA that will fetch, because it's not like roads. Roads, we used to deploy 10% of the entire project cost. That is this thing. But every year we used to get. Even, see, if I take a INR 1,500 crore project, INR 700 crores-800 crores will directly come in a year. So that is distributed quite in a proper way for the highways. But here, complete equipment base and labor base, and HSD, the diesel. All three are major components. Nothing else is the other thing. So here, quite difficult for me to say, but I'm very sure while quoting the bid or while assessing my. Even after bid, we have done lot of practical data collected from various other players and all that, and with the different manufacturers, we collected the data. After that data, I'm very confident that we'll be able to make PAT level about, say, 6%+. Okay. But broadly, seven, eight years we will be depreciating whatever the CapEx that we do. We will depreciate over seven to eight years. That's the way one can look at broadly? Sir, actually, we are working out different ways. One sort of method what we sorted for these dumpers, that Caterpillar is offering every two years buyback policy. That is working out much cheaper for us. Because the maintenance cost after the second year is going up like anything for that dumpers. We are also planning to go by buyback method only. They assure around 75% of return to us after two years. Completely we use for two years, again, we replace with the new trucks. That efficiency of the trucks is good and fuel efficiency is good. Oh, no. And maintenance is less. Less. With that, I think the capital cost, what we are anchoring, the differential capital cost, what we are anchoring, even we take it into the consideration, we are in good profit for that. Such methods are there for Caterpillar equipment. Yeah. Even the Komatsu dumpers we have placed an order because of the urgency, we even have to choose that Caterpillar grade equipment also, that Komatsu equipment. That Komatsu is also offering similar type of buybacks. We have insisted that, they agreed for that, so we will have that. But certain equipments, like surface miners and certain dozers and all that, they don't have this type of arrangement. Even for coal equipment is also not having such an arrangement. There, we will have to take it for five years and then scrap it and then go for the new ones. Every five years cycle we are taking, sir. Okay. Got it, sir. Thank you, and all the best, sir. But surface miner being a higher cost equipment, that we are continuing for eight years. Because that surface miner, each one is costing about, say, INR 13 crore, and we will be requiring four numbers right now. And if at all any delay that happens, we will have to induce one more. So up to five. That itself is becoming a bigger ticket. So that we will continue for this thing. So the certain pattern is there, which we have decided, by which company can make good margins. Okay. Got it, sir. Thank you, and all the best, sir. Welcome. Thank you. Thank you. Next question comes from the line of Faisal Hawa with H.G. Hawa & Co. Please go ahead. Sir, now that the CapEx, at least for the coming year, is only on account of the mining project, why are we not giving a larger dividend or a suitable buyback? Yes, sir. Buyback, we are considering, sir. We will come back on it. I think most of the decisions are getting done. A final meeting needs to be concluded to come back on that. Second, sir, CapEx that is happening in CapEx thing concerned, definitely that coal mines we have to do, and certain maintenance CapEx is also there in that actually. Most of the projects got completed, and their equipment, they become a little bit older and not viable for operation. Those we have deciding and we are replacing with the new ones. We have completed the two Kerala projects and then Bangalore project and Avinashi also. With all that, those equipment, wherever we can accommodate, we will try to accommodate. Then after that, whatever we need, then those only we will try to replace. Rest of them, we will just sell it and then be ready for another order to come and then deploy. It is very hard thing to note that now mining, which was not even a major vertical for us, has now become 45% of our total order book. Sir, actually, concerned the ticket size, it looks bigger, but here turnover will become very less actually. Okay. That INR 3,300 crores is an order size which looks at, but it can give you only INR 400 crore- INR 350 crore turnover. That Kusmunda mine is also INR 3,361 crore, out of which my share is about, say, 75%. That is only stood at INR 3,500. Like this, there are lot of ifs and buts, and those to be completed in five years. Kusmunda is almost eight years we need to complete. This is the way that is scattering, sir. Is it, like [inaudible] said, civil in the future that we have many such sectors entering our order books and they really become quite significant for us, things like solar EPC or even, for example, something to do with data center or even large bridges or dam projects? Sir. Yeah. See, main thing is that, both of the flyovers are coming in the EPC mode itself. So the minimal working capital will be required. That's it. The other highway projects concern most of the equipment we own, and then wherever there is an equity commitment, that we are just keeping it reserved. In fact, not taking the decision early on buyback proposals is one of the reasons that we are keeping reserved with our future requirements on equity as well on the CapEx. So those things we are keeping in mind, then we are moving forward. So this is the cautious call which we are trying to take, actually. Sir, about the Telangana outstanding, do you feel that once at least the first installment comes through, then the rest of the installments will come without follow-up, or you will have to make rounds of government every month and try to get this recovered? Sir, actually, we have decided to make full rounds and get that at least because every time I have to. Actually, that is need of an hour. Now I'll be needing that money badly. So I'm making lot of efforts on that, actually. I don't want to leave them. The committed date, I'll go sit there unless they write the check, I'll not come back. Like that, we are planning. Let us see, sir, how it goes. It will not be like an automatic thing. You will have to keep on following every month. Sir, actually, now, we will see. They say it is an automatic thing. Once we start doing, we will do every month. We will be paying you INR 70 crore, INR 80 crore, whatever they are saying. But unless you do not push, things will not happen. You know that in Telangana government now, situation is different. Earlier, sir, we used to get. Actually, we never used to even go for payments. We submit the bill, we used to get. That gut feeling, I went on a bigger order book size and I landed into this issue, actually. No, but to your great credit, sir, you have never taken any Andhra Pradesh orders, even though you have been so close to the state. And I mean- Yes, sir. We will try to keep a close watch on it, sir, and we will be pushing that very hard. Pardon, sir. Pardon. No. It is that you have always avoided even Andhra Pradesh orders, so you have been ever careful with outstandings. These are accidents which sometime happen in business, and I don't think we can blame the management for this. Yes, sir. Yeah. Thank you. Thank you. Thank you. Thank you. Next question comes on the line of Niteen from Aurum Capital. Please go ahead. Yeah, thank you for the opportunity. Sir, my line got disconnected in the initial part, so just wanted to understand what exactly we are planning in storage space, what kind of capabilities we are developing, and what do we want to achieve from there. Any revenue guidance that we are taking over there? Battery storage. You are talking about battery storage? Yes, sir. Sir, battery storage, initially we tried some bids. They went very bad, actually. Right now, I think we are just preparing some bids, but I am not very sure of winning a contract because the way things are moving here in India, they are very wrong, actually. Moving out that another risk is there with the increasing dollar price and all other external factors. Each bid has got it assigned with its own risk, sir, actually. We are just cautiously going. That is it, sir. Understood. You mentioned about the entire mining projects revenue and our part. If I had to understand out of this INR 15,000 crore plus order book, what is the expected total revenue and during what period it will get executed based on the understanding as of today? Sir, as I told, excluding mining, it will execute between three to three and a half years. Mining project, you know that one project is five years and one project is eight years. Based on that timeline only, project is going to complete. Okay. For this year, what will be the revenue guidance and EBITDA guidance? I missed that, sorry, if you already covered that. Actually, this year, actually, we are targeting somewhere around, you can say, INR 2,200 crores-INR 2,300 crores of revenue with EBITDA of around 8%-9% this year. Next year should be the good year. We are thinking they try to cross INR 3,000+ with EBITDA of around 11%-12%. Any new orders that are adding in these days, sir, will add up to our expectations. But we have not taken anything into consideration. Got it. As previous participant also asked about the buyback, I think this may be the time considering the valuation that we are having. What is the amount that you are keeping in mind? I know that decision is subject to the board, but there must be some percentage amount that you must have kept in mind which you would like to assign towards buyback. Will it be a market buyback or some other mechanism, what you are considering? Sir, you go ahead. Actually, sir, there is a conclusion meeting supposed to happen, sir, on that. Definitely after that, we will try to come out with the details. Right now, it is all under assumptions only. I got it, sir. Board meeting need to decide. That is one time. Board meeting only decide for that. Okay. Sir, got it. Thank you and wishing you the best, sir. Yeah. Thank you. Thank you. Next question comes from the line of Vasudev with Nuvama. Please go ahead. Thank you for the opportunity. Sir, can you just guide us the kind of revenues that you are looking to clock in irrigation pipeline and mining projects in FY 2027 and FY 2028? Now, irrigation is left off. If you adjust the unbilled, irrigation order book is almost left to only INR 800 crores only. Out of that, majorly is the back-to-back project is there. One Package III is there. So this year, from irrigation, we do somewhere around INR 200 crores only. Pipeline is definitely INR 800 crores order book is there. We will do somewhere around INR 300 crores- INR 400 crores in pipeline project in this year. Sir, from mining overall, what kind of revenues can we expect this year and next year? Sir, actually this year we are planning about, say, INR 150 crore this year, because mining is. There are two projects, but I think this year, by March, we can only start on one. That too, which is starting from September. They ask for 100 tonne dumpers. Actually, the dumpers are likely to get delivered, the required quantum of dumpers are supposed to deliver by November end, I think. By the time we put them into operation, it will be a few more days. I think, last quarter only we will be able to do solid execution in that, this thing. However, the quantity is happening from September with partial available equipment. Whatever best we can do, we will do. But INR 150 crore we are expecting from this, ± INR 30 crore, INR 40 crore could be there, INR 20 crore, INR 30 crore. Okay. Next year, how much can we target from the mining project? Sir, INR 400 crore. INR 400 crore. Both the projects? No. Actually, only one Kusmunda I am talking about. If that starts, I think Banhardih again, it will be around INR 500 crore per annum, but we do not know when it will start. That is the problem, actually. Okay. Got it, sir. In EBITDA margin, we are guiding for 8%-9% for the full year, and you said around 11%-12% in the second half. But in Q1, we already did about 15%. Was there any one-off? Because even our subcontracting expenses were quite low during this quarter. Actually, in this quarter, as we already told that, we have been actually upstream of cash surplus of around INR 19 crore, including GST. We did in our deal with our investor. That was there in actually our Q1 results. That is why this year it is considered that EBITDA is coming to 15%. Okay, so excluding of that, what would be our EBITDA margins? Around 5.5% is there. Okay. Got it, sir. And sir, if you can just help me with the revenue split segment wise for the first quarter. Yeah. The first quarter revenue is actually from irrigation, it is just 3%, actually. From HAM actually, it is 70%, and our EPC work, it is 25%. Okay. And sir, on the CapEx front, at the company level, what is the overall CapEx that we are planning for FY 2027? Actually, as we already informed, Q1, we did around INR 14 crores actually, and FY 2027 we are planning somewhere around, you can say around INR 350 crores- INR 400 crores actually, including. Basically, mining CapEx will be more CapEx. So including that, it will be around INR 350 crores- INR 400 crores. Okay. Got it, sir. Just some bookkeeping questions. What is the standalone debt, cash, and outstanding receivables from Telangana as at the end of the first quarter? Yeah. Standalone debt is nil actually, and console debt is INR 1,975 crores. Standalone cash is INR 310 crores, and console cash is INR 435 crores. This basically receivables from the Telangana from Package IV is there, INR 1,300 crores is there, actually. Overall, receivables from irrigation will be around INR 1,450 crores is there. Okay. Got it, sir. That's it from my side. Thank you. Okay. Thanks. Thank you. Next question comes from the line of Bhavin Soni with Anand Rathi. Please go ahead. Hi, sir. Thank you for the opportunity. Sir, first question is with respect to the order book, sir. We have the order book of around INR 8,700 crore. What is the amount of unbilled revenue factored in that order book? Second thing was with respect to the. Sir, what is the amount for the unexecuted order book for the Somavarappadu, which we have excluded this time and kept in the others? Out of order, unbilled total is around INR 1,220 crore was there in unbilled in our order book as of now. Your second question around what is Somavarappadu is there. Last time it was around INR 153 crore. What is it this time, the unexecuted order book? It is INR 100 crore is there. It is around INR 100 crore. Yeah. Sir, for the INR 1,220 crore, if you can provide the breakup in terms of what is the unbilled revenue for the road, for the irrigation pipeline. Irrigation is around INR 825 crores and around INR 400 crores is rest actually. Okay, sir. Sir, thank you. Thanks. The second question was with respect to, when I am seeing the numbers, order book numbers unexecuted. Sir, the Mysore-Kushalnagar package is still not picked up, sir. What is the reason and what are we planning for this year? Sir, actually, two months back, I think they have given 100% of land. Otherwise, we had only 5 km, 6 km in hand for Package V and then- Package IV Package IV also. Package IV also was there, only 30%, 35% of the land was available. Because suddenly, the local public has reverted to asking for some service road. Wherever they wanted the service road, they have blocked that highway construction itself. That was dealt with the government, and the center government, NHAI made an agreement with the state government that state government will acquire the land and give them for execution of that service roads, then they would do. Actually, it has taken a long time for giving the police protection to vacate those people from obstructing. Recently, two months back, they have vacated entire land and they gave us. Now the execution is speeded up. I think this quarter onwards, things will move better actually. What are the- We are even making arrangements. We are even making arrangements for going COD by December for whatever the land which they made available for us, around 30%-40% available land was there. On that only we would like to do the PCOD, and balance we will execute in the thing. Otherwise, if the revenues are not started on the project, I am coming into more blocked IDCs and all. We are starting in that way also for that. What we are factoring revenue from these two projects for the rest of the year? Sir, actually, entire project has to be completed, sir. Entire project, it should be completed by April, we are planning. Right. Coming April end or May maximum. That's it. We want to close that. Okay. One more question was with respect to the recent mining order that we won. It was, I think, in the partnership, right? 50/50. Are we getting the back-to-back 100% EPC? That's why we have taken the entire amount in order. Yes, sir. We are doing 100% EPC by taking back to back, sir. Okay. And sir, last question is, now most of the road players are also entering the elevated metro space. Obviously, there must be some working or team building must be happening in the elevated metro space. So how are we looking at that space, the elevated? Have we started bidding for the projects in the elevated metro space? Actually, sir, that Odisha Bhubaneswar bid we have done for elevated metro. But subsequently that went with unhealthy price, so we were not there in that. Later it got canceled also, but I am not going by that. However, our struggles are on to go on this, sir. Understood. Because we have done a lot of segmental construction, that is easing out our this thing. And we have sorted the JV with NCC also for going on these projects. Right, sir. Understood. Sir, any back-to-back arrangement with any of the leading groups, for example, Adani Group or NCC or any of the big road players like Welspun Enterprises, any talks which are going on? Actually, sir, KNR, they wanted us to come in. The thing is, the prices and all that were not suiting. And some pretender understanding we were asking. I think it is on, the discussion is on. Actually, there are certain southern projects only I am challenging, because if you go with the third parties, southern projects, [inaudible] because of the rainy seasons, extended timings and all, we will not be able to deliver in time. Right. At least in south, things are in control. So we would like to go in south only with the private players. We are sorting certain bids, sir. Those bids could not happen Right. As of now. But sir, geography- Yes, sir. But geographically, sir, there are many bids which are coming up in Uttar Pradesh, in the UPEIDA especially. So are we open to those states or those geographies? Sir, UPEIDA, I am not getting qualification because they ask for some express highways to be constructed. My express highways have not been completed yet. Only one we are doing, I think. Right. Greenfield express highway experience they are asking. Sir, at UPEIDA I am not getting qualification. I am not participating in that, but rest of the bids I am participating, sir. Okay, sir. Thank you. Thanks a lot, sir. Okay. You are welcome. Mr. Soni, are you done with the question? Yeah. Thank you. Next question comes on the line of [inaudible] with InCred. Yeah, please. Yeah. Hello. Yeah. Hello. Thanks for the opportunity. This question has been already addressed, so to this, your EBITDA margin being 5.5%. What is the exact quantum? I did not get the number that has been booked, which is a one-off. One-off is in revenue, it is around INR 76 crores of added in the revenue. Expenditure side also, it is around INR 30 crores has been there in expenditure side. Net INR 46 crores has been we consider in the EBITDA. Okay. Thank you. One-off. As a one-off, yeah. Okay. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Sudeep Bora with Ambit Capital Private Limited. Please go ahead. Thank you, sir, for the opportunity. Sir, I know you had talked about it earlier, but just wanted to have an understanding about the margins and the IRR profile for the mining projects. Like what range are we looking at? The mining projects concerned, we have considered while bidding, I think, we have considered about 6%+ PAT levels in that. Because right now I haven't calculated for that equipment component. Actually, generally, we used to have an idea on highways, how EBITDA is coming up. But in this mining sector, what is happening, that almost INR 500 crore- INR 600 crore worth of equipment is deployed and INR 400 crore turnover is expected around on every year. And this is to be continued for eight years period time. So there are certain equipments which are getting terminated on buyback basis on every two years. Certain equipment are getting terminated on five years. So all that, we need to have a detailed calculation, then only we will get the EBITDA levels. But otherwise, 6%+ PAT levels are possible. Our estimate according to that. Okay. Sir. Got it. And, sir, just wanted to confirm the outstanding order book numbers on a few projects like the multi-level flyover at IIT Hyderabad and the two EPC projects. One is the GHMC and the Shankarpally Road at MGIT. This is actually for Khajaguda IIIT Junction. It is actually INR 459 crores is the closing order book. MGIT to Manikonda, I think you ask, that is same around INR 83 crores is there. That is it, sir. Okay. The other project, like three-lane flyover at Kukatpally, that is completed? No, the Y Junction flyover is still there. It is not completed. INR 72 crores order book is there. It has to start actually. Project has to start. Okay. Yes, sir. These were my questions. Thank you. Okay. Thank you. Thank you. We have a question that is from the line of Vaibhav Shah with JM Financial. Please go ahead. In Q1, what is the revenue from water pipeline order? Revenue from? Water pipeline order revenue. Because actually, water pipeline is just INR 7 crores is their revenue. But of that INR 830 crore order book, what will be the unbilled portion in water pipeline? Water pipeline is already back to back is there. There won't be any unbilled portion in the water pipeline actually. It is a back-to-back work will be there actually. Okay. Thank you, sir. Okay, thank you. Thank you. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I now hand the conference over to the management for closing comments. Yes. Thank you all for joining us on this call. Please reach out to our investor relations consultant, the Strategic Growth Advisors, or us directly should you have any further queries. We can now close the call. Thank you, everybody. Thank you. Thank you. On behalf of KNR Constructions Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.