Sir, my question was the very clear what positives what you have shown and what we have understood about the DGT regulatory overhang clearance, Pune-Shirur moved forward. Aunta- Simaria also monetization in progress, UPJJM, O&M now on card. Balance sheet remains strong. But sir, what is missing always every qu arter what we see that revenue visibility is missing somewhere. So after all these clearances and all, how do -- how one we as an analyst or investor can see our company henceforth from now this year and next year on absolute earnings side or growth on revenue side? Even order book is also declined in Q1. So can you highlight upon that, sir, will be helpful to us?

Thank you, Sanjay. Lot many questions in one rolled up. Let me address the questions that I think. The first question that you have is about the revenue degrowth. So as I said, these are extraneous factors in the business, which nobody can forecast. The closing of construction and debris movement in Mumbai, nobody could have talked about the impact of geopolitical situation on availability of various materials, nobody could have forecasted. So business operates under a situation, which is more environmental environment, which one does not control. However, as I said, we remain hopeful that these things which are more specific to us in terms of approvals, etcetera, are behind us, and we expect to be in the growth phase for overall FY27, the interim blip notwithstanding. Now coming to the order book, you are right that order book will -- has slightly depleted, but this is normal in our business. We get large orders in one go, and we've depleted over a period of time. So every quarter, we can't be managing the order opening value. But at an annualized basis, our order book has been growing, and we are sure that even in the FY27, we will be able to aggregate another INR8,000 crores to INR10,000 crores of order. However, I must say that what we were expectin g in H1 in the earlier, we may move on to H2 of FY27. I hope I've answered all your questions.

Yes, sir, except that what is the growth trajectory for this year and next year?

See, next year is in the scenario difficult to say. As I said, we will -- we are going to be in the similar phase -- growth phase as we have forecasted earlier. And we will forecast for FY28 based on how this whole year evolves. But I think we are -- internally, we are targeting the growth rates of 15% to 20% on an annualized basis.

That's great, sir. Sir, my next question was for Mr. Saurin. Sir, I would like to understand from you about the trajectory of WMEL and how do you see that going ahead? I don't want any numbers or anything, but what opportunity what we have done till now and what we see as future for this because we are very excited about that vertical.

Thank you very much for the encouraging words. Yes, Michigan lies at the intersection of construction as it existed for decades and the future of construction as technology moves through the phase of improving productivities and enhancing the ability of this area to improve lives. So as far as we are concerned, we are still maintaining a 15% to 20% growth rate for ourselves.

And we feel that our excellence in the area of gray and white water, transportation and rehabilitation of existing assets and the impacts of climate change on cloud burst, etcetera, which caused flooding and our experience in managing and construction pumping stations and holding ponds and tunnels to disperse flooding areas, etcetera, will hold urban areas in good stead for our business in the long term. Coupled with that, our entire interest in the technological transformation of wastewater into usable water through our Smart Ops platform continues to make slow and steady progress towards a unique niche where we are able to apply that to the huge numbers of polluted water bodies all over the country as well as provide unique solutions to places that require wastewater transformation where geography does not aid and abet the fact that there is land shortages. So we are, like you, quite excited about this area and the substantial support that Welspun Enterprises provides its subsidiary will allow us to make this a reality in the years to come.

The next question is from the line of Jainam Jain from DAM Capital.

Is sort of in wastewater treatment plant and wate r treatment plant in terms of pipeline, especially in Maharashtra and outside Maharashtra.

Mr. Jainam, can you be a bit clearer? We are not able to hear you properly.

Audible right now?

Yes, you are much better now.

Sir, my first question was what sort of opportunities are we seeing in water treatment plants and reuse water treatment plants in terms of pipeline, especially in Maharashtra and outside Maharashtra?

Okay. See, the opportunities in water treatment plant are humongous in terms of -- if you look at it from a spectrum of smallest to the largest, including the localities and the houses, etcetera, etcetera, it could be in the ranges of a few lakh cr ores at this point in time. The question is the centralized versus decentralized, what we can tackle, etcetera, etcetera. So the -- currently, what we are tracking in the treatment space are projects in the ranges of about INR30,000 crores, which are on the anvil or in various stages of being developed by the client. Our estimate of these treatment plants is about -- which are on our horizon is that about 40% of them are within Maharashtra and 60% are outside Maharashtra. I hope I've answered your question.

Outside Maharashtra, which are the states in which we can find 60% of that opportunity?

Yes, there are substantive opportunities available in the treatment in Karnataka, in Delhi, in -- there are multiple states. I mean I'm talking only the states where we have an interest of -- there are opportunities in Gujarat. So I am not talking about West Bengal. So the opportunities are across all states in India.

Right now, management of wastewater and reducing reliance on freshwater is something which every state is seized w ith. So I think the opportunities are ph enomenal. It's a question of what fits in with the risk and reward and the durability metrics of the company that we would be targeting.

Okay, sir. Sir, my second question is sir, in the water segment, we make 20% to 25% sort of EBIT margins on an annual basis, which is pretty high compared to our.

Sorry to interrupt, Mr. Jainam. Your voice is not clear.

Hello. Am I audible?

Yes, it's better now.

Yes. So sir, my second question was that we make 20% to 25% sort of EBIT margins in water segment and on an annual basis, which is pretty high compared to our peers in the water segment. So what justifies that sort of margins? I just wanted to understand.

Mr. Jainam, it's all about technology play. We are not playing -- as I said, we don't target every project. So we target projects which can offer some technology play, which allow us to be differentiated. In the run-of-the-mill water pr oject, I'm not too very sure these margins are maintainable.

Okay. So just because of the technology component we have with us, which enables us to make a higher level of EBIT margins, right? Correct?

That's correct. We have associations and we ha ve connects, which allow us to differentiate.

And we have a third party, right? And it's not in house?

We are developing long-term relationships on those specific elements. So we -- there's a business strategy behind it, which obviously you would not expect me to elaborate on an investor call.

The next question is from the line of Parth Thakkar from JM Financial.

I would just like to ask when can we expect the AD for the Pune-Shirur project? And what would be the expected revenue for this year and next year?

So we expect the appointed date to take place in Q3 of FY27 for Pune-Shirur. We are expecting a revenue recognition of somewhere around INR500 crores in this financial year.

And for FY28?

I mean I don't remember that. So if -- can I request you, Mr. Parth to connect with the team.

Okay. No worries, sir. I'll do that.

Congrats on H5. I have my question. Saurin, could you please talk about the Smart Ops operations? What is the total order backlog? How many projects are we working on it? What is the revenue estimate we have for the current year and the next year and the potential revenue we can have in 3, 4 years?

Thanks a lot. So Smart Ops for us is a very inventive and exciting play on biologically transformation of wastewater. We have not gone after the usual run-of-the-mill sewage treatment plant programs because we are not equipped to deal with competition in that area on a process basis. Our platform deals with areas of transformation, which are not easily attacked by available technologies in an economical fashion. And so we have had substantial progress with kunds and ponds and water bodies that are neglected and polluted and can be rejuvenated and brought back to life for enhancing the quality of the environment. We have had tremendous success with areas such as nallahs which have turned into sewage streams and have no geographical space available on their banks to construct proper treatment plant, which require substantial space. We are quite excited about the fact that we may be able to transform even wastewater streams that industry has, which right now are not treatable in so many ways for them to be made usable by the same industry in a collaborative manner. So quite a few exciting areas of work for Smart Ops. We are proceeding extremely slowly and cautiously because it's water and the Welspun brand is associated only when we have the safety of the larger population and the service that we serve at heart. So yes, while it is exciting, we see a very cautious and slow progressive way forward. And we'll keep you updated as we meet newer areas of work and successfully solve problems for different sorts of industries.

Sir, any revenue estimate numbers we can expect, sir, for the current year and the next year from this market?

No, I don't think -- I think it can range anywhere from INR50 crores to INR100 crores, but we are not able to give you a guidance, yes.

Okay, right, sir. And the next question is on the micro tunnel business. Are we exploring any opportunities in the overseas market? Or are we focusing only the domestic market?

Right now, we are quite busy with the domestic market simply because our fleet of machines are 100% occupied. It's very easy to go overseas, but we have enough opportunity in India that we are not tempted as of now to venture far away from our home shore.

Right. So we are focusing only on the domestic market right?

Yes.

I think there may be some questions. Can you -- would you want to take them?

The next question is from the line of, Avantika Jawahar an individual investor.

So my question is on the top line growth. I know you've answered a few questions on this. But in the last 5 quarters, we've degrown in about 4%. So given that the macro environment and the geopolitical environment will continue to rema in volatile and difficult, do we have confidence in delivering a 20% growth -- 15% to 20% growth in this financial year?

See, the confidence is there to deliver a growth for sure. It will be more closer to 15% than 20% is what my estimate at this point in time is. It will all depend upon how things pan out and how the commodities availability and the associated challenges play out. The order book is healthy. The -- all approvals are in place. It's only a question of how the things beyond our control play out will determine as to how much the growth will be. But we are reasonably confident that we will be in growth phase of the company rather than a degrowth, which you've referred to.

The next question is from the line of Riddhesh Gandhi from Discover Capital.

Got it. Sir, I just want to understand, again, in the lines of just overall growth per se. We understand that a quarter or two anomalies could end up happening because of a whole host of issues which are there. But just wanted to understand actually what's giving us the confidence from a longer-term perspective?

See, Riddhesh, there are three things which give us the confidence. Number one, the confidence comes out. So if you look at the order book versus our target to grow, we have an order book of almost 3 to 3.5 years, even if we were to ex clude the O&M, which should also start chugging in. So we have a very strong order book. We have -- the second thing which is very important for any revenue recognition is the hold points on -- from the statutory stroke approval point of view, those can nag and those are behind us and all the projects other than of the Pune-Shirur, which has got still the appointed date to be achieved where we have signed the agreements, we are in clear for the revenue recognition. So that gives us the confidence to meet this -- the guidance that we have given. Third thing, we are aware as to how our projects which we are targeting are behaving, and we see the traction coming back on a few of these projects. So on a long-term basis, we can be reasonably confident that the growth phase shall continue not only in this year but in the years to come. So I hope I have answered your question, Riddhesh.

Sure, sir. Sir, and the other question was if you could just update us a bit on what's happening with the oil and gas as well?

So Riddhesh, there are very positive developments that have taken place over the last few days. Because those developments are still something that we are discussing with ONGC, I would request you to bear for another quarter or a few days before we are authorized to declare certain things. But I can assure you that the oil and gas seems to be working reasonably in accordance with what we were forecasting, what we have been all along telling.

We are -- as we speak, we have submitted to the client our re vised FDP for MB-OSN-2005/2. Hopefully, it will get approved in the next 4 to 6 weeks. And then we are -- we will be in a position to share everything based on the -- that we are now getting the access to ONGC platform and infrastructure to evacuate our gas from the block is a very positive decision the government has taken. And once this revised FDP is approved, which we hope within the next 4 to 6 weeks, we will have, we will be able to declare to you exactly where we are on the oil and gas development. Bear with us for the quarter.

Sure. Sir, and just to understand on the oil and ga s element of it, is the -- I think on some of the earlier con calls, what you indicated is that after the FDP is in place and everything is sort of aligned, we would potentially look to exit this as a business? Or is the intent to continue to run it and have this as a vertical of the company?

So currently, as you know, there is a focus on oil and gas in the country. You must have seen some of the months on INR84,000 crores commitment. And there's a clear focus for the country. Given the situation that we foresee and the business opportunity that we foresee, there is a very high likelihood that we will develop the field and produce from there on. So that's something which is currently the thought pro cess. However, it will all depend upon all this -- all this is a matter of thought process right now until the FDP is approved, it will be very difficult for us to say which way we are headed.

Got it. Understood. And sir, just right now, just to understand, the stage we are in is that to sort of get a partner to sign off on the FDP, is it?

Not the partner. It is the DGH or MoPNG which sign off. We exactly know what it needs to be done.

So it's already applied for it. We're just awaiting their approval.

Yes, that is correct.

Got it. And then after approval, how long typically would it take to actually produce?

About 2 years.

About 2 years. Got it.

Ladies and gentlemen, we take that as the last question. I would now like to hand the conference over to the management for closing comments.

Thank you. I thank all of you for joining us today. To sum up, I would like to reiterate that we remain committed to creating long-term value fo r our stakeholders with a continued focus on improving return on equity and return on capital employed. We hope we have addressed all your queries. Should you have any further questions or feedback, please feel free to reach out to our CFO or the Investor Relations team. Thank you, and good day.

On behalf of 360 ONE Capital Markets, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.