Good afternoon, ladies and gentlemen. I'm Karthik H, Moderator for the conference call. I would like to welcome you all to the earnings conference call of Rail Vikas Nigam Limited for Q4 FY 2026. We have with us today the management team of RVNL. Saleem Ahmad, Chairman and Managing Director, Anupam Ban, Director of Personnel, Mritunjay Pratap Singh, Director of Operations, Abhishek Kumar, Director of Finance, Amit Tandon, Director of Projects, and Chandan Kumar Verma, Chief Financial Officer. As a reminder, all participants will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. If you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone telephone. Please note that this conference is being recorded. We will start with a brief opening remark from CMD sir, which will be followed by a question and answer session. Thank you. Over to you, sir. Should we start? Yes. Good afternoon, everyone. Thank you for joining us today for the earnings call of RVNL for this quarter and the year ending 31st March 2026. As all of you know, RVNL's portfolio comprises primarily of infrastructure-focused businesses, which spans across rail infrastructure, metros, roads and highways, transmission, and port harbors. Although this year has been challenging for the company, RVNL has remained focused on sustaining its operational performance and ensuring timely execution of key projects. Despite market and sectoral headwinds, we continue to maintain a strong order book and are actively working towards improving efficiency and expanding business opportunities. With continued government emphasis on railway infrastructure development, we remain confident about the long-term growth prospects of the company. As a result of which, the company has achieved an MOU rating of Very Good for the year 2024-2025 from Department of Public Enterprises. I'm pleased to share that our order book continues to remain strong and diversified, providing healthy multi-year execution visibility for the company. During the quarter ended January to March 2026, the standalone order inflows stood at INR 4,644 crore, while for the full financial year 2025-2026, standalone order inflows were INR 5,875 crore. With joint ventures, we have also secured works amounting to INR 1,201 crore. As of March 31, 2026, the company's total order book stood at an impressive INR 99,262 crore. The order book is primarily driven by railways with INR 57,000 crore, followed by signaling at INR 14,900 crore, port, roads and highways at INR 10,400 crore, and metros at INR 9,900 crore. We have works of power and transmission of about INR 4,000 crore and hydro and irrigation projects at INR 2,000 crore. Growth and movement in the order book was supported by new railway and multi-sector infrastructure works awarded to RVNL. Early execution leading to revenue recognition and our disciplined margin, focused selective bidding strategy, this strong and well-balanced order book positions the company competently for sustained growth in the coming years. The company reported a strong growth in revenue during quarter four, financial year 2025-2026, with standalone turnover increasing by 47.6% quarter-over-quarter if I compare it to quarter three financial year 2026 to quarter four of financial year 2026. It is a growth of 4.78% when compared to quarter four of 2025 to quarter four of 2026, and 0.72% year-over-year growth, reflecting healthy execution momentum and improved project activity during the quarter. On a consolidated basis as well, turnover grew by 42.94% quarter three to quarter four, 4.8% quarter four to quarter four 2025/2026, and 2.45% year-to-year, demonstrating sustained business expansion and strong order execution capabilities. Despite the robust increase in revenue, profitability remained under pressure during the quarter. Standalone EBITDA declined by 16.88% (quarter three to quarter four), 33.55% (quarter four to quarter five, 2025 to 2026), and 26.74% year-to-year. While EBITDA margin reduced from 10.36% in quarter three to 5.83% in Q4 FY 2026. Similarly, PAT declined by 19.66% quarter-to-quarter and 43.14% quarter four to quarter five compared to 2025/2026, and 32% year-to-year, indicating margin pressure and increased cost burden during execution. On a consolidated basis, EBITDA and PAT witness declines despite higher turnover. The decline in the above parameter is mainly driven by a few ongoing contracts and reconciliation adjustment relating to joint ventures. Overall, the results indicate strong revenue visibility and execution growth for the company. However, pressure on margins and profitability remains a key area of concern, which may require close monitoring in the coming quarters. I want to brief that building works of this RVNL have contributed 31.40% to the total revenue from operation, showing an increase of 129.50% from the previous year. I want to inform that the company has paid an interim dividend of INR 208 crore, and board has also recommended a final dividend of INR 148.03 crore subject to approval of shareholders. I want to highlight the progress of the major projects undertaken by Rail Vikas Nigam Limited. One is BharatNet project, which has been awarded by Bharat Sanchar Nigam Limited, is a INR 30,236 crore initiative to provide high-speed broadband connectivity in rural and remote areas through 8,206 km of OFC infrastructure. Till date, RVNL has achieved 15.01% physical progress. Project execution momentum has improved significantly, work is now progressing at a good pace across project location, and we are expecting good revenue and profit margin in this year. Another important project is Rishikesh-Karnaprayag rail project, which is of a national importance in Uttarakhand. Being developed at a cost of INR 37,000 crore, the 125-km project has achieved 74% overall progress with around 96% tunnel excavation complete. Target for completion by December 2029, the project will improve access to the Himalayan region. Another important project is Vande Bharat Sleeper Trainset, a INR 14,400 crore project with 35 years maintenance arrangement being executed by our SPV, Kinet Railway Solutions. We are hopeful that first prototype trainset is targeted for launch in December 2026. SPV has also received the Bronze A' Design Award 2026 lately for excellence in mobility and transportation design. Performance of our JVs and subsidiaries remained encouraging, contributing INR 399.86 crore to consolidated revenue and INR 64.23 crore to PAT. Additional dividend income received from JVs and subsidiaries stood at INR 43.45 crore during quarter four and INR 47.88 crore for the full year, which contributed positively to the company's consolidated profitability. I want to brief that the employee productivity showed improvement, which has increased from INR 21.23 crore to INR 22.46 crore. This growth reflects enhanced operational efficiency and better utilization of human resources. RVNL continues to demonstrate disciplined execution and stable operational performance, supported by a strong and diversified order book. We remain focused on efficient project delivery, margin discipline, and conversion of healthy L1 and LOI in pipeline. We are also actively encouraging opportunities in diversified infrastructure emerging business areas. With sustained progress in key national infrastructure projects, the company is well-positioned for long-term sustainable growth and value creation. Thank you for your continued trust and support. We are open for the question and answer. Thank you. Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on a telephone keypad and wait for your turn to ask a question. If you would like to withdraw your request, you may do so by pressing star and one again. In the interest of time and fairness to all participants are requested to restrict yourselves to one question in the initial round and join back the queue for more questions. Wait for a moment while the question queue assembles. First question comes from the line of Vishal Periwal from PL Capital. Please go ahead. Thanks for the opportunity. Sir, on the margins, though you did clarify it is coming from one of the JV work that we are doing. Is it fair to say, the work has concluded and probably we'll have a better margin from quarter one of FY 2027? Do you think probably in the base of 4.5% EBITDA margin is a new base for us? You know, PAT looks lower in this quarter, but if we adjust for the onerous contract of INR 54 crores, and we have paid municipal taxes on new building, and we have re-adjusted after reconciliation of our SPV amounting to INR 35 crores. You will see that the PAT is slightly better than the last quarter. Definitely now the adjustment for the onerous contract has been done, and we are hopeful that we will definitely improve our margins in the first quarter of the 2027 year. Thank you. Okay. Thanks. Yeah, thanks for the clarification. Maybe one last question from me is, I think we have seen an increase in the receivables in financial 2026 numbers, and that has led to lower cash and lower other income. Is it coming from which segment or probably anything, any color that can be provided? You know, cash flow is a challenge because we are working for Ministry of Railways, and we have to get money from Ministry of Railways. If you see that our INR 3,400 crores were receivable from MOR, which we could not get within this year, but we have received now in April. That was the reason for cash flow negative this year. Sure, sir. I think this is helpful. I'll come back in the queue. Thank you, sir. Thank you. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. The next question from the line of Abhishek K. Deka from Nestle Wealth LLP. Please go ahead. Yeah. Thanks for the opportunity. My question is on the receivable parts on the Krishnapatnam Railway Company, which is standing at INR 1,116 crores, including INR 890 crores of interest. What is the timeline for resolution and how much we can realistically recover on that? Good afternoon. The total receivable, which is due from the Krishnapatnam, stands at INR 1,116 crore, which comprises of two components, basically the principal and the interest component. During the last year gone by, Krishnapatnam has given a healthy return of around INR 290 crore out of their, which was due from them. With the continued good performance of Krishnapatnam Rail Company, we hope that in the coming two years time, mostly their receivables will be wiped out, and the SPV will also turn profitable. Due to their good performance, they have given a total dividend of INR 50 crore this year, out of which our share of INR 25 crore. Okay. Thank you. What kind of top-line growth that can be expected in 2026- 2027? How should we take the margin outlook from current? What I understand from last con call was you mentioned that 2026- 2027 as far as execution would be better off, and also margins would be comparatively on the brighter side. Yes, we are definitely expecting a good rise in our revenue, which will be around, say, 13%-20%. Even the margin will definitely increase. That I want to assure you, and it will be much better than this year. Should we expect it from the current quarter itself, June quarter onwards, like the top-line growth and followed by the margin growth to be start seeing? Yeah, definitely quarter to quarter, year-wise, definitely there will be improvement. You know the first quarter will be slightly challenging for us, but we are hopeful to achieve the targets and have a good revenue and good profit, good margins. Okay. Yeah. Thank you so much. This is it for my side. Thank you. Next, we have a follow-up question from Vishal Periwal from PL Capital. Please go ahead. Yes, sir. Thanks for the follow-up. Sir, in terms of our order book of INR 99,000 crore, what is the breakup in nomination in competitive bidding now? If you see, our breakup for nomination and bidding is almost 50/50 each. Presently, 45,000 works are of bidding order book, and INR 45 crore are on nomination basis. The business strategy is that we should focus on railway works, which we already have in pipeline, which is almost 30,000 works are going on. In addition, we are talking to other PSUs and government for management works on PMC basis. We have got works from NMDC, Visakhapatnam Port Trust, and others, and we are focusing that we should get more works on PMC. Third line will be vertical will be from the bidding works. This time we are not bidding very aggressively for the bidding works. We have positioned ourselves like that we should get at least 5%-10% profit from each works of bidding. That is our target and our strategy. Sure, sir. In terms of our order inflow, though you did clarify standalone and this is FY 2026 and Quarter 4. For the JVs, can you also share what is the inflows in Quarter 4 and FY 2026? In JV, we have got one work, renovation three from Railways, which is a bidding work of INR 1,200 crores right now. We are expecting that we should get more work in future, definitely. Okay. I think if I look at our order inflow, including JVs, everything is to the tune of maybe INR 7,000 crore for this year. We have done an execution of INR 20,000 crore in terms of revenue, and our order book has seen increase. Is there a large part of this change is coming from the scope change or anything that you can share on this? Actually, if you see the order book, which we reviewed during the last financial year was around INR 6,000 crore. The execution from the bidding works also stand around INR 6,300 crores. The order book inflow and the execution matches. In the coming years, the execution from the bidding works will increase tremendously because as you've seen in the last year as compared to financial year 2024-2025. In financial year 2025-2026, it has increased by almost 129%, which was INR 2,737 crore in financial year 2024-2025. It has increased to INR 6,283 crores in financial year 2025-2026. Our order book is healthy. We hope that with increased execution also, order book will be able to give us a good handsome revenue. The change of non-corporate, many projects it's there, especially in metro projects and other projects which we are executing, even road projects, we got change of scope as per the requirement of the site and client's requirement. Okay. In terms of, I think, a lot of cost inflation that we are seeing in terms of the commodity prices and other things. I understand nomination order, which is almost INR 45,000 crore, the things are passed through. In competitive bidding, is it a fixed price contract or there are escalations initially? There are different type of contracts. Some are fixed contracts, some are dynamic also. In most of the contracts, we get the price variation, which controls the fluctuation of the market. Definitely, challenges will be there. Okay, sir. In terms of Vande Bharat order, though you mentioned prototype is December 26th that we plan to supply, and the total order that is there of 120 sets. By when this will get concluded? How are the delivery schedules after prototype is submitted? Our prototype will be completed by this year only. There will be two prototypes. After that in next year, the total Vande Bharat order book is to be completed in five years' time, and with a graded increase every year. The first year after prototype, we have to supply, because after supplying the prototype, it takes around three-four months time for the various trials and other clearances by Ministry. Thereafter, in first year, five sets will be supplied. Thereafter, it will be increased, and the total 120 sets will be supplied in five years time. Okay. Sure, sir. I think this is helpful. I'll come back in the queue, sir. Thank you. Thank you. Next, we have a follow-up question from Abhishek K. Deka from Nestle Wealth LLP. Please go ahead. Yes, sir. Thank you for the follow-up question. I just want to have the understanding on what steps the company is taking so that fast-track execution can be cleared on priority in terms of automation or steps that are being taken which helps the company to enhance the execution capability. You know, the main challenge obviously for us is faster execution. Only we can have good revenue and good margin. Our whole team is focusing on it. We are using latest technologies. We are using a BIM model which give us the 5D functions, which gives the progress, financial progress, and planned progress versus the actual progress. We are using drones for the site inspection, and we are using many kind of software which give us dashboards and give us big performance on our dashboard. Many things are being done at every level, from the supervisory to the top management. Our focus is for the faster execution of the work and timely execution of the work. Thank you. Can we have a presentation kind of wherein you give the points or the areas which the company is doing a lot of exciting work and good work so that we also understand what exactly the company is doing in terms of execution readiness and how well that can be put in use or you might be using it so that it gets communicated well amongst the stakeholders? Thank you. This is a very good suggestion, and we will definitely implement it and put it on our website so that every stakeholder can go through it, and if they have some suggestions, we will be happy to incorporate those. Thank you for that. If that can be in a presentation in a quarterly or a yearly kind of a thing, that would be great also. A lot of questions can be put on basis of that. One more thing, has RVNL been approached to develop or upgrade corridors specifically for the defense logistics? In this war scenario, railways can also be used as a defense logistics. Anything specifically that can be done by RVNL in that line? Yeah, definitely we are doing, but we will not be able to explain here. There will be many strategic projects in pipeline. Okay. Thank you so much. Thank you. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. Wait for a moment while the question queue assembles. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. Ladies and gentlemen, if you have- Question concluded. We don't have any further questions, sir. Okay. Can we close now? Sir, we can close the call now? Okay, sir, I will conclude the call, sir. Thank you very much. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. 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