Key Financial Performance

Standalone Performance Q2 FY2027:

  • Revenue from operations: INR974.5 crores (vs. INR787 crores in Q2 FY2026), growth of 23.8%
  • EBITDA: INR130.5 crores (vs. INR91.8 crores), growth of 42.3%
  • EBITDA margin: 13.4% (vs. 11.7%)
  • Profit after tax: INR82 crores (vs. INR55.9 crores), growth of 46.7%
  • PAT margin: 8.4% (vs. 7.1%)

Standalone Performance H1 FY2027:

  • Revenue from operations: INR1,876 crores (vs. INR1,605.3 crores), growth of 16.9%
  • EBITDA: INR251.6 crores, growth of 35.8%
  • EBITDA margin: 13.4% (vs. 11.5%)
  • PAT: INR157.2 crores, growth of 40.6%
  • PAT margin: 8.4% (vs. 7.0%)

Consolidated Performance Q2 FY2027:

  • Revenue from operations: INR1,022.5 crores (vs. INR806.6 crores), growth of 26.8%
  • EBITDA: INR174 crores (vs. INR113.6 crores), growth of 53.2%
  • EBITDA margin: 17.0% (vs. 14.1%)
  • Profit after tax: INR92.2 crores (vs. INR56.2 crores), growth of 64.1%
  • PAT margin: 9.0% (vs. 7.0%)

Consolidated Performance H1 FY2027:

  • Revenue from operations: INR1,992.1 crores (vs. INR1,644.7 crores), growth of 21.1%
  • EBITDA: INR317.4 crores, growth of 42.5%
  • EBITDA margin: 15.9% (vs. 13.5%)
  • PAT: ~INR156 crores, growth of ~45%
  • PAT margin: 7.8% (vs. 6.5%)

Order Book and Operational Highlights

  • Order book as of September 30, 2026: INR22,681 crores
  • Composition: 18 EPC projects, 10 HAM projects, 1 DBFOT project, 10 tariff-based projects
  • Sector-wise breakdown: Roads & Highways (55%), Transmission & Distribution (21%), Renewable Energy (16%), Metro projects (4%), Industrial Infrastructure (3%)

Significant Project Wins

1. Lakadia-Jam Khambhaliya-Jamnagar Transmission Project (Gujarat):

  • Received letter of intent from REC Power Development and Consultancy Limited
  • Project value: ~INR5,700 crores (including GST)
  • Scope: 765 kV and 400 kV substation, ~300 km transmission lines
  • Construction period: 36 months, operational period: 35 years
  • Targeting start before March 31, 2027

2. NH 913 Frontier Highway (Arunachal Pradesh):

  • Secured five packages through joint venture
  • Total value: ~INR3,128 crores
  • Span: ~278 kilometers

Execution Progress

  • Received appointed dates for three HAM projects:
  • Varanasi-Ranchi-Kolkata greenfield highway HAM packages 11 and 12
  • Indore-Ujjain Greenfield Highway project
  • Total value: INR4,050 crores
  • VRK 11 and 12 already receiving monthly payments
  • Provisional COD achieved for Jalbehra-Shahbad project
  • Completion certificate received for Delhi-Saharanpur Highway project (post-quarter)

Renewable Energy Business

  • 10 MW of solar capacity commissioned under 147 MW solar power plant in Maharashtra (ahead of schedule)
  • Renewable business contributed INR143 crores to turnover (not present last year)

Asset Monetization Strategy

  • Targeting monetization of Bathinda-Dabwali and Jalbehra-Shahbad projects
  • Expected inflow: ~INR250 crores
  • Expected debt reduction: ~INR540 crores
  • Bathinda-Dabwali targeting current quarter, Jalbehra-Shahbad next quarter
  • Aim to complete all monetization before March 31, 2027

Capital Structure and Funding

  • Standalone debt: ~INR436 crores (as of September 30, 2026)
  • Consolidated debt: ~INR1,730 crores
  • Standalone debt-to-equity: 0.2x
  • Consolidated debt-to-equity: 0.8x
  • Total equity requirement for asset portfolio: INR2,632 crores
  • Already infused: INR669 crores (till now), INR161 crores in current year
  • Balance requirement: INR1,801 crores
  • Planned infusion: INR700 crores in current financial year, ~INR730 crores next year, ~INR397 crores third year
  • Funding sources: INR400 crores cash surplus, ~INR450 crores from Neo Asset Management, cash accruals

Guidance and Outlook

  • Maintaining revenue growth guidance of minimum 15%
  • Order inflow target for FY2027: INR6,000 crores (already achieved ~INR5,400 crores)
  • Quoted tenders exceeding INR10,000 crores
  • Focus on projects delivering minimum 25% project IRR
  • Continued diversification across 11 verticals and 16 states

Management Participants

  • Mr. Ramneek Sehgal - Chairperson and Managing Director
  • Mr. Kapil Aggarwal - Chief Financial Officer
  • Mr. Ayyalusamy Saravanan - Whole-Time Director
  • Moderator: Mr. Mohit Upadhyay - Adfactors PR