Revenue: ₹1,281 crores (compared to ₹1,233 crores in Q1 FY26, up 4% YoY)
Operating EBITDA margin: 14.02% (compared to 13.4% in Q1 FY26)
PAT: ₹93.5 crores (compared to ₹75.1 crores in Q1 FY26, up 24.5% YoY)
Standalone Results:
Revenue: ₹1,274 crores (compared to ₹1,224 crores in Q1 FY26)
Operating EBITDA: ₹176 crores with margin of 13.82% (compared to ₹158.8 crores with 12.97% margin in Q1 FY26)
PAT: ₹82.74 crores (compared to ₹69.48 crores in Q1 FY26, up 19.09%)
Revenue Breakdown by Sector:
Hydropower: 68%
Irrigation: 15%
Tunneling: 13%
Roads, Urban Infrastructure and others: 4%
Order Book and Business Development
Consolidated order book as of June 30, 2026: ₹14,636 crores
Order book diversification:
Hydropower: 62%
Irrigation: 17%
Tunneling: 4%
Roads and Urban Infrastructure: 17%
Bids under evaluation: Approximately ₹9,000 crores
Near-term opportunity pipeline: Approximately ₹60,000 crores
Target for new orders in FY27: ₹8,000 crores
Order book expected to be executed over 3 years with book-to-bill ratio of ~3
Credit Rating Upgrade
In June 2026, long-term credit rating upgraded to A Stable from A-
Short-term credit rating upgraded to A1 from A2
Upgrade reflects improvement in financial profile, balance sheet discipline, and business fundamentals
Project Execution Updates
Hydropower Projects:
Subansiri Lower Hydroelectric Project: Four units operational contributing 1,000 MW to National Grid; concreting work of Unit-7 commenced; all eight units expected to become operational during FY27
Kiru and Kwar HEP Project (J&K): At Kwar Dam, concreting crossed 50% mark; draft tube Unit-1 handed over to E&M agency
Parnai HEP: Successfully completed installation and erection of roof truss structure for powerhouse building
Dorjilung Hydropower Project (Bhutan): Work commenced, strengthening presence in the region
Tunneling Projects:
Sleemanabad Tunnel (Madhya Pradesh): Successfully completed 11.95 km tunnel boring breakthrough (longest irrigation tunnel in India); executed using two massive TBMs; expected to provide irrigation to approximately 2.4 lakh hectares across six districts
Industry Outlook and Opportunities
Next phase of India's infrastructure development driven by large, technically complex projects across Hydropower, Pump Storage, Tunneling, Irrigation and Urban Infrastructure
Hydropower: India has estimated exploitable potential of ~133 GW with ~50 GW harnessed so far
Government roadmap for 100 GW Pump Storage capacity by 2035
Recent project approvals:
1,200 MW Kalai-II HEP (Arunachal Pradesh) - ₹14,000 crores
1,720 MW Kamla HEP - ₹26,000 crores
1,000 MW Naying HEP - received positive recommendation for environment clearance
Tunneling opportunities: Expansion of high-speed rail infrastructure, all-weather connectivity projects
Fotu La Tunnel Project for Ladakh connectivity - ₹1,198 crores
Roads and Urban Infrastructure:
Second Mumbai-Pune expressway - estimated ₹15,000 crores (DPR preparation initiated)
Maharashtra urban projects worth ~₹22,000 crores in MMR region
Irrigation and Water Infrastructure:
64-km dam across Gulf of Khambhat (Gujarat) - estimated ₹1.2 lakh crores
Balance Sheet and Capital Structure
Consolidated debt as of June 2026: ₹1,293 crores (increased by ~₹100 crores in quarter due to utilization of additional working capital limits for new projects)
Debt breakdown:
Working capital debt: ₹969 crores
Term debt: ₹324 crores
Debt-equity ratio: ~0.28
Client advances: ₹615 crores (compared to ₹622 crores as of March)
Net working capital days: ~137 days
Receivable days: 40-45 days
Retention money: ₹200-250 crores on balance sheet (5% for every contract)
Asset Monetization
Completed sale of 27 acres land parcel in Telangana for ₹26 crores during Q1 FY27
Target for FY27 non-core asset monetization: ₹150-200 crores
Additional land parcels available in Telangana (430 acres total, 27 acres sold)
Other land parcels under discussion for sale (Electronic City, Convey Hill, Tamil Nadu, etc.)
Management Guidance and Outlook
FY27 revenue growth target: ~10% with significant portion expected in second half
EBITDA margin expectation: Maintain 13%-14%
Finance cost reduction: Down by ~₹10 crores YoY due to debt reduction; expected to continue at reduced levels
No exceptional items expected in FY27 (previous exceptionals related to Vivad-se-Vishwas settlements and write-down of investments)
Promoter Pledge
Current promoter pledge level: 85%-90% of shares
Expectation: Reduction by at least 15%-20% during FY27 through discussions with lenders
Real Estate Project (Patel Smondo)
Three towers project with some litigation pending
Occupation Certificate (OC) expected in FY27
Third tower is service apartment tower ready for occupation once OC received
Arbitration Cases
Arbitration claims exceeding ₹1,000 crores
Following up on settlements where possible; otherwise proceeding through normal court route
Expected monetization from arbitration and land sale: ₹150-200 crores in FY27
Cost Optimization Initiatives
Implementing IoT at various projects to control diesel consumption and other costs
Exploring AI-enabled and IoT-enabled equipment to track execution and improve processes
Focus on maintaining margins despite increasing competition
Q&A Session Highlights
Finance cost reduction contributed significantly to PAT growth despite moderate revenue growth
Q2 typically slower due to monsoon; expected to be in line with historical patterns
Focus on bidding for large packages in Arunachal and northeast regions (part of ₹9,000 crores bids under evaluation)
Bid outcomes expected by Diwali 2026
Revenue mix expected to remain similar to order book mix: Hydro ~60%, Irrigation ~15%, Tunneling ~10%, Roads and Urban Infrastructure balance
Working capital requirements expected to be funded through client advances, internal accruals, and potential additional borrowing of ₹100-200 crores
