Ladies and gentlemen, good day and welcome to the Q1 FY 2027 earnings conference call of H.G. Infra Engineering Limited, hosted by Go India Advisors LLP. 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 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 Ms. Saloni. Thank you, and over to you, ma'am. Good morning, everybody, and welcome to H.G. Infra Engineering Limited earnings call to discuss the quarter one FY 2027 operational and financial performance, hosted by Go India Advisors. We have on call today Mr. Harendra Singh, Chairman and Managing Director from H.G. Infra, and Mr. Vikas Jain, the Chief Financial Officer. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore moved in conjunction with the risks that the company faces. I now request Mr. Harendra Singh, sir, to take us through the company's business outlook performance, subsequent to which we will open the floor for the Q&A. Thank you, and over to you, sir. Good morning to all of you. India continues to remain focused on infrastructure development, creating a strong long-term opportunity for companies with proven execution capabilities. Against this backdrop, H.G. Infra has evolved significantly over the past two decades. What started as a focused roads and highways company has now transformed into a diversified infrastructure platform with capabilities across EPC and hybrid annuity model projects of highway, along with a growing presence across railways, metro, solar power, Battery Energy Storage Systems, transmission, and distribution across more than 14 states now. This growth has been demonstrated through and made possible by our strong in-house capabilities, including an extensive, experienced equipment fleet, an experienced workforce, and established project management capabilities. We are today executing projects across multiple infrastructure segments and building capabilities that will support our next phase of growth. Just to highlight here, last year was not as per our expectations. The last one year and specifically the first quarter of FY 2027 has been challenging from a revenue conversation perspective. Revenue during the last quarter was impacted by several external and internal factors as the infrastructure industry experienced a period of slower growth and overall sluggishness. That is driven by multiple factors. These industry headwinds have also impacted H.G., affecting new projects' awarding, execution momentum, and overall business spectrum, including muted project awarding and bidding activities. Geopolitical uncertainties also has affected severally. Intensifying competition and lower margins as always has been there. Against this backdrop, H.G. went through a phase of consolidation with focus on maintaining stability across all key metrics. That is leadership, automation, manpower systems, and process realignment. With more focus on the balance sheet, improving cash flows, accelerating debt realizations, and enhancing execution efficiencies to propel into the next phase of growth. After testing waters with our diversification in phase one in renewable space, we will now further scale and consolidate our next phase of growth aggressively into energy storage like solar, BESS, and transmission and distribution projects. This will remain an important part of the strategy for growth beyond our traditional roads and highway business. The quarter one FY 2027 results were disheartening from an overall business and financial performance perspective, with a significant shortfall in both top line and bottom line. Along with the decline in the margins, the margin improvements were largely attributed to project-specific factors, such as into roads, execution was impacted by delays in the appointed dates and handover of working fronts, constraints in the availability of pondage in few projects, and disruption in the supply of key commodities such as bitumen and HSD. In our BESS and transmission projects, execution was impacted by delay in land clearances and the right of use permissions, certain statutory approvals and pre-construction activities delayed. The constraint in the availability of critical metal commodities and the long lead items also impacted badly in these projects. Also, similar challenges being faced in a few rail and metro projects, including pending block permissions, restricted working fronts due to operational constraints on few of the stations. Taken together, these project-specific and external factors materially affected our execution momentum and contributed to the deep decline in the top line of quarter one FY 2027. Having said that, these were unprecedented and largely unexpected factors which had impacted on overall performance during the quarter. We have undertaken corrective measures across the affected projects to address the bottlenecks and bring the execution back on the track. I would like to convey that most of these issues are now under control, and we are working towards regaining the desired execution momentum. We remain confident that the upcoming quarters, particularly the period post-monsoon, especially in latter half of FY 2027, will be much more promising with improved execution and meaningful recovery in our performance. Let me begin with a glimpse of our operational highlights. As of quarter one FY 2027, the company's order book stood at INR 14,502 crore, comprising of INR 9,386 crore from roads and highways, INR 3,054 crore from roads and rails and metro, INR 461 crore from BESS, and INR 144 crore from solar projects, INR 1,457 crore from transmission and distribution. Segment-wide roads, highways contribute 65%, railways 21%, and the remaining 14% for renewable projects. Update on our ongoing EPCs, as we already have completed Ganga Expressway and UR projects. COD for both the projects are being obtained. The Jamshedpur Elevated project is running smoothly with the current progress of 61.12%. The Nelamangala-Tumkur project at 70% completion is progressing towards completion and by March it's likely to be completed. The DLF project is struggling in the initial stage because of the land constraint with the completion of only 3%. The momentum on this project will be built shortly. During the quarter, the company secured the Pune-Shirur project from Welspun valued at INR 3,931.11 crore, and is currently in the initial phase of mobilization, with execution expected to gain momentum in quarter three FY 2027 onwards. Progress on HAM projects. Karnal Ring Road has reached 99% completion, and we already have applied PCC, which we are likely to get in quarter two FY 2027, and with COD expected in quarter three FY 2027. As shared in the previous quarter, provisional completion certificates for Raipur-Visakhapatnam corridor projects like OD-5, OD -6, and AP-1. Also, Khammam Devarapalli project KD -1 and KD-2 already received the provision completion, and will obtain the COD for all these projects in quarter two and quarter three FY 2027, since now all the pending issues are being resolved. The Chennai -Tirupati HAM project reached at 59.6% completion. Varanasi Kolkata Package 13 has achieved 43.1% financial progress. Varanasi Kolkata Package 10, which received appointed date with effect from 30th May 2026 in quarter one FY 2027, and the project has now achieved 15.5% completion. For Kosi Parikrama Marg Package 6 of Ayodhya, project execution has reached 35.7% complete. The Narol Sarkhej project has achieved 44.2% progress and remains on track for timely completion. The company signed the contract agreement, concession agreement on 24th April 2026 for Gobindpur Tangi-Capital Regional Ring Road Package 3 in Odisha. The land acquisition is in process, 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 has achieved 100% completion and is currently in the handover process. The Bilaspur-Anuppur project, which is at 99% completion and targeted for completion quarter two FY 2027. The Kanpur railway station project is at 54%. The Dhule-Nardana railway project has achieved 54% again, and the Gaya-Son Nagar and Karanjgaon project are at 50% and 54.5% completion respectively. The New Delhi railway stations, though face initial delays in land clearances and utility shifting approvals. However, gradual improvement is visible now with execution now gaining and the project completion is currently at 13.34%. The appointed date for the newly awarded Thane Metro project being declared as 11th January 2026. However, the project is facing various challenges such as land availability and the local disruptions. The company recently secured two railway projects from Adani Group in their two thermal projects. One is Anuppur in Madhya Pradesh with INR 340 crore, and the Mirzapur Thermal, Uttar Pradesh, is INR 440 crore. Both these projects are currently under mobilization, and both these projects are in the execution phase. Regarding our solar projects, as of 30th June 2026, the overall physical progress in solar projects stood at around 94%. The project execution has been impacted by heavy monsoon conditions last year, land acquisition challenges, and the transmission lines and the certain local issues resulting in the delays. These challenges have been progressively resolved now, and the company is deploying adequate resource to commission all balance plants within the revised contractual timelines over the coming months. Notably, the Ministry of New and Renewable Energy, MNRE, has extended the commissioning deadlines for KUSUM projects in Rajasthan up to 31st March 2027, thereby providing additional flexibility to address localized project execution challenges. From a financing perspective, approximately 85% of the total project debt requirement has been sanctioned, of which 95% being disbursed. The remaining balance of about INR 300 + crore is expected to be largely released post-commissioning of these plants during quarter two and quarter three of FY 2027. On the operational front, the company has raised invoice of INR 175 crore to state DISCOM and for 127 commissioned plants till date. Upon commissioning of all plants, we are targeting to have annual revenue of INR 250+ crore. Regarding BESS project, the company has executed binding agreement with GUVNL and NVVN for a development of three Battery Energy Storage System projects with an aggregate capacity of 735 MW. That is 1,470 MWh. The procurement activities for projects aggregating 435 MW are almost completed and purchase order for all critical long lead items, including batteries, have been placed. The purchase order for DC block container has been awarded to a reputed overseas supplier, that is, CATL. All long lead items such as Emerson, Hitachi, and Siemens for the procurement of all such systems has been done. The company, through its special purpose vehicle, has acquired land for Banaskantha, Dholera, and Choraniya projects. Exhibition activities in all these three projects are now progressing at a rapid pace, including civil works and associated infrastructure development. Initial two projects are targeted for commission as planned in February and March 2027, respectively, while Choraniya plant is targeted for commission in June 2027. Upon commissioning of all these projects, the company expects to generate annual revenues of approximately INR 225 crore. In power transmission projects of Odisha, where SPV has been incorporated and project design and engineering being completed, the procurement of all key long lead items being placed. The financial closure has been achieved, and the procurement of all major components are currently underway, and the project remains on track. Additionally, the company has secured two power transmission projects from RECPDCL, comprising of projects in Mirzapur, Uttar Pradesh, and an EPC cost of INR 320 crore, and another in Jamshedpur, Jharkhand, with an EPC cost of INR 843 crore. All these three projects are expected to generate annual revenue of approximately INR 215 crore once commissioned for a 35-year concession period. This is the update regarding the five HAM projects. During quarter one FY 2027, company successfully transferred 51% of its shareholding in KD-1 and 49% in OD-5 and 100% in OD -6, receiving partial consideration of INR 70 crore, INR 140 crore, and INR 203 crore respectively. The remaining holdback amounts are expected to be received during quarter two and quarter three once we complete this project and achieve the COD and AP -1 NOC is yet pending. Subsequently, on July 26th, the company transferred the remaining 51% shareholding in Raipur-Visakhapatnam OD-5 projects, receiving a partial consideration of INR 103 crore. The balance consideration is expected to be received in quarter three and quarter four, subject to final COD and completion of relevant conditions. The company expects to complete the equity transfer of AP-1 project during the upcoming quarter with respect to the Karnal HAM project. Discussions are ongoing with the prospective investor to finalize the MOU, and the project is expected to be monetized by the end of this current financial year. Regarding the equity requirement into all projects, in HAM projects, transmission desk, around INR 3,019 crore of total equity requirement as of June 26th. INR 1,665 crore has been infused into all these projects. The remaining equity will be infused in nine months 2027 and FY 2028-2029. Moving on to the financial highlights of quarter one FY 2027. Stand-alone financial remained INR 907 crore as a revenue, with an EBITDA of INR 77 crore and an EBITDA margin of 8.49%. PAT for quarter one FY 2027 stood at INR 28 crore at a margin of 3.12%, compared to INR 125 crore and a margin of 7.34% in quarter one FY 2026. On a standalone basis, our gross debt stood at INR 1,834 crore. This comprises of INR 910 crore in working capital debt, INR 400 crore from NCD, and INR 524 crore from term loans and current maturity trade limits. With our expected collections from receivables and the monetization proceeds, we are targeting to close our external debt at INR 900 crore by the end of this year. Regarding the consolidated financials, the revenue for quarter one FY 2027 reached at INR 1,101 crore with an EBITDA of INR 304 crore and an EBITDA margin of 27.6%. PAT for quarter one stood at -INR 45 crore with a PAT margin of 4.04%, compared to INR 99 crore and a margin of 6.7% in quarter one FY 2026. Regarding way forward, we are confidently targeting for an order inflow of INR 11,000 -INR 12,000 crore in FY 2027, of which projects worth approximately INR 5,500 crore already being received in quarter one FY 2027. Going forward, we see strong opportunities across roads, rails, and metro, with an increased focus on transmission power sector. On roads, NHAI has identified 54 projects worth approximately INR 1.85 lakh crore to be awarded in FY 2027. While the expansion of high-speed rail and rapid role Namo Bharat is creating significant long-term opportunity in the rail and metro segment. The transmission sector is also witnessing strong growth, supported by rising power demand and renewable capacity addition and the government's green energy corridor initiatives. We remain focused on selectively pursuing these opportunities while strengthening our execution capabilities to deliver sustainable growth. We are positioned for accelerated growth and superior return, and our diversified pipeline financial discipline and bold sector bets position as a future-ready multi-sector infrastructure leader and committed to delivering 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 a question and answer session. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Vaibhav Shah from JM Financial. Please proceed. Sir, first question on margins. Why were they impacted in 1Q, and how do you see it moving forward in the remaining three quarters of the year? Ultimately, in quarter one, solar projects, they were being impacted because of the local issues, the transmission lines and other RTO constraints were there. Because of that, we need to shift few of the plants also to a new location. Also, the transmission line cost has been increased significantly over there. So that is a hit which we have taken in this quarter one margin. What will be the margins for the remaining quarters? How do you see it for FY 2027 as a whole? Overall, this margin front, definitely the project which we already have started in highways and rail projects, say one or two projects where the margins are not that encouraging. But overall margin would be in the range of about, say, 13.5%-14% EBITDA level. Even after 18.5% in first quarter, the entire year would be around 13.5%-14%? Yes. It should revert back to normal levels from Q2 or we should see improvement in second half? Because in Q2 also, because of the rainy season and other impacts of supply disruption, again, we are not having that control. But then later half of this year, second half of the year, we believe that there likely, significantly, we will be bouncing back to the top line as well as good bottom line. Sir, secondly, what would be our revenue guidance for this year and next year? Also, can you give the breakup of equity investments for the next three years for both HAM and BESS portfolio? For this year revenue, we are quite hopeful, though we have lost significantly in first quarter, but we are quite hopeful to touch at least the number which we scored in FY 2025, and that is INR 6,100 + crore. We will be in a range of INR 6,000-INR 6,500 by the year end. Next year, no doubt for FY 2028, with the orders in hand, we believe that we will be around INR 7,000 crore for 2028. Where the equity requirement is concerned, till date, we have invested around INR 1,664 crore of equity into all these transmission, BESS and HAM projects. The nine-month estimate is around INR 503 crore yet to be invested for the balance part of this year. FY 2028 requires INR 625 crore and just INR 146 crore in FY 2029. Breakup of this between HAM and BESS? The HAM projects do require INR 309 crore for the balance of this year, and rest INR 275 in transmission and BESS. For year FY 2028, HAM requirement is INR 235, and for FY 2029, it is just INR 71 crore. This BESS and transmission, the requirement for FY 2028 is INR 390 crore and around INR 75 crore for FY 2029. Okay. Sir, lastly, AD for the roads for Pune-Shirur and Capital Region is expected by when? We are expecting October because the land positions and all related utility shifting things are in alignment, and within next two, three months it would be done. The financial closure is also in advanced stage of the Odisha projects. So likely by October end, we will be getting appointed date for both these projects. For Pune-Shirur? Yeah, both these projects. Yeah, both of these. Okay. Thank you. Those were my questions. Thank you. We take the next question from the line of Shravan Shah from Dolat Capital. Please proceed. Hi, sir. Sir, couple of questions. Again, coming back to one on the guidance front. Sir, we are still saying that for full year FY 2027, we are looking at INR 6,100 -INR 6,500 crore. Sir, it seems it is definitely much difficult to even reach a INR 6,000 crore kind of a number for this year. So, can you help us in terms of Q2 broadly? Are we seeing a much better, so this quarter INR 907 crore. So can Q2 would be a similar INR 900, INR 2,000 crore, then less than a INR 2,000 crore. So we need a INR 4,000 crore kind of a number in the second half. That means INR 2,000 crore in third and fourth quarter. How that is doable? If you can broadly break it down in terms of whatever the segments that we have, HAM, EPC, BESS, transmission, how are we looking at the revenue for this year? That would be helpful. Maybe a particular, the bigger project like a Shirur, how much we are looking at. Then it will be helpful because it seems very difficult. Even if we reach INR 5,000, INR 5,200 crore would be a great. I think you are talking regarding the revenue guidance. Ultimately, as we have lost visibly in quarter one for various factors. But in quarter two, we are quite hopeful that we will be roughly around INR 1,000 crore. No doubt there has been the monsoon impact in few of the states which we are working. So that is one of the factors. But in quarter three and four, having received the appointed date of Pune-Shirur as well as this Odisha project, which is a big size projects. We are already in the advanced stage of mobilization and already have secured everything like query and set up the plants and the entire establishment is in place. Utility shifting is in advanced stage of Odisha and Pune-Shirur also. One is the sector which we are talking, then the highway, we are expecting to roughly do around INR 3,000 crore in next three quarters. INR 3,000 crore is from, say, ultimately it is around INR 700 crore from Pune Shirur only, under INR 3,000 crore. And roughly around INR 150 crore from Odisha, this railroad project. Talking of that, INR 3,000 crore is we are going to add this number and rest BESS and transmission. Both the BESS projects to be completed in this financial year, and they are at the advanced stage where the order is being already released. And by December and January, we are likely to receive entire all battery and containers. Looks like that in battery, we would be roughly around 90% of the progress completion would be done, all three battery projects by this year end. With the transmission, first transmission project and the second transmission project, which is going to be completed in 18 months, is already orders all items which are required. In that scenario also, we are looking at least for INR 600+ crore of revenue to be done in this. INR 3,000 crore and INR 600 crore is INR 3,600 crore. And rest is we are expecting, no doubt, around INR 2,000 + crore of revenue to be done in all rail projects, including Anuppur, Mirzapur, as well as the recently awarded projects, as well as all earlier projects which we are discussing, like Kanpur [railway]. These are all the projects which we are quite hopeful and they are running on track also. Okay. On the margin front, sir, when we are seeing 13.5%, 14%, in Q2, let us say the similar INR 1,000 crore revenue. What I look at is that the entire margin hit is primarily because of the lower revenue, because our employee cost as a percentage of revenue has gone up significantly from 5.4% to 10.3%. That is the entire 5%. If we add 8.5% and 5% to 13% + kind of number is there. In Q2, most likely would be the kind of a similar number. Then in second half, are we looking at a 15% + kind of a margin, and that is why we are saying that for full year, 13.5%- 14% is doable. I think you are quite right because of the employee cost, it has been significant high, and an employee cost at this particular top line is, in any case, is not matching. Quarter three and four, we have INR 2,000 + crore of revenue to be done at this employee cost or even lower the employee cost. Because, say, we are the dragging too few of the projects of highway, especially I am talking of HAM projects, as well as one Ganga project which was dragged for almost one year plus the completion, when we only completed 96%. This 3%- 5% of completion in these seven projects, that has impacted a lot in all employee cost into these projects, where not a big amount was executed, but the entire cost of employee and establishment was huge. But then again, now we are into these all mid stage and the new, say, advanced stage of initial stage of those projects. No doubt it would be in that range, where at 15% odd margins, then overall margin could be 13.5% for the year. And for next year also, FY 2028, the similar 13.5%, 14% then would be doable because then we will be- As of this scenario is there, we are targeting those transmission projects which do have this juice of about, say, 13%- 15% EPC margin. Looking to that in rail also, some of the projects of high value projects being announced, and these we are looking at few of the projects, which is around INR 3,000 + crore of single project is there. Also, other than this rail and metro projects, urban infra projects and highways, there are significant big-sized projects which are likely to be there. Looking to the scenario, we are expecting that at least this number is quite doable in future years. Okay. And lastly, in terms of for the entire monetization. Till now, how much we have received cash for the equity front, equity and subject that we have invested and what is pending, and when we will be receiving the balance money? This is around INR 660 crore we have received, and INR 725 is balance. In INR 725, typically in quarter two, roughly we would be getting some INR 250 crore, and balance portion in quarter three. We are also expecting to close this Karnal project, where already the term sheet being shared with the potential buyers, and likely that we would be closing this transaction at the year-end. Because there, the COD is not having that delay. Once the PCC is achieved within three to six months, we will be getting the COD also. Looking to that monetization, we are expecting from now onwards, roughly around INR 850 odd crore to be collected in the coming, by the year-end. That is why we are expecting that the INR 1,800 crore debt will go down to the INR 900 crore by year-end. Yeah, of course, either there are few other sectors which we are expecting that solar debt would be released to SPVs and [Interenergy] would be getting this money of INR 300 + crore, could not be done because of several issues related to the projects. Also, there has been long drawn receivables where unbilled, this contract current asset could not be billed because of this COD, uncertain variation items not being approved till date by the client. These are all majorly all sectors would be there that is going to help us to see this front of cash flow inflow being a high target for the year. Considering that, we are expecting that it will be half the number which we are at this stage. Got it. Lastly, sir, balance sheet numbers, retention money, HAM data, solar data, and Ganga and railway data, sir. These details, I will tell my team to connect to you, because now, I am not having immediately with me. No issues, sir. Thank you, and hope we will start seeing a recovery soon. Thank you. Thank you. Thank you. We take the next question from the line of Aditya Sahu from HDFC Securities Limited. Please proceed. Hi, sir. Thanks a lot for the opportunity. A lot of my questions were already answered. However, I did have a few more. On the we had some settlement of operational claims that we were expecting in H1. Where do we stand on that? We had highlighted about the delay that was witnessed in Q4. So where do we stand on that? Ultimately, in last quarter, we could say sign off one of the settlement claim. Almost three projects were there, around INR 42 crore. Already we received INR 29 crore in July. Apart from this, say, one of the settlement claim, which is in ministry, which is likely to be closed within this quarter only, and roughly in September, within, say, 30 days of the settlement agreement, they need to pay us. So likely in September we will be getting this amount of around INR 100 crore. INR 100 crore, okay. We are at INR 100 crore in September. Okay. This is, again Understood, sir. which we are targeting in this particular quarter two only. Again from other projects also, we are looking at this consolidation to be completed within next three to six months. By year end, there are fair chances that we would be getting around INR 200 odd crore onto the various consolidations being done. Okay, sir. Understood. Just confirming the numbers, I think I may have dropped off in between. With respect to the equity requirement, the total equity requirement is at INR 3,819 crore, INR 3,819 crore, of which INR 1,056 crore has been infused till June 26th, if I am not wrong. I think it's a wrong information you are having. Okay. The total equity requirement into HAM is INR 1,331 crore. Okay. Which we are not considering. The project which we are only considering is the project already monetized. We are considering Karnal, we are considering package 10 and 13 of- Okay. Chennai, Tirupati, Ayodhya and Narol, Sarkhej, and these recently awarded, this Odisha Ring Road. This is around INR 3,331 crore out of INR 715 already invested till June in these projects. Okay. INR 309 for nine months for the year, balance part of this year. INR 235 for FY 2028 and INR 72 is for FY 2029. In solar and BESS and transmission projects, if you are talking, this is a total equity requirement of INR 1,689 crore. Okay. Out of which already INR 959 crore invested. Balance INR 275 for the year, balance part of the year, INR 390 crore for next year and INR 75 crore for FY 2029. Understood, sir. What would be the gross debt as on June 26th at standalone level? Sorry, debt? The debt at standalone level. INR 1,834 crore. INR 1,834 crore. Understood, sir. No more queries. Thank you so much. Thank you. Before we proceed, a reminder to the participants who wish to ask a question may press star and one on their touchtone telephone. We take the next question from the line of Renga Varshini from Wealthify. Please proceed. Good morning, sir. Am I audible? Yeah. My first question- Yes, go ahead. My first question is, how much of the current debt is expected to come down in the next 12 months, purely based on project cash inflows, excluding the asset monetization and equity infusions, sir? The equity infusion which we are looking at for the nine months is around INR 585 crore. This equity infusion, if you see, and the monetization is at around INR 800 crore, which is likely to be there. This is taking out these two, the current assets. There are the certain claims, certain closure projects, these are the all final bills and the other point of operational. These are not claims, rather these are all operational cash flows. Which we are expecting that by the year end, we are likely to get INR 300 + crore for reduction in the debt out of these other things. And INR 800 crore of monetization is going to fund it INR 583 crore of commitment with a surplus of INR 200. If you see in totality, we would be roughly expecting that around INR 900 crore is the total cash receivables, including INR 300 + crore receivables into solar from the debt, which we are going to receive from banks in solar SPVs. Understood, sir. The consolidated EBITDA margin has increased substantially despite fall in revenue. Can you please give us some color on this? Is it because of the business mix change or any other accounting factors? No, it's a normal thing. I think the EBITDA in console is because of the solar receipt, which we are continuously now would be getting on a quarterly basis. So it would be roughly around INR 50 crore, which we have billed to DISCOM. So that has helped us. That is a pure EBITDA only, because hardly there is any cost which is incurred in operations in all these solar projects. If you see, these solar are based on transmission, which put together roughly is around INR 650 crore or INR 700 crore of total EBITDA, which is likely to be there on annual EBITDA, which will be there in consolidated numbers, once we commission all these projects. Understood, sir. Thank you so much. Thank you. We take the next question from the line of Parth Thakkar from JM Financial. Please proceed. Thank you for the opportunity. Sir, what would be our revenue expected from the two VRK package, Pune-Shirur, Thane Metro, and Capital Region for this year? Pune-Shirur, we are expecting around INR 750 crore. Capital Ring Road, we are expecting INR 150 crore. We are not very hopeful in Thane project, hardly INR 50 crore likely to be there. So put together is around INR 900 crore in these three new projects. And sir, both VRK packages? Sorry. The two VRK packages. Which packages? VRK. VRK, definitely they are advancing well, and we are expecting that a significant amount would be done within this year only. We are expecting around INR 200 crore to be executed within this year only. Sir, how has the working capital moved compared to quarter-on-quarter? Already we have discussed, the working capital is going to be eased out once the collection is in the fast pace and looks like that the collection, including monetization, including solar debt, is likely to be realized from quarter two, three, four and progressively, incrementally good. Though it was expected last six months, but definitely there are few reasons which there have been delays, significant delays has happened. But the working capital would be roughly in control as we would be at around 50 days, if you see, by year-end. Sir, last question. Have we submitted any bids where results are awaited, and what would be our total bid pipeline? Almost. We have submitted around INR 22,000 crore bid in HAM and highway projects. Sir, around INR 4,000 crore in rail projects till date, and one or two transmission projects also has been bidded. Okay. Thank you, sir. Those were my questions. Thank you. We take the next question from the line of [Vivekananda Reddy] from [YVR] Securities. Please proceed. Good morning, sir. Morning. Any word on the CBI matter? There are no update as of now, sir, till the time when this bail and everything was granted thereupon. Only few queries and few, say, details they required, and we furnished those details. That's it. I think we are not yet updated. Any further details and any further updates are not available. Sir, is the execution speed picking up from the quarter two, sir? Quarter two, definitely there has been some initiatives which we have taken into three of the projects which were fairly affected because of pondage and there is appointed date being declared in Varanasi, Kolkata. So the execution has been picked up in these projects. Also, this recently awarded projects of Anuppur and that project, these progress has been there. Also, there is one variation of around INR 200 crore, which we have received in Delhi-Varanasi package, where the progress is there. So looks like in quarter two, it is a plus side, but in quarter three and four it would be very aggressive. Okay. Thank you, sir. Thank you. We take the next question from the line of [Dheeraj Mali] from [Wealthify]. Please proceed. Good morning, sir. I have a question. We have a fairly reasonable order book at INR 14,500 crore, yet revenue has declined. What percentage of the current order book is currently executable? How much is still backed by hurdles like land acquisition, appointed dates, and approval? It is approximately INR 6,000 + crore of project out of INR 14,500 crore is not executable as of now because of the, say, you see Pune-Shirur, you see INR 500 crore out of Odisha, this Capital Region Ring Road project. So these are the two big size and one more project of Mirzapur is not yet started because of the land and one of the transmission projects. So put together, it is around INR 6,000 + crore. So if you take out this, only INR 8,000 crore of our order execution is there. But in these three projects also which we are expecting in quarter three, initial month of quarter three, only October we will be getting the appointed date. Okay. Got it. Thank you, sir. That's all from my side. Thank you. We take the next question from the line of [Manish], an individual investor. Please proceed. Hi, sir. Am I audible? Yeah. Sir, [Non-English content]? [Non-English content] [Non-English content] Sir, because what happened, we were about to recover some of the prices. After that, your CBI case came. I mean, cherry on the top if you say. So that also affected the sentiment of the market. Right. Second thing, if we are guiding this much, We are quite hopeful for the year. By the end of the year, we would be again coming back to that normal. Okay, sir. Second query, sir, if we are so hopeful, why not we buy the share? If it is a valuation, I mean, 70% down, promoter holding 71.5%. You can still buy. Thank you. And sir, one more thing. Can you allocate some- Just one thing. We can conduct some of the- Can you- Yeah, we will be doing that. Okay. Thank you. Yes, sir. Okay. Thank you. Thank you. We take the next question from the line of Renuka from First Water Capital. Please proceed. Yes. Hello. Thank you for the opportunity. Am I audible? Yes, please continue. Yes. In your consolidated financials in the exceptional item, there is a loss and impairment charge which is recorded for the Raipur OD-5 and OD-6 SPVs. I just wanted to know the nature of this if you can just throw some light on it. Basically the own consolidation and the consolidation onto this project. These are the project where the net worth which was built because of the significant delays, say we were for two years and then delayed by another 2.5 years plus. There is the financial income which is the accrued financial income where this particular net worth was built which now with the realization of this monetization to feed is being discounted and that is the factor which you are looking at this exceptional item is giving this negative number. And with regards to the impairment charge? With regards to? There is an impairment well for the AP-1 project. AP-1 project which is already auditors and we discussed that way that in AP-1 also the monetization is being concluded at a number. So once we have agreed at a number so we are discounted by INR 20 odd crore into INR 24, INR 25 crore. That AP-1 monetization this exceptional item already has been taken into consideration. Okay. I just missed out on the debt numbers, the gross debt and net debt to equity as on June 26. If you can just share it again. I will tell my IR team to get back to you. Thank you. Hello. I will tell my IR team to get back to you. They will touch base. Okay. Sure. Thank you so much. Thank you. Thank you. Participants who wish to ask a question may press star and one on their touchtone telephone. A reminder to the participants, in order to ask a question you may press star and one on your touchtone telephone. As there are no further questions from the participants, I would now like to hand the conference over to the management for their closing comments. Thank you for joining us all today and 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 advisor, Go India Advisors. Thank you and good day. Thank you. On behalf of Go India Advisors LLP that concludes this conference. Thank you for joining us and you may now disconnect your lines.