Q3 24/25

Feb 4, 2025

Summary

9M FY25 revenue rose 16.3% YoY, with a ₹117,025m order book and 15%–20% organic growth guidance. Pure EPC margins remain targeted at 12.5%–13%, while diversified bids and project execution underpin expansion.

Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ankit Jain from Orient Capital. Thank you, and over to you, sir. Thank you, Alarick. Good afternoon, ladies and gentlemen. I welcome you all to the Q3 and nine months FY 2025 earnings conference call of Ceigall India Limited. To discuss this quarter's business performance we have from the management Mr. Ramneek Sehgal, Managing Director, and Mr. Bhagat Singh, Group 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 in nature and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on company's website and stock exchanges. Without further ado, I would like to hand over the call 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 afternoon, ladies and gentlemen. I am pleased to welcome you all to the quarter three and the nine-month financial year 2025 earnings call of 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 Mr. Bhagat Singh, our Group CFO. I would like to begin by talking about the Union Budget of 2025-2026. The Finance Minister has laid out a holistic vision aimed at accelerating India's economic growth with a strong emphasis on infrastructure as a key driver for Viksit Bharat 2047. Despite global economic challenges, India remains the fastest growing major economy, with GDP growth projected 6.3% and 6.8%. This resilience highlights the strength of our economic fundamentals. The government's commitment to infrastructure development is evident in the INR 11.2 lakh crore allocation, which marks a 10% increase over the revised estimates for the current financial year. A new asset monetization plan is expected to unlock value from public assets, while infrastructure ministries will introduce a three-year project pipeline, enabling execution under PPP model. Additionally, the budget includes an outlay of INR 1.5 lakh crore for interest-free loans to states and aims at the capital expenditure and reform incentives. The second asset monetization plan for 2025 to 2030, targeting INR 10 lakh crore in capital generation for the new infrastructure projects. The budget underscores the government's long-term vision for infrastructure-led growth, and we at Ceigall India Limited are well-positioned to capitalize on these opportunities. Now turning on to our performance. The company has delivered a healthy operating performance in Q3 and the first 9 months of our FY 2025. With a well-diversified portfolio of EPC and HAM projects, we have not only reinforced our leadership in the highway road sector but also successfully expanded into new areas, specialized structures, including metros, railways, elevated roads, airport runways, and tunnels. Looking at our financials, our consolidated revenue from operations, excluding bonus and royalties, rose to INR 24,053 million in 9 months, FY 2025, marking a solid 16.3% year-on-year growth from INR 20,687 million in 9 months, FY 2024. Our 9-month FY 2024 data show that INR 3,716 million with a healthy margin of 15.4% and the PAT grew by 9.2% to INR 2,142 million from INR 1,962 million in 9 months, FY 2024. Our firm financial position is further validated by India Ratings and Research, which has assigned us a long-term rating of IND AA-/Stable for fund-based working capital limits and IND A1+ short-term for non-fund-based working capital limits. These ratings highlight our improving scale of operations, strong cash flow and overall financial stability. As of December 30, 2024, we have a robust order book of INR 117,025 million, reflecting a healthy book-to-bill ratio. Our order book composition is 18.8% from highways, which includes elevated roads, special structures, flyovers, tunnels. 12.7% from railways and metros, 1.2% from ports terminals, and 0.3% from airport runways. Let me provide an update on our key ongoing projects. The Delhi Saharanpur highway project is almost completed with 99.2% complete progress as per schedule. The Naku project is at 35% completion, while the Gondia-Nagpur sections are almost at completion stage. The Delhi-Amritsar-Katra is 84% done and the Grand Nod-Sonepat-Manesar is almost 82% done. On the HAM front, Bathinda Dabwali project is nearly completed at 97% and Gondena stands at 80%. We expect to complete these projects ahead of schedule with provisions for potential early completion. Our testament to our team's efficiency and dedication, the remaining HAM projects are within their appointed dates. We are expecting that in month of March, we should have started our one of the HAM projects. Additionally, we have received an NOC of INR 183 million gross from NHAI for our first HAM project, Malout to Sadhuwala, which was completed ahead of schedule. Also, the company has recently emerged the L1 bidder for development of six-lane Bhusawal-Jalgaon-Nandurbar bypass under hybrid NBC model. The project cost is INR 923 crores. Looking ahead, we have already bid for projects worth INR 60,000 crores, spanning railways, metros, structured projects, and national highways. We are also exploring new verticals to fuel the future growth. Over the years, we have consistently maintained a double-digit EBITDA margin with a strong resource base and execution capabilities. We are confident in delivering another year of solid performance. In conclusion, Ceigall India remains dedicated to creating value for our stakeholders, customers, and shareholders. We are confident that our focus on innovation, diversification, and operational excellence will propel our growth in the coming years. Thank you for your support and trust in Ceigall India Limited. I will now hand over the call to Mr. Bhagat Singh, our Group Chief Financial Officer, who will provide the overall review of the financial performance for the recent quarter. Thank you, Raneet Sir. Good evening, everyone. I will now take you through the financial highlights for Q3 and the first nine months of FY 2025. Starting with the standalone financials of Q3 FY 2025, our revenue from operations, excluding bonus and royalties, stood at ₹8,101 million, reflecting a 10.3% year-on-year growth from ₹7,342 million in Q3 FY 2024. EBITDA, excluding bonus and royalties, came in at ₹1,049 million, up 3.4% from ₹1,014 million last year, with an EBITDA margin of 12.9% for the quarter. Our PAT for Q3 FY 2025 stood at ₹682 million, compared to ₹748 million in Q3 FY 2024. On the debt front, our gross standalone debt stood at ₹4,285 million, which includes ₹226 million in equipment term loan, ₹3,206 million in term loans, and ₹852 million in working capital loans. Now moving on to the consolidated numbers for Q3 FY 2025. Revenue from operations, excluding bonus and royalties, reached ₹8,300 million, marking a 20.2% year-on-year increase from ₹6,910 million in Q3 FY 2024. EBITDA for the quarter stood at ₹1,232 million, compared to ₹1,357 million last year, with an EBITDA margin of 14.8%. PAT for Q3 FY 2025 came in at ₹708 million, with a net margin of 8.5%. On a consolidated basis, our gross debt stood at ₹11,420 million, which includes ₹480 million in equipment term loans, ₹3,921 million in term loans, ₹6,069 million in term loans, and ₹946 million in working capital loans. Our net debt/equity ratio remains very competitive and comfortable at 0.4 times for the period ending nine months FY 2025. Coming to the working capital, our net working capital days stood at 66 days as on December 31, 2024. This is calculated considering the inventory days, WIP position, receivables, and vendor payments. In terms of project execution, we currently have 22 ongoing projects with a total order book value of ₹117,025 million. This includes 14 EPC projects, seven HAM projects, and one BOT project, spanning roads, highways, tunnels, railways, metros, airports, runways, and bus terminals. Notably, NHAI projects account for 79.6% of our total order book. With a strong order pipeline, a stable credit rating, and the government's continued focus on infrastructure development, we are very well positioned to drive strong revenue growth and long-term success. With this, I conclude my remarks and thank all our esteemed stakeholders, including our employees, business partners, vendors, auditors, and bankers for their wholehearted support in the long-term growth journey of the company. On behalf of Ceigall India Limited, I thank everyone for attending this call. Now I request the moderator to open the floor for question and answer. Thank you. Thank you, sir. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one 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 question queue assembles. The first question is from the line of Jainam Jain from ICICI Securities. Please go ahead. Hello, management. My first question is: we saw a fall in EBITDA margins from 15.1% in Q3 FY 2024 to 13% in Q3 FY 2025. What is the reason for that? Our EBITDA margin, if you see, we have already given the guidance that the pure EBITDA margin that is from the conception pure EBITDA margins would range from 12.5%-13%. Our pure EBITDA margin is in line with our guidance. If you see the quarter-to-quarter pure EBITDA margin, then you will find that our pure EBITDA margins are within the range itself. It was for Q3 FY 2025, we have achieved EBITDA margin of 12.90%, and for nine months ended FY 2025, we have achieved the EBITDA margin 12.80%, this is the guided number. Okay, sir. We are seeing an increase in working capital days from 45 days in FY 2024 to 66 days in FY 2025 till date. Why there is an increase in this working capital? Sir, I would like to submit that the working capital is a very churning number and it moves number to number basis. Moreover, this number is as on December 30, like whatever billing has been done. Our average working capital cycle is from 40 to 50 days only. It includes debtors and inventories and vendors also. So it is a number as we speak, but on an average, we are maintaining the working capital cycle of 40 to 50 days. Okay, sir. Sir, what would be the order pipeline for the remaining year in Q4 FY 2025? We have already informed that in the call itself that we have an order pipeline of INR 16,000 crore as the- Order pipeline. Order pipeline is close to INR 13,000 crore, and we have quoted for new tenders worth INR 16,000 crore. Okay, sir. Why there is a delay in execution of the Greenfield Amritsar Connectivity EPC project? I mean, the status I could see on the presentation, it's 0%. Which project again, please? Hello. Which project are you talking about? Which project? Yeah, I'm talking about Greenfield Amritsar Connectivity EPC project. Okay. The Delhi-Amritsar-Katra project, all the milestones were achieved well before the time period. We have already executed the project which was handed over as in land. The project which is not yet completed, the land is not handed over to us by the government. We are ahead of schedule. We have completed all our milestones ahead of schedule, and the land which is not available is only the balance work. Rest we have already done. We are already 84%. All right, sir. Got it. That answers my question. Thank you so much, and all the best. Thank you. Participants, you may press star and one to ask a question. The next question is from the line of Sahil Vora from MNS Associates. Please go ahead. Good evening, sir. Am I audible? Yes. Yes, please go ahead. Sir, I have some questions. Firstly, can you please throw some light on our executed versus unexecuted order book? We have a lot of projects as a number. They will be, if you start counting, it is over 50 numbers. Specifically, if you want to ask what we are almost in 10 states now. Particularly if you want to ask for some question on some ongoing work or you want me to talk on everything, but let it be- It is given in the presentation. It is there in the listed presentation. We have already uploaded in the listed presentation. Okay. We have 50 EPC projects, 7 HAM projects. There are over 22 projects. Okay, I will go through that. Sir, my next question is, we see the Q3 FY 2025 numbers in comparison to FY 2024 Q3 numbers, they have kind of dropped. Is it because of execution problem or the projects are delayed? Hello? Ladies and gentlemen, there is a technical issue. I would request you all to stay online while I reconnect. Thank you. Ladies and gentlemen, we have reconnected with the management. Sir, you can go ahead and respond to Sahil Vora. Thank you. Hello. Hi, sir. Hello. Sahil, you can continue with your questions, please. Yes. Sir, my next question was, compared to the Q3 FY 2024 numbers, the Q3 FY 2025 numbers have dropped. Is that because of the project execution problems or the projects are delayed in general? That I wanted to know. Sir, see, number one thing, there is no drop. We have already given a guidance in our earlier calls also. We need to look at the total EBITDA margin of the company in two ways. One is the pure EBITDA margin from EPC execution. We have given a guidance of 12.5%-13%, which will remain consistent on every quarter to quarter. When you talk about the total EBITDA, total EBITDA includes pure EPC EBITDA plus other income, that is FDR income, royalty income, or bonus income, which is irregular and which depend upon quarter to quarter on nature of the work. Now, if you see the Q3 FY 2025 and Q3 FY 2024, Q3 FY 2024, we derived the EBITDA, excluding royalty and bonus, 13.80%. Q3 FY 2025, we derived the margin of 12.90%. It is within the lines the guidance we have given. There is no drop. It is within the EBITDA because on an annualized basis, we are targeting to achieve the pure EBITDA margin of 12.5%-13%. Over and above that, including other income, bonus, and royalty, we are targeting to achieve the aggregate margin of 14.5%-15.5%. On a quarter to quarter basis, whatever margin we derive, it depends upon the project which was executed within that quarter and the quantum of the work which has been done for that respective project. The EBITDA may vary from quarter to quarter, but two things need to be noticed. Number one, the pure EPC EBITDA will be remaining consistent in line with the guided number. Number two, whatever annual projections we have given, the company is fully in line with it, and we would be able to achieve the annual guided number in terms of turnover and EBITDA margins. Okay. That makes sense. Okay. Sir, my last question is, the NHAI orders have been muted for a long time. How do you see the NHAI bidding picking up in the last quarter and, say, next one or two years? If you can shed some light on that. We have got two HAM projects worth INR 2,700 crores. We have just got a HAM L1 in Southern Ludhiana Bypass, which is INR 923 crores. Besides being muted also, we got a contract worth INR 3,400 crores. NHAI website would have contracts more than INR 50,000 crore live on their site. I think the way they are growing, it will be around INR 80,000 to INR 1 lakh crore before March 31. I don't see any dearth of business in NHAI. Yes, due to some certain policy change, we now have to take the cabinet approval and things are getting approved. If you see, in last two quarters also they've approved close to INR 55,000 or INR 60,000 crores of the projects. A lot of work is coming, a lot of good changes are coming, which will be healthier for companies like us. The way we have guided our investors, that we will be getting projects worth INR 5,000 crores this year. We've already close to our target, and we still have about two months balance. Thank you. Thank you, sir. That sounds promising. That's it from my end. Thank you, and all the very best. Thanks. The next question is from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Yeah. Firstly, on the interest cost side. We have seen a sharp reduction in the interest cost from INR 20 crore in Q2 to INR 10 crore in Q3 at standalone level. Our debt has increased on quarter-on-quarter basis. What has led to this sharp reduction in interest costs? Primarily, Vaibhav, the point is two things. Post IPO, the company has aggressively taken up with all its bankers for the reduction of the margin. The company is successfully able to reduce the margin. For availment of the working capital limit, the company is providing a margin of 20% against the total sanction to the various number banks. Post IPO in the month of August itself, we had requested the banks to reduce the margin from 20% to 10%. The resultant would be the amount parked in the FDR, which is yielding me an FDR return of 6% or 6.5%. We are successfully able to release it from the banks and utilize the resultant inflow to support the NWC and the long-term equity. The amount that we garnered from release of FDR, that has been utilized to reduce the utilization, which resulted in the saving of the financial cost. This is the first part. Another factor which contributed towards reduction was, we have been successfully able to get a sanction of approximately INR 700 crore plus from insurance companies. We have got a line from insurance company in the form of surety bond and bid bond, for which we need not to pay any margin to the insurance company. As we speak, against INR 700 crore, 20% margin receipt is equivalent to INR 140 crore. This is again an amount which we got released from the banks and utilized it to reduce the working capital utilization. All these factors put together, they have contributed towards reduction in the interest cost. Third factor, which was primarily important to be noted that on account of listing of the company, the various member banks of the company, they had revised their charges, say, funded interest for interest rate rather as well as the BG charges. That funded interest reduction, that has also helped us to reduce the interest cost. As you mentioned, you are seeing the debt amount to increase. I would like to inform you that on quarter-to-quarter basis, whenever a new project was started, or whenever we reach at a particular level, the company avails either a small amount of working capital to utilize to mobilize the resources, or we avail more term loans from the bank at a rate of 9% or 9.10% to mobilize the resources which further cost reduce from the future collections of the project. This is a journey of a company. Slowly in a particular quarter, whenever there is a requirement to mobilize the resources, you may find the debt, but that drastically got reduced from the collection. If you have gone through my fact sheet, we have mentioned that the total debt equity ratio is 3.4, which is within the comfortable range of the company. Okay. Sir, so what will be our average cost of debt right now? Average cost of debt somewhere would be close to 8.75%. What debt are we targeting by the year-end? In terms of, you are targeting me the targeted ROI or? Pardon. In value. Gross debt. In value terms, our standalone debt as we speak is INR 4,285 million. We are expecting that by March 31, there would be a decline further by INR 300-400 crores in the same number. INR 300 crores to INR 400 crores? Yes. It will be close to INR 430 crores to INR 400 crores by year-end? Yeah. Because, see, my approvals are consistent. By the March quarter we are expecting that we would be able to release further FDR from the bank, which will support us to reduce the existing utilization. Okay. Sir, secondly, what CapEx have we done in 9 months and what is our 2025 and 2026 target for CapEx? CapEx, Vaibhav Shah, we have already raised INR 99 crores for the CapEx purpose, which we have successfully utilized in line with the IPO requirement we had shared. This is what we intend to do for this year. Remaining there is no major CapEx plan. But yes, on an average for maintenance purpose, if there is hardly any requirement, it would be within the range of INR 20 crores-INR 25 crores per year. But as we have already mentioned in our IPO and our past earning calls, Ceigall is an asset-light company, so we don't invest much in fixed assets. We prefer to take the assets on lease or hire purchase. For 2025, the CapEx is INR 100 crores. 2025 it is in line with the IPO. This is not a fresh CapEx. Vaibhav Shah, this is not a fresh CapEx. We are just deploying the fund which we raised in the IPO. Okay. Sir, lastly, on the appointed date side. When do we expect to receive the appointed dates for VRK 11 and VRK 12? Vaibhav, VRK 12 we are expecting we should get VRK 12 in the month of March. Mobilization already happening. Stage 1 permission is there of the forest. We are really expecting things are going very positive and good. In terms of Ayodhya, we should expect maximum 2 months time, we should have a project. For both Ayodhya projects and for VRK 12, it is March. Yes. For VRK 11? VRK-11 might take another 2, 3 months. In the first quarter of next year. Yeah. But with these 3 projects starting only, at least a new order book of INR 3,500 will be added. Correct. Sir, on the guidance front, what revenue growth are we targeting for FY 2025 and 2026? Sorry? What revenue growth are we targeting for 2025 and 2026? We have always guided our investors that we should always have organic growth around 15%-20%. You should see from last year in 9 months also the growth is there and this quarter also, the same kind of growth will be there. We want to be a little conservative. It is better to have a better growth rather than adding on aggressive numbers. We maintain our 15%-20% growth guidance. Yeah. Lastly on the core EBITDA margins. We mentioned that it should be in the range of 12.5%-13%. Going ahead in 2026 and 2027, can there be a further expansion or 13% is capped at the EPC level? Deb, we have already informed that our guided number is 12.5%-13% pure EPC margin that we are targeting. Yes, we are entering into the new domains, which may provide an additional alpha to the company, but being a conservative company, we believe that the margin would be playing within 12.5%-13%. But yes, whenever the actual realization crosses the targeted or benchmark number, we would be informing the investors and reporting the actual realized profits. Okay. Thank you, sir. Those are my questions. I'll come back in the queue. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Dheeraj Kriplani from Avendus Spark. Please go ahead. Yeah. Hi. Thanks for the opportunity. I think I missed the number which you told from the NHAI pipeline. What was that number? What is the NHAI pipeline right now? Our order book value is already around 80% from NHAI pipeline, and we have already got two projects of Ayodhya, which is worth INR 2,500 crore. We are L1 in Southern Ludhiana Bypass, which is INR 923 crore. If you see, close to INR 3,400 crore we have got from NHAI. These are HAM projects, all three. What is the like you are expecting the more projects coming from NHAI. If you can highlight something on the pipeline. If you see NHAI pipeline, we have already quoted projects worth INR 15,000 crore and NHAI would be more than 50%. A lot of good projects are already in the pipeline, which we have to bid in next two months. NHAI always have a target to issue LOIs on March 31 or before March 31, because they also have certain targets. I am really positive about a lot of things but you can't guide those for future. Whatever we guided investors that we will be achieving INR 5,000 crore target. We are already near to INR 4,700 crore. We have already got two Ayodhya bypass for INR 2,500 crore. INR 900 crore we have got this Bhubaneswar Metro, INR 3,400 crore. INR 923 crore we have got a new Southern Ludhiana Bypass, which is close to INR 4,400 crore and about INR 150 crore is a bus terminal. We have already crossed INR 4,700 crore and our INR 15,000 crore is another quoted tenders. We are expecting good results by end of this financial year. We still have two months now. Okay. Thanks. Pleasure. Thank you. Thank you. The next question is from the line of Siddharth Gupta from ICICI Bank. Please go ahead. Hi, Mr. Ramneek and Mr. Bhagat Singh. Congratulations on the results. Thank you so much. Thank you. My query is, you have shared some segmental wise data, so in which you have EPC and then annuity projects. Against the annuity projects for the December quarter, the segment results, that is the EBITDA, it is showing at INR 3 crores and for the 9 months it is showing at INR 16 crores. In the presentation it is mentioned that there was a profit of INR 20 crores. I am unable to reconcile the numbers if you can help me. The point is that this INR 20 crores refers to the profit. If you see how the contest numbers are derived. One is the standalone number, which is duly mentioned. After standalone numbers, there are subsidiaries and SPVs. SPVs are HAM projects. Whenever we have one SPV that is Malout Abohar Sadhuwali, which is completed last year, 6th June. This is already completed and the company has already received the annuity. Once you prepare the consolidated results, profit of the SPV also added up to the consolidated number. This INR 20 crores of profit which we have given a note in the press release, this pertains to this profit of the Malout Abohar Sadhuwali SPV, which was consolidated into the consolidated balance sheet and this 19.6% profitability include this profit. Okay. Just one further question. You have already mentioned regarding the appointed dates expected for few of the HAM projects. This Mandi Dabwali and Jalbehra Shahbad, when is the PCOD expected for these projects? Bathinda Dabwali, we are expecting to complete it by next month. We should get the COD before May. Before May. And Jalbehra Shahbad? It will be ahead of schedule. Our appointed date was approximately 11th of. It will be ahead of schedule. Okay. And Jalbehra Sheopara? Jalbehra also the same line. Maximum would be May end. Okay. And Ludhiana Bathinda, I think this project has been awarded sometime back. Any update on appointed date for this project? The agreement has been done, I think last month. We have five months for the financial closure. The five months would end close to May, and I am targeting around that time we should be getting it. Maximum would be in the second quarter. Okay. Thank you, sir, and congratulations again. Thank you so much. Thank you. Thank you. The next question is from the line of Anupam Gupta from IIFL Capital. Please go ahead. I just want to reconfirm one number. Including the five HAMs and Delhi-Amritsar-Katra project which we have, which are currently not functional in terms of construction, what is the order book under construction at this point of time? One second. If we just remove SP-2, which is INR 1,071 crores, and the other one is INR 90 crores, INR 2,047. It should be around close to INR 5,000 crores. Okay, understand. And of that, you said both the Ayodhya projects plus the VRK 12 will come up in March. Exactly. Yes. Exactly. Okay. Let's say if we take that, are we still on track for that 15% growth for this year? Because earlier assumption was that Ayodhya will come up in January, and we will be able to execute some bits in this quarter. No. We still are trying to do something in March. We still are trying because we have already started mobilizing and we are targeting to close the financial closure very soon. And good thing is we are very, really positive about Ayodhya, because Ayodhya is a very important project for both the government center and state government, and it is like a kind of iconic project for them, Ayodhya. So I am very positive about Ayodhya. And achieving that 15% is not a challenge at all. Understand. Given that all of this will come through, Ludhiana is also expected by, let's say, the second quarter. Next year should be way higher than 15%-20%, right? That's the right assumption. I still would say we stand for the guidance. 15%-20% will be there. We would like to work hard and deliver more. Let it happen. We do not want to guide anything. We want to guide less and deliver more. Sure. Okay. We will try to deliver more. Sure, sir. Sir, one question on margins. So 12.5% to 13% EPC is absolutely fine. But in terms of existing projects which are completing, what sort of visibility we have for bonuses for the coming, let's say, few quarters? I am expecting HAM projects, we should have bonus. If you see, company has been achieving all the milestones ahead of schedule. It's just when the government is unable to give us a project or land for the project. There sometimes, you were working with a client, so when you have to work with them, you have to understand the site condition also. It's not government never wanted to, they don't try to give us the land. Sometimes circumstances are there, local problems or something, where you have to understand the client and you have to work with them. Otherwise, all our HAM projects, the first HAM project was completed eight months ahead of schedule, and we have got bonus. Second HAM project, again, completed before time. Third also before time. Understand. Just one last question on your bidding strategy. Let's say, if there are BOT projects, what is our strategy for BOT projects in terms of bidding? We are very conservative in terms of the BOT. We have a lot of opportunities on the market where they want us to either give a certain small amount of stake for 26%, or they want to take us on loan as a EPC contractor. We're open to that kind of work. But we already have a good order pipeline and order book right now with us. Besides that, we've been bidding for more iconic projects. One of our iconic projects is going to open on sixth. Where only four bidders have qualified. It's a Delhi railway station that's worth INR 2,400 crores. We have already put in a joint venture and it's one of the largest railway stations of the country. As I said before and guided before, that we always like to add verticals in Ceigall's portfolio, and we've been doing that. We have just quoted for a 12, 13 crore project in Kolkata, which is a tunneling project, which is cut and cover method. We are just about to complete our tunneling project, which is in Jammu, Kashmir. In last 20 years, so many companies have gone bust executing projects in Ramban Banihal. We are one of the companies who are almost about to complete this tunnel project of 6,200 meters. I mean, after that May and June, we should have our completion certificates and we are heading more towards coming projects. If you see, we have about more than nine verticals with Ceigall. It is very important for us to go into BOT. If we bid in BOT, we will be very conservative. We will be taking care of everything, all aspects before bidding, because we already have four to five projects with us and these projects are going to be completed. We do not have any pressure of bidding anywhere like that. We are very comfortable at bidding. I said before, that INR 5,000 crore, we guided all our investors, and we have already touched INR 4,500 crore. We have already called for INR 16,000 crore more projects. I do not think order acquisition is always, is ever been a challenge for Ceigall. Understand. That's helpful, sir. Thanks for this and best of luck for the coming quarters. Thank you. Pleasure. Thank you for the question. I would like to revisit my revert on the term loan repayment query of Vaibhav Shah. Apologies, there was a mistake in the revert. The query was the debt reduction that we are projecting for the next till March. As far as the total debt of stand-alone is concerned, it is INR 4,285. As a working capital utilization, as we speak, is INR 85 crores. We are expecting to remain it within the limit. As far as the term loans are concerned, the debt payment would be in the line with the repayment schedule sanctioned by the banks. I would like to reconfirm that the overall debt equity ratio of the company would remain on stand-alone basis within the range of 0.35 to 0.45. Thank you. Thank you, sir. The next question is from the line of Bala Subramaniam from Aranyam Capital. Please go ahead. Good evening, sir. Sir, on that Ayodhya projects and Varanasi projects, how much incremental working capital required and how much advance utilization for these projects? Sir, as far as the Varanasi project, you are talking about the additional working capital requirement for Ayodhya and Varanasi? Yes, sir. It depends upon the time of the quarter AD. If we talk about Ayodhya, we are expecting that both the projects will start. We will be able to get the appointed date in the month of March this quarter, February, sorry. We feel that total requirement of, against both the projects would be close to INR 250 crore, which the company would be able to meet partially through the internal accruals, plus the release of FDRs from the banks and in case the need arises, the company would be able to avail the more advance from the banks. As far as the Varanasi is concerned, the total requirement would be close to INR 220 crore. But I just would like to say that this is a total requirement of working capital on the entire project. The actual cash flow requirement would depend upon the schedule G and schedule S, whatever we need to create and what is the source of the fund. This is a total quantum I am just informing, which we will be requiring over a period of 2 years. Got it, sir. How much unused limits do we have? How much, excuse me? Unused limits. Unused limits. If you talk about the fund-based limits, we have a quantum of INR 125 crores unutilized as we speak. Okay, sir. Thank you. You are talking about unutilized fund-based limit or unutilized non-fund based limits? Sir, fund-based limit. If you could share both the limits, that would be very helpful. Basically, we have a fund-based I have already informed. As far as the non-fund-based are concerned, we already have approximately INR 700 crore to INR 800 crore of the limits from existing banks. Plus, we have INR 1,300 crore of the lines sanctioned by the insurance companies for bidding surety bond or bid bond. As far as the total working capital limit is concerned, the company doesn't have any challenge. We have adequate amount of support from banks as well as from the insurance companies. Also we have this IPO proceeds of INR 140 crore, that is, on which we have raised in the month of August, the amount of INR 140 crore, which we have raised for general corporate purpose. That FDR is also lying with the company, which can be utilized either for NWC or a long-term equity infusion. So that is an additional liquidity support. Okay, sir. Thank you. Thank you very much. The next question is from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Thanks for the follow-up. Sir, what is the equity that you invested total till December in all the projects? As far as talking about all the three projects, we have invested INR 247 crores in all the three projects. Sir, last quarter number was INR 260 odd crores as of September, including Malout. Malout, I can give you a bifurcation of MY. The Ceigall Malout, we have invested INR 99.23 crores. Ceigall Bathinda Dabwali, we have invested INR 184.09 crores. Ceigall Jalbehra, we have invested INR 64.61 crores. Total is INR 247.93 crores. As in Bhoga, Barnala, we are VRK 11 and VRK 12, we have invested some part, right? No, not yet. The investment would be in line with whenever we gotten an appointed date. Okay. Sir, secondly, what is the pending equity that we have to infuse as of December and what is the timeline for that annually? Come again, please. Sorry, please repeat. As of December, how much equity do we have to infuse, which is remaining? As far as this Ayodhya, both the projects are concerned, we have to infuse INR 350 crores. As far as Varanasi is concerned, we are supposing the INR 290 crores. Over a period of next two half years. Yeah. INR 290 crores, right, for Varanasi? Yeah. Okay. Lastly, sir, what is our trade receivables number? Vaibhav Shah, another important point is we already have INR 84 crores of FDR which is parked in the Manohar Teghra Sadubali SPV. That is the amount which is lying there in the form of FDR. Company is also discussing with the banks to release the same so that we can upstream it and utilize it for the future cash flow purposes. Okay. Lastly, what is our trade receivable number? It was around INR 900 crores as of September. Just a second. Can you allow me a minute to give it? Basically, I wanted your trade receivables number and of that, what is the HAM SPV debtor number. We were targeting a reduction of around INR 300 crore-INR 400 crore in Q3. What is the status of that? No, Vaibhav, we have your email ID. I will email you the total debtor number of Ceigall India Limited on standalone basis as well as the debtor number for SPVs, right, as on December 31. Okay, sure. Thank you. Okay. Thank you, sir. Thank you. The next question is from the line of Prince Chaudhary from Pink Wealth. Please go ahead. Yeah. Hi. Sir, I want to understand from the competition intensity point of view, like due to increase in competition, do you see decline in project margins? So, thank you for the question. We are present in almost 10 states. Geography-wise, we have grown ourselves so well and especially we have almost 8, 10 verticals. If we are not getting projects in road, we are getting in elevated. Not getting work in elevated, we are getting in railway. Not railway, then airports. Not airports, then we have tunneling. We have so many verticals in so many states and geographies that what we have done is we have increased our bidding process. Like for example, if we are bidding for INR 16,000 crores, it is not necessary that we have to get all INR 16,000 crores. We can get 2 or 3 or 4 thousand crores. But we have to bid as per our guided two-digit EBITDA margins. And the market is so huge. I have already spoken that INR 10 lakh crore is being spent, INR 11 lakh crore is being spent across the country. If we wish and we want to bid also, then also we cannot bid more than INR 70,000, INR 80,000 crore or INR 1 lakh crore a year. So we are hardly bidding 10% of the entire country. And from getting INR 15,000 crore or INR 10,000 crore of the project is very easy. And the only thing is we have availability of credit lines in terms of regional limits. We have availability of insurance bonds. So what we have done is we have been just bidding in all verticals, all geographies, and we have been successful also. Thank you. Okay, sir. Thank you. That answers my question. Thank you. The next question is from the line of Suneeti Joshi from AC Financial Services. Please go ahead. Hello. Yeah. Please, ma'am. Sir, Bihar, with a share of around 18% of Ceigall's total order book as of December 31st, has received significant infrastructure allocations in this Union Budget 2025, including INR 26,000 crores for expressway projects. How does Ceigall plan to leverage this opportunity to expand its presence in this region? Ma'am, we are very excited for Bihar. We are already present in Bihar. We are already doing three projects in Bihar. We are doing the country's longest elevated in Bihar, the Danapur-Bihta. I am happy to share our first milestone. We have achieved 78 days ahead of schedule. We are doing an EPC project. Again, that is a structure work. We are building a bridge over Koshi. There is another work, which is we are building a double-decker flyover in out of the Bihar City. We are very well equipped. In fact, one of the contracts we were L1 with a difference of INR 5 crores. Bihar is our favorite state and we are really looking forward to Bihar. We have already established ourselves so well and we are one of the favorite contractors also these days because we have been delivering our projects before time in Bihar always. There has been an occasion people take projects and they do not complete for years. We have an edge there, and we are really looking forward to Bihar, U.P., Jharkhand, but Bihar is on our top list. Thank you. Okay. Sir, that sounds promising. You also mentioned that the company has bid for projects worth INR 16,000 crore. Could you please provide a breakdown of the segments in which we have placed our bids? Additionally, could you give an estimate of the total order value we expect to secure by end of 2025? First question, can I get your email? Our team can send you the email reply for the percentage because it will be very difficult to tell you whether the project worth INR 16,000 crore. I can tell you about few projects, like we have quoted for a INR 27 crore New Delhi railway station. Then we have quoted for a INR 1,300 crore project, which is Kolkata underground metro, which is like cut and cover tunneling. These are the prominent projects which we have bid and the entire detail in terms of which area we have quoted of which state we can send an email to you. Second question is, can you repeat the second question? Additionally, if you can provide an estimate of the total order value we expect to secure by 2025. Yeah, this is a good question. We have guided our investors that we will be getting INR 5,000 crore in this financial year. We have already crossed INR 47 crore and we have already quoted for INR 16,000 crore. Whatever we have said, we will cross that. We still have two months with us. We have already achieved 90% of what we have guided our investors. Okay, sir. What IRR do you expect in HAM before selling the project? I can just tell you one thing. The first HAM project is separately rated, which is Malout Abohar Sadhuwali, and our equity IRR after the commission is almost 20%. Okay. Thanks for the detailed response. Pleasure. Thank you. The next question is from the line of Jainam Jain from ICICI Securities. Please go ahead. Sir, if I am not wrong, you said that we are already delivering INR 930 crore worth of project, right? INR 923 crores, yeah. That is my bad. Yeah. Can you just give me a detail about that project? This project was originally also with us. We got it 2, 3 years back for INR 703 crores. Now this project, because of the land availability was not there, the government has canceled the project, and now they have come out with this project again, and we got this project in INR 923 crores. We are expecting the LOI very soon, and this is in continuation to our Ludhiana Bathinda Package Two, which is for another INR 981 crores, and both the projects are strategically very good for us, and we already have a camp in that INR 5 crore of this project. Okay, sir. That answers my question. Thank you. Thank you. Thank you. Ladies and gentlemen, the last question is from the line of Vaibhav Shah from JM Financial Limited. Please go ahead. Only one question. Sir, you mentioned that you have bidded for Delhi station redevelopment order, right? Yes. We are pre-qualified bidders. We received an email today that it is opening on sixth now. Sir, what is the value of the project and what is our scope in that of the JV, our share? Our JV share is 51%, and this project is worth INR 2,500 crores. There are five bidders. Sorry, I will correct myself. There are five bidders. What is the value you said? It is close to INR 2,500 crore. 2,500? Yes. Of that, our EPC share would be around 51%? 51%. We were the lead bidder. Okay. Thank you, sir. Okay. Pleasure. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference call over to Mr. Ankit Jain for the closing comments. Thank you for the conference call today, and thanks to all the participants for joining the call. If you have any queries, please feel free to contact us. We are Orient Capital, investor relations advisor to Ceigall India Limited. Thank you so much. Thank you, everyone. Thank you. Thank you, ladies and gentlemen. On behalf of Ceigall India Limited, that concludes this conference. You may now disconnect your lines.