Ceigall India Ltd (NSE: CEIGALL) Q3 2025 Earnings Call dated Feb. 04, 2025
Corporate Participants:
Ramneek Sehgal — Managing Director
Bhagat Singh — Group Chief Financial Officer
Analysts:
Ankit Jain — Analyst
Jainam Jain — Analyst
Sahil Vora — Analyst
Vaibhav Shah — Analyst
Dheeraj Kripalani — Analyst
Siddharth Gupta — Analyst
Anupam Gupta — Analyst
Balasubramanian A — Analyst
Prince Choudhary — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q3 and 9 months FY25 earnings conference call of Segal India Limited. 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 the 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. Ankit Jain from Orient Capital. Thank you. And over to you sir.
Ankit Jain — Analyst
Thank you Elric. Good afternoon ladies and gentlemen. I welcome you all to the Q3 and 9 months FY25 earnings conference call of Segal India Limited to discuss this quarter’s business performance. We have from the management, Mr. Ramnik Sehgal, Managing Director and Mr. Bhagat Singh Group CFO.
Before we proceed with this call I would like to mention that some of the statements made in today’s call may be forward looking in nature and may involve risk and uncertainties. For more details kindly refer to the investor presentation and other filings that can be found on company’s website and stock exchanges.
Without further ado, I would like to hand over the call to the management for their opening comments and then we will open the floor for for Q and A. Thank you. And over to you sir.
Ramneek Sehgal — Managing Director
Good afternoon ladies and gentlemen. I’m pleased to welcome you all to the quarter three and the nine month financial year 25 earning call of Sikh and India. Our financial results and investor presentation have been uploaded on the exchanges. I hope you have a chance to review them. Joining with me is Mr. Bharat Singh of Gift PFO.
I would like to begin by talking about the winning budget of 2526. The Finance Minister has laid out established vision aimed at exciting India’s economic growth with a strong emphasis on infrastructure as a key driver for Vista Bahada 2000 and 47. Despite global economic. Challenges. India remains the fastest growing economy with GDP growth projected 6.3% and 6.8%. This resume highlights the strength of our economic fundamentals.
The government’s commitment to infrastructure development is evident in the 11.2 lakh crore allocation which marks the 10% increase over the estimated revised estimated for the current financial year. A new asset Monetization plan is expected to unlock value from public assets while infrastructure ministries will introduce our three year project pipeline enabling execution under 3Pmodel. Additionally, the budget includes an outlay of 1.5 lakh crores for 50 years, interest free loans to states and aims at the capital expenditure and performance entry.
The second asset monetization plan for 25 to 30 targeting rupees 10 lakh crores in capital generation for the new infrastructure structure project. The budget underscores the government’s long term vision for infrastructure led growth and we at Season India Limited are well positioned to capitalize on these opportunities.
Now turning on to our performance, the company has delivered a healthy operating performance in quarter three and the first nine months for our financial year 25. With a well diversified portfolio of EPC and HAM projects, we have not only reinforced our leadership in the highway road sector but also successfully new areas specialized structures including metros, railways, elevated roads, airport runways and tunnels. Looking at our financial our consolidated revenue from operations including bonus and royalty rose to 24,053 million in nine months financial year 25 marking a solid 16.3% growth year on year growth from 20,006 to 87 million in nine months. 24 a nine month venture detested at 3,716 million with a healthy margin of 15.4% while the pad grew by 9.2% to 2142 million from 1962 million in nine months financial year 24.
A strong financial position is further validated by India Ratings and Research which has assigned us a long term rating of AA minus table for fun days working capital limit and India A1 plus short term for non public working capital limit. These ratings highlights are improving scale of operations, strong cash flow and overall funding services. As of December 30, 2024 we have a robust order book of 1/17,025 million. Reflecting a healthy bill to book ratio, our order book composition is 18.8% from highway which includes elevated roads, special structures, flyers, tunnels, 12.7% from railway and metro, 1.2% from bus terminal and 0.3% from co founders. Now let me provide an update on a key ongoing project. A Delhi Swarangpur highway water project is Almost completed with 99.0% complete progress as per the schedule. The macro project will reach 85% completion while the structures are almost at completion stage.
The Delhi emitter contra in 84% Banner waste measure is almost 82% done. On the hand front, Multi Dubai project is nearly completed at 97% and Velveta stands at 80%. We expect to complete these projects ahead of schedule which positions are for potential and lease completion. Our testament to our team’s efficiency and dedication. The remaining hybrids are waiting their appointed date. We are expecting that in months of March we should have started our one of the hand projects. Additionally, we have received an entity of 1283 million drops from NHI for our first hand project which was completed ahead of schedule. Also the company has recently emerged the L1 bidder for development of fixed lane greenfield present Lugana Bipan under hybrid energy mode. The project cost is 923 crores.
Looking ahead, we have already bid for project worth 16,000 crore spanning railways, Metro structured projects and national highways. We are also new verticals to fuel the future growth. Over the years we have consistently maintained the double digit EBITDA margin. With a strong resource base and execution capabilities, we are confident in delivering another year of solid performance. In conclusion, CNBA remains dedicated to creating value for our stakeholders, customers and shareholders. We are confident that our focus on innovation, diversification and operational excellence will propel the growth and community. Thank you for your support and trust to CENGGL.
I will now hand over the call to Mr. Bhagat Singh as his CFO who will provide the overall review of the financial performance. Over to you Mr. Bhagat.
Bhagat Singh — Group Chief Financial Officer
Thank you Ravnik Sir. Good evening everyone. I’ll now take you through the financial highlights for Q3 and first nine months of FY25 starting with the standalone financials on. Of Q3FY25, our revenue from operations excluding bonus and royalty stood at 8,101 million reflecting a 10.3% year on year growth from 7,342 million.
In Q3FY24. EBITDA excluding bonus and royalty came in at 1,049 million up 3.4% from 1,014 million last year with an EBITDA margin of 12.9% for the quarter, our PAT for Q3FY25 stood at 682 million compared to rupees 748 million in Q3FY24. On the debt front, our gross standalone debt stood at 4285 million which includes Rupees 226 million in equipment term loan Rupees 3206 million in term loans and Rupees 852 million in working capital loans.
Now moving on to the console numbers for Q3FY25, revenue from operations excluding bonus and royalty reached at 8300 marking a 20.2% year on year increase from 6910 million in Q3FY24. EBITDA for the quarter stood at 1232 million compared to Rupees13.57 million last year with an EBITDA margin of 14.8%. PAD for Q3FY25 came in at Rupees 708 million with a net margin of 8.5%. On consoled basis our gross debt stood at Rupees 11420 million which includes Rupees 480 million in equipment term loan Rupees 3921 million in term loans, Rupees 6069 million in hand term loans and Rupees 946 million in working capital loans.
Our net debt equity ratio remains very competitive and comfortable at 0.4 times for the period ended nine months. FY25 coming to the Working Capital Our net working capital day stood at 66 days as on 31st December 2024. This is a calculated considering the inventory days, WIP position receivable and vendor payments.
In terms of project execution we we currently have 22 ongoing projects with a total order book value of Rupees 1.17,025 million. This include 14 EPC projects, 7 HAM projects and 1 DOT projects spanning roads, highways, tunnels, railways, metros, airport runways and bus terminals. Notably NHI projects account for 79.6% of our total order book with a strong order pipeline, our a stable credit rating and a government continued focus on infrastructure development, we are very well positioned to drive strong revenue growth and long term success.
With this, I conclude my remarks and thanks all our esteemed stakeholders including our employees, business partners, vendors, auditors, bankers for their whole hearted support in the long term growth generation. Of the company. On behalf of Siegel Indian Limited I thank everyone for attending this call. Now I request a moderator to open the floor for question and answer. Thank you.
Questions and Answers:
Operator
Thank you, sir. We will now begin with a 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 a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jenam Jain from ICICI Securities. Please go ahead.
Jainam Jain
Hello Benjamin. So my first question is. We saw a fall in EBITDA margins from 15.1% in Q3FY24 to 13% in Q3FR25. So what would the reason for that?
Bhagat Singh
Our beta mark. Our E margin. If you see. So we have already given the guidance that the pure EBITDA margin that is from the perception pure EBITDA margins would range from 12.5% to 13%. So our pure EBITDA margin is lying within our guidance. If you see the quarter to quarter eta pure EBIT margin then we will find that our EBITDA approved EBITDA margin varied within the range itself. The guidance it was for Q3 FY25 we have achieved EBITDA margin of 12.90%. And for nine months ended FY25 we have achieved the E margin 12.80% which is within the guided number.
Jainam Jain
Okay sir. And sir, we are seeing an increase in working capital days from 45 days in FY24 to 66 days in FY25 till date. So why there’s an increase in this working capital?
Bhagat Singh
I would like to submit that the working capital is. Is a very churning number. And it moves number to number basis. And moreover this number is as on 34December like whatever billing has been done our average working capital cycle is from 40 to 50 days only. It includes better and inventories and vendors also. So it is a. It is a number as we speak. But our on an average we are maintaining the working capital cycle of 40 to 50 days.
Jainam Jain
Okay sir. And so what would the order pipeline for the remaining year in Q4 FY20 so 5
Ramneek Sehgal
We have already informed that in the call itself that we have an order pipeline of 16,000 crores
Bhagat Singh
Close to 13,000 cr. And we have quoted for new tender.
Jainam Jain
Okay. So and so why there isn’t the delay in execution of the Greenfield Ambiture Connectivity PC project? I mean the status I could see on this. On the presentation, it’s zero percent.
Ramneek Sehgal
Which project?
Jainam Jain
Hello.
Ramneek Sehgal
Which. Which project are you talking about? Which project?
Jainam Jain
Yeah. I’m talking about Greenfield, Ambrit connectivity, EPC project.
Ramneek Sehgal
Okay. The AM project. All this milestones were achieved well before the time period. We’ve already executed the project which was handed over as a land. The project which is not yet completed. The land is not handed over to us by the government. We. We are ahead of schedule. We have completed all our milestones ahead of schedule. And we. The land which is not available is only the balance work. Yes, we already done. We already made 84%.
Jainam Jain
All right, got it. That answers my question. Thank you so much and all the best.
Operator
Thank you. Participants, you may press star and one to ask a question. The next question is from the line of Sahil Vora from MNS Associates. Please go ahead.
Sahil Vora
Good evening, sir. Am I audible?
Operator
Yes, sir.
Sahil Vora
I have some questions. Firstly, can you please throw some light on our executed versus unexecuted order book.
Ramneek Sehgal
So there are a lot of projects as a number if you start counting 2015 number. So specifically if you want to ask us, we are almost in 10 states now. So particularly if you want to ask for some questions on some online work or you want me to talk about everything. Because the list is. And it’s there in the list of presentations we’ve already uploaded and then representation.
Sahil Vora
Okay. Okay.
Ramneek Sehgal
15 etc projects. 7 projects.
Sahil Vora
Okay, I’ll go through that. So my next question is. We see the Q3FY25 numbers in comparison to FY24 Q3 numbers they have kind of dropped. So is it because of execution problem or the projects are delayed? Hello,
Operator
Ladies and gentlemen, There is a technical issue. I would request you all to stay online while I reconnect. Thank you. It. Ladies and gentlemen, we have reconnected with the management and so you can go ahead and respond to Sahil Vora. Thank you.
Bhagat Singh
Hello.
Sahil Vora
Hi sir.
Bhagat Singh
Hello. Yes, you can continue with your question please.
Sahil Vora
Yes sir. My next question was Compared to the Q3FY24 numbers, the Q3FY25 numbers have dropped. So is that because of the project execution problems or the projects are delayed in general? That I wanted to know.
Bhagat Singh
Number one thing, there is no drop. We have already given a guidance in our course. Also we need to look at the total EBITDA margin of the company in two ways. One is the pure EBITDA margin from EPC execution. We have given a guidance of 12.5% to 13% which ranges from 1 which will remain consistent on every quarter to quarter. Now when you talk about the total EBITDA, total EBITDA includes pure etc beta plus other income I.e. fDR income, royalty income or bonus income. Which is irregular and which depend upon quarter to quarter on nature of the work. So now if you see the quarter three.
Now FY25 and quarter three FY24 quarterly FY24 we derive the beta excluding royalty and bonus 13.80 quarterly FY25, we derive the margin of 12.90. So it is within the line the guidance we have given. So there is no drop, it is within the beta because on an annualized basis we are targeting to achieve the pure VISA pure EBITDA margin of 30 12.5 to 38% over and above date including other income bonus and royalty we are targeting to achieve the aggregate margin of 14.5 to 15.5%.
So on a quarter to quarter basis, whatever margin we derive it depend upon the project which was executed within that quarter and the quantum of the work which has been done for that respective project. So the EBITDA may vary from quarter to quarter but two things need to be noticed. Number one, the purely beta, pure EPC beta will be remaining consistent in line with a guided number. Number two, whatever annual positions we have given the company is fully in line with it. And we would be able to achieve the annual guided number in terms of turnover and beta margins.
Sahil Vora
Okay. Okay, that makes sense. Okay, so my last question is the NHAI order have been muted for a long time. How do you see the NHAI bidding picking up in the last quarter and say next one or two years if you can shed some light on that.
Ramneek Sehgal
So you know we have got two Ayodhya projects worth 2700 crores. We have just got a. We are L1 in certain bypass which is 923 crores. So besides being muted also we bought a contract worth 3400 crores. And NHI website would have contracts more than 50,000 crore live on their site. I think the way they are growing it will be around 80 to 1 lakh crore before 31st March. And I don’t see any birth of business in NHEI. Yes, due to some certain policy change we now have to take the cabinet approval and things are getting approved.
If you see in last two quarters also they’ve approved close to 55,000 or 60,000 crores of the project. And a lot of work is coming, a lot of good changes are coming which will be healthier for companies like us. And you know the way we have guided our investors that we will be getting projects worth 5,000 coins this year. We’ve already, you know, close to our target and we still have about two months balance. Thank you.
Sahil Vora
Thank you, sir. That sounds promising. That’s it from my end. Thank you. And all the very best. Thanks.
Operator
The next question is from the line of Vaibhav Shah from JM Financial limited. Please go ahead.
Vaibhav Shah
Firstly on the interest cost side. So we have seen a sharp reduction in the interest cost from 20 crores in Q2 to 10 crores in. In Q3 at standalone level. So our debt has increased on quarter on quarter basis. So what has led to the staff reduction in interest cost?
Bhagat Singh
Primarily, the point is two things. Post ipo the company has aggressively taken up with all its bankers for the reduction of the margin. So the company is successfully able to reduce the margin. For the development of the working capital limit, the company is providing a margin of 20% against the total sanction to the various member banks. So post IPO in the month of August itself, we have requested the banks to reduce the margin from 20% to 10%. The resultant would be the amount passed in the FDR which is yielding me a FDA return of 6% or 6.5%. We are successfully able to release it from the bank and utilize the resultant inflow to support the NWC and the long term equity. So the amount that we garnered from release of FDR that has been utilized to reduce the utilization which resulted in the saving of the financial cost. This is the first part.
Another factor which contributed towards reduction was we have been successfully able to get a sanction of approximately 700 plus crores plus from insurance companies. So we have got a line from insurance companies in the form of surety bond and bit bond for which we need not to pay any margin to the insurance company as we speak against 700 crore 20% margin release equivalent to 140 crores. So this is again an amount which we got released from the banks and utilized it to reduce the working capital utilization. So all these factors put together, they have contributed towards reduction in the interest cost.
Third factor which was primarily important to be noticed that on account of listing of the company, the various member banks of the company they have revised their charges funded interest for interest rates as well as the BG charges. So that funded interest reduction that also helped us reduce the interest cost. And as you mentioned, you have seen the debt amount to increase.
I would like to inform you that on quarter to quarter basis, whenever a new project was started or whenever we reached at a particular level, the company avails either a small amount of working capital to utilize to mobilize the resources or we avail mock term loans from the bank at a rate of 9% or 9.10% to mobilize the resources which further cost reduced from the future collections of the project. So this is a journey of a company slowly. In a particular quarter, whenever there is a requirement to mobilize the resources, you may find the debt but that drastically got reduced from the collection. You may. You if you have gone through my press release. I have. We have. We have mentioned that the total debt equity ratio still stand at 0.4, which is within the comfortable range of the company.
Vaibhav Shah
Okay, so what would be our average cost of debt right now?
Bhagat Singh
Average cost of debt somewhere would be close to 8.75%.
Vaibhav Shah
And what is our. What debt are we targeting by the year end
Bhagat Singh
In terms of. You are targeting me. The targeted roi
Vaibhav Shah
In value.
Bhagat Singh
In value. Comes our debt. Standalone debt as we speak is 4285 million. So we are expecting that by 31st March there would be a decline further. But 3 to 400 crores in the same number.
Vaibhav Shah
3 to 400 crores.
Bhagat Singh
Yes. Yes. So it will be close.
Vaibhav Shah
I didn’t get it. 430 crores will go down to 100 crores by year end.
Bhagat Singh
Yeah, because see my approvals are consistent. So by the March quarter we would be. I’m. We are expecting that we would be able to release further FDR from the bank which would support us to reduce the existing utilization.
Vaibhav Shah
Okay. Okay. So secondly, what is our. What capex have we done in nine months and what is our 25 and 26 target for capex?
Bhagat Singh
We have already raised 99 crores for the capex purpose which we have successfully utilized in line with the IPO requirement we have shared. So this is what we intend to do for this year remaining. There is no major effect planned. But yes, on an average for maintenance purpose if there is hardly any requirement it would be within the range of 20 to 25 crores per year. But as we have already mentioned in our IPO and our past earning call. Seagull is an asset light company. So we don’t invest much in fixed assets. We prefer to take the assets on these or higher basis.
Vaibhav Shah
For 25. The capex is 100 crores.
Bhagat Singh
25. It is in line with the IPO. This is not a fresh capex. I repeat, this is not a fresh capex we are doing. We are just deploying the fund which we raised in the ipo.
Vaibhav Shah
Okay, so lastly on the appointed date side. So when do we expect to receive the appointed dates for VRK11 and VRK12?
Ramneek Sehgal
So hi. So we are K12. We are expecting we should get VRK12 in the month of March mobilization already happening. Stage one provision is there of the forest. We are really expecting. Things are going very positive in gold. And in terms of Aodhya we should expect. We should like from two months time we should have a quantity.
Vaibhav Shah
So for both Ayodhya projects and for VRK12 this March.
Ramneek Sehgal
Yeah.
Vaibhav Shah
And for VRK11
Ramneek Sehgal
VRK11 might take another two, three months.
Vaibhav Shah
So it will be in first quarter of next year.
Ramneek Sehgal
Yeah, but with new three projects starting only are at least a new border book of 30,000 will be added.
Vaibhav Shah
And sir, on the guidance front what revenue growth are we targeting for FY25 and 26?
Ramneek Sehgal
Sorry,
Vaibhav Shah
What revenue growth are we targeting for 25 and 26?
Ramneek Sehgal
So we have always guided our investors that we should always have organic growth of around 15, 20%. If you see from last year in nine months, also the growth is there. And this quarter also the. Same kind of growth will be there. And we want to be a little conservative. It’s better to have a better growth than rather than you know, getting on existing numbers.
Vaibhav Shah
So you maintain our 15 to 20% growth guidance.
Ramneek Sehgal
Yeah.
Vaibhav Shah
So lastly on the. On the core EBITDA margins, so we mentioned that it should be in the range of two and a half to 13%. So going ahead in 26 and 27, can there be a further expansion or 13% is capped at the EPC level.
Bhagat Singh
So what we can. We have already informed that our guided number is 12.5 to 13% pure EPC margin that we are targeting. Yes, we are entering into the new domains which may provide an additional alpha to the company. But being a conservative company, so we are always. We believe that the margin would be playing within 12.5 to 13%. But yes, whenever the actualization crosses the targeted or benchmark number we would be informing the investors and reporting the actual allied profits.
Vaibhav Shah
Okay, thank you. So those are my questions. I’ll come back in the queue.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Dheeraj Kriplani from Avendis Park. Please go ahead.
Dheeraj Kripalani
Yeah. Hi. Thanks for the opportunity. I think I missed the number which you told like from the NHI pipeline. What was that number? What is the NHI pipeline right now?
Ramneek Sehgal
So our order book value is only around 80% from NHI pipeline and we have already got two projects of Ayodhya which is worth 2500 crores and we are L1 in Southern Bypass which is 923 crores. So if you see close to 3400 crores we have got from NHI. These are hand projects, all three.
Dheeraj Kripalani
And what is the like if you are expecting the more projects coming from nhi like if you can highlight something on bid pipeline.
Ramneek Sehgal
So if you see NHI pipeline we have already quoted charges for 15,000 crore and NHA Energy would be more than 50% and a lot of good projects are already in the pipeline which we have to build in next two months. And you know NHA always have a target to issue LOI on the 31st of March or before the 31st of March because they also have certain targets. So I’m really positive about a lot of things. But you know you can’t guide about for future. But you know whatever we guided our investors that we will be achieving 5000 crore target. We’ve already near to 4500 crores. You know we’ve already got two yoga bypass for 2500 crores, nine day crore. We’ve got this Bhubaneswar Metro 3400. Then 923 crores. We have got a new certain bypass which is close to 44 and about 150 crores is a bus terminal. So we’ve already crossed 40,000 crores and our 16,000 crore is another quoted tender, so. We are expecting good results by end of this financial year. We still have two months now.
Dheeraj Kripalani
Okay. Okay. Thanks. Thanks.
Ramneek Sehgal
Pleasure.
Operator
Thank you. The next question is from the line of Siddharth Gupta from ICICI Bank. Please go ahead.
Siddharth Gupta
Hi Mr. Ramnik and Mr. Bhagat. Congratulations on the results.
Ramneek Sehgal
Thank you so much. Thank you.
Siddharth Gupta
My query is you have shared some segmental wise data. So in which you have EPC and then annuity projects. So again the annuity projects for the December quarter, the segment results that is the EBITDA it’s showing at 3 crores. And for the nine months it’s showing at 16 crores. In the presentation it is mentioned that there was a profit of 20 crores. So I’m unable to reconcile the numbers if you can help me.
Bhagat Singh
So the point is this, that this 20 crores refers to the profit. So if you see how the conference numbers are derived. So one is a standalone number which is duly mentioned. After standalone numbers there are subsidiaries and STB. STBs are a hand project. So whenever we have one HPV that is which is completed last year 6 June. So which is already completed. And the company has already received the annuity.
So once you prepare the console result. So profit of the SDB also added back added up to the console number. So this 20 crores of profit which we have given a note in the press release. This pertains to the prop. This profit that we profit of the Malot above SADH SB which was consolidated into the console balance sheet. And this 19.6% profitability include this profit.
Siddharth Gupta
Okay. Just one further question. Now you have already mentioned regarding the you know appointment dates expected first few of the HAM projects this Mandi Dabwali and Jalbeira Shahbad. When is the PCOD expected for these projects?
Ramneek Sehgal
So we’re expecting to complete it by next month. So we should get the cod before May.
Siddharth Gupta
Before me
Ramneek Sehgal
Our quantity was approximately the 11th of August. It’s the end of schedule.
Siddharth Gupta
Okay. And Jalbira Shahbat
Ramneek Sehgal
Also the same line maximum would be May end.
Siddharth Gupta
Okay. And Ludhiana Batinda, I think this project has been awarded some time back. Any. Any update on appointment date for this project?
Ramneek Sehgal
So you know the agreement has been done I think last month. We have five months for the financial closure. So the five months would end close to May. And I am targeting around that time. We should be getting it. Next one would be the second quarter.
Siddharth Gupta
Okay. Thank you sir. And congratulations again.
Ramneek Sehgal
Thank you so much. Thank.
Operator
Thank you. The next question is from the line of Anupam Gupta from IIFL Capital. Please go ahead.
Anupam Gupta
So just want to reconfirm one number. So including the five Ham and Amritsar Katra project which we have which are currently not functional in terms of construction, what is the order book under construction at this point of time?
Ramneek Sehgal
One second. If we just remove spurt two which is 1071 crore and the other one is 9 micros 2000 and it should be around close to 5000 crore.
Anupam Gupta
Okay, understand. And of that you said both The Ayodhya projects plus the Varanasi 12 will come up in March.
Ramneek Sehgal
Exactly.
Bhagat Singh
Yes,
Ramneek Sehgal
Exactly. Exactly.
Anupam Gupta
Okay. So let’s say if you take that, are we still on track for that 15 growth for this year? Because earlier assumption was that Ayodhya will come up in January and we’ll be able to execute some bit in this quarter.
Ramneek Sehgal
So. No, no, no, no. We, we still are trying to do something. Trying because we have already started mobilizing and we are targeting to close the French very soon. And good thing is we are really, really positive about Ayodhya because Ayodhya is a very important project for government. Both the government center and state government. And you know, it is like a kind of iconic project for them, Ayodhya. So I’m very positive about Yodian. And achieving that 15% is not a challenge at all.
Anupam Gupta
Understand. And given that all of this will come through and then Ludhiana is also expected by, let’s say the second quarter next year should be way higher than 15, 20%. Right? That’s the right assumption.
Ramneek Sehgal
I still would say with that for our guidance, 15, 20% would be there. We would like to work hard and deliver more but let it happen because we don’t want to guide anything. We want to guide less and Livermore.
Anupam Gupta
Okay. And so one question on margins. So 12 and a half to 13 EPC is absolutely fine. But in terms of existing projects which are completing, what sort of visibility we have for bonuses for the coming, let’s say few quarters.
Ramneek Sehgal
So I am expecting hand projects. We should have bolus. You know, if you see company has been achieving all the milestones ahead of schedule. It’s just when the government is unable to, you know, deliver us a project, a land project, then. As sometimes you know you were working with the client so you have to work with them. You have to understand the site condition. Also it’s not government never wanted to. They don’t try to give us the land. Sometimes the circumstances are there local problems or something where you have to understand the client and you have to work with them. Otherwise all our ham project, the first time project was completed eight months out of schedule. And we have got bonus second hand project again complete before time. Third also before time.
Anupam Gupta
And then one last question on bidding strategy. So let’s say if there are BOT projects, what are, what is our strategy for bot project in terms of bidding?
Ramneek Sehgal
So you know we are very conservative in terms of the bot. We have a lot of opportunities from the market where they want us to either give us certain small amount of stake for 26% or they want to take us on role as an EPC contractor. We’re open to that kind of work. But you know we already have a good order pipeline and order book right now with us. And besides that we’ve been bidding for more iconic projects. One of our iconic projects is going to open on six where only four bidders have qualified. It’s a Delhi railway station that’s worth 24, 2100 crores.
So we have already been in the joint venture and you know it’s one of the largest railway station of the country. So you know as I said before and garage before that we always like to add verticals in Seagulls 14 and we’ve been doing that. We have just quoted for a 1213 crore project in Kolkata which is a tunnel project which is in cover and cut cover method. Because you know we are just about to complete our tunnel project which is in Jammu Kashmir. You know in last 20 years so many companies have gone bust executing projects in NAAM and Banyan. We are one of the companies who are almost about to complete this tunnel project of 6200 meters. And I mean after that May and June we should have a completion certificate and we are bidding more towards tunneling projects.
So if you see we have about more than nine verticals with Seagull. So it is very important for us to go into bot. If we bid in bot we will be very conservative. We will be taking care of everything, all aspects before bidding. Because we already have about 10 hand projects with us and dream project is going to be completed and we don’t have any pressure of bidding anywhere like that. And we are very comfortable of bidding. And I said before that 5000 crore we guided all our investors and we have already touched 2500 crore and we have already called for 16,000 crore more projects. So I don’t think order book value has ever been a challenge for season.
Anupam Gupta
That’s helpful sir. Thanks for this and best of luck for the coming quarter.
Ramneek Sehgal
Thank you. Thank you for the question.
Bhagat Singh
I would like to revisit my revert on the term loan repayment query of ever so apologies. There was a mistake in the reward. So the query was the debt reduction that we are projecting for the next till March. So as far as the total debt of standalone is concerned it is 4285. The working capital utilization as we speak in 85 crores. We are expecting to remain it within the limit as far as the term loans are concerned. So that the debt payment would be in line with the repayment schedule sanctioned by the bank. But I would like to reconfirm that the overall debt equity ratio of the company would remain on standalone basis within the range of 0.35 to 0.45. Thank you.
Operator
Thank you, sir. The next question is from the line of Bala Subramaniam from Arian Capital. Please go ahead.
Balasubramanian A
Good evening sir. On that IOTA projects and Varanasi projects. How much incremental working capital required and how much advanced legalization for these projects.
Bhagat Singh
So as far as the Varanasi project you’re talking about the additional working capital requirement for Ayodhya and Varasi.
Balasubramanian A
Yes sir.
Bhagat Singh
So it depends upon the time of. We got the ad. So if you talk about Ayodhya. So we are expecting that both the project will start. We will able to get the quantity date in the month of March this quarter. February. Sorry. So we. We feel that total requirement of against both the hamp closer to 50 crores. Which the company would be able to meet partially through the internal approvals. Plus the release of FDR from the banks. And in case the need arises the company would be able to oblate the mob advance from the banks.
And as far as the warranty is concerned the total requirement would be close to 220 crores. But I. I just would like to say that this is a total requirement of working capital on the entire project. The actual cash flow requirement would depend upon the schedule G and schedule H. Whatever we need to create and what is the source of the fund. So this is a total quantum. I’m. I’m just informing. Which will be requiring over a period of two years.
Balasubramanian A
Got it, sir. So how much unused limits do we have?
Bhagat Singh
How much
Balasubramanian A
Unused limits?
Bhagat Singh
Unused limit. So if you talk about the fund based limit. So we have a quantum of 125 crores unutilized as we speak.
Balasubramanian A
Oak is not a bent.
Bhagat Singh
You’re talking about unutilized fund based limit or unutilized non fund based limits.
Balasubramanian A
Could you share both? Both elements and that would be really helpful.
Bhagat Singh
So the so basically we have as a fund based app already informed as far as the non fund based are concerned. So we already have approximately 700 to 1818800 crores of delivery. Emits from existing banks. Plus we have 1300 crores of the insured line sanctioned by the insurance companies for bidding. Sure. T bona bit bond. So as far as the total working capital limit is concerned the company doesn’t have any challenge. We have adequate amount of support from banks as well as from the insurance company. And also we have the IPO proceeds of 140 crores. That is on which we have raised in the month of August the amount of 140 crores which we have raised for general corporate purpose. That FDR is also lying with the company which can be utilized either for NWC or a long term equity inclusion. So that is an additional liquidity support.
Operator
Thank you very much. The next question is from the line of Vaibhav Shah from GM Financial limited Please go ahead.
Vaibhav Shah
Thanks for the follow. So what is the equity that you invested total till December in all the projects?
Bhagat Singh
As far as talking about all the three projects so totally we have invested 247 crores in all the three ham projects.
Vaibhav Shah
The last quarter number was 260 odd crore as of September Including Malod.
Bhagat Singh
Malod. I can give you a bifurcation of ham wise. The Seagull Malod we have invested 99.23 crore. We have invested 188 84.09 crores. Seagull Delvera we have invested 64.61 crore. Total is 247.3 groups
Vaibhav Shah
11 and 12. We have invested some part, right?
Bhagat Singh
No, not yet. The investment would be in line with the whenever we got an appointed date.
Vaibhav Shah
Okay. And so secondly what is the pending equity that we have to infuse as of December and what is the timeline for that annually?
Bhagat Singh
Come again please sir, please repeat.
Vaibhav Shah
So as of December how much equity do we have to infuse which is remaining
Bhagat Singh
As of as far as this both the hand projects are concerned. So we like we have to include 350 crores as well as Varana is concerned. We are supposed to invest 290 crores over a period of. Over a period of next two and a half years.
Vaibhav Shah
290 crores.
Bhagat Singh
Yeah.
Vaibhav Shah
Okay. And and lastly sir, what is our trade receivable?
Bhagat Singh
Another important point is we already have 84 crores of FDR which is passed in the Malot above Sadhu Vali SPV. That is. That is the amount which is lying there in the form of fdr. So companies also discussing with the banks to release the same so that we can upstream it and utilize it for the future cash flow purposes.
Vaibhav Shah
Okay. Lastly, what is our trade receivable number? It was around 900 karod. As of September,
Bhagat Singh
This is the case. Can you allow me a minute to give it.
Vaibhav Shah
Basically I wanted to take receiver’s number and of that what is the ham SUV debtor number. So we had. We’re targeting the reduction of around 300, 400 crores in Q3.
Bhagat Singh
No, no allow we have to email ID. So I’ll email you the total debtor number of Seagull India limited on standalone basis as well as the debtor number for SPBs. Right. Or as on the 31st of September.
Vaibhav Shah
Okay. Okay. Thank you sir.
Operator
Thank you. The next question is from the line of Prince Chowdhury from Pink Wealth. Please go ahead.
Prince Choudhary
Yeah. Hi sir, I want to understand from the competition intensity point of view like due to increase in competition do we see decline in project margins?
Ramneek Sehgal
So hi, thank you for the question. So you know we are present in almost 10 states. Geography wise we have grown ourselves so well. And secondly we have almost 10 verticals. So if we are not getting projects in road, we’re getting elevated, not getting work in elevated. We’re getting in railway, not railways and airports, not airports. And we have tunneling. We have so many verticals and so many states as geography that we. What we have done is we’ve increased our bidding process. Like for example if you’re bidding for 16,000 crore it’s not necessary that we have to get all 16,000 crore.
We can get 2 or 3 or 4,000 crore. But we have to build as per our guided two digit EBITDA margins. And you know the market is so huge. I have already spoken that 10 lakh crore is expended. 11 lakh crore is expanding across the country. We. If we wish and we want to bid also then also we can’t bid more than 70, 80,000 crore or 1 lakh crore a year. So we are hardly building 10% of the entire country. And from getting 15,000 crore or 10,000 crore of the project is very very easy. And the only thing is we have availability of credit lines in terms of busy limits, we have availability of insurance bonds. So what we have done is we’ve been just bidding in all verticals, all geographies and we’ve been successful also. Thank you.
Prince Choudhary
Okay, sir. Thank you. Ted, answer my question.
Operator
Thank you. The next question is from the line of Suniti Joshi from AMG Financial services. Please go ahead.
Unidentified Participant
Hello. Hello.
Ramneek Sehgal
Yeah, yeah, please ma’am.
Unidentified Participant
Also Bihar with an. With the share of around 18% of Seagull’s total order book as of December 31 has received significant infrastructure allocations in this Union Budget 2025 including 26,000 crores for Expressway projects. So how does Seagull plan to leverage this approach? Opportunity to expand its presence in this region.
Ramneek Sehgal
Ma’am, we are very excited for Bihar. We’ve already present in Bihar. We already doing three projects in Bihar. We are doing the country’s longest elevated in Bihar, Danapur Beta. And I’m happy to share our first milestone. We have achieved 78 days ahead of schedule. We are doing an ADB project. Again that’s a structure work. We are building a bridge over cosi. Then there’s another work which is we’re building a double decker this flyover in heart of the Bihar city. So we are very well equipped. In fact one of the contracts we were L2 with a difference of 5 crores. So Bihar is our favorite state.
And we are really looking forward to Bihar. We have already established ourselves so well. And we are one of the favorite contractors also these days. Because you know we’ve been delivering our projects before time. And Bihar always there’s been a condition. People take projects and they don’t compete for years. So we have an edge there. And we are really looking forward to Bihar UP Jharkhand. But Bihar is on our top list. Thank you.
Unidentified Participant
Okay. Okay. So that sounds promising. And also you mentioned that the company has bid for projects worth 16,000 crores. So could you please provide a breakdown of the segments in which we have placed our bids. Additionally, could you give an estimate of the total order value we expect to secure by end of 2025.
Ramneek Sehgal
So first question, can I get your email? Our team can send you the email reply for the percentage. Because it will be very difficult to tell you whether the project worth 16,000 crore. I can tell you about few projects like we have quoted for a 2500 crore New Delhi railway station. Then we have quoted for a 1300 crore project which is Kolkatan Underground Metro which is like cut and cover tunneling. So these are kind of. These are the prominent projects which we have bid. And the entire detail in terms of which area we have quoted or which is state, we can send an email to you. Second question is, can you repeat the second question?
Unidentified Participant
So additionally if you can provide an estimate of the total order value we expect to secure by 2025.
Ramneek Sehgal
Yeah, this is a good question. So we have guided our investors that we will be getting 5,000 crore in this financial year. We’ve already crossed 47 across and we’ve already coded for 16,000 crore. So I mean whatever we have said, we will cross that. So we still have two months with us. So we’ve already achieved 90% of what we’ve guided our investors.
Unidentified Participant
Okay, sir. And what IRR do we expect in HAM before selling this project?
Ramneek Sehgal
So I can just tell you one thing. The first HAM project is AAA rated which is Malodapost Adhwali. And our equity IRR after the completion is almost 20%.
Unidentified Participant
Okay. Thanks for the detailed response.
Ramneek Sehgal
Pleasure. Pleasure.
Operator
Thank you. The next question is from the line of Jnam Jain from ICICI Securities. Please go ahead.
Jainam Jain
Sir, if I’m not wrong, you said that we are already 11 in 930 crore WhatsApp project.
Ramneek Sehgal
923 crore. Yeah,
Jainam Jain
Yeah. So can you just give me a detail about that project?
Ramneek Sehgal
So this project was originally also with us. We got it two, three years back for 702 crores. And now this project because of the land availability was not there. So the government has cancelled that project. And now they have come out with this project again. And we have got this project in 923 crores. We’re expecting the LOI very soon. And this is in continuation to our Ludhiana Bhrinda Package 2 which is for another 981 crores. And both the projects are strategically very, very good for us. And we already have a camp in the 5 crores of this project.
Jainam Jain
Okay, sir, that answers my question. Thank you.
Ramneek Sehgal
Thank you.
Operator
Thank you. Ladies and gentlemen, the last question is from the line of Vaibhav Shah from GM Financial Limited. Please go ahead.
Vaibhav Shah
Only one question. Sir. We mentioned that we have bidded for Delhi restriction redevelopment order, right?
Ramneek Sehgal
Yes. Yes. Yes. We have four qualified bidders. We received an email today that it is opening on sixth now.
Vaibhav Shah
So what is the value of the project and what is our scope in that of the JV? Our share.
Ramneek Sehgal
Our JV share is 51%. And this project is worth 2500 crores. Myself, there are five bidders.
Vaibhav Shah
And what is the value? You say
Ramneek Sehgal
It’s close to 25 crores.
Vaibhav Shah
2500.
Ramneek Sehgal
Yes. Yes. Yes.
Vaibhav Shah
So of that our APC share would be around 51.
Ramneek Sehgal
51. We were the lead.
Vaibhav Shah
Okay. Okay. Thank you, sir. Okay.
Ramneek Sehgal
Pleasure.
Operator
Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Ankit Jain for the closing comments
Ankit Jain
For the conference call today. And thanks to all the participants for joining the call. If you have any queries, please feel free to contact us. We are Orient Capital Investor Relations Advisor to Seagull India Limited. Thank you so much.
Ramneek Sehgal
Thank you everyone. Thank you.
Operator
Thank you. Ladies and gentlemen, on behalf of Seagull India Limited that concludes this conference. You may now disconnect your lines.