Ladies and gentlemen, good day and welcome to H.G. Infra Engineering Limited Q4 FY 2026 earnings conference call hosted by Go India Advisors. As a reminder, all participant lines will be in a listen-only mode. 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 touchtone phone. Please note this conference is being recorded. I now hand the conference over to Ms. Saloni Ajmera from Go India Advisors. Thank you. Over to you, ma'am. Good afternoon, everybody, and welcome to H.G. Infra Engineering Limited earnings call to discuss the quarter four and FY 2026 operational and financial performance hosted by Go India Advisors. We have on the call Mr. Harendra Singh, Chairman and Managing Director, and Mr. Rajeev Mishra, CFO from H.G. Infra Limited. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore read in conjunction with the risk that the company faces. I now request Mr. Harendra Singh to take us through the company's business outlook, performance, subsequent to which we will open the floor for Q&A. Thank you, and over to you, sir. At H.G. Infra, we are guided by purpose, built on trust, and driven by a clear vision focused on sustainable and scalable growth for the future. For FY 2027, our vision is focused on long-term value creation for our shareholders under the tough condition of this year, considering the macro and micro conditions because of the continued headwinds emanating from the West Asian conflict and with other geopolitical outlook. As we all know, recent geopolitical turmoil and global economic uncertainties have disrupted supply chains, elevated freight, war risk insurance coverage, prolonged shipping timelines, economic energy crisis, and increased volatility in fuel prices as well as forex rates. Other commodity markets and same is pushing up, the prices are high and hard for infra sector. These challenges have resulted in a higher input cost for all metal, HSD, bitumen, cement, logistics, and transportation. This year looks extremely vulnerable to geopolitical, macroeconomics, and policy risk. Demand growth looks tepid due to economic slowdown. Losses and margins are likely to take a longer period to recover, resulting in continued volatility in the market due to the deferred and the disillusioned story of Indian corporates. Despite these headwinds, India's economic outlook remains resilient and promising. India is now one of the fastest-growing major economies, and with Viksit Bharat 2047 vision will require sustained investment into infrastructure across roads, rails, power transmission, and urban development to support the economic growth, connectivity, and urbanization. At H.G. Infra, we have been contributing to India's infrastructure journey for over two decades, and we are also strengthening our presence beyond roads and railways into emerging sectors like solar energy, battery energy storage systems, power transmission, and positioning ourselves to support India's next phases of growth and renewable energy transition. Talking regarding the roads, as mentioned above, recent geopolitical tensions have created uncertainty across global markets and impacted the overall infrastructure sector. Coupled with the muted bidding and the project awarding activity by NHAI and boards during FY 2026, the road sector witnessed a relatively subdued order inflow environment and resulting in lower than expected order awards across the industry. Despite these near-term challenges, the long-term outlook for the road sector remains positive. Supported by the government's strong infra push, for FY 2026, the government allocated approximately INR 2.72 lakh crore to the Ministry of Highways, demonstrating its continued commitment towards highway development and connectivity enhancement across the country. For FY 2027, the company expects road sector order inflows of approximately INR 7,000 crore-INR 8,000 crore against the bid pipeline of current INR 72,000 crore and other bids expected in future. The company is actively pursuing opportunities in HAM and EPC from government and also engaged with private sector players for EPC projects, considering the shift in focus by government towards BOT-based project development. As a result, the company has already secured the Pune-Shirur road project from Welspun worth INR 3,940 crores on a BOQ EPC basis. Regarding rails and metros, which continue to witness strong growth driven by government focus on station development, railway electrification, dedicated freight corridors, new railway lines, metro rail expansions, depot, and other ROBs construction for overall network modernization. The government also allocated a record INR 2.78 lakh crores towards railways in FY 2027, reflecting its continued commitment to strengthen rail infrastructure across the country. HGIEL has established a strong presence in the rail and metro segment with 10 ongoing projects in its order book, including two recently secured railway projects from Adani Group at Anuppur and Mirzapur thermal plants and another project of Thane Metro in the last quarter. The company continues to actively pursue opportunities directly from government as well as through leading private sector players, providing a strong platform for future growth into this segment. Renewables and green energy always for India's focus, where we are witnessing strong growth supported by the government clean energy target and energy increasing investment into solar battery power transmission sector. BESS is emerging as a critical enabler of renewable energy integration. With India targeting significant storage capacity additions over the coming years, the company is strengthening its presence in energy sector. The company has recently bagged two transmission projects in Uttar Pradesh and Jharkhand with a combined project value of approximately INR 200 crore. Creating a strong platform for future growth in this renewable and energy infra space. In addition to its core segments, the company is actively evaluating opportunities in tunnels, water infrastructure, building and other specialized EPC sector to drive long-term growth and diversification. Let me begin with the glimpse of our operational highlights. As of quarter four FY 2026, the company's order book stood at INR 10,147 crore, comprising INR 5,392 crore from roads and highways, INR 2,825 crore from railways and metros, INR 1,527 crore from BESS, INR 86 crore from solar projects, and INR 318 crore from transmission and distribution. Segment-wise, roads, highways contribute 53%, railways 27%, and remaining 19% is from renewables. The updates on the ongoing EPC projects. Ganga Expressway have already been handed over to client after reaching 100% completion in this quarter. The UER project has been completed and was open to traffic in August 2025. The completion certificate is anticipated to be received shortly. The Jamshedpur elevated project is running smoothly with the current progress of 52.36%. The Nelamangala-Tumkur project is at 62% completion and progressing towards timely completion now. The DLF project is at an initial stage with completion of just 1%. Further to which we have removed the MSRDC projects of Nagpur-Chandrapur Package four and five from our order book, following the receipt of respective bid securities without any formal communication from the authority in this regard. Regarding the HAM projects, the Karnal Ring Road project has reached 97% completion, where we have applied for PCC, which we are expected to get in this quarter only, quarter one FY 2027. As shared in the previous quarter, provisional completion certificates for the project of Raipur-Visakhapatnam Corridor, OD-05, OD-06, and EP-01 already received, and all projects remain close to completion. The Khammam-Devarapalle project KD-01 and KD-02, PCC already received, which are at 99.3% and 98.5% completion respectively, and the COD is expected in quarter two FY 2027 and quarter one FY 2027 for these two projects. The Chennai-Tirupati HAM project reached at 54% completion. Varanasi-Kolkata Package 13 has achieved 29.7% progress upon receipt of provisional appointed date, and the appointed date for Package 10 in Varanasi-Kolkata, Jharkhand is expected in quarter one FY 2027. Kosi Parikrama Package 7 of Ayodhya, appointed date for the project being declared on 16th of January 2026, and the project execution stands at 22.1%. Narol-Sarkhej project has achieved 42.4% progress and remains on track for timely completion. In the HAM projects only, the company received the LOA dated February 27, 2026 from NHAI for Capital Region Ring Road Package 3 project in Odisha under HAM mode. With the project cost of INR 1,582 crore, the land acquisition process is in advanced stage and the appointed date is expected in quarter three of the year. Turning to the progress of railway projects, the DMRC metro project is 99.4% completed and progressing for just targeting completion in quarter one FY 2027. The Bilaspur Himachal Pradesh project is 97.3% complete and targeted for completion in quarter two FY 2027. The Kanpur railway station project is 50.94% completed. The Dhule-Nardana project has achieved 42.4% progress and Gaya-Son Nagar project at 40.1% and Farakka-Jangaon project at 46.6%, respectively. The appointed date for the New Delhi railway station project was declared on 6th August 2025, and with initial hiccups into land clearance, now the execution is in full swing and the project is at 11.55% completion. The appointed date for newly awarded Thane Metro project being declared as 11 January 2026 and the project is in construction phase. Company has recently secured two railway projects from Adani Group. One is in Anuppur, Madhya Pradesh worth INR 340 crore and the other one is Mirzapur, Uttar Pradesh worth INR 440 crore. Both the projects are currently under mobilization and both these projects are also in execution phase. Regarding solar projects, as of 31st March 2026, overall physical progress reached approximately 96.3%. The progress of these projects got affected and delayed due to prolonged monsoon conditions and the land acquisition challenges for the transmission line and certain local issues, which are being resolved progressively. The company is deploying adequate resources to commission all plants within the revised contract timelines over the coming months. Notably, the Ministry of New and Renewable Energy has extended the KUSUM Scheme's Annual Maintenance Contract commissioning deadlines in Rajasthan to March 31st, 2027, because of the local developer challenges. Financially, we have got a sanction of around 85% of the project debt required for these projects, and out of this, approximately 93% of the sanction project debt has been disbursed. The maximum of these plans, around INR 350 crore, is expected to be released post-commissioning of the plant in quarter one and quarter two. To bridge the temporary funding gap, and to maintain the project momentum, the company secured additional working capital for temporarily increasing overall leverage. Upon receiving the final solar pending disbursement, existing high debt utilization level will be reduced in quarter two, 2027. Total equity investment stands at INR 851 crore, which includes INR 99.27 crore loan repayment required by lenders due to commissioning delays. However, this amount will be re-sanctioned post-commissioning, lowering the net capital investment for FY 2027. On the operational front, the company has billed INR 132 crore to DISCOM from 131 commission plants and has realized collection of INR 114 crore till date. The BESS projects, we are in binding agreement with GUVNL and NVVN for three battery storage projects with an aggregate capacity of 735 MW, translating 1,470 MWh. The procurement activities for these projects, having total capacity of 870 MWh, have commenced. Orders for critical long lead items such as power transformers, GIS switchgear systems are already being placed. The overseas vendor for the BESS block containers has been finalized, and the company has executed the supply contract long-term service commissioning and technical agreements with them. In January 2026, the company, through its SPV, acquired land for Banaskantha and Dholera projects, and the execution is full swing in both the projects. Also, the third BESS project, Choraniya, which is to be completed by June 2027, is moving in the right pace. Connectivity approvals for both Banasthanda and Dholera projects have been received, and the execution respectively, connectivity agreements are currently under progress. Upon commissioning of all these BESS project, the company expect to generate annual revenues of approximately INR 225 crore. Power transmission project. Regarding the transmission project, where first project is going as per the approved project schedule, SPV being incorporated, project design engineering activities are being completed, and procurement orders for key long lead items being placed. The SPV has successfully achieved financial closure, and the procurement activities for all major project components are currently in progress. Overall, the project remains on track with the planned timelines and milestones. Recently, the company has secured two power transmission projects from RECPDCL in Uttar Pradesh of INR 310 crore EPC value and in Jharkhand INR 910 crore EPC value. The projects are expected to contribute INR 160 crore annually to the top line over next 25 years, once commissioned. Update on monetization of five HAM projects. As in March 26, we successfully transferred 100% of shareholding of KD-02 and 49% of KD-01, receiving partial consideration of INR 153.71 crore and INR 81.69 crore respectively. The remaining holdback amounts are expected in quarter one and quarter two FY 2027, following the project's commission operation date to be declared and completion of few purchase items. Subsequently, in April 2026, we transferred 100% of our shareholding in Raipur-Visakhapatnam OD-06 package, receiving a partial consideration of INR 203 crore, with the remainder due in quarter one and quarter two post final COD. We expect to complete the equity transfer for project OD-05 and EP-01 project during upcoming quarter. Regarding the Karnal HAM projects, we are in discussion with the prospective investor to finalize the non-binding offer, said project is likely to be monetized by year-end. Regarding equity requirements on HAM projects, the total equity requirements for these 11 HAM projects is around INR 1,913 crore. As of March 2026, INR 1,210 crore being infused. As of March 26th, INR 1,210 crore being infused, of the remaining amount INR 414 crore is estimated for infusion in FY 2027, followed by INR 1,229 crore in FY 2028 and INR 50 crore in FY 2029. Moving on to the financial highlights of quarter four and FY 2026. We have started the last year with expected new orders inflows of INR 10,000 crore, but due to lukewarm bids pipeline, we could secure only new orders of INR 3,800 crore during the year. Moreover, substantial delays in appointed date in the running order book has further impacted the revenue and the margins due to the lower than expected project awards that has affected the order book and the revenue growth. Further, due to the geopolitical uncertainties, prolonged monsoon, higher commodity prices during the year, the last quarter exclusively was deeply affected and resulted in project execution, cost escalation, and profitability. Regarding the standalone financials, revenue for quarter four FY 2026 reached INR 1,354 crore with an EBITDA of INR 127 crore and at a margin of 9.37%. PAT for the quarter four FY 2026 stood at INR 99 crore with a PAT margin of 7.35%, compared to INR 212 crore and a margin of 10.76% in quarter four 2025. Revenue for FY 2026 reached INR 5,667 crore with an EBITDA of INR 733 crore and an EBITDA margin of 12.94%. The PAT for FY 2026 stood at INR 389 crore with a PAT margin of 6.87%, compared to INR 577 crore and a PAT margin of 9.54% in FY 2025. On a standalone basis, our gross debt stands at INR 1,627 crore, which comprises of INR 731 crore in working capital, INR 400 crore from NCD and INR 496 crore from term debts. The consolidated financial revenue for quarter four 2026 reached INR 1,427 crore with an EBITDA of INR 227 crore and an EBITDA margin of 16.64%. PAT for the quarter FY 2026 stood at INR 85 crore with a PAT margin of 5.93%, compared to INR 147 crore at a 10.8% margin in quarter four FY 2025. Revenue for FY 2026 reached INR 5,235 crore with an EBITDA of INR 1,012 crore and an EBITDA margin of 19.33%. PAT for FY 2026 stood at INR 330 crore with a PAT margin of 6.3%, compared to INR 505 crore and a margin of 10% in FY 2025. Way forward, as we begin our journey from a single state and now today, exhibition footprints extend across India with successful project delivery in more than 14 states, spanning north to south and west to east. Over the past 23+ years, we have earned a reputation of building India's infrastructure with trust, passion, and quality. Guided by a vision to connect every citizen and community to the nation's progress. We are confidently targeting INR 11,000 crore-INR 12,000 crore of order inflow for FY 2027. Driven by a clear data-backed strategy to secure approximately 70% for roads and railways, where our execution capability outpaces competitors and 30% from rapidly expanding verticals. Our historical dominance in roads and highways continued to fuel our core growth. However, recognizing increased competition and margin compression, we are proactively reshaping our portfolio for long-term value creation. We are aggressively entering high growth, decent margin sectors, BESS in transmission, leveraging our deep engineering expertise and proven execution record. This goes beyond diversification. It is targeted expansion into future profit pools and we remain strongly focused on digitalization and technology-led project execution, enabling real-time monitoring, improved operational efficiency, enhanced cost control, better resource utilization. Combined with our disciplined approach to strategic bidding and project management, these initiatives are designed to protect and expand margins, minimize debt, and maximize shareholder return. We are positioned for accelerated growth and superior returns. Our diversified pipeline, financial discipline, and bold sector bets position us a future-ready multi-sector infrastructure leader. We're committed to deliver outsized value to our investors year after year. I will now hand over the call to our IR advisor and request them to open the floor for question and answer session. Thank you. Thank you, sir. 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 withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Shravan Shah with Dolat Capital. Please go ahead. Yeah. Thank you, sir. Sir, a couple of questions. Obviously, this quarter is the worst quarter on the execution and on the margin front. First, just wanted to try to understand what went so wrong that in the middle of quarter also, we were confident to achieve a INR 2,000 crore revenue, 15% margin and versus actually, it is a kind of a INR 646 crore lower revenue and the margin is also way below what we were thinking, 9.4%. Just trying to understand, is there any specific project, any one-off, anything what has happened to such a bad performance? Yeah, I appreciate your concern. Regarding the revenue, this is a technical matter into one of the few of the BESS projects where this SPV, they are the only eligible entity which they may get this mover advantage while importing the battery part from China or overseas. For that reason, this order book which was into H.G.'s scope has been taken out into SPV. That has been one of the reasons. Also, a few other reasons because of the appointed date which we are expecting of Jharkhand 10 and one or two projects which were impacted. This has been the big reason for the revenue as we were expecting around at least flat last year's number. Again, the margin has been because of the few technical checks for one, few of the projects which again, where the operational claims are not yet realized, which were supposed to be there in quarter four only. In quarter one, three of the projects where the settlement agreement being executed and one or two projects likely within, say one or two months. Those are the reasons when they are being corrected into the margins. Sir, now how one can look at the revenue for the entire FY 2027, FY 2028 and the margin. At the same time also want to understand in terms of the broader, the segment-wise in terms of the HAM, EPC, railway, solar. Solar though is very less now, INR 86 crore. The BESS and the new transmission. Whatever the new we have got and in the Welspun also the order. Broadly, if you can spell out how we want to kind of execute in FY 2027, that would help us. In terms of the margin, as you are saying, that three projects, the claim settlement is done and maybe one or two will be done. Can the margin again will start coming back to 15% odd from the Q1 itself and for full year, how one can look at the margin also? As far as execution is concerned, whatever correction which was supposed to be there in battery projects. Now within just first two months we have secured almost INR 5,500 crore of order, which we believe at the start of this year would be quite a good year for us as far as execution. Almost all the projects which we are now working would be in the active phase, except for the project which with the appointed date of Pune-Shirur, which is Welspun project, expected in October. The project of Odisha Ring Road expected in October. With that, we are targeting a good amount of, say, percentage growth into this year. We are looking at about INR 6,500 crore plus of turnover for the year. Okay. As far as margin is concerned, definitely there has been a big reasons across industry, which also as I addressed in the opening remarks. There has been few turbulent, same as the metal prices, as the fuel, energy. These are all logistics. These are supply chain disruptions which are causing delay as well as which are causing The margin are under tremendous pressure. With this, whatever correction being done in quarter four, likely the settlement agreement for these whole five to seven projects likely to be done in the coming quarter only. With that, we believe that definitely whatever positive corrections because of the last spillover would be added into this year number. Roughly we will be around the range of 14%, despite of the fact that the margins are under tremendous pressure for the year at the start for the geopolitical situation. In Q1 also, can we see the similar 10%, 11% and then from the 2Q or maybe third quarter onwards? As a broader understanding, we can just see the entire, because immediately we cannot just see the big correction is going to happen in quarter one. Okay, got it. I'm sorry to interrupt. Yes. I would request you to please come back in the queue for further questions. Thank you. The next question comes from the line of Renuka with First Water Capital. Please go ahead. Yes. Hello, am I audible? Yes. Yes, ma'am. Please go ahead. Yes. Thank you for the opportunity. A couple of queries. When I look at your net debt to equity at a consolidated level, from FY 2025 to FY 2026 it has increased 1.3-1.4. Just wanted to understand what was the reason for the increase and what are our plans in terms of reduction in our debt level. As far as the consol is concerned, definitely with the monetization proceeds, which were delayed a bit because it was expected in quarter three and quarter four for all these five projects being monetized. This is the big reason when we are seeing a bit high number into net debt equity in consol. As well as if you talk of standalone also we are expecting this is to be drastically reduced from the INR 1,600 + crores of debt would be in a range of about INR 800 crores-INR 1,000 crores of debt in first half of this year. How much are we looking to monetize in FY 2027? These are the five projects which we are already SPA executed. Few of the transactions already done and a few more transactions where around INR 1,000 crore are likely to be received in this quarter one and quarter two only. Okay. That is how much that we are expecting by in FY 2027, it will be reduced. Any other proceeds that we are expecting to get this number further down in FY 2028? Solar project where the debt into SPVs was not, say because of INR 99 crores also we deposited back to bank because of the timeline which was not extended by MNRE. Now being extended, with these re-sanction being done by the bank SBI, now the around INR 350 crores of the debt would be released to SPV and in turn SPV will be paying back to H.G. Infra. Okay. Got it. In the recent two transmission projects that we had received, can you quantify how much is the EPC value for this project? It's around INR 120 crores of roughly EPC and these equity requirement would be INR 275 crores in both the project in a span of three years. Okay. Got it. I'll join back in the queue. Thank you so much. Thank you. The next question comes from the line of Parth Thakkar with JM Financial. Please go ahead. Thank you for the opportunity. Can you give me a total of how much equity requirement for both the HAM and the BESS projects? Overall equity requirement as of now, which is around INR 1,200 crore rupees. Out of INR 1,200 crore, you see in quarters, this FY 2027, we are estimating around INR 760 crore. Say INR 414 crore in HAM and INR 345 crore in BESS and energy and transmission also. In FY 2028, it would be INR 229 into HAM and INR 132 in energy, and balance is very small in FY 2029. INR 1,200 crore for both HAM and solar projects, right? Yes. Can you quantify how much amount is pending from the monetization? The total amount. Which we are expecting now? Yes, in this year. In this year, INR 203 crore already received in April, and around INR 900 crore plus is likely to be received in first half of the year. You said INR 904 crores, right? Hello? Yeah. INR 904 crore pending, right? INR 935 crore, to be very specific, in first half. INR 203 crore already received, and balance INR 935 crore additional would be there from June, July, August, September. Okay. Thank you. Those were my questions. Thank you. Ladies and gentlemen, if you wish to ask a question to the management, you may press star and one. The next question comes from the line of Shravan Shah with Dolat Capital. Please go ahead. Yeah. Sir, on the order inflow front, you said INR 11,000 crore-INR 12,000 crore. That will be over and above INR 5,600 crore that we have received. No. For the entire year, we are expecting INR 11,000 crore-INR 12,000 crore, out of which around 50% of the order already received. The order which we were expecting, INR 3,900 crore, which were last year, now it has been received. It's for the year only. We are considering for the year only. No, sir, this is a decent gap which is there because in FY 2026 also, we kind of got INR 2,500 crore, INR 3,000 crore delays, plus INR 4,142 crore MSRDC cancellation. Kind of a INR 7,000 crore additional. This number was previously also we were looking at the similar number. This year to fill the gap, we actually need a kind of INR 17,000 crore plus kind of order inflow total to fill the gap of FY 2026 plus MSRDC. In any case, because of the recent scenario, you cannot guarantee the orders for the year because in the last year also, we were expecting a big order inflow from NHAI only. Nothing has happened. Nothing big has happened, rather. With that, we cannot just guarantee now. If we are estimating at INR 12,000 crore for the year, and if we execute around INR 6,500 crore, we would be having around INR 16,000 odd crores of order backlog, FY 2027. As of now, because of this war situation, because of this geopolitical, any turmoil, we cannot guarantee anything in India also, we would be able to grab this kind of a number. We can always see after quarter one and quarter two if any positive. Companies again interested into looking into the healthy order positions as well as decent margins so as to sustain and scale both. Okay, got it. Given that, let's say by end of FY 2027, whatever the number we are saying, INR 16,000 crore kind of order book is there. For next year, FY 2028, how one can look at in terms of execution. This year you said INR 6,500 crore. Once everything stabilizes, definitely we are aiming to look at whatever is the shortfall for the year, which last year we have seen negative growth in revenue as well as margin was into pressure. We will be trying to recover back to the normalcy and expecting around INR 8,000 crores of order execution in FY 2028. Okay. INR 8,000 kind of a revenue can be doable in FY 2028. With this, the number, if you get the more inflow, would be better. On the margin front, particularly the recent one, whatever we have received, this INR 5,600, because it has a decent INR 3,900 crore, the Welspun order one. Just trying to understand relatively, obviously, whatever the commodity inflation is there, that will definitely will have an impact. Structurally, one can look at at least we can have a 13%-14% kind of a margin on a sustainable, or as we keep on having the new orders, new segments, then we ultimately will kind of move to a 11%-12% kind of a range over 3 years-4 years or so. That's the broader understanding I wanted. Definitely these margins, which we never want to see that the growth is at a less margin. We would be expecting around 13%-14% growth year-on-year margins, with a growth of about 15% year-on-year. Okay. Couple of, sir, balance sheet data point, if you can share? Unbilled revenue, mobilization advance, retention money, HAM data, solar data, and Ganga datas. You see the debtor balance is around INR 1,560 crore. INR 1,560 crore plus INR 190 crore is retention from debtors only, old. Out of which, BESS and transmission do have INR 128 crore, and Ganga is INR 195 crore for Adani, and HAM is, all nine SPVs are there, are at INR 690 crore. Railway, around INR 218 crore, and balance is SPVs of solar around INR 280 crore. As far as unbilled is concerned, and few of the others also is there, balance is others. On contractor side, this breakup is around INR 1,800 crore. That has gone very high because of few of the projects which we are expecting COD, where the operation claims and other final bills were likely to be received but could not be done. Here, the breakup is into solar, INR 116 crore, and railway is INR 449 crore, and HAM is INR 690 crore, all SPVs. Ganga is INR 139 crore, and rest is NHAI and others, INR 178 crore and INR 215 crore. Okay. Total, sir, put together, you said INR 1,766 the unbilled earning. It's INR 1,857, to be very specific. Sorry, 1856. 1856. 17 is transmission. Yeah, correct. Sorry, sir. I didn't get that. 1856, you said the total number. It's a total of 1,857, out of which already breakup has been given. You can just take the detail number from Rajeev also. Yeah, I've got it. Mobilization advance will be? Mobilization advance is INR 327 crores. INR 327. In terms of broader level, the CapEx for this year and next year, given that. A bunch of our CapEx being done last year also. Not big CapEx. Around INR 50 crores of CapEx hardly would be there for the year for the kind of a contract we do have under few projects which we likely to get it. Okay. Date, you said by 1H, we should be reducing to INR 800 to INR 1,000 crore or by 800 to 1,000 crore? Yeah. We are targeting at this, once this transaction of all HAM projects as well as solar debt being recovered through SPV. This is a good number. Again, this unbilled contractor asset, which are likely to be billed very fast now, because all the projects are nearing COD and with all settlement agreement and final agreement being signed by the clients. We are hoping in quarter two and quarter three, likely around INR 500 crores would be received from these contractor assets also. By September, we are looking at this INR 1,627 crore debt will come to INR 800 crore-INR 1,000 odd crore. Further, maybe by March, with the solar debt reduction, maybe we can expect the further reduction. Right. Okay. Then, sir, lastly, the equity breakup, in terms of, again, if you can specify, particularly the solar one, you said that equity requirement INR 731 has increased to INR 851. Correct me if I'm wrong. What has happened, the bank has recalled certain loans because the timeline of these solar projects, they were not extended. With the extension being done till 31st March 2027, again, this INR 9,900 crores is going to be re-sanctioned and would be released. Put together, the total equity requirement in energy, BESS and all, would be around INR 345 crores. Okay. INR 345 crore. For the year. Okay. For the year. Currently, in solar, the number is the same, INR 731 crore. The BESS, how much? It remains same. Whatever additional payment we had given, that will be paid back. Thank you, sir. Mr. Shravan, I would request you to please come back in the queue for further questions. The next question comes from the line of Vishal Periwal with PL Capital. Please go ahead. Yes, sir. Thanks for the opportunity. Just continuing with the previous. These transmission, BESS, and solar projects, we are funding at what debt-equity ratio? This is around 30/70. This is around 27%. 27% equity and the rest, 73%, debt. Okay. Even the Mirzapur and the Jharkhand project for FY 2027 that we received, it is a similar sort of trajectory? Yeah, of course. I think it's having the similar norms. Okay. No, reason I'm asking is because you mentioned we'll be putting INR 275 crore equity in these two projects, and if you do 70/30 sort of debt-equity ratio, then the gross block comes to almost like INR 900 odd crore for these two projects. The EPC value is almost INR 1,200 odd crore. This is the EPC value, plus some interest during construction, some soft and hard cost. Overall EPC contract is including DSCC. Probably it is to be looked into because just two days back we have received this project. Okay. The equity requirement roughly is INR 275. It can maybe just INR 25 crore this side, that side. Okay. Sorry, you mentioned INR 375. INR 275. 275. Okay, fine. Sure, sir. Second, on this revenue growth trajectory for the next year, almost like 14%-15% sort of growth that we are projecting. Is this fair to say, probably the growth will be evenly across the quarter? For the quarter one, almost like two months have passed. Can we say that probably 14%-15% evenly will be there, or do you think that likely will be more of a third or fourth quarter? I think latter half of this year would be quite aggressive because we would be seeing some big ticket size projects contributing a lot. For first half, no doubt for the last year, what we have achieved would be roughly around that, because last year first half was quite good and latter half was quite down. Okay. Got it, sir. Last thing, in terms of margin trajectory, though, your commentary did mention that we are seeing inflationary pressures. Overall system is facing that. In terms of our guidance from 13% that we have clocked in FY 2026, we are projecting almost 100 basis point increase in 2027. Is this any project mix that is changing in revenue or what could drive the margin increase for us? Just the total project which we are executing, around 70% are from infra, rail, and roads, majorly. That bears a decent margin, about 14%-15%, barring one or two projects. Again, the other projects which we are operating, like battery and transmission, they do have around 10%-11% projects. Put together, around 14% average margins are there in all these projects. Okay. Sure, sir. I think that's all from my side, and I'll come back in the queue. Okay, thank you. The next question comes from the line of Aditya Sahu with HDFC Securities. Please go ahead. Hi, sir. Thank you a lot for the opportunity. I had dropped out in between. I just had a few follow-up questions. On the EBITDA margin guidance, that would be around 14%-15%, sir, right? If I'm not wrong. No, sir. What we are discussing about, because of the disruptions and other issues, you cannot guarantee the margin accurately. Right. We are expecting around 14%. 14%. For the entire year is possible. Okay. It may be quite, say, not into that range in quarter one and quarter two. After that, the normalcy, once it comes in, then it would be again stable. Right, sir. I think the overall guidance we have is about INR 11,000 crore-INR 12,000 crore. This is including the one that we have already received of INR 5,500 crore. This we are keeping the guidance because, in any case, the projects which are there in the pipeline is good, but you cannot guarantee those orders which were last one year, we also were waited for those orders. Again, if we are expecting that INR 5,600 already done, we would be definitely having an upper edge to just see this streak continued. We are expecting INR 6,500 or to be added during the balance of the year in 10 months. Understood, sir. On the revenue front, because I think last time we had guided some INR 7,000 odd crores of revenue. Is that the similar revenue guidance we have this time? Yes. Understood, sir. On the debt balance and the debt equity ratio, just as a product, what are you expecting, say, by FY 2027, in terms of your targeted debt, that debt equity ratio you plan to maintain over a year. That number at standalone and consol level, as we are discussing, is that we are targeting around INR 800 crores-INR 1,000 crores of debt by year-end, at standalone basis, and the debt equity ratio for consol would be less than one. Okay. Understood, sir. On the asset monetization, we have, I think I noted it, five projects we have for FY 2027, of which we are expecting INR 1,000 odd crores to be received by Q2. Out of the five projects, this is the balance which is around INR 1,000 crore by Q in first half of this year. We are targeting to monetize the sixth project very soon when we are going to receive the PCC for the entire year. We are looking into the further getting of NOC, and by end of this year, we likely to close this transaction also. Understood, sir. On the HAM equity requirement, I think I'd noted INR 1,200 crore is the overall equity requirement that we have. 2027 equity would be INR 760 crore, 2028 to 2029. I hope I have got this one right, sir. Yeah, you are right. I think this is the same number. Perfect. The balance would be for FY 2029. That would be in that case. Right. Correct. Understood. Just one thing over here, I think last time you had mentioned Nagpur-Chandrapur execution was affected, if you could help me on that one. No. Nagpur-Chandrapur projects, which we have taken out from a balance order book because there is no surety regarding the bid security being released by clients. With that, I think the clarity is maybe they are going to be rebid. Once they are going to be bidded soon, we can expect further, okay, if those are the projects or any of the projects from Maharashtra, we would be likely in race to bid and receive. Okay. Because I think these were your planning the execution to begin by H2 FY 2027. I think that is where we stand even today. That was the initial indication because the land acquisition and everything is going at a very advanced stage. We are not expecting this to, as the bid security being refunded, so it clearly indicates that is going to be rebid. Understood, sir. Thank you so much, sir. No more questions. Thank you. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. The next question comes from the line of Parth Thakkar with JM Financial. Please go ahead. Thank you for the opportunity again. Sir, what would be our current bid pipeline and have we bid for any projects where the results are yet to come out? Yeah, there are around INR 25,000 odd crores of project already has bidded. They mostly are from roads and a few from rail, one or two from transmission and BESS as well. Further, this pipeline, which already is there, is around INR 70,000+ crores in roads and around INR 30,000 in railway, which are visible, which we would be likely to bid in near future. Sorry, sir. You said INR 70,000 crore for? This is the road pipeline which we are going to bid for in the near future. INR 30,000 crore of order already we have bidded, majorly into road, majorly from roads and rail. Okay. In your initial remarks, you said that we expect around INR 225 crores BESS revenue. Is that right? This revenue from BESS or transmission and solar. Solar, we already clocked INR 130 crore last year. This is the revenue which will be coming in SPV as EBITDA. These are all projects, which INR 225 crore in this and transmission and the solar. This is around INR 500 crore-INR 550 crore of total top line year-on or yearly that we will be getting once commissioned. Okay. Thank you, sir. Thank you. The next question comes from the line of Shravan Shah with Dolat Capital. Please go ahead. Sir, just a clarification. I think that in the previous answer to the HDFC guy, you said that for FY 2027, the revenue guidance is INR 7,000 crore, but actually initially you said INR 6,500 odd crore. Just to clarify. Shravan, I think roughly we are targeting at INR 6,500+. Definitely, as we are having a strong number now with balance of about INR 15,500 crore, and we expect that it would be roughly half of the order would be executed because the maximum of the projects which are likely to be finished within this year, that gives us the surety. The pond ash is one item where the supply is mandated to SPVs in Jharkhand project, which were not earlier in their order. Likely that INR 500 crore-INR 600 crore of order would be done in pond ash transportation also. This is how we are looking at about INR 7,000 crore. Okay. Any rough idea once we get this Welspun appointed date by October, out of this INR 3,900 crore, how one can look at this year and the next year in terms of the revenue? Roughly, we would be doing around INR 750 crore in Welspun order, because in initial two months also, these four months also, there's around INR 115 crore of utility shifting to be done, some pre-construction phases where they are going to pay us. This is not only after the appointed date, the full execution would be done. The first, say few months, we are doing that execution, which is really required, and that is going to add into revenue. Okay. Roughly for the full year, maybe INR 900 crore kind of a revenue is doable in FY 2027. Yes. Also next year, then it would be close to 1,800 + kind of a number should be there from this- Not maybe exactly 1,800, but definitely it would be not less than 1,600 to complete the project in this 36 months and we are targeting that because it is having the bonus clause to be completed in 36 months, INR 50 crore, and if we've been done in 33 months, INR 75 crore. Okay. The new one, this Odisha HAM, so there, do we see any kind of issue in terms of the land or anything? No. The projects which are now being awarded by NHAI, they do have a very good feature as far as appointed date would be aligned with the contract agreement, concession agreement. Say within six months, once the LOA or concession agreement signed, we are expecting that all project do have this beauty of land acquisition, consolidated land acquisition rather. Okay. Sir, broader level, how one can look at your own estimates from NHAI side, let's say for this year, how much kilometer or value and that too also they are also saying that the BOT would be the preferred or more for them now? If that is also the case. They were not expecting that the, let's say quite of interest has not been showed by many of the players in BOT segment. With that, we are expecting that, no doubt, HAM more preferred, but BOT or last is EPC. Roughly how much kilometer do we think? 3,000 odd kilometer. Exactly, I'm not having a very exact number. Okay. If they go for, let's say BOT toll, but we will not go for it. We will prefer to kind of a subcontract the way we are doing for the Welspun. As of now it is very clear. Okay. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Thank you for joining us today. We remain confident in our continued success and 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 for joining us. You may now disconnect your lines. Thank you.