Ladies and gentlemen, good day and welcome to G R Infraprojects Limited's Q2H1FY26 Earnings Conference Call, hosted by HDFC Securities Limited. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as of the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. We have the management from G R Infraprojects Limited, Mr. Ajendra Kumar Agarwal, Managing Director, and Mr. Anand Rathi, Group CFO. I now hand the conference over to Mr. Parikshit Kandpal from HDFC Securities. Thank you, and over to you, sir. Thank you, Ashish. Without taking further time, I'll now hand the floor to Ajendra ji for his opening remarks on the industry and the financial updates. Thank you, and over to you, sir. Thank you, Parikshit ji. Dear all, a very good afternoon. I welcome you all to the earnings call of G R Infraprojects Limited for Q2 Financial Year 26. I also have with us on call Mr. Anand Rathee, the CFO, and Mr. Ankit Maheshwari, the Deputy CFO of the company. First, let me provide the key highlights on our Q2 performance, followed by recent developments in the infrastructure sector, followed by financing and infrastructure. Revenue from operation in the Q2 of fiscal 2026 stood at INR 1,234 crores as against INR 1,128 crores in the corresponding period in the previous financial year. The EBITDA margin, excluding other income for the current quarter, stood at 9.76% as against 10.39% in the corresponding period in the previous financial year. During the quarter, the company has repaid the debt of 262 crores, which has resulted in a debt-to-equity ratio of 0.03, one of the best in the sector. The company has won one power transmission and distribution project of 3,136 crores and one highway project of 246 crores. As of today, two road projects of 4,300 crores approximately are having L1 status. As of the date, the order book stood at 21,000 crores approximately. As of the date, one DBAFOT project of 3,700 crores appointment date is awaiting, which is 4,300 crores approximately, which are to be opened. It constitutes one highway and two hydro and tunnel projects. Moving on to the sector highlights and infrastructure development of India. Road sector. ICRA expects the road award by MoRTH to stand at 9,000-9,500 kilometers in the financial year 2026, slightly higher than the estimated 8,500 kilometers for the financial year 2026. There is a recent announcement for the construction of 25 greenfield expressways spanning 10,000 kilometers and costing INR 6 lakh crores, including EPC projects of 1.25 lakh crores. Total national highway toll collections are projected to surpass INR 80,000 crores for the first time in the financial year 2025-26, up from INR 72,900 crores in the financial year 2024-25. The number of toll users increased by 16.2%. Financial year 2026 reaching 1,173 million transactions. The toll rate growth is likely to remain at 3%-4% in the financial year 2026. At the same time, the ministry has also asked the NITI Aayog to review the 30-year-old toll collection rules for national highways, aimed to create a fairer pricing system to make the model more acceptable by all the stakeholders. Power transmission. As per the National Electricity Plan, over 1.91 lakh circuit kilometers of transmission lines and 1,270 gigavolt ampere of transformation capacity is planned to be added till 2031-32. In addition, 33 gigawatts of high voltage direct current are also to be planned. The transmission plan provides visibility of the massive investment opportunity of over INR 9 lakh crores of transmission sector till the year 2032. Hydro and tunnels. We are looking forward to expanding this sector through hydro pump storage projects. It has taken a big leap now, and from this year onwards, roughly three gigawatts of PSP will be added on average every year as per the Central Electricity Authority. By 2032, the target is somewhere around 50 gigawatts capacity coming from the hydro pump storage. Dear all, I would like to mention that for decades, the company has been at the forefront of nation building construction, highways, and delivering world-class infrastructure that connects communities and drives progress. The global economy is witnessing the rapid transformation with energy transition and technological innovation and integrated logistics, redefining the way industry operates. As part of our continued diversification strategy, the company is evaluating opportunity in the EPC business of the oil and gas sector. In the outsourced team, and based on the opportunities available, we are targeting a yearly revenue contribution of 1,000-1,500 crores over the next three years. Further, we are happy to share that your company has moved to its own corporate office named as G R One. Lastly, I wish to inform you that Vinod Kumar Agrawal, Chairman and Whole Time Director of G R Infraprojects Limited, has rendered his resignation from the position of Chairman and Whole Time Director, as well as from the office of the Directorship of the company. It was due to health reasons that have limited his ability to devote the time and attention to the company. He has been associated with the company since its very inception in 1995. Over the past three decades, he has played a pivotal role in shaping the growth and success of G R Infraprojects Limited, guiding it from the modest beginning to becoming one of India's leading infrastructure companies. His vision and unwavering commitment have been instrumental in building the strong foundation on which the company stands today. We deeply appreciate his immense contribution and dedicated service throughout his long association with the company. Over to you, Anand ji, to update on the financial position of the company. Good afternoon. Thank you, sir. The key highlights of the Q2 performance of the company. Our standalone revenue from operation was 1,234 crores approximately in the Q3, which is increased by 9.36% year-on-year basis. This was primarily on account of the higher execution of the projects. Our consolidated revenue from the operation was 1,602 crores in the Q3, which is increased by almost 15% year-on-year basis compared to 1,394 crores in the Q3 2024. Our standalone EBITDA margin stood at 9.76% in the Q3, from 10.39% in the Q3 2024. This decrease is primarily due to one-time claim income recognized of Rs. 21 crores in the Q3 2024. Consequently, our EBITDA margin at gross sale also has marginally decreased to 24% in the Q3, from 25% in the Q3 2024. Profit after tax at standalone level increased to INR 131 crores in the Q3, as compared to INR 115 crores in the Q3 2024. This increase is a primary result of lowering of interest costs and depletion during the quarter. Profit after tax at consolidated level decreased to INR 189.5 crores in the Q3, as compared to INR 193.5 crores in the Q3 2024. Our net worth stood at almost INR 8,239 crores at the end of September 2025, which was INR 7,888 crores at the end of fiscal 2025. Our net worth on consolidated level is Rs. approximately INR 8,942 crores at the end of September 2025, which was INR 8,503 crores at the end of fiscal 2025. Total standalone borrowing outstanding at the end of fiscal 2025, sorry, at September 2025, is INR. 240 crores, with debt-to-equity of 0.03 times. Our consolidated borrowing outstanding at the end of September 2025 is INR 5,995 crores, with debt-to-equity ratio of 0.67 times at consolidated level. During the quarter, the company has made additions to the fixed asset amounted to INR 18.5 crores. The net block of property, plant and equipment is INR 1,146 crores at the end of September 2025. Investment in subsidiary companies in the form of loans and equity is INR 2,698 crores at the end of September 2025. Balance of margin contributions required to be made for our operational or under construction HAM, BOT, or power transmission project is INR 3,205 crores, for which we are expecting contribution of almost INR 500 crores in the second half of the fiscal 2026. Our working capital in days at the end of September 2025 is 98 days, as compared to 170 days at the end of fiscal 2025. This decrease is primarily on account of decrease in SPV debtors and unbilled revenue. Our trade receivable at the standalone basis is INR 686 crores, which includes INR 1,525 crores of HAM debtors at the end of September 2025. Our trade receivable at the consolidated level is INR 195 crores at the end of September 2025. Our unbilled revenue at the standalone basis is around INR 560 crores at the end of September 2025, and the same at the consolidated level is INR 407 crores at the end of September 2025. Our inventories are around INR 583 crores at the end of September 2025, as compared to INR 538 crores at the end of fiscal 2025. That's all about the financial highlights for the Q3. I take this opportunity to thank you all our stakeholders, including employees, business partners, vendors, bankers, and auditors who have supported the company in its transformation journey. On behalf of G R Infraprojects Limited, I also thank everybody for attending the earnings call. Thank you. May I request the moderator to open the floor for question and answer, please? Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mr. Shravan Shah from Dolat Capital. Please go ahead, sir. Thank you, sir. Sir, first, a couple of questions on the guidance, and then maybe I have a detail on that. So now, in the 1H, on the revenue front, we have done just a 1.2%, and we were looking at 10%-15% growth this year. So that means 18%-28% kind of an asset creation is needed in the second half. So just wanted to know how now we are looking at the revenue for FY26, and also in terms of the order inflow. So excluding the GST till now, how much we have received, and how much more are we targeting this year? Revenue [Foreign language] second half [Foreign language] 5%-10% [Foreign language] growth [Foreign language] projects [Foreign language] start [Foreign language] growth expected [Foreign language] projects start [Foreign language] expected जो execution [Foreign language] government side [Foreign language] project [Foreign language] appointed date delay [Foreign language] delay [Foreign language] projects [Foreign language] government [Foreign language] guidelines [Foreign language] robust [Foreign language] ground पे working [Foreign language] expect [Foreign language] Q3 [Foreign language] Q4 [Foreign language] growth [Foreign language] But sir, [Foreign language] inflow के angle [Foreign language] beat [Foreign language], and [Foreign language], and [Foreign language] NHI and roadside से, and [Foreign language] transmission, and [Foreign language], hydro [Foreign language]? No, so Shravan bhai, so that guidance in terms of inflow for the current year remains the same what we have given in the past. Abhi issue is only thing is that project awarding or bidding jo hai, vo delay ho raha hai. To what we are targeting for the current year, what we have target, matlab INR 25,000 crores ka naya project, we will try to win, right? And we are expecting that because jo road ke bhi kaam hain, right, road ke kaam, which anyway we are expecting that in quarter four, that would be you know started awarding and bidding, vo sara hoga. So we will be getting you know those projects in that period of time, during Q4 only. So for the current year, in terms of total incoming order book, we are targeting between INR 20,000 to INR 25,000 crores. So far, [Foreign language] 3,000 crores [Foreign language] we have taken so far. So NHAI की और जो ministry के जो guidelines [Foreign language] project की qualification और project की size बढ़ाई हैं, तो हमको hopefully है कि हम अपने target achieve कर लेंगे. But question mark, अभी ये bidding start होने का है, government के कुछ guidelines project award करने में, land acquisition के level की वजह भी monitoring ज्यादा हो रही है, तो उसके base पे थोड़ा सा delay हो रहा है. लेकिन project की once ये bidding start होता है, तो ये target achievable है. But वही sir, सबसे बड़ा वही चीज है, so one is the road, so वहाँ पे भी कितना अभी तक आपको लग रहा है कि tendering total होएगा, और उसमें से अगर हम लोग 20,000, मतलब 15,000, 18,000 crores भी अगर road से देख रहे हैं, तो in terms of the winning strike rate, also matters. अगर वहाँ से भी अगर 100,000 crores type का ही अगर होएगा, तो फिर अपने को strike rate ज्यादा चाहिए. तो वही समझ आता है, and बाकी transmission, hydro, और वहाँ से कितना अपने देख सकते हैं. So ये तो अभी का, and next year के लिए भी important है क्योंकि आगे अपने को अगर growth करना है, तो फिर similar kind of a run rate we also need, 25,000, 30,000 crores type का अपने को order inflow चाहिए. अगर अपने को वैसा type का जो originally हम लोग सोच रहे थे, वैसा अपने को growth लाना है तो. देखिए, अभी जो जिस तरह से अपनी जो planning है, उसके अंदर अगर आप देखेंगे, तो सबसे बड़ा challenge हमारे लिए highway ही है। अगर highway की bidding start हो जाती है, तो हम लोग इसमें जिस तरह से government ने अभी HAM के अंदर और जो BOT project के अंदर जो qualification change किए हैं, तो financially और technical criteria जिस तरह से change किए हैं, वो अपने को favorable नजर आते हैं। और अगर bidding start हो जाती है, तो हम लोग achieve कर लेंगे, मतलब इसमें। So, Sawan, usmein kya hai ki highway mein we are not targeting more than 10,000 crores. In Railway, Metro, there also we are targeting 2,000-3,000 crores of, you know, work. Phir hydro tunnel, power transmission, we have taken good amount of work, but aur 2,000 crores ka kaam le sakte hain. To what we are targeting, overall if we add all those segment, na to, yes, of course, highway is the biggest segment for us. Agar and we are expecting ki 1,500,000 crores ka to bid hoga, in the current financial year itself. And we are targeting 10,000-11,000 crores of, you know, highway projects. To which, I mean, given that the tweak which has happened in, you know, policies and through circular NHAI ke liye aaye in terms of qualification as well as net worth issue, we believe that we'll be able to get this kind of project. Okay, and then sir, agar apne ko aisa 20,000-25,000 crores jo soch rahe hain, vaisa agar aa gaya, to phir agle saal mein hum log kaise, matlab mostly agar ye aate hain, to bhi HAM and maybe kuch toll wale project bhi hum log lenge. To agle saal mein kaise growth dekh sakte hain ki wahan se contribution to bahut kam hoga. To FY27 mein revenue ke angle se dekhen, because abhi agar hum log dekh rahe hain ki second half mein help sir ne jaise bola ki 5-10%, matlab 3,800 crores type ka hum log revenue dekh rahe hain, to next year then 2-2 compensate jo agle teen-do saal se apna growth nahi hai, so can we see a 25-30% ka growth is also possible in FY27? हाँ, 25% का तो FY27 seems थोड़ा सा, वो थोड़ा सा it seems far, अभी visible उतना नहीं होता है 25% FY27. But yes, of course, at least 10%, because इस साल में भी what we are expecting is कि current year में will not degrow, for last दो साल से अपन degrow कर रहे थे, current year we will be, you know, plus plus only, मतलब what we achieve in past. तो I think for 27, yes, of course, I mean, current year में अगर 20,000 crores we will be able to get, तो 27 नहीं तो 28 certainly will be having double digit growth. Nahin, double digit to sir, 10% is also double digit. So we need significant, matlab 25%-30%. 10% तो current year में भी we are targeting, मतलब एक दो project अपना delay हो गया, maybe by 2-3 months, और this is working season, right? So उस वजह से otherwise, our earlier estimate was 10% at least, for the current year also. So maybe we will not be going less than 10%, तो 5-7% तो अभी भी करेंगे, but going forward, maybe in 2027, depending on what kind of order we are getting in the current year, we will be having at least 15% kind of growth. Okay, and sir, margin mein sir, abhi margin yahi 11%-12% ka kyunki revenue badhega, to we can look at 13% tak ka bhi margin hoga. See, margin अभी क्या है कि it is too early to say, because order किस तरीके से आता है. See, right now we are expecting for a decent growth also we need 20,000 crores of orders, right? अगर मेरे को 30,000 crores का order मिलता है, where we can, you know, show the growth of 20%, तो my margin would definitely increase. But otherwise, I believe that वो आधा percent कम ज्यादा में, आधा एक percent कम ज्यादा, तो maybe 13% और maybe 11%, that would be the range. Got it, got it. And lastly, sir, ये sir? Yes, got it. Okay, no issues, no issues, thank you. Thank you so much, sir. The next question is from the line of Mr. Abhinav from ICICI Securities. Please go ahead. Yeah, sir, thanks for the opportunity. My question is on the status of orders where we are L1. We were expecting LOA and also the other project, Agra project, where appointed date is pending. So what are the challenges that we are facing? When can we expect it to be converted into LOA and execution to start? अपने ये जो Agra-Gwalior project है, इसकी appointment अगले एक दो महीने के अंदर, next quarter में, इस quarter में आ जानी चाहिए। और जहाँ तक सवाल है इन दो projects का, जो Maharashtra government के जो state के projects हैं, इसके ऊपर अभी discussion चल रहा है कि भी ये project re-bidding में होंगे या इसपे award देंगे, अभी तक clarity आई नहीं है सरकार की तरफ से। ये मतलब वापस projects की size वगैरह कुछ change करने के या project में scope में कुछ discussion चल रहा है इनका। तो जो technical issue है कुछ, तो वो technical issue resolve होता है, अगर same रहता है तब तो project award करेंगे। अगर कुछ technical ही कुछ change करना पड़ा तो फिर project re-bidding में जा सकता है। Understood. And sir, when you say about INR 20,000 crores of order inflows, that is considering this L1s or apart from that? Yeah, apart from this. This is over and above. Okay, okay. And sir, how is the pipeline looking like? Can you quantify segment-wise what is the opportunity? In the highway pipeline, the projects that are there are INR 282,000 crores projects that are there. And in railway, approximately INR 26,000 are there, and in metro, approximately INR 22,000 are there. In the same way, in hydro, approximately INR 28,000 are there, and in tunnel, approximately INR 19,000 are there. In power transmission, INR 27,000 are there, and in roadway, and in that, there is not much more. Okay, it is like this. Understood. And the final question, what is the equity infusion that is pending for this financial year, H2? Haan, abhi ye target hai around INR 400-500 crores for the H2. Understood. Thank you, sir. Thank you. Thank you. The next question is from the line of Mr. Mohit from ICICI Securities. Please go ahead. Hi, good afternoon, sir. Sir, ab question bhi all end, sir, aapne kaha ki oil and gas mein aap log kuch 13,000 crores ki amount ki baat kar rahe the. 13,000 crores per annum ki baat kar rahe hain, aur iske liye sir kis tarah ke oil and gas ke kis tarah ke business kar sakte hain sir hum log near term mein? अभी, अभी अपन EPC business की बात कर रहे हैं, और ये तीन साल के business के बारे में बात कर रहे हैं। अभी तीन साल में, अब इस level तक अपन आ जाएंगे मतलब। 13,000 crores? तीसरे साल में, मतलब हाँ, पर annum का, तीसरे साल में. Achha, usmein, ismein oil and gas hum log kya kar sakte hain sir? Pipeline, can you just quantify the, you know, kind of work which we can do? Haan, pipeline and jo EPC business hai, uske andar apan kaam karenge. Platform ka, piling ka. Understood, sir. और सर, देखो सर, ये last year सर आपने जीता है, एक तो आपके पास Agra का project है, और एक सर आपका ये हमारे पास transmission का large project है। दोनों मिलाकर 8,000 crores का project है, I think, अगर मैं गलत नहीं हूँ तो। तो ये दोनों मिलाकर ही सर, next year तो growth के लिए सर, next year FY27 के लिए ये दोनों project का contribution सर अच्छा खासा रहेगा सर, right? मुझे लगता है कि 2,000 crores तो ऐसे ही आ जाएगा, right? Next year के लिए? FY27 में ये दोनों projects के लिए? Dono, dono ka mila ke karib 3,000 crores ka aayega. Next year. Planning तो देखनी पड़ेगी, पर मतलब। See, ये क्या है, projects are actually running into three years. मतलब transmission is to two and a half year, और वो road is basically two and a half year again, मतलब अभी start हुआ नहीं है। तो it will take another three years. तो आप ये समझो कि INR 2,000-2,500 crores का first year में revenue we can target। Understood, sir. Last question, सर, ये अभी last year से NHI ने कहा था कि ये अप्रैल-मई में कहा था कि INR 360,000 crores का highway bid आ सकता है सर। तो सर, आप देख रहे हैं सर, buildup कुछ हो रहा है tenders का या बस slow ही हो रहा है अभी? देखिए, अभी इसके ऊपर working तो हो रही है, काफी re-structuring हुई है। Projects की size भी इन्होंने बढ़ाई है, qualification भी change किए हैं। काफी काम तो हो रहा है, लेकिन bidding का जहाँ तक सवाल है, वो Q4 में ही आएगा, most probably। Understood, sir. Thank you and all the best, sir. Thank you, thank you. Thank you. The next question is from the line of Mr. Ayush from Cavvy Capital. Please go ahead. Yes, hi sir. So my question was regarding two projects. One is the Bamni one, and the other one is Anjar Bhuj. So I think they past due their completion date. So is there any update on those? Bamni and Anjar Bhuj. Let me come back. Your question is with respect to the state of those projects, right? Yeah, the completion date. I think they passed their completion date. The state completion date. Huh, huh, huh. They're still under construction. Bamni ka kitni? June 26 hai. June? June 26. Bamni project is scheduled COD is June 26, 2026, right? Okay. Anjar–Bhuj? April 26. Anjar-Bhuj is April 2026. That is maybe with the allowance, right? So this is the status. Okay, okay. And sir, my next question is regarding to the maintenance Capex that we're expecting in the H2 and also maybe the next. If you can give us some insight? Maintenance KPEX? Yeah, the Capex we're expecting to do. See, maintenance. I don't think we'll be. I mean, maintenance is always the usual activities for us basically. And we are not basically, you know, maintaining this kind of maintenance CapEx. Because yes, there are two, three projects which would be coming under major maintenance, maybe next year, in the first half or second half of the current year, or maybe first half of the next year. I mean, that's basically the status of that road particularly. Maybe it may be delayed by another one year. So it may not be, yeah. Okay, okay. Sir, so the last question is regarding that, are we going to transfer any project to the Indus Infra Fund during this financial year? Yes, I mean, this one particular project is already, I mean, where we have taken the board approval to transfer to that InvIT. And depending on, I mean, we can additionally, we can transfer one or two more projects in the second half of the year. Okay, okay. Thank you so much, sir. That is all. Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Mr. Raghav Shah from JM Financial Limited. Please go ahead. Yeah, thank you, sir. Sir, in terms of equity requirements, so what would be the number for FY20, FY27 and FY28? See, total outstanding equity which has to be infused so far is now INR 3,200 crores over the next three years, right? So maybe on yearly basis, it would be around INR 1,000 crores. How much you are infusing first half of this year? Equity contribution in the first half. I have to check. I'll come back. Sure. Sir, what is our Capex guidance for the entire year? The entire year Capex won't be in the range of INR 100 crores. So far, we have put in almost INR 50 crores. Okay. Sir, I meant the number for HAM debts. It is around INR 1,500 crores. Right, INR 1,500 crores. Okay. The 1,500 for this year the revenue growth will be somewhere around 5-6 odd%. Next year we can see a 15% growth. Am I right? Yes, sir. Yeah, yeah. Next year 15% depending on if we'll be able to get the current in current year INR 20,000 crores of incoming orders, right? But even if we consider the current backlog, if those orders also refuse the appointed dates, then also 15% should not be a challenge. Yes, yes. I mean, depending, I mean, see, one is measure which we are expecting that the Agra-Gwalior Project, right? Yes. Which we are expecting that appointed date would be at least anywhere in the, I mean, maybe first month of the next quarter, and accordingly, so I mean, it depends, but generally, what we are expecting that next year certainly will be growing, yeah. Okay. Sir, secondly, calling back to MSRDC orders, Rajura - Chandragul package one and Pune Ring Road package E6. So sir mentioned that there might be a cancellation. So have we factored any revenue from the project in 27 in our estimates? No, no, no, no. So whatever. Very well. Confirm orders are there, right, right? It can be canceled, both the orders. नहीं, अभी कंफर्म नहीं है। मतलब ये technical evaluation चल रहा है। उसमें technical कुछ अगर change करना पड़ता है तो करेंगे, otherwise नहीं करेंगे। So, अभी तक आया नहीं है ना, I think, sir, काफी time हो गया है तो. Okay, but Ring Road जो package five है, W5, उसका तो काम शुरू हो गया है। तो भले Rajput Chandragul का chances है, but even Pune Ring Road E6 में भी cancellation हो सकता है due to this challenge on technical ground? हाँ, technical ground भी है sir, दोनों ही projects के अंदर. Okay, तो हम factor नहीं कर रहे अभी revenue in 27-28 from the project in our estimates. No, no, अभी नहीं कर रहे. Okay, okay. Sir, current equity infusion, yeah, current year equity infusion was INR 600 crores approximately. In the first half? Yes, first half. Okay, okay. Thank you, sir, those were my questions. Thank you. Participants, if you wish to ask a question, you may press star and one on your touch-tone telephone. The next question is from the line of Mr. Parvez from Nuvama Group. Please go ahead, sir. Hi, good afternoon and thanks for taking my question. So couple of questions from my side. The transmission project that we won this quarter, what would be the EPC cost of that particular project? EPC cost we have considered for this in our order book is around INR 1,700 or INR 1,800 crores, so the project size was around INR 3,100 total, so for SPV, it is around INR 3,200-INR 3,750 crores, and the rest is basically material directly procured by SPV. Sir, you said the HAM debtors were about INR 1,520 crores, right? 1,525 crores, yeah. 1,525 crores. And lastly, of our INR 21,000 crores order book, what is the quantum of projects where we have yet to get the appointed dates? It's only one. Because the transmission is effectively getting. I mean, the project is taken as start as and when the company is handed over to us. So last, I mean, the last two projects which we have got is transmission one and Agra one. So Agra is yet to be declared appointed date, but yes, technically it is only Agra project for which appointed date is pending. Thank you, and for the BSNL project, you're okay with the underbid, right? BSNL? That is already started. Yeah, that is already started. Yeah, that is already started. Okay. Sure, sir. Thanks and all the best. Thank you. Thank you. The next question is from the line of Mr. Sudeep from Ambit Capital. Please go ahead. Hello sir, thank you for taking my question. The question is how much amount of dividend and interest have we received from the InvIT in this particular quarter? I think we have received total income from InvIT is around. कितना, 350 होगा? 350. And. 1,340 crores might be. Sorry, sir, 340, is it? Just hold on. Just hold on. I'm just checking. 20 crores. 320 crores for the current first half? For the first half, 320. 93 crores in first half and INR 320 crores overall. 320 crores total. 93 crores is basically. In first half of this year. What is the total income so far we have received from the InvIT in the current first half? 20. What last? That bypassing is still pending. I mean, in terms of dividend and interest separately, but total amount which we have received is INR 93 crores. 93 in Q1, right? First half. First half. Okay. Okay. And just regarding one of the railway project that you have won in Gujarat, so that has already started, right? Yeah. Yes. Okay. That's all, sir. That's it from my end. Thank you. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one on your touchstone telephone. The next question is from the line of Mr. Shravan from Dolat Capital. Please go ahead. Hi sir. Sir, ये dividend and interest of all of INR 93 crores जो 1H में मिला है, so for full year हम लोग पहले INR 230, INR 240 crores देख रहे थे, but it seems के Q1 में INR 40 crores था, now in Q2 it is INR 53 crores. So ये run rate अभी increase होएगा and full year में कैसे देख सकते हैं? Next year कैसे हम इसको देख सकते हैं? See, generally what guidance we have got from the InvIT team is that overall distribution would be in the range of 11-12%, right? So depending on, I mean, because our investment is around INR 2,000 crores, so we can, I mean, we can reasonably expect that INR 225 crores or INR 230 crores would be the total income from InvIT. Okay. That is kind of a recurring even in 2027, 2028 also, those similar numbers should be there. Subject to we keep, we continue our investment, right, also. Haan, but agar hum log aur transfer kar rahe hain to this number will keep on increasing, yeah? Right, right, right. Okay, okay. Sir, sir ने starting में कुछ बोला था लेकिन थोड़ा voice का problem था। अभी तक हमने कितना value का projects and EPC projects bid कर चुके हैं जहाँ पे bids अभी open नहीं हुए हैं? It's almost 4,300. 4,300 crores का bid अभी open होना बाकी है। 2,300? Usmein se one is basically highway, two are hydro and tunnel. Value roughly bata sakte hain ki kaisa highway jo rahega wo? 3,000 का general समझ लो, 1,000 के आसपास का highway। Okay. And highway, yeah, mostly it would be a HAM? HAM, yep. Okay. Aage bhi abhi jo yeh hai woh bhi mostly apna preference HAM jyada rahega ki toll also kind of comfortable jo 10,000 crores hum soch rahe hain to usme matlab 3,000-4,000 crores toll bhi le sakte hain or can be even higher also? No, because see, वो तो government मतलब NHI खुद ही comfortable नहीं है in terms of more toll. उनका भी तो उनका ratio in terms of toll would be 20%. Otherwise, also let's say if we are targeting INR 10,000 crores of order from highway, तो INR 2,500-3,000 crores का toll ले लो, उसके बाद में then more would be HAM only. Okay, okay. Okay, समझ गया, समझ गया. And sir, let's say that if we get this 22,000-25,000 crores inflow that we are looking at, so next year do we think that that kind of मतलब 10,000-15,000 crores plus का run rate in the highway is also possible? If not, then we also have to significantly keep on increasing order inflow from the other sectors. So broadly next year के लिए how one can look at? Even if let's say we get the 25,000 crores this year, so next year then will it be on the lower side from our side itself or या कैसे देख सकते हैं उसको? What you are asking is basically how will you go about highway, right? Going forward. Haan, haan, matlab highway and overall bhi matlab agar INR 25,000 crores ka inflow agar ye saal mein aa gaya to agle saal total number kya hoga and usmein highway hum kaise dekh sakte hain? Matlab hum kya soch rahe hain? Utna aapko lag raha hai ki utna opportunity particularly NH side ya state level ke hum log dekhenge and kaun se state mein aapko lag raha hai ki agle saal mein aa sakte hain? ये तो बहुत मतलब दूर का question पूछ लिया आपने, but see देखो year on year basis पे if we are targeting INR 10,000-15,000 crores of highway, उतना तो अपन कर ही लेंगे। तो at least what I believe is that कि let's say even if current year we are getting INR 25,000 crores or INR 20,000 crores, then also next year we'll be targeting at least not of INR 25,000 crores, INR 30,000 crores के target करेंगे and उसमें INR 15,000 crores of the highway would be okay for us। And उसमें अब NHI कितना लेके आएगा more तो for next also I mean depends on what kind of budget allocation is being made by government, government का। So it is very difficult as of now to tell about that what kind of order we'll be getting in next year. थोड़ा सा एक बार budget आ जाए इस बार का, then only we'll be able to tell. But समझ नहीं आता है कि this kind of pace we can maintain even next year. मतलब जैसे power transmission में भी we can target this kind of pace, right? Similarly metro में भी we can kind of मतलब कि because इतना अभी लग रहा है अपने को कि जितना जिस तरीके से project award या project is getting approved, so CCA और जो गति शक्ति में जो project डाल रहे हैं, तो what we believe is that this pace probably will be able to continue next year as well. Okay. And अगर इसके अलावा अगर अपने को कोई sector अभी देखना है तो at least एक डेढ़ साल के लिए we will not be looking at any other sector apart from जो हमने अभी किया है transmission, road, tunneling, metro. मतलब I am talking about kind of मतलब solar power pumps आपने बताया कि वो देख रहे हैं, but solar या BESS के any other sector वो देख रहे हैं क्या हम? See, project sector देखते रहते हैं. Only thing is that if that उसमें क्या है मतलब we have to basically then analyze the metrics also sector में. मतलब that kind of growth is or that size of volume is available or not, एक तो वो देखना है. और in terms of what kind of margin, what all opportunities probably will be getting, right? ये सारा देख के तो we are open to various sector. ऐसा नहीं है कि अपन sector नहीं देख रहे हैं. Sector देख रहे हैं, then that's why we are actually targeting कि अभी oil and gas में EPC कुछ करना चाहिए because there we believe that there is a sizable volume where we can basically tap those opportunities. अब solar में भी क्या है कि अभी मतलब we are not able to reconcile within ourselves. हम लोग देख रहे हैं, we'll be able to. ऐसा नहीं है कि हमने solar में भी bid किया है, but that kind of margin वहाँ पे मिल नहीं रहा है. So we are not very bullish so far कि solar में हम कुछ कर पाएंगे. अगर scenario change होता है, suddenly we'll see क्या होएगा. There are so many I mean because what NHI has done in past, they have changed the circular in terms of the network criteria. And that is also applicable फिर other aspect, other infrastructure sector. तो जैसे for example if some road player who is you know also bidding into transmission, solar and they are also ultimately their network would be consumed. So maybe that would be you know opening up more revenue into highway sector either or in other sectors where right where we can deploy capital and at the same time we get good margins, right? तो अभी ultimately how it will be unfolded, it is a matter of time. मतलब we have to basically समझना पड़ेगा इसको going forward once that you know awarding activity starts, then only we'll be able to and उसमें ज्यादा we'll be able to give more clear guidance maybe after or maybe in Q4 only. And, sir, ये जो qualification criteria change हुआ है. Do we think कि उसका और has it worked out के जो last two years में particularly for 24, 25 where many unlisted and unorganized players have won the projects from NHAI? So कितने उसमें से निकल जाएंगे? Roughly ballpark 20, 30, 40, 50% would be will not be able to kind of bid now ऐसा कुछ trying to understand कि competition कैसा रहेगा and margin में fight होगा कि similar margin हो सकता है कि नहीं। वो sense just wanted to understand. इसमें क्या होगा sir? Project wise देखना पड़ेगा कि इसमें मतलब आप जो straightforward अपन ये ऐसा नहीं कह सकते 50% bidder रहेंगे, 50% नहीं रहेंगे। But network का criteria है, technical criteria है। तो different मतलब अपन ये कह सकते हैं तो ये bidding start होने के बाद में जल्दी इसमें 45, 50% मतलब लोग बाहर रह पाएंगे। पर कौन कहाँ रह पाएगा, कौन किसमें participate कर पाएगा, ये कहना थोड़ा सा मुश्किल होता है। Thank you sir, all the best. Thank you. The next question is from the line of Mr. Vaibhav from JM Financial Limited. Please go ahead. Sir, thoda detail chahiye tha on the O&G business. Oil and gas mein what actually are we, what works are we targeting? Kuch humne hiring kiya hai, team build up kiya hai internally? Team build up kar rahe hain hum log, apna internally hiring bhi kiya hai. That's why we are getting some sort of confidence ki hum log ko kuch kaam mil jayega. What type of question what type, I think? What segments are we targeting within oil and gas? What revenue? What क्या-क्या काम करना है उसमें? Which all works are we targeting? इसमें जो platforms के और pipelines के जो काम हैं, उसको target कर रहे हैं। Offshore में, in offshore we are targeting in offshore activities जो pipeline laying हो या फिर platform modification, platform erection, installation, right? तो ये सारा activity we will target। Sir, so yeh domestic dekh rahe hain ki international ke liye bhi we are open? No, no, domestic, domestic. No, no, domestic. Matlab we will start at least with domestic. Thoda sa experience ho jaye fir jayenge kahin jayenge. Okay. And, sir, उसमें ballpark क्या margins target कर रहे हैं हम लोग और कुछ orders pipeline में हैं, कुछ bid किया है हमने? नहीं, नहीं, अभी team building exercise चालू है। तो और margin तो maybe one or two projects probably we can start with lower, maybe 8-10% and then probably we'll target 15% kind of margin. Okay. And, sir, ek baar guidance apna FY26 ka repeat kar raha hoon main. So revenue would be 10%-15% growth for FY27 and for FY26 it would be around 5% growth, right? Yeah. Sir, margins कैसे रहेंगे इसमें for 26 overall? Margin, I already apne ne wo bola tha overall in fact in previous question also I speak about that margin ki wo aadha ek percent udhar between 11% to 13% anywhere between aisa kuch rahega. In the second question? हाँ, overall की बात कर रहा हूँ मैं। Okay. On year. Okay, okay. ठीक है sir, okay. Thank you. Thank you. Thank you. The next question is from the line of Mr. Parikshit from HDFC Securities Limited. Please go ahead, sir. Hi, sir, a couple of questions. So first is on the transmission segment, now we have 2,700 crores of order books. So just wanted to understand first of all that how much equity has been invested, total pending equity in these assets? And on the capability wise, are we now confident that we can start taking some of the EPC projects independently like some of the peers of ours do to build diversification? Total equity is, I'll tell you, but EPC में see generally why we are not that basically you know aggressive in terms of taking other players EPC, right? Because we are getting enough food for us within our company, right? I mean let's say if we are targeting INR 5,000 crores of revenue and we'll be able to get let's say these kind of projects probably we'll be able to you know to in-house only and may not be you know we may not be going looking outward also. But if we are not getting because we are building EPC capabilities over there and so far we have you know built enough you know good amount of team also here in terms of EPC. So we are not saying that we will not be doing outside EPC, but yes I mean so far we haven't you know looked through that kind of option reason being that we have enough work within you know within I mean in-house at least. And so far we have invested around INR 275 crores of equity into every transmission projects. How is the pending equity for? Pending equity would be for transmission. Transmission? कितना हो गया? Transmission would be what around. Yeah, good transmission for INR 115 crores. 115 crores. 2,000, INR 2,000 crores depending. Sir, sorry sir, how much equity is pending in transmission? 2,000? 2,000, 2,000, yeah. Total order book कितना है sir? So total order book is around 20 नहीं INR 6,000 crores see order book is different but अभी current year में see total I mean आपने बोला total equity investment कितना है? 1,084 crores is pending. कितना है? INR 1,084 crores is pending for power transmission. 1,084 crores is pending, INR 247 already invested. Nahi, nahi, nahi, isse jyada hoga na? 6,000 crores ka total order hoga apne paas mein kitna hoga? Nahi, 6,000 ya 5,000 crores ka. As per the order book, आपका 30% है transmission में और. INR 2,700 crores में क्या है equity we have to put in for material also which we are purchasing over there. So अभी जैसे 3,000 में से INR 1,300 crores तो material which we are procuring for that also we need to put in basically equity. और जो अभी अभी अपन ने जो डाल दिया है. So, total equity which so far we have infused is total कितना है? 275 so far invested. Yes. So 275 we have infused already and 1,100 crores of equity we have to put in additionally. Not in. So sorry, my bad. It was INR 1,100 crores. Yeah. Total order book as per the presentation is 13% or 2,700. Yeah. Sorry, order book कितनी है transmission में? Yes, 2,800. That is the order pending, right? Okay. INR 2,800 crores EPC value of the order pending as of now. EPC, EPC, right? INR 1,300 crores का तो material procurement है that is directly we are procuring at SPV level. So our project size become more than what otherwise order book we are having, right? So INR 1,300 crores का जो material का revenue है वो that will not come in the standalone entities? No, no, no, no, no. That is not the revenue. That would be kind of excess which will be incurring in the SPV directly. That won't be revenue of the year, right? Okay. See, kya hota hai transmission mein kaafi bada major part is basically material procurement. This is equipment, transformer lena hai, wo sab lena hai. So that is not generally we are counting in the revenue. Its accounting like INR 5,000 crores your order book 2,700 plus 1,300 crores is roughly INR 4,000 crores its. 4,000 crores and INR 1,000 crores apne already execute kar chuke hain. For that reason we have put in that much of equity, right, so far? Right. So pending order is INR 4,000 crores, right? But 4,000 में से EPC revenue would be INR 2,800 crores only. But, revenue तो पूरा आपको दिखाना पड़ेगा ना, INR 4,000 crores का, sir. तो वो कैसे उसको. Sir, wo asset bana. See, it is asset I am creating over there. Okay. ये अगर अपन ये देखेंगे consolidated level पे, that is not the revenue. Because consolidated level पे तो मैं मेरे SPV से ही revenue मिल रहा है ना मेरे को. समझ गया. Knock off हो जाएगा. Right, knock off हो जाएगा. Right. ठीक है. दूसरा पूछना था sir, अभी ये सारा 2,700 in-house होगा execution specially. So towers, transformer I understand you are purchasing because you don't manufacture it, but specially on the structure side since you have some you do some structural work for the highways. So यहाँ पे towers हो गया ऐसा कुछ आप in-house कर रहे हैं? That is also outsourced and any plans are like incurring tower Capex, Capex for tower manufacturing or conductor manufacturing? Tower manufacturing we are having in-house capabilities. हम लोग कर भी रहे हैं. We will be, you know, procuring it in-house also. और बाहर से भी लेंगे because requirement ज्यादा होता है. So we have to procure from outside as well. And conductor we are not targeting any manufacturing as of now, right? And yes, बाकी EPC तो हम कर ही रहे हैं. Okay. And इसमें अभी क्या कैसे देख रहे हैं growth को? Because अभी INR 5,000 crores का आपका total asset base हो जाएगा. Then इसके beyond आप कैसे देखेंगे इसको? Like every year is there two, three projects you are targeting? And how do you monetize it? Because you already have one asset which is operational now. So how do you look at monetizing it? Yearly, I mean next year onwards also sir, जैसे current year में भी अपन ने अभी तक INR 3,000 crores का एक order लिया. We will be targeting another 2. For next 2 years at least I would say next 2 to 3 years we will be targeting INR 5,000 to 8,000 crores of the orders from transmission. Or when I am saying 5,000 to 8,000, that means excluding that material at least. So हमारा क्या होगा revenue would be basically going forward I will be having at least INR 2,000 to 3,000 crores of the revenue from coming in from transmission sector, right? And as we are progressing, right, as of now we have you know total asset base of around INR 6,000 crores जो अपना transmission में हो गया है. Maybe another one in the next one and a half year, अभी अभी so far we are having only one project which is complete, right, in our portfolio. And we are expecting that in the next six months of time maybe another two more projects will be you know completed. तो एक sizable होने के बाद में certainly we will explore more options in terms of monetizing those assets by way of either doing InvIT or to talk to some investors, right, for selling these particular assets and all that, so what we believe is that enough demand is there for these assets in the market and we will be able to sell it easily. Just last one question to Ajendra on a broader infra theme. So sir, last two साल से हम लोगों ने एकदम slow down देखा है सेक्टर में. अभी government का focus भी GST cuts के साथ थोड़ा consumption में दिख रहा है और जो pipelines हमारी push out हो रही है especially on the NHAI which has been one of the large ordering segment. So order has moved out as of now looks to have moved out from there. Even the water side JJM has been struggling kind of as a theme. There has been issues around the collections. Even in Railways people are like taking a calibrated approach. तो हम मतलब अभी transmission ही एक ही theme दिख रही है जो अभी थोड़ी promising दिख रही है. So, abhi hum kaise dekhen matlab kya confidence aap de sakte hain aap because you work on the ground you talk to the policy makers in industry. So do you think infra is now not immediately government's priority or is more like consumption? Hum kaise sochen is cheez ko because this is one question which we've been grappling with ki ordering pe kya view hai especially on the domestic side? Aur export pe aap kuch dekh rahe hain usko mitigate karne ke liye aap export market dekh rahe hain kya kaise matlab is cheez ko kaise balance out karen? इसमें government ने क्या है कि जो जिस तरह से infra पे जो expenditure किया है। तो initially तो काफी अच्छा रहा लेकिन बीच में क्या कुछ quality के भी issue आए तो उसकी वजह से restructuring in between चल रही है government की land acquisition के भी काफी issues रहे हैं। उसके ऊपर भी working चल रही है product quality execution जो delivery of quality है उसके ऊपर कुछ issues आए तो उसके ऊपर भी working चल रही है। अभी मुझे ऐसा लगता है आने वाले time में opportunity तो काफी अच्छी रहेगी। Power transmission में power में आप देखेंगे तो काफी बड़ा मतलब requirement आ रही है। Railway side में भी अभी metro की requirement हर city के अंदर आ रही है। इसी तरह से highway में भी काफी कुछ business अब अगले साल मतलब इस साल के last और Q1 of next year काफी अच्छी opportunity रहेगी. अपने part पर अपन ये देखते हैं कि infrastructure पे ही अपने लिए opportunity तो काफी अच्छी रहने वाली है. Export के लिए हम लोग नहीं देख रहे हैं बाहर हम अभी तो कम से कम इंडिया में ही focus हैं और इंडिया growth story में ही participate करते हुए हम आगे बढ़ना चाह रहे हैं. मुझे ऐसा लगता है कि साथ-साथ में कुछ manufacturing की भी अगर opportunity आई तो देखनी चाहिए जैसे power transmission में हो चाहे मतलब tower में हो चाहे conductor में हो. इस तरह की facility को बनाते हुए और इसी को backward integration को करते हुए एक अच्छी growth story बन सकती है आने वाले time. Okay. Okay. If up to here also then questions are clear. I mean so I think sir there are no further questions on the queue. So I would look forward to any closing comment from you all and then can close the call. Thank you very much and thank you all the people, everybody who has joined this call. Thank you for the support which investor has given to us. Our company will certainly try to do more and more and try to do and try to participate in the government initiative. Thank you. Thank you. Thank you very much. Thank you. Thank you sir. On behalf of HDFC Securities Limited, that concludes this conference. Thank you for joining us. And you may now disconnect your.