Ladies and gentlemen, good day and welcome to Ashoka Buildcon Q1 FY 2026 earnings conference call hosted by Anand Rathi Share and Stock Brokers 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 now being recorded. I now hand the conference over to Mr. Bhavin Modi from Anand Rathi Share and Stock Brokers Limited. Thank you, and over to you, sir. Hello everyone, good afternoon. On behalf of Anand Rathi Institutional Equities, I extend a warm welcome to the Ashoka Buildcon Limited Q1FY26 earnings conference call. We are pleased to have with us today Mr. Satish Parakh, Managing Director, and Mr. Paresh Mehta, Chief Financial Officer. Without any further delay, I invite Mr. Satish Parakh to share his opening remarks, following which we will open the floor for a Q&A session. Over to you, sir. Yeah, thank you, Bhavin. Good afternoon, everyone. I welcome you all to the Q1 FY 2026 earnings call of Ashoka Buildcon Limited. Thank you for taking the time to join us today as we share our business and financial updates for quarter-ending 30th June 2025. I'm joined by our CFO, Mr. Paresh Mehta, and our Investor Relations partners from SGA. Let me begin by giving an industry overview. The start of FY 2026 has been marked by renewed momentum in India's infrastructure sector, especially roads and highways. The National Highways Authority of India has outlined an aggressive plan to build around 124 highway and expressway projects this year, spanning around 6,400 kilometers, with an investment outlay of INR 1.5 lakh crore. These projects will leverage a mix of HAM, BOT, and EPC models, including landmark corridors like Gorakhpur-Kishanganj-Siliguri HAM, Tharad- Ahmedabad on BOT, and Surat-Nashik-Ahmednagar-Solapur, which is part of Surat-Chennai. This is also coming on BOT. This push underscores the government's focus on scaling up private participation while accelerating the pace of highway development. On the operation sides, traffic and toll collections have been seeing a strong growth. Toll revenues surged nearly 20% year-on-year in INR 20,682 crore in Q1, with 1.17 billion vehicle trips recorded during the period. The sustained rise in vehicle movement, coupled with revised toll rate positions, has set the sector on track to exceed around INR 80,000 crore in toll revenues for FY 2026. This growth not only reflects stronger asset utilization but also reinforces the resilience of highway concessions in India. The power transmission and distribution space is also expanding steadily, driven by urban demand and ongoing integration of renewable energy into the grid. With investments flowing into substations, feeder modernizations, and smart monitoring systems, this segment offers a consistent pipeline for EPC opportunities. Coming to the company updates, we achieved a significant milestone on the international front in Guyana. On June 18, 2025, we signed and executed a contract with the Government of Guyana Republic for Phase 2 of the East Bank-East Coast Road Linkage project connecting. The project is valued at $67 million and comes with an 18-month execution timeline. This win is particularly meaningful as it strengthens our global footprint and demonstrates our capability to deliver complex infrastructure projects outside India. Additionally, on the Railway segment, we received a LOA from Central Railway for an EPC project involving the Gauge conversion from Pachora to Jamner in Maharashtra, covering approximately 53 km. The scope of work includes earthworks, bridges, pathways, and other civil works. This project valued at INR 568 crore, including GST, fortifies our footprint in the railway EPC base and diversifies our infrastructure portfolio beyond roads. ABL, along with its subsidiary Ashoka Purestudy Technologies, secured contracts from the Motor Vehicles Department, Maharashtra, worth INR 1,387 crore, including GST, to implement an intelligent traffic management system across five major circles: Nagpur, Mumbai, Pune, Marathwada, and Konkan, and Western Maharashtra. I'm also pleased to share that our wholly-owned subsidiary, Ashoka Bowaichandi Guskara Road Limited, successfully achieved financial closure on June 2, 2025. This HAM project involves the development of a four-lane economic corridor from Bowaichandi to Guskara-Katwa Road, covering approximately 43 km on NH 116A, reflecting our strong execution credentials and financial discipline, as we are now fully geared to move into the construction phase. On asset monetization, the proposed sale of entire shareholding in five subsidiaries of Ashoka Concessions Limited to Maple Infrastructure Trust is progressing, though the timeline has been extended. Both parties have mutually agreed to move the closure date to September 30, 2025, to allow for the completion of pending condition precedent, and this remains our strategic priority. We also expect to close five BOT and five HAM projects by September end. Coming to the ratings of the company, Acuité Ratings & Research reaffirmed our ratings for long-term bank facilities at AA and short-term at A1+ as of June 3, 2025. These reaffirmations by leading rating agencies highlight our continued ability to manage growth while maintaining financial discipline. Alongside this, discussions with SBI Macquarie Infrastructure Investment and SBI Macquarie Infrastructure Trust are ongoing. This discussion pertains to the purchase of their securities in Ashoka Concessions Limited and Jaora-Nayagaon Toll Road Company by Ashoka Buildcon and subsidiary Viva Highways. Although the earlier long-stop date was June 30, both parties are working constructively towards closure under the agreed security purchase agreement. Coming to the order book status, the company has received three new project orders, as discussed above from the following: Central Railway Authority, Motor Vehicles Department, Maharashtra, and Government of Guyana, Public Works Department. These orders further strengthen our position in both domestic and international geographies. As of 30 June 2025, our balance order book stands at INR 15,886 crore. The breakup of the order book is roads and railway projects comprised of INR 10,433 crore, which is 65.7% of the total order book. Among the road project order book, HAM projects are to the tune of INR 1,841 crore, and EPC segment is INR 7,811 crore. Railway is around INR 781 crore. Power T &D accounts for INR 4,995 crore, which is approximately 31.4% of our total order book. The total EPC segment, the total EPC building segment is INR 458 crore, which is 2.9% of the total order book. Our primary focus remains on maintaining a sustainable EPC business in segments encompassing Roads, Highways, Railways, Power Transmission and Distribution, as well as Buildings. I would now request Mr. Paresh Mehta, CFO, to present the financial performance. Thank you. Thank you, sir. Good afternoon, everyone. Starting with the standard numbers of Q1 FY 2026, the total income for Q1 FY 2026 stood at INR 1,339 crore as compared to INR 1,901 crore in Q1 FY 2025, a degrowth of 30%. EBITDA for the quarter stood at 151 crore, up 4%, with EBITDA margin of 11.3% and an improvement of [370 bps] year-on-year. PAT stood at INR 31 crore for the quarter, down by 25%, with PAT margins of 2.3% and an improvement of 20 bps year-on-year. Our revenue contribution for each segment for Q1 FY 2026 is Road EPC contributed 52.4%, Road HAM contributed 11.6%, Power T&D contributed 19.7%, Railway stood at 6.7%, and other segments like Building EPC and Others contributed to 9.6%. Coming to the consolidated results, the total income for Q1 FY 2026 stood at INR 1,937 crore as compared to INR 2,495 in Q1 FY 2025, registering a 22% degrowth. EBITDA for the quarter stood at INR 649 crore, up 3% year-on-year, with EBITDA margin of 33.5% and an improvement of 830 basis points year-on-year. PAT stood at INR 227 crore, up 44%, and PAT margin stood at 11.7% and an improvement of 540 basis points year-on-year. Total consolidated debt as of 30 June 2025 stood at 6,826 crore. The standalone debt is at INR 1,652 crore, which comprises 95 crore of equipment loan, NCDs of 300 crore, and 1,257 crore of working capital loan. In Q1 FY 2026, in our BOT division, the company recorded a gross total revenue of INR 362 crore as against INR 322 crore in Q1 FY 2025, recording a growth of 13% year-on-year. With this, we now open the floor for questions and answers. Thank you. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the 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 is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Hi, good afternoon, sir. My first question on execution. Execution in this quarter has been lagging. I think we decreased the time by 30%. The order book has grown by 15%. My question is, what is leading this muted order execution? Basically, there have been two or three reasons. The major reason is early monsoon. Second is the orders which we got in last season are still in mobilization stage. Out of seven projects which we got, only three have moved ahead and four are yet to start. So these are really reflected in the Q1 turnover degrowth. So how do you see the? Going ahead, now Q3, Q4 will be catching up. Q2 again will be a little similar pattern, but Q3, Q4 will be catching up when all these projects would be at full swing. What are your expectations for the past fiscal? What kind of growth we can see in the execution? Can you come back? What kind of growth are we expecting on the revenue for fiscal year 26? Yeah, we're expecting around 10% growth. As Q1, Q2 will be a little negative, so we'll have to catch up in Q3, Q4. Overall, we'll be around 10%-12% up. Understood, sir. My second question on the NHAI pipeline. How do you see that developing? I think if I, we've heard that the government is trying to roll out INR 3.4 trillion. Are you seeing the building of the tender pipeline accordingly, or do you think this is too ambitious? Yeah, tender pipeline-wise, currently we have around INR 75,000 crore of visibility in the pipeline of NHAI and MoRTH, which they want to ramp up to around INR 1.5 lakh crore-INR 1.8 lakh crore, and which NHAI has consistently shown, if they announce at least they achieve 80%-90% of the announcement is always achieved, so we are very hopeful, but only a mix of projects will be EPC, HAM, and BOT, so we'll have to see how the real outcome comes in BOT. Otherwise, HAM and EPC are very much proven. BOT on greenfield expressways, how successful it will be, that we need to see. Understood, sir. But there are a couple of large BOT projects which are up and bidding. Am I right? In Maharashtra? Yes. Understood, sir. Thank you. Thank you, sir. Thank you, Mr. Thank you, sir. Thank you. The next question is from the line of Bhavin Modi from Anand Rathi. Please go ahead. Yes, sir. Sir, can you just give us a broad guidance for FY 2026 with respect to the revenue margins? What are the order inflows that we are taking in the CapEx? So orders-wise, we say now in Q1 we could do INR 2,000 crore. But going ahead, we should be able to do INR 3,000 crore per quarter. And around INR 10,000 crore-INR 12,000 crore is still we expect overall. So we see large opportunities in NHAI as well as states are also coming up with a good amount of ordering. Right. Railways will throw up a good opportunity again. Okay. Sir, what are the revenue guidance and the margin, EBITDA margin guidance? So revenue, I said, we'll see around 10%-12%. And EBITDA will be able to maintain what we have achieved in Q1. So the next question, sir, is with respect to the monetization, sir. So if you can help us, when will the monetization of the HAM and BOT assets and the exit to the SBI Macquarie? So what are the timelines that we are looking at? And what are the number of tranches in which this monetization will happen? If you can provide us a timeline and the cash flow. Yeah. So on the monetization, as we have already disclosed, we have two transactions in pipeline. One is for the five BOT projects, which we are selling to Maple, which is run by CDPQ. And the 11 HAM projects, which we are selling to Edelweiss-run AMC Sekura. On the five BOT projects, as already indicated in Mr. Parakh's speech, we expect to close it by 30th September. We have achieved all external CPs have been cleared, and internal CPs will be done in a week's time. And then we expect the investor to draw their money and close the transaction by 30th September. On the HAM side, for the first five set of projects, we expect the closure to happen by last week of August, or initial couple of weeks of September. So again, by September, definitely these five projects also, five projects closing will happen. Five BOT and five HAM projects will be closed by September. Based on the receipts from these, the SBI Macquarie commitment of INR 1,526 crore, plus buying out the JN stake of INR 150 crore, will be achieved. Post that, there will be six more HAM projects to be monetized, which will happen as four projects will happen by December. The last two projects will happen by June 2026, where CODs are expected. This is how the projects will be monetized, and SBI Macquarie will be given exit to. So sir, we'll be giving the exit to the SBI Macquarie by September itself, right? Once the process with the five HAM and. Yeah, yeah. Sir, what is the process we are expecting from BOT and HAM assets? If you can help with the first five BOT, are we expecting? The first five BOT, we are expecting around INR 2,800 crore-INR 3,000 crore, around INR 3,000 crore. And the balance of the six projects by June of around INR 1,000 crore. And certain monies to be received from the BOT projects, which are linked to extension, which will happen later on in a couple of years' time. So that is approximately INR 700 crore-INR 800 crore. Okay. Yeah. Sir, what about the Jaora-Nayagaon and Chennai Outer Ring Road project? So on both, we are working with the investors, interested investors. Chennai ORR, there is keen interest. Jaora and Nayagaon, definitely there is interest, but we are also working out with the authority for giving us permission to transfer the 26% share. But on both the projects, we are on the process of exiting. Okay, sir. Yes, sir. This is from my side. Thank you. Thank you. Thank you. The next question is from the line of Dr. Amit Vora from HNI. Please go ahead. Yeah. Good afternoon, everyone. Sir, are you able to hear me? Yeah. Good afternoon. Yeah. Sir, I wanted to know about this traffic management system. What will be our source of revenue, and how would we be able to monetize that? Yeah. So this is intelligent traffic management, where we will be paid on capturing of incidents. So incidents could be overspeeding, it could be seat belt, it could be helmet, lane cutting, anything. So these are all cameras which will be put up on the highways, and revenue will be from the incident management. Okay. And. For incidents, we'll be paid. For incidents, we'll be paid, and then they would also be sharing with the government. So basically. For incident sharing. Yeah. So these projects are basically kind of PPP projects, where 18% IRR is capped. So above 18%, we'll be sharing with the government. Up to 18%, we would not be sharing anything. Above 18%, if there is anything, then we will have to share with the government. Right. Okay. And, sir, one more thing. Recently, I read in MoneyControl about Ashoka and Ashoka Buildcon planning to bid for infrastructure in Croatia. So can you tell us something more about that? Is there anything solid going on? Yeah. We did participate in bids in Croatia. These were roads and railways. Okay. And sir, one more thing about this project. Our project has a component of EPC, BOT, and HAM annuity, right? Yes. So can I know the percentage of EPC is cleared from the standalone? I think the standalone is EPC, if I'm not mistaken. Right. So what is the percentage of BOT and HAM annuity in the consol, if you can net of it or? Out of the total revenue of INR 1,887 crore, construction is INR 1,194 crore, and BOT and annuity projects put together is INR 635 crore. Of INR 635 crore, approximately INR 320 crore is coming from toll and balance is annuity revenue. Okay, and the remaining is HAM? Yeah. So, once this sale of five BOT and HAM, six HAM is done, we will also have some reduction in the BOT collection. HAM will not be, the annuity will not be reflected in the next profits, Q2 or Q3. Correct. So all, I mean, the revenues also of BOT projects will get deleted. And along with that, all the debt, the cost of interest, everything will be off the balance sheet. So is there this comparison, the amount of profit that we are losing on BOT or HAM and the savings of interest cost, the savings will be more better? So today we are in surplus. So there will be a reduction in surplus of PBT and PAT also. Okay. Okay. That's it from my side. Thank you, sir. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Mehul Gandhi from HPMG Shares and Securities Limited. Please go ahead. Hello. Am I audible? Yes, sir. Yeah. Thank you for the opportunity and congratulations on a decent set of numbers. Just wanted to know a few things. First, being that recently one of our contracts was kept on hold by the Honorable High Court, which is for approximately INR 1,600 crore. So where are we on that? And is that project completely gone out of our hands, or is it just a temporary thing? What is the progress on that front? Yeah, so our share of this project was INR 850 crore, which is off our books now. Okay, so that has been permanently canceled? That share has been withdrawn by the. So will that be rebidding? Yeah. We expect rebidding. So as of now, it is withdrawn. So this is not part of our outlook anywhere now. Mr. Mehul, are you there? Yeah. Hi. So sir, what is the CapEx that we have done in Q1, and what are we planning for the full year? CapEx for Q1 was around INR 23 crore, and we expect to do a CapEx of approximately INR 125 crore for the whole year. Okay, sir. And can you give me the pending equity requirement for the HAM projects, and how much are we expecting to infuse in FY 2026 and FY 2027? Total CapEx outstanding is INR 230 crore, which is largely for our last project, Bowaichandi-Guskara, of which for 2025-2026, the investment will be INR 123 crore, and INR 55 crore each for 2026-2027, 2027-2028. Okay. And lastly, sir, you said we are looking for INR 35,000 crore of projects from NHAI and more. And there are also some opportunities in state government and railways. So could you quantify that, the kind of bid pipeline we are looking in state governments, railways, and even in the power segment? Sure. As I said, we are looking around INR 10,000 crore of order book totally. Out of it, INR 2,000 crore we have booked. Out of INR 8,000 crore, it will be a mix of roads, railways, power, and buildings. So overall, we will do around INR 8,000 crore-INR 10,000 crore, INR 8,000 crore-INR 12,000 crore in the whole year. So I'm taking average INR 10,000 crore. Okay. So my question was on the bid pipeline that we're looking. So you said about 35,000 we are looking on the NHAI and MoRTH front. So possible to quantify the bid pipeline in other segments? Yeah. So NHAI is coming around INR 75,000 crore is visibility immediately. And states, if you see Gujarat, BR, and UP are also coming up with around INR 70,000 crore-INR 80,000 crore. So all those we are participating. And the success ratio is going down now. So bidding versus getting projects is becoming the competition still remains in the market. Therefore, the visibility I'm showing is very pessimistic that INR 10,000 crore- INR 12,000 crore is what we should achieve. Sure. So that is also. Thank you. That's it from my side. Right. Right. Right. Thank you. The next question is from the line of Sushant Verma, who is an individual investor. Please go ahead. Hello, sir. My question was related to the monetization part of it, although you have explained in detail as to what we can expect over the next couple of weeks. But what I wanted to check was what's the probability that this 30th September date would remain, I mean, more or less achievable? Because even last time, you had mentioned 30th June is when the closure would happen, and then you updated all of us saying it has been extended to 30th September. So what's the probability that 30th September won't become 31st December, say? It's largely the CPs, which are generally out of the control of the companies, NOCs from NHAI and lenders, which fortunately are all completed at this moment of time. So now, whatever CPs are left out for our internal CPs, which definitely are under our control, and then that's the reason and comfort that definitely we'll achieve closure by 30th September. Oh, so you are saying definitely we can achieve closure by 30th September, right? All CPs of external CPs are over. Okay. Okay. That is what I wanted to check because it has been a moving target. So hopefully this time around, we will stick to the deadline. So thank you very much. All right. Thank you. Thank you. The next question is from the line of Abhinav from ICICI Securities. Please go ahead. Yes, sir. Thanks for the opportunity. My question is on the guidance of 10% revenue growth for the FY 2026, given we've blocked about INR 1,300 crore for this quarter, and we are looking at similar for this quarter as well, Q2. This leaves with about INR 5,000 crore to be executed in the second half. So my question is, what gives us confidence, I mean, which orders will be executed in the second half? Are you baking in any new order inflows which will be crucial to achieve this growth guidance? No, see, this growth guidance is on the current order book what we have in hand. So as you predicted, it's correct. Q3, Q4 will be INR 4,500 crore-INR 5,000 crore. So definitely, this can be achieved by the order book we have in hand. Whatever new order book flow, this either some part may get executed in Q3, Q4, or it may move to next year. Okay. Historically, we have not touched about INR 2,500 crore of revenue for a quarter. So I mean, will there be an execution ramp-up, or which orders we are expecting to be executed in Q3, Q4? Sure. These projects are basically of the nature where entire mobilization would have been done, and work will pick up in this, all the orders. Even in power segment, like entire lot of hold is there on election. This all gets released in Q3, Q4. So we are very much confident of particularly Q4 will be crossing INR 2,600 crore-INR 2700 crore, and INR 2,200 crore-INR 300 crore will be around Q3. Understood. That's helpful. Thanks a lot. Thank you. The next question is from the line of Vaibhav Jain from Omkara Capital. Please go ahead. Hello. Yeah. Yeah. Please go ahead. Yeah. Sir, I wanted to ask, you mentioned that getting projects is difficult as competition still remains in the market. Other companies have been suggesting that it is getting easier and the competition is reducing. Can you talk more about this, please? At NHAI level, you see the competition is still there. We have not seen any easing off. We see 25 players in most of the projects. Now they have changed the criteria for bidding with the reducing from the linking to the net worth and reducing 20% of your balance order book from the net worth. Balance order net worth would only be considered for bidding. Suppose if I have an order book of INR crore15,000 crore in my hand, then 20% of INR 15,000 crore is INR 3,000 crore, is what will be reduced from my net worth. Ashoka, if it has INR 44,000 crore of order book, INR 3,000 crore will be reduced, and I'll be left with INR 1,000 crore. INR 1,000 crore will be multiplied by 5x to for me to bid a single project. That way, Ashoka will qualify for INR 5,000 crore single project. Okay. So that will really help when to bid larger projects where we will see a little limited competition. Otherwise, all the projects, the competition is continue as it is in EPC. So we're expecting more conversion then? Beg your pardon? So we're expecting more conversion in terms of any orders that we are bidding for? Depends upon what size of projects come and which companies qualify for what. Sir, the audit suggested that orders of NHAI will be bigger now. Orders of NHAI would be bigger in HAM projects and BOT projects, but may not be in EPC. Yeah. Right. Right. So that should also lead to more ordering for listed players that would be more players who have executed bigger projects. That's easier. How it spans out, we'll have to see. Yeah. Okay. Okay. Thank you. Thank you. The next question is from the line of Ankita Shah from Elara Capital. Please go ahead. Yes. Thank you for the opportunity. Sir, this year, given that most of the projects except the two will be monetized, so what is the total net proceeds adjusting for the SBI Macquarie adjustment also? How much is the net proceeds that are expected to be received, and how is it planned to be utilized for this year? So in this year, in the first tranche, which we are speaking by 30th September, we expect to monetize approximately INR 2,900 crore of monies from the sale, of which INR 1,600 crore or INR 1,700 crore would be appropriated to giving exit to Macquarie. So we'll be left with approximately INR 1,200 crore. This will be largely utilized for initially reducing our working capital debt, and then future plans will be taken up as is post-September. Post that, the next tranche of proceeds will be approximately INR 600 crore by December end, and by March, another INR 500 crore. That's the plan how cash will be realized. So sorry, sir, INR 600 crore second tranche by December, and then another. By June, another INR 500 crore. By June, another INR 500 crore. So all this, I mean, this 600 and 500 could be utilized for picking up new projects? New projects, internal restructuring of debt, capital. I mean, there could be various plans which will come when we are very close to getting the money in. Got it. And sir, what are the focus areas right now for new projects, even in roads as well as outside of roads, and what is the prospect pipeline that we are looking at in India as well as overseas? So as I explained, roads is our major focus, roads and highways, where we see more than 50%, like INR 5,000 crore-INR 7,000 crore is what we should back going ahead. And overseas also, we are focused there, and we'll be building overseas opportunities. Immediate visibility is not there in overseas, but in India, we see visibility in NHAI, MoRTH, and various states. Other than this, railways is throwing up a good opportunity. So railways is one area where we have complete control on all the value chain. We do right from track link to signaling. So railways is another opportunity which we are seeing overseas as well as India. Tharad is building segment and water segment, where we keep participating. So we expect to slowly move ahead in this segment also. Just one clarification. On roads, would we prefer EPC, HAM, or BOT projects? So our whole idea is to bid selectively for BOT. HAM, we are bidding almost everything, and EPC, we are participating almost everything. Specialized structures is, of late, what is our forte. We are well qualified with all the specialized structures. So wherever specialized structures are there, we have an edge. So this helps us select proper projects for bidding. Got it. Okay. Great. Thank you. Thank you. The next question is from the line of Mehul Gandhi from HPMG Shares and Securities. Please go ahead. Hello. Thank you for taking the questions again. Just two things. Given such a high influx of cash, what would be our debt to equity, or how much of debt are we planning to reduce? At least there must be a target internally. Today, we are almost at INR 1,600 crore of debt on the standalone. On the project side, it is approximately INR 5,200 crore, of which INR 275 crore will continue on the books for Jaora-Nayagaon and Chennai ORR. But otherwise, most of the debt will go along with the projects. We'll be basically addressing the INR 1,650 crore of standalone debt, which will be brought to the typical levels of around, say, INR 500 crore-INR 600 crore max. Okay. So we are planning within a year's time a debt reduction of INR 1,000 crore. Is that understanding correct? Yeah. Yeah. Yeah. Definitely. Okay. And the second question is that there was a GST raid conducted at the office. Any conclusion on that front? So largely, nothing very significant. No demand has been made on the company. And I think so, things are all in order. Closures will take their own time, but there's no significant claim. Understood, and just one last question. We had a significant jump in our operating margins for this quarter, so just wanted to know what was this a one-off thing, or can we see our operating margins going in the similar trajectory going forward? As we have given guidance, we expect that our margins of around 9.5%-10% will continue in the next coming quarters. That should help keep the EBITDAs better. These are based on the new project. The old projects, most of them have brought over. New New projects will keep on giving this kind of margins. Okay. So all the new projects have a higher margin compared to the old ones? Right. Understood, and for the execution timeline, I saw that we took a good chunk of projects which are executable within 18-month period. Right? So given that this year we are maintaining a trajectory of 10% growth, so for the next year, are we anticipating a higher growth rate than 10%? Because then a good chunk of these projects which we have taken now of our order book will be executed or finished in the next year? Definitely, we'll be targeting for a higher growth rate for 2026, 2027, and these order books which are existing will be executed over 18-24 months' time, some maybe slightly more, depending on the sizes of project and type of project. Understood, and just one last question. I saw there was a significant jump in the order book of power transmission and distribution segment, so is that a conscious effort? Because I'm seeing there's a lot of traction in this segment as a whole, so are we focusing on that? Are we trying to increase that chunk in the market share, or was this just a thing which we had to do on the side? So, one of the jumps in the power sector with the order book of the transport monitoring mechanism. T hat order book is part of this. But otherwise, we continue to see continuous order book coming in in these Power T&D divisions, and we keep our options open to take new projects. Understood. Understood. Thank you. All the best. That's it from my end. Thank you. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Clarification from my end. So we had indicated that the equity valuation of the BOT assets was around INR 2,500 crore, and same for HAM was INR 2,300 crore. So total inflow is INR 4,800 crore. Net of SBI would be around INR 3,300 crore. So is this correct? Yeah. But one of the components of the INR 2,500 is approximately INR 700 crore in the BOT project, which is to be received over a period of time after confirmation of extension of time for our toll-based projects. So presently, we are not keeping that in the visibility of immediate cash inflows. Okay. So for BOT, it would be INR 1,800 crore that should come in September, right? Immediate, yeah. Okay, and for five HAMs, what is the value in September? Approximately 1,100. Okay. Thank you, sir. That's it from my side. Thank you. The next question is from the line of Vaibhav Jain from Omkara Capital. Please go ahead. Hi, sir. Sorry. Just trying to understand this cash influx that we will get after monetizing our assets. So you said we'll get INR 2,800 crore around September, then INR 600 crore and INR 500 crore. And as you mentioned, I think net of SBI, let's say we have INR 3,300 crore on our books. After that, we will reduce debt by, on the standalone balance sheet, by around INR 1,000 crore. So that will leave us with about INR 500 crore debt and INR 2,300 crore in cash. Can you be a bit louder? Slightly not gathering fully. Sir, I'm still hearing you now. But still very bad. Anyway, please continue. One second. I was saying that we will be left with after net of SBI, we're left with INR 3,300 crore of cash. Then if we repay debt by INR 1,000 crore by the end of the year or by sometime next year, we are left with INR 500 crore of debt and about INR 2,300 crore of cash. Am I right to understand that? Approximately, yeah. Okay, sir. Okay. Thank you. Thank you. The next question is from the line of Mukesh Gupta, who is an individual investor. Please go ahead. Good afternoon, sir. Good afternoon. Sir, I wish to ask about the status of green hydrogen project. You signed the MOU with Bihar government? So there is no further development in this. We've signed an MOU, but there's no further development. Thank you, sir. Yeah. Thank you. The next question is from the line of Mehul Gandhi from HPMG Shares and Securities. Please go ahead. Hello, sir. Sorry for coming back into the queue. Just, I forgot this one question. That, for our project-level debt, so last balance sheet I saw, we had a long-term borrowing of approximately INR 2,000 crore. And then in our other liabilities, which is like a short-term borrowing, we had a liability of INR 13,000 crore. So even if we reduce our long-term borrowing, which is our standalone debt, by INR 1,000 crore after monetization, the project-level debt, that will also be transferred. Is that correct? Yeah. So how much of debt will we have on the books going forward post-monetization on the project front, not on the standalone basis? So see, on the project front, we have approximately the total debt is around INR 6,800, of which INR 1,600 is working capital debt. If we reduce that, we have INR 5,200 as total debt, of which hardly INR 300 crore will be left on the books of ABL post-monetization of all the five BOT and 11 HAM projects. And then there'll be some addition of debt on the Bowaichandi project, and maybe new projects will come in. But based on existing projects, we'll be around INR 300 crore plus another INR 400 crore for Bowaichandi project, INR 600 crore for Bowaichandi project. Okay. So on a standalone basis, we'll have INR 600 crore debt, and on a project-level basis, we'll have approximately how much? At today's date, around INR 284 crore. Okay. Post-monetization? Post-monetization. Okay. Sorry to double-check, but this is just are we saying that we will reduce from current INR 6,800 crore to approximately INR 1,500 crore debt? Is that understanding? Yeah. Substantially lower than that, approximately in the range of sub-1,000, including project loan. Including project loan. Okay. Understood. That is within a period of a year? Yeah. Okay. Understood. Yeah. Thank you so much. That's it from my end. Thank you. A reminder to all participants, you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr. Paresh Mehta for closing comments. We thank you and everybody for joining this call. We hope we were able to answer all your questions. If you need any more information, please feel free to contact us or Mr. Deven Dhruva from SGA Investor Relationship Advisors. Thank you. Good day. Thank you. Thank you. On behalf of Anand Rathi Share and Stock Brokers Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.