HDFC Securities Limited. Ladies and gentlemen, good day and welcome to G R Infraprojects Limited Q2 and H1 FY27 earnings conference call hosted by Today we have with us Mr. Ajendra Kumar Agarwal, Managing Director. मिस्टर अंकित महेश्वरी, डेप्यूटी सीएफओ 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 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 the conference call, please signal for an operator by pressing star then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Parikshit Kandpal. Thank you, and over to you, sir. Thank you, Shaya. So without taking any further time, I hand over the floor to Mr. Ajendra Agarwal for his opening remarks and industry overview, followed by detailed financial analysis by Ankit. Over to you, sir. Thank you, Parikshit ji. Good afternoon, ladies and gentlemen, and a warm welcome to the Q2 financial year '27 earning call of G R Infraprojects Limited. Thank you for taking the time to join us today. I am joined on this call by Mr. Ankit Maheshwari, Deputy CFO. 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, we will open the floor for questions. Through to financial year '27, the company recorded revenue from operations of approximately rupees 2,019 crore. representing a growth of 64% compared to corresponding quarter of the previous financial year on standalone basis. Adjusted EBITDA margin stood at 9.29% for the quarter as against 9.75% in the corresponding period last year. In the year, the company maintained a debt-equity ratio to 0.04 times, which is continue to remain among the best in the sector. As of 1st October 2026, our order book stands at approximately ₹24,577 crore. Further, bids aggregating to approximately ₹19,346 crore are yet to be opened. We have received the appointed date of Agra Gwalior DBFOT coal project. As on date, appointed date of 2 projects amounting to ₹3,562 crore is still awaited. Here, all, we are seeing early sign of a broader investing cycle with improving private sector capital formation and increasing institutional participation in infrastructure financing. At the same time, the focus is shifting towards integrated connectivity, energy transition, and strengthening logistic and warehousing infrastructure. We remain positive on opportunities it creates for experienced developers and EPC players. Particularly those with the capabilities to execute complex, large-scale infrastructure projects. Let me now briefly touch upon the key development across our focus sectors. In transport sector, as we know, MoRTH has identified PPP project pipeline with estimated cost of more than ₹8 lakh crore for next 3 years. Of which Bihar state has received recently approval of project with estimated cost of ₹1.64 lakh crore. This reinforced the continued emphasis on expanding national highway connectivity. The government is also taking steps to strengthen private sector participation through revision to the BOT. Whole connection framework alongside the technology-led initiatives such as barrierless tolling and automated construction. The railway sector continues to prioritize capacity expansion, freight decongestion, and network modernization. The government recently approved 8 multi-tracking projects with the total estimated cost of ₹21,000 crore. In August, the PPP Appraisal Committee recommended 6 new railway line projects involving track construction, electrical and signaling system, tunneling, viaducts, and bridges for the consideration by the competent authority under the hybrid And In tunnels and hydro, the hydro and pump storage sector continues to present a significant multi-year opportunity. As of August 2026, India has 7.43 gigawatts of operational PSP capacity across 10 projects. Further, 10.40 gigawatts across 8 projects has been appraised by the Central Electricity Authority. CEA estimates the requirement of 73.93 gigawatts of storage capacity by 2031-32. We believe this creates a strong opportunity aligned with our capabilities in hydro and underground construction. In power transmission, the power transmission sector continues to witness significant investment. Driven by the need to locate renewable energy and strengthen grid infrastructure. Recent key development was the approval of Green Energy Corridor Phase 3 with a total outlay of approximately ₹1. 86 lakh crore, including ₹1.36 lakh crores towards interstate transmission infrastructure. In oil and gas, a recent significant development in the sector was the approval of ₹84,000 crore Samudra Manzan scheme to accelerate domestic offshore exploration and production. Through financial year 2030-31, scheme provides extensive seismic survey, 60 deepwater exploration wells and the development of common offshore infrastructure alongside dedicated manufacturing and service zones. The scheme also provides government support of up to 50% of eligible drilling costs. The government is also continuing to expand domestic exploration through successive open aggregate licensing policy. Logistic and warehousing. Institutional investment in industrial and warehousing asset reaches approximately ₹3,500 crore during January-September representing a 15% increase in the corresponding period of 2025. Union Cabinet approved the establishment of Integrated Transport and Logistics Authority. Special purpose vehicle to improve coordination and integrate planning across road, railway, port, shipping, aviation, inland waterways, and logistics. In September 2026, DPIIT announced work with the Asian Development Bank on a grading and rating framework of warehouse and cold chain facilities. The initiative is intended to improve quality standards and create modern facilities and support formalization of the sector. I wish you and your families, include our clients, lenders, partners, employees, and shareholders, a very happy and prosperous Diwali. I'm handing over to Mr. Ah, thank you, sir, and good afternoon everyone on the call. Um, would now take you through the key highlights of the quarter 2 financial performance. The standalone revenue from operation was ₹2,019 crores in the quarter ended September 26th, which has increased by 64% approximately year over year. Compared to ₹1,234 crores in the quarter ended September 25th. Consolidated revenue from operations was ₹2,325 crores in quarter ended September 26th. By 45% year over year compared to ₹1,602 crores in the quarter ended September 25th. Standalone EBITDA margin stood at 9.49% in quarter ended September 26th from 9.76% in quarter ended September 25th. Margin at group level, uh, has decreased to 18.63% in the quarter ended September 26th from 24.16% in quarter ended September 25th. Profit after tax at standalone level increased to ₹161 crores in the quarter ended September 26th compared to ₹131 crores in the quarter ended September 25th. Profit after tax at consolidated level increased to ₹290 crores in the quarter ended September 26th as compared to ₹189 crores in quarter ended September 25th. Standalone net worth stood at ₹9,235 crores at the end of September 26th. It was ₹8,869 crores at the end of fiscal '26. The net worth at consolidated level is ₹10,042 crores at the end of September '26. It was ₹9,391 crores at the end of fiscal '26. The total standalone borrowing outstanding at the end of September 26th is ₹340 crores approximately, with debt-to-equity of 0.04 times. And the total consolidated borrowing outstanding at the end of September '26 is ₹5,938 crores with debt-to-equity of 0.60 times. During the quarter, the company has made additions to the fixed assets amounting to ₹60 crores. The net block of property, plant, and equipment including CVIP intangibles is ₹1,015 crores at the end of quarter September '26. Investments in the subsidiary companies in the form of loans and equity are ₹2,687 crores approximately at the end of September '26. And the balance promoter equity contribution required to be made to the HAM/BOT projects is ₹3,163 crores. Of which the company is expecting to contribute approximately ₹500 crores in the remaining year. It's called 27. Working capital in days at the end of September '26 is 152 days compared to 128 days at the end of fiscal '26. Uh, the increase is primarily on account of increase in, uh, debtor days and inventory days. Trade receivables at the standalone basis are ₹2,636 crores, which includes HAM debtors of ₹1,490 crores. At the end of September '26, and the trade receivables at the consolidated level are ₹1,181 crores at the end of September '26. Unbilled revenue at the standalone level is 100 1,132 crores at the end of September '26, and the unbilled revenue at the consolidated level is 618 crores at the end of September '26. The inventory levels are at 842 crores at the end of September '26 compared to 739 crores at the end of fiscal '26. I would also like to thank to all our stakeholders. Including employees, business partners, vendors, bankers, and auditors who have supported the company. And further, I would also like to wish you and your family a very happy Diwali in advance. Thank you. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. 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 Shravan Shah from Dolat Capital Private Limited. Please go ahead. Uh, hi, uh, thank you, sir. Uh, uh, Ankit sir, uh, can you just repeat the unbilled revenue at console and standalone level which you just mentioned? Unbilled revenue at standalone basis is ₹1,132 crores, and at consolidated level it is ₹618 crores approximately. the growth for full year or maybe the balance second half? Okay, got it. Uh, so sir, uh, now, uh, coming to the question front. So in the, uh, first is, uh, can you, can you explain me if I look at the difference between the Q1, Q2 order book, the differences is very, very 750-odd crore versus 2,000 crore 19 revenue that we have booked. So, uh, why this revenue is, uh, difference is that, and now given that in 1H we have already done 45% kind of a growth, ₹4,442 crore. So, and we were looking at just a 15% kind of a, uh, 15-20% kind of a growth for this year. So how now we can look at Yeah, sure. So, uh, considering, uh, you know, the growth which we have witnessed in H1 of this fiscal we are expecting that the growth, you know, would be closer to 20%. And for the remaining of the year, approximately ₹5,000 crores worth of revenue we are expecting, uh, you know, from all our business units as far as top line is concerned. Okay, now regarding— yeah, so not material improvement. So current 1H, uh, 4,400, so 550-odd crore extra. Revenue that we are looking at in the second half versus our first half. Yeah, that's right. But overall, if you compare with the previous year, uh, it will give us the growth of approximately 20%. So earlier, from the guidance perspective, uh, you know, we were projecting around 15%. But that we are now, uh, kind of increasing marginally closer to 20%. And then going forward, uh, '28 also, this similar 20% kind of a growth, uh, one can look at. हाँ सर वही उसी चीज़ पे सर मैं आ रहा था इनफ्लो के ऊपर ही क्योंकि वहाँ पे ही वी आर द लैग इन द कंपेयर्ड तू ऑल अदर पीयर्स आल्सो तो सर का अभी कैसे हमने आपने बोला कि बीट 19,300 किया साढ़े 300 है करोड़ अपॉर्चुनिटी तो है ही अक्रॉस तो सर कैसे कौन से सेक्टर में कितना हम लोग देख रहे हैं हजार और पूरे साल करोड़ में जो हम लोग आएगा सोच रहे इनफ्लो थे कि कि 20-25 तो सर कैसा लग रहा है कि कितना हो सकता है प्रैक्टिकली और अगर जो भी हो रहा है वो ये नवंबर डिसेंबर में कुछ दिख रहा है कि कुछ हो सकता है कि जो भी में है वो ही सीधा दिखेगा फेब्रुअरी मार्च और वो उसमें से मेन अपना ट्रांसपोर्ट मतलब रोड एंड रेल और शुड बी मतलब चौदह पंद्रह हजार ही करोड़ देख मेनली हमलोग रहे ट्रांसपोर्ट हैं। में ओके बट बट सर जो कॉम्पटीशन जिस हिसाब से दिख रहा है तो फिर भी हमलोग कॉन्फिडेंट का हैं टारगेट कि अपना 20 हजार करोड़ ओके ओके आह एंड सर ये दो हैम प्रोजेक्ट के अपॉइंटेड डेट अभी ये दिसंबर तक आ जाएंगे अंकित सर ये जो इक्विटी जो बचा हुआ है मतलब 500 करोड़ हम सेकंड अप में तो बाकी का मतलब 2500-2600 कैसे करोड़ है होगा? वो 2829 में 2500 कोड FY28 में सिंगल ईयर में ही we will be putting और FY28-29 में half of kind of a split होएगा। मार्जिन सर दिख रहा है कि ऐसा कुछ इम्प्रूवमेंट ये भी आप नौ दस परसेंट टाइप ही होएगा कि कभी दैट हो इज़ अ सकता पॉसिबिलिटी है मतलब कि मार्जिन आगे अभी जाके हम ग्यारह परसेंट Yeah, I mean, see, of course, subject to the order inflows and project executions, we can reasonably target, you know, a growth of around 15% in the next fiscal. तो अभी देखें एस ऑफ सितंबर 26 अराउंड 3,100 करोड़ यू नो इज़ द कमिटमेंट विच इज़ रिक्वायर्ड टू बी इनफ्यूज्ड तो जिसमें से अभी 500 करोड़ अपने बैलेंस फ़िसिकल में हो जाएगा, नेक्स्ट ईयर की भी अगर हम बात करें, तो अराउंड ईयर 2500 में करोड़ रहेगा। का फिर नेक्स्ट मतलब थ्री थाउजेंड वन हंड्रेड में पांच सौ इसमें से चला जाएगा तो आपके पास ये अराउंड सत्ताईस सौ बचेगा। और फिर accordingly वो next to next fiscal year के अंदर accordingly distribute होगा depending upon project progresses। ठीक है सर थैंक यू एंड ऑल द बेस्ट एंड श्रवण आल्सो कमिंग बैक तू योर क्वेश्चन ऑफ़ दी ऑर्डर बुक मूवमेंट सो इट इज़ द नेट ऐडेड इम्पैक्ट पॉजिटिव यू नो ऑफ़ दी चेंज प्रोजेक्ट ऑफ़ विच स्कोप वी हैव एस्केलेशन एंड मेंटेनेंस रेवेन्यू तो दैट्स दी नेट इम्पैक्ट ऑफ़ 743 करोड़ यू सी Okay, thank you, sir. इसमें क्या है कि अपन एक्जीक्यूशन पॉइंट ऑफ़ व्यू से पूरी तरह से कॉन्फिडेंट है कि कर अपन सकते 20 परसेंट तक हैं। एजीव आराम से पर ओर्डर इन्फ्लो के अभी भी थोड़े से चैलेंज बनेंगे। उसको देखते हुए अगर ओर्डर इन्फ्लो प्रॉपर रहता अपने हैं इस पर टारगेट होगा, तो निश्चित क्रॉस तौर करेंगे। से उसको टारगेट को नहीं अभी टेंडर सबमिट भी किए हैं उनमें भी अपन को एक्सPECT कर रहे हैं कि कुछ टेंडर अपने को मिलने चाहिए अभी कुछ प्रोजेक्ट्स थे जो के व्हाटेवर अंदर अपन L2 रहे दो तीन रीजन बड़े प्रोजेक्ट्स मतलब उसमें गैप भी था लेकिन जो बिटर थे कुछ कॉम्प्लिकेशन की वजह से अपने एल टू रही अदरवाइज उन प्रोजेक्ट में अपने एल वन होने के पूरे अच्छे चांसेस थे मुझे भी लगता है बाने वाले टाइम में जिस अभी अब जो तरह जिस से तरह से कॉरपोरेट प्रोजेक्ट में सही जाए इसमें जो नेटवर्क का क्राइटेरिया भी लिया है, अपने को प्रोजेक्ट मिलने चाहिए। अभी क्या है अगर प्रोजेक्ट के की प्रोजेक्ट साइज़ देखें तो 4000 कोड, आ रहे 3000 कोड, हैं। 5000 कोड उसमें हमने ले अच्छे चांसेज हैं कि अपने जो टारगेट है उसको अचीव करें अभी हम इसलिए गाइडलाइंस अपनी यही है तो पहले ट्वेंटी थाउजेंड कोड कर का रहे जो प्रोजेक्ट हैं उसी के का ऊपर अपन जो अपन टारगेट फोकस हैं कि उसको उतना टारगेट अचीव करें। और हमको लगता है ये हो जाना चाहिए। हाँ रेशो उसी तरह से है राजार ट्रांसपोर्ट का फिर पावर का और हाइड्रो एंटेल्स का सभी का वो मिक्स वैसे ही है जैसे अभी अपन अगर देखें ट्रांसपोर्ट में करीब साढ़े तेरह हजार का है ढाई से तीन तीन हजार हजार का अपने टनल में के है और आसपास पावर ट्रांसमिशन है में साढ़े और 500 से 600 करोड़ पे अगर रोपे ट्रांसपोर्टेशन ही सब मिला के हैं। बिल्कुल अगर गवर्नमेंट का अगर मतलब बिडिंग अगर प्रॉपर होता है तो निश्चित तौर से अपन टारगेट को अचीव करेंगे। यहाँ भी ये मतलब अभी तक एक्सपेक्टेशन तो यही है कि इस क्वार्टर में आ जानी चाहिए। दिसंबर एंड या जनवरी में मतलब आ जानी चाहिए। मार्जिन तो पन दस ग्यारह परसेंट का ही देखते हैं अभी अभी जैसे जिस तरह से इस साल इम्पैक्ट मतलब ये जो डीजel और फ्यूल सभी प्राइसेज में इंक्रीज कम्युनिटी प्राइसेज हुआ में वो अगर थोड़ा सा स्टेबल होता है, थोड़ा ठीक होता है, तो अपने मार्जिन 11 परसेंट पे रहेंगे और अगर इसी तरह की सिचुएशन बनी रहती है, तो फिर होता थोड़ा है सा फिर मुश्किल अपन इसी के ऊपर रहेंगे दस परसेंट के आसपास। Thank you. The next question is from the line of Mohit Kumar from ICICI Securities Private Limited. Please go ahead. Yes sir, good afternoon and thanks for the opportunity. I am not wrong, वो decline किया है। I think पच्चीस हजार को का order book था, जो कि अभी भी अभी चौबीस हजार छः सौ कोड आपने पे दिख आगरा रहा है, जबकि ग्वालियर आपका मुझे लगता है कि मुझे इसमें लगता है शायद इस पर काउंट किया है राइट ऑर्डर बुक में सर क्लाइफाई करेंगे वो क्या है कैसे मूवमेंट आ रहा है ऑर्डर बुक में हम्म तो सर लास्ट क्वार्टर के एंड में ऑर्डर बुक पच्चीस हजार कोड का था और आपने आगरा ग्वालियर इंक्लूड किया तो थर्टी ऑर्डर थाउजेंड का बुक को होना ना चाहिए So order book, if you see, uh, you know, consistently we have been maintaining, uh, between the range of 20,000 crores to 24,000 crores. And, uh, Agra Gwalior plus other projects where the appointed date is awaited, yes, that we reflect separately, you know, as L1, and only after the appointed date it has been included. So as of now, this Agra-Gwalior has been included, but the other 2 projects, once we receive the appointed date, it will be added. नहीं तो अपनी फर्स्ट अप्रैल फर्स्ट अप्रैल ट्वेंटी सिक्स को अपनी ऑर्डर बुक वाज ट्वेंटी सिक्स थाउजेंड तो फोर देन हंड्रेड इट हैज करोड़ सर्टेन तो एस आई वाज मेंशनिंग एडिशंस तू श्रवण Also about the positive change of scope, etc. And then the work done. So based on that, the closing balance, uh, as of 30th September is ₹24,500. अच्छा आगरा कॉलेज से इंक्लूड नहीं किया आपने इसे राइट तू से सर नहीं आगरा कॉलेज इंक्लूडेड इन दिस अच्छा समझ गया सर और ये सर आपने कहा कि earlier criteria और नया criteria of net worth is it possible to share the changes which are made to the network criteria. Under the new HAM and BOT? फिर से हमने ये भी देखा सर कि ये जो पाइपलाइन दिख रहा है आज की तारीख में नेशनल हाईवे पे तो पाइपलाइन तो लाख बहुत सत्तर स्ट्रांग हजार दिख रहा कोड है 1.7 का ये एक और सारे बड़े बड़े प्रोजेक्ट हैं। ये नेटवर्थ क्राइटेरिया और ये गाइडलाइंस ओके हाँ एमके अंदर पहले नेट नहीं एमके अंदर पहले नेटवर्थ का क्राइटेरिया नहीं था अभी इन्होंने 20% of uneducated जितने भी प्रोजेक्ट्स आपके पास अनेक चीजें हैं उसका 20% नेटवर्क रिक्वायरमेंट आया है तो उसकी वजह से काफी थे बिडर्स जिनकी डिस्क्वालिफाई नेटवर्क हुए नहीं है बैलेंस सेट स्ट्रोंग नहीं है तो फिर पार्टिसिपेट नहीं कर पाते तो सर आप आपके कॉन्वर्सेशन में सर आपको लगता है सर कि सेकंड हाफ बहुत अच्छा होगा ये साल लास्ट ईयर तो बहुत बेकार था सर ये साल तो अच्छा होना से चाहिए तो बहुत कि मैंने अच्छा पाइपलाइन हम्म है बिल्कुल पर ग्रा�ун्ड पाइपलाइन के हिसाब लिए क्या प्रोजेक्ट कितना ग्राउंड पे आप आते हैं ये एक फिशर मार्क है अभी तक क्योंकि अभी फर्स्ट उतने हाफ आए में देखें नहीं तो प्रोजेक्ट्स है जो ऑर्डर मतलब जो अवार्ड हुए नहीं हैं, अब अवार्ड की स्पीड कितनी रहती है उसके ऊपर डिपेंडिंग करेगा, लेकिन जिस तरह के प्रोजेक्ट्स को लगे हुए अपने हैं, टारगेट इसे काफी अच्छी होप अचीव और कॉन्फिडेंस होने चाहिए। है कि अपने बिल्कुल अभी जो पावर ट्रांसमिशन में देखें तो अपने जो पाइपलाइन में है करीब 90 2000 करोड़ के प्रोजेक्ट्स हैं, जिनके अंदर अपने जो फोकस है वो 32,000 करोड़ के प्रोजेक्ट्स रहे हैं, जिनके हैं ऊपर अपन फोकस और हो Approximately. अपने साढ़े तीन से चार हजार के प्रोजेक्ट्स अपन टारगेट कर रहे हैं और अभी बिड ओपन होना बाकी ओपन है अभी करीब होना एक थाउजेंड बाकी वन थाउजेंड है करोड़ सबमिटेड का जो प्रोजेक्ट है ऑलरेडी है बिड Is it too early? अभी छह हजार सात हजार कोड के लिए अभी देखो जल्दबाजी होगी अपन जो अभी फोकस हैं वो विदिन फाइव थाउजेंड कोड प्रोजेक्ट में थे तीन से चार हजार को कोड अपन तक के targeted. एक लास्ट क्वेश्चन सर आपके ट्रांसमिशन प्रोजेक्ट में सर अभी आप हमने लगता है इतना बिड नहीं किया था ये साल सर को सेकंड हाफ कैसा में पाइपलाइन दिख कैसा रहा दिख रहा पाइपलाइन है और आपको नेक्स्ट टेक and given the fact कि हमने दो-तीन प्रोजेक्ट पे काम किया हुआ है, तो अब आपका जो एम्बिशन है इसमें बढ़ावत आ जा रहा है कि आप कि क्या प्रोजेक्ट मैं टेक द लार्जर एज यू साइज गो प्रोजेक्ट, फॉरवर्ड बिगर या साइज अंदर मैं क्वेश्चन है सर कि चुके हमने तीन चार प्रोजेक्ट कर लिया अब ऐसा है कर कि रहे आप एक सिंगल हैं लार्ज अभी नहीं प्रोजेक्ट कर रहे सर हैं आप छः हज़ार बाद सात में करेंगे हज़ार को का अभी टारगेट Understood, sir. Thank you and all the best, sir. Thank you. Thank you. Just a reminder to all the participants, kindly press star and 1 on the touchtone telephone for more questions. The next question is from the line of Abhinav Nalawade from ICICI Securities Limited. Please go ahead. Yeah, so thanks for the opportunity. My first question is on the battery project from NTPC which was cancelled during this quarter. So what was the reason behind that? Is there any execution challenge or anything pertaining to a company that has impacted the cancellation? Yeah, so see, the force majeure clause, uh, you know, was activated, uh, considering this war situation. The prices, uh, you know, of the battery you know, have skyrocketed. So that is why that particular clause got activated, uh, you know, but currently we are in discussion with the client and we are keen to complete this project. So we are quite positive, uh, you know, to complete this project, but there are certain terms which are underway discussion. So very soon they will get finalized, and accordingly we will inform everyone on the progress of this project. But this project has been cancelled, right? The project, I mean, in literal sense, has, has been not been cancelled by NTPC, though they have come up with the revised bid, but they are also extending the timeline of the same. Because of the same fact. Yeah, so, so it depends upon, uh, you know, how, how we accept to proceed further on this project. Understood. So second question, I mean, I'm just still on the order book part, uh, so if I understand correctly, the Agarwal project was worth about, uh, about ₹4,000 crores, right, roughly? That's right, na. Yeah, yeah, yeah. So, so if I see the order book, I mean, sequentially, as Mohit was also speaking, it, it is— it has not increased. You know, we have executed about ₹2,000 crores of projects during this quarter, but the order book still has declined, whereas we are adding ₹4,000 crores of new orders from— that is the Agarwal project. So just trying to understand the math behind this, if you can help us look at annual details, how this— how is the working behind this ₹245 billion worth of order book? No, no, so Agra Gwalior and other projects have already been added in the order book. Uh, but they become executable only after the appointed date. So therefore, uh, as I was mentioning that at the beginning of the year, April 26th, our order book was ₹26,400 crores. And then as of 30th June '26, it was ₹25,000 crores, and as of September, ₹24,500 crores. So this entire trend includes all these 3 projects. when they were awarded. But if you ask for the executable, so executable does not include 2 projects where the appointed date is awaited. and also Agra Gwalior is three thousand six hundred eighty six crores to be precise, uh, not four thousand तो वो साढ़े तीन सौ करोड़ का मार्केट है छोटा प्रोजेक्ट के एलओई आने के बाद में अपने जो ऑर्डर बुक है उसके अंदर ही उसकी कॉस्ट इंक्लूड होती है। अपने इस अलमे पांच से छह प्रोजेक्ट हैं जो कंप्लीट हैं, उनके मोनेटाइजेशन का अपने पास जो प्लानिंग है ये approximately 1250 करोड़ रुपीस इसमें इक्विटी लगा हुआ है। ये प्रोजेक्ट के अपन प्लानिंग है कि कर इस साल लेंगे। के अंदर मोनेटाइज़ So my last question is on the operational land projects. Any plans to monetize any of those in the near term? Okay, thank you, sir. Thank you and all the best. या आउट ऑफ़ 25,000 करोड़ ऑर्डर बैकलॉग ऐसा सितंबर आह व्हाट वुड बी द ऑयल एंड गैस ऑर्डर बैकलॉग And what revenue are we targeting from oil and gas for '27 and '28? Thank you. The next question is from the line of Vaibhav Shah from JM Financial Services Limited. Please go ahead. तो भी ऑयल एंड गैस बैक ऑर्डर बैकलॉग एज़ ऑन डेट इज़ अराउंड 300 करोड़ अब क्यूमुलेटिव फॉर द एंटर ईयर वन थाउजेंड So this year, uh, we are targeting, uh, to secure a project of approximately ₹2,000 crores. Of which around ₹1,000 crore worth of revenue, you know, we expect in '27-'28. Yes. And what have we done in the first half? First half of the next year? No, this year. Actual turnover in first half. Actual turnover, uh, in this first half, uh, one minute, let me check your So it was around 900 crores. Okay, okay. So second half, only 100 crores we are doing. No, no, I was talking about the financial year 27-28. You asked now, okay, 28,000 crores target. Yeah, so new order book target is ₹2,000 crores, of which we expect to do ₹1,000 crore in next financial year, '27-'28. Okay. And for FY27, the oil and gas turnover? For FY27, the overall oil and gas turnover would remain around ₹1,200 crores. So next year we are expecting a decline in terms of turnover. Yeah, it depends upon, you know, the season as well, because the work has to be carefully executed as per the season, the learning of which we have got in this particular project. Okay, okay. And secondly, working capital has increased significantly in the last couple of quarters. So can you just give a breakup of, uh, between the Oil and gas receivables and, uh, ham debtors. Yeah. So, uh, Total, um, if you see the receivable, you know, as of September 26th is around ₹2,600 crores. Which includes ham debtors of ₹1,490 crores and other debtors of ₹1,145 crores. Out of this other ₹1,145 crores the oil and gas is around ₹740 crores. Okay, and lastly, on Agra Gwalior, uh, what revenue are we targeting for this year and next year? Given the ADS come up now, we have the entire second half. Right, so Agra Gwalior, we are targeting a turnover or revenue from this year approximately ₹250 crores. And next year? Next year, around ₹1,200 to ₹1,400. Okay, okay. Thank you, sir. Those are my questions. Thank you. Ladies and gentlemen, just a reminder. Anyone who wishes to ask a question may press star and 1 on the touchtone telephone. The next question is from the line of Deepashree Arvind Joshi from Ambit Capital Private Limited. Please go ahead. Hello. Yes, ma'am. Yeah, uh, sir, uh, I just wanted to understand, uh, the— on your EBITDA margin front, uh, there was a 50 60 bps decline, uh, from your 10% target. But could you explain, uh, the reasons behind the slight contraction? Yeah, so ma'am, the main reason remains around, uh, you know, 2-2.5% impact due to the increase in cost of construction. which is driven by— due to this war impact and price escalation on oil-related products. But it also, you know, impacts the other supplies like cement and steel also. So that was the primary reason. Okay, got it. And, uh, could you also provide your CapEx guidance for this year and FY27 and FY28? Yeah, so if you see, you know, in this particular, uh, H1, this financial year, already we have done the CapEx of 83 crores. Uh, the guidance for rest of the year shall be, you know, in the range of 150 crore more. So overall, between the range of 200-250 crores. And for the next fiscal year, it would be around the same range of 200 crores. Okay, thank you, sir. Thank you. So ये अपना obviously we will be monetizing through the invite, तो वो cash पूरा cash ही होएगा, तो we will be getting the entire cash. Uh, by, by this year or partly this year and partly next year? The next question is from the line of Shravan Shah from Dolat Capital Private Limited. Please go ahead. Ah, sir, ये पांच हैं प्रोजेक्ट जो मोनेटाइज़ करने का अभी बात की है 1250 करोड़ जो है इक्विटी Yeah, so this monetization will be, uh, you know, in the cash only. But see, uh, once this, uh, particular financial modeling will get start then the entire enterprise value need to be assessed. So if we are able to, you know, monetize these 5 to 6 projects, let's say by December or January, then hopefully this entire cash shall also come. Uh, in this year only. Okay, okay. Okay, uh, yeah, uh, got it. Uh, yeah, thank you. Anyone who wishes to ask a question may press star and 1 on the touchtone telephone. The next question is from the line of Vasudev from Nuvama Wealth Limited. Please go ahead. Yeah, thank you for the opportunity. So what is the status of the BharatNet project? In BharatNet project, uh, you know, there are currently certain challenges regarding the right of way, uh, but, uh, so it is progressing, uh, you know, at a bit low pace, I would say. So there are discussions which are going on with the relevant stakeholders. We are expecting that somewhere in January, you know, that clearance should come. And then the project will start picking up from there in, in from quarter 4 onwards. Okay, and, uh, you know, how much dividend or distributions we've received from the InvIT this quarter? So in this quarter, we have received, uh, you know, the total of ₹3.55 per unit, which includes the capital repayment of ₹1.17 per unit. In this quarter against, uh, ₹3.25 per unit in quarter 2 of the last year. Okay, and for full year, how much is the total distribution that you are expecting? For the total distribution, one minute, we are expecting around, uh, you know, third 13 to 14 crores. Okay, sure. So that's it from my side. Thank you. Thank you. The next question is from the line of Sudeep Bora from Ambit Capital Private Limited. Please Hello, sir. Thanks for the opportunity. My question is on the working capital part. So, uh, the working capital days has increased predominantly because of the receivables and partly due to inventory. So receivables are like higher in your oil and gas segment. So is, is this the normal payment cycle or are we experiencing some kind of delays? from the client side. No, no. So the increase in working capital, uh, you know, is mainly on account of inventory because if you see, uh, all our projects are getting executed, uh, you know, at a decent pace. So we have to build up inventory, particularly in the power transmission projects. Okay, but the— like, I was going through the presentation, so the receivable days also have increased from 80 to 120 days. So it is coming from receivables as well. Yeah, so this is primarily our ham debtors. So if you see our model, uh, you know, this, uh, EPC project has been given by SPV to the G R Infra projects. And because, uh, the, the working capital requirement as such in the GR, uh, we, we have optimum, so therefore we don't realize those debtors from our SPVs. So they are getting realized as and when requirement basis. So it's, it's the receivable which is lying there, and I need not to draw at this moment. Okay, agreed. And, uh, like, how is the receivables in oil and gas segment? So as I mentioned, our total receivable in the other sector, which is ₹1,145 crores, of which around ₹720 crores pertains to oil and gas. Okay, and, uh, like, what would be the timelines? Uh, like, uh, what would be the receivable days specifically for the oil and gas segment? So currently, uh, you know, the work is on, uh, as the season has started, uh, so phase 3 of the project has started. So somewhere in March we are expecting to realize majority of these receivables. Okay, so is the cycle— so, uh, of 6 months? Because if I see, uh, ₹900 crore of execution was done, uh, in oil and gas in first half. And the oil and gas receivables are around ₹740 crores. So is it somewhere around 5 months, uh, the receivable days for oil and gas? No, no, see, it depends upon the completion of the entire work because, sir, the billing is on the milestone basis and accordingly, uh, you know, the collection comes in from the relevant parties. So the government will pay to the ONGC, ONGC will pay to the Musgaon Docks, and then, you know, through the escrow account it will come to us. So that also takes some time. Okay, but, uh, on a blended level, like, uh, how many days or months would be the receivable duration for the Specifically for the oil and gas projects? I think around 90 days to, uh, you know, 100 days is the normal period. Okay, okay, sure, thanks. That was from my side. Thank you, Mr. Bora. Anyone who wishes to ask a question? Kindly press star and 1 on your touchtone telephone. इसी प्रोजेक्ट का अभी देखिए क्या है कि क्वालिफिकेशन का जहाँ तक सवाल है, डिफरेंट प्रोजेक्ट की आती डिफरेंट है। डिक्वायरमेंट एक स्टैंडर्ड क्वालिफिकेशन नहीं है। किसी प्रोजेक्ट अपन डायरेक्ट क्वालिफाई हो पा रहे हैं किसी प्रोजेक्ट के अंदर मतलब अभी अपन दो प्रोजेक्ट के ऊपर जैसे अभी वर्किंग चल में रही है तो क्वालिफाई एक प्रोजेक्ट हो के अंदर रहे अपन देवी हैं के एक साथ प्रोजेक्ट में अपन डायरेक्ट क्वालिफाई हो रहे हैं। डिफरेंट भी ये सेक्टर डेवलप हो रहा है और उसकी क्वालिफिकेशन भी धीरे-धीरे डेवलप होगी। Sure, yeah, can I go ahead with the question? Uh, sure. So, um, earlier in the call, you highlighted about the PSP projects. So if you can just help us understand, are we qualified to bid for PSP projects? And typically, what size of PSP projects are you targeting for the order inflows? Typically what kind size of orders you are looking here sir? ये three thousand four three thousand crore के आसपास ओके सो इन वन ऑफ़ देम यू आर क्वालिफाइड एस अ जेनी और अदर वन यू आर डायरेक्टली क्वालिफाइड या हम्म बिल्कुल ठीक And typically the margins here will be in line with our existing margins or will be slightly better given the complexity of the projects. Margin. And you'll be entering this segment not as a partner to a developer, to a utility, but mostly as the EPC partner, right? I mean, there won't be any equity commitment for these projects. Okay, so the other question is, given the commodity price increases, the crude has increased, bitumen prices have gone up, cement अदर मटेरियल्स हैव गार्ड। सो द कंपेंसेशन और द कंपेंसेशन फ्रॉम द कस्टमर, सो इज़ इट स्मूथ और यू आर अब्सोर्बिंग द फॉर कॉस्ट द प्राइस एंड द कस्टमर इज़ नॉट इंक्रीज़स। फुली कंपेंसेटिंग यू ठीक है सर, I think those are my questions. इससे तो थोड़े ठीक ही होनी चाहिए। But, uh, the project विन करने के बाद भी सही तरह से एंडिसिस किया जा सकता है। अभी तो अपनी पीसी के साथ से देख रहे हैं पर अगर कोई अपॉर्चुनिटी अपने को मिलती अच्छी तो अपन उस ऐसे डेवलपर भी देखेंगे। बिटुमिन की प्राइस को कंपजेट किया है वो थोड़ी नहीं वो स्मूथ है बाय रिमेइंग ये इम्पैक्ट जो अगर पेट्रोलियम प्रोडक्ट देखेंगे की प्राइस का तो हर कम्युनिटी के अंदर आ जाता है। मैं एग्रीगेट बनाता हूँ तो वहाँ भी आता है, ट्रांसपोर्टेशन में भी आता है, हर एक वो उतना अब्जोर्ब करना पड़ता है। इसका इंपैक्ट अपने रिजल्ट्स के ऊपर भी अपने को दिख रहा है। कि 1.5 तू 2 परसेंट इसका इम्पैक्ट आया है, अदरवाइज बिटुमिन साइड में जो मेजर इम्पैक्ट है, वो गवर्नमेंट ने अब्जोर्ब कर किया रही है और अपने है। को पेमेंट I don't see any further questions on the queue. So I would like to thank the management for giving us opportunity to host this call. So any final comments you have before we close? Thank you everyone for your time and engaging discussion today. क्वार्टर्स फाइनेंशियल एंड ऑपरेशनल परफॉर्मेंस इज़ डायरेक्ट रिफ्लेक्शन ऑफ़ हमारे टीम्स शार्प फोकस ऑन अप्रोच प्रोजेक्ट कैपिटल एक्यूशन और हमारे मैनेजमेंट डिसिप्लिन्ड We remain fully committed to translating this operational excellence into a superior long-term value for our shareholders. Thank you for your continued trust and partnership in building the nation's future. आप सबको प्रावली की बहुत-बहुत शुभकामनाएं। थैंक यू। ठीक है थैंक यू सर थैंक यू सर I shall be in touch with the call. On behalf of HDFC Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.