Enviro Infra Engineers Limited (NSE: EIEL) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Sanjay Jain — Chairman and Whole Time Director
Manish Jain — Managing Director
Analysts:
Unidentified Participant
Divakar Rana — Analyst
Sahil Garg — Analyst
Anmol Mittal — Analyst
Presentation:
operator
Ladies and gentlemen, the earnings conference call for Enviro Infra Engineers will begin in the next couple of minutes. Thank you for your patience and please continue to stay online. Foreign. Ladies and Gentlemen, good day and welcome to the Enviro Infra Engineers Ltd. Q3 and 9 months FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions once 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. This conference may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call.
These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. I would now like to hand the conference over to Mr. Sanjay Jain, chairman and whole time. Thank you. And over to you sir.
Sanjay Jain — Chairman and Whole Time Director
Thank you. Good morning everyone. I would like to extend a warm welcome to all of you for joining us on our Q3 and 9 month FY26 earning call. On call with us today is Adsector, our investor relation team. On behalf of the entire team I am pleased to share our operational and strategic progress for the quarter and our outlook for the remainder of the year. We have shared our earning presentation. I hope you had the opportunity to go through it. During the quarter we continue to see steady execution across our core segments water and wastewater treatment and operation and maintenance services.
Our focus remained on timely project execution, disciplined cost control and improving cash conversion. Our water and wastewater execution order book as on 31st December 25th stands at rupees 1903 crore complemented by an OM order book of rupees 933 crore. A key highlight during this period was the receipt of a letter of acceptance from Bhopal Municipal corporation for an EPC and OM sewerage infrastructure project value at around 250 crore covering Seaver network in 60ml, sewage treatment plant, pumping stations and allied infrastructure. This project further extends our urban sewage portfolio. In addition, we continue to progress on previously announced large project including the 309.50crore pollution control project in Maharashtra awarded earlier in the year and contract aggregating 306 crore in Chhattisgarh.
Collectively these reinforce our execution capabilities across states and project categories. As of date we have secured order inflows of approximately 1500 crores in financial year 26. The bid pipeline currently is approximately rupees 5000 crore for which evaluation is underway. Expected bid submission during the month of Feb is around 2000 crore. Immediately expected bid pipeline under AMRUT is rupees 26,000 crore in coming months. Based on the position of approved DPR, we remain confident of achieving our full year financially at 26 order inflow target of rupees 2500 crore. Supported by strong visibility and healthy conversion rate, the quantum of projects available for bidding ensures a healthy order book in the next financial year as well.
Our portfolio remains well balanced and diversified across municipal and industrial sector. Moreover, our investment in technologies such as ultrafiltration, reverse osmosis and embryo system position us well for ZLD and tertiary treatment avenues. There is an increasing trend visible in the reuse segment. Here is the treated water from STP OBLIX CETP after suitable tertiary treatment is to be reused in the process inductive or thermal power plant which gives the revenue generation model to this segment. Also, the technological advantage with the company positions the company for such projects. This can become a new revenue segment for the company.
With that, I would now like to hand over the call to Mr. Manish to share further developments during the quarter. Over to you, Mr. Manish.
Manish Jain — Managing Director
Thank you, Sanjay sir. Our execution activity picked up meaningfully post monsoon and we expect a steady conversion of unbilled revenues into billings and collections during the last quarter of the financial year. Our working capital discipline remains strong and we continue to prioritize projects with strong cash flows. Moreover, our growing share of O and M and annuity type revenues combined with scale benefits from larger projects provides confidence in sustaining overall performance. On the execution front, we continue to make strong progress across key projects. We have successfully completed 100ml STP based on IFAS technology integrated with biogas and solar power generation.
We have also completed the CV scheme at Youthful ahead of schedule reflecting our focus on family execution.
operator
Your voice has got a little muffled now. I would request you to come a little closer to the microphone. Thank you.
Manish Jain — Managing Director
It is okay.
operator
Much better. Yeah.
Manish Jain — Managing Director
Additionally, projects at an advanced stage of completion include the 55 mild STP at Varanasi, the 80 ML STB at Jaipur and the 25 MLD CETP at Surigam, all of which are nearing completion. Our emphasis on circular economy continues to deepen. Across projects. We are increasingly integrating wastewater infrastructure with solar power and compressed biogas solutions, enabling on site electricity generation for plant operations and meaningfully reducing operating cost. A recent example is our Jodhpur plant where we have successfully implemented a biogas to electricity as part of overall project design. Beyond water infrastructure, we have also entered the renewable energy segment where we are expecting and executing projects under both IPP and EPC models. This diversification has already translated into a renewable energy order book of approximately 256 crore, strengthening our long term growth visibility while aligning our portfolio with sustainability led opportunities.
As we look ahead, the opportunity before us is one of the consistent execution, disciplined growth and long term value creation backed by sectoral tailwinds and our execution readiness. We remain confident in our ability to translate these opportunities into robust order book, sustainable margins and sustainable returns for all the stakeholders. Looking ahead, we believe enviro infra engineers is well positioned to benefit from the sustained investments in the urban infrastructure sector, wastewater treatment and environmental compliances. With the strong order book, a healthy bid pipeline and improving execution momentum, we remain confident about delivering long term value to our stakeholders.
Now coming to our financial performance for the period in Q3FY26 our revenue from operation grew 1% to 2500 million driven by continued execution of our order book. EBITDA grew at 25.6% y on y to 677 million while EBITDA margins increased 530 basis points to 27.1% reflecting operational efficiency. PAD for the quarter came in at rupees 421 million up by 14.7% while PAT margin expanded 180 basis points to 16.3%. For nine month FY26 revenue stood at 7183 million representing a growth of 7.9%. YNY reflecting continued momentum in order order book conversion and EBITDA for nine months improved 22.4% to 1969 million with a margin of 27.4% which is 320 basis points improvement.
PAT was reported at 1341 million up 30.1% with the margin growing 280bps to 17.9%. We also proposed an employee stock option scheme. Stock option scheme during this period subject to requisite approvals. That is all from our side. We can now open for the floor for questions.
Questions and Answers:
operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Divakar Rana from Prudent Equity. Please go ahead.
Divakar Rana
Good morning sir. So my question is on the execution Part. So what led to the execution slowdown in this quarter?
Manish Jain
Pardon? Execution slow down. Okay. First of all I would like to emphasize the growth in EBITDA and pet. Basically we are having a decent growth in our EBITDA and PET numbers which is getting transpired from the shift in the wastewater treatment segment which was the primary segment of the company along with the operational efficiencies. Regarding the revenue guidance, basically we were expecting certain orders to flow in quarter three. Some of the projects for which we had submitted our bids, these were some daily projects. The bids have been recalled and we are again submitting our bids for the projects.
Further, there were bids to the tune of somewhere around 3000 crore in Bihar. The process of evaluation is a bit delayed because of which the financial bids are yet to be opened. So basically the order book which we were expecting in Q3 that didn’t come to the company. So we are right now expecting that our order book will get decently. It will get recently accrued and in Q4 based on this improved order book position in future we look forward to maintaining our revenue guidance as well.
Divakar Rana
Okay. So to achieve 30 to 35% growth you have to report over 700 crores of revenue in Q4 which is around 70 to 75% growth over March 2025. So are you confident to achieve this number? 700 crore revenue for Q4.
Manish Jain
The revenue expectation for Q4 is in the range of 600 to 650 odd crores. So we expect our top line to be in the range of 1350 crores. And we are in line to achieve this number.
Divakar Rana
Okay. So sir, earlier this 30 to 35% revenue growth guidance you gave it was excluding the solar. Solar part. You did and you have executed over 98 crore of solar this this quarter. So this 1350 you are saying revenue, this is excluding the solar part or including the solar part.
Manish Jain
I think you have taken it Wrongly. It is 98 million. So it is 9.8 crore top line which we have in Q3. So the total top line which is expected from the renewable segment for this financial year is somewhere around 200 crore rupees presently. When I say 1350 crores basically it will be at the consolidated financial levels. So our total top line expected is 1350 odd crores. However, if we look into the pat margins so that growth of 35 to 40% what we projected that remains in line. 230 crore to 250 crore is the profit.
Growth is the profit pat number which we are expecting in in for the entire financial year. And we will 100 do this number of which is the pad number is all aligned.
Divakar Rana
Okay. One last question, sir. On the order book. So we had guided for I think around 2500 crore orders inflow in FY25. And we. We have received I think over 2000 crore, right inflow.
Manish Jain
The total order inflow till now has been 1500 crore in the water and wastewater treatment segment. And it is an order book of around 256 crore which is from the renewable segment. So basically the guidance which we gave 2,500 crore it was for the water and wastewater treatment segment only. So our bidding pipeline as Sanjay Ji mentioned it is rupees 500 crore which is already under evaluation. There are some L1 projects as well. We will not give any guidance on the L1 getting converted to LOA. Because we have faced some challenges in the past with respect to one to two projects where L1 could not get transpired to LOA.
So basically at this point of time I can only say that we remain confident. Another thousand crore order book that we require to fulfill our guidance of 2500 crore looks 100% aligned. And based on even the L1 position itself we look forward to getting the LOS very soon. So I’ll also be very happy the moment I’ll be in a position to announce the LOAs.
Divakar Rana
Okay. Thank you sir.
operator
Thank you. We take the next question from the line of Vidisha from CR Kothari and Sons. Please go ahead.
Unidentified Participant
Hello sir. I have a bookkeeping question. So in the consolidated financials the PAT has increased but the EPS has decreased. So can you please explain that?
Manish Jain
To my understanding there should not be any concern with respect to the lowering of the eps. Let me just go through with my financial team. I’ll revert back on this. Because there is no change in equity at all. So the EPS will grow proportionately. I think for Q3 the PAT number is 42 crore. For Q2 it was 49 crores. So maybe there might be a slight reduction in the EPS Q on Q basis. This is what I can say.
Unidentified Participant
No sir, I’m talking about bio. Why? Last December it was 36cr. Right now it is 42cr. But the EPS has decreased from 2.59 to 2.3. Whereas your share capital is the same. That is my concern.
Manish Jain
Last year our IPO was there in November 2024. So there can be a change in the share capital from 136 odd crores to 175 crores. So that can be an average weighted capital at that point of time.
Unidentified Participant
All right, thank you, sir. And also on the revenue part. So sir, earlier you had guided 35 to 40 on the water segment alone. But now you’re binding 1350 for the full consolidated level water plus renewables. Is there any reason for the slowdown? And also on the renewables part you had guided 200 to 253 revenue. So. And you’ve done 10cr as of now. So can you please explain that.
Manish Jain
The revenue guidance for renewable remains intact. We expect our revenue top line in in renewable segment to be somewhere around 200 crores. Our revenue guidance for water and wastewater treatment segment was on the basis that we’ll be winning some projects on a continuous basis in this financial year till July. There was a number of projects where we won and the loas were issued. However, it got slowed down a bit and we could run only one project in the month of November. So there was a bit of slowdown in the order receiving rates. However, we have not reduced our profit margins at all.
Or rather I can say because of our guidance for a good profitability. The competition is slightly higher. So we could not win the bids at that point of time. And because of this our revenue guidance may go a bit lower for the current financial year. Still we are maintaining good profit margins. And we are hoping that by March when we go out and we declare our results for the entire financial year, we turn OCF positive. So right now two major guidance that our path will be in line with our commitments and OCF turning positive. We are working on it along with our order book getting improved so that our revenue guidance along with the profitability for future that also improve substantially.
Does that answer your question?
Unidentified Participant
All right. Yeah. Thank you, sir.
operator
Thank you. The next question comes from the line of Pratik Bandari from Art Ventures. Please go ahead.
Unidentified Participant
Yeah. Hi sir. Thanks for the opportunity. So what was our order inflow during the quarter? Did we receive any order?
Manish Jain
There was one order which we received. It was a 60ml STP along with associated infra. It was a AMRO 2 project at Bhopal. So we have commenced our operations in that project as well. And that was the only project which we won in Q3.
Unidentified Participant
And what was the value of the order?
Manish Jain
248 crores.
Unidentified Participant
248 crores also. Sir, if you can touch upon what has been the progress on the receivable side from the JJM projects which were pending, has there been any recovery?
Sanjay Jain
As I say, even in the past, we are doing the JGM projects in mp Only the because of the funding of JGM projects from the state government for this financial year we didn’t face the challenges with respect to the receivables. Now the next point which comes to is the trial and commissioning. Basically it is a connectivity of almost thousand villages and on a continuous basis we are doing the trials, testing and making all the the tax connections functional. So this activity, this is a process which will remain slow and there will be a continuous study progress which will continue on a monthly basis.
Our revenues are getting accrued to a level of somewhere around 15 to 20 odd crore rupees. And this is what this process is expected to continue or a period of next six to eight months time when we expect that all the projects will be commissioned and the operation and maintenance will start. There are total five projects out of which there is one project wherein we are expecting the entire completion along with commissioning maximum by June. So that particular project will go into operation and maintenance. If I say about the receivables, we are not facing challenges from MP at all in the ggf.
Unidentified Participant
But what has been the pending receivers as on date one term of the same.
Manish Jain
The pending receivables. If I say debtor along with unbilled revenues will be somewhere in the range of 225 crores.
Unidentified Participant
Okay, 225, right. And said you mentioned that for the solar you are for the renewable side you have, you know, guided for 200 crores odd revenue for the full year. So what has been the revenue for.
Unidentified Participant
The first nine months? Because during the quarter three you mentioned we did some 10 crores for revenue. So what has been the revenue run rate up till now for the full year? Nine months.
Sanjay Jain
Basically this is first financial year itself for the renewable business. We formed this company in current financial year. Only then we got some solar asset which we purchased or acquired. So the initial guidance basically we were just either it was the sale of electricity from the IPP project that we acquired. So we were aligning ourselves to those activities. A turnover of 10 crore has is what we have done in Q3. So we expect a jump of this turnover getting from 10 crore to 200 crore in this Q4.
Unidentified Participant
No, but what has been the turnover during the nine months?
Sanjay Jain
During nine months it was hardly 2, 3 crore in Q2. So if I say the total turnover from renewal will not be more than 12, 13 crores.
Unidentified Participant
Okay, okay. And sir, since we have, you know, we have been able to, you know, due to the. Due to the operational efficiencies, we have been able to plot better margins. So is there any change in the. Guidance for the margins going forward or you still stick to 22 to 24% range which you earlier alluded to.
Sanjay Jain
At any point of time we will stick to the margin guidance of EBITDA in the range of 22 to 24% but as the product mix because there are different type of projects and different complexities so the margin profile remains different as a guidance measure it will never be more than 22 to 24% but we look for forward to having better operational efficiencies in the system itself.
Unidentified Participant
Okay, and just one last question from my end. If you can touch upon the bid. Pipeline of 5000 crores from. You know if you can share some split across the segments from where it is coming.
Manish Jain
This entire 5,000 crore bid pipeline is from wastewater treatment projects only which constitutes STPS or its sewage infrastructure both under EPC and some parts of hem. And along with this there are some projects of CETP as well. So there is no water project right now with us for which we have submitted our bits. So this pipeline will primarily be either the AMRUT project or Namami Gange projects or the projects which are funded by multilateral agencies or the pro CETP projects from the industrial development corporations.
Unidentified Participant
Thanks sir for answering my questions.
operator
Thank you. Any further questions?
Unidentified Participant
Hello? Am I audible?
Manish Jain
I can hear you.
operator
It’s. The person you are speaking with has put your call on hold. Please stay on the line. The person you are speaking with has put your call on hold. Please stay on the line. The person you are speaking with has put your call on hold. Please stay on the line. The person you are speaking with has put your call on hold. Please stay on the line. It. The person you are speaking with has put your call on hold. Please stay on the line. The person you are. Ladies and gentlemen, we were facing a temporary technical glitch. Apologies about that. We will continue with the Q and A session. The next participant is meet Shah from Finance360. Please go ahead.
Unidentified Participant
Thank you for the opportunity. Sir, I had a couple of questions. Firstly you did mention because you didn’t get the expected orders in this quarter which led to the slow execution. But till the end of the quarter two we had order book about 2200 crores, right? Which you received in before three, six, nine months, right? So we should have executed that numbers in this quarter, right? Because all the new orders get in execution phase after three, six, nine months. So anyways, if we have received the orders in this quarter, it could not have made to the Top line of the income statement.
Right. So is my understanding correct?
Manish Jain
First of all, any of the order which we get is having a timeline of 18 to 24 months. So the if I say the total order book was to the tune of around 2000 odd crores. So if that is to be executed over a period of 24 months. So the order the getting transpired into revenues is to the tune of 250 odd crores. And this is same what we could do in Q3 and all three quarters basically almost all the quarters are in line maybe with a difference of maybe 1020 odd crores, not more than that.
Basically under my last earning call when I reported one of the projects at Rajasthan which will get transferred into loa. Unfortunately that project we could not beg and that entered into a retenting. So there was some technical glitch and that is why tender has been recalled. So that particular project was where we could have started it immediately. There were some packaged projects which we were required to fabricate in the workshops and then we were required to supply. So we could have expected some turnovers from that particular project as well. So one more thing which I would like to emphasize.
At the start we were there with somewhere around 1200 crore order book. So we were quite hopeful that the turnover will get on increasing with the increasing order inflow into the company. So if we just forecast the revenues based on the order book that we what in the execution the way the company is executing. Basically we are well in time or we are ahead of time. As we have reported two projects of Jodhpur. One is a sea bridge project which we executed ahead of time. Then Jodhpur 100 MLD project wherein we are Valentine. Then there are three more projects which we have reported in our earning speech right now.
Varanasi, Jaipur and Sarigam. So basically if we just conclude it in a fashion that the execution of the projects is timely how the conversion of this order book to top line. Basically we were more hopeful of getting a higher number of new projects which we could not. So that has not get replicated into a higher revenues. However, our pet guidance is positive and we are again achieving the numbers which we have given as a guidance.
Unidentified Participant
Okay, support it. But sir, you did mention about 2000cr order book will be getting executed in next 24 months. Right? So each quarter gets a 250 crore kind of a number ball mark. But if you see Q1 and Q2 we have a lower execution because of a rainy season and other reasons. So Q3 and Q4 are heavy on execution. Right. So kind of 60% kind of revenue we get from Q3 and Q4 because of the heavy execution. So we didn’t had any rain or any other issues in Q3 and Q4. So that was our understanding that we might get a good execution in both of this quarter. Not the linear 215 every quarter. But yeah it gets bit skewed in Q3 and Q4.
Manish Jain
You are 100% right in Q3 out of the three months the month of October since the rains were prolonged and it was a festive season. So the main construction activity has started from the month of November. So the revenue is of 250 crore. Primarily comes out of the functionality way of two months if you see our guidance. So first three quarters are almost on a similar revenue path of around 20% each with a 40% guidance for Q4 the number will definitely be a far better. So we expect a good top line number to be executed in Q4.
So the guidance for among that movement of the revenue with respect to order book remains exactly the same. There is no change in it. It is more of the order book which we expected which we could with the we could not get in Q2 or Q3. Basically a certain slowdown in getting the order book. However, the bidding pipeline still is very strong. Along with the projects which are available for bidding in the month of February itself some 2000 odd crore projects are there in the on this STP or CETP segment wherein we are submitting our bids.
We do expect that we will be having a very decent order book very soon. And based on that we will forecast a better revenues for our next financial year. That is FY27.
Unidentified Participant
So for Q4 till now what cash orders have we received. In Q3?
Manish Jain
We have received one order of 248 crore rupees.
Sanjay Jain
No, no. In this quarter four.
Manish Jain
In Q4 we don’t have any LOS at least till date when we are into this earning call.
Unidentified Participant
So so basically sir, in let’s say next 1520 days you received the order, right? But so you are confident that in one month that will have some kind of execution and it will reflect to the top line. Because if it does not still we have the 250 300crores only in revenue, right? Because till now we have not received any fresh orders. So it will not convert into revenue.
Manish Jain
There is a change which happens in Q4. Basically a lot of equipment supplies also happen in this particular quarter along with the civil executions which go on. So there is a sudden increase in the top line numbers for Q4 and it is well guided in our presentation as well from the past year’s performance. And we look hopeful that we’ll be in a position to have a top line number of somewhere around 450 crore from our water and wastewater treatment projects and 200 crore from the renewable segment. So along with this this is based on the order book which we have right now.
I am not saying that any addition of the order book can impact our top line in next 4550 days which we have in this current financial year. This order book will sustain our revenue, visibility and profitability for the next financial year. So as I am saying this word the moment we are having a good order book. So as on 1st of April we will have a good order book available for execution for the entire financial year for on with the basis of which we’ll be in a position to better project our guidance for FY27.
Unidentified Participant
Sure. So answer what number you gave for water treatment for Q?
Manish Jain
400 crores. Around 450 crores. 400 to 450 crore is what we do expect to do in this particular quarter.
Unidentified Participant
So sir, 400 to 450 would translate to just a 10% Q, Y and Y growth for Q4. Right. Because last year we did around 400 crores. So that would be only a 10% increase. And for the full year we have guided 3:30 to 35%. So I think that would be a very great difference between both.
Sanjay Jain
If I am not wrong, we should be more concerned with the profitability in the project. Suppose I do 1500 crore and my bottom line is very weak. So that will not give any strength to the company. As we understand we should go with high margin projects. So I do understand and accept there is a reduction in the revenue numbers which we guided. However, the profitability remains intact. There is no impact at all on the profitability in the company. And we expect profitability along with OCF positive numbers to be replicated in the current financial year. That is FY26.
Unidentified Participant
Got it. And the last question.
operator
I’m sorry to interrupt meet. I would request you to rejoin the queue. Thank you. The next question comes from the line of Sahil Garg from CCV Emerging Opportunities Fund. Please go ahead.
Sahil Garg
Good morning sir. So when we say that we will. Do 600 crore of top line in Q4. May I know what was the run rate for the month of January?
Manish Jain
The run rate for the month of January is somewhere around 120 crores which we have executed.
Sahil Garg
120 oh yes. That means we have to execute 480 code of order book for the in the next two months.
Manish Jain
What happens is since there are supplies which have just got geared up so this will. The supplies will be done maybe by 15th of March and then we will proceed for its invoicing and receiving the payments. So the process is already on and the inspections basically in all the mechanical electrical equipment that we procure there is a clear cut procedure wherein the approved and manufacturing clearance is given then of six to eight weeks, 10 weeks is the timeline for its manufacturing. Then an inspection call is given and then the dispatch clearance is given. So basically all these activities are done at a certain level and these supplies are going on.
So. So we can expect this top line number to be maintained.
Sahil Garg
So that means everything is dependent on Sir, I mean future events. We are talking about from the last. 40, 45 minutes on this call. I mean still it looks difficult anyways. And what would be the number of receivables by then? If so if we are going forward. Top line in Feb and March. I’m. I’m assuming that the entire revenue would be convertible into receivables. I believe.
Manish Jain
Entire revenue will be converted in was. I cannot say on this basis. Bas. There is some unbuilt revenues in our books. There is some inventory which will definitely get converted into cash flows. There will be the top line numbers which will do in the current quarter and which will certain amount of this will go into unbuilt revenues and there will be some part which will get converted to cash flows as well. So ultimately if you see any of the financial year in the past, the unbilled revenue is a bit high till Q3. However it gets reduced substantially in Q4 when this top line number also increases and the cash inflows get substantially, substantially higher.
Sahil Garg
So for Q1, Q2, Q3 might be. That you will get the payment. I’m specifically asking for the Q4 because 50% of your revenue is coming in Q4. So that is why I’m asking that what the receivables figures will look like just. Just a ballpark figure maybe from your side.
Manish Jain
I have given guidance of a working capital somewhere in the range of 90 days to 100 days. So we will try our level best to maintain that capital days and then converting the entire OCF to positive along with taxes as well. Okay.
Sahil Garg
Okay. And so what is the reason for unbuilt revenue?
Manish Jain
Unbuilt revenue? There was a circular from government that all the invoices that we do it. These are to be exactly paired with the income tax TDS and the GST TDS on this circular had come in sometime in September. There was a revenue recognition mechanism which was outlined in the GST circular as well. When based on certain activities which get fulfilled then we could generate the invoices. Now the invoices are not done at least till the time the confirmation a clear pass order and the availability of funds with the government wherein they are depositing the tedious amount at least.
So all other amount always remains in the unbilled revenue. If you see the combined value of unbilled revenues as well as the receivables. So I think that will give a fair picture in comparison to the last financial year.
Sahil Garg
Okay, so just last question. May I know what is the reason for margins to come down in Q3 as compared to Q2 and Q1 specifically the pack margins.
Manish Jain
There is a guidance. It all is a product project mix. There may be a project where we are having higher margins. There can be a project where the margins are slightly lower. So a change of maybe 1 to 2 percentage points. So that never says that the operational efficiencies are lower. Further There is an ECL provision which is created in the books. In Q3 itself a provision of 6 crore has been created. ECL is expected credit loss. So basically there is a India’s provision according to which ECL provision is booked. The total ECL which has been booked in our books till now stands at 15 crore out of which 6 crore has been booked in just in the last quarter itself.
So 42 crore was the our profitability if you just club it. So I think we are well aligned at least if we talk about the profitability in the company.
Sahil Garg
Okay, that’s it from my future. Thank you.
Manish Jain
Thank you. The next question comes from the line of Anmol Mittal from SMC Private Wealth. Please go ahead.
Anmol Mittal
Good morning sir. Sir, can you share the margin outlook for Q4? 600 to 650 crore top line guidance.
Sanjay Jain
Top line guidance is this. 450 crore for water, wastewater and around 200 crore for renewable. The overall profitability if I talk about both combined. So I think we should be somewhere around 15 percentage PAT margin. 15% PAT.
Anmol Mittal
Okay, thank you sir. And my second question is given the importance of execution momentum would it be possible for management to provide periodic perhaps monthly update on order book execution. So press release to help investors better track progress and delivery.
Manish Jain
I will match the top line which happened in the past years with the current financial. With the pairing it with the current financial year. So definitely we will do no issues in it.
Anmol Mittal
Okay. So means by the next month we will receive month on monthly basis. Specifically regarding the order executed. Right?
Manish Jain
Yeah. Yeah. Definitely we can do it.
Anmol Mittal
Okay sir. Thank you.
operator
Thank you. The next question comes from the line of Daksh Malhotra from Adrift Global. Please go ahead.
Unidentified Participant
Yeah. Good morning Manishi. And congratulations on a good set of numbers. You know in this challenging and infrastructure where the infrastructure on the whole has been a little slow. A good execution as far as the bottom line is concerned at least. Sir, I wanted to do a lot of. Yeah, a lot of answers have been given. Just wanted to understand what. What troubles are we facing in terms of order booking per se. Is it competition? Is it state governments, their budget constraints? Why didn’t we get the orders we anticipated? While you’ve explained that Rajasthan project it got went into rebidding but the flow of orders has been very slow.
And how is this going to change going into Q4 and the next financial year? What do you foresee for the time to come? Sir.
Manish Jain
As far as the availability of projects is concerned, it is extremely robust. And a number of projects are available for bidding also. And we have submitted our bids as well. There is some L1 pipeline but definitely as I said Rajasthan was one of the project wherein we face some challenges. So I am not in a position or I never want to declare the L1 status. Rather I am more comfortable putting it in the our bidding pipeline itself till it gets transferred into loa. Now when we are submitting our bids for government. So there are challenges with respect to the evaluation that evaluation timelines are not in our hand.
We can only predict the possibility of getting any of the orders. As I said in Daily we have submitted bids for almost five, six projects. But due to some technical glitch the entire process was stopped at one point of time. And all the projects have again been called for a rebidding. So there is not any control in our hands. These projects are again available for bidding. We are definitely bidding for these projects and look forward to having some good order book position from Daily. We have submitted our bid for a number of projects in Bihar.
The total estimated value for which we have submitted our bids is somewhere in the range of 3000 odd crores. Again the evaluation process got a bit delayed. Again not in our hands. So we are just expecting that it ultimately the bits, financial bits get opened, the technical bits have been evaluated. We are just waiting for the final outcome and then it getting transferred into los. So basically These are just challenges with respect to the final evaluation and finalization of bits. No other I think there can be any of the gaps which I can mention here.
So we are just waiting that the valuation process gets completed and that gets transpired to Alois.
Unidentified Participant
So it’s not as if we are losing these orders to competitors or.
Manish Jain
No, no there is a.
Unidentified Participant
Success ratio.
Manish Jain
But it is not a particular.
Unidentified Participant
Okay. Yeah. So the state governments, Bihar, Delhi, all these governments have not placed the order to anybody. Not only to us it is the you know whether our success ratio is 25 to 40% but here order be they haven’t given given it to anyone till now. They have just gone into the revaluation and whatever going on internally.
Manish Jain
Yes yes Bihar it is under evaluation in daily. It is under rebidding.
Unidentified Participant
Okay and historically sir, when such a situation happens within the when you know there’s a dearth of government orders then once it starts it does it get lumpy like you get all of a sudden you get lot of orders like yeah historically even when we were not listed when such a thing used to happen and when things when the ball started rolling do we get like a lumpy order booking giving us good visibility into the future or how does it work.
Manish Jain
If you just see the last financial year itself or I’ll sell the last calendar year from January when the projects could be available for bidding. So there was a number of projects which were available. We submitted our bids from April to July. Almost 1200 crore projects were there which we won and for which we got the loas. So basically as the Amrut project or I say any of the mission or any of the government mission is moving so the projects are invited. There is no lumpiness which we foresee but there can be a cluster of projects which we can expect to accrue at certain point of time and then there can be a lull season as well which has happened.
So that is not predictable.
Unidentified Participant
Okay. Okay sir. Secondly on the budget estimates you have given a slide also on jgm Namami Gange, Amrot and the SBM Grameen and Urban the has the budget increased? Because I think you’ve given a column indicating the approximate spend by the government in the last financial year which seems to be much below what they had budgeted initially in this 2526. So how do we see this in the coming years or couple of years ahead? Is there enough focus of the government in this space?
Manish Jain
Whatever I can foresee is there has been a sloppiness from the but I can say from the government side or if there were any challenges because of which they were not releasing the funds. It was mainly the JGM scheme which was facing all the challenges. From a budgeted estimate of 67,000 odd crores. Now the final revised estimate is pegged at 17,000 crores. And for the next financial year that is FY27 they have given a budgetary estimate of 67,670. So if we just look into the intent what we can understand is the fund should start moving Even in the JGM since the revised estimate is on 1st of February when this budget has been announced.
So in the next two months in that is February and March, this 70 not thousand crore, this should, this fund should be allocated to the projects. And then we can foresee this number of 67, 670 which has been projected for the current for the next financial year FY27. So this fund is going to be released. This is how we can foresee. And the project should move further. Now in case of Namami, as the projects are moving there is no slowdown at all. The funds are getting moved comfortably. The budgetary estimate was 3400 crores. But the revised estimate is 2687 crore.
So that is primarily based on the expenditure which has happened. So against this they have again given a budgeted estimate of 3,100 crore which in itself again looks okay. No issues in IT. Amroth from 10,000 budgeted to 7,500 crores. And now the budgetary estimate for FY27 is 8,000 crore. So we look forward to that. If the first of all this budgetary estimate of 8,000 crore it should get crossed. So the funds were getting released in Amroth schemes in the entire financial year. And then we again see that this number will continue to move. So there is no challenge which we have foreseen at least in sbma.
Grand Urban.
Unidentified Participant
Yeah please. No, no, go ahead sir, please. You complete
Sanjay Jain
sbn, Grameen and Urban. Basically there are some missions which is for the population below 1 lakh. So there are some sea rage projects which are coming up. So in the SBM projects as well the fund movement has been smooth and the MOM movement is okay. So as far as we see apart from jjm all other schemes are moving. It is stable and moving favorably. This is what we can foresee.
Unidentified Participant
Right? But we are primarily present in the Mami Gangi and Amrut or given the government, you know, visible government intent of JGM revival, we will start bidding here as well. If things are smooth again. And if all these JGM related issues are resolved.
Sanjay Jain
Right now we don’t have any intent to bid for the JJM projects until unless the schemes get fine hundred percent and almost projects are there where the bids have already been done. So I don’t think there is much of a bidding available in JGM apart from some states which were going slow. So I am not quite hopeful of getting any of the project in jgm. Rather in Amrut itself. Yes there are number of water projects which will come up. So we’ll be fairly comfortable doing the projects under amru. So this is a city mission. So we’ll be focusing on the urban mission primarily.
Unidentified Participant
Understood. Sir, one last question. Even though you’ve explained it, we are currently at in the nine months at about 135 crore rupees packed we are talking that we can still reach 230 to 250. Given 15% pat at 600.650crores that we are targeting for Q4 we can do anywhere in the ballpark of about 90 to 100crores. Very tall target 2x of what we have done in the previous quarters. Is it genuinely achievable.
Manish Jain
If I say let us divide it into two parts. One is a renewable component which is 200 crore and which is moving smoothly one way. And the second part is 450 crores. So last year we have done 400 crores. So against 400 I am giving a guidance of 450 crores. So that looks quite achievable in itself.
Sanjay Jain
Achievable. And the water we will. We will do about 18. We are doing about 18 and 18 and a half percent PAT margin nine months consolidated water. We can consider approximately the same margin.
Manish Jain
As a guidance measure. I will never say because in guidance note I will say the margins may be for the console ones. It can be at 15%. There can be minor tweak. It can be 16 or 17% for water, wastewater segment and maybe some margin. So at a console level I can say the margins can be at somewhere 15%.
Sanjay Jain
Okay. But it’s achievable in the Q4.
Unidentified Participant
Yeah, was already okay sir. Thank you.
Manish Jain
Thank you.
operator
Thank you. Participants are requested to restrict themselves to two questions in the interest of time. If you have any more questions, kindly rejoin the queue. The next question comes from the line of Tejas Sigwan from Magat Capital. Please go ahead.
Unidentified Participant
Thank you. Good morning. I joined you John met. So it must have been some part. So I just wanted to know. Javish is speaking to her guidance of achieving around 30 35%. Whether you are sure around 8%. Hello.
Sanjay Jain
Yes please. Please go.
Unidentified Participant
Hello. Yeah. Am I audible? So obviously I’m still sticking. Yeah, yeah, obviously sticking to your target of achieving 30 to 35% for the financial year because you achieved just 8% in nine months. So you have to ACH around 64%. 60. Around 65% in the last quarter. So.
Sanjay Jain
Our pet growth, our pad growth is in the range of 30% in first nine months. So if I look at a consolidated financial level so our top line can be somewhere in the range of 25 odd percentage plus and the profit profitability guidance wise. Yes it can be 30 plus further.
Unidentified Participant
So. So earlier from 35% you are coming down to the 25. For the last quarter.
Manish Jain
I have given a guidance even now in the range of 230 to 250 crores. If I maintain a guidance of 35% so that figure comes out to 238 crore. So there is no change at least in the profitability gu guidance. So I am giving the ballpark figures. But we can look once we complete this financial year. Thank you. Thank you so much. Welcome.
Sanjay Jain
Okay, thank you. Welcome.
Unidentified Participant
Thank you.
operator
Next question comes from the line of Deepak Podar from Safire Capital. Please go ahead.
Unidentified Participant
Yeah, I’m audible sir.
Manish Jain
Yeah, yeah please you are audible.
Unidentified Participant
Thank you very much sir for this opportunity. So now I mean a lot. We have discussed on FY26 so something on FY27. How should one look at FY27 in terms of execution and all?
Sanjay Jain
I don’t want to reduce any of my guidance for FY27 as well. However I look forward to the order book which we get in the current financial year in the next two months based on that giving any guidance or maintaining my guidance that will make some sense. So I would just request to wait for another two months time wherein we. I am quite hopeful and will be in a position to declare the loas as and when we receive and that will give a clear guidance to. I will not be reducing the guidance at all. We want to maintain a growth rate pairing to that 3540 percentage and that will look to be fine once the order book is in hand with us.
Unidentified Participant
And this 35 40% includes renewables also. Right?
Sanjay Jain
Since we will be having the top line numbers in our books in the current financial year. So now onwards we can say on a consolidated basis also.
Unidentified Participant
And how much execution we are targeting renewables in this 35 40% growth.
Sanjay Jain
In FY27. You are talking about 27 or 26, 27. FY20. FY27. We are expecting somewhere around 500, 400 to 500 crore. It should happen in the renewable 400 to 500.
Unidentified Participant
And this is included in that 35. 40% growth that you are talking
Manish Jain
right now. I will definitely say it is included in that.
Unidentified Participant
Fair point. Okay. That would be from my side all the way. Best you.
Sanjay Jain
Thank you.
operator
Thank you. The next question comes from the line of Dinesh Kulkarni from Finite Ventures. Please go ahead.
Unidentified Participant
Hello sir, I’m audible.
Sanjay Jain
Yeah, yeah.
Unidentified Participant
Okay. Thanks for giving me the opportunity. And I was like. Two quick questions sir. So like what we have seen is like government projected, forecasted or budgeted for this year, financial year 26 of somewhere around 60, 70,000 crores in the previous budget. But what we have is somewhere around 1720,000 crores. Right? And again for the next financial year the budget is around 65, 67 70,000 crores. But again there is a question mark right with the kind of execution the. Government itself is having. So my question is, are there not enough projects that government is coming up with or what’s happening in this infrastructure, water infrastructure that are there any financial constraints from the financial, the ministry itself that we are not getting this project for any players? I’m just saying that’s my first question.
Sanjay Jain
First of all, I would request you to kindly see each of the government scheme on its own. There are different schemes. First of all, jgm. JGM is basically a rural mission. The entire problem in the water sector has happened because of JGM which has not performed well in the past maybe one and a half year and more than that since March 2024. Some problems got accrued in this particular JGM scheme. Apart from this, if we talk about Namami Gangay, if you talk about Amrut, if we talk about the projects that we are getting like CETPs from the industrial development corporations or the project which are funded by multilateral agencies, there are no challenges at all and the projects are moving smoothly and the execution is being done.
If we talk about Amdor scheme itself, there has been a flurry of projects since January 2025 and number of projects are available for bidding. Even if you see our speech, Sanjay mentioned that around 26,000 crore projects are just on the verge which are being invited and that is based on the guidelines issued by AMRO 2 itself. It is a progress as mentioned in in its own circular on 3rd of February. So there are around 26,000 crore projects for which bids are available for which for which DPRs have been approved and the projects are on the move.
So basically if we say the projects are coming even from the different government schemes, projects are moving, funds are being made available. So I don’t foresee any challenges apart from the ggm.
Unidentified Participant
Okay, that sounds some hope is that I believe. Okay, so now the next question is sir, what kind of a capex we expect in terms of maybe this year or next two years will it be because we are doing some renewables as well. Right. So if you could just split that across business segments, the total capital expenditure.
Manish Jain
First of all if I talk about the hemp projects. So hemp projects in our water wastewater segment I do have two hemp projects. One is at Mathura and one is Saharanpur. So basically these are two projects for which definitely will be putting the execution is going on and there will be some term loans which will get accrued in the books. So the total quantum of loan that can get accrued is somewhere around 120 crore from Saharanpur and another 40 odd. 45 odd crores from Matra. So basically if I can just conclude FY27 we can expect another one for 210050 odd corrodes getting accrued from this hemp project and around 10 plus 80.
So another 100 crore in the renewable segment which is visible at present. So maybe around another 250 crore can be an increase in the term loans in the next financial year from the projects which we are in hand.
Unidentified Participant
Okay, that’s, that’s great. So like I’m specifically asking about the capital expenditure. So that is the 250 crores is equivalent to the capital expenditure which company will incur.
Manish Jain
If I say about the capex. But I don’t, I’m sorry it is more of the term loan which I told you. So if I talk about the capital expenditure. So the part of capital expenditure which I am required to do is even Saranpur and this Mathra we have already done. So there is hardly another 100 odd corrode which I can foresee which can be the capex expenditure from our side.
Unidentified Participant
Okay, so that includes renewable as well, right?
Manish Jain
Yeah, that includes renewable. Based on the project present order book position this could be the capex expenditure which can happen.
Unidentified Participant
Okay, so that sounds great sir, all the best. Thank you very much.
Manish Jain
Thank you.
operator
Thank you. The next question comes from the line of Rahul Ranka from Kushar Investments. Please go ahead.
Unidentified Participant
Good morning sir. Am I audible?
Manish Jain
Yeah, audible.
Unidentified Participant
So what could be the return on equity which we can Expect maybe this year ending and maybe the next year. If you can give some guidance on that.
Manish Jain
Just that 230. 230 odd crores. If that can be the PAT number. So we can expect return on equity to be somewh 18 to 19%.
Unidentified Participant
Okay sir. Thank you so much. Most of my questions are already answered.
Manish Jain
Thank you.
operator
Thank you. The next question comes from the line of Vidisha from CR Kotari and Sons. Please go ahead.
Unidentified Participant
Hello. Am I audible sir?
Manish Jain
Yes.
Unidentified Participant
So firstly I want to congratulate you on a good set of margins that we’ve showcased is really pleasing. I understand it’s a difficult time on the top line front. But I think a lot of the questions got answered earlier. So just some basic questions that I had. You know on the presentation we’ve seen that our order book X of O and m stands at 1900 crores. And assuming on the water side I’m talking about and assuming 450 gets executed we are left with something like 1450 available to us in hand. So 1450 is a base number plus about 400 that you mentioned earlier.
So 1800 kind of a top line looks doable for next year. So what is your sense on that?
Manish Jain
I will again repeat it will depend upon the order book that gets accrued in the next two months and going further as well. But we are more particular with respect to the order book which we get in the next two months. So based on that number giving that guidance if I say that I will grow at 35 to 40 percentage CAGR. So that will make some sense if that order book is in hand. Other way around it will just look to be a number. So that is why I just requested let the order book be there in our hands and then going for a guidance and maintaining our guidance will make a sense.
Right now just giving a number means that figure definitely if I say on our part we want to maintain those numbers. But for maintaining the number I require the order books that should flow to the company and quite hopeful that that number will be there.
Unidentified Participant
I mean I was just talking from our present order book only that we’ve shown in the presentation. So I was just talking from there. This 1450 that will maybe remain with us so that can we expect to get executed next year.
Manish Jain
Entire 1450 cannot get executed. I can expect 75% of that to get executed in the next financials.
Unidentified Participant
Understood. No, that’s very helpful sir. And you know last. Last time in the last call we had mentioned we had bid for close to 8,000 odd crore worth of projects plus this time I think another 3,3000 odd in Bihar etc that he had mentioned. So what is the total number of bids that has happened and how many of them have opened so far?
Manish Jain
I don’t have the numbers there with me with respect to the number of bids Basically if you that number of 3000 dot crore which I told you regarding Bihar that is the figure which gets included in the 8,000 crore order book there were some bits which got opened. Either we are L1 in that or there are some bits where we have been higher. So the current figure which is available with us where in the evaluation is going or we are having L1. So it is a ballpark figure of somewhere around 5000 crores.
Unidentified Participant
So 5000 crore worth of bids we have submitted this includes the 3000 of Bihar. Is that understanding correct?
Manish Jain
Yeah that is correct.
Unidentified Participant
Okay sir, and traditionally I think even.
operator
Sorry to interrupt with. I would request you to rejoin the queue. Thank you. Participants are requested to restrict themselves to one question. For any more questions please rejoin the queue. Thank you. The next question comes from the line of MIT Shah from Finance360. Please go ahead.
Unidentified Participant
Oh thanks for the follow up opportunity. So my. My question was on the capital allocation front if you look our water treatment business is particularly B2G business which is a working capital intensive and we have many times faced problems with the no for releasing of funds from government end. So it’s a working capital intensive but now in the renewable we are also doing the capex we are entering into business which is in a way capex heavy like I think we have undertaken two plans and we are going to do a hundred crore plus of capex I think you mentioned few minutes ago.
So on one hand our business, one of our most important business is working capital intensive and second is capex have a business. So how. I mean we are going to manage the cash crunch which we are going. To have.
Manish Jain
First of all in our water and wastewater treatment business as our guidance says and we are working on it as well. So we are targeting an OCF positive scenario so that will give a cash flow, positive cash flows to the company. Now if I look forward to the capex that we expect to do in the renewable segment we had made it quite clear that we will from enviro there will be an investment of 75 crore only and there will not be any further investment. If you will see no further investment has happened and we stick to our guidance as well and there will not be any further investment at least going forward from enviro to the renewable business.
Now the total funds which got accrued in renewable segment it was 75 odd crores from Enviro along with another 40 odd crore which was infused by myself, Sanjay and some of the shareholders further along this fund along with the debt which we are taking for executing those projects. Basically based on those we are quite comfortable and that CAPEX will be done and we expect good healthy margins in those projects. And based on that we will look forward to any further IPP if we would take. We have submitted our bids for some of the EPC projects in the renewable segment.
Which includes wind and BESS as well. So definitely there will always be a mix of IPP and EPC in the renewable segment also and we look forward to healthy profitability, healthy top line in the renewable segment. So both the segments will move independently. There will be a separate working capital lines made available for the renewable, separate funding lines, working capital lines for the main water and wastewater business.
Divakar Rana
Thank you. The next question comes from the line of Kishore Jasotani, an individual investor. Please go ahead.
Unidentified Participant
Hello sir. Sir, if we look at the last three years budget of the government or last five years budget of the government in all these waters sector schemes there is hardly any growth in the budget if we look at it from the three years viewpoint. So is the sector moderating in terms of growth? Like how are we targeting 30, 35% CAGR if the sector is itself not growing that fast.
Manish Jain
If you see there was a sharp increase in the government expenditure in various schemes. So as we see the expenditure is of a continuous nature which is happening in the in all these different schemes and based on this the projects are getting executed and no new projects are coming up. So to our understanding healthy projects are available for bidding and there is a sudden jump in the Amrut project’s visibility. So we may we can look forward to the expenditures getting increased in the further years because at present the projects are being invited. So at there will be a point of time when almost all the projects will be moving for execution.
At that point of time a higher budgetary expenditure will be required and to our understanding we also look forward to that expenditure getting increase in that particular scheme.
operator
Thank you. The next question comes from the line of Vidhi from CR Kothari and Sons. Please go ahead sir.
Unidentified Participant
Pratik again Vidhi’s colleague just earlier to my just a follow up question sir. So we continue to maintain a similar EBITDA margin guideline for the next year, right? 22 to 20, 24% or do you think that will also again be in line with what we’ve done this quarter last quarter. So in the 26 to 27 kind of a range.
Sanjay Jain
So any outlook we will never change our guidance. We will never change at least the guidance. The guidance will always be in that range itself.
Unidentified Participant
Understood sir. And just I think you would have answered this earlier also but any, any timelines on when this order bin will be announced or any percentage or of the 5,000 crores that we’ve built our confidence as to what kind of orders we can win. Because I think traditionally we had mentioned somewhere in previous calls about 30 odd percent was our win rate earlier. So can we expect a similar win rate or what is your sense?
Manish Jain
We have lowered our win rate as our guidance and we even if we expect 20, 25% to be our win rate we will well cross that guidance of 1000 crore. Right? And then definitely new projects are always available. So we look forward to good margins. We can just lower the margins and we can increase our win rate. So it is not our requirement or mandated at all. We want to maintain our margins as well. If I have to maintain a cutoff level where my margins should remain secured so there can be a reduction and that is why we will also expect a lower success rate but definitely the margin profile that should remain maintained.
operator
Thank you. The next question comes from the line of Madhu from MD Advisors. Please go ahead.
Unidentified Participant
Okay. Hi sir, am I audible?
Manish Jain
Yeah, yeah, please go on.
Unidentified Participant
So I, I just have a normal basic two questions. So my first question is sir, the stock has been almost fallen like almost 50% from the all time high side. So do you have any plans to increase the stake further? So this is my first question. And second thing sir, like for the top line guidance regarding revenue you have given like around like more than 30% right? So how confident are you to achieve this in Q4.
Manish Jain
Regarding the stock performance, basically I can control the business and I can control the profitability business going forward. So the stock performance is really dependent to all my investors. So this is what I can say. Our stake in the company is more than 70%. So at least as of now we don’t look forward to increasing our stake in the company. And your next question regarding the top line, I have already given all the guidance how the movement should go and we remain quite confident because when I am reinstating the number. So I need to be quite confident and comfortable that this will be achievable.
Based on this I have given that guidance how the numbers will pan out in the current financial year and look forward to maintaining these numbers.
Unidentified Participant
So we can assume like Q4 numbers Would be much better than street expectations, right?.
Manish Jain
I don’t know the street expectations at all. I am giving the numbers which is achievable on behalf of the company Company.
operator
Thank you ladies and gentlemen. In the interest of time we would take that as the last question. For further queries please contact the investor relations team. I would now like to hand the conference over to Mr. Manish Jain for the closing remarks.
Sanjay Jain
Thank you all once again for taking the time to join us on call today. We are well positioned to capitalize on the upcoming opportunities and remain cautiously optimistic for the near and meta. Our aim remains to grow and generate sustainable values to all our stakeholders. I am thankful to all of you for joining this in earning call.
operator
Thank you sir. Ladies and gentlemen, on behalf of Enviro Infra Engineers, that concludes this conference call. We once again apologize for the glitch we had earlier. Thank you for joining us and you may now disconnect your line screens. It.