FY26 ended with only INR1,300cr new orders vs INR10,000cr target.

But sir, then -- not able to understand why we are selling at 0.8x price to book?

It's not -- I think 1.8x, not 0.8x. You see the number, it's INR3,584 crores of enterprise value, out of which INR2,200 crores is the debt. So the net amount which we will be getting is INR1,384 crores against the equity investment of INR767 crores.

This cash amount -- when we will be receiving this cash?

So we are expecting that two of the projects where the COD and finally NOC from lenders and clients could be managed within the next three months by December and for the next three probably by March.

So if you can break in terms of the value, how much we will be receiving in FY26

No. Everything total amount we are expecting we would be getting within FY26 only. So by December25 of, say -- let's say, for this particular 3QFY26, tentatively two of the projects could be done as a transfer and the rest two, three will be done by March '26. So everything would be done within the year only.

Sir, when do we expect to receive the appointed date for the HAM projects, especially the VRK ones?

So there are five projects where the appointed date is expected. The one is which we have received very recently is New Delhi railway station that is on 6th of August. Next week, we are going to have the appointed date for Ahmedabad HAM project. And subsequent to that, in September only we would be able to receive the appointed date for both Jharkhand projects, that is 10 and 13 of Varanasi-Kolkata corridor. And the last one, which is Ayodhya and that project, we are expecting that somewhere in November, we would be getting the appointed date.

Sir, and any -- what are the expectations for LOA on Nagpur-Chandrapur, both the packages?

So those projects where the land acquisition is at about, say, 42% as of now. So the minimum requirement is 70% for issuance of LOA. So probably, it will take another three to four months. So by December, we are expecting the LOA could be released.

Sir, so from these five HAMS, four HAMS, say, it is pending, what kind of revenue are you factoring in and also for the MSRDC project for FY26?

So we are not considering anything from MSRDC project because since the LOA would be -- we will be getting -- then the appointed date is likely to be declared. So it is not expecting -- we are not expecting much from those projects. But apart from these -- those projects, there's four HAMs, which we are targeting about INR1,200 crores of total order execution in these four HAMs within this year.

Okay. And sir, what is our receivables currently and of that, what is the HAM and solar?

So majority portion of receivable is HAM and solar only. So the solar SPVs, the receivable is around INR438 crores and HAM project is INR395 crores.

So you were expecting the solar receivables to come down sharply. So when do you expect the overall?

Something has happened, we have executed around INR300 crores during the month or during the quarter. So out of INR300 crores, we could receive, say, the number which was the same and remained same. So whatever was the closing number for March '25 remains the same. So if the only INR300-odd crores of disbursement could happen within this year. But now the things are very rapidly -- because 83% of the sanction has been done and we are getting the release of funds from banks through SPV. H.G. Infra is also getting this. So by September and by December, say, things would be 100%, we would be recovering the entire receivables from SPVs to banks.

Okay. And sir, lastly, I missed the initial part -- initial commentary. What is our guidance on revenue and EBITDA margin for the entire year? And why were the margins impacted in 1Q? So we saw that we have put INR10 crores, INR11 crores of one-offs, which is impairment losses and it was INR5 crores in Q4 as well. So what are these entries?

So I think the reason behind for -- 2.5% of the EBITDA correction has been there. So there is one of the items, which we were expecting that change in law in Ganga Expressway, so the change in law of royalty revision is there. So in this project of Adani, we are eligible to get anything variation like change in law and variation is U.S. from the client, whatever is being approved by the client. So as of the recent trend, we are revealing the fact that they are likely that change in law approval is not likely to be there within this particular year. So it will take -- it is going to take time. So we have corrected our number around INR40 crores. So because of that number, there is a deep correction in the EBITDA margin. Otherwise, in none of the other projects the margin correction has been done.

Sir, the entire impact has been taken off right now or some correction in Q2, Q3 as well?

So the entire, say, almost INR43 crores, the INR11 crores is the exceptional item, if you see. So this is there. There is, say, provision has been done and around INR43 crores since -- out of Ganga Expressway that we have corrected in our margin.

So sir, congratulations on the transaction. So just continuing on the previous question. So earlier, we were consistently being able to deliver around 16% EBITDA margin. I think last quarter, we were in around 15% and now this quarter we have delivered like less than 14%. So you said -- so INR14 crores you are saying is an exceptional item for this quarter?

See, I'm correcting it there. See, last year -- last quarter, it was INR5 crores of provision was except for -- has been done by the auditors for the long due receivables. As a whole, it is now INR74 crores of total provision has been done till date against the debtors -- this current asset receivables. There is one thing which has happened is the other item, which is INR43 crores, this is the change in law item, which we are not expecting to get realized very soon within this year as far as Adani project where it's back-to-back arrangement with UPEIDA. So where we are not looking immediately -- so we have corrected that number, the margin by INR43 crores.

And have we done everything that we were required to do across all projects? Or are there any future provisions also that we need to take from Q2? Should we expect normalized margin of 15%, 16%?

It is likely to be normalized margin only. So we are not -- see, we never have factored such things where the current asset or unbilled revenue is having some contract or different claims. We usually have the certainty of those numbers, then only we'll keep it. Otherwise, what we did the last quarter. So the provision is being done on the basis of their contract -- auditors' obligations.

Okay. And sir, on the road order, so what is the expectation now? Because even in this quarter, last 2, 3 quarters and last 6 quarters, the industry has not received, but we have been hopeful because NHAI had a pipeline. So what is the expectation now? And are there some tangible work that has been done from their side? And in terms of our pipeline, what -- where are we? What is the percentage that we are looking to sort of win in the near future, et cetera, et cetera?

In recent past, we have seen a significant improvement as far as sentiment is concerned. So as per the press release, they have already declared the pipeline of the projects which are going to be awarded within this year only. So there is a long pipeline, more than INR5 lakh crores of projects which are there, including BOT, HAM and EPC. And apart from that, there is the correction in the long-awaited correction in the prequalification criteria has been released, so both in EPC and HAM. So that gives us the relief in the sense that the project pipeline is there, but there are only two riders which are there. One is the quality of the DPR, where the DPR checks being taken some time, so much of time and the land acquisition, which always has been the real critical area, grey area rather, where the progress and any of the claims do occur. So in that sense, they are just guaranteeing that the 80% of the land as per the contract should be there prior to issuance of LOA. So these are the two factors which are taking a bit of a time. But we are very much hopeful, and I think the ministry is very much optimistic of awarding this -- at least INR3.5 lakh crores of orders within this year only. So we are expecting the traction to be there by November, December onwards, not many projects are likely to be awarded.

And what will be our full year revenue guidance for this year, sir?

It remains same. It is around INR7,000 crores of -- because we did around 13.5% year-on-year for the quarter 1 and almost will remain in this range only.

Sir, just wanted to recheck on this revenue growth guidance number. Now given a lot of our projects are currently either in L1 stage, which are Maharashtra orders, three, four HAM projects where we are yet to get appointed dates. And if you exclude a lot of these projects, our executable order book currently stands at less than INR10,000 crores. Considering this, how confident are you of us achieving INR7,000 crores? And what should actually drive such a strong execution or conversion into revenues?

So if you can see here, the projects which we are at very advanced stage of completion like Ganga, like Orissa, all OD-5, 6, AP-1, KD-1, 2 and even Karnal, they are the projects, these whatever is the balance would be completed. So this is the one thing which is and again, the solar and some significant part of that execution is likely to contribute within this year only. So if you see the other railway projects where the progress was not that good in the initial phase of the project because of the design and the land issues. So now that has picked up. And in quarter 2, 3, 4 of this particular year, we are seeing around INR1,000 crores of execution in railway only. So in these new projects where the appointed date is going to be they are declared and including the New Delhi railway station, this is around INR1,500 crores of execution is likely to be there in quarter 2, 3 and 4. So this gives -- put together that we would be around INR7,000 crores even if we are not considering anything to be coming from Nagpur-Chandrapur projects.

And sir, on -- even on the margin guidance, given we have done slightly lower margins this quarter, how confident are you of delivering 15.5%, 16% EBITDA margin for the full year? And I'm just asking because now the ask rate to get there is slightly on the higher side where we'll have to deliver 16%, 16.5% EBITDA margins consistently for the next 3 quarters to be getting anywhere around EBITDA margins, which we did last year.

So basically, it's only checking upon the margins if anything is not guaranteeing our -- this thing. So it's a matter of only a time when quarter 4 or quarter 1 of this year, we have seen that the margin dip there. Otherwise, all the projects, we do have a decent margin. And we are doing such projects and with the margins probably in the range of 15% to 16%. We are quite hopeful that by the year-end, we would be maintaining the same state.

Okay. So for next three quarters, we should be back to 15%, 16% margin levels?

Yes.

Sir, you mentioned in your initial commentary that 83% of the debt for the solar is sanctioned. So have we taken any disbursement from that side?

No, no. See, the sanction to disbursement, there is a gap. We have only taken the disbursement at about 60%, though we have progressed -- at around 58% roughly, though we have progressed around 80% -- 78%. So, there is a deficit. There is a gap of about 30% in what we have progressed to what we have -- the loan has been disbursement -- the loan disbursement has been done. So this is...

So yeah, so if one has to understand what is the total debt that has been -- we have taken for the solar as of now?

So it's around INR1,100 crores in the total. I'm not remembering right now, it's INR1,100 crores.

On that battery energy storage, you did mention like INR500 crores is the equity that we'll be again putting. And if one do a financial closure at maybe like 80-20, then the project cost come to almost like INR2,500-odd crores. And second, I mean, like when we are putting megawatt...

No, I will correct it. This cost is not more than -- This project cost is around INR1,800 crores, all 3 BESS projects. This project is around INR1,800 crores plus GST. And the total debt -- the equity which is committed is INR500 crores, which is 25% of the total project cost. And balance is debt. And out of the total debt, once we commission this project, we would be able to get around INR300 crores of grant from government in all these three projects.

Sir, I wanted a couple of data points for working capital. Sir, can you provide the number for inventory, trade receivable, contract assets, trade payable and contract liabilities?

So inventory is about almost the same number. It's INR519 crores, inventory and working capital -- you are asking about debtors. Debtors is around INR1,360 crores. And current asset is INR1,310 crores. Trade payables is around INR1,324 crores. And liabilities is around INR1,200 crores something, I think it's INR1,200. But it's around INR1,200 crores.

Just to complete this thing. So stand-alone cash and bank balance is how much, sir? And retention money is how much, and unbilled revenue is? And mobilization advance is how much, sir?

It's INR162 crores. Given the INR1,310. And debtor of INR1,350 crores there is a retention and deposit of about INR170 crores. INR382 crores.

Sir, this INR500 crores BESS equity, you said this INR1 crore, we have invested, another INR119 crores in this year and next year will be the remaining -- the balance entirely in FY27?

Because this is not next year, some portion would be done next year, INR187 crores and probably in '28, the balance would be done because first project is going to be done in FY27.

Correct. Okay. Okay. And sir, if you can repeat the HAM equity to be invested in this year and next year. FY28, I heard the figure, INR187 crores, but balance in '26 and '27 is how much?

The projected balance is INR997 crores, which is being -- which has been done. So you see the projection is, for the year, it is INR427 crores. That is the total number including solar and BESS. And if you want to split it out in such a manner, equity which is balance -- for the year, it is -- including BESS, it is INR427 crores. If it is only road, then INR298 crores.

And for transmission, how much is equity needed and for this year and next year, how much we will be investing?

This year, INR10 crores. Next year, INR25 crores and further INR52 crores in FY28. So the total number for this year, it is INR427 crores, followed by next year, INR438 crores and next to next year, INR388 crores out of the total commitment, balance INR997 crores.

Sir, just to clarify on this EBITDA margin provision. So this quarter, you said INR74 crores provision we have done till date. Out of that, how much was it till FY25? And in Q1, how much we have done? And what you are mentioning, INR43 crores is yet to be done or it is part of INR74 crores for Ganga?

So the provision of INR74 crores is the total. Only INR5 crores, INR6 crores of provision has been done in this quarter. Earlier provision was INR5 crores. But for this year -- quarter, INR43 crores was not the provision. It is the margin, which we have taken for Ganga Expressway project, because of the one-off items, this is a change in law, which we likely to be expecting. It may take some time.

And have you given any ROFR for the pipeline of the asset? And the -- and also, will we be doing the maintenance work post transfer asset to the new owner?

No. No. It's outright selling the asset out. That's an outright transaction. No. I think the future asset, which is likely to be there is Karnal Ring Road, which probably we are looking at further selling it out. So it's nearing completion. So by June or September of next, say, by FY26 and FY27, we are expecting to deal -- close the deal. No. No. We are not doing any maintenance work in these projects. This is outright selling the project.

I just wanted to ask if you can quantify your bid design and also if we have put out any bids where results are yet to be announced.

So it's around -- in all three sectors, we have submitted around INR16,000 crores of projects where the bid results are yet awaited. Apart from this, the pipeline which we are expecting, as we had already had explained about it, because it's a pipeline, huge highway pipeline, but we are expecting that we will be bidding around INR1 lakh crores of highway, around INR50,000 crores of railway and another BESS and solar projects in the upcoming time, which we are expecting that we should get at least INR10,000 crores out of these bid submissions.

Okay. Sir, can you just quantify the solar bid pipeline once again?

The solar bid pipeline is in two. I would say, in a different mode, it is a BESS, as well as solar, because BESS also there around INR20,000 crores of orders, which are yet to be awarded for the year. And transmission also there is tremendous. It is around INR50,000 crores plus of bid pipeline, which is today available.

Sir, on this battery energy storage system, are the equipment awarded?

So first round of negotiation has been done. So our team is in China only. So, very soon they are going to come back and probably with all further negotiation and due diligence, in maximum of a month, we would be able to close it.

I think if you award a project now, then probably like the costing coming at the range of like maybe INR0.8 crores per megawatt hour. And the project cost that we have mentioned, that comes to almost like 1.2 megawatt per hour, 1.3 megawatt per hour. So I mean, can the project cost actually go down because if you are awarding now and the battery prices have corrected in the last six months, eight months?

You are probably very much correct. I think there is a bit of a correction, which we have seen in the last six months, eight months only. And what we have estimated at the cost which are going to be there and the discovery which -- of the price which we are now negotiating at. So there is upside chances that we would be having at least 10% upside in the margin front.

Sir, I want to understand one thing. How HAM projects work? I mean we have sold these projects. So are these projects completed revenue booked and now we are selling it. So can you please help me understand how it works?

Almost. These projects are about 85% to 90% completed. So once we have received the provision completion into these projects, we have started -- let's say, started this monetization proceeds. So by the six months -- within the six months, entire completion would be done, and we are completing -- and by the time we complete, we will be getting the NOC, and we are going to sell it.

Sir, and the next question is, do you think that execution and growth will improve from this quarter onward, ongoing quarters?

No. No. The execution has been quite good as far as almost 13% plus. But it's the only problem -- it's not an execution risk. It's the only margin dip which we have seen because of the EBITDA margin correction of INR40 crores as I have already explained.

Sir, the INR7,100 crores revenue that we are looking at. So I understood whatever the balance, the projects where we have 70% plus kind of completion is that -- is roughly INR1,500 crores, INR50-odd crores, so that we will be completing. We have already mentioned and four HAM projects, INR1,000-odd crores, INR1,700 crores we have done. So close to -- if I sum it up, around INR4,300-odd crores is there. So just trying to understand the remaining projects -- the remaining railway projects, except the Bilaspur and Janakpur, how much more revenue we can -- are likely to get in the balance?

So we are expecting to -- the entire completion would be done in DMRC Metro, and the Bilaspur project would be 100% completed. Kanpur will pack up very fast now onwards because of the initial brownfield -- being a brownfield project. In New Delhi railway station, this will be -- we are expecting around INR200 crores of execution within the year. So it's around INR1,100 crores of railway execution, which we are expecting in nine months. And apart from there is a solar, INR500 crores, which we already -- total will be done and around INR300 crores will be coming from BESS. So this is put together, if you consider the new HAM or four HAM where the appointed date is being declared around INR1,200 crores to INR1,300 crores. So this is coming at about, say, even more than INR5,400 crores, which is probably the number which is coming.

And then next year, as we previously guided, sir, we will be doing INR8,000 crores plus kind of our revenue in FY27?

Yes. That would be around INR8,000 crores, right.

And then, sir, lastly, on the capex front, last time we said nothing much capex in this year.

So we are having almost very good gross block and we have the projects which we are almost completing. So this entire fleet of our construction equipment is free to be deployed to -- sufficient to about INR8,000, INR9,000 crores of project.