KNR Constructions Limited (532942) Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to KNR Constructions Limited Q1 FY '26 Earnings Conference Call. This conference may contain forward-looking statements about the company, which are based on beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of the future performance and involve risks and uncertainties that are difficult to predict. [Operator Instructions] I now hand the conference over to Mr. K. Venkata Rao, General Manager, Finance and Accounts, KNR Constructions Limited. Thank you, and over to you, sir.

Good morning. Thank you for joining us today on the call to discuss the financial results for Q1 FY '26. Along with me, I have Mr. K. Jalandhar Reddy, Executive Director and Strategic Growth Adviser, our Investor Relations Adviser. We have uploaded results and investor presentation on the stock exchanges as well as on our company website. I hope everyone got an opportunity to go through it. We would like to touch upon a few key company updates and industry events, post which we will have the question-and-answer session. The first quarter of this fiscal year saw muted ordering activities in the road sector with the NHAI awarding only 166 kilometer of the highway project between April and June. On the execution side, however there was a modest improvement with NHAI consisting 1,092 kilometer of the highway in the quarter, slightly ahead of Q1 FY '25 levels. One of the key factors contributing to the slowdown in the project rollout has been the government prudent decision to initiate bidding only after securing 90% of the required land and this major aim at minimizing delay and ensuring smooth execution. However, the upcoming project pipeline remains strong with a robust portfolio worth of INR 3.4 trillion encompassing 124 highways and expressway projects spanning 6,376 kilometers. Of these projects 84 are expected to be under the HAM model, 28 through the EPC mode and 12 under the BOT model. Despite the slower pace of new awards, operational indicators remain strong. FASTag toll collection recorded robust growth with a whole user volume rose by 16% year-on-year and the total collection increased by 19% in Q1 FY '26. The government is actively addressing key challenges by tightening bidding norms through the additional performance security requirement and introducing strict eligibility criteria for [indiscernible] consultants and engineers. At the same time, the highest sector is implementing smart construction technology and innovative practices to enable real-time monitoring, enhance transparency and boost productivity. Together, these reform technical advancements [indiscernible] significant elevate the efficiency, speed and quality of the infrastructure development. Now coming to the key update of the company. The percentage of fiscal progress as of June 30, 2025 for the HAM project is as follows: Ramanattukara to Valanchery approximately 99%, Valanchery to Kappirikkad approximately 98%, Chittoor to Thatchur approximately 94%, Magadi to Somwarpet around 89%, and Marripudi to Somvarappadu approximately 43%. As of June 30, 2025, the company has already invested INR 626 crores out of INR 990 crores of the revised equity requirement for the HAM project. The additional requirement of INR 314 crores to be infused as INR 185 crores in FY '26 and INR 129 crores in FY '27. You can refer to the Slide #23 of the investor presentation for the detail on each HAM project On May 21, 2025, the National Highway Authority issued a show-cause notice to the KNR Ramanattukara Infra Private Limited, a wholly owned subsidiary of KNR Constructions Limited as well as to the parent company itself regarding certain concern relating to the [indiscernible] service road and the associated [indiscernible]. This notice led to 1-month suspension for participating in the future bidding process. In response, the concessionary promoter submitted a detailed reply to the NHAI addressing the concern raised subsequently given the implication of the suspension, the concessionary approach to the Honorable High Court of Delhi seeking relief to allow continued participation in ongoing and future bid. On July 21, 2025, the Honorable High Court of Delhi is of considered opinion that [indiscernible] order by the NHAI has released this light and further observed that under the rise of the suspension, the bar on the petition right to bid in the future bidding seems to be a drastic measure. The investigation is completed and also the 1-month period as mentioned in NHAI request is completed. Therefore, the suspension order should not be treated as disqualification anymore. The department, however, shall be at liberty to take further action in accordance with the extent policy. Furthermore, the company in the joint venture with Harsha Construction Limited has received a Letter of Acceptance from NTPC for development and operation of Banhardih coal mine block in the Jharkhand with the company's share of 74% and the other partner share of 26%. The project has a contract value of INR 4,800 crores, exclude GST with a 5-years operation period plus initial development period of 360 days. The coal quantity to be extracted approximately 34.5 million tons. The project marks the company's strategic entry into the new business segment, expanding its presence beyond core infrastructure. Now coming to the order book position. As of June 30, 2025, the company's total order book stands at INR 8030 crores, which is divided into 27% of the road project, 17% for the irrigation project, 13% for the pipeline project and 43% for the mining project. Client-wise, the bifurcation is 29% of order book is from the third-party client and balance 21% is from the captive HAM project. The third-party order book percentage is split between the state government contract of 24% includes this mining project, whereas 4% for the central government and balance 1% is from the other private sector. The current order book will be executed over a period of 1.5 to 2 years, excluding mining project. With the government emphasis on infrastructure development, we anticipate new order awards in the coming quarter. We hereby aim at order improvement of approximately INR 10,000 crores to INR 12,000 crores by the end of '26. It s a mix of NHAI projects, irrigation project, mining projects and other state government projects. Now let me take through the Q1 FY ' stand-alone financial performance first, followed by the consolidated performance. The revenue for the quarter stood at INR 483 crores. EBITDA for Q1 FY '26 stood INR 66 crores as compared to INR 192 crores in Q1 FY '25. EBITDA margin in Q1 FY '26 is 13.6%. Net profit for the quarter was INR 51 crores vis-a-vis INR 134 crores in Q1 FY '25. Now coming to Q1 FY '26 consolidated financial performance. The company recorded a total revenue of INR 613 crores in Q1 FY '26 as compared to INR 985 crores in Q1 FY '25. EBITDA came at INR 183 crores in Q1 FY '26 compared to INR 279 crores in Q1 FY '25. EBITDA margin in the current quarter stood at 29.9%. Profit after tax stood at INR 123 crores in Q1 FY '26. Now moving on the stand-alone balance sheet. The company continued to maintain a strong balance sheet. The working capital days now stood at 69 days compared to 93 days as of March '25. The consolidated debt as of June 30, 2025 stood at INR 2,018 crores as compared to INR 1,847 crores as of 31st March 2025. The net debt to equity on a consolidated basis as of 30 June 2025 stands at 0.43x as compared to 0.41x as of 31st March '25. With this, we can open the floor for question and answer. Over to you.

[Operator Instructions] The first question is from the line of Shravan Shah from Dolat Capital. As there is no response from the current participant, the next question is from the line of Alok from Motilal Oswal.

So sir, I just had a few question. One is execution has been very muted in this quarter. So, first is what led to such a low execution even if we look at Y-o-Y basis or considering it was not even a monsoon quarter still we have delivered pretty soft execution? So how are we seeing the coming quarter? Because again, now we are in the monsoon quarter. So again, the execution will be slow. So, for full year, you had guided for nearly INR 2,500 crore to INR 3,000 crore revenue in the last earnings call. So, any update on that?

Definitely actually this quarter, the revenue has muted. The reason is being that actually whatever the existing order book is there. So, except 4 projects, other projects is almost over 90% has been completed. And the 4 projects, what is there, that is basically 2 these HAM projects where we have got appointed in the month of April only. And another one project is the Mangalore and one is project we got appointed in the last year. So due to actually the project has achieved almost complete, except these 4 projects, almost all projects have been completed. And this quarter also the revenue from the irrigation has been very -- it is just 6% of the total revenue. Because the project has achieved all projects and order book is also very less and the projects have achieved almost more than 90%. And whatever the new projects are there, they have just started. So that's why this quarter is a muted turnover.

So what's the outlook now since we got appointed date also for a project in April? So what's the outlook on execution for 2Q as well as the remaining part of FY '26?

Actually, sir, that Mysuru project we are talking about there are 2 projects inside. I think that EPC value may come [indiscernible]. So here we have a focus to complete this project by coming October, November. So, 1 more year we are planning bonus also as [indiscernible]. So, we would like to give more perks to complete this project as soon as possible. So anyhow it is going to take another 1 year. Now up to November we ll be able to complete it. So entire revenue whatever that is there [indiscernible] rainy season it is less. But during the dry season it is almost equal. So more or less dry season will be about INR 40 crores, INR 40 crores in each of the project. So, INR 80 crores we can expect in dry months. During the rainy month this is hardly around [indiscernible] because most of the progress is [indiscernible].

So for full year, what is our guidance? Any number you want to share?

I think up to this March, I think we'll be able to do around say 40 [indiscernible] entire company.

For the stand-alone entire company?

Are asking INR 2,000 to INR 2,500 crores we are sticking on it. But however, any new orders which are coming up and their commitments are happening those will add to that actually.

So sir, actually, INR 2,000 crores and INR 2,500 crores is a big range actually. And I mean, we had started last quarter.

While we are anticipating like this -- most of the projects have come to an end, one thing. And the new projects under pipeline, which were considered to be started, we do not know when they get started. So that is the major reason this is unpredictable a little bit dilemma.

Okay. Because last quarter also, we knew about these projects getting over. So we mentioned about approximately INR 2,500 crores to INR 3,000 revenue.

Yes, sir, I'm very sorry this time. We could have -- we have done our best in pushing for orders. Whenever there is a tender we have seen and all that, we have done our best. But due to the market being very, very aggressive, so we couldn't achieve the L1 status in any of the projects. There are certain projects which we have already told you that some pipeline projects, they would likely to come down in 2 months' time. Maharashtra one [indiscernible] and few other projects in Telangana we have so [indiscernible] L1 status we are enjoying. I think by the time they come up another [indiscernible].

Sure. Sir, so if I just take the first quarter number, I mean, then the quarterly run rate will remain largely the same only of INR 500 crores. There is no improvement in the second half if we are going to do INR 2,000 crore revenue.

We cannot expect because the [indiscernible] as well further you might have seen that rainy season is very aggressive this time. Most of the time, it is aggressive but we are a very aggressive rainy state like in Karnataka some Mangalore project is also a little bit work is left out in that, but there are also heavy rains going on. And the Kerala is, you know the Kerala is -- so rest all other areas [indiscernible] they are okay. Mysore also, to some extent, we are able to do [indiscernible].

And sir, just one last question. This working capital has spiked quite significantly if we look at just as compared to March, especially the debtor days has gone up from 4.5 months to nearly 8 months now. So what's happened there?

Basically, out of debtors, actually, irrigation is almost -- around INR 800 crores is irrigation actually and INR 1,200 crores HAM project is there out of INR 1,200 crores of debtors. And irrigation is still with unbilled and everything is still around INR 1,300 crores spending with the state government. So in this quarter, we got only just INR 14 crores actually. That's a small amount only we got in this quarter. So that's why the irrigation debtors are more and now that corresponding turnover has also reduced. So that's why if we compare with that, that's why the working capital cycle has come more actually.

The next question is from the line of Shravan Shah from Dolat Capital.

Sir, again, coming on the execution front and the order inflow. So that's the 2 pain points for us. So let me bifurcate all these things. So, in terms of the mining order that we have received, INR 3,500-odd crore, how much revenue this year, next year are we looking to get from that?

So this year, actually hardly around -- that means commencement -- after commencement, 1 year -- within 1 year, we can only spend about INR 90 crores. And later we should go by INR 700 crores per annum kind of thing. So that is the expected revenue [indiscernible].

Okay. Got it. Second, in the water pipeline, this INR 1,000-odd crores that we have. So there, how much INR 1,073 crores is the kind of a value is there. So out of that, how much revenue are we likely to get this year and next year?

Actually, sir, by March, I think around INR 500 crores we are expecting out of that. And balance we need to complete within November next year.

Okay. Balance in the entire will be in FY '27. Got it. Yes. Third, you already said the 2 HAM projects are INR 1,200 crores that we will be completing in next year. And one more HAM project is there, so Marripudi Somvarappadu, which is -- so that we will be entirely completing this year?

Yes, yes. We will complete most in this year.

Okay. Got it. Then the balance is the irrigation projects. So, first of all, the old one, how much more do we think -- so first is on the payment. So, INR 1,300 crore is pending. Do we think that we will be able to get the money from there by this March and how much? And second is the 2 new irrigation projects that we have got in Telangana, around INR 430-odd crores. So, from there, how much more revenue are we looking to get in this year?

Actually, around 1 week back, our MD sir and the Minister -- concerned Minister had a meeting and they have promised to pay within a month actually and there now actually we heard [indiscernible] we will process that they have moved to get the loan on track. So once the loan coming on to the track, I think we will get paid. So, this time, we have a strong assurance to get paid from the [indiscernible]. So that is one good news, sir. And rest of it, the balance work we will complete and once this is on track, so there should not be any problem. I think by March, we will be able to complete the entire project. Only that is that the finance project, which is having land problems. I think if they pay for the land acquisition also, I think that project get completed because the pump out project they can commence by another 2, 3 months. But what happens once they pay, I think 2, 3 months, we will take -- once we get the payment, we will take 2 to 3 months to commence the project actually. But inflow canal is not ready because our -- we are doing the inflow canal. So, that will be a meaningless thing. So, they'll be very keen to do that also. And we heard from the sectorial sources one more thing that central government wanted this entire collection project to be completed. Once they completed and they are ready to take over to the pay installment to the bank. Central government is going to pay the installment to the bank. So they have got certain assurance to go ahead. So further there should not be [indiscernible].

Still I wanted -- so out of INR 1,300 crores that we will still have to get from the government for this irrigation, how much do we think that by March, we will be able to receive?

So actually, if everything is in, I think INR 1200 crores [Foreign Language]

Out of that INR 800 crore is certified itself. So INR 800 crores on this issue will sort out INR 800 crores, they will immediately release. And balance is once the bill has been approved. So that will also they will release the balance amount.

Okay. Okay. Got it. Second, sir, this INR 10,000 crores to INR 12,000 crore order inflow that we are looking at. So, I hope that excludes this INR 3,500 crores. So, we will be additionally looking at INR 6,500 crores to INR 8,500 crores order inflow. So there also, if you can help us how much value of projects we have already bidded? Is there any L1? And second, do we think that this INR 3.5 lakh crore NHAI pipeline initially, will there be a decent competition? And how much are we looking to b from NHAI particularly?

Sir, this -- what we are projected INR 10,000 crores to INR 12,000 crores is excluding mining project. So right now we are targeting INR 10,000 crores because INR 8,300 crores is order book and above that INR 10,000 crores to INR 12,000 crores we are targeting. Out of that actually almost around INR 2,500 crores we are targeting in Tamil Nadu and [indiscernible] INR 2,200 crores is there and around INR 2,000 crores we are targeting in Andhra Pradesh and around INR 700 crores projects -- that flyover projects are there in [indiscernible] Hyderabad and some projects in mostly river front also we are expecting some project and definitely some of the projects in irrigation sector in Madhya Pradesh, Rajasthan and some projects in [indiscernible] and definitely, NHAI is also coming with INR 3.5 lakh crores of order. On that also, we are targeting. So after considering every -- all aspects, we are targeting around INR 10,000 crores to INR 12,000 crores of order.

Okay. So net-net this INR 10,000 crores plus this INR 3,500 crores, INR 13,500 crores, at least we will be targeting for this year. That's great. And last, sir, in terms of this mining project and whatever the new, do we think that 13%, 14% margin guidance EBITDA level, that will be maintained? Or will there be a possibility that we may have to maybe lower down to maybe 1-odd% lower?

Yes, 1% or 2% lower, we can think of it as its very early to say anything on that as a new project with us and all the care that has been taken with the available data bank and the consultant we have taken on board. So with all those inputs we have putted the tender. But however [indiscernible] are a little less in mining. You also know that.

Okay. But at a blended level for company still 13%, 14% EBITDA margin is doable now or maybe 12-odd percent is the way one can look at it?

Yes, it depends. Main thing is that we are thinking it should be doable because we are expecting some more orders to add in this coming quarter. So main thing is that if we add some more order and started execution on those orders, then the dilution will happen on the manpower expenditure and assessment expenditure. So then that will stand too. Otherwise little bit here and there, things will happen.

Okay. Lastly, 2 things, sir. Monetization has anything we were supposed to do by this July. So any progress there? And how much CapEx because for mining, we have to do a decent INR 300 crores, INR 400 crores kind of CapEx. So, for this year and next year, what would be the CapEx?

Demonetization -- monetization process is under advanced stage and we are expecting that within next month actually, we will -- by 1 month, we should sign the SPA with the prospective investor. As far as capital requirement for this mining project so initially [indiscernible] removal will be there. So that we will do with our existing assets. But once we will go in and start accepting the coal at that time, we may require some big machineries and equipment. So not much requirement in this year, but definitely in the next year, there will be big requirement for mining assets.

What would be the PAT company level...

Shravan, you can go last question.

Yes. The CapEx number only sir, wanted for next year, will it be INR 300 crores, INR 400 crores kind of CapEx in FY '27?

It could be. It could be.

The next question is from the line of Niteen from Aurum Capital.

Sir, my question is since now our order book is getting built during the current financial year, so what will the revenue and EBITDA guidance for the year? Will there be a negative growth during the year?

Because as already we explained in the earlier our questions this year because right now, we have order book of around INR 8,300 crores. Out of that, around INR 3,500 crores pertaining to mining. And in mining this year, actually, we may not expect much turnover, maybe around INR 90 crores to INR 100 crores turnover will come from the mining projects only. So this year, that's why our target is around INR 2,000 crores to INR 2,500 crores we are going to execute in this year.

Okay. No, because in the last call, we mentioned about INR 2,500 crores to INR 3,000 crores. So is there any reduction in the target for the revenue?

Because last call, we thought that actually we will receive this order actually, but we have not got any order except mining and mining order has its own gestation period. So still if we receive some order actually in the -- order immediately and which can be executable, so definitely, we will achieve that target. But now almost already 5 months has gone. If we already receive some -- if we receive any HAM project, definitely, it is not going to contribute in this year. If we receive some EPC projects, then we may try to do some contribution in the Q4. But as our guidance now, we are small, we have just decreased our guidance. Now it is around INR 2,000 crores to INR 2,500 crores for this year.

And EBITDA, sir, what is the range?

EBITDA will be somewhere around 13% to 13.5%.

And my second question is, sir, we had filed a court case against regarding the payment delay from the Telangana government. And if I remember, the payment amount was INR 977 crores, something like that. So, what is the status of that?

That's why now actually MD sir has already explained actually last month actually, we have very one progressive meeting with the government of Telangana. So now they are starting out that bank funding issue for the project. And we expect that now they will clear at the earliest. So, by this March, definitely, whatever the certified bill is there around INR 800 crores, we should get it. And balance also what the unbilled of around -- balance around INR 400 crores, INR 500 crores is there. That also we are target it and get the money.

And this includes the interest due also since there is a delay or any other amount also or just the billed amount that we are recovering?

Interest is definitely we have put a claim along with the interest, but we have to see actually how interest we have to get done. But first, we are targeting to get our principal amount. And definitely for interest, our -- whatever action is required from our side, definitely, we will take it.

The next question is from the line of Hiten Jain from Avendus Spark.

Sir, my first question was on the order inflow part. I understand that there's been a slowdown [indiscernible] issues and NHAI has put up a pipeline of INR 3.4 lakh crore in FY '26. I just wanted to understand, is there also a delay because every project needs to get a cabinet approval for NHAI to award? That is first question, first part of the question. And second part of the question is when do you expect any new long-term plan on roads from the cabinet, something like the Vision 2047. Yes. I just wanted to understand what the government is thinking in terms of order inflow for roads.

Actually, sir, internally, NHAI has [indiscernible] to get the approval. So, that is right [indiscernible]. Further, they are also linking to the land acquisition issues so the delay that is causing all this. And the second question, what was that?

Vision 2047.

Yes. That's what the main thing is as it is linked to the land acquisition issues may be really that is quite difficult to say how much they are going to. But I think a little bit dilute on the term okay because any HAM project, I think likely HAM project could come up at around INR 2 lakh plus crores to be on HAM only, but what the new [indiscernible]. So according to that, once this so much is coming out, definitely, we all have our own role to play. But second thing, sir, the land acquisition can happen in phases. So if they have confidence to complete the land acquisition within 6 months' time, they can as well go for tender. So the tender would be around 45 days further again, another 1 month [indiscernible] LOA. And further [indiscernible] LOA also. And after that these agreement will take another 9 months to 10 months package they will have in hand. So within that, they can do wonders if they plan it well. So -- but actually, what they are really looking to push the case because they are targeting so much. So probably they will dilute this and come to this time. That s what I am estimating, sir.

Understood. Understood. Sir, just for my understanding to summarize what you said, NHAI first has to acquire the land 90% and then get a cabinet approval and then award the project or first the cabinet approval comes and then the land acquisition comes?

Actually, cabinet approvals, I think they will put the status of the land -- they are sending -- once they are sending the file, they put the current status of the land acquisition and they are sending it. And assurance to complete the balance land acquisition, they are mentioning some date and sending it. That s what is happening, what I heard.

Okay. But they do need a cabinet approval, right, after above INR 1,000 crores project worth of project?

That's what you see.

Understood. So its more like a [indiscernible]

So INR 1,000 crores, they may not be. But below INR 1,000 crores, there is no meaning also to quote down because what is happening...

Understood. So that's the last point to conclude. So everything depends on the land acquisition, how fast and how well planned the NHAI does the land acquisition. Am I right?

Yes [indiscernible].

The next question is from the line of Rehan Saiyyed from Trinetra Asset Managers.

[indiscernible] I just want more clarification on [indiscernible]

Sir, your voice is not audible.

Regarding [indiscernible] diversification you have mentioned that an ambition [indiscernible] more tangible steps have been taken towards [indiscernible] light more in that.

Sir, your voice is not clear.

Sir, I m asking about diversification in metro and railways.

Diversification into metro and railways?

And how management is progressing towards [indiscernible] tangible steps we have taken.

Yes, there are quantum of size issue we are expecting. Definitely we are [indiscernible]. We ve already discussed with NCC to quote in metros and earlier also we have quoted and in future also we ll continue to quote this.

[indiscernible] clarify which we have seen contribution from the center like [indiscernible] FY '27 [indiscernible]?

Sir, we could not able to understand.

The next question is from the line of Faisal Hawa from H.G. Hawa.

Once this money comes in from the HAM projects of the equity as well as the profit, do you feel that we will be net cash positive? And from December -- assuming that this money comes in, in October, will the interest of this INR 48 crores go down to less than INR 10 crores December ended quarter? That is one question. Secondly, sir, in this quarter, the consolidated EBITDA has come to 30%, whereas you are guiding for 13% to 14% -- so what has happened in this quarter that we have had this 13% EBITDA?

One thing is there definitely as of now also, we are cash positive in stand-alone, we have INR 5.5 crores of the debt and INR 81 crores is there in the cash actually. So as of now also, we are there cash surplus. Definitely on the monetization of these assets, it will further improve our liquidity position. I think you are telling about consol figures. So definitely, once we will wipe off these assets. So we will be going to the prospective investors. So definitely, this whatever the finance cost is there. So the 4 assets will be diluted, definitely that debt actually will definitely pass on to the investors. That is one thing and.

How did we manage this 30% EBITDA

That is in consol level, sir.

But even in, I mean, what is the?

Stand-alone is [indiscernible] 13.5%, sir, stand-alone...

Any kind of extraordinary payments from any kind of sale of projects?

No, nothing, sir. That will come even stand-alone also. We sell in our investment also. So that amount also will reflect in the stand-alone. But I think you are talking about the consol perspective. Yes, yes. So definitely because whatever finance cost is there, that is below EBITDA. So that is showing comparative more. Otherwise, on an average basis it is because -- PBT is around 23% PAT is round 20%.

Yes. But sir, again this financial year itself, if we get this around INR 1,000 crores from Telangana previous and say another INR 1,000 crores comes as HAM equity profit and we generate another INR 500 crores cash. You said that the CapEx is hardly something like INR 200 crores for this year. So -- and our stock has reached almost where the book value of the stock is. So why is the company not using this money to go in for a buyback or more aggressive dividends?

Sir, definitely [indiscernible] receivables.

The cash which is going to come in this financial year is almost half of our market cap.

But actually, whatever the money we are there -- because now we are targeting to get actually -- we want to diversify in other sectors. So we are targeting some even BOT assets also. But we are talking to the investors suppose at least 1 or 2 projects if required, we can put our own also. So we are seeing that options also. That's why whatever the cash actually available with the company, definitely, we are going to use in our future projects only because now we are divesting some metro or some other sectors like in mining has started and other sectors, solar also. So definitely there cash requirement will be there. So whatever the money available in the company, we are going to use for the growth of the business of the company.

And sir, once the proceeds from the HAM project equity sale comes through, is my assumption right that the interest cost even on a consolidated basis will be almost less than INR 10 crores?

We have to see. Because a lot of debt will also wipe off on the balance sheet. So definitely interest will be reducing. But new projects also will add actually. So we have to really see. But definitely, we have almost INR 2,000 crores debt in the existing 4 assets. So definitely, it is going to be reduced.

[Operator Instructions] The next question is from the line of Bhavin Modi from Anand Rathi.

Sir, can you give me the breakup of the revenue with respect to the different segments, how much revenue each segment cater this quarter?

Yes. This quarter actually, we got 58% revenue from the HAM road project and 6% from the irrigation and 31% from our EPC road project and 5% will be our back-to-back projects.

Okay, sir. My second question is with respect to, sir, what is our unbilled revenue standing today?