Ladies and gentlemen, good day and welcome to the Afcons Infrastructure Limited Q2 NH1 FY 2026 earnings conference call hosted by Dam Capital Advisors Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Bhoomika Nair from Dam Capital. Thank you, and over to you, ma'am. Thanks. Good afternoon, everyone, and a warm welcome to the Q2 FY 2026 earnings call of Afcons Infrastructure. We have the management today being represented by Mr. Subramanian Krishnamurthy, Executive Chairman, Mr. Paramasivan Srinivasan, Managing Director, Mr. Ramesh Kumar Jha, CFO, and Mr. Hitesh Singh, Head Corporate Strategy. At this point, I'll hand over the floor to Mr. Krishnamurthy for his initial remarks, post which we'll open up the floor for Q&A. Thank you, and over to you, sir. Thank you, Bhumika. Good afternoon, ladies and gentlemen. It's always a pleasure to connect with our valued investors, analysts, and stakeholders. I thank you for joining us today and for your continued support in Afcons' journey. Our financial records and investor presentations have been uploaded on the stock exchanges, and I trust you have had the opportunity to review them. Joining me today are Paramasivan Srinivasan, Managing Director; Ramesh Kumar Jha, Chief Financial Officer; and Hitesh Singh, Head Corporate Strategy. Let me begin with an overview of our financial performance for the quarter ending September 2025. For the first half of FY 2026, our revenue was INR 6,520 crores, representing a growth of 3.4% year-on-year, while EBITDA rose 6% to INR 846 crores. EBITDA margin came in at 13%, reflecting an improvement of 30 basis points. The PAT for H1 stood at INR 242 crores, a 7% increase over the previous year. In Q2 of FY 2026, we recorded a revenue of INR 3,101 crore, marginally higher than INR 3,090 crore in Q2 of FY 2025. EBITDA for the quarter stood at INR 401 crore compared to INR 427 crore in the same period last year. The EBITDA margin for Q2 FY 2026 was 12.9%, broadly in line with last year's level. Profit after tax came in at INR 105 crore compared to INR 135 crore in Q2 of FY 2025, sorry, compared to INR 135 crore in Q2 FY 2025, reflecting a margin of 3.4%. Despite near-term pressures on margins due to a mix of projects under execution, our overall profitability for the first half improved modestly, with EBITDA margin rising to 13%. Now turning to the industry, the global infrastructure sector continues to face a dynamic and evolving landscape. Geopolitical uncertainties, macroeconomic headwinds, have led to recalibration of investment priorities in several regions. However, we continue to see healthy project pipelines in select international markets, particularly in Africa, the Middle East, and Eastern Europe, where governments are prioritizing connectivity, urban development, and water-related infrastructure. In India, governments' commitment to infrastructure development remains strong. Both central and state governments have a healthy pipeline of projects. So far, the current fiscal has seen a moderation in the pace of project awards. However, we expect that H2 will see an uptick on capital expenditure towards roads, railways, urban transit, marine, hydro, and water infrastructure. Afcons' diversified portfolio, strong execution capabilities, and prudent risk management framework position us well to navigate these near-term challenges and help us in capitalizing emerging opportunities both in India and overseas. We continue to focus on delivering complex, high-impact projects that contribute meaningfully to national development and global infrastructure transformation. Now, speaking about certain recent developments on the organization front, we are pleased to share that Mr. Pallonji Mistry and Feroz Mistry, representing the next generation of Shapoorji Pallonji Group, have joined the board of Afcons Infrastructure. Their induction is a significant milestone, reinforcing promoter groups' long-term commitment to Afcons and ensuring continuity in vision and strategic direction. We are equally pleased to welcome Mr. Santosh Nair, an independent director. Nair brings with him over four decades of experience in project finance, banking, and insurance. These new inductions to the board will provide invaluable strategic insight, strengthen governance, and support Afcons' long-term growth initiatives. On the operations side, Afcons continues to deliver on complex engineering challenges and set benchmarks in execution excellence. One, we achieved a major milestone in Mumbai-Ahmedabad high-speed rail C2 package with final breakthrough of NATM tunnel in the presence of Union Railway Minister Ashwini Vaishnaw. This completes 4.82 kilometers of excavation through tough geology. In Kanpur, MRTS, we completed 6.53 kilometers of TBM tunneling, and in Delhi MRTS, that is DC7 package, we achieved 11.62 kilometers of TBM tunneling, reinforcing our leadership in underground works. Our Pattal Dhol Hydroelectric Power Project has been chosen as the best-rated construction project by NHPC for the financial year 2024-2025, amongst all other ongoing projects. Afcons continues and has continued to win accolades with prestigious institutions such as ET Now Infra, Construction World, and Construction Week, recognizing us as one of the best companies in the industry and also bestowing some of our marquee projects with awards for excellence in their quality and execution. In closing, I would like to reiterate our commitment to operational excellence, stakeholder value creation, and sustainable growth. With the continued support of our promoters, the trust of our clients, and the dedication of our people, we are well poised to build on Afcons' legacy and shape the future of infrastructure. Thank you for your confidence in us. With this short speech, I request our Managing Director, Parameshwar, to share his remarks. Thank you, Mr. Subramanian, and good afternoon, everyone. I extend a warm welcome to all participants on this evening call. Adding to Mr. Subramanian's update on the changes to our board composition, it gives me great pleasure to share that Mr. Shapoorji Mistry has been elevated to the role of Chairman Emeritus, and Mr. Subramanian has taken charge as the Executive Chairman of Afcons. On behalf of the entire Afcons family, I congratulate him on this new role. He also received a Lifetime Achievement Award at the Construction World Global Awards 2025, a fitting recognition of his outstanding leadership and contribution to the infrastructure construction sector. Let me now turn to the business environment and operational performance. The first half of financial year 2026 presented its share of challenges. Execution of some projects was temporarily impacted by prolonged monsoon and natural calamities. Persistent liquidity issues with certain clients added to these headwinds. However, we are actively working with clients and authorities to recover lost ground and regain momentum in the second half. The pace of ordering activity has been slow in the first half of the year, but we expect significant uptick in the second half. Our ordering flow during the first half stood at INR 1,268 crore, and our pending order book remained strong at INR 32,681 crore. We do expect some of the L1 orders to fructify in the current quarter. We have a strong project pipeline of around INR 3.6 trillion spread across segments and geographies. We have always expressed that in our industry, especially in the case of companies like ours, whose focus is very different, quarter-to-quarter comparison on order book may not be relevant. Suffice to say, on the back of a strong pipeline and ongoing tender activities, we will achieve the full order book cadence. On the international front, we expect to receive a letter of award for the Croatia Railway project before the end of the third quarter of this financial year, and the LOAs for the road projects to follow. We are also actively working to identify and pursue suitable opportunities in the Middle East, building on the renewed engagement that began earlier this year and in Africa. With these projects coming in, the share of overseas projects will be close to 30% in the pending order book. In the domestic market, we are witnessing heightened competition, particularly in metro projects. Afcons continues to remain selective and disciplined, focusing on projects that align with our technical strengths and prudent risk framework. We are also seeing a gradual evolution in the government's infrastructure strategy, with a growing share of projects being offered under HAM, BOT, and BOT models. To capitalize on these opportunities as a preferred EPC player, we are having necessary engagements. Operationally, I am pleased to share that the first consignment of tunnel boring machine for our C2 projects has arrived from China. However, the second consignment is awaiting clearance at the port for the last two months, and we are actively pursuing with all the concerned authorities and ministries to secure its release at the earliest. In the Jaljeevan Mission, particularly in Uttar Pradesh, delays in fund flow continue to affect progress. We are in active dialogue with clients to expedite the release of monies. Despite our best efforts, given the headwinds faced in the first half, including delays in the conversion of L1 orders, our revenue growth for financial year 2026 will be below the earlier cadence. We estimate revenue growth to moderate to 10% plus. We had earlier expressed 20% plus. Now, we are reducing our cadence to 10% plus. In conclusion, while the first half tested our resilience, our fundamentals remain strong. With a healthy order book, with a robust opportunity pipeline, and a deeply committed team, Afcons is well positioned to regain momentum in the second half and continue to deliver long-term value to all stakeholders. Thank you once again for your confidence and continued support. I will now hand over to Mr. Ramesh Kumar Jha, our CFO. Thank you, sir. Good afternoon, everyone. Before talking on the numbers, let me reiterate that our quarterly number varies. The company is into the business of construction. The margin in a quarter varies based on the nature, type, and quantum of work we execute. Quarterly results may vary in different quarters and may not be indicative of annual results or any trend it can be derived from that. Specific to the numbers, for the half-year ended, we have done INR 6,520 crores of top line against last year's H1 top line of INR 6,303 crores, showing a growth of 3.4% on a half-yearly number. In Q2, we have achieved a top line of INR 3,101 crores vis-à-vis INR 3,090 crores in the previous year Q2. This is also a modest 0.4% growth in top line over the previous year Q2. Now, this modest growth is a manifestation of stretched payment across projects and few specific projects where certification and payments are getting delayed. Jobs where we were declared L1 for quite some time back are still not awarded. Moving on to the EBITDA, for the half-year ended, we have done an EBITDA of INR 846 crore, which translates in terms of percentage to 13%, and there is a growth of around 6% from the previous year's EBITDA number for the half-year. For the quarter, we have done INR 401 crore. For the quarter, also, we have clocked 12.9% of EBITDA percentage. In our EBITDA calculation, we considered BG Commission as part of our operating expenditure. EBITDA, what we are talking about, is after removal of BG Commission as operating expenditure. At the same time, in our EBITDA calculation, we include other income as part of revenue. We have explained in the past that our other income needs to be understood in the perspective of our business arbitration interest, foreign currency exchange gain, and miscellaneous incomes that are recurring and very integral to our business. Hence, it needs to be considered as other operating income. For the first half, around INR 161 crore is other operating income. Now, having done 13% EBITDA in H1, our full-year EBITDA should be better than our general annual guidance of around 11%. Generally, we have been talking about an 11% EBITDA margin that we are going to clock every year because construction is full of contingencies, and our endeavor always is to save on those contingencies and optimize the margin. Many a times, it may not be possible to save on those contingencies. That is where we are giving a guidance of 11%. This half-year, we have already done 13%. We expect the number to be better than that. In terms of profitability, the profit before tax for the half-year is INR 333 crores, which is 5.1% of the top line, and it shows a 2% growth YOI. For the quarter, it is INR 149 crores, 4.8% in terms of percentage. Profit after tax, we have done INR 242 crores, which is 3.7%. This, again, has grown 6.8% from the previous year. For the quarter, we have done INR 105 crores, which is 3.4%. Profits for the half-year have improved because we had some upside on account of arbitration award and also because of margin improvement in a few projects. We could save on some of the material costs and improve on margins in some projects. That is reflecting in the improvement in profit after tax. At the same time, let me just reiterate some of the other aspects. In this quarter, we have done a sizable amount of provisioning towards one of the projects, and that's where you will find that our other expenditure is quite high in the quarter as well as in the half-year. Despite that, we have achieved this kind of profitability number. Finance cost has increased. We have improved our average borrowing cost in H1 FY 2026 as compared to H1 2025, also from what we had achieved in the last financial year, overall March 2025. In H1, the average borrowing has gone up. Despite improving on the average interest cost on bank borrowing, the overall interest cost has gone up. Also, the interest-bearing advances for the period ending September 2025 have moved to around 40% in the overall component of advance we have. This was 20% previous year September. The interest-bearing component in the total advances we have from the customer has just doubled. Because of that, there is a significant increase in interest cost from the customer advances. That is the reason the overall finance cost has gone up despite bringing in some of the, like I have talked about, the average interest cost and BG Commission and LC Commission, we have reduced. Some of the other interest also we have reduced. On an overall basis, finance cost has gone up. We expect the situation to improve once our L1 orders materialize because a large part of it is international order where the advances are interest-free. These profitability numbers are despite that we continue to account for accelerated depreciation on our TBMs. The total depreciation is around 4% of the top line. In that, close to 1.5% is on account of accelerated depreciation. Profit numbers, whatever you are looking at, is after that accelerated depreciation. ROC and ROE numbers, the ROE number is again after accounting for this. ROC for the first half is 15% and ROE is around 11%. Of course, this needs to be looked at on an annual basis. Moving to networking capital, networking capital has increased. We are witnessing delays in certification of the work done and release of payments in some projects. This has led to an increase in uncertified work done leading to jumping working capital requirements. I'm not getting into specifics about any project, but there are many projects we have witnessed that the payments are getting stretched. Few projects, there are certification and payment issues. Now, on debt, in H1, operations had to be funded. Debt has moved to INR 3,472 crores on a gross basis and INR 2,714 crores on net basis. On net debt basis, the debt-to-equity works out to be around 0.5 times of the net worth. On behalf of Afcons Team, I thank everyone for attending this call. Now, I request the moderator to open the floor for Q&A. Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mr. Aditya from Investec India. Please go ahead. Hi, good afternoon, sir. My first question is on two large opportunities possibly that we are having in front of us, one being Wadhwan Port, the other one being the Dubai Tunneling Project. It would be great if you could kind of share some details on the status of these two projects and how we see the timelines for these projects. Wadhwan Port, we have already submitted the bid. Technical bid is opened yesterday. After clarifications and other things, financial bid got opened. Towards the end of the quarter or beginning of next quarter, results could be announced there. That is as far as Wadhwan is concerned. What is the other one? This would be for the breakwater, sir? Pardon? This is for the breakwater. For breakwater. This is for the breakwater. Breakwater, there are details of bidders and others are public information. For the DSST project, it is still going on. Bid submission date is still away. We are in active discussion with all concerned. Beyond that, I am not in a position to say anything at this point. Understood. Understood, sir. My second question is on Mumbai High-Speed Rail Project. If you could share details on how much work has already been done and what kind of revenues and margins would we have recorded until now? Has the margin recognition started on that, or is it likely to be starting once we move a little ahead in the project? We have done about 15% of the project. The substantial part of the building schedule is on TBM tunneling. NATM tunneling of 4.8 km is already completed. The lining work is going on. The TBM tunneling, all of you are aware of the machine arrival-related delays. The first set of consignment has come, it is not full consignment. The second set has to come to make it in full. After that, TBM tunneling will start. Effectively, the profitability, other thing will the turnover will increase as we progress on the TBM tunneling. That is where we stand. In terms of profitability, it is on expected lines. We do not expect any surprises over there. So far, would we have recorded any margins from the project in 15% of the work that has been done, or will margin recognition start a little later? No, margin recognition typically we start at 10%. And one important development on this is High-Speed Railway Authority has accepted this delay of TBM arrival and other things as a force majeure condition, which is eligible for compensation to the contractor. They have officially communicated to us force majeure acceptance. Understood, sir. That's great. Thank you so much. Thank you. The next question is from the line of Shirom Kapur from Jefferies Group. Please go ahead. Hi, sir. Thanks for the opportunity. I just wanted to ask you about your L1. Could you quantify what is your L1 position currently, and if you could give the breakup within Croatia between the road and the railway job as well as the other L1s like in Maharashtra? If you could give the breakup, please. See, in Maharashtra L1, it continues to be the four jobs: Nagpur-Gondia Expressway Package One, which is INR 2,599 crores; Nagpur-Gondia Expressway Package Two, INR 2,849 crores; Pune-Ring Road. Both put together, both packages, Package Five and Package Seven put together is INR 4,787 crores. Croatia, so first road project is INR 2,406. Second is INR 2,144. Railway is INR 6,771. And there is another that's subsequent to that. With this, we have total L1 project of around INR 23,000 crores. Of this, we do expect some of the jobs to come in the current quarter. With respect to Maharashtra, I think in the last call also, people were asking, there is some amount of uncertainty because in some of the projects, they have not, they've just about commenced the land acquisition activity. Therefore, there is a debate within the government whether these projects have to go for rebid after the land acquisition is completed or whether it has to be awarded and then adequately handled is going on. We have been engaging actively with the government, but we need to see what is going to be the final decision. That is the situation as far as the Maharashtra projects are concerned. All the other projects, we expect substantially in the current quarter. One or two could slip to the next quarter, early next quarter. Understood, sir. Some of these could happen in the current month itself. Got it, sir. That's helpful. Just on your order flow guidance, are you still sticking to your INR 20,000 crore guidance for the full year or any changes to that? Yes. 100% we are achieving INR 20,000 crore guidance. Understood, sir. Just if I could ask you last thing, your prospect pipeline you mentioned is INR 3.6 trillion. Would you be able to give us a breakup of that across segments and between domestic and international? I'll tell you in a minute. We'll take you through that. Yeah, I'll just give you the breakup. Out of this INR 3.6 lakh crore which we have talked about, as earlier trends are always there, the largest chunk lies in the urban infrastructure project. Around INR 1.6 lakh crore is in the urban infrastructure. For us, urban infrastructure essentially means underground metro, elevated metro, including bridges as well. In hydro and underground space, including waterworks, around INR 94,000 crore is the project which we see. In the road business, which includes road and railroad surface transport, around INR 65,000 crore, and marine and industrial, around INR 43,000 crore. That is on the segmental breakup. In terms of geographical breakup, it is around one-fourth and three-fourths. One-fourth is from the overseas market, three-fourths is from the domestic market. Got it, sir. Thank you so much. Very helpful. Thank you. The next question is from the line of Mr. Mahesh Bendre from LIC Mutual Fund. Please go ahead. Hi, sir. Thank you so much for the opportunity. Sir, last conference call, you mentioned that we, I mean, you had guided for 20-25% kind of growth. Now we are talking about 10% kind of growth. What has changed, I mean, in this last quarter? That has brought down the geographical change. We have 20-25%, minimum 20% is the guidance what we had given earlier. What has changed since? Some of the L1 orders which I explained to the earlier queries that we were expecting to get it converted in the first and second quarter. Some of these we were expecting the work to happen in the second half of the financial year, number one. Number two, some of the projects, there is no visibility with respect to payment forthcoming. For example, Jaljeevan Mission, we were slated to complete the entire project in the current financial year. We had to stop the project primarily because payment is not forthcoming. We are stuck with INR 450 crore of receivables in that project. Few other projects of Indian-funded projects abroad are also seeing some small, lesser traction because the country has defaulted to India on the committed repayments and other things. Because of that, it is hanging on a thin thread. With this, there are issues with respect to this thing, not related to us with respect to the environment. Due to that, we need to take a cautious step based on our own assessment of the situation. Therefore, we have to consciously bring down certain value of the turnover in some projects. This Jaljeevan Mission, by now, we would have progressed very well. We would have completed in the current financial year. We have to do till about INR 600 crore-INR 650 crore of work, which we are not able to take up for the simple reason money is not forthcoming. People at all levels have been met, including CMs level and all. Therefore, that's something when the payment is going to come, all these being having a lot of uncertainty, we have to take care of the interest of the company. Taking that, we have taken a call to take some of these tougher calls, which could result in reduced turnover, but it will not compromise on our margin. It will not, while the percentage of growth could get compromised, it will still be growing. Yeah. So, I mean, so can this, I mean, the revenue that was expected to book in. I'm sorry to interrupt. Mr. Mahesh, you are not audible. Can you please come again with your question? Yeah. Am I audible now? Slightly. Yes, sir. Please go ahead now. Yeah. So, whatever the revenue we could have booked in the last six months, is it possible, I mean, those revenues can be booked next year, I mean, first half? Subject to some of the payment situation improving with some of the clients. Okay. This is nothing to do with a company specific. I mean, we have purposefully slowed down our execution because of the payment issue. Is it a right way to? Correct. We have not slowed down. Some projects we haven't stopped. Okay. Sure. Okay. Sure. We have demobilized some projects, giving notice to the client. Sure. Okay. Sure. Thank you. Thank you so much, sir. Thank you. Thank you. A reminder to all the participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Mr. Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Now, let's say this year we will be doing a 10%. Next year onwards, previously we used to have kind of a 15% plus, but given the 10% lower that we are doing, for FY 2027, can we look at kind of a 20% or, there also, at current stage, there also only 10% kind of a number one can look at? We would like to maintain our earlier guidance of 15% for the next financial year because the second half of the year, orders are going to bunch. Okay. Orders are going to bunch. The second half of the financial year, orders are bunching up, and the pace at which it is coming, if it comes in the current quarter, then work will start in the next financial year. Initial phase installation will go. If it comes in the next quarter, then it will post monsoon only, it will get started. Depending on that, our guidance of 15% would remain. Got it. Now, second, just a clarification on the order inflow. When we say INR 20,000 crore, that obviously would be excluding the L1 that we have. So, the. Not L1 of Maharashtra. Sorry. L1 of Maharashtra. Excluding L1 of Maharashtra. Okay. Excluding the L1 of Maharashtra. Excluding L1 of Maharashtra. Okay. Croatia itself would be kind of close to INR 11,500-12,000. That we are considering, and plus INR 1,200. Around INR 13,500 crore already we are there, and remaining INR 7,500 crore fresh that we are looking at. Correct. Correct. Okay. And this Wadhwan Port that the bid that we have submitted, is this the HAM one that we are talking about? HAM project? This is the EPC breakwater. Okay. EPC. So, value would be roughly around? The client's estimated value is INR 5,120 crore. Got it. Now, our guidance in terms of EBITDA margin, obviously, initially we mentioned that it would be better. Will it be a kind of a 13% for this year and next year onwards? Again, we will be having a 11% kind of a guidance. See, as we explained that on an annual basis, the guidance we are trying to give is 11% because we have explained that there are many risks in projects. So, our lever is obvious to improve, and we have demonstrated that as well. For even fiscal year 2025 and even for this half year, we have done in the range of 13%. Since we have already done 13%, we expect the full year number to be better than what we had initially indicated. Exact number, let us leave it at this point in time because it would not be appropriate for me to give for the balance six months. One thing I can reassure you is that we are not having any bad project or we are not having no execution in the second half, which will be less profitable. We are definitely going to improve from what annual guidance number we have given. For the next year, it will be too early to give any guidance on the profitability metrics, but on a sustainable basis, we would like to do 15% top-line growth and 11% EBITDA number. Got it. Got it. Lastly, on the CapEx front, how much for this year we would be booking and a broader level next year would be how much? Also, the balance sheet data point, mobilization advance, retention money, and unbilled revenue as of September? On CapEx, this year we have planned close to INR 1,100 crore. This has largely the TBM for the C2 package, which half of it has come, and the second consignment is yet to start. Once that comes, that's a sizable portion. The rest of the CapEx, whatever we have planned, is linked to the project award. Once we get the project award linked to that, we are going to do the CapEx. That is for this year. I expect that what we had estimated of INR 1,100 crore, some part of it is going to spill over to next year because if we get the orders in, say, Q3 and Q4, the procurement, also the orders also will be giving in line with our requirement. Some part will get to FY 2027. Initially, when we had estimated, when we had made our budget for 2026, at that time, we were looking at somewhere around INR 700 crore-INR 750 crore kind of a CapEx for 2027. Maybe if something is not done this year of this INR 1,100 crore, that will get added to the next year CapEx. Mobilization advance, retention money, and unbilled revenue as of September, sir? See, these numbers have already been uploaded. These are part of the presentation. These numbers are already there. The unbilled revenue, and of course, these retentions, I mean, it's in the similar range what it was there. It has not, the retention number has not gone up from, say, the number what we were having in March or in June. It is in the similar range because some projects, as we complete, we get the retention release. The ongoing project, there is a regular recovery of retention. Unbilled revenue, again, it is in the similar range what it was there in the, say, June or March. In the similar range, it is there. The third thing you were asking was about mobilization advances. Mobilization advances, as we have not got the jobs, the jobs have not been awarded, we have not received those advances. On the contrary, for the ongoing jobs, whatever advances we had received earlier, recoveries are happening. So, sizable amount of mobilization advance, if we compare from, say, March 2025 to September, the advances have come down because of the recovery. Okay. Got it, sir. Thank you. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Mr. Parvez Qazi from Nuvuma Group. Please go ahead. Hi. Good afternoon. Thanks for taking my question. My first question is regarding our bid pipeline. I mean, you mentioned that we have a strong bid pipeline. Now, in H1, just wanted to get color on the incremental bids which have, let's say, got added to this bid pipeline. In which segment would we have seen new projects getting added to the bid pipeline in the last six months? Also, some color on the geography, whether it's domestic or overseas, where these new projects have come, that would be great. Yeah, Parvez. Largely, the projects got added on the urban infrastructure space. There are certain projects which the government has announced. Those got added. And certain projects got added on the hydro and underground. That has been the major change. Also, as the awarding activity is going on, I mean, the tendering goes on, certain projects which were announced got dropped, and new projects in the normal course of business got added. That has been the change why it has increased. Domestic and overseas, last time also the ratio was pretty much the same. It was one-fourth and three-fourth. The same ratio is there in the overseas market as well, domestic and overseas. In terms of your other question on the geography, at some point of time, we had kind of practically withdrawn from the Middle East. Having got that, some of the clients agreed to some change in the contract conditions and other things, we are re-engaging in the Middle Eastern segment, where we do expect some good traction going forward. Sure, sir. Second, what would be your view on competitive intensity in overseas projects? Do you believe there will find lesser competition compared to what we are seeing domestically? We cannot generalize the competitive intensity in the overseas situation. In different geographies, different kind of competition takes place. It depends on the client and the funding agency and the number of competitors involved. Therefore, I would not like to venture a general response to this, except saying that everywhere competitive intensity is there, we have to choose your client. Also, the preferred mode of this thing, the preferred country and the client, I would put it. Sure, sir. Lastly, just two data points that I needed. What is the CapEx that we have done in Q2? Second, of our INR 32,700 crore order book, what is the quantum of projects where we are yet to receive the appointed date? Thank you. CapEx, we have done close to around INR 200 crore we have done up to September. On this INR 32,000 crore of order book what we have as of September, you want to know that whether the appointed dates have been given for these contracts? Yeah. I mean, are all the projects under execution, or there are projects where we have received LOA but appointed date hasn't come? No. All these projects are under execution. There is no such project for which we have not got any appointed date or notice to proceed. Sure. Thanks and all the best, Sriraman. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Mr. Balasubramanian A from Arihant Capital. Please go ahead. Good afternoon, sir. Thank you so much for the opportunity. What is our current exposure in UP Jaljeevan Mission in terms of residual bills? I think last quarter, it is around INR 422 crore. What is the realistic timeline to expect these residual bills? In terms of Jaljeevan Mission, our exposure is around INR 450 crore, almost similar level. We got some money in between, some small monies. Practically, from July onwards, we have stopped the work over there. Just on the eve of Diwali, there was a meeting by the Chief Minister and other things. Our exposure remains as it is. We have balanced unexecuted job there of roughly around INR 600-650 crore. Okay, sir. How do you look at working capital cycle by end of this year because of this Jaljeevan impact? See, Jaljeevan Mission, the impact anyways is already factored. As we are not further putting money there, what I can see is it's only going to improve from here. Also, on an overall basis, usually up to H1, one needs to fund the projects. Now, since we'll be approaching towards the year end, things will gradually improve because the customers, they will have their own budgets, and they need to exhaust all that during the financial year. We'll be getting payment from the customer, and things will unwind. Okay, sir. Sir, out of INR 1,100 crore CapEx, how much CapEx for these two tunnel boring machines? And when do we expect effective deployment into the projects? See, the exact number we'll not be able to give you, but this number is anywhere between, say, INR 600 crore-INR 700 crore for these TBMs, along with all these attachments it requires. It is dependent on when it is sailing from China, the second consignment. We are hopeful that maybe this month it should happen. If it sails this month from China, I think by, say, end March or maybe April, we should commence the execution. Okay, sir. Sir, if that TBM, yes, sir, if that TBM machine is getting delayed, which other projects is going to impact in next two or three quarters? This is only one project, C2, that high-speed railway project undersea tunnel. All other projects, we have TBM in place. Okay, sir. My final question is, what are the strategic initiatives you are going to take to reduce or promote the pledging? What is the roadmap? I am not clear about your question. What is the strategic initiatives you are going to take to reduce promoter pledging? What is the roadmap? On promoter pledging, we are not taking any initiative. It is with the promoter. So, it will not be appropriate for us to comment. Okay, sir. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. I repeat, participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Ms. Bhoomika Nair from Dam Capital Advisors Limited. Please go ahead, ma'am. Yeah. Good afternoon, sir. Sir, just on this margin profile, we've seen a very strong one-hedge kind of a margin at about almost 13%, which is much higher than our guidance per se. For this year, how do you see the margins moving per se, particularly in the second half? As some of these conversions from L1 to actual time to begin work is delayed, will that impact the margins that we've quoted for some of these projects, or are they escalation-based, fixed price? Can you just throw some color on that? No. With respect to margins, my CFO will respond. With respect to this thing, there is, in terms of Maharashtra projects, if you take it, there is an escalation mechanism right from the day we submitted the bid. In fact, 21 days before submission of bid onwards, it starts. Okay. With respect to the overseas project, which we are L1, there are the contracting timelines, and our timelines itself is like this. 120 days from the date of bid opening, all these are specified. Therefore, it's all factored in already. We don't expect any impact on the margins or related things. On the EBITDA guidance, Ramesh would respond. See, Bhumika, we have already talked about the EBITDA margin we have done for the half year, 13%. As confirmed earlier also, we are not having any bad project as such in the second half or any less profitable activity to be executed in the second half. We expect our EBITDA margin to be better than what we had indicated at the beginning of the year at 11%. It should be definitely better because half year we have already done 13%. Exact number we are not giving you, but I think we can expect that we should be doing better than what we had indicated. Sure. This quarter, also, the other income was slightly higher. Was there any arbitration or forex gain that was booked in this particular quarter? See, forex gain is there in this quarter. As you were asking about the overseas project, in overseas project, what happens is that even though in majority of the project, we do not get any escalation, the exchange gain comes as an escalation measure because on a continuous basis, we are seeing that, say, a dollar or a euro appreciates against Indian rupees. We have seen in some of the projects over a period of, say, five-six years, the exchange difference itself becomes a very sizable portion of the contract. Likewise, things accrue. It is there in this quarter as well. Okay. Would it be possible to give us the number of forex gain for this particular quarter, which is related to the projects? One minute, I'll give you that number. So, forex gain is around INR 59 crore. Okay. Okay. Got it. Got it. Understood. And sir, just lastly, I mean, I know we've discussed a lot on the call in terms of the working capital rising, and thereby, the debt also has risen. While we will get some of these advances when we get some of these orders, it should help in terms of reduction. With the money stuck, particularly in the JGM orders, do we expect any relief per se within this year, or you think it will be something which will, working capital to that extent, will remain elevated itself? In terms of Jaljeevan Mission payment, while we are not in a position to commit, the Chief Minister himself has assured he will clear all this thing, all the dues as he wants the project to be delivered well on time. That is something, I think, at the state level they are working. Therefore, we do expect some traction coming in the next two to three months. Many of the states today, state level finances are, I would say, strained. Because of that, probably there has been some delay. I'm not very sure. I'm not able to comment. Okay. Bhumika, just to add, see, even last September, we were at a similar kind of debt number. Not that this number is different. You have seen how it has unfolded by the year end. That's the trend. Generally, it happens like that. Understood. Understood. Fair point. This helps. Thanks so much. Thank you. Thank you. Thank you. The next question is from the line of Mr. Parvesh Kazi from Nomura Group. Please go ahead. Hi. Thanks for taking my follow-up question. I think you had mentioned there were some exceptional expenses that we had booked this quarter as part of our other expenses. Would it be possible to get the quantum of that? Wait a minute. Wait a minute. Wait a minute. So, what do you want to ask, Parvesh? What was the quantum of that exceptional expenses? Yeah. It is close to INR 100 crores. Okay. Sure. Thanks. Thank you. Thank you. Ladies and gentlemen, that was the last question for the day. I would now like to hand the conference over to Ms. Bhumika for closing comments. Please go ahead, ma'am. Yes. I would just like to thank all the participants on the call, and particularly the management for giving an opportunity to host the call. Thank you very much, sir, and wish you all the very best. Any closing remarks from your side? Oh, thank you very much. Thanks for the continued interest and support. We definitely look forward to all of you stay with us and earn on a long-term basis. Thank you. Thank you, sir. Thank you, sir. On behalf of Dam Capital Advisors Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.