Dhruv Consultancy Services Ltd (NSE: DHRUV) Q1 2026 Earnings Call dated Aug. 14, 2025
Corporate Participants:
Unidentified Speaker
Tanvi Auti — MD & Executive Director
Pandurang Dandawate — Founder & Non-Executive Non-Independent Director
Harshil Ghanshyani — Investor Relations
Analysts:
Unidentified Participant
Thomas Jones — Analyst
Abhinav Singh — Analyst
Dhruv Shah — Analyst
Aditi Roy — Analyst
Sakshi Shinde — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q1FY26 results conference call of Dhruv Consultancy Services Limited hosted by Kirin Advisors Private 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 this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this call is being recorded with this. I now hand the conference over to Mr. Harshal Ghanshani. Thank you. And over to you, sir.
Harshil Ghanshyani — Investor Relations
Yes, thank you. Good evening everyone. On behalf of Korean advisors, I welcome you all to the Q1 FAT on 6 conference call of Duke Consulting Services. From the management team we have Mr. Panduang, chairman, managing Director. Now I hand over the call to miss. Thank you for the opening remarks. Over to you, ma’. Am.
Tanvi Auti — MD & Executive Director
Thank you, Arjun. Good evening. Esteem. Ladies and gentlemen, I extend a warm. Welcome to each one of you who. Has joined today for Dhruv Consultancy’s Investor call where we will discuss the financial results for first quarter of fiscal year 26. Your continued interest and engagement in our company’s performance are truly appreciated. During this session we will provide an. Overview of our Q1 FY26 financials. We will highlight our achievements, our strategic developments and the growth outlook. But before we delve into the numbers. Let us take a moment to reflect on our progress and the milestones that have set the tone for the year ahead. The company was founded in 2003. Headquartered in Navi, Mumbai. Dhruv Consultancy has grown into a leading name in the infrastructure consultancy offering end to end services that include design, engineering, procurement, construction and project management. Our expertise spans detailed project reports, feasibility studies, operation and maintenance work and technical subsidiary audits, positioning us as a trusted partner for complex infrastructure initiatives both in India and internationally. Quarter one FY26 began on a strong. Note marked by strategic wins and operational progress. This quarter we made a notable entry into the international private sector with our first project in Saudi Arabia. A move aligned with the Vision 2030 of KSA. This is a testament to our technical. Expertise on a global stage. In India, we strengthened our presence in core infrastructure consulting with major wins in railway and expressway projects including 1.94 crore detailed engineering contract under the Sagar Mala Initiative by IP RRCL and the Jasi Expressway and Bundelkhand Ganga Expressway extension project for preparation of DPR by upeda. These achievements reflect our ability to expand both geographically and sectorally, while maintaining our focus on operational excellence and timely project delivery. They also reinforce the resilience of our business model and our capacity to capture opportunities in high growth sectors. Coming to our financial performance for Q1FY26.
We reported a consolidated revenue of 21.4. Crores with a year on year growth of 6.89%. EBITDA stood at 3.58 crore, marking a strong growth of 30.18% with margins improving to 16.72% from 13.75. As against quarter 1 FY25, the net profit surged by 81% year on year to 1.6 crore, translating to a healthy margin of 7.46%. The diluted EPS also grew by 52% to 0.8%. These results are a clear reflection of our consistent execution, cost efficiency and strategic project diversification, both in terms of geography and sector. They lay a robust foundation for the remainder of the financial year. Before we move to the interactive segment, I would like to express my sincere gratitude to our stakeholders for their unwavering support, trust and confidence in our vision.
Our belief in our capabilities continue to inspire us, push us to our boundaries and deliver excellence. With this, I invite you all for a Q and A session. Your thoughts and questions are of great value to us and thank you once again for your presence and continued encouragement. Thank you.
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 the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. A reminder to all participants. You may press Star and one to ask a question. The first question comes from the line of Thomas Jones, an individual investor. Please go ahead.
Thomas Jones
I just wanted to know with regards to these projects. Now I know that we were in line for some international orders. Can you give me an update on them? Have you received anything apart from the Saudi Arabia one? What is the status of it?
Tanvi Auti
Yeah, at present we are working on the Saudi Arabia project. We are working in Mozambique right now. We have just received our work permit. Last week and we have opened a branch office there in the name of group consultancy. So now once the work permit is. There, further orders would come in. We are presently also we have submitted. EOI and has been shortlisted in Ghana, in Zambia, in Tanzania, in Nigeria, also a few Middle east private sector assignments in UAE as well. So once the orders are there. We would inform our investors first. We are also deploying a business development team in Vietnam. Recently we had signed a delegation there. And in Vietnam there is a lot of GCA funding that is happening there for infrastructure projects. Lot of expressways coming up. So with the efforts of our business. Development team, we are hopeful of getting. GCA funded projects there as well.
Thomas Jones
Okay, so this to help me understand this now what, what would be the order size of some of these projects now? Because typically in the presentation what I’m seeing currently everything is in the 2 to 6 crore range. But then the Saudi one is around 18 crores. So can you expect orders that can go beyond that? Maybe 25, 30, 40 crores? Is that possible?
Tanvi Auti
It can go up to 100 crores. Also there are a few bids that are submitted to the tune of 100 crores also. So even a single order of 100. Crores can be expected from the international market. Okay, yeah, it is a big range. It is from 3, 4, 5 crores to 100, 150 crores also we have bidded and.
Thomas Jones
And you are also bidding for those hundred crore projects?
Tanvi Auti
Yes, we are. Yes, we are. And we qualify.
Thomas Jones
Okay, and you qualify. Okay, great. Just a few more questions if I can. Okay, so the thing is we’ve been hearing about these international orders for a while, Mozambique and all, but nothing has, you know, come around. I mean I think we’ve been, I’ve been hearing about it since the last three, four quarters and it’s still in that very stuck stage. Is there a reason why it’s delayed?
Tanvi Auti
The reason is an instability in these countries because our main market is Africa. Okay, so Africa, if you see like we have heard all over the world. So there are no roads as such. So when we Talk about an 8 lane or 10 lane expressway in India, a 2 lane or a single lane road is also an expressway in Africa. So the condition is that the population is very less, the need is very less. But there’s a lot of funding that is happening there. But due to. So sometimes what happens that once the government decides to do a project and when the person is actually appointed, turnaround down time is quite slow.
It goes up to two years. So the projects that we are getting or being shortlisted right now, we had submitted those tenders in somewhere in start of 2023. Okay, so it’s a slow process. But. But yes, the margins are pretty good. That is why. And once the order starts flowing in like we are getting the. We just got our work permit last week in Mozambique. So now taking up local opportunities also would be a good thing because then the transactions and the taxation also eases out.
Thomas Jones
Okay, yeah. And so just a question, I mean I was recently listening to an interview with Vivek Oberoi, but he was talking about a company called Pentagon. I believe they’re also in the same consultancy services like you. And he was talking about how they incorporate AI and they’re working on the largest seabridge construction that’s happening right now. So do you use AI? And you know, what are your views on this fear of yours, this Pentagon?
Tanvi Auti
So at present I don’t know what the other company does, but I can speak about what we do in AI as a con, as an infrastructure consultant. So first thing is our survey. So the geotechnical investigation reports. Then there is traffic surveys. That is happening. We have an network survey vehicle which actually scans, which, which actually scans the road and identifies depths. So all these surveys and investigations are AI driven. And we the generates are. It generates reports through artificial intelligence. Secondly, design proof checking. So whenever, as an authority engineer and as an independent engineer, drawings are sent to us by the contractor to verify and to check.
So it was taking somewhere about 15 to 20 days for one drawing to be evaluated, whereas AI does it in five minutes. So we have that facility now so we can take up more projects in less number of staff. Second, thirdly there for DPR preparation we have estimation, cost, rate analysis to be done. And that is also AI driven.
Thomas Jones
Okay. Okay, wow. Okay, just a few more. So you were saying the Vietnam’s looking really big, right? You’re looking at some GIGA projects. What exactly are you looking at? Can you give, can you elaborate on some of the projects?
Tanvi Auti
Yes. So in Vietnam what is happening is there is a lot of Chinese influence that is there in Vietnam. So it is a bit difficult to penetrate unless you actually have a presence there. So in Vietnam there are two sectors. That we are targeting. One is the highway sector, that is construction of expressway. So between two towns, say even if you say a Hanoi or Hanoi to a long way if you go, the connectivity is good right now, but there are no networks, there are no wayside amenities that are being developed. So those roads are being developed to expressway standards. So the geography is very large for Vietnam. Yeah. And yeah, so the road people prefer traveling by air people people prefer traveling by railway there. But the road connectivity is not so good. So with better alignment, with better amenities alongside the roads, I think that that development is taking place.
Thomas Jones
Okay, and, and these again these orders are. Maybe you’re saying about 20, 30 crores in that range, right?
Tanvi Auti
Yes. Yeah, it ranges from 5 cr. So depending on what type of service they are expecting from us, we can offer services ranging from 5cr to 100cr.
Thomas Jones
Or even there even in the Vietnam. Okay. And then one last question. Now apart from roads you were also looking at. I believe there was. Yeah. Other sectors. So maybe can you elaborate because when I looked at the presentation that you showed I’m only seeing more of highways and the roads. So can you maybe give us what exactly is happening with the other sectors?
Tanvi Auti
Yes. So highways, yes, we are predominant and highways will remain dominant even going ahead. Because the connectivity that the highway sector offers no other sector will offer. Okay, so going ahead also highway is going to remain as prime area of focus. But yes, we are increasing the other sectors order book as well. With respect to railways, we are presently working on three projects. One for the Western railway in Rajasthan. One for Southern railway in Tamil Nadu and one in Jasi, the Eastern railway. So there are three projects that are going on. One we are working as a general consultant, one as a PMC and one we are preparing a dpr.
Next is the metro sector. We are already working for four lines for multi model logistics development for in the MMRDM Mumbai metro. Coming to the airport sector. We have recently. We have recently appointed a head for our airports and urban infra sector who is an ex government officer from the airport sector. And it is connect. We are developing a team of airports, ropeway and urban infra underway. So if you must have heard in the news that Kedarnath rope then there is Vaishnavi rope in Maharashtra. There are many rope projects coming up. So recently we have submitted our bids for seven to eight rope day projects in state as well as central government airports.
We have submitted three to four bids as a DPR and as a PMC consultant. The good thing about these two, why these two sectors? The good thing is there’s no competition as such. We hardly one, one or two bidders are coming for these airports. There are very. There are not no consultants and foreign consultants cannot easily penetrate here. They need to have a local consultant with them. So with the help of their technology we are tying up with a few companies in Austria for the sector and for airport sector. We are in talks with a few US companies wherein we form a synergy and we are bidding for these airport products.
So at present three bids for airports and around seven to eight bids for Oprah have also been submitted and we can expect the result in the quarter. 2.
Thomas Jones
Okay, is there any. When it comes to Indian, is there any seasonality when it comes to orders? Do you expect more in the first half of the year? Q2, Q3 is where it typically picks up.
Tanvi Auti
Q3. Q3 orders pick up at the end of Q2. September, October. And revenue flow comes into maximum. Revenue comes in Q3, Q4. That has been our trend for the past 22 years.
Thomas Jones
Oh, okay. Okay. So revenue, how does it work? As the construction gets completed, you get your percentage on completion basis?
Tanvi Auti
No. So it depends on the service. If it’s a DPR project, then the project, the. The payment is the revenue recognition is milestone based. And if it’s a PMC project, it is monthly. But what happens is if there are monsoons then it. It is difficult to carry out surveys and investigations. So hence there is a few delay when it comes to monsoon in terms of revenue recognition. Otherwise Q3, Q4, 60, 70% of our revenue picks up in Q3, Q4.
Thomas Jones
Okay, and just one last question. And that is. So the metro and the airport. Can you give me a average on what typically the order sizes are for those?
Tanvi Auti
If I can, at an average the order size is 5 to 7 crores. Each.
Thomas Jones
Each. Okay. Yeah. Thank you so much. That was really detailed and great. Thanks. Thanks a lot. Thank you.
operator
The next question comes from the line of Abhinav Singh, an individual investor. Please go ahead.
Abhinav Singh
Yeah. Thank you for the opportunity. So my question is. With contracts spanning multiple geographies, how. How are you building project management and resource allocation capabilities to avoid bottlenecks?
Tanvi Auti
Okay. So at present I’ll tell you the current situation and then I’ll come to the answer. So we are working close to 60 project, 60 construction projects right now. And all those are spread throughout the country, right from north to south and east to west. Okay. Now at each of these offices, each of these site offices, I would say we deploy a manpower of close to average 50, somewhere 20, 22 depending on the size of the project and the complexity of the project. So we already have a Strong presence in 27 to 28 states of India.
Including a few union territories. So India is already such a big geography to work with where I think we have excelled. And we have recruitment, a talent acquisition team who is, who is identifying talent. Internationally and domestically on a daily basis. And they are the best in the industry apart from this for now international sector, if it’s a private sector, we have at our corporate office we have 60 to 70 engineers who only monitor the projects that are going on in India. But each of them have Project going on worth 20,000 crore under them in India itself. But they have a certain bandwidth to take up another 50 hundred projects if given to them because they are not actually deployed at site. So when it comes to design and engineering projects I already have a big manpower present at my head office who will deliver the project.
If it’s a PMC assignment then we tie up with local companies outside local companies in that particular geography who takes care of the manpower and the resources.
operator
So do you have any other question?
Abhinav Singh
Okay, that’s all from my side. I’ll join back in the queue if I have more questions.
Tanvi Auti
Thank you so much.
operator
Thank you. The next question comes from the line of Dhruv Shah, an individual investor. Please go ahead.
Dhruv Shah
Hello, good afternoon.
operator
Yes sir. Please go ahead with your question. You’re audible.
Dhruv Shah
So like we have a significant exposure to the international project. So how do you plan to mitigate the foreign exchange geopolitical and regulatory risks?
Tanvi Auti
So we have, we have already announced last year that we have formed a subsidiary, a wholly owned subsidiary of Dhruv in UK and all the international projects are being taken up from there. However, since the subsidy was just opened. Last year in 2024 February, the bids. That are submitted before that are the. For the transaction is happening through the Indian account itself. Wherever we get a project we have to establish a branch office there and open a bank account as well. We are also operating through gift city model which has been announced by our Prime Minister. Honorable Prime Minister. So that actually takes care of all the foreign exchange and the transaction that is happening in Mozambique for example, the expenses are done then and there itself. And whatever remains as a profit then is is transferred back to the. Is transferred back to India.
But since all these transactions are in US dollars and ua. Yeah. So increase in US dollar is actually a benefit for us.
Dhruv Shah
Yeah. How are you like how are we safeguarding against delays in project?
Tanvi Auti
International jurisdiction in Africa there is political instability and all those things. But only way of mitigating that is funded project because we are going through EXIM bank or ADB or African Development Bank, World Bank. So they take care of our payments and not the local authority. So that is how our payments are not stuck.
Dhruv Shah
And we have recently secured our first sector project in Saudi Arabia.
Tanvi Auti
Yes.
Dhruv Shah
What is the broader strategy for Middle east market? Do we see any repeat business over there?
Tanvi Auti
Yes, the. So we all have heard in the news about Saudi Arabia’s Vision 2030. There are a lot of industrial cities, industrial development that is happening in the entire Middle East. So we are in talks with two to three consultancy firms itself who can, who can maybe give us a small portion at first we start working in these industrial zones and slowly, slowly penetrate into larger highways. There is neom city projects also coming up where we are hopeful of getting empanelled also. So once that happens then more flow of orders are expected and we are expecting repeat, repeat business from the existing ones also.
Dhruv Shah
And any other geographical regions where we are expanding. And like what is the competitive advantage that we have in this market?
Tanvi Auti
In Africa I’ll break it down into three geographical zones. In Africa we have a huge competitive edge because they don’t even have single lane roads right now. And in India we are already working on it and accessories. So Africa the eligibility not much of a big criteria. In Middle east the efficiency requirement is double of that what is expected in India like for example the drawings that we prepare, the design and drawings that we prepare are two dimensional in India. But in Middle east and developed countries, even like UK and US they expect 4D and 5D models.
So at present our entire design team is being trained and upgraded through a building informational, building information model, building information modeling environment to develop these 4D 5D models and we’ll be ready to take up these assignments. So upgradation of software is happening to work in the Middle East. Similar is for the Southeast Asia like Africa there is not much infrastructure that is available because again these are developing or underdeveloped countries. So we as an Indian consultant, so much development happening here in India itself we definitely have an edge as far as the eligibility is concerned.
Dhruv Shah
And what percentage of our current order book is from repeat clients and how are you working to strengthen these long.
Tanvi Auti
Term relationships is if from. Can you repeat your question?
Dhruv Shah
Yeah, like what percentage of our current order book is from repeat clients and how are we streaming these relationships?
Tanvi Auti
Yes, so our repeat business, 100% of our business is from repeat clients only. I think this year we have added one in Saudi Arabia and MSI IDC state government. Otherwise I think 80, 90%, 95% of our orders are from repeat business only. And we strengthen this by having a strong livening base. Like I said, in Vietnam we are Vietnam and in Saudi Arabia we are in the process of appointing a business development team there to have a good relationship with these clients. And one because although we are in this online era where meetings happen on Zoom and Zoom etc.
But face to face does make a difference. So we have deployed teams in, in Africa as well. Our team travels, we have people in Saudi Arabia, associate partners in Vietnam also our CEO has recently visited there and had strong connections with the developed, good connections with the embassies, with the chamber of commerce that are there. And through this now we are entering into the infrastructure market in these regions.
Dhruv Shah
Okay. Could you elaborate your execution strategy for large multi year contract like the hybrid annuity projects in Maharashtra and expressway consultancy.
Tanvi Auti
So whether it is a epc, whether it is a HAM or a vot, the role of consultant doesn’t change much. Minorly changes, but not much. Because as a PMC consultant, if we are a DPR consultant, we suggest what mode of what should be the mode of execution, Whether what would be beneficial to the government. We have to think it from that point of view. But when we are working as an authority, independent engineer, it doesn’t make much difference because we have to deploy manpower at the right. We have to deploy vehicles, we have to set up an office.
We have to carry out surveys and everything. So our scope of remains the same whether it is a HAM or a BOT or a PPP project or a EPC project.
Dhruv Shah
That’s all from myself. Thank you so much.
operator
Thank you. The next question comes from the line of Aditi Roy, an individual investor. Please go ahead.
Aditi Roy
Hello. A very good afternoon.
operator
Yes ma’.
Aditi Roy
Am.
operator
Please go ahead with your question.
Aditi Roy
Now my question is we saw an 82% YoY surge in next topic with 309 bth margin expansion. So how sustainable are these margins going forward? Considering potential cost pressure.
Tanvi Auti
Yes. So we can expect further margin improvement going ahead. The main reason for this margin improvement is addition of private sector project. In the past few years or maybe 10 years, I think we have been working only with NHI and Morph. Now with the addition of a good client base, we are working with irb, we are working with gr, Infra, hcc. These big names as a consultant as well. So with entry into the private sector market and international assignments there can be further considerable improvement in the EBITDA margin.
Aditi Roy
And next question is our EBIT margin have consistently improved. So what specific operational efficiencies or cost control measures most of these improvements.
Tanvi Auti
Yes. As far as cost control is concerned, last one year we have introduced SAP based systems and ERPs further which further strengthened our internal control systems. Here we have a strong team of internal auditors.
Aditi Roy
Sorry.
Tanvi Auti
Yeah, we have a strong team of internal auditors as well as we have appointed joint auditors to further strengthen the internal control system. And through ERP and SAP I think everything is being automated and integrated to each other.
Aditi Roy
Okay. And I have one last question.
Tanvi Auti
Yeah.
Aditi Roy
Our finance cost still have reduced significantly year on year. Can you please elaborate on data reduction strategies or refinancing plan.
Tanvi Auti
Finance cost? You are talking about finance first, right?
Aditi Roy
Yes, ma’. Am.
Tanvi Auti
Yeah. So finance costs have been decreased for the reason that we did our preferential issue in the last financial year. And still those funds are there with us as FDs. So yes, we don’t plan to use those FDS and we plan to keep it for future bidding and business development in these international markets. So yes, we can expect further improvement as most of our loans have been closed in the last three to four months and we don’t plan to take any new debt present.
Pandurang Dandawate
One important thing happened. Hello. Am I. Am I audible?
Tanvi Auti
Yes, sir,
Pandurang Dandawate
I am Chairman Dundote. One important thing happened one month back. Ministry of Road Transport and Highways and also NHA has come up with a option of using surety bonds in place of performance bank guarantees. This had changed the dynamics of our finances and economical cost bank guarantee. You all know we have to first set up the bank guarantee limits with the banks. Number one, we have to pay the margin money. Sometimes it is 15%, sometimes it is 30%. Now it is even as high as 50%.
Thirdly, we have to give the collateral security. So in surety one, all three things are not needed. Only we have to pay the premium. So surety bonds will definitely reduce our finance cost. And we have now unlimited bidding capacity because of this instrument approved by the nhi.
operator
Do you have any other question, ma’?
Aditi Roy
Am? No, ma’. Am.
operator
Thank you. The next question comes from the line of Sakshi Shinde, an individual investor. Please go ahead.
Sakshi Shinde
Thank you for giving me this opportunity. My question is, many of your projects span multiple years and involve multi agency coordination. So what operational practices or tools are in place to manage the complexity and ensures on time delivery?
Tanvi Auti
Yeah. So as far as our operations are concerned, we have four departments. First is the DPR or the Design or DPR Design department. So where in dpr, whatever feasibility study assignments are coming in. We have a team of seven to eight engineers ranging from an experience of. 15 years to two years. We have a PMC team led by three general managers and. Each of them. Have been divided into zones North, South, East, West. So they are taking care of individually. 15 to 20 projects under them. Then we have a highway design team and a structure design team who work on high end software of cad, CAD enabled software. Then Bentley open doors software. Then structure design, there is software, Speed, there is Midas. So all these through all these software and we are trying to introduce AI and building information modeling environment as well. Which will now generate not only 2D, not only 3D but 5D models. Thereby increasing our efficiency and readiness for the international market. Apart from this, all these departments are integrated with the support departments like hr, Finance, Business Department, erp. That is developed. So we get real time information of each and everything that is happening in the organization.
Sakshi Shinde
Thank you, ma’. Am. Okay.
operator
Thank you. The next follow up question comes from the line of Dhruv Shah, an individual investor. Please go ahead.
Dhruv Shah
Yeah. Hi.
operator
Yeah.
Dhruv Shah
Yeah. So we have a good track record. So are we exploring any like government contracts at large scale?
Tanvi Auti
Hello. Hello. Can. Can you answer this? Chairman? Sir, by large contract? Yes. There are presently we have reached a tune of 25cr. That is we are doing in NSIDC in Solapur district. There are 11 packages. So government is now coming up with bundled packages. Rather than a 40 kilometer or a. 50 kilometer project, they are giving a. 200, 300 kilometer package to one consultant. The eligibility criteria have been stringent. And we being an early entrant in. This industry, we get an edge over all this. Right now it is a H1 kind of a bidding that is happening. H1 kind of evaluation that is happening. Wherein a technical, technical score carries 80% weightage and financial carries 20%. Now what NHI is doing is they are fixing up. Fixing up the cost. The final, the final. The grid cost for a per km. Rate which is. At least four to five times of the present rate that we are working at. But the. The. Operational efficiency that they are expecting from us is also 10 times. Now from what we are doing at present. And with so many developments, software wise and artificial intelligence coming in, we have that readiness. And we do qualify for such large assignments as well. The first result of that being the 250 kilometer single DPR Expressway project awarded to us by UPEDA in from JASI. And in Delkhan, Chitrakut passing through all these regions. It is an extension of the Ganga Expressway where we are already working as a PMC consultant.
Dhruv Shah
Okay. And any strategic partnership or collaboration we are planning to accelerate growth.
Tanvi Auti
So when for highway? I think we have. We are going ahead. You must. Until now you must have seen that we are doing JV and association. But now Dhruv has reached a point where we qualify solely for any kind of highway project. And no joint venture or associations would be required. But for railways, Metro, airports, roadways, these sectors, we are going ahead as joint venture either in a lead capacity or as a second partner. So with. But it Won’t take so much time that it took for highways because there is very less competition here. And even with one or two projects being implemented in a JV from third or fourth project, we can qualify.
Dhruv Shah
Okay. Yeah. Now, so now where do you see through consultancy in next, let’s just say five, six years.
Tanvi Auti
So by 2030 we have, we have kept two visions. By 2030 we are, we see ourselves replicating the success that we’ve had in the highway sector to two other sectors. Railway has been given equal emphasis by the union budget. I think more emphasis has been given on railway and there are a lot of opportunities and bidding happening there. Airports, there are 227 plus airports coming up. So by 2030 we are confident that we replicate this entire success of the highway sector into two more sectors by becoming one of the top two or three consultants for these sectors.
And by 2050 we have a vision to become a global infrastructure consultant player wherein we have our presence in at least eight regions of the world and we have our offices in at least four continents there. And with the main one being in India, we create more subsidiaries, we create more SPVs, we create more branch offices, become a global player. Someone like AECOM Asia or AECOM who’s working in Saudi, who’s working in US also. So that’s our vision.
Dhruv Shah
That’s all from my side. Thank you.
operator
Thank you. The next follow up question comes from the line of Aditi Roy, an individual investor. Please go ahead. Ma’, am. Please go ahead with your question.
Aditi Roy
Thank you for joining the first meeting. I have a couple of questions.
operator
Yeah.
Aditi Roy
How do you balance the rapid international expansion to maintain a strong and reliable domestic base.
Tanvi Auti
For international. We have opened a subsidiary in the United Kingdom in London. And we plan to operate our entire international operations from there. It’s just been one year old so maybe from next year onwards the operations would actually start. At present everything is being operated from our Indian office only. We have a team of 60 to 70 engineers at our head office who have the capability and the bandwidth to take up all these in all these international assignments on their own.
Aditi Roy
And I have one last question. Are there any plans to form strategic alliance or joint ventures with a global engineering or technology firm to accelerator scale and capability in new market for international market.
Tanvi Auti
If it’s a government funded government project or a funded project, yes, we will form strategic analysis. But if it’s a private sector then we don’t need any alliance to be formed because we have enough capability and eligibility to execute those assignments. But as far as the government projects are concerned. We have a criteria that foreign consultants can have a share of 40 to 50% in the assignment and we have to hire local manpower there to the tune of 60% so that job employment is generated in their. In their own countries.
Aditi Roy
Okay. Thank you so much.
operator
Yeah. Thank you. A reminder to all participants, you may press star and one to ask a question. A reminder to all participants, you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions for the participants, I would now hand the conference over to Mr. Harshil Ghanciani for closing comments.
Harshil Ghanshyani
Thank you everyone. During the conference call, if you have. Any queries, you can write us@researchirinadvisors.com Once again, thank you everyone for joining the conference call.
operator
Thank you on behalf of Kirin Advisors Private Limited. That concludes this conference. Thank you all for joining us. And you may now disconnect your lines.