Good evening, ladies and gentlemen. You are connected to the H.G. Infra Engineering Limited conference call. Please stay connected. This conference will begin shortly. Participants, good evening. You are connected to the H.G. Infra Engineering Limited conference call. Please stay with us. This conference will begin shortly. We thank you for your patience. Ladies and gentlemen, good day, and welcome to the Q3 FY26 earnings conference call for H.G. Infra Engineering Limited, hosted by Go India Advisors. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Miss Selina Sheikh from Go India Advisors. Thank you, and over to you, ma'am. Good evening, everyone, and welcome to H.G. Infra Engineering Limited earnings call to discuss the Q3 and 9M FY26 operational and financial performance, hosted by Go India Advisors. We have on the call Mr. Harendra Singh, Chairman and Managing Director, Mr. Rajeev Mishra, Chief Financial Officer. 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 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, Selina. Good evening, everyone, and a warm welcome each one of you joining us on the call today. At HG Infra, we are immensely proud and delighted to have spent over 23 years shaping the backbone of India's infrastructure and marked recently by our 24th foundation day. As we reflect on this journey with pride and advance with a with purpose, it has been built on trust, driven by passion, and defined by quality. These enduring values continue to guide us in construction, infrastructure that propels India's progress. To meet India's evolving requirements, we are scaling for success, fast-tracking innovation to build smarter, faster, and safer infrastructure. We are entering new sectors such as solar energy, transmission, and battery storage, guided by the simple belief that infrastructure must be as dynamic and diverse as the nation itself. Union Budget of 2026-2027 has strengthened the road sector with higher allocation to Ministry of Road Transport at INR 390,000 crore, up 8% year-on-year, and increased funding for National Highways Authority of India to INR 187,000 crore. This enhanced investment is expected to accelerate development of national highway, expressways, and greenfield corridors. Leveraging our strong execution capabilities, HG Infra are well-positioned to benefit from this momentum, with 45+ road projects delivered, and our track record reflects engineering excellence, timely execution, and durable quality. As of December 2025, our roads and highway order books stands at INR 8,460 crore, constituting about 62% of the total orders. Similarly, the Union Budget 2026-27 again remains focused for rail infrastructure, with a capital outlay of INR 259,000 crore for Indian Railways to support network expansion, capacity enhancement, and modernization. Aligned with this momentum, HG Infra has strategically diversified into rail and metro infrastructure. With 7+ ongoing projects, our presence in this segment reflects growing technical expertise, disciplined execution, and capability to deliver complex infrastructure. Green energy also marks a significant new phase in HG Infra's growth journey, as we have already executed 350+ MW and remaining 250 MW, likely to be completed by March 2026, out of total 600 MW capacity orders, which is supported by integrated storage solution, reinforcing our focus on sustainable and future-ready infrastructure. Let me begin with a glimpse of our operational highlights. As of Quarter 3, FY 2026, the company's order book stood at INR 13,624 crore, comprising INR 8,734 crore from roads and highways, INR 2,779 crore from railways and metro, INR 1,620 crore from BESS, and INR 394 crore for solar and transmission projects. Rest, INR 98 crore from other sectors.... Segment-wise, roads and highway contributes 64%, followed by railways 20%, renewables 15%, and other segment 1%. Regarding the updates on the EPC and highway projects, we almost has 99% Ganga's project completed, and COD are being applied, likely to be obtained within this quarter only. The Jamshedpur Elevated Project is running smoothly with current progress at 36.9%. The Neelmangala-Tumkur project is gaining execution momentum and reached 54.4% completion. The appointed date of DLF project is declared as 30th December 2025, and the project is under mobilization stage. Regarding HAM and highway projects, the Karnal Ring Road has reached 94.2% completion, marking steady progress and likely to get provisional completion in Q4 FY 2026. As shared in the previous quarter, provisional completion certificates for Raipur-Visakhapatnam Corridor OD-5 and OD-6 projects already received, and the both projects remain close to completion. The Raipur-Visakhapatnam, again, AP project is also nearing completion, and we have received provisional completion certificate with effect from May 2025. All three projects of Raipur-Visakhapatnam Corridor that are OD-5, 6, and AP-1, continues to be on track for COD in next few months only. The Khammam-Devarapalle Package eight, KD-1 and two, PC, where the PCC already received, which are at 99.1% and 96.9% complete, completion. Both the packages are expected to be 100% completed in Q4 FY2026. The Chennai-Tirupati HAM project reached 40.1%. The provisional appointed date for the Varanasi-Kolkata Corridor Package 13 has been received, with effect from 30th September 2025, and the project progress of Package 13 stands at 19.4%. For Package 10, the appointed date is expected to be received in Q4 2026. For Kosi Parikrama, Package six of Ayodhya, the concession agreement is signed on 21st of June 2025, and the appointed date has recently been declared on 16th January 2026. The project's execution stands at 3.4%. For the Narrow Gauge project, financial closure, which was achieved, and the appointed date was received with effect from 19th August 2025. The project execution stands at 15.6%. Turning to the progress of railway projects, the DMRC metro project is 99% completed and progressing as per the scheduled timeline and targeting its completion in Q1 FY 2027. The Bilaspur Himachal Pradesh railway, RVNL project, is 87.8% completed and targeted for completion in Q1 FY 2027. The Kanpur railway station progress project is at 44.9%. Dhule-Nardana railway project has achieved 35% progress, and the Gaya-Sonnagar and Karanjgaon projects are at 27.3% and 32.7% completion respectively. Progress across these projects was impacted due to abnormal rains, but it is expected to pick up in this quarter. The appointed date for the New Delhi railway station project has been declared as 6 August 2025. After the initial hiccup related to the utility shifting and design, the execution is now at initial phase with 6.9% completion. The appointed date of newly awarded Thane Metro project has been declared as 11th January 2026, and the project is in the mobilization stage. On the solar project, as of 31st December 2025, overall physical progress across the project stands at approximately 95.8%, despite delays in few months caused because of the prolonged and heavy monsoon condition in Rajasthan, as well as the land-related challenges affecting the transmission line infrastructure development. These projects got delayed. Despite of these site-specific constraints, the company has been able to execute the project largely in line with the planning as planned schedule. The company is putting adequate resources to commission all the plants within the revised contractual timelines in the coming months. The anticipated commissioning will also enable the drawdown of the remaining sanctioned debt and clear the outstanding liabilities. In view of the challenges faced by the developers in Rajasthan, the Ministry of New and Renewable Energy, that is MNRE, has extended the commissioning guidelines for the solar plant, again, KUSUM C, Scheme A and C, up to thirty-first March 2026. From a financing perspective, approximately 86% of the required project debt has been sanctioned, out of which around 74% being disbursed. The balance sanction and disbursements are likely to happen post-commissioning of the installed plant in the interim. To bridge that funding gap and ensure timely project completion, the company has availed additional working capital limits. Consequently, the overall debt level at the company level has temporarily increased, which will be reduced in coming months once solar balance disbursement of over INR 425 crore will be received. As of December 25, the total equity investment in these solar projects stands at INR 731 crore. As of now, the total amount billed to the DISCOM is INR 72.88 crore, and the total of INR 56.33 crore has been collected till date. Regarding the BESS project, so there are the three projects, two from GUVNL and one from NVVN, totaling 104,070 MWh. The procurement process for BESS project has been initiated, and the orders for the long lead components, like power transformer, GIS switchgear systems, has been placed by the company, and the exhaustive technical due diligence has been conducted for DC block container for, from both overseas and domestic vendors. Final orders for the same is likely to be placed by March 2026. In June 2026, company formed SPV and while purchased the land for the Banaskantha project, and both the projects have now got the approval from con- of connectivity agreement. Financial closure of Banaskantha project is completed, and Dholera is at advanced stage of closure and expected to be completed by, complete by March 2026. Upon completion and commissioning of all the BESS projects, the company expects annual revenue, revenue of INR 225 crore from this. Regarding the transmission project, which is progressing well as per the timelines, the SPV being formed and the design and the long lead items are booked. This is an update on the monetization of five new HAM assets, where the PCC already being received. In August 2025, we executed a binding offer document with Neo Infra Income Opportunities Fund. For the divestment of our HAM portfolio in 4-5 wholly owned subsidiaries, we have executed the security purchase agreement of all five projects during the previous quarter. We had already initiated the process of fulfilling all conditions precedent, including obtaining clients' approval, lenders' consent, and completing requisite representation warranties. We have received lenders' NOC for Khammam-Devrapalli package one and two, and for the Raipur-Visakhapatnam project package five, NOC has been received from one of the senior lender, and the approvals from remaining two lenders are expected shortly. Further, NHAI has also approved the NOC of Khammam-Devrapalli package two. From the remaining projects, we are continuously following up with NHAI and respective lenders and anticipate receiving the requisite required NOC within the next month. Based on the current progress, we expect to complete the transaction for at least three of the projects, SPVs, within the current financial year, and we are expecting around INR 500 crore-INR 600 crore as the first part of consideration for these projects. Regarding equity requirement on HAM projects, the total equity requirement for 11 HAM projects is INR 1,750 crore. As of December 25, INR 1,242 crore has been infused, and the remaining amount, 117, is scheduled for the infusion in six, three months of the further year, followed by INR 220 crore in FY 2027 and INR 171 crore in FY 2028. Moving on to the financial highlights of Q3 FY 2026 and nine months of FY 2027, 2026. Standalone financials, revenue for Q3 FY 2026 reached INR 1,450 crores, with an EBITDA of INR 224 crore, at an EBITDA margin of 15.5% EBITDA. PAT for the Q3 FY 2026 stood at INR 97 crore, with a PAT margin of 6.7% compared to INR 137 crore and a 9.1% in Q3 FY 2025. Revenue for nine months FY 2026 reached INR 4,313 crore, with an EBITDA of INR 607 crore, at an EBITDA margin of 14.1%. PAT for nine months FY 2026 stood at INR 290 crore, with a PAT margin of 6.7%, compared to INR 365 crore and a margin of 9.9% in nine months FY 2025. On a standalone basis, our gross debt stands at INR 1,545 crore. This comprises of INR 914 crore in working capital, INR 631 crore for term loans and current maturities, trade limits and working capital limits. Regarding the consolidated number, revenue for Q3 FY 2026 reached at INR 1,421 crore, with an EBITDA at INR 309 crore of 21.1% margin. PAT for Q3 FY 2026 stood at INR 94 crore with a PAT margin of 6.6% compared to 111, one hundred and fifteen crore, at a margin of 9.1% in Q3 FY 2025. Revenue for nine months FY 2026 reached INR 3,308 crore, with an EBITDA of INR 775 crore and an EBITDA margin of 20.3%. PAT for nine months FY 2026 stood at INR 245 crore, with a PAT margin of 6.4%, compared to INR 358 crore at a margin of 9.7% in nine months FY 2025. Update on recent CBI matter is, as you are aware, that the CBI and Anti-Corruption Bureau, Patna, has conducted search in our offices in the month of January. The next three updates for the same are already disclosed through the stock exchanges. We are extending our full support to the agencies in the matter and will continue to update the investors through our disclosure on the stock exchange upon any material development, and would like to mention that there has not been any impact on the operations and financial position of the company. Turning to the future strategy and outlook, HG has outperformed exceptionally in all fronts against all odds and delivered timely projects with great trust, passion, and quality. As you all know, that there has been less traction in new projects awarding in last 18 months from NHAI. But our deliberation with NHAI, things will again, looks like will again flourish with new project bid. In FY nine month, nine months of FY 26, we have bagged new projects worth INR 3,300 crore up to date and quite hopeful to add project worth around INR 4,000-INR 5,000 crore by March 2026. I will now hand over the call to our IR advisor and request to open the floor for question and answer session. 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 touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question... We also request that you please restrict yourselves to two questions only. You may rejoin the queue if you have further questions. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah. Good afternoon, sir, and thanks for the opportunity. Sir, can you please help us with the update on the appointed date for Nagpur EPC orders? I think there were two projects which were of around INR 42 billion. Is there a risk of cancellation of the orders? Probably the cancellation of this these projects is not at all in pipeline or under discussion. The land acquisition, which actually has been impacted in the recent past because of the municipal elections in Maharashtra. So it is going on at the say not at the same pace as we were envisaged. So probably by April or May, it looks like that 70% of the land, which is a prerequisite for LOA to be issued. By that time, we are checking upon with the authorities what is the present recent update. So expect maybe the work to start in H2 FY 2027. Is that a fair assumption, given the current information? Yeah. Correct. Understood. Understood. Second thing also, of course, NHAI tender pipeline has been pretty weak for last several quarters. Do you see the progress on the ground? Are you hopeful of a sharp momentum in the balance of the fiscal, or do you think the progress will most likely happen in FY 2027 and FY 2026 will again be a dull year? See, as far as development and the, with the getting the feelers from the authority, it is very promising that they are, the pipeline is so long, and the land acquisition, and the, which is a very much prerequisite condition for the authority to award any project, which earlier was not there, as well as the quality of the DPR validation through their DPR cell is taking some time. The project where the cabinet approval is already being obtained, they are almost more than INR 60,000 crore of projects. But then again, there are many more projects where the cabinet approval is likely to happen within the shortest possible time. It's a matter of only few months from now, where these projects of around INR 600,000 crore, which they have, they have given to this, their domain also, would be likely to be awarded, not for this current year, current financial year, but for next, definitely for the next year. My last question on the revenue guidance, sir. Are you still maintaining the guidance of INR 65 billion for this fiscal, or do you think there's a risk to that number? There has been a bit of a, say, slackness as well as the progress because of the prolonged monsoon, this is one reason, and the retreating monsoon, which has affected the Tirupati project. But even then, we are quite hopeful that we are over, we'll be surpassing the last year number. Looking at this, the appointed date of Jharkhand Package 10, which was not, which was supposed to be there, but is not yet issued. Likely in next month only it would be given to us. So that has impacted around INR 200 crore-INR 300 crore. Otherwise, we would be at, in, say, in and around the last year number, plus some percentage over the number. Understood, sir. Thanks and all the best. Thank you. Thank you. Ladies and gentlemen, to ask a question, you may press star and one. Our next question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Yeah. Sir, any one-offs in the EBITDA margin this time? Sorry? Were there any one-offs in the margin or 15.5% is normal EPC margins for 3Q? The normal EPC margin, there's no additional exceptional item which has been added here. Okay. And, sir, why, why were the tax rates so higher at 31.5% for the quarter? So there has been a, say, for last year, there has been for MSME, INR 6 crore of provision, which has been made in this year for the tax matter. So that, for that reason, it is a bit higher. Okay. Sir, secondly, when do we expect to complete the solar projects? And when do you see the debt coming down? So the debt of INR 425 crore, which is yet we need to receive from this SPV, from the lenders to SPV and in turn to HG, is likely that around INR 200 crore would be there by March and followed by in April. Because the entire commissioning is now being deferred till March because of the all local disturbances and the issues which we already have faced, and several other companies have faced, rather. So in April and May, in quarter one, we would be getting the entire debt once we commission these plants in totality. But for the incremental work also, which is spending roughly INR 400 crore, for that also you'll be required to put another money, right? To support the SPV. No, as far as acquisition is concerned, it is already 98%+ completed. So the fund which we require for nearing completion, it's not that big amount. There's INR 35-40 crore, which will be required in quarter four only for entire completion. So the money which we will be collecting is INR 425 crore coming from the SPV through debt. But order book seems quite high in the solar projects as of December. Solar. No, no, it's transmission and solar. Okay. Okay. Okay, got it. And, sir, when do we expect to start the work for the BESS projects? And your guidance for FY 27, given the, given the, expectation from the, revenue expectation from the MSRDC projects would be quite lower, given it's, it likely to start in second half. So what would be your guidance for 27? ... So what we have designed as the AOP plans for the existing order book and likely to execute some 2,000 numbers within this year. So with that number, the best execution, which is likely to be completed for the next year only, so entire completion would be there. As far as if we are not considering even this Nagpur-Chandrapur, which is MSRDC project. So what is to be done for the new projects, which we are likely to bag in the coming months only, we are considering some INR 1,500 crore from the new project or the MSRDC project. Other all these projects, which are already just started or just one project is to be started, would be good enough to reach out to around a number of INR 7,000 crore for the next year. Okay, okay. And sir, what would be—so when do we expect to receive the appointed date for the MoRTH's HAM? The MoRs- The one which is pending. Ayodhya project, we have started, 3% is completed. Started just recently, appointed date was declared on the sixteenth of January. Okay. Just the one project is balanced, where the Appointed Date is not yet declared, which is Jharkhand Package 10. Yes, Package 10. Yeah. Okay, okay. Thank you, sir. Those were my questions. Thank you. Participants, to ask a question, you may press Star and One. Our next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Sir, just again coming back on the first one on the revenue front. So, you said that close to INR 2,000 crore that we are looking in the fourth quarter, so, that is there. And in the next year, we are saying a INR 7,000 odd crore. So even if I look at broadly, it would be a kind of a 13% kind of a growth that we are looking at. So still not able to understand whatever the shortfall which is there for FY 2026. We were earlier looking in FY 2027, 15%+. So now, again, INR 200-300 crore shortfall is there for FY 2026. So, for FY 2027, previously, we are looking at INR 7,800 odd crore. So, apart from all that, we are looking at in FY 27. So ultimately, these are a big reason for the shortfall for the year, where because of the prolonged monsoon as well, the appointed date for this particular project, which has been delayed, Jharkhand Package Ten. So this has been the reason which we are quite hopeful that we would be picking it up, around 6,200 odd crore rupees, which we do during the year. So the balance for the year 2025, 2026, 2027, we are estimating for the comp- for at least the INR 1,500 crore would be take, done from the project where the appointed date, which is not yet issued, all LOIs are yet awaited, which is MSRDC, or any other project which you would be likely to get in the coming months only. Rest, apart from INR 1,500, if we do well, all other projects progress would be yielding around INR 5,500. So that we have estimated, and we will be touching at around INR 7,000 crore, without much of a problem for the next year. Okay. And the 1,800-odd crore that we have already got the inflow till now, and 4,000-5,000 crore that we are looking at by March. So there, just wanted more clarity. So two, three aspects. One is how much worth of value of bids that we have already submitted, and also if you can break it up into whether NHAI, MoRTH or railway or solar or BESS or any other sector, and how much more are we planning to bid, whatever the tenders till now is available? Around INR 14,000 crore of highway projects already being bid, EPC and HAM. We have three EPC, five HAM, which the results are yet awaited. Till March, we are expected to bid 4,800, 48,000 crores of projects. So we are expecting that these are the projects, apart from the projects which we are aligning with private developers also. So those are the projects which we are quite hopeful that give us the opportunity for the year. Railway, we are only one project where the bidder and, but the, sorry, the second is for INR 4,600 crore of project, which already has bid, the bid yet to open. This, around INR 4,400 crore of 4,400 MW of bid is yet to be submitted, and 2,760 MW of bid being done, where the results are yet awaited. What would be the roughly value of this 1,400 megawatt that we bidded and 2,760 that we are planning to bid? In terms of the EPC, I'm particularly asking. That would be roughly around INR 8,000 crore. Put together, combined. Put together, which we have already bid or likely to bid. Okay, got it. And in terms of margin, this 15%-16% that guidance for a couple of few years will remain intact or are we facing a kind of a competition and maybe going forward, the margin can be on the lower side? As of now, the project which we are already having in hand, we do have this margin, this is for sure. But in near future, definitely as the market trend is giving bit of a sense of correction, where the margins are likely to be not in the same number, would be around 14 or say, that number. So in any case, when we bid and we try to see the technology, we are not going to see that 10%-12% margins are a doable kind of a margin for us. But we are focusing, we are looking at the project which is having 14 odd% in any case for the future bids. ...And then we are open to wait for BOT toll also, or we will prefer through the subcontracting mode? No, no, we are not. No, no, we are not yet explored this particular option as of now. Yeah. Lastly, just a couple of balance sheet items, inventory, debt, trade payables, mobilization, unbilled retention, HAM debt, solar debt. So the mobilization advance is INR 260 crore, and the stock stands at INR 358 crore. And the debtors are at INR 1,551 crore, out of which the debtors, HAM debtors are INR 579 crore. Solar SPVs do have INR 330 crore, so these are all SPV. Ganga is at INR 277 crore, and others and railway are around INR 200 crore. And the current asset, which is unbilled, is INR 1,448 crore. INR 1,448 crore. And trade payable? Sorry to interrupt. Solar and HAM do have INR 700 crore. No, no, total trade payable, which was INR 1,177 crore at September end. Trade payable is INR 1,298 crore, including retention. Okay, but inventory total, you said. Shravan, sorry to interrupt. We request you to please join the queue. I know, I know, I am completing this. This is for everybody. This is not a question. I understand this. So, that's what I'm asking. If the promoter is not having a problem, I think you should be keeping silence. Sorry, sir. Yeah. Can you please again come? Yeah, and consolidated debt and consolidated cash is? Console, I'm not having the right number. I think we would be giving, we'll come back to you. Oh, and the- You are asking for consolidated debt. Yeah, consolidated debt. Gross debt and consolidated cash. This debt is there with me, consolidated debt, INR 6,032 crore. Six thousand- Consolidated cash is INR 255 crore. INR 255 crore. BESS equity till now are the same INR 10 crore is invested, and the balance how much to be invested in fourth quarter and 2027, 2028? Solar, we have invested full equity, INR 731 crore. No further requirement is there. BESS for the year would be around INR 99 crore. Already INR 16 crore invested till date. 27, 28? BESS, how much- Would be INR 350 crore. The total equity requirement for 2027, 2020, 2026, 2027 would be INR 605 crore. Including HAM. Okay. Okay. Got it, sir. Thank you, and all the best. Thank you. Participants, to ask a question, you may press star and one. Our next question is from the line of Manish Gada, an individual investor. Please go ahead. Hi, sir. Am I audible? Yeah. Yeah. Hi, sir. You are audible. I have one query. Yeah, as of, as of now, in nine months, we have done around INR 3,807 crore of revenues. So in the fourth quarter, what do you expect? Means, what is... See, this is the consolidated number of INR 3,800 crore. At a standalone, we already have done INR 4,300 crore. We normally count our turnover as a, on a standalone basis, but for the last quarter, we are expecting to do around INR 2,000 crore. Okay. And what will be the EBITDA margin and the profit margin, sir? We are expecting the same thing, or it will come down a bit? Around 15%. Roughly around 15%. 15%. Okay, sir. And sir, one more query is, regarding you told that you'll having the INR 4,000 crore-INR 5,000 crore of, or you will get the work in this quarter. How confident are you getting that, sir? This we already have submitted in the advanced stage of certain for the private developers also, which we are hoping for. So this is how we are looking at around INR 4,000 crore or INR 4,000-5,000 crore of orders likely to be added in this till March only. Okay, sir. Okay. Thank you, sir. All the best. Thank you. Thank you. Ladies and gentlemen, to ask a question, you may press star and one. Our next question comes from the line of Vivek Joshi, an individual investor. Please go ahead. Mr. Singh, I just want to understand one thing. Can you just throw some more light on the CBI visiting our premises, and whether any of the employees were involved in any kind of illegitimate activity? See, the matter, whatever has been reported, we already have reported to the stock exchange, so nothing beyond that is with, say, as far as it's yet to be, updated. So if in case, any updation would be there, we will give it. No, because the submission that has been made with the stock exchange, it doesn't talk about whether any of the employee was involved, because we see a dramatic exit of three senior executives from the company. So are we in any way or any of the employee or anyone from the management is involved in any of the activity? ... Hello? Yes. This is not any way related to this particular matter. How do we get any update on this? I mean, why did the CBI come? No, but again, it's a matter is sub judice, and whatever we state from the matter of, updation would be given from, to the stock exchanges, stock exchanges as a communication. Not to the shareholders, is it? ... No, no, it can be given, but there is no update as such. We already have updated. No, no, I'm not asking for any update. I'm only asking what was the reason why CBI came, because whenever CBI or IT people come, they come with some sort of an explanation with respect to so and so matter, we have come here. So can you just throw some light on that? I think CBI do not have any reason to search any place. They do have their own reason. They did that, and whatever was the event, we have updated the stock exchange, so there has not been any transaction, nothing doing, so that has been updated. Thank you. Participants, you may press star and one to ask a question. Our next question comes from the line of Shravan Shah from Dolat Capital. Please go ahead. Yeah. Sir, till now, nine months, how much CapEx and going forward, so we used to say minimal CapEx, so that stance remains? What kind of a CapEx? For nine months, how much CapEx equipment? So at a standalone level, how much CapEx is- Hardly, hardly, I think it's around INR 30 or 35 odd crore rupees invested in this particular nine months, and not a major would be done. Because, so the kind of a project which we are having mix of that, so we do have a good amount of machines and equipment. Okay. Okay. And this, you said this debt of INR 1,545-odd crore, so maybe INR 200 crore, once we get the solar disbursement, it would be reduced, or that is one part. And second, apart from that, any further option in terms of the reduction by this margin, and how one can then look at for FY 2027 onwards, the debt? So, basically, there have been two big reasons. One is the solar debt, second is the debtor and the, say, current receivable, say, this is the current asset. So this is a very high, all-time high, because the project which we are at this stage is around 10 big-sized project. Including solar, it is a 12, big-sized project, which are at this particular verge of this, where certain unbilled is there, contract asset, and certain debtors that they have gone high. So once we are 100% at this stage, completion is being done and the COD being done, and the whatever unbilled is being billed, and the debtors would be received. So this will give a significant relief to the debt. Yeah. Thank you. Okay. Okay. Got it. And, and, this BESS, you said the entire, INR 1,600 crore order book, which is there, will be executed by FY 2027 or half of 2027, 2028? Which 20... Battery? BESS You're talking about BESS only. BESS. BESS, INR 1,600 crore. Around 85% of the BESS would be completed by March, because the third BESS do have the timeline till June 27. Okay. Okay, okay. Got it. Got it. And, and in, in the railway, so out of broadly, currently, INR 2,800 odd crore, how much one can look at, to, to, Around, we would be doing, we would be doing around INR 1,700 crore from this project, railway. Okay. Okay. Got it. Got it. Thank you, sir. Thank you. Participants, you may press star and one to ask a question. Our next question is from the line of Manish Gada, an individual investor. Please go ahead. Hi, sir. Sorry to ask you again. Sir, the profit margin has been declining, so what's the reason for that? In the last three quarters, it was at a decline stage because of some modified profit projection in few of the projects, especially Ganga and Solar, and one more project of NHAI. Now they are stabilized. But in the last quarter also, sir, it was 6.7%. No, no, I'm not talking about the PAT. We are talking about the EBITDA number, which is around- No, I'm talking the PAT margin. The PAT margin also, it has been declined from 9% to 6.7%. The reason behind it? This is a tax rate, I think, in one of the exceptional reason which has been affected this finance. Ultimately, it is 25%, but this time it is 32%. For the reason, which is a kind of a provisioning being done, for tax provisioning being done for the last year. Again, sir. Okay. Thank you. Participants, you may press star and one to ask a question. Our next question comes from the line of Vaibhav Shah from JM Financial. Please go ahead. Sir, assuming the LOA comes from MSRDC in the first half of this year, so we win the—we won the, we were L1 in May 2024. This is almost a gap of two years. So will the bid be revised, or can it impact our margins? So there is no update as such as to the revision and anything is concerned. It's a bid validity we are extending every time. So we are quite hopeful because the land acquisition is going on. Our team on site at the project level, they are witnessing the land position, et cetera. So we are quite hopeful that very soon it is going to be awarded, but it's a matter of only the government reason when the land availability is over there. Sir, but if we accept the current bid which we had submitted two years back, so won't the margins be impacted on the project when we execute it? No, if we just discount that number, gives, like, let's say, if the order is not there, so we would be having a less number of orders in any case, which is the balance order. In case what you're trying to tell... So basically, then the orders in the forthcoming months or the forthcoming year need to be added to just maintain that streak of around, say, 10%-15% year-on-year growth. So what I was coming from is that if the LOI had come earlier, a year back, we would have been already executing the project around 50, 60 odd percent. And now, so what margins would we have built in that time of bidding, and what would we be doing once we start the execution, say, sometime in second half? No, margins, in any case are not going because of these two, these kind of a project do have price escalation. So anything from the base date would be added to, this, hit for the price escalation, be it negative or- It does have PVC clause? Yeah, there's a PVC clause. Oh, okay. Oh, thank you, sir. Sir, one more question. What would be the order in the nine- Sir, request you to please rejoin the queue if you have any further questions. Sure. Thank you. Our next question is from the line of Bhavin Modi from Anand Rathi. Please go ahead. Thank you for the opportunity. Sir, last call you discussed something about, you know, the inflow from the Adani Group. So what is the status with that? Discussion is at the advanced stage. We have submitted our RA, and they are two... twice the negotiation of the further terms and condition has been discussed. Say, one more, bids or, or few more bids also has been in advanced stage of discussion with Adani Group and one more group. So these are with respect to all the road projects, or is it, you know, what I have- Roads and roads and rail. Okay. In the last call, you also mentioned about, you know, entering into the building construction space, you know, and the green hydrogen space. Any progress there? Yeah, green hydrogen, yesterday only this bid was there, but we were not there in the race. We stood L3, but we would be looking in the future bids for the hydrogen also. Okay. Sir, what is our, like, order inflow year to date? It is INR 3,300 crore for the date, for the year. Thank you. Thanks. Thank you. Our next question is from the line of Ishita Lodha from Swan Investments. Please go ahead. Hi, sir. Thank you for the opportunity. Sir, could you clarify on the execution guidance for FY 27, how much are you expecting from roads, railways, BESS and solar? Also, as a follow-up, can you also let us know the order inflow target for FY 27, for future growth? So already has been guided that we are looking at about, say, 10%-12% year-on-year number, as far as FY 2027 is concerned, roughly would be INR 7,000 crore. And as far as order inflow guidance, we are targeting around INR 10,000-12,000 crore of order in the year FY 2026-27. So out of the INR 7,000 crore execution, INR 1,500 crore is expected from the new projects, sir? So, we have considered that out of the existing project, which including Varanasi, Kolkata package 10, and excluding this project of MSRDC, around INR 5,500 crore would be from this project already started and including this. And the project likely with the new, in the newer future, including MSRDC, we are looking at INR 1,500 crore from those project. Okay. Thank you. Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand the conference over to the management for closing comments. Over to you, gentlemen. So thank you for joining us today. We remain confident in our continued success, and we are here to address any further questions. Please feel free to reach out to us or our IR advisors, Go India Advisors. Thank you. Thank you. On behalf of Go India Advisors, that concludes this conference. Thank you all for joining us. You may now disconnect your line.