Ladies and gentlemen, good day, and welcome to the G R Infraprojects Limited Q4 FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aditya Sahu from HDFC Securities. Thank you, and over to you, sir. Thank you, Sapnali. On behalf of HDFC Securities, I welcome everybody to Q4 and FY 2026 earnings conference call for G R Infraprojects Limited. From the management, we are joined by Mr. Ajendra Kumar Agarwal, Managing Director, Mr. Anand Rathi, Group CFO. I now hand over the call to the management for your opening remarks, followed by the Q and A session. Over to you, sir. Thank you, Aditya Ji. Good afternoon, ladies and gentlemen, and a warm welcome to the Q4 Financial year 2026 earnings conference call of G R Infraprojects Limited. Thank you for taking the time to join us today. I hope you and your families are keeping well. I am joined on this call by Anand Rathi, CFO, and Ankit Maheshwari, Deputy CFO of the company. I will begin by sharing an overview of our operational performance during the quarter, along with our perspective on the infrastructure sector. Thereafter, Ankit Ji will take you through the financial performance in detail. Following which, we will open the floor for questions. As we all know, today business environment is becoming increasingly interconnected and volatile. Global uncertainty arising from geopolitical tension, ongoing conflicts, changing trade dynamics, and tariff-related measures continue to create challenges across sectors and economies. These developments are placing pressure on business worldwide and impacting supply chain, commodity prices, and investment decisions. In response to such evolving challenges, the company continue to maintain a robust enterprise risk management framework that enable us to effectively monitor and manage multiple categories of risk. Despite the uncertain environment, I believe the company has delivered a resilient performance during the year. During Q4 Financial year 2026, the company recorded revenue from operation and approximately INR 2,521 crore, representing a growth of 27% compared to corresponding quarter of the previous financial year. Adjusted EBITDA margin stood at 11% approximately for the quarter, as against 15.5% in the corresponding period last year. During the year, the company repaid debt amount to approximately INR 262 crore, resulting in further improvement in our debt equity ratio to 0.03, which is continuing to remain among the best in the sector. During the year, the company has secured new order amount to INR 10,700 crore of which in Q4 the company has secured three new projects, comprising one tunnel project and two HAM road projects, aggregating approximately INR 5,500 crore in addition to about two HAM projects. Appointed date of the one DBFO project worth around INR 3,600 crore is also awaited. As on date, our order book stands at approximately INR 26,470 crore. Further bids aggregating to approximately INR 13,500 crore are yet to be opened. During the year, pre-award of five HAM projects has been received. We also successfully monetized four HAM asset to an InvIT trust for total consideration of INR 321 crore and recorded an exceptional gain of INR 253 crore. I would also like to reiterate that the company growth strategy is not limited to the road sector alone. We continue to see growing opportunities across metro and railway, power transmission, battery energy storage system, telecom infrastructure, oil and gas, logistic and warehousing, and tunnel projects. While the pace of project awards may vary across sectors, the overall infrastructure outlook for India remains positive. We believe the country's long-term infrastructure requirements continue to be substantial and companies with strong execution capabilities, disciplined bidding practices, and healthy balance sheets will be well-positioned to benefit from these opportunities. Let me now briefly touch upon key sector developments. In transport sector, Road and Railway got about INR 6 lakh crore approximately in financial year 2027 Union Budget. We see a strong pipeline of INR 7.6 lakh crore worth project, including HAM, BOT, EPC, and railway. Hence, we expect order inflow in the sector to grow by around 10%-15% in financial 2027. The railway sector also continue to move toward corridor-based capacitation, freight decongestion, and technology-led operations. A significant recent development is the approval of six private rail projects worth approximately INR 18,000 crore and multi-tracking projects worth around INR 27,000 crore. During the year, order book of transport BU increased by 25% approximately. We target a new order book of INR 12,000 crore-INR 14,000 crore in current financial year 2027. In power and transmission, India power sector is expected to attract investment potential of nearly INR 45 lakh crore over the next seven year across generation, transmission, and energy storage. Renewable energy generation continue to be drive transmission investment. Our focus would be on 20% of the bid pipeline of INR 1 lakh 20,000 crore with a target new order book of INR 5,000 crore in FY 2027. In tunnels and hydro, the government is targeting tunnel projects worth approximately INR 3 lakh crore over the next decade. The CCEA has also recently approved the two large hydroelectric project in Arunachal Prades h, worth around INR 40,000 crore. Bid pipeline looks promising at INR 87,000 crore, with company focus on INR 23,000 crore bids. We are targeting a new order book of INR 2,000 crore-INR 3,000 crore worth projects in financial year 2027. In oil and gas, Brent crude price touched nearly $126 per barrel during the late April 2026 amid heightened geopolitical tension, creating a volatility in the energy market. Despite these near-term challenges, we continue to remain positive on the long-term outlook of the sector. Bid pipeline remain healthy, and we target a new order book of INR 2,000 crore-INR 3,000 crore in financial year 2027. Similarly, for other sector, including roadway, telecom, and renewable, we are targeting a new order book of INR 1,000 crore-INR 2,000 crore in financial year 2027. Our focus throughout the year has remained on ensuring business continuity, protecting execution timelines, and maintain financial discipline. As external environment evolve, we will continue to take timely and strategic decisions to safeguard the company's interest and deliver sustainable value to stakeholders. Financial 2026 has been an important year for us, during which we maintain a prudent balance sheet between execution, order book expansion, diversification, and financial discipline. As we enter financial year 2027, considering the economic and geopolitical situation, we remain optimistic about the opportunities ahead and expect to grow our top lines in the range of 15% and strengthen the order book with a target of new wins by INR 20,000-INR 22,000 crore approximately, while continuing to remain selective and disciplined in our project bidding approach. I would like to thank our clients, lenders, partners, employee, and shareholders for their continued trust and support. With that, I now request Ankit to take you through the financial performance in details. Thank you. Thank you, sir. Here are the highlights of quarter four performance. The stand-alone revenue from operations was INR 2,521 crore in quarter ended March 2026, which has increased by 27% approximately year-over-year, compared to INR 1,990 crore in the quarter ended March 2025. The stand-alone revenue from operations was INR 7,620 crore in the year ended March 2026, which has increased by 17% year-over-year, compared to INR 6,515 crore in the year ended March 2025. The increase is primarily on account of better execution of the oil and gas and power transmission projects. The consolidated revenue from operations was INR 2,500 crore in quarter ended March 2026, which has increased by 10% approximately year-over-year, compared to INR 2,275 crore in quarter ended March 2025. The consolidated revenue from operations was INR 8,398 crore in the year ended March 2026, which has increased by 13.5% year-over-year, compared to INR 7,395 crore in the year ended March 2025. The stand-alone EBITDA margin stood at 10.85% in quarter ended March 2026, from 17.5% in quarter ended March 2025. The decrease was primarily due to one-time claims income recognized amounting to INR 47.5 crore in quarter ended March 2025. The standalone EBITDA margin stood at 11% approximately in the year ended March 2026, from 13.88% in year ended March 2025. The decrease was primarily due to one-time claim income recognized amounting to INR 123 crore in the year ended March 2025 and higher construction costs in the current year. The EBITDA margin at group level has marginally decreased to 14.73% in quarter ended March 2026 from 23.96% in quarter ended March 2025. The EBITDA margin at group level has decreased to 19.31% in the year ended March 2026 from 22% in the year ended March 2025. Profit after tax at standalone level increased to INR 1,417 crore in quarter ended March 2026 as compared to INR 371 crore in quarter ended March 2025. The PAT includes INR 182 crore approximately net of tax of exceptional gain on sale of four subsidiaries to an InvIT trust. Profit after tax at consolidated level decreased to INR 209.86 crores in quarter ended March 2026 as compared to INR 403 crores in quarter ended March 2025. The standalone net worth stood at INR 8,869 crores at the end of March 2026. It was INR 7,888 crores at the end of fiscal 2025. The net worth at consolidated level is INR 9,391 crores at the end of March 2026. It was INR 8,503 crores at the end of fiscal 2025. The total standalone borrowing outstanding at the end of fiscal 2026 is INR 234 crores with debt to equity of 0.03 times. The consolidated borrowing outstanding at the end of fiscal 2026 is INR 4,845 crores with debt to equity of 0.52 times. During the quarter, the company has made additions to the fixed assets amounting to INR 36 crores approximately, and in the entire year around INR 133 crores. The net block of property, plant and equipment, including work in progress and intangibles, is INR 1,057 crores approximately at the end of current fiscal. The investments in our subsidiary companies in the form of loans and equity are INR 2,271 crores at the end of March 2026. The balance promoter contribution required to be made for our operational HAM and BOT projects is INR 3,486 crore, of which we are expecting contribution of approximately INR 1,000 crore in the current fiscal 2027. Working capital in days at the end of March 2026 is 128 days as compared to 117 days at the end of fiscal 2025. The increase is primarily on account of the debtors days. The trade receivable at standalone basis are INR 2,372 crore, including INR 1,667 crore HAM debtors at the end of March 2026, and the trade receivables at the consolidated level are INR 745 crore at the end of March 2026. The unbilled revenue at the standalone basis is INR 808 crores approximately at the end of March 2026, whereas the unbilled revenue at the consolidated level is INR 436 crores at the end of March 2026. The inventory are at INR 739 crores at the end of March 2026 compared to INR 538 crores at the end of fiscal 2025. I sincerely thank to all our stakeholders, including employees, business partners, vendors, bankers, and auditors who have supported the company. On behalf of G R Infraprojects Limited, I thank everybody. Thank you. Over to you. Sir, shall we open the floor for questions? Sure. Sure. 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 the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and then two. Participants, you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all, you may press star and one to ask a question. We will take the first question from the line of Shravan Shah from Dolat Capital. Please go ahead. Yeah. thank you, sir. good commentary in terms of the segment-wise and in terms of inflow that we are looking at. Just couple of things. whatever sir has said in the opening remarks broadly now we are looking at INR 20,000-INR 25,000 crore inflow in this entire year. particularly the major still the chunk is from the road INR 12,000-14,000 crore odd. there just wanted to understand given still the NHAI the activity has not picked up. this entire are we looking at the major would be the BOT toll form or it would be a kind of equally the HAM and BOT toll? [Non-English content] [Non-English content] sir approximately [Non-English content] NHAI particularly [Non-English content] kilometer [Non-English content] value award [Non-English content] and even for FY 2026 actually the exact number is still not clear how much they are awarded in terms of the kilometer. if you have you can share also. [Non-English content] NHAI specifically sir, FY 2027 [Non-English content] kilometer [Non-English content] [Non-English content] Okay. Sir revenue growth [Non-English content] on the conservative side [Non-English content] let's say [Non-English content] pickup [Non-English content] appointed date [Non-English content] there is a possibility that [Non-English content] kind of a backlog [Non-English content] in terms of whatever we are thinking execution. can we look at even 20% kind of a possibility is also there and let's say [Non-English content] next year 2028 [Non-English content] INR 20,000-25,000 crore [Non-English content] can we look at [Non-English content] 25%-30% type [Non-English content] growth FY 2028 [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] given the competition. [Non-English content] CapEx [Non-English content] Capital [Non-English content] [Non-English content] largely it is more of yield product [Non-English content] more in terms of movement of cash flow [Non-English content] then again it will start giving more dividend and all that. yes cash flow [Non-English content] that would be in the range of [Non-English content]. Got it and CapEx for FY 2027 [Non-English content]. [Non-English content] Okay, okay. [Non-English content] Thank you and all the best sir. Thank you. Thank you. We will take the next question from the line of Abhinav Sharma from ICICI Securities. Please go ahead. Yes sir, thanks for the opportunity. My first question is on the execution front. You are guided for about INR 3000 crores of revenue in Q4. What has impacted the execution? We were expecting about INR 600 crores from Oil and Gas sector as well. How has been the execution from in that segment? [Non-English content] Understood. How was the execution in Oil and Gas segment? [Non-English content]. [Non-English content] we have done almost INR 400, INR 450, INR 400 [Non-English content] । largely see [Non-English content] because of change in prices [Non-English content] there is a drastic change in the prices both increase in the prices actually resulted in slow execution। [Non-English content] and that fluctuation was supposed to be given by the authority right in terms of price variation and clause. [Non-English content] and that's the main reason March [Non-English content]. Understood. Sir second question is on BOT projects [Non-English content]. Are we keen on building this high value projects given the higher equity requirement for these projects? We are evaluating subject to of course I mean if it is fixed to our you know metrics then certainly we will be keen. [Non-English content] but depend on the return on those investment and all right. Understood. Sir last question on the three projects Agra-Gwalio r, BOT and two HAM projects. When can we start expect the execution to start? After monsoon season [Non-English content] [Non-English content] Agra- Gwalior [Non-English content] there is no point in starting even if let's say [Non-English content] appointed date would be should be in sync with you know our execution period as well. Any risk of the Agra- Gwalior one getting canceled or anything of that sort? Risk [Non-English content] it is already expired right. [Non-English content] one year [Non-English content] already [Non-English content] but these kind of indications so far we haven't received from the authority and [Non-English content] terminate [Non-English content] they have to pay the claim also right it is not as simple as that right. [Non-English content] I think risk [Non-English content] minimal [Non-English content] but yes it depends totally and totally in the control of NHAI. [Non-English content]. So far whatever discussion we are having with NHAI people [Non-English content] we will be able to get that appointed date maybe and there I mean July, August [Non-English content] sense [Non-English content] because then there would be rainy period [Non-English content] September [Non-English content] September end [Non-English content]. Got it sir. Thank you and all the best. Thank you. Thank you. Before we take the next question, a reminder to all you may press star and one to ask a question. We have the next question from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yes, thanks for the opportunity. Sir [Non-English content] sir can we oil and gas project contribution how do you see it contributing in FY 2027 and are you ready to bid on our own for this oil and gas pipeline projects? For 2027 our target for this sector is around INR 1,000-INR 1,200 crore [Non-English content] for this particular sector and in terms of direct bidding what we are evaluating is to you know participate with technical member who can make us eligible for direct bidding as well. We are just evaluating to directly and we are actually active on this front as well. M aybe next six months of time we will be able to bid directly as well. That's our intention that's we aspire to that's we are targeting as well yeah. Understood sir. Can you just help us with your outlook on the transmission projects pipeline [Non-English content] but do you expect the entire thing to get bid out in FY 2027 or do you think part of it will go in FY 2028? [Non-English content] current year [Non-English content] our target is to basically our focus pipeline is around INR 25,000 crore only. We are not targeting INR 1.2 lakh crore right. It is only INR 25,000- INR 30,000 crore out of which we are targeting will be able to get around INR 5,000 crore of the order. This is our basically plan. Sir, how do you decide a large pipeline? How do you select this INR 25,000 crore? Is it based on the bid value? Is it based on the areas you want to work? How do you decide arrive at these numbers? It is, it's combination of both actually. Sometimes it is area, sometimes it is value, because we may not be, you know, willing to bid for INR 20,000, INR 80,000, 30,000 kind of for that value. At the same time, sometimes we are also not willing to go into such kind of area where execution is difficult, right? It's a mix of both. Understood. What was the, say, equity investment in HAM and transmission projects at the end of FY 2026, and how much are you looking to invest in FY 2027 and FY 2028? Is that number handy with you? So- The total contribution which was required was approximately INR 5,400 crores, of which already INR 2,055 crore has been contributed. The remaining contribution is INR 3,486 crores approximately, of which in the current financial year 2026-2027 we estimate a contribution of INR 1,000 crores. Understood, sir. Thank you. That all the best. Thank you. Thank you. Thank you. We will take the next question from the line of Bhavin Modi from Anand Rathi. Please go ahead. Hi, sir. Thank you for the opportunity. Just wanted to, you know, dwell on the, you know, your, you know, logistics and warehousing business. I think there are three parts, right? Forward, which is the MMLP Indore. There's a Four C, which I think is in Guwahati and Samaguri. You know, foreign, there are some 15 operational dark stores. Just wanted to understand, you know, I also saw your results, there's a one already, you know, warehousing SPV is already created. Have we already, you know, acquired some land, you know, are we, you know, have we, you know, started working on it or, you know, on the warehousing thing? What are our plans, you know, in terms of, you know, investments? Since, you know, these are the, you know, you can say front heavy, you know, CapEx investment, is it going to affect our ROE for some period of time? This one which is Indore's, we have already bid with the government. Right. The two projects that you are talking about, we are in talks on the land acquisition. It's in progress. We will finalize it soon. The The investment plan, you, Ankit ji will share. Investment, [Non-English content] what is there is that other than multimodal logistic, our target is to invest in terms of equity, INR 500 crore-INR 700 crore of equity, which we are targeting in next. No, total investment we are targeting INR 600 crores o f which around 25%, INR 200 crore-INR 250 crore would be equity? [Non-English content] For current year, right? For current year. Right. I'm giving the basically number for next three years of time. Next three years, currently. Yes. currently. Yes. Right. Right. Right. Right. Right. Right. This is the plan for, you know, in this particular sector where we are targeting almost INR 600 crore or INR 700 crore of equity investment in next three years of time. What you ask for is that it would be impacting that return on equity. Yes, for the current year it may, because it will take time. Once it is, you know, completed and we'll be able to, you know, monetize it through some other vehicle, then certainly it will give that flip also, right, for to equity return. Yeah, it may take time for next, in next two years of time that would be. I mean, for current year certainly we'll be developing and then next two year of time we'll be focusing on monetizing as well. It will certainly. This is of course a long gestation period. It is not that in the current year itself we'll be getting that result? Yeah. Yeah. This is the plan. When you say the INR 600 crore Yeah The equity investment, it's from our side, right? From the promoter side. Are we also, you know, engaging some, you know, partner, you know, like 50/50 partnership or something? This INR 600 is totally from our side? This is our own plan. Maybe depending on the project, right, where let's say because of the project size or where we believe that we need some partner, we can get them also along with us. Then probably the total investment in that project would be more than what we are assuming, right, on our own. Okay. This also, this investment also includes the foreign, right? Where you have already 15 operational dark stores. Are these dark stores, you know, are we owning these dark stores or we have taken on lease? How is that model working? No. These dark stores are actually on lease. It's not much investment over there which we are anticipating, right? These all are on lease, yeah. Good. The last two questions. I think the, you know, NHAI has come up with, you know, new BOT, you know, RFP, there are many, you know, like, stringent, you know, consideration conditions are involved. Just wanted to understand, we have already placed bid for the Nashik Phata–Khed project, which is something around INR 7,300 crore. Do you think will it again go for the re-bidding or, you know, now it will directly go for the financial evaluation stage? It's something which NHAI I may not be that privy, I mean, to that extent I'll not be privy to because that bid has already been, you know, received by the NHAI. Probably I believe that that would be under evaluation. I don't think they would be, you know, annulling this process and I mean, I haven't heard so far about this. Okay, got it. Sir, last point, you know, just a bookkeeping question. You have, you know, given the profit, you know, on the sale of, for monetization. Does this profit also includes, you know, from the deferred consideration, you know, whatever you have mentioned? What is the, you know, color of this deferred consideration, if you can, you know, throw some light on that? Yes, Can you repeat the question? Deferred consideration, yes, of course. We haven't received that 100% amount in cash so far. Reason being. INR 63 crore is the amount. Reason being there are something at SPVs level which is to be settled by NHAI. These are the, you know, for example, in terms of fixation of the amended or revised bid project cost. There are some GST claims which are yet to be released by the NHAI over there. These, as and when those claims or those settlements happen over there on those SPVs, we'll get that payment. Have we incorporated? So that- Yeah, sir. Sorry. Profit in the P&L. Basically. Sir, sorry, your voice is not audible. Hello? No, I was mentioning that, yeah, this deferred consideration is already included in the profit in the current year's P&L. Okay. You are saying and showing as a receivable- Oh. In the balance sheet. Yeah, that's it from my side. Thank you. We will take the next question from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi. Good afternoon, sir, and thanks for taking my question. Firstly, just wanted to get, update on the BSNL project and also the MSRDC project. See, on BSNL project, we are waiting for ROW clearance. So far, we have not received the ROW, though maintenance activity has already, you know, started over there on existing stretch. I mean, that existing project which was handed over by, you know, local authority to us. We are maintaining, we started maintaining those equipments and those lines, right? Because of that, you know, election, because of that election era, right? I mean, that was the reason, that ROW also get delayed by another one and a half month. Probably what we are expecting is that in next one month of time, we start receiving ROW clearances, and we'll be starting execution as well, right? The second question was related to MSRDC [Non-English content]. Sure. Sir, you had given a guidance of INR 20,000-INR 22,000 crore of order intake, [Non-English content]. Power transmission is there. Power transmission is also there, right? Tunnel hydro. There we are targeting INR 2,500 crore of the orders, right? Similarly, the optical fiber cable, the BSNL [Non-English content]. Oil and gas is also there, right? Renewable is also there [Non-English content]. [Non-English content] Almost INR 20,000-INR 22,000 crore, that amount which we are targeting. Sure, sir. That's it from my side. Thanks and all the best. Thank you. Thank you. We will take the next question from the line of Vaibhav Shah from JM Financial. Please go ahead. Yeah. Firstly, on oil and gas, so we are targeting revenue of close to INR 200 crore in 2027. Is it a part of our order book or order book doesn't include any oil and gas for March 2026? In 2027, INR 200 crore, INR 1,200, right? INR 1,200 INR 70,200, yes. see, some part of it is already part of our order book, and those are INR 300 crore. INR 1,000 crore will be, you know, actually- From the new order Targeting for this current year. From the new order? From the new order. New order, I would say it is more existing. I mean, it is already existing order where we have to continue our engagement, right, with that same company. March 2026 order book, [Non-English content] which is there in the oil and gas. Right. Okay. Sir, secondly, on the appointed date for the new two HAM assets, so should come sometime in next year, first quarter? Appointed date, I mean, depending on the land availability, it can be, the third quarter or maybe depending on I mean, yeah, the October, I mean, October to January, February, that's the date which we are, that's the period which we are expecting. You are expecting within this year itself? Yeah, within this year itself. Sir, what is the land status current in both the HAMs? [Non-English content] That we can let you offline. You can send us an email. Okay. Okay. Sure. Lastly, on the depreciation part, we have seen a very sharp reduction on a quarterly basis, which has gone down to roughly INR 45 odd crore now versus our peak numbers of roughly INR 60, 65 odd crore. Incrementally now this should jump significantly given the higher CapEx plans we have in next couple of years. No, no. CapEx is basically for the plant and machinery and certain other specialized equipment which we are planning for our tunnel project and power transmission projects. This inventory pile up is basically to execute our existing power transmission projects. The depreciation we have. Fresh cap- Right now on a quarterly basis of INR 46 crore for Q4, so incrementally similar rate or we can see a big jump? Yeah, you can see a jump because In inventory, right? The- Inventory. Inventory you are asking, correct? Any CapEx or depreciation. Depreciation. Depreciation. Yes. Depreciation, as sir already mentioned that we are planning, the new CapEx in the range of INR 300 crore-INR 350 crore. Correct? At the same time- Yeah. We will also recycle our old equipment. Depreciation will remain more or less in the same range. Okay. We can expect a similar number of CapEx in FY 2028 as well, or it can taper off? 2028, what, it's too far to see, right now CapEx for this current year, we are, what we are targeting is basically [Non-English content] as we are going on power transmission, right? [Non-English content] Which may not require [inaudible]. Those kind of CapEx may not be required for 2028. Right? But for 2028 then if you are if you are going some other sector probably. [inaudible] kind of investment [inaudible] right? Correct. Correct. This time we are targeting in the range of INR 300 crore-INR 400 crore, right? It's only because of the we diversified into different sector, right? We have taken this project also. Next year it is too early to say, but yes, as of now, we don't see that 300-400 project CapEx would be there in FY 2028 as of now. Thank you. We will take the next question from the line of Ayush Goel from Kesri Capital. Please go ahead. Yes. Hi sir. Thank you for taking my question. I just wanted to ask that will we be transferring any projects to the InvIT during this financial year? This is ongoing process. I think, we'll continue with this. I mean, we'll be transferring certainly at least three, four projects which we have completed, you know, which we received the COD at least one year before, right? It's only after one year of completion of operation period we are eligible to transfer, right? We can transfer, yes. Okay, sir. Like if you could explain the multiple at which we transfer these projects to the InvIT, that would be really helpful? See, multiple I mean, this is cash flow discounting method, right? It is not that we have agreed to a certain multiple while transferring any project. Depending on the future cash flow and depending on the market condition at that point of time, right? That valuation is done by the, you know, independent valuer, and which is that we are transferring the asset. Okay. like there's no ballpark multiple that we can think of or that usually. Right. Yeah. This is big range. I mean, it can be between 1.25 to 2.25. That's a big range, right? There's no point in keeping that. Okay. sir, about the cash flows in in this year, the cash flow from operations is like really low compared to the previous years. How are we going to manage the working capital going on forward? So far we are comfortable with our working capital. You know, we haven't utilized our bank limit as well, right? This year, because we have entered into different, you know, diversified into different sector, right? That, that may be the reason which I believe that is actually, you know, pushing us to, you know, invest more in the first year or second year of, and maybe next, over the period of next one or two year we'll be again, you know, normalized in terms of our working capital utilization and all that. Okay. It's just because of accelerated execution. Accelerated execution I won't say, but it is more kind because of diversification. We are entering into different sector, right? Okay. Okay. Okay. That is where we have to invest more. Okay. Like, do we have a plan to monetize the InvIT units if we require in the future? Like we have INR 2,400 crore worth of investment in that. Depending on I mean, we just don't have think through it so far. Yes, of course, I mean, to certain extent, maybe INR 100 crore, INR 200 crore is a different, I mean, we can have, we can think at any given point of time. Yes, I, we just don't have that concrete plan where we have to, you know, offload 50% of the unit which we are holding on our balance sheet. So far we haven't had, you know. Yes, of course, a piecemeal of that, a small piece of that we can certainly look to, you know, divest. Okay, sir. Understood. Thank you. That's all. Thank you. Thank you. We will take the next question from the line of Girish Pai from Nirmal Bang. Please go ahead. Hi, thanks for taking my question. I have couple questions. [Non-English content] I believe the execution rate as compared to order book has come down. Where exactly we are stuck so that our order book is strong but whereas our execution rate is coming down. That is first question. Second question, related to the previous participant, the three assets, HAM assets what we transferred to InvIT, the multiple, specifically if you can throw some light on price to book value kind of things, that will be helpful. Third question is related to construction cost. I can see around this time the construction cost has increased and in fact for full year basis also it is increased. As a percentage of sales, I can say it is 75%. It has increased around 3%-4% as compared to prior year. Is there any initiative or anything we can do to reduce this construction cost so that our margin will expand? I'm happy that we are maintaining the margin 10%-12% and gradually we are focusing to improve the margin. Is there anything, any initiative we are taking to expand the margin by reducing the cost? These are my questions. Let me take your question, the order you have raised. One first is that execution rate, right, which you mentioned. Yes sir. We have gone down. Execution, issue is in last I would say couple of years what we have seen is that generally, when this model came up, right, what has happened when this industry was actually back on track in initial years in 2017, 2018, 2019, that point of time it was a lull period, right? Between 2010, 2011, there was no execution at all, no awarding at all. At that point of time, generally, authority, what did they do at that point of time was they were just accumulating the land. There was no awarding, there was no taker, no lender was supporting. Once they started, so that was the backlog which was pushed actually into this sector and the 100% land was made available and all the contractors started executing fast with new strength or whatever you say. Over the way, what has happened is that they could not keep the same pace of accumulating land. Land is a big issue in the country, right? [Non-English content] you have seen or news article you might have read that Bengal [Non-English content] there because of so many projects are stuck in that state because of land only, right? Right. Similarly, that is the case for Punjab also, right? [Non-English content] land aggregation is the biggest challenge in the sector. Of late, what has happened is that [Non-English content] and we are not able to execute at the same speed, right? If we are getting in the piecemeal, [Non-English content] when we are executing the project, it is also increasing the cost and it is also taking time as well, right? [Non-English content] to execute, right, a continuous strength of 5 kilometer versus 5 different patches of 1 kilometer. They are taking time. [Non-English content] of late [Non-English content] challenge which we are facing [Non-English content] execution and of course, [Non-English content] the project was there, but appointed date could not be declared. When appointed date start declaring, right, then land was 100%, land was not there. Authority came up with a new concept, provisional appointed date, where not 80% land was also there, but even 60% land. Because [Non-English content] we are into industry, we have already having mobilized that machinery plant over there, assuming that the land would be acquired on time. Then we are also somehow convinced by the authority that, okay, let's start on execution so that [Non-English content]. There is no point. [Non-English content] that was kind of [Non-English content] arrangement. Actually, it resulted into delay execution, right? [Non-English content] in terms of execution date. Second question you asked about that price to book value. [Non-English content] you have asked for these specific SP which we have transferred. [Non-English content]. Construction cost, what you are saying is increasing. Rather, I can say it is revenue which is decreasing. [Non-English content], right, where you can say, I mean, this is also visible to everybody that NHAI estimate [Non-English content] bid price. Now it is going up to 30%-40% down from NHAI estimate. It is because of competition. [Non-English content], right? It is not going to reduce. I mean, this is my theory. I mean, there may be player, there may be people who would be, you know, reducing accordingly their input also, right? Logically, in last five year of period, you'll see that because of increased competition, prices have come down, which actually is, you know, creating pressure on revenue rather than cost. [Non-English content] effectively, if we have to compare that landed cost of the material, what we were actually having at five year back, right? [Non-English content] That five year back it was higher, right? There was good that mech I mean, various kind of methods were available to us. [Non-English content] which is available to us right now was not available at that point of time, right? [Non-English content] funding methodology [Non-English content] whatever you say. It is actually, you know, impacting the cost. [Non-English content] maybe in 2020 my cost of material on absolute number was higher than what right now I am making payment today, right? If we are comparing it with my revenue has drastically come down. [Non-English content] I can't I mean, 40% revenue [Non-English content] I can't reduce my cost of material, cost of construction to 40%. [Non-English content] Right. At least it is actually other way around. It is not that construction cost is increasing, it is basically revenue which is decreasing. Where it is perceived that construction cost is increased, right? Correct. Sir, if I may ask the last question, pertaining to the first question about the execution rate. As you mentioned, several factors are impacting execution rate, right? Can someone assume that 80%, 85% of execution risk factor is factored in your current execution rate, or someone can assume the same or little marginally increased, increasing, order of, you know, execution rate going forward? Execution rate we have to assume at same level. I don't think it is going to increase. Yeah, it is not going to increase. Right. Thank you, sir. That's all. All the best. Okay, thank you. Thank you. We will take the next question from the line of Sudeep Bora from Ambit Capital Private Limited. Please go ahead. Thank you, sir, for the opportunity. My question is regarding the oil and gas projects that we do. What is the tentative kind of a margins that we make on in these projects, and how do we see it going ahead? See, our target is to have at least 10%, 8%-10% kind of margin. What has happened is, because we are the, you know, new entrant into the sector, we have to learn, you know, through this process. Not only that new entrant, but yes, of course, of this geopolitical situation which is impacting the fuel prices, right, petrol on a large scale basis. Margin has yet to be seen. I mean, let us complete one or two cycle on this particular sector, and then only we'll be able to, you know, give you some guidance on what kind of margin which we are expecting on the sector. Okay. Some second question would be like in terms of, the geopolitics, like the crude prices. What, what part of our cost or how, what percentage of our cost is, directly kind of impacted by the increase in, crude prices? If you talk about highway sector, road sector or transport sector, it is almost 40% of the cost. 30%-40%. 15% fuel. 20%-25% Bitumen. Because raw material also somewhere is, you know. Transported. It is to be transported. It is to be, you know, prepared by your car. It is to be, you know I mean, diesel is somewhere, somehow it is getting consumed over there, right? To 40%, I would say reasonable number, which is actually impacting our cost. 40% of cost is getting impacted because of this fuel and all that. Okay. Like, do we have a, like we would have a pass-through mechanism as well, right? Pass-through mechanism is there in normal situation. This is abnormal situation. I mean, we are also struggling right now. We have been, you know, discussing with the authorities how to, you know, get out of this situation, right? They are supportive in this time of crisis, I won't say that they are supporting. We have to, you know, develop some mechanism what to basically have some insulation from this kind of impact, right? Probably we'll come out with some more good formula also. Until then, probably we have been impacted. Okay. Thank you, sir. My last question was just a clarification. You said the two MSRDC projects are going for a rebid. Those are included in our INR 26,471 crore order book? No. No, no. No, no, no. Not at all. Those projects are annulled. Those process is annulled, so it is already out from our bid, out from order book. We never include L1 in our order book. Okay. Thank you, sir. Yeah. Thank you. Thank you. We will take the next question from the line of Vishal Periwal f rom PL Capital. Please go ahead. Yes sir, thanks for the opportunity. Sir, [Non-English content] geopolitics has an impact on execution. just to understand since our order book is from NHAI [Non-English content], Maharashtra State Government [Non-English content], any authorities are they saying like you know to slow down execution or probably like you know there is a delay in the payment for us [Non-English content] can you share something if we have to make a relation with the geopolitics? [Non-English content] [Non-English content] [Non-English content] Okay, [Non-English content] second sir related to this margin [Non-English content]. B ut just to understand since NHAI [Non-English content]? [Non-English content] [Non-English content] Sure sir, I think this is helpful sir. I will come back in the queue. Thank you. Thank you. We will take the next question from the line of Mudit Bhandari from IIFL Capital. Please go ahead. Hi sir, thank you so much. Sir, we said we got two [Non-English content]. [Non-English content] Okay, which one is which we are executing? Western. Western Pune Ring Road Western Pune Ring Road. Western Pune Ring Road company project. Got it, got it. For that ID is received. Work is already in progress. Got it. Lastly, any update on sir income tax search which happened in I think October 2025? [Non-English content] I think beyond that we haven't received any I mean communication is there. They have you know shown some material. We have also replied them, right. It is up to them they will be doing some because this is a process which we have to follow. They will be coming up with their so called notices going forward and we have to file our return back and so far nothing material probably which I would say we have to find out, right. Understood sir. It is regarding which period? See, search is generally for last six plus current year period. It is for seven years, right. It is as per law. I mean they have to cover they can go up to six year back, right. Understood, understood sir. Thank you so much. Thank you. Thank you very much. Ladies and gentlemen, we will take that as a last question and with that concludes the question- and- answer session. I now hand the conference back to the management for closing comments. Over to you, sir. [Non-English content]. Thank you. Thank you members of the management. On behalf of HDFC Securities, that concludes this conference. Thank you all for joining with us today and you may now disconnect your lines. Thank you. Thank you.