Ladies and gentlemen, good day, and welcome to the Ashoka Buildcon Q1 FY 2027 earnings conference call hosted by IIFL Capital. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mudit Bhandari from IIFL Capital. Thank you, and over to you, sir.
Thank you so much. Good afternoon, everybody. On behalf of IIFL Capital, I welcome you all to first quarter FY 2027 earning conference call of Ashoka Buildcon Limited. From the management, we have Mr. Satish Parakh, Managing Director, and Mr. Paresh Mehta, Chief Financial Officer. With this, I would request Satish to start with his opening comments, and then we can open the floor for question and answer. Thank you, and over to you, sir.
Thank you, Mudit. Good afternoon, everyone. A very warm welcome to all of you joining us for Ashoka Buildcon earnings conference call for the quarter ended 30th June 2026. Joining me on today's call are our CFO, Mr. Paresh Mehta, along with our investor relations advisor from Strategic Growth Advisors. I hope everyone has had the opportunity to review our financial results and investor presentation, which have been uploaded on the stock exchanges and the company's website. Let me begin by giving a brief perspective on industry environment and then take you through some of the key development of Ashoka during the quarter. Q1 FY 2027 has started on a mixed note for infrastructure sector. On one hand, the domestic highway awarding environment continues to remain subdued. On the other hand, we are seeing encouraging opportunities emerging in the areas of railways, power transmission and distribution, and international infrastructure.
In the highway segment, the pace of fresh awarding continues to be below the levels we have seen historically. NHAI awarded only around 5 km of projects in June, compared with 102 km in May. While construction activity in June declined 32% year-over-year to around 274 km. For the first two months of FY 2027, construction stood at approximately 638 km, which is around 34% lower year-on-year. While we remain positive on the long-term fundamental of India's road infrastructure, we believe the sector is currently going through a period where the focus is shifting from simply awarding more kilometers to ensuring that projects are properly appraised, land is made available, and execution can proceed efficiently. For us, this makes diversification particularly important. At the same time, the medium to long-term opportunity in Indian infrastructure remains strong.
The Union Budget has provided a significant push to the railway sector with a record capital expenditure allocation of approximately INR 293,000 crore. The government has also announced seven new high-speed rail corridors totaling around 4,000 km with an estimated investment potential of INR 1,600,00 crore, along with 2,052 km dedicated freight corridor between Dankuni and Surat. This is important because the opportunity in railways is no longer limited to traditional track construction. It increasingly spans over electrification, signaling, safety systems, freight infrastructure, station development, and other specialized EPC requirements. For Ashoka, this creates an opportunity to leverage our existing execution capabilities and participate in infrastructure spending beyond the traditional road segment. The Power Transmission and Distribution segment is another area where we see long structural growth.
India is adding renewable energy capacity at a rapid pace, but the success of this transition depends equally on ability to evacuate and transmit that power to consumption centers. This is driving significant investment in interstate transmission systems and energy corridors. Let me now highlight key business developments for Q4 FY 2026. Q1 FY 2027 was marked by international and non-road wins while domestic road awarding stayed muted. We believe this is an important development because it demonstrates that our diversification strategy is beginning to provide us with alternative avenues for growth while the domestic highway cycle remains subdued. In Guyana, we received a letter of award from Central Housing and Planning Authority for the four laning of Versailles to Parika highway in region 3. The project is valued at $35.42 million, around INR 328 crore.
This award is particularly encouraging because it further strengthens our international road infrastructure portfolio in South America. In Chhattisgarh, our joint venture received a letter of award from Chhattisgarh State Industrial Development Corporation for the development of Gems & Jewellery Park in Raipur under the PPP mode. The project involves a premium approximately INR 112.4 crore, with Ashoka holding 51% stake in the joint venture. The project has a five-year construction period and a 30-year lease extendable to 90 years. What makes this project strategically relevant is that it represents our entry into industrial park development and therefore adds another vertical to our infrastructure portfolio. As a part of our portfolio streamlining, we diluted our stake in Ashoka Purestudy Technologies Private Limited from 59% to 39.33% pursuant to a preferential allotment resulting in a classification from subsidiary to an associate company.
Coming to the order book status, the company received two new project orders, as discussed from [inaudible] Central Housing and Planning Authority, Republic of Guyana INR 328 crore and Chhattisgarh State Industrial Development Corporation Gems & Jewellery Park of INR 450 crore. As on 30 June , our order book stands at INR 15,251 crore, excluding order received after 30 June , that is INR 450 crore. The breakup of the order book is road and railway comprise of around INR 9,648 crore, which is 63.3% of the order book. Among the road order book, HAM projects are to the tune of INR 1,500 crore and EPC is worth around INR 6,780 crore. And Railways is around INR 1,346 crore. Power T&D accounts for around INR 5,066 crore, which is approximately 33.2% of the total order book. The building EPC segment is INR 536 crore, which is 3.5% of the total order book.
With this, I would now request Mr. Paresh Mehta, CFO, to present the financial performance. Thank you.
Thank you, sir. Good afternoon, everybody. Starting with the standalone numbers, for Q1 FY 2027, total income stood at INR 1,320 crore as compared to INR 1,339 crore in Q1 FY 2026, flat year-on-year. EBITDA for the quarter stood at INR 126 crore, down 17% Y-on-Y with EBITDA margin of 9.5%. Profit after tax stood at INR 31.5 crore against INR 30.6 crore during FY 2026 Q1, up 3% Y-on-Y. Our revenue contribution for each segment for Q1 FY 2027 is as follows. Road EPC contributed 49.3%, road HAM contributed 10.2%, Power T&D contributed 18.4%, Railways stood at 11.5%, and other segments like building EPC and others contributed to 10.7%. Coming to the consolidated numbers, total income for Q1 FY 2027 stood at INR 1,534 crore as compared to INR 1,937 crore in Q1 FY 2026, registering a 21% decline, largely contributed by monetization of BOT and HAM projects in the last Q3 FY 2026.
EBITDA for the quarter stood at INR 292 crore, down 55% year-on-year, with EBITDA margin at 19%, again, due to monetization of HAM and BOT assets. Profit after tax stood at INR 127 crore during Q1 FY 2027. In Q1 FY 2027, our BOT division, the company recorded a gross total toll collection from Jaora-Nayagaon toll road project of INR 75 crore, up by 8% year-on-year. With this, we now open the floor for question answers. Thank you.
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and then two. Participants, you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all, you may press star and one to ask a question. We will take the first question from the line of Aditya Sahu from HDFC Securities Limited. Please go ahead.
Hi, sir. Thanks a lot for the opportunity. I had a few queries and data points, if you can help me with. This is pertaining to the bid pipeline. What would be the bid pipeline that we have right now? If we can throw some light that where are we bidding the projects, considering that road awarding has been next to nothing. If we can throw some light on which sectors and what is the amount of the bid pipeline.
Yeah. If you see the bid pipeline, NHAI and MoRTH alone is throwing up around INR 100,000 crore of bids are to be coming in. If you see states, then another INR 25,000 crore bids are on the pipeline. Other than this, railways is there, which is throwing around INR 50,000 crore of bids, which are already now under pipeline. Other than this, Power T&D and renewable energy sector are there, where we are also bidding for EPC.
Okay. What would be the value of projects that you bidded for right now, as on date, if you can help me with that?
Could you just repeat your question?
The value of projects that we would have bidded as on date.
So wherever we have bid and bids are not yet open, is around INR 8,000 crore.
Okay. Understood, sir. In terms of the revenue, EBITDA, and the order inflow guidance, if you can provide that.
Guidance, we are lowering down from 20% to, it will be between 10%-15%, because this quarter has been flat due to various reasons—
Right.
—and various uncertainties, particularly supply chain.
Okay.
This year's overall performance will be able to touch between 10%-15% growth. Order inflow we are—
From only 20%, I think. Because you had mentioned 20% earlier.
Yeah, 20% is what we had expected. That has been pushed back by another 5%. Yeah.
Okay. On the EBITDA margin front and the order inflow?
Order inflow will be to the tune of INR 6,000 crore-INR 8,000 crore. We have already got INR 800 crore in Q1.
Right.
We are L1-ing around INR 1,800 crore.
Okay.
That will materialize in Q2. Further, we should be able to bag around INR 6,000 crore-INR 8,000 crore in balance three quarters.
Okay. So, okay, INR 6,000 crore-INR 8,000 crore.
Q1 has been good, by the way.
Q1 has been good, INR 780 crore plus L1 in INR 1,800 crore.
Okay.
Yeah.
The margin guidance stands at the same levels, 9.5%-10% roughly that we were targeting?
For the year, around probably we will touch that once we ramp up our revenues in H2. H1 will continue to remain subdued, but H2 will definitely ramp up and there we will catch up with 9.5% of EBITDA.
Okay.
Based on whatever we are spending for the new projects which are taking off, where initial establishment expense is now being incurred, mobilization. That we can ramp up in the H2, and margins will also look better.
Understood, sir. On the HAM equity requirement, what would be the investment amount that we have done till date? And how much would be the pending contribution on a year-on-year basis?
For the coming years, for 2026/2027, we will have INR 179 crore of outlay on the HAM projects.
Okay.
Including the Power T&D project. For 2027/2028 and 2028/2029, INR 72 crore each. Investment up to March, or rather June, all the HAM projects is to the tune of almost INR 1,280 crore, of which we have already sold five. That will get reduced by almost INR 600 crore.
Okay. Understood, sir. Earlier we were targeting on the sale of the six SPVs. Our initial plan was, I understand, I do not know, this was four assets by the June quarter and two assets by the December quarter. Now I think that we have revised that. All the assets are being sold by September 2026. Is that how the revised timeline looks like? Why the revision in the timeline from June to September?
As we said, four assets we expect to clear by Q2, revised from Q1, largely because certain compliances to be done for handing over the project to the investor. From that perspective, there is some delay in handing over. Some compliances which require. It is on track, and we expect that by September end or first part of October, definitely we should be able to get the money in.
That is for all six assets you are referring to?
For the four assets. The other two assets—
Four assets.
—will take some time.
Okay.
Because there are certain [RPO] and other compliances to be done at those projects, which will happen by December and maybe Q4 we will be able to demonstrate the sale.
Understood, sir. The realization, how much are we realizing from these assets, if you can know? The four assets and the two assets, respectively, if you can help those numbers here.
The total price which was offered by them when we disclosed was around approximately INR 1,100 crore. We expect to realize approximately that over the period of time.
Okay. Pardon, if you could repeat the number.
INR 1,100 crore.
INR 1,100 crore would be for the four assets or the—
For the six assets.
For six assets. Okay. For the four assets that we are planning to sell by September?
Approximately INR 700 crore.
Understood. Thank you so much.
Thank you. Before we take the next question, a reminder to all, you may press star and one to ask a question. We have the next question from the line of Vaibhav Shah from JM Financial. Please go ahead.
Sir, you mentioned that EBITDA margins would be 9%-9.5% for the entire year?
Yes.
We are lowering the guidance.
Yeah, by 0.5% because we lost something in this quarter, which will not totally recover for the balance three quarters. We were in the range of around two digit at the start of the year. We will be probably 0.5% short of that.
Okay. Secondly, margins without other income was 7.2% in first quarter. Any one-offs in the margin? Any provisions or something?
No, nothing very significant vis-à-vis as compared to previous years. But largely because we have mobilized a lot of new administrative and employees and other costs for the new verticals where it is the initial phase. Those costs have been loaded in this quarter, so they will get rationalized over the coming quarters.
Okay. Sir, on the debt side, we have roughly INR 2,100 crore of debt. Partly it is from the subsidiaries. Can you give the breakup of that subsidiary debt and the breakup of interest cost, third party, and what we are paying to subsidiary in 1Q?
Interest cost paid to the subsidiaries is INR 17 crore for this quarter, INR 17 crore. The balance is all third party interest paid, including WCDL working capital, term loans and equipment loans, and also interest on mobilization advance, which is to the employers.
Okay. Sir, once the assets are monetized, then what could be the debt number, at least the third party debt?
Third party debt would be approximately in the range of around INR 500 crore-INR 600 crore.
What is the amount, right? We won't be reducing the debt from subsidiaries in future?
These debts need not be reduced because they are typically free cash flows of other subsidiaries. They are typically 100% subsidiaries of Ashoka Buildcon. They may continue to be part of the resources for Ashoka Buildcon. On the consolidated level, they will get knocked off. Otherwise, it's not a third party outflow for the consolidated.
But at standalone level, it will be the interest cost.
Yeah, it's a standalone cost. It doesn't have a third party cost.
So if you include the third party debt and the debt from subsidiaries, so maybe post monetization, the debt could be around INR 1,000 crore, including the debt from subsidiary?
Around, say, INR 1,100 crore. Around approximately INR 700 crore would be third party debt. So around, say, INR 1,200 total crore.
Okay. And sir, on interest cost side, we have seen reduction to INR 60 crore in this quarter. Incrementally, it will further come down to maybe end the year by around INR 50- odd crore?
Yeah, definitely we expect on two counts. One is realization of our WIP, working capital receivables and WIP in our power sector, which is due to be collected in the next two quarters. As well as monetization of assets will typically also reduce debt. Should go below—
And sir, do you —okay. So when are we expecting the AD for Bowaichandi HAM?
October first week we should expect appointed date.
So maybe 15%-20% work only would happen in this year?
This year will be around 15%.
Okay. And sir, when will work start for the newer projects, Mithi River, Guyana and Angola?
Mithi River has also started now. Guyana, we are already present, so work is ongoing. Angola will take some time to start, maybe another two months.
Okay. And sir, lastly, you mentioned that the total cash flows from monetization will be roughly INR 1,100 crore. Earlier it was INR 1,150 crore. Is that a lowering down of the number?
No, it is similar, INR 1,150 crore, just a rounding off number.
Okay. And sir, the assets which you have already monetized, of that, part amount was pending, some INR 50 crore for BOT and INR 90 crore for HAM. Has that been received now?
No. We are in the process of receiving. We have almost received around 30% of it, and balance, we are in the process of getting received. It is in process. There are certain compliances which needs to be done to get it done.
And of this INR 1,150 crore, would the entire amount be received this year or part would be stuck?
As I said, maybe by Q3, the four assets and by Q4, sorry Q2, and Q4 the balance two assets, that is what our target would be.
No, I mean, would there be any holdback amount of the INR 1,150 crore?
Didn't get it.
In the previous two deals for five BOT and five HAM, part amount roughly INR 150 crore was holdback. We were expecting to receive the balance portion now. Of INR 1,150 crore, would there be any holdbacks or the entire money would be received in this year?
There could be small holdbacks in the range of INR 30 crore-INR 40 crore. That will define once we get very close to the transaction. It is more of compliance which will be there. I really cannot pinpoint a number at this moment.
Okay. Lastly, what would be the CapEx for 1Q and the target for FY 2027?
CapEx for this quarter was approximately INR 25 crore. Of which, INR 7 crore was for our international projects and balance was for domestic. Our target, as we said, was approximately INR 125 crore for the whole year.
Sir, while margins would be weaker for this year, next year could it be in 10%-10.5% range for FY 2028?
We should expect the projects are there, we should show a margin of 10.5%-11%. We should definitely expect margins to improve over a period of time.
Okay. Thank you, sir. Those were my questions.
Thank you. A reminder to all, you may press star and one to ask questions. We have the next question from the line of Vasudev from Nuvama Wealth. Please go ahead.
Yes. Thank you, sir. Most of the questions are answered. I just want to know, where are we on monetization of Chennai ORR and Jaora-Nayagaon? Any thoughts on that?
On both the projects, we have potential investors who have shown interest. On one of the projects, they are also working on the diligence part of it. We expect Chennai ORR could happen by the year-end. We still need to freeze on the investor. Jaora-Nayagaon, either by March end or by next year first half. It has more of a process to be driven at the compliance angle from the authority. But we expect that by Q1, we should be able to aggressively monetize it.
Sure, sir. That's it from my side. Thank you.
Thank you. This will be take the next question. A reminder to all, you may press star and one to ask a question. We have the next question from the line of [ Daksh Prashar] from Desvelado Research Please go ahead.
Hi, sir. Am I audible? Hello.
Sorry to interrupt. Daksh, you're not audible. Please use your handset mode.
Hi. Am I audible now?
Yes, you're audible.
Yeah, sir. I just have one question. We diluted our stake in Ashoka Purestudy Technologies from 59% to 39%. Could you please shine some light on what was the rationale behind this decision?
On Purestudy, we have diluted and we have brought in a strategic partner who will help us in execution of projects, which we have taken at Purestudy level. The intent is to create more value at the SPV level for our stake.
All right, sir. Thank you. That will be it.
Thank you. A reminder to all, you may press star and one to ask question. We have the next question from the line of Bhavin Modi from Anand Rathi. Please go ahead.
Hello, sir. Thank you for the opportunity. Sir, I wanted to know, what is the order book that is lying at the SPV level? I believe some few of our order books are at the SPV level. Can you just help us with the number?
At the SPV level, presently, a couple of orders are lying. Probably we have not put the number exactly. Maybe it has come offline in that, or maybe by end of this call, I can give that number.
Okay. Secondly, sir, we have been recently seeing the share of the international book has been increasing. What is the first thing, the strategy behind that? Is it because the awarding is slower happening in the road side or is it because the margins are better in the international side? Just how are the international orders different from the domestic orders?
Basically, international, we are just increasing our presence in various countries. We have an independent vertical for international. Margins and competition will vary from country to country. Presently we are working in seven countries. We plan going ahead to work around in 10 countries.
Okay. Sir, any specific geographies that you are targeting to enter?
Not to enter, geographies are not yet that well listed. What we have been working in these seven, eight geographies, and we may add another two, three geographies. It is all we evaluate when the opportunity is seen.
Right. Sir, last thing, how are you seeing the road awarding happening this year? Obviously till date, there has not been any remarkable awarding that has happened. The NHAI has come up with a list of 113 highways. How are we seeing in terms of the competition, and in terms of the awarding happening by the end of this year?
Q3, Q4, we expect good awarding to happen. Of late, NHAI is also going for bigger size packages. That will definitely rationalize the competition also.
Right.
And we will have only competition amongst good players. Size of the projects are going for the larger size projects.
Right. And sir, just last thing, NHAI. And the last thing is, NHAI is coming with the big ticket BOT orders. There are a few BOT orders which are even INR 5,000+ crore . Are we looking to participate in the bids of such orders?
We have been evaluating these BOT orders also. Project by project, we need to take a call. So wherever we are comfortable and we are sure about traffic and execution, we may participate.
Got it. Thank you, sir.
Right.
Thank you. We have the next question from the line of Mr. Mudit Bhandari from IIFL Capital. Please go ahead.
Hi, sir. We have roughly around INR 150 billion- INR 153 billion order book across road, power and building. You mentioned some delays in collection from Power T&D side. So how is this across the segment or across the client for, let's say, for 1Q or 4Q? And how is the working capital being?
Sorry.
Hello.
What was the first part? I got the second part, which is on impact on working capital. Could you repeat the first part of the question?
Yeah. In terms of collection, how it is across the sector or across the clients. Anything particularly hurting the execution?
Execution is not hurt by collection. But collection was getting uploaded quarterly. Increase in the Power T&D sector, which will now get realized in the next couple of quarters. So we expect that should rationalize by this year-end [totally]. And most of the payment should be in, which is today locked up in working capital and debtors. That is unbilled revenue and debtors. The roads and other, they are almost in sync in what is planned and as per milestone.
Got it, sir. Any quarter-over-quarter impact on working capital from March to June?
Any?
Working capital differential from March to June.
Yes, approximately INR 250 crore has been infused in March for the new projects which have taken off. Billing is yet to start. Some of the investments that have happened in those sectors, advance is paid to contracts for new contracts. That way it has increased, but it is all as planned.
Got it, sir. When we say our bid pipeline across states, Railways and Power T&D as well as renewables, any particular projects that you are aiming for or any particular, let's say, segment, whether it is more concentrated towards, let's say, within states, let's say, roads? Basically trying to identify some focus areas among where we would be bidding.
No, we have strategic focus areas, which we definitely cannot disclose.
Got it, sir. Any big projects that you want to highlight that are coming up for bidding?
There are large projects coming up. NHAI is coming up in [Uttar Pradesh], very big four projects. There is a pipeline in NHAI, DFC in Northeast. There are projects coming up in Hyderabad, so these all are completely like INR 100,000 crore when I say order book. It is all part of that.
Got it, sir. All right, thank you so much.
Thank you. We will take the next question from the line of Vasudev from Nuvama. Please go ahead.
Yes, sir. On this Gems & Jewellery Park, what is the revenue that we can expect on per annum basis from here?
From the?
The Gems & Jewellery Park project which we bought. What kind of revenues can we expect from this project?
This is, as I said, it is a contract of INR 450 crore to be executed in the next five years. Probably it can take almost around INR 100 crore per year.
Okay. We also got this order from [Guyana].
Pardon? On Guyana, what did you say? Hello?
Sorry to interrupt in between. Vasudev, you are now audible.
Yeah, am I audible?
Yeah.
The construction of four-lane highway order that we got, what is the value of this order, like in rupee terms?
For the Guyana one?
Yes.
INR 338 crore. INR 338 crore is the value.
INR 338 crore. Okay. Noted, sir.
Thank you. We have the next question from the line of Aditya Sahu from HDFC Securities Limited. Please go ahead.
Hi, sir. Thanks a lot for the follow-up. Just one question over here. I see that because our order book is increasing on the overseas front, related to that, I wanted to understand from a revenue standpoint, how is our revenue sort of bifurcated geographically? If you can help me with that, how much is from India, how much is from other countries? If you can provide that bifurcation. At least for the Q1 part.
I may not be able to—
In Q1 it is around INR 260 crore from out of India.
Pardon, sir, how much?
INR 260 crore.
INR 260 crore. From the INR 260 crore, do we have the geographical bifurcation from where are we getting this?
80% of it is from Guyana only.
Okay. 80% is from Guyana only.
Yeah.
Understood, sir. Thanks a lot.
Thank you. We have the next question from the line of Vishal Periwal from PL Capital . Please go ahead.
Yes, sir. Thanks for the opportunity. Sir, with respect to the Chhattisgarh State Industrial Development Corporation that, in terms of the JV, as a partner, we are working with the 51% stake. So can you give some highlight in terms of what exactly is the business model out here? Will it be on a sale or a lease? And second, what are the investment that we are planning for this particular railway?
This is largely an industrial park, a kind of a Gems & Jewellery Park development, where approximately 9 acres has been given to us for development, of which 30% has to be used for use of Gems & Jewellery Park. As we said, it is a development. It is a lease for 30 plus another 60 years. So total 90 years lease would be available on this project, and intent is to develop the project and sell the project on a long lease basis as it is created over the next five years.
What we are planning to invest in this from our side as a 51% stake?
Presumably it is everything sold off, so it is typically a project to the size of around, say, INR 1,000- odd crore, which will be spent over the five years and recovered in that similar time.
Remaining stake is with the state government in this?
Pardon?
The rest of the 49% stake is with the state government?
It is with a private party, not the government.
Okay. Sure, sir. I think, probably I will come back with you.
Sure.
Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Mr. Mudit Bhandari from IIFL Capital. Please go ahead.
Hi, sir. How much equity have you invested in Jaora-Nayagaon and Chennai ORR?
Jaora, we invested total INR 278 crore as equity at the start of the project when the project was developed. The invested value of ours after acquiring stakes are approximately INR 350- odd crore. And on the Chennai ORR, we invested INR 200 crore jointly by both the partners. The effective cost of ours today is INR 300 crore on our books for the 100% stake.
Got it, sir. Thank you so much.
Thank you. We will take the next question from the line of [Zaid Muqadam] from Ashika Institutional Equities. Please go ahead.
Hello.
Yes, you are audible. Please proceed.
Hello, sir. Thank you for taking my question. Could you please guide us on how much revenue will be booked from the Bowaichandi to Guskara, Gaimukh to Payegaon, Kundalika Creek Bridge and flyover Sion-Panvel Highway in FY 2027? If possible, if you could quantify how much revenue booking would happen in FY 2027.
I think it is a bit top line. It is quite a granular number. We do have it, but out of line .
Okay. Thank you.
Thank you. We have the next follow-up question from the line of Vasudev from Nuvama Wealth. Please go ahead.
Yes, sir. Thanks for the follow-up. I just wanted to confirm, in Q1 we received three orders. The Guyana one is INR 338 crore, Gems & Jewellery Park is INR 450 crore, and Angola is INR 684. That is right, sir, right?
Angola was declared last year.
Okay.
Other two are in this quarter.
Okay. Got it, sir. That's it from me, sir. Thank you.
Yeah.
Thank you. We have the next question from the line of Vaibhav Shah from JM Financial. Please go ahead.
Standard level of our interest cost was roughly INR 313 crore for FY 2026. So for FY 2027, it should be closer to INR 200- odd crore?
Close to what number?
INR 210 crore.
Yeah, it should be in the range of around INR 225 or INR 225 crore-INR 240 crore.
For 2028, it should go below INR 200 crore?
Sure.
As money would come to point.
Yeah, exactly. Presuming the business remains the same.
It will be below INR 200 crore. So what could be the range?
It will all depend on how much business is executed, turnover. So it could be in the range of, say, approximately INR 200 crore, INR 210 crore, presuming there is an increase in turnover in the next two years.
Okay. Got it. Thank you, sir.
Thank you very much. Ladies and gentlemen, we will take that as the last question. With that concludes the question- and- answer session. I now hand the conference back to the management for the closing comments.
We hope that all queries have been answered. For any further information or query left out, you could approach us or our investor relationship agency, Strategic Growth Advisors. Thanks everybody for attending the call. Thank you.
Thank you. Thank you, everyone.
Thank you, members of the management. On behalf of IIFL Capital, we conclude this conference. Thank you everyone for joining with us today, and you may now disconnect your lines.