Electrosteel Castings Limited (NSE: ELECTCAST) Q3 2026 Earnings Call dated Feb. 06, 2026
Corporate Participants:
Sunil Katial — Chief Executive Officer
Ashutosh Agarwal — Whole Time Director and Chief Financial Officer
Madhav Kejriwal — Whole Time Director
Analysts:
Unidentified Participant
Hiral Keniya — Analyst
Rajesh Agarwal — Analyst
Rajesh Bhandari — Analyst
Pujan Shah — Analyst
Radha Agarwalla — Analyst
Saket Kapoor — Analyst
Presentation:
operator
Good day and welcome to Q3 and nine months FY26 earnings conference call of Electrosteel Castings Ltd. As a reminder, all participants line will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Hiral Kenya from EY LLP. Thank you. And over to you sir.
Hiral Keniya — Analyst
Thank you Ikra. Good evening everyone. On behalf of Electro Steel Casting Ltd. I welcome you all to the company’s Q3 and 9 months FY26 earnings con call to discuss the performance of the company. We have with us from the management team Mr. Madhav Kejriwal, whole time director. Mr. Sunil Katial, whole time director and CEO Mr. Ashutosh Agarwal, whole time director and CFO and Mr. Gaurav Samani, general Manager Finance. Before we proceed with this call, I would like to draw your attention to the fact that today’s discussion may contain some forward looking statements that are subject to various risk uncertainties and other factors which would be on management’s control.
We kindly request you to bear in mind that there may be uncertainties while interpreting such statements. We would now start the session with opening remarks from the management team. Afterwards we will open the floor for an interactive Q and A session. I will now hand over the conference over Mr. Sunil Katyal for his opening remarks. Thank you. And over to you sir.
Sunil Katial — Chief Executive Officer
Good afternoon everyone and thank you very much for joining us today. At the outset I would like to mention that this is a period of resilience for the company as well as the ductile iron pipe sector where we are navigating short term challenges which now gradually are getting better visibility on the road ahead. For the quarter, our sales volume of the tile iron cast iron fittings was down by 3.5% quarter on quarter basis and realizations also declined. Thus it has impacted our top line which was partly compensated by the sale of intermediary products such as cokes, pong iron, pig iron and Ferru alloys.
I would like to share our perspective on the current environment and how we are positioning ourselves going forward. Over the past few quarters the domestic water infrastructure sector has gone through a challenging phase as all of you know. And this quarter also reflects that environment. Demand for ductile iron pipes has remained subdued largely due to temporary delays in government spending under JJM at both central and state levels, drinking water and urban infrastructure projects which are closely linked to government funding saw much slower execution during this period. As a result, industry wise production levels were impacted and also the pricing remained under pressure.
As mentioned in our earlier, would like to emphasize that this slowdown appears to be temporary rather than structural. We all know that during the budget discussion when the government has come out with whatever are their plans regarding the funds on JJM and all that and definitely the focus of the government remains which definitely is bringing a better sentiment to the whole water infrastructure sector. We are now seeing definitely some signs of improvement after that. Funds releases under these key water supply programs like AMRUT and JJM are just starting to resume in the remainder of this year.
According to multiple recent reports, the Government of India has revised the Jaljeevan Mission budget outlay for the current financial year 2526 to approximately 17,000 crore in the revised estimate which may be released before March 26. In the budget presented on 1st of February 26 for the next year, 67,600 crores has been allocated against JGM. These developments reiterate our confidence that the recent slowdown was largely administrative and fiscal in nature and not due to any shift in policy intent at the government level. We expect demand conditions to improve gradually with a stronger rebound expected from now onwards.
Coming back to our performance despite these headwinds, Electrosteel has managed its operations with discipline, prudence and lot of focus on cost reductions. Our strong footing in the overseas market has helped us in strengthening our exports. Export volumes during the quarter was up 11% basis. Our balance sheet remains strong reflecting the company’s financial resilience and conservative approach during these challenging times. Looking ahead, the long term outlook for the water structure sector remains positive. India’s structural drivers such as rapid urbanization, rising per capita water demand, climate resilient infrastructure needs, replacement of aging pipelines, interconnectivity of different rivers etc.
Continue to be very strong. We are also eyeing for demand for pipes coming from river linking in coming few years. The government’s continued focus on improving safe drinking water to every household and strengthening sewage and water network supply supports sustained demand over the medium to long term. So with this I would like to hand over the floor to Mr. Ashutosh Agarwal our whole time Director and CFO for taking you through the financial highlights. Thank you very much.
Ashutosh Agarwal — Whole Time Director and Chief Financial Officer
Thank you Katiali. Good afternoon everybody for joining this call for Q3 and 9 months results of Electrostate Casting Ltd. Some brief information are agenda sales volume of DI pipe fittings and CI pipe during this quarter stood to 1.34 lakhs tons down by 31% year on year basis which impacted the financials of the company. Also for nine months sales volume was 4.36 lakh tonnes, 26% reduction as compared to corresponding period. The decline in the volume was primarily due to slowdown in the domestic market. However, export piped volumes grew by 11% year on year basis, partially offsetting the weakness on domestic market and providing support to overall business performance during the quarter.
Other income includes income and provisions written back to the extent of 28 crores received from southeastern railways on account of railways adding stand on level gross debt stood to 1436 crore. This decreased by 455 crores from the previous quarter due to lower working capital requirement. Long term debt stood to 406 crore and short term debt stood to rupees 1030 crores. Net debt at a standard level standalone level is 2 to 812 crores during the quarter arbitration award of rupees 370 crores issued by the company on account of wagon scheme with respect to South Eastern Railway which was unencumbered and released to the company.
I will now take up to you consolidated basis the result for Q3. The total income stood to rupees 1526 crore lower on year on year primarily due to reduced volume in the domestic market. EBITDA stood to Rs. 88 crores with an EBITDA margin of 5.8%. PAT was reported at a loss of Rs. 22 crores. This includes an exceptional item, a Provision made for 38 crores towards new level laws. On the consolidated basis. The performance for 9 months are as under total income is to Rs. To Rs. 4602 crores, EBITDA 474 crores and EBITDA margin 10.3% PAT 145 crores and PAT margin 3.2%.
On a standalone basis for Q3 results, total income stood to 1290 crores lower year on year by 23% due to the lower volume. As stated earlier, EBITDA including other income stood to 83 crores with EBITDA margin of 6.4%. PAT reported to 20 crores loss of 20 crores as stated earlier, Q3 and 9 months results includes exceptional item on account of provision of 38 crores on account of new level laws highlighting on standalone performance of 9 months total income more or less 4000 crores EBITDA 442 crores. EBITDA margin 11.1% PAT reported to 142 crores. With this I would like to open the floor for question answer session.
Thank you very much.
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 the 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 Rajesh Agrawal from Mani or. Please go ahead.
Rajesh Agarwal
Hello sir. Hello. Any. Any idea how much the payment of JM has been reduced in starting January because lot of EPC contractors were saying they received money. And what is the pending amount?
Madhav Kejriwal
The amount. Good evening, this is Madhav. At the moment the 17000 crores has not yet been released. Whatever money is from the side of the state government because the state the budget prepared they just could not go ahead with it. Because the central shares were not being released. Even as of now the 17,000 crores is pending cabinet approval which we are very optimistic that it should happen in the next four to five days or maybe one week at best. And after which the Central share of 17,000 crores will be released.
Rajesh Agarwal
If both are released in the complete money gets released by. By this year by March.
Madhav Kejriwal
Sir. So the 17,000 crore is the central share. The there will be approximately a similar amount. You can say around 45%. I mean central to state is about. Is about 50, 50. So you’ll have around 34,000 crores spent this year. As opposed to the initial budget which was 67,000 crores by the central and another 60,67,000 crores by states. So there’s a severe drop of almost 90,000 crores for this financial year in the total spending between state and center.
Rajesh Agarwal
So as soon as you feel that the amount gets released will it result into fresh tendering of fresh orders?
Madhav Kejriwal
Most definitely sir. I am quite sure that come quarter two the next financial year things will start looking healthy again. Even the first quarter of the next year we are very sure that things will definitely be better off than quarter three and quarter four of this financial year. Which I’m pretty sure is going to be the lowest point for our operations.
Rajesh Agarwal
A lot of contractors were saying because I. I heard them in the concave. Once they get the money they will evaluate whether they want to take fresh orders or not. So what’s your comment or view on that? Because they said they bunch of fingers the money is not coming. So they may evaluate if they have to take fresh orders or not.
Madhav Kejriwal
So it’s a. It’s a situation of once bitten twice shy I would say.
Rajesh Agarwal
Okay.
Madhav Kejriwal
You know once they and every businessman sir if they see opportunity as much as they want they will not be able to prevent themselves from stepping into it. At the moment things are seeming very pessimistic. You must understand that the humans are very sentimentally driven. Like how the markets are or you know logic doesn’t always drive our decisions. But human know in the. In the mid to long term I’m very certain that things will go back to being normal.
Rajesh Agarwal
And so suppose the budget which has been reduced what you sold 90,000 cr now it has come to 17,000 crore. Now the this has been extended up to 28. Suppose we take the one of 60,000 60,000 for next two years 27 and 28. You feel that is sufficient? That is sufficient for to complete our full. Full orders. Pending. Pending. Pending project.
Madhav Kejriwal
So 60000 crore would be central stress share. And other 60 you can say will come from state. Although from the current requirement it seems that the Sen. The states will have to provide a bit more because the outlay total is I think approximately 8 and a half to 9 lakh crores. Okay. The center has only allowed for another 1.6 odd lakh crores.
Ashutosh Agarwal
Okay. So as against I think two or three two and a half lakh crore that was needed. You can say that there will be a 40, 60 or 3565 split between the center and state going forward over the next two years.
Rajesh Agarwal
And so the corruption case and everything that has been sorted out.
Madhav Kejriwal
I’m sorry I can. Could you repeat the question please?
Rajesh Agarwal
So there’s a corruption case. The files are pending with the PM to release the money and that are all been sorted out.
Madhav Kejriwal
Yes sir. I’m. I. I would look at the. The progress. If you see over the last three to five months we’ve been hearing a lot of news about irregularities that have come up in JGM which has caused the pause button to be pressed. Now they have come up with many I would say very prudent prerequisites to release a fund which will make sure that this does not happen. Including channelizing payments through the spurs platform directly to the contractors from the center rather than channelizing through the accounts of the states. So this will allow for better control and for smoother operations.
Rajesh Agarwal
Apart from James, are you Seeing traction in any other business, any other sector. There are a lot of di price manufacturers. I’m saying there are a lot of huge export orders for Middle East. So are we supplying to Middle east or not?
Madhav Kejriwal
Absolutely sir. Around 40% of our exports are to the Middle East. In fact we are the largest exporters into the Middle Eastern market. Even if you take into consideration the Chinese. So Electrosteel as a company exports more into the Middle east than any other organization. Of course there are indigenous manufacturers who are supplying more into the market than we are but as exporters we are the largest.
Rajesh Agarwal
And how is the realization there for export orders? Realization?
Madhav Kejriwal
It would be at with the current dulled down situation of the domestic market it’s marginally better but usually it’s the same. Certain specific countries have more stringent requirements so they allow you to derive a small premium. But overall it would be similar to the domestic market.
Rajesh Agarwal
Please answer the last question. The realization of pressure due to demand or there’s any other reason for the relation to be under pressure.
Madhav Kejriwal
It’s just a demand supply mismatch.
Rajesh Agarwal
Okay, thank you sir. Thank you. Best of luck for the future.
Madhav Kejriwal
Thank you very much sir.
operator
Thank you. The next question is from the line of Ishan from Aakash Emprise. Please go ahead.
Unidentified Participant
Thank you sir for the presentation. So I could see that the gross profit have fallen by 1222 basis points. YOY can you share some like can you throw some light on why it has fallen.
Madhav Kejriwal
Would so it’s largely down to three things please. One would be the reduction in the per ton realization. Number two would be the overall lower production levels due to muted demand. And I would say number three there has been some corrections even at the end of certain raw materials which are stabilized and that’s why the overall revenue per unit has gone down. So it’s mainly these three factors. If you’d like to add anything to that please.
Sunil Katial
No, no, fair enough. I think these are the major reasons. But the crux of this is a mismatch because of the manufacturing capability in the country and the demand going practically to around 50% because if we see overall the JJM component in the total water requirement is close to 50% and I mean so far due to whatever anomalies have been found in the execution of water infrastructure projects the funds against JGM have been put on a total hold so far. So it has reduced the demand so substantially I think which has created practically NSR collapse and the stock swelled with every supplier.
So everybody came under cash crunch and business issue. So Definitely these are the major reasons. But I think looking forward now we are expecting now things should be really looking up.
Unidentified Participant
Understood. So do you expect the gross margin to get get back to these similar levels of around 50% or something once the cycle gets stabilized?
Sunil Katial
Honestly speaking, we are thinking it will be somewhere midway. It’s yet to be seen because the, I mean you know, it takes a bit of time because it will not immediately recover. It may gradually recover. It is for sure that it will have a correction because at the moment we are. The whole business proposition is there all around. This industry is in a very unstable type of zone. Practically everybody is in business trouble. So we are expecting NSR definitely will improve, but it will take some time. It will gradually start improving and possibly somewhere midway it will stabilize.
It won’t be to the level where it was one and a half year back or so. That’s what we think.
Madhav Kejriwal
Just to add to that, please. We also are looking at a situation where going forward we’ll be able to capitalize better on our product portfolio with the addition of ductile ion valves that we will be introducing in the domestic market. So I suppose we can be looking at a 30, 35% gross margin level.
Unidentified Participant
Okay. Okay, understood. Yeah, that’s it. From. All the best.
Madhav Kejriwal
Thank you.
operator
Thank you. The next question is from the line of Rajesh Bandari from Nakoda. Ingenious. Please go ahead.
Rajesh Bhandari
Good afternoon sir.
Sunil Katial
Good afternoon.
Rajesh Bhandari
Yeah Sir, I wanted to know. Europe, australia, usa. Improvement.
Madhav Kejriwal
Exactly. Details. Exactly. Plus European Union export market process. Because they have to get it approved at the commission level, at the union level which takes a six to six month to one year time period. So that might cause some delayed additions. It’s difficult to quantify what will be the benefits because we are unaware of the details of what is being signed. There have been some smaller things that are to benefit us such as our trade deal with Oman which is going to open up that market which will make us more competitive in that market. And similarly with the US market trade deal happening, I’m hoping that our other products like fittings and such will get a slight boost.
These are not going to make a substantial difference but definitely once we get more details we’ll be able to identify opportunities and I’m sure that we will work towards trying to take as much advantage of that as we can. Current budget. Or slowly fizzle out. Okay. Other markets like irrigation and river linking will take over. But the sudden full stop on the outflow of capital by the government was a big turning point for us as our performance Shows on the financial front what was the reason why they had. Blocked them payments. Officially last year the the JJAM had finished and they they had to extend it considering the progress that was done. But when they went into the details to see what work has happened, what has not not happened, it had come to the manifest that there are a lot of irregularities in the implementation. Pipeline piping. To understand the reality. So exactly. At the company level I don’t think there’s so much of a problem because all our payments majority I would say 95% of them are backed up by LCs or BGs. At the government level towards the contractors I would say approximately 30, 35,000 crores is pending which cleared up with around 30 to 35,000 crores would be pending for the works.
So I think with this 17000 crore central share and 17000 crore that will come from the state all of this will get cleared up. So we’ll start the next financial year on a fresh note. That’s this is why. Exactly. Why don’t you share the exact outstanding.
Sunil Katial
For domestic as Rajeshi as Madhav mentioned. We have much of outstanding on account. Of jj most of our receivables. In fact you can say all our receivables are either LC bagged or bank guarantee backed. And we have received, we have received. Collections on time so we don’t have. Significant any outstanding on account of these. So usually it is impacted for a business impact. You know the opportunity has been lost to do business. Compared to previous quarters.
Rajesh Bhandari
But 221 crores to RSR inventory. 221 crores.
Ashutosh Agarwal
All inclusive including pipes and everything.
Rajesh Bhandari
Yeah. Changes in inventories of finished goods, stock in trade and progress process work.
Sunil Katial
Inventory deduction. From opening to closing G. Around seven months.
Madhav Kejriwal
Seven months or Walshka progress is there. The integration work between our team and their team has picked up quite, quite well. We’ve also formed a small team over here for the domestic market. Our approval processes have started for the markets that tis was not in in. Mainly it would be the Spanish, French, UK markets and the Middle east and Indian markets. These are the places where we have seen that we can contribute largely in obstacle approval. I think another three to six months and we will be able.
operator
Sorry to interrupt you. Can you rejoin the queue for more questions?
Rajesh Bhandari
1 One last question. Is it permitted?
Madhav Kejriwal
Yeah.
Rajesh Bhandari
Business or future prospect As a shareholder what can I expect from the company?
Madhav Kejriwal
The currently the turnover has seen a growth. They follow a calendar year. So if you look at the growth of revenue calendar Year wise we’ve seen an approximate 10% growth from the previous year’s operation. I am assuming that with the synergy that will come after the approvals are in place for the other regions. As I mentioned, 15 to 18% growth rate to year on year for the next three to four years is quite a achievement.
Rajesh Bhandari
Or company future prospects are. As a shareholder, this is my last question.
Madhav Kejriwal
The company future prospects. Product portfolio. As they say the. The demand for water and alcohol is perennial.
Rajesh Bhandari
Yeah.
Madhav Kejriwal
So. Temporary slump sir. I suppose. I’m quite certain.
Rajesh Bhandari
Let’s hope for the best.
Madhav Kejriwal
Thank you very much.
Rajesh Bhandari
Thank you sir.
Sunil Katial
Thank you.
operator
Thank you. The next question is from the line of Ujjain Shah from Molecule Ventures. Please go ahead.
Pujan Shah
Hi sir. Thanks for the opportunity. So just wanted to understand first of all is that last year we have seen the change in the JJM. There was a 17,000 flow. 17,000 corrupt flow has been done by the government and still the government is estimating the 67,000 crore. So is that a right understanding that the government has allocated a budget from 50 to 67 or it is likewise that it is a historical state and the spending was done by the state government. Hello.
operator
Ladies and gentlemen, the line for the management got disconnected. Madhav sir, just stay on the line and collect. Connect him back.
Ashutosh Agarwal
Hello.
Sunil Katial
It’s okay. Meanwhile I’ll address the issue.
operator
Yes sir.
Sunil Katial
Yeah, so no in fact the basic understanding of judgment mission is that 50% by the state and 50% by the. So earlier it was that center was generally for sending the funds first and then the state was accordingly apportioning equal amount and then executing the project. But thereafter it has been found out that there were some diversions in these funds. That is why all these delays and last few months whatever happened resulting into a non issuance of the funds for jjm. So going forward now the central government is saying that first state should come forward and give a plan and also show the allocations on their part and then only the funds will be allocated by them.
So they have put the onus on the states by issuing a circular on to that extent. In view of this last one month development whereby the government now is really trying to finalize all this. We are expecting that possibly the share of the states may go in excess of 50% in the times to come. So that’s how it is looking like.
Pujan Shah
So I just wanted to dig down deeper on this. So assuming that 60,000 crore is being allocated by the government that that justifies that half of will be spent by the state. And half of will be sent spent by the Central or the 67,000 will only spend by the central only.
Sunil Katial
No, no, no equal about. I’m saying 67 is the central kitty. The states have to spend possibly more than 67 so it will be 135,000 actually put together the total.
Pujan Shah
Okay, got it, Got it sir. Yes and I just wanted to understand right now what we have seen. I understand the demand scenario but wanted to understand also the supply constraint as supply side as well. So that is also one of the product which is the OPC which is saying that that could replace a DI pipe. I understand that it is a very difficult task and a tall task to share shift from this product but why I’m coming with the same question is that one there is so stringent things which will be going on and once the EPC players have a very stringent control on their stands will they shift to that new pipe which is called low pvc.
The reason being that would be a cost control measure for or increasing clear and the cost benefit for that or it is just a haywire. It won’t happen that way.
Madhav Kejriwal
Good. I would answer. I would say that with the new requirements that are there to allocate funds for these projects which include a long term ONM period the EPC contractors will prefer putting a ductile iron pipe which is in its durability and its strength over and above an OPVC pipe. If it was a dig lay and forget kind of project, they might still go ahead with that.
Sunil Katial
I think the line is having a problem.
operator
Yes sir, your voice is breaking.
Ashutosh Agarwal
Hello.
Sunil Katial
And okay to clarify, I mean apart from the longevity of service of ductile iron pipes there is also an issue of microbiology and all that. Actually the water quality and the. I mean loss of microplastics into the water all these are under very very strict. I mean checkup from medical and I mean hygiene point of view. So it’s not looking like that this sector really will be able to replace.
Madhav Kejriwal
I’m sorry, I think I was just in bad network area. I was mentioning that logics that are required to allow for the payments to go through smoothly which include a stringent plan on OM operations and maintenance. Towards ductile iron which usually have a lower lifespan and are generally more fragile as a. As a piping material.
Sunil Katial
I think connection is a serious problem actually Mr. Madhav in fact is not in station, he’s not in the office. He has joined from a remote place and that’s why we are sorry for these intermittent disturbances. I think we all want to address to your points. So that is why I mean we are all there and he has also joined from a remote location. So we are sorry.
Pujan Shah
No, no, that is perfectly fine sir. This last point coming to this is considering the current realization over production and everything is happening with us. So just wanted to understand when should we expect a normalization coming back going forward and what are new strategies we have been keeping in mind considering the scenarios which is happening right now.
Sunil Katial
Two points there. One is your first point. First that we are expecting that now onwards actually gradually the rebounding of the situation should start. And as very rightly said, the whole of the tile iron pipe sector is in a bit of a problem. So it may take a bit of a time, maybe three, four months. That’s what we are thinking. But the market sentiment has started already getting waves of positivity not only from the budget declaration that the government’s focus remains but also from all these European Union Union agreement that is creating a positive wave only.
So it may take a bit of a time, maybe three to four months time for things to really shape up back. That is one part and second is that we are definitely thinking that we should also have a diversification so we should add to our product basket. So we are also trying to work towards adding more products to our kitty to bring a better stability to our overall business in the times to come. I am very sure and we will be able to give you more of information once we have finalized those.
Pujan Shah
And sorry, but this is my last question. Just want to understand is it a possibility just to want to get your view on OPUC because can we add as a product category in our portfolio which will help ultimately the EPC players to select in from a one company and ultimately we can supply ultimate have a diverse product verification diversification. Is there the possibility we have been looking at it or we have been not moving currently.
Madhav Kejriwal
Kudalji, am I properly audible now please?
Ashutosh Agarwal
Yeah, yeah you are.
Madhav Kejriwal
May I take the question?
Sunil Katial
Yeah.
Madhav Kejriwal
Sorry about my connection. So sir, there have been multiple times that we have studied the opportunity of getting into plastic pipes. But we firmly believe that for the applications on the markets that we are ductile ion pipes is the best material that can be used and we are so we believe that to get into a pipe product that would oppose our bread and butter product would not be the most feasible thing to do. If we had a network of retail businesses and we were already investing in the retail plastic pipe then we could add this to our portfolio.
But with our current line of Work it does not fall well into place. We as an organization also don’t believe that OPVC per se is a great alternative. It’s very commercially viable. Up to a certain diameter. But that diameter constitutes a small percentage of our sales. And. Yes, please.
Pujan Shah
Yeah, that. That’s quite detailed, sir. I will just join back in the queue. Thank you so much.
operator
Thank you. The next question is from the line of Radha from BNK securities. Please go ahead.
Radha Agarwalla
Hi. Sir. Thank you for the opportunity. Sir, regarding the coal block case. 250 crores was declared and your result block states that using this 250 crores has been challenged by. That is on one hand. And on the other hand I do understand that the soft costs are yet to be finalized. But considering everything 1200 crores of assets is still sitting on your books. So you know, given the scenario how much of write off do you think should be done in this financial year end of these assets and how much in reality are you expecting in the compensation?
Madhav Kejriwal
Ma’, am, I think it’s a little early in the day to be answering that question. As you can see that there are some clear numbers that are coming out. And. And these numbers are exactly what is reflected in our books. Of course, the person who has to pay will always try to delay the payments. So they are doing their part of their of what they can do. And we’ll have to do our part eventually. What will happen is difficult to predict. But all we can say at this moment is that whatever numbers that are reflected in our books of accounts is what our after multiple scrutinies is coming up by the nominated authority at the ministry level also.
So our numbers are definitely ones which are holding true and are in good faith.
Radha Agarwalla
Okay, sir. Second question is. In the nine months as you highlighted that you have executed about 4.2 lakh ton of DI. So out of this how much of the payments have you received and how much is pending? And is there any pending of last year’s receivables?
Madhav Kejriwal
I couldn’t quite get that question. Could you repeat that rather please?
Radha Agarwalla
Yes. I’m saying that in the nine months you have executed about 4 and 4.2 less than 2 di 5. So out of this what percentage of payments have you received and how much is pending? And is there any pending receivables for the last year’s execution?
Madhav Kejriwal
Gaurav, apart from our subsidiary payments which sometime run beyond eight to nine months could you give an answer to how much is pending beyond nine months in the domestic market? I don’t think it would be anything?
Ashutosh Agarwal
No, nothing.
Sunil Katial
Yeah, our debtors, Ma’, am, it’s on time and in fact if you see. If you compare it from March end the number which was there, the data is outstanding. It has reduced during the year. We are receiving collections on time and domestic collections are around say 50 to 55 days cycle. So we do not have any outstandings which are overdue.
Radha Agarwalla
Okay. And going forward, sir, for fourth quarter, considering the scenario you said that you are expecting to improve after three to four months only then how do you plan to execute?
Madhav Kejriwal
Fourth quarter will be more of weathering the storm situation as we have in quarter three. So we will have to hold the fort for another couple of months till we are able to start seeing improvements which I am very optimistic about starting April.
Radha Agarwalla
So 50 to 55 days I can only it is pending. So I.
Madhav Kejriwal
On the domestic side?
Radha Agarwalla
Yes, sir, on the domestic side. So I’m assuming that at least for till first quarter of FY26 all payments have been received.
Madhav Kejriwal
Absolutely. Absolutely. Yes, please.
Radha Agarwalla
Thanks. All the best to unt.
Madhav Kejriwal
Thank you very much.
operator
Thank you. Anyone who wishes to ask a question may press star and 1. The next question is from the line of Saket Kapoor from Kapoor and company. Please go ahead.
Saket Kapoor
Yeah. Hope I’m audible.
Sunil Katial
Yeah.
Saket Kapoor
Sir, firstly with. With. In terms of the Q4 deliverers, deliverables we are. We will be in line of what we have done for Q3. We will be in a class that is the pipes and the fittings which will be delivered for Q4 also. Or can we see any uptick?
Rajesh Agarwal
Hello. Saketji. In Q4 by volume it will be similar to Q3 only.
Saket Kapoor
Okay. And sir, in the opening remarks or during the interaction sir was mentioning about some portal through which now the entire EPC planning and all is done. Can you mention the name once again? Sports portal or something? My mother viewers.
Madhav Kejriwal
That’s. That is not the planning part, sir. That is the payment by the. Of the central share to the contractor will be done through the spurs portal. Yes, spurs platform. Okay, so they’re taking that into account.
Saket Kapoor
And since the. Since the funding is to be released by March. I think so. Then the optics should also be. Money should be better than what we are planning. As of now we are doing it in terms of our understanding that no money is to be received by March. This is what our deliverables are. The guidance for deliverables is according to that aspect only.
Madhav Kejriwal
The cycle of demand is such key. The government pays the contractor and then the contractor pays us.
Saket Kapoor
Okay.
Madhav Kejriwal
Now the. The mismatch that has happened is that because our payments are backed by LCs and BGs, the contractors had to pay us, but then they are not paid by the government. So on the pretext that this pending payment is received, the contractors will start further work. So this is more of a relief from and from a pain for the contractors than a kickstarter for demand on an immediate basis. Once this pain is relieved for them, then with the onset delay they will start. So I’m assuming that that will, that is the reason why we are mentioning that the uptick will start from April and not within the fourth quarter.
Okay.
Saket Kapoor
Very categorically you have mentioned that these are. We have to wither the storm. So being on the promoter, representing the promoter side, what are the course correction exercise currently in the organization that you must be putting into implementation or in the programming stage so that we could be a much more efficient organization going ahead? And secondly, I think so there was some embargo over the promoter and our honorable CFO also for participation in the capital market. So that that part of the story is now over. That period is over and now the promoter is.
Madhav Kejriwal
Yeah, so I think that part is over.
Saket Kapoor
That part is over. So what I feel is that a message from the promoters would also be from in the point of the. The valuations at which currently the our our company market cap or enterprise value is a point of creeping acquisition would have sufficed a lot of nerves for your investors since you are well below 50%.
Madhav Kejriwal
And I would agree with that statement, sir, I cannot comment further to that than just saying that I would agree to that. And as for the strategy, part one bit of the strategy is what we did with the acquisition of the Italian company which is a high technology valve manufacturer. Although it keeps us in the water industry, it opens up a broader portfolio and this is disconnected to only the ductile and pipe business because valves are used regardless of the material of the pipeline, whether it’s plastic, steel or ductile. And this is also a high technology company, so there is a very strong moat around its product line.
As for other strategies, Mr. Katyal had mentioned rightfully that we are looking at diversifying our portfolio and we are working very diligently towards creating a strong organization for all our shareholders which will be robust against such surges and dips in the future.
Saket Kapoor
A small point about this River Linking, ma’, am, I just conclude, ma’, am, everybody has got their fair share. Ma’, am, allow me to conclude. Sir. When we look at the River Linking project, part of the story for the State of Rajasthan and Madhya Pradesh. They have been, there have been announcements regarding the the order tendering and all. So have we seen any anything on that front from the APC players? And any portion of our order book is resembling about the demand from the river linking part of the story.
Madhav Kejriwal
Sir, Ken Betwa which is between UP and MP are picking up faster than the one between Rajasthan and np. But I’m like I have mentioned in previous calls I was a skeptic till two years back. But the last one and a half years and two years I’ve seen that things are really moving forward. Of course a lot of things are still at projects DPR stage. But definitely work is happening now on the ground slowly and I’m quite optimistic that this will play out at least these two. I am very optimistic on the NP UP and NP Rajasthan projects.
Saket Kapoor
Okay sir. Thank you sir. And we’ll join the queue and all the best to the team sir. Hope this this year too. Faster. Thank you.
Ashutosh Agarwal
Thank you.
Madhav Kejriwal
Thank you very much sir.
operator
Thank you. Ladies and gentlemen, you are requested to limit your questions to one per participant. The next question is from the line of Rajesh Agarwal from Money or. Please go ahead.
Rajesh Agarwal
What was the turnover in the calendar year for the welcome D turnover and EBITDA margins.
Madhav Kejriwal
So taking everything in line our turnover was approximately 3.3 7.8 million euros. So you can say close to 400 crores please.
Rajesh Agarwal
And the EBITDA margins.
Madhav Kejriwal
Would you have the numbers immediately with you.
Sunil Katial
On the higher side of 12? 13. 13 approximately.
Madhav Kejriwal
Okay.
Rajesh Agarwal
And so the second question is.
operator
Sorry to interrupt you.
Rajesh Agarwal
Thank you.
operator
Thank you. The next question is from the line of Ishan from Akash Emprise. Please go ahead.
Unidentified Participant
So sir, I have one question regarding how much of the coverage in JJM has been done so far. Is it like the portal is showing around 80% so the actual number is 80.
Madhav Kejriwal
Only number will be close to 55. 60% sir. Because as you can, as you might if you see the news you will see that there is statements that around 60% of 80% is functional. 60 to 70% of 80% is functional. In fact that even leads us to a lower number. So you can say around 50. 55% is what is functional work that is done for the rest of it some infrastructure has been built but those are not functional household type connections. So they will require some more infrastructure building behind them.
Unidentified Participant
Okay and out of which out of that how much is electricity expecting? Like little substantial share 45.
Madhav Kejriwal
So sir, at the moment around 20% of the domestic Duct land market is our share. It fluctuates between 18 to 25% depending on how much we export. So that is the current expectation.
Unidentified Participant
This is a domestic share.
Ashutosh Agarwal
Yes.
Madhav Kejriwal
Yes. Okay.
Unidentified Participant
And it is the largest share on.
Madhav Kejriwal
I would say there are. We are. There are two to three players. All which similar capacity. Sir. So we all have similar market shares. 20 between 18 to 20, 25% is between three players. And then everybody else has a 15. 10 to 15% odd market share.
Unidentified Participant
Got it? Understood. Okay, that’s it for.
operator
Thank you ladies and gentlemen. Due to time constraint. That was the last question. I would now now like to hand the conference over to management from Electro Steel Castings Ltd. For the closing comments.
Sunil Katial
Thank you everyone for joining us today and for your continued trust in our company. We remain committed to driving sustainable growth, strengthening our balance sheet and creating long term value for all of our stakeholders. We appreciate your support. Look forward for updating you in our progress in the upcoming quarters. And we are hoping definitely the things are going to look up from now onwards. Thank you very much.
Ashutosh Agarwal
Thank you everybody.
operator
Thank you on behalf of Electro Steel Casting limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.