Ladies and gentlemen, good day and welcome to Power Mech Projects Limited Q4 FY 2026 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Krishna Doshi from Ashika Institutional Equities. Thank you, and over to you, Ms. Doshi. Thank you. Good morning, and very warm welcome to everyone. On behalf of Ashika Institutional Equities, I welcome you all to Power Mech Projects Limited Q4 FY 2026 earnings conference call. Today, we have with us the management represented by Mr. S.K. Ramaiah, Director, Business Development; Mr. N. Nani Aravind, Chief Financial Officer. We thank Power Mech Projects for giving us the opportunity to host the call. We will now like to hand over the floor to the management for their opening remarks, post which we will open the floor for Q&A. Thanks. Over to you, sir. Thank you. Good morning, everyone. I'm Aravind, CFO of the company. I would like to extend a warm welcome to all of you joining us today for our quarter four and financial year 2026 earnings call. Thank you for taking the time to participate in this discussion. As we conclude the fourth quarter of financial year 2026, I am pleased to share that the company has continued its growth trajectory, delivering improved performance across all our core business verticals. Our results reflect the strength of our diversified business model, disciplined execution capabilities, and sustained focus on operational excellence. For quarter four FY 2026, the company recorded total revenue of INR 2,121 crore, reflecting a growth of 13% over quarter four FY 2025. The growth was driven by sustained execution across our core verticals and ramp- up of operations, newly secured EPC order, and MDO projects, partially offset by delays in certification of bills under the water division. EBITDA for the quarter was INR 237 crore, registering a growth of 2% year-on-year with EBITDA margin at 11.17% margin. Margins are completely comparatively lower than the quarter four FY 2025, primarily due to increase in the operating cost and lower other income during the quarter. Profit after tax for the quarter was INR 153 crore, reflecting an 18% increase over quarter four FY 2025. PAT margins improved to 7.27% as against 7% in quarter FY 2025. For the full year ended March 2026, the company achieved a total revenue of INR 6,107 crore, representing a growth of 16% year-on-year. The strong annual performance was driven by ramp- up across our key verticals, particularly industrial power construction, civil infrastructure projects, O&M services, and increasing contribution from EPC and MDO businesses. EBITDA for financial year 2026 was INR 750 crore, up 16% year-on-year, while EBITDA margins remained stable at 12.3%. Profit after tax for FY 2026 was INR 412 crore, reflecting a growth of 18% over financial year 2025. Now coming to the revenue mix for quarter four FY 2026. The geographical revenue mix comprised 94% domestic and 6% international revenue. Sector-wise, the power segment contributed 57% of revenue, while non-power segment contributed remaining 43%. For financial year 2026, the geographical mix was 95% domestic and 5% international. The power sector contributed 64% of revenues, while non-power sector accounted for 36%, reflected a continued diversification of our business portfolio. From order inflow perspective, the company secured orders worth of approximately INR 7,210 crore during FY 2026, achieving around 72% of the annual target. The shortfall was primarily attributable to the cancellation of battery energy storage system order worth of INR 1,563 crore by West Bengal State Electricity Distribution Company Limited. During the year, we secured several large and strategic orders across EPC, O&M, civil, and ETC business. A key highlight was the award of a large BOP EPC package for the 800 MW Singareni thermal project from BHEL. This project marks an important milestone in expanding our capabilities from the execution packages to integrated EPC delivery in BOP systems. The company also entered a new business vertical through Mumbai Monorail O&M contract, marking our presence in the metro rail operations and maintenance space. Looking ahead to FY 2027, the company is targeting order inflow of around INR 12,000 crore with a strategic focus on expanding our BOP EPC portfolio and securing new O&M contracts. The total order backlog, including MDO contracts, stands at approximately INR 55,151 crore. Excluding MDO order, the executable order book stands at around INR 15,899 crore. This provides a strong multi-year revenue visibility across power, civil, EPC, and O&M business. We continue to see a strong order pipeline across thermal power, Balance of plant systems, civil infrastructure, railways, and energy transition-related projects. The financial parameters. The company's operating cash flow improved significantly during FY 2026, increasing from INR 74 lakhs in FY 2025 to INR 430 crore in FY 2026, primarily driven by the improved realization of receivables during the year. This is expected to further strengthen our operating cash flow and reduce the dependence on working capital borrowings going forward. Gross and net debt remains well controlled despite delays in certification of audit as in bills. As on March 31, 2026, gross debt was ₹622 crore, while net debt was ₹163 crore. The debt equity ratio as on the same date remained comfortable at 0.32x. In summary, we are pleased with the progress achieved during quarter four and FY 2026. Our diversified order book, strong execution capabilities, and strategic focus on high-value projects continue to position the company for sustained long-term growth. There is a clear visibility of growth till FY 2030. Our focus remains on increasing the share of high- margin, recurring business to ensure sustainable growth in both topline and profitability. At the same time, the global macroeconomic environment continues to remain volatile, with potential disruptions arising from supply shortages, inflationary pressures, interest rate movements, and other external shocks. Accordingly, we are strengthening our operational and financial preparedness to remain resilient and agile to navigating such uncertainties. With a strong order pipeline and execution momentum across businesses, we remain confident of delivering on our growth objectives and creating a long-term value for all stakeholders. With this, I now request [Mr. Ramaiah] to share key business developments and the outlook for the coming periods. Thanks, Aravind, for all the important numbers and the growth story. Thanks for your participation. I think we should still be very bullish and positive on the total outlook for the company. Looking at the growth which is happening, of course, there can be a lot of new initiatives, like what we had taken on the BESS, and then there was an issue with the West Bengal Electricity Board, and then it had to be canceled. Otherwise, our numbers would have been much better in the order backlog. Overall, if you look at the total order backlog, it has gone up by 10.5% for the current year, from INR 14,887 crore last year to INR 15,898 crore. The three growth areas have been to be in the power sector, and that is mainly because of the bullish investments which is happening in a substantial way in all the segments of the power sector, particularly in the new thermal business, both with the public sector utilities and also the private sector, like Adani. Recently, JSW also joined; other players also expected to kick in. Therefore, that is the basis on which we have continued to focus on that. The mechanical business had a slight dip. Of course, if you take the EPC portion with the installation, it can be still okay. The civil side also. The major growth came out in the O&M sector, about 8%. This one, solar, is a new entity we have entered, put a 16 MW plant in Bihar. These are the new entities. What is the key aspect is the foray we have made into the engineering project construction, that being the balance of plant. That is synergizing our expertise in the service side. That means we've got a strong background in doing the civil works, structural works, mechanical works, and also commissioning support works. That has helped us to take up the 40% of the value addition in-house working, with 60% to be managed by engineering and procurement from the key parties. Overall, the company is quite confident of executing this important job, and this allows us also to enter into similar type of jobs in future with a better value addition in similar projects, which are expected based on the present tender practice by BHEL. The domestic scene continues to be on the positive, with more of the orders coming in the domestic sector. Then power sector, the backlog of the order is about 70%, and non-power is about 30%. That is on the overall number. The key aspects of the business continues to be in the case of power sector, if you look at it, I think we continue to remain positive on that. Actually, government's initial plan of 80 GW, 80,000 MW, can go up to nearly 100 GW in the coal-based power plants. We have seen recently certain trends about the increased solar power, which has gone up 150 GW, and it will slowly go up to more than 300 GW. That can bring in a lot of grid imbalance, and that's why the necessity of managing the grid needs more thermal power in the night operation under day-night operation practices. Now the new players are also coming. JSW is coming with new plants coming up in Salboni and then Orissa. Adani has taken substantial initiatives, and then perhaps their overall plan is to triple their capacity from 17,000 MW to more than 45,000-50,000 MW in the overall this one. They have done substantial ordering, about 16,000 MW as on today. NTPC has done the other major ordering, about 112,500 MW. Apart from the other players like Damodar Valley Corporation, [audio distortion], then Singareni, and then Gujarat State Electricity Corporation Limited, and then Chhattisgarh, and then MP Genco also. The expectation is that the present opportunities, what has been ordered, that comes to substantially about nearly INR 2.8 lakh crore in terms of the direct ordering done by BHEL, L&T, et cetera, on the major packages. That will translate into a reasonable opportunity for about INR 60,000 crore in various segments like insulation business, civil business, structural works, then balance of plants on packages and all. That is what we are banking upon. That is how we have seen recently the major orders also going from similarly from Adani side. We are actually working in about four major projects in Adani, in Mahan Phase 2 and Phase 3, Mirzapur Phase 1 and Raipur. A total of 6,400 MW and ongoing projects valued about INR 3,166 crore. Then BHEL is there. Apart from the nuclear project, we have taken up civil works for INR 563 crore, 2,700 MW. Rest of the thermal power plants, about 7,000 MW, nearly around the INR 2,200 crore. If we add the recent addition of the Singareni, about INR 2,550 crore, the total BHEL various packages and orders will be about INR 4,700 crore. Therefore, these are the two major players in which we are continuing to focus it. Only thing, how much is the additional order will flow from the balance ordering to be done, and then the packaging to be done by Adani, then potentially JSW, Salboni, and then they are putting up a plant in Assam also, 4x800 MW. That we are discussing with them. O&M continues to be an interesting opportunity for us, and that is margin- driven. New opportunities are being followed up in BALCO and also in Butibori with Reliance Infra and other projects. Recently, we have taken a job in Hindustan Zinc Limited also in continuation with earlier order for the Hindustan Zinc captive power plant, 91 MW. Therefore, about 4,100 MW of ordering has been taken up in the O&M in the previous year. Looking at the commissioning program and the aspects which will happen in terms of the commissioning in the coming years, if we take the average 8,000 MW-10,000 MW of ordering, perhaps, the two areas our business, that is insulation business, then the civil works, and the third area which is important is the O&M, long-term O&M. That should bring us lot of results in terms of balance ordering and other things. Apart from that, company is very much focused. Recently, a major breakthrough has been in entering into O&M business in the metro sector, INR 279 crores. We have taken up this one light railway in Mumbai, that is 15 stations work. That is a major technological breakthrough for us in terms of the operation maintenance practices. Today we have seen about 950 km of railways, metro routes are there, and it's going to double up to 2,000 km. This initiative should help in terms of the outsourcing of the O&M and operation of the metro works. That should be a new opportunity which we should follow up in the future also, apart from the traditional power sector and some of the areas in the non-power sector also. Coming to the major opportunities, what we are planning in the current year, there is a reasonable opportunity basket available. We have identified about INR 70,000 crore of opportunities in terms of what is visible in the various sectors, in the power sector, non-power sector, infra works, then O&M services, metro maintenance, and then EPC works, et cetera. That we are keeping a track of it. Of course, the order booking plan we have, based on the opportunity available, we hope to get about INR 12,000 crore is the goal. This one, we have kept it for the current year. We continue to follow all these opportunities, and clear tracking has been done about the INR 70,000 crore of opportunities in all the sectors. Another important development is the NMDC is coming with a lot of investments. Perhaps their plan is to jack up their existing capacity of 60 million tons to nearly 110 million tons, by 50 million tons. That needs an investment of about INR 70,000 crore. We had recently done one bidding for the BOT projects, for a 5 million ton capacity mine site handling facilities. That has to be seen, the outcome of it, what they are going through and all, based on the price levels and other things. New EPC tenders have come. We are tying up with thyssenkrupp, Pune. They are one of the strongest technology partners in terms of the iron ore material handling and then process management for this one. We will be their construction partner, and we'll take the lead. About two projects are there in NMDC, worth about INR 8,000-INR 10,000 crore. The other aspects is that the non-power roads investment continues to be there, railways is to be there. Non-power [audio distortion] is sold. The new visibility perhaps is the steel plant. Recently, we had done some bidding work in the IISCO Burnpur, our prices were a little bit higher than the other players, about INR 3,000 crore of opportunities. There will be new investments coming up in Bokaro Steel Plant and then Rourkela Steel Plant. Apart from that, ArcelorMittal is planning to put up a 10 million ton capacity plant near Anakapalli in Andhra Pradesh. JSW is planning a new plant up in Paradip, 10 million tons. Of course, after some time, they are planning to invest 25 million ton capacity in Gadchiroli near Nagpur. Therefore, we have got some exposure. We are taking the steel plant works also. Earlier, we have done in Dolvi, Ballari, then JSP Angul, and we want to see how to leverage our existing experience, what we have achieved there, also the similar works, what we have done in the civil infrastructure and the installation works, whether we can take up in the case of steel plants also. Therefore, overall, the investments will continue to be there in terms of the railways, highways, metro expansion, power sector, I told you, 100 GW nearly, and other sectors also. O&M, some opportunities we are following it up in the Middle East also. Now a lot of our, over 1,500 headcount is deployed in the Middle East to do about nearly INR 300 crore-INR 350 crore of jobs. We have taken a major O&M job for the captive power plant in Nigeria also. Now there are some inquiries coming from Senegal, and then Liberia, then Nigeria, and also some of the African countries. Therefore, we have to see how to expand these opportunities in all these sectors. Therefore, from that point perspective, the overall opportunity available is reasonably that the INR 12,000 crores of this one, what we have kept as our business current year target will be possible, and we will try to do as much as possible on that. Thank you. Shall we open the line for questions, speakers? Okay. Thank you. We will now begin the question and answer session. The first question comes from the line of Mohit Kumar with ICICI Securities. Please go ahead. Yeah. Good morning, and thanks for the opportunity. My first question is on the order inflow. I think last year we guided for INR 10,000 crore order inflow. We think there's a substantial miss, right? Can you please explain, is it that you saw a lot of order which got the finalization got postponed in Q4? Is that the reason of the miss? Do you expect those tenders to get finalized in FY 2027? FY 2027 should be a better year in terms of order inflow. Also color on the order inflow opportunity for the thermal BOP for fiscal 2027. Yeah. I think as far as our interest was there, Adani, we had been reasonably successful in getting many orders of their Mirzapur, Mahan, and then Raipur. Of course, then new investments, whatever they are, we are bidding with them also. Now, even though BHEL has got a lot of orders on the existing, but there's some packaging philosophy they have changed it, and that we are watching it. Of course, on the BOP side, we are going to bid for two, three projects. That's about INR 50,000 crore. Our aim is to get one more BOP in the current year. A strong team has been established with some experienced people from BHEL also, and with the present experience, what we are gaining in Singareni, and then our enormous expertise in the execution, that should help us to be competitive, and we are getting qualified also in these BOP projects. On the main installation side, we are quite positive on Adani and then JSW. BHEL is a question of how much is the competitive levels we can work on the pricing because of the packaging philosophy they may follow. They also want to see how much competitive they can get the pricing for the market to fit their budgets and all. We are having a long association with BHEL, and they value our association and also our execution capability. Therefore, that should still come into our help when we focus on that. I will again come back to the opportunity levels available, about INR 70,000 crore, which have been identified opportunities, that should be the basis on which we can look at it. O&M, we are discussing a major job in BALCO, around INR 1,500 crore. Another INR 700 crore of opportunity, Butibori, two into 300 MW, that also we are discussing on the O&M side. With the new plants coming up in the O&M side, that is operation commissioning completion. Perhaps these things should continue to be progress should be there on the O&M side also. The new initiative we have taken in terms of the mine site facilities, because there is lot of focus on mine site investments and then as a policy by the government, both in the iron ore site and the coal site, they want to avoid this transportation by road, and they want to mechanize the entire system, right from the mine site to the delivery site. We have developed some expertise based on the work we have recently getting completed in Akrimota. That was in association with Adani job. That was a small job of INR 200 crore on the association with thyssenkrupp Industries India. That expertise should help us to bid for all these projects. The qualification, we have fully qualified for a couple of tenders there in NMDC, and that is an area we have to see how we can be successful as a new initiative. From that point of view, I can only say that, let us expect that the opportunities, what we are tracking should fructify. Understood, sir. My second question is on the mine side. What kind of volumes one can expect in both the mines separately for FY 2027 or FY 2028, given that both the mines are now operational? Yeah. The KBP mine just started November, started production, and ramping up happened in last. Till March, we did around INR 248 crore revenue. In SAIL project, we did around INR 106 crore revenue during the FY 2026. This will scale up. The KBP mine, their offtake is now beyond the contract capacity they are lifting. INR 350 crore we are projecting for the FY 2027 and INR 500 crore for FY 2028 from KBP. Tasra, our washery project is undergoing, and maybe by December we'll complete our entire washery. Maybe Q4, mid of Q4, we'll start our production and ramping up the production from the Tasra mine. We may expect INR 150 crore from FY 2027, and it will ramp up to INR 750 crore by FY 2028. Understood. 6%-7% growth will be there for next year. From 7% we'll jump to 13% overall revenue in the revenue component. It will jump 16%, 6% jump will be there on the revenue. Understood, sir. Thank you and all the best. Thank you. Thank you. Next question comes from the line of [Tushar Khandelwal] with Nexus Equity. Please go ahead. Good morning, sir. My question is regarding, I understand we missed order inflow guidances and revenue guidances, but we are able to meet the revised revenue guidances this year. I see a lot of challenges in the MDO segment of the business. Management is seeming quite confident for achieving the 27 guidance at 28. Is there any underlying change in micro level or business level or initiatives from the company from which we are seeming this confident on achieving the 27 and 28 numbers? The FY 2026, basically, we projected around INR 6,500 crore, and there is a shortfall mainly on account of the water division. There is a delay in certification of it. Otherwise, we almost, against INR 700 crore shortfall, our shortfall was only INR 400 crore, INR 450 crore shortfall. More or less with that, we achieved more than we what projected in other divisions. For the FY 2027, we are confident of achieving. We are projecting around 21% growth for the current 2027 estimate. We are projecting 21% growth. We are confident of achieving that, and even the MDO ramp-up is happening, and we are more focused on the high- margin O&M business. This year, we are expecting more O&M orders, high- value orders in O&M division also. EPC is also, we just started last year, and we are expecting more revenue from the EPC business. We are confident of achieving the projected number of 21% growth, sir. Okay, thank you. For second question, are we facing any labor side shortages or labor problems? That is always part of labor shortage is always there, and we are always recruiting the people and training on our side. We are managing. We are the largest service provider in terms of erection business and O&M side. Major opportunities are there with us, so attrition is there, but we are maintaining with the new people and we are managing requirements. Thank you. Thank you, sir. That answers my question. Thank you. Next question comes from the line of Vignesh Iyer with Sequent Investments. Please go ahead. Hello. Hello. Hello. Sir. Mr. Iyer, please go ahead. Yeah. Okay. My question is more on the raw material inflation that the industry is witnessing as a whole due to the West Asia ongoing war. I wanted to understand from our current order book, what percentage of the order book is insulated partially or fully, with any escalation clause in place? For the part that is not insulated, what is our strategy going forward? Sir, our international order book, we are only doing O&M services, which consist of 1.2%, 1.5% overall order. There is no much impact on the war on our O&M business. In fact, if you compare my FY 2025 to FY 2026, my revenue has gone up from INR 292 it has increased to INR 327 during the current year. As such, there is no impact. In fact, we may get more opportunity in terms of construction side. There are a lot of plants were under dismantle. We may get good opportunities in O&M, in erection business. Moreover, I think most of our major works we are doing in Nigeria, O&M, nearly INR 100 crores job. That is a long-term contract. Some inquiries are also coming in the West Africa. Let us say, because our erection jobs, which we had a substantial presence, that has practically come down. We are only doing the need-based O&M jobs, manpower supply, and that is okay with the bottom margins and all. I hope war also should not last. We are doing majorly O&M businesses. We are not into the erection, so there is no impact of international, any raw material prices impact is not there. Domestically, there is increase in the pricing, and at the same time, we are covered with the escalation of every contract we are carrying that escalation value. We may get the reimbursement from the clients. My question more was on the civil work side of it, on the power projects, if any, on the domestic side. There are other EPC players who are facing it as of now. The question was more on that line. Yeah. EPC, there were impacts of steel and cement prices have increased. Diesel price has increased. To the extent PVC is covered through our contract arrangement, so we'll get the reimbursement from the client to the extent of that increase of PVC. How should we, sir, look at our margins then for the upcoming year on the standalone side of the business, if you could, for the entire year? Yeah. Standalone level, there's a marginal pressure because of the water division certification delays are there. Whereas this year, we are expecting the central government to release their funds. We are expecting, because of the additional overhead, the margins constraint is there in the water division. We are hoping that this problem, the funds release, will rectify this problem, and the certification will generate more margins. For FY 2027, overall margins because of our O&M revenue mix is increasing, and EPC division revenue is increasing, so the margin profile will improve. MDO business is also increasing in the total top line and bottom line. We are hoping that this time we'll touch EBITDA of 12.5%, including other income, we may touch around 12.5%. There may be a jump of 0.25%-0.3% jump in the EBITDA. Okay. How should we, sir, if you could share it, how should we look at the margins on the MDO project? Sorry? How should we look at the margins for the two MDO contracts that we have got? MDO just started the production, sir. Only when we reach the peak rate capacity, we will touch the blended together around 20% average EBITDA. At this moment, 15%-16%, we can take the average EBITDA margin we are generating on this MDO. Okay, sir. That's all from my side. Thank you. Thank you. Next question comes from the line of Deepak Poddar with Sapphire Capital. Please go will weahead. Hello. Hi. Yeah. Hello, sir. Am I audible? Yes. Okay. Thank you very much, sir, for this opportunity. Just wanted to understand MDO. We are targeting from MDO FY 2027 INR 500 crores kind of a revenue and FY 2028 INR 12 crores, INR 15 crores. Is that right understanding? Yes. Okay. How should one look at then margin trajectory in MDO? In FY 2027, FY 2028? It will reach every year 1% jump in the MDO revenue, because when we reach the peak rate capacity by 2029, 2030, we'll reach the PRC by 2029 in one project and 2030 in another project. By the time we'll touch 20%. 15%-20% every year, 1% jump will be there. 15%- 20%? Sir, I did not follow. Every year, 1.5% jump will be there, depends on the volume. Okay. Every year. How much was the margins in FY 2026? It's at 15%. We issued a higher side because KBP, we received March month itself, we did around INR 117 crore revenue, which is a bigger number. Every month we used to do INR 40, this month, March month, we ramped up the production. The initial ore body removal will be very less. When we go deep into the pit, you will get more ore body removal. Your cost also will increase for the production. Average, we can take 15%-16%. Okay. This 15% EBITDA margin, 15%-16% was it INR 354 crore kind of a revenue, we did in FY 2026? Yeah. Going forward 500 also. We can take 16%. In FY 2027 also, 16% is more. Year-on-year because of ramping of production happens, and at the same time, we have get a production overhead adjustment. 1% jump you can take from 15%-16%, 16%-17%, and by peak rate by 2030, we can touch 20%-21%. Okay. Understood. FY 2027, any order inflow outlook we have? What sort of order inflow we might be targeting? We are targeting INR 12,000 crore, sir. This year, we are majorly targeting BOP, one or two projects of BOP EPC, and major MDO projects, O&M projects we are targeting. Okay. What's our CapEx plan for this year, FY 2027? CapEx, we are doing washery as of now, and we'll complete the washery activity. Around INR 400 crore capacity will be added by FY 2027. In SPV, another INR 400 crore of Tasra washery. Tasra coal handling plant and railway siding is added in the SPV books. The Power Mech level only INR 400 will be the addition to the CapEx. Without any debt, we are adding that INR 400 crore CapEx. Okay. Understood. What's our export mix right now? What, sorry? Export mix. This is 4% of the revenue. Okay. Because of this global macro scenario, are we facing any issue in terms of business? We are only doing wind farms, which majorly, sir, there is no disruption so far, and all the plants are running wherever we are supplying the manpower. As such, there is no issue as of now. All are running, sir. Okay. Because of commodity prices have been quite volatile, right? Is that also an issue? Yeah. Quite volatile, it have impact on the domestic business than international, because international we are supplying only wind farm manpower. In construction is there only in domestic. There is increase in the price of material and contract execution expenses have increased. To the extent we have PVC factor is already factored in the agreement, we'll get the reimbursement from the client on the estimated values. Okay. We are able to pass on the cost increase, right? Yes. Hello? Yes. Okay. That's very helpful, sir. That's it from my side. All the very best. Thank you. Thank you. Next question comes from the line of Vinay Kumar, an individual investor. Sir, please go ahead. Hello, good morning. Am I audible, sir? Yes, sir. My question was, there is a government going for the coal gasification. Do we have a scope there? Because they and Adani Group is also there in coal gasification. Do we see business opportunity, and what would the amount, sir? This is recent information. We are also tracking it. Government has planned initial investment of INR 37,500 crore because we're looking at the import dependency of the fossil fuels, particularly the petrol, LNG, and other things. Coal gasification is an alternative. Of course, the pilot projects have been launched with a group of companies like BHEL as a technology provider, and then along with Coal India and all those things. Of course, this is very much in the initial stages, and the investment side, what we are looking at INR 37,500 government has planned. I think that should happen. Only thing, we are also trying to start tracking these investments, and first we have to look for the technology partners, because as a similar job, what we can take it up. As a developer and owner, that can be a second option. First option is to enter the work in terms of traditional work, what we can do in installation, service business, and then undertaking the complete plant construction. That should be a possibility with our qualification. This is already in our thinking. Let the investment, it should take some time. First of all, it is a thinking and allocation. There should be developers and owners and plant developers who has to invest it. The engineering aspect has to be firmed up, and the investment has to flow up. Perhaps it will happen. Maybe we will expect maybe down the line six months or one year it will start. Hello? Hello. Yes, Mr. Patil, please go ahead. Yeah. I think his line got disconnected. Mr. Patil? You got it? There's no reply from the line of Mr. Patil. We'll move to the next participant. That is from the line of Riya Mehta with Aequitas Investments. Please go ahead. Thank you for giving me that opportunity. My first question was in terms of the demand from private CapEx. Are we seeing demand from thermal CapEx? Apart from thermal, where are we seeing major demand, from which sectors? Yes, madam, I agree. I told you, mining side, a lot of investments are coming. Particularly from Coal India. Of course, on the mine side, we have taken up all the two jobs which is on progress. Another development I brought out was on the NMDC investment of INR 70,000 crore for their mining capacity expansion by 50 million tons for all their mines in Bailadila and then in Chhattisgarh. Therefore, there, a present time opportunity of INR 10,000 crore has come. We are trying to work with thyssenkrupp t o jointly bid with us in those tenders, that is a major thing. There can be other opportunities in the case of steel also, I told you. Steel sector, the total capital investment planned in the next five, six years is about INR 10 lakh crore. Of course, they're all big projects. JSW is planning, ArcelorMittal is planning, Steel Authority is planning it. We have started initial bidding. In the case of Visakhapatnam, we were not successful there. We keep our efforts there. In the future, opportunities can come up. ArcelorMittal is going to put up the plant in near Vizag. JSW, we are in touch with them because we have done the work for them in Dolvi and Bailadila for their expansion coming up in Orissa. These are the areas we can certainly look at it. Apart from what Ramaiah has said, another area is the railways, where we are looking at the new broad gauge lines works. Going up. Even the construction of new lines we are looking at. Road projects are also there, but of course, there's unhealthy competition is there in roadside. Many good opportunities there, roadside also we'll look at. The new thing, what I would like to say, sorry. What we got the breakthrough in the Metro O&M, we have taken the job, 27 train course in Bombay. That is a beginning. I already told you about that. It can be a huge opportunity which can be there for the changeover from the present system, operation maintenance to outsourcing by the metro companies. Got it. In terms of client concentration, how much would BHEL and Adani form for our total order book? As I told you, Adani, we are doing 6,400 MW. The total order, about INR 3,200 crores. BHEL, we are doing about 7,000 MW on thermal and 1,400 MW in nuclear. BOP project, that comes to up to INR 4,700 crores. Got it. Are we facing any working capital issues considering price, cost price has increased? Do we have escalation clauses in place for these orders? Okay. In terms of the water project issue, which you were mentioning, I just wanted to know how much is for the order size for that contract. Balance is around INR 900 crore of order we have to execute, ma'am. Last one year, we stopped doing the work, and only we are concentrating on the nearer-to-completion projects, where we completed 75%-80%. That project only we completed, and we brought these major projects into the O&M phase. For O&M, we are getting monthly fixed revenue. As per the state government funding, they are releasing that fund on the O&M revenue. Almost 400 schemes which we are targeting by June, we have to bring everything into the O&M. Out of that, so far, we did around 300+ of schemes we moved to the O&M. Based on the central government allocation of fund, then probably we'll restart this balance work of INR 900 crore. The movement last year also, the state government side, they have released the fund. We have realized almost INR 231 crore during the last FY 2026. Further, we need to get the certification for INR 128 crore of work in progress and another INR 90 crore of receivable, we have to realize from the client. Could you help me with the total amount, which for the work we have done and the amount not received yet? Not received is INR 90 crore, ma'am. Against the INR 2,700 crore of order value, INR 1,800 crore worth of work we have executed. We have received entire money except that INR 90 crore of receivable. 128 bills are yet to set. Work done and pending for certification. Around INR 200 crore. Out of that, INR 200 crore is the overall pending in the balance sheet. Got it. This is included in our order book numbers? Yeah, it is there in the overall closing order value. INR 55,000 is included INR 900 crore value. We can remove INR 900 crore. 200 is already WIP is there. The remaining INR 700 we have to execute. Got it. Are we taking any further water projects or something? As of now, we are not showing interest, ma'am, because we are getting more power orders. We are concentrating more on the power and O&M business. Till 2030, this is the major requirement. We're concentrating more on this. [audio distortion], Power, Water Division, Jal Jeevan Mission schemes are not started because of central government holding funds. We are concentrating on the regular business. Got it. In terms of railway, I think last couple of years, there has been incrementally very high competition, and margins were compromised. What part of railway are we excited about? We are actually not doing the regular civil kind of works. No, we are taking the combination of overhead electrification with the signaling, telecommunication, civil together as a package. So that the competition is very less with this kind of because the technical eligibility may not be there for the regular civil kind of people. We are targeting only those mix of both civil and technical qualification requirement projects only we are targeting. How much is this in our order book, railway? How much have we done? INR 700 crore is there. INR 700 crore. Just for a broader guidance perspective, since we saw INR 7,200 crore of order inflow this year, are we on place to see INR 10,000 crore for the next year? The West Bengal order, which we did not get, is it a re-tender, or somebody else received it? Yes, they will again recalling the tender, ma'am. This year, we may look at that order soon. Yes. Moreover, some of the projects were L1 in one Bangalore Metro; we received L1, and Monorail also, we received L1 in March. L1 we received in April. L1 in March, LOI received in the month of April. Our guidance, at INR 10,000 almost, we're nearer to that INR 10,000, unfortunately, because of this cancellation, this shortfall happened. We are on track to have INR 10,000 odd crores of order intake for this year, right? Yes. The current order book which we have excluding MDO, what would be the average tenure of the order intake? All our orders, two to three years. Between 2.5 years, you can take average order execution time. For every year, we are doing 40% execution on opening order value. The 2.5 years, you can assume the average order size. Right. Now on the MDO side, when is the coal washery getting commissioned? Almost all materials already reached the site, and erection works are already started. By December, we'll be ready with our washery, ma'am. We'll do the testing, and we'll be ready with our washery. From Q4 onwards, we will do the washed coal. We'll supply washed coal to this side. Just to revisit. This for FY 2027, you said INR 450 odd crore, INR 300 + INR 150, and next FY 2028 will be INR 500 + INR 750 crore, right? No, INR 350 + INR 150, ma'am. INR 500 crore for FY 2027. KBP mine, INR 350 crore and SAIL mine, INR 150 crore. Could you repeat your volume? We are getting some trouble. Yeah. The KBP mine, we will do INR 350 crore, and plus SAIL mine, we will do INR 150 crore this year, FY 2027. Okay, got it. Total INR 450, right? INR 500, ma'am. Got it. Thank you so much. Thank you. Next question comes from the line of Mahesh Patil with ICICI Securities. Please go ahead. Yeah. Hi, sir. Sir, first question is that you have highlighted some labor code provision in Q4 that has impacted the margin. Can you give details about the exact amount? Around INR 4.5 crore, we created a provision for the increase in that 40. Earlier, we followed the 40% basic, now it increased to the 50% level. There is incremental gratuity increase, so that we created a provision for the entire year impact. Okay, sir. Sir, on the nuclear side, we have already received one project. Are we seeing any further opportunities there? How are the discussions going with some of the clients? Yeah, I think we have already taken intake of up to INR 560 crore civil work that is in progress. That is two into 700 MW. As we know, the policymaking by government is bullish on the nuclear side. We have got 8,800 MW of installation. Their plan is to make it 100 GW, 1 lakh MW. That is a very tall task, but it needs lot of supply chain management, engineering and technology, then O&M. We are looking at it. Now the small modular reactors, SMRs, coming at 200 MW-250 MW, that is to be there. We have seen recently, the American team is there in India to discuss their association with nuclear supply chain business. We will watch that because in the nuclear side, there are two aspects briefly. One is a offsite facilities, another is a reactor site facilities. The reactor site facilities is very different in terms of quality, safety. Offsite facilities are similar like what we do in a power plant, like turbine package, turbine island, and then cooling water system and auxiliary for piping. We will watch carefully and see because nuclear power installation has got its own issues in terms of challenges, and that we have to slowly master it and ultimately we have to enter there. Okay, sir. Thank you. Thank you. Next question comes from the line of [Nikhil Kanodia] with Sunidhi Securities. Please go ahead. Yeah. Hi, good morning. Am I audible? Yes, sir. Yeah, sir. Firstly, congratulations on the decent set of numbers. Sir, my question revolves around what we have seen is lot of infra capabilities have been kind of vanished from the due to the war. Are we seeing any erection or maybe EPC kind of opportunity in that sense? What could be the opportunity size from that market? Which one? Middle East. Middle East opportunity. Middle East, as we explained, about INR 300 crore ongoing jobs, mainly in the maintenance, manpower supply, and then some jobs we are doing in West Africa, that is there. At present, our focus is on providing purely manpower supplies for the operation, maintenance and then shutdown jobs, etc. As far as the installation jobs and then major jobs in construction, that we have got a strong reference there in international combined cycle gas-based plants, about nearly 7,000 MW, and that will be there. Let us wait for the war to end, and then the fresh investment should come up, and there can be lot of opportunities there. There already we have got an office set up in Dubai and then in West Africa, and we'll be there to see how to take it. Okay, sir. Sir, the second question is that you mentioned that the market size for your power business is around INR 60,000 crore-INR 70,000 crore. In that sense, how much are we trying to bid over there, and what is our bid-win ratio over there? We have to see what is the hit ratio there. The competition is there, we have to see the fact of the competition and then the customer's interest in the contractors. Like an Adani, they would prefer it is a different matter. JSW, perhaps they can have a choice being a private sector. All the government jobs, we have to see how the competition be there. The general size is that, our previous record is we have been between INR 40,000 crore-INR 50,000 crore of opportunities for getting. The hit ratio can be somewhere about 15%. That is what it is. This year, because of the new opportunities and new areas of the business, and then mining side, metal side, and then power sector, more investments coming up, and also in some of the infrastructure side, the ongoing jobs in railways and roads, we have kept a target of INR 12,000 crores. With that, we have kept the opportunities identified about INR 70,000 crores. Okay, sir, if I've heard it correctly, you said that INR 70,000 crore is the opportunity size for which you will bid for around INR 40,000 crore-INR 50,000 crore, and the hit ratio could be around 15%, right? Yeah, that should be it. Correct. Okay. Sir, the third part is on the labor. What we have seen is that the labor availability is a challenge right now. What are we seeing? What is the ground reality when it comes to labor? What is the price increase that has been there in the labor cost? When do we see the availability of labor coming back on the fields? No, ultimately, I think, the developments in West Bengal, that's where a lot of labor comes, particular civil labor. Hello? Hello. Yes, sir. Yeah. The civil part of the labor mostly comes from West Bengal, Orissa, and then some considerable labor is there from Jharkhand and Uttar Pradesh also. As on today, if you look at it, our total headcount has gone up more than 40,000. More than 70%-75% is on the labor side. O&M, in that O&M is about 18,000. In the case of O&M, we don't face any problem because they're all skill-based and then semi-skill based, and there is a secured job for five years, three years like that, and the people are trained for that. Once they are there in that, we continue to employ them, and then when the jobs get renewed, it will be continued and all. The challenge will be in the construction side and the civil side, and then the installation side. That way, so far we have been managing it, that is how we are able to meet our physical targets also. The new jobs what we are coming, certainly, some more increase is required. What we can say, based on the record of Power Mech, we have reasonably jacked up the manpower requirements, meeting the schedules and contractual requirements. So far, there was no major shortfall of labor in executing the jobs. Okay, sir. Sir, one last question that you mentioned for the ordering flow target for FY 2027 is around INR 12,000 crore. For FY 2028, what will the target look like? Maybe in the same range, the INR 12,000-INR 15,000 range, it depends on the opportunities available. Okay, sir. Those were my questions. Thanks for answering those, and all the best for your futures. Thank you. Thank you. Next question comes from the line of Ravi with Sundaram Family Investments. Please go ahead. Hello. Good morning, sir. Am I audible? Yes. Okay. Thank you for the opportunity. Sir, congrats on the excellent set of numbers and for the good guidance on the order book. I just wanted to reconfirm one understanding. I think in one of the comments, you said we are expecting 21%. Is that number for revenue growth, or is that for order book growth? It is the revenue growth, sir, 21%. Okay. Thank you, sir. That was the only clarification. All the very best. Thank you. Next question comes from the line of Vinay Nadkarni with Hathway Investments Private Limited. Please go ahead. Yeah. Somewhere you had said that your growth in MDO operation, there would be a 7% jump in FY 2027 and a 13% jump in FY 2028 after the washery is put up. Yes. The numbers that you gave, you have done INR 106 crores in FY 2026, and you're projecting INR 150 crores. That's almost a 50% jump. No, the jump is in the percentage of revenue, I'm saying percentage of revenue, sir. The 7% of the total revenue. Oh, okay. 7% and another 12% on the revenue component. Secondly, in terms of growth, you had said around 21% growth would be for the coming year. Yeah. In EBITDA, you had mentioned around 17%? 12.5%. 12.5. Yeah. A 0.2%-0.3% jump will be there. Okay. Can you share the EBITDA numbers? Because you have given the mining EBITDA numbers to be around 15%-16%. For your mechanical and civil, what would be a general EBITDA margins and O&M? In August, O&M is around 15%-16%, and the remaining construction will always be less than 10%. Okay. Blended together as of now, with other income, we are announcing at 12.3%. The other income, because earlier I have actually the unutilized funds are there. I have major interest income. That consumption already happened. Going forward, we will generate around 12.5% for the coming year. Every year it may jump another 0.5% till we reach the PRC. Which is in 2030, we'll touch 14%. 2031 we'll touch around 14.25%. Okay. Just last question. You had said for civil, it is less than 10%. For mechanical also, it will be around the same? Yeah. All erection, civil, everything you can take less than 8%-10% level of margins. Okay. Just one small bookkeeping question, which, till last presentation you had mentioned electricals as one of the business segments. This time, you are mentioning EPC. Is it the same or is it different? No, it is a different business because, actually, earlier the transmission division actually used to do the transmission erection of the lines and other things. That business is over now. In between, we have taken a railway work, and the team is doing that railway activity. We shifted that entire portfolio to the civil business, and we added a new line of activity of EPC business. Okay, the electrical part is now covered in the civil work. Civil, yeah. Okay. Thank you very much, sir. All the best for the next year. Thank you. Thank you. Next question comes from the line of Rohan Advant with Prad Capital. Please go ahead. Yeah, thank you for the opportunity. Sir, my first question is that in Q4 of FY 2026, our MDO revenues were INR 226 crores. Is that right? Right. Sir, for the full year FY 2027, we are guiding INR 500 crore, when in this quarter we've done INR 226. Is there a lot of seasonality through the year? That's why that Q4 is so heavy? No, actually, the KBP mine, as per the contractual capacity, INR 0.4 million is the first year of operation we have to supply. The client accepted because there is a delay of project, they have taken a higher capacity. INR 1.6 million we supplied. We did November, only we started the production, December, January up to February, we did around INR 40 crore of revenue. March month we scaled up the operation, we did around INR 117 as exceptional. Year-on-year, comfortably, we can do INR 40 crore-INR 50 crore of revenue going forward. In between, rainy season will be there, as we're factoring all these condition. In the current year, we have to do around 1.5 million tons as per the contractual capacity, wherein client constraints also will be there for now, selling this material up to the outside market. We are conservatively factoring this at a 350 level. Okay. While you started late in the year, a lot of it was compensated in the month of March, which was higher volumes, but that's not the sustainable monthly run rate, full year it will be lower, right? Actually, this is our entire land belongs to the forest department, and forest clearances there is a delays in the forest clearances. After that, we have to do the tree cutting and a lot of pre-operative activities we have to do to bring this into the production. OB removal started in April, and in between, the rainy season started, and then we started production post-rainy season. November, we started the production. Got it. Sir, in the last call, which was in February 2026, we'd said that by FY 2028, we can touch INR 1,800 crore-INR 1,900 crore in the MDO space. Now we are saying it's INR 1,250 crore. Where's the gap now, sir? The KBP mine, their washery, is not ready from the CCL side. Even though it is not in our scope, but as per the contractual terms, our intention was to push the client to take the major material. This year 1.5, next year is 3 million. Our intention was to push the client to take the higher side, higher offtake. We are pushing him. If that happens, we can do the major business. Conservatively, for the people, I'm giving at INR 350 level. The SAIL project, we projected 2028 will reach the PRC. Again, ramping up of the production from zero to again 4 million tons in a single year is again a tough challenge. Conservatively, we've projected INR 750, and FY 2029, we are projecting the full capacity in the SAIL project. Okay. At full capacity, it will be? Four million tons in the SAIL. Okay. INR 5 million is in the KBP. The KBP will touch full capacity by 2030, and full capacity 2029 by the SAIL. The washery just to be constructed, and the first year of operation, we have to see the conditions of this washery and everything. Of all these reasons, we are factoring this at a conservative, at a lower value. We can exceed that number. Okay. Sir, in revenue terms, how will it be, INR 4 million and INR 5 million? How much does that translate in revenue crores in 2029 and 2030? Around INR 2,100-INR 2,200, depends on the escalation value, sir. Got it. Yeah. Okay, sir. Thank you, and all the best. Yeah, thank you. Thank you. Ladies and gentlemen, due to time constraints, we have reached the end of question and answer session. I now hand the conference over to Mr. S. K. Ramaiah for closing comments. Thanks for your participation and very interesting questions. Of course, we continue to be bullish on our business opportunities. The power sector investments growing, maybe another two, three years, and maybe five years, we've got a fair outlook of the growth in the power sector. O&M is a business in which we'll sustain the profitability and then growth also. We are tracking a lot of new investment, new plots coming up for the O&M, and advanced stages of working in closing some of the contracts there. Therefore, O&M is a positive thing because of the annual commissioning can go up to 6,000 MW- 8,000 MW in a minimum side, and that should throw up a lot of opportunities. Power sector, we said overall opportunity size is about INR 60,000 crores, and considerable orders have been taken on that side, BHEL and then Adani, particularly, and then JSW is coming up. New investments which will come in power sector, we'll continue to track it. In the non-power sector, I said mining site facilities, we are taking an interest, and we have done the bid for 1 BOT type of projects, but the outcome is not known, even though we are in a position because of the pricing issues. The EPC type of jobs are also coming up, about three tenders, about INR 10,000 crores in National Mineral Development Corporation and then steel plants, non-power sector. O&M on the metro side, we have discussed that we have made a beginning in Mumbai Monorail, and that should open up a lot more opportunities for increasing the O&M profile of the company. In the export side, we look for how the opportunity takes up, and the particular situation improves in terms of the Middle East war. In the West Africa, we are trying to look at new territories in terms of Liberia, Senegal, apart from Nigeria. We are having some discussions in the Africa side also for the new investments coming up many of the countries. Overall, I can say power sector will continue to drive the business with order backlog of 70%, and that will be there in the next two years. Our interest is to divert more and more into similar jobs in steel sector, mining sector, and then preferably in other sectors which will come up, oil and gas, et cetera. Let us see. That is how we have kept a target for INR 12,000 crore this year, and that should be reasonably possible with an opportunity size of nearly INR 70,000 crore for the current year. Thank you very much. Thank you. On behalf of Ashika Institutional Equities, that concludes this conference. Thank you for joining us. You may now disconnect your line.