Ramky Infrastructure Limited — Call Transcript 2025

Nov 25, 2025

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Kesava Datta

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Ramky Infrastructure Limited Q2 H1 FY26 Earnings Conference Call

Event Date / Time: 19/11/2025, 16:00 Hrs.

CORPORATE PARTICIPANTS:

Mr. Sunil Sukumaran Nair

Chief Executive Officer

Mr. Sravanth Rayapudi

Chief Financial Officer

Mr. Gulshan Singh

Sunidhi Securities & Finance Ltd

Moderator

Good evening, ladies and gentlemen. I am Pelsia, Moderator for the conference call. Welcome to Ramky Infrastructure Limited Q2 FY26 Investors Conference Call. As a reminder, all participants will be in 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 * and then 0 on your touch-tone telephone. Please note this conference is recorded.

I would now like to hand over the floor to Mr. Gulshan Singh from Sunidhi Securities. Thank you, and over to you, sir.

Gulshan Singh

Yeah. Thank you, ma'am. Good afternoon, and very warm welcome to everyone. On behalf of Sunidhi Securities, I welcome you all to Ramky Infrastructure Limited Q2 H1 FY26 Earnings

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Conference Call. Today, we have with us a management represented by Mr. Sunil Sukumaran Nair, Chief Executive Officer; Mr. Sultan Baig, Group CFO and Mr. Sravanth Rayapudi, Chief Financial Officer. We thank Ramky Infrastructure for giving us the opportunity to host the call.

I would 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.

Sunil Sukumaran Nair

Yes, good afternoon everyone. Thank you for joining us today on behalf of RIL. I'm pleased to welcome you to the investor call. To provide you an overview, Ramky Infra, they have the Q2 revenue of INR 444 crore, listed since 2010. We have presence in sectors like industrial solutions, water wastewater, roads, urban solutions and buildings.

We have completed three decades of successful design, engineering, financing and project execution. RIL is the flagship company of the Ramky Group founded in 1994. We are one of the leading ISO certified EPC company in India. Thank you.

Gulshan Singh

Thank you, sir.

Sravanth Rayapudi

Ma'am? Hello? We can go for Q&A.

Moderator

Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session. If you have a question, please press * and 1 on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing * and 1 again. Ladies and gentlemen, if you have any question, please press * and 1 on your telephone keypad. We will wait for a moment while the question queue assembles.

First question comes from Parth from IDBI Capital. Please go ahead.

Parth Mandavgane

Hi. Thanks for the chance. Could the management sort of provide a detailed segmental breakdown of the INR 9,200-crore order? Like, waste and wastewater, building construction, that kind of segmentation.

Sunil Sukumaran Nair

The order book breakdown is the industrial is at INR 4,000 crore, water wastewater is at INR 2,700 crore and building construction is INR 2,000 crore, urban Solutions and others is INR 500 crore.

Parth Mandavgane

Okay. Thanks. Also, could you help me with the breakdown of the EPC and O&M components?

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Sunil Sukumaran Nair

Industrial in terms of EPC is about INR 700 crore and the O&M is INR 3,300 crore. Water wastewater EPC is INR 2,300 crore and the O&M is INR 400 crore. Buildings, purely the EPC, that's INR 2,000 crore. And the others we have a breakdown of EPC INR 200 crore and O&M INR 300 crore.

Parth Mandavgane

Okay, thank you. what key projects can you expect to drive the sort of revenue contributions in FY27 and FY28? Could you help me with that?

Sunil Sukumaran Nair

Yes. Obviously, the segments, water wastewater is one of the key segments we continue to do and we are clocking in the orders, building industrial, continue to remain strong based on the current order pack. Additionally, we have participated in two major industrial projects, which where company is very confident. We are in the advanced state of discussions with the state, and we expect to see some positive results. The projects are expected to further enhance our top line in FY27 and FY28.

Parth Mandavgane

Okay. Understood. Thanks for the opportunity.

Moderator

Thank you. The next question comes from Prameet Jain from JM Financial. Please go ahead.

Prameet Jain

Yes. Thank you so much for providing the opportunity. I just wanted to ask regarding the EBITDA margins outlook segment wise. And my second question is on project CapEx and the funding of projects are being done right now.

Sunil Sukumaran Nair

Yes. On EBITDA, we are currently among the top performers within our peer group, which is 22% EBITDA. While we aim to improve them further, with the new orders in hand, we are cautiously optimistic about maintaining our standing.

Prameet Jain

And on the project funding and CapEx?

Sravanth Rayapudi

Can you come again, please?

Prameet Jain

Hello? Am I audible?

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Sravanth Rayapudi

Now, you are audible. Can you please clarify your question, please? Could you repeat your question, please?

Prameet Jain

Yeah. My second question was on the project CapEx and funding around INR 2,000 crore.

Sunil Sukumaran Nair

Yeah. You're talking about the latest award Hyderabad water HAM project?

Prameet Jain

Yeah.

Sunil Sukumaran Nair

Yeah, the job value is INR 2,085 crore. CapEx for the project is of INR 1,600 crore. The funding structure is typically comprised of 40% the client receives during the construction, the client pays 40%, with the remaining requirements are met through debt equity. Typically, it costs 30% equity and 70% debt, and we are in the advanced stage of the financial closure. Hopefully, everything gets done during January 2026 latest.

Prameet Jain

Thank you very much.

Moderator

Thank you. The next question comes from Siddharth Shah from MK Ventures. Please go ahead.

Siddharth Shah

Yes, sir. Thank you for the opportunity. Sir, my question is on the overall bid pipeline. What kind of bid pipeline do you see across each of our segments, industrials, water segment, as well as the building and urban solutions? What kind of pipeline do we have to bid for next two years or something?

And out of that, what kind of order inflow guidance apart from whatever we have received till now, what kind of further orders are we expecting during the rest of this year as well as some guidance for order inflow for next year, sir?

Sunil Sukumaran Nair

Our pipeline is quite robust, especially in water wastewater and industrial solutions. There are quite a number of bids that are under the bidding process. The HAM model project requires intense workouts. We are very selective in our participation where we can add value as a company. We are expecting to see in the next quarter that some of the work that we have done in the past.

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We will update you on the sizable orders which are going to be secured in the next quarter. Our expansion in the international market, especially The Middle East and Africa we are now participating in many of these segments. Overall, we see a robust pipeline.

Siddharth Shah

But could you quantify the kind of pipeline that you'll be bidding for?

Sunil Sukumaran Nair

It's quite number of projects which we are finalizing. The numbers are very difficult to provide, but anything in the range of billion dollar pipeline currently.

Siddharth Shah

And this will be bid out in next, say, six months to 12 months?

Sunil Sukumaran Nair

Yes. It's the next twelve months.

Siddharth Shah

Okay. And sir, on the industrial park segment, there are a lot of announcements from the government side also that they are coming out with industrial corridors and all. Any movement on that side, any large industrial park or industrial corridor that we are targeting or like we are optimistic about, which will come up in next one year?

Sunil Sukumaran Nair

When it comes to industrial parks, we're one among the top companies in India who has established a very well pharma park in Andhra Pradesh, which is a role model for many, many states. We are in consultation with the many states, Maharashtra, Bihar, Telangana, Himachal, where we are in advanced discussion in Maharashtra for a pretty large life sciences park.

We expect to get these results probably in the coming quarters. So, as once we have formal decision that we will be communicating with you. Our idea is to, we always keep the 2.5x to 3x order that gives us a visibility of about 36 months. So, that's a model that we should follow.

Siddharth Shah

Okay, sir. Thank you. That's it from my side.

Moderator

Thank you. The next question comes from Mayuresh Raut from Invest4Edu. Please go ahead.

Mayuresh Raut

Hello. I am audible?

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Gulshan Singh

You're audible, but lots of disturbance is there.

Mayuresh Raut

Hello? Yes, sir.

Gulshan Singh

You're audible, but lots of disturbance is there.

Mayuresh Raut

Now, I'm clear?

Gulshan Singh

Yeah.

Mayuresh Raut

Sir, my question is on Srinagar Banihal Road asset settlement. If you could throw some colour on the settlement discussion for the Srinagar Banihal Road asset with lenders, including progress on asset monetization of this structuring?

Sravanth Rayapudi

The debt settlement in Srinagar Banihal completed as of January '24 with the ARCs and the respective banks as well. Now, company is under the advanced stage of discussion with the multiple financial institutions wherein we're confident we'll be closing before March '26, the discounting of receivables. And, also, company has applied the NOC for NHAI for obtaining the additional debt.

Mayuresh Raut

Okay. Thank you, sir.

Moderator

Thank you. Ladies and gentlemen, if you have any question, please * and 1 on your telephone keypad.

The next question comes from Dharmesh Pancholi from Shrika Securities. Please go ahead.

Dharmesh Pancholi

Hello? Congratulations for good numbers. In fact, sir, I would like to know that out of INR 9,200 crore order book, what kind of execution we are expecting in this year? And in how many years we will be in the position to execute this entire order book of INR 9,200 crore? And what will be the EBITDA margin for the same?

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Sunil Sukumaran Nair

As we said that the year, we would be closing close to the INR 2,400 crore for the current year. And then next year, the backlog will take us to the next year and the year following to next year. EBITDA margins remains constant as in the range of 21%, 22%.

Dharmesh Pancholi

So INR 2,400 crore for this year, till now we have completed INR 800 crore. So INR 1,600 crore is what we are expecting this year itself?

Sunil Sukumaran Nair

Yeah.

Dharmesh Pancholi

Okay. That's great sir. Thanks. Best of luck for the same sir. Thanks a lot.

Moderator

Thank you. Ladies and gentlemen, if you have any question, please * and 1 on your telephone keypad.

The next question comes from Dhananjay Mishra from Sunidhi Securities and Finance Limited. Please go ahead.

Dhananjay Mishra

Sir, we have two L1 one positions. What is the status over there, and what is the size of those orders? And when are we expecting to get LOA for those projects?

Sravanth Rayapudi

Those projects still are under evaluation from the authority level. So we expect, during the quarter, we'll, get some sort of an output from the authorities.

Dhananjay Mishra

And the second one?

Sravanth Rayapudi

And the second one also, we are expecting in Q4.

Dhananjay Mishra

Okay. And what could be the approx. size of these orders?

Sravanth Rayapudi

The size of order is INR 2,000 crore plus.

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Dhananjay Mishra

What put to individually or say?

Sravanth Rayapudi

Average.

Dhananjay Mishra

Okay. And what is I mean, for next year, apart from these, in next six months, which segment you are expecting orders to be finalized where we have bidded?

Sunil Sukumaran Nair

I think there are multiple segments we are working on. Water wastewater is one area that we expect. There's a 24x7 water supply scheme, which we are working on many projects and obviously on the industrial parks. These are three major areas, and we continue to have our additional work coming on the building segment. So, we maintain a balance.

Dhananjay Mishra

And lastly, any breakthrough we are expecting in the overseas market? Like we are trying to get some order.

Sunil Sukumaran Nair

We are quite advanced on some of the projects that we expect that would be in the next two quarters. I mean, we expect to see some results.

Dhananjay Mishra

Okay, thank you. That is all for me.

Moderator

Thank you. The next question comes from Suraj Shinde YES Securities. Please go ahead.

Suraj Shinde

Hello. Am I audible?

Moderator

Yes, sir.

Suraj Shinde

Hello? Hello?

Moderator

Sir, you're audible, sir. Please go ahead with your question.

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Suraj Shinde

Yeah. Thank you for the opportunity. Sir, just a few basic questions on the industry front. As far as water sector is concerned, wanted to understand, Do you see any slowdown from the government end and in terms of tendering the new projects?

Sravanth Rayapudi

So, can you repeat the question, please?

Suraj Shinde

I wanted to understand, is there any slowdown you see as far as from the government aid while tendering the new projects in the water segment?

Sunil Sukumaran Nair

No. I think it's on the contrary that there are quite a number of projects coming up on the water wastewater segment. We see quite a lot of interest from multiple states in India. I mean, so we don't see and we expect that to happen in the coming three, four quarters.

Suraj Shinde

Okay. second question on thatis, out of total projects under the water scheme, how many of them areHAM projects?

Sunil Sukumaran Nair

Yes. Quite a number of them are HAM models and there are EPC as well. I mean, so largely we are looking at the HAM model as our priority, but then we are also looking at EPCs on a selective basis.

Suraj Shinde

Okay. And any update that you want us to move towards higher tech-based projects like more, like, ZLD projects?

Sravanth Rayapudi

So, while the interest and while the opportunities are there, we are trying to bid for ZLD projects also. And apart from ZLD desalination plant projects also, company is identifying and getting those. We'll be sharing you the updates on what is the status of those tenders in Q4.

Suraj Shinde

Okay, sir. And I just missed on the few recent beginning question-and-answer session, so what is the bid pipeline currently? And what is the bid conversion ratio?

Sunil Sukumaran Nair

Yes, that's what I said that we have a large bid pipeline today that's crossing $1 billion. But we are very selective in our bidding process because it requires a lot of efforts in the

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upfront. So, you'll see a large percentage because we're very focused on our bids. So, I wouldn't be able to give you an exact percentage in terms of conversions.

Suraj Shinde

Okay, sir. Thank you. That's it from my end.

Moderator

Thank you. The next question comes from Premal Shah, an individual investor. Please go ahead.

Premal Shah

Yeah. Hi. Good evening, gentlemen. I have a specific question regarding the leadership strategy. Following the September 2025 appointment of Mr. Sunil Nair as the CEO and the new CFO, how will the leadership team reprioritize the growth strategies such as accelerating the EPC diversification or enhancing O&M capabilities?

Sunil Sukumaran Nair

Yes, I can take the call. My name is Sunil Nair. I'm the CEO. I have Sravanth, who is the CFO. Obviously, we have now put out our long-term plan and the short-term plan. We're prioritizing on segments, geographies, and the markets that we want to like to focus on. And so, there are markets that we want to get in. We already started that on the international markets. And from Indian domestic point of view, we have into various segments. Water wastewater is a priority, as I said. We're going to look at industrial park. That's going to be a large chunk of businesses that is going to come up in the next quarter.

So, we remain focused on delivering value through our expertise on the project execution and monitoring. And obviously, when it comes to investment projects, we're going to do effective debt and treasury management. In the whole process that today that we are going to enhance our entire leadership team as well as one of the key areas is supply-chain management as well.

Premal Shah

Thank you. That sums up what I wanted. Thank you very much.

Moderator

Thank you. The next question comes from Sudhir Bheda from Bheda Family Office. Please go ahead.

Sudhir Bheda

Hi. Good afternoon, sir. I just wanted to understand two, three things. As you guided just to the earlier question, your turnover for the current year would be INR 2,200 crore. Is it with the other income or without other income?

Sravanth Rayapudi

It's without other income.

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Sudhir Bheda

Great. because in the first six months, we have seen the decline in the turnover as well as the EBITDA on the absolute basis. What was the reason? And how do we see going forward for the second half and next year?

Sunil Sukumaran Nair

Yes. some of our large HAM projects have are in the last stage. And the new projects are picking up momentum. So this quarter, you would see a decline in revenues and profits because the new project, which is a large project, it's in the engineering stage, and we're going to pick up momentum in the next two quarters. So, you'll see a jump in the next two quarters.

Sudhir Bheda

Yes, that's helpful. And can you throw colour on other income? See, quarter after quarter, we have a large other income coming in. So, what is the nature of that income and is it sustainable going forward?

Sravanth Rayapudi

Other income is pertaining to the interests, which have been advanced to the group companies in the form of HAM model project. For HAM model projects, one. And second is pertaining to the scrap income, and third is pertaining to sale of fixed assets.

Sudhir Bheda

So is it sustainable, this kind of other income going forward?

Sravanth Rayapudi

The interest income interest income will be sustainable. Interest income is going to continue. Reason being some of our HAM model projects company is executing. It will be lending against the not interest free. It is interest bearing only. So, against the other income, it will sustain 75% to 80%.

Sudhir Bheda

Okay. Whatever you have reported in Q2, that is sustainable?

Sravanth Rayapudi

Yeah. Q2, we have reported 90% approximate other income. That 90% will continue.

Sudhir Bheda

Pardon? I just couldn't understand. 90% of that is sustainable?

Sravanth Rayapudi

Sustainable. Correct.

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Sudhir Bheda

Okay. Thanks for the opportunity, and all the best.

Moderator

Thank you. Ladies and gentlemen, if you have any question, please press * and 1 on your telephone keypad.

Next question comes from Raja Sekar from Sai Padmaja Investments. Please go ahead.

Raja Sekar

Sunil Nair, sir, good evening. Welcome to Ramky Infra as a CEO. Under your leadership, we expect that you will take this to new heights, and this is a flagship company of Ramky Group. Sir, hello?

Sunil Sukumaran Nair

Yes.

Raja Sekar

Hello?

Sunil Sukumaran Nair

Yes.

Raja Sekar

So, sir, one thing is the like, we need the funding requirements are going to be massive considering the industrial part and water treatment plants built by the company, sir. Are we using our own funds? How these arrangements will be done by keeping debt equity ratio in check?

And second thing is, I think, sir, we have pending clients related to Srinagar Banihal Road. If it is not a problem, can you throw some light on that? And can you disclose some of the projects where we are L1? And thanks a lot, sir. Once again, welcome to Ramky Group, Sunil Nair, sir.

Sunil Sukumaran Nair

Thank you, sir. Thank you very much. Obviously, from a financing point of view, now we are looking at innovative funding strategy. It's not the traditional banks that we're going to depend on. We are exploring many other funding strategies.

Probably, we're not in a position to disclose all of these things in this call. And I'm happy to provide you once we close these fundings. Typically, HAM projects are funded through 30:70 debt-equity, I mean, ratios. Our target is to bring in better financing terms so that the new projects which are getting awarded. There's a lot of traction from various investors in India and abroad, once we have clarity, we will be definitely disclosing this to the markets.

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And it coming to Srinagar Banihal, claims are, we are in an arbitration process. The arbitration process is expected in the next year. We hope to see results of that and we are hopeful that there's a substantial claim that which we have submitted would be aligned.

Raja Sekar

Can you please, roughly, tell how much amount it can be, sir, if it is no problem for you?

Sunil Sukumaran Nair

No. I think it would be unfair for us to judge something in the court of law. I mean, we would expect that once we reach a conclusion on the arbitration award, we'll be in a position to disclose this.

Raja Sekar

Can we expect it to be a sizable amount, sir?

Sunil Sukumaran Nair

Sizable, it all depends. Considering the size and scale of the job, we would rank this as sizable.

Raja Sekar

Yes, sir. Thank you, sir. And sir, anything that you can comment on the projects which we became L1 by now, if it is no problem?

Sunil Sukumaran Nair

Again, sir, we have restrictions in terms of disclosing these numbers, but we are in a very advanced stage of discussion with some of the states. We hope that maybe in the next one month, we'll be able to disclose to the market the size and scale of these jobs.

Raja Sekar

Thank you, sir.

Moderator

Thank you. The next question comes from Deepak Poddar from Sapphire Capital. Please go ahead.

Deepak Poddar

Am I audible, sir?

Sravanth Rayapudi

Yes, you are audible. Go ahead, please.

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Deepak Poddar

Yes. Thank you very much for this opportunity. So, just first of all clarification, I mean, you mentioned the order book breakup INR 9,200 crore. Out of that, around INR 2,700 crore was water and wastewater rate. So, what are the sizable, I mean, segmental order book was there? I missed that number.

Sunil Sukumaran Nair

Yes. So, INR 2,700 crore today is that we have disclosed to the market is that one of the major Mallanna Sagar water supply scheme. That brings in 80%, 85% of the revenue in that segment.

Deepak Poddar

And what other major breakup would be there?

Sunil Sukumaran Nair

The industrial is INR 4,000 crore. Building and construction is INR 2,000 crore. Urban solutions and others contributes to INR 500 crore.

Deepak Poddar

Building would be what? INR 200 crore or INR 2,000 crore?

Sunil Sukumaran Nair

Building is INR 2,000 crore.

Deepak Poddar

INR 2,000 crore. Okay. Yeah. And O&M is around total, among this, would be about INR 3,300 crore?

Sunil Sukumaran Nair

Yes. It's close to INR 4,000 crore to O&M, and EPC is INR 5,200 crore on the backlog.

Deepak Poddar

Understood. And I mean, you mentioned the big $1 billion of pipeline that we have. But by FY26 end, so what sort of order book closing we would like to have? Currently, which is around INR 9,200 crore?

Sunil Sukumaran Nair

Our lookout is to maintain a visibility of two years to three years gives us a confidence. So, 2.5x is the number that in terms of turnover, we'll always maintain. So, we would expect to clock maybe in the next year, close to INR 12,000 crore.

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Deepak Poddar

FY27?

Sunil Sukumaran Nair

Yes.

Deepak Poddar

So I mean, we are targeting INR 12,000 crore of order inflow for FY27. Would that be right understanding?

Sunil Sukumaran Nair

No. I mean, cumulative, I'm saying is that currently, our backlog is INR 9,200 crore. So, we would be adding the balance the next year.

Deepak Poddar

Okay. So, FY26 and 12,000 crore will be order backlog that we might target.

Sunil Sukumaran Nair

Correct, yes.

Deepak Poddar

Okay, understood. And in terms of margins that you mentioned, 21% to 22%, right, EBITDA margins?

Sunil Sukumaran Nair

Yes. That is the current bargain. We hope to maintain that EBITDA margins. Unlike any other infra companies, our balancing is above. We have a solid O&M margins and the CapEx margins. And then wherever we are doing the HAM projects, it's far more profitable than the typical EPC segment.

Deepak Poddar

Correct. But this 21 to 22% includes other income?

Sunil Sukumaran Nair

It just includes other income.

Deepak Poddar

Come again?

Sravanth Rayapudi

Yes. It is included. That's included.

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Deepak Poddar

Including other income. But I mean, if I have to see first half, our average EBITDA margin including other income is close to about 32% to 33%. Right?

Sravanth Rayapudi

But this is at a consolidated level because of one annuity income, which has been considered in the Q1, it is 32%. But if you're looking at Q2, then it is around 29%.

Deepak Poddar

So, Q2 also, we are close to about 30%. I mean, 29.5%. That's what I can see, I mean, INR 140 crore is your EBITDA, right, including other income?

Sravanth Rayapudi

Correct.

Deepak Poddar

So but including other income, we are targeting on a sustainable basis 21% to 22%?

Sravanth Rayapudi

Correct. On a long term and a consolidated YoY basis, it is 21% to 22%.

Deepak Poddar

Okay. Sure. I think that would be from my side. All the very best to you. Thank you so much.

Moderator

Thank you. The next question comes from Shantanu Basu from SMIFS Limited. Please go ahead.

Shantanu Basu

Yes, hi. Thanks for the opportunity. I just want to know, I mean, most of my questions have been answered. So, I just have one question. That is with regard to the Visakha Pharmacity, which is being shown as asset for sale. So what's the progress on that one?

Sravanth Rayapudi

As of today, it is under discussion in terms of documentation sharing and also the due diligence process and also the additional prerequisites what company would like to complete it before the signing the SPA, which we are expecting before March the transaction concludes.

Shantanu Basu

That is March 2026?

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Sravanth Rayapudi

Yes.

Shantanu Basu

And so the buyer has been identified. Right?

Sravanth Rayapudi

The buyer has been identified. Yes.

Shantanu Basu

Fine. And any reason just I mean why there was a huge quarterly drop in margin and revenue as well? I mean a drop in revenue and margin as well in this Q2, basically in YoY?

Sravanth Rayapudi

Margins in terms of absolute number, it is dropped, but the profitability percentages are remaining as is in compared to the previous quarter.

Shantanu Basu

No. If I exclude the other income, then obviously, your margin dropped from 24.4% in Q2 FY25 to 17.54% in Q2 FY26. Okay? If I exclude the other income, so why did this happen?

Sravanth Rayapudi

In the previous quarters, there is a project which related to some which have been completed. And for the current quarters, what we have planned for execution is pushed it into the next quarters, Q3 and Q4.

Shantanu Basu

But I mean, that is with regard to revenue, you can postpone the revenue, but why did the margins drop?

Sravanth Rayapudi

In terms of margins as well, HAM model projects, whatever we have executed previous quarters, those have been completed in the current quarters. So, those incomes, what we have recognized in Q2 FY24-FY25 is no longer there in Q2 FY25-FY26.

Shantanu Basu

Okay. So, these are essentially lower margins for this, correct?

Sravanth Rayapudi

Correct.

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Moderator

Mr. Shantanu, I am sorry to interrupt. Can you join back the queue, sir?

Shantanu Basu

Okay.

Moderator

Thank you. The next question comes from Karthikeyan VK from Suyash Advisors. Please go ahead.

Karthikeyan VK

Good afternoon. Thanks for the opportunity. A couple of clarifications. One, Mr. Sunil, can you clarify or rather share your thoughts on your international aspirations, A, in terms of your right to win and in terms of your ambition, both please?

Sunil Sukumaran Nair

Yes. International is a quite large word, but currently our focus is on Middle-East and Africa. And largely these projects are water, wastewater related projects where which is on an IPP model. I mean, they call it in that part of the world, IWP. PPs on water, it could be water transmission. It could be sewage treatment, waste treatment, transmissions, and desalinations. These are the projects in terms of water wastewater.

And obviously, we're very successful in India to building up an industrial park. We would like to replicate these kind of models in The Middle East and Africa where we have a strong traction today. So, these are the two major areas that we are looking at currently in the international market.

Karthikeyan VK

Sorry, can you clarify what you mean by strong traction? You mean from the demand perspective, you mean, right?

Sunil Sukumaran Nair

Yes. I see because these are projects which are not tendered out, where we work with the state, educate them, we prepare the plans, we provide. So, then it comes typically as come out as an RFQ. So, there's quite a lot of work has been done in the last two years. So, we will see that the projects are coming up in in the coming years.

Karthikeyan VK

So, these would typically be negotiated rather than tendered. That's what I'm taking.

Sunil Sukumaran Nair

Some of them would tender out, some of them are negotiated.

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Karthikeyan VK

Sure. The other question, just to understand the way the business is being structured, I see that there are a lot of large sized orders. So, the one that you recently announced is a INR 2,000 crore plus project, two other projects where you are L1 are from what I heard in the early part of the call, was INR 2,000 crore reach.

So I mean, as the Managing Director, how do you think about working with large projects? So, the withdrawal of each project would result in a certain vacuum. So, it creates its own set of challenges. So, how do you think about balancing your portfolio with a combination of, say, reasonable sized projects versus very large ones? Some thoughts on that would be interesting.

Sunil Sukumaran Nair

Sure. We have a very strong risk management initiative when we've been bidding. We've been on these projects for the last couple of years working, understanding the legal hassles, understanding contractual financing terms. So, quite a lot of efforts have been gone in. There is a de-risking strategy on every project today, what we at every stage of the project.

So, all of these factors have gone into building our proposals. And today, we are quite confident that the one which we have in hand has picked up quite a large momentum where we know how to manage the contracts in terms of legal, in terms of financing. So it's holistically, we looked at these projects and we got quite confident that we can manage the size and scale of this job.

Karthikeyan VK

And you execute these in-house, I'm assuming?

Sunil Sukumaran Nair

Most of the works are executed in-house. Special expertise has been hired. But from an engineering value, engineering point of view, detailed engineering point of view, we bring in a quite a lot of value. And our execution team on the ground has also a lot of capability in terms of executing. That is where the differentiator we have compared to the other. We do a lot of jobs in-house wherein we are able to control the CapEx and the timeline and the OpEx.

Karthikeyan VK

One last clarification, sir, and I'll get back in the queue. The two projects where you said you are L1, are those hands or are those under the EPC structure?

Sunil Sukumaran Nair

No. One is basically a build-on operate model and the other one is an EPC model.

Karthikeyan VK

Okay. Thank you. Best wishes.

Moderator

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Thank you. We have a follow-up question from Darmesh Pancholi from Shrika Securities. Please go ahead. I repeat, question comes from Darmesh. Please go ahead, sir. There is no response.

The next follow-up question from Raja Sekar from Sai Padmaja Investments. Please go ahead.

Raja Sekar

Sunil Nair sir, one request as an investor from our side would be we are expecting dividend from the company, which we request you to announce in this financial year.

Sravanth Rayapudi

Thank you for sharing your interest and request. We will review this internally, including the Company’s dividend policy, the upcoming project pipeline, and the necessary board approvals. Once we complete our internal evaluation, we will revert to you

Sunil Sukumaran Nair

I think we have a very strong intent going forward to declare dividends in the coming years.

Raja Sekar

And one more small suggestion, sir. Frankly, ours is a technical infra company, not like laying roads or, like, we are into wastewater management, industrial park. And actually, first name would be fine, Ramky as this is a flagship company. Can you rename the company which reflects like a technical infra company? Just a suggestion, sir, whether it is possible or not. That's just a request because we are a technical infra company, not like routine people who lay roads and all these. Just a suggestion. Thank you.

Sunil Sukumaran Nair

I think I think it's a very good suggestion, and then we tell the work in progress on that. We are redoing complete the branding and on our way forward. I think you would see in the next coming quarters our proposals.

Raja Sekar

Thank you.

Moderator

Thank you. The next question comes from Vipulkumar Shah from Sumangal Investments. Please go ahead.

Vipulkumar Shah

Hi sir, thanks for the opportunity. I hope this tradition of organizing con call is continued for subsequent quarters also. So, my question is regarding Ramky City. So, what is the status of this project? If I remember correctly, that asset was attached by ED. So, that has been released and have we put it for sale? So what is the status? What we are going to do with that asset?

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Sravanth Rayapudi

So currently, it is not yet released.

Vipulkumar Shah

Okay.

Sravanth Rayapudi

But the current position is the high court as the position in state. It is not held for sale now, but it is set aside.

Vipulkumar Shah

No. I didn't understand. So, you said it is not released means you cannot sell it, no, unless it is released?

Sravanth Rayapudi

Correct. The 240 acres (saleable), whatever has been attached.

Vipulkumar Shah

But we hope it to be released over next?

Sravanth Rayapudi

We are expecting, but since this is the timeline switch, it is attached with the code, we're just looking at how fast we can do that.

Vipulkumar Shah

So, what is our capital investment in that asset, sir?

Sravanth Rayapudi

No. I did not get you. Can you repeat the question, please?

Vipulkumar Shah

What is the amount we have invested in that asset?

Sravanth Rayapudi

Sir, it is a part of our overall investment. So, this 240 acres is a part of the total 2,500 acres asset. So, there is no specific investment for specific this 240 acres. Overall past development, we have done initially from 2005 to 2013. That investment is gone into for this 240 acres also.

Vipulkumar Shah

So out of 2,500, only 240 acres is attached. Is that understanding correct?

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Sravanth Rayapudi

That's right.

Vipulkumar Shah

Okay, sir. And lastly, what is our…

Moderator

Sorry to interrupt you, Mr. Kumar, can you join back the queue, sir?

Vipulkumar Shah

Thank you.

Moderator

Thank you. We have a follow-up question from Darmesh Pancholi from Shrika Securities. Please go ahead.

Darmesh Pancholi

Hello, sir. I have follow-up questions on the numbers that, I mean, we spoke earlier, the INR 1,600 crore is what we are expecting coming two quarters. And rest INR 7,600 crore out of INR 9,200 crore order book that we are having, we are expecting it to close in coming two years. So next year, INR 3,600 crore and after the INR 3,600 crore, is that the correct understanding of mine?

Sunil Sukumaran Nair

There could be a slight higher up number in the next quarter because one of these water wastewater projects we have to complete in the FY26-FY27 there because we are accelerating that project. So, there could be a slight jump in FY26-FY27 beyond INR 3,600 crore. We are looking beyond that number.

Darmesh Pancholi

Okay. Coming to the EBITDA margin that we remain constant on the EBITDA margin of 21% to 22%. So, EBITDA will be what INR 800-crore plus in that scenario next year?

Sunil Sukumaran Nair

Yes.

Darmesh Pancholi

And this year itself, if we are talking about INR 1,600 crore, 20% over there, INR 320 crore, plus till now we have INR 150 crore, so INR 320 crore plus INR 100 crore, INR 420 crore. So, around INR 500-odd crore, are expecting this year itself.

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Sunil Sukumaran Nair

That's correct.

Darmesh Pancholi

Okay. Great. Thank you very much. Thanks.

Moderator

Thank you. That would be the last question for the day. Now, I hand over the floor to management for closing comments.

Sravanth Rayapudi

So, thank you very much. It's been quite interactive session, and, also, hope we have clarified the queries of the investors. And also, we'll be happy to connect whenever they would like to interact with us here.

Moderator

Thank you, sir. Ladies and gentlemen, this concludes your conference call 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.

Sravanth Rayapudi

Thank you.

Moderator

Thank you, sir.

Disclaimer: This is a transcript and may contain transcription errors. The Company or the sender takes no responsibility for such errors, although an effort has been made to ensure high level of accuracy

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