GPT Infraprojects (NSE:GPTINFRA) Q1 2027 Earnings Call

0:00 Ladies and gentlemen, good day. Welcome to GPT Infrax Limited, UNI twenty seven on conference call. 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. Please note that this conference is being recorded. And I hand the conference call over to Mr. Omkar. Thank you. And over to you, sir. Good morning, everyone. I welcome you all to the earnings conference call to discuss q one FY twenty seven results of GPT Infraprojects Limited. To discuss the results, we have with us from the management, mister, the joint managing director and CFO. He will take you through the results, and then we will proceed with q and a session. Before we proceed to the call, a small disclaimer.

0:53 This conference may contain certain forward looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. The actual results may differ materially. These statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict. A detailed safe harbor statement is also given on the company's investor presentation. Now I would like to hand the call over to Mr. Atul Tantia. Thank you, and over to you, sir. Thank you, Umkar. Good morning, everyone, and a warm welcome to the GPT Infraprojects Limited earnings conference call for the first quarter ended 06/30/2026. FY 'twenty seven is an important year for GPT Infraprojects Limited as we continue to build on the strong foundation we have created over the past few years.

1:41 Backed by a healthy order book, diversified project portfolio, enhanced execution capabilities and expanding delivery infrastructure, we remain well positioned to participate in the growing infrastructure opportunities across our key markets. Our focus continues to be on strong growth, efficient project execution, profitability and prudent capital allocation. During the year, we would also see the full impact of the integration of our higher margin signaling business, which we had acquired in Q4 FY 'twenty six through Alcon. This business has immense potential to grow given the focus of the railways on safety and also the credentials that the company possesses. With the merger of this subsidiary with GPT Infra in ensuing quarters, this business will be able to win for much larger value contracts and take advantage of the balance sheet strength of GPT Infra.

2:34 The integration process is progressing smoothly and we are increasingly leveraging the combined capabilities of both organizations. This strengthens our ability to pursue larger and more complex railway EPC opportunities, while also broadening our execution bandwidth across infrastructure segments. Execution during this quarter remains slightly largely stable, in line with our expectation for the quarter, with temporary moderation across select projects owing to workforce availability challenges associated with elections in West Bengal during April and May, one of our key markets. The disruption, however, was transient in nature and workforce availability has since normalized, supporting a gradual recovery in project execution.

3:19 We remain confident of maintaining our execution momentum and delivering as per the guidance for the full year of approximately 30% in terms of revenues. During the quarter, we secured a new order worth INR 72 crores from Eastern Railway, the supply of concrete sleepers across the various divisions of Eastern Railway. This order further strengthens our long standing with Indian Railways and reinforces our position within the railway infrastructure system. In addition, we have entered the Power EPC segment with a contract of approximately INR53 crores from in which the client is ultimate client is Power Grid Corporation of India Limited for a project in Kundu, Andhra Pradesh. While the project size is relatively modest, it marks our entry into another infrastructure vertical and reflects our strategy of selectively expanding into adjacent E3 segments with credible counterparties.

4:10 We also continue to see opportunities emerging across our focused geographies of Eastern And Northern India. Infrastructure development remains a key priority for both the Central and the State Governments with increasing investments focused on railway modernization, transportation networks, urban mobility, roads and connectivity enhancements. The Africa business is also expected to deliver strong order inflows in the next couple of quarters, and this will ensure good visibility of revenue from that geography over the next three to four years. Over the last two months, railway infrastructure investments of approximately crores have been approved by the government in the state of West Bengal. In addition, the state government, which was recently elected, has also announced key connectivity projects exceeding INR 2,100 crores, including the proposed Bhagyati Bridge, Chingriyatta New Town elevated corridors, which are projects of our interest for which we will definitely qualify for.

5:05 Given our strong regional presence, proven execution track record and established client relationships, we believe we are well qualified to participate in these upcoming opportunities. Our bidding pipeline remains robust across railway infrastructure, revisions, roads, drivers and allied infrastructure projects, and we remain confident of achieving the order inflow target for the year of INR 3,000 crores. Supported by sustained public sector investments and a favorable infrastructure spending environment, we continue to evaluate opportunities selectively with strong focus on project quality, risk management, returns and margin thresholds. With a strong order book, improving execution momentum, expanding capabilities and a healthy opportunity pipeline, we remain confident in our growth prospects and our ability to create long term value for all stakeholders.

5:58 Now moving on to the financial performance for the first quarter ended 06/30/2026. On a stand alone basis, revenue from operations for Q1 FY 'twenty seven stood at INR282 crores as compared to INR309 crores in the corresponding quarter of last year, representing decline of 9%, primarily on account of the labor related uncertainty in West Bengal during April and May due to the elections here. Like I said earlier, this has now since stabilized. On a consolidated basis, revenue from operations stood at INR $30.02 crores as against INR $30.01 crores in the corresponding quarter last year, registering a decline of 3.4% year on year. On the profitability front, stand alone EBITDA for the quarter stood at INR38.8 crores compared to INR35.7 crores in the corresponding quarter of previous year, registering a growth of 8.9%.

6:48 EBITDA margin stood at 13.8%, in line with our long term EBITDA margin of 13% to 14%. On a consolidated basis, EBITDA for the quarter stood at INR47.5 crores compared to INR37 crores in the corresponding quarter last year, registering a growth of 28.4%, while the EBITDA margins were at 15.7% on account of stronger execution in the Signalling and the African business. We continue to maintain our long term EBITDA margin guidance of 13% to 14%. As we continue to scale up Signalling business in our African operations, we expect these businesses to further support our overall margin profile over the medium term. In terms of profitability, consolidated profit after tax for the quarter stood at INR24.6 crores as against INR23.5 crores in the corresponding quarter for the previous year, registering a growth of 4.9%.

7:38 This is despite a higher amortization charge of on account of the acquisition of the Signaling business of approximately INR3 crores for the quarter. On a stand alone basis, profit after tax were at INR22.3 crores compared to INR22.6 crores in the corresponding period last year, representing a marginal decline of 1.1%. Coming to our segmental performance. The Infrastructure segment continues to be the backbone of our business and the largest contributor with Rs. $2.83 crores coming during the quarter, supported by steady execution across our railway bridges and road projects. The Sleeper segment continues to deliver stable performance with INR 19 crores in revenues, supported by domestic demand, export orders from India to Bangladesh and steady international operations.

8:24 The management is very confident of achieving the overall growth target for the year of 30% in terms of revenues. The order book now stands at Rs. 4,303 crores as on date. The healthy bid pipeline, improving execution capabilities, addition of the signaling business and increasing contribution from international operations, we believe the company is well positioned to deliver sustainable growth over the medium to long term. Going forward, our priorities remain unchanged. We will continue to focus on timely project execution, selective order boarding, maintaining margin discipline, strengthening our balance sheet while improving return ratios and creating long term value for our stakeholders. With this, I would like to now open the floor for any question and answers. Thank you. Sir, shall we open the floor for q and a?

9:13 Yeah. I just... Yeah. You can. Yeah. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 1. Or from the question queue, you may press 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue is assembled. The first question is from the line of Bala Subramanian from Ariane Capital. Please go ahead. Good morning, sir. Thank you so much for the opportunity. Sir, we have entered power EPC space with INR 53 crore contract. And I'm just trying to understand like what is the scope of this contract and it's a strategic rationale for diversification.

10:06 I think earlier, our major projects are into right way side and how we are moving in power EPC and what is the pipeline for future orders in this segment? And if you could also mention margin profiles for this segment. Sure. So earlier, we have done some similar works for BHEL. This includes the work for the mega substation in Agra for BHEL, which we had done about seven to eight years ago. This segment is in line with us, so we have the credentials for that per se. This is a segment that we were already always interested in. Last couple of years, the power EPC business saw some upheaval because of the execution challenges there.

10:54 But now we are seeing most stability in that business or that segment. So we are entering that segment again and we are quite confident that given our bidding profile, we'll be able to achieve the margin threshold of 13% to 14% in terms of EBITDA for these contracts as well. In terms of opportunities in this segment, I think that there's quite a bit of opportunity in this segment. You have some of the larger players, which are also doing this business. And we expect that maybe in the next couple of years, we will be doing about crores to INR200 crores annual revenue from this business as such. Okay, sir. So my next question, Alcon merger as a strategic entry into high margin declining.

11:47 So what is our capabilities through Alcon? And what kind of opportunities do you have? What's the pipeline? And what is the market size? And how you are going to take advantage of it? Also, you can elaborate more on synergy side. And then we can expect complete full integration of this acquisition... Certification. Yes. So currently, we are doing the electronic interlocking technology through Alcon. This is a forty year old company, which had a long relationship with the Indian Railways. And with this acquisition, we are addressing a market of approximately USD 1,500,000,000, which is a very large business, large market segment that we would be addressing.

12:41 The Indian Railways planned outlay over the next six years is approximately 1,000,000,000,000. And this would be, again, over things like Kavach, electronic interlocking, DDI as well. In addition to that, we are also in touch with some of the larger metro players because that is again a segment that is being tended out separately. Because in metro, you have these driverless trains, you have a lot of CVTS technology, which we which we'll be able to do works initially for the outdoor part. The indoor part would be done by the equipment manufacturers like Siemens, Samsung, Meta and others. Sir. Sir, my last question on the execution side, post this election, how the executions improved?

13:35 Is it good to mention which are the projects are in advanced stage? Which are the projects are lacking? And secondly, we have order book of INR 4,300 crore. Out of this, how much is executable in this financial year? And what kind of order inflows we can expect in this year? So the execution is right now ramping up quite well, although currently it is the monsoon season. So Q2 is the monsoon season. But despite having said that, we are quite confident of achieving approximately INR79 crores in terms of revenue for the full year, which would mean INR1400 crores in Q2, Q3 and Q4. And I think that given the strong order book that we have, like you mentioned, of INR 4,300 crores, this is quite an achievable numb... Number. The entire INR 1,400 crores execution in the next nine months would...

14:31 Is considering the existing order book of INR 4,300 crores. And once we get a contract, it normally takes six months to ramp up. We are seeing strong execution from contracts like NHI, Ganga Bridge in Jayarag, from the Roop Naran Bridge in Kolhagar for Southeastern Railway, Kona Expressway for NHGI RVNL, and many other similar contracts. We have recently also almost completed the bike leverage contract in Mumbai City, which I think there was some... There was quite a bit of newspaper coverage as well. And so that bridge will be shortly open the next couple of months after the finishing works are completed. So these are some of the key contracts that are contributing the continuing the healthy execution cycle as well.

15:22 And order people in size, or in flows and order. So, yeah, sorry. So we expect order inflows this year for approximately 3,000 We have and the first quarter has been very muted. We have got only about crores of new contracts. We expect the full year to get INR3000 crores that we are targeting. We are quite hopeful of certain contracts in Africa as well, which will add to the visibility in the African business as well. Got it, sir. Thank you. Thank you. Thank you. Next question is from the line of Shivi Gupta from Srinathra Asset Management. Please go ahead. Hello, sir. Am I audible?

16:08 Yes. Please go ahead. Yes. Thanks for taking my question. So my first question is that with Alcon with us, we are looking for big ticket size contracts. You had mentioned like INR 1,000 crores, INR 2,000 crores. So sir, what would be the execution time line for these contracts? How much time would it take for these full solutions railway contracts? So these larger EPC contracts, which are 1,502,000 crores approximately, the time line is approximately three to four years. And that is typically because of the entire solution that is provided. And we expect to get one or two contracts in the next couple of quarters, which... Of this size, which will add value to the entire offering that we have for the as well. So this is including the 3,000 number that you've quoted with respect to the order info. Right?

17:08 So 3,000 crores is a number that we are quite confident of achieving, and, hopefully, we'll be be exceeding that as well. We are the target is to exceed that for this year. Like, for example, last year, we had targeted INR 2,000 crores. We got INR 2,400 crores. So similarly, this year, we expect to exceed that number as well. We will give you more further color on that in the next ensuing quarters. So just one more follow-up question. If you could give me some color on the order book mix that we're targeting with entering the power EPC business as well as you're seeing that there's good scope for that. So any order book mix that we are targeting? Yeah. So order book is obviously subject to government tenders, and we are obviously interested in more higher value margin contracts, whether it is mega bridges, whether it is signaling, it is this entire EPC solution for the railways as well.

18:08 And power EPC obviously forms a part of the slightly better margin business. So we are quite confident that we'll be able to achieve this order book mix on an overall basis. So there's no we cannot give a target as to which segment would get how much order book inflow for the year. Okay, sir. Thank you. Thank you. Thank you. Next question is from the line of Nishita Shanklesha from Safire Capital. Please go ahead. Hello. Am I audible? Yes. Please go ahead. Yeah. So so you mentioned that we expect to achieve 30% revenue growth in FY twenty seven.

18:53 And our Q1 FY twenty seven numbers are very, like, similar to Q1 FY twenty six. So we need to do a minimum of 40% growth in the nine months FY twenty seven. So what is going to drive this growth? So like I said earlier, we have an order book outstanding of INR 4,300 crores. The balance nine months, we need to have a run rate of almost INR 1,400 crores for the nine months. And this will be driven by the existing orders that we do have in on our balance sheet, on our order book profile. And there are certain contracts that were achieved which were received only in the end of last year, which were not were not anyways planned for a decision in the first quarter and the second quarter, we will start seeing revenue booking in the second half. And that's why the full year, we should see an overall growth of 30%.

19:54 Okay. And the execution difficulties that we saw in Q1 FY 'twenty seven, are are we over that, like, with the war and also the West Bank? So that was a transient thing because there's been a lot of disruptions in terms of labor availability, etcetera, but that has stabilized. Okay. Understood. And we... My next question is we've done around 15.7% EBITDA margin in Q1 FY 'twenty seven, and our long term target is 13% to 14%. But like what kind of margin can we see in FY 'twenty seven? Because we've done quite good margins in Q1. For FY '27, we expect overall margin to be around 14% to 15%, and that is the long term target for the year. For... Or the long term target remains to be around 14%. So FY '27, we should see 14% to 15% EBITDA margin.

20:55 Right. And my next question is, like, you mentioned that we are... We expect group orders, so... Our order inflow from Africa also over the next few quarters. So in which segment are we expecting the? This is for the existing business of concrete sleepers in Africa, in South Africa, Namibia, and Ghana. Okay. Yeah. That is it for me. Thank you so much. Thank you. Thank you. Before we take the next question, a reminder to all the participants, anyone who wishes to ask a question may press star and 1. We will take our next question from the line of Ritesh Bhagwati from Alpha Plus Capital. Please go ahead.

21:42 Good morning, everyone. Thanks for taking my question. My first question pertains to our contract assets. Can you provide us with an updated figure for contracted assets for the quarter? Like I think on the March end, it was roughly around INR500 crores. The March end, it was approximately INR430 crores. It is Okay. It has increased by almost 5% for the quarter. Okay. So how much of it has been billed and collected ever since then, like, from INR $4.30 crores? From INR $4.30 crores, almost INR 100 crores has been billed and received. Okay, perfect. And my second question is like what was the cash flow from operations for us for this quarter?

22:34 So the quarter, we don't, honestly, give an cash from operations. We will keep that in the September quarter or the half year. Okay. Fair. Lastly, like, as we are keeping our growth rate intact of 30% for this year, Like, how much of the short term debt funding do we have to support this sort of a top line? We don't anticipate much addition to the the debt position. In fact, we would be reducing our debt for the full year. We don't anticipate an addition to the debt position. Okay. Fair enough. That's it from my end. Thanks a lot. Thank Thank you. You. Next question is from the line of Pat Kochak from Plus91 Asset Management.

23:23 Please go ahead. Hi, sir. Thanks for taking my question. A lot of my questions have been answered. So just one bookkeeping question from my end, we've seen higher depreciation compared to last quarter last year. Is this because of Alcon primarily? So it is not on account of the direct depreciation of Alcon. It is, like I said in my opening remarks, it is approximately three closes for the quarter is coming on account of the amortization of the customer list of the purchase concession of Alcon. That is an accounting treatment that we have done. Okay. Okay. Makes sense. And sir, again, I missed your remarks, and probably you would have covered this. We've seen great margins for this quarter.

24:14 This tool should be attributed by and large to Alcon? Rightly, yes. But for the for the current or current basis, on a on a stand alone basis, also, we've seen a margin profile of almost 13.7%. Right, sir. Right. Makes sense. Alright, sir. That's all from my side. Thank you. Thank you. Next question is from the line of Kumar Saurabh from Scientific Investing. Please go ahead. Sir, my question is around acquisition and also first time getting to power a PC contract of, you know, 50 crores. How all of these initiatives are helping us to increase our total addressable market?

25:03 If you can shed some light. And out of this 30% growth which we are expecting, how much is going going to be from the organic side and how much from the alcohol inorganic? So I think that the to answer your second part first, Alcon would contribute approximately 70 crores to 80 crores in terms of additional revenue for the year compared to last year. So it will not be a whole lot. It will almost be 4% to 5% the full year. Not this is a number, but not a very significant number. In terms of addressable market, Alcon, like I said, the significant business, Indian release outlay over the next six years is approximately 1,000,000,000,000.

25:57 And so that is kind of the market part of the market that we do address for signaling. We are also talking, like I said earlier, to some of these metro players, which would also increase the potential addressable market for us. We do have OEM linkages, and we have technical expertise as well to address this market. The power EPC market is a similar kind for the civil works. And there, again, we are starting small with a small... A relatively small contract of 53 crores. But, hopefully, like I said earlier, we should see in in coming years approximately a revenue from there of approx...

26:42 Of $1.50 to 100 crores annually. Okay, sir. So so we have a very good opportunity size, but other question is, sir, how much our balance sheet allows us to grow? And if I go three, four years back, our operating cash flow conversion from EBITDA was much more healthy. Still, it is good, but in last two, three years has not been as healthy as how it used to be prior to that. So what are the reasons, and do you expect any changes to happen so that, you know, we have more internal accruals to drive better growth? So last couple of years, we are doing certain of these EPC milestone based contracts wherein the cash flow is stuck for achieving certain milestones. That is why the cash flow from operations is stuck in these contract assets, which the previous person gentleman was asking about.

27:32 Having said that, we are seeing we are quite hopeful that this year, we'll see part liquidation of those contract assets like we have seen in this quarter as well. Once that does come through, internal flows would continue to remain strong. Great. So my last question, sir, we have guided for 30% growth, which is better than last year. And also the infrastructure sector as a whole was not doing so good last year. And, I mean, that is the case with many players who have, you know, and we have done better. But do you see this 30% growth coming as a contribution because you are seeing some kind of, you know, the cyclic change in the infrastructure sector? And why I'm highlighting is because q one was, like... If I go June 2025 June 2025 sales was 82% of March 2025 because our q one q two is not good. But this quarter, it is almost 72% of March 2026, which means to drive this 30% growth and some of the previous participants also told that, you know, we need to do more than 35, 40%.

28:35 So you you see this happening because you'll see contract and all order book and all. If you can give some flavor on the industry and what will drive this 30% growth. I think that Q1 was a transient abnormality because of the elections in Bengal, which led to occur disruptions, like I've said earlier. This has now is now behind us, and we expect the full year to be in line with our guidance. Was honestly, when we had guided for the full year, this was known, and we had to plan accordingly. That's why the Q1 numbers are largely in line with our internal targets. We have achieved almost 95% of our internal target as such for the quarter.

29:23 Having said that, I think that we are on track to do a INR49 crores kind of number for the next nine months, which would achieve that 30% kind of growth number that I'm speaking about. And this will be largely driven by the existing order book, the opportunities that are also available. And then new orders will obviously not contribute that much, but that will give visibility for the next coming years. Okay. Certainly, if you can say a few words on the industry's cyclicality, do you see any revival compared to last year, or how is it going? Yeah. I think that industry is... Last year was going through some challenges on account of the increased raw material prices, account of the war, etcetera.

30:08 But the government has also tried to be more proactive. They have kind of ensure that the cash flow to the EPC players is smooth. And we are quite confident that given the government's proactive initiatives, we should be able to achieve the kind of growth numbers for the full year. Every industry player has their own way of functioning, so I cannot largely comment on what others do. Sure, sir. Thank you, sir. Wish you all the best. Thank you. Thank you. A reminder to all the participants. If you wish to ask a question, please press star and 1. We will take our next question from the line of from nine ResiQ Research. Please go ahead.

30:57 Thanks for the opportunity. My question was sort of on the West Bengal opportunity in our sense. We have a strong mandate coming to the new government, the state government. How do you see the order books coming from West Bengal, particularly because you are a dominant player in this state? So if you can just give some color on what changes are happening on the ground? And how do you see the scope of getting bigger in projects or projects from West Bengal going forward? So in West Bengal, obviously, the environment is in place for the last couple of months, and we have a good strong mandate and the focus, obviously, is on development of large infrastructure projects.

31:46 And we have seen in the recent budget that they had done, which was quite in, I would say, forty days after the government was sworn in. They have announced almost INR 2,001 crores of new couple of large bridge project that they would like to do and tender out in next year, even the central government is supporting in terms of announcing new railway projects also for the state. And we are we are capable and and will be participating in these tenders once they come out. And given our presence in the market and being it's in our home markets, I'm quite confident that we will be very competitive. And hopefully, we should be able to get some contracts from here as well. Thanks. My second question, sir, was in Q1, we've already done around 15% operating profit margin with already lower base of revenue.

32:41 But still, you're guiding for 13%, 14% for the full year. Could there be some upward surprise element in the margins? Or you still say that 13%, 14% is more realistic going forward for the full year? No, I always maintain that 13% to 14% is the long term EBITDA guidance. For this year, I've said previously as well, 14 to 15% will be the guidance for this year. Okay. Okay. Thanks. That's it from my side. Best of luck. Thank you. Thank you. Next question is from the line of Dashil Pandya from Pinterest Capital. Please go ahead. Hello. Hi. Am I audible, sir? Yes. Please go ahead. Ahead. Sir, may I know what is the debt position as of date of Q1 ending?

33:32 Debt position? Yes. So like I said earlier also, we don't comment on balance sheet numbers typically, but debt position has not increased largely compared to March, and it is almost in line with what the number... March number was. That's all. Understood. And, sir, in the last quarter also, I already know... Asked for the... Working on the, you know, QIP that we had done from the accounts team, haven't received it from the team. Can you... If you can just check with them? It would really help us. I think you you... Please get in touch with MUFG. They will coordinate until done. Okay. Fine. Thank you. Thank you. Next question is from the line of from Alta Plus Capital.

34:21 Please go ahead. Thanks for the follow-up. My question for subcontracting expenses. Like, you know, we have seen a showing trend of subcontract expenses to revenue from the highs of forties to the lows of 20%. So, like, do we any start the current run rate of 20% to sustain going forward? Or, you know, as the business has normalized now for selection, we can see it normalizing again towards 25, 30%? So subcontracting expenses normally is depends on the project cycle, each project cycle. Sometimes the raw material costs are higher, sometimes the subcontract expenses are higher. So this is really not depending on the business stabilizing or not.

35:10 Overall, like I said, margin guidance in terms of EBITDA, we do give. Subcontracting as a percentage of turnover would depend on the type of project, would depend on the the lifecycle of the project as well. Okay. Fair enough. Thanks a lot. Thank you. Ladies and gentlemen, you may please press star and 1 to ask a question. Next question is from the line of Kumar Saurabh from Scientific Investing. Please go ahead. Sir, my question is also on the debt side. Given the acquisition is done, and that was the reason why there is a slight increase in debt. Next two years, what is our plan in terms of how much of working capital debt and all will be needed? And do you see a possibility of debt reduction happening in next two years?

36:04 Honestly, our debt to equity or any other measure that you would see is we are quite comfortable in terms of our debt position. We are not over leveraged as such for that. Our debt to equity is less than one. It is approximately 0.6x, 0.65x. And so we are quite comfortable in that sense, even debt to interest cost to EBITDA is also quite comfortable. And we obviously are quite mindful of the debt that we do take on, and it is purely for working capital purposes. We are reducing the debt as we go ahead, And that will also be contributed by the cash that is sitting on the balance sheet of Alcon once the merger happens. That will also allow us to reduce the debt per se.

36:52 So going forward, I would say that we would ideally be around the debt equity ratio of almost 0.5x compared to 0.65x that we do have currently. So I cannot give you a comment on the gross debt number. It also depends on the project cycle that we are executing at. Got it, sir. And, sir, last question. I think somewhere in the presentation, you mentioned because of this equation, we might be able to do thousand crore plus kind of orders. My question is prior to this, what is the biggest order size we have done in Railways before this acquisition? We have got a 1,202 contract from Northern Indian joint venture with RBL for a bridge over Ganga and Banaras.

37:40 So that is the largest order, single order that we have received. Okay. Okay. And this integrated bidding for a higher value, does it also help us to improve our margins or the margin is expected to remain to similar levels how it used to be prior to acquisition? Because you are giving us similar... I mean, even this quarter, sir, this is not a great quarter in terms of fees, but our margins have been very good. So are you being little conservative in giving the guidance just to, you know, to be conservative side? Or do you see this is the Sir, I have already said that this year, we expect margins to be slightly better to 14% to 15% compared to the long term guidance of 13% to 14%. So we expect a 100 to 150 basis points better margin in this for the full year of FY 'twenty seven.

38:30 And that will be because of the integration of business of Alcon as well as better operations in Africa. Having said that, the long term guidance would be around the 13% to 14% mark for EBITDA. Okay. Okay. Got it. Thank you. Thank you. Next question is from the line of from Mass Capital. Please go ahead. Hello, sir. So my question is, you have mentioned that the labor availability has normalized from the May onwards. So since execution has still remained weak in quarter one, so, like, is the issue now project mobilization, or is it client approvals or simply timing of billing? What gives you confidence in the FY 'twenty seven guidance, which remains intact?

39:26 I think that so from May onwards, it is stabilized. So half of the quarter was affected due to this labor availability, and that is why the Q1 was muted. Having said that, like you yourself said that from May onwards, labor availability is better. So the Q2, Q3 and Q4 will be better, and we are expecting a run rate of almost 150 crores monthly run rate in terms of revenue to achieve the INR 1,400 crores odd for the nine months the balance of nine months for the financial year. Okay. Also, can you update us on the bidding pipeline today, specifically how much is undervaluation where GPT is L1? And when can investor expect conversion into orders?

40:15 So once we are L1 as part of our dissemination document, we do announce that to the stock exchanges in the larger investor base. Right now, we are not L1 in any contract. Once we are declared L1, we will definitely announce that for exchanges. Okay. And also, have mentioned bidding for nearly INR 500 worth of signaling tenders immediately, like, after the acquisition. So could you provide an update on the status of those bids? Have had been converted into orders? No. They have not been coming in new orders. Have it have been... We would have announced the stock exchanges. They are under evaluation in terms of technical criteria. Once the technical criteria evaluation finishes, then, obviously, the financial bills will be open, and it... Then we'll come to our full outcome.

41:05 Okay. Okay. So as mentioned, new South African orders are expected shortly. So can you provide some color on the opportunity size and the expected time line? So we expect in this quarter itself, the South African order to come through, and it would be a sizable contract for South Africa, which would be there for the next four to five years. And we give visibility for the South African business over the next four to five years, unless the orders seem like not comment on the number. Okay. Okay. And the last question would be like, has there been an increase in covers or electronic interlocking tender activity over the last quarter? Yes. Similarly, like I said, we are big for a couple of large contracts of almost totaling to more than INR500 crores.

41:53 So there is increased activity, and hopefully, we will see good activity going forward as well. Great. Great. Okay. Thank you so much. All the best for the next quarter. Thank you. Thank you. Next question is from the line of Raj Patel from RJ Securities. Please go ahead. Yeah. Hi. Am I audible? Yes. Please go ahead. Yeah. Thank you for the opportunity. So my question was with regards to last quarter on the revenue growth. So in the last quarter, we have discussed that there will be a potential of 27% to 30% of revenue growth in FY 'twenty seven. But as we saw that there was execution loss due to the Best Bengal election that would largely recover in h one.

42:43 However, we saw that the q one consolidation revenue dipped by 3% to around INR $30.02 crore. So could you just give us a clear picture exactly why there was revenue dip because of the collection disruption or whether this revenue was expected to be recovered in Q2? So like I said earlier as well, Q1, we have achieved more than 95 of our target for the year and for this quarter, sorry. So we expect the full year to be 30% growth. Q1 would was planned to be subdued or a flattish quarter due to the elections in West Bengal. Q2 onwards, you will see a better growth. So we expect growth in Q2. Got it, sir.

43:31 Q2, Q3 and Q4. That will contribute to the total four dynamic reserve revenue that we expect this year for the landmarks. Got it. And in the last call, we have also discussed the revenue growth, the revenue guidance of around $1.20 to $1.30 crore from the signaling business. So based on the q one performance, are we still comfortable with this number? What are your revenue contribution from Alcon during q one? So we are quite confident of achieving the 1 and 20 odd crores revenue from Alcon for the full year. First quarter was in Alcon was about INR 20 odd crores. That full year would be similar, would be the balance amount.

44:18 Got it, sir. And in the last one, there was also extensive discussion on the elevated contract asset because of the Alcon consolidation. So could you just give us an update, where the contract assets stand today and, whether these collections have improved in q one? Like I said to the previous, gentleman as well, contract assets have increased by almost 5%. We have, billed almost 50% of the contract assets, which were there for last, in March, and we expect to further, improve the contract assets and the milestone is achieved in certain key contracts as well. Understood, sir. My next question was with regards to the order book. So we saw that the order book have been declined marginally from INR 4,400 and approx 80 crores to INR 4,300 crores despite execution during the quarter. So with the fresh order inflow of INR 130 crore crore, should we expect materially stronger ordering activity from q two onwards to achieve our, growth of 3,000 crore order inflow guidance?

45:31 Ordering activity is there. Unless we are declared l one, we cannot add to the order book. Once the l one status is declared, then we will be able to... And the orders are through, then we will add to the order book. Ordering activity has continued to be strong. Productivity is strong. Got it, sir. And sir, just wanted one last question from my side. Just wanted to understand what proportion of new rail bids, railway bids today include signaling as a part of EPC's cost of volume was very soft. I don't know what happened. I'll repeat my question. So what proportion of new railway built today include the signaling as a part of EPCs scope compared to one year ago? I will not be able to give a number on that, honestly. Won't be able to answer. No issues, sir.

46:18 That was all from my side. Thank you. Thank you. Thank you. A reminder to all the participants that you may and one to ask a question. We will take our next question from the line of from SKC Capital. Please go ahead. So first of all, thank you for the opportunity. So I've got a few setup questions. So firstly, like, last quarter, you that several EPC contracts were awarded in 2026 were still below 10% of completion. So how many of these projects now... Like, now have moved into meaningful execution? And particularly, which projects will drive revenue over the next three quarters? Those projects are still in the planning stage and the design stage.

47:08 We are still not seeing revenue booking, those projects, which we discussed in the last quarter. The contracts which will contribute to the revenue in this financial year would be NHCI Ganga Bridge in Prayagraj, the Goop Narayan River Bridge in Kolaghat in West Bengal for Southeastern Illinois Kona Expressway, the Kashi Yunga Bridge, and the Bombay contracts as well. Okay. Okay. Got it. And, like, my second question is, like, how is the profitability profile of the sleeper business evolved now that the Ghanai operations have stabilized? So the sleeper business is giving a margin profile of almost 14% to 15% as well.

47:55 And we expect that to be remain stable going forward as well. We are also seeing certain export orders from our partner factory as well, which betters the margin on an overall basis. Okay. Okay. I understood. Yeah. Thank you. Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand over the conference call to Mr. Omkar for closing remarks. Over to you, sir. Thank you, everyone, for joining us on call today. We are MUFG In Time, Investor Relation Advisors to GPT Infraprojects. In case of any queries, please feel free to reach out to us. Thank you.

48:42 Thank Thank you. You very much. On behalf of GPT Infraprojects Limited, that concludes this conference. Thank you all for joining us today, and you may now disconnect your lines.