Thank you very much. We will now begin the question -and-answer session. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We will take our first question from the line of Balasubramanian from Arihant Capital. Please go ahead.

Madam, on the new dedicated freight corridor side, Dhankuni-Surat and 100 PM Gati Shakthi Cargo Terminals are announced. Whether we have bid any of this? And what is the typical order size of the terminal?

Thank you, gentlemen. As far as dedicated freight corridor new project is concerned, it has just been announced and since this is a mega project spanning from the eastern part of the country to the western side, the initial processing for calling the tenders takes some time and the process is on in Dedicated Freight Corridor Corporation of India Limited. Once they are in the tendering mode, they will float the tenders and then the situation will come for bidding. So, entire industry is waiting for that moment. We have already executed one project of dedicated freight corridor in western sector. Certainly, our company has the credentials and capabilities. So, as soon as that situation arises, we will rise to the occasion. Thank you.

Sir, if I am right, it is around 50,000 crore opportunity, right sir?

Exact cost of the corridor will be determined once the final alignment and the cost of the land acquisition according to the finalized alignment is known, then only it would be known that what is the total cost of the project. So, the initial time taken in preparation of the plan and profile and the costing will still yet to be frizzed by the project authority. So, whatever data you are saying may be an approximate value which you might have heard, but we are not aware about the exact value which will be known only after some time.

Sir, on that consolidated non-current financial liabilities increased from 4,750 crores.

Yes.

So, is this banking working capital for new projects?

You are saying on a console level?

Yes, just a second.

Yes, in 589 crores you are talking about?

No, sir. It has increased from 4,750 to 6,300.

Which one are you saying?

Can you repeat your question, please, once again?

No, sir. Actually, that non-current financial liabilities increased nearly 33%. So, is this because of the working capital or new projects?

Non-current financial liabilities. Other financial liabilities have increased from Rs.584 crores to Rs.821 crores. I am sorry, I have not got your question yet.

Yes, I repeat your question.

Yes. I am sorry, you are sounding muffled. Fine, ma'am. I will come back to you.

Okay, ma'am. Thank you. Next question is from the line of Vishal Periwal from PL Capital. Please go ahead.

Yes, thanks for the opportunity Okay, thank you, ma'am. Ma'am, in terms of new opportunities, there was a couple of months back, there was a PIB release which talks about like, you know, in FY26, we have seen almost like 100% increase in the railway projects which are sanctioned by government. So, I mean, can you give some color like, you know, will this lead to a better ordering for the sector and how exactly to look about it?

As per budget ‘26, around Rs.2.93 lakh crore funds have been sanctioned by government of India and huge and bigger projects in railways are in the pipeline. They are being floated. During ‘25 -26, we could secure orders of the order of around Rs.5,000 crores and we bided for 107. We submitted 107 bids for around Rs.48,000 crores. And many of them are still under evaluation. The results would be known in time to come. We are aware about the new projects working hard in that direction. So, it's a dynamic process. Since our domain expertise is mainly in railways, highways, bridges of any kind, so we are certainly looking to get some opportunity in that pie for ourselves.

Okay. Sir, can you give some color like in FY26, what were the total projects that were awarded by Indian Railways and how much we could have secured?

No, how much were awarded by Indian Railways, that figure would not be available with us in the company because that would be the domain of Indian Railways. They offloaded the tenders for civil, for electrical, for signaling, some complex, some mechanical, some integrated. So, that figure I don't have right now available with me. But we secured for around Rs.5 ,000 crores in total for that financial year. And now I told you that 107 bids have been submitted for around Rs.48,000 crores, which are mainly under still evaluation at different stages. So, we are hopeful that we should be successful in some.

Just to add on to this, basically, the railways when they take out their tenders, there are multiplicity of the nature of transactions. So, one is of course, they have coaches, sleepers, wagons, Vande Bharat, those kinds of train sets. So, that itself is a significant amount for which they have been taking out tenders. Then there are station development tenders. And then there are certain CAPEX which are rolled over or there are increase in already sanctioned projects, which are taken also as a part of this limit, which Sir was mentioning that in current year, the overall budget is about 2.39 lakh crores from government. And then there are new projects which could include doubling new lines, expansion, electrification, some works of signaling and telecom, etc. So, by and large, railways by itself have so many different domains and so many different kinds of tenders or orders that they are taking out, p er-se that data in detail would be available with them. But yes, whatever tenders we feel we are fit to bid, we do keep a track of them and we do bid them as and when those opportunities come.

Okay. Okay. And then maybe just a little bit on this, when CMD Sir said like, you know, the new opportunities of almost more than Rs.40,000 odd crores yet to be opened. So, in terms of the projects that we are bidding, is there any change in that thing? I mean, like, you know, earlier we were doing electrification, railway chain, the gate chain which is happening or probably new line which is coming. Are we going into manufacturing side also? Any color that can be provided?

Presently, we are into electrification, signaling, telecommunication, Kavach, civil engineering, tunnelling, bridges. No manufacturing right now other than other than we are executing one project of installation of Kavach towers in central railway. Otherwise, there is no manufacturing type of work we are executing at the moment.

Okay. Maybe some of the bookkeeping question if I can ask, Sir. So, order book, I think nomination will have largely a price variation clause. In competitive bid order that we have, is there a price variation clause given like, you know, spurt in the commodities in general that we have seen?

Yes, there is a formula which is given for the commodity. It is a standardized formula which is given in all bids because these are long duration gestation projects. So, that is there. But having said that, if one was to look at some extraordinary situations like we have currently seen, the impact on petrol and diesel as well as related products, those are things which probably do not get completely covered by those formulas. But then this is something which at a nation level, everyone is bearing with it and to some extent, government are taking out circulars here and there. Like recently, NHAI has taken out some circular on bitumen. So, otherwise, yes, the formulas are there in the contracts, irrespective of whether they are on nomination or on competitive bidding.

Okay. So, there is no like fixed price contract that we have even in a competitive bidding?

No. There will always be a formula for certain changes in the procurement side. Okay.

And in nomination also, the order book breakup that we provide, we have seen overall the change in the order book size. So, will it be fair to say that this is largely a scope change, not a new order that we are receiving under this?

That's right. It is mainly a scope change and an increase in cost over a period of years, which is on the cost-plus project.

Got it.

But the Ministry of Railways is not giving any assignment on nomination basis.

Okay, ma'am. And in terms of cash balance, I mean, we have reported a decent cash of almost like Rs.4,200 crores. What will be our own cash excluding advances in this?

Our own cash is about Rs.950 crores. The rest, as we mentioned, are either pertaining to specific projects or those are advances given from clients. Our own number is again to the tune of about Rs.950 crores.

Okay. Got it, ma'am. And in terms of CAPEX and investments that we plan to do in FY27, any color that can be provided?

So, we basically have our money blocked towards equity investments or quasi equity investments that we do in our SPVs. The total requirement we anticipate is about Rs.700 to Rs.800 crores. The bulk of it will be spent in this year. As CMD mentioned, we are expecting about Rs.400 to Rs.500 crores to be spent in our PPP projects. Then we also expect some amount of CAPEX within the company. Those would be our routine CAPEX as well as some purchase of machineries. This we expect to be in the nature of about Rs. 50 to Rs. 60 crores. So, that is where our plan for using our cash is.

Okay. Maybe last two questions from me, ma'am. I think after a couple of years of weak order book, I think in FY26 we have seen an increase in order book vis -à-vis FY25. And given this as a background, how do you see our revenue going to be for FY27? Any ballpark thing that you foresee? Because last two years we have seen a bit weaker revenue. How do you see in FY27 for us?

So, FY27, we plan to kind of maintain the numbers that we have in FY26 on revenue because the order book that we have right now is almost about 2X of the revenue. And some of these orders may be spreading over next two to three years and not be ending in this year itself, which is FY26-27. So, of course, if we get some good major orders in the beginning of this financial year, then we may have some changes. But as of now, the guidance would be similar levels as FY26.

Okay. And similarly, for…

Sir, I request you to join back the queue, please, as we have participants waiting for me, sir. Thank you. Next question is from the line of Gaurav Jagirdar, an Individual Investor.

Thank you for the opportunity, sir. Sir, my questions are a bit on the order book side. What is the current order book and the execution timeline?

Current order book is of the order of 25,000 crores. And some of the projects would be lasting for around two and a half years and some may be maximum three years.

Yes. Second question was, you know, on the international order book side, we haven't won any big order in one or two quarters lately. How does that scenario look like?

Yes, yes. As far as the international projects are concerned, we are presently executing project in Algeria and Myanmar and Bangladesh also. And we are executing two projects in Nepal. Presently, some land is yet to be given by the government, but otherwise project is on. Yes, we are trying our best to get new orders abroad, but due to the present turmoil going on in the entire world, especially the Gulf War, the sentiments are quite challenging and they are having adverse impact everywhere because of the energy crisis and the increasing prices of the energy. But we are trying our best to get some orders in African continent in the domain in which we have the expertise. And we are very hopeful that something should come out.

Great. Thank you. Thank you so much. The third question would be on the margins front. Our margins have been, you know, in the range of 4.2 to 4.57 percent. We expect it to remain the same or do we expect it to, you know, go higher from there?

You are asking about the core EBITDA margins? Core EBITDA margins, yes. On standalone basis?

Yes.

Okay. So, yes, our core EBITDA margins on standalone basis are expected to be in similar range because as we have mentioned earlier also that in EPC construction work, there are many competitors and the margins are getting stiffer by the day. In fact, some of the bids are going much below the estimate. So, at core EBITDA levels, we expect it to be in the range of about 4. 0 to 4.2 percent. But this is at standalone level. If we were to look at console level, our core EBITDA levels are much bet ter, the margins. And on an overall perspective, I think the guidance would be more of PAT. And I think we would be able to maintain PAT at console level in the range of about 6.1 to 6.3 percent.

Okay.

Thank you so much. All the best. Thank you.

Thank you. Next question is from the line of Sandeep Agarwal from Naredi Investments. Please go ahead.

Thank you. Thank you for the opportunity. Since Q2 Concall, we have given the guidance approx. 10,000 to 11,000 crore for the current year. So, what is the reason behind the lower number?

It depends. You know, for any construction organization, the revenue is directly related to the order book. Presently, order book is of the order of 25,000 crores. And in the present challenging situation, very tough competition, geopolitical situation, de spite our best efforts, we are doing the order book increasing is a little bit challenge, but we are very hopeful because we have already submitted our bid for around 48,000 crores in India, 107 in numbers, mostly under evaluation. So, the revenue and the profit, they are all related to the order book. So, depending on the existing order book, we are anticipating the numbers which madam has told.

Also, you know, there are certain things in a construction company which is beyond us. For example, when we envisage that we have taken up a project, we assume that the land and all the clearances would be in place or they would come in due course. There a re certain times or certain things which get unusually delayed even in the existing order book. So, we have also faced certain issues on some of our projects where the speed at which they should have got executed, they kind of reduced because of certain factors which are beyond the control of the company. So, both these factors combined, yes, we had given a guidance of 10,000 to 11,000 crore revenue, but we are presently sitting in the range of about 9,000 crores. So, yes, there has been a di p slightly.

And for the next year, the number is similar, approximately 9,000 crores.

That's right. That is what I have mentioned, yes.

Okay. And just for another one, as per your mention, we bid approximately 41,000 crore orders. And what is the success ratio as per the best estimates we can?

Gentlemen, it is really very difficult in today's highly competitive market that what would be the success ratio. But just to give you an idea that in 2023 -2024, we could get around 5.7% of what we bided in terms of value. In 2024-2025, we could get around 6% what we bided. And in 2025-2026, we got around 10% of what we bided. So, just an idea that, yes, but it is a hugely competitive market.

So, just last one. So, our debt is approximately 5,700 crores, what is the color regarding this? What is our plan to reduce it or maintain the same level?

You are talking about the debt, right?

Yes.

At console level, actually, as we mentioned, we have 18 subsidiaries and JVs, out of which, I think 15 or 16 are PPP projects. So, PPP projects, we do a project financing, wherein typically the debt equity ratio could be anywhere between 70-30 to 80-20. So, all these debts are for PPP projects, not for Ircon standalone. And these will be repaid over the concession period of these projects. Now, these PPP projects are mostly in roads and highway sectors. And some of them are rail, coal connect ivity rail projects. So, wherever those debts are there, that is what is appearing in our books of accounts. And these will obviously get reduced over a period of time. This is at console level. If you see, this number doesn't appear at a standalone level.

Okay, thank you.

All right. Thank you. Next question is from the line of Rahul Sahu, an individual investor. Please go ahead.

My first question is, we have taken a working capital loan of Rs.103 crores this year. So, what would be the tentative amount for next year? And can you throw some light on how operating subsidiaries are performing?

Yes, okay. So, we have taken a working capital demand loan this time of Rs. 103 crores as at 31st March 20 26. Now, these are very specific loans that we have taken for specific working capital requirement of the project, which is mainly because of delay in some receivables. Once those receivables come, these WCDL loans get paid back. So, in fact, I think almost 50% of that loan has already been repaid back and the balance is expected to be done soon. So, this is a very case -specific thing. It is not that we planned that these are the kind of working capital loan we will take. If you would have noticed, we had good amount of receivables or debtors sitting in our books of accounts. Some of them were awaiting some client clearances, especially in Cost Plus projects. And that is the reason we had to avail this WCDL. So, per se, I mean, it will really depend on a quarter to quarter and the way our clients pay up. But I don't expect it to be a very significantly high number even for FY 26 -27. That's your first part of the question, right? Hello. I hope I have answered your first part of the question.

How much amount is invested in subsidiaries and JVs in FY 26 -27? What is the investment plan for next financial year?

We have invested about Rs.3,000 crores already in our subsidiaries and JVs. And we expect to have another Rs.700-800 crores, as I mentioned, out of which about Rs.500- 600 crores we should be doing in the current year.

Okay, ma'am. Noted. Thank you very much.

All right. Thank you. Next question is from the line of Nikhil Thakur, an individual investor. Please go ahead.

Congratulations, team, for the good set of numbers. So, my first question is, our operating revenue from international projects has increased substantially. So, what has impacted, comparatively from the Q4s, what has impacted our operating revenue? What factors have made it increase?

So, our operating revenue in international, as our CMD sir mentioned, we are currently operating in Algeria and Myanmar, and we have just finished a project in Bangladesh, and we are doing a little bit of work in Sri Lanka, Nepal, and Malaysia. So, some of our – because we completed the Bangladesh project, so some of our profits come from there because, you know, these are long gestation projects. It's only towards the closure that we get to know what it is. And the second is that, yes, in all our internati onal projects, these are mainly denominated in foreign currencies, and therefore, we have also had an advantage in the foreign exchange earnings that we have had. The third is that, typically, international projects tend to give us more profit margins, and some of them, over the period of time, have improved in their profitability, especially Algeria. So, all these have contributed to a better profit number on the international side.

And the efficiency of the people working on those projects, that is the culture of the company. That also is very, very important to save on unnecessary expenditure.

Okay, sir. So, my second question is, our profit from JVs has increased compared to in FY26. So, can you give us any guidance for how it will be for the next years?

Yes. So, in our JVs, if you remember, we had mentioned earlier also that one of our joint venture companies, which is Rail Connectivity Project, CERL, the phase one of that project was giving us massive losses. Now, those, I won't say it's turned into profit, but the losses have declined substantially. And they're expected to further go down over a period of time. We expect it to break even in the next two years. So, that has contributed to the overall JV profitability. Also, one of our other JVs, which you are aware, which is Ircon Soma Tollway, that has been giving us good profits for the last few years. Though, of course, the concession period is ending this year, and this is something which will probably go from our balance sheet now. We do expect some of our other projects, JCRL, MCRL, and CERL to start giving us lesser losses or at least start getting into the break -even position. So, overall, the share of JV profit going forward, because we will not have ISTPL also next year, should be i n similar ranges, about 70 to 80 crores. Does that answer your question?

Yes. Yes, ma'am. Thank you for taking my question.

Good afternoon, sir and ma'am. There is a small question with respect to the West Asia crisis that is going on. There is a skepticism within the investor community that because of this war, the balance sheet of the government of India is under stress. And this might well take the infrastructure projects on a backseat. So, do we run a risk of this 9000-crore revenue getting breached this year?

As far as India is concerned, India is very strong and the Honorable Prime Minister of India is very, very focused. The entire government is very focused that come what may, the infrastructure of the country has to improve substantially. And everything is being done by government to ensure that the pace of execution of projects does not get affected. They are trying their best like NHAI has also issued one clarification and help to the road construction agencies in the form of giving extra amount of money based on the increased rates of bitumen because of the Gulf crisis. But yes, energy crisis has been created due to this Gulf war. And government is trying their best to minimize the impact of this crisis. I do not personally see any major negative impact on the infrastructure growth or the sector as such because I feel it is a temporary phenomenon and the country, the people of the country, the system of the country, the culture of the country is so robust that we will win over this situation and this crisis.

To add to this, see, whatever turnover we are expecting next year, most of it would come from our existing order books. You know, I mean, when you take an order, typically by the time you take an order and you start working on it, the kind of turnover it will give you is probably almost in the range of 5% to 7% initially of the new order secured. And we will wait and watch. But having said that, whatever government has already announced as projects and the schemes that they are doing, also there are a lot of projects which would be coming in PPP. From a short to mid -term perspective, we do not see that impacting us. But like as you said, you know, I mean, it will depend on how long this crisis will continue. And we will accordingly be judging our change in, if any, in the turnover as well as revenue guidance. But as of now, we are confident that it should not impact us immediately.

Okay. Okay. Thank you, ma'am. All right. Thank you.

Thank you. Next question is from the line of Gaurav Jagirdar, an individual investor. Please go ahead.

Gentlemen, we as the company do not have any official information about the merger of these two companies. Whatever information you have seen in the media or the press, that information is with us. But no official communication from the government to us at all.

Okay. Thank you so much. That's it.

Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone now. We have a question from the line of Sandeep Agarwal from Naredi Investment. Please go ahead.

Yes. My question is, as for the current crude prices and other price inflation, how much particular infrastructure cost increase from year to year, on year to year basis or on a six month basis?

Can you please repeat the question? Your voice was not very clear, so we could not understood the question fully.

Yes. So, I want to know the impact of the price increase in various commodities. So, can we calculate, quantify how much the cost increase on a year-to-year basis or from the last six-month basis?

I will put it this way that all the infra -projects which we are executing and the mega - projects or the bigger projects, they do come with a price variation formula and depending on the indices being published by Government of India for various commodities. So, price increase gets compensated through this PVC formula to a reasonable extent, except the situations like war, which is presently going on. Government is doing their best whatever they can do and it is a challenging situation. Yes, there are some items or some situation may come when the actual increase in the cost may not get compensated fully with the price variation formula and keeping that in mind, Government of India, the Road Ministry has already issued a clarification and a help to the contractors that the abnormal increase in the price of the bitumen is being compensated by the Ministry.

So, as of now, for our projects, we do not foresee this to have a significantly adverse impact going forward.

But that would be known only because the impact would be known after some time. Price variation formula, the publishing of indices, it is a dynamic process. Every month, the Government of India publishes the indices. So, clear-cut answer would not be coming right now. It will take some time.

Next question is from the line of Vishal Periwal from PL Capital. Please go ahead.

Yes, thanks for the follow-up. Though I think it is clarified in terms of EBITDA margin trajectory for FY27, but I think historically, we have been getting like 6% and maybe upward of 7%. So, based on the new work that we are winning, is it fair to say probably the margins will be in the range of 4%, 4.5% or probably there are certain orders which are low margin and once they get conclude, things could be better in FY28. Any color that can be provided?

Vishal, as I mentioned, on a standalone Ircon balance sheet, as you rightly said, we are quoting at very, very competitive prices. There has been shrink in margins overall in the industry, which we had explained over the past two years as well. And therefo re, to be realistic, we would say that it would stay in the level of 4%-4.5% at core EBITDA level on standalone basis. But at a consolidated level, because we have invested in PPP projects and we are getting decent margins there, that is where we are drawing up or I would say equalizing this negative to some extent and coming at the levels of 9% at core EBITDA level. And overall, at a PAT level, therefore, we continue to be still at 6.1% to 6.3%. So, therefore, yes, at a standalone project level basis, our core EBITDAs are expected to take a dip. But at a company level basis, at PAT level, the dips are not expected to be that much.

Okay, sure, ma'am. I think this is helpful. Thank you so much.

All right. Thank you.

Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone now. As there are no further questions, I would now like to hand the call to the management for closing comments. Over to you.

Thank you. Thank you, ma'am, for moderating the call. I would also like to thank our shareholders, business partners, analysts and investor friends who have shown continued faith on us and supported us throughout this journey. We would also be happy to con nect with any and every one of you on one -to-one basis as and when required for any queries, clarifications and take it forward. I conclude today's call and thank you for the active participation. Thank you once again.

Thank you. Thank you.

Thank you, members of the management team. Thank you all for being part of this conference call. If you need any further information or clarification, you may contact Mr. Sachin Garg or email at sachin.garg@ircon.org. Thank you for joining us.