Ladies and gentlemen, good day, and welcome to Engineers India Limited Q3 and FY 2026 earnings call hosted by DAM Capital. 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kishan Mundhra from DAM Capital. Thank you, and over to you, sir. Yeah, hi. Very good afternoon to all of you. We have with us at the management team of Engineers India today to discuss the Q3 results, and then which will be followed up by question and answers. We have with us, Mr. Sanjay Jindal, who is the Director of Finance, Mr. Suvendu Padhi, who is the Company Secretary, Mr. R.P. Batra, who is the Executive Director, Mr. Vivek Midha, Chief General Manager, Marketing and BD, Mr. Amanpreet Singh Chopra, who is the Senior General Manager, and Miss Neha Narula, who is the Senior Manager. Without further ado, I'll hand the call over to management for the opening remarks. We'll follow that up with question and answers. Over to you. Thank you. Good afternoon, everybody, and a warm welcome to all the investors who are attending the investor call. We have declared our financial results for the third quarter, ending 31 December 2025 yesterday. As on 31 December 2025, company has unexecuted order worth INR 12,538 crore, comprising under consultancy segment of INR 7,500 crore and under turnkey segment of INR 5,000 crore approximate. Order inflow in EIL up to third quarter of financial year 2025-2026 stands at INR 4,267 crore. Further, in January 2026, the company has bagged an order of rupees around INR 3,250 crore, and the order inflow, as on date, stands around INR 7,700 crore. Considering the above order inflow in January, the current order book stands at around INR 15,670 crore. This is the highest order book position in the history of EIL. We have declared results of quarter and nine months ended thirty-first December 2025, on twelfth February 2026. As regard to the financial performance for the three months ended December 2025, the company has registered a turnover of INR 1,194 crore, vis-à-vis of INR 900 crore in the second quarter of financial year 2025- 2026, while it was INR 750 crore in the third quarter of financial year 2024- 2025. During the quarter ended December 2025, turnover from engineering and consultancy segment stood at INR 474 crore, and from turnkey segment at INR 720 crore. During the current quarter ended December 25, the company has recorded profit before tax of INR 395 crore in comparison to INR 100 crore in quarter two of financial year 2025-2026, and profit after tax of INR 302 crore, vis-à-vis INR 115 crore in the second quarter of financial year 2025-2026, showing an increase of 163% in PBT and PAT. While comparing with the third quarter of financial year 2024-25, during the quarter ended December 2025, the company has recorded profit before tax of INR 395 crore in comparison to INR 118 crore in the quarter three of financial year 2024-25, and PAT, profit after tax, of INR 302 crore, vis-à-vis INR 88 crore in the quarter third of financial year 2024-25, showing an increase of 235% in PBT and around 243% in profit after tax. Notably, EPS for the quarter ended December 2025 stood at INR 5.37, vis-à-vis September 2025 at INR 2.04. Operating margin during the third quarter of financial year 2025-2026 stood at around INR 337 crore, vis-à-vis INR 102 crore during the second quarter of 2025-26. And operating margin is around 28% in the third quarter, vis-à-vis 11% in the second quarter of 2025-2026. EBITDA of the company during the third quarter of the current year stood at around INR 406 crore. EBITDA margin is 32% in comparison to INR 160 crore. EBITDA margin was 17% during the second quarter of the current year. During the nine months ended December 31, 2025, the company achieved a turnover of INR 2,951 crore, in comparison to INR 2,037 crore during the nine months ended December 31, 2024, showing an increase of around 45% with turnover from consultancy and engineering segment, amounting to INR 1,293 crores and INR 1,600 crore in the turnkey segment. Up to December 31, 2025, the company recorded profit before tax of INR 639 crore, in comparison to INR 292 crore, and profit after tax of INR 487 crore, which was of INR 222 crore in the nine months of financial year 2024/2025, showing an increase of 118% in the PBT and around 119% in PAT. Operating margin for the nine months ended December 2025 stood at around 17%. EBITDA of the company for the nine months ended 31 December 2025 stood at around INR 670 crore. EBITDA margin is 22%, in comparison to INR 322 crore, where EBITDA margin was 15% for the nine months ended 31 December 2024. The company is maintaining a very healthy earning per share of INR 8.66 for the nine months ended 31 December 2025. On the consolidated basis, the company earned a profit of INR 347 crore, the quarter ended 31 December 2025. For the nine months ended December 2025, the profit stood at INR 496 crore. Thank you. Now it is over to you. Shall we begin with the question and answer session? Sure. Thank you. Thank you, sir. Ladies and gentlemen, we'll begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone 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'll wait for a moment while the question queue assembles. Our first question comes from the line of Manish Ostwal from Nirmal Bang Securities. Please go ahead. Yes, sir. Thank you for the opportunity and a very good set of numbers for the nine months. Sir, I have a question on actually the volatility in the most of our key KPIs last so many years, although we have improved our order book position, revenue growth, but there's a significant volatility in terms of margin, in terms of revenue execution. So on a yearly basis, can we anticipate, given our order book position of INR 15,670 crores, we should be ending the year with INR 4,500 crores of revenue? Because fourth quarter, any which case, is strong quarter. And second, it was with respect to margin expectation of both the division, consultancy and turnkey, what sort of margin we should work with? Because it's very difficult to model some kind of margin in both the businesses, and it's quite volatile, even more volatile than the gold and silver nowadays. So can you make some qualitative detailed comment on about the margin expectation for both the business, as well as the growth expectation for the full year, as well as the next year? What kind of growth rate we should assume in terms of order inflow, revenue execution? That will be quite helpful to assess the company's performance in coming years. First of all, let me clear, EIL is having revenue from the implementation of the project, where revenues are always fluctuating in nature because it depends on the execution of project and the status of the projects. However, it, as we have already told, we are the highest order book of the, of the more than INR 15,000 crore in the EIL history. And definitely with this order book, we will cross the figure of INR 4,000 crore at the end of financial year. And as regard the margins, EIL is successful in maintaining the segment profit of 20%-25% on the consultancy business, and on a routine basis, around 7% in the OBE job, LSTK OBE job. We are maintaining operating profit of more than 10% on regular basis. Okay. The second is, order inflow side. Currently, we have INR 7,700 crore of order inflow till January, right? That you made in initial comments. So can we anticipate, because quarter four, generally tend to be stronger quarter, both revenue as well as the order inflow, so we should end the year with INR 10,000 crore order book, given the run rate, which we are seeing right now in our business? No, we have received order of around 4,200 till December. Now, another order book order of 3,200 is received in the fourth quarter. So based upon this, we are giving target of more than INR 4,000 crore at the end of financial year. And definitely we will try to get more, but this we are expecting as a minimum target of INR 4,000 crore. 4,000 for the quarter four? No, for the overall financial year. Because, right now our financial figure is around INR 3,000 crore, and we are targeting more than INR 4,000 crore on the annual basis. Okay. And, any expectation you can guide us for the next year order inflow, and the revenue, estimate? The order inflow, this year you have seen that it is reaching around INR 7,700 as of today, and we'll be touching more, we'll be crossing this, we already have one more month to go, and we are anticipating few more orders to come. Mm-hmm. So at least we'll be crossing the last year's mark, that is definitely sure. And next year also, we maintain the same kind of order book, because we have two years we have consistently maintained, and we will be next year also be maintaining at least this much, and we'll try to add 10%-15% more in that figure. So this market is dynamic. A lot of projects are there, and a lot of projects keep on discussing. Some, it depends on the how fast projects get finalized and settled during the negotiations with the clients. So it all depends, yes. The last, like, in terms of execution period of the current order book, what is the time period? Generally- Okay We tend to complete 40% of opening order book in terms of revenue, so that trend it should sustain? No, it is, generally it ranges from 3-4 years, and in the first year, in some of the project, it comes to 10%-15% progress only. Because, it depends on the, timing, when the order is received. If it is received in the, month of April or May, then we, we may get, around 15%-20% progress, but if it is on the latter part, then only 10% is there. So on an average, ten and, 10%-15%, progress is there, for the current year orders. And last, on this data, bookkeeping question, like, sir, this JV profit, which last year, nine months, it was INR 70 crore, now it is INR 8.7 crore. You, last quarter, you guided there's a some shutdown, and now the performance will improve quarter three, and we have delivered on that thing, INR 42 crores of profit in JV. But how we should think it's sustained going forward, that line item? Yeah. We can expect more profit in the fourth quarter, because at this time, that plant is running on full capacity. And from the first day of fourth quarter, it is running well. And we are sure that this quarter will generate more profits to us. Okay, sir. Thank you very much for answering all my questions. Thank you. Okay. Thank you. Thank you. Our next question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Good afternoon, sir, and thanks for the opportunity. Good afternoon. My first question will be: What would be consultancy order book after including the order for Dangote Refinery? Just correct me if I'm wrong, is the number will be around INR 10,000 crore? Yeah. The order book? Consultancy. Order book position is 15,670 total. From consultancy, it is around 10,700, and from the LSTK OBE, it is around 5,000. Understood, sir. And do you expect this Dangote order, which you won in January, to move into execution in F 27, or you, or do you think, in your opinion, the execution will go in F 28? It will go up till 2029, because 3-4 years of cycle is there, of execution. My question is, when do you think to start? No, no, the execution is already started. Means execution means consultancy services have already started. We have already started working on this project. Understood. The engineering is on this project. So the typical project cycle is around 36-42 months, execution cycle. Understood. My second question, sir, as per media article, I think, there is a Guyana refinery where we are in discussion. Is it... Can you just help us with how advanced the discussion is, and what is the size of this refinery? Is it a smaller refinery or big refinery? That what we understand from the published report, that the Guyana refinery is a very small refinery, and that Guyana country is looking for the investment in this refinery from various investors. So that is the initial stages of discussion. We don't have much information on this as of this point of time, but this is, this is one of the prospective refinery, but it's, it's a smaller, 30,000 or 20,000, 35,000, 30,000 BPSD refinery. That is sufficient for their country's requirement. But this, this, is the initial conceptual stage. The government of Guyana is yet to take decision on this, and we have, we will yet to hear from the Guyana side. My last question on the status of IOCL phase two order, I think, which is, which you said that once the phase one is complete, and most of phase two, you'll book this order. And do you still expect it to book in this fiscal, or do you think this will go in the next fiscal? No. I believe this will go in the next financial year, because they have still to take this mark. The earlier project is almost complete. They have given the study, and I believe that is under their management decision to make the investment decision. That's for phase one. All right. After they are done with the investment decision, then they will give the phase two award. Understood, sir. Thank you, and all the best, sir. Thank you. Thank you. Thank you. Our next question come from the line of Amit Anwani from PL Capital. Please go ahead. Hi, sir. Thank you, and congratulations for very strong numbers. Thank you. Sir, my first question pertains to clarification on order inflow. Did I understood correctly that we are saying that this year will be 8,000+ growth, and going forward also, it will be a growth on 8,000+ growth in terms of annual inflow? Definitely. Till time, we have received the order inflow of around INR 7,700 crore. Time is available to add more business. So definitely we will cross INR 8,000 crore. Sir, would you, like, kind of sustaining this number for F-27, F-28, or any range thereon? And also in terms of pipeline, if you could highlight for next financial year in terms of the overseas consultancy, especially we wanted to set up office in Middle East. How things are panning out there, and are we planning to sustain INR 8,000 annual number for next year also? Just to answer your question, you have seen that we are already sustained. It's already grown, and we have already reached INR 7,700. There's one more month to go, and there are many projects under discussion. Sometimes these, these gets materialized. Even the many DSU would like to settle the racks before the March, so we're hopeful that something would get realized, and we'll cross that INR 8,000 mark. So that means for the last two years, we have been around the INR 8,000, 8, INR 8,200 last year, which was there, and it's almost a similar range we'll be reaching. So it'll be a sustainable figure. So we'll try to work on this to increase it in the future years and in the further years. At the same time, with respect to the... you're talking about the overseas. Overseas, we are putting a lot of focus. We have seen that, we got major projects from Nigeria on this Dangote Refinery. We also got the fertilizer projects. We're also targeting many other projects in many other zones, including the Middle East. In Abu Dhabi is there. We are also in the initial stages of Saudi Arabia. We will like so for the best. Kuwait, we are getting some assignments. Oman, we are getting. So all these areas we are working on. Overseas, you'll get a good growth in future. All right. The second question, our current book of 16,000 plus, you said, more than 10,000 is already consultancy, which is 65% of total, jobs you have in hand. Is it fair to assume that probably there would be a lot of operating leverage also, and the mix would shift towards more consultancy execution over the next 24 months, and that would lead to good margin improvement? Like these projects have been awarded, the execution has just started, so next year would be the initial stages of the project. It will be primarily, the engineering phase would be there. So, quite a good booking is expected, invoicing in that. It all depends on the progress of the project. So we anticipate a good execution, and as per the schedule, what we have proposed and what we have considered, we are anticipating good invoicing and execution in that stage, unless there is an issue. Right. So what's the portion of infra orders in the book currently? Currently, it is around, in the order inflow, it's around 25%-30%. And, you expect that to continue, in fact, for the upcoming- Oh, definitely. That would remain, yes. Sure. Sir, lastly, for the quarter, after adjusting for this INR 236 crore revenue and INR 213 crore profits, which you have given, I think, the EBIT margin for turnkey is coming around 12%, if I'm not wrong. So is it the correct number? And if it is, was there any one-off benefit for this quarter for this kind of EBIT number? Yeah, you are correct. Basically, after excluding that, the margins in the turnkey segment comes out to around 11%. As Director Finance has already indicated that in the near term, we are expecting a margin of around 7% in the turnkey segment on for a longer period, and for the consultancy, between 22%-25%. Right. But this 10, 11, 12% was normalized margin. There's no one-off, right? No, it will be on a longer period, it will be around 7%. In one quarter, there may be, basically, there may be a more or less margin, but overall, it will be in the range of 6%-7%. Sure, sir. Thank you so much. Thank you. Thank you. Thank you. Bye-bye. Our next question comes from the line of Kaushal Sharma from Equinox Capital Venture Partners. Please go ahead. Hi, sir, very good evening, and thanks for the opportunity. Just want to ask on our EBITDA margin turnkey segment that I can see in the nine months financial 26, margin shoot up from 6%, 5 to 6 to 19%. So what kind of the key growth or key growth drivers of the margin that exploded in this level? Sir, can you repeat the question and be a bit loud, please, and slow? So, my question is on what kind of key growth drivers in the margin that we achieved, so that the margin exploded from 6%-19% in nine months, financial 2025, 2026, in turnkey segment? In this nine months, we have got a change order from our client. In one of the major project, we were keeping provision for the penalty for the delay, or you can say, liquidated damages, but we have completed the project within the extended time period given by the client. So client have issued the mechanical completion certificate without levy of any sort of penalty to EIL. So we have reversed the provision. That's why, there is an impact of around INR 226 crore on the turnover and INR 213 crore on profit side. Okay, sir, got it. Thank you very much. It is a routine business. It is a part of a routine business to EIL. We continue to get change order in the projects. So are we expecting this kind of, you know, in this project? Because we are having a historically high order book as of now. We are doing- So- We are doing a lot of projects, and every time we are getting change order from the clients, and we are getting additional price for the work done also. So it's a part of routine business to EIL. Okay, sir, got it. Thank you very much for answering my question. Thank you. Our next question come from the line of [audio distortion]. Thanks for the opportunity, sir. Am I audible? Yeah. Yes, sir, you are. Yes. Sir, Yes. Sir, my question is in connection to the earlier participant question. See, you mentioned that the INR 226 crore were recognized in quarter three because of the some non-penalty from the order. But, sir, this is a routine practice. You said that it is happen every quarter or sometime, or if we have executed the order and the recognition happen in this quarter? So what happened? Can you explain these things, sir? Sir, EIL is doing so many projects, and every projects have their deadlines. So whenever project starts to get delayed, we made a provision for the delay portion. In case, as per terms of contract, in case any PRS or liquidated damage is there, we keep provisions. But we try to complete the time within the extended period also, and then we apply for the time extension to the client. And in most of the cases, we get the time extension from the client. And whenever time extension is got, we reverse the provision for the penalty. So this is the routine business, and as per acceptable accounting standard practice. Sir, in which quarter the provision was made? And was it mentioned? Was it informed to the shareholder, and was it... Because I don't know whether it was informed that the INR 226 crore provision was made because of the late execution of the order. Sir, it is a part of our routine business, and it is shown to the statutory auditor and other auditors also. So, it is not a question that we show in the balance sheet which project is going delayed. It is part of our business. No, yeah. Sir, sir, sir, sorry, sorry. I'm not asking for the name of the project, but whether the execution was done and no, and the provision was made. So in that quarter, then the pro, the particular quarter of the- Sir, I have told you, it is not only for one quarter. Because it's a, though it's a positive surprise for the investor, but it's a shock for us because we can't predict the result we got. Sir, it is not a surprise for the investor. It is the routine practice of the company like EIL, where revenues are earned from the implementation of the projects. Whenever contractual obligations are completed, any kind of provision which is made against the contractual obligation is always reversed, and it is a routine practice, and it is done on quarter-to-quarter basis. Sometimes amount may be more, sometimes amount may be less. If amount is more, it gets noticed, otherwise it is done on routine basis. So, is there any provision made in the current quarter? For any project? No, because there was a reverse, and when there was a material amount of the reverse, the profit is inflated, or it looks very high in the comparison to the earlier quarters. Sir, sir, that project was itself more than INR 6,000 crore. Sir, that's why amount is high. So earlier the- Provision will be high. With due respect, sir, we are saying that whenever the provision is such a high amount, the provision is made, please inform to the investor, and that's why the profit of that quarter was down. Sir, we have informed the investor. This year, this quarter, the profit is higher than the previous quarter. Sir, if you try to listen, then you will get the answer. Okay. Sir, we have informed to the investor. You kindly see the notes to the accounts. In the notes to the accounts, it is clarified. I think you have not seen the notes to the accounts. No, sir, I'm not talking about the current quarter, but earlier quarter when the provision was made. The provisions are made during the duration of the contract. Contract duration is from 36 to 42 months. During that period, every quarter, the provisions are made. When the project is completed, no liquidated damages are levied, that is being written back in the current quarter. So provisions are created over a period of time, not in one quarter. It is created over a period of time. The contract duration is 36 to 42 months. Provisions are always shown in the financial results. Okay, sir. That's all. Thank you, but I'm not happy, sir. Sorry. Sir, you should happy with this kind of result, sir. Thank you. Participant has left. Thank you. Our next question comes from the line of Krushi, Krushi Parekh from Bugle Rock PMS. Please go ahead. Yeah. Hi, sir. Good, good set of numbers, so congratulations on that. And given the nature of the business, the execution is fairly decent this time. My question is that, when we are just looking at it from a pretty longer term perspective, we have a very healthy order book to be executed over the next 3-4 years. But in terms of incremental order book, you also mentioned that we are looking at, you know, quite a healthy scene from the Middle East, especially now that we have office in the UAE, right? So what kind of traction are we seeing over there, and what kind of order booking are we looking at on an incremental basis? Now, is it something which is healthy and staying, you know, at a higher rate than what we have normally seen in the past? Or it's just pretty much normal, what we see. Gentlemen, it is like this. We are not saying that it is only from the Middle East, it is from the overseas we will be targeting more. We have shifted our focus from the domestic to the international market, market also as a strategic outreach of the international markets. So we are putting a lot of efforts on the international market to get more business. At the same time, we are working in the Indian market also. Wherever the projects are coming, we are just focusing on those projects and getting those projects. So the approach is the aggressive approach which has been adopted in both the segments. So we are working towards it. It's not only the Middle East, it could Nigeria also. Africa, specifically in Nigeria, we have been very successful in this business. We'll be targeting more projects in that zone and in that continent, as well as in the Middle East region. It is between Saudi, Oman, Kuwait, in all those regions we are working, as well as in South America also, we are working. So it is the continuous effort to increase our business and presence in these segments and try to get more business. Okay. And how are the project announcements or interest over there? I mean, considering the oil has been- Projects. Sorry? Projects are always there. Like, what happened is, in the Middle East countries, there is a process of getting yourself empaneled with the organizations, with the- Mm-hmm. With the oil refining companies or oil producing companies. So we have empaneled with them. Like, a simple example is ADNOC. ADNOC is a group of companies, group of companies in Middle East, in basically, specifically in UAE, which handles refining petrochemicals, onshore oil and gas, and all those segments. So we are empaneled with them, and for providing engineering services. Then you get the competitive, you get into the competitive bidding of their all kind of projects, because all these companies are expanding their oil assets, and there will be a lot of projects. Some could be the grassroot facilities, some could be the revamp, and some could be the modernization. It also includes the studies. These kind of assignments are the continuous activities which are going on. We are very much focused on those, and we are enlisted with these countries and getting a lot of inquiries and working on those. Okay. And, specifically, towards the international market, you know, what kind of... I mean, we, we have shifted some of our strategy to focus also on the international side. What have you seen in that- Yes, sorry. What have you seen...? Yeah, yeah. What have you seen in those markets that we have now started to focus a bit more over there as well? And I know that I understand that we have always had presence outside of India, but it is just over the last couple of years that I am seeing more traction over there. So what are we seeing on the ground that is you know because of which we are focusing additionally into those markets as well? First is, if you talk about the Indian market, Indian market is mostly the public sector companies, which are mostly on the competitive basis and L1 basis. There's no- Mm. Focus on the quality. I mean, if you go into competitive environment, because L1 always matters. But in the international market, it's quality also matters. So they will always give a preference to the quality, experience, and capability of the company. So wherein, in these markets, this gives us an advantage. You know, that we have the experience of working in India, almost six decades of experience, and we worked on a lot of complex projects. Maybe, if you can see the Indian refining and hydrocarbon sector, we are in all stages inception, and done a lot of projects and a lot of modernization, lot of troubleshooting. So nobody has this kind of experience anywhere else. So this, this experience always gives us an advantage in the international market, because there also they have a lot of new projects as well as a lot of development projects. Specifically, in Indian conditions, the projects have been expanded in various phases. It's not in one go, all the plants have come. So one refinery will be set up at 5 MMTPA, then it will be graduated from 5-15, 15-25. That's how they expand. So that kind of experience in the international market is very limited. So that, this kind of experience and the nuances of working in in these kind of plants and revamp projects gives us an advantage in international market. The database we already have because of working on these projects, and the experience of the people and the manpower which we have, and, you know, we retain our own permanent manpower. That's the core of our business. So that's how we get the advantage in the international market, wherein your experience and capabilities are more preferred with respect to the price. Wonderful. Wonderful. Great. My second question is, now, have we provided, whatever is related to the pay commission for FY 2026 and FY 2027, wherever is applicable, or the impact that may be there in the FY 2027? Yes, we are keeping the provision for the pay commission. Whenever it will come, we have sufficient provision in our- It's already provided. It's already provided, and any major salary jump or something, what kind of margin on the, I mean, impact on the margin it can have over the next, next, you know, one or two years at least? I think, impact will be felt only when the exact details of Pay Commission is known. Mm-hmm. But based on the past experience, we are keeping provision for the same. Okay, so we have already started to provide for it. We are- Thank you. We have already started. Mm-hmm. Okay. Okay. I'll join back with you. Thank you. Thank you. Thank you. Our next question comes from the line of Darshika Khemka from AV FINCORP. Please go ahead. Hello, sir. Thank you for the opportunity. I had a question regarding the Dangote order. I believe you had two press releases on this. One was in November regarding the Dangote Fertilizer Complex, and another was the Dangote expansion project, in Nigeria in January. Yes, ma'am. I just wanted to clarify that an amount was not retained for the fertilizer complex. Is it included in this 3,150, the 3,150, or is there a separate value for it? No, madam, that is a separate value, and that has been declared in the earlier, I think in the earlier, reporting also. Mm-hmm. So it's around $70 million. It's around $70 million, something around INR 600 crore. Okay. This is not included in INR 3,200 crore, which is, which we have just received. Because these are two separate projects. One is a fertilizer project, and another one is a refining project. The expansion project, correct. So where is the INR 600 crore included, sir? This is the part in Q2 FY26, for the INR 615 crore order, correct? Just let me check. Let me check. Which was received in September, if I'm not wrong. Just a sec, just a sec, just a sec. Ma'am, this has been indicated in Q2, 25, 26. this is the 600- Oh, no, sorry, sorry, sorry. Just, just a sec, just a sec. So sorry. It is, yeah, it's Q2 2025-2026. In the overseas, you can see. It's 6,150. Yeah, got it. Yes, it. Yes, got it. Got it, got it. Another question that I had was around the guidance for the revenue that you're giving for FY 2027. But I believe and I expect that the execution will be much stronger by 2027. Definitely, ma'am. Uh- Execution will be much stronger and our- If you give us a growth number, it'll be really helpful. Madam, that totally depends on the progress of the projects achieved during the years. Mm-hmm. Definitely, based on the progress in the last month of this financial year, we will give some guidance for the next year. Till now, we are giving guidance for this current year only. Okay. We will be reaching more than INR 4,000 crore in terms of revenue. Okay, okay. Got it. Definitely, INR 4,000 crore will be the minimum target for the next year also. Absolutely. And- Got it. We are sure that we will add some more figures to this. Okay. We will be in position to tell only after completion of this financial year. Got it. Thank you so much. That's it from me. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, press star and one. Our next question come from the line of Amit Anwani from PL Capital. Please go ahead. Hi, sir. Thanks again. One clarification on the higher other income. What, what was included here, and what... was there any dividend from NRL, just- Yes, we have received the dividend from the Numaligarh Refinery to the tune of INR 24 crore, and that has been included in the third quarter. What's the steady state run rate for dividend income we should expect, for next year for NRL? Boss, NRL is giving on the same pace because NRL is going into expansion, and expansion is being carried out, so dividend income is giving on routine basis because he needs money to complete the project. Right. As the second update on Ramagundam, I hope that plant is stabilized now. So what is the expectation for next year and four Q in terms of performance in Ramagundam Fertilizer Plant? At present, Ramagundam plant is running on full capacity, and till now it is 13%. The plant is running well, around 100% capacity. So we are sure that the profit will be realized, profit will be continued to be realized in the fourth quarter also, and next year, so. Plant is almost stabilized. Right. Sir, lastly, would like to understand more on the infra order inflow pipeline. I think in the past you have highlighted taking some orders for IIT Jammu-Kashmir and some training complex order from ONGC, and I think there was some data center order also. We wanted to understand the infra pipeline in terms of are we going to get more data center orders, or how, why we select that, where we want to be, you know, in terms of getting the infra orders. So some more color on this infra pipe, since this is becoming bigger in your order book, will give us much better understanding in terms of your addressable market and what's the potential here. So going on this year, and in the last till this quarter, we have got various orders from the infra segment set on OBE basis as well as depository basis. Some of them are from the IIM Jodhpur. One is from the IIM Jodhpur—IIT Jodhpur, one is from the IIM. Another is from, you know, that was ONGC Convention Center, which we have done, where this India Energy Week has been done. Similarly, we are talking to... Recently, we got an order from NTPC for their township. These kind of niche segments we are targeting. We don't go into the regular residential building construction. We go into the niche areas wherein the client wants to create a township, wants to create a research and development facility, or wants to create a convention center. These kind of niche negotiated contracts we get into. Similarly, at the same time, the airport, like the Leh airport we are doing, which is a green airport, which we have designed. At the same time, there's the airport which is coming in the UP in Noida, we were involved in that. So these are very niche areas wherein we work. Some of the data centers we have done in past, like SBI, UIDAI, the SBI and the RBI. So all these are the data centers wherein we have got involved as a consultant, as a project management consultant. So these are the areas we have been working. Apart from that, we are working into the, like, projects wherein green intelligent buildings are there, water and wastewater management projects are there. The agricultural facility which has been created in Haryana, we were the consultant for that, designing that facility. So these kind of niche projects we have been involved in infrastructure segment. Right. So lastly, on the recently announced CCUS allocation in the budget for next five years, roughly about INR 20,000. And I understand that- Yes. We had a MOU with NTPC to do some collaboration, for a carbon capture and storage, systems. Wanted to understand your thought after this policy. Are you seeing any pipeline for you? And, Listen, NTPC, we have various agreements. One is for the engineering services, wherein we have to work for where various development projects like they have been working on the green urea, green ammonia projects. They have been working on the projects of their power plants, wherein they need some sort of engineering services, like structural audit of their facility. These kind of projects we do. We also signed another agreement with them for offering them inspection services. We are also in talks with one of their subsidiary for our offering the inspection services to their client, because there are a lot of projects they have, and they needed our support, and that's how we have entered into this agreement, and we are supporting each other. We have also got one of the assignment for a coal gasification project for them. They're setting up a coal gasification plant, so we are working on that as a consultant for them. So this kind of arrangement has been done under these, this MOU. Right. So any carbon capture you're looking, since this policy is in place, will it be a, like, liability gap funding or, or any other funding on? So on the carbon capture, internal studies are going on, and we are in talks with some of the technology providers to see how we can synergize our offerings with their technology. So it's right now at a study mode, but definitely something will come up from that also. Right. Sir, lastly, on the inflow, is it fair to assume that, consultancy still will be the dominant share in the order inflow for next year? It is always in the same range. Sometimes consultancy crosses the 50% limit, and sometimes it may down to 50. Because I think- It almost remains in the same range. This year, it is expected to be a little bit more. That will get concluded only on 31st of March, because if some order, another order is realized from somewhere, we'll see. It depends. Sir, the current book, what is the duration for execution for consultancy orders, and same for the turnkey orders, for the INR 16,000 crore book? Generally, these projects are ranging from 3-4 years. Both side, turnkey and consultancy? For both the projects. These are the long duration projects, and generally runs from 3-4 years. Okay, sir. Thank you so much, sir. All the best. Welcome. Thank you. Our next question come from the line of Prateek Dugar from Intelsense. Please go ahead. Good morning, sir, and congratulations on a good set of numbers. Sir, this is not much of a question, but rather, some suggestion that if you could provide, some sort of a bidding pipeline. I'm not saying that we say the name of the projects, but, something of the sort that, some number of projects in the, say, INR 100-INR 150 crore range or INR 150-INR 300 crore range that we are bidding for, that would actually help the analyst community. So would something of this sort be possible, sir? So this kind of number is very difficult because we depend on the investment by the oil company. And recently, the oil companies have indicated, like IOCL has indicated, their INR 32,700 crore investment. ONGC has indicated INR 30,000 crore. BP said it's INR 25,000 crore. These are the upper investments which may come in the future from their side. This could be multiple projects, this could be multiple smaller projects, so it all depends. Whenever they come out with any tender, any mega project, we'll be bidding for it. So it's very difficult to tell the exact number what we are bidding for. Okay, sir. The other things are about, I think last quarter also, we are seeing some, an exceptional income on account of some BG refund, and this time we are seeing a very big impact on the profit. It's a good impact only, positive surprise for the investors, but this is on account of some early reversal you are seeing. So was this for some particular project or multiple projects we have recognized this time? This figure is for one project only. Okay. And so, sir, like, I was thinking that if you could, like, given, any other projects where we have this sort of a major, you know, reversal that we may see, coming. So that was my question, I think. It depends client, because we are doing a lot of projects for the client, and whenever time schedule time is gone, we start keeping provision for the LD. And whenever project is completed, we apply for the time extension to our client, and most of the time we get the time extension from the client, and we reverse the provision. This is the routine practice of EIL as per accepted accounting principles. So it is done for each and every project. Sir, on the bookkeeping side, I mean, where would this figure, say, if you have made a provision, where would this figure be appearing on the bookkeeping side? In the provision, guarantee and warranty. Okay. Provision for guarantee and warranty, it is for the contractual provisions. That helps. Okay. Thank you, sir. That's, that's all. Thank you. Our next question comes from the line of Palak Jain from ICICI Securities. Please go ahead. Yeah. Thank you for the opportunity. So my first question is, has there been any initial discussion in the carbon capture opportunity post the budget, or, in your opinion, which way this will go in FY 2027? Even before the budget announcement, we are working on carbon capture initiatives, and we are regularly in touch with some of the technology providers to see our strengths and soft things in this domain. Okay. And my second question is, do you think that we have exhausted the Indian pipeline in petchem for refinery and consultancy in the near term? We have exhausted? Yeah. Yeah. No. Hello? Hello. What is your question? So do you think that we have currently exhausted the Indian pipeline in the petchem for refinery projects in the near term? No, no, no. No, no, not at all. Not at all. Not at all. Okay. You see the figures. Government is still, still there are a lot of capacity expansions and petchem expansions has been lined up by government. Government has already indicated that they are going to increase the refining capacity as well as the petchem capacity by 2030. So you have a lot of projects in pipeline, but these, these are the cyclical projects. When they get realized, it will be taken. You know, the many projects are there on the anvil. Is the near-term visibility or will this come in future? No, no, it is. Maybe in the next year, you must have heard about Andhra Refinery. There is a talk about Andhra Refinery. So Andhra Refinery come petchem, it could come in next year. Okay. Okay. These are the bigger projects. Paradip, we are already doing. Plus, by 2040, our energy demand is going to be doubled, and fossil fuel will be part of this energy mix in 2040 also. Yeah. So government is planning to increase the crude refining capacity and increasing the share of gas, natural gas in the energy mix from 6 to 6% to 15%. So a lot of projects are there, and petrochemicals, petchem consumption is also increasing in India day by day, and it is very low in comparison to the developed countries, so a lot of scope is there. Hello? Participant has left the queue. Okay. Our next question comes from the line of Manoj Shah from Lex Gov Investment. Please go ahead. Yeah, thank you for the opportunity. Just wanted to check with you, how do you see the revenue mix between consultancy and turnkey over the next two, three years? If I remember a few years, you wanted to change the mix from when turnkey was higher to consultancy, and now what I'm seeing the trend is, it's again turnkey share is going up. So can you please guide a little bit how you want to—where you want to focus over the next two, three years? Actually, we always try to keep our consultancy business mix in the range of 55%-60%, but this is hovering 45%-55%. So sometimes, consultancy business is 55%-45%, and sometimes, LSTK business is 55%. This is the general range for the last three years. But we always keep to try, the more segment profit is there. No, see, if I remember a few years, you were saying that you normally use the EPC as a, or turnkey as a filler to utilize the resources if you don't have the consultancy project. Is that the way you still work on? But you see, in India, more and more consultancy business is also coming. More and more refinery projects are there, pet chem projects are there, a lot of pipelines are there. So as on date, we cannot say we are sitting idle, and we should focus, we are focusing on the LSTK business. So first of all, definitely we are focusing on the consultancy business, and we are getting it also, not only in India, but outside India also. Fine, fine, because I know that it takes a lot of time to change the order which makes from turnkey to consultancy or consultancy to turnkey. It will take a 3-4-year cycle normally, which was what I have observed, because I was- You can see our order book as on date is INR 15,600 crore, and out of that, INR 10,000 crore is from the consultancy business only. So our around 67% order book is from consultancy business, as on date. Okay, as on date, we would like to add that in the LSTK business, we don't go into the regular LSTK business. We only take the open book estimate, OBE kind of projects, which are more secured, less risk, and, the returns are, means confirmed. Have you worked on anything like, in case of cost escalations, your margins are protected in these, LSTK projects? Or because, previously we have suffered because of these cost escalations. So how, it has changed over the years in the contract? Now, now we have changed the business model, as our colleague said, we are already targeting Open Book Estimate, which is cost plus contracts only. Yeah. So whatever cost is incurred, client is reimbursing that, and upon the cost reimbursed, we are charging our fixed margin, fixed markup. So our markup is intact, and there is no escalation from our end in the cost, because escalation in the cost is borne by the client. Yeah. So we are on the safer side. With respect to one of the participant's query, you said that if my understanding is correct, you can just confirm it. That whenever there is a project is going behind the schedule, okay, you provide for the provision for a delay or penalty for that project, okay? Yeah. If by the time of completion of the deadline, if the project is within the timeline, you reverse that provision. Is that correct? Yeah. Gentleman, please, I appreciate that this is a provision of the contract, okay? Whenever a contract is awarded, this is a risk provision you always make in any of the pricing you put. You make a provision, you keep that money aside, and when the project is executed, you don't face any consequences, then it is released, and it is released as part of the revenue, and it is added to your profit. It's a risk provision which is always made in any of the contracts. That kind of provision is always made in the consultancy as well as OBE projects. From project point of view, there is no differentiation in the practice followed. Okay. No, no, I'm saying that, because the previous participant was, one of the participants was saying, you said, you replied that you reverse the provision what you have made, because the project is now getting completed on time. You have earlier made the provision because project was running behind the schedule. No, no. Is that- No, no. Whenever projects, whenever project starts get delayed, then we create the provision, and on the completion- Sure. -of project, we apply for the time extension to our client, and in most of the cases- Sure. We get the time extension from the client, and upon the receipt of same, the provision is reversed. Okay, okay, fine. Thank you. Fair enough. I understand that, because some of the projects may have a penalty clause, so you provide for that. I understand. All the projects are having penalty clause, but it is not implemented by the client. Yeah, and there is- Because EIL is not solely responsible for the delay of the project, sir. That's why client give the time extension. Client also, yeah. Yeah. Okay. Okay, thank you. Thank you very much. Thank you. As there are no participants in the queue, I now hand the conference over to the management for the closing comments. Thank you, and over to you, sir. Thank you. Mm-hmm. Thank you so much. Thank you, team. Okay, thank you. Ladies and- Can we close now? Yes. Ladies and gentlemen, thank you so much for joining the conference call. On behalf of DAM Capital Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.