Ladies and gentlemen, good day and welcome to HG Infra Engineering Limited Q2FY26 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal your operator by pressing star, then zero on your touch-tone phone. Please note that this call is being recorded. I now hand the conference over to Ms. Saloni from Go India Advisors. Thank you, and over to you, ma'am. Good afternoon, everybody, and welcome to HG Infra Engineering Limited's earnings call to discuss the quarter two and first half of FY26 operational and financial performance hosted by Go India Advisors. We have on call Mr. Harendra Singh, Chairman and Managing Director, and Mr. Rajeev Mishra, Chief Financial Officer from HG Infra. 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 risks 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 for Q&A. Thank you, and over to you, sir. Thank you, Saloni. Good afternoon all. I trust that this festive season has brought life, prosperity, and joy to you all and your families. May the year ahead be filled with renewed energy, growth, and continued success for all. Looking forward at HG Infra, our unwavering focus remains on building stronger connections between cities and driving our journey towards greater achievements. As we embark on this new summer, we reaffirm our commitment to elevating India's transportation infrastructure and advancing our initiatives in green energy, ensuring sustainable growth and a brighter future for all stakeholders. At HG Infra Engineering Limited, our journey spans more than 22 years dedicated to strengthening the backbone of India's infrastructure. In line with the nation's evolving needs, we are scaling for success by accelerating innovation and building smarter, faster, and safer infrastructure solutions. Driven by our belief that infrastructure should reflect the dynamism and diversity of India, we are strategically entering new sectors such as solar energy, railways, and battery storage. This commitment enables us to diversify our order book and secure high-potential projects in these emerging areas. Our proven execution capabilities, technical expertise, and decades of industry experience position us well for the next stage of growth, allowing us to create a sustainable long-term value for all stakeholders and play a pivotal role in India's ongoing infrastructure transformation. I am filled with pride at how far HG Infra has come and how much more we are poised to achieve. What began as a road-centric EPC company over two decades ago has now today transformed into a diversified infrastructure conglomerate. While road construction remains our core strength, as evidenced by 17-plus highway projects across 10 states, having 66% share contributed by the highway segment out of the total order book. We have strategically ventured into the high-potential verticals such as railways, metros, solar, and battery storage, and recently into transportation infrastructure. Our diversified portfolio now includes more than 29 active projects spread across 13 Indian states, including seven rail metro projects, and our order book as of September 25 stands at INR 13,933 crores. Moving on to some updates on the infrastructure sector. Regarding road and railways, which is the transportation sector under Vision 2047 as a Viksit Bharat, the Government of India emphasizes a modern, sustainable, and efficient transportation network that meets the needs of the growing urban population. The focus is on decongestion roads, which means decongesting the roads through the expansion of expressways, smart traffic management, and the development of integrated urban infrastructure. Improved road connectivity between cities and rural roads aims to boost economic growth and reduce travel time. Recently, under Bharatmala Pariyojana, over 26,000 km of highway projects have been awarded, and there are plans to develop 50,000 km of expressway by 2036-2037 to ensure seamless intercity mobility. Simultaneously, the railway sector is undergoing a major transformation with increased electrification, advanced signaling systems, and the safety upgrades to enhance speed and reliability. More than 45,000 kilometers of rail routes have already been electrified, and the government targets 100% network electrification by 2030. The major expansion plans are in the pipeline of adding more than 40,000 kilometers of rail tracks within the next few years. The expansion of the metro network in major cities is to promote public transport, reduce pollution, and ease pressure on road traffic. Together, these initiatives form the backbone of a sustainable, technology-driven transport ecosystem that supports India's goal of becoming a developed nation by 2047. Given the healthy project pipelines into road infrastructure and rail, we remain optimistic about securing a share of upcoming opportunities, which should support our growth prospects in the medium term. Regarding renewables, which are solar-based and green hydrogen, India's battery energy storage sector is entering a period of dramatic expansion, expected to scale from just 0.2 gigawatts in 2024 to nearly 66 gigawatts by 2032, unlocking more than $5 trillion economy in the market. This growth is fueled by ambitious renewable energy targets, declining battery costs, and the robust policy support, positioning BESS as a critical infrastructure layer for grid stability and round-the-clock clean energy supply. As battery storage transitions from early pilots to large-scale tenders and active deployment, industry leaders and new entrants are making bold investments across the value chain. At this pivotal moment, HG Infra stands committed to accelerating BESS innovation, contributing to India's energy self-reliance and shaping the future-ready grid that delivers resilient, sustainable power to all. As India transitions to a move to green hydrogen as well as ammonia, and with the mission to reach green hydrogen level of 5 MMTPA by 2030, HG Infra will continue to play a pivotal role in the same and has already taken the first step by participating in the recent tender of Numaligarh Refinery Limited. This tender is for the purpose of green hydrogen of 10,000 tons supply. The large component of operational cost of green hydrogen comprises of RE power, which will have to come from a combination of solar, battery, and hybrid off-grid, whereas HG Infra already has secured and is in the process of successfully executing the same. The move to green hydrogen has widespread strategic alliance with HG Infra's foray into providing clean energy solutions. Regarding the transmission distribution, where the government is engaging a robust, modern, and green power grid to meet rising energy needs, with a major investment in high-capacity lines, advanced substations, and HVDC systems over the next decade. Strengthen interregional links and smart grid adoption with integrated renewable energy enhances reliability and supports a low-carbon economy. India's One Nation, One Grid, One Frequency has unified all regional grids, enabling 112,250 megawatts of interregional transfer for stable, reliable nationwide power. In FY26, FY18, HG Infra aims to secure transmission and distribution projects worth 10,000 crores. Already has secured one project valued at approximately 50 crores. We remain active in the transmission space and continue to participate actively in the upcoming tenders. As HG, we are driven by strength, agility, and steady growth, and we are poised to capture emerging opportunities in renewable power transmission and road sector. With proven execution, technical expertise, and industry experience, we are ready to deliver large-scale infrastructure projects that power India's total long-term supply chain. Let me begin with a glimpse of our operational highlights. As of quarter two, FY26, the company's total order book stood at INR 13,933 crores, comprising INR 9,163 crores from roads and highways, INR 2,720 crores from rails and metro, INR 1,620 crores from BEST, INR 132 crores from solar, and INR 296 crores from transmission and distribution. The segment-wide roads is having 66%, rails around 20%, and renewables around 14%. As of now, the update on EPC project is the Ganga Expressway project, which is a very prestigious project of ours, and around INR 14,800 crores, almost completed at 99%, and we are expecting COD anytime in the few months from now. The UER project already has been completed and handed over, opened to traffic. The completion certificate is anticipated to be received shortly. The Khammam-Devarapalle project is running smoothly with the current progress of 23%. The Nelamangala-Tumkur project is gaining execution momentum now and has reached at 48%. Regarding HAM projects, the Karnal Ring Road project has reached 82% completion, marking steady progress and likely to be completed in quarter four of FY25. As shared in the previous quarter, the provisional completion certificates for Raipur-Visakhapatnam projects of 45 and 46 already received, and both projects remain close to completion, while AP1 project, which is also nearing completion, where the provisional completion certificate dated May 25, being received very recently. These all projects of 45, 46, and AP1 continue to be on track for 100% completion, that is COD, in quarters three and four of this year. The Khammam-Devarapalle Project, PD1 and 2, PCC already received, which are at 95.3% and 91.8% completion. Both the projects are expected to be completed 100% by quarter three and quarter four of this year. The Chennai-Tirupati HAM project is currently well at about 28%. The Appointed Date, which is the provisional appointed date for Varanasi-Kolkata Corridor Package 13, has been received with effect from 30th September 2025, and the package 10 is expected to be received in this quarter only. The project progress of package 13 is around 13%. The Kosi Parikrama Package 6 of Ayodhya, where the concession agreement is signed on 21st of June 2025, the appointed date is likely to be declared in this month, and the project execution has just started. For the Uncertain project, the financial closure achieved and the appointed date declared on 19th of August 2025, and the execution standard is 4.2%. Now to railway projects. The DMRC project is nearing 92% completed and, as per the scheduled timelines, is likely to be completed within this quarter. The Bilaspur-Anuppur project, which is around 75% complete, and we are targeting for completion in quarter four 26, and so the Kanpur Railway Station project is around 33%, where the progress is quite slow because of the concourse execution not yet started. However, we are expecting to pick now. The Dhule-Nardana project has achieved 17.9% progress. The Gaya-Son Nagar and u ncertain projects are at 15.4% and 13% completion. Progress across these projects was badly impacted due to abnormal rains, but is expected to pick in the coming quarter. The appointed date for the New Delhi Railway Station project has been declared as 6th of August 2025, and execution has commenced, and the project is in the initial phase with 3.7% completion done. Regarding the solar projects, during the last financial year, HG Infra diversified into renewable energy sector by securing 183 solar power plants with a total capacity of 700 megawatt DC, out of which entailing a total EPC value of INR 2,243 crores, excluding GST. The land lease agreement and the power purchase agreement with this firm being done successfully, and as of now, overall project progress stands at approximately 94.1%. With plant installation activity advancing largely as per the schedule, very few sites, however, which experience delay because of the prolonged and heavy monsoon conditions. Despite the local challenges, the company remains confident of commissioning all plants within the contract timeline in the next few months. This progress will also facilitate to draw down the remaining debt, thereby supporting overall liquidity. On the financial front, approximately 89% of the required debt funding has been sanctioned, where around 74% of the disbursement is already done. The remaining disbursement and the further balance sanctions will happen after the commissioning of these installed plants. Due to these pending disbursements, we have borrowed from banks to mitigate the gap to complete the projects on time, and as a result, our overall debt is coming on higher side at 1,300 crores. Further, out of the total equity requirement into these projects of 721 crores, 705 crores being infused as of September 25. In BEST projects, the company has executed binding agreements with GUVNL and NVVN for a 435 megawatt equivalent to 870 megawatt-hour project, scheduling completion for November 26 and December 26, respectively. In May 25, we have secured additional 600 megawatt-hour projects from GUVNL, and agreements for the same are scheduled to be signed on November 25. With this, the cumulative contracted capacity stands at 735 megawatts or 1,470 megawatt-hours. The procurement process for BEST projects has been initiated, and the orders for key components like power transformer, switchgear system, GIS have been placed by the company, and vendors for BEST container supply have been shortlisted, and final orders for the same are likely to be placed by January 25 or January 26. Equity requirement for all these three projects remains at INR 500 crores, and INR 120 crores is anticipated to be infused in FY26 and balanced in 27-28. Upon completion and commissioning of all these BEST projects, the company expects annual revenue of INR 225 crores from BEST. On monetization of five HAM projects, over the past few months, our leadership team engaged in intensive discussions with several prospective investors to monetize our second lot of five HAM projects. These projects include Raipur-Visakhapatnam Corridor Package AP1, AP5, and 6, Khammam-Devarapalle Package 1 and 2, and our goal was to secure a partner who could provide both financial strength and sector expertise to maximize the value of our stakeholders. During August 25, we executed a binding offer document with NIIF Asset Management Fund. Under this agreement, our holding company will sell 100% of its equity stake in these five fully owned subsidiaries managing these HAM assets. This achievement reflects the successful execution of strategic negotiation and underscores a strong market trust in the value of potential returns of these infrastructure initiatives. Further to this, we have also executed the share purchase agreement of Raipur-Visakhapatnam AP6 package project recently, and the remaining four SPAs are targeted to be executed in this quarter only. The enterprise value of the transaction is INR 3,584 crores. Total investment, equity investment, and total debt obligation in all these five HAM assets are 767 crores and 2,200 crores, respectively. We have already initiated to fulfill the compliances of the conditions precedent as per the binding offer, which includes client approval, vendor consent, and other representations and warranties. We expect to conclude these formalities and the transaction within this financial year. This transaction will deliver significant strategic benefits to the group by strengthening the balance sheet and reducing the relative leverage, thereby enhancing our financial flexibility. The realized funds can be deployed into new HAM bids, road extension, and other high-return infrastructure opportunities. We believe this deal achieves a robust valuation, positions the company for accelerated growth and value creation in the coming years. Regarding the equity requirement for balanced HAM projects, the total equity requirement for 11 HAM projects is 1,709 crores. As of September 25, 1,165 crores have been infused. Of the remaining amount, 195 crores is scheduled for infusion in six months from now, that is FY26, followed by 153 crores in FY27 and 186 crores in FY28. Moving on to the financial highlights of quarter two FY26, this is the first half of FY26. With the standalone financials, the revenue for quarter two FY26 reached 1,154 crores, with an EBITDA of 147 crores and an EBITDA margin of 12.7%. PAT for the quarter two FY26 stood at 67 crores, with a PAT margin of 5.8%, compared to Rs. 89 crores and the PAT margin of 8.3% in quarter two FY25. Revenue for the first half of FY26 reached INR 2,863 crores, with an EBITDA of INR 382 crores, an EBITDA margin of 13.4%, and a PAT of first half FY26 stood at INR 193 crores, with a PAT margin of 6.7%, compared to INR 228 crores and a margin of 8.9% in the first half of FY25. On a consol basis, our gross debt stands at INR 1,634 crores, which comprises INR 550 crores in working capital debt, INR 400 crores of NCD, and INR 684 crores on term debt, current maturities, and fund limit. Regarding the consolidated financials, the revenue for quarter two FY26 reached INR 905 crores, with an EBITDA of INR 206 crores and an EBITDA margin of 22.8%. PAC for quarter two FY26 stood at 52 crores, with a PAC margin of 5.7%, compared to 81 crores and a PAC margin of 8.9% in quarter two FY25. Revenue for the first half FY26 reached 2,387 crores, with an EBITDA of 466 crores and an EBITDA margin of 19.5%. PAC for the first half FY26 stood at 151 crores, with a PAC margin of 6.3%, compared to 243 crores and a margin of 10% in the first half FY25. As informed in the previous quarter, the dip in the consolidated revenue and PAC is mainly due to the elimination of inter-group transactions with SPVs of solar projects, which are recorded as capital work in progress in consolidated accounts. Since September 24 quarter, till this quarter, around 2,111 crores of revenue and a profit of 380 crores has been eliminated in the consolidated financials. While the standard results reflected EPC revenue and taxation, the tax cost remains in consolidated results until the SPVs start generating operational revenue, after which margins will improve. Turning to our future strategy plans and the future outlook, in the year ahead, our priorities at HG Infra will focus on sustaining a steady growth trajectory anchored by strong financial fundamentals. Operationally, we aim to tighten working capital cycles, ensure on-time project delivery, strategically allocate capital, and enhance monetization efforts. Bold targets have been set for FY26, where we plan to secure INR 10,000-11,000 crores of new ordering flows, and by FY27, we intend to expand our non-road infrastructure portfolio to around 35%. Looking ahead, we are focused on expanding into building, construction, and real estate, green hydrogen, and other emerging sectors. Our team is actively working to explore opportunities and contribute meaningfully into these sectors. At the same time, our strategy continues to diversify into high-potential areas such as water management, tunnels, transmission and distribution, and smart urban infrastructure. We remain committed to strengthening our digital and automation capabilities, enhancing ESG performance at the strategic level, and delivering scalable, impactful projects across diversified geographies. Together, these growth levers will drive HG Infra's evolution into a broader multi-sector infrastructure platform, creating long-term value at its core. HS, you would like to open the floor for the Q&A? 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 the handset when asking a question. Ladies and gentlemen, in order to ensure that the management is able to answer questions from all participants in the conference, please limit your questions to two per participant. We will wait for a moment while the question queue assembles. The first question is from the line of Vaibhav Shah from JM Financial. Please proceed. What would be our HAM and solar receivables? Last time we indicated solar receivables quite detailed, so have we received them? What is solar and BESS receivables? HAM. As a total debtor, and you are talking of debtor? Yes. So total SPV receivables into debtor is around INR 255 crores in solar and 567 in HAM. And the contract asset is INR 235 crores in solar, and HAM is 529. Okay. Sir, we saw a sharp increase in the debt levels in the second quarter. So any reason for that? So basically, there have been three significant areas where we have invested the debt, increased debt. One is the advances to our vendors, so that has around INR 150 crores we did into that because of procuring a few of the core kind of materials which are required for BESS and BESS. So mobilization advance also has been there, where INR 250 crores of mobilization advance is there. So there is a significant decrease into that because in newer projects, we could not receive any mobilization advance till date. And the payables also have decreased, where the retention has been paid because of the many other projects which we have recently completed, where the vendors' payment of the retention has been paid. Okay. But last thing I have explained into this remark, that the total around INR 490 crores of debt is still to be received from the HAM banks' disbursement. So this is again adding to this particular increase in debt, which was again to quarter one as well. So once that comes, the debt should go down? Yeah. Debt we are expecting in quarter three and quarter four, significant decrease is likely to be there, and we will be roughly around the normalcy as we were in earlier quarters. And lastly, on the margin side, we have seen some softness in the last two to three quarters. So were there any burn-offs in this quarter? Because margins were 12.7%, and how do you see it going forward? The margins were on track only. There are exceptionally few of the projects, especially Ganga, where we have taken a hit because of the Change in Law. There's likely that we will be taking this to the arbitration we are going to seek this kind of opportunity, where it would be paid. It is a table kind of a thing, but outrightly, the client is not agreeing to that. So there's one number which we discounted immediately into our quarter one. What was that amount? In the first quarter, it was around INR 40 crore, and then the second quarter, it is around INR 35 crore. So going forward, there is any other expectation, or it is now over? Or there are any further? All projects are running very smoothly and perfectly within the right margins as we are instructed. There's only one of the projects which we have taken a discount because we don't want to keep those numbers where the margins are likely definitely there as per the contract conditions, but it may take a few quarters to realize that. So now that is completed the provision, or it can come further in Q3 as well? No, no. So we are all done into this one first quarter, one and quarter two. Okay. And lastly, on other income, it is 17 crores in second quarter. So why it is so high? I have not seen that because the FDR is also there, where some maturity would have been there. Other than that, I don't know. Let us see, and I will get back to you. Okay. Okay. Thank you, sir. I will call back you too. Thank you. Participants are requested to limit their questions to two per participant. The next question is from the line of Shravan Shah from B&K Securities. Please proceed. Hi. Thank you, sir, for the opportunity. A couple of questions. So first, broader guidance on the top line front. So now, given the muted growth relatively in H1, to achieve a 7,000 crore, we need a 19% kind of a growth rate in the second half. So how do we now see? The growth in the first half of this year is almost as per the plans only. We are around 2,800 crores, around 10%-11% growth. So for the balance portion, definitely with the rains subsided and the COD of this Varanasi Kolkata package starting to see, all that is likely to be there within a few days, and package 10 would be followed in next month only. So with that, we are estimating that a significant number would be in quarter three and quarter four. So definitely, we are not very much sure that we will be touching 7,000, but something around 6,500-7,000 would be our number. With by end of this year, we will be able to comfortably, we will be able to reach. Okay. And for next year also, earlier we were looking at 8,000. So given if we can get a 10,000-11,000 crore order inflow, so 8,000 crore is doable in FY27? With the balance order of about 14,000 crore, if we do around 4,000 crore in the balance, even if around 4,000 crore in the balance part of the year, so we would be left with 9,000 crore in the year. And again, with the likely addition of the new order, where now the orders even from the government or from any private land. Those are the orders which we do not expect much of the delay in the appointed date. So whenever the orders would be placed, likely within a few months, the appointed date would be in, I say, there because of the land availability and everything has been improving a lot. So with that, we are expecting that we will be touching around 7,800-8,000 crore in the coming year at about 15% growth as we are estimating. Okay. And now from the third quarter onwards, we should be having a 15%-16% kind of a EBITDA margin, and that should continue for two to three years. Roughly the margin because that has been impacted because of the few of the projects which I already have discussed. So we have taken a hit of those margins immediately in the current quarter only. Thank you. The next question is from the line of Sarvesh Gupta from Maximus Securities. Please proceed . Good afternoon, sir. Just one clarification again on the margin side. I think last quarter also you alluded that most of the Ganga Expressway-related one-time provision has been taken in the last quarter only. But in this quarter also, we have seen ₹35 crore that you have mentioned. I'm not sure even if I include that, I'm not sure whether it is going up to 16-odd%, which we used to be at normal track record on the margin side. So can you please help us with that? In half of 21 projects which we have taken a hit, not because the client is not eager to pass on this claim. There is change in law, and there is one COS. So there is an interchange which has been constructed as a variation, which we have not considered as revenue because the client may take some time for approving that as a variation claim. So in NHAI projects or this kind of a project, there are two different things which are because the client always considers anything which he has said he will qualify your claim. So here in this case, we are putting into our consideration that we may or may not qualify immediately. So it is a matter of time. Definitely, these are all the numbers which we have taken as a provision or a margin has been discounted on the basis. Otherwise, it's not that the margins are not there. They were all there, and we were likely to see this number also coming in the future quarters, within, I think, three to four quarters, which can be improved even. But in second half, sir, now can we expect to get back to our normal 15%-16% margin, or it will remain in 12%-13%? We have good margins, so we are expecting to come back to this normalcy. Okay. In second, sir, on the ordering flows, now if I compute your ordering flows for first half, it is coming to around 1,500 crores only against the 11,000 crores of the expectation in the beginning of the year. So what gives us the confidence that we will be able to, in the remaining four and a half, five months, we will be able to get to 10,000 crore ordering flows? So there are two big expectations which we are expecting. One is definitely at NHAI. Nothing much has happened in first half, and because of the land and the pre-qualification criteria and many more things, now everything, because of approval of many projects, the bidding pipeline is very strong, and they would be awarding in subsequent months. This is one area we believe, and the second is, as we have already successfully completed one of the projects of Adani, this is a Ganga project. There also, with a strong relationship with them, we are expecting some private orders also. The rail, roads, and the private orders which we believe that within the future, say, the further three to four months balance, we will be able to secure around INR 10,000 crores of orders. Okay. Then lastly, on the MSRDC project, that INR 4,000 crore book is not available to us for execution. So given that sort of a situation and most of the ordering flow which will happen, let's say, in next one and a half quarters, then I don't know how much you will be able to execute. So are we being too optimistic about INR 7,800 crores out of a run rate next year in revenues, given that very little order book will be left for execution for next year? So if you see the total order, if you just take out this order for MSRDC, it would be balanced, would be around INR 4,000-INR 5,000 crores. So those are the orders out of which almost everything needs to be done in FY27, just barring, I think, not more than INR 4,500 crores, which would be out of just going beyond FY27. So there's one area which we believe, and that is orders which we are likely to secure now. So those are the projects which we are expecting, where the tentative, the time which we actually economically take is one to two years from the award date to the appointed date. So this is not going to happen in future orders because it's only a time when the orders, if you just can see the LOA to the appointed, it would be around two to four months maximum. So this gives us the opportunity and we see as a confidence that we would be able to secure the orders as well as we would be able to deliver this much of an amount of orders. Okay. Thank you. And all that. Thank you. The next question is from the line of Vishal from Antique. Please proceed. Yes, sir. Thanks for the opportunity. Just continuing on the previous question, out of the 14,000 odd crore, barring the master order, are there any other projects where the appointed date is pending? Yes, sir. Appointed date as of now, which we won is the Ayodhya project, which we will be getting within a few days only. And the Jharkhand project, that is Varanasi, Kolkata, package number 10 in the subsequent month only. So only the appointed date of this MSRDC project, that would be only balance. So total you are mentioning, total four projects, including the Maharashtra one, where the AD is pending, is it? Correct. Okay. Fine, sir. And second, last thing is, in terms of financial closure of the project where we have asset ownership, SPV base, even solar, so any update that can you provide, sir? The financial closure already is secured, say 89% of the total project being sanctioned and 74% of the total disbursement happened. But still, the big chunk of disbursement is yet to be done. But we have progressed almost 94%. This is one bank, which is SBI, which they are just expecting because within the next two months, we need to complete the entire, almost entire project. So within that timeline, balance of 11% would be sanctioned and disbursed, and the balance that's already sanctioned would be disbursed in a few months from now. Apart from this, financial closure, we are at BOT. One of the sanctions which we already have received from PNB Bank, and very recently, I think by a few of the other banks have also taken part in financial closure. We are expecting for both the BESS projects, that within by November and December, we need to submit the financial closure. Okay. Sure, sir. I think that's all from my side. Thank you. Thank you. The next question is from the line of Parth from JM Financial. Please proceed. Hello. Hi. Thank you for the opportunity. When can we expect the execution in the BESS projects to start? Yeah. Execution of BESS project is a bit of a yes. No. When can we start the execution? Execution, we already have started where the land is there and engineering being done and advances to transformers and GIS and other systems already have been paid. So we have already started coming into both the projects of this. So can we expect any meaningful revenue to be booked in the latter half of the financial year from the BESS project? Yeah. Around, I think roughly around INR 150 crore-INR 250 crore odd would be done within the CM only. I missed one of your statement where you said that the MSRDC revenue for FY27. So can you just repeat it once, sir? So once this order where we are expecting the land is still not in, say, around 70% as per the terms of the LOA. So because of that, the delay has happened. But again, once the land is in place, the appointed date and the LOA do not have much of a difference. So in that scenario, we believe that once this year is over and by the time which appointed date is there, significant amount of work would be done in MSRDC projects in subsequent years, FY27. So can we expect it to come in this financial year or at the start of FY27? So we are expecting by this year-end only. And can we expect around INR 500 crores of revenue from this project in this year? Within this year, no. We are not expecting any revenue in this year. We are not recovering anything. And in FY27? FY27, definitely more than 50% would be done in FY27 out of those total INR 2,000 crores. Okay. Thank you. Thank you, sir. Those were my questions. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Uttam from Axis Securities. Please proceed. Thanks for the opportunity. Sir, my question pertains to the current bidding pipeline for HAM EPC and also for Metro projects. Last time, you had given some idea of gaining some projects for Metro also and also from battery storage services market. If you can highlight how much we have bid in HAM EPC and for the Metro Railway and Metro and for other projects also. So till date, whatever we have bid, it's around INR 12,000 crores of total bids which are already there, where the results are yet awaited. It's around INR 7,000 crores in HAM and EPC projects into various sectors and around, say, BEST and this solar, around INR 5,000 crores. And as far as bidding pipeline is concerned, if you see into INR 65,000 crores of order, where almost the land acquisition and this is at the advanced stage from NHAI, where the HAM and EPC are there, we are not considering any BOT project into this. The ministry is also expecting to bid around projects equivalent to 70,000 crores within this year. So this is put together around 135,000 crores, which we are considering for the year with the bid pipeline of NHAI and the ministry is there. So apart from that, as already we have completed one of the big projects from Adani as a client, as a Ganga. So we are expecting that they are also in discussion with a few of the projects already available with them to look as an EPC partner. Okay. And sir, the margin would be the same. And what we are getting in the Ganga expected project, if we do some projects with Adani going forward, or if it will be lower than that? We are expecting that on the similar terms, we will be taking one call on the similar terms. It will be the same margin as we bid in Ganga. And the last one, what will be the timeline for the asset monetization that we have already done with you? So in all five projects, we have received the PCC and the NOC and other obligations which we already have started. So we believe that the COD, as soon as we receive the COD, as well as as soon as we get the permission of NOC from the client, which will likely take not more than one to two months maximum from now. So by January, continuing in January or February, we will be doing two of the projects. And in March, all three balance projects will be done within the year only. And sir, in enterprise value, all these transactions were INR 3,584 crores, if I am not wrong. So the enterprise value is INR 3,584 crores. Out of this INR 2,500 crores of which is going to debt and INR 1,384 crores is the total amount which SG would be getting. Okay. Thanks all from my side. And wish you all the best. Thank you. Thank you. The next question is from the line of Mohan Kumar from ICICI Securities. Please proceed. Yeah. Good afternoon, sir. And thanks for the opportunity. My first question is, sir, can I please explain the change in law which has impacted our margin booking in the quarter? What it is related to? So change in law, basically, the aggregate being taken or being purchased from out of state, that is interstate project cost. So there is a significant fee increase into that in UP. So whatever aggregate you purchase from out of the state of UP, that duty is being charged. So with that, this qualifies as a change in law. And there is a royalty change which also qualifies as a change in law. So in any of the projects of UPEIDA, they never have paid this change in law. This is the first time. In NHAI, it is a normal trend. Okay? So that's why they are considering this particular event, which is the first time, and they may or may not consider it. So that's why we have taken that. Though legitimate claim is there, so we have already taken the legal opinion. So if they denied that, then we will take this to our petition. But we are working for Adani, right? So Adani has to get this money and pass it on to us. Is that right understanding? Sir, the both things. The contract clearly speaks that whatever we would be getting from the client which is UPEIDA as a complete agreement, that only will be passed on to us. Understood. Understood. My second question is on the NHAI pipeline. I think NHAI had given us a very strong visibility, saying that they will come up with a INR 3.6 trillion kind of order inflow in the fiscal. Are you seeing the signs of that happening, or do you think the numbers will be much, much lower and any outlook on and any color on the pipeline which you have as of now? So definitely, NHAI and ministry, they are all bullish about the strong pipeline because last one and a half year, nothing much has happened, almost two years only. So again, the bidding pipeline is strong, which what kind of a project is Greenfield maximum. So in HAM, EPC, as well as BOT, it's a mix of all three. So taken together, it's around not less than six lakh crores. But definitely, we cannot see everything would be done within this year. So we are expecting because of the land. So there is a mandate from the ministry as well as the finance that you should bid, you should award those projects only where the 80% or 90% of the land as per the contract is available. So earlier, the practice was where the 30, 50% of the land was available also was put to that awarding. So now they are stricter the measures of it. And second is the quality of the DPR. So they are again considering this, okay, whatever DPR we should prepare. So DPR should not have many more variations which are encountering the time loss as well as variations. So these are the two big things which are impacting the bidding. Otherwise, the pipeline is very strong. So we are expecting, yes, definitely, it is taking time. But many projects which they believe and we are also expecting would be bidded within the financial year. And subsequently, I think there will be no delay in future years. Sir, thank you. And all the best. Thank you. Thank you. Before we take the next question, we would like to remind participants to press star and one to ask a question. The next question is from the line of Parth Parekh from JM Financial. Please proceed. Thank you for the opportunity again. Sir, when can we expect the execution to improve in the railway station development? You didn't really mention the execution already started. The improvement is likely definitely in the urban area. But whatever land and utility shifting which was supposed to be there, the significant progress has been done. So we are expecting around, say, INR 130 crores of the execution within this year only. So a significant portion would be done within this financial year when we have started the project. Now it's quite aggressively. And can we expect to receive the monetization money by the end of this year? Yes, of course. As we are progressing and the COD is expected, all five projects, COD is expected in the subsequent four, five months only. So this is the mandate which we have kept that both the COD as well as NOC on the client, these are the two things which are the time requirement for the transition to happen. Okay. Thank you. Those were my questions. Thank you. The next question is from the line of Vineet from Investec. Please proceed Good afternoon, sir. Sir, the various news articles indicating that Maharashtra MSRDC orders may get canceled and come up for rebidding, what are you hearing from the government authorities how they should proceed given land acquisition still is at around 30%-35% levels? So you're right. It's only a matter of land acquisition. So basically, there are two things. One is definitely without the land, nothing can be done unless the LOA or appointed date cannot be declared. So they are looking at this almost one and a half years, roughly, say, one and a half years only has passed. But they are keeping it definitely once anything is to be done, it will take next six to eight months. So they are expecting this order to be given. And now the land acquisition is quite expeditiously being taken. Earlier, there was almost dullness for around six months. So now it is being actively taken. And every month, we are seeing that there are 10%-12% land being added into their kitty. So with that, I think it's only a reverse argument. Okay. But sir, do you expect these orders, MSRDC orders, to go for re-tendering in any case, or you're fairly confident? What have been the discussions with the awarding agencies on this? Till date, there is no news as such which is giving the sense that these are going to be canceled and re-tendered. It's only a matter of time where the land acquisition is not, say, within as per the contract. Understood. Understood. And sir, my second question was your comment on foray into building residential building segment and also green hydrogen. If you can throw some light on it, what type of orders are we looking for? How are we qualified? Will we initially go through JV route? Which type of orders will be targeting in those areas? As such in the hydrogen, because all the refineries, they have been mandated to deploy or just install these hydrogen plants which require green power. So one of the projects which we already have bid with the JV partner only in the Numaligarh refinery, so that gives us that particular sense that if we are setting up the plant where the green hydrogen is one area where the revenue would be coming back by the total operational expense, which is the green power. So the green power setup would be much more than the green hydrogen capex. So that we are considering, which L&T is the only player with till date. They have taken two orders from 25 and 1. Same all the refineries this is to be done. And also the government is looking into many other public sector undertakings where the mandate is given for setting up the plant. This is one area which we have picked with one of the trusted partners which we have taken into our area which do have the patent for setting up the plants and indigenous components which are now the prime requirements for the bids. As far as this is concerned, say, apart from this, if you are looking to the opportunity which are into buildings, residential building or commercial buildings, so we are looking into this opportunity once we have completed the Kanpur project. So mostly done. The total building part is already done. So we do not require any qualified, say, JV partners. So we are looking into this opportunity where the building construction can be taken up in the government or the private. Understood. And up to what sizes would we qualify in case of government orders there? Not a big number. It would be initially at INR 300-500 crores. Okay. Okay. Understood. Thank you so much, sir. Thank you. Thank you. As there are no further questions from the participants, I now hand the conference over to the management for the closing comments. Over to you, sir. Thank you for joining us today. And we remain confident in our continued success and are here to address any further questions. So please feel free to reach out to us or our advisor, Go India Advisors. Thank you. Good day. Thank you. On behalf of Go India Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect here.