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Power Mech Projects Limited Call Transcript 2026
60676_rns_2026-05-29_072564a0-cefc-4b7f-8357-a593691ccdca.pdf
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POWER MECH
Growth Unlimited
Date: May 29, 2026
To
Listing Department
National Stock Exchange of India Limited
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex,
Bandra (E), Mumbai – 400 051
Symbol/Security ID: POWERMECH
To
Dept. of Corp. Services
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street
Mumbai- 400001
Security Code: 539302
Dear Sir/Madam,
Sub: Transcript of the Conference call with Investors / Analysts pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
--o0o--
With reference to the subject cited above, please find enclosed the transcript of the Conference Call with Investors / Analysts held on May 22, 2026, on the Q4FY26 performance of the Company.
Kindly take the same on record and acknowledge the receipt.
Yours faithfully,
For Power Mech Projects Limited
Movva
Raghavendra
Prasad
Digitally signed by Movva
Raghavendra Prasad
Date: 2026.05.29 10:32:29
+05'30'
M. Raghavendra Prasad
Company Secretary and Compliance officer
Encl: as above
JAS-ANZ
M4570910IN
POWER MECH PROJECTS LIMITED
AN ISO 9001, ISO 14001 & OHSAS 18001 CERTIFIED COMPANY
Regd. & Corporate Office :
Plot No. 77, Jubilee Enclave, Opp. Hitex,
Madhapur, Hyderabad-500081
Telangana, India
CIN : L74140TG1999PLC032156
Phone : 040-30444444
Fax : 040-30444400
E-mail : [email protected]
Website : www.powermechprojects.com
C A
ANAB
S
SNETT FIRST
POWER MECH
Growth Unlimited
"Power Mech Project Limited
Q4 FY26 Earnings Conference Call"
May 22, 2026
MANAGEMENT: MR. S.K. RAMAIAH – DIRECTOR, BUSINESS DEVELOPMENT, POWER MECH PROJECTS LIMITED
MR. N. NANI ARAVIND – CHIEF FINANCIAL OFFICER, POWER MECH PROJECTS LIMITED
MODERATOR: Ms. KRISHNA DOSHI – ASHIKA INSTITUTIONAL EQUITIES
Page 1 of 19
POWER MECH
Growth Unlimited
Power Mech Project Limited
May 22, 2026
Moderator:
Ladies and gentlemen, good day, and welcome to Power Mech Projects Limited Q4 FY26 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict.
As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded.
I now hand the conference over to Ms. Krishna Doshi from Ashika Institutional Equities. Thank you, and over to you, Ms. Doshi.
Krishna Doshi:
Thank you. Good morning, and very warm welcome to everyone. On behalf of Ashika Institutional Equities, I welcome you all to Power Mech Projects Limited Q4 FY26 earnings conference call. Today, we have with us the management represented by Mr. S.K. Ramaiah, Director, Business Development; Mr. N. Nani Aravind, Chief Financial Officer.
We thank the Power Mech Projects for giving us the opportunity to host the call, and we will now like to hand over the floor to the management for their opening remarks, post which we will open the floor for Q&A. Thanks, and over to you, sir.
N. Nani Aravind:
Thank you. Good morning, everyone. I am Aravind, CFO of the company. I would like to extend a warm welcome to all of you joining us today for our quarter 4 and financial year '26 earnings call. Thank you for taking the time to participate in this discussion.
As we conclude the fourth quarter of financial year '26, I'm pleased to share that the company has continued its growth trajectory delivering improved performance across all our core business verticals. Our results reflect the strength of our diversified business model, disciplined execution capabilities and sustained focus on operational excellence.
For Q4 FY26, the company recorded total revenue of INR 2,121 crores, reflecting a growth of 13% over Q4 FY25. The growth was driven by sustained execution across our core verticals and ramp-up of operations newly secured EPC order and MDO projects, partially offset by delays in certification of bills under the Water division.
EBITDA for the quarter was INR 237 crores, reaching a growth of 2% YoY with EBITDA margin at 11.17%. Margins were comparatively lower than the Q4 FY25, primarily due to increase in the operating cost and the lower other income during the quarter. Profit after tax for the quarter was INR 153 crores, reflecting an 18% increase over Q4 FY25. PAT margins improved to 7.27% as against 7% in Q4 FY25.
For the FY26, the company achieved a total revenue of INR 6,107 crores, representing a growth of 16% YoY. The strong annual performance was driven by ramp-up across our key verticals, particularly industrial power construction, civil infrastructure projects, O&M services and increasing contribution from EPC and MDO businesses. EBITDA for FY26 was INR 750 crores, up 16% YoY, while EBITDA margins remained stable at 12.3%. Profit after tax for FY26 was INR 412 crores, reflecting a growth of 18% over FY25.
Page 2 of 19
POWER MECH
Growth Unlimited
Power Mech Project Limited
May 22, 2026
So now coming to revenue mix for Q4 FY26, the geographical revenue mix comprised 94% domestic and 6% international revenue. Sector-wise, the Power segment contributed 57% of revenue, while non-power segment contributed remaining 43%. For FY26, the geographical mix was 95% domestic and 5% international. The power sector contributed 64% of revenues, while non-power sector accounted for 36%, reflected a continued diversification of our business portfolio.
From an order inflow perspective, the company secured orders worth of approximately INR 7,210 crores during FY26, against our target of Rs 10,000 Cr, achieving around 72% of the annual target. The shortfall was primarily attributable to the cancellation of battery energy storage system order worth of INR 1,563 crores by West Bengal State Electricity department.
During the year, we secured several larger strategic orders across EPC, O&M, Civil and ETC business. The key highlight was the award of a large BOP EPC package for the 800-megawatt Singareni Thermal project from BHEL. This project marks an important milestone in expanding our capabilities from the execution packages to integrated EPC delivery in BOP systems. The company also entered a new business vertical through Mumbai Monorail O&M contract, marking our presence in the metro rail operations and maintenance space.
Looking ahead to FY27, the company is targeting order inflow of around INR 12,000 crores with a strategic focus on expanding our BOP EPC portfolio and securing new O&M contracts. The total order backlog, including MDO contracts, stands at approximately INR 55,151 crores. Excluding MDO order, the executable book stands at around INR 15,899 crores. This provides a strong multiyear revenue visibility across Power, Civil, EPC and O&M business. We continue to see a strong order pipeline across thermal power balance of plant systems, civil infrastructure, railways and energy transition-related projects.
The company's operating cash flow improved significantly during FY26, increasing from INR 74 lakhs in FY25 to INR 430 crores in FY26, primarily driven by the improved realization of receivables during the year. This is expected to further strengthen our operating cash flow and reduce the dependence on working capital borrowings going forward. Gross and net debt remains well controlled despite delays in certification of water division bills. As on 31st March 2026, gross debt was INR 622 crores while net debt was INR 163 crores. The debt equity ratio as on the same date remained comfortable at 0.32x.
In summary, we are pleased with the progress achieved during Q4 and FY26. Our diversified order book, strong execution capabilities and strategic focus on high-value projects continue to position the company for sustained long-term growth. There's a clear visibility of growth till FY'30. Our focus remains on increasing the share of high-margin, recurring business to ensure to stable growth in both top line and profitability.
At the same time, the global macroeconomic environment continues to remain volatile with potential disruptions arising from supply shortages, inflationary pressures, interest rate movements and other external shocks. So accordingly, we are strengthening our operational and financial preparedness to remain resilient and agile to navigating such uncertainties. With a strong order pipeline and execution momentum across businesses, we remain confident of delivering on our growth objectives and creating a long-term value for all stakeholders.
With this, I now request Mr. Ramaiah to share key business developments and the outlook for the coming periods.
Page 3 of 19
POWER MECH
Growth Unlimited
Power Mech Project Limited
May 22, 2026
S.K. Ramaiah:
Thanks, Aravind, for all the important numbers and the growth story. Thanks for your participation. I think we should still be very bullish and positive on the total outlook for the company, looking at the growth which is happening. Of course, there can be a lot of new initiatives like what we have taken on the BESS and then there was an issue with the West Bengal Electricity Board and then it had to be cancelled. Otherwise, our numbers would have been much better in order backlog.
But overall, if you look at the total order backlog has gone up by 10.5% for the current year from INR 14,387 crores last year to INR 15,898 crores. The three growth areas have been in the power sector. And that is mainly because of the bullish investments, which is happening in a substantial way in all the segments of the power sector, particularly in the new thermal business, both with the public sector utilities and also the private sector like Adani. And recently, JSW also joined and other players also are expected to kick in new investments. That is the basis on which we have continued to focus on that.
And the mechanical business had a slight dip. Of course, if you take the EPC portion, the installation, it is still okay, and then the civil side also, but the major growth came out in the O&M sector, about 8%. And solar is the new entity we have entered, in Solar Power development where in to put up a 16-MW plant in Bihar. These are the new entities. But what is the key aspect is the foray we have made into the engineering, procurement and project construction, that being for the balance of plant, that is synergizing our expertise in the service side.
That means we got a strong background in doing the civil works, structural work, mechanical works, and also commissioning support work. That has helped us to take up the 40% of the value addition in-house working with 60% to be managed by engineering and procurement from the key parties. But overall, the company is quite confident of executing this important job. And this allows us also to enter similar type of jobs in future with a better value addition in similar projects which are expected to be based on the present tendering practice by BHEL.
And then the domestic scene continues to be positive, more of the orders coming in the domestic sector. And then power sector, the backlog of the order is about 70% and non-power is about 30%. That is on the overall number. The key aspect of the business continues to be in the case of power sector, if we look at it, I think we continue to remain positive on that. Actually, government's initial plan of 80 GW, 80 GW can go up to nearly 100 GW in the coal-based power plants.
We have seen recently certain trends about the increase in solar power, which has gone up 150 GW, and it will slowly go up to more than 300 GW. That can bring in a lot of grid imbalance, and that's why the necessity of managing the grid needs more thermal power in the night operation and day-night operation practices.
And now the new players are also coming. JSW is coming with new plants coming up in Salboni and then Odisha. Adani has taken a substantial initiative. And then perhaps their overall plan is to triple their capacity from 17,000 MW to - 50,000 MW.
They have done substantial ordering about 16,000 MW as on today. NTPC has done the other major ordering of about 11380 MW apart from the other players like Damodar Valley Corporation, Neyveli Lignite, Singareni, Gujarat State Electric Company Limited, Chhattisgarh and MP Genco also.
Therefore, the expectation is that the present opportunities what has been ordered, comes to substantially INR 2.8 lakh crores in terms of the direct ordering done on BHEL, and L&T, on the major packages. That will translate into a reasonable
Page 4 of 19
POWER MECH
Growth Unlimited
Power Mech Project Limited
May 22, 2026
opportunity for us about INR 60,000 crores in various segments like installation business, civil business, structural works and the balance of plants on packages and all. And that is what we are banking upon. That is how we have seen recently the major orders also happening.
Similarly, from Adani side, we are working in about 4 major projects in Adani in Mahan, Phase 2 and Phase 3, Mirzapur Phase 1 and Raipur, totally 6,400 MW and ongoing projects valued about INR 3,166 crores. Then BHEL is there. And then apart from the nuclear project where we have taken up quite civil works for INR 563 crores, 2x700 MW at Kaiga.
Rest of the thermal projects about 7,000 MW. If we add the recent addition of the Singareni, about INR 2,550 crores, the total BHEL, various packages and orders will be about INR 4,700 crores. Therefore, these are the two major players in which we are continuing to focus it.
And only thing, how much additional order will flow from the balance ordering to be done and then the packaging to be done by Adani, then presently JSW, Salboni in West Bengal, they are putting up a plant in Assam also 4x800 MW. That we are discussing with them. And O&M continues to be an interesting opportunity for us, and that is a margin driven. New opportunities are being followed up in BALCO.
And also, in Butibori 2x300mw which is now with Adani Power and other plants. Recently, we have taken a job in Hindustan Zinc Limited also and continuation with earlier order for the Hindustan Zinc captive power plant at 91 MW. Therefore, about 4,100 MW of ordering has been taken up in the O&M in the year 2025-26.
Looking at the commissioning program and the aspects which will happen in terms of the commissioning in the coming years, if we take the average 8,000 MW, perhaps, the two areas that is installation business and the civil works, and the third area which is important is the long-term O&M, should bring us lot of results in terms of balance ordering, which the company is very much focused. Recently, a major breakthrough has been in entering into O&M business in the Metro sector, INR 279 crores.
We have taken up light railway in Bombay, that is 15 stations work. That is a major technological breakthrough for us in terms of the operation maintenance practices. Today, we have seen about 1095 operational kms of metro routes are there, and it's going to develop it to 2,000 km. This initiative should help in terms of the outsourcing of the O&M and operation of the Metro works. That should be a new opportunity, which we should follow up in the future also, apart from the traditional power sector and some of the areas in the non-power sector also.
Then coming to the major opportunities, what we are planning this in the current year, there is a reasonable opportunity basket available. We have identified about INR 70,000 crores of opportunities in terms of what is visible in the various sectors, in the power sector, non-power sector, infra works, then O&M services, metro maintenance and EPC works, etcetera. That we are keeping a track of it.
Of course, the order booking plan based on the opportunity available, we hope to get, about INR 12,000 crores in the current year. We continue to follow all these opportunities, and clear tracking has been done about the INR 70,000 crores of opportunities in all the sectors. Another important development, NMDC is coming with a lot of investments. Perhaps their plan is to jack up their existing capacity of 60 million tons to nearly 110 million tons, by 50 million tons. That needs an investment of about INR 70,000 crores.
Page 5 of 19
POWER MECH
Growth Unlimited
Power Mech Project Limited
May 22, 2026
We had recently done one bidding for the BOT projects, for a 5 million tons capacity mine site handling facilities. That has to be seen, what they are going through and all, based on the price levels at which the same can be ordered. New EPC tenders have come. We are tying up with Thyssen Group, Pune. They are one of the strongest technology partners in terms of the iron ore material handling and then process management for this one. We will be their construction partner, and we'll take the lead. Couple of projects are there in NMDC worth about INR 8,000 crores to INR 10,000 crores.
The other aspects is that the non-power, roads, investment continues to be there, railways is there. Non-power NMDC, I told. The new visibility perhaps is the steel plant. Recently, we had done some bidding work in the IISCO Burnpur, but our prices were higher than the other players, about INR 3,000 crores of opportunities. There will be new investments coming up in Bokaro Steel Plant and then Rourkela Steel Plant.
Apart from that, ArcelorMittal is planning to put up a 10 million ton capacity plant near Anakapalli in Andhra Pradesh. JSW is planning a new plant up in Paradip, 10 million tons. Of course, after some time, they are planning to invest 25 million ton capacity in Gadchiroli near Nagpur.
We have taken up the steel plant works also. Earlier, we have done in Dolvi, Ballari, JSPL Angul, and we want to see how to leverage our existing experience, what we have achieved there, also the similar works, what we have done in the civil infrastructure and the installation works, whether we can take up in the case of steel plants construction works also.
Therefore, the investments will continue to be there in terms of the railways, highways, metro expansion, power sector, 100 GW nearly, and other sectors also. And then O&M, some opportunities, we're following it up in the Middle East also. Now over 1,500 headcount is deployed in the Middle East to do about nearly INR 300 to INR 350 crores of jobs. We have taken a major O&M job for the captive power plant in Nigeria also. Now there are some inquiries coming from Senegal, and then Liberia, then Nigeria, and also some of the African countries.
Therefore, we have to see how to expand these opportunities in all these sectors. Therefore, from that point perspective, the overall opportunity available is reasonably can work out for the current year ordering of about INR 12,000 crores, what we have kept as our, current year target and we will try to do as much as possible on that. Thank you.
Moderator:
Thank you. The first question comes from the line of Mohit Kumar with ICICI Securities. Please go ahead.
Mohit Kumar:
My first question is on the order inflow. I think last year, we guided for INR 10,000 crores order inflow. And I think there is a substantial miss, right? Can you please explain, is it that you saw a lot of orders, due to which the finalization got postponed in Q4? Is that the reason of the miss, and you expect those orders to get finalized, tenders to get finalized in FY27. So FY27 should be a better year in terms of order inflow. And also, a color on the order inflow opportunity for the thermal BOP for fiscal '27?
S.K. Ramaiah:
I think as far as our interest was there, Adani, we had been reasonably successful in getting many orders of their Mirzapur, Mahan, and then Raipur. Of course, the new investments, whatever we are bidding with them also. Now, even though BHEL has got a lot of orders on the existing orders they go, but there's some packaging
Page 6 of 19
POWER MECH
Growth Unlimited
Power Mech Project Limited
May 22, 2026
philosophy they have changed it, and that we are watching it whether the same can fit into our plans.
Of course, on the BOP side, we are going to bid for two- three projects, that's worth INR 15000 crores. Our aim is to get one more BOP in the current year. A strong team has been established with some experienced people from BHEL also. And with the present experience what we are gaining in Singareni, and then our enormous expertise in the execution, that should help us to be competitive, and we are getting qualified also in these BOP projects.
But on the main installation side, we are quite positive on Adani and JSW. , BHEL is a question of how much is the competitive level we can work on the pricing because of the packaging philosophy they may follow because they also want to see how much competitive they can get the pricing for the market to fit their budgets . But we are having a long association with BHEL, and they value our association and also our execution capability. Therefore, that should still come into our help when we focus on that.
Therefore, I will again come back to the opportunity levels available, about INR 70,000 crores, which have been identified opportunities, and that should be the basis on which we can look at it. And O&M, we are discussing a major job in BALCO, around INR 1,500 crores. Another INR 700 crores of opportunity, Butibori, 2x300 MW, that also we are discussing on the O&M side. With the new plants coming up in the O&M side, that is operation commissioning completion, perhaps it should continue to progress there on the O&M side also to get more orders.
And then the new initiative we have taken in terms of the mine site facilities because there is lot of focus on mine side investments and then as a policy by the government, both in the iron ore side and the coal side that they want to avoid this transportation by road, and they want to mechanize the entire system, right from the mine site to the delivery site. We have developed some expertise based on the work we have recently getting completed in Kurmitar.
That was in association with Adani job. That was a small job, about INR 200 crores on the association with thyssenkrupp. And that expertise should help us to bid for all these projects. The qualification, we have fully qualified for a couple of tenders there in NMDC, and that is an area we have to see how we can be successful as a new initiative. Therefore, from that point of view, I can only say that, let us expect that the opportunities what we are tracking should fructify.
Mohit Kumar:
Understood, sir. My second question is on the mine side. What kind of volumes one can expect in both the mines separately for FY27 and FY28, given that both the mines are now operational?
N. Nani Aravind:
The KBP mine just started production in November, and ramping up happened in last March, we did around INR 248 crores revenue during the last 5 months. In SAIL project, we did around INR 106 crores revenue during the FY26. This will scale up by FY 28. The KBP mine, client is lifting the material beyond the contract capacity. INR 350 crores we are projecting for the FY27 and INR 500 crores for FY28 from KBP.
Tasra, our washery construction is undergoing, and maybe by December we'll complete the construction of washery. Maybe by mid of Q4 FY 27, we'll start our production from the Tasra mine. We are projecting INR 150 crores revenue in FY27, and it will increase to INR 750 crores by FY28. MDO mix will be 7% in overall revenue for FY 27. And the same will jump to 13% in FY 28 revenue.
Mohit Kumar:
I understood, sir. Thank you and all the best, sir. Thank you.
Page 7 of 19
POWER MECH
Growth Unlimited
Power Mech Project Limited
May 22, 2026
Moderator:
Next question comes from the line of Tushar Khandelwal with Nexus Equity. Please go ahead.
Tushar Khandelwal:
Thank you. So, my question is I understand we missed order inflow guidances and revenue guidances, but we are able to meet the revised revenue guidances this year. I see a lot of challenges in the MDO segment of the business. Management is seeming quite confident for achieving the FY27 guidance and FY28. So, is there any underlying change in micro level or business level or initiatives from the company from which we are seeming this confident on achieving the FY27 and FY28 numbers?
N. Nani Aravind:
See FY26, we projected around INR 6,500 crores, we achieved Rs 6,062 Cr and there is a shortfall of Rs 700Cr on account of the water division delays in certification of bills off set by the increase in revenue beyond the planned. our actual shortfall was only INR 438 crores. And for the FY27, we are projecting around 21% growth.
We are confident of achieving that, and even the MDO business ramp-up of production is happening, and we are more focused on the high-margin O&M business. This year, we are expecting high-value orders in O&M division also. And EPC business, we just started last year, and we are expecting more revenue from the EPC business. So we are confident of achieving the projected number of 21% growth.
Tushar Khandelwal:
Okay. Thank you. And for second question, are we facing any labor side shortages or labor problems?
N. Nani Aravind:
No, labor shortage is always there, and we are always recruiting the people and training on our side, and we are managing the sites without impacting the progress of the works. We are the largest service provider in terms of erection business and O&M side. Major opportunities are there with us, so attrition is there, but we are maintaining with the new people and we are managing requirements.
Tushar Khandelwal:
Thank you, sir that answers my question.
Moderator:
Thank you. Next question comes from the line of Vignesh Iyer with Sequent Investments. Please go ahead.
Vignesh Iyer:
Sir, my question is more on the raw material inflation that the industry is witnessing as a whole due to the West Asia ongoing war. And I wanted to understand from our current order book, what percentage of the order book is insulated partially or fully, with any escalation clause in place? And for the part that is not inflated, what is our strategy going forward?
N. Nani Aravind:
Sir, international order book, we are only doing O&M services, which consist of 1.2%-1.5% overall order. There is no much impact on the war on our O&M business. In fact, if you compare my FY25 to FY26, my revenue has gone up from INR 292 to INR 327 crores during the current year. As such, there is no impact. In fact, we may get more opportunity in terms of construction side. There are a lot of plants were under dismantle. We may get good opportunities in O&M and in erection business.
S.K. Ramaiah:
Moreover, I think most of our major works we are doing in Nigeria, O&M, nearly INR 100 crores job. That is a long-term contract. Some inquiries are also coming in the West Africa. Let us say, because our erection jobs, which we had a substantial presence, that has practically come down. We are only doing the need-based O&M jobs, manpower supply, and that is okay with better margins. I hope war also should not last.
Page 8 of 19
POWER MECH
Growth Unlimited
Power Mech Project Limited
May 22, 2026
N. Nani Aravind:
We are doing majorly O&M businesses. We are not into the erection, so there is no impact of price increase in international operations. Domestically, there is increase in the pricing, and at the same time, we are covered with the escalation clauses. Every contract we are protected by escalation clauses. We will get the reimbursement from the clients.
Vignesh Iyer:
Sir, my question more was on the civil work side of it, on the power projects, if any, on the domestic side because there are other EPC players who are facing it as of now. The question was more on that line.
N. Nani Aravind:
EPC, there were impacts, sir. Steel and cement prices have increased. Diesel price has increased. So to the extent, PVC is covered through our contract arrangements, so we'll get the reimbursement from the client to the extent of that increase on PVC.
Vignesh Iyer:
Sir, how should we look at our margins then for the upcoming year on the standalone side of the business, if you could?
N. Nani Aravind:
Standalone-level, there's a marginal pressure because the water division certification delays are there. Whereas this year, we are expecting the central government will release their funds. Because of the fixed overhead, the margins constraint is there in the water division. We are hoping the funds release will rectify this problem, and the certification will generate more margins.
For FY27, overall margins will improve because of our O&M revenue mix is increasing, and EPC division revenue is increasing, so the margin profile will improve. MDO business is also increasing in the total top line and bottom line. We are hoping that this year we are expecting to touch EBITDA of 12.5%, including other income. There may be a increase of 0.25% to 0.3% in the EBITDA.
Vignesh Iyer:
How should we look at the margins for the two MDO contracts that we have got?
N. Nani Aravind:
KBP mine just started with production. We will reach the peak rate capacity in FY 30, Tasra mine ramp up of production start from FY 28 and peak rate capacity achieve in FY 29, we are estimating blended EBITDA together around 20% at peak rate capacity, At present, on an average EBITDA of 15% margin we have got.
Vignesh Iyer:
Okay sir. That is all from my side thank you.
Moderator:
Thank you. Next question comes from the line of Deepak Poddar with Sapphire Capital. Please go ahead.
Deepak Poddar:
Thank you very much sir for this opportunity. Sir, just wanted to understand, we are targeting from MDO FY27 INR 500 crores kind of a revenue, and in FY28 INR 1,250 crores. Is that right understanding?
N. Nani Aravind:
Yes.
Deepak Poddar:
Okay. And how should one look at then margin trajectory in MDO in FY27, FY28?
S.K. Ramaiah:
Year on year 1% jump in the EBITDA margin can be expected till it reaches PRC in both the projects, we'll reach the PRC by FY29 in one project and FY30 in another project. So, by the time, we'll touch 20% from present 15%.
Deepak Poddar:
15% to 20%, sir, I did not follow?
S.K. Ramaiah:
Every year, 1% jump will be there, depends on the production volume.
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POWER MECH
Growth Unlimited
Power Mech Project Limited
May 22, 2026
Deepak Poddar: Okay, every year. And then how much was the margins in FY26?
N. Nani Aravind: It's at 15%. in the month of March alone we touched revenue of INR 117 crores. Every month we used to do revenue of INR 40 crores, The initial OB removal will be very less. EBITDA margins are high. When we go deep into the pit, you will get more OB removal. Your cost will also increase. Average, we can take 15% to 16% EBITDA when we reach PRC.
Deepak Poddar: Okay. And this 15% EBITDA margin, 15% to 16%, was it INR 354 crores kind of a revenue, we did in FY26?
N. Nani Aravind: Going forward, INR 500 crores also, you can take 16%.
Deepak Poddar: In FY27 also 16% is more.
N. Nani Aravind: So, YoY, because of the ramping of production happens in both MDOs and at the same time, we have to get a production overhead adjustment. So, 1% jump you can take from 15% to 16%, 16% to 17%. And by peak rate capacity, by 2030, we can touch 20%, 21%.
Deepak Poddar: Okay. Understood. And FY27, the order inflow outlook we have, what sort of order inflow we might be targeting?
N. Nani Aravind: Yes, we are targeting INR 12,000 crores. This year, we are majorly targeting BOP, one or two projects of BOP EPC, O&M projects.
Deepak Poddar: Okay. And then what's your capex plan for this year, FY27?
N. Nani Aravind: Capex, we are constructing washery as of now, and we'll complete the washery activity. So Around INR 400 crores capex will be addition by FY27. And in TASRA SPV, INR 400 crores of Capex Tasra Coal Handling Plant and railway siding is added. At the Power Mech level, only INR 400 crores will be the addition to the capex, without any debt.
Deepak Poddar: Okay. Understood. What's our export mix right now?
N. Nani Aravind: This is 4% of the revenue.
Deepak Poddar: And because of this global macro scenario, I mean, are we facing any issue in terms of business?
N. Nani Aravind: We are only doing O&M services majorly. So there is no disruption so far, and all the plants are running without any issues, we are supplying the manpower. As such, there are no issue as of now. All are running, sir.
Deepak Poddar: Okay. Because of commodity, I mean, commodity prices have been quite volatile, right? Is that also an issue?
N. Nani Aravind: Yes, quite volatile, and it has more impact on the domestic business than international because international we are supplying only O&M manpower. Construction activity is there only in domestic. There is increase in the price of material and contract execution expenses have increased. To the extent, we have a PVC factor is already factored in the agreement, we'll get the reimbursement from the client on increased prices.
Deepak Poddar: Okay. So, we are able to perform cost increase, right to the client?
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N. Nani Aravind: Yes, sir.
Deepak Poddar: That is very helpful sir. That's it from my side. All the very best thank you.
Moderator: Thank you. Next question comes from the line of Venay Kumar, an Individual Investor. Please go ahead.
Venay Kumar: My question was, is the government going for the coal gasification? Do we have a scope there? Because GAIL and Adani Group is also there in coal gasification. Do we see business opportunity, and what will be the amount, sir?
S.K. Ramaiah: This recent information, we are also tracking it. Government has planned initial investment of INR 37,500 crores because looking at the import dependency of the fossil fuels, particularly the petrol, LNG, and other things, coal gasification is an alternative. Of course, the pilot projects have been launched with a group of companies, like BHEL as a technology provider, and then along with Coal India. Of course, this is very much in the initial stages, and the investment size, what we are looking at INR 37,500 government has planned, I think that should happen with initiative from the Public and Private sector
We are also trying to start tracking these investments, and first we have to look for the technology partners, because a similar job, what we can take it up. But as a developer and owner, that can be a second option. First option is to enter the work in terms of traditional work, what we can do in installation, service business, and then undertaking the complete plant construction. That should be a possibility with our qualification. This is already in our thinking.
Let the investment happen, it should take some time. First of all, it is a thinking and allocation. Then, there should be developers and owners who has to invest it. And then the engineering and supply chain aspect has to be firmed up, and the investment has to follow. And then it will happen., with strong Government initiative and support. Maybe we will expect down the line six months or one year it will start.
Moderator: There's no reply from the line of Mr. Patil. We'll move to the next participant. That is from the line of Riya Mehta with Aequitas Investments. Please go ahead.
Riya Mehta: Thank you for giving me the opportunity. So my first question is in terms of the demand from private capex. So are we seeing demand from thermal capex? Apart from thermal, where are we seeing major demand, from which sectors?
S.K. Ramaiah: Yes, madam, I agree. I told you, mining side, a lot of investments are coming. Particularly from Coal India. Of course, on the mine side, we have taken up two jobs which is in progress. But another development I brought out was on the NMDC investment of INR 70,000 crores for their mining capacity expansion by 50 million tonnes for all their mines in Karnataka and then in Chhattisgarh. Therefore, presently an opportunity of INR 10,000 crores has come. We are trying to work with Thyssenkrupp to jointly bid with us in those tenders. And that is a major initiative.
And then there can be other opportunities in the case of steel also, I told you. Steel sector, the total capital investment planned in the next 5, 6 years is about INR 10 lakh crores. Of course, they're all big projects. JSW is planning, ArcelorMittal is planning, Steel Authority is planning it.
We have started initial bidding, but in the case of IISCO Burnpur, we were not successful there. But we keep our efforts there. In the future, opportunities can come up. ArcelorMittal is going to put up the plant near Vizag., we are in touch with them because we have done the work for JSW in Dolvi and Ballari for their
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expansion coming up in Orissa. Therefore, these are the areas we can certainly look at it.
N. Nani Aravind:
Apart from what Ramaiah sir said, another area is the railways, where we are looking at the new broad-gauge lines work. Even the construction of new lines we are looking at. And road projects are also there, but of course, there's unhealthy competition is there in roadside. But if any good opportunity is there, roadside also we'll look at.
S.K. Ramaiah:
But the new thing, what I would like to say. What we got the breakthrough in the Metro O&M, we have taken the job, INR 279 crores in Bombay. That is a beginning. And I already told you about that. It can be a huge opportunity which can be there for the changeover from the present system, operation maintenance to outsourcing by the metro companies.
Riya Mehta:
Got it. In terms of client concentration, how much would BHEL and Adani form for our total order book?
S.K. Ramaiah:
As I told you, Adani, we are doing 6,400 MW, the total order about INR 3,200 crores for Adani, and then BHEL, we are doing about 7,000 MW on thermal and 1,400 MW in nuclear. That comes to, and then BOP project, that comes up to INR 4,700 crores.
Riya Mehta:
Got it. Are we facing any working capital issues considering price, cost price has increased? Do we have escalation clauses in place for these orders?
N. Nani Aravind:
Yes, ma'am all the clauses, we are having PVC clauses in contract, which we are claiming in every bill. And we are availing interest free mobilization advances. So there is no much of working capital issues in running projects.
Riya Mehta:
Okay. And in terms of the water project issue, which you were mentioning, just wanted to know how much of the order size that contract?
N. Nani Aravind:
Balance is around INR 900 crores of order we have to execute, ma'am. So last one year, we have stopped execution of the work, and have instead focused on nearer-to-completion projects, particularly those where 75%, 80% of the work had already been completed. and we brought these major projects into the O&M phase. So for O&M, we are getting monthly fixed revenue from State Govt funds.
500 schemes, which we are targeting to complete by June 2026, and to bring these schemes into the O&M. Out of that, so far, we completed around 300 plus of schemes. And based on the central government allocation of funds, then probably we'll restart this balance work of INR 900 crore. FY 26, the state government released the fund and we have received almost INR 231 Cr. And as on March 26, we need to get the certification for INR 128 crores of work in progress and INR 90 crores of receivable, to be received from the client.
Riya Mehta:
Could you help me with the total amount, which, for the work we have done and the amount not received yet?
N. Nani Aravind:
INR 90 crore receivable amount. Against the INR 2,700 crores of order value, INR 1,800 crores worth of work we have executed so far. We have received entire money except INR 90 crores of receivable and 128 bills are yet to be certified, work done and pending for certification.
Riya Mehta:
Got it. And this was included in our order book numbers?
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N. Nani Aravind: Yes, it is there in the overall closing order value, INR 55,000 crores is included INR 900 crores value.
Riya Mehta: So we can remove INR 900 crores.
N. Nani Aravind: INR 900 crores on that INR 200 crores already WIP is there. The remaining INR 700 crores we have to execute.
Riya Mehta: Got it. Now, are we taking any further water projects or something?
N. Nani Aravind: As of now, we are not showing interest, ma'am, because the power orders, we are getting more power orders. We are concentrating more on the power and O&M business. Until FY30, there will be huge demand for power business. So, we are concentrating more on Core business
Riya Mehta: Got it. In terms of railway, I think last couple of years, there has been incrementally very high competition, and margins were compromised. So what part of railway are we excited about?
N. Nani Aravind: We are actually not doing the regular civil kind of works. We are taking the combination of overhead electrification with the signalling, telecommunication and civil together as a package. So that the competition is very less with this kind of, because the technical eligibility may not be there for the regular civil experiences Companies. We are targeting only those mix of both civil and technical qualification requirement projects only we are targeting.
Riya Mehta: How much is this in our order book, railway? How much have we done?
N. Nani Aravind: INR 700 crores is there.
Riya Mehta: INR 700 crores. Just for a broader guidance perspective, since we saw INR 7,200 crores of order inflow this year, are we on place to see INR 10,000 crores for the next year? The West Bengal order, which we did not get, is it a re-tender, or somebody else received it?
N. Nani Aravind: Yes, they will again be recalling the tender, ma'am. So, this year, we may look at that order. And moreover, some of the projects were L1, in Bangalore Metro, we received L1, and Monorail also, L1 we received in April. So, our guidance at, INR 10,000 crores, almost is nearer to that INR 10,000 crore. But unfortunately, because of this cancellation of BESS order, shortfall happened.
Riya Mehta: So we are on track to have INR 10,000-odd crores of order intake for this year, right?
N. Nani Aravind: Yes.
Riya Mehta: And the current order book which we have excluding MDO, what would be the average tenure of the order intake?
N. Nani Aravind: All our orders, 2 to 3 years period of execution. you can take average order execution time of 2.5 years. For every year, we are doing $40\%$ execution on opening order value. The 2.5 years, execution time you can assume the average order size.
Riya Mehta: Right. Now on the MDO side, when is the coal washery getting commissioned?
N. Nani Aravind: Almost all materials reached the site, and erection works are already started. By December 2026, we'll be ready with our washer. We'll do the testing, and we'll be
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ready with our washery. And our target is from Q4 onwards, we will do the washed coal. We'll supply washed coal to the client.
Riya Mehta:
Just to revisit. This for FY27, you said INR 450-odd crores, INR 300 crores plus INR 150 crores and next FY28 will be INR 500 crores plus INR 750 crores, right?
N. Nani Aravind:
No. FY27, INR 350 crores plus INR 150 crores, ma'am. Total INR 500 crores for FY27. KBP mine, INR 350 crores and SAIL mine, INR 150 crores.
Riya Mehta:
Could you repeat, your voice is getting muffled.
N. Nani Aravind:
Yes. The KBP mine, we will do INR 350 crores and plus SAIL mine, we will do INR 150 crores this FY27.
Riya Mehta:
Okay, got it. Total INR 450 crores, right?
N. Nani Aravind:
INR 500 crores, ma'am.
Moderator:
Next question comes from the line of Mahesh Patil with ICICI Securities.
Mahesh Patil
Sir, first question is that you have highlighted some Labor Code provision in Q4 that has impacted the margin. Can you give details about the exact amount?
N. Nani Aravind:
Around INR 4.5 crores, we created a provision for the increase in that 40% basic, now it's increased to the 50% level. So, there is incremental gratuity increase. We have created a provision for the entire year impact.
Mahesh Patil
Okay, sir. And sir, on the nuclear side, we have already received one project. Are we seeing any further opportunities there? How are the discussions going with some of the clients?
S. K. Ramaiah:
Yes, we have already taken up to INR 563 crores civil work that is in progress. That is 2x700 MW. But, as we know, the policymaking by government is bullish on the nuclear side. We have got 8,800 MW of installation in the country. Their plan is to make it 1 lakh MW. And that is a very tall task, but it needs lot of supply chain management, engineering and technology, then operation and maintenance.
And we are looking at it. And now the small modular reactors, SMRs, coming at 200 MW, 250 MW, that is to be there. Then we have seen recently, the American team is there in India to discuss their association with nuclear supply chain business. And we will watch that because in the nuclear side, there are two aspects briefly. One is a offsite facilities, another is a reactor site facility.
The reactor site facilities is very different in terms of quality. But offsite facilities are similar like what we do in a power plant, like turbine package, turbine island, and then cooling water system and lot of piping works. But we will watch carefully and see because nuclear power installation has got its own issues in terms of challenges, and that we have to slowly master it and ultimately, we have to enter there.
Moderator:
Next question comes from the line of Nikhil Kanodia with Sunidhi Securities.
Nikhil Kanodia:
Firstly, congratulations on the decent set of numbers. Sir, my question revolves around what we have seen is lot of infra capabilities have been kind of vanished due to the war. So, are we seeing any erection or maybe EPC kind of opportunity in that sense? And what could be the opportunity size from that market?
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S. K. Ramaiah:
Middle East, as we explained, about INR 300 crores ongoing jobs, mainly in the maintenance, manpower supply, and then some jobs we are doing in West Africa. At present, our focus is on providing purely manpower supplies for the operation, maintenance and then shutdown jobs, etcetera.
Now as far as the installation jobs and then major jobs in construction, that we have got a strong reference there in international combined cycle gas-based plants, about nearly 9262 MW.
But let us wait for the war to end, and then the fresh investment should come up, and there can be lot of opportunities there. Already we have got an office set up in Dubai and then in West Africa, and we'll be there to see how to take it.
Nikhil Kanodia:
Okay, sir. The second question is that you mentioned that the market size for your power business is around INR 60,000 crores to INR 70,000 crores. So, how much are we trying to bid over there, and what is our bid-win ratio over there?
S. K. Ramaiah:
We have to see what is the hit ratio there? When the competition is there, we have to see the fact that there is competition and then the customer's interest in the contractors, like Adani, they would prefer to work with us, it is a different matter. JSW, perhaps they can have a choice being a private sector.
But all the government jobs, we have to see how the competition will be there. Therefore, the general size is that, our previous record is we have been bidding INR 40,000 crores to INR 50,000 crores of opportunities for bidding. The hit ratio can be somewhere about 15%. That is what it is.
That's why, this year because of the new opportunities and new areas of the business, and then mining side, metal side, and then power sector, more investments coming up, and also in some of the infrastructure side, the ongoing jobs in railways and roads, we have kept a target of INR 12,000 crores. With that, we have kept the opportunities identified about INR 70,000 crores.
Nikhil Kanodia:
Okay, sir, if I've heard it correctly, you said that INR 70,000 crores is the opportunity size for which you will bid for around INR 40,000 crores, INR 50,000 crores, and the hit ratio could be around 15%, right?
S. K. Ramaiah:
Yes, that should be correct.
Nikhil Kanodia:
Okay. Sir, the third part is on the labor. So, like what we have seen is that the kind of labor availability is kind of a challenge right now. What are we seeing? What is the ground reality when it comes to labor?
What is the kind of price increase that has been there in the labor cost? And when do we see the availability of labor coming back to on the fields?
S. K. Ramaiah:
No, ultimately, I think, the developments in West Bengal, that's where a lot of labor comes, particular civil labor.
The civil part of the labor mostly comes from West Bengal, Orissa, and then some considerable labor is there from Jharkhand and Uttar Pradesh also. Therefore, as on today, if you look at it, our total headcount has gone up more than 40,000. Of that, 70% to 75% is on the labor side. And then O&M, in that O&M is about 18,000. In the case of O&M, we don't face any problem because they're all skill-based and then semi-skill based, and there is a secured job for five years, three years like that, and the people are trained for that. Once they are there in that, we continue to employ them, and then when the jobs get renewed, it will be continued. The
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challenge will be in the construction side and the civil side, and then the installation side.
So far, we have been managing it and that is how we are able to meet our physical targets also. And certainly, some more increase is required. And what we can say, based on the record of Power Mech, we have reasonably jacked up the manpower requirements, meeting the schedules and contractual requirements. And so far, there was no major shortfall of labor in executing the jobs.
Nikhil Kanodia: Okay, sir. One last question that you mentioned for the order inflow target for FY27 is around INR12,000-odd crores. For FY28, what will the target look like?
S. K. Ramaiah: Maybe in the same range, the INR 12,000 crores to INR 15,000 crores range, it depends on the opportunities available.
Moderator: Next question comes from the line of Ravi with Sundaram Family Investments.
Ravi: Sir, congrats on the excellent set of numbers and for the good guidance on the order book. I just wanted to reconfirm one understanding. I think in one of the comments, you said we are expecting 21%. Is that number for revenue growth, or is that for order book growth?
N. Nani Aravind: It is revenue growth, sir.
Ravi: Okay. Thank you, sir. That was the only clarification. All the very best.
Moderator: Next question comes from the line of Vinay Nadkarni with Hathway Investments Private Limited.
Vinay Nadkarni: Yes. somewhere you had said that your growth in MDO operation, there would be a 7% jump in FY27 and a 13% jump in FY28 after the washery is put up. This is only for the.
N. Nani Aravind: Yes.
Vinay Nadkarni: The numbers that you gave, you have done INR 106 crores in FY26, and you're projecting INR 150 crores. That's almost a 50% jump.
N. Nani Aravind: The jump is in the percentage of revenue, I'm saying percentage of revenue, sir, the 7% of the total revenue.
Vinay Nadkarni: Okay.
N. Nani Aravind: 7% and another 12% on the revenue component.
Vinay Nadkarni: Secondly, in terms of growth, you've said around 21% growth would be for the coming year.
N. Nani Aravind: Yes.
Vinay Nadkarni: In EBITDA, you had mentioned around 17%?
N. Nani Aravind: 12.5%.
Vinay Nadkarni: 12.5%?
N. Nani Aravind: Yes. A 0.2% to 0.3% jump will be there.
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Vinay Nadkarni:
Okay. And can you share the EBITDA numbers because you have given the mining EBITDA numbers to be around 15% to 16%. For your mechanical and civil, what would be a general EBITDA margins and O&M?
N. Nani Aravind:
O&M is always around 15% to 16%, and the remaining construction will always be less than 10%. So blended together as of now, with other income, we are announcing at 12.3%.
Going forward, we will generate around 12.5% for the coming year. And every year, it may jump 0.5% YOY till we reach the PRC, which is in FY30, we'll touch 14%. FY31 we'll touch around 14.25%.
Vinay Nadkarni:
Okay. Just last question. you had said for civil, it is less than 10%. For mechanical also, it will be around the same?
N. Nani Aravind:
Yes. All erection, civil, everything you can take less than 8% to 10% level of margins. Okay. Just one small bookkeeping question, which, until last presentation you had mentioned Electricals as one of the business segments. This time, you are mentioning EPC. Is it the same or is it different?
Vinay Nadkarni:
No, it is a different business because, actually, earlier the Transmission division used to do the transmission erection of the lines and other things. That business is over now. So in between, we have taken a railway work, and the team is doing that railway activity. So, now we shifted that entire portfolio to the civil business, and we added a new line of activity of BOP EPC business.
N. Nani Aravind:
Okay, so the electrical part is now covered in the civil work?
Vinay Nadkarni:
Civil, yes.
Moderator:
Next question comes from the line of Rohan Advant with Prad Capital.
Rohan Advant:
Sir, my first question is that in Q4 of FY26, our MDO revenues were INR 226 crores. Is that right?
N. Nani Aravind:
Correct.
Rohan Advant:
Sir, for the full year FY27, we are guiding INR 500 crores, when in this quarter, we've done INR 226 crores. Is there a lot of seasonality through the year? That's why that Q4 is so heavy?
N. Nani Aravind:
No, actually, the KBP mine, as per the contractual capacity, is 0.4 million is the first year of operation we have to supply. But the client accepted higher off take because there is a delay of project, so they have taken a higher capacity. During FY 26, 1.6 million tonnes we supplied from November, average of INR 40 crores of revenue we have executed.
And March month we scaled up the production and we did around INR 117 crores revenue as exceptional. on an average we can do INR 40 crores to INR 50 crores of revenue per month going forward. But in between, rainy season will be there, so, by factoring all these conditions. we are conservatively factoring this at a INR 350 crores level.
Rohan Advant:
Okay. While you started late in the year, a lot of it was compensated in the month of March, which was higher volumes, but that's not the sustainable monthly run rate, and for full year it will be lower, right?
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N. Nani Aravind: Yes.
Rohan Advant: Got it. Sir, in the last call, which was in February '26, we'd said that by FY28, we can touch INR 1,800 crores, INR 1,900 crores in the MDO space. But now we are saying it's INR 1,250 crores. So, where's the gap now, sir?
N. Nani Aravind: Now the KBP mine, their washery, is not ready from the CCL side. But even though it is not in our scope, but as per the contractual terms, our intention was to push the client to take the major material. So, this year 1.5 million tons, next year is 3 million tons. But our intention was to push the client to take the major higher side, higher offtake. We are pushing him.
If that happens, we can do the major business. But conservatively, we are projecting INR 350 crores level. And the SAIL project, we projected FY28 we will reach the PRC. But again, ramping up of the production from zero to again 4 million tons in a single year is again a tough challenge. So conservatively, we've projected INR 750 crores, and FY29, we are projecting the full capacity in the SAIL project.
Rohan Advant: Okay. At full capacity, it will be?
N. Nani Aravind: 4 million tons in the SAIL and 5 million tonnes is in the KBP. So, the KBP will touch full capacity by '30, and full capacity '29 by the SAIL because the washery is just newly constructed, and there will be the first year of operation, we have to see the conditions of this washery and everything. Then conservatively we are factoring this at a conservative, at a lower value. But we can exceed that number.
Rohan Advant: Okay. Sir, in revenue terms, how will it be, 4 million and 5 million tons? How much does that translate in revenue crores in '29 and 2030?
N. Nani Aravind: Around INR 2,100 crores to INR 2,200 crores, depends on the escalation value, sir.
Rohan Advant: Okay sir. Thank you and all the best.
N. Nani Aravind: Thank you.
Moderator: Thank you. Ladies and gentlemen, due to time constraints, we have reached the end of question-and-answer session. I now hand the conference over to Mr. S. K. Ramaiah for closing comments.
S. K. Ramaiah: Thanks for your participation and very interesting questions. And of course, we continue to be bullish on our business opportunities. The power sector investments growing, maybe another 5 years, we've got a fair outlook of the growth in the power sector. And then O&M is a business in which we'll sustain the profitability and then growth also.
And we are tracking a lot of new investments, new plants coming up for the O&M, and advanced stages of working and closing some of the contracts there. Therefore, O&M is a positive thing because of the annual commissioning can go up MW to 8,000 MW in a year, and that should throw up a lot of opportunities.
Then power sector, we said overall opportunity size is about INR 60,000 crores, and considerable orders have been taken on that side, BHEL and then Adani, particularly, and then JSW is coming up. Then new investments which will come in power sector, we'll continue to track it.
Then in the non-power sector, I said mining site facilities, we are taking an interest, and we have done the bid for 1 BOT type of projects, but the outcome is not known,
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even though we are in a position because of the pricing issues. And then the EPC type of jobs are also coming up, about 3 tenders, about INR 10,000 crores in NMDC and then steel plants, non-power sector.
O&M on the metro side, we have discussed that we have made a beginning in Bombay Light Metro, and that should open up a lot more opportunities for increasing the O&M profile of the company. Then in the export side, we look for how the opportunity takes up, and the particular situation improves in terms of the Middle East war.
And then in the West Africa, we are trying to look at new territories in terms of Liberia, Senegal, apart from Nigeria. And we are having some discussions in the Africa side also for the new investments coming in many of the countries. But overall, I can say power sector will continue to drive the business with order backlog of 70%, and that will be there in the next couple of years.
Our interest is to divert more into similar jobs in steel sector, mining sector, and then preferably in other sectors which will come up, oil and gas, etcetera. Let us see. And that is how we have kept a target for INR 12,000 crores this year, and that should be reasonably possible with an opportunity size of nearly INR 70,000 crores for the current year. Thank you very much.
Moderator:
Thank you. On behalf of Ashika Institutional Equities, that concludes this conference. Thank you for joining us. You may now disconnect your lines.
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