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

Sir, can you please help us with the update on the appointed date for Nagpur EPC orders? I think there were 2 projects which were up around INR42 billion. And is there any risk of cancellation of the orders?

Probably the cancellation of these projects is not at all in pipeline or in discussion. The land acquisition which -- actually has been impacted in the recent past because of the municipal election in Maharashtra. So it is going on at, say, not at the same pace as we have envisaged. So probably by April or May, it looks like that 70% of the land, which is a prerequisite for LOA to be issued, by that time, we are checking upon with the authorities to what is the present -- recent update.

So you expect maybe the work to start in H2FY27. Is that a fair assumption given the current information?

Correct. Correct.

Sir, any one-offs in the EBITDA margin this time? Were there any one-offs in the margin or 15.5% is normal EPC margins for 3Q?

For normal EPC margins, there's no additional exceptional item which has been added here.

And sir, why were the tax rates so higher at 31.5% for the quarter?

So there has been -- see for last year, there has been for MSME INR6 crores of provision, which has been made in this year for the tax matter. So for that reason, it is a bit higher.

Sir, secondly, what -- when do we expect to complete the solar projects? And when this -- when do you see the debt coming down?

So the debt of INR425 crores, which is yet we need to receive from this SPV -- from the lenders to SPV and in turn to SG is likely that around INR200-odd crores would be there by March followed by April because the entire commissioning has now been deferred till March because of the all local disturbances and the issues, which we already have faced, several other companies have faced. So in April and May, in quarter 1, we would be getting the entire debt once we commission the plant in totality.

For the incremental work also which you are spending roughly INR400-odd crores, for that also will be required to put another money, right, to support the SPV?

No. As far as execution is concerned, it is already 98% plus completed. So the fund which we require for the, say, nearing completion, it's not that big amount. There is INR35 crores, INR40 crores, which will be required in quarter 4 only for entire completion. So the money which we will be collecting is INR425 crores is coming from the SPV through debt.

Okay. And sir, what would be -- so when do we expect to receive the appointed date for the North HAM? The one HAM which is pending.

The North HAM project we have -- Ayodhya Project we have started, 3% is complete, started -- just recently appointed date was declared on the 16th of January. So just one project is balance where the appointed date is not yet declared, which is Jharkhand Package-10.

Sir, just again, coming back on the first one on the revenue front. So you said that close to INR2,000 crores that we are looking in the fourth quarter, so that is there. And in the next year, we are saying a INR7,000-odd crores. So even if I look at broadly, it would be a kind of a 13% kind of a growth that we are looking at. So still not able to understand whatever the shortfall which is there for FY26, we were earlier looking in FY27, 15% plus. So now again, INR200 crores, INR300 crores shortfall is there for FY26. So FY27, previously, we are looking at INR7,800-odd crores. So of all that we are looking at for FY27?

So ultimately, there has been a big reason for the shortfall for the year because of the prolonged monsoon as well the appointed date for this particular project, which has been delayed, Jharkhand Package-10. So this has been the reason which we are quite hopeful that we would be picking it up around INR6,200-odd crores which we do during the year. So the balance for the year '25, '26, '27, we are estimating at least INR1,500 crores would be done from the project where the appointed date, which is not yet issued or LOI is yet awaited, which is MSRDC or any other project, which you would be likely to get in the coming months only. So rest, apart from INR1,500 crores if we do best, all other projects progress would be yielding around INR5,500 crores. So that we have estimated that we will be touching around INR7,000 crores without much of a problem for the next year.

Okay. And the INR1,800-odd crores that we have already got the inflow till now and INR4,000 crores to INR5,000 crores that we are looking at by March, so there just wanted more clarity. So 2, 3 aspects. One is how much worth of value of bids that we have already submitted? And also, if you can break it up into whether NHAI or railway or solar or BESS or any other sector? And how much more are we planning to bid whatever the tenders still now is available?

See around INR14,000 crores of highway projects already being bid at EPC and HAM, we have 3 EPC, 5 HAM where the results are yet awaited. And till March, we are expected to bid INR48,000 crores of projects. So we are expecting that these are the projects and apart from the projects which we are aligning with private developers also. So those are the projects which we are quite hopeful that give us the opportunity for the year. Railway, we are already have one project we bid and the second is INR4,600 crores of projects which we already bid, the bid yet to open. BESS, around 4,400 megawatts of bid is yet to be submitted and 2,760 megawatts of bid being done where the results are yet awaited.

What would be the roughly value of this 1,400 megawatts that we bid and 2,760 that we are planning to bid? In terms of the EPC, I'm particularly asking.

That would be roughly around INR8,000 crores.

Okay. And in terms of margin, this 15%, 16%, that guidance for a couple of years will remain intact? Or are we facing kind of a competition and maybe going forward, the margin can be on the lower side?

So as of now, the projects which we are already having in hand, which do have this margin. This is for sure. But in near future, definitely, as the market trend is giving a bit of a sense of correction where the margins are likely to be not in the same number would be around 14% or say that number. So in any case, when we bid and we try to see that -- we are not going to see that 10% to 12% margins are a doable kind of a margin for us. But we are focusing -- we are looking at the project with having 14-odd percent in any case for the future bids.

And then we are open to bid for BOT Toll also or we will prefer through the subcontract?

No, no, we are not yet explored this particular option as of now.

Lastly, just a couple of balance sheet items, inventory, debtors, trade payable, mobilization unbilled retention, HAM debtor, solar debtors?

Mobilization advance is INR260 crores and the stock stands at INR358 crores. And the debtors are at INR1,551 crores. Out of this debtors, HAM debtors are INR579 crores, solar SPVs do have INR330 crores, so these are all SPVs. Ganga is at INR277 crores and others and railway at around INR200 crores. And the current asset, which is unbilled is INR1,448 crores. Solar and HAM do have INR700 crores. Trade payable is INR1,298 crores including retention. Consol debt, INR6,032 crores and consol cash is INR255 crores.

And BESS equity till now the same INR10 crores is invested and the balance, how much to be invested in fourth quarter and '27-'28?

Solar, we have invested full equity, INR731 crores, no further requirement is there. BESS for the year would be around INR99 crores, already INR16 crores invested till date. The total equity requirement for FY26-27 would be INR605 crores, including HAM.

I have one query. As of now, in 9 months, we have done around INR3,807 crores of revenues. So in the fourth quarter, what do you expect?

See, this is the consolidated number at INR3,800 crores. On the stand-alone, we have already done INR4,300 crores. We normally count that on a stand-alone basis. But for the last quarter, we are expecting to do around INR2,000 crores.

And what would be the EBITDA margin and the profit margin, sir, we expect the same thing or it will come down a bit?

15%, roughly around 15%.

And sir, one more query regarding you told that you are having the INR4,000 crores to INR5,000 crores of -- you will get the work in this quarter. How confident are you getting that, sir?

This we already submitted and the advanced stage of certain -- for the private developers also, which we are hoping for. So this is how we are looking at around INR400-odd crores or INR4,000 crores to INR5,000 crores order likely to be added in the till March only.

Sir, till now 9 months, how much capex we have done and going forward, so we used to say minimal capex. So that stand remains?

Hardly the item is around INR305-odd crores invested in this particular 9 months and not a major would be done because -- so the kind of a project which we are having mix of that. So we do have a good amount of machines and equipment.

Okay. And this -- you said this date of INR1,545-odd crores. So maybe INR200 crores once we get the solar disbursement, it would be reduced? That is one part. And second, apart from that, any further option in terms of the reduction by this March end? And how one can then look at for FY27 onwards the debt?

So basically, there have been 2 big reasons. One is the solar debt. Second is the debtor and the current receivable, this is the current assets. So this is a very high -- all-time high because the project which we are at this stage is around 10 bid size projects, including solar, it is a 12 bid size project, which are at this particular verge of this, where certain unbilled is there, contract assets and certain debtors that they have gone high. So once we are 100% at this stage, completion is being done and the COD being done and whatever unbilled is being built and the debtors would be received. So this will give a significant relief to the debt.

And this BESS, you said the entire INR1,600 crores order book, which is there will be executed by FY27 or half of '27, '28?

Around 85% of the BESS would be completed by March because the third BESS do have the time line till June '27.

And in railways, so out of broadly currently INR2,800-odd crores, how much one can look at to execute?

We will be doing around INR1,700 crores from this project, railway.

Sorry to ask you again. Sir, our profit margin has been declining. So what's the reason for that?

In the last 3 quarters, it was at a decline stage because of some modified profit projection in few of the projects, especially Ganga and Solar and one more project of NHAI. Now they are stabilized.

Because the last quarter also, sir, it was 6.7%. No, I'm talking about the PAT margin. The PAT margin also it has been declined from 9% to 6.7%, the reason behind it?

So this is the tax rate, I think in one of the exceptional reasons has been affected this. Ultimately, it is 25%, but this time it is 32% for the reason which is kind of a provisioning being done for -- tax provision being done for the last year.

Sir, but if you accept the current bid which you had submitted 2 years back, so won't the margins be impacted on the project when we execute it?

No. If we just discount that number -- let's say, if the order is not there. So we would be having a less number of orders in any case, which is the balance order, in case what you are trying to tell. So basically that the orders in the forthcoming months and the forthcoming year need to be added to just maintain that streak of around 10% to 15% year-on-year growth. No. Margins in any case are not going because we do -- these kind of projects do have price escalation. So anything from the base date would be added to this hit for the price escalation, be it negative or positive. Yes, there's a PV clause.

And sir, these are with respect to all the road projects? Or is it diversified?

These are all roads and rail.

Okay. And sir, what is our order inflow year-to-date?

This is INR3,300 crores for the year.

Sir, can you clarify on the execution guidance for FY27, how much are you expecting from Roads, Railways, BESS and Solar? Also as a follow-up, can you also let us know the order inflow target for FY27 for future growth?

So already has been guided that we are looking at about, say, 10% to 12% year-on-year number as far as FY27 is concerned, roughly would be INR7,000 crores. And as far as order inflow guidance, we are targeting around INR10,000 crores to INR12,000 crores of order in the year FY26-27.

So out of the INR7,000 crores execution, INR1,500 crores is expected from the new project?

So that -- we have considered that out of the existing project, which is including Varanasi-Kolkata Package-10 and excluding this project of MSRDC, around INR5,500 crores would be from this project already started including this. And the project likely with the -- in the near future, including MSRDC, we are looking at INR1,500 crores from those projects.