Ladies and gentlemen, good day and welcome to G R Infraprojects Limited's Q3 FY25 earnings conference call hosted by HDFC Securities Limited. Today we have with us from the management, Mr. Ajendra K umar Agarwal, Managing Director, Mr. Anand Rathi, Group CFO. 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 the star, then zero on a touch-tone phone. Please note that this conference is being recorded. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations the company has on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Parikshit Kandpal from HDFC Securities. Thank you, and over to you, sir. Thanks, Steve. Without any further delay, I would now like to hand over the call to Ajendra Ji for his opening remarks on the company and the results and the way forward. Thank you, sir, and over to you. Thank you, Parikshit. Ladies and gentlemen, a very good afternoon. Best wishes for the new year. I welcome you to the third quarter earnings call of G R Infraprojects Limited for financial year 2025. Joining me on this call today is Mr. Anand Rathi, the CFO of the company. I would like to start by mentioning the Union Budget of financial year 2025-26. In her eighth budget, the Honorable Finance Minister presents a strategic vision to propel India's economic growth with a strong focus on infrastructure as a catalyst for the Viksit Bharat 2047. Despite global economic headwinds, India maintained its position as the fastest-growing major economy, with the GDP growth forecast between 6.3%-6.8%, in line with IMF projections. The government demonstrates its commitment to infrastructure with an allocation of INR 11.21 lakh crore expenditure in 2025-26, marking a 10% increase from the revised estimate of current financial year. A new asset monetization plan is set to unlock value from public assets, while a three-year pipeline for PPP projects will encourage private sector engagement. Allocation of INR 1.1 lakh crore towards 50-year interest-free loans to stake for capital expenditure and reform incentives is also encouraging. We are a socially responsible organization focused on delivering all projects with quality and in a safe manner. I will now take you through the key highlights of the quarter and recent developments in the infrastructure sector, followed by a question-and-answer session. Revenue from operations in the third quarter of 2025 stood at 1,500.53 crore as against 1,806.42 crore in the corresponding period in the previous financial year. The EBITDA margin improved by 0.2% in comparison, that is, from 12.62% to 12.82%. During the quarter, the company has repaid the debt of INR 159.80 crore, which has resulted in an improved debt-equity ratio to 0.07, which is one of the best in the sector. During the quarter, the company has received provisional COD for one HAM project and appointed dates for six projects: three roads and one each for Metro, Roadway, and MMLP. As of quarter ending 31st December 2024, the company has a good mix of 30 projects, in which two projects are awaiting appointed dates. Moving to the update on order book at the end of the third quarter, the order book stood in INR 19,971 crore. INR 12,244 crore worth of the projects are under execution. INR 4,642 crore awaiting Appointed Date, and the rest, that is, 3,084 crore, include one project each of roads and OFC that are having L1 status. On a separate note, I am happy to share that we have been declared L1 for the road project in Maharashtra, amounting to INR 1,947 crore, and a rail project of Western Railway amounting to INR 222 crore for this month, that is, in January. As of date, the company has submitted 13 highway, railway, and roadway projects amounting to INR 13,992 crore, which are expected to be opened soon. Moving on to the sector highlights and infrastructure development of India, this year's awarding activity is a little muted in the first three quarters. Also, the instance of underbidding up to 40% persisted. Having said that, looking at the central government's budgetary allocation towards infrastructure, we expect a decent flow of awarding utilities, especially large projects, coming in the last quarter. The company is targeting an order pipeline of approximately INR 1,350,000 crore in various sectors like highway, road tunnel, metro, power transmission, and railway, roadway, etc. We will continue our strategy of diversifying our portfolio and seize this opportunity, where we aim to add a decent share to our order book in the last quarter and take the company back to double-digit growth in financial year 2026. I am confident in our strategic decision direction and our ability to succeed in new markets. Our strong team and focus on project delivery will continue to drive our success. That's all from my side. Over to you, Anand Ji, for the update on the financial portion of the company. Thank you. Thank you. Good afternoon. Thank you, Ajendra Sir, for giving me the opportunity to share the financial highlights of the company for the quarter ended December 31st, 2024, which are as follows: Our standalone revenues from operations decreased by almost 306 crore for the quarter, from 1,806 crore in the previous year quarter for the same previous year's same quarter to Rs 1,500 crore in the current quarter. This decrease was primarily on account of less execution due to delay in receipt of the various appointed dates, as most of the projects are in their initial phases. Our consolidated revenue from operations decreased by 439 crore, from 2,134 crore in the quarter ended December 2023 to Rs 1,695 crore in the quarter ended December 2024. Our standalone EBITDA margin has increased to 12.82% in the quarter ended December 2024, from 12.62% in the quarter ended December 2023. I also wanted to highlight here that during the current quarter, Rs 37.70 crore was received as bonus and claims. Our EBITDA margin at group level has decreased to 21.82% in the current quarter, from 23.79% in the quarter ending December 2023. Our profit after tax at a standalone level increased by almost 8.5% to 168.6 crore in the quarter ending December 2024, as compared to 155.40 crore in the quarter ending December 2023. Profit after tax at consolidated level also increased by 8.12% to 262.6 crore in the quarter ending December 2024, as compared to 243 crore approximately in the quarter ended December 2023. Our standalone net worth stood at 7,636 crore at the end of December 2024, which was 7,196 crore at the end of fiscal 2024. Our net worth on consolidated level is INR 8,220 crore at the end of December 2024, which was 7,602 crore at the end of fiscal 2024. Moving to the borrowing, our total standalone borrowing outstanding at the end of December 2024 is INR 529 crore, with debt-to-equity of 0.07. Our consolidated borrowing outstanding at the end of December 2024 is INR 4,937 crore, with a debt-to-equity of 0.61 times. During the quarter, the company has made additions to the fixed asset amounting to INR 78 crore. Our net block of property, plant, and equipment, which includes capital work in progress, is INR 1,246 crore at the end of the current quarter. Investment in our subsidiary companies in the form of loans and equity is INR 1,873 crore at the end of December 2024. Balance from monetization contribution, which is required to be made for our ongoing debt, is Rs 1,876 crore, of which we are expecting around 200 crore in the quarter four of the current fiscal. Our working capital in days at the end of the current quarter is 124 days, as compared to 112 days at the end of fiscal 2024. This increase is primarily on account of the increase in our SPV debtors. Our trade receivable at the end of the standalone basis is Rs 614 crore, which includes 1,466 crore from our SPV debtors at the end of December 2024. Our trade receivable at the consolidated level is Rs 247 crore at the end of December 2024. Our unbilled revenue at the standalone basis is Rs 738 crore at the end of December 2024, which was sorry, beg your pardon. Our unbilled revenue at the end of the consolidated level is INR 168 crore at the end of December 2024. Our inventory levels are at INR 622 crore at the end of December 2024, as compared to INR 768 crore at the end of fiscal 2024. I sincerely thank all the stakeholders, including employees, business partners, vendors, bankers, auditors, who have been supporting the company in its transformation story. On behalf of G R Infraprojects, Kirin Advisors, I thank everybody for attending the earnings calls. May I request the moderator to please open the floor for questions and answers? Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment when the question queue assembles. The first question is from the line of Harish Bihani from Kotak Mutual Fund. Please go ahead. Yeah, good afternoon. Hello? Yes, Anand. Good afternoon. Two questions from my side. First is the appointed date for the 4,600 crore worth of projects. When do we expect that? And secondly, the 3,000 crore L1, when should we receive this finally and the appointed date, likely appointed date for this particular 3,000 crore worth of projects? For INR 4,000 crore, we are expecting the appointed date for road projects, which are valued around INR 2,100 crore in the current quarter itself. So maybe for one project in the current month or by the end of the current month, and the second road project we'll be expecting in the month of March. The L1 project, what we believe is that probably for BSNL, we are expecting in the current month itself, we are expecting that LO will be given to us. For Maharashtra State Road projects, this may take time. Given the past experience of ours with the client, we are expecting another three to six months we'll be expecting that LO for Maharashtra State Road projects. So is it safe to assume that about INR 5,000 crore worth of projects will be clear for project execution in the coming, say, three to four months of the INR 7,500 crore? Yeah, yeah, yeah. We We can expect. Okay. And the second question is that you have bid for projects worth 14,000 crore. This is still which period? And secondly, 135,000 crore worth, what's the project timeline for this in terms of awarding? See, 14,000 crore of projects which are actually we are waiting for the result to be declared, right? It's already bidded. So it is not for the whole year. It is so far the projects which we have bidded and not yet opened, right? There are 13 projects, right, which are valuing Rs 14,000 crore. Ballpark timeline for the opening of these projects, awarding, opening and awarding of these projects? It should have been opened by this time, but maybe another one month, I would say, because on a daily basis, they are opening here. It's not that they are pending for last so many long period. It's not like that. So by March, it should happen, highly likely happen. Yeah. And secondly, the one last. We have exposure to 135,000 crore of the projects. See, the pipeline is there, almost 1 lakh crore for highway projects. And there are for transmission also there, 20,000, almost 20,000 crore of the transmission projects. The pipelines are there. What we believe is that probably if not because, see, given for the last two years and about year phases that government has not been so much aggressive. What we believe is that 50% can be bidded during the current financial year. That means up to March 2025, maybe around 60,000-65,000 crore of the projects certainly would be bidded. And we are even equipped to bid, basically, for the entire this pipeline. Yeah, I mean, given the past experience for the last two years, government is not that much aggressive, going aggressive in the month of March itself, though the ministry is claiming that they would be adhering to their targets. What we are expecting reasonably is that 60,000-70,000 crore of the project would be bid in the current financial year. We are preparing ourselves for 135,000 crore of the projects. If they are coming, we certainly will be bidding. Sure. Okay. Sounds good. Thanks so much. Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi. Thank you, sir. Sir, a couple of just things in terms of us to get back to the guidance. So nine months, we are already down close to 18% plus. So in the fourth quarter, how much are we looking at? And in the FY26, when we say a double digit, so if you can specify how much are we looking at in terms of 15%, 20% kind of a growth we are looking at? So the first question, which I mean, because yeah, I mean, our earlier guidance was 5%-10%, but what we believe is because most of the projects we have received appointed in the last quarter, what we believe is that for the whole current whole year, we are expecting that will be certainly having negative growth of 10%. That's for sure, I believe. Maybe in the 10%-12% at max, I would say. And for the next year, because what we believe is that government is even quite focusing on the state. I mean, they are incentivizing the state for their capital expenditure program and all that. We believe that more and more states would be coming with their EPC projects and will be participating over there as most of the projects will be funded by the central government by way of that INR 150,000 crore of interest-free loan for 50 years. What we believe is that going forward, we'll be having more EPC projects in our portfolio and we'll be able to deliver it fast. I mean, execution would be starting early. We'll be certainly having double digit or I would say 9%-12% kind of growth for the next financial year. Okay. Just to still further dwell, so when we say 10-12%, so even if just for trying because this number for if I look at for last two years also, what we have guided, actually, we have missed significantly on that front, so still trying to understand more on that part. When we say 10-12% degrowth for this year, then also that means that in the fourth quarter, we are looking at last time we have done INR 2,255-odd crore revenue, so kind of a similar revenue, so that means on a QOQ front, we are looking at a 50% kind of a growth from INR 1,500 crore to INR 2,200-odd crore. Is it correct me if I'm wrong? Yeah, yeah. So it doesn't matter. I mean, Q on Q doesn't matter. Reason being we have done in past, right? We have executed in past 2,000 plus kind of turnover in the quarter, right? So we are equipped. We are prepared. We are having enough resources to execute that amount of work. The only thing is if we are having that executive order book with us, which we believe is that we'll be able to be depending on because see the project, most of the projects, six projects as sir mentioned that we have received the appointed date in the last three months of time, I would say. So we'll be able to deliver those projects. So that's why we are saying that we are expecting for next quarter, I mean, for the current quarter, I would say Q4, we'll not be having any degrowth. I mean, we'll be more or less at par with what we have achieved in last year. Did you hear that? Right? And got it. Got it. In terms of value, it will not be that significant in terms of given the resources we are having with us. Got it. Second sir, just if you can clarify in terms of the excluding GST till now, order inflow including the L1 is how much? Because the transmission order also we have got. So just wanted the total order inflow including L1, excluding the GST in FY25. Almost INR 9,000 crore. 9,000 crore, and now how much more are we looking to bid by March? By March, we are targeting in the range of INR 8,000-INR 9,000 crore of incoming, I mean, new order book. Okay. And will this be kind of a 50% would be in the road or maybe 70%-80% from the road? No, no. Road we are not targeting 50%, I would say. Road would be not more than 30% or 40% because given the competition so far, it has not yet come to that level, right? So what we believe is that we'll be bidding into different sectors, maybe transmission, roadway, then road also, and then tunneling is also there, right? So yeah, I mean, road is not more than 40%, I would say. Okay. Got it. And sir, a couple of data points on the balance sheet front. Sir, you have mentioned the data. So if you can repeat the standalone datas and the HAM datas. Standalone data's, I would say it is total INR 1,614 crore. Out of that, INR 1,466 crores are from SPVs. Okay. And trade payable is how much, sir? Trade payable is INR 757 crores. 757 crores. Okay. And consolidated is also how much? Consolidated are 781 crores. No, 246 crores. 246 crores. 246. 247 crore. Consolidated are INR 247 crores. Okay. And equity, you said INR 200 crore in the fourth quarter to be invested in FY26, 27 how much? Almost INR 7-INR 800 crore. 700-800 crore. Both in 2026, 2027 kind of equal number. Yeah, yeah, yeah, yeah. Okay. And CAPEX for how much is left in the fourth quarter and for 2026, 2027 how one can look at? CapEx, we are not expecting more than for the whole year, not more than INR 125 crore. So maybe another INR 30-INR 40 crores for the current year or for next year again because CapEx, we are, I would say, fairly CapEx is already having we are in our balance sheet. So we don't expect much. I mean, there's not significant difference from what we have been doing for the last two years. So maybe INR 150 crores is the maximum CapEx. Got it. Lastly, sir, other income: how much is from the InvIT dividend and for full year or maybe the fourth quarter, how much one can look at? And for on run rate basis, FY26, 27, how much one can look at the in-built dividend income? See, for last quarter, I mean, the quarter ended December 2024, we have received around INR 39 or 40 crore from in-warranty, right? So far, for the year, it is INR 178 crore, the income which we have received from the in-warranty, right? For last quarter, it was INR 39 or 40 odd crore. In current quarter, I mean, Q4 for the current fiscal, we are expecting another INR 60 crore of in-warranty income, right? Okay. So broadly, kind of INR 240-odd crore is the run rate from next year onwards one can look at? Yeah, INR 200-INR 250 crores. Okay. Okay. Thank you and all the best, sir. Thank you. The next question is from the line of Alok Deora from Motilal Oswal. Please go ahead. Hi, sir. Good afternoon. Sir, just wanted to understand. So you mentioned about 10%-12% degrowth in FY25. So we end up at close to INR 6,700 crore. But then, sir, next year, you are talking about 9%-12% sort of a growth. I mean, we'll be getting INR 5,000 crore worth of more projects started by end of this financial year. So don't you think that 26 estimate is pretty conservative because a lot of projects will be under execution at the start of FY26? See, 5,000. We are targeting that 5,000 would be starting by June, right? And after June, there is a rainy season. So I mean, we'll certainly try to deliver more than what we have been guiding. And so that's how I mean, what we believe is that we'll be able to quite confident in terms of achieving double digit. That means because the number is already degrowth for last year, right? Currently, it's already degrowth. So even if we achieve 10% growth, we'll be again on the same number what we achieved in last year, right? So yeah, I mean, we'll be able to. Got it. And also, sir, you mentioned about a lot of projects which you are considering to bid for will be from the non-road side. So just wanted to understand on the margin side. Margins, I mean, this quarter also, if we adjust for the bonus figure, it is close to 10% or so on a standalone basis. So how do we see the margin shaping up? Because more and more of the other sector projects would also mean your margins might not be what you are making the road HAM segment. No. So in our experience, what we are seeing is in road, there is huge competition. And what I believe is probably if we'll be able to diversify into good sector, different sector will be comfortably making more than what margin otherwise we are making into road sector. Because I mean, competition has not come down so far in road sectors. Unless until it is coming down, we'll not be able to. So what we believe is that we'll I mean, we are expecting, I mean, 10%-12% kind of a bit of margin for next year as well. And once we are established into different sector, then only we'll be more confident in terms of what margin we'll be getting from those sector. Because still we are having a big chunk in our execution from road, right? Right. So 10%-12% could be there for the existing order backlog, you're saying? Yeah. Okay. Yeah. Fine, sir. I think that's all from my side. Thank you and all the best, sir. Thank you. The next question is from the line of Jainam Shah from ICICI Securities. Please go ahead. So sir, my first question is, what is the order inflow guidance for FY26? FY26? What I believe is that certainly, I mean, see, current year we are targeting almost INR 17,000 crore of the order inflow, right? So next year, I mean, this year our original target was INR 20,000 crore. So we'll try to stick with that for next year. Sir, given the muted increase in budget towards the road segment, how are we looking forward to bid out in the next year to achieve the growth in order inflow? Will we be bidding more aggressively within the road segment itself or look out to bid out more frequently in the other segments? See, we'll be bidding. Certainly we will not be going more aggressive into road sector. But what we believe is that government is also changing their. I mean, they are shifting their modus operandi of execution of roads. They are coming up with more BOT projects, maybe BOT toll or maybe BOT energy. And in fact, during this budget also, in current year budget also, the Hon'ble Finance has clearly mentioned that all the infrastructure ministries should come up with their three-year pipeline of infra projects which can be executed under PPP mode. So what we believe is that going forward, more and more projects will be awarded under PPP mode. And there we'll need not to go aggressive. We may not be because as of now, we are not confident we'll be able to get back on the same track of 20%-50% kind of a better budget, but yes, of course, what we believe is we need not to go aggressive. As landscape is changing, more BOT projects would be coming. And in addition to, because still the competition into road sector is quite high, what we believe is that we will be certainly looking towards other sector, other revenues, including roadway, transmission, tunnel, metros, where we'll be able to maintain our margin, maybe 10%-12%, 13% kind of margin. Okay. And sir, will you be bidding for the BOT end-to-end BOT or toll projects? Yeah, certainly. Sir, given the change in models, consortium agreement for BOT about a year back, why haven't we seen any traction in BOT yet? BOT, maybe that ecosystem, I mean, that probably that information I'm not privy to that. But what I believe is that acceptability to the BOT in the industry so far is not to that level, which was actually there for the HAM. And stakeholder management is being done by the government or the authorities, right? And they are just educating what they have all amendments carried out in the previous version of the BOT to make it more acceptable among the industry players. So going forward, what I believe is that which has, I mean, they have demonstrated in their budget speech also. What I believe is that more and more projects would be coming in the BOT going forward. Okay. Sir, and sir, other than road segments, which would be the sectors or segments in which we would be focusing more on in the next year? So as I mentioned earlier also, I mean, roadway, power sector, tunneling, and metros, we have been in telecom sector also, we have taken one project where we have been declared L1. We're taking more projects given the opportunity or more projects are coming. So yeah, I mean, we are diversifying. We are trying to diversify into different, different sectors. And depending on that, it's a financial metric, I would say we'll be going more aggressive in particular towards these sectors. Okay. Sir, that answers my question. Thank you and all the best. Thank you. Thank you. Before taking the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Yash Dalal from Maximal Capital. Please go ahead. Hello. Hello, sir. Thanks for the opportunity. I'm audible? Yeah. Yeah. So I wanted to know what would be our share of variable cost in other expenses and employee expenses? Which cost come again? Variable and fixed. The portion between variable and fixed cost. Variable and fixed other cost. You are saying, I mean, what you are saying is rent and all that, right? That number. Yeah, yeah, yeah. Maybe with me right now, probably we can take this portion of the call. You can mail me. I'll get it done for you, right? Okay. Great. Great. That's it. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Yeah. So on the margins front, our EBITDA margin is around 10.6% for third quarter. So should it be a similar number in fourth quarter as well? Or it can improve given the higher execution that we are targeting in Q4? Yeah, I believe it should improve. It will be able to execute. I mean, the execution number would be higher, then certainly we'll be able to. So could it be somewhere around 12-12.5%? At least 1.5%, I mean, we can safely assume. Okay. So earlier we indicated that for FY26, the margins could be around 14%-15% if the execution improves. So now, what margins are we targeting for 26 now? 26, we just mentioned that it would be in the range of 10%-12% given that competitive intensity, right? So we are expecting that it, I mean, depending on mix also, I mean, which sector we are having more order coming from. So that would be certainly for 26, I would believe that I would say that it would be in the range of 10%-12%. For 27, we can see somewhere around 13%-14% as we had mentioned earlier? Yeah. 27, of course. You can see unless until that things improve in terms of competitive intensity, right? It will be. Because what we believe is that the return margin should be in the range of 13%-15% for these kind of industry. And if more and more BOT projects would be coming, certainly we are quite confident for FY27 we'll be able to improve on that margin. Lastly, while the competition is very high, but the execution that is happening in the current backlog, that was similar in the previous quarter as well. So what drove this sharp decline in terms of guidance for FY26 over the last quarter? FY26? So earlier also, the order book that you are going to execute, it was similar as of September as well. No. So I mean, so far we haven't received. I mean, our target order book was around for incoming order was the INR 20,000 crore for the current year, right? And we haven't received. So far we have received only INR 8,000 or 9,000 crore of orders, right? And which is actually not giving us the confidence that competitive intensity doesn't go down. We have to be, I mean, to take I mean, that's why we have revised our incoming order book also and order book inflow from INR 20,000 crore to INR 17,000 crore, right? But then I have to again compromise to a certain extent on that EBITDA margin, right? So that's why probably, I mean, maybe depend, I mean, what we have seen in past that order, though it is L1 and we have been given L1 status, but L1 is not being given on time or the appointed date is taking more time what otherwise in earlier, maybe two years back, that appointed date was generally used to be given in six months of time. That's how, I mean, we are targeting that for next financial year, FY26, we'll be having 10% kind of growth, right? Okay. And sir, lastly, for appointed dates for MSRDC projects, so have we started the work in Pune Ring Road package W5? Appointed Date [Foreign language]. So we started mobilization. Appointed Date aaya nahi hai abhi. Appointed Date nahi aaya, but this agreement is already signed and maybe in the current financial year we will be able to start that project. Okay. But for Nagpur Chandrapur and the recent one, PRR E6, that will take around three to six months. Right. Okay. Okay. Thank you, sir. Those were my questions. Thank you. The next question is from the line of Uttam Kumar from Axis Securities. Please go ahead. So any reason for that? No. We haven't. I mean, we couldn't hear your question. If you have to record. Sir, other expenses have declined quite sharply this quarter. So any reason for that? Other expenses? Yeah, yeah. Other expenses have declined. I mean, other expenses declined. I mean. It is around 12 crores. That is provisioning as it is. Okay. So other expenses are including the debtors' provision. We are long outstanding debtors, right? We have been, as per our policy, we have been providing on those debtors. For the current quarter, it has not been. I mean, so it's a provision which has got declined, right? Okay. And, sir, yesterday, I mean, yesterday's budget, government has focused more on developing airports. So do you see any opportunity for your company in developing airports? [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Okay. Okay, sir. That's all from my side and all the best to you. Thank you. A reminder to all participants that you may press star and one to ask a question. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Thank you for the opportunity again. [Foreign language] Hi, sir. Thank you for the opportunity again. [Foreign language] Same, same. No change. Okay. So maybe the focus is to get more BOT kind of projects, whether it is road, toll, or transmission, and keep on investing equity there. But sir, [Foreign language] how the equity will come back to us? See, in transmission, we are exploring two, three ideas. One is, of course, to have investor along with us during construction itself. And second is, if we can, after completing the projects, if we will be able to sell those transmission assets to the existing investors or the InvIT. So there are players who are willing to buy, right, operational assets. And we have passed through that kind of process in the past also, where probably we have sold our road asset. We have come up with our own. I mean, we have sold our HAM asset to InvIT, right? So what I believe is that once the project assets are operational and when they are becoming triple-A, there are buyers. There are takers to buy those assets. So we don't find any issue to sell those projects and to recover our equity back. Okay. Got it. And sir, the way the apna MSRDC ke jo do projects hain, usmein se ek mein jo LOA apne ko aaya, wahaan pe kuch 5-6% apna original jo value tha, wo kam hua. To abhi jo second project ka jo hai, Nagpur Chandrapur, so wahaan pe bhi usse jyada ka negotiation ho raha hai ki jo original value jo humne bid kiya tha, 2000 crore ke kareeb tha, to wo wahaan se neeche pe negotiate ho raha hai kya, bahut jyada? [Foreign language]. Okay. And Rathi sir, [Foreign language] by March will be getting a appointed date for 4,000 crore. Out of, we are expecting INR 4,000. Achha, yeh bhi aa jayega na? Okay. We are expecting, dekho, Appointed Date hamare ko, we are expecting that there are INR 4,600 crore project may be by March or April will be having the Appointed Date. And balance ka we are expecting another six months, maybe by June or July, INR 3,000 crore. Okay. Got it. Sir, next year [Foreign language] we will be looking at INR 20,000 crore order inflow. Yeah. So usmein phir apna kya, major matlab 8-10 hazar crore would be a transmission? [Foreign language] Okay, but EPC road [Foreign language] [Foreign language] we have to do some analysis work on this, but. Okay. Got it, sir. Thank you. Thank you. Participants who wish to ask a question may press star and one at this time. As there are no further questions from the participants, I now hand the conference over to the management for their closing comments. Thanks to all. सभी investors को, participants को. Sir, there's a question. It's from the line of Parikshit from HDFC Securities. Please go ahead. Yes, sir. My question is, on the transmission side now, we have almost 1,500 crore plus of order book. So just wanted to check who is executing these orders for us. I mean, have we developed enough capability to execute transmission projects? And does it make us eligible or are we looking to bid independently for third-party orders directly beyond existing projects, the development orders? Are you looking at any EPC orders in this segment? [Foreign language] See, and what the question is, no, transmission mein Parikshit ji, ek ye matlab wo bhi hai ki EPC bhi apan dekhenge. Matlab so far what we believe is that ki matlab whatever experience we had in the industry, EPC mein abhi waisa margin dikhta nahi hai. Kuch agar margin improve hota hai, to certainly we'll be doing EPC projects also in transmission. But thoda reasonable margin milna chahiye, hai na, sir? Okay. And just on some other segment side, clean energy, solar, battery storage, so any thoughts there, sir, on when we are seeing some of our peers taking up these projects? So how do you visualize this opportunity for us as a diversification beyond roads? So sir, [Foreign language], but somehow we are not able to break through. [Foreign language] but we are exploring. [Foreign language] it's a continuous process. [Foreign language] if we'll be able to do some value addition, certainly we'll be entering into this space. [Foreign language] clean energy [Foreign language], I mean, so the government has come up with their own plan, nuclear power [Foreign language] so then we have to also go through all those plans. If we find that there are opportunities for us, certainly we'll be diversifying. Because see, energy sector [Foreign language] we are all, I mean, we are already into transmission [Foreign language] energy में we'll be trying to basically more we'll try to do more penetration into energy as well, right? [Foreign language] I mean, we are exploring. And if we find some opportunity, certainly we'll be entering into. Anything, any thoughts on building as a segment which we have been exploring for quite some time in addition to our segment? Also if you can comment on overseas export market, anything, I mean, are you looking at re-entry in that market? See, overseas, I mean, we tried to into African market, but the issue which we found is that again, unless until we have done some sort of capital in terms of getting our currency or amount back, in rupees back into country, because what we have realized is that major repatriation of money is a major issue over there. So to that extent, we are not much aggressive. Unless until we found some solutions that, okay, we'll be able to secure our money back into country, we'll be doing overseas project. Building factories [Foreign language], I mean, I would say still under evaluation only, because we started into different-different tunneling, [Foreign language]. That is under construction, right? And roadway we also started. So it's taking time. Once we want to establish ourselves in one or two sectors, which we started power transmission, where we believe that, I mean, power transmission थोड़ा सा जल्दी कर लिया हमने, because we have taken four projects so far. We have built our team also. But tunneling is a sector where we need to stabilize ourselves. Roadway में भी हमारे कुछ-कुछ करना है. So point is, it's taking time. Yeah, of course. I mean, so we'll certainly be looking at it. It is taking time, but yes. Just the last question before we close the call, sir. Just a comment on so for FY26, 27, what kind of recycling of equities through the InvIT route are you looking at? What kind of proceeds can you realize? See, we can focus on six entities or seven, so what I believe we'll be able to all the operational HAM asset, which right now we are having in our portfolio next one year of time, and next year, we'll be able to transfer it to InvIT either or to some other guys, right? Depending on that negotiation with the so maybe that equity would be in the range of which we'll be transferring would be in 1,000-1,200. And we are expecting that more than that we'll be able to monetize. Yeah. So annually around INR 1,000 crore is what the book value of equity of assets you will transfer and get some premium on that. So ballpark that much of it, upwards of that, you'll be able to recover on an annual basis for next two years. Yeah. Okay, sir. I think now we've come to the close of the call. So I'd like to thank you again for giving us this opportunity to host the call. Any final comments that you want to make before we close it? Thank you, Parikshit ji. Thanks to all. Okay. Thank you for coming and thanks to all the participants. Thank you. On behalf of HDFC Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.