Ladies and gentlemen, good day and welcome to the G R Infraprojects Limited Q1 FY 2027 earnings conference call hosted by HDFC Securities Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company and may 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. From the management, we have Mr. Ajendra Kumar Agarwal, Managing Director, Mr. Anand Rathi, Group CFO, and Mr. Ankit Maheshwari, Deputy CFO. I now hand the conference over to Mr. Parikshit Kandpal from HDFC Securities. Thank you, over to you, sir. Thank you, Anuvab. I'll just hand over the call to the management without taking much time. Ajendra ji will start the proceedings with a brief overview of the industry, followed by a financial presentation by Rathi ji and Ankit. Over to you, sir. Thank you, Parikshit ji. Good afternoon, ladies and gentlemen, and a warm welcome to the Q1 FY 2027 earnings conference call of G R Infraprojects Limited. Thank you for taking the time to join us today. I am joined on this call by Anand Rathi, Chief Financial Officer, and Ankit Maheshwari, Deputy CFO of the company. I will begin by sharing an overview of our financial and operational performance during the quarter, along with our perspective on infrastructure sector. Thereafter, Ankit ji will take you through the financial performance in detail, following which we will open the floor for questions. During Q1 FY 2027, the company recorded revenue from operations of approximately INR 2,423 crore, representing a growth of 32.71% compared to corresponding quarter of the previous financial year on standalone basis. Adjusted EBITDA margin stood at 11.01% for the quarter, as against 12.17% in the corresponding period last year. During the year, the company maintained a debt-equity ratio to 0.03, which is continued to remain among the best in the sector. As of July 1st, 2026, our order books stand at approximately INR 25,300 crore. Bids aggregating to approximately INR 32,000 crore are yet to be opened. During the quarter, three COD of Amritsar-Batala in Punjab and Yamuna projects in UP have been received. As on date, appointed date of three projects amounting to INR 7,250 crore are still awaited. I would like to reiterate that the company's growth strategy is not limited to the road sector alone. We continue to see growing opportunity across metro, railway, power transmission, logistics and warehousing, tunnel, battery energy storage system, telecom infrastructure, and oil and gas sectors. Considering that, we believe greater participation of private capital supported by improved long-term financing mechanism and clear concession structure shall support the expansion of infrastructure sector and create additional opportunity for experienced EPC players. The pace of project award may vary across sector, we remain positive on the overall infrastructure outlook for India. The country continue to have a significant long-term infrastructure requirement, supported by sustained public investment and growing private participation. Let me now briefly touch upon the key sector developments. In transportation sector. The transportation sector continue to present a strong opportunity, with an overall pipeline of around INR 3.85 lakh crore, comprising approximately 78% of highway, 16% in railway, and 6% in metro. The government is also working to revive private sector participation in highway development through a new toll-cum-annuity model. Combining feature of BOT and HAM, the proposed framework would provide 10%-25% upfront government support for project requiring higher levels of visibility gap funding, while allowing concessionaire to retain toll revenue over a fixed 20-year concession period. The revamped BOT toll framework is also expected to bring over 10,000 km of projects into the private bidding pipeline. The newly introduced urban decongestion policy is expected to strengthen center-state coordination, with greater state participation in planning and financing ring roads, bypass, and other urban connectivity projects. The railway sector also continue to move towards corridor-based capacity creation, freight decongestion, and technology-led operations. During the quarter, the government approved multiple multi-tracking projects with an aggregate investment of approximately INR 48,000 crore. Continued investment in safety, signaling, and communication infrastructure contribute to strengthen network capability and reliability. In power transmission, the power sector is entering a period of structural reform, with the government preparing the first major overhaul of the national electricity policy. The proposed policy is expected to address the issue around transmission and distribution network access, tariff rationalization, and power subsidies, with potential implications for investment and private participation across the power sector. As renewable energy generation expands, the sector's next phase of growth is expected to increasingly focus on developing high-capacity transmission networks to evacuate power from renewable-rich regions. The sector is emerging as a significant infrastructure opportunity, with industry estimates indicating transmission CapEx of around INR 5 lakh-INR 6 lakh crore between FY 2027 and FY 2032. Thermal and hydro. Backed by a strong government-led project pipeline, the thermal and hydro segment represent an estimated opportunity of INR 1 lakh crore approximately over the next five years. The government also strengthened policy support for energy storage, with proposed INR 15,000 crore viability gap funding scheme for 112 GW of storage capacity, including 50 GW of pump storage. In oil and gas, the government has approved INR 84,000 crore incentive package to accelerate deepwater exploration and attract foreign investment, including support of up to 50% of exploratory drilling costs. The government is also stepping up efforts to expand domestic oil and gas exploration with 46 new exploration blocks under Open Acreage Licensing Policy, 10th and 11th, covering over 2.6 lakh sq km offered under the latest OALP rounds. In logistics and warehousing, the logistics and warehousing sector also presents a significant long-term opportunity, with industry estimates indicating that India could require around 216 multimodal logistics parks by 2047 to support the growth of freight movement and improve supply chain efficiency. The government is also working to strengthen the Model Concession Agreement framework for multimodal logistics parks, with objective of improving project viability and facilitating greater private sector participation. The warehousing sector is witnessing strong investment momentum with institutional investment in Indian warehousing rising 53% year-on-year to around INR 500 crores. The warehousing sector is also expanding beyond traditional metropolitan markets, with many Tier 2 cities emerging as new warehousing hubs, supported by improving connectivity, growing consumption, and industrial activity. I would like to thank our clients, vendors, partners, employees, and shareholders for their continued trust and support. With that, I now request Ankit to take you through our financial performance in detail. Thank you. Thank you, sir, and good afternoon, everyone. I'll start with the key highlights of quarter one performance. The standalone revenue from operation was INR 2,423 crores approximately in the quarter ended June 2026, which has increased by 32.71% year-over-year compared to INR 1,826 crores in quarter ended June 2025. The consolidated revenue from operations was INR 2,784 crores in quarter ended June 2026, which has increased by 40% year-over-year compared to INR 1,988 crores in quarter ended June 2025. The standalone EBITDA margin stood at 11.02% in quarter ended June 2026 from 12.65% in quarter ended June 2025. The decrease was primarily on account of higher consumption and material costs. The EBITDA margin at group level has decreased to 16.8% in quarter ended June 2026 from 20% in quarter ended June 2025. Profit After Tax at standalone level decreased to INR 203.63 crores in quarter ended June 2026 as compared to INR 215 crores in quarter ended June 2025. Profit After Tax at consolidated level increased INR 358 crores in quarter ended June 2026 compared to INR 244 crores in quarter ended June 2025. The PAT in the current quarter includes exceptional item of INR 46 crores related to gain on dilution of interest in associates from 43.56% to 31.58%. The standalone net worth stood at INR 9,074 crores at the end of June 2026. Sorry to interrupt, sir. I would request you to come a little closer to the microphone because your voice is fading away every now and then. Thank you. Sure. Am I audible now? Much better, sir. Please go ahead. The standalone net worth stood at INR 9,074 crores at the end of June 2026. It was INR 8,869 crores at the end of fiscal 2026. The net worth on consolidated level is INR 9,750 crores at the end of June 2026. It was INR 9,391 crores at the end of fiscal 2026. The total standalone borrowings outstanding at the end of June 2026 is INR 239 crores, with debt to equity of 0.03 x. The total consolidated borrowing outstanding at the end of June 2026 is INR 5,286 crores, with debt to equity of 0.55 x. During the quarter, the company has made additions to the fixed assets amounting to INR 22 crores, with a net block of property, plant and equipment, which is INR 1,019 crores at the end of current quarter, June 2026. Investment in the subsidiary companies in the form of loan and equity are INR 2,435 crores at the end of June 2026. The balance equity contribution required to be made to the HAM and BOT projects is INR 3,346 crores, of which we are expecting contribution of approximately INR 900 crores-INR 1,000 crores in FY 2027. Working capital days at the end of June 2026 is 148 days, as compared to 128 days at the end of FY 2026. The increase is primarily on account of increase in debtor and inventory days. The trade receivables at the standalone basis are INR 2,655 crores, including INR 1,784 crore HAM debtors at the end of June 2026, and the trade receivables at the consolidated level are INR 1,091 crores at the end of June 2026. The unbilled revenue, at the standalone basis, is INR 938 crores at the end of June 2026, and unbilled revenue at the consolidated level is INR 498 crores at the end of June 2026. Inventories are at INR 863 crores at the end of June 2026 compared to INR 739 crores at the end of fiscal 2026. I would sincerely like to thanks again to everyone. On behalf of G R Infraprojects Limited, I thank everybody. Thank you. Thank you. We now open the forum for questions. We will now begin with the question- and- answer session. Anyone who wishes to ask a question may press star one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to use handsets when asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Shravan Shah with Dolat Capital. Please go ahead. Thank you, sir, and congrats on the good set of numbers, particularly on the execution front. Couple of questions. Sir, first, broad in terms of the guidance. Previously we were looking at revenue at a standalone level for FY 2027, 15 odd% kind of a growth. Now we have already done a much better number in the 32%-33% in the Q1. How one can look at the FY 2027 revenue. Then going forward, in terms of the FY 2028 onwards, can we see this execution rate to inch up even 20%+ kind of a number? Thank you, Shravan. Ankit here. Yeah, I mean, quarter one, we have been able to achieve 30%+. For the year, our guidance remains the same, around 15%-20%. Next year, depending upon the order inflow, et cetera, we expect that, yes, we can reach closer to 20% of the growth. Okay. On the margin front, 10.5%-11% we were looking at. Still given the commodity prices, and that's why we are still maintaining the same, or can we see 11%, what we have done in the Q1, can we even maintain or maybe some improvement is also possible there? I mean, if you see current scenario, 10%-11% would be the range. Let's see how the macroeconomic factors evolve after some time. Marginally, things can improve also. We think that 10%-11% would be the right range. Yeah. Now the main in terms of the inflow. How one can look at the inflow, which we were looking at INR 20,000 crore-INR 25,000 crore. How much we are looking at, sir, as mentioned that close to INR 32,000 crore which we have submitted, which is yet to be opened. If you can also split it in terms of the segment-wise, what we are looking at and what we have bidded will be helpful. I would like MD Sir maybe. [Non-English content] projects [Non-English content] pipeline [Non-English content] segment wise [Non-English content] road sector [Non-English content]- Around INR 28,000 crore. [Non-English content] Sir, [Non-English content] road will still remain the major one. [Non-English content] number achievable [Non-English content] discussion [Non-English content] See, road [Non-English content] INR 28,000 crore which we are talking about. It is actually transportation, which includes metros. Right? [Non-English content] It is not only roads. Surface transport [Non-English content]. Okay. [Non-English content] 5,000 km that they want to award in this year more than [Non-English content] still transmission, oil and gas [Non-English content] opportunity [Non-English content] in terms of the inflow. There is no restriction. Transportation [Non-English content] there is no restriction. I mean, only issue is [Non-English content] bandwidth [Non-English content] [Non-English content] transportation [Non-English content] issue. Only thing is on transmission side, on oil and gas side. Those are the new sector where we are also developing our team. [Non-English content] time [Non-English content]. Probably, for example, oil and gas may be there, the government has come up with the incentive scheme, right? [Non-English content] [Non-English content] we may not be fast tracking that particular sector. Road [Non-English content] such thing [Non-English content]. Road [Non-English content] INR 5 lakh crore [Non-English content], we can take INR 20,000 crore of the orders, right? There is no issue in terms of transportation, [Non-English content] road [Non-English content] rail [Non-English content], whatever. We are targeting both. I mean, for the current year, what we are targeting is because we are looking at each and every model of the road transport. [Non-English content] we are looking at EPC, we are looking at HAM, we are looking at BOT. BOT and Annuity both are BOT, whatever way. We are comfortable with each and every model. What we are targeting for the current year, road sector [Non-English content] around INR 14,000 BOT. Right, total order book [Non-English content] that incoming order [Non-English content]- Around INR 14,000 crore of the inflow which we are targeting in road sector. [Non-English content] depending on that competition, it may come down, it may go up. I mean, in terms of capacity, in terms of capabilities, basically there is no hindrance. We can go up to INR 15,000 crore, INR 18,000 crore. Depending on that competition which exists in the sector, [Non-English content]. Idea is this is our guidance, this is our target. Plus or minus 10% [Non-English content], which we are comfortable. Appointed date [Non-English content] Total equity investment for next phase around 3,000- 3,000. INR 3,000 crore, INR 3,300 crore [Non-English content] for next year, which is already committed [Non-English content]. Largely next year [Non-English content], to maybe October and November. [Non-English content]. I think most of the condition precedents have already been over, have already been complied. I think we are confident we will be getting that appointed date in the month of October-Novembe r [Non-English content] because those projects we have received in March [Non-English content], again that would be in the month of December. [Non-English content] projects are will be targeting the appointed date would be- Coming December. Okay, sir. Thank you and all the best, sir. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Vaibhav Shah with JM Financial. Please go ahead. Yeah. Sir, what would be our revenue from T&D vertical in first quarter? The T&D vertical first quarter revenue was approximately INR 110 crores. INR 110 crore? Yes. Okay. Growth was mainly driven by highway loading in first quarter. There are three sectors, I would say. Transport, which includes, of course, highways. Second was PT&D, because if you see previous quarter, I mean, the previous financial year, it was INR 75 crore and this quarter is INR 110 crore. Also from the oil and gas business unit. Three sectors were the major contributors. What was O&G revenue this quarter? O&G revenue this quarter is INR 270 crore. Our target for the entire year for O&G? Entire year for the target is approximately INR 1,000 crore+. 1,000 +. Okay. Secondly, on the order inflow guidance, is the total number will be maintained around INR 22,000 crore combined? The target, as Anand ji already explained, sector-wise, depending upon how the bid inflows happen, it could be ±10% also. Around that INR 20,000 crore mark. Correct. Okay. Yeah. Thank you, sir. Those are my questions. Thank you. The next question comes from the line of Aditya Khetan with First Asset Limited. Please go ahead. Hello, sir. Good afternoon. Thank you for the opportunity. I wanted to know your view on the opportunity presented by the hydrogen rail program and which part of the entire value chain does the company expect to participate in? What meaningful growth driver can come in the medium term from this new project of the government? Yeah. Though it's a good initiative, of course, by the government. Presently, from our strategy viewpoint, we are not exploring that particular sector. Okay. Are you not actively involved in this project at all? In the hydrogen field? No. Okay. Fine. Do you have any more questions, Aditya? No, sir. I just wanted to know if the company is into the hydrogen rail program, because somewhere I had come across that they are actively into the fueling stage. That's it. Thank you. Participants, please press star and one to ask a question. The next question comes from the line of Vineet with Investec India. Please go ahead. Vineet, please unmute your line in case if you are on mute, and you may ask your question. Sorry, am I audible now? Yes, Vineet. Okay, perfect. Thanks. Sir, just a couple of questions. The first one is, we've had a very sharp raw material inflation, particularly related to crude in Q1 and in the last few months. How confident are you that gets compensated by the escalation clauses which we have across our projects? The same holds true for other raw material commodities as well. The crude actually, particularly, I mean, for our it is not that crude. Basically, it's a bitumen, right? Bitumen linked product, which is, I mean, petrocarbon product, hydrocarbon product, which is diesel and all, right. Particularly for bitumen, government has come up with direct circular, which is over and above that escalation clause which we are having in the contract. Its price jump in bitumen is so, I mean, it was so high, right? Which could not be covered through escalation. They came up with a direct circular, and they linked whatever bitumen which we have been applying on the road construction activities during the quarter, we have been directly compensated by the government. Of course, on diesel side, that was not the case. To that extent, our financials have been impacted, right? Diesel and related to the diesel, I mean, because for example, we are utilizing aggregate, right? Which is being crushed by the crusher where again, raw material input is the diesel, right? Or maybe electricity and all that, right? To that extent, yes. Overall impact is there on the raw material side and because of the diesel or energy-related issues, energy-related price hike. If we talk about specifically bitumen, which is direct component, which is getting utilized into our project, that is very well compensated by the government. Yeah. Understood. How about, sir, for aluminum, steel, particularly in the power transmission sector? Our transmission sector in aluminum, copper. It is more kind of speculation. Because of that warlike situation, the volatility was there, and the price variation was very high. Maybe supply chain could be one of the reasons, but it is more of speculation, probably. What we believe is that in the next three to six months, that would be again stabilized. Of course, it is impacting our project margin, but that is getting spread over the period of two years of time. Whatever raw material which we are procuring for a power transmission project, which we are procuring in the next one and a half years, it is getting spread over there. Maybe for current quarter, whatever raw material which we are purchasing, to that extent my price would be higher, but it is not getting compensated. We are not getting any escalation, at least into power transmission projects. Over the next two years, maybe this would again be normalized and the impact would not be that high. Which probably we will see in the current one or two quarters. Understood. Sir, one bookkeeping question. If I look at the other income this quarter, that was relatively on the lower side. Any particular reasons for the same? If you see the impact of other income is basically the interest and dividend which we received from the Indus Infra Trust. This quarter, that payment was in the form of capital repayment. That becomes the balance sheet item and not the P&L item. Overall, at the company level, we have received 3.5 per unit, versus 2.25 per unit in the last quarter, previous year quarter, and interest dividend income was lower. That's why you see that difference. Understood. Okay, perfect. Thank you so much, sir. Thank you. Participants, in the interest of time and fairness to others, please restrict yourselves to two questions. For any more questions, you may rejoin the queue. The next question comes from the line of Bhavin Modi with Anand Rathi Group. Please go ahead. Hello, sir. Thank you for the opportunity. Sir, how are you seeing the competition in the road sector? We have been seeing some bids getting opened in the MoRTH and the NHAI. There are still 15-20 bidders always there in the bids that are open. How do you see the competition? If we look at the highway sector in the market, there will be competition. Going forward, the way the number of projects will come, I see that the competition will reduce a bit. Right now, the way the government is focused on the BOT projects, there will be limited participation in that. Those whose benefits are strong will be able to participate. Going forward, there is a good opportunity in the highway sector. Okay. Second, sir, how do you see the competition in other sectors, like elevated metro railways. There also we are seeing the road players are entering to those phase and the competition is elevated even in that space. The way the capability of the people has been built in the highway sector, going forward, in every infra sector. Now, whether it is power transmission, whether it is elevated road, whether it is metro, the capability will be built, people's participation will increase. In the coming time, when the opportunity increases, it will be a good. In this, those whose benefits are strong will sustain. There will be healthy competition, but the opportunity will also be good. What is there in that? See, even railway, we will find that government is basically considering that HAM model in railway projects also. Those dedicated freight corridors they are talking about, those projects would be awarded under HAM model. The government is also considering more and more participation on private side rather than the EPC. The less the EPC and more capital is required. That also gives that push to basically, competition would be lesser going forward. [Non-English content] that's the only thing which we have to see. Thank you. The next question comes from the line of Uttam Srimal with Axis Securities. Please go ahead. Yes, sir. Thanks for the opportunity. Sir, my question pertains to other income. This first quarter run rate will continue in the next three quarter also? Yes. Okay. Hello? Yes, please continue. Yes. Okay. Sir, what would be our CapEx guidance for this year and the next year? For the current year, the CapEx guidance is of approximately INR 300 crores. For the next year, it shall remain INR 200 crores-INR 250 crores. Okay. That's all from my side. Thank you. The next question comes from the line of Vasudev with Nuvama Wealth Management. Please go ahead. thank you for the opportunity. Sir, if you can just give in absolute terms how much distribution we received from the InvIT in the quarter and are you planning to transfer any other asset to the InvIT in this year? Specifically, amount what you are saying is what exactly the cash flows we have received as a distribution from the InvIT, right? Yes, sir. This is around, I would say, INR 70 crore. INR 70 crore, which we have received in the current quarter. Right. The second question you asked for is that Other assets. Yeah. For current year also, we are targeting at least three, four asset would be transferred to Indus Infra Trust. Okay. Sir, what is the status of the BharatNet project? BharatNet project, we are waiting for ROW. We have started O&M activity, operation maintenance activity, which is also integral part of that project. Existing project, whatever existing project which has been handed over to us, we already started. We have not received so far that ROW where that new CapEx can be done, right? We are waiting and probably, what we believe is that again, in the month of October only, we will be able to start in terms of this project, the project CapEx. Yeah. Thank you. The next question comes from the line of Deepashree Joshi with Ambit Capital. Please go ahead. Hello, sir. Thank you for the opportunity. I just wanted to understand why the trade receivables this quarter have increased, the external trade receivables. External trade receivable largely includes oil and gas. We entered last year, and this is a new sector for us, and so far our understanding is once that project is complete, then only that project is getting that case accrual or trade receivable is getting released. Maybe another, I would say, when we start again that next cycle, we'll start realizing those trades, which will may be in the month of December to March, right? Because of that reason, and by the end of March or May, I would say May 27, we'll be able to complete that project as well. This is largely because of oil and gas sector. Otherwise, I think we are on trend. Okay. For the current year that is ongoing, the trade receivables are expected to stay elevated because you'll receive payments. Yeah. Sure. Yeah. Okay. This current project is expected to get completed by March or May of next year, right? May, right. May 2027. This is the only oil and gas project that is there in the books currently. There are two projects, right? We are bidding for. Further bidding also, through our subsidiary, we keep on bidding, and we will be doing more and more projects in the oil and gas sector. Okay. Got it. Thank you, sir. The next question comes from the line of Krish Bhatia with Anand Rathi Group. Please go ahead. Hi, my question is on the warehousing side. How much capital will be deployed in the warehousing in couple of years, and how much capital is deployed as on date? As on date, there is a deployment of around INR 130 crore, and for this current financial year 2027, we have a plan of around INR 450 crore-INR 500 crore. Okay, thank you. The next question comes from the line of Shravan Shah with Dolat Capital. Please go ahead. Sir, what is the trade payable as on June? Trade payable as on June is INR 1,073 crores. Standalone level. Okay. Anand sir has mentioned, in terms of the other income lower because of the lower interest and dividend from the InvIT side. Just to get a number correct, roughly in terms of the other income, we must have booked around close to INR 19 crore or INR 19.5 crore should be there part of other income in the Q1 at a standalone level. Yeah. No. The total other income is around INR 68 crores, of which INR 20 crore is from the InvIT interest and other interest income is INR 35 crores. Balance portion, as I already explained, was in the form of repayment of capital. If we specifically talk about other income from InvIT, that is higher compared to the previous year's quarter, that differential impact is in the balance sheet because the capital was repaid. Yeah. Got it. Okay. Yeah. That is it from my side. Thank you. The next question comes from the line of Karan Gupta with CAVI Capital. Please go ahead. Yes. Thank you for the opportunity. Just quickly on the BharatNet project, there's been significant increase in OFC costs. Is that covered under your contract or how are you managing that? What we have done. See, we are not getting any escalation. At the same time, from our vendor, we are also having fixed price contract for the optical fiber cables, right? For three years, right? There is pressure. We have to also see, how do we basically come out of this whole issue? Theoretically, yes, there is no escalation, which we are getting from our client, and we also are not supposed to pay any escalation to our vendor. Fair enough, sir. My only question. Thank you. Thank you, sir. A reminder to all participants, you may press star and one to ask a question. Participants, you may press star and one to ask a question. The next question comes from the line of Vaibhav Shah with JM Financial. Please go ahead. Yeah. Sir, what kind of revenue are we expecting from the BharatNet project in FY 2027? In the FY 2027, we are expecting around INR 400 crore from BharatNet projects. This will be the other infra works for where we'll be deploying the cables as well. It is cable and operation O&M activities. See, BharatNet includes both laying of cable as well as operation maintenance of existing project as well. Order value is roughly INR 650 crore + O&M of INR 400 crore, right? Right. INR 1,000 crore is our order. Out of INR 650 crore, we are going to do INR 400 crore in this year itself. No, not INR 400 crore out of the INR 650 crore. It would be around INR 300 crore in CapEx side, and the balance would be O&M side. No O&M. We'll be starting it in second half and we'll do INR 300 crore revenue. O&M is already started, and we'll be doing that CapEx. We'll be starting from second half. Yeah. We'll be able to do around INR 300 crore. Okay. When do we expect to start the work on BESS project? BESS, the work is already started. Only thing is, because of that geopolitical issues, the battery prices and that dollar rupee movement, we are just waiting for the time where all those external factors comes to in favor, maybe maximum of the time. We'll be altering batteries and all that, probably. That is on track. It is already started, I mean, the civil work and other items of that project is already ordered, or it is already under execution. For railway project, in MP? Which project? That is already started. Can we see a 30% annual execution this year from the project? I mean, 30%, so initially in first year, we should not target more than, I would say 15%. 15%, yeah. Right. Okay. Sir, lastly, on Agra-Gwalior, you mentioned that we may get the AD in sometime in October or November. Can we see a 10% kind of execution this year? Yeah. Very much. Yes. Okay. Thanks a lot for my questions. The next question comes from the line of Diya Jain with Sapphire Capital. Please go ahead. Hi, sir. Am I audible? Yeah. Yes, we are. What kind of revenues are we targeting for FY 2028 and also the margins, sir? FY 2028, if we target 20% growth, probably it would be in the range of INR 11,000 crore-INR 12,000 crore kind of revenue, which we are targeting for FY 2028. The margin, yes, of course, we are expecting in the same range. That again, depends on how those macroeconomic situations pan out for the very next six months basis, that probably my margin may be on plus side or minus side. Yeah. Okay, sir. Thank you. The next question comes from the line of Sudeep Bora with Ambit Capital. Please go ahead. Thank you for the opportunity, sir. Sir, I wanted to understand, like in Q1 we had a more than 30% kind of a jump in revenue as compared to last year. For full year FY 2027, we are guiding 15%-20% kind of growth. What is stopping us from, say, 25%-30% growth this year, considering we have a strong order book? See, in current quarter, we witnessed around almost 30%. Now the second half could be more guided by how early and how fast we will be getting that appointed date. Our target is that we'll be getting in the month of October or December. If there is any delay, then probably we may not have that. Monsoon also. The pattern of monsoon, which we have seen in last two to three years, is running up to the month of October. We are practically starting on ground in the month of November. All construction-related activities are generally getting started in the month of November. This is our own previous experience we are targeting. Yeah, that could be a possibility that we can witness 25% of growth on annual basis. If there's any positive growth, there is positive deviation, I don't think there would be an issue. Yeah, that is our rough estimate. Okay, understood, sir. Last time, we had this labor issue right in Q4. That has got completely resolved, or how is the situation right now? Yeah. Labor issue is not there. Last time it was because of Bengal election and all that. Those issues were there, but yeah. Now there is no issue. Now it is more on material side, not on manpower side. Okay. Thank you, sir. Those were my questions. Thank you. The next question comes from the line of Parikshit Kandpal with HDFC Securities. Please go ahead. Parikshit, thanks for the possibility. My question is, now we are building credentials in the oil and gas side and in the past we have done transmission. Just wanted to understand from the export markets point of view, especially Middle East, which is a big market for both oil and gas and transmission. Do we have any strategy over the next two, three years given that the road sector has significantly slowed down over the last two, three years? How are you thinking about expanding beyond India? First, in both these sectors, we will first develop our credentials at the domestic level. On top of that, once we gain confidence and establish our foothold in the market, then we will look at the international market. Right now, in the next one to two years, we do not have any focus on international business. The thing in that is, moreover, power transmission, I would say, is a huge opportunity over there in India itself. That is one thing. At the same time, oil and gas also, because of this war situation. Even there the government is focusing more. Oil and gas also does not have much challenge for us to go abroad. The reason being the environment is the same, largely, if we are working in the sea. The government is also focusing a little on India, in oil and gas sector as well. What we also believe is that for next two years at least, there are ample opportunities in India also. Though we are also manufacturing transmission tower as well. We have set up that manufacturing facilities, to make transmission tower. Probably we are expanding also. We already started in existing premises. Now we will expand that as well for manufacturing of more transmission tower. If we are able to, let's say. Reason being why we enter into that manufacturing is because there is a challenge which we are facing, that we are not getting the tower on time. Point is that market exists in India itself. If we get it over the next two years, we believe that or we observe that, okay, we are having more than sufficient facility in India. If we are able to cater Indian project as well as we are having surplus capacity, certainly we'll move to international market as well. [Non-English content]. There is no need to basically. At least for next one year, we are establishing ourselves in India. Maybe after one year, we will start looking into outside India as well. One question is for Ajendra. Recently, in the last three months, we are thinking or we are hoping that the roads ordering will pick up in India. Every time we talk about every quarter, we talk about some trillions of opportunity or bid pipeline from NHAI, which doesn't convert on the ground in terms of ordering or execution. Sir, what needs to be changed on the ground or what according to you could change, wherein the ordering comes back? Any color from the government interactions that now the bids are going to come maybe towards the year-end, maybe towards the second half or next year. Why road ordering is not happening according to you, and what will drive it back? [Non-English content] opportunities in the market, they are not being able to convert. In the coming time, I feel that the government's investment philosophy, initially, the government focused more on EPC projects. The policy is they want more participation of private sector. [Non-English content] [Non-English content] policy [Non-English content] । policy [Non-English content] projects [Non-English content] policy [Non-English content] finally [Non-English content] projects [Non-English content] government [Non-English content] BOT [Non-English content] concession agreement [Non-English content] BOT plus HAM [Non-English content] once policy final [Non-English content] projects [Non-English content] projects pipelines [Non-English content] requirement actually infrastructure huge [Non-English content] city [Non-English content] traffic [Non-English content] condition [Non-English content] highway [Non-English content] condition [Non-English content] huge requirement logistics [Non-English content] requirement [Non-English content], government focus [Non-English content], but [Non-English content] change [Non-English content] government [Non-English content] discussion [Non-English content] opportunity [Non-English content] next quarter [Non-English content] opportunity [Non-English content] market absorb [Non-English content] discussion [Non-English content] But reality, no doubt, [Non-English content] Okay. Mr. last question sir, [Non-English content]. Now we have INR 2,400 crore invested. We have pending INR 3,300, INR 3,400, which will take the total investments to INR 5,700 upwards of between INR 5,500-INR 6,000 in next three years, which will be residual equity investment spending and invested in all the assets. Still we have INR 2,000 crore of units in the in-weight. This will take the number to INR 8,000 crore. In the next three years with monetization, there will be huge cash flows plus the dividend income. It is incurring dividend income over many years. How do you think this will get distributed or utilized in the business? Because there seems to be a huge value which is getting created. I mean, even if I multiply it 1.5 x, 1.3x, 1.4 x price to book. The number looks to be quite big, in fact, more than the market cap. How do you think this will get utilized over a period of time? For that reason only, because [Non-English content], that's why we are also equally interested in BOT projects just to deploy whatever cash accruals which we are having on other assets. That's how we are targeting that we diversify into more business where we can deploy our capital with a meaningful return. [Non-English content]. Hence we are targeting the transmission, we are targeting[Non-English content] also we are deploying. We believe that we are getting or we are hopeful of getting good returns over there as well. [Non-English content]. More BOT, [Non-English content], see, even for example, if we are able to get INR 10,000 crore or INR 8,000 crore of BOT as well, then also at least 30%, INR 2,400 crore [Non-English content]. Right? Government intent is also to have more and more private participation. We are equipped. We are just waiting for right opportunities. I mean, how to and where do we deploy this capital. We are quite hopeful we will be able to deploy because [Non-English content]. Whatever limited understanding which we have right now, I am having interaction with government authorities and that's the news items. Probably we will be able to deploy. Thank you, sir. Okay. Thank you. Ladies and gentlemen, we will take that as the last question for today, and I would now like to hand the conference over to the management for the closing remarks. I would like to express my sincere appreciation to all our investors, analysts, and stakeholders who joined our investor call and engaged with us with their questions, insights, and perspective feedbacks. The interaction provided us with an opportunity to share our performance, strategical priorities, and our roadmap for the future. We greatly value the confidence and continued interest the investment community place in our company. We look forward to continuing this dialogue and sharing our progress with you in the quarters ahead. Thank you for continued participation and belief in our journey. Thank you. Thank you, sir. Ladies and gentlemen, on behalf of HDFC Securities, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.