Sugs Lloyd Ltd (BSE: 544501) Q3 2026 Earnings Call dated Feb. 06, 2026
Corporate Participants:
Unidentified Speaker
Santhosh Shah — Managing Director
Analysts:
Unidentified Participant
Janhvi Patil — Analyst
Rajesh Singhla — Analyst
Vaibhav Mishra — Analyst
Disha — Analyst
Jiganesh — Analyst
Chinna Satya Narayana — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Cirque Floyd Limited Q3FY26 earnings conference call hosted by Oreem Connect. As a reminder, all participants line will be in 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 over the conference to Ms. Janhvi Patil from ODM Connect. Thank you. And over to you ma’. Am.
Janhvi Patil — Analyst
Good afternoon everyone and a warm welcome to all of you. I am Janhvi Patil from Oreem Connect representing the investor relations team of C Loyal Limited on behalf of the company, I would like to thank you all for joining us for the Q3 FY26 earnings call. Before we begin, I would like to state a brief cautionary statement. Some of the statements made during today’s call may be forward looking in nature. These forward looking statements are subject to certain risks and uncertainties such as that will cause actual results to differ materially from those expressed or implied.
These statements are based on management’s current expectations, assumptions and information available as of now. Investors are therefore advised not to place any undue reliance on these forward looking statements when making any investment decisions. The purpose of this call is to share insights into the company’s business performance and financial results under review. Now I am pleased to introduce the members of the management team present with us today. Mr. Santosh Shah, Managing Director and Promoter, Mr. Satyakan Basu, Chief Executive Officer. Mr. Vicky Kumar, Chief Financial Officer. With that now I hand over the call to Mr. Santosh for his opening remarks.
Thank you. And over to you sir.
Santhosh Shah — Managing Director
Good afternoon everyone. Thank you for joining US for quarter three earnings call for financial year 2026. I am Santosha, Chairman and Managing Director. And I’m joined today by our CEO Mr. Satyakam Basu and our CFO Mr. Vicky Kumar. I want to thank you for your continued partnership at Sook Slide. We view the current year as a period of significant operational scale. While market dynamics fluctuate, our internal focus remains steadfast on one thing. That’s execution. Our performance over the last nine months reflects consistent scalability. We achieved a total revenue of Rupees 185.6 crores for the nine month period which is a 60.62% increase compared to same period last year.
EBITDA stands at rupees 28.17 crores up by over 58.5%. With a healthy EBITDA margin of 15.18%, profit after tax reached 17.92 crores, a growth of 53.5% over the previous nine month period. While our core fundamental remains strong, we encountered a specific headwind this quarter. Revenue remained short by around rupees 20 crores due to a land dispute in one of our project in Maharashtra. Now since the dispute has fully been resolved, consequently this revenue has been deferred and will be recognized in the upcoming quarter. Historically, Q4 is our strongest period contributing approximately 30% of our yearly revenue.
However, for the current year we anticipate an even more robust performance. This financial year we anticipate to overachieve the projections given earlier. We are currently in high execution phase focusing mainly on five priorities. First priority being improving receivables. The team is working relentlessly to improve realizations. A special task force is in place and we are already seeing a decline trend in our debtors to revenue ratio. Second, we are working on expanding the contribution of niche products. We are increasing the revenue share of these niche products and are in active discussion with market drivers to deploy our fault passage indicators at our national level.
Third, we are diversifying into EHV transmission. We intend to tap the transmission segment. We have inducted senior personnel with exemplary track records in EHV sector and have already bid for multiple transmission tenders including high tech GIS substations. We expect transmission vertical to start contributing to the revenue from next financial year. Fourth thing which we are working upon is our operational efficiency. As I have mentioned earlier also, Sooks Lloyd is a system driven organization. We are developing new proprietary digital tools for imminent deployment to further enhance project monitoring. Fifth is execution excellence. We prioritize execution alongside order booking.
Recently completing landmark projects such as hostel building in Odisha, rooftop solar project in Bihar and the NTPC project in Delhi. Entirely in line with our motto on time every time we are moving forward as planned. We have a current order book of rupees 418 crore providing a clear visibility through financial year 27 and a qualified bid pipeline exceeding rupees 1000 crores. Additionally, in transmission we have started bidding. Revenue contribution will start coming from next financial year. Furthermore, we have participated in several major tenders through pre bid arrangement with a PSU for additional projects worth Rupees 840 crores.
Evaluation for these are currently underway and expected to be closed within the next month. All these follows our strategy to achieve the goal of rupees 1000 crore revenue by financial year 2028. Thank you for your partnership. I would like to open the floor for your questions, please.
Questions and Answers:
operator
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 their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Rajesh Singhla from VTG Capital. Please go ahead.
Rajesh Singhla
Yeah, hi. Am I audible?
Santhosh Shah
Yes. Yes.
Rajesh Singhla
Yeah. So sir, maybe if you can just remind us like what was the guidance earlier which you gave for FY26? And considering that there were some projects which were deferred in fourth quarter. So can we expect that fourth quarter will be around 40% of your annual revenue this year?
Santhosh Shah
See, on particular figures we may not be able to speak much, Rajesh ji, but as I said, the historical performance has been like the Q4 contributes around 34, 35% of the total revenue. And this year it is going to be even better than that because of deferment of a portion of revenue from quarter three to quarter four.
Rajesh Singhla
Okay, and sir, what was the guidance which you gave earlier like last time? I. I maybe missed it early. Like what was the guidance which we.
Santhosh Shah
Had given earlier last year? The projection which we have given 270 crores projections we have given in various documents. For the whole year. For the whole year.
Rajesh Singhla
Okay. And you’re saying that we are going to exceed these numbers this year and maybe fourth quarter will be quite significantly higher than the third quarter because of the deferment of the some projects.
Santhosh Shah
Yes, we are very much hopeful of, you know, overachieving the guidance which we gave earlier. Okay.
Rajesh Singhla
And so your target of FY28 is around 1000 crore. So and this year probably let’s say assume about 300 crore kind of revenue. I’m not saying that we have communicated this number but just assuming that we will do 300 crore kind of number. So next year can expect that given 600 crore is the midpoint for reaching 1000 crore in FY28. So are we well financed for reaching to reaching those kind of target in FY27?
Santhosh Shah
Yes, Singhlaji, we have made arrangements to, you know, fund such growth. And one of the steps what we have taken is the kind of bank facility we were having earlier from the bank. We are almost doubling it. So some of the sanctions have come and some of the sanctions are in process. So we are going to fund this growth majorly. By debt.
Rajesh Singhla
Okay, so maybe last question. So I will come back in the queue after that. So but what will be the share of transmissions as we are entering the transmission segment given that long gestation period of transmission project? So what kind of revenue we can expect from transmission segment in FY27?
Santhosh Shah
In transmission we are starting mostly with substation projects. We have the tenders which we have bid so far. These are substation projects and these substation projects gas station period is not that high as compared to transmission line. So anyhow we see we may not be able to comment at this point in time what will be the contribution from transmission. But yes, it will have. It will become the third biggest contributor in the revenue in next financial year.
Rajesh Singhla
Okay, so we are basically saying. So we. We are basically. Well, well we can say the plan is ready to. To reach to 600 kind of midpoint to achieve our 1000 crore goal of FY28.
Santhosh Shah
Yes, we are very confident that.
Rajesh Singhla
Thank you sir. Thank you. I will get back in the queue sir.
Santhosh Shah
Thank you.
operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. The next question is from the line of Vaibhav Mishra from FIN Investors. Please go ahead.
Vaibhav Mishra
Hello sir. Good afternoon. So my question is regarding the margin profile that we are having. We are having a very good profile of margins. Around 15% kind of margins. So as you have already communicated the growth guidance and the plans for FY28 are all intact. So the margins. Can I get the margin profile for FY27 and 28? Are we confident of maintaining the same margins or there is scope for improvement or something like that? The margins will remain on the same lines. It may further improvise a bit. But this much margin is. We are very much confident of maintaining it.
There is. There are few reasons for it. One reason is this electrical or the power T and D market it is a matured business where the margins are, you know like this only there is not entry barrier are high. So we do not see so many new players coming. So that is a mature business we are into. Second is Solar epc. In Solar epc, whichever project we are executing these are of scattered in nature and we do not see that kind of a severe competition which we see in generally ground mounted projects. So we are.
And then our niche products that contribution is going to increase as time passes. So we are confident that these bottom line will move towards north only. All right answer. What can be the contribution for SAPY 26 and FY27 for our niche products. See we see it should be somewhere around, somewhere around 10% of the top line in FY26 or 1327. This. Yes, it will grow like that. 26 and 27.
Santhosh Shah
All right. All right. Answer one more question regarding the order intake. I think in last con call also we said that 800 crores worth of orders are under evaluation and we expected to get 20 30% kind of orders from that. You know 800 crores in three months. But I think we have got close to I think 120 or some some crores I think or 100 crores kind of order. So what order inflow can we expect in this quarter? I mean with what order book can we finish FY26. And what as per your calculations what order book do you see when you end FY27? I mean next year when you are ending? See yeah.
See we. We have an order inflow of around 120 crores or 130120 crores in last quarter and in this quarter because majority of those orders are has to be finalized in this financial year. So we see there will be a further enhancement in you know the order inflow. So in any case we see somewhere around around 200 crores additional order book. 150 to 200 crores additional order book in this financial year. Plus we are working on some very big tenders. If those are we are able to click those then those tenders they are in themselves having a you know value of around 650 odd crores.
All right. So suppose sir if you close FY26 with the order book close to 600 crores. So that will be executable entirely in FY27 will be able to execute it or I mean we have to complete around 500 to 600 crores in FY27. So I think 600 crore order book is must in that case.
Vaibhav Mishra
Correct sir.
Santhosh Shah
600 order crew the entire order book will not get you know build in the next financial year. 600 crores order will book will be on 1st of April. But during the you know other mistakes we will be having feature, you know order inflows also. So all the small timeline orders. Okay. Okay. Yeah. So so what we say for having a revenue of let’s say 600 crores over the period we need to have a inflow or we need to have an order book of around 1200 crores or thousand crores to 1200 crores to achieve that 600 crores and that much volume is there, that much of tenders are in pipeline.
We see that and it’s very much, you know, we are confident of achieving those. Okay. All right. Thank you so much sir for your time and all the best for the future. Thank you.
operator
Thank you. Participants who wish to ask question may press star and one at this time. To ask a question you may press star and one. Now the next question is from the line of Disha from Sapphire Capital. Please go ahead.
Disha
Hello. Yeah, hi sir. Am I audible?
Santhosh Shah
Yeah, Disha, you are audible.
Disha
Yeah.
operator
Yeah.
Disha
So just my question was again on the inflow. Sir, I think we. Last time I mentioned 800cr was a bit pipeline in December when we had the call and then you said we’ll convert out out of this 20. So I think 160cr approximately. Were expecting the inflows to be for the second half. So what’s the update on that and what sort of inflows are you expecting for Q4?
Santhosh Shah
As I said out of 160 crores we achieved 120 crores. Few of the. In fact we have achieved a few other orders also. But formal LOA has not been released. That’s why we are not able to publish it in this coming quarter. In this coming quarter we expect an order inflow of around 200 crores. Please. 200 crores for this quarter, right?
Santhosh Shah
Yes.
Disha
Yeah. Okay. So for this exit order book target for this year, what will be that? What will that be? I think we’re expecting, I think 125cr execution in Q4. So are we well on track for that?
Santhosh Shah
Yes, we are trying to achieve 125 crore. But let us see how much we are able to close. But it will be better than the projections what we have given.
Disha
Okay, okay, fair enough sir. And for this extra high voltage segment that you mentioned, what sort of bids have you already placed? And I think, I believe the margin, the segment will be much better than what we have traditionally seen. I think around 9 to 10%.
Santhosh Shah
So. So if you could just throw some light on that, that’ll be really helpful.
Santhosh Shah
Yeah. We have a bid for two projects. One project is for Himachal Power Transmission Corporation limited That is a GIS substitute. And another tender which we have bid is for Power Grid Corporation of India Limited. That is also, you know, around 150 odd crore tender. And as you said the margins in EHV segment is comparatively better than the medium voltage segment.
Disha
Right. So you have a number for that? Sir, what sort of range can we see?
Santhosh Shah
Not at now you know we Are it is just that bidding stage.
Disha
Right? Right. Okay. But sir, as we go ahead. So as we as the niche products contribution increases and as we get more revenue from the EHV segment can we expect this 15% odd margins that we currently have to improve year on year?
Santhosh Shah
Yeah, that’s what I said in the last. In reply to the last question also we are quite confident that it will move towards north only this margin.
Disha
Okay. Okay. All right. Okay. That’s it from my side. Thank you and all the best.
Santhosh Shah
Thank you.
operator
Thank you. Before we take the next question we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Jiganesh from Jiva Capital. Please go ahead.
Santhosh Shah
Yeah.
Jiganesh
Sir, considering the scenario in which solar is right now there are some delays like you also saw some delays due to land issues and maybe because of base priority of the government. So out of our order book that we have do we also foresee any kind of such scenario or risk building up in FY27?
Santhosh Shah
Yeah, very nice question. I would just like to add further clarity on this. In the total order book or total revenue which we projected for financial year this 2526. Ms. Hardly any. We are. We are having only three projects which are of ground mount. Two of them are in Maharashtra and one of them is in Himachal. Rest. All of our solar projects are rooftop, you know rooftop mounted projects working with governments. So we have not seen any such issue in our rooftop projects. In one of the projects in Maharashtra we have seen and we do not have neither.
We are much bullish on ground mount projects and so. So we don’t see such kind of problem, you know occurring again in the future tenders with future projects. Right. Okay.
Jiganesh
Sir, another question. Since our group we are expecting a very fast growth going ahead. So. And since our business is more of a Q4 kind of is the biggest quarter. So generally our cash flow does not is not positive at the end of the year. But going by various business segments that you are in. So will be dependent apart from the banking facilities that you plan to double will customer advances from this new order will also help us 30, 40% in using the working capital requirements for all these projects. Or broadly wanted to understand how much is the customer advances for all these various segments that you get.
Santhosh Shah
The customer advance it differs from project to project in in majority of the projects they do give a mobilization advance of around 10%. But in some cases it is interest bearing. In some cases it is interest free. So wherever it is interest Free. It makes a sense. It makes a commercial sense for us to go. But in case it is interest bearing, it does not make commercial sense. So it depends on the situation. It depends on the time when the project has been, you know, backed, whether we should go for it or not. As such, we do not have a policy that wherever advance is there, we will take those things.
It entirely depends on the situation. It entirely depends on the cash flow at that point in time. Okay. Okay.
Jiganesh
And so, so relent related to this, suppose we are targeting FY 28,000 crores of revenue. So broadly, what kind of working capital absolute amount we will require. Can we say that around 250, 300 crores would be the amount required.
Santhosh Shah
In a broad sense, the working capital required for our kind of projects stays somewhere around 30%. So 30% working capital is sufficient for us to, you know, meet those revenue figures. Okay.
Jiganesh
So this banking facilities is proper that your tying up will be sufficient for that?
Santhosh Shah
Yes, we, we are, we are pretty confident of that.
Jiganesh
See this is, I’ll just add one line to what sir said. You know, working capital is reviewed very periodically and definitely the numbers that the we are expecting to achieve in FY27. For that we have already organized our bank lines and as sir said, some sanctions have come and some are on the way. But the sanction and depending upon how much we achieve and what we will be achieving for FY28, if required, we will enhance it. But we are very confident that that is not will be a hindrance.
Santhosh Shah
Okay.
Jiganesh
No sir, my only question was like in last two years many companies had the opportunity to dilute further and get it very easily from the capital markets. But I don’t think that time is now for next one to two years. So there can be some stress going forward. That was only my punch.
Santhosh Shah
Yeah, I got your point. But as on date, we do not have any plans for further dilution. Okay. Right. Right.
Jiganesh
Thank you. Thank you very much sir.
Santhosh Shah
Thank you.
operator
Thank you. The next follow up question is from the line of Rajesh Singla from VTG Capital. Please go ahead.
Santhosh Shah
Yeah.
Rajesh Singhla
Hi. Thank you for the opportunity again. So sir, regarding the working capital, just a follow up on that which discussion we were already having. So. So as you. So you are saying that we are well funded for the next year. We have already enhanced our limits. So most likely next year let’s say we are achieving 500, 600 crore kind of number and that would be around let’s say 50, 60 crore. So those internal accruals will also help us in Financing the growth for the next year like FY28?
Santhosh Shah
Yes, of course. So as I said for FY28, this thousand crores revenue would need a working capital or a facility of somewhere around 300 odd crores. So 225 crores we are having this year. The debt will also get further enhanced next year and then internal accruals will also come into play. So from funding point of view, we do not see any kind of hindrance going forward. Excellent.
Rajesh Singhla
So second question would be on inflationary pressures which we are seeing in terms of the increasing prices for let’s say cable or other metal products which we consume in our projects. So how are we managing? So does, does our order book or the orders which we have, they already have price escalation closes or are we well covered in terms of the inflationary pressure.
Santhosh Shah
Majority of the orders which we are having today or the unexecuted order book today, you can say 80% of these orders are having price variation clause. So you know, it helps us, you know, cover those raw material cost escalation. There are certain orders which are on fixed price also. So we are very much cautious about those things and we take, we take proper precautionary measures to book the material and to, you know, somehow block the things. So there are certain measures which we adopt to mitigate such risk. Right.
Rajesh Singhla
And maybe just last question would be on data. So as you’re saying that we are working hard to improve our working capital cycle maybe from three times a year to maybe three and a half or maybe four times in line with the other industry peers of the similar scale in December. And I think there was a number in your presentation, the trade receivable which looks a bit high maybe is that because of like sales, Most of the sales in third quarter were done in November, December period. Or was there any specific reason for increasing receivable in the third quarter?
Santhosh Shah
Yeah, I’ll just give you a brief of the. The total receivable. What we can see on December figures is 146 crores. Out of this 146 crores, 30 crores is retention and rest of the amount which is there, it is well within 180 days. The are, you know, as per the industry norms, it is well within that six months period. So there is no such issues on that. Another thing, what I would like to add, in this nine months we have done a billing of around 185 crores, whereas the payments which we have received in last 19 months is 148 crores so.
So the things are on track. Rather if we’ll see debtor to revenue ratio it will be on improving side it is on further decline. So we are working on it and it is getting better day by day.
Rajesh Singhla
Great. Thank you very much sir. Best of luck.
Santhosh Shah
Thank you. Thank you.
operator
Thank you. The next question is from the line of Chinna Satya Narayana, an individual investor. Please go ahead.
Chinna Satya Narayana
Yeah. Good afternoon sir.
Santhosh Shah
Good afternoon.
Chinna Satya Narayana
Yeah actually can you give a small hint about the share of niche product segment in the revenue achieved in the first nine months of the current year?
Santhosh Shah
Sir? First nine months? Yeah, first nine months it has been. How much it has been around 3% and in quarter four it is going to improve further.
Chinna Satya Narayana
Actually there are three products under development as per the investors call as well as the presentation is also concerned. New compact FPA and also the medium voltage switch gear and also dry compressed air reinforcement unit. And what is is there any visibility for commercialization of these products in in which year we can the investors can expect that these products can be commercialized.
Santhosh Shah
Especially.
Chinna Satya Narayana
Product is having 38000 addressable market as per the information given in the concord. And it will be very nice to hear about the plans about commercialization of these products.
Santhosh Shah
Actually yeah, I’ll come to this. Dry compressed air insulated RMUs. Now this is something which is a bit on a as compared to existing RMUs in India which are SF6 insulated, these are bit expensive. Now SF6 is a hazard to environment. But we need to and we are working on convincing the market drivers like cea, Ministry of Power, RDC and PFC to go for these kind of products. Whereas the existing existing market for RMUs is being met only by SF6 isolated where only few manufacturers are there. So here we have to again educate the user.
We have to convince them on using SFC SF6 free RMUs. So that process is going on. You know we are trying but it will be very challenging for us to give some kind of a, you know, timelines at this point in time. But yes, we are working on it. And for just for our knowledge these kind of RMUs are very much in use in European countries, in even in China, even in South Korea and Japan. But in India because of some or other reasons we are still using SF6. So it has got a huge potential.
But only thing is that it will take some time.
Chinna Satya Narayana
About the speech case or medium voltage.
Santhosh Shah
Medium voltage switch case. Yes, we are working. We have almost finalized our prototype and after this prototype we are going to send the product for type testing to this NABL laboratories. At the same time parallelly we are in discussion with few of our customers to use this product on a pilot basis. So at that stage this product, this development is.
Chinna Satya Narayana
So can we expect this to come be commercialized in the FY28, sir?
Santhosh Shah
Yes. Vacuum circuit breaker. We will be able to do some billing in 272627 something. And major billing will come from 2728.
Chinna Satya Narayana
About the receivables though it was indicated and it was answered in previous questions as especially when you are entering the EHV segment and the transmission segment, you want to foray in a higher way there the receivable challenge really more compared to the present business model of the company. I don’t know how the company is gearing up the internal team to address this receivables issue which we are seeing in many other companies. Actually in power transmission the major issue is receivables realization. And the receivables realization may take. May stretch up to 24 months. 36 months also in many cases actually.
And the kind of working capital you are envisioning, it may pose a good challenge to you, to the company. Another thing is when you are envisaging thousand cross turnover in FY28 and for getting the thousand thousand course turnover executed you’d have. You should file the tenders at least for 5000 course. So for filing the 5000 course tender you need a huge bang. Guarantee limits in the transmission sector. So bank guarantee limits requirement itself will be more than 200 crores. So I think the proper planning is required as far as the bank limits are concerned in FY27 itself especially the way the company is growing.
Santhosh Shah
I don’t know how you are. I really appreciate your your insights sir. I would like to just throw some light on our planning and what we do. In transmission there are two segments. One is substation and one is transmission line. In transmission because of the row problems and because of, you know, right of way and land issue and all I understand there is. There is, you know, the projects gets stalled, the projects get delayed and hence, you know, money gets stuck. Whereas we are focusing only on substation, AIs substation or GIS substation where the chances of having row problem is very less.
Second, our strategy is that we are going with those kind of customers who have got a good reputation in making payments like power grade and all we are quoting for those business. So we are quite confident that it is not going to affect our, you know, cash cycle because of, you know, addition of this transmission business as you said working capital requirement very rightly you said for thousand crores we need to have a bidding of 5000 crores and accordingly you know we need to have bank guarantees. Also since we have tied up as on date from company point of view we have got a very serious issue in terms of a serious, you can say hindrance in form of eligibility criteria.
We are not able to bid for bigger projects for that we have tied up with a PSU and those PSU is bidding for us and it’s a kind of a pre bid arrangement where if this entire costing is done by our company we are doing all the homework and bidding is being done by PSU with their obviously their you know contribution and their margins and with that we are able to bid for projects, you know up to thousand crore single project also we are eligible to bid. So this is one aspect of this arrangement that yes we are.
We have announced our bidding capacity. Second the most interesting point of this tie up and this arrangement is that for these projects which we are going to bid through this PSU we don’t need to give a bank guarantee instead of bank guarantee we have convinced them to accept surety bonds and insurance bonds. So you know once this 10% PBG and those things have come down our it is. It is going to help us in you know working capital. Also the pressure on working capital straight away comes down. So this is the arrangement what we have worked out to achieve this thousand crores with the amount of resources available.
Good sir. Good sir.
Chinna Satya Narayana
Another thing actually last time in the Concal also it was explained that you are pouring into battery energy storage system. Any update on that sir?
Santhosh Shah
Actually yes we. We submitted our bid for few tenders in battery energy storage system and unfortunately the industry has been very aggressive. The kind of competition which is coming into at this point in time it is not making more sense Though we lost few of those tenders but we are not very much confident how what kind of prices and what kind of margins will be sustainable in those business. So battery energy we are going. But we are going as per our calculations.
Chinna Satya Narayana
Right Sir Is a good initiative taken by the company to give quarterly performance review though it is not mandatory and also the for exhibiting reasonably good performance in the first nine months of the current year. And all the best for your future endeavor sir. Thank you.
Santhosh Shah
Thank you. Thank you.
operator
Thank you. Participants who wish to ask question may press star and one this time to ask a question please press star and one. Now the next question is from the line of Maitre Shah from Sapphire Capital. Please go ahead. Yeah.
Unidentified Participant
Hello. I’m audible.
Santhosh Shah
Yes ma’, am, you are.
Unidentified Participant
Good afternoon. Most of my questions have been answered. Just one query. I had. So we mentioned that we had 120 crores of order inflow in quarter three. But I went through the PPTs and in the last quarter we had around 409 crores of order books. And currently we have close to 418 crores of order books. So is this 120 crores of order including the L1 or are these orders that we’ve received?
Santhosh Shah
The loas of these 120crores are what we have received the L1 orders. Generally we. Unless and until we have received the contract we do not publish.
Unidentified Participant
Correct. So the numbers are not matching. Because we had a 409 crore of order book last quarter. And now it’s 418. And we had close to 60 crores of execution this quarter. So it. It comes around the 70.75crores of just orders coming in. So am I missing something? The rest 50 crores I couldn’t calculate.
Unidentified Speaker
Madam, this is Satyakambasu. See, there are two kinds of execution. One is executed revenue captured. Other is the work in progress. Okay.
Unidentified Participant
Okay.
Unidentified Speaker
So. So when we. We have got 120 crore of order. We have captured revenue of 60 crore. Okay. And the balance are work in progress. These are all MPC work. So many of the orders which goes on. So that. That’s where the mismatch is in your mind. Otherwise it’s okay.
Unidentified Participant
Okay. That is perfect. And then 200 crores of order in. So we are expecting in the quarter four. Is that correct?
Unidentified Speaker
We cannot really give you the numbers for quarter four. But as sir said already.
Santhosh Shah
Yes.
Unidentified Speaker
Everything is online. And we are expecting to exceed our projections definitely by the year end.
Unidentified Speaker
Which you have already done consistently.
Unidentified Speaker
We have done consistently. If you see Q1, Q2, Q3. We have always, always exceeded the expectation.
Unidentified Participant
Oh that is great. And recently we had some land dispute in Maharashtra. So such kind of disputes are common in the industry. Or is there any more risk that we can face with the current order book? We have.
Unidentified Speaker
Basically any Kisi project. Especially if you are related to the ground. There sometime problems come. There’s only one order where we have the problem.
Santhosh Shah
But we have solved it now.
Unidentified Speaker
It is solved.
Unidentified Speaker
It happens sometime.
Unidentified Speaker
It’s okay.
Santhosh Shah
I’ll answer your second part already. I answered it earlier. Majority of our orders are roof mounted in solar segment. Majority of our projects are where we have to install these projects. Solar panels, solar projects on roofs. So there we do not see any such problem. We have got only three ground mounted projects under execution. In one of those projects we found a problem. In the rest of the two projects, it’s okay. And in future also we are not much keen or we are not going so aggressive on ground mount projects. So we do not anticipate any such occurrence in future.
Unidentified Participant
Okay, that is great. Yeah, that is it. From my side. Thank you.
operator
Thank you. The next question is from the line of Rajesh Singla from BTG Capital. Please go ahead.
Rajesh Singhla
Thank you for taking my question again. Sir, what is the breakup of the order book between solar and power T and D?
Santhosh Shah
Just one minute please. Power TND is, is, it is 188 crores. And solar it is 220 crores. Rest is from civil and other products and all those things.
Rajesh Singhla
Okay, so given that these solar projects usually have smaller gestation periods so we can expect this 220crore should be executable within next 12 months.
Santhosh Shah
Yes, yes. The. The project completion time is you know, comparatively less six months to and sometime it gets extended maybe nine, 10 months. We have to close it.
Rajesh Singhla
Okay, so Most likely this 410crore kind of order book will be mostly executed by September next year.
Santhosh Shah
Few of the electrical projects, these are having a completion time of two years. So some of them may get, you know, further extended. But majority of these are going to get, you know, converted into revenue in this next financial year.
Rajesh Singhla
Thank you sir. Thank you. That’s pretty much from my side. Best of luck. Thank you.
operator
Thank you. The next question is from the line of abhishek Shah from MasterCard. Please go ahead.
Unidentified Participant
Thank you. Just a disclosure. I’m here in my individual capacity and do not represent my employer. My question was with respect to the resignation of a key managerial personnel in charge of business development. Has that position been filled or do you foresee choosing generating business due to. The lack of an important position in marketing and business development?
Santhosh Shah
And if you could shed some light. On the reasons for the discontinuance of service. Can you come again please? Can you come again with a question? I couldn’t get it. My question was with respect to the resignation of a key Managerial Personnel, Mr. Akhilesh Kumar in charge of business development. I wanted to understand if that position has been filled and if you could shed some light into the reasons for the resignation. The reason for his departure was that he was having some, you know, he got some good foreign assignments in maybe in some of the African countries. And we have already maybe in in few days we will publish that information also on media we have already inducted a very senior person from the industry at level of president, Business development and marketing so we do not see any such issue.
Sure. Thank you. That’ll be it. Thank you.
operator
Okay. Thank you. Anyone who wishes to ask a question may press star and one on their touchstone telephone. As there are no further questions from the participant. I now hand over the conference to Ms. Janhvi Patil from Orion Connect for closing comments. Over to you ma’. Am.
Janhvi Patil
Thank you everyone for joining the call today on behalf of Slugs Lloyd Ltd. We appreciate your time and participation. For any further queries please reach out to us at. Let’s connect adirium.in thank you everyone.
Santhosh Shah
Thank you. Thank you everyone.
operator
Thank you. On behalf of Odium Connect. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you. It.