Q4 24/25

May 9, 2025

Summary

FY2025 revenue grew 13.8% and the ₹10,862 crore order book supports visibility, with FY2026 growth targeted at 10%-15%. HAM starts, land and milestone collections remain key execution and working-capital dependencies.

Ladies and gentlemen, good day, and welcome to the Q4 FY 2025 earnings call for Ceigall India Limited, hosted by MUFG Intime India Private Limited. 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. Aryan Sundra from MUFG Intime India Private Limited. Thank you, and over to you, sir. Thank you, Magu. Good morning, ladies and gentlemen. I welcome you all to the Q4 and FY 2025 earnings conference call for Ceigall India Limited. To discuss this quarter's and full year's business performance, we have from the management, Mr. Ramneek Sehgal, Chairman and Managing Director, Mr. Bhagat Singh, Group CFO, and 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 morning, everyone. Thank you for being with you, and this is Ramneek Sehgal. Good morning, ladies and gentlemen. I am pleased to welcome you all to the Quarter 4 and Financial Year 2025 earnings call for Ceigall India Limited. Our financial results and investor presentation have been uploaded on the exchanges. I hope you had a chance to review them. Joining with me is Bhagat Singh, our Group CFO, and Kapil Aggarwal, our CFO. Let me begin by providing a brief macroeconomic overview. India's GDP is predicted to expand by 6.7% in financial year 2026, driven by the robust domestic demand, rising rural incomes, and a resilient service sector supported by the moderating inflation that is expected to lift consumer confidence. The infrastructure and construction sectors are poised for steady growth. ICRA estimates a year-on-year growth of 8%-10% in operating income for the construction industry in 2026. Backed by the strong order book base and improved execution trends, the aggregate order book-to-revenue ratio of 3.5x as of March 31, 2025 reflects healthy revenue visibility. While the first half of the financial year 2025 faced challenge from a prolonged monsoon and the Model Code of Conduct and shift to the milestone-based billing, execution improved in the second half, especially in Quarter 4, where momentum sustained strongly. Now turning on to our performance. The company has delivered a steady performance for the Quarter 4 and full year 2025. With a well-diversified portfolio of EPC and HAM projects, we have further reinforced our leadership in elevated roads, railway, specialized structures, metros, and we are trying to get a new vertical besides being in runways and tunnels. In line with the strategic roadmap, we have continued to diversify both by segment and geography. The dependence on the highway projects is expected to reduce gradually as we expand in railway, metro, tunneling, underground projects. Our order book is geography diversified across eight states, mitigating regional concentration risk. We are executing multiple mid- to large-size projects across the sector, leasing a few large orders and enabling smoother cash flow and project turnaround. Looking at the financials, our consolidated revenue from operations, excluding bonus and royalty roads, to INR 34,179 million in the financial year 2025, marking a 13.8% year-on-year growth from INR 30,040 million in the financial year 2024. Our financial year 2025 EBITDA stood at INR 4,995 million with a margin of 14.6%, while the PAT stood at INR 2,866 million with a margin of 8.4%. As of March 31, 2025, we have a robust order book of INR 10,862 crore, reflecting a healthy book-to-bill ratio of 3.2 times. Our order book comprised of 85.3% from elevated roads, highways, specialized structures, flyovers, tunnels, 13.3% from railway metro, rest of the business verticals like airport runways or terminals. Let me provide an update on a few ongoing projects. Two of our HAM projects in which Bathinda Dabwali is completed, and we are waiting for the pre-COD. Jalbehra Shahbad is almost at the completion work, and we are expecting the pre-COD soon. This is on the HAM front. Towards our EPC, Delhi Saharanpur highway project is almost completed. Makhu project has already achieved the pre-COD. Gonde – Vadape structure has already received the pre-COD. Delhi-Amritsar-Katra is more than 85% done. Little land was not available. Now we have got it, so we are expecting to complete it as soon as possible. Ludhiana-Rupnagar, almost 85% completed. Additionally, we have started Ayodhya Southern Bypass after declaration of the appointed date on March 28, 2025. At the start of this week, we have executed a concession agreement with NHAI for development of six lane of greenfield Southern Ayodhya Bypass under hybrid annuity mode. We also received the sanction of the IDFC First Bank for our Ludhiana Bathinda Package 2 HAM project, wherein the debt amount is approximately INR 510 crore. Financial closure is likely to be executed within a week's time. I will now hand over the call to Mr. Bhagat Singh, who will provide the overall review of the financial performance. Over to you, Bhagat. Thank you, Ramneek sir. Good morning, everyone. I will take you through the financial highlights for Q4 and FY 2025, starting with the standalone financials of Q4 FY 2025. Our revenue from operations, excluding the bonus and royalty, stood at INR 9,918 million, reflecting a 17.2% year-on-year growth from INR 8,460 million in Q4 FY 2024. EBITDA, excluding bonus and royalty, came in at INR 1,092 million in Q4 FY 2025 from INR 1,204 million last year, with an EBITDA margin of 11% for the quarter. Our PAT for Q4 FY 2025 stood at INR 696 million. Moving on to the full year standalone performance, revenue from operation, excluding bonus and royalty, for FY 2025 reached at INR 33,645 million, up from INR 29,137 million in FY 2024, marking a year-on-year growth of 15.5%. On debt front, our gross standalone debt stood at INR 6,359 million, which includes INR 183 million in equipment term loan, INR 4,037 million in term loans, and INR 2,139 million in working capital loans. Now moving on to the consolidated numbers for Q4 FY 2025. Revenue from operation, excluding bonus and royalty, reached INR 10,116 million, up by 88.5% year-on-year from INR 9,390 in Q4 FY 2022. EBITDA for the quarter stood at INR 1,279 million, with an EBITDA margin of 12.6%. PAT for Q4 FY 2025 came in at INR 724 million with a net margin of 7.2%. For the full year FY 2025, revenue from operation, excluding bonus and royalty, stood at INR 34,179 million, up from INR 30,040 million in FY 2024, reflecting a year-on-year growth of 13.8%. EBITDA for the year was at INR 4,995 million compared to INR 4,923 million in FY 2024, with an EBITDA margin of 14.6%. PAT for FY 2025 stood at INR 2,866 million with a net margin of 8.4%. On a consolidated, our gross debt stood at INR 13,967 million, which includes INR 685 million in equipment term loan, INR 4,337 million in term loans, INR 6,806 million in HAM term loans, and INR 2,139 million in working capital loans. Our net debt-equity ratio remains very attractive and comfortable at 1.5x for the year ended FY 2025. Coming to the working capital, our net working capital cycle stood at 62 days as on March 31, 2025. This is calculated considering the inventory days, WIP position, receivables, and vendor payments. In terms of project execution, we currently have 70 ongoing projects with a total order book of INR 111,702.5 million. This includes 14 EPC projects, eight HAM projects, one BOT project, spanning roads, highways, tunnels, railways, metros, airports, runways, and bus terminals. Notably, NHAI projects account for 79.9% of our total order book. With a strong order book pipeline, a stable credit rating, a government continuous focus on infrastructure development, we are very well-positioned to drive strong revenue growth and a long-term success. With this, I conclude my remarks and thanks our all esteemed stakeholders, including our employees, business partners, vendors, auditors, bankers, for their wholehearted support in the long-term growth journey of the company. On behalf of the Ceigall India Limited, I thank you everyone for attending this call. Now I request the moderator to open the floor for question and answers. 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 phone. 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 Mohit Kumar from ICICI Securities. Please go ahead. Hi, good morning, sir, and thanks for the opportunity. My first question is on the order book. I think we have roughly around ₹5,000 crore worth of order book from HAM where the work has not started. Can you just please update us on the appointed date, concession agreement, what is the status and land acquisition? Thank you. Good morning. Thank you for the question. Our order book value is ₹10,862 crore, and this is 2.2 times of the book ratio, bill to book ratio. We have almost six HAM projects in which one HAM project we already got the appointed date, which is Southern Ayodhya Bypass in March, that is on 28th of March. We are expecting Northern Ayodhya Bypass also very soon. Besides this, we are going ahead with the financial closure of Ludhiana Bathinda Package Two, where we are expecting the appointed date again in maybe maximum in next quarter. For VRK 11 and 12, there are two packages together there also. VRK 12, the forest approval has gone to the CM office and we are expecting it soon. Once it is done, we are going ahead with the AD there also. The financial close is already done. Going forward, I think in this year only, we will have at least three more HAM projects starting. We should be getting the ADs. So revenue visibility and all these things is very clear in the company. That is it. Thank you. I hope I answered your questions. Yes, you did. My second question is on the industry order outlook. FY 2025 was really bad from the NHAI, for the roads. How do you think about FY 2026 opportunities? Are you seeing some signs of improvement? Do you think it will be far better than FY 2025 in terms of opportunities? A good question. Last year, what has happened is the NHAI, till the time land is given total clear or they have the 3G, they are not allowed to take out the phase, that they don't get the approvals, or they are unable to issue the NOA. Which is a good sign for our industry that they're cleaning up the entire system. Last year also, we have bagged three orders from NHAI. Two orders worth INR 2,500 crores, which is Ayodhya Bypass and INR 923 crores is Southern Ayodhya Bypass. This year also, if you see, they have changed our qualification criteria in EPC also. They have made it better. Going forward, the large projects are coming in NHAI, and they are getting the cabinet approvals. I look forward for a great year ahead as NHAI is now, the good thing is they're coming out with a larger order. Big orders as in size of the order tenders. Understood, sir. Thank you for all the details. Thank you. Pleasure. Thank you so much for listening. Thank you. Next question is from the line of Bala Subramanian from Arihant Capital. Please go ahead. Good morning, sir. Thank you so much for the opportunity. Sir, my first question regarding several HAM projects are near completion. How do you see annuity flows in coming years? Good morning. On the capital side. Our first HAM is operational, which is a AAA rated by CRISIL. We have already received the annuities. Fourth one is due in June. The Bathinda Dabwali pre-COD is expected any time. We have already applied the pre-COD. The tests are done, third-party inspections are made. We are expecting the pre-COD soon. Once that is done, after six months, the annuities of this project will also start. Third is Jalbehra Shahbad, which we are targeting in next week that we should get the pre-COD. Once that is done, their annuities will also start. We are expecting three HAM projects will be operational. In first one, we are already getting these annuities. Second one and the third one should start in this financial year. Thank you. Okay, sir. Sir, new HAM projects like Ludhiana Bathinda, Varanasi Ranchi, and these HAM projects have faced some delays for starting. What are the key bottlenecks, and when we can expect these projects? Southern Ayodhya Bypass has already started. Northern, we are targeting to start soon. We are just waiting for the land to be handed over to us. The things are positive there also. Ludhiana Bathinda, we have already got about 18 kilometers out of 44 kilometers. We are targeting to get at least more 15 kilometers soon. Once we get the 80% land, which is of 44 kilometers, we shall get the AD for that project also. VRK 12, I have already spoken. The file has gone to the CM office for the final approval. Once that is given, I think we should get the AD for that project also. As I said before, we are targeting to start at least three more HAM projects in this year. Got it, sir. Sir, recent metro project wins like Kanpur, Bhubaneswar, it looks like it should be on the highways. What is the targeted revenue mix for non-road projects over next three to five years? We have got three metro projects. One is Kanpur, one is Agra. They are doing very well. The performance is very good. Bhubaneswar has just started. Whenever you start new project, new state, there are some certain hitches, but things are under control, and all these projects are doing well. Going forward, we have quoted for Delhi Metro, which is a package project. We have quoted for a Kolkata metro, underground metro project, cut and cover. We have quoted for a K-RIDE, which is a Bangalore metro project. We are going ahead with bidding of metro projects, and metro projects, we can see a lot of visibility is there. Besides this, underground projects also we are looking forward, because we are already on the verge of completion of our tunnel project, which is in Ramban. We are the only company which has done it in two and a half years is us. Our lining is completed. Only the MEP and the roadwork is balance, which we are targeting to complete soon. I hope we should get the clarity on the situation which is happening these days. Otherwise, things are very much under control. Thank you. Thank you. Thank you. Participants who wish to ask questions may please press star and one at this time. We will take the next question from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Thank you. Sir, have you removed the Delhi-Agra expressway project from order book of INR 1,071 crore? Yes. So that project, the government was unable to provide us the land, and government has written us a letter that they are unable to provide the land, so they are ready to pay 1% of the cost of the project, whereas we have already filed the AT with NHAI, Arbitration Tribunal, and we are filing our SoC soon. Because we had a camp there, we were already ready to start that project because 40% land was only available, 39% exactly. But NHAI decided to scrap that project because the position in that particular region was bad. They were unable to get the land. What expense you would have incurred so far in the project? At the moment, telling you would not be the right thing because I won't have the right figures. But yes, the camps were established. We tried taking the position many times. Besides that, we have the overheads. The people were standing there. More than 50 people were stationed there for the start of the project, and we have stocked some materials. Materials, of course, we'll transport and shift it to the nearest site. But NHAI is ready to pay us INR 11 crore, which is a commission cost, but our expectation is more, and we have already filed this AT, as I said, and the claim will be filed soon. I don't know the dates of the SoC also because AT is formed. AT, Arbitration Tribunal, is already formed, and once that is formed, within one year, the decision will be there and be in our favor only. The expense initially, of course, should be greater than 1%, is my understanding right? Talking about that on this call will not be right because the teams are still preparing because they're still gathering the accounts from the site and all these things, and once the SoC is filed, we'll definitely tell you the number. Okay. Sir, secondly, we are seeing a sharp increase in debt levels on a quarter-on-quarter basis. Also, working capital has gone up quite significantly during the quarter. So we are seeing a sharp increase in terms of both payables and also other current assets and unpaid receivables. Any particular reasons, and what would be the HAM receivables or other receivables from INR 50 crores? I will give this phone to Bhagat to answer this. I never. So first, the query is on the debt side. As on March 31, my standalone debt is INR 635 crores only, which includes INR 18 crores of equipment term loan and INR 403 crores of term loan. As we have briefed Ajay also, the company, whenever we start a new site, basically we avail term loans, mobilization advance term loans from the banks, which enable us to mobilize the site and start the work on as I said this. This INR 403 crores, primarily my standalone debt, if you see again the total debt of INR 635 crores, my gross term loan is INR 433 crores only. Precisely, it is close to 70%. It is the gross term loan which we have availed to start a new site, which we have recently started, like Southern Ayodhya Bypass and other sites. These term loans get paid off over a period of 12-18 months period from the realization onwards. So our debt level is within the limit, and if you see my debt equity ratio, it is again 0.4. Post the IPO, whenever we are starting a new project, we are availing a productive loan for a productive asset base taking. So my debt equity ratio is still within the timeline. When we talk about the aggregate debt position, then aggregate debt position is INR 1,396 crores, which includes the standalone debt of INR 635 crores and the HAM term loan. The HAM term loan exposure is INR 433 crores from three HAM assets. One is Malout Abohar, which is already operational, and we are getting annuity. Bathinda Dabwali, the term loan is INR 173 crores. Jalbehra, the term loan is INR 263 crores. Ramneek sir, just before giving an introductory speech, we had briefed that from Bathinda Dabwali, we are expecting the completion within next few months and Jalbehra also within the next few months. By the time the completion is done, we would be getting the annuity from these sites, and from that expecting annuity, the debt servicing will take place. The debt on overall basis, that is within the standalone limit and on SPV basis, is within the acceptable benchmark and the company, both standalone and SPV, both are in a position to sustain this level of debt on a balancing basis. Now, I come to another question that is the receivable number. The receivable as on March 31 for standalone, this is INR 150 crore, and our working capital days are 62 days. We have briefed earlier in our presentation that whenever we calculate the working capital days, this is an as on number, and as on number reflects the billing which is reflected. In infra industry, normally the billing takes place during the last week precisely of a quarter or a year. On account of which the debtors number reflects on a higher side, and accordingly, the working capital days rises to a level. However, our realization is still within the acceptable benchmark, and we quoted it normally our working capital cycle ranges from 50-60 days, and as we speak on March 31, it is 62 days only. Again, it is within the acceptable number on debt level. Payables is also in line with the order book of the company. If you see again INR 10,800 crore of order book, my debtors are only INR 850 crore. And vendors are also within the limit. On an overall basis, this working capital cycle on an industry basis, it is in line with the order book and the growth with which the company is working. Okay. Sir, out of INR 850 crore receivables, what would be the HAM debtors value? Two hundred and sixty-eight crores. Okay. Secondly, we have seen a sharp increase in contract assets. What could be the reason for that? It was around INR 370 crore last year, and now it is INR 847 crore. Before this year, we were having an Atmanirbhar Bharat scheme, where no retention money was getting deducted and we were paid, and our milestone payments were easy. Whereas now, due to this Atmanirbhar Bharat scheme going out, we have about INR 96 crore in our retention money, INR 186 crore from Bihar project where we have already done the excavating work, we have already done the road work. But till the time the project is completed, the milestone payments cannot be paid. A lot of amount is stuck there. The new metro project has started where the huge amount is stuck, and for the new project where we have already mobilized, the Southern Ayodhya Bypass has already started, it will be started getting released soon. Okay. Sir, lastly, what would be the guidance for FY 2026 in terms of revenue and margin order inflow? Also margins were quite weak in the fourth quarter. If you remove the other income for the fourth quarter, then margins were at around 11% versus our nine-month margin of around 13% odd. What could be the reason for the lower margins in the quarter? Well, look, at the outset, like we have spoken that the company during the next 2-25, 26, we are expecting to deliver a growth rate of normally 10%-15% against the top line, and accordingly, the margins will also increase the natural number. As far as the EBITDA margin is concerned. We have informed that our pure EPC margin will range between 11%-12%, and over and above the pure EPC margin, there are three types of income precisely; royalty, bonus, and claims, which the company books in accounting on as-if-received basis. We are still in line with the guidance of the pure EPC margin. The decline, as you witnessed, is a marginal decline that is basically on account of the increase in some contracting costs and other related costs, which we witnessed during this quarter. But we are expecting that going forward, things will further streamline, and the company would be able to keep the EBITDA margin in line with the budget number. Okay. Thank you. Those were my questions. I will come back in the queue. Thank you. Thank you. Participants who wish to ask questions may please press star and one at this time. We will take the next question from the line of Geetanjali Aggarwal from ABS Investments. Please go ahead. Hi, am I audible? Yes, yes. Very clear. Loud and clear. Thank you. Okay. Thank you for the opportunity. My first question is, do you plan to diversify more into railways and metros from highways? What's the outlook on this opportunity? We have already quoted. Thank you so much for the question. Good morning. We have already diverted towards the metros, railways, in fact, underground. Not only this, we are bidding for new verticals also. We are already exploring, and we are already at the final stage of bidding of a few other projects, which I cannot speak on this line. That is confidential information. But yes, you have seen in the last one year only, we have got three metros. We have already got it quoted for another three metros, and we are really looking forward to diversifying and looking at Ceigall. 10 years ago, we were only just a road contractor. Now we are doing railway, metro, bus terminals. We are doing HAM, EPC. You would have seen us with the pace of time, we have added a lot of verticals within the company. Geography-wise also, we have increased. We were typically in the Haryana, Punjab contractor. Now we work in more than 11 states. Right now, we are working in 8 states. We are go-getters. We are ready to adapt things quicker, start new verticals quicker, and get new contracts in those verticals. Oh, okay. Great. My next question is, how is the company balancing between EPC and HAM projects? Like in terms of strategic focus and execution capabilities. Good question. Normally, the HAM versus EPC is close to 40-60, where HAM is also typically EPC. What we do is, the company like us, we have a cash flow coming every quarter on quarter. This cash, we put it as equity in these projects, and we have a GPA also, which we have utilized in our equity. We have our equity available at this moment also for at least two, three projects. Typically, looking at the equity, we take better contracts on HAM projects. Going forward also, the situation will be like this. Of course, the HAM are better projects. All three projects, once they are completed, our annuities would be around INR 250 crore coming every year. You can understand this kind of amount coming for like 15 years. And going forward, we have nine HAM projects and one BOT project. So, it is like a ring-fencing of the company where a lot of money will be coming from the annuities every year, and that too, for 15 years. Thank you. Oh, okay. Great. Sir, just a last question. So, what are your plans for CapEx for FY 2026, particularly in equipment and project mobilization? Ma'am, we are an asset-light company, so we don't have a major CapEx plan. As for the company philosophy, we normally take all the machinery and equipment, whatever we require for our project, on a lease basis. In the IPO, which we have raised, we have already taken from the investor a sum of INR 99 crore for the modernization of the company's plants and equipment, which we are working on already. It has been utilized for that purpose. And on an average basis, on a minimum basis, if any requirement, it is a normal sum of INR 15 crore to INR 20 crore. However, majorly, up to 80% to 90% of the cases, the company is relying upon the lease basis. So we don't have much CapEx. And in some cases, we take the machinery. Wherever we do that CapEx, we do it on a buyback basis. Okay. That was very helpful. Thank you, sir. Thank you, ma'am. Thank you. We will take the next question from the line of Janam Jan from ICICI Securities. Please go ahead. Good morning, management. Sir, my first question is, what is the tender pipeline as of now? Good morning. Tender pipeline, we have already quoted tenders worth INR 70,000 crore, and that too in different verticals, metro, railway, water, irrigation, and highway projects. Okay. Sir, can you share the names of a few major projects in metro and road segments, in which you are expecting a major tender to be floated in this fiscal? Yeah. Railways, we have quoted for construction of new BG rail bridge. That is across the river Ganga between Vikramshila. That is for INR 1,429 crores. Then we have quoted for an irrigation tender worth INR 1,345 crores in Bihar. Another irrigation tender, INR 253 crores in Bihar. This is a sum of INR 10,000 crores. Besides this, we have quoted for border road and fencing, the CPWD tenders, worth INR 600 crores. Then we have quoted for a Delhi Metro project worth INR 456 crores. We have quoted for two HAM projects in Bihar worth INR 1,400 and INR 1,143 crores. Two end-to-end urban development projects worth INR 15 and INR 50 crores. This is INR 6,000 crores of this list. Besides this, we have quoted for K-RIDE, which is in Bangalore. That project is worth INR 3,000 crores. That is an elevated metro. A Kolkata Metro, which is again worth INR 3,000 crores. That is an underground metro, cut-and-cover metro. Okay, sir. Sir, what are the expected tenders to be floated this year? These are the projects which we have bidded for. What about the other tenders which you will be bidding? The pipeline is robust. We can see large projects coming on the way. For example, there are a few projects which are already available in the large projects. I do not want to take the names of the projects, but the pipeline is robust. We can see a lot of tenders coming in the near future, where we have already planned also, and the pipeline is robust. What is the order intake guidance for this year? Last year, we committed INR 5,000 crore. We got INR 5,400 crore. This year, we are targeting INR 5,500 crore. Okay, sir. And sir, we had seen a decline in margins even after considering the issuance of bonus and royalty income. Are there any existing issues we have been facing? Not really, but we had one issue in Punjab where our bonus payment is not being paid, and we have won the arbitration DRB award also there, and we have won it to the AT. Once that is realized, that will come straight to our bottom line. All right, sir. That answers my question. Thank you so much, and all the best. Thank you so much. Thank you for your question. Thank you. We will take the next question from the line of Bala Subramanian from Arihant Capital. Please go ahead. Thank you. Sir, under balance sheet items, around INR 1,024 crore are receivables under service concessions. I think these are long-term receivables from NHAI. What is your expected timeline for these receivables, sir? Before I reply to your query, I just make you understand how the SPV model functions. Under the HAM project, whenever we do any execution, the government NHAI pays us 40% of the BPC, that is built with cost, to us during the construction phase. The remaining 60% is paid to us over a period of the next 15 years in the form of annuity. Once any concessionaire completes the project, that amount, along with the interest, is received over a period of 15 years. This receivable amount will be paid off along with the interest over a period of 15 years. That is the model. On that basis, your IRR is carved out. This is an SPV model. If you do the similar work in the EPC, you get the entire payment within the 2-year time. Got it, sir. We need to understand the model. It is not a question of any delay in the payment recovery. Every concessionaire who is working on the HAM model, they are recovering the amount that is implying under the receivable under the concessional agreement over a period of annuity, which is normally in the hands of 15 years. Got it, sir. Thank you. Thank you. Next question is from the line of Arun Trivedi from Nishan Securities. Please go ahead. Yeah, hi, sir. My question is: Is the company considering entering any new infra segments or any geographies beyond North India over the next few years? Good question. If you see our order book value from Punjab is less than 30%. 70% is from the larger part of Bihar, U.P., and Jharkhand. We are always open to bid for new verticals, new areas like we have already done it in Kolkata, which is for underground metro, and we have already quoted for Bangalore Metro, which is in Bangalore. We are always open to working to new states, new verticals, and we keep tracking these kind of new tenders where the competition is healthy and less players are there. We have been successful also in doing this. As I said, last year we entered into metros. Before that we entered into airport, and now we have quoted projects for irrigation water and railway, we are already there. We have a good number of verticals where we are adding small verticals. Like, for example, there is a water vertical, there is irrigation and water. There is railway and metro. Then there is underground, which we have already started quoting. We are already running in Ramban-Banihal, which is getting commissioned in few months. The company is expanding geography also and increasing the verticals also year on year. Thank you. Okay, great. Just a follow-up. Among these verticals then, or segments, which do you think has the best potential or what are the kind of growth rates that we can expect? Urban transportation, be it underground, be it overhead, be it elevated, be it these metros, I think a lot of scope would be there. Because cities are getting congested, a lot of underground projects will be there, a lot of elevated would be there. We are in NCR, so we are expecting a lot of potential there also. Okay. Nothing in terms of quantitative growth rates you want to mention there. We guide our investors that we look forward anywhere between 10%-15%, and we will try to achieve that. We have been doing that in the past also. Thank you. Sure. Yeah. Just one more question from my side. I joined a bit late, so just wanted to check if you mentioned anything on the current L1 pipeline and what is the order inflow momentum like. We have already quoted for tenders worth INR 17,000 crore. These are the tenders we have quoted, and our order book value is close to INR 10,800 crore. We have about nine HAM projects, one BOT project, one is operational HAM project. I hope I answered your question. Yes, sir. Yeah, that is it from my side. Thank you. Thank you. We will take the last question from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Yeah. Thank you, sir, for taking the follow-up. I just wanted to confirm the AD status for the few HAM projects. If my understanding is correct, VRK 11 and 12, we are expecting AD sometime in first quarter? VRK 12, we are expecting soon. As I said before, the files originally with DFO and nodal officer would have been cleared and then has gone to the last level of CM. Once that is approved, the AD will be given to us. Besides this, I think the AD of Northern Ayodhya Bypass we will get it. Ludhiana Bathinda Package 2 also we are targeting. We are targeting three ADs. All three would be in first quarter in June, or it may spill over to second quarter? Next two quarters. Quarters. Okay, and VRK 11 is rising as of now? Same is expected. Once VRK 12 is there, VRK 11 should be there immediately in like one quarter only. A difference of one quarter. Broadly by September, our larger order book should be under execution, apart from VRK 12, which will come by December. We are fingers crossed. We have great plans. Okay. Lastly on the debtor side. What will be the number of metro debtors? You said that some payments were stuck. I built the point on Bihar. You said some INR 186 crore debtors are pending. Yeah. In Bihar project, our roadwork payment is in a single go. Like for example, there is a stretch of 200 kilometers. If you have done for 17, 18 kilometers, we will be only be paid once the road is completed. The same thing is utility shifting, which is again for about INR 40 crores. We have already done about 70% of the utility shifting, but the payment will be made as per the completion of the milestone. Another thing is, INR 96 crores retention money, which is due with the department because earlier there was an Atmanirbhar scheme where they were not deducting our retention money. Now they are deducting the retention money, and earlier we were yet to release the BG. Now once the project is completed, then only they are releasing it. That is the NHAI new condition. Thank you. Okay. Lastly on metro data, what will be the amount? Metro is around INR 40 crores. Around INR 40 crores. Do we expect improvement in working capital by what time? Maybe by second quarter or later this year? This 100% work, right? Because these projects are large projects, because the project like Bihar is of INR 2,000 crores. How the things happen is we are doing a segmental structure. Segmental structure, we have to cast the segment in a yard, then we have to launch it. In certain cases, till the time the BC is laid over the final slab, till the time they don't pay, till the time you complete the road furniture. It's one of the longest elevated of the country, about 19 kilometers elevated. Okay. This Ramban-Banihal Package 2 and Package 3, do we expect the projects to be completed in this year, or it may spill over next year given the current situation? See, current situation, right now we cannot answer anything because all our teams, they were scared. Their families have already called them, and 70% of the teams have left the site because the situation is very bad there. There are a few incidents which I cannot discuss here. But yes, situation is bad. But our tunneling work, our lining is completed. Only MEP and roadwork is left, which is hardly a 4 to 5-month job, which will be completed. For our viaduct work, which is a smaller work, it will take time because in a year, at least one or two flash floods are there, so for 2 to 3 months they do not work. That is the situation there. But we are happy to say that we as a company have executed this 6,200 meters of tunnel in the fastest time. So 6,200 meters of the tunnel was done, and we did the breakthrough a few months back. We, in fact, posted also on our social media and LinkedIn and everything. Lining is completed. Only the road and MEP work is left. Can I have guidance on the CapEx requirement, what we will be investing in next couple of years, and how much is spending as of now? We have just put equity of Southern Ayodhya Bypass, and we are targeting to put equity of at least three more projects in this year, and the equity is available with us. What is invested till date as of March, and what incremental investment will be done in 2026 and 2027? One second. Bhagat is just calculating. Give us a half minute. However, we have already invested a sum of close to ₹400 crores in the existing HAM projects, including the new one, Southern Ayodhya Bypass. As far as the remaining is concerned, we have an equity commitment of close to ₹800 crores. But that is a spending incremental, right? Yeah. But that equity commitment is to be spread over the period of the project. Like in case of Ayodhya, we have 2.5 years, that is 30 months, and other is 2 years. So we have a good equity commitment. We have a good revenue visibility. So we don't find any equity challenge. And I think our past has already proved that the company, on account of this availability of cash flows, we have already infused equity close to ₹400 crores. So that is only an invested amount. Yes, sir. So in FY 2026-2027, what amount would we be investing incrementally? In which financial year? In FY 2026, overall number. For the entire portfolio, what amount would we be investing in 2026 and 2027? As far as this financial year 2025-2026 is concerned, the amount would depend upon the availability of the AD. If the ADs arrive, then the amount would be available. Suppose if the AD corresponds to the next financial year, then it will be less. But it will be close to somewhere close to ₹250 crores in this year, depending upon the AD. Okay. We are targeting to start more projects. More the projects we start, we will put more equity. We are targeting to start more projects. Okay. Thank you, sir. Those are my questions. Thank you so much. Thank you. As there are no further questions, I would now like to hand the conference over to Mr. Aryan Somara for closing comments. I would like to thank the management for taking out time for this conference call today, and also thank you to all the participants for joining. If you have any further queries, please feel free to contact us. We are MUFG Intime India Private Limited, invested leading advisor for Ceigall India Limited. Thank you so much. Thank you everyone. Thank you everyone. Thank you. Please go ahead. Thank you. On behalf of MUFG Intime India Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.