Ladies and gentlemen, good day and welcome to Ceigall India Ltd. Q2 and H1 FY27 earning conference call. 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 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Upadhyay from Ceigall India Ltd. @FactorsPR. Thank you, and over to you, Mohit. Thank you. Uh, good evening everyone and welcome to Q2 and H1 FY27 earning conference call of Ceigall India Ltd. Today we have with us Mr. Ramanik Sehgal, Chairperson and Managing Director, Mr. Kapil Agarwal, CFO, and Mr. Sarwanand, Full-Time Director. Before I hand over for opening comments, let me mention a cautionary statement that this conference may include forward-looking statements about the company which are based on beliefs, opinion, and expectation of the company as on the date of this call. These statements are made— are not a guarantee of future performance and involve risk and uncertainty that are difficult to predict. We will begin the call with the opening remarks from the management, after which we will have forum open for question and answer session. I now hand over the conference to Mr. Ramanik Sehgal for his opening comments. Thank you, and over to you, sir. Good evening everyone, and thank you for joining us for Ceigall India's Q2H1 financial year '27 earning conference call. I hope all of you are doing well. Before we begin, On behalf of the entire Ceigall India team and family, I would like to extend my warm wishes to all our investors, analysts, stakeholders, On the occasion of Diwali, I wish you and your family a very happy Diwali and a prosperous new year. Joining me on today's call is Mr. Kapil Agarwal, CFO, along with the investigation team. Our financial results, investor presentation, and press release have been shared with the stock exchanges and are also available on our website. I hope all of you had an opportunity to review them. The 2nd quarter and the first half of the financial year '27 have been a strong period for Ceigall India as we continue to deliver healthy growth in revenue, profitability, while making significant progress across our diversified infrastructure portfolio. Our performance reflects sustained execution across our ongoing projects, improving operational efficiencies, and a continued focus on expanding into high-potential infrastructure segments during the quarter. We further strengthened our order book, which stood at approximately ₹22,681 crore of September 30, 2026. Providing strong revenue visibility over the coming years. Importantly, our order book is becoming increasingly diversified across other sectors than roads and highways. We are in metros, renewable energy, transmission, distribution, industrial infrastructure, and positioning us well to capture emerging opportunities across India's infrastructure landscape. One of the significant developments during the quarter was our expansion into the power transmission segment. We received the letter of intent from REC Power Development and Consultancy Limited for the development of Lakadia-Jamnagar transmission project in Gujarat, which is a project of approximately ₹5,700 crores including GST. The project involves the development of 765/400 kV substation and approximately 300 kilometers of transmission lines with a construction period of 36 months followed by a 35-year operational period. This presents an important milestone in our diversification strategy and strengthen our presence in long-term infrastructure assets. Our core roads and highway business also witnessed a healthy order inflow during the quarter. Through our joint venture, we secured 5 packages for NH 913 frontal highway, highway in Arunachal Pradesh, aggregating approximately ₹3,128 crores. And spanning around 278 kilometers, these projects further strengthen our presence in Northeast India and reinforce our capability in executing large-scale infrastructure projects across the challenging geographies. On the execution front, we received a quantity for 3 HAMs, namely Waransi-Ranchi-Konsakha Highway packages 11 and 12. And Indore-Ujjain Greenfield Highway project worth ₹4,050 crore. This is an important development as these projects now move into the execution phase and will contribute to our construction pipeline over the coming quarters. We also continued to make meaningful progress in our renewable energy business. During the quarter, our wholly owned subsidiary successfully commissioned 10 megawatts of the solar subsidy solar capacity under 147 megawatt solar power plant in Maharashtra ahead of schedule. This marks an encouraging beginning to our operational journey in renewable energy. We remain focused on scaling up the execution across our solar and battery energy storage projects. Another important area of focus continues to be our asset monetization strategy. Following the successful monetization of first-time assets, we are progressing with the monetization of the other mature assets including Bathinda-Davali and Jalbeda Shahabad project. During the contract quarter, we also achieved the provisional COD for Jalbeda Shahabad project. Our objective remains to recycle the capital from completed assets into the new projects, improve capital efficiency, support our future growth requirement while maintaining the financial discipline, and while selling these projects, our debt is also reducing. Subsequent to the quarter, we also received completion certificate for Delhi-Sharanpur Highway project marking another important contractual milestone and reinforcing our execution track record in complex road infrastructure. Looking ahead, we remain confident in the opportunities emerging across India's infrastructure sector. With a strong and diversified order book, a healthy execution pipeline, and expanding presence in renewable energy and transmission— power transmission— our focus will remain on accelerating project execution, maintaining operational efficiency, and pursuing opportunities that create sustainable long-term value for our stakeholders. Before I conclude, I would like to, like to thank our clients, business partners, lenders, shareholders, and most importantly, our employees of the of their continued trust and support. With that, I would like to now hand over the call to our Chief Financial Officer, Mr. Kapil Agarwal, who will take you through the financial performance for Q2 and H1 financial year '27 in a greater detail. Thank you guys. Thank you. Thank you, Ramneeksha, and warm welcome to everyone joining us today. It is pleasure to take you through our financial and operational performance for the 2nd quarter and first half of the FY27. I begin with our standalone financial performance. Our standalone revenue from operations for Q2 FY25 stood at ₹974.5 crores. compared to ₹787 crores in Q2 FY26, registering a year-on-year growth of 23.8%. For half year '27, standalone revenue from operations stood at ₹1,876 crores compared to ₹1,605.3 crores in H1 FY26, registering a growth of 16.9%. Our standalone EBITDA for Q2 FY27 stood at ₹130.5 crores compared to ₹91.8 crores in Q2 FY26, registering a growth of 42.3%. Standalone EBITDA margins improved to 13.4% compared to 11.7% in the corresponding quarter last year. For half year FY27, standalone EBITDA stood at ₹251.6 crores registering a year-on-year growth of 35.8%, with a standalone EBITDA margin improving to 13.4% from 11.5% in half year FY26. Our standalone profit after tax for Q2 FY25-27 stood at ₹82 crores compared to ₹55.9 crores in Q2 FY26, registering a growth of 46.7%. Standalone PAT margins improved to 8.4% from 7.1% in the corresponding quarter last year. For half year FY27, standalone PAT stood at ₹157.2 crores, registering a growth of 40.6% year on year, with the standalone PAT margins improving to 8.4% from 7% in half year FY26. Consolidated financial performance. Moving on to our consolidated financial performance, our consolidated revenue from operations for Q2 FY27 stood at ₹1,022 point 5 crores compared to ₹806.6 crores in Q2 FY26, registering a year-on-year growth of 26.8%. For half year FY27, consolidated revenue from operations stood at ₹1,992.1 crores compared to ₹1,644.7 crores in half year FY26, registering a growth of 21.1%. Our consolidated EBITDA for Q2 FY27 stood at ₹174 crores. The conference is now being recorded. compared to ₹113.6 crores in Q2 FY26, registering a growth of 53.2%. Consolidated EBITDA margins improved to 17%. compared to 14.1% in Q2 FY26. For half year FY27, consolidated EBITDA stood at ₹317.4 crores, registering a year-on-year growth to 42.5%, with the consolidated EBITDA margins improving to 15.9% from 13.5% in half year FY26. Our consolidated profit after tax for Q2 FY27 stood at ₹92.2 crores compared to ₹56.2 crores in Q2 FY26, registering a growth of 64.1%. Consolidated PAT margins improved to 9% compared to 7% in the corresponding quarter last year. For half year FY27, consolidated PAT stood at approximately ₹156 crore. Registering a year-on-year growth of around 45%, with consolidated PAT margin improving to 7.8% from 6.5% in H1 FY26. Coming to our order book and operational performance, as on 30th September 2026, our order book stood at ₹22,681 crore, providing a strong execution visibility. Over the coming years, our order book comprises of 18 APC projects, 10 HAM projects, 1 DBFOT project, and 10 tariff-based projects. In terms of sector-wise composition, roads and highways continues to account for the largest share of our order book at approximately 55%, followed by transmission and distribution at 21%. Renewable energy at 16%, metro projects at 4%, and Indian infrastructure projects at 3%. This reflects our continued effort to diversify our business while maintaining a strong presence in our core infrastructure segments. On the balance sheet front, our standalone debt stood at approximately ₹436 crore as of 30th September 2026. While our consolidated debt stood at approximately ₹730 crores, uh, ₹1,730 crores, our standalone debt-to-equity ratio remained at 0.2 times, while our consolidated debt-to- equity ratio stood at 0.8%. Going forward, our focus remains on timely execution of our projects, improving our operational efficiencies, and maintaining financial discipline. With a diversified order book and a healthy execution pipeline, we remain well positioned to support our growth ambitions across infrastructure segments. With this, I conclude my remarks and would request the moderator to open the floor for question and answer. sessions. Thank you everyone. Thank you so much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may please press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. First question comes from the line of Babur Shah with JM Financial. Please go ahead. Hi, sir. Firstly, on guidance, so we had guided for around 15% kind of a growth, but the growth has been very strong in the first half. Also, margins have been very strong at 13.4%. So we'd like to revise the guidance for the revenue growth and margins. Hi, Webho. I was, I was expecting first question, as always. So, so, uh, thank you so much for the question. Um, you know, we, after the IPO, we guided our investors that we'll be between 10 to 15%, of course. We achieved more than that. And here also, this year we have guided our investors that we'll have minimum 15%, and of course we have overachieved it. And we will always, um, wanted to be a little conservative on this. And, you know, it's always better for the investor to see these surprises. So, um, as a driver of growth is renewable business and T&D, and that is really giving us a push. And, uh, if you see, we have already delivered 10 megawatt of renewable, and it is progressing very fast. And if you see, we are getting the incentive also in that business. So again, the guidance would be minimum 15%. And we'll try to achieve it. Thank you. On EBITDA margins. So the guidance will be same. We'll try to overachieve it. Okay, so secondly, on the few of the solar and wind projects, so for the MP project, when do we start the— expect to start the execution? TPA was signed actually. No, so MP, there are 2 projects. One is solar, which is already started, which is a Kusum. For Marina, there are 3 things required. One is PPA. We have already given the land. It's there. The third thing is the transmission line. So transmission lines, when it is completed, then the department, uh, you know, indicates that it's about to complete or you can start. We'll start the project. Thank you. So we actually start the project this year or next year? So this year looks tough because I think, uh, they are under the stage of finalizing the contractor for transmission line. Once that is done, then the contractor would execute it, then only they'll hand it over to us. Okay, so secondly, on monetization, so what, uh, inflow are we expecting from monetization of Badrinath Dabbali and Jaldera Shabad? And by when do you expect the cash to come in? So, uh, inflow should be around 250 crores and debt around 540 crores will be reduced. And, uh, but Hindutva Dabbali, we are targeting in this quarter जलविड़ा शावा नेक्स्ट क्वार्टर We want to close everything before 31st March. Okay, okay. So lastly, what would be the total equity required for the entire asset portfolio and how do we intend to spend it? Uh, 250 actually. Yeah, yeah, so, uh, we have the requirement of ₹2,632 crores. 169 already infused, uh, till now, and, uh, 962 crores is the balance, and 161 crore we have already infused in this year. Balance is 1,801 crore, and this year we're targeting another 700 crores. So next 2 years, again around the same 700 crores, and then it would be around 400 crores. So Um, equity, uh, we, we were sitting on 400 crore cash surplus last year in our balance sheet, and, uh, close to 450 crores is coming from NIO. And there is a cash accrual also. You would have seen in both the quarters, 75 plus 82, and going forward also there's a cash accrual. So there is no such challenge, but as per the SEBI guidelines, we have to reduce it, uh, at 82.06% to 75%. So we expect, uh, money coming there also, and that will also be used for the growth of the company. So just to confirm the number, 6, uh, 2632 is total required. 639 is infused as of September, so pending is 1962. Of 1962, we are expecting 700 to be spent in second half of this year. Yes, yes, yes. Web of 1962 was at the start of the year. During the year till first, second quarter, we have already infused 161. So balance, uh, 707 for the current financial year will be invested in 2 quarters, and for next year it is 730, and obviously for the 4th— 3rd year it is 397. So by FY21, the entire investment will be done. Yeah, yeah, yeah. Okay, and the lastly, for this new project, uh, the LaGuardia one, so what would be the EPC value for that and when do we expect to start the work for that? Also, ₹5,300 crore is including the GST, and we are targeting to start it before 31st March. That's a little aggressive, but we are trying to do that. Okay, thank you. So those are my questions. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and 1. Next question come from the line of Madhav Das with Mehta Investments. Please go ahead. Madhav Das, please proceed ahead with the question. Thank you. Mr. Das, we request you can please proceed ahead with the question. As there's no response from Mr. Das, we will move to the next questioner. Next question comes from the line of Yash Parker with Patel Investments. Please go ahead. Uh, hi sir, good evening. Uh, thank you so much for the opportunity. Uh, so your order book has increased to approximately ₹22,680 crores. which is providing a book-to-bill ratio of around 4.8x. How should we look at this conversion of the order book into revenue over the next 2 to 3 years? And could you elaborate on the expected execution trajectory of, uh, across EPC, HEM, and tariff-based projects? So, uh, good question, Hishpal. Um, first of all, out of 22,681 crore, our order book from HEM is close to the road is 56%, 36% from T&D and solar. The rest is a mix of metro, industrial, and other projects. So in terms of Developer side, our order book is 73%, and, uh, the company is doing at minimum 15%, uh, growth. And of course, we have shown the better Um, you know, numbers going forward, we have a good order book for next 4 years. Okay, uh, and so how are you assessing the infrastructure opportunity in India over the next 3 to 5 years, uh, particularly considering the government's focus on highways, expressways, Uh, railways, renewable as well as power. So which segments do you believe will be the strongest, uh, tendering activities? So, you know, there is no looking back in this developing country. If you see, we have 11 verticals, 16 states. So for Ceigall, what matters is we need to bid projects at 25% IRR. And if you see in last 3 projects, which is, uh, We have guided the investors to get 25% project at IRR level, and we have achieved much more what we said. So it doesn't matter that we get a highway project or we get a solar project or we get a hybrid project or we get a transmission project or any other vertical. We need to make money, minimum 25% IRR on the project level, or EPC, or 30-40% of beta. So that we— that is achievable. And since we have so many verticals and so many states Getting order book is not a challenge for Ceigall India Ltd. Thank you. Uh, yeah, uh, and so, uh, last question from my end. Uh, uh, you recently received appointment dates for 3 HEM projects. Uh, which is aggregating over ₹4,000 crores. Uh, could you like walk us through the initial execution milestones for these projects, uh, including the land availability, financial disclosure, Uh, mobilization of equipments and commencement. So, you know, good, good thing about Ceigall India Ltd. is before these appointed dates, we have fairly good time where we mobilize before time. Number 2, uh, FCs, uh, Ceigall has always shown this in past. We've been furnishing it before time, and good, good news is all our highway projects financial closes are done. And executed. And third, uh, VRK 11 and 12, every month we are getting, uh, the payments, running bill payments, and we're expecting for Indore also before Diwali. And, uh, the projects have picked up, um, and we are really looking forward for good execution in coming months, especially March. Um, so can I ask, uh, an additional question? Please, please go ahead. Uh, so, uh, you have also entered and expanded into Arunachal Pradesh through multiple frontier highway packages, right? Yes, yes. Uh, so, uh, what are the, uh, challenges? Like, uh, there are a lot of, uh, terrain challenges and geographical conditions in the Northeast. So could you elaborate on the execution methodology, uh, the logistical requirements and cost implications compared with, uh, projects in, uh, say, the normie plains? So, uh, good question. Uh, we are already present in Himalayan terrain. You know, we have done Kiritpur-Nichong, which was a leftover work of ILFS. We've executed before time. Then we have executed a tunnel in Ramban Banyal, which was one of the most toughest terrain before us. Many contractors tried, they couldn't execute. With us is another renowned company of the country. They could only execute 1,500-1,600 meters. We completed 6.5 kilometers. In fact, this year the Amarnath Yatra happened to that. Next to that, which is also about 60% completed. So we— our company has been working in Himalayan terrain for more than 10 years. Our USP is working in Himalayan terrains is there. We've been executing projects before time and, you know, completing projects before time in Himalayan terrain also. So expertise and execution team Mobilization is not a challenge. That's the USP of Ceigall India Ltd. Right. Uh, okay, sir. But, uh, sir, despite the strong improvement in profitability Uh, the consolidated operating cash flow actually remained negative during the first half. So what are the key reasons for this, uh, particularly the working capital absorption and When should we expect the cash flow conversion to improve? So this is, this is basically because of the HAM project. So if you look at the consolidated cash flow, we are only getting 40% payment from the NHAI. So moreover, it is a half year. When we are going for a full year result, things will be different. Okay, uh, makes sense. Thank you so much for answering my questions patiently, sir, and all the best for future endeavors. Pleasure, pleasure, pleasure. Thank you. Thank you so much, ladies and gentlemen. Anyone who wishes to ask a question may press star and 1. Next question comes from the line of Madhu Das with Mehta Investments. Please go ahead. Yes, hi, uh, thank you for the opportunity. Uh, so sir, I have few questions in line for the same, one being that our consolidated revenue has grown 27% YOY. So could you help me understand which projects or segments drove this growth, and how does, uh, how do we look at the execution momentum for the second half of FY27 for the same? Can you repeat the question, please? Yes, sure. Uh, the question is that the consolidated— our consolidated revenues have grown 27% by YOY. So if you could help me understand which projects or segments have driven this growth and how should we look at the execution momentum for the rest of the FY27? Yeah, this year the renewable is basically the key factor. So we have achieved the turnover almost ₹143 crore in renewable sector, which was not there last year. So going forward also, we expect a good turnover from renewables and transmissions, which is going to add to the turnover of the company. Okay, uh, thank you, sir. And the other question being, uh, our EBITDA margins have improved for this quarter. So if you could explain me the— if you could help me understand the key factors for this improvement and Are the margins sustainable going forward? The improvement margins, are they sustainable in the long run? If you could help me understand this. We are getting healthy margins and So which has resulted into the improvements of the EBITDA. And moreover, we have recently started our HAM projects, PRK 11 and 12, so which are good profitable projects for us. Okay, and also, can I take up the last question? Hello, Madhu, there is a lot of background noise coming from your end. Can you please check? Thank you. Uh, is it better now? Okay, you can go ahead with the question. Thank you. Uh, so given our strong order wins during the first half, what is the order inflow target for, uh, for FY27? And how much additional ordering activity are we expecting in the half of FY27? So, um, we have guided ₹6,000 crore to the investors. We have already achieved close to ₹5,400 crore and, um, We have already quoted tenders more than ₹10,000 crore, and, uh, ₹6,000 is easily achievable. That will be achieved. Last year also we guided ₹5,000, we got ₹11,500. Okay, thank you so much for answering the questions patiently, and thank you for the opportunity. Thank you so much. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Ramnik Sehgal for the closing comments. Thank you, and over to you, sir. Thank you everyone for joining us today, for your active participation in the discussion. We sincerely appreciate your continued interest and confidence in Ceigall India. As we move forward, our focus remains on accelerating project execution, strengthening our presence across emerging infrastructure segments, and maintaining financial discipline. With a robust and diversified order book, we remain confident in ability to deliver sustainable growth and create long-term value for our stakeholders. We hope we have been able to address all your queries. In case you have any further questions, please feel free to reach out our investor relations team. at @factorpr. Thank you once again for your continued support. Have a great and happy Diwali. Have a great evening. Thank you so much. Have a good day. Thank you so much, ladies and gentlemen. On behalf of Ceigall India Ltd., that concludes today's call. Thank you for joining us, and you may now disconnect.