Ladies and gentlemen, good day and welcome to the H.G. Infra Engineering Limited's Q3 and 9-month FY 2025 Earnings Conference Call, hosted by Go India Advisors. As a reminder, all participants in line will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Saloni Ajmera from Go India Advisors. Thank you, and over to you, ma'am. Good morning, everybody, and welcome to H.G. Infra Engineering Limited's earnings call to discuss the quarter three and nine months of FY 2025 operational and financial performance, hosted by Go India Advisors. We have on the call Mr. Harendra Singh, Chairman and Managing Director, Mr. Rajeev Mishra, CFO. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risk that the company faces. We now request Mr. Harendra Singh, sir, to take us through the company's business outlook and performance, subsequent to which we will open the floor to Q&A. Over to you, sir. Thank you, Saloni. Good morning, and welcome to H.G. Infra Engineering Conference Call for our quarter three and nine months FY 2025 results. As India celebrates 76th Republic Day, the country remains one of the bright spots of the global economy, and the nation stands poised to seize immense opportunity. I hope you had the chance to review the investor presentation and financial results, which are now available on the exchange. The government's continued focus on infrastructure creation will play a pivotal role in making the country the world's third-largest economy in the foreseeable future, creating opportunities for millions of people. At H.G. Infra, we believe we have a larger role to play in India's development agenda for now and into the future. On the strength of the intrinsic potential of our business model, through the deployment of resources across every facet of our operations, we have been able to deliver exceptional performance in the nine-month FY 2025 and believe to do so in the coming years as well. H.G. Infra has fortified its position as a reliable and important player in India's infrastructure and renewable sector, with a successful 22-year track record in constructing roads and highways across the country. Furthermore, we firmly believe that the execution of solar projects will gain momentum for sustainable growth, acting as a significant tailwind for our company in the coming years. Let me now provide some updates on the infrastructure sector. The Government of India's vision for infrastructure development is deeply rooted in the goal of making India a $5 trillion economy, with a long-term outlook Vision 2047, which aspires to make India a developed nation by its 100th year of independence. The National Infrastructure Pipeline, launched in 2019, is a key initiative of this journey, aligning closely with the union budget, which continues to allocate significant resources to infrastructure projects. The NIP began with an investment plan of INR 111 lakh crores, covering key sectors like roads, railways, renewable energy, and water segment. Sector-wide progress against the NIP and the budget 2025-2026 allocations clearly states that the center has re-emphasized its strategic focus on Viksit Bharat 2047 and infrastructure development in roads and railways, a key catalyst of this journey. The government has announced the budget for roads and highways by 2.4%, paving the way for accelerated infrastructure growth and unlocking new opportunities for our companies like ours to drive innovation and nation-building. As highlighted in the budget, each infrastructure-related ministry is set to develop a comprehensive three-year project pipeline under the PPP model. The strategy will help us bolster investors' confidence, attract greater private sector participation, and unlock large-scale project opportunities. Additionally, it will establish a robust and continuous pipeline of projects, ensuring long-term sustainable growth in the infrastructure sector. Renewable energy and the transmission sector, where India has set a target to achieve 500 GW of renewable energy capacity by 2030, reinforces its commitment to green energy. The government is also focusing on battery energy storage systems that are built to stabilize the grid and improve power reliability. The Union Budget includes investment in green energy corridors and transmission line expansion to support large-scale solar park and wind power generation. In addition, the MNRE budget of 2025-2026 has been allocated at INR 26,000 crores, marking a 53% increase from its previous year, further strengthening India's renewable energy ambitions. Water and irrigation programs like Jal Jeevan Mission and additionally focus on river linking projects, wherein that extending India's water infrastructure will enable us to have good opportunities in the water sector as well. We, as a company, see abundant opportunities in all of our sectors. We have traveled a long journey of seven years after listing of the company, and today we can proudly say that we are on the right track and with our attraction in the renewable energy sector and the preparedness to execute big-ticket size projects and enter into other segments like transmission and water. With this positive tone of my statement, let me begin by sharing the journey of this quarter and providing you with a glimpse of our operational highlights. As of nine months FY 2025, the order books stood at INR 15,080 crores, with roads and highways at INR 11,235 crores, railways and metro at INR 2,289 crores, and solar at INR 1,556 crores. Our order book comprises 33% from HAM, 67% from EPC, and segment-wise, roads and highways contribute 75%, railways 15%, and solar 10%. Let me now provide an update on our ongoing EPC project. The Ganga Expressway project is at 81.2% completion and progressing as planned. The same is expected to be completed in the next few months. The Delhi- UER project, which has always completed, only COD is awaited. The Kalima ndir-Jamshedpur project, which is again an EPC project of NHAI, is at an initial stage and currently at 5.4% progress. The progress has a bit delayed because of some changes in the design from the authorities. The Nelamangala- Tumkur project, which is an EPC of NHAI, was stalled for the last six months at 32.7% because of the land issue. The settlement agreement with NHAI was executed on December 2024. NHAI and we will complete the remaining work of phase 1 by March 26 and phase 2 by March 27. As per the settlement agreement, the project cost has now been revised, descoping certain portions of ROBs from INR 844 crores to INR 650 crores. LOA from MSRDC, 2 projects of Nagpur- Chandrapur is likely to be received by March 25, with the delay mainly caused on account of land acquisition and some alignment changes. Let me briefly outline the progress of the HAM project. The Karnal Ring Road project has reached 55.1% completion. Meanwhile, the Raipur-Visakhapatnam project, that are OD- 5, -6 and AP-1 projects, they are around 85% and 93%. So we are on track to finish all three projects of OD- 5, -6 by this financial year end, having received the PCC as per the settlement agreement. We have already applied the PCC. The Khammam-Devarapalle project, KD-1 and -2, they have made solid progress with around 70% progress each. Both the projects will likely be completed, where the PCC is aligned within this quarter only, and the balance of completion by June 2025. Discussions on the monetization of these five assets, which are nearing completion, are set to begin soon, and we anticipate that the entire monetization process will be concluded in this financial year, in the upcoming financial year. Update on the monetization of four assets, which earlier we had executed. As informed earlier, we have successfully monetized our three projects, wherein INR 315 crores were received in FY 2023-2024 and the remaining INR 54 crores we received in October 2024, that is post-approval of NHAI related to GST change in law. Regarding the fourth HAM project that is Rewari Bypass, NOC was received from NHAI and the lenders on March 2024. However, because of some delay in the permission regarding ROBs, it has a bit delayed, but now the SPV conditions are complied for, and the transaction is likely to be completed in February 2025. There is around INR 133 crores expected to be received from Rewari Bypass proceeds in this quarter, where we have invested equity of INR 75.7 crores. Regarding equity requirement on HAM projects, the total equity requirement of 11 HAM projects, excluding Rewari Bypass, stands at INR 1,733 crores. As of now, December 2024, INR 930 crores already has been infused. Remaining INR 123 crores is expected to be infused in three months of FY 2025, and balance INR 300 crores to be infused in FY 2026 and around INR 300 in FY 2027. Turning to the progress of the railway projects, the DMRC project, which is around 70.3% completed, though a bit delayed because of the land issue, is now progressing as per the scheduled timelines. The Bilaspur-Himachal Pradesh project, that is the RVNL project, is 51.6% complete, progressing well on target. The Kanpur Railway Station project is around 14.1% complete. So although initial challenges with land clearance and utility shifting have been addressed, now some preparation in the state and railway traffic constraints have slowed down the execution to the full-scale construction. However, these challenges are expected to be resolved soon, allowing the progress to gain momentum in this quarter, and we will be able to complete this particular project well within the timeline only. The Dhule-Nardana project, which is 55.3%, the Gaya-Son Nagar and Karanjgaon project, that is the Aurangabad project, are around 3.3% and 4.8% completion. The slow progress of these two projects is primarily due to design and drawing revision and some land issue by the authority. However, we expect the progress to pick up in the coming quarter. So, update on the solar projects. That in this financial year, we strategically seized significant opportunities within the rapidly expanding solar sector by actively pursuing solar power projects under the government's KUSUM-C scheme, which is designed to boost renewable energy development across India. Through these efforts, the company successfully secured 183 solar power plants, contributing a substantial 700 MW DC capacity in total. Of this, H.G. Infra is responsible, and out of this estimated, the cost is INR 2,243 crores EPC, that is excluding GST. The land use agreement in all of these projects is in place, and the PPA has been signed by the DISCOM. As of now, project progress has achieved around 30.6%, where the installation commissioning is according to the schedule. Debt funding for the solar project is in full swing, and approximately 75% of the project have received the sanction with partial disbursement in place. The remaining sanctions followed by the disbursement are expected to be secured in quarter 4 2025. Regarding project financing, the total equity required for this solar project is estimated at INR 721 crores. As of December 2024, approximately INR 130 crores has been infused into the project. Another INR 220 crores is expected to be contributed during Q4 FY 2025, and with the remaining balance planned for FY 2026. This well-structured capital infusion plan ensures H.G. Infra has the financial flexibility to meet project milestones while fostering long-term growth in its renewable energy portfolio. Let me now share other significant updates for quarter 3 and 9 months of FY 2025. The appointed date for the Chennai-Tirupati HAM project has been declared at 14 December 2024, and during the quarter, we also received completion certificates for the Mancherial project. The LOA for 84 Kosi Parikrama Marg near, Ayodhya, in Uttar Pradesh was received on 9 December 2024, and Narol Junction to Sarkhej, that is in Gujarat, on 9 September 2024. Additionally, the LOAs for newly awarded BESS project has been received, NTPC project on 22nd November 2024, and GUVNL project on 3rd January 2025. As previously mentioned, NTPC's BESS project is setting up 185 MW, that is 378 MWh plan with a tariff of INR 238,000 per megawatt per month, generating an estimated INR 52.83 crores in annual revenue over the course of 12 years in all. The total projected revenue is approximately INR 633.96 crores. The GUVNL's BESS project, which is setting up a 50 MW, that is 500 MWh plant, has a tariff of INR 225,985 per megawatt per month, is also expected to generate INR 68 crores in annual revenue, and over its 12-year tenure, the total revenue is projected to be INR 814 crores. Now I will provide an overview of the financial highlights of quarter 3 and 9 months FY 2025. As per the standalone financials in quarter 3 FY 2025, revenue from operations grew by 12%, reaching INR 1,509 crores, up from INR 1,346 crores in quarter 3 FY 2024. EBITDA for the quarter stood at INR 250 crores, with a margin of 16.6% compared to INR 214 crores as a margin of 15.9% in the same period last year. PAT for the quarter stands at INR 137 crores at the PAT margin of 9.1%. Revenue for 9 months FY 2025 reached INR 4,079 crores, with an EBITDA of INR 668 crores, with a margin of 16.4%, reflecting a 19.8% increase compared to 9 months FY 2024. PAT for 9 months FY 2024 stood at INR 365 crores, with a PAT margin of 8.9%. On a parallel basis, our gross debt stands at INR 1,329 crores. This comprises INR 566 crores in working capital and other INR 763 crores of term loan and maturities. The increase in the total debt by INR 566 crores is attributed to the significant delay in the sanction of SPV's approval of all solar plants from DISCOM, and there upon, the sanctions and disbursement got delayed, which has now been resolved and on track, thus leading the time gap arrangement of debt, which is just one of the instances. However, the same will cool down, and debt will be normalized in this quarter. Moving on to the consolidated financials, revenue of quarter 3 FY 2025 reached INR 1,265 crores, with an EBITDA of INR 287 crores and an EBITDA margin of 22.7%, reflecting a 25.7% increase to quarter 3 FY 2024. PAT for the quarter 3 FY 2025 stood at INR 115 crores, with a PAT margin of 9.1% compared to INR 102 crores at the PAT margin of 7.5% in Q3 FY 2024. The revenue of 9 months FY 2025 reached INR 3,695 crores, reflecting a 0.7% up slightly from INR 306,070 crores in 9 months FY 2024. EBITDA stood at INR 819 crores, and with a margin of 22.2%, marking a 12.3% year-on-year increase from INR 729 crores and a 19.9% margin in the same period last year. PAT for 9 months FY 2025 was INR 358 crores, with a profit margin of 9.7% compared to INR 349 crores and a margin of 9.5% in 9 months FY 2024. On our consolidated debt, which is INR 3,233 crores, let us provide an outlook for the future. We have targeted an order inflow of INR 11,000-INR 12,000 crores for FY 2025, and till date, we have successfully secured new orders approximately INR 8,200 crores in projects from infrastructure and renewable, which includes the new project we have won yesterday only for the redevelopment of New Delhi Railway Station on EPC model, where we are 49% partner in the consortium. We are confident to maintain an EBITDA margin of 15%-16% and achieve revenue growth of 17%-18% in the upcoming quarters. Furthermore, we are actively pursuing opportunities in new segments while concentrating on operational efficiencies, prudent capital allocation, and strategic project selection to sustain margins and enhance shareholder value. That concludes my remarks. We can now open the floor for the question and answers. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use 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. Please go ahead. Hi sir, thank you for the opportunity. So before asking any questions, I just needed all the balance sheet data points. So first, inventory, trade receivable, trade payable. The inventory is INR 405 crores. On the debtors, that is the trade receivable is INR 1,545 crores. INR 1,000? Sorry, INR 1,545. Sir, did you say INR 1,400? INR 1,545 crores. Okay. And trade payable is INR 1,075 crores. INR 1,075 crores. Okay. Unbilled revenue, mobilization advance, and retention money. So the retention money, this is included in debtors. Retention money is around INR 122 crores. And this is contract asset, which is unbilled revenue, is INR 1,297 crores. And mobilization advance? This is INR 305 crores. INR 305 crores. And sir, you mentioned the gross debt at standalone level is INR 1,319 crores? Yeah, INR 1,387 crores. INR 1,329 crores. INR 1,329 crores. Okay. And cash is on standalone basis is? This is around INR 200 crores. INR 200 crores. And consolidated, sorry, sir? Is it INR 150 crores? Not INR 200. INR 150. INR 160 crores. Yes. Yeah. And consolidated cash is? That I have not seen that. It's INR 180. INR 180. Consolidated is INR 180. INR 180 crores. Okay. Okay. Got it. So now, sir, a couple of things in terms of the so fourth quarter, now we are seeing a 17% to 18% kind of revenue growth. And for FY26, last time we said more than 15%. So that remains the same? Yeah, that remains the same. Okay. In terms of the inflow, already we have received INR 1,200 crores, and the remaining INR 3,000-INR 4,000 crores. If you can help us, how much we have already bid the projects, and even if the segment-wise, and how much more are we planning to bid by March? Even if you can also help in terms of the bid pipeline segment-wise. Yeah. As we have received around INR 8,000 + crores of projects till date, and around INR 17,000 crores of projects in which highway is around INR 9,000, and railway is around INR 6,000, and solar, not solar to be very specific, it is a battery and solar mix, which is around INR 1,100 crores piece. This is what already has we have bid. Apart from that, we are having a pipeline of highway and railway, and not in solar as of now, which we will like to bid. I think solar is one of the EPC projects there of ONGC that we will be bidding. So these are altogether around INR 72,000 crores of projects. In highway, specifically, more than INR 50,000. Railway around INR 18,000, and solar around INR 7,000. Solar or battery is around INR 8,000. Okay. Okay. Got it. Request you to rejoin the queue for your follow-up question. Thank you. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yes. Thanks for the opportunity, sir. My first question is, sir, what do you make out of the government announcement of PPP pipeline for three years? Do you think that we can see some progress on this front in the next few months? Not in a few months, but definitely we are positioned in that manner because government is seeking the private investment to be there, especially in renewable, where the transmission is there. Apart from this, in highway also, they have seen that the HAM, the NH project, which not many of the projects are now coming on EPC. So in that sector also, in water also, there is a high focus, like in Eastern Rajasthan Canal Project, they are invited to bid on HAM models. So they are all the projects which now government believes that the private investment is likely to be there. Understood. My second question is, what is our share? I think you mentioned, but I missed out. What is your market? What is your What is your share in the New Delhi redevelopment? What do you say in the JV? And are you still looking to bid more for the railway station redevelopment, and how is the pipeline for that? As of now, I think immediately we are not having any of the Old Delhi Railway Station likely to be there in the coming future. But in this particular project, where the 49% stake is ours, where around INR 800 crores of project exclusively is having the road elevated, where they have to be built for this and access to railway station like in the airport. And apart from this, we will be having some INR 300 crores of share coming to us as a 49% in other of the MEP works. So this is all about this New Delhi Railway Station. And this is included in the INR 8,200 crores. Is that right, sir? Sorry? It is part of the order inflow which announced INR 8,200 crores? This is additional. This is part of this inflow, which we are totaling around INR 8,200 out of the estimated of this INR 11,000 for the year. Understood, sir. Thank you and all the best, sir. Thank you. Than k you. The next question is from the line of Deepak Purswani from Svan Investments. Please go ahead. Yeah. Good morning, sir. Sir, just wanted to check it out on the new projects which we have recently received in the BESS segment. What would be the kind of investment we would be requiring in this? And typically, what are the kind of the cash flow which we mentioned about the revenue from each of the projects of INR 52-INR 58 crores in each of these businesses? But how should we look into the cash flow point of view in this business? And what are the typical IRR profile in these kind of projects? And secondly, on the standalone debt front, there has been some rise from the last quarter to the extent of INR 500 crores. If you can elaborate more, I mean, what was the specific reason for that? And what has been the execution on the solar project at the current juncture? Okay. Let us just first touch your point of debt, which has been significant increase in quarter three and also quarter two also. It was drawn very high. So the total solar project in which initial phase of land procurement to other activities where the ordering is to be done for securing the solar modules and other balance of plants. So that involves a lot of cash where the sanction, which took time because there was some SPV approval which delayed by two to three months. And thereupon, last in December end only, they started sanction. And then the disbursement, now it is there started in the month of January or in February rather. So for that time-based arrangement, it went up to a very high number. But again, it will be coming back to the again INR 600, INR 700 crores, which ultimately we have estimated for. The second part, which you are saying, that the receivables also and the contract asset also do have some kind of a scale higher because of that reason only in solar because we have executed around INR 700 crores +. And we are ordered for around INR 200 crores + of fund being invested in order to the solar module. And this is how the big involvement of INR 1,000 crores into solar only. As far as the solar project, where we have already initially estimated that we will be having roughly around 18% EPC margin, around 14% + of equity IRR, which we have initially estimated for. That remains the same in battery projects which we are talking about. So these are the projects where we are going to set up the battery energy storage systems, where 65% of the total scope is around battery and 35% is the balance of plant where the substations and the evacuation is to be there. So this is the entire scope of work. So we will be involving into doing this 30%, 35%. And directly, SPV will be given the order to the other battery. So ultimately, we have secured this project with a target that we will be having the cash flow in this where around 14%, 15% of the equity IRR is maintained. Apart from this, the order which is coming to HG will have around 10%-12%, even more than 12%-13% of the EPC margin. This is how I think the project of BESS do have the similar kind of a say as we are doing in HAM or we are doing in solar. Okay. Sir, in terms of the scope of EPC work in this BESS, what would be the kind of scope of work for this BESS project for us? As they explained, that there's around 65% which is going out to the generally the supplier, which is the bought-out item, which is a battery container and the power distribution system, PDS. But the other part is which is the civil and the transformer and the substation and the switchyard which is redeveloped. So this lies with the system which we are already integrating and doing it for solar projects also. Okay. Thank you. Thank you and [Foreign language]. Thank you. The next question is from the line of Yash Dedhia from Maximal Capital. Please go ahead. Good morning, sir. Sir, on the order book, now if I look at your order book which currently stands at INR 15,000 crores, around INR 4,000 crores of MSRDC, sir, is not having the right visibility. In fact, some other players are not even counting it as part of their order book. So given this, now you are targeting INR 6,000 crores of revenue this year and INR 7,000 coroes maybe next year. Sir, how viable is that? Because execution of these MSRDC projects, we are left with very little, sir. So if your specific point is for the year which we are estimating at about say touching or getting INR 6,100 crores of around revenue in this year, with this quarter is only balance. So that is only not considering any MSRDC project. Further to that. No, sir. I am talking about FY 2026. FY 2025 is well understood, sir. So in that scenario, which we are expecting around 15% to 17% growth year- on- year for 2026. So out of this, we have only considered a very small portion of MSRDC, that is roughly around INR 250 crores. So because the land where the realignment is being done and the land acquisition is going at a very, let's say, not at a very fast pace, then the land LOA, if you see any project of NHAI, wherein the land acceptance and actual appointed date usually will take around a year or so. So in that scenario, we believe that by May, if they secure 70% land and they release the LOA by March or so, and within two months of that, the appointed date is there. So in those projects, they are the big difference between NHAI kind of a project where the land acquisition and appointed date LOA, and where the land acquisition LOA and the appointed date do not have a big, let's say, time gap. Sir, the question was basically from the remaining part of the order book, which is around INR 11,000 crores, excluding MSRDC. You are saying from that INR 11,000 crores, we can extract INR 6,500 crores + of revenue next year? You see, there is INR 2,300 crores of total railway in which this railway station project. If we add this number also, this becomes INR 3,300. So there's INR 3,300 of railway out of this significant portion which is going to be carried out in next year, say around INR 1,500. Solar will all be completed because INR 1,500 crores of solar which balance is there, they will be all completed next year. If you see the big number coming out of the solar and railway and the HAM project, which we already are having INR 5,000 crores balance, and even the Ganga project, which is around INR 85 crores balance. So we see the numbers which we are operating as of now. So both altogether, it gives us the comfort that we will be reaching out very comfortably to INR 7,000. Okay. And on the solar project, sir, now you are talking about 14%-15% equity IRR. And then we are getting some margins from the EPC business also. So including the margins on the EPC business and also including the? The return on equity is a separate portion. And the EPC margin which we are doing the EPC of solar, that is a different portion. Yeah. So on EPC, you would require some working capital, and then you require CapEx on which you are earning 14%. But if you include everything, sir, then how much of an equity IRR, including EPC, what is the total equity IRR, sir? So equity is definitely 25% of the total project of INR 2,300 crores. So this is INR 700 crores. Out of INR 700 crores, if you look at the return, which is year on year basis, not upfront. So this is year on year basis. If you look into the EPC, which we are operating on INR 2,300 crores, so we are looking at around 18% margin which are falling in within the timeline when we are doing this EPC. Okay. So you cannot just have totally both together at one instance. Okay. Okay. But sir, cash flow-wise, if you draw it out and extract the IRR, then where are you? Because of the sanction which took or delayed, sanction was delayed not because of the bank. In principle, sanction was received somewhere in August or September only. But because of the SPV approval, which took almost three months, delayed for three months. So that's why this particular cash flow, which now already, say, around INR 400 crores of disbursement has been done within February only. So things are all now tracked. Okay. Sir, on the road side, finally, I mean, we've been reading that December onward, there has been some push from the government side to sort of give more orders because nothing happened till December. So are you seeing any tangible changes in the ground in terms of ordering which we can expect? Because till January also, we haven't heard much. And now we are already in mid-February. So for this year and coming years, sir, are we seeing any changes on the ground because the expenses are really low? Even though the CapEx budget is there, but there is nothing which is coming as the real spend from the government. And then there are concerns that with the Bharatmala project, mostly over, there is nothing much that is there in the pipeline from the government side anyways. So how are you looking at it, and what are the signs you are picking from the government from the ground, sir? Sure. Definitely. It has been delayed for a long, I think, more than 1.5 years where nothing has been picked up as far as awarding is concerned or ordering is concerned. But I believe there are many projects which the government has also got the cabinet approval where the sudden DPR because now the focus is very clear that because of the time delay, there has been some prolongation costs. And so they are now focusing more on first securing the land, having all the utilities alignment clear. Then they will be looking into awarding, and this has been a bit delayed. And further, the approvals which earlier were being very, say, two years back and now it is taking a bit of a time. But it's not that all projects are dried out, and there are not any projects to be rolled out. So there are projects. We have also seen like Hyderabad Outer Ring Road is being announced where the EPC projects already where the bid is likely to be invited. So it's not that the projects are not there, but definitely the traction as of now, what we have seen. But I believe not big number is going to be there in quarter four. But then again, is having the optimistic say where the big amount of orders likely coming from in NHAI only. Thank you. The next question is from the line of Vishal Periwal from Antique Stockbroking. Please go ahead. Yes, sir. Thanks for the opportunity. Sir, one thing on this battery energy storage. You mentioned 35% is the EPC. So size-wise, this will be how much in rupees- crores? Sorry, I couldn't understand your question. Please repeat it. Yeah. Sorry. Yeah. So battery energy storage system, which you mentioned 65% is a bought-out component, 35% is the EPC that we'll be doing. So in that 35% in rupees crores, this tends to amount to what numbers, sir? It would be roughly around INR 500 crores. That is for the 100%? For both the projects. Yeah. Yeah. So INR 500 crores, this includes the battery plus the balance of plant, right, sir? Apart from battery, yeah. No, sorry. Sorry, sir. I think I didn't get that. So INR 500 crores is the EPC work? Yeah. EPC work, which will be done, there is INR 500 crores for both the projects, which is 35% of both. Okay. Okay. Sorry. Yeah. Sorry. Yeah. Got it. That. And then, second one, I think you did briefly mention that we are also planning to enter into new verticals. And what I could gather is recently we also made one hire, I mean, in the senior management. So any particular segment that we are planning to enter, any color that you can provide will be helpful, sir. Look, I think in the space which we have recently entered, which is renewable or green, and in this particular transmission and the water, these are the businesses which we always looked at if the opportunity is now being invited on either into the InvIT mode or even hybrid Annuity. So these are the projects which we believe that we look forward that in any case for this instance when the highway projects are not many and the cost competitiveness and the aggression has gone very high where we are not able to have at least the orders as well as margins. So in that scenario, we are looking beyond the space for this instance, looking into the future opportunities, which the margins are also good, and where the opportunities give both ways, where the equity IRR is fine as well as EPC margins are good. Okay. Okay. And then just a clarification, that INR 500 crores battery energy storage you mentioned, so it is not yet part of our order book. Fair to understand, right? It's not that. No. No. Okay. Fine. Fine. Yeah. Sure, sir. That's all from my side. Thank you. Thank you. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Sir, you mentioned that total receivables is around INR 1,445 crores. Out of that, what would be your HAM receivables and what would be from solar? It is INR 1,545, out of which solar constitutes INR 535. And HAM? And HAM is INR 375. So, sir, we have seen some improved recoveries in January so far in month of Q4? Yes. Solar, it has increased. No doubt it has increased in solar, as well as the contract asset also. But now, since there are the projects which we are operating, which are nearing completion, like I explained about Odisha projects and that, where there are contract receivables, which in claims variations, which all settlement agreement executed, now we are getting the payments within this. Like Rewari also, we had INR 100 crores of project, which were all executed but could not be built. Now it has been built. So we are now seeing in quarter four, maximum of this data receivables and contract assets, they are going to be within the range. But solar would you see an increase in as of March 2025 as well? No. No. No. It It is not going to increase because the disbursement is not taking place. This is the disbursement is coming to SPV, and SPV definitely is going to pay the EPC liability. Okay. Okay. Sir, secondly, you mentioned that we are looking for a debt of closer to INR 600, INR 700 crores. So that is by March 2025, or is it a longer-term target? No, no, no. March 25 only because this I already have explained about it because of the gap of six months where we want to secure the module orders, not to delay the time and the cost. So that was the big reason which we have increased a bit in this duration almost. But then again, it will be coming back to INR 600- INR 700 only. By March 2025? Yes. Yes. Yes. And sir, lastly, when do we expect to receive the appointed dates for four HAM projects, VRK packages and two more recently one HAM projects? Jharkhand project, they are advancing very well because earlier, I think the forest land was not given the clarity. But now the replacement of the forest land has been given by NHAI. So in that scenario, by March end or maximum in April, we will be getting the appointed for both the projects. Also, in the Ahmedabad project, the land is 100% available. So as per the CA timeline, probably by April or May, we will be starting the project. We already have started the mobilization. And in Ayodhya also, by June, we will be taking on the appointed date. And sir, you mentioned that MSRDC, we will be targeting revenue of INR 250 crores only for FY 2026, right? Yes. Yes. For both the packages combined? Yeah. For both the packages. Correct. And when do we expect to start the project? In May, June, or after monsoon? No. They will be started post this monsoon only. So by May, we are expecting that by March, LOA, and then two months down the line, entire mobilization and appointed dates is being declared. So we believe that actual execution will be picked up post monsoon only. Okay. Thank you, sir. Those are my questions. I'll come back in queue. Thank you. The next question is from the line of Jainam Jain from ICICI Direct. Please go ahead. Thank you for the opportunity. Sir, my first question is, after solid execution in H1 FY 2025 with 20% revenue growth, why have we seen a decrease in the revenue YoY growth number of 12%? Is there any slowdown in execution? See, there have been some issues with respect to the project Ganga, Karnal and Delhi DMRC, and which are all the nearby because of rains. So that is because of those significant delay has happened. Otherwise, if you have seen that the Ganga contributed around INR 500 crores, solar INR 350 crores. But in these projects, the revenue doesn't trickle a lot. As well as in railway, it's a bit slowed down at the initial phase because of the design, as already in the remarks I explained all those things. But if there is a gap of around just INR 100, INR 150 crores, which would have been done, even better. But this is all now sorted. In quarter four, we believe that as initially as projected, that we will be touching around INR 6,000 + crores. So around INR 2,000 + crores of execution will be done in quarter four. Okay, sir. Initially, we have been guided with the order inflow guidance for INR 11,000-INR 12,000 crores of orders. We believe that we are yet to meet the guidance for roughly INR 3,500 crores. Are you confident about meeting the guidance number? Is there any key project from which we are expecting the numbers to be met? No, but this new railway station order, which is around INR 8,200. And this includes MSRDC order also. And if that is, if you take that order, then definitely we can't have the number which we expected. But no doubt it is INR 8,200. And the bid which we have already bid, and the results are yet awaited. And the bid is likely to be there in 45 days from now, say 50 days from now, which we expect that around INR 2,000 crores-INR 3,000 crores of order can be easily added. Okay, sir. Sir, what is your order inflow and revenue and margins guidance for FY 2026? The next year, we are expecting about INR 7,000 crores of execution and with order inflow of around INR 10,000 crores. And what about margins? Margins always will be around in 15%-16% that range. All right. So that answers my question. Thank you so much. Thank you. The you. The next question is from the line of Parth Thakkar from JM Financial. Please go ahead. Hi. Thank you for the opportunity. Sir, will the interest cost in Q4 be on similar line with quarter three, or will it reduce? See, as of the total INR 72 crores is the total in nine months it has been there. So roughly around, say, it would be INR 20 crores. Overall, it will be around INR 90 crores for the year. INR 90 crores for the overall year, right? Yes. Yes. Okay. And also, sir, how much revenue are we targeting from Nelamangala- Tumkur project for FY 2026 and FY 2027? So FY 2026, it would be roughly around INR 200 crores. And FY 2027, balance, everything will be completed. Okay. Thank you. Thank you, sir. Those were my questions. Thank you. The next follow-up question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Mr. Shravan, I will request you to unmute your line and speak, please. Yeah. Sir, how much CapEx we have done in nine months and for fourth quarter, how much planned to do and for next year? We have done around INR 92 crores of the CapEx during the year and just, I think, a few crores, I think, INR 5 crores-INR 10 crores in the quarter four. And for the next year, we don't foresee any big number to be there. Just around INR 40 crores-INR 50 crores would be good enough for the next year. Okay. Okay. Okay. And as if, sir, you mentioned that the working capital you are looking at to come down and accordingly, the debt level also will fall to INR 600 crores-INR 700 crores. So in terms of the working capital, particularly because now the solar, you said that the disbursement is happening, that will be helping. So even for next year also, as such, one should not be worrying in terms of the working capital increase in terms of the days? It's only what we had just discussed about it. It's only a time gap, which was because of the SPV approval, which took three months, four months delay. So that is where I think the banks were not having any reservations. The in-principle approval was already received some time back. So it's only that. For next year, we don't foresee anything where the cash crunch of that increase in the working capital debt will be there. Okay. And lastly, sir, you also mentioned in your opening remark that you are looking to monetize further five old projects. So if you can help us, have we started any kind of a talk with the investors? And broadly, just a sense in terms of the total equity, obviously, how much we have invested in a broader sense, if you can say, because the first deal was at a much better valuation price to book, 1.5 x odd. So how one can look at it in terms of the valuation there? As per the total equity which we have invested in, this would be roughly around INR 770. So out of INR 770, we are expecting, and the discussion is already we have started a few of the potential buyers. I believe that as we are going to get the PCC for all five projects within the month of February only, as per the settlement agreement which we have executed, because there have been in three of the projects, there have been some portion where the PCC-2 is going to be there or COD is going to be a bit three months, four months down the line. So by June, we are expecting that all the projects will be tentatively all projects will be done, completed. So within six months of timeline, which we are expecting that if the deal can be done, and six months, we can just start with taking out the NOC from lenders as well as NHAI. So this is quite, I think, going on well on track only. And then again, the valuation, you never know, but we are expecting, and they also have sounded quite a good valuation for these projects. Okay. But in terms of the cash, most likely it would be by end of March 2026, or maybe it would be in the one end of FY 2027 that we will be getting the cash or equity back? No, no. I don't see much of a challenge if that can be done within this year only. Because if you see February to February, it's a one-year duration. If we by PCC to that, again, the deal, and then getting the NOC, everything can be done within the year only, 2026. Okay. And sir, are we open to bid for BOT toll projects now, or are we seeing any pipeline, or are we liking any project where we would like to bid? No, no. Not at the end. Anything related to BOT toll, which already we have expressed our views that we would be happy working with any of the developers as an EPC, as earlier we were doing. Okay. Okay. And then even for next year also, let's say if the road order inflow is not to the extent, or let's say the competition, as we are mentioning, the competition is too high in road. So to even reach INR 10,000-odd crore, so if you can help us, how much are we looking at from the road and all the water, solar, or railway broadly? Definitely, always railway proportionately is our EPC only. And we have looked into this kind of proportionately where the margins are around 11%-13%. So we believe that will be our priority. But then roads, if they are going to shrink their ordering, then we are looking into this water, where the HAM opportunities are there. Like what I have discussed right now, that Eastern Rajasthan Canal Project, canal projects, or inter-river linkage projects in MP, UP, and there, where almost the Government of India has indicated around 90% of the funding will be given by central government. So those are the projects on HAM basis. So we will be looking into such opportunities. Okay. Okay. Got it, sir. Thank you and all the best. Thank you. The next question is from the line of Uttam Kumar from Axis Securities Limited. Please go ahead. Yes, sir. Good morning and thanks for the opportunity. Sir, in the opening remarks, you mentioned about the transmission project. So what kind of transmission projects you are eyeing on, and what kind of order intake you are envisaging in transmission sector? Since we have entered into the solar and renewable and battery, we have seen the similarity. Let's say the solar is the power generation, and the power generation, then the evacuation where this step-up is being done with the substation and switchyard and other balance of plant items. In that scenario, we have seen that the transmission business where there are TBCB kind of a business, which again gives a similarity of execution where the certain part is EPC, where the foundation work is to be done with the civil construction, which is around 30-35%. And there's a tower fabrication and erection. This is again a very simple kind of a project. And the substation. So this is a similarity. So what we are looking into, how we are exploring this opportunity, that going further, if we may opt for this where both ways the return should be there, one is the equity return, and the second is the EPC margin. Not a big margin which we can consider, but 10%-12% always will be our focus. Okay. And now, sir, coming to the labor issue. So most of the infra companies, they were citing labor issues in the last two quarters. So what has been the same in the case with yourself, your company, or is it something different? No, that definitely maybe projects struggle because of the labor, because of the COVID, and then near to Delhi, and because of such as in Bihar, Jharkhand, or Bengal where the opportunities are opening up. So not many people are looking at moving out from those states. But that is a crunch, but it's not that significant where we are struggling a lot. It's the only thing which we have seen the election has definitely impacted the Lok Sabha election. That has already impacted. But now the things are all normalized. It's not that a big gap is there. Okay. Okay, sir. That's all from my side, and wish you all the best. Thank you. Thank you. The next question is from the line of Deepak Purswani from Svan Investments. Please go ahead. Yeah. Thank you, sir, for the follow-up opportunity. Sir, just wanted to check it out on the railway project where we have been declared as an L1. Just looking at the RLDA estimated project cost appears to be INR 1,470 crores, whereas our bid project cost is INR 2,195 crores. So if you can give this broader sense in terms of how should we look from the profitability point of view in this project, and what has been the difference between L1 and L2 in this project, and why there is so difference in their estimated project cost and the bid cost? If you can just compare, there's an L1, L2 gap is hardly 2.3%. So that's not an L3 followed by L3 also. So there's not a big gap. Number one is because of this project is a kind of a unique combination where the highway constitutes the viaduct, not highway. It's a particularly elevated road to be developed. This is around INR 800 crores, and INR 700 crores is just concourse, air concourse, which is a purely fabricated item majorly. Where the other partner is having the proficiency because they are having near to Hyderabad, this specific fabrication unit they have set up. So this is the two big ones, and then the other is the MEP and HVAC. So the civil part is very less in this project where the building is already the construction has been started. So in that scenario, this rates which we have calculated do have the margin visibility of about 12%. There is no doubt on that. So 11%-12% margin is always there. Okay. Secondly, sir, on the bid, if you can also throw some light on the bid pipeline on the railway, as well as you mentioned about the river linking. If you can give some more sense in terms of what are the bid opportunities which are coming up over the next 12 months or 18 months, how do you see that segment growing for us over a period of time? The railway area is over a period of last two, three years where the EPC concept was revealed. And now the project DPRs to land to other things which are shaping up. So in that scenario, we have seen that the significant number are visible where it's a new line, or it can be existing lines where the doubling or three-lane or four-lane is to be done. So these are the projects which we are aiming at. No doubt, this year, which they are expecting that more than INR 70,000 crores of projects are to be awarded. For this year to next year, I believe there's an opportunity on railway, which we believe is a big number. But apart from railway, highways are also giving the sense where a few of the states are also giving the indication that there are expressways or some projects will be there. Okay. And if you can also give some sense, sir, on the river linking project, which we in terms of the bid pipeline, or how should we see from the next 12 months- 24 months point of view? In that context, this is one thing is the Eastern Rajasthan Canal Project. This is the three rivers to be linked in which two states are benefited. One is MP and one is Rajasthan. Rajasthan being the bigger, larger beneficiary zone where and also in Yamuna River is going to the feeder is going to be developed. There's around, I'm telling you, around INR 125,000 crores of project where the central government is given a go ahead for giving the 90% of the funding. And also Ken-Betwa in MP. These are the projects again for MP state where the state like Jharkhand also in UP is going to be benefited. In Vidarbha also, there are many more projects which are likely to be there. You see, this is the opportunity which earlier, or about five years back, it was planned. Now it is shaping up. I believe the opportunity is good. And in any scenario for HAM or EPC, we will be looking at these sectors. Okay. And sir, finally, just wanted to check it out on the equity requirement which would be required for this battery project. Would that be around INR 500 or INR 600 crores over the next two years? This is around, yes, INR 450 plus crores in the next two years. Correct. Okay. Thank you. Thanks Thanks a lot, sir. Thank you. Ladies and gentlemen, due to time constraint, that was the last question. I now hand the conference over to Mr. Harendra Singh for closing comments. So I extend my gratitude to everyone for contributing their expertise and experience to the discussion. We value your presence on today's call and trust that we have addressed all your queries. Should you have any additional questions, please feel free to contact our investor relations advisor, Go India Advisors. Thank you. And good day. On behalf of Go India Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect.