Ceigall India Ltd (NSE: CEIGALL) Q3 2026 Earnings Call dated Feb. 09, 2026
Corporate Participants:
Ramneet Saikal — Chairperson and Managing Director
Kapil Agarwal — Chief Financial Officer
Analysts:
Arun Prakash — Analyst
Vaibhav Shah — Analyst
Ketan Jain — Analyst
Rohit Mehra — Analyst
Bharat Patel — Analyst
Unidentified Participant
Presentation:
Operator
Sam. Sa. Foreign. Ladies and gentlemen, good day and welcome to Seagill India Limited’s Q3 and 9 month FY26 earnings 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. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Arun Prakash from AD Factors PR. Thank you. And over to you sir.
Arun Prakash — Analyst
Thank you. Good evening everyone. Today we have with us Mr. Ramneet Saikal, Chairperson and Managing Director, Mr. Sudhir Hoshing, Whole Time Director Mr. Kapil Agarwal, the Chief Financial Officer and the Ad Factor Zaya team on call. I must remind you that this conference may include forward looking statements about the company which are based on the beliefs, opinions and expectations of the company. As on the date of this call, the statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. We will begin the call with the opening remarks from the management after which we will have the forum open for the interactive Q and A session. I now hand over the conference to Mr. Ramnik Sehgal for the opening remarks. Thank you and over to you sir.
Ramneet Saikal — Chairperson and Managing Director
Good evening everyone. I am pleased to welcome you all to the quarter three and nine month financial year 26 earning call for Seagull India Ltd. Our financial results investors presentation press release have been uploaded on the stock exchanges and company’s website. I trust you had an opportunity to review them. Let me begin with a brief microeconomic backdrop. The Indian infrastructure sector continues to witness the strong momentum supported by the sustained government spending and policy focus. The Ministry of Road Transport and Highways has increased its budgetary allotment by around 8% to approximately 3.1 trillion for the year 2627. Clearly reflecting the government’s continued commitment to the infrastructure development, we are seeing steady improvement in on ground execution conditions post monsoon tendering activity is also picked up across highways, urban infrastructure and lights segments.
With infrastructure investments expected to grow at a healthy pace over the last few years, we believe the overall environment remains very constructive for the EPC players. With strong execution capabilities at Segal, we are well positioned to benefit from this momentum given our diversified capabilities across roads, railways, tunnels, metros, industrial infrastructure, now renewables, transmission, distribution as well. With a strong domestic opportunity pipeline and growing presence across the multiple industrial verticals, we believe we are well placed to capture upcoming opportunities and drive sustainable growth overall. The combination of the continued government led infrastructure pushed improving execution environment and our expanding sectoral presence give us confidence and sustained business momentum going forward.
Against this backdrop, we remain optimistic about business momentum Alongside our strong domestic pipeline, we have also taken initial steps to expand our global footprint. During the quarter we have incorporated Seagull Global Limited in Singapore which will help us to explore selective opportunities in Southeast Asia Middle East. This is a long term strategic initiative. We will approach international markets in a calibrated manner for the nine month period of financial year 26. Siegel India sustained growth momentum across the operational and strategic fronts building on the performance of the first half of the year. During quarter three financial year 26, the company achieved a strong order inflow approximately 1 400. The total order book stands at around 13,290 crores providing solid revenue visibility for conducting quarter of financial year 26 and beyond. During the quarter we received multiple prestigious projects award and preferred bidder position L1 further strengthening our execution pipeline. We secured our highway construction projects valued at approximately 1089 crores BPC for Indore Ujjain Greenfield X Control highway in Madhya Pradesh under HAM. In addition we received an order of 130 megawatt aggregate capacity under the Surya Mitra Trishy feeder scheme valued for 423crores. Our subsidiary Segal Infra Projects Private Limited has emerged at L1 bidder for one of the largest infrastructure contracts. We have pursued the 2,160 crore for four leaning of Sahibganj stretch of NH139W in Bihar and Ram. This contract spans in nearly 79 km includes about construction period plus 15 years of the post construction operation and maintenance period significantly enhancing our long term revenue visibility strengthening our foothold in the large scale highway execution. Further, we have also emerged as L1 bidder for Project with the Jaipur Rail corporation valued at rupees 918 crores. Together these achievements reinforce our focus on consistently diversifying the order book positioning the company for sustainable growth and resilience in an evolving infrastructure landscape. We have also made meaningful progress in diversifying beyond roads and highways. Renewables now account for cumulative orders of 3,168 crores. Distribution and distribution stands at INR407 crores. The well gone substitution project Industrial infrastructure contributes around 622 crores including the urban. This diversification is deliberate and strategic and it’s positioned as well for sustainable growth across the multiple infrastructure verticals. In addition to these developments, we have eight HAM projects currently under execution as of December 2025. The company has infused 605.6 crore of equity in these HAM projects and after IPO around 850 crore. We have infused this strategic investment underscore our dedication to enhancing our project portfolio and ensuring the successful delivery of our projects on operations side Butinda Dharwali Project HAM project achieved Pre Cod on December 22, 2025. To date seven of our projects have completed ahead of schedule which has enabled us to earn early bonus completion bonus and further strengthen our execution credentials. Technology continues to be a focus area. We are. Actively deploying AI data driven tools across the bidding project monitoring to improve efficiency, strengthen controls and enhance over execution quality. Let me also briefly touch upon our capital strategy. We continue to focus on the balance sheet optimization. Standalone debt has reduced to INR552 crore as of December 2025 compared to INR336 crore in March 2025. On a consolidated basis debt stands at 14.21ci. In line with our capital recycling strategy, the Board has in principally approved a binding offer for 100% divestment of Seagal Malot aboard Sadu Valley Ham asset. This will help us unlocking the capital and redeploy it in our core business, EPC and new growth segment while further strengthening our balance sheet. Overall we remain confident about the outlook of the Segal. With a strong order book, increasing diversification, improving leverage metrics and supportive industry environment, we believe we are well positioned for consistent and sustainable growth. I will now hand over the call to our CFO Kapil Agarwal who will take you through the financial performance in detail.
Kapil Agarwal — Chief Financial Officer
Thank you so much everyone. Thank you Ramnic sir and a warm welcome to everyone joining us today. It is pleasure to discuss our performance as we cross the nine months milestone of this fiscal year following our strategies discussions in the previous quarter. I am pleased to share that the third quarter has been a period of significant execution momentum capitalization on the post monsoon working window who escalated our project timelines across the board for Q3FY26 performance our standalone revenue from operations reached 970 crores as against revenue from operations of 810 crores registering a 19.7% year on year growth showcasing our ability to scale operations effectively during the peak construction season.
This brings our total standalone revenue for the first nine months of the year to 2575 crores representing a steady growth of 7.6%. Yui on the profitability front, standalone EBITDA for Q3FY26 stood at INR120 crores as against INR105 crores for the same quarter previous year registering a margin of 12.3% while our PAT for Q3FY26 was INR75 crore with a PAT margin of 7.7% for 9 months FY26 period. Our standalone EBITDA stood at INR305 crores as against INR3233 crores registering a margin of 11.8% versus 13.5% in the same period previous year while our standalone pad for nine months, FY26 stood at 186 crores with a pad margin of 7.2%. Moving to our consolidated results, which provides a more holistic view of the growing portfolio and expectations. Pv performance for Q3FY26 our consolidated revenue from operations stood at Rupees 991 crores as against INR831 crores growing by 19.3% year on year. Over cumulative nine months FY26 our consolidated revenue grew by 8.7% to reach INR26.36 crores versus 2475 crores revenue for the nine months FY25. On nine months FY26 our consolidated EBITDA were at 362 crores registering a 13.7% EBITDA margin on a consolidated consolidated PAT. For nine months, FY26 stood at 180 crores resulting in PAT margin of 6.8% on a consolidated basis. On the operation side, our execution engine remains robust with 28 ongoing projects currently in various stage of completion. Although total book has now scaled to 13295 crores providing us a multi year revenue visibility. Which makes this order book particularly strong is its diversified nature. It is no longer just about roads and highways. We now merge manage a sophisticated mix of comprising 14 EPC projects, 8 HAM projects, 1 DB FOT project and 5 Teribase projects. Our reach now spans critical sectors including tunnels, railways, metros and airport runways, transmission and distribution and renewables, effectively de risking our business from any single sector politically. Looking ahead, we are entering the final quarter of the fiscal year with a strong tailwind. The government continued commitment to infrastructure evidenced by High Velocity Projects award in the recent months aligned perfectly with our core competence. We remain focused on lean execution, timely commissioning and maintaining a robust balance sheet. Our diverse project mix allow us to pivot towards a high margin opportunities while contributing to the nation’s infrastructure backbone. With that, I conclude my opening remarks and would request the moderator to open the floor for QA questions.
Questions and Answers:
Operator
Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants, you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have the first question from the line of Vaibhav Shah from JM Financial. Please go ahead.
Vaibhav Shah
Yeah. Firstly, if you come to slide number 38 of the presentation. So over there we have mentioned equity invested as of December and company share of equity. So that is quite a significant difference for a couple of projects. One is Rudyana Batinda where invested equal is 86 crore. Whereas our share is only 1.6 crores. And for Northern Bypass investor is 105 crores and R share is 28 crores. So why is there a difference of so much? So who is the other party investing?
Kapil Agarwal
In case of Bhatinda Dawali he has also contributed 20 crores. So being a promoter of the company he has invested 20 crores in Batinda. No, no. In Ludhiana Batinda and Northern Ayodhya. No. Entire money has been put by company. That was before IPO. Yeah. There is some issue in the PPT slide 38 that otherwise the entire equity has been put by the company. Only if in million. Basically against 105 crore equity 283 has been infused. So company share is basically what we have infused. So what is 1045 million? It is. They are also invested. Sir, basically there is a two kind of holding money. Seagull money. Seagull intra. So balance has been infused by single intra.
Vaibhav Shah
Okay. So it is entirely by our company only either through. Yeah. Entity also cavpl.
Kapil Agarwal
Yes. Yes.
Vaibhav Shah
Okay. Okay. Secondly on the HAM projects. So the couple of hampers, the new ones. So what would be our total equity requirement now for the entire HAMP portfolio?
Kapil Agarwal
For the earlier one it was 1391 total investment which was supposed to be invested in HAM projects. For recently awarded two projects. One is basically the indoor gen and second one is. So 145 crore is the estimated figure which will be in indoor gen. And for cyber we are yet to receive a loa. So the tentative amount will be close to 250 crores.
Vaibhav Shah
Okay. Okay. And sir, when do we expect to start the solar projects? What is the status of of each of the projects?
Kapil Agarwal
So LOA we have already received. We are waiting for the PPA to be signed. And we are expecting Maharashtra PPA to be signed soon. Once we have that, we’ve already kind of, you know finalized the land. The DDS of the land has already been done. We’re just waiting for the PPA to happen.
Vaibhav Shah
And for the the Reva project and another MP project.
Kapil Agarwal
Yeah, same situation. Same situation. So in one of the project we are expecting the loa. Otherwise PP has to be signed. In one of the project there is no land requirement because the land has to be given by the government. Out of the 3 1/2 crores order book of solar and bass, what kind of revenue are you targeting for FY27 and FY28? So you know everything depends upon the PPA. So once we receive the PPA, you know seagull as a execution capacity and have a track record of completing projects before time. So once we get the PPA signed, execution will start asap.
Vaibhav Shah
Okay. So lastly, when do we expect to receive the appointed dates for the five HAM projects? VRK11, 12 Southern Lujana and two new ones.
Kapil Agarwal
So Verk11 it is expected. Why? I think around tomorrow, a day after there’s a final meeting for the forest. Once that is cleared, NHI has given a very positive sign that it will be given to us soon. For Southern. We’ve already requested the department and I think that’s also with nhi. We should get it in this month and we are trying to expedite it. So these two appointed dates will be achieved before the 31st of March. And then if you talk about Bihar VRK 12 also immediately once we have the 11 after maybe a month or two we should have the VRK12 also. And Bihar LO is not received yet. So once the LOA is received we have to make a SPV. We have 45 days for that. Then 150 days for financial closure. So we have ample time there. In terms of indoor, the agreement is to be signed ASAP. Once the agreement is signed we have 150 days to furnish the FC. Once that is done then of course once we have the row we will have the 40.
Vaibhav Shah
Okay. And so what. What revenue are we targeting for next year and this year?
Kapil Agarwal
So of course as we have guided our investors before also we are targeting to achieve 10 to 15% and we are on track.
Vaibhav Shah
Okay. Okay. Thank you. So those are my questions.
Operator
Thank you. We have the next question from the line of Ketan from Evander Spark. Please go ahead.
Ketan Jain
Thank you. So just first as a clarification on the equity infusion requirement for HAM. So correct me if I’m wrong. So it is 1-391-crores till now is the total equity. Required plus the two new projects. And we’ve infused till now around 605. 605 crores. Am I right? Yeah.
Ramneet Saikal
Total is 1391. We have already improved 605 as on 31st December. And that’s requirement will be the two new projects. Yeah. Plus requirement for the two new projects.
Ketan Jain
Understood? Understood. Thank you. Thank you for the clarity. Okay, so second, on your own opening remarks you mentioned that outing activity has picked up in roads. So if you could help us with how much kilometers has been awarded till date by NHEI and MOD combined in kilometers and in rupees.
Ramneet Saikal
So you know we. We have already won one more project which is for 79km. And we have already quoted for three more projects few days back. And every week they are receiving the contracts. And normally whatever contracts have been received during February, March, we should get the LOAS by 31st March. Because even NHA has a target. But any number, specific number discussing at this moment will not be correct. Any numbers. But there are. There are a lot of contracts available online. And they already got the approval from the cabinet. So. So NHI has a great target and we are looking forward to it. Understood. I’m just checking if you have a number which was awarded till date like Abitak, how many kilometers were awarded till now? It is not easy for us to this. We can check it on NHI website and then we can update you. Maybe you can share your email with a couple.
Ketan Jain
Okay. Okay, fair enough. That’s it. I’ll come back to my queues.
Operator
Thank you. We have the next question from the line of Rohit Mehra from SK Securities. Please go ahead.
Rohit Mehra
Yeah, thank you for the opportunity, sir. So my first question is related to the capex. With the incorporation of Sigil Global Singapore and proposed Dubai subsidiary. What level of CAPEX or initial investment has been embarked in this international market? Let’s say by FY27.
Ramneet Saikal
So you know we are right now targeting EPC projects. So for these projects normally you need the BG limits only. And like we’ve already quoted one project in Romania, we have already quoted few projects in uae. So as such there is no much of the equity requirement. But we will be requiring only the BG limits that we already have surplus ahead. And once we are lowest, they give the mobilization vans also. So as such there is no equity requirement coming from these sites. And we are very conservative in setting up international.
Rohit Mehra
Okay, got. And related to one of your project which was I think a Punjab border, right? Hello. Hearing you, hearing you. What is the point? Yeah, yeah. So related to that project I just wanted to know given the strategic nature and is there any unique execution or security related challenges impacting our progress? No, no, I. I don’t understand your question. Can you repeat it again? So you have one project for the Punjab border fencing, right?
Ramneet Saikal
No, we don’t have any project for Punya fencing.
Rohit Mehra
Oh, okay, okay. So I misunderstood. Okay, no worries. That’s it from my side. Thank you.
Operator
Thank you. We have the next follow up question from the line of Webassha from GM Financial. Please go ahead.
Vaibhav Shah
Yeah, thanks for the follow up. So what would be the equity requirement for the solar and best projects and same and for the ham as well in each year how are we planning to increase the money here wise?
Ramneet Saikal
So basically Morena Solar park we have received the LOA today and we are yet to finalize the model. But the equity will be close to 750 to 800 crore in the solar projects and it the execution time is for two years definitely. Based on the sanction and we get an appointed date we have to include only 20% as an upfront equity in solar projects. And since it is not like the ham assets, whatever we are going to execute we can immediately commission and start billing to the government and that fund can be used towards equity infusion in these projects. And we have already sold one ham assay which we have announced it also today and we’re expecting that equity also coming before this financial.
Vaibhav Shah
So money should come in by March for the or by June.
Ramneet Saikal
Yeah we have, our target is we should get that money before the 31st of March and we have a cash pool also and we are planning and we already in discussion for another two hams also. So because we have already received a pre cod for the second ham also and then you know, otherwise also whenever the money is immediately required you can refinance and get the money from that source also. So equity availability is not a problem or not a challenge for caesars. So this 750 to 800 crore equity for the solar projects so these needs typically it would be done by FY28 if things go on time. It is, it is 810. But you know till the time we have the PPA you don’t have a quantity date here. Once the PPA is signed then only you have to start these execution and.
Vaibhav Shah
You have to put in timeline. For example if I talk about the HAM project till the time AD is given we never put like we got. We did the FC two years back for this Jharkhand 11 and 12 and we are ready with the equity. But the ROA was not given clear to us. Same is the case of the solar. Till the time we have the PPAs with us we don’t have to put equity because after PP only we have to put the equity.
Okay. And sir, on the TND project what would be the equity requirement?
Ramneet Saikal
So the total equity requirement which we have shown was 1391 in which 605 we have already put and for the new project is 395 and for solar is close to 810.
Vaibhav Shah
So solar includes TNT budget as well. Yeah. Yeah. Okay. Okay, okay. I didn’t get you. What is it?
Ramneet Saikal
TNT project. It’s going to start asap.
Vaibhav Shah
Okay. Okay. Enter what order inputs are we targeting for next year for FY27 and how much of that could be from international markets.
Ramneet Saikal
So last year we guided our investors that we will be getting 5,000 crore against 5,000 crore we have already got close to 8,500 crore. And this year also our guidance would be incremental of 15% so should be around 5,800 crore. And we have already surplus of 3,500 crore last year. So things are good. And internationally we are not very aggressive. We should target at least 10 to 15% coming from international and we are still setting up the things there. So it might take time but for India things are very good. As I said we have already whatever we committed we were conservative and we have done better than that. And there is a lot of tendering happening in next two, three months. So we are targeting to get good orders and to good IRR. Thank you.
Vaibhav Shah
Okay and so what CapEx we did in FY 29 months and what are we targeting for 26 and 27.
Kapil Agarwal
So if you look at we are not investing much in capex as guided to investors as well. Seeker is basically following a policy of buyback wherein they buy the assets and they sell it off after a certain period to the same vendors. So as far as execution is concerned we do have ample machinery and we are giving some few contracts on back to back basis. Also so much capex investment will not be required. So it will be close to 25 to 30 crores which we will be doing. That’s too from our subsidiary, not from directly from Seagull.
Vaibhav Shah
Okay. So for 26 also to be around 25.
Kapil Agarwal
Yes. 25 to 30.
Vaibhav Shah
Okay. And so lastly just to understand how are you putting the money so for equity for HAM projects. So incrementally what individual.
Kapil Agarwal
So. So just to get a sense of the number. So you said that 605 crore is invested in HAM till till December. So of that entirely it won’t be seen on the standard books because a part of it is done through cibpn. Yeah. Part of CA people being a subsidiary, they are also holding shareholding in these SPBs. So part of the investment is done by CAPPL, part is done by Seagull. So out of 605 what would have been already done by Cippl, which is not visible on standard books? It’s visible whatever money has been invested with CIBPL that has been given by Siegel only in form of loan which is reflecting the balance sheet.
Vaibhav Shah
Okay. Okay. Okay. Got it. And so what would be our cash number as of December? Can you please pardon. I didn’t get the cash. What is the outstanding cash?
Ramneet Saikal
As of December it was 233 crores. As of September including FD it is 235 crores.
Vaibhav Shah
Okay. Thank you sir.
Operator
Thank you. We have the next question from the line of Patel from Patel Investment. Please go ahead.
Bharat Patel
Good evening sir. Am I audible? Yeah. Yeah. Thank you. Thank you so much for the opportunity. The first question and then the first couple of questions are on the similar line. So I. I think you mentioned it before that you completed a sale of sale to I think Neo asset for about 177 crores. So I just wanted to know what are the expected timelines for the investment for the new other projects such as Patinda Dabwali and. And secondly from the sale of those projects. What are we planning to do? Are we planning to you know, repay the loan or. It will, it will go towards equity requirements for the other hand projects that we are going to onboard in the coming quarters.
Kapil Agarwal
Yeah. Basically for Mallor to board we are targeting 31st March and for sale of other two assets we are targeting 30th of September. And as far as the money is concerned our debt equity ratio is low. It is 0.28 as on 31st December. So which is pretty good. And whatever money we are going to realize primarily it will be used towards the equity.
Bharat Patel
Okay. So got it. Kenley. Another question I had was we have received a lot of early completion bonuses for our project. So I just wanted to know for are we, are we on the lines of getting an early completion bonus as we are almost at the verge of completing it.
Kapil Agarwal
There was an autobu problem in Dilbeda. Moreover there was a flood problem in Dalbeda though. So government is planning to give us an EOT for that. So we are waiting for the iot. So once we have EOT in hand then only we will be in a position to tell the investors about the monos. And finally I just wanted to know that we signed the Jaipur Metro project. So I just wanted to know some. Some bit on if you could shed some light on it. So we are L1. We are still waiting for the LOA. And once we receive the LOA we will immediately start the work. Cause you know our two of the projects where viaduct is almost on completion which is Agra and Kanpur. So I mean the strategy is totally waiting to start this work itself.
Bharat Patel
Brought it. So that’s all from Michael. I joined the queue again for more questions. Thank you so much and all the best for the future.
Kapil Agarwal
Pleasure. Pleasure. Thank you.
Operator
Thank you. We have the next question from the line of Nimish Pandya, an individual investor. Please go ahead.
Unidentified Participant
Hello. Am I audible? Yes, you’re audible. Yes. So sir, I have a couple of questions. My first question is as we have recently forwarded into renewables and TND with the ordering flows of around as mentioned PPT 3,168 crores. Sir. So are these you know, entry level initial beads as we have done it or these match our historical segments margins also of event. Your voice is surrounding. It is not clear. Can you repeat it again? Your voice is surrounding. Am I audible now? Yeah, yeah, clear. Okay. So sir, my question is as we have recently poured into renewables, right. And TND with order inflows as mentioned in the PPT around 3,168 crore. Right sir. Right, right, right, right. Okay. So I wanted to know are these low margin entry level bids or do they match your historical 15% plus EBITDA margin levels?
Kapil Agarwal
Yeah, yeah, they’ll match the historical bit.
Unidentified Participant
Okay, so. So these are not initial bids for the market entry, right?
Kapil Agarwal
No, no, no, no, not really. Because we’ve been bidding for so long. We, we, you know we bid so many bids. I think. Strike rate would be less, doesn’t matter. But we have to get the projects at our project IRR also.
Unidentified Participant
Sir, my next question is. Sir, can you let me know so what is the expected timeline for the next investments like and Dabwali and Jalbeh and Shabbat,
Kapil Agarwal
If you could. We have already started the, you know, this negotiations with few of the investors. Good thing is, you know, market is big now and there’s a lot of liquidity to buy these assets. So we have good number of people discussing with us first one, we’ve narrowed it down and these two, we are targeting to close it before September and I think it should be done. So we’re targeting to close it before September.
Unidentified Participant
Okay, understood, sir. That’s it. From my side. Thank you and congratulations, sir.
Kapil Agarwal
Pleasure. Thank you.
Operator
Thank you. We have the next question from the line of Sana, an individual investor. Please go ahead. Please proceed with your question.
Unidentified Participant
Hello, good evening and thank you for the opportunity. Sir. Sir, I have few questions. My first question is how do you see the business mix in evolving over the next three to five years?
Kapil Agarwal
So you know, we started from a very small city, Ludhiana, with only road work. And over the period we have grown in about now 12, 13 states and about 10, 11 verticals. We really feel if you don’t get a working road, we have structure work, we have Metro work, we have a railway, we have tunneling now renewable and TND also. So the target here is we should grow vertically and geography. That’s a way Seagull is growing. If you compare us with the peers in the market, at what stage we are the number of verticals and geography wise we have grown strategically, the company is very clear that if we’re not getting work in one vertical, we’re getting another vertical. That is the reason out of book been a challenge for companies and whatever we are guiding our investors, we’re achieving that. So you can see that is visible in last three quarters. We’re always guiding 10 to 15%. Our growth is much more than that.
Unidentified Participant
Thank you. Okay, and one more question. I do have in the newer vertical like the Metro and td, which you mentioned, what differentiates your bid strategy from established encumbrance.
Kapil Agarwal
So you know, Metro is a very similar business. What we are doing, because we’ve been doing viaducts, bridges, flyovers, we are building one of the country’s longest elevated in Danapur Beta. So the work is almost the same. You know, it’s a structure work and if you talk about the TND and renewable, if you see, we’ve been already fixing solar. Plans for our existing HAM project, the EPC project and for TND also. We’ve been doing a lot of projects in terms of, you know, utility shifting, line shifting, building a substation project. So this is not a new work. So we already have a stabilized workfeed workforce and it’s just we are taking individual products. So that’s how we do it.
Unidentified Participant
Okay, that’s it from my side. Thank you so much sir, and all the very best.
Kapil Agarwal
Pleasure. Thank you.
Operator
Thank you very much. Ladies and gentlemen. That was the last question for today. And with that concludes the question and answer session. I now hand the conference over to Mr. Ramneet Sehgal for the closing comments. Thank you. And over to you sir.
Ramneet Saikal
Thank you so much everyone. I would again thank all the participants for joining the Earning calls today making this an engaging discussion. We remain committed to pursuing our business strategies and doing everything that is right and continuing to deliver the positive results. We hope all your queries have been answered. Well, in case you have any other further queries, please feel free to contact the Investor relation team at attFactors. Thank you so much once again. Good evening.
Operator
Thank you very much on behalf of Segill India limited. That concludes this conference. Thank you for joining with us today. And and you may now disconnect your lines.