Ladies and gentlemen, good day and welcome to the Q4 FY 2025 earnings call of Ashoka Buildcon hosted by Nirmal Bang Equities Private 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 the 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 Mr. Sarthak Singh from Nirmal Bang Equities Private Limited. Thank you, and over to you, sir. Thank you, Alaric. Good afternoon, everyone. On behalf of Nirmal Bang Institutional Equities, I welcome you to the Q4 FY 2025 earnings conference call with the management of Ashoka Buildcon Limited. We have with us Mr. Satish Parakh, Managing Director, and Mr. Paresh Mehta, CFO. Without further ado, I will now request Mr. Satish Parakh, sir, to start with his opening comments, after which we can open the floor for questions and answers. Thank you, and over to you, sir. Good afternoon. On behalf of Ashoka Buildcon Limited, I extend warm welcome to everyone joining us today to discuss our business and financial results for Q4 FY 2025 ended 31st March 2025. On this call, we have joined with our CFO, Mr. Paresh Mehta, and SGA Investor Relations Advisor. Let me begin by giving an industry overview. India's infrastructure sector remains a core pillar for the country's economic development strategy. The government continues to prioritize infrastructure as a key foundation goal and a driver towards its five trillion economy target. Flagship programs like the National Infrastructure Pipeline and PM Gati Shakti are helping streamline planning and improve execution across key segments, including roads, railways, ports, airports, and urban development. FY 2024-25 has been a relatively new year from the infrastructure overall. However, National Highways Authority of India, NHAI, delivered a strong performance, building 5,614 kilometers of highways during this year. Capital spending crossed over INR 2.5 lakh crores, which is the highest ever, and shows strong progress across ongoing infrastructure projects. Looking ahead, the outlook of highway segments remains positive. The government has announced a major investment plan of at least INR 10 lakh crores for the next two years towards improving infrastructure. These efforts aim to bring Indian highways in line with global standards. We have seen strong progress in recent years. The national highway network has grown from 91,287 kilometers in 2014 to now 1,460,000 kilometers today, with marked improvement both in quality and execution. Now, on the monetization front, NHAI raised INR 28,724 crores through models like TOT, InvIT, and Toll Securitization. Notably, INR 17,738 crores came from InvIT alone, marking the highest-ever collection from this model. Overall, the infrastructure continues to see strong support from the private sector, backed by stable government policies and new financing models. With a healthy pipeline of upcoming projects and a growing focus on digital and sustainable infrastructure, we believe the sector is well placed for steady long-term growth. Coming to the company update, to update on sale disposal of stake sale in subsidiaries of Ashoka Concessions Limited. This is in reference to our earlier announcement about proposed sale of entire shareholding in five BOT subsidiaries of Ashoka Concessions Limited to Maple Infrastructure Trust. The completion of this transaction has been delayed as some of the required conditions are still being worked on. In agreement with the proposed investor, the new expected date to complete the transaction is 30th June 2025. Coming to the order book status, the company has received two new project orders. The first came in March 2025 from Maharashtra State Electricity Transmission Company Limited. It's worth INR 311.92 crores and involves setting up a 400/220 kV substation at Amravati district in Maharashtra. The work includes supply erection, testing, and commissioning, and related civil works. The second order was received in April 2025 for Central Railway. This is an EPC project for gauge conversion between Pachora and Jamner, excluding Pachora yard and road over bridges, with a contract value of INR 568.86 crores. These new orders further strengthen our position in both power transmission and railway infrastructure sector. As of 31st March 2025, our balance order book stands at INR 14,905 crores. This is excluding orders received post-31st March 2025 of INR 795 crores. The breakup of order book is as follows: roads and roadway projects comprise around 10,687 crores, which is 60.4% of the order book. Among the road project order book, HAM projects are to the tune of INR 1,859 crores, and EPC road projects are worth INR 8,688 crores, and railway is around INR 320 crores. Power T&D accounts for INR 3,618 crores, which is approximately 24.3% of the total balance order book. The total EPC building segment is INR 420 crores, which is 2.8% of the total order book. To conclude, let me say this again, that our EPC primary focus remains on maintaining a sustainable EPC business and segments encompassing highways, railways, power transmission, and distribution, as well as buildings. This is all from my side, and I would now like to request Mr. Paresh Mehta to present the financial performance. Thank you. Hello. Thank you. Good afternoon, everyone. Starting with the standalone numbers for Q4 and FY 2025, the total income for Q4 FY 2025 stood at INR 2,012 crores as compared to INR 2,533 crores in Q4 FY24, a degrowth of 21%. EBITDA for the quarter stood at 181 crores, with EBITDA margins of 9%. PAT stood at INR 60 crores for the quarter. FY 2025, the total income stood at 7,188 crores as compared to 7,841 crores, a degrowth of 8%. EBITDA for the period stood at 673 crores, a degrowth of 3% from EBITDA margins, but EBITDA margins improving by 60 basis points to 9.4%. PAT stood at INR 197 crores for FY 2025. Our revenue contribution for each segment for Q4 FY 2025 is as follows: Road EPC contributed 58.3%, Road HAM contributed 12.5%, Power EPC contributed 2.8%, Railways stood at 2.11%, and other segments like Building EPC and others contributed 24.3%. Coming to the consolidated results, the total income for Q4 FY 2025 stood at INR 2,755 crores as compared to INR 3,138 crores in Q4 FY24, registering a 12% growth. EBITDA for the quarter stood at INR 838 crores, a growth of 16% YoY. PAT stood at INR 452 crores. For FY 2025, total income stood at INR 10,205 crores as compared to INR 10,005 crores in FY24, registering a growth of 2%. EBITDA for the quarter stood at INR 3,089 crores, a growth of 26% YoY. PAT stood at INR 1,734 crores for FY 2025. Total consolidated debt as of 31st March 2025 stood at INR 6,671 crores. The standalone debt is at INR 1,405 crores, which encompasses INR 101 crores for equipment loans, INR 300 crores of NCD, and INR 1,004 crores of working capital finance. In Q4 FY 2025, in our BOT division, the company recorded a gross total collection of INR 348 crores as against INR 329 crores in Q4 FY24, recording a growth of 6%. With this, we now open the floor for questions and answers. Thank you. Thank you, sir. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone 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 comes from the line of Hardik Gandhi from HPMG Shares and Securities. Please go ahead. Hello, sir. Am Am I audible? Yes. Yeah. So actually, I was just looking at your closing balance sheet versus your presentation. So in your presentation, the debt is still at the similar levels as we were in the past quarter. But in the balance sheet, I can see the short-term borrowings and the long-term borrowings have decreased drastically. So I'm not able to understand why this difference? So they may be transferring to current and non-current also. So maybe you can take it offline, or maybe we'll come back later. Yeah, we can do that. Because if you see in the borrowings, in the non-current financial liabilities, it has decreased from 378 to this 72, right? And even in the short-term borrowings in current liabilities, short-term borrowings have just stayed in the similar range. But in the presentation, the debt is still showing at a, there is no significant debt reduction in the presentation on a standalone as well as on a consolidated basis. So yeah, that was my. So did basically have we reduced the debt drastically in this past quarter, or is it just that? This is in the presentation we are talking of only external debt. On the balance sheet, we have debt which is including associates also. From that point of view, there is a reduction in the associates outstanding in the last quarter. Got it. So still, sorry, but I'm not able to understand why there is this huge difference in the borrowing amount. But in the presentation, the standalone debt and consolidated debt is kind of the same from quarter on quarter. In December 2024, I'm seeing the total debt as 6,847. The March quarter is still showing 6,600, right? Yeah. I think so from that perspective, and even in the consolidated, what's happening is one of the assets which was held as investment is now moved on to assets held to maturity. So from that perspective also, the debt numbers—we can have an offline detailing of the. No worries. Yeah, no worries. Yeah. And the second question is on the line of government spending. Do we foresee, given the recent changes in the geopolitical issues, the government spending will be diverted from infrastructure to something else? And how are we placed in the upcoming orders? If you can just give a light on that. Yeah. If you see, last quarter, government has worked moving very slowly as far as NHAI is concerned. But there is nothing related to funding as such. What we see in the next few quarters, we'll see a good amount of detailing happening. Understood. And usually, sir, sorry, but when do we get the new orders? It's in Q1, Q2, or is it spread equally throughout the year? So Q1, Q2 may be muted. We'll get INR 2,000-3,000 crores. And post-Q3, Q4 will be really good inflow for the books. Understood. And just last bit on the execution side, are we seeing any execution slowdowns? Do we expect similar growth in the top line as last year, or do we see a drastic change? Because along with that, since the toll prices have increased, so we can expect a significant growth? Growth-wise, coming here, we don't see more than 10%. As Q1, Q2 will be still slow because whatever orders we have back will really pick up in Q3, Q4. There are a lot of initial orders and starting those works, like land acquisition, forest clearances, and all this. So they really will pick up post-monsoon. So out of the seven projects, only three have really started. Four will start only in Q3. So Q3, Q4 will be very good. Q1, Q2 still will have some orders. Okay. Understood. All the best, sir. Thank you so much. Bye-bye. Bye. Thank you. A reminder to all participants, please press star and one to ask a question. The next question comes from the line of Yashovardhan Banka from Tiger Assets. Please go ahead. Thank you, sir. I just wanted to understand what will be your interest cost and savings from reduction in the borrowings? I think I had - what was that? Interest cost. Interest cost, we are typically at the range of 9%-9.5%. And what was the other question? So will we be expecting savings in interest since we reduced our borrowing rate? On the external debt, borrowing continues to remain the same for 31st March 2025, 2025, 2026, we expect the borrowings to go down, and effectively, interest cost will go down. Keeping in mind the monetization of assets on both BOT as well as HAM front, these costs should substantially go down in Q3, Q4. Q1, Q2 is the period when we expect both the BOT and large number of assets of HAM projects should get monetized. Okay. So just a bit of clarity needed on the borrowings. As in, the borrowings I can see reduced from 3,700 - 700 crores, right? So that's a reduction of around 3,000 crores. So will we be expecting some interest cost savings moving on these quarters, right? That's what I'm trying to understand. Yeah. I'm trying to get hold of this 3,000 number which you're talking about. It's on page number, it's the consolidated balance sheet for page number 11 of our IP, Presentation. Yeah. Data has not gone down from the overall basis. It is presentation which has happened. If you see liabilities held for sale, it has gone up from 287 to 940 crores. 287 to 940 crores per year. And on the borrowings also. If you see financial liability borrowings and liabilities held for sale, this is where the change has happened. Got it. Yeah. Sir, this is the last question. Sorry? You referred page 6 of the presentation. Largely, the debt remains similar. It has reduced from 7,139 in March 2024 to 6,671 in March 2025. Got it. Got it, sir. And any further plans in reduction of debt? As I said, post-monetization, substantial debt reduction will be there both due to offloading of the assets where the debt will get held up from the balance sheet of APL in the BOT, it's almost INR 2,000 crores. And in the major seven HAMs, which we initially sold, around INR 2,000 crores. So by quarter two, we expect INR 4,000 crores of debt to go down from the consolidated balance sheet. And whatever excess monetization will happen, we reduce the working capital debt also. Got it, sir. Thank you. Thank you. The next question comes from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Yeah. Sir, you mentioned that our revenue guidance for FY 2026 would be around 10% growth. So earlier, we guided for 15% growth for FY 2026. So what has led to this cut in the guidance first? And also, what would be the guidance for EBITDA margins and order inflows for FY 2026? So basically, whatever new orders we got, as I explained, were supposed to start in Q1, Q2. Out of this, only 40% have started. 60% is getting shifted to Q3 because of various reasons like land acquisition and forest clearances. So these are getting delayed started. That is why the whole growth for the year is getting affected. Okay, so FY 2027 should be a much better growth in terms of sales from QX execution pickup? Yeah, definitely. Because all these projects would have been running full swing. And plus new order books which we bagged this year would also get converted into business year. Is there a guidance on margins and order inflow? On margins, we'll be improving our margins based on the new order books which have come in. We should be in the range of 10% plus. Okay. And so order inflows? Order inflows 10,000-12,000 for 2025, 2026. That's what we expect, split into various projects, various sectors: roads, railways, and other things. Okay. And And sir, what would be the actual inflow for FY 2025 if we remove the GST portion and what would be the EPC value we called in FY 2025? Approximately 9,500. 9,500 crores. Okay. And sir, lastly, if you look at the asset held for sale number on the standalone balance sheet, it is around INR 1,198 crores. So it includes only five BOT or what all it includes? It includes all the HAM projects, 11 HAM projects, and five BOT projects, and one annuity project. Okay. And, sir. You're talking about standalone or consolidated? Standalone, standalone. Standalone, there are four HAM projects. And any others which is an annuity project. So, four HAM or BOT? BOT, all these are the consolidated that is under ABL wing. So on the standalone, we see only four HAM projects plus one annuity project. Okay. So we were supposed to receive roughly 860 odd crores of cash net after all the payments to SBI Macquarie, and all. So that number remains? Not sure how INR 860 crores arrived at. Typically, what we expect to realize is INR 2,500 crores on the BOT projects and INR 2,400 crores on the HAM projects, which typically 5,000-odd crores, of which INR 1,600 crores would go to SBI Macquarie. Balance will be available for the amortization, which will be split into two parts. Around INR 750 crores and another INR 800 crores will be in 2026, 2027 revenues. So around 2,000-odd crores should be in 2025, 2026 balance. We can do the math. You were supposed to be INR 1,535 crores, right, to SBI Macquarie? Yeah, 1,526. And we'll be acquiring the other line of stake also from there, of INR 150 crores. 150 crores. Okay. So sir, so the entire payment of the INR 1,600 plus crores will be done in two parts, you mentioned, right, in 2026 and 2027? Or entirely in 2026? Payment will be done in one stroke the moment we realize the fees from the BOT or HAM, whichever happens earlier. So when do we expect to receive the proceeds from both the deals from BOT and HAM? So the first set of money infusion from the BOT deal should be happening somewhere before, by 15th of July. That's what our expectations are, 15 July to 21st of July. 30th June is our NOC date, but we are almost done with all the compliances with NHAI and the lenders, so we will be doing our CP compliance in the first week of June, and then we will draw out the money. Whatever time it takes to draw out the money. On the HAM front, we have five projects which we expect to complete by the first week of July, which should bring in approximately 1,200 crores, and another two assets by August, which should bring in another 400 crores. Remainder by December? Pardon? Remainder HAM happens by December? Remaining HAM, three assets will happen by December. One asset will happen in 2026, 2027. That is one build-out kind of thing which will happen in mostly 2026. And sir, lastly, BOT will be payment entirely on 15th July or balance part will come later? It will be split into two. Approximately INR 1,700 crores would come by 15th July, and 700 crores would come based on extension of traffic for the three projects, Sambalpur, Belgaum, and Dankuni, which we expect by around 2026, 2027. That amount will come in FY 2027? 2026, 2027, yeah. Okay. Okay. Thank you, sir. I'll come back in the queue. Thank you. The next question comes from the line of Janam Jain from ICICI Securities. Please go ahead. Thank you for the opportunity. Sir, my first question is, what is the order pipeline which we are seeing currently for railway and EPC on the end? The railway and power will be around INR 2,000 crores. Hello? Hello. Are you able to hear me? Yeah, I can hear you right now. So railway and power, we expect around INR 2,000 crores. And roads, we expect around INR 7,000-8,000 crores. And then other projects like water and buildings and all, there we expect around INR 2,000 crores. Okay, sir. And sir. 12,000 is what is our target, yeah. Okay. And sir, how are you seeing things improve on the NHAI and Bidding Channel in terms of competition and corporate margin? So NHAI competition remains. Rather, it is growing day by day. So we are now focusing on specialized structures, some specialized jobs in NHAI, MoRTH, and state-level works at all other segments. Okay, sir. And sir, what is the sort of growth that we are seeing by the end of FY 2026 on standalone lending? Based on monetization, our debt level should be substantially low, below the normal debt of INR 2-300 crores. Though it could be surplus too, but we would have certain projects under consideration also on the solar front. And so all present debt should be substantially reduced post-monetization. Yeah. Sir, is there any ballpark number? As I said, I don't think 300 will be the general working capital loan, which will be existing based for all non-practical grounds. Okay, sir. That answers my question. Thank you so much. Thank you. A reminder to all participants, please press star and one to ask a question. The next question comes from the line of Bhavin from SBI Mutual Fund. Please go ahead. Yeah. Pardon me for the repeating. I actually got disconnected in between. What I was looking for is the timelines for cash flow receipt for the HAM project, which, what is in 2026, what would be in 2027, and similarly for the BOT projects. So, for both the BOT, approximately INR 1,700 crores. And for the HAM, approximately INR 1,500 crores would be happening by Q2N, before Q3N, which would be having cash flow of this amount. Balance on the HAM projects would be happening by Q4, between Q3 and Q4, except for one project that's approximately more than 50 crores on the last project. And in 2026, 2027, we'll have the balance payment of the BOT project for INR 1,050 crores. Okay. So this year is where we should get a net flow receipt of about 1,500 odd crores, considering the payment that should be done to the SBI Macquarie. Is that a fair assessment? Yeah, it's fair. Okay. Great. Second question is, if you could help us understand on the working capital side, given the projects that are there in the order book, and we have seen increase in the working capital over the last four, five quarters, how should one see the trajectory given the stage of execution these projects are? So these are split into power and the road project. Power projects have a longer working capital cycle, and which was back in FY 2024, 2025. So these are typically having a larger working capital. So that trend of working capital cycle at these levels will continue for at least purely on a standalone working capital basis at the similar strength, subject to monetization. So otherwise, these levels will continue for 2025, 2026. Sure. So the 1,000 odd crore working capital debt, which is being there, in your assessment, given the 10% growth in the execution you are anticipating, would that be higher, lower, similar? Should be similar. Indeed, INR 1,000 crores should be able to manage for 2025, 2026. Great, and in your assessment, where do you see the trajectory of the margin given the mix that you already have? As indicated, for 2025, 2026, we should be ending up with approximately in the range of 10-10.5-15-odd crore EBITDA margin. Okay. So we should be seeing positive cash flow from operations on the standalone entity, leave aside the asset monetization that we are anticipating? Yeah, definitely. I mean, keeping in mind the 2025, 2026 operating cycle being negative, but I'm sure for 2025, 2026, it will be a positive one. Great. In that case, is there a thought process of any one-time dividend or buyback given the large cash flows that we should be seeing towards the end of the fiscal year? So that definitely raises good visibility. I mean, having cash on the balance sheet would be better utilized by sharing it with investors and for newer businesses. Okay. Yeah. Great. That answers my question. Thank you so much. Thank you. The next question comes from the line of Vasudev from Nuvama Wealth Management. Please go ahead. Yeah. Thank you for the opportunity, sir. Just as in your previous question, you mentioned that we have classified NIIF projects also in held for sale. So can you give some details like where are we in the process of monetization of this asset? And also anything on Jaora SPV? So on both these NIIF and Jaora SPV, we had a process of sales calculated in the past year but could not go through due to certain restrictions on the transfer of shares, which has been addressed in January already. And in Jaora SPV, we're still approaching the government to get the permission of transfer of shares. On the NIIF, we have already scouting for investors who previously were interested and new investors who are good to look at on this project. So we expect that in a year's time, we should get an offer for such projects. Okay, sir. And sir, can you give me the pending equity which is to be infused in the HAM projects? In the HAM projects, presently, we have approximately INR 67 crores of equity pending, which includes INR 225 crores of equity for our last BHNB project, which we have won, where FC is due anytime. Okay. And sir, do you know how much are they planning to infuse in FY 2026, 2027, and 2028? So in FY 2025, 2026, we expect to infuse INR 250 crores and balance INR 112 in 2025, 2026. Okay, and sir, for this 12,000 crores of order intake that we are planning for FY 2026, what is the kind of bid pipeline that we are looking at? And if you can give some breakup between different segments. So bid pipeline, if you see MoRTH, NHAI, and states, around INR 75,000 crores, INR 1 lakh crores. And if you see railways, it's around INR 25,000-30,000 crores of bid pipeline. Power is another sector where a lot of investments are coming in. Natural flow of around INR 10,000-15,000 crores. Railways is another segment. It's very difficult to gauge, but they intermittently come up in good order book. And there are other sectors where we look at is buildings, and water, and smart homes. So overall, we are trying to see that INR 7,000-8,000 crores. Roads, INR 2,000-3,000 crores around railways and balance other sectors. Okay. Sure, sir. And lastly, sir, what is the CapEx that we did in Q4 and our target for FY 2026? Target we have already told you is around 10% growth this year. So, CapEx target? CapEx will be around 200 crores with all segments seen. Okay. Sure, sir. That's it from my side. Thank you. Thank you. The next question comes from the line of Parikshit Gupta from Fair Value Capital. Please go ahead. Thank you very much for the opportunity. I want to ask about the monetization again. And sorry for the repetition. I just wanted to make sure I have it super clear. So about the BOT projects, is it not correct that we are getting an enterprise value of 5,700 crores, out of which almost 3,200 crores would directly go into debt, and the rest 2,500 crores that we are talking about will be equity received by Ashoka? That is true. That is true. So I mean, considering this. Yeah. Sorry for interrupting, but considering this number along with the HAM projects of INR 23-24 crores, the total amount comes to around 8,000 odd crores. And even after considering the SBI Macquarie stake purchase, which is INR 1,526 crores and plus INR 150 crores of the Jaora SPV, the net debt levels, considering the cash in hand right now on a consolidated level, along with no excess, no other equity infusion, comes to be around zero. Is that correct in my understanding? No, no. But the debt which you're talking about would go along with the SPVs, with the BOT SPVs. So the consideration which you're getting of INR 2,500 is net of all debt. So when we are talking of, when we have spoken of approximately 3,000 odd crores debt on the five BOT projects, today it is 1,945 plus NHAI debt of around 1,000 crores, totaling 2,900 crores of debt, which will go along with the SPV to the new buyers. So that's not a payment which I have to make. It will be going along. What I will get is 2,500 crores net, which will be split into 1,700 crores before 2025, 2026, in 2025, 2026, and 700 odd crores in 2026, 2027. So this itself will fetch me, as you said, 2,500. Again, what we said was 2,400. So we are at a total of 4,900 of total equity consideration, of which, say, 1,600 will go into payment of SBI Macquarie. So that is what is net-net available at the end of 2026, 2027, including 750 crores and everything. 4,900 minus 1,600 minus any capital gains tax would leave us with 3,000 crores of net cash. Okay. Just one follow-up on this. The INR 2,900 crores debt with BOT, isn't that currently sitting on the balance sheet of Ashoka Buildcon as a consolidated? No, no, no, no. That is sitting on consolidated, yes, but it is at the SPV level. Okay. I will probably take this up offline. Just one more question. Is there any strict hard deadline to the SBI Macquarie sale? Because I believe earlier in FY22, Quarter 3, there was also again the same plan of selling the BOT projects, but it did not go through. And at that time, the SBI Macquarie exit was around INR 1,200 crores of value, which has gone up now. So in case by chance this sale of HAM and BOT projects are not executed by the end of June, as we stipulated, June or July, is SBI Macquarie deal also slated to maybe again push forward? So definitely, the Macquarie deal is a consequence of the sale proceeds. From that perspective, the sale is consequential. But from an amount perspective, it will be a bilateral discussion if there's any change. As of today, this remains. Is there any hard deadline to the SBI Macquarie deal? For example, they're telling you if we are able to pay 1,526 by end of July or end of August, then this deal stands. Otherwise, we will have to reevaluate. I mean, I believe most of it, at least all the monetization happening, the question does not arise. I'm sure that this deal will go through by July. Definitely, they will get paid off. I mean, a Six Sigma event, 0.01% possibility. It will be mutually discussed. Definitely, we are a partner with that. So we'll mutually decide what's the next course of action. But I'm sure they are also looking out for the exit. So there are no hard deadlines here. It's all understood because of the monetization, the cash flows, and then finally being able to execute the asset purchase, the stake purchase. Correct. Okay. This is helpful. I will probably set up some time personally. But thank you again for answering my questions. Thank you. Thank you. The next question comes from the line of Vaibhav Shah from JM Financial. Please go ahead. Yeah. Some of my questions have been answered. Thank you. Thank you. The next question comes from the line of Hardik Gandhi from HPMG Shares and Securities. Please go ahead. Hello, sir. Thank you for taking my question again. Just wanted some clarification. I know this was discussed, and now I understand why the borrowing levels are showing less because we've shifted our borrowings from the borrowing tab to the liabilities held for sale. Is that correct? Yes. Yes. So how much of this are we expecting to reduce by next year of 9,400, which is showing in liabilities held for sale? By the end of next year, March 2026, we expect approximately INR 4,500 crores of debt to go out of the balance sheet from approximately INR 5,000 odd crores. Understood. 200. Yeah. Have we considered the new debt which we will take for the new orders or upcoming projects and everything on that level, or is it just standalone calculation? So it is presuming that with the current estimate of turnovers and the requirement of the capital cycle remaining similar, the debt will remain the same, will not go up. And if the monetization happens, it would definitely go down. Understood. So just coming from a different angle, so considering we are expecting the debt will remain the same, but on the basis of this, that we'll have a INR 5,000 crore reduction. So do you anticipate a reduction in the finance cost to the span of INR 400-450 crore, given that we are borrowing at a 9.5%? So do we expect a reduction in the borrowing cost, so the finance cost, to go down by INR 400 crores next year? So 9.5% is the cost of borrowing at the standalone level for the working capital debt, which will typically remain. So on a debt of approximately INR 1,000-odd crores, this is what number will finally transpire, plus a couple of more projects like Jaora, Belgaum-Khanapur, which will continue the balance sheet up to 2026, 2027. So it's the various debts which will come up. But definitely, the interest cost in 2026, 2027 should substantially go down, including 2025, 2026. Okay. Understood. So if I were to assume on a consolidated basis, what would be our cost of borrowing then? Not on a standalone, but just on a consolidated basis, at least for this 9,400 which is held for sale? On the standalone level, this would be in the range of 8%-8.5%. Okay. Sorry. On a consolidated level. Yeah, yeah. So that's what I'm saying. So if we are expecting to reduce our INR 5,000 crore debt by next, let's be conservative and say INR 4,000 crore, and with the 8.5%, we expect our finance cost to go down by roughly on a ballpark number of INR 300 crores? Would that be the correct assumption? Yeah. That's true. Okay. Understood. Understood. Thank you so much. Thank you. Thank you. A reminder to all participants, please press star and one to ask a question. The next question comes from the line of participants, please press star and one to ask a question. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for the closing remarks. We thank everybody for joining this conference call for the update on the Q4 and FY 2025 numbers. If there are any follow-up questions out there, we are also available on my personal number, which is available on the presentation, as well as our investor relations team. Thank you. Thank you. Thank you, everyone. Thank you, sir. Ladies and gentlemen, on behalf of Nirmal Bang Equities Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you.