Q1 25/26

Aug 8, 2025

Summary

Q1 FY26 revenue rose YoY, but EBITDA and PAT declined. FY26 guidance remains 10%-15% revenue growth and 11%-11.5% pure EPC EBITDA margin, with diversification and project starts key to execution.

With that, this conference is being recorded. I now hand the conference over to Mr. Aryan Sumra from MUFG Intime. Thank you, and over to you, sir. Thank you. Good evening, ladies and gentlemen. I welcome you all to the Q1 FY 2026 earnings conference call for Ceigall India Limited. To discuss this quarter's full year and business performance we have from the management, Mr. Ramneek Sehgal, Chairman and Managing Director, Mr. Bhagat Singh, Group CFO, Mr. Kapil Aggarwal, CFO. Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward-looking and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Without further ado, I would like to hand the call over to the management for their opening comments, and then we will open the floor for Q&A. Thank you, and over to you, sir. Good evening, everyone. This is Ramneek Sehgal. I am pleased to welcome you to the quarter one financial year 2026 earning call for Ceigall India Limited. Our financial results and investor presentation have been uploaded on the stock exchanges. I trust you had a chance to review them. I am joined by today Bhagat Singh, our Group CFO, and Kapil Aggarwal, CFO. Starting with the macroeconomic backdrop, the Indian economy continues to demonstrate strong resilience despite global headwinds, including the ongoing geopolitical tension and recently imposed tariffs by U.S. India's GDP is expected to grow by approximately 6.3% in financial year 2026, supported by robust infrastructure spending growth across key sectors as per the recent report by Fitch Ratings. The first quarter of the financial year brought some initial headwinds, particularly due to the early monsoon activity in some states, which temporarily slowed construction activity. However, this phase provided an opportunity to reinforce our operational foundation and enhance preparedness for the coming quarters. We are optimistic about business momentum improving as the year progresses. The government continued emphasis on the urban and the rural development metro expansion, transport infrastructure, transmission and distribution, a strong way to growth in a renewable business. The NHAI, for instance, is expected to bid out 124 road projects worth INR 3.4 lakh crore in financial year 2026 across HAM, BOT, and EPC model. We are well-positioned to leverage these opportunities. The recent 50 basis point rate cut by RBI is another positive development, making project financing more cost-effective, thereby improving margins and further supporting the sector's growth. Coming to our performance, we maintained stable momentum in quarter one, supported by the diversified mix of EPC and HAM projects. In line with the long-term strategy, we continue to expand our portfolio across segments and geographies. Our dependence on highway projects is steadily decreasing as we strengthen our presence in railways, metros, tunneling, T&D renewable business, and other underground infrastructure. I am pleased to share some exciting updates on our ongoing and upcoming projects. First, I am happy to announce that both of our Ayodhya projects, Southern and Northern Ayodhya, valued at INR 23,160 million, have now started. These projects mark another important step in strengthening our presence in this region. I am confident they will set a new benchmark execution qualities and timelines. in Punjab, out of two HAM projects, the quality rate for one is scheduled before October, while the other is planned again before October. The company also infused INR 4,198.41 million of the equity into HAM projects up to June 2025. An addition of INR 759.6 million in July 2025, taking the total equity infusion to date to INR 5,129.2 million. Post IPO, equity of INR 2,592.5 million has been infused. This steady progress keeps us well on track with our commitment in the state. On VRK 11 and 12 front, we have a positive development report. We are now expecting the stage 1 clearance as early as possible, which will be a significant milestone moving these projects forward. Adding to our momentum, the recent NHAI, MORTH circular dated 11th July 2025, introducing the new qualifying criteria is a great and a welcome change. We have received four annuities till date for Ceigall Malout Abohar Sadhuwali project amounting to INR 1,771.23 million from NHAI. This development aligns well with our capabilities and will further escalate our growth in the infrastructure sector. I am also delighted to share that we have now entered into transmission and distribution and renewable energy businesses. As a first win in this new vertical, we have emerged as L1 in Velgaon 400 KV substation tender award for INR 4,900 million. This is a clear sign of our ability to diversify and compete strongly in emerging sectors. These achievements are not just milestones. They are stepping stones towards our vision of becoming a leader across the multiple infrastructure domains. Let us continue to work with the same passion, precision, and purpose that have brought us this far. On the legal front, the arbitral tribunal ruled in our favor in the matter of Himachal Pradesh Public Works Department regarding the winding up of NH-88. The award was of ₹19.36 crore, along with the future interest. Additionally, in the ongoing matter with Punjab Small Industries and Export Corporation, we received an arbitral award of approximately ₹3.17 crore, along with the applicable interest. Our order book is well diversified across 8 states, minimizing both regional and project concentration risk. We are currently executing multiple mid to large-size projects across different sectors, which supports more balanced cash flow and faster execution timelines. Now turning to the financials. Our standalone revenue from the operation, excluding the bonus and royalty, rose to ₹8,183 million in quarter 1, FY 2026, an 8.7% increase from ₹7,530 million in quarter 1, FY 2025. EBITDA for the quarter stood at ₹935 million, reflecting a margin of 11.42%, while the profit after the tax gain had ₹559 million, with a PAT margin 6.83%. June 30, 2025, order book stood at INR 103,374 million, comprising 36.87% from EPC projects, 61.75% from HAM projects, 1.38% from BOT projects. In terms of the verticals, 83.42% comes from elevated highways, structures, and flyovers, 2.05% from tunnel, 13.15% from the rail and metro projects, and remaining 1.3% from emerging segments like airport runways and bus terminals. Now I would like to hand over the call to Group CFO, Bhagat Singh, who will take you through the company's financial performance. Thank you. Thank you, Ramneek, sir. Good evening, everyone. I will now take you through the financial highlights for the first quarter FY26. Beginning with the standalone performance. For Q1 FY26, revenue from operations, excluding bonus and royalty, stood at INR 8,183 million, representing 8.7% year-over-year growth from INR 7,530 million in Q1 FY25. EBITDA, again, excluding the bonus and royalty, stood at INR 935 million, compared to INR 961 million in the same quarter last year. This translates into an EBITDA margin of 11.42%, which is within the guidance which we have given in the earning calls. Profit after tax came at INR 559 million, compared to INR 691 million in Q1 FY25. On the debt side, our standalone gross debt stood at INR 6,848 million, comprising of INR 160.85 million in equipment loan, INR 3,370.19 million in term loans, and INR 3,316.42 million in the working capital loans. Moving on to the consolidated number for Q1 FY26, revenue from operation, excluding bonus and royalty, reached at INR 8,382 million, marking a 4.3% increase from INR 8,038 million in the corresponding quarter last year. EBITDA for the quarter stood at INR 1,091 million compared to INR 1,225 million in Q1 FY25, with an EBITDA margin of 13.02%. PAT for the quarter came at INR 513 million, resulting in net margin of 6.12%. On consolidated basis, gross debt stood at INR 14,247 million, including INR 662.12 million in equipment term loan, INR 3,558.40 million in term loan, INR 6,720.06 million in the HAM term loan, and INR 3,316.42 million in the working capital loan. On net debt equity ratio, it remained healthy for the company on a consolidated basis. It stood at 0.5 as on Q1 FY26. In terms of the working capital, our net working capital days stood at 75 days as of 30th June 2025. This figure factors in inventory days, WIP days, receivables, and vendor pay. On the execution front, we currently have 29 ongoing projects with a total order book of INR 103,374 million. This includes 13 EPC projects, eight HAM projects, one BOT project, covering a wide range of sectors including roads, highways, tunnels, railways, metros, airports, runways, and bus terminals. Importantly, NHAI projects contribute at 80.47% of our total order book. With a diverse portfolio, strong order pipeline, and continued focus of the government on the infrastructure development, we are very well positioned to sustain momentum and drive long-term growth. With this, I conclude my opening remarks and open the floor for question and answer. 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 on their 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 is from the line of Vaibhav Shah from JM Financial. Please go ahead. Hi, sir. Sir, firstly, we have not removed the Bhubaneswar Metro from the order book. So there was some news that the project has been canceled. What is the status on that? So that happened in July, and yes, we have removed it in our granting. Yes, that project got terminated by Delhi Metro because they were unable to start. From our side, we mobilized, we started the initial diversion and the piling work. So the government of Odisha wants to change the project into underground with the double-decker, and they want to get a fresh contract for that. So yes, it has been terminated. We have already uploaded that on SEBI. So will we be interested in the newer tender which comes out? Yes. Why not? We already bid everywhere for Metro, and we have already won a new vertical project, which is a T&D in Maharashtra, Velgaon, which is closer to INR 500 crores. And in that, we have to build it in Velgaon, and there are energy for next 35 years, energy of about INR 58.5 crore every year. What work have we already done in the project Bhubaneswar, and what are the receivables? Have you received any Bhubaneswar advance from the client? Yes. We have received one shot of mobilization advance, but the other, we haven't received it. And in fact, the department has to return our bank guarantees also. But they want to settle it. The discussion has already started. Yes, there would be a claim. We have already put one claim. The second claim is ongoing, and it should be submitted very soon. What are our net receivables as of now from the project, from the client? From this Bhubaneswar? Yeah. One second. How much is the receivable? We have already spent close to INR 30 crores on this project, and the claims are underway besides the machinery. We spent a lot of new machinery for this project, and we have established the camp also so that the team is already on the job to evaluate and submit a claim. Receivables, yes, as I said before, they have given us one part of the mobilization advance. The second was never given, and the mobilization advance BGs also to be returned. We are going to submit a fresh bill, where diversion was done or other works were done. It will be submitted very soon. Okay. Sir, mobilization advance would have been somewhere around INR 30-odd crores, assuming it to be 5%. INR 21 crore. INR 21 crores. Okay. Secondly, on the equity infusion front. What are our pending equity to be infused, and how much will be put in 2026, 2027, and 2028? I think it should be around INR 800 crore. Exact number, Bhagat Singh will tell. INR 872 crores. INR 872 crores. Typically, these large projects of 30 months, and we are targeting to put in next 2.5 years. Right. The equity which we have already infused, we have already shared in the call. Can you give guidance for the entire year for 2026, 2027, and 2028? Only VRK 11 and 12 have not started. Otherwise, equity for Ludhiana-Bathinda and Ludhiana Southern Bypass, as per the requirement of the sanction letter, we will be putting our equity in next, say, about 24 months. Okay. Sir, when do we expect to receive the appointed dates for VRK 11 and VRK 12? VRK 11 and 12, we have been getting a positive response from the government of Jharkhand, where we are expecting to get the stage 1 approval anytime. Once the stage 1 approval is there, I think we should get a quantity date. Any guidance, per se, in 2Q or 3Q are we targeting? We are targeting that we should get it in 3Q. Quarter 3. For both the projects? Yeah. We should, because they are the same stage. For Punjab, we should get it won by next month. Conservative before. Southern Ludhiana. Southern Ludhiana, October. October. Moga Barnala? Moga Barnala is the same Ludhiana-Bathinda no? Yes. For that That we should get it next month. We already started the mobilization and the pre-construction activities there at the site. Okay. Lastly, last question from my end. In terms of guidance, given the delay in ADs for VRK 11 and 12, and you are factoring a good amount of execution in 2026 itself, are you revising the guidance for FY 2026? No. Since certain approvals are delayed by the government, we are helpless. Otherwise, we are on track in terms of, we already started two projects in U.P., that is Ayodhya. As for the earlier guidance, we are trying our level best to achieve that. Also Metro project also canceled, so revenue from that also has been- Yes. The first quarter only got affected because of the Metro project and the monsoon season, which started early. Three of our sites have got affected due to the monsoon. We maintain our revenue guidance of 10%-15%? Yes. And margins of 11%-12%, pure EPC? Yes. Okay. Thank you, sir. Those are my questions. I will come back in the queue. Thank you. Thank you. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Good evening, sir. Thanks for the opportunity. Good evening. Sir, is it fair to assume that all 6 projects where the work is not started, especially on HAM, you can expect the project date to be in place by this fiscal year? Is that a fair assumption? Thank you for the question. We have already started 2 projects, which is Southern Ayodhya and Northern Ayodhya bypass. Third one is getting started next month. Fourth one is getting started in October. We are targeting quarter 3 for VRK 11 and 12. We are really expecting all these projects will be started next year. Understood. My second question is, can you help us understand your entry in T&D, especially on TBCB side? What are your expectations for this segment in medium-term? There are a lot of works, and a few days back also there was a news that government is going to spend INR 100 billion on T&D business. We also see, as you know, we have acquired a CNC which has some machinery and expertise and PQ, and in fact, the team also has joined us. We are really looking forward to growing this business as a lot of projects are available in the market in terms of this tariff-based bidding. We already are successful in one project, and we are waiting for the LOI. We have quoted for other transmission line business also in the same department. We are looking forward to add a good order book from this particular division. We have already quoted for a renewable business also. That is, the KUSUM scheme in Madhya Pradesh. Understood, sir. My last question, sir. Are you seeing the tenders pipeline from NHAI building up since NHAI announced INR 3.3 trillion? Do you think this will most likely will happen in the second half of this fiscal? Good question. NHAI have done a cleanup in last one and a half year where they were not going for tendering till the time land is available, like in the cases of our six HAMs, where the tenders were allotted and land was not available. Now, till the time there is availability of the land, there is no bidding out. NHAI has announced 20, 25 days back that they are coming up with a lot of tenders, worth INR 3.4 crore or something, and in which about 70% is HAM, 20% is BOT and 10% is EPC. My figures might vary 10%, 15%. This is what we have understood and we have got the list. These tenders, they are targeting to allot in this year. And good thing about NHAI and MORTH, NHAI, NHIDCL is they have changed the qualifying criteria, which happened on 11th of July last month, with which I really feel they would be a great tutor in our industry because earlier the competition level was crazy and now it will be a healthy competition. Because larger the networks, you can get more contracts. The pre-qualification which was earlier diluted during the COVID has been reinstated and made a better one for large companies and companies like us. And we really look forward to it. And I think there will be no dearth of getting works in NHAI as well, and in HAM also. So people have to plan and have to pick and choose for these large projects from NHAI and MORTH. Understood, sir. Thank you. That is what I thought. Thank you. Pleasure. Thank you. The next question is from the line of Darshan Jhaveri from Crown Capital. Please go ahead. Hello. Good evening, sir. Thank you so much for taking my questions. Hopefully I am audible. Yes. Good evening, Darshan Jhaveri. Yeah. Hi, sir. Sir, just wanted to know, I think since the last few quarters, our order book has been in the range of around INR 10,500 crores. Now, how do we see that going forward? Just wanted to know, I think we have around INR 5,000 crores of EPC contracts. What is the execution period for same and why the guidance for revenue is around 10%-15% when we have such a decently big order book? Good question. Thank you. We have mixed order book of HAM, BOT, and EPC. Typically, when we get a HAM tender, it takes about 1.5 years to 2 years to start the project. EPC, it takes almost 5 to 6 months to start a project. Whereas these projects, the tenure of the projects ranges from 2 years to even 5 years. Typically, these kind of projects, because we are doing specialized structure projects, we are doing country's longest elevated, one of the longest elevated, which is Danapur Bihta. These projects are typically for 32, which goes up to 40 months also. The revenue is divided into all 30 months. It's typically like 2.5 years. The order book which we have guided before, which is about INR 10,000 crore. If we have to do it'll be spread into 2.5 years. Okay. Fair enough, sir. Based on that also, I think per year we should be crossing INR 4,000 crores, right? Even that base, and I do not know if we will be able to reach that this year, sir. Is that a fair assumption, sir? We have a target to reach there, and since we have got this new T&D business also, we are trying to get more also. Gradually, the order book value will also be increasing, going months, becoming months progress. Okay. Fair enough, sir. The new NHAI order that you are speaking about, that can come in. What will be our targeted order inflow for this year? Our target is INR 5,000 crore. Okay. 5,000 crores is our target. I just want to know how is the competition intensity that you feel? Is there very high? Will there be pricing pressure that can lead to some kind of margin issues? Or how do we see it, sir? It was there before earlier, but now since the qualification criteria has been changed, I think now the position will be changed, and we really look forward for doing healthy competition. There will not be a situation of undercutting or something. Everyone can enjoy healthy margins. Yeah. The large companies can only bid. More the network you have, you can get more contracts. If you see this qualification. Okay, fair enough, sir. I just wanted to know, just like, I think pre-IPO, we were able to grow at 40% plus. When do we see, be able to reach at least more than 25% growth target. How do we see the ability to reach that, sir, again? We always try our level best. Our best of the team, they are putting their best ability and are trying to execute at their level best. This team has done before, and we as a board always try, and management always try to push them for the best results and best. As I said before, whatever we guide, we really want to achieve and maintain our stability there. Organically growing always help in companies becoming larger companies. Okay. Fair enough, sir. I just wanted to know, like this Bhubaneswar project, do we see any other kind of risk of some projects getting hampered down or some pause coming in or delay, any sort of that on ground do we see, sir? Not really at this moment. Otherwise, also, let me tell you one thing. Wherever the project get terminated, government always pays for the termination payment. As I said before, we have already put a claim, and we are going to put another claim very soon, Delhi Metro. Eventually, yes, order book is the loss, but it might take 2, 3 years in getting the award. If you see, we have already got one award payment in our account in first quarter and an award of INR 19.36 crore from one of the NH projects in Himachal, and quote from GMADA around in December. So that way the company is very well in the contract revision matter. Eventually there will be no loss. It might take some time till the time the award money comes into the account. Okay, fair. Just last question from my end, sir. So overall, on a consolidated basis, what kind of EBITDA margin is sustainable, sir? Sir, on a standalone basis, we have guided an EBITDA of 11%-11.5%, pure EPC EBITDA margin excluding bonus and royalty. We are targeting that whatever turnover guidance of 10%-15% growth and EBITDA margin of 11%-11.5% pure EPC. We believe that we would be able to maintain the same in the future to come. Yes. As Ramneek, sir, mentioned that we are entering into new domain to come, trying its level best to generate value engineering in new verticals, and we are trying to generate delta over and above the guidance. But that will depend upon the performance. On a conservative note, we feel that whatever guidance we have given for turnover and EBITDA, we would be able to achieve the same. Okay. Just wanted to know, sir, previously we've done 15% and our pure EPC is around 11%, 11.5%. So what's the difference of delta? How are we able to achieve the extra 3%? Could you just explain that, sir? I'm new to the industry. That's the only reason I'm asking that, sir. Yeah. No problem. I'll give you a clarity here. If you see our last earning calls, we have guided that our pure EPC EBITDA is 11%-11.5%. That is changed by executing the EPC work. Over and above that, if you see the ladder to 15%, now what are the components which leads to 15%? One is royalty, which depend upon situation to situation. Another is a bonus, that is for early completion. Again, it depends whenever the project can be early completed and authority issue us a letter of award for bonus, we will book it. Lastly is a claim, that again depends on the situation. What we can say is, as an investor or as a company, we feel that we should take into consideration the pure EPC margin because over and above the journey from pure EPC to 15% depend upon situation, depend upon the facts, and depend upon the contracts which may or may not arise. But yes, we are trying to maintain that consistency of pure EPC margin over a period of time. Okay, fair. Thank you so much for helping me with that, sir. All the best, sir. One more thing I would like to clarify. Yeah. One more thing I would like to clarify. Whatever we are talking about, it is a EPC margin of a Ceigall India Limited, but whatever investments we have made in the HAM project, in the SPV, whatever delta they are generating, that is being passed in the SPV. That is also a profit of the company. But that's the earning we will be booking or recognizing it in the books once the assets are monetized, either in the form of InvIT or in the form of asset sale. Okay. Fair enough, sir. That's it from my side, sir. All the best. Thank you. Thank you. Thank you. The next question is from the line of Jainam Jain from ICICI Securities. Please go ahead. Good evening, management. Thank you for the opportunity. Sir, as you said earlier that there will be re-tendering for new Bhubaneswar metro project. Sir, will we be given any preference within that project? Right. Thank you. There is no preference as such. There is no right of refusal. But yes, since we established there, we will try our level best to get the tender. But as such, there is no preference in the tender. And sir, my second question is- We are already constructed the casting yard. Hello. Yeah. Please go ahead. Am I audible? Yeah. Sir, my second question is, what is your plan for asset monetization, given the fact that Malout has been already operational, Mandi Dabwali is also at the stage of completion and also Jalbehra Shahbad? We are always open to discussions, and we do it also. We always wait for the right multiples, and whenever we get it and we get a best price, we are ready to sell it. We are very open to this. Are you looking to sell it out in this fiscal? As I said before, it depends upon the right price. If we get it, why not? We are ready to sell it any time. Okay, sir. Sir, I wanted a couple of data points pertaining to working capital. Sir, can you help me with your inventory, trade receivables, and trade payables number? Also, if you have any retention money. Yeah. Sure. As far as the working capital is concerned, as on Q1 FY26, we have an inventory of 13 days. We have debtors of 6 days. We have a creditors of 102 days, and we have a WIP of 99 days. In effect, my net working capital is 75 days. Sir, can you give those in the value terms? Come again, please. Can you give these numbers in value terms? Yes, please. On a standalone basis, my debtors stood at INR 841 crore, and on a consolidated basis, my debtors stood at INR 529 crore. Apart from debtors, my inventory value is INR 96 crore. Hello. My inventory value is INR 96 crore. My unbilled contract value is INR 1,014 crore, and my vendors are INR 818 crore. INR 816 crore. Okay. Hello. Hello. Am I audible? Yeah. Please. Sir, my last question is, what was the bonus and royalty income in the base quarter and in this quarter? What is the bonus? Bonus and royalty income, which you have moved in Q1 FY 2025 and in this quarter. You are not recognizing it. There is no bonus or royalty income in this quarter. Whatever EBITDA we have quoted, what we have achieved in this quarter, that is a pure EPC EBITDA. What we have quoted in the press release if you see. We have quoted an EBITDA of 11.42%. That is a purely EPC margin that we have generated. And sir, in base quarter? See, we do not give any futuristic statement, but as I mentioned that, as we are completing the Bathinda-Dabwali HAM project. Once the COD has been issued, it is likely, depending upon the issuance date, which is likely to be maybe getting the bonus for the Bathinda-Dabwali HAM project. Okay, sir. That answers my question. Thank you so much, and all the best. Thank you. Thank you. The next question is from the line of Lokesh Kashikar from SMIFS Institutional Equities. Please go ahead. Yeah, hi. Thank you for the opportunity. Sir, couple of questions from my side. Firstly, just wanted to get stance on the NHAI pipeline. You have mentioned that it is around INR 3.4 lakh crore. But what do you think would be the realistic number for FY 2026, considering that there has been projects in the pipeline, but tendering was very muted in the past couple of years. So just wanted your stance. What would the realistic number for awarding? Thank you so much for the question. This NHAI only got it published, I think it was there in ET, that these are the projects they are looking forward to bid out very soon, and few of them have been approved by the cabinet also. The only thing where NHAI did not bid out was they were waiting for the land acquisition to happen so that what has happened before, that the projects were allotted and they were not started for 2 years. They do not want to repeat that kind of instance. That is the reason NHAI documents or projects got delayed, but now they are on the right track and they have done a lot of homework. They are ready to bid out these tenders, and the majority of the tenders are available also. Few have got the cabinet approval also. We are really looking forward to these tenders. Yes, you know it very well that NHAI has done it before also. It is just a matter of time. A good thing is, the relaxation which everyone had in NHAI bidding process has been tightened. Now where earlier, a person can bid at, say, 15% or 20% net worth, now it has gone minimum 20% net worth. Then second, there is a kind of bid capacity requirement, which is a thing for all good companies, including us. Then the third one is the minimum single work requirement of 20% has gone to 30%. So only good large companies who have executed large projects will be only qualified for these large projects. Okay. But, is it fair to assume that for these INR 3.4 lakh crores of projects that the NHAI has mentioned, the land acquisition might be at the advanced stage, so the bidding would happen very soon? Is that fair to assume? Yes, the tenders which are already out, they have been doing a lot of working on that, and, I really feel they have a constraint that they have to get the cabinet approval, and few of the projects they have started getting the cabinet approval also. We are very positive about these projects, and, fingers crossed, that, we will try and get maximum. Thank you. And sir, secondly, on the bid pipeline in other segment where we are targeting, let's say in the T&D segment or in the tunnel, or in the metro segment. Can you just highlight bid pipeline on this segment as well? There are a lot of cities which are coming up with metro. Some are coming underground, some are coming viaducts or elevated. We are into bid both types of projects. In fact, we were able to win this Kolkata Metro. It was cut-and-cover underground metro. For us, the state doesn't matter, region doesn't matter. We've been bidding across the country, and 11 states. We worked everywhere. That's one point. Second, we are working with the railway also. Today also, we have quoted one of the railway projects. Going forward, we have NHAI, we have 10, 11 departments. We are projects. We are trying to get projects in renewable also and T&D business also. T&D business is going to be a very big business. First, T&D, the good thing is, it's not only India. It's international business also you can grow well. T&D is going to be a very good vertical for us. Okay. Out of the targeted order inflow of INR 5,000 crores, what is our internal target to bag projects from the other than road segment? Around 20%, 25%? So if you ask me, we do not have any such targets. We keep on bidding. Right now also, we have quoted tenders worth INR 16,000 crores. We always target and plan in such a way that our project IRR should not be less than 25%. For our EPC business, as we are getting this PAT and EBITDA about 11.5% to 12%, so we always target to bid on. It does not matter we get highway business, we get elevated, we get structure, we get airport, we get tunneling business. So it does not matter. Because we have all kind of verticals, we have all kind of people with us. So we only and only target that we should get projects at. Okay. Just last few questions. Sir, what is the land status in the Varanasi-Ranchi-Kolkata Expressway project? It is at an early stage where I think we should get a stage 1 approval soon. Fingers are crossed. Once it is there, then, we have already mobilized for these projects. The financial close is already done. So we are very positive about these projects, and these projects should start early. But sir, is there a possibility that the project will get canceled or something? Because we have secured the project two years back, and nothing, we have not yet received appointed date. So is there a possibility that the project will get canceled or something like that? There are about three listed companies who already having projects, two project each, on this expressway. There are total 13 packages out of, I think, one is not bid out. 12 packages are already allotted. It is difficult for NHAI also to terminate all these projects. Terminating, they have to pay a lot of payment, and they have already paid a lot of money for land acquisition. These projects are almost 2 and a half years old. I do not think we should not heard anything negative about these projects. The department is also really pushing hard to start these projects. We have been getting only positivity about these projects. Okay. Sir, last one only. Out of this total order book of around INR 10,300 crores, if you look at present, one has to exclude Bhubaneswar project of around INR 800 crores, correct? INR 900 crores. We have added also one project that is T&D project. Okay. So INR 10,300 minus INR 900, that comes to around INR 9,400 plus around INR 400. You are saying at present, it would be around INR 9,800 crores, correct? Closer to that. Something like that, yeah. Okay, fine sir. That is it from my side. Thank you. Thank you. The next question is from the line of Hitanshi Agarwal from AV Investments. Please go ahead. Hi. Thank you for the opportunity. My first question is, our standalone and consolidated EBITDA margins have contracted on year-on-year basis despite the revenue growth. What were the key drivers of this margin pressure, and do you see this on temporary basis or structural basis? Ma'am, if you see my EBITDA margins, first of all, I will let you know that my standalone. My standalone EBITDA margin, if you see from FY 2024 itself, we are between 11%-12%, 12.5%. We need to understand how we derive the EBITDA margin. It depends what sort of construction activity is being executed in the respective year or quarter. If the contract involves a lot of structural work, the EBITDA margin would be on a very higher side. If it is a normal work without structural work, then it will be range between 11%-11.5%. I just want to quote the number. My FY 2024 EBITDA margin, excluding bonus and royalty, was 13.64%. FY 2025, it is 12.24%. Q1 FY 2025 last year, it was 12.76%, and this quarter it is 11.42%. What we need to see is the company is generating the pure EBITDA margin, what they have given a guidance, that is 11%-11.5%. Number one. Number two, when you talk about the consol number. I just want to restate how we derive the consol. Consol depend upon standalone plus whatever profitability you derive upon from the HAM project. In the case of HAM project, a profit arises when a contract is completed and you start receiving the annuity. In the present case, as we have mentioned in the press release, that one contract has already been completed. We have already received an annuity amounting to INR 177 crores, which has been duly accounted for, and accordingly, the EBITDA is increasing in the consolidated. This year we are expecting that we are completing two more projects, that is Bathinda Dabwali and Jalbehra. We feel that consol number, this number would be on a higher side as compared to our standalone number. Okay. Got it. And sir, one question on the HAM project. The equity infusion which we have done for this HAM project. Do you see our finance cost increasing in the future? No. See, whatever equity we need to infuse, it will be infused in the SPV. And the source of equity is the cash accruals which we are generating in Ceigall India Limited. There is no question of increasing the finance cost purely because of equity infusion, because equity is infused from the sources or external sources rather than taking the borrowing from the bank. Okay. And sir, just to follow up on the HAM. What annuity receipts are expected from the operational HAM assets in FY 2026 and 2027? Bathinda Dabwali, Jalbehra. Yeah, of course. As we said that in case of Malout, we are tentatively already receiving an annualized annuity of INR 100 to INR 120 crores. We are also expecting that if a COD, we are expecting the COD of the contract precisely maximum by the end of second quarter or the early part of the third quarter. From once the COD is issued, we will be likely to receive the annuity amount from these two projects also. Okay, great. And sir, just one last question. How do you see the equity requirement profile over the next 12 months? Is internal accrual sufficient or will we raise fresh debt or equity? Yes. As we mentioned to the replies to our query, the total equity which is pending to be infused is INR 872 crores. This is the equity which we need to infuse over the remaining portion. As for the bank sanction, we get a sanction structure in a way that at the time and the quantity is issued, we need to infuse only 30% of the equity. Remaining will be issued in line with the progress of the report. Considering this 30% level, we believe that INR 872 crores would be infused over next two half year. This is the first point. This I'm giving you a bifurcation of the equity. Number two point which is very important to understand, what are the sources of equity? Number one is cash approvals which the company is getting. Number two is the unencumbered FDR which we are having with us as we speak, which we normally keep on month-to-month basis to support the equity requirement of a HAM. Number two. Number three, Malout HAM project was completed. Now we are in the process of execution finance. Once it is refinanced, we would be getting a top-up amount ranging from INR 120 to INR 140 crore. This is from only pure Malout. Since we are expecting the COD of the remaining two projects in the third quarter this year, we will getting it refinanced and I'm expecting a top-up of close to INR 200 crore from these two HAM projects. Considering a top-up of INR 200 crore from two HAM projects, INR 125 crore to INR 140 crore from Malout, I believe we would be having an independent source of INR 340 crore in the parent company which will derive it from the SPV company to support the equity requirement and this equity will not be for the existing HAM. Yes, it will enable me these three sources, top-up amount, unencumbered FDR, independent cash accruals from Ceigall. These three sources put together will provide me a very strong rational support for meeting the equity requirement of existing project as well as the future HAM projects which we feel which we have already bidded. We feel, as Ramneek sir mentioned that we are expecting an order inflow of INR 5,000 crore. Out of which whatever will be the proportion of equity, we feel that this total capital inflow will enable us to meet the equity requirement. Okay. Got it, sir. Thanks a lot. Thank you. Thank you. Ladies and gentlemen, in interest of time, we will take this as the last question for today. I would now like to hand the conference over to Aryan Sumra from MUFG Intime for closing comments. I would like to thank the management for taking the time out for this conference call today. I also would like to thank all the participants for joining. If you have any further queries, feel free to reach us. We are MUFG Intime India Private Limited, investor relation advisors for Ceigall India Limited. Thank you so much. Thank you. On behalf of Ceigall India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you so much. Thank you.