Yes. Thanks for the opportunity, and congratulations on a good set of results. And also , your initial commentary was quite detailed. I mean, it provided a lot of perspective in terms of what RVNL is doing. And just to continue, sir, with what you have shared with everyone. So, what could be the L1 size of orders that we have with us right now?

Thank you, Vishal. Our target for business development or increasing the order book is almost INR 20,000- 25,000 crore for this year, out of which already INR 5,500 crore of works have been entrusted to us. And we are trying in all the sectors. Right now, we are focusing heavily on port sector, hydro, and highway. So, these are the three sectors , and plus green energy also. These are the four sectors we are focusing and expecting good orders in coming quarter. Thank you.

Okay, sir. And sir, I think there has been a bit of market concerns around because inflation has been there. And so, in our order book of this INR 90,000-odd crores plus, what could be a fixed-price contract that we are executing, maybe share of it?

It is almost 40%. 42% to be precise , is the railway work, which has been awarded on a management fee basis. And we are also trying with other state government and PSUs to get the work on nomination basis for PMC. And we have already got almost INR 6,500 crore works from a PSU called NMDC. Our discussions are going on with other PSUs also. So, we are hopeful that we are getting works on a fixed margin also. Parallelly, our bidding works, where our margins are slightly lower, are also going on, but our focus is that we get works on good margin. And by increasing or by optimization of our operational efficien cy, we expect then our margins will also improve in the bidding works.

Okay. Thank you. Any impact from inflation are we seeing for our orders that we have, particularly, say, for BharatNet? Vishal, generally, all the contracts are covered by price variation, which generally covers the price inflation. So, I think it does not have a very big impact, though some impact is always there.

And sir, in BharatNet, particularly, I think you did mention INR 13,000 crores worth of order that we have. In this, how has been the experience, what we have executed, any colour that can be shared? And around I mean, I think it's a fixed-price contract, right, sir?

Vishal, initially, we really faced a few challenges.

Sir, your voice is not audible, sir.

Can you hear now?

Yes, sir. You are audible now. Yeah. Should I repeat?

Yes, sir. Sorry, sir. I missed on it, sir. Yeah. For BharatNet, initially, there were some challenges. We faced some problem s in execution also. But now the situation is quite better. It has improved. Work is going on in full swing in UP West and UP East also. Payment issues are being deliberated with BSNL and are being resolved. Some payments have been received by us, and other payments are in the pipeline. So, we are hopeful that this year and the remaining quarters, we'll get good revenue from this work also. Thank you.

Sure, sir. I'll come back in the queue. And thank you very much, sir.

Thank you. We have the next question from the line of Ashutosh from Centrum Broking. Please go ahead.

Yes. Thank you for the opportunity. What percentage of our current order book is already mobilized and under active execution versus projects awaiting approval, land availability or financial closure?

Your voice is not very clear.

What percentage of our current order book is already mobilized and under active execution versus projects awaiting approval, land availability or financial closure? No, our total order book, which is remaining, is INR 93,000, and works which are in progress is about almost INR 40,000 crore.

Okay. And can you also provide details on how much CapEx we have incurred till now, our revenue recognition, and expected completion timeline for BharatNet, Vande Bharat Sleeper train, and others?

BharatNet project is in two parts. First is the implementation of the infrastructure at site. The timeline is three years. There are certain issues at the ground line, which are being sorted out, and this duct and fiber is being provided. This will take another six to eight months. It will be extended. The second part is for maintenance for the next 10 years. So, whatever is being implemented there and handed over, that is automatically going to the maintenance period. As far as the cost is concerned, most of the items which are being used hardware, that was already the cost was finalized and the tender order issued before this crisis, and so we are getting the material at the previous costing at present also.

Okay. Thank you, sir.

Ashutosh, you asked about the Vande Bharat. The Vande Bharat is also having few components. One is the delivery of the road 120 sets of the Vande Bharat set, which is likely to start from December of this year. The first prototype is likely to roll out in this December. And thereafter, in five years, the complete 120 sets are to be delivered. Thereafter, the contract with the Indian Railways involves maintenance of these supplied rolling stocks for 35 years in different parts of the country. So, it is a very long-term contract, and which we think is likely to give good revenue to RVNL and with positive margins. Thank you.

Okay, sir. And you have given a guidance of 15-20%, FY27 revenue growth. So , do you maintain this guidance after Q1, and what gives you confidence in achieving it? Yes, definitely. As I said in my opening speech also, we are looking for almost 15% in our top line and 15- 20% in the bottom line. In Q1, we have achieved 19% YoY growth with our bottom line. So, we are very much hopeful that in coming quarters, we will be able to maintain this momentum. Thank you.

Thank you, sir.

Thank you. We have the next question from the line of Priyank Shah from Indsec. Please go ahead.

Yes. Thank you for the opportunity, sir. Sir, in your opening remarks, you highlighted that you are also exploring the international markets. Could you elaborate on that front with regards to your overall strategy? And what are the key markets or geographi es you are currently targeting? And if you can also help us with the opportunity side when it comes to the overall international market?

Good afternoon, Priyank. RVNL is focused on many parts of the world, and our primary focus is in Central Asia, the Middle East, and Eastern European countries, and Southeast Asia also, in Africa also, and we are in process of bidding in all these areas. And we have submitted bids in parts of Africa for power transmission lines for railway projects, and road projects. We have submitted bids in Nepal also fo r hydropower projects. We are in touch for submitting the bids. We have already submitted the expression of interest for upcoming metro projects in Israel, Tel Aviv Metro. And in Eastern European c ountries also, a lot of opportunities are coming in, where in form of roads and railways, where a lot of reconstruction work for railway sector is going on. We have identified some bids in Georgia and Serbia. So, our focus is basically in the railways, metro s, highways, and power transmission in these areas. Thank you.

All right. Thank you, sir. That's all from my side. Thank you. Ladies and gentlemen, if you have a question, please press * and 1 on a telephone keypad . The next question comes from the line of Sunil Bhat from Choice Limited. Please go ahead.

The contribution of bidding projects has been increasing steadily and now forms a meaningful share of revenue. So , could you share the revenue mix between nomination projects and competition bidding projects for Q1 FY27? And how do you expect this mix to evolve over next two next two to three years?

No. Our order book is mixed. 40% of our order book is from the railway management works, which have been assigned to us. 20% have been of the railway work, we have taken from bidding, and others are from the either PMC work from other PSUs or bidding works in other sectors. If you see our Q1 results, almost 60% of the revenue /top line is from the management work, which is almost 63% is from management, and remaining is from the bidding or PMC.

Okay. Sir, the next question on the current order book and the pace of execution we have right now. So, considering this, how do you see R VNL's book-to-bill ratio on next two to three years, or I can say for short-term to long-term tenure?

We are hoping that in next three years, our order boo k will be equally divided 50 -50% between railway management works and bidding works. So that is how the order book will evolve in next three years. As you have been briefed that, we are focusing more on the overseas works. And as already explained that we are bidding for works in Georgia. We are bidding for works in Africa. We have bid for the Israel Metro. We are expecting a good order from this overseas works. So that will increase the non-railway portion. And railway works are already with us. Almost INR 40,000 crore of work have to be executed by us in next three years. So that way those works will always go parallelly. And we are hoping that in our top line, it soon, it will be 50-50% for next two to three years.

Okay. Well, noted, sir. As the business shifts towards the competitive bidding, so just want to know, like, what's the management thinking about the overall profitability, ROE, ROC E going forward? Or you can highlight something on or you can throw some lights on margins, which we are expecting going forward.

For the last two quarters, we are focusing on the works which give us better margins, and those margins are more than 5-6% for the bidding works. And for management, it is from 8-10%. For PMC work, which we have got from PSU is almost 7%. And we are trying with other state governments and PSUs to get the same PMC margins, fixed margins. For bidding, I will again repeat that our margins will vary from 5-6% for the works in India. But for the overseas, we are expect ing margins of 15-20%, which we are trying in Georgia, in Africa, and other countries. Thank you.

Okay. And the last question on to understand the industry. So, which are the major internal and external risks for the company as of now, or company's facing which affected our procurement timeline, or projects cost, or overall project execution or business? Can you throw some light over there?

Definitely. As you know, the present geopolitical situation is a challenge that we faced during Q1 also. And if the similar situation persists, this is a big challenge for us. And definitely, we are facing some challenge of labor availability from the market. Labor is not available for works, we have to make extra effort to get the labor for execution of our works. Payment from the client is also a challenge, but we are trying to get the payments from them. Regular follow-up is being done. So, these are the few challenges which we are facing, but we are hopeful. You know , e ven with these challenges, we'll be able to achieve the targets which we have fixed for ourselves. Thank you.

Okay, sir. That's all from my side. Thank you so much for the opportunity, and all the best. Thank you.

Thank you. We have the next question from the line of Abhishek L eekha from N este Wealth LL P. Please go ahead.

Hi, sir. Thank you for the opportunity. Congratulations on the stable to good set of numbers. My question is, like, since you are trying to diversify t he Middle East and Israel and all those basically areas are geopolitically highly active now. How do you plan to address the risk part in that?

Good afternoon, Abhishek. As you rightly pointed out, the area of Middle East, Israel are a bit volatile at present, but we understand that the situation is likely to stabilize in the coming time. And these areas, they typically yield very good margins for the projects. And as a country, India has a good presence in all these areas, and we stand to get good support from the government side also while executing the projects in those areas. So, we'll not face much of the issues, but certainly, we have to account for some of the challenges there because when we are taking the skilled and unskilled manpower to that area, the payments, they have to be given properly. They have to be insured properly. So, we'll take care of all these things while executing projects in these areas.

Abhishek, proper risk assessment is done before quoting. So , these risk s has been identified and accordingly, mitigation measures or risk premium has been considered.

Okay. So that's good to know. And pardon me if that has been addressed earlier or have been answered earlier. What kind of vision that we have over the next three years? We are expecting an EBITDA of 5-7%.

ROE vision for RVNL as a whole in next three years?

Almost 12-13%.

Fine, okay. Yeah. Thank you so much.

Thank you.

Thank you. And the next question from the line of Prakh ar Tibrewala, an individual investor. Please go ahead.

Yeah. Hello, sir. My first question is regarding the larger projects that are underway, Vande Bharat and BharatNet, etc. What would be the funding requirement and what would be our pipeline? How much would be internal approvals? Would we be looking at debt as well? Currently, we are not looking for any debt from other sources. We are able to maintain from our internal resources only, but we have our working arrangement s with some banks for working capital if required. So, in next two, three quarters, we are not looking for any assistance on part of that.

And what would be the rate on these bank lines that we have already secured?

Around 5.5-5.9%. So, we have not taken any debt till now, but we have, like, kind of arrangement with them. If required, most probably, if it will be required in BharatNet, we may take it, and that will be at 5.5- 5.9%. But presently, we are able to manage from our internal cash.

Okay. That's great, sir. And my last question is regarding your dividend policy, sir. So , should we expect dividend growth to track the PAT, or could the ratio move going ahead?

We generally follow DIPAM guidelines, which is 30% of the PAT or 4% of the net worth, whichever is higher. So, we'll give that dividend.

Okay. Got it. Thank you so much, sir, for the opportunity, and all the best.

Thank you.

Thank you, sir. Ladies and gentlemen, if you have a question, please press * and 1 on a telephone keypad. We have the next question from the line of Mayur Pednekar, an individual investor. Please go ahead.

Hello. Am I audible? Yes, sir. You are audible. Please go ahead with your question.

So now my question is on the following integration of losses on certain contracts in F Y26. So, can you confirm whether all the major provisioning has now been completed, or do we have any additi onal contracts remaining under review?

So, we have already provisioned for the onerous project, and we are not anticipating any further provision of the losses.

Okay. And the second question I have is on receivables from the Ministry of Railways, which ha ve been increased marginally during FY26. So, what is the current outstanding amount for the same?

No. This is actually railway receivable or outstanding is a dynamic process. And presently, our outstanding railway is almost INR 2,500 crores. And we keep on receiving the payment on a monthly basis. We raise our bill to them, and within 30 days, the payment is received. So, what is the normal and dynamic process? And, we are making more effort to ensure that our cash flow is maintained and payment is received well on time with Railways. So, our correspondence and interaction with Railways is regular.

Okay. Got it, sir. That's it from my side. Thanks. Thank you. That was the last question for the day. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Door Sabha’s conference call service. You may disconnect your lines now. Thank you, and have a good day. Thank you.

1. This document has been edited to improve readability 2. Blanks in this transcript represent inaudible or incomprehensible words.