Q2 25/26

Nov 11, 2025

Summary

H1 revenue grew modestly amid monsoon-related execution delays, while the ₹12,598 crore order book is diversifying beyond roads. FY26 revenue growth guidance remains 10%–15%, with debt reduction and disciplined bidding priorities.

Ladies and gentlemen, good day and welcome to the Ceigall India Limited Q2 and H1 FY26 earnings conference call. As a reminder, all participant lines will be in the listen-only mode. 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 * then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vikas Varma from Ernst & Young LLP. Thank you, and over to you, Mr. Varma. Thank you, Swapnali. Good evening, everyone. Thank you for joining us on the Quarter 2 and H1 FY26 earnings call for Ceigall India Limited. Before we proceed, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties, and other factors. It must be viewed in conjunction with the company's business risk that could cause future performance or achievements to differ significantly from what is expressed or implied by such forward-looking statements. To take us through the financial results and developments and to answer your questions today, we have with us the senior management of Ceigall India Limited, represented by Mr. Ramneek Sehgal, Chairman cum Managing Director, and Mr. Kapil Aggarwal, Chief Financial Officer. We will start the call with a brief overview of the past quarter, and first off by Mr. Ramneek Sehgal. Over to you, sir. Good evening, everyone. This is Ramneek Sehgal. I am MD of Ceigall. I am pleased to welcome you all to the Quarter 2 and H1 financial year 26 earning calls for Ceigall India Limited. Our financial results investor presentation, press release, have been uploaded on the stock exchanges and company's website. I trust you had an opportunity to review them. Let me begin by giving you a brief macroeconomic breakdown. The Indian economy continues to exhibit strong resilience persistent global uncertainties. As per the latest estimates from the Reserve Bank of India, the nation's GDP is predicted to expand by around 6.8% in financial year 26, making India one of the fastest-growing major economics. This momentum is being driven by sustained infrastructure investments, strong domestic demand, sound macroeconomic fundamentals, and prudent policies. This has also been identified by the global rating agencies as multiple agencies upgraded India's outlook in recent months. While early-year weather disruptions temporarily moderated construction activity, they also provided an opportunity to strengthen operational efficiencies and reinforce readiness for upcoming quarters. Overall, we remain optimistic about sustained business momentum and macroeconomic stability as financial year progresses. Coming to the company's performance. In the first half of the financial year 26, we have delivered a consistent performance in the consolidated revenue, demonstrating resilience in the face of the operational challenges for the industry. One of the primary obstacles we encountered was the prolonged monsoon, which at worst affected operations by delaying the timely delivery of the essential materials and equipment for various projects. Despite these disruptions, our team have been able to navigate these challenges. The performance reflects our commitment to operational excellence and ability to adapt to external factors. As of 30th September 2025, we continue to maintain a robust and a diversified order book totaling INR 12,598 crores, spread across 26 projects which are currently under execution and at allotment stages. A significant portion of this order book, 64%, is attributed to our road and highway segment, highlighting a strong position in the critical area of the infrastructure development. Additionally, our strategic expansion into new segments have begun to yield the positive results as renewable energy accounts for 22% of order book, while industrial infrastructure and transmission and distribution contribute 5% and 3% respectively. The diversification strategy emphasizes our dedication to expanding our operational presence across a wide range of sectors. It not only demonstrates our commitment to adapting to evolving markets landscape, but also illustrates our proactive approach in identifying and seizing emerging opportunities. By broadening our footprint, we are positioning ourselves to leverage new trends and innovations, ensuring that we remain competitive and responsive. This strategic initiative is a testament to our vision for improving the country's infrastructure, our mission to drive sustainable growth in an ever-changing business environment. During the first half of FY26, we have successfully ventured into high-potential markets, specifically into renewable energy, transmission, distribution, and industrial infrastructure sectors. Our strategic initiative in these areas have resulted in securing multiple orders with a total value of INR 37.47 crores during this period. Notably, we emerged L1 for the Velgaon 400 kV substation tender valued at INR 379 crores, marking a significant milestone in our entry into T&D sector. In the renewable energy sector, we have made substantial progress by winning two projects in Maharashtra under Mukhyamantri Saur Krushi Vahini Yojana 2.0, which has combined value of INR 1,257 crores. Additionally, we have emerged L1 for the project in Morena Solar Park in Madhya Pradesh, valued close to INR 1,500 crores. These accomplishments reflect our commitment to advancing sustainable energy solutions and ability to capitalize on emerging opportunities in renewable sectors. Furthermore, in the industrial infrastructure segment, we have secured award from GMADA in Punjab for INR 431 crores. We have also emerged as L1 for the development of bulk drug park at Una in Himachal, and it has been allotted for INR 190 crores. These achievements highlight our strategic focus on diversifying our portfolio and reinforcing our presence in the key infrastructure market. By consistently diversifying our order book, we are positioning the company for sustainable growth and resilience in an ever-evolving industry landscape. During the quarter, we experienced two significant developments with our HAM portfolio. Firstly, we successfully achieved the financial closure for Southern Ludhiana Bypass project, marking a crucial milestone in our project execution timeline. Secondly, we are currently waiting for the PCOD for the Bathinda-Dabwali project, which we anticipate receiving shortly. In addition to these developments, we have seven more HAM projects currently under execution. As of September 2025, the company has infused INR 515 crores equity in these HAM projects. Furthermore, an additional INR 87.8 crores were injected in October 2025, bringing the total equity infusion as on date to INR 603 crores. This strategic investment underscores our dedication to enhancing our project portfolio, ensuring the successful delivery of our projects. We have also received the quantity of Ludhiana-Bathinda project during the quarter. I would also like to highlight our initiative in technology and artificial intelligence. The company is actively exploring to integrate artificial intelligence and data-driven tools across various functions, including business development, procurement, finance, and human resources. Our focus initially will be on enhancing efficiency across the bidding process by deploying these AIs and automation tools. These tools will also be utilized in project monitoring, ensuring that we meet our project timelines and even for O&M. As we progress, we plan to implement these solutions across all functions in the organization. I have onboarded technology experts who are working to develop customized tools tailored to our specific needs. Moving on to the debt position as of September 30th. On a standalone basis, our total debt stood at INR 614 crores compared to INR 635 crores as of March 2025, indicating a continued deleveraging. This includes INR 136 million in equipment term loan, and INR 2,702 million in terms loan, and INR 3,310 million in working capital loans. The standalone debt-to-equity ratio stood at 0.3 times in H1, FY 2026, as compared to 0.4 times in FY 2025. On a consolidated basis, total debt stood at INR 13,412 million as of September 2025 compared to INR 13,967 million in March 2025. This includes INR 604 million in equipment term loan, INR 2,777 million in term loan, INR 6,720 million in HAM term loan, along with INR 3,310 million in working capital loans. The consolidated debt-to-equity ratio stood at 0.7 times in H1, FY 2026, which is again down from 0.8 times in FY 2025. We are actively formulating plans to reduce our outstanding debt by a significant margin throughout the full year. This initiative is a part of our broader financial strategy aimed to enhancing our balance sheet strength and improving overall financial health. By focusing on debt reduction, we aim to lower our interest expenses, increase our financial flexibility, and create a more sustainable capital structure. Going forward, we are very confident and optimistic about the future of the sector. We are actively exploring avenues to expand our footprints in different segments. Our commitment to investing in advanced construction methodology, cutting-edge equipment position us perfectly to meet the growing demands of the infrastructure development. We anticipate a significant increase in tendering activity from the National Highways Authority of India following the recent announcement of the list comprising 124 projects with a project capital cost of INR 2 trillion. Among these projects, 81 are structured under HAM and 12 are under BOT projects. Our company is strategically focused on securing these opportunities, particularly due to the high margin nature of these contracts. Further, as one of the leading in EPC, we are confident in our ability in a substantial number of these projects. Ceigall has submitted totaling of INR 14,320 million across various sectors, showcasing our diverse capabilities and strategic focus. Within this total, Ceigall has strategically diversified its bidding activities across multiple sectors. Our bids include INR 88,860 million in the road segment, INR 48,960 million in the railway segment, INR 6,000 million in the renewable segment. This broad approach not only demonstrates our versatility but also reflects our commitment to addressing various infrastructure needs and advancing sustainable energy initiatives. I would like to highlight that the tightening of the technical and the financial norms of the bidding process in both EPC and PPP mode to curb the reckless bidding. These changes include requirement of higher net worth, additional performance security, revised land acquisition, clearance requirement, and emphasis on more on PPP projects. These developments bode well for the players like Ceigall. Our established reputation and expertise position us favorably to capitalize on this upcoming wave of opportunities. Overall, we expect a significant uptick in order awarding by NHAI, especially considering the recent slowdown in order awards. This anticipated increase not only reflects the government commitment to the infrastructure development, also aligns with our strategic growth objective in the sector. In addition to this, we are also looking to broadening our presence in international market by bidding on significant projects abroad. We will keep you informed as soon as we receive any updates on this call. I would now like to hand over the call to our CFO, Kapil Aggarwal, who will elaborate our company's financial performance. Thank you, everyone. Thank you, Ambani sir. Good evening, everyone. I will now take you through the financial highlights for the second quarter and first half of FY26, beginning with the standalone performance. For Q2 FY26, revenue from operations stood at INR 7,870 million as compared to INR 8,970 million in Q2 FY25. However, on an H1 FY26 basis, the revenue from operations came in at INR 16,053 million, registering a modest 1.4% year-on-year growth. EBITDA for Q2 FY22 stood at INR 918 million as compared to INR 1,019 million in the corresponding quarter last year, translating to an EBITDA margin of 11.7%. For the first half, EBITDA stood at INR 1,853 million with a margin of 11.5%. Profit after tax for Q2 FY26 stood at INR 559 million with a PAT margin of 7.1%. For H1 FY26, PAT came in at INR 1,118 million with a PAT margin of 7%. On a consolidated basis, revenue from operations for Q2 FY26 stood at INR 8,066 million, up 4.5% year-on-year from INR 7,722 million in Q2 FY25. For H1 FY26, consolidated revenue grew 3.1% year-on-year to INR 16,447 million. EBITDA on a consolidated level stood at INR 1,136 million in Q2 FY26, translating into an EBITDA margin of 14.1%. For H1 FY26, consolidated EBITDA stood at INR 2,227 million, with a margin of 13.5%. PAT came in at INR 562 million in Q2 FY26 and INR 1,075 million in H1 FY26. On the execution front, we have currently 26 ongoing projects with a total order book INR 125,980 million. These comprise 15 EPC projects, seven HAM projects, 10 O&M projects, one DBFOT project and three tariff-based projects, spanning multiple sectors such as roads, highways, tunnels, railways, metros, airports, runways, and bus terminals. With a well-diversified portfolio and robust order pipeline, coupled with the government ongoing emphasis on the infrastructure development, we are strategically positioned to sustain our growth trajectory and deliver sustainable long-term performance. Our diverse range of projects across various sectors not only mitigates risk, but also allow us to capitalize on emerging opportunities in the market. With this, I conclude my opening remarks and would request the moderator to open the floor for questions. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one to ask on their touchtone 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 questions assemble. The first question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Yeah. We have seen quite some muted execution in the first half with only revenue growth of 2%. How do you see the entire year in terms of revenue growth for FY26 and also on EPC margins we are targeting in the entire year? Good question. Due to this monsoon and the stretched rainfall, of course, you can understand any EPC business, the second quarter is like this. But yes, we are really looking forward to our quarter three and quarter four. As we've guided before, we would have a same kind of growth we had before, which is about 10%-15% from our last year performance. That is one answer. Second is on EPC. EPC margins is the same, what we've been delivering before. Yes, once you reduce the debt, that will give an impact next year. Thank you. Secondly, on the appointed dates. It is pending for VRK-11, VRK-12, and Southern Ludhiana Bypass. When are we expecting the appointed dates for these projects? VRK-11, we are expecting any time before December 31. Southern Bypass, we are expecting again before December 31. VRK-12, we are targeting to close before March 31, 2026. I think by March 31, 2026, all our HAM projects will be under execution. What is the land status in all these three projects? Land status in Southern Bypass is very clear. In VRK-12, we have already submitted for appointed date with the condition that 55% land was almost in the stage where we can start the execution and where the department is targeting to get the clear land in next six months. That till the time we execute 55%, which will take at least 8, 9 months, that the land will be given clear to us. It won't be risky if there is a delay in the land acquisition for the remainder portion. Since still we are open to start the execution, the ministry is allowing to do the appointed even with land below 80%? Land clear. There was only the forest clear, which was the balance in this project, and which we are expecting that we should get it by March, and I think we should get the land. Otherwise, the contract is very clear that within 180 days, the land which is not given clear will be descoped from the project. At least, we have mobilized, and we want to execute the project because the rates are good, the old project is there, and we want to execute it, and we want to do this, the available land. We want to execute the project on the available land. Sir, can you quantify the land percentage for Southern Ludhiana Bypass and VRK-11? Southern Bypass, I think we should get the 80% land clear by December, and we'll start the work full-fledged. It's the continuation of our Ludhiana-Bathinda project. Ludhiana-Bathinda, you've seen on 29th of September, we got the appointed date, and we've already raised the first bill and it's doing very well. It is the continuity of this project, and we are targeting to start this project in December. VRK-12 also the same situation, but yes, land situation of VRK-12 is little less, which is around 55%, and we are pushing and requesting the government, NHAI to get us more land ASAP. For VRK-11, the land percentage VRK-11, we are targeting that we should get it. We will only start one project because we are mobilized there. You can understand once you are mobilized, your teams are there, your salary is going, your camps are there. We want to start one work, and then VRK-11 we are targeting, we will take it at least that when the acquisition is close to 80%, which is around March 31, we are targeting. Sir, I am confused. VRK-11 is March 25 and VRK-12 is December 25 Yes, yes. Okay. Sir, lastly, you mentioned that we are targeting 10%-15% revenue growth for FY26. Even if I assume 10%, the lower end of the guidance, the second half growth will be 17% in terms of revenue. Is that possible, in second half to grow by 17% to achieve the lower end of the guidance? I just said we have already started this project, which is Southern Bypass. Sorry, we are going to start the Southern Bypass next month. We have already started Ludhiana-Bathinda. Both the Ayodhya projects are under execution, so it is achievable. It is just because of the rainfall or monsoon, we couldn't do it, but otherwise, once the project has started, then execution is not a problem. Our USP is completing projects before time. That's our USP. Okay, sir. Lastly, on the EBITDA margin front. In the first half, if I remove the other income, then the EPC margins are around 11.5%. Second half also should be similar margin or there can be some improvement in the second half? It will be similar. Of course, every entrepreneur tries to improve it, but it'll be similar as the guidance to the investors. Okay. And sir for 2027, we can see some improvement in terms of margins? Sorry. In 2027, we can see some improvement in margins? Definitely, we will try and improve the margins. Okay. And sir, one data point I required. What would be the EPC value of the orders we have won this year? I- There were several BOT projects. We have only taken a EPC value which is about INR 12,000 crores. INR 12,400 is actually in my- No, no. The orders we have won in year to date, order inflow. No, this new order. New order. I think around INR 4,000 crore. This is the EPC value, right? 3,700. The EPC value is 3,700. We guided our investors about INR 5,000 crore. INR 3,700 crore we have already achieved, and we still have about four and a half months. Okay. Thank you, sir. I will come back in queue. Pleasure. Thank you. The next question is from the line of Prince Chaudhary from PINC Wealth. Please go ahead. Hello. Hi. Hello. Yeah, hi sir. My question is on the T&D order, which we have won recently. I just wanted to understand the nature of the contract. Are we going to own the transmission asset or are we going to do only EPC work? We are going to do both. We have taken a project as a developer, and we are going to do the EPC in this project. We have to do a distribution in Velgaon, which is in Maharashtra. This is, we have to fix the 400 kV substation. We have been doing a lot of utility shifting before also. In this, we are going to get INR 58.5 crore of annuity every year from the Maharashtra government for next 35 years. Sir, ROE will be regulated with around 12%. Is it fair to understand? Maybe better than that. The return on equity would be better. Okay. Sir, for renewable also that we have to develop a solar park and have to connect it to the grid and we will be owning the asset. Is it like that? Exactly. At what tariff rate we are going to sell the power? It is ranging between INR 2.72 to INR 2.84. 86. 86. Some part of the land government is providing, there the tariff is low. Whereas, where government is not providing the land, we have to take the land on lease, the tariff is more. Sir, have we signed any PPA or it will be signed after once we develop it? No. Without the PPA, of course, we will not develop it. We are waiting for the PPA. Letter of award we have received already. PPA, we are expecting to get soon. Okay. And sir, after generating this solar power, are we going to build a transmission asset also for that or some other person will do it? No. These are to be connected with the 11 kV wire. This is within one or two or three kilometers. This is not a very big thing. Otherwise, if there is any transmission line also, we are ready to bid and get that also. Okay, sir. Thank you. And sir, are we seeing the order inflow for the next half, for the next one and a half year? With pipeline As I said before, we have already quoted projects worth INR 40,000 crores. A lot of bidding is happening every month, and we have already got projects for INR 37 crores. We guided our investor to get about INR 5,000 crores, and we still have four and a half months. Okay. Sir, are we going to see any margin improvement since we have been entering into renewable and we are changing our product order mix also. Do you foresee that margin profile can improve from here? We will definitely try and do that. What we are guiding to our investors is the same as the margin we are getting right now. Sir, the competition intensity is how when we have bid for the order? Is it like we have to sacrifice the margin or we are getting at good margin the orders? I said we have quoted for INR 40,000 crores. We just have to get at least INR 30,000 crores of the projects. We do not go below our EBITDA margins. We are consistent there. Yes, we have been bidding more because we have almost 10, 11 verticals. You can imagine we have already quoted INR 40,000 crores. That does not mean we will get INR 40,000 crores because we are not that aggressive to get that projects. Yes, we are very clear that we need to have our IRR as a concessionaire and the EBITDA margins as a EPC player. Okay, sir. Got it. Thank you. Thank you for answering the question. Thank you. Pleasure. Thank you. Before we take the next question, a reminder to all the participants, you may press star and 1 to ask a question. The next question is from the line of Bala Subramanian from Arihant Capital. Please go ahead. Good evening, sir. Thank you so much for the opportunity. Sir, for HAM project, the equity funding is around INR 870 crores kind of range infusion over next 2 and a half years. Whether this infusion is accepted through accruals and what is that roadmap for these infusions, and what level of annual operating cash flows do we expect to be available for this? So, good question. INR 788 crores is yet to be infused. What is HAM project? Sorry, can you guys put on the mute? Sorry, please. Yeah. So INR 788 crores we have to infuse, and we are targeting to infuse about INR 297 crores in coming 3 months. Cash accrual is one. Second is the completing HAM projects, we can get a refinance also. We don't have any dearth of getting this money because we have all arranged internally. I don't foresee any such things because INR 788 we have to infuse in next 2 and a half years. Okay, sir. Sir, I think the bidding on tenders was nearly INR 16,000 crores kind of range. Could you please share that segmental breakup to meet INR 5,000 crores kind of inflow target? The focus is majorly on quality of inflows leading to walk away from low margin bids. If you could share clarity on that. So it's between the road segment, railway segment, renewable segment. So road, it could be the elevated also, the bridges also. Majority of the projects would be HAM. Okay, sir. Sir, I think net working capital days have been increased to 70 days in H1 compared to 45 days in FY 2025. What is the primary driver, especially, is there any slower receivables from clients, advance payments to suppliers or built up in inventories? What is the target for this end of this year? Yeah. The increase in working capital is primarily on account scheme. There was a scheme prior to 31st March 2024, wherein the payment was not linked to the milestone payments. Post 1st April 2024, government has withdrawn the scheme. Now the payments have been linked to the milestone payments and your average billing cycles has increased. Apart from this, if you look at, there is a retention of 6% which has been deducted by the NHAI from every bill, which is adding to the working capital cycle. Okay, sir. Sir, my last question. Jammu Kashmir Tunnel project package 2. It is almost 80% complete. However, some challenges are there. What are the key learnings and how you are going to mitigate for future complex projects? It was a great learning working on that project. We have already completed the civil work of the project, and it is just the MEP work which is getting completed. I think in the next three months it should be completed. We have built a road also inside. The tunnel is also completed. Just the MEP work which is balance. It was a great exposure and a great learning executing project there. It was a very tough terrain. In fact, there is another package which was next to us. It is not even 30% completed. We really feel like our teams have done an amazing job executing this project. Got it, sir. Thank you. Thank you. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Thanks for the follow-up. Sir, wanted a couple of data points. What would be our HAM receivables out of INR 1,000 crores of total receivables? HAM receivables are close to INR 686 million. INR 618 crores. Yes, INR 618 crores. Okay. Sir, secondly, if I look at the order book project-wise, we have seen that execution in Ramban Banihal has been at a very weaker pace, especially package 3. How do you see the execution going forward in these projects? Both packages of Ramban Banihal. Good question. Ramban Banihal, when there was a flood and a landslide, the project was stuck for almost 2 and a half months. In fact, our vehicles couldn't also go there. Besides this, at the time of Operation Sindoor, the work was stuck. It got disturbed to 4 to 5 months because the people who left the site, it was very difficult to convince them, the young boys, to send them back to the site, because they have seen the tough time. Still here, we were very lucky that we are in a position to complete our tunnel work in next 3 months. For the viaduct, which is actually a very challenging and tough job. As a original tender, we were supposed to do it with the PSC girders. Executing PSC girders has become very difficult because there's hardly a space to launch it, to cast it. Now, what we've done is we've changed it to steel girders. For steel girders, what we've done is we've been fabricating the steel girders in Samba and Punjab, and we are taking it to the site through transportation and launching it there. Now the things are under very good control, and we are targeting to complete this by March 2027. Tunnel we are completing in next 3 months. Sir, so balance work is INR 385 crores for both the projects. The entire work will be completed by March 2027? 20% of the tunnel work, which would be around INR 180 crores, would be completed before this March, and we're targeting to complete the entire work by February. The payment will be released by March. For the other project, which is totally INR 369 crores and almost I think 54% project is completed and 45% financially is completed. That will take up to next March 2027. Okay. Sir, secondly, you mentioned that pending equity requirement is roughly around INR 788 crores. This is only for the HAM projects, right? Yes. How much you will be investing in 2026, 2025, and 2028? Can you guide that annually? If you look at the project duration, the project duration is from 2 years to 2.5 years. We are going to infuse close to INR 200 crores in the next 3 months in the VRK as well as the Ludhiana-Bathinda and Northern-Southern, the projects. In the next financial year, we will be infusing how much. Secondly is, we have a refinance opportunity available with us for the completed HAM projects. We have already 2 projects which are completed. Third one is getting covered next month. With refinance, we can get closer to about INR 450 crore. That also, we will only take refinance once we are closer to putting the equity, because we are getting a nice equity IRR. If we get now, we have to put it either in FDRs or something. We will get it at the time when we have to infuse the equity. Okay. Sir, what will be the equity requirement for the T&D projects? It is closer to. No, no. Total would be around what, INR 550-600 crores? Exact figure can be shared with you. It is closer to little less than INR 600 crores. What is the duration over which you have to invest this amount? Two and a half years. It will take time. Solar projects, signing of the PPA takes a lot of time. Like, we got this work allotted three months back. Normally it takes seven, eight months for PPA to sign. Then the project tenure would be for another 24 months. It will take a lot of time. I mean, project financing, we have already tied up with the banks, but we are just waiting for the PPA. Once the PPA is signed, then only we will go ahead with it. Secondly, This amount includes, We have one and a half year to dilute another 8% also. I did not get you, sir. Another 8% I did not get. We have diluted- The shareholding. Yeah. Yeah. Okay. And sir, this amount you mentioned, INR 600 crore, that would be for both solar and T&D combined? Yes. Okay. And sir, lastly, you mentioned that you are also open for some international opportunities. Which verticals are we interested in and which geographies? Geography is GCC, and we are exploring something in EU and even in Singapore. We are looking into a civil infrastructure right now, which has metro, railway, elevated highway, bridges, everything. Sir, but given the vast opportunity domestically available, why are we looking for international right now? We wanted to start with baby steps, not like we are going to acquire a lot of business there. It is just establishing a company takes time, sweet time, and establish ourselves. Whenever we require, we wanted to bid a very large project in EU. But they were very clear that due to the legislative, the Indian companies can't build. We want to establish our company outside as a footprint where whenever it's required, taking a PQ original company, they can bid across other continents also. And we want to de-risk and de-leverage ourselves so that sometimes if there is less work or less opportunity in the country, we have an arm where we can go and build there also. Okay. And sir, lastly, how is the execution moving in the metro projects? Are we bidding for more metro projects in both underground and? Yes, we will be bidding for more underground and elevated. We've been bidding also. Both the projects are doing very well. One of the projects we've already executed close to 45%; the other one is close to 35%. You can imagine working in urban areas is always tough. Getting land and the station land is always tough. But yes, it is working well. And sir, you mentioned that you have submitted bids worth INR 14,000 crores. Right? All the bids are yet to open? It takes time. We have just quoted some bid in NHAI day before, then in last week. I mean, Monday only we put in it. There are a few bids with the NHIDCL, about INR 2,400 and INR 1,200 crores. INR 300 to INR 700 crores is their bid, only highway project in hand. We have been bidding constantly. Yes, some departments take more time. Sir, what was the breakup segment-wise of the INR 14,000 crores bids which you have placed? Road is almost INR 8,886 crores. Rest is railway. Railway is about INR 4,896 crores. Rest is the renewable segment, which is about INR 600 crores. Okay. Thank you, sir. Those are my questions. Pleasure. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Priyam Shah from Value Equity. Please go ahead. Good evening, sir. Thanks for the opportunity. Hey, good evening. So this is with respect to our new businesses that we are planning. For example, renewables and T&D. So if you can highlight, are these more margin accretive than our current businesses? If I have to say, initially, yes. Let's execute it on site, but we always guide our investors that we want to keep our EPC margin at 11.5%. We are taking a little conservative approach in getting more margin. Yes, if it's there, it is good for investors and us both. Okay. Is there any expected ramp-up happening in these new businesses? We are planning to take more such businesses going ahead? We will be bidding as per our EPC margins and return on equity IRR. If we get on those rates, of course, we will definitely bid, but if we don't get it, then we'll be continuously bidding. Yes, we will be bidding for more projects. No, that's a good approach, sir. That's what the clarity we needed. Secondly, coming to our core business. When we see that nice expected bidding and order expectations with regards to this. How much can we expect to win, and what would be the probable success ratio? NHAI have already put as a data on their website with the new bids they are going to call before March 31. They have already got approvals close to INR 60,000 crore-INR 70,000 crore. Yesterday also, there was a list of three projects got approved in PPP business. It is the same thing. Till the time it is out, it is out. The tenders are out, we have been bidding also. Probability of getting the tenders, I would say with the new circular in place, with a new net worth criteria, probability will be more for us because we are in top 10 companies, and if you match with them, we always have a better probability of getting the tenders. We are much stronger and better placed amongst our competitors. Okay, any numbers to call out or we will wait for your updates? Yes. You should wait for updates. Okay. Thank you so much. Okay. Lastly This is pertaining to our revenue mix. Okay. Now we have one segment of projects that is EPC, HAM, BOT. Okay. And the other segments now we have roadways, highways, metros, T&D. Okay. Can you share what would be the revenue mix that you are targeting in the coming 2-3 years? Right now the revenue mix is 64% is road and highway. Renewable is about 21%. Industrial infrastructure is close to 5%. Metros is 3.5%. Transmission distribution 3%. Tunnel is 1.3%. Bus terminal is 1.1%. If you talk about HAM, EPC, tariff-based, that is another one. It is close to 45% is HAM. EPC is close to 25%. Tariff-based is close to 24%. 1% is DBFOT. Yeah. How would you get that mix going ahead in the next 2-3 years? Going ahead, it is the same answer. We will be bidding as per our EPC margins and the equity IRR. It does not matter. We have 11 verticals. Any segment we work in, we want our margins to be intact. We have reached up to 12 states. As a company, we are much diversified. Geography-wise, we are very well placed and vertical-wise also, we are one of the companies at this size that we have the maximum verticals to execute work in. I am done from my side. Thanks for taking out your time and answering my questions in detail. Thank you so much. Thank you. Thank you so much. Thank you very much. As there are no further questions from the participants, I now hand the conference over to Mr. Ramneek Sehgal for closing comments. Thank you, and over to you, sir. Thank you so much, everyone. I would again thank all the participants for joining the earning calls today and making this an engaging discussion. We remain committed to pursuing our business strategies and doing everything that is right and continuing to deliver positive results. We hope all your queries have been answered well. In case you have any other further queries, please feel free to contact the investor relation team at EY LLP. Thank you so much once again. Have a great day.