Ladies and gentlemen, good day and welcome to Techno Electric & Engineering Company Limited Q1 FY 2027 earnings conference call, hosted by Asian Market Securities Private Limited. 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 this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vidit Trivedi from Asian Market Securities Private Limited. Thank you, and over to you, sir. Yeah, hi. Thank you. Good afternoon, everyone. On behalf of Asian Market Securities, we welcome you to the Q1 FY 2027 earnings conference call of Techno Electric & Engineering Company Limited. We have with us today Shri P.P. Gupta-ji, Chairman and Managing Director; Mr. Ankit Saraiya, Director and CEO; Mr. Amit Agrawal, President Data Center; and Shivani Chandok, VP, Strategic Initiative and Investor Relationship. I request Shri P.P. Gupta-ji to take us through an overview of the quarterly results, and then we will begin the Q&A sessions. Over to you, sir, and thank you. Thank you, Vidit. Very good afternoon to everyone, and grateful for joining Techno Electric & Engineering Company Limited Q1 financial year 2027 earnings call. Before I begin, I would like to draw your attention to our customary forward-looking statement of the disclaimer. Any statement made during this call regarding the outlook should be considered in the context of risks and uncertainties that may impact our industry, our businesses, and the company due to the varied geopolitical reasons or the varied government programs going forward. Let me also again remind my colleagues present here that quarter-on-quarter comparison in our type of business is not sound and practical. We have been always highlighting that Q1 is no more than 15% of the annual outlook, and H1 is about ± 40%, and the balance 60% happens in H2 of the year. So our results may please be reviewed in this very context. Let me now begin with an overview of the first quarter. I am pleased to share that we have continued our growth streak, and the revenue for Q1 2027 grew by approximately 25% year-on-year, driven by strong planning and execution across projects despite challenges and chaotic noises. We have also, till date, secured fresh orders worth no less than INR 2,200 crore, but it includes INR 666 crore for the first quarter and a balance INR 1,530 crore till date, which may again be appearing as a part of Q2. And we have also placed L1 in another INR 2,100 crore of the bids with the various concession owners. These wins are just not about the quantum of orders, but also reflects the trust that our customers place in our technical capabilities, execution track record, and ability to deliver projects on time. India is entering the largest power and Digital Infrastructure build-out in its history, and we are among the leading companies delivering the same to make the transformation possible. We are propelled by two engines of growth. Power, where we are a legacy of leadership and defines transmission and distribution landscape today after having been part of generation till 2010. Digital Infrastructure, where Techno Digital is architecting Data Centers, edge ecosystems built on the shared foundation of engineering excellence and financial discipline. Let me start with engine one, the power transmission business. Driven by engineering excellence, our current order book comprises large and complex high voltage station solutions and transmission projects with top industry players including Power Grid, Adani Energy, Resonia, IndiGrid, leading state utilities, etc. These projects are spread across multiple states and voltage classes and progressing as per the customer requirements and schedules. The sites are fully mobilized and resourced with a team of 650+ engineering and commercial professionals behind it, executing these very projects of national pride. Let me now spend a few minutes on the strong demand environment we are witnessing. What is encouraging is that opportunity is not only large, but also growing across where we have strong capabilities. I would highlight four key developments in particular. First, the transmission sector presents a very strong and visible investment opportunity. India is expected to invest approximately INR 9 lakh crore in transmission infrastructure between financial year 2026 and financial year 2032, driven by country's accelerating shift towards renewable energy. In yesterday's report in Mint, a report I saw that the present availability of the feeders to evacuate this renewable power is no more than 80%, and government has planned another INR 50,000 crore of extra expenditure to strengthen the intrastate transmission facilities. Coming to the macro, planning of the government have set an ambitious target of executing about power projects of over 900 GW of non-fossil fuel capacity in the next 10 years, including around 548 GW of solar and wind capacity, as per ICRA report of July 26. This will require significant expansion of transmission network across the company to facilitate evacuation of the power. Second, demand is setting new records. India met an all-time peak time requirement of 271 GW in May 2026, and this is projected to reach around 480 GW by financial year 2032. Electricity consumption is growing at over 6% a year, Data Centers and Electrification now adding entirely new load category to this system. Third, the scope of work itself is expanding. Alongside conventional evacuation packages, the grid now needs synchronous condensers, dynamic reactive compensations, and HVDC corridors. A category of high-value, technically demanding work that has grown rapidly as the share of renewable generation has risen. Fresh tenders in exactly these segments came to market through July 26. This is sophisticated engineering and is where our margin and our reputation live. Fourth, digital substations are the most important shift in grid engineering in a generation, moving protection, control, and monitoring from copper to fiber with real-time visibility on every asset from a control room. We took a position in this technology early. We have delivered on it and are now among the very few Indian companies with proven credentials in it. As the country modernizes its grid, this becomes one of our sharpest differentiators, including executing smart grid solutions. Our bidding discipline is anchored around three pillars: execution capability, risk-adjusted returns, and balance sheet discipline. We bid selectively and pursue the opportunities where we are confident we can execute well and generate attractive returns. With that, I would now invite Ankit to take over and speak on our second engine, the Digital Infrastructure. Ankit, over to you. Thank you, and good afternoon, everyone. Our Digital Infrastructure business was founded on a single conviction, that a Data Center is fundamentally a power asset, and that the company which understands power best will therefore build India's Digital Infrastructure best. This quarter, the market validated our conviction in the cleanest possible way. The customer demands have exceeded our planned capacity. In response, we have acted decisively and organically increased the designed IT load of our Chennai campus to support this stronger than expected demand. Let me explain how we organically expanded the design capacity of our Chennai campus. The first is a decisive shift in Chennai demand. The conversation we are having today are with larger counterparties for larger blocks on longer tenures with faster delivery expectations. Over the past two months, this market has seen a sudden surge in inquiries and influx of opportunities. Our read is that several forces have converged. The conflict in West Asia has moved deployments towards APAC. Available capacity across APAC outside India has been absorbed rapidly. Leaving India as the market with supply, and Mumbai as a city is largely committed, where large demand cannot be catered for 18-24 months. So demand is flowing to other Indian cities, with Chennai leading it. Apart from that, the tax holiday provisioned in the last budget has also added and fueled this sudden surge in demand and opportunities. Chennai sits on the East Coast as a natural hedge to Mumbai, offers the shortest, lowest latency to Singapore, anchors five active submarine cable systems, and has capacity available in short duration across multiple operators. In the past two months alone, we have witnessed at least two large-scale transactions in the city of a kind not visible for the previous year or two. Hello, Ankit, sir. Yeah. Am I audible? Yes, sir. Yeah, sorry. I think my voice got lost. Let me possibly restart. Good afternoon, everyone. Our Digital Infrastructure business was founded on a single conviction, that a Data Center is fundamentally a power asset, and the company which understands power best will therefore build India's Digital Infrastructure best. This quarter, the market validated our conviction in the clearest possible way. The customer demand has exceeded our planned capacity. In response, we have acted decisively and increased the designed IT load of our Chennai campus to support this stronger than expected demand. Let me explain how we organically expanded the design capacity of our Chennai campus. The first is a decisive shift in Chennai demand. The conversations we are having today are with large counterparties for larger blocks on longer tenures with faster delivery expectations. Over the past two months, this market has seen a sudden surge in inquiries and an influx of opportunities. Our read is that several forces have converged. The conflict in West Asia has moved deployments towards APAC. Available capacity across APAC outside India has been absorbed rapidly, leaving India as the market with supply, and Mumbai is largely committed, where large demand cannot be catered for 18-24 months. So demand is flowing to other Indian cities, with Chennai leading it. Apart from that, the tax holiday provided in the last budget to cloud operators serving global customers through Indian Data Centers has further made the country sweeter for capital investments into Data Centers. The city sits on the East Coast as a natural hedge to Mumbai. Offers the shortest, lowest latency path to Singapore, anchors five active submarine cable systems, and has capacity available in short duration across multiple operators. In the past two months alone, we have witnessed at least two large-scale transactions in Chennai of a kind not visible for the previous year or two. The weather in the City of Chennai is changing. Second, within that demand, we are increasingly gaining position as a preferred operator. As a new entrant, we are more flexible. We carry no conflict of interest with large cloud and AI customers. We are their infrastructure partner, not their competitor. Because we are an EPC company ourselves, our time from commitment to delivered capacity is the shortest in the market. The third is our own engineering. The uplift did not come from buying more land or adding another building. It came from our engineers going back into the design. The electrical topology, the cooling architecture, the way we sequence construction, and establishing that a process discipline and design capability allow us to carry significantly more IT load within the same footprint. We created that capacity ourselves. It converts directly into more revenue-earning capability for the capital we deploy, and it is a form of value creation that very few operators in the market can execute because very few of them are power engineers first. Let me put numbers to that demand. Approximately 150 MW of aggregate IT load demand is under active discussion with global hyperscale, AI infrastructure, and enterprise counterparties, including six opportunities of more than 3 MW, some of which is at mature stage. We have over 30 open opportunities in our funnel. These discussions are at varying stages of maturity. This is the demand picture that led us to re-engineer Chennai rather than simply market it. Traction is already in the books. We signed 10 new customer logos during the quarter across colocation, cloud, and interconnection, including two of India's leading telecom carriers, together subscribing approximately 130 kW of IT load with a wholesale arrangement and a first cloud services engagement additional to that. Individually modest. Collectively, these build the carrier and ecosystem density that anchor enterprise demand into a young platform. The Chennai campus is TIA-942-B certified across both design and constructed facility, and holds IGBC Gold Green Building Certification. These standards and green certifications are procurement requirements for hyperscalers and large BFSI buyers, and we intend to carry them across entire estate. The facility has operated on approximately 97% renewable energy in recent months. We design at a PUE of 1.35 with 75% lower water consumption than conventional build. Our ambition has never been a single campus. We are building a national platform, and let me take you through this. Andhra Pradesh, wherein two engines converged. We have signed an MoU with a global hyperscaler for a 2 MW Data Center facility. Our EPC business has delivered multiple substation across Andhra Pradesh, and that presence teams on the ground. A working understanding of the state's power infrastructure and its local challenges gave us the edge in conclusion. This significance is not the mega wattage a hyperscaler completed, but a hyperscaler completing its diligence on us and concluded we can deliver to its standards. It's an entry ticket that we have earned. We see 2 MW as the starting point with a pathway to multiple megawatt as this engagement scales, and we expect our EPC footprint and depth in the power sector to help us convert more such opportunities across the country. Coming to Kolkata and Noida. Both campuses are advancing on the ground. Noida received its building plan approval in July, with all major long lead equipment under manufacturing towards commissioning in the final quarter of FY 2027, and Kolkata is in foundation works. The edge network. Our Gurgaon facility is fully occupied and the cloud services operations have also commenced. Mumbai is commissioned and customers are being onboarded. Beyond these, we are building towards over 100 Edge locations across 23 states with retail arrangement. No other operator in India is assembling a national Edge layer of this reach, and as computing moves closer to the user, that footprint becomes strategically more valuable. We hold a license from DoT and cloud and managed services are live from Gurgaon EDC across private, hybrid, and sovereign models. We are also preparing towards GPU as S ervice at our Noida Edge facility on an anchor public sector commitment. Our approach is disciplined. We procure capacity against committed demand. Our architecture is deliberately hybrid. Large campuses for heavy compute, Edge layer for everything that must happen close to the source. We are bringing both together on one national platform. Stepping back, the national market has moved just as quickly. According to industry reports, the country added 258 MW of Data Center capacity in the first half of this calendar year, up 59% on the same period last year, taking operational capacity to approximately 1.8 GW with projection of more than 7 GW by 2030. Cumulative investment commitment into Indian Data Centers have crossed $126 billion and are expected to rise a further 45% this year. Across every study of this market, the same enabler is identified as decisive, reliable, well-priced power close to the grid. We build the substations that feed the grid these campuses draw from, and we bring that engineering directly into how we design, power and operate our facilities. On revenue, Data Center revenue tracks customer commissioning, validation, and migration cycles. It builds gradually for a new operator and then compounds as the ecosystem fills in. During this ramp phase, we will report contracted capacity and actual segment revenue rather than guide the segment. We expect the revenue trajectory to be weighted towards the second half of the year as committed stage deals close, government workload migrates and validation to billing happens, and GPU as a Service commences under its anchor commitment. You should keep in mind that the higher cost of servers, GPUs, and switches, along with supply constraints, will extend lead times for workload migration and deployment after definitive agreements are signed. Billing currently runs at Gurgaon and Chennai. Mumbai is onboarding customers as we speak, and Noida follows on commissioning. Our medium-term ambition is unchanged. 250 MW of capacity by 2030, anchored on contracted enterprise-led demand with 150 MW of pipeline under discussion today strengthening our conviction in the trajectory. CapEX deployed in Chennai stood at INR 524 crore as at 31st March 2026, with cumulative data center CapEX of INR 628 crore across the portfolio. For FY 2027, investment is primarily concentrated on our Noida and Kolkata build. In short, our approach is simple. Build ahead of demand where we have visibility, scale with customers, and deploy capital with discipline. The market is increasingly validating the thesis we started with that Data Center is fundamentally a power asset. Given that, I would like Shivani to speak on our Q1 financial performance. Thank you, Ankit, and good afternoon, everyone. Let me take you through the standalone numbers for the quarter. Revenue from operations for Q1 FY 2027 stands at INR 641 crore against INR 514 crore in Q1 FY 2026, which reflects a growth of approximately 25%, primarily driven by the project execution. EBITDA for the quarter is at INR 89 crore versus INR 79 crore in the last year, growth of approximately 13%. Our EBITDA margin for the quarter stands at 13.88%, and profit after tax is INR 96 crore. On the consolidated level, our revenue from operations in Q1 FY 2027 stands at INR 630 crore against INR 525 crore in Q1 of FY 2026, growth of approximately 20%. EBITDA for the quarter is INR 99 crore against INR 92 crore last year, which is growth of 8%. EBITDA margin at consolidated level is 15.79%, and profit after tax was INR 93 crore. Our earning per share for the quarter at consolidated level is at INR 8.02 crore. Let me share a few points which will help you understand these numbers better. The margins are in line with our guidance despite the period of real external pressure. While the input cost for transformer, CRGO steel, and other long-lead equipment have been elevated as the order book for manufacturers have more than doubled since FY 2022, advanced planning for order placement, our relationship with the vendors, and control over other costs have led to sustained profitability. Our other income has shown a decline, which is primarily due to deployment of QIP funds for the underlying projects since June of last year. Our EPS for Q1 FY 2027 was lower versus FY 2026, primarily because last year there was an income from discontinued business, which translated to roughly INR 2 per share of EPS. Further, QIP proceeds that were earning investment income have now been deployed towards our Data Center, AMI, and transmission projects, resulting in lower other income. This reflects the transition of funds from interim investments into our growth businesses. While fundamentally on the business side, we remain on track. With respect to the outlook for the year, as you are already aware, ours is a project-driven business, and this industry earns 40% of its revenue in the first half of the year and 60% in the second half. The first quarter, by far, in the construction industry is the lightest of our AUM, which is roughly at 15%, as mentioned by Gupta at the beginning of this call. During this quarter also, we have shown a growth of 25% on our EPC revenues. We are very comfortable with what we had said earlier, and we are comfortable in delivering the same flow. On the order book, our unexecuted order book as on date stands at INR 11,000 crore, while at 30th June 2026 it was at INR 9,600 crore. Given the orders that we have won post 30th June, it is currently at INR 11,000 crore. Overall, our order info momentum has been strong, and we are ahead of our projections for FY 2027, giving us good visibility for the year ahead. On the balance sheet, we remain debt-free with a net cash position and AA rating. Now I am handing over to Mr. P.P. Gupta to continue and speak on our smart metering business. Thank you, Shivani. Let me turn to smart metering, which I believe is also one of the most valuable business vertical in the company. As you all know that we had contracted about 2.5 million meters to be installed at four locations. Smart meters. This portfolio is capital- intensive in the build phase and also is rewarding in annuity mode. That is a segment that funds its own growth and throws off predictable contracted cash flow for years. Here is the structure that drives it. We build, own, and operate. CapEX is front-loaded with a 27-month installation period or window. What follows is 93 months, close to eight years of contracted O&M revenue against a completely de-risked asset. Once a meter is installed, there is no further capital at risk. It simply generates cash. As you all know that we have 2.24 million meters under RDSS scheme in five states, with a revenue commitment of INR 2,600 crore in the project value. By now, we have already installed about 18.5 lakh meters, leaving only 4 lakh meters more to be installed. Out of these concessions, Madhya Pradesh is fully saturated and have achieved go-live. Now it is in the annuity phase and in a cash generating mode. The concessions in Ranchi, Tripura, and J&K are nearly more than 70% complete a nd will be completed progressively before end of this calendar year. For investors, the relevant read-through is capital efficiency. As installation completes, capital intensity in this segment falls sharply. We do not expect any more capital expenditure in this segment this year. That will be self-funded out of the revenue stream available on the commission meters and the lump sum available on any meter going live every month. Zooming out, the addressable opportunity is still large. The RDSS carries a sanctioned outlay of over INR 3 lakh crore, more than 20 crore meters nationally, and a program runway to March 2028, which I am sure will be further extended to 2032. Sector fundamentals are also moving the right way. AT&C losses have fallen from 22% to 15%. DISCOMs have moved into aggregate profitability after so many years of losses. And overdue payables are down sharply, thanks to PRAAPTI Portal in place and also the growing profitability. No more leakages in the DISCOMs. That translates directly into counterparty quality and collection certainty for anyone holding these contracts. Our new bids, we are very selective as always. The priority is first execution, completing what we have on our platter, and position us as a natural fit for the next round of awards. I will only further add, as Shivani has said, our EPS, due to shrinkage in other income or discontinued business, may have come down, but in our balance sheet, you may have observed one hidden asset and having hidden profit in it. That is the contracted assets, which are worth about INR 1,500 crore as of June 2026. And as and when these assets get capitalized or monetized, they will unlock the bottom line to the company. So that will be another mode of describing the other income, which will become the business income going forward. With respect to the guidance, we remain on track to achieve a revenue of INR 4,000 crore or more, with around 13%-14% EBITDA margins. And currently, our order book is a target of INR 4,000 crore, but is likely to be exceeded. Happy to take questions now. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may please press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants in the conference call, please limit your question to two per participant. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is on the line of Vaibhav Shah from JM Financial. Please proceed with your question. On order inflow, you mentioned that in Q1 we received INR 660 crore, and YTD is INR 2,200 crore, correct? Yeah, absolutely. L1 is INR 2,100. Right. Including L1 and YTD inflow, we already surpassed the guidance of INR 4,000. You are right. In a way, you are right. Sir, can you throw some light, what would be the segmental mix of these inflows, broadly? These are largely transmission and high act station business, part of the concessions to be deployed by Power Grid, Adani, Resonia, or IndiGrid at different locations. I will say every month now, at least 8-10 concessions are getting finalized by the bid coordinators like PFC, REC. So we are partners in these concessions with developers or concession winners, you can say. So they largely revolve around the transmission business and distribution business. Okay. Sir, secondly, our non-current investments stood at roughly INR 3,100 crore as of March. You had mentioned last time you would be investing another INR 1,000 crore in Data Center and roughly INR 250 crore in smart meters. So what would be our targets of investments in this year? Yeah. It is more or less the same. We have kept about INR 1,000 crore for Data Center, but smart meters won't need any more investment as it has become self cash accretive now. We plan to collect about INR 450 crore during the year out of the smart meter PMPM and lump sum payments. Our outgo in deploying the balance meters during the year will be only about INR 400 crore out of this. So this year is more or less self-funded. The CapEX requirement is limited only to Data Centers. Number two, as you have seen our efficiency of the or discipline of the balance sheet, we don't need any additional working capital for EPC business. They are self-funding or accretive. Sir, the post investment of this INR 1,000 crore, anything more will be required in next year for Data Center business? You see, although Ankit has already described, Vaibhav. This Data Center has become a very magical picture today. Whether it will be INR 1,000 or more, we are still not able to predict because of the AI penetration. But we are keeping our balance sheet healthy to meet any rewarding opportunity in this space. I would like Ankit to elaborate more on it. Yeah. Addressing the CapEX requirement for Data Centers. Today, when we started this quarter, at that time, we were not even expecting such kind of opportunities on our table where we are talking about such large capacity and deployments. At that time, the capital investment program was quite different. Today, with the kind of opportunities that are in front of us in discussion and at the maturity stages that they are, it is increasingly becoming very difficult to pinpoint the capital requirement and deployment. It is really depending on what opportunity we are able to close, how things will mature specifically for us. Keeping fingers crossed, I think the amount of capital will continuously be required so that we are able to cater to these demands. And you've slowly- You see- ...implemented. Yeah, Ankit, continue. If, Ankit, you are over, let me add, Vaibhav, this all is happening because of AI and deployment of GPU or TPUs are highly energy intensive and very capital intensive for the deployment. These infrastructure requirements are also very different to accommodate them. That makes a difference. Whenever anybody will occupy this, the capacity occupation will be anywhere from 25 MW- 100 MW. We have to build for it in 9- 12 months, without say. It is no more a kind of a historic growth business. It is very transformative business as of today because of the AI penetration now. At the moment, we are at a very inflex position in this sector, very primely placed and expecting very good results out of Chennai and Noida in next, maybe this quarter in Q2 itself, but definitely not later than Q3. We'll be able to share good news with all of you. Ankit mentioned that the investment in total Data Center. Sorry to interrupt, Vaibhav, sir. May we request that you return to question queue for follow-up? Yeah. Thank you, sir. The next question is on the line of Parth Thakkar from JM Financial. Please proceed with your question. Thank you for the opportunity. Sir, cash and current investments as of June 26th. Yeah- Sorry to interrupt, Parth. Sir, can you speak a little louder? What would be our cash and current investments as of June 26th? In June 26th, you can take it in total about INR 1,250 crore. Okay. What would be our investment in Data Center as of March 26? Ankit just said about INR 650 crore. Okay. Sir, can you provide update on smart meter projects and AMISP projects? I just now gave you. Individual project wise. Yeah, why not? I just now gave you that out of total up to 2.25 million meters, we have already deployed by now 18.5 lakh meters, leaving only 4 lakh more to be deployed as of today. As of March, we had done 15 lakh and 7.5 lakh were pending. That is the present status. This will be all completely deployed by December. So with 100% saturation has happened in north project, and rest of the projects are ranging from 60%-80% at Ranchi, Tripura or Kashmir. Does that answer your question? Yes, sir. Broadly. Yeah. What would be our O&M part in this out of the backlog of INR 1,560 crore as of March 26? Is there any O&M part in this? Yeah. We continue to O&M, carry out O&M of the meter, which is very little involvement. They are all software-based, remotely run and controlled. More important is to meet the SLA obligation, system level availability, based on which our revenues are ensured as a part of the contracted agreement, which we are generally able to meet. It also has an upside now on services, by inducting AI, by inducting a lot more services demanded by DISCOMs. So it's an interesting place to be in. Okay. My last question, what would be your current- Sorry to interrupt, sir. May we request that you return to question queue for follow-up? Thank you, sir. The next question is from the line of Nihaar Shah from Ikigai Asset Management. Please proceed with your question. Yeah. Hi, sir. Thanks for the opportunity. Heartening to see the comments that we've made on Data Center side, especially on demand coming back to Chennai in a much meaningful way. My first question is for Ankit. You mentioned about increasing capacity within the Chennai Data Center without investing much CapEX. Can you just talk about how much is the capacity now, and if the same thing can be done for modification of designs across your Noida and Kolkata Data Center as and when they come up? Yeah. Let me break this down. Basically, when we designed the Data Center in Chennai, it was designed at a certain kW per rack capacity, which was around 10 kW. The moment we start talking about GPUs which serve AI requirements, the capacity required per rack increases from, let's say, 10 kW to anything above 30 kW, 70 kW, or even 100 kW, 150 kW. When the rack density increases, you are able to cater to more capacity within a smaller footprint. That helps you increase the total serviceable load. Today, conservatively, I would believe we should be able to accommodate, instead of 24 MW, which was initially planned for Chennai, we should be able to accommodate almost around 35 MW- 40 MW over there. That's what has become interesting in our conversation with possible end users. Understood. Thank you. Coming to Noida and Kolkata, it's the same case. We never designed Data Centers for such high rack densities. But tomorrow, if demand comes in for such requirements, which is possibly going to come in because that is where the next entire deployment lies. I don't think we have a single opportunity which is non-AI. Even for Noida and Kolkata, I'm expecting that similar increase in capacity will be visible without undertaking much CapEX. Got it. Copy. Ankit, you mentioned a comment about offering GPU as a Service in the Noida facility. Just wanted to get your thoughts. When we're thinking of moving to about 250 MW over the next three to four years. GPU as a Service adds a significantly higher CapEX level on top of that, right? So how are we thinking of capital allocation here over the next three to four years to manage both 250 MW scale and then also offer GPU as a Service? Yeah, Ankit, you can take. Yeah. We are not going ahead and building GPU as a Service in the format which we are seeing other operators do. We are only building that capacity of GPUs where we have a committed demand from a specific customer and where the counterparties are very strong. It is at a very nascent stage. We are not going ahead and deploying billion dollars of GPU or multi-billion dollars of GPU. That is not the plan. We are doing it at a very measured level, at a very measured scale, where the counterparty requirements are very well known. They are small to medium size. The counterparty risk is negligible. It is just a start. I wouldn't put my eggs in that basket today. No. We are not buying BCUs. Let me make it clear to my colleagues. We are only providing infrastructure to house BCU owned by some third party. Our role will always be limited to infrastructure to house CPU or GPU. Great. Understood, sir. Best of luck for the Data Center business scale up, and hope to see one or two hyperscale announcements come pretty soon. Thank you. Thank you, sir. The next question is from the line of Ravi Naredi from Naredi Investment. Please proceed with your question. Thank you to give me opportunity. Respected Gupta, sir. I knew and company very well since last eight years, as I am shareholder of this company. Why you do not give investor presentation and clear all details about order booking and Data Center details? Everyone is asking in the con call, if you give investor presentation, so many questions answer automatically comes. What is INR 1,500 crore hidden assets you are talking? Please clarify this. Firstly, your suggestion is well taken. Shivani, please note from next call onwards, we must come out with a investor presentation, which is of course done post-call and parked on our website. But in future, we will try to do in advance. Thank you. Now, coming to part two, you see, the unbilled asset in our present day industry as accounting is called contract assets. In our case, those contract assets are nothing, which are unbilled, but largely in the nature of capital work in progress, like smart meters, like all our own TBCB or TBCB projects developed in partnership or jointly with IndiGrid. Those are the CapEX carried out in those opportunities, which is lying unbilled, unmonetized. That is what I was talking about. So during this year, we will be monetizing two transmission assets to IndiGrid at Ishanagar and Dhule. In Q2, Ishanagar will happen, and Q3, Dhule will happen. Whereas smart meter one, we are now eligible to monetize. That is in dot. And the rest of the three may be available next year. Progressively, those completed facilities are available to you to monetize, as we did earlier in our power generating assets or in our transmission assets built jointly with Kalpataru Power Transmission. Okay. Sir, Ankit, I ask you second question. What is our top line in the June quarter of Data Center of Chennai or other? Ankit, sir? Yeah. Yes, sir. Can I ask- We are not report- Yes. Yeah. We are not actually reporting the- Go ahead. Just asking, what is the top line and bottom line of this Data Center, roughly? We are actually not reporting the quarterly revenues from Data Center or the bottom line, but because it is not very significant today. Maybe towards the second half of the year, we will start reporting them on the call. Definitely. Okay, Ankit. Thank you very much. Thank you, sir. The next question is from the line of Vishakha Jain from Veritas Research and Advisors. Please proceed with your question. Thank you team for the opportunity. Sir, I wanted to know that the order book of INR 10,800 crore, could you please give us some highlight on the realization of the same? What do you mean by realization, ma'am? I could not get you. How much time period do you plan to generate the revenue from that order book? Generally, customer gives us 2- 2.5 years, but the zero date starts from the date of handing over of the land parcel, which is often delayed by another six to nine months, you can say. So you at best can take two to three years. Okay. Also any highlight on the receivables that were due and not yet reflected? Ma'am, generally this sector now, our dues are no more a challenge, because everybody wants his project to be completed at the earliest. So although in a given date or month, you may see some number as a accounting practice, but by and large, if you see the balance sheet and working capital efficiency, you will see that they are self-funded, and we are not providing any more working capital to take care of the growth in the revenue of these EPC business. Okay. All right. Thank you so much. Thank you, ma'am. The next question is from the line of Archit Agarwal from StepTrade Capital. Please proceed with your question. Mr. Archit, your line has been unmuted. Please proceed with your question. Yes. Hello. Yes, sir. Yes. My question is: You are planning around INR 1,000 crore of data center CapEX in FY 2027 while guiding only INR 40 crore-INR 50 crore of revenue. What portion of this INR 1,000 crore is directly linked to signed customer commitment versus speculative capacity creation? Ankit. Firstly, the CapEX as on date, which is planned for Data Centers, which is in Noida and Kolkata. They combined have a capital investment program of roughly about INR 500 crore-INR 600 crore in total. Second is that the capacity in Noida is being built in joint venture with RailTel. It is in strategic partnership with RailTel. It is a revenue share model wherein the capacity which is being built today is about 5 MW to start with. We are expecting very soon with the efforts of RailTel and Techno that the entire capacity will be absorbed by the central government ministries, departments, CPSUs or other government ecosystem. Given the fact that this is possibly the only government Data Center which is being built today, and possibly the largest Data Center by a government entity. Noida is least of the challenges per se, given the relationship that we are building it under. Kolkata is too early to talk about. It is still under early stages of construction where foundation and piling is happening, and it is not commissioning before FY 2028. Possibly we will see traction and demand coming for Kolkata once we are little much more mature in that project. That should be somewhere around mid next year. Okay. Okay, sir. Thank you. Thank you, sir. At balance INR 400 crore for phase 2 of Chennai, we will take up as and when the demand comes through. Because now that the customer inquiries are for a larger capacity. That is the budget that we have kept in case we need to start the phase 2 of Chennai. Thank you, sir. The next question is from the line of Ninad Sarpotdar from InCred Capital. Please proceed with your question. Hi. Good afternoon, sir. My question is to Mr. Ankit. First, you mentioned some 2 MW of order for a global hyperscaler in Andhra. Is this an EPC contract that we are taking up for someone to build out a Data Center? What kind of margins and revenue are we looking at if that is the case? Firstly, it is not an EPC contract. It is where we are developing a Data Center for a particular customer, and it is on a, as usual, per kW per month basis. Today, I am not in a position to talk about the revenue and profitability over there. As I mentioned that it is still under We have just signed the MoU with the customer. We are under strict confidentiality today to talk any more than what I had mentioned on the call. We will come back with more guidance towards the end of this financial year. Okay, got it. My second question is regarding Chennai. You mentioned some number of contracts being floated in the market. Are this pertinent to us or were you speaking about overall market traction that is happening in Chennai? A follow-up on this is that, are we looking to expand this capacity from 5 MW to further adding some further phases? Because from last what we spoke, out of this 5 MW, we had sold out around 500 kW. You mentioned that you were able to sell out more, around 130 kW, if I am not wrong. Some color on that. Yes, you are absolutely right. Firstly, the opportunities which I spoke about are specific to us. It is not opportunities industry-wide or market-wide. I cannot comment on whether those particular opportunities are being discussed by other operators or not. Those are specific to our pipeline. Coming to the question on expansion of Chennai, as we have mentioned, that will be taken up against a particular customer demand or user requirement. Those will be planned as we proceed with conversations with end users. If there is a requirement for them to have capacity beyond the existing commission capacity, we will surely go ahead and build up that capacity for that particular end user. All right, sir. Happy to hear good traction on these projects and all the best for the future. Thank you, sir. The next question is from the line of Aman Soni from Seven Alpha Investor. Please proceed with your question. Hello. Yes, sir. Thanks for the opportunity. I have two questions. One is on the standalone business. I just want a clarification in the terms of EPS. Earlier, we had guided for an EPS of INR 60 for this financial year. But looking at the numbers in terms of the top line growth, which is more likely to be 20%± and OPM margin, which is similar to the last year. I just wanted to understand, from INR 47 EPS that we did last year, how are we going to increase it to INR 60 in this particular year with these numbers? That is my first question. You see, we don't want to comment on EPS, but on growth, yes. It will be no less than 25%, as we have said. Last year, EPS was INR 37. That is a lot of I'm talking about standalone EPS. Standalone. Yeah. That is what we are saying. It should be better, it should be more, I'm very sure. But it may also be influenced by how much we are able to monetize out of the capital work in progress created or contract assets created. All those are little variables, whether you carry it for the future or monetize in this very year. But we can definitely say that the top line and bottom line of the company will grow by 25% at least. Yes. Okay. Secondly, on the Data Centers, good to hear that inquiries are coming to us. But I need to understand more in the terms of number. Because we have been speaking about it for a while now, but it is ultimately so far impacting our consolidated EPS, right? I wanted to understand from the perspective of the future, how fast are we going to see the results? Is it in FY 2027 or is it in FY 2028? What kind of targets in the terms of revenue do we have, in the terms of EBITDA do we have for FY 2027 and FY 2028 from our Data Center business? Can I just get in, sir? Yes, go ahead, Shivani. Yeah. Hi. Aman, to answer your question, see, you know that Data Center is an infrastructure asset, even the circular of harmonized list for infrastructure defines it, infrastructure project. As such, the payback period is longer. To compare it only with the EPS, I think would not be the right approach. The better perspective on this would be to look at the asset value that we have created, which is in terms of the capacity that we are building across our assets. While EPS may take some time, because you know that these are the assets which need to be depreciated, which brings down my EPS. On the value end, nobody is valuing Data Center companies on the basis of PE multiples. It's driven mostly by your capacity or the EBITDA multiple. That is what I am asking about EBITDA, ma'am. That is where I am asking about EBITDA from this particular segment. What kind of revenue numbers and what kind of EBITDA people are targeting in FY 2027, FY 2028? I think you must have that number with you. Are you talking about people or us? I am speaking about Techno Electric Data Center vertical. On the Data Centers, this will take some time. I think by next year it will start, assuming that the conversations that we are right now having will fructify into the customers moving in into our Data Center. I think by next year it will start showing the impact on the revenue and EBITDA. Maybe Ankit can answer, but I would say that on the valuation side, you need to do an SOTP wherein you break in the valuation of our businesses into various buckets. I know about valuation, ma'am. Sorry to interrupt. I am ready to understand. Revenue and EBITDA. Yeah. See, as Shivani was trying to mention, that it is still something which is under development. Right. It will take some time for us to come out with guidance. As I had mentioned in my opening remark as well that today it is too early for us to start guiding on the revenue and EBITDA, but we will have better numbers and some guidance during the second half of the year. As of today, we have pipelines, we have visible closures in the near future, and they will start dictating what the CapEX and the revenue and EBITDA starts looking. But it is little too early for us to start guiding the market on revenue and EBITDA expected out of these. Okay. Understood. But I think last quarter you said INR 40 crore for this year. Maybe I thought because of increased inquiries you might end up doing better than that. I think that guidance remains. Okay. Understood. Thank you. Thank you, sir. Ladies and gentlemen, in the interest of time, that was the last question for today. I would now like to hand the conference over to management for closing comments. Yeah. Let me bring all this together. This quarter, our revenue grew by 25%, and we won about INR 2,200 crore of new work by now. Our first metering project began paying after 100% completion and go live. The Data Center remains strong in implementation as well, and drawing huge customer interest. India is entering a significant phase of investment in power and Digital Infrastructure, and Techno Electric is well-positioned to be one of the lead participants in both of them. Engine one strengthens the power infrastructure that supports India's growth. Engine two is building the Digital Infrastructure for its next phase. We have built India's power backbone for over 40 years, and we have been first movers in many opportunities in this space, maybe renewable power, maybe TBCB, maybe PPP concessions, apart from doing EPC to any complexity and voltage levels. Built on a huge execution discipline, and we will continue to bring the same for our long-term approach to our Digital Infrastructure business also. Additionally, I will again like to remind my investors that digital business is long-term, unlike EPC, which you are building for others who are owning the assets. Here, you have to invest, create an asset, bring a customer. He also takes about six months to deploy his equipment before it becomes a revenue accretive. So we have to have patience, but it is a very exciting and magical business to be in. The rewards grow with every passing year in this business. To our shareholders, thank you for your continued confidence. We remain focused on building a high-quality order book, maintaining a strong balance sheet, and converting our investments into sustainable, profitable growth. I once again thank you for joining us and for your continued support to Techno Electric. Thank you very much. Have a good day. Thank you, sir. Thank you. I will now hand the conference over to Vidit Trivedi from Asian Market Securities. Over to you, sir. Thank you. On behalf of Asian Market Securities, we thank everyone for joining this call, and a special thanks to Sri P.P. Gupta-j i and Mr. Ankit for providing us insights about the company's business and financial performance. With that, we conclude the call. Thank you, and have a good day. Thank you, sir. On behalf of Asian Market Securities Private Limited, that concludes this conference call. Thank you all for joining us, and you may now disconnect your lines. Thank you.