Ladies and gentlemen, good day, and welcome to the Engineers India Ltd Q4 FY 2026 Earnings Conference Call. As a reminder, all participant lines will be listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kishan Mundra from DAM Capital Advisors Ltd. Thank you, and over to you, sir. Hi. Thanks, Julius, and a very good afternoon to all of you. Thanks for joining in. Today we have with us the entire management team of Engineers India, to discuss the Q4 FY26 results, and then we will follow it up with the Q&A. From the management we have with us Mr. Sanjay Jindal, who is the Director of Finance, Mr. Suvendu Kumar Padhi, who is the Company Secretary, Mr. R. P. Batra, who is the Executive Director of F&A, Mr. Vivek Midha, the Chief General Manager, Marketing and Business Development, Mr. Amanpreet Singh Chopra, who is the Senior General Manager, and Ms. Neha Narula, who is a Senior Manager. With that, I'll hand over the call to management for the opening remarks. Over to you, sir. Thank you, Mr. Kishan. Good afternoon, everybody, and a warm welcome to all to Investor Meet. We have declared our annual results for the financial year 25/26 yesterday. Company order book position has reached its all-time high and stands at INR 15,109 crore as on 31st March 2026, as compared to INR 11,717 crore as on 31st March 2025. Order inflowing in year during our financial year 25/26 stands at INR 7,979 crore, against the previous year figure of INR 8,214 crore. With respect to financial performance for the year ended 31st March 2026, on standalone basis, the company have achieved a turnover of INR 3,849 crore, which is the highest in the history of year. The turnover has increased by around 27% in comparison to the turnover of INR 3,028 crore during the last financial year, FY 2024-2025. The profit after tax increased by around 37% to INR 638 crore in comparison to the PAT of INR 465 crore in the last year. The profit of INR 638 crore for the current year is the highest ever in the history of EIL. Operating margin during the financial year FY 2025-2026 increased to 16.22% as against 14.76% in the financial year FY 2024-2025. EBITDA of the company as on 31st March 2026 stood at INR 877 crore, EBIT with margin of 21.61% in comparison to INR 658.67 crore, EBITDA margin of 20.60% as on 31st March 2025. The turnover from consultancy and engineering segment during the financial year 2025-2026 stood at INR 1,782 crore, and from turnkey segment stood at INR 2,067 crore, in comparison to INR 1,678 crore and INR 1,349 crore respectively during the last financial year 2024-2025. The company has achieved the highest ever earning per share of INR 11.36 against the last year's figure of INR 8.28. During the financial year 2025-2026, the company paid an interim dividend of INR 2.5 per share, amounting to INR 140 crore. The company has proposed a final dividend of INR 2.5 per share in addition to the interim dividend and against the face value of INR 5. It means in this year, we are giving 100% dividend to our shareholders. In the fourth quarter, the company achieved a turnover of INR 899 crore, with turnover from consultancy and engineering segment amounting to INR 489 crore and INR 410 crore in the turnkey segment. During the fourth quarter ended 31st March 2026, the company recorded profit before tax of INR 195 crore and profit after tax of INR 152 crore. On consolidated basis, the company earned a profit of INR 691.59 crore for the year ended 31st March 2026, in comparison to INR 579.77 crore earned during the last financial year 2024/2025. Therefore, there is an increase of around 19% in the consolidated profit on year-on-year basis. The profit of EIL's subsidiary, CEIL, has increased to INR 24.71 crore in financial year 2025/2026 as against INR 20.62 crore in financial year 2024/2025. Increase in margin around 20%. Some of the highlights are highest order book position of INR 15,109 crore as on 31st March 2026. Highest ever revenue from operation of INR 3,849 crore as on 31st March 2026. Highest ever PAT of INR 638 crore against the PBT of INR 833 crore. Highest ever EPS achieved of INR 11.36 against the face value of INR 5. Operating margin increased to 16.22% during the financial year 2025/2026 as against the 14.76% in financial year 2024/2025. EBITDA as on 31st March 2026 stood at INR 877 crore in comparison to INR 658 crore as on 31st March 2025. Company paid an interim dividend of INR 2.5 per share during the financial year amounting to INR 140 crore. The board has further proposed a final dividend of INR 2.5 per share with the face value of INR 5 per share. Now it is over to you, Mr. Kishan. Hi, am I audible? Yes, sir. Yes. Thank you. We'll now begin the question and answer session. The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yes, good afternoon, and thanks for the opportunity. Good afternoon. Sir, congratulations on a very, very strong year for order inflow, especially for the consultancy. First question from my side, sir. Last two years, of course, are extremely good for consultancy order inflow. How do you think about the opportunity landscape for FY 2027 for the order inflow for consultancy in domestic market and international market? Good afternoon. This is Vivek from Marketing and Business Development. With respect to the last 2 years, we have seen that we have sustained the business inflow at almost on the same range. We are endeavoring to maintain the same kind of business inflow. You know that there is a challenging situations out there in the market. As of now, we have not seen much of the impact coming. In couple of months it will be evident that which way it is going. If everything goes resolved, gets resolved in the Middle East, then everything would be fine, and we'll be able to take control of it. As of now, we have to be very cautious about what is happening out there. In the Middle East part wherein we are serving there, we have seen a little bit of slowdown. The focus is more on the revamp of the facilities because of the damages what happened, and the new projects are little bit on the slower side. Exactly it is just two months. Let's see. Let's hope for the best. Everything goes fine, then we should be on the backtrack in times to come. We have not seen in the domestic market anywhere any project being delayed or anything being done. Things are going like that. They are not canceled or not folded up. No obvious information is available as of now. We are hopeful that everything would be fine soon, and we're going with that perspective. Do you think, in your opinion, that we can sustain these levels for the consultancy especially, and especially domestic market? Yeah. Can I just have some comment? Our aim is to maintain, sustain that kind of business. We have few opportunities available in future to come, but let's hope so everything gets resolved soon, and then things go fine and go on track, and let's see. Understood, sir. My second question, sir. We are sitting on a very large order book, especially INR 100 billion order book in the consultancy. Is it fair to expect consultancy to grow at 20%-25% CAGR over next 2-3 years? Consultancy, let's say it should be the conservative side, it should be 15%-20%. We should accept that. It should be the same range. Let's hope for the best, like we get more business. We are targeting more of the international in Africa part of it. Let's see. Be able to get something there. Sir, my last question on the IOCL Paradip. I I think there was large order where I think we had booked part of the order, and the part order was supposed to be booked in later. Yes. Is it fair to expect that the balance of the order of maybe INR 8 billion or INR 10 billion will get booked in this fiscal? Yes. It is expected by the end of this financial year, it should be able to be done because our first phase is about to be finished because which is the feasibility phase, and they would be going for the investment decision from the organization and then proceed with the second phase. Hopefully it should be done by then. By the last quarter it should be done and should be awarded then. Understood, sir. Thank you. Understood. Thank you. Thank you. Thank you. The next question is from the line of Amit Anwani from PL Capital. Please go ahead. Hi, sir. Thank you for the opportunity. First question on the Middle East, as you said, some slowdown and the greenfield CapEx is kind of seeing a challenge. Just wanted to understand what is the Middle East as a percentage of current order book, and is there kind of we wanted to grow a few markets, including probably Saudi, we wanted to get more orders. Now, what is your thought process for next 12, 18 months in terms of Middle East as market, and what is the current order book from Middle East? If we talk about the overseas business, around, I think 30% has come from the Middle East side in the overseas. I'm talking about the business secured, not from the order book perspective. I'm talking from the business secured perspective. Around 30% has come from the Middle East. I'm telling you that activities are going on. We have their general services agreements with them and running agreements with them. A lot of engineering assignments are there, smaller and bigger. The big-ticket jobs are a bit on the slower side, which were to start immediately somewhere in April or May. The decision-making from the client side is delayed because naturally, the focus is shifted on the revamping of the damaged facilities, and awarding of the new projects is little bit slower on the side. They have not publicly said anything about this, that they're holding it off. They would be doing it. They're giving the positive hopes in this regard, and probably a little bit of delay may be there because it's a security concern out there. First focus has to be to protect the people and the facilities, and then to start the new project. There could be delay of a couple of months. Looks like there is a silence as of now in the Middle East. Let's hope it continues, and the flight and everything is also starting. There is a positive outlook there. Let's hope in a month or so, if the resolution is achieved, we should be able to do so. With respect to the Saudi, I would like to give you that information that a Saudi office has been established. We have recently signed a long-term agreement with Saudi Aramco for the in-kingdom services. We are about to sign another agreement with them for out of kingdom services, which will be signed because of this Ramadan time. Sorry, it's Hajj, this Bakrid time. After this would be signed. That's a long-term agreement, going to be for 5 plus 3 years. We'll be starting getting business inquiries from the client side and then start getting the jobs also in the times to come. That is the positive outlook we can share with you right now. Right. Sir, ex of Middle East, let's say, for example, Africa, where we are seeing very strong pipeline. Has anything changed in past two, three months in terms of finalization, and how is the pipeline in the other overseas markets? You have seen that in Africa recently, in the month of last January, we have secured the biggest order value order from the Dangote Refinery, that's the expansion project, it's 3,000 plus, and a fertilizer project which we have also secured from them. There are more opportunities around there and in the same country. We are targeting them. In Middle East, naturally now the focus is also shifted into Africa because of this obstruction in Middle East, where alternatives would be developed in times to come. Let's hope that Africa market would develop and more of the hydrocarbon would be explored and facilities would come up, and then this will open the opportunity for us. Right. What's the timeline for this INR 3,200 crore order? This is around 4 years, 5 years. It's roughly around 5 years, you can say. Five years. 40, 45. Understood. Now, sir, in the current situation, what kind of guidance you would like to give for order inflow, revenue for this year? With respect to the order inflow, we'll stick to the existing numbers, which we have achieved around 8,000. We'll try to maintain it the same. Let's hope for the best for that. Again, this year also it will be skewed towards overseas because the FY 2026 we saw very strong including Dangote from overseas. I said don't segregate between overseas and international. Okay. Wherever we get the good opportunity, we'll target. Yeah. It may happen that you get a bigger project there. That value becomes bigger. Basically, the aim is to achieve that target figure from wherever it comes, whether it's domestic or international. Our focus is on all the sides. Right. Sir, lastly, I wanted to ask, was there any revenue slippage? We see relatively this quarter revenue versus expected was slightly lower. Even on quarter-over-quarter basis, kind of not up to the mark. Anything which happened in terms of slippage, and is there any impact of supplies or any other thing amid current situation to your kind of operations? No, on quarter-to-quarter. In terms of commodity cost impact or any other impact also. Yeah. On quarter-to-quarter basis, there is no slippages in the revenue. In the last quarter, there were some change orders that we received from the client, and there was a change order of more than INR 200 crores, which we considered in the previous quarter. That's why in the previous quarter, profits were so high. Otherwise, there is no slippage on the revenue part. Sir, the current consultancy portion, what's the confidence in terms of margin? In INR 15,000, we have more than INR 10,000 consultancy now. What is the steady-state margin we can expect from consultancy and turnkey for FY 2027, FY 2028? We are continuously maintaining our consultancy margin in the range of 20%-25%, and in the LSTK business, around 5%-7%. That should continue basis the current book. That will be continued. Okay. Thank you, sir. Thank you so much. Thank you. The next question is from the line of Vanshi G from Dalal & Broacha. Please go ahead. Thank you for taking my question. Could you please help me understand the order pipeline visibility over the next 1-2 years across your segments? Historically, what has been the conversion rate from identified pipeline opportunities into actual order inflows? For example, if the current pipeline is around INR 10,000 crore, what proportion would typically translate into executable orders based on past trends? Madam, the order opportunities are available in the market in which you see the infrastructure, you see the hydrocarbon sector. There's enormous number of opportunities available. All of them take a long gestation period in the tendering cycle. Most of them are the public sector, and they take a long cycle of realization, and tendering process is there. Any tendering process takes 5 to 6 months, 7 months in awarding. Those things are being followed. Typically, you can say hit rate is we say that we generally hit it at the rate of 20%-25% of what we bid and what we see around. It's very difficult to say because market is very broad. The end number of opportunities are there. That's how we go ahead on that. Okay, sir. Thank you. Thank you. The next question is from the line of Nitisha from ICICI Securities. Please go ahead. Thank you so much for taking my question. My first question is about the Middle East. What kind of opportunities do you think are available there? Are you expecting any orders from refinery or petchem in FY 2027, and is the scope going to be similar to what we have seen historically in India? Yes, exactly. All the Middle East is primarily the hydrocarbon only. It's mostly the refinery, petrochemicals, onshore oil and gas, offshore. What is the criteria in all these countries is you have to empanel yourself with all the clients, the major clients there, and you have running agreements with them, rate contracts are there. There would be a competition with the limited number of companies, and you bid for those. They keep on giving you assignments. Could be a smaller engineering assignment, like study could be there, it could be field, it could be a major PMC project. That way, the number of types of assignments keep on coming, and we keep on bidding for that, and we keep on getting the assignments. Primarily, this is hydrocarbon only. Got it. As you mentioned, your long-term contract with Aramco, this is basically your entry, bids will occur as they normally do. Is there some clause that there will be a certain amount of business that will be sent your way in these contracts, or is this just empaneling? No, nobody guarantees any minimum business. All right. Lastly, can we. Sorry. There's no retainership kind of arrangement in any of these kind of contracts. It is just that you are shortlisted. You don't have to go for open tendering. There would be limited number of parties you'll be working around. You know that Saudi Aramco is pretty big, and they have huge projects, number of projects. They are always lacking in the number of consultants. That is the best part, what we have opportunity ahead with us. Okay. Lastly, can we see that consultancy order inflow should be upward of INR 6,000 crores in FY 2027, just like this previous year? Do we believe that the number could be a little lower given how high the base is? Nobody can predict at this point of time. Probably after 1 or 2 quarters, we'll be able to understand what is the situation like that. As of now, the guiding factor is INR 8,000 crore around the total business, including the LSTK as well as consultancy we are targeting, aiming to be there. Try to achieve more than that. At this point of time, this much we can say. All right. Thank you so much. I'll get back in with you for further questions. Okay. Thank you. Thank you. The next question is from the line of Ronak Chheda from Awriga Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity. My first question was, in your 2025 annual report, you'd mentioned that around 36% of your consultancy orders are won on competitive bidding. Just wanted to check on the remaining orders which we win at the PSU customer. Is it an L1 competitive bidding, or how is that? Is it a nomination business for us? No, it is like this. Sometimes, even if you say that competitive bidding, competitive bidding could be with the number of companies. Mostly PSUs go for the competitive bidding. There is no nomination for them. They go on an open tender basis. You negotiate in that contract, you bid in that contract, and you get the assignment. With certain private sector clients, this could be a negotiated settlement. It is kind of unwritten competitive analysis. Even though there's no formal tender they float, they take bids from the number of parties, and they negotiate with everyone. You can say it is a negotiated contract, maybe a single negotiated, because you don't get to know that are they negotiating with others or not. It is now more or less, it's a competitive world altogether. There's no nomination cases are coming from the public sector unless there is a very critical project, or there's nobody in the industry who can do it, or it's a very cost, or it's very critical for the societies. Like, suppose a Euro VI project wherein you need immediate action by the instruction of the Supreme Court. That's how they came to us, all the refineries came to us, and we did that. Similarly, the energy optimization project for all the refineries, because those were critical projects. That's how they came to us. Got it, sir. Mostly now competitive. Got it. Sir, you've got record orders in your consultancy business in FY 2025 and FY 2026. Given the maturity of the order book, should the next year, we should see a very strong growth, given that 25% to 30% of the execution usually for these orders happen in year two and year three? Any thoughts? Execution would be naturally, the mega projects are mostly for the duration of three to four years. Right now in this financial it has been awarded, it is just the initial stage. Next year some of the projects will be going into peak, and there will be peak execution. Peak of the execution. Understood. Sir, when the 8th Pay Commission kicks in, will you see an employee cost jump in, let's say, FY 2027 and FY 2028? We don't see anything. The central government. That is for the central government as of now. Public sectors will come later. Okay, understood. Thank you so much, sir. Thank you. The next question is from the line of Kunal Bhatia from Dalal & Broacha Stock Broking Ltd. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Sir, I basically wanted to understand, looking at the current scenario wherein, due to the energy crisis, everybody is talking about getting more self-sufficient. How about your consultancy order, especially from the India side? Are you all getting more inquiries? Are things rectifying on that end? Could you give some sense on that? Okay. With respect to self-sufficiency, primarily the focus of self-sufficiency is you buy the local products, local manufacturing. You know that in the refining and hydrocarbon sector, we are one of the prime leaders. We have developed the market itself within India. Lot of manufacturing and lot of vendors are within the country itself. That's how we have contributed to the industry. With respect to the services part. Services, in any case, we were available in the market, and 100% of any kind of critical projects of these sort hydrocarbon can be done in-house. We can do it. Including a lot of technologies are also being developed in-house. This has naturally boosted the utilization of the locally in-house developed technologies within India itself. That could be one of the opportunity for all the hydrocarbon organizations. That's what we see. As far as the localization concerned, vendors and all those are available in India. Not much of an impact should happen from this side, because procurement is mostly from the Europe side or from the Southeast Asian side. Let's see how it goes. Okay. Sir, how about, say the demand from, say, an ONGC, like you've got an order from IOCL also? From these other oil and marketing companies, and even on the refining end, are you all getting any more, say, traction or any more inquiries? Anything which you would like to? These are generally consultancy inquiries. Yeah. There is no change. They keep on coming. They are coming. Many of the ONGC facilities are getting revamped as a process, so as a routine business, it comes to us as an inquiry. Similarly, the IOC- So no- many IOC will be floating the inquiry, it will be coming to us. No specific. It will be more, if you're talking about the parts and supplies, it will be more from the procurement side of it. Okay. Sir, also, in terms of your business in consultancy, this quarter, whether it be consultancy or the other business, did we have any kind of one-offs or any kind of write-backs which aided the margins? Because even consultancy this time was a very high margin at 29%. This quarter? Yeah, Q4. This quarter we have no written off. As such, no write-offs. Got it. These were all the normalized numbers. All the normalized numbers. In the last quarter, there was a change order. Right. Sir, final question from my side. In terms of Middle East, you did mention that the business was approximately 30% but how much of our current order book is Middle East specific? I can say 10%-15%, around. 10%-15%. Okay, sir. Thank you. Thank you. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Hi. Thanks for the opportunity once again. My question on the coal gasification, sir. Of course, there is second set or second round of incentives Government is looking to give to the players. Are you expecting few coal gasification projects to move to tendering stage in this fiscal? Do you think given that the size of this incentive is much larger than the first round, do you think for us this could be a sizable opportunity? Yes, this is a good opportunity that Government has increased the viability gap funding. The projects which were slowing down in between, in the previous rounds, they have started pushing. Looks like the market is pushing for the coal gasification projects. New companies are going for the coal gasification. There would be opportunities and one of the private companies is looking for a big coal to chemical project. Their opportunities are now increasing. Let's hope for the best. It should come, because more of our private ventures are coming in now. Yeah. Do you expect some PSUs also to move more of the value chain? PSUs are also moving. Yes, you are seeing that Coal India has 3 JVs. Those projects are also moving. Our opportunity, sir? Sorry? For us, do you think it is going to sizable opportunity for us? It could be consultancy INR 300 crores, INR 400 crores. Depends. Understood what size of the project and what services they want to take it and which mode they would like to take. Private sector would like to go on a different mode. The public sector companies, they go on a different mode altogether. Understood. My second question, sir, on the profit from our associate. That income of course, has become better in the last couple of quarters. First two quarters Q1 and Q2 were bad. I think there were losses. Is it fair to say that now they are stable and now they keep contributing at the current level of INR 40 odd crore per quarter? Is that a fair? In RSPL there was some problem, due to which plant was under shutdown or maintenance. Now the problem has been resolved. In this quarter, the plant was running well. Therefore, the plant has generated a good profit, and we expect that plant will run on 100% capacity in this year. Understood, sir. Thank you, sir. Thank you. The next question is from the line of Mayank Chaturvedi from HSBC. Please go ahead. Hi. Thanks for the opportunity, sir. Sir, you have missed your revenue guidance for FY 2027 and FY 2028. You can just repeat that for me, please? 25, 27, 28 or 26? FY 2027 and FY 2028. Revenue growth guidance. That's too far right now. Let's hope for this year, then probably next quarter we'll be able to tell you something. Okay. I'm just looking at it from the perspective that our consultancy order book has more than doubled now in the last two years. If, let's say, if the Middle East conflict had not happened, then the projects that we'd received in FY 2024 and FY 2025, could they be reaching those peak execution levels in FY 2027 and FY 2028? Would that be a right understanding? Yes. As of now, the jobs which are awarded, these are typically for 3 to 4 years. They would be getting executed in the next 3 to 4 years. At the same time, we'll be targeting the business. Let's see, if this war would not have happened, at least typically 15%-20% decrease would have been there in the business. If its market is open quite a bit or more projects comes, we could land up in bigger projects also. It depends on what kind of investments are coming in the market. Okay. Sure. The other piece would be, I'm just curious to know if you've formulated any AI initiatives for your consultancy business. AI initiatives are generally used for our internal engineering processes and costing processes, not for the specifically business processes for selling purpose. Our internal processes, we are trying to improve, like the costing system is there. We have generated AI utilizing this. We can extract the data quite fast. Similar, these kind of initiatives we are doing for in-house. We have created a digitalization department within our company. To work on the new processes, bring in AI in the system itself. Okay. Cost optimization in what aspects exactly? What cost optimization is, I'm just giving a reference, like we do for any of the projects, we do a lot of costing for that project. We look at the cost of one of the projects. You need a lot of data. You need to access the data. Right. Historical data of their archives. We have one of the example I'm giving you that we have started utilizing AI for accessing that data, analyzing, and making the reports for that. Just kind of things for improving processes, we are using the AI. All right. Okay. Thanks for answering my question, sir. Thank you. The next question is from the line of Amit Anwani from PL Capital. Please go ahead. Hi, sir. Question on infra business, which we have been highlighting that has been doing quite well in terms of inflow. Just wanted to understand how much is the portion of infra business in inflow order book and revenue for this year. For this year it is around 25% in the order inflow. Approximate? In the order book it should be I don't have the figures right now. We'll have to check specifically. Okay. Order inflow. What are the prospects you're looking here? Like, out of 8,000 Let me just tell you that we get engaged with the institutions, like bigger institutions. We are working with ONGC. You must have seen this. Right. Raise a convention center has been done and a training center has been developed. We are working on that project, and they are further developing that facility, so we are getting involved with that. We are working with NTPC in development of their township. We are working with a few government organizations like government of Rajasthan in development of their building institutes and facilities. We are working with certain IIMs or IITs for setting up of their hostels and the buildings, and giving consultancy for that. These kind of projects we are doing. Some of the data center projects also we are doing right now. This kind of very niche projects we are targeting and with specific big organizations we are working. Right. Now amid this crisis, I think the government is focusing a lot in terms of domestic energy production consumption to reduce probably import and probably coal gasification, VGF was also a step. Are you sensing any step where you can benefit over next 12-18 months, some projects might be fast-tracked? We are bidding for a few of the projects. Let's hope for the best because these are the new projects. Earlier, all the coal gasification projects were on very slow pace, and not much has been done on that. Now they are picking up the pace because of the government boost. Let's hope for the best these projects get realized and see the light of the day. We are bidding for a couple of the projects, which we'll get to know in some of the time then what is the result out of it after the results come. Right. Anything you're sensing on biofuels, ethanol, biogas, where you might have any opportunity? Because you have been highlighting this. Yeah. With respect to the biofuels, one sustainable SAF plant we are already setting up for MRPL. We are the OSBL consultant for that. We are ourselves setting up CBG plant in Nagpur, in the Maharashtra with our own investment. These are initiatives we are doing in this segment. Okay. Thank you, sir. Thank you. The next question is from the line of Aman from Institute Investment Management. Please go ahead. Good afternoon, sir. 2 questions from my side. First, on the Dangote side. Can you give an update on the both refinery as well as the fertilizer update? Where are we in terms of different things? These are contracts. These have been awarded to us. We are executing both of these projects. I wanted to understand the timelines for the same. Timeline, it's around four years. Okay. Right now we're in the initial stage of engineering and supporting client and ordering of the equipment and facility. Okay. In short period of time we'll be going for the initial site facilities will be started, as well as detail engineering and other activities would start. Some supply would start coming. Document review would also start coming from the consultants. Licensor is going to give some documents. We'll start reviewing those documents. It started somewhere in January, so it's just three, four months, and quite a good pace is there in the work. In fact, the owner itself is monitoring the progress and pushing the ordering and all. We are working very on a faster pace for this project. Can you tell me the amount also for us individually, what is for the fertilizer division, fertilizer plants, and what is for the refinery plants? For refinery we were awarded $360 million, and for fertilizer we were given $70 million. Okay. $70 million, was it for one line? There were, I think, four lines that was supposed to come up. 4 lines, yes. $70 million for 4 lines. It's a single contract, sir. Okay. The execution both, do you think can start by the end of this year parallelly, or do you think first refinery will start and fertilizer will be delayed to next year? It's too early to discuss. Our activities have started. There could be pre-project site activities would start it, Aman. Engineering is in full progress. It's going on. Site would start early towards the end of this financial year or early next year. Pre-project activities will start at that time. Okay. That is helpful. Sir, next on Dangote only. I was reading there was plans of more such plants in Tanzania and other places also, both fertilizer as well as refinery. Do you expect such kind of orders to be repeated? Obviously not immediately, but say FY 2028 or maybe FY 2029. It all depends on the owner and negotiation, discussion. It is just in the preliminary stage on the news. Let it come onto the ground and we'll see. We'll keep you updated in this progress. Sure. That is helpful. Finally, on the domestic side, sir, couple of big projects are coming up, which include BPCL Andhra, which includes, we have talked about it a bit about the Paradip project. There are IOCL different projects also and Haldia also. Any timelines of the initial feasibility? I was reading, I think it is starting now on the Andhra project, big project. Any timelines from where you can expect such things, FY 2025 or it will be FY 2028? Andhra feasibility study is on. There would be licensor selection to be done or it would start shortly. Thereafter, probably towards the end of the financial year, they should be able to start the pre-product activities and all. Because after the study is complete, they would have to go for the financial closure. We anticipate that they would start pre-product activities in this financial year itself. Okay. I told the phase I is almost on the verge of completion, and towards the end of this year, they should be able to start the new project, the phase 2 of the project, that is the implementation and the second EPC award phase and EPC execution phase, they may start. Anything on Haldia or the IOCL, I think there is Panipat or something is also coming up. There's nothing of IOCL Haldia as of now in the mix. It is under discussion. Okay. Both are discussion. Haldia you are talking about? Yeah, I'm talking about two different. One is Haldia projects and one is IOCL Panipat and all those things. Panipat is going on. Panipat P25 is going on. It's on the advanced stage of construction and will be commissioned soon. Haldia is probably in the initial stages, the study phase. We're not seeing the tender as of now. Sure, sir. Just final some question. On the Middle East side, how big do you think this business can be for Engineers India over next 2, 3 years? Not immediately, given the opportunities that we are seeing, Middle East and Africa both, if you can talk about for Engineers India, how big this can be in 2, 3 years. For Middle East, we have secured around 300 and something. No, that order we have secured. I'm just trying to understand how big this can be for our company over next 2, 3 years. No, it is going to be big. We have established offices. We are searching those offices. Around at least we should be able to get INR 1,000 crore or INR 2,000 crore worth of projects there. We are aiming to be big, but it takes time, and all this Middle East situation, let us see what will happen in times to come. Inflection year, do you think will be FY 2028 or it will be mostly FY 2029 for our company in this region? For? For basically the inflection year. Inflection year for our company in terms of numbers and growth from Middle East and Africa. Do you think it will be FY 2028 or will it be more of FY 2029 thing? It should be around 2020, towards the end of 2027, 2028, 2029. Sure, sir. These are my questions. Thank you for answering. Thank you. The next question is from the line of Amitoj Singh from 360 ONE Capital. Please go ahead. Yes. Thank you so much, sir, for taking the question. Just had a query on what is the execution timelines for a consultancy project versus a turnkey project? That is my first question. Thank you. Execution timeline of turnkey projects? Consultancy and turnkey projects. First consultancy, then turnkey projects. Consultancy, both of them would be in the range of 3 to 4 years. Any big project would take 3 to 4 years. It's just the mode changes, doesn't matter. The time execution remains the same, 3 to 4 years, depending on the size of the project. If a smaller consultancy assignment is there, it could be 1 year or so. A mega project, a good size project would take 3 to 4 years. Okay. Both of them 3-4 years. Got it. Sir, I just wanted to understand that after this Middle East war, have we seen any uptick in inquiry pipeline in the domestic market, both on the consultancy and turnkey end? We have not seen any change in domestic inquiries. For us at least, I have told earlier also. For us, consultancy is a regular business. It is the same. Probably, supply side, there could be more inquiries to the vendors and contractors. For consultancy, it is same as usual, it is there. Okay. As a consultant, all the Indian projects were to be executed by the Indian consultants also, whether it's TCE or any other consultants, by Indians only. Okay. Any change that we have witnessed in the international pipeline, international query pipeline? International query pipeline, I told you that Middle East is a little bit slow right now. Africa is activating. Let's see. There's a lot of hype there in Africa, so let's see. Because of this, maybe investments would be diverted, as an alternative hub could be developed in Africa. There could be future opportunities there for all of us, actually. Very good. Thank you so much for the clarification. Thank you. Thank you. The next question is on the line of Nitisha from ICICI Securities. Please go ahead. Yeah. Thank you so much for taking my question again. Thank you. The next question is from the line of Kunal Bhatia. Please go ahead. Yeah, sir. Thanks for the opportunity again. Sir, in terms of this coal gasification, how much would be, say, the smallest or the largest of the order? What could be an average order size if a coal gasification order was to win? Sir, these projects are initial stage. I can tell you the rough project cost. Any regular project, cost of the project would be around ₹10,000 crore, and the bigger project, which they are going for the multiple units and all, it could land up in ₹35,000-₹40,000 crore. It's very difficult to tell the consultancy fee at this point of time. I don't know what way they would be executing. It all depends. Broadly speaking, what is the kind of opportunity that could open up for a company like Engineers India? What I'm saying is, if the project size is around INR 40,000 crore, there is a big opportunity for us for consultancy services. It could be PMC, it could be EPCM. They could give some smaller assignments, consultancy, which means the study phase, initial phase could be there, feasibility study could be there, or we could, as a consultant, be part of the detailed engineering process. the initial stages at this point in time. Multiple ways we can get associated in this. Okay. At the moment, there's no, say, sort of a minimum or an average size which we could share? No, I'm telling you the size of the project. Got it. I can't tell you the consultancy fee at this point of time. Okay. Fine, sir. Thank you. Thank you. The next question is from the line of Nitisha from ICICI Securities. Please go ahead. Yeah. I just wanted to ask in Q4, we've seen that the consultancy EBIT margins have been significantly higher than our guided 20%-25% range. Was there any one-off year, any specific project closing, something like that? Is that just that normal course of business, the mix has changed for one quarter? In the current financial year, we have got. In Q4. from our client. In fact, that change order was ₹221 crore, for which we have already incurred the expenditure. That was the major change. If we take out the impact of that, what would the EBIT margins for Q4 on the consultancy side be? No, in Q4, these are the normalized margins. Basically, there are no exceptional items, no change order. These are based on the execution carried out by the company, the margins are there. In Q4 specifically. That I am talking about the whole financial year. Got it. Thank you. Thank you. A reminder to all participants that you may press star and one to ask question. The next question is from the line of Saket Kapoor from Kapoor & Company. Please go ahead. Yes. Namaskar, sir. Sir, firstly, on the bid pipeline, if you could throw some light where we are L1 currently for both the segments. Sir, for the number of projects which we have bid, some of them are in the negotiation stage. It's very difficult to say that we are L1 or L2 because these are negotiated and resulted. Clear L1 which is available is the Paradip. We are there. If it is awarded in this financial year, that would be coming to us. Otherwise, there are a number of projects wherein we have given the bid. We are in the negotiation process, we are discussing those. The result would tell that how we perform. Okay. Sir, for this current year, how should our EBITDA margin profile, blended margin profile should be, or how should both the segment margin profile we should factor in for the current financial year? In terms of the revenue growth also, what should be the range that we should expect for this year's execution? For the current financial year, our segment profit in the consultancy segment will be around 20%-25%. That is already there, we will maintain that. For the LSTK business, our business segment profit will be 5%-7%. The revenue or the execution pace, what likelihood we should be doing on what we have done for FY 2025/2026? Definitely. Just now, only two months have been passed, and we are expecting minimum 10%-15% increase in the revenue. Okay. Sir, just one small case in point. When we see our results being uploaded at the stock exchanges, those numbers are not very clearly readable. We would request the secretarial team to take note of it so that going ahead, steps are taken in verifying whether whatever has been uploaded, is it readable or not. One can check it in the Bombay site also. We have to zoom in to higher levels just to read out the numbers. Yes. Kindly take into consideration. Right. Thank you. Thank you. Ladies and gentlemen, we take this as the last question. I now hand the conference over to the management for the closing comments. Okay. Thank you so much. Thank you everyone for this participation. It was wonderful talking to all of you. We'll keep you updated in the next session. Hopefully the market would stabilize and see the positive side of stopping the war completely. Let's hope we don't get into the worse situation. Let's hope for the best. We'll talk next time. We'll keep you updated on this. Thank you all. Thank you, sir. On behalf of DAM Capital Advisors Ltd., that concludes this conference. Thank you for joining us. You may now disconnect your line.