Ladies and gentlemen, good day and welcome to Cemindia Projects Limited Q4 FY 2026 earnings conference call. 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 the 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. Mahesh Patil from ICICI Securities. Thank you, and over to you, Mr. Patil.
Yeah. Thank you. Good morning to all. On behalf of ICICI Securities, I welcome you all to the Q4 FY 2026 earnings call of Cemindia Projects Limited. Today we have with us from the management, Mr. Jayanta Basu, Managing Director, Mr. Nitesh Sharma, the CFO, and Mr. Rahul Agarwal, Head of Investor Relations. We will begin with the opening remarks from the management, followed by Q&A. Thank you, and over to you, sir.
Good morning, everyone. This is Jayanta Basu, and thank you for joining us in this conference call of Q4 FY 2026 results of Cemindia Projects Limited. Nitesh is not available now, so Kamlesh Vishwakarma is our account head. He will handle the financial stats. Before we begin, I would like to note that our discussion today may include certain forward-looking statements relating to the company, Cemindia Projects Limited. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Now I hand over to Kamlesh to discuss about the result of last quarter and the last whole years. Kamlesh, over to you.
Thank you, Mr. Basu. This is Kamlesh Vishwakarma. I head the accounts and taxation in the company. Let me run through the financial performance for the quarter and the year-end. The total operating income, INR 273 crore in Q4 FY 2026 against INR 253.2 crore, which is a growth of around 17% on year-on-year basis. EBITDA is INR 450 crore, in the Q4 of financial year 2026, against INR 270 crore, which is a growth of around 66% on YoY. EBITDA margin is at 15.1% in Q4 financial year 2026 against 10.7% in quarter four, financial year 2025. PAT for the quarter is INR 242 crore against INR 113 crore, which is a growth of around 114% on YoY basis. The financial performance for the year 2026. The total operating income is INR 10,061 crore against INR 9,246 crore, which is a growth of about 9%.
EBITDA at INR 1,199 crore, against INR 939 crore, which is growth of 28%. EBITDA margin is at 11.9% for FY 2026, against 10.2% of FY 2025. PAT is at INR 598 crore in FY 2026 against INR 373 crore, which is a growth of about 60%. Conservatively financed with a net EBITDA-to-equity ratio is 1.1%. I will hand over the mic to Mr. Basu, and he will touch upon the operational performance of the company and the order book related discussions.
Thank you, Kamlesh. We are extremely happy to share that we have crossed the INR 10,000 crore limit in terms of revenue first time in our company history. This is something which is a good achievement and the momentum which took place five years back is still continuing and will continue further. More than that, if you see the profitability, whole year EBITDA is close to 12%, profit before tax is 8%, and PAT is 6%. Quite healthy numbers. Moreover, we have secured around INR 14,000 crore of jobs, excluding the L1 and the job which have secured in April. Put together, INR 19,000 crore jobs we have secured, which normally used to be around INR 7,000 range in previous years. So phenomenal jump in work secured. Today, our work-in-hand position is INR 29,000 crore, which used to be around INR 20,000 crore-INR 21,000 crore till last year.
So good work in hand, and there is no legacy job left out. With the push of our promoter, the futures are definitely going to be further better. Now, touch upon the pipelines. We can see that there are at least INR 70,000 crore of jobs in pipeline. Some in tender stage, some tender is to be out, and some we have submitted the tenders in various forms of that INR 70,000 crore. There are a few worthless job in this list, and we are working hard, and there are a lot of pressure from the promoter as well to secure more and more job. In terms of the project performance, we have faced few signature project in this year, like Udangudi, as we discussed in the con call, is almost complete, 100% completed and commissioned as well. We have completed Bangalore Metro, we have completed Mumbai Metro underground.
We have handed over this Circuit Bench at West Bengal and many other projects we have completed. The job which we have secured also last year. A few jobs I have to highlight, that Kolkata Metro underground, Pune underground metro, Delhi underground metro, one port for JSW, and one works job at Abu Dhabi, one small job at Project Varsha, one building in Kolkata. So a lot of jobs we have secured last year beyond the group, as there are a lot of prospects in front of us. We hope that momentum will continue. So that is from my side at the moment. If you have any questions, we will be happy to answer them. Thank you.
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touch tone 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, we will wait for a moment while the question queue assembles. The first question comes from the line of Kaushik Doshi with ICICI Securities. Please go ahead.
Hi, sir. Thank you for the opportunity. Congratulations on the good set of results. My first question is on the order book. You have got a road project in your order book. What are the plans here? Can we expect more projects? What will be the margin given the subcontract to you?
Yeah, we just secured a road -cum -bridge. I mean, it is road, but half of the road is elevated. This is in Bihar. We just secured the job, and it is very initial stage. We hope that we will be able to do better in this job because it is in greenfield area, and it is not only road, it is elevated corridor also. Yeah.
And sir, what will be the margin given this is subcontracted to you?
It is not subcontracted. It will be done by ourselves. The way we do that, some of the job may be subcontracting but part of the job, but mostly it will be done by us. Margin, in the road sector, you know what is the margin. Unless you start and do the job, it is difficult to say what will be the margin.
Okay. Sir, my second question is, what will be the guidance for FY 2027 in terms of revenue order book?
Revenue should be at least 25% more than this year's. Order book, this year, we have secured around INR 19,000 crore. We just see more than that. Maybe INR 25,000 crore is our target. Let us see.
Okay, sir. Understood. Sir, my next question is, what was the driver behind the margin expansion? What will be the sustainable number, if you can highlight on that?
Margin expansion.
For this financial year.
Yes.
The driver for this financial year.
See, basically, we have done good job. That is the driver. The project has been executed on time, within the budgeted cost.
Cost monitoring.
Cost monitoring done properly, proper execution, and a few of the claims which were pending from the client that has been realized. Put together, margin is improved compared to other financial years.
Okay. Sir, what will be the opportunity size in marine sector for FY 2027?
Marine is a limited market, as you know, but there are Vadhvan Port, which is yet to start in that way. There will be opportunities in Vadhvan Port and some job in Bangladesh also in the pipeline. I think more or less, that's all.
Okay, sir. Thank you very much. Once again, congratulations.
Thank you.
Thank you. Next question comes from the line of Dhananjay Mishra with Sunidhi Securities. Please go ahead.
Am I audible, sir?
Yes.
First of all, congratulations on achieving INR 10,000 crore revenue mark, and you have kind of exceeded our previous year's guidance in terms of revenue and also in terms of ordering flow in the order book. Congratulations on that front. This quarter margin, if I include other income, it is showing 11%. Was there any one-off in this margin or maybe last quarter's expenses has been incurred, or if you can explain on that, one, is that 10% margin, or it came from particular completion of the project, some milestone payment achievement. Can you explain that? Because you have been guiding 10% EBITDA margin, 10%-10.5%.
Well, few jobs like Bangalore Metro and Mumbai Metro has contributed to the bottom line. In fact, other jobs also have done well. Put together and few claims we have realized. Put together, margin is better, as I mentioned just now. There is no legacy job like we used to have before. Those are all behind us. As a combination of whole things, that margin is improved.
Okay. But for annual basis, we should take 10.5%-11% kind of EBITDA margin, excluding other income.
Yes.
Not the 12%, yes, 11%-12% margin.
No, 10.5%.
You mentioned that our closing order book is INR 29,000 crore and our [representation is] INR 25,000 crore. You have also included some L1 position in this order book?
Yes, we have included.
Order book amount.
INR 26,600 crore. Another one job we secured in April, INR 3,200 crore. Put together, it is INR 29,000 crore.
Okay. Most of the orders which came in Q4 are from the group order. Going ahead in the first half, how do you see order inflows coming? As you mentioned, the INR 70,000 crore opportunity is there. Which all our projects we are expecting, like Vadhvan is still awaited and some more projects are awaited. This segment, we see orders coming apart from group, of course, we will be getting orders.
Apart from group, road, highways, and tunnel, these are the segments where their opportunities are huge. Only thing, when they will be materialized and when the order will come, that is the issue. That is not in our hand. Projects are all on DPRs and the design is going on. The large chunk of order may come from roads and highways and tunnel, large diameter tunnel.
Okay. Lastly, the CapEx amount you can give, which we are planning for FY 2024.
INR 260 crore. CapEx INR 260 crore.
For FY 2024 you are planning or FY 2026?
No. This is for the last year. 2027, it will be more. It will be around INR 350 crore- INR 400 crore.
Okay. Thank you, and all the best.
Thank you.
Thank you. Next question comes on the line of Siddharth Shah with MK Ventures. Please go ahead.
Yeah, sir, thank you for the opportunity and congratulations for a great set of numbers. I am very happy with the performance and in terms of execution margins and ordering to everything. Sir, my question was on the data center business. If you can, kind of highlight how is it progressing and what kind of orders we have won in the data center business and what is the potential here. My second question is on the road tunnel projects, I think, which Adani Group has won as a group. Are we bidding for that project? What is the status there and by when we can expect an outcome? Third is an update on a Vadhvan project, which we have won. Is the execution starting? Next phases of Vadhvan, when is the bidding expected?
I will start from the last question, the Vadhvan. Vadhvan project, as you know, we have been there for last more than a year. We call them local issues, which is beyond our control. Things are getting delayed, so we want to be settled down there once the things are okay. Regarding future tender, as you know, breakwater tender is already on, and dredging and reclamation tender also on. These are the future tender. Beyond that, I have no idea what is going to happen.
Sure.
This is about Vadhvan. Regarding your road tunnel job, yes. Road tunnel job, our group is L1, but they are yet to get the order. Once they get the order, they go for tender and we will participate, of course, and we will see what will happen. We are definitely very keen to get this job, one of the job from the Bangalore.
Okay. Sure.
Your first question was regarding data center. Yeah, data center is something new to us. We have opened a new division. I have already secured three or four jobs from Adani Group, our group, and the job we have already started. There are a few jobs opportunity in Vizag. We are trying to confine ourselves in data center within the group, I mean, opportunities for the time being. Opportunities are huge, as you know. Yes, that is about the data centers.
Sir, how much is our order book from data center business currently, including confirmed orders in advance?
So far it is around INR 3,000 crore we have secured from our group.
Okay. Great, sir. Thank you so much, and all the best. Thank you.
Thank you.
Thank you. Next question comes from the line of Bhavin with Anand Rathi. Please go ahead.
Hi, sir. Thank you for the opportunity. My first question is, this quarter or this year, we saw the contract liabilities increasing, like mobilization increasing almost INR 500 crore. Is this with respect from the promoter group and what is the interest rate? Is it interest-free or what is the interest that is being charged?
The promoter, you are talking about the advance?
Yeah, mobilization advance, sir. I saw there is an increase in the mobilization advance. Just wanted to know what is the interest rate and what proportion is from the promoter group.
The interest rate is mixed. Some job we have got interest, some we do not have interest.
Okay.
It is a mix of that. We secure some large job like ADNOC and some jobs in Vizag. The mobilization advance is the same as for the last year also. There is not much increase.
Okay. Sir, whatever back-to-back EPC arrangement that we have with the promoter, do we get the mobilization interest-free advance or there is an interest charged on that also?
It depends upon the project because they also have different kind of jobs. They have some captive jobs, they have some SPV for the government. Based on their terms and conditions with the government or bank, they put whether it is free or not.
Right.
There is no generic rules or clause.
Sir, second, with respect to the underground metro or the tunneling. Recently we also won the Delhi Metro Tunnel project. Second, I believe there are also talks with the group for the Bangalore two underground tunnel projects that the group has won. Just wanted to understand how many TBMs that we currently have, how many are deployed, and is there any way, future going with respect to the new TBMs?
Yeah, if we have to do more job, we require more TBMs. I mean, very simple on that.
Right.
One TBM, if we engage for a job, it is engaged for three to four years time. So we have got TBMs at Chennai Metro now, four TBMs. Bangalore Metro TBM, we have just sold. But these TBMs are only for the metro work. We are buying new TBM for Pune Metro and Delhi Metro. Beyond that, if we get large diameter tunnel, we have to buy large diameter TBM.
Okay. So right now we don't have any idle TBMs, right? Which can be used for other projects or for other wins.
No. At this moment, no.
Okay. Got it. Yeah, that is it from my side.
Thank you.
Thank you. Next question comes from the line of Jainam Jain with DAM Capital. Please go ahead.
Thank you for the opportunity. Sir, we haven't received the LOA for the Mor Sagar project from Adani Group. What's the status over there currently?
Sorry for interrupting, Mr. Jain. Your sound is not clear. Can you just come a little-
Hello. Can you hear me now?
Yes. Please go ahead. Thank you.
Sir, we haven't received the LOA for the Mor Sagar project from the Adani Group. What's the status currently over there?
See, Mor Sagar, first of all, it is a joint venture between us and our group. We have 27% stake. Now, it is very initial stage of design and engineering is going on. The EPC contract will be awarded. It can be awarded to us, it can be awarded to somebody else based on the price, based on the further discussion with the promoter and ourselves. Yeah.
Okay. Currently, we are L1 in around INR 70,000 crore worth of projects, right?
Yes. We are L1 in a job in West Bengal for-
One of them is the Delhi Metro. What are the other projects?
The Delhi Metro, we have secured the order.
Secured.
The order is [already accounting].
And that SAIL order is yet to come.
Okay. And sir, we present big dip on the gross margin front during this quarter. Is there any specific issue which you would like to highlight?
No, we have done good job. That's all. Margin is better.
Okay, sir. Thank you so much.
Thank you. Next question comes from the line of Parikshit Kandpal with HDFC Securities. Please go ahead.
Hi, Jayanta sir. Congratulations on a great quarter.
Sorry for interrupting, Mr. Kandpal. Can you speak a little louder? You are not audible.
Is it better now? Hello.
Yes. Please go ahead.
Sir, congratulations again on a great quarter. My first question is, the pipeline of INR 70,000 crore which you have given, does that include the parent company's pipeline also, or will that be over and above this?
First of all, thank you for joining the con call after so many con calls. After a long time, I am hearing your voice.
Great. Yes, I too, also. Yeah.
Yeah. The INR 70,000 crore is a number which includes few jobs in pipeline in terms of tender we have submitted and some jobs which may come in our horizon. What was your specific question?
I was asking, will this also cover the group pipeline of orders?
Yes. It covers the group.
How much will be that pipeline, like in the INR 70,000?
Yeah. I think group will be around 35%-40% out of this.
Okay.
Yes.
Sir, I think the Navi Mumbai airport phase II, any plans there? I mean, are you going to bid for that whenever it comes? What's your view there? Because I think it is a large contract of more than INR 10,000 crore. How are we placed for that?
Yeah, of course, we'll bid for that. Of course, we want some of the job from phase II as well.
Okay. Also within the group, can you highlight any the PSP project which group is planning to take, which involves huge CapEx, and it is kind of a marine in nature. Are we looking for some project in PSP or transmission side where the group has lot of exposure on renewable energy side. How are we looking to tap into the EPC opportunity on the renewable side from the group?
Yes, there are huge opportunity from the group, as you know. But all this comes to competitive bidding and negotiations and discussions. Yes, opportunities are there, and we have to secure the way we secure our external job. There is no special preference to us.
But any views on whether you will enter into the tower side of transmission or whether you will be limited to only civil like the job you did in Bangladesh. Will it be like that only on the opportunity side from T&D, or are you looking to do manufacturing also on the T&D side?
T&D side, Bangladesh , if you see, that is basically you have done the foundation part, not the tower part. If something comes like that, it's a big foundation job, of course, we'll be there. Otherwise, so far, the tower is not in our radar.
Okay. Just on the margins, sir, I think some large projects like Ganga Expressway got commissioned, and some other, I think Udangudi , you said, got commission. Was there any LD reversals, in the margins which looked very robust on this 12% EBITDA margin excluding other income? Is it just that this quarter all these closures led to some reversals in LD or this as a trend will now move from 10% or on a EBITDA margin excluding other income to more like 11%- 12%? Is the trajectory on the margins side becoming more positive?
Yeah, let me clarify this point. Udangudi has done good, better than the original estimated price. Basically, the margin this quarter has come from few provisions which we have kept for few Metro jobs and Marine jobs which we have to release. Jobs will got come completed. This will not be a regular phenomena, it will be around 10%- 10.5% going forward. In last quarter also, we have booked some margin from the claim which we have received from few of the clients. That is why.
Just the last question on the Chennai Metro. I think now the TBMs have done their work and you have had the breakthrough. What is the present order book left in that and when do you expect to complete this project?
This project, once you complete the TBM, it goes at least one to 1.5 years. This will be going up to end of 2027 or beginning of 2028. If you see in terms of the value, around 40% job is still left out put together.
Okay. Stations are also in our scope in this?
Yes.
Okay. About mid-2028, we will complete this job.
Yes.
Any other major opportunity coming on the Metro side, sir? If you can give us some breakup of the INR 70,000. I think you have said 30%, 35%- 40% is from the group. What will be the breakup segment-wise of this prospect pipeline?
See, if you ask me that way, elevated Metro, I am ignoring now.
Okay.
Basically, tunnel, which includes underground Metro, road tunnels, and some other tunnel, is around INR 1 lakh crore. That is the opportunity we have. Not immediate, but total market size today. More than INR 1 lakh crore. Roads and highway also around close to INR 1 lakh crore markets available. These are the main two segments, road, highway, and tunnel, where a lot of emphasis given by the government and a lot of opportunities are available.
Sure, sir. Thank you, sir. Those are my questions. I think we should move on to the next.
Thank you.
Thank you. Next question comes from the line of Bajrang Bafna with Sunidhi Securities. Please go ahead.
Congratulations for a very strong set of numbers, sir. Just to see that we are seeing globally, the prices of all, whether it is crude or, for that matter, cement or steel, everything, the inflation is going to be pretty high, going into maybe Q1, and probably it could prolong for some part of the year also. How do we see margins under that trajectory? Do our contracts have the pass-through clauses across different projects that we are executing right now? Under that parlance, if you could guide us, how the scenario is going to be, at least in the foreseeable future, maybe this quarter and next quarter, considering the crude is expected to be at elevated levels. That's my first question, sir.
Okay. We have to make it compartmental answer because the job what we have now, some of the job we have got start price agreed with the customer. It means, if the price of any commodity goes up, they'll compensate for that. It goes down, we pay them back. Around 30%, I'm not very sure, close to 30% jobs are under that category. There are other kind of job where escalation clause are provided. Some part of the escalation of the cost will be covered by the escalation cost provided. Somewhere, there is nothing available. These are the three category jobs we have, and we have to assess really that how much price of commodities goes up. Definitely, there will be some effect of that because that is beyond the normal escalation, and that will have some effect in our margin.
Going forward, for the future job, we definitely will take care of those additional risk in our budget. That should be taken care by the new price what we put. We have to assess. Exactly, I don't have a number how much it will be affected, but there will be some effect, of course, yeah.
Okay. Considering those effects, if 10% is something which is doable, right? Assuming that these scenarios will definitely persist.
See, I do not want to commit anything, but definitely, we will try to achieve more than 10%.
Got it, sir. Just one other thing. You see most of the states, the typical problem is that these freebies, which every state is adopting, and with these elevated crude prices and all, I think subsidy burden on the central government is also expected to be high. So how are you seeing the payments for our projects? Of course, you are to some extent insulated when you take Adani projects and all, and your risk pertains to that group only. But beyond that, how do you see that environment, where last one or maybe 1.5 months, where there is a significant pressure of the high crude prices on the government finances also? So what is your sense, and what are you reading in that, and how do you see this year in terms of your order intake and execution cycle?
Because at the end of the day, the payment has to be there for you to execute well. Just some sense, because since you are also connected to the government machinery and the largest group of the country also. So some guidance would be really valuable, sir. Thank you.
Yeah. As far as payment from the government, again, we have to classify for which government, which project we are working for. Normally, based on our experience, if your bills are certified, the payments are made within the time given in the contract. There are items which is not certified, we have to wait. We have to go for dispute. So that is a different part. Otherwise, so far, we are working for defense, we are working for railways, we are working for CPWD, even some state government project also. The payments are so far okay, and I do not think it will affect much in going forward. Few states we have to be careful, as you know, that they are not with good enough amount of treasury. But otherwise, central government payments are all okay.
Sir, in terms of guidance, anything that you want to talk about the order intake and the revenue guidance going into FY 2027? Any visibility that you would like to give us?
See, we can plan for something, but it depends upon. There are opportunities aplenty. But when those opportunities will mature to the convert to order, that is a point. Sometimes you expect it in the first quarter, you get it in the last quarter. All those factors are there. But I think 20%-25% growth is quite possible in terms of top line.
Good. Great to hear that, sir. I think now, I would really appreciate one effort. Now you are in the hands of one of India's best group and probably has got the capability in terms of finance as well as securing orders and execution. All parameters now, we have got a very high hope on this company when it comes to the Indian infrastructure side. We have seen L&T as one company, and now the kind of bandwidth that this company and the management and the finances is having. Sir, please, one request from our side, that we have got very high hopes from you right now. We have seen earlier Cemindia, which has come out of woods from 3%-4% kind of margins to maybe 10%. So now you are working with India's one of the largest group.
Our hope that we do not want to see this 20%- 25%. That we have seen even without this group. We would like to see little higher in terms of order intake and execution. That is just a humble submission, that now since you are in hands of India's one of the best group, and we would like to see the industry-leading growth and the margins, and the controlled balance on working capital from your side. Just a humble submission, and that is all from my side. And wish you all the very best for bright future, sir. Thank you.
Thank you. Thank you so much.
Thank you. Next question comes from the line of Vaibhav Shah with JM Financial. Please go ahead.
Yeah. Sir, firstly, on the margin side for the 4Q. Can you quantify the amount of claims and provision reversal for the quarter?
Claims, INR 150 crore.
For 4Q, what would be the number?
4Q.
Quarter four is the total claim which we have realized from one of the projects, is that INR 100 crore.
Okay. And INR 150 crore for the entire year.
Yeah, I think one time actually. It was an old claim which got realized during this quarter.
Yeah, INR 150 crore for the whole year. Quarter four, INR 100 crore. You are right.
Yeah. INR 100 crore would be sitting where? Other income is INR 92 crore. Part would be in other income, part would be in the reversal out.
Yeah. The breakup was like there was a major part was towards the interest which got reported as other income, and the rest was towards the work done, which is a part of the revenue.
Okay. Secondly, what would be the receivables from Bangladesh right now?
Bangladesh receivables are under control, but exact numbers, do you have? Anybody have? I really have to check.
Okay. In first quarter of this year, 1Q 2027, what would be the order inflow we have received so far? INR 3,200 crore you mentioned. INR 3,200 crore for one order. Apart from that, have you received anything else or we are L1?
We are L1 in one job at Vadhvan Port, INR 1,600 crore odd. That order should come.
Roughly INR 5,000 crore including L1.
Including L1, it should be INR 5,000 crore.
L1 plus order inflow till date is INR 5,000 this year?
Yes. So far, yes.
Yeah. Okay. And sir, any slow-moving projects apart from Vadhvan in the order book?
Yeah, Vadhvan is a slow-moving project. I don't think-
Apart from that?
No, no.
Okay. Sir, lastly, one book-keeping question. What would be the amount of mobilized advance as of March 2026?
It's INR 1,400 crore.
Out of this, what would be interest bearing?
Interest bearing is, I think, around 10% of the total advances as of now.
Okay. 90% is interest free?
Yeah, 90% as of now. As on today, it is interest free.
Okay. Thank you, sir. Those are my questions.
Thank you. Next question comes from the line of Nipurn Khemka, CD Research. Please go ahead.
Hi sir. Good morning. My first question was, what are the expectations for PAT and PAT margin for FY 2027?
We will try to maintain the same momentum, same kind of margin.
Okay. And sir, why was no dividend declared this year?
Yeah, dividend was supposed to be declared, but there is some delay in our process. It will be declared very soon. Within two weeks it will be declared.
Okay. That's it. Thank you.
Thank you. Next question comes from the line of Dalpat B. Mehta with Suncity Advisors. Please go ahead.
Yeah. Congratulations, sir, for a good set of numbers. I just wanted to know what can revenue growth expected for next three to five years.
Well, three to five years, quite a long-
Yeah.
We should grow now around 25% for another one or two years, and then we see. Because now, very high time going up for internal infrastructure. We really do not know how long it will continue. So up to three years is okay, but beyond that, it's difficult to predict. We used to grow at the rate of 20%-25%.
Okay. Is there any plan for fund-raising in near future?
No, I think we are okay with the fund what we have. There is no plan as yet.
Okay. Thank you, sir.
Thank you. Next question comes from the line of Vignesh Iyer with Sequent Investments. Please go ahead.
Hello. Thank you for the opportunity, sir. Sorry if my question is repetitive, I have joined the call late. Just wanted to understand on the expense part, since there is a lot of, on the raw material side especially, we are seeing a lot of inflationary impact coming in. Just want to understand if our orders are such that where cost escalation are passed on, or how is the payment, or where do we take any part of the-
Sorry for interrupting, Mr. Iyer. Your voice is breaking. Can you come in the range and talk?
Am I audible now? Hello.
Yes, you are. Please go ahead.
Sorry. Just wanted to understand the impact of the inflationary pressure on the raw material. Do we pass on the entire cost escalation, or do we take some part of the cost escalation hit on our books?
No. Pass on means it depends upon the agreement what we have with the customer. I mean, just I have mentioned that in some agreement, you are allowed to pass on. In some, you are having some escalation clause available, so part of the escalation is compensated with escalation clause. In some, you do not have anything. Totally depends upon the terms and conditions what we have. But most of the time, as you see that around 80% of the jobs are provided with the clause where it will protect your inflation cost. Normal inflation cost, not abnormal inflation cost just because of war and all. Normally, it is protected.
Right. Got it. That is all from my side, sir, and all the best. Thank you.
Thank you.
Thank you. Next question comes from the line of Bhavin with Anand Rathi. Please go ahead.
Thank you, sir, for giving me the opportunity again. Sir, this question is with respect to Vadhvan Breakwater project. I understand the technical bid was open in October. After that, there has been no progress. Can you just give us a little insight of how or why this is getting delayed? Are there any permissions or something which is pending?
It is totally up to the customer when they want to release it, when they have to open it. Why they are delaying also is not known to us.
Okay. Any security-related challenges or something like that?
No, I think we have got no idea why it is getting delayed.
Okay. Second, with respect to the government has come up with a Jal Jeevan Mission 2 plan, and we are seeing that the Rajasthan government has almost committed INR 10,000 crore of water supply projects. So how comfortable as a group now we are with respect to the Jal Jeevan or the water supply project? Most of this project from the Rajasthan government is under the HAM model. So are we looking forward to bid for such kind of projects?
Not really. Provided it is from the group. If they bid, if they get, then we'll be there as EPC contractors. I mean, we'll try to get the EPC contract job.
Okay. But as a group, are we, after the Jal Jeevan Mission getting revived, do we as a group have a confidence in the Jal Jeevan Mission anymore, or would it be on a case-to-case basis?
See, this is totally different ball game. It does not depend upon the construction at all. It depends upon the business model. So what group is thinking can already-
Right.
Yeah.
Got it. Thank you, sir.
Thank you. Ladies and gentlemen, that was the last question for today. We have reached the end of question and answer session. I now hand the conference over to the management for closing comments.
Thank you everybody for joining this con call. I am keeping faith on our ability. We hope we continue to do that. Meet you again in the next con call. Thank you very much.
Thank you guys.
Thank you. On behalf of Cemindia Projects Limited, that concludes this conference. Thank you for joining us. You may now disconnect your line.