Revenue surged 47.6% QoQ in Q4FY26 but EBITDA margin crashed to 5.83%.

How exactly are we seeing the full year for us in terms of the growth rate? And on the margins front, how is this trajectory going to be in financial year '26?

Our growth in top line is quite challenging right now because earlier we were getting railway works and now we are diversifying into bidding works also. But we are hopeful that this year, our growth will be sustained — we are expecting a growth of 1% or 2% than the previous year. But profit, we are not expecting such good profit this year because a major part of our income will be from the bidding works, where the margins are less. So definitely, there will be some hit in our bottom line. But in the next financial year, we'll be doing much better and we'll have a better growth next year. This year, it will be stagnant growth in top line and maybe we might get a dip in our bottom line.

Can you give some color on order inflow in the last 1, 2 quarters and any new opportunity emerging that could boost the order book?

In the last quarters, we have emerged as lowest in works amounting to INR3,500 crores, and already works up to INR1,500 crores have been awarded to us. We are in talks with many public sector units to get works on MOU basis. We are bidding for highway works, for railway works. There's a lot of opportunity for us in future because recently in budget, a lot of capital expenditure has been announced for railway works. So we are hopeful that we will get a good chunk out of that budget.

On the pipeline of railway orders given the 10-11% capex increase, any pipeline that you see for yourself and how this opportunity can be in terms of number?

If you see the next 3 years, we already have almost INR40,000 crores of railway works. So our first focus is to complete those works within next 3 years. That will bring us the income of almost INR10,000 crores to INR11,000 crores per annum. And parallelly, we will be focusing on getting new works on bidding. Our target is to get at least income of INR10,000 crores to INR12,000 crores from those works also. In addition, other infrastructure works are also coming, whether by PSUs, by state governments and other sector also.

What is the current status on the Vande Bharat order?

Vande Bharat is a very prestigious project for us also and railways. So we are manufacturing 120 train sets. And right now, our work is going on as per the planned progress. Our first milestone will be to give the prototype to the railways. And we are hopeful to achieve this milestone within this year as per the program of the railway, which is, I think, June 2026.

Will this be basically the sleeper Vande Bharat or the normal one?

Vande Bharat sleeper train with 16 coaches. 16 coaches planned, configuration.

Out of the INR87,000 crores order book, with INR40,000 crores nomination-based and INR47,000 crores bidding-based, what portion of nomination is currently under execution vs awaiting approvals?

No. This work is in progress. It is already awarded to us. Work is going on full swing. As I just briefed you, out of this 40,000 order book, we have to complete this order book in the next 3 years. So accordingly, works are going on.

What's the kind of execution that one can hope from this order book? Given Vande Bharat has a longer cycle and others could be shorter, what could be revenue execution cycle for the INR47,000 crores bidding piece?

The cycle for this is quite long, for Vande Bharat and BharatNet. But parallelly, we are undertaking many other works like highways, port sector also, work is in progress. So we are hoping for the next 3 years, our 50% of revenue will be from the railway works, which is 40,000; and 50% of our revenue will be from our bidding works, whether from Vande Bharat or from BharatNet, from highways and other railway sector. So we are hoping that 50%-50% revenue will be from each sector.

What's the total revenue guidance for FY27? This year is flat — how does FY27 look?

No, there will be definitely sustainable growth. We are targeting growth of between about 10% per financial year. And we will achieve it because our order book is very strong and the industry is also showing signs of a lot of infrastructure works coming up. And we are talking to many states, public sectors to take up work on MOU basis. So we are very hopeful that we will achieve 10% growth in our top line and bottom line, too.

How would you guide on EBITDA margins for FY26 and FY27 given the 50-50 mix?

Margins, as you know, there are two revenue streams we have: one is railway, which have a very good profit stream; and biddings, we definitely are getting also on competition basis. So sometimes the margins are less and high. But on an average, we will definitely get an EBITDA margin of 7%.

So around 7% margin in next financial year. And on a turnover, this year close to INR20,000 crores — 10% over that is what you're guiding for next year?

Yes.

Can you provide the order book breakup that you mentioned — central, state, private — how this number can be for us?

Good afternoon, Vishal. our orders are from various diverse sectors. Railway is still our core. Railway orders comprises of around 45% of our total orders. Then road sector, we have got around 10% of our total orders. Electrical sector, where we have got a diverse mix of orders from basically RDSS, which are basically revamped distribution support system in 4 states and transmission line and railway electrification works, they comprise of around 15%. And signalling and telecom work, which includes railway telecom works, signalling works as well as the BharatNet projects, they comprise of around 15% of our order book. And around 7% order book is from our mechanical sector, which includes our share in Vande Bharat and some of the workshop projects. And besides that, we have got an order book of around INR3,500 crores from international projects.

So is it fair to say, barring electrical, most of the projects are from the central government side?

Yes. Most of our projects, barring electrical distribution support systems, they are from the basically central government. We are working for national highways and railways, major... And metros. Metro is also an important segment.