Good afternoon, ladies and gentlemen. I am Ranjith Thomas, the moderator of this conference call. I thank everyone for joining us today for Ircon International Limited Q2 and H1 FY27 analyst conference call. Please note that this conference call is being recorded. At this moment, all participants are in a listen-only mode. Later, we will conduct a question and answer session. At this time, If you have a question, please press star 1 on your telephone keypad. Today we have with us the senior management represented by Mr. Salim Ahmed, Chairman and Managing Director, Mrs. Ragini Advani, Director Finance. Mr. Alin Roy Choudhury, CGM Finance and CFO. Mr. Ramkumar Goyal, GM Finance. Mr. Sachin Garg, DGM Finance, Investor Relations. I would like to remind you that some of the statements that will be made in today's discussion may be forward-looking in nature. It is subject to several risks and uncertainties, and the actual results could differ materially. I would now like to hand the conference over to Mr. Salim Ahmed, Chairman and Managing Director, for the, for the opening remarks, after which we will have the forum open for the interactive and Q&A session. Thank you, and over to you, sir. Thank you. Good afternoon, ladies and gentlemen. I am Salim Ahmed, Chairman and Managing Director of Ircon. On behalf of the entire account team, I extend a warm welcome to each of you. And sincerely, thank you. joining us today for our earning calls. for Q2 and H1 period ended 30th September 2026. Now I request my Director of Finance to give brief about the financial performance of the company. Over to you. Thank you, thank you, sir. Good afternoon, everyone. I am Ragini Advani, Director of Finance. On behalf of my team, I extend a very warm welcome to all of you. your presence today at Ircon's earning calls for Q2 and H1 FY27. I have with me my team members, Mr. Alin Roy Choudhury, CFO, Mr. Ramkumar Goyal, GM Finance and Compilation, and Mr. Sachin Garg, DG Investor Relations. The operational environment remains challenging with sectoral headwinds and rising competition. The company has procured some orders during the quarter, though nominal. And the order book stands roughly 2x of the annual revenue. We do remain optimistic about the outlook and are taking measures to reinforce our position. Financial results as well as the presentation have already been uploaded on the stock exchanges. I'm sure all of you have had the opportunity to review these. On consol basis, the company has reported total revenue of ₹2,364 crores and operating revenue of ₹2,272 crore. In Q2 FY27. PAT of the company stands at ₹100 crore and core EBITDA at ₹227 crore in Q2 FY27. Earnings per share stands at ₹1.09 per equity share in Q2 FY26. This is not annualized, and this is on a face value of ₹2 per share. Order book of the company stood at ₹21,296 crores at 30th September 2026, wherein 55% of the orders are on competitive basis. And the balance 45% on nomination basis. At present, 91% of our order book is domestic and the balance international. Ircon has 11 subsidiaries that includes roads, highways, and renewable projects, and Ircon has 7 joint ventures mainly towards coal connectivity projects. Without taking much time, I would like to open the floor for Q&A session. Thank you. Shall we open the line for questions? Please. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question comes from the line of Gaurav, who is an individual investor. Please go ahead. Thank you for giving me the opportunity, sir. I'd like to— I have a few questions that I'd like to ask. Uh, first one was, uh, how much is our own fund on the books as of Now. Okay, uh, Gaurav, the answering your first question, our own funds are in the range of 800 to 900 crores. Okay, okay, uh, thank you. Uh, so I'd like to know that, you know, we won one big order this quarter, and how would the order book scenario would look like Uh, in the rest of the year, by close of the financial year and going forward, how would it look like? Uh, would we be getting more orders on a bigger scale, as in Big ticket orders, or would we be restricting to small, smaller orders? Gaurav. Till now we have almost 800, around 900. crores order which we have already secured. And Our strategy is Or our aim is to secure order to the tune of 9,000 to 10,000 in, in this year, in the financial year. Okay. So accordingly, you know, we are bidding in railway works, highway works. And our focus is on overseas. Okay, thank you. Can you, can you hear me? Yes, yes, yes. Sorry for the disturbance. Yeah, so our focus is on overseas works also. And we are hopeful that, you know, in the next quarter we will get definitely some good works. Thank you. Okay, thank you, sir. Uh, so my next question is, uh, how much of the total order book is international and how much is domestic? And do we, uh, you know, expect to get more international orders in big tickets, or they will be restricted because of the geopolitical things going on? The present position is almost 9% of our order book is from international, remaining is domestic. As I just briefed you, we are focusing heavily on overseas work, so we want to take it up to 15% international orders. So accordingly, our bidding strategy is in place, and accordingly, we are moving. Okay, okay, thank you, thank you so much. Also, just one last question from my side, if it's okay. Uh, the other income has gone down on console and standalone level. So any, any particular reason for that, sir? So, uh, as far as the other income is concerned, uh, there primarily there are 2 reasons for that. One, uh, we've had dividend from one of our earlier PPP projects, ISTPL. The concession period has ended, and so also the dividend from that ISTPL. The corresponding new ham projects that we picked up there, uh, it is right now most of them are in construction stage and they should get completed by the end of this financial year. So it is that period in between where dividend from the previous good PPP projects stopped, and from the new ones it's still to take off, and therefore there's been some decline in our other income. Also, as we've been mentioning, we have been flowing back our cash and bank surplus, cash and bank balance into PPP projects. And to that extent, as and when we are flowing them into equity, uh, the temporary interest on these surplus funds, which also comes as a part of under-income, is bound to go down. But however, it obviously gets made up by the IRRs that we'll get on these projects, which will be spread over a period of time. So it's again a timing difference. And third, there have been some exchange rate, uh, you know, I mean, obviously last year the exchange gains were much higher than the gains this year, and that's more of a book entry. So these are some of the reasons why we've had dip in our other income, and it is more of a periodic sporadic kind of a issue that we are dealing with. Okay, okay. Thank you, thank you so much. That explains everything. Thank you. That's it from me. Okay. Thank you. A reminder to all the participants that you may press star and 1 to ask a question. Next question comes on the line of Tivesh Teria, an individual investor. Please go ahead. Oh, hello, good afternoon. I'm audible, sir? Yes, please. Yeah, awesome. Oh, actually I have a couple of questions. So first question, can you throw some light how our operating subsidiaries are performing and how much amount is invested in subsidiaries and JVs in FY26 and what is the plan for the next year. Yes, please. So, uh, you know, in our subsidiaries, uh, we basically have renewable power project and we have some of our PPP projects towards road assets. Again, the construction ones are in hand as of now. Also, we have certain joint venture companies for coal connectivity. So if we take all of these we have already invested about ₹3,100 crores in all of these projects, and we expect another ₹800 to ₹900 crores that we have to still put in, in some of the assets which are under construction. So that is where our investments are into the SPVs. Does that answer your question, or is there anything else that you wanted to know? Oh, thank you, ma'am. Uh, actually I have one more question. Oh, as we are incurring losses in JV companies, so when we can expect profit contribution from this? So yes, you are right. Actually, in our coal connectivity projects, some of them are under construction, and the one project which is operational is CERL. Uh, we have been having losses there. That is because initially there are some teething issues. We've connected the coal— I mean, we have the infrastructure ready but the coal transportation from that area or that particular mines are under development, or there could be certain other issues relating to it. So we do expect these coal connectivity projects to start breakeven from another 2 years down the line. The losses are reducing. It should reduce next year, but in terms of breakeven, it should be probably the year after that. These are long-term PPP projects, so initial teething problems are always there. Okay, one last question. As last year we had tied up working capital loan with the bank, and if I can recall correctly, so we have used around ₹100 crores Since we have a huge own cash balance, so why are we using capital loan? So, you know, last, last year we had used a very nominal amount of ₹100 crores as a working capital loan balance, and that was more towards certain projects where I thought that the working capital requirement is huge, and given our capital commitments that we have out of our own surplus cash and bank balance So we had kind of tested waters and made sure that we start taking some amount of working capital loan for those kind of projects. But having said that, it was a very small nominal amount of ₹100 crores. And as of today, uh, we are primarily using our own cash and bank balance to fund these projects and the working capital need of these projects. Okay, man. Okay, thank you. Thank you very much. All right, all the best. Thank you. A reminder to all the participants that you may press star and 1 to ask a question. Next question comes on the line of Vishal Periwal with PL Capital. Please go ahead. Uh, yeah, ma'am, thanks for the opportunity. Uh, am I audible? Yeah, Vishal, please go ahead. Okay. Yeah, yeah, ma'am, uh, at the end of FY26, uh, we were probably guiding, uh, like, you know, uh, this year it will be more like a flattish sort of revenue. Uh, but I think in Q1 also we have done a high single digit, and then in this year also, this quarter also, we are doing almost like, you know, uh, low teens, uh, sort of growth rate. So, so how exactly are we saying the full year could pan out for us? And, uh, any, any particular order that is leading to this execution growth that we have seen, which was not there in the last year, but this year we are seeing it? Any, anything that you can provide me? So, uh, Vishal, yeah, I mean, there is a marginal growth from the last year from turnover point of view. It's about 5 to 6%. that we are expecting. So the year should close in the range on a standalone basis, operating turnover in the range of ₹9,000 to ₹9,500 crores. And as you rightly said, yes, the focus has been execution. Faster execution this year. And one of the key projects that's been contributing to it is our SEWOC project. That's the project where multiple tunnels are involved and bridges are involved in the state of West Bengal and Sikkim. The second project where we are focusing very hard and trying to execute fast is our trackwork T2 package that we are doing for the bullet train project. So that has led to a turnover which is slightly better than what we had mentioned in our previous annual call. Okay, okay. And then, uh, can you also share like, you know, these orders which you mentioned, what is the pending, uh, order book in these 2 orders for us right now? Uh, so I just— give me a second. In case of SEWOC, I think it's about close to ₹2,000 to ₹2,500 crores. And in case of T2, it should be close to about ₹3,000 to ₹3,500 crores. Okay, okay, fine, fine, fine. And then, uh, yeah, thank you. And then second, uh, is on, uh, I mean, usually we have a tax rate in the range of 20-25%. Uh, this time it is a bit on the higher side, touching almost like 33-odd percent. Uh, so, so, uh, I mean, like, you know, anything that is contributing to this, and then will this come down, uh, in the coming quarters? tax rate. Yeah, yeah. So, you know, we've had a one-off tax expense or a liability that we had to consider in our Sri Lanka project. So our Sri Lanka project, which has just got completed there was a previous tax liability, and that is of an amount of close to ₹12 to ₹13 crores. And that has, uh, that is the reason why our average tax rate has gone up for this quarter as well as for this half year, right? Over the year, it should get almost nullified. Okay, so it's a one-off exceptional entry. Got it, got it. So full year basis, it is in the range of 24, 24, 25%. That— yeah, yeah, it should be in the range of in fact 23, 24%. Okay, right. Okay, perfect. Sure. And then in terms of order inflow, uh, I think sir was mentioning, uh, we have an inflow of, uh, I think I missed the number, uh, for first half. It's close to about 1,000 crores. 1,000 crores. Okay, okay. But, uh, when, uh, I mean, uh, so if we do an implied basis sort of order inflow Uh, which what I'm trying to say is the closing order book and then execution that we have done, then order inflow is looking almost in the range of 200-odd crores. So are there any order cancellation, uh, that we have seen in the order book, or— No, oh no, that's the reason why you see when we are saying close to 1,000 crores, uh, Substantial quantum has come after 30th September. Okay, okay, so you're absolutely right. If you're doing the mathematics, the increase in order secured in the order book is close to 200 crores. Which is the number up to 30th September. But if you are talking today, then that number goes up to 1,000 crores. Okay, okay, about it. And in terms of new opportunities, uh, can you give some color, like any, any sectors, uh that is looking promising. Any, uh, I know, I mean, earlier we have been saying competition is pretty high in the sectors, in particular in the railways, uh, but I think there has been a few norms change which railways has seen. Uh, early quarter 1 of this year. So anything that has changed materially for us, or probably as a sector, that can you help us in understanding? No, a lot of railway works and highway works are in the market. Both in domestic and overseas. Like if I tell you about overseas, there are huge works which have come up in Algeria. In African countries. And some Eastern Europe also. And we are bidding in all those works. Opportunities are there both in domestic and overseas. Thank you. Okay, okay, sure, sir. I'll come back and book you, uh, for the, for the question, sir, and thank you very much. Thank you, Vishal. Thank you. A reminder to all the participants that you may press star and 1 to ask a question. Next question comes from the line of Dev Ketan Sethia. An individual investor, please go ahead. Hello, am I audible? Yes, please. Uh, my question is on the margin guidance of the company. Is the company keeping the margin guidance same, or we may see a Like growth in margin guidance from here on. So on a standalone basis, we've been giving a margin guidance of PAT levels close to 6 to 7%, and we maintain that. Yeah. Okay, and on a consolidated basis, we are looking at a core EBITDA margins close to 8 to 9%. Okay, okay, thank you. And that is what we maintain. Yeah, thank you. Thank you. Next question comes from the line of Bhavesh Jain, an individual investor. Please go ahead. Thank you for giving me the opportunity. So I just wanted to ask, our order book is coming down consistently. What is the strategy for sustained orders going forward? You know, presently we have an order book of almost 21,000 crore, right, which is 2 times our revenue. And our strategy, as explained earlier also, is to focus heavily on the overseas market where we get the better margins also. And there is less competition. So there are a lot of works in the market in Africa and Eastern Europe. And like, we are considering aggressively for works in Algeria, Sri Lanka, and we are hopeful that in next quarter we get some good works. And in domestic sector, highways and railways— these are the 2 sectors where we are focusing, and we have almost quoted for How many works we have quoted? Can we quote it? Close to about 25,000. 25,000 crores of work have been already quoted. And their opening is pending. So we are hopeful that we will definitely get some good works. And as our target is almost 9,000 to 10,000 orders, out of which 1,000 we have already received. So we are hopeful that definitely in the next 2 quarters we will get good works. Thank you. Got it, sir. So my second question is, our tax revenue has gone up this quarter as compared to the same quarter last year. If you can explain the reason for this variation And can you guide the average tax rate for upcoming quarter and the next year? Yeah, so as I just mentioned that as far as the tax rate is concerned, there was a one-off case which happened in Sri Lanka. We've just finished our Sri Lanka project, and there was a tax liability, additional tax liability of ₹12 crores, ₹12 to ₹13 crores that came up in this quarter. It's a one-off entry, and from an overall year point of view, we maintain that we will have a tax rate of about 23 to 24%. Does that answer your question? Yes, ma'am, it does. Thank you so much for giving me the opportunity. Thank you. Thank you. A reminder to all the participants that you may press star and 1 to ask a question. Next question comes on the line of Gaurav, an individual investor. Please go ahead. Thank you for taking my question again, sir. Uh, ma'am, uh, I just wanted to know that, you know, uh, a few years back there have been a lot of talks, a lot of emphasis on the railway sector, and lately it has— I feel it's a bit gone, you know, gone down. So if you could please you know, throw some light on how the RFQ order is looking like, you know, government's focus is looking like on the sector. Uh, will it be on the upward trajectory or will it be, you know, flattened out? Kind of, if you could please guide us. You know, I just briefed also that almost ₹25,000 crores of work have already been quoted by us. And we have quoted very competitively. And we are focusing on overseas, especially in Sri Lanka and Algeria. So we see good opportunities and we are hopeful that our order book We are going to meet our target of ₹9,000 to ₹10,000 crores of the order in the year, out of which only right now we have got only ₹1,000 crore. But we are hopeful that in future we will definitely get some good orders. Thank you. Uh, just to add to this, uh, Gaurav, I think you were asking about railways, the number of orders that have been coming out of railways, is it? Yes, yes, for particularly for the railway sector, there was a lot of emphasis a few years back Uh, there still is, but you know, so railway budget still remains and they are coming up with tenders. So, and, and with railways In fact, the overall budget is very huge. And so yeah, it's a good market. It's a very, very large size market for us. And railway being our first line of preference, we do focus the most on railways, and we do see a good opportunity there going forward. Thank you, thank you so much. Thank you. Okay, that's all from my side. Thank you. A reminder to all the participants that you may press star and 1 to ask a question. Next question comes from the line of Manoj Shah with LaxCorp Investments. Please go ahead. Yeah, thank you for the opportunity. First, want you to check, uh, by the end of current financial year, by March '27, what will be the order book for the company? And what kind of revenue you expect for the FY28? So as we have been stating, uh, you know, as at 31st March '26, our order book was close to ₹25,000 crores. And we, uh, do think that our revenue will be in the range of ₹9.5 to ₹10,000 crores for this year, and therefore we expect to get orders new orders again in the range of similar range of ₹9,000 to ₹10,000, such that our order book continues at a level of about ₹25,000 crores by the end of this year as well. So that is where our entire plan of action and our goal or focus is. As regards FY28, uh, it will really depend on the kind of orders that we secure, but with the kind of efforts that we are putting in with competition easing out slightly and the kind of opportunities that are sitting both in domestic and international market, we do tend to hope to take it slightly on an upward trend. And increase revenue marginally. Yeah, see what has happened, like I've been monitoring your conference the last few years, like in FY26 and 27 there seems to be a slowdown. Prior to— as compared to years prior to that, like FY23-24. So just wanted to check, are you, are you getting the momentum and do you think this will continue in FY28-29 kind of it? So my concern is coming to this. As of now, uh, You know, I mean, the good time to probably give you a better feedback on FY28 may be a few months down the line because it's a very volatile and a very sensitive market. More so to the uncertainties overall all across the world. So, uh, you know, we are also going conservative and we are saying we will maintain similar turnover similar levels of order book in this year, and marginally we will increase in next year, but we should be in a better position to see whether this momentum will go upwards or continue in a similar pattern, maybe a few months down the line. Maybe after February. Okay, and any, any, any update on the this RBML and Ircon merger? So to us, yeah, yeah. So to us there is no, uh, no knowledge whatsoever. As and when we get to know, of course, being a listed company and in accordance with the governance, we shall be immediately informing if there is any such thing. As of now, no. Okay, thank you, thank you very much. All right, take care. Thank you. A reminder to all the participants that you may press star and 1 to ask a question. Once again, a reminder to all the participants that you may press star and 1 to ask a question. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I now like to hand the conference over to the management for closing comments. Thank you, uh, thank you, Mr. Renu, for moderating the call. I would like to thank all our stakeholders, shareholders, business partners, analysts, investor friends who have shown continued support and faith on us. We will be happy to connect on one-to-one basis as and when required, and please do get in touch with us for any further clarifications or queries that you may have. Thank you once again for the participation and happy festivities to all of you. Thank you. Thank you. all for being part of this conference call. If you need any further information or clarification, you may contact Mr. Sachin Karg or email at sachin.karg@irconinternational.com. @ircon.org. Thank you for joining us, and you may now disconnect your lines.