Transrail Lighting Ltd (NSE: TRANSRAILL) Q1 2026 Earnings Call dated Aug. 06, 2025
Corporate Participants:
Unidentified Speaker
Suraj Sonulkar — Moderator
Randeep Narang — Managing Director and Chief Executive Officer
Deepak Khandelwal — Chief Financial Officer
Analysts:
Unidentified Participant
Balasubramanian A — Analyst
Dhimant Shah — Analyst
Jay Bharat Trivedi — Analyst
CA Garvit Goyal — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to the Transl Lighting Limited Q1FY26 earnings conference call hosted by Asian Market Securities Private Limited as a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes should you need assistance during this conference call please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded I now hand the conference over to Mr. Suraj Sonulkar from Asian Market Securities. Thank you and over to you sir.
Suraj Sonulkar — Moderator
Thank you Huda. Good afternoon everyone. On behalf of Asian Market Security we welcome you all to Q1FY26 earning conference call of Transcend Lighting Limited from the senior management team we have with us Mr. Randeep Narang, Managing Director and CEO and Mr. Deepak Khandelwal, Chief Financial Officer I would now like to handle hand over call to Mr. Randeep Naram, Managing Director for his opening remark post which will will open for floor for the question and answer thank you and over to you sir.
Randeep Narang — Managing Director and Chief Executive Officer
Thank you so welcome everybody. Welcome to Transfer Lighting Earnings call for the first quarter 26 we started the financial year on a strong note delivered robust growth in revenue, profitability and order intake Our consistent order inflow led by core TND segment has further strengthened our order book which is coupled with our sharp focus on execution reinforces our confidence in sustaining this momentum in the coming quarters ahead. Revenue grew by 81% year on year to 1660 crores for Q1 pat more than doubled this is a clear indication that our growth is profitable and well calibrated during the quarter.
Our EBITDA margins for the quarter were 12.03 which is arguably one of the best in the industry. Our ability to meet our guidance on back to back of healthy order book planned approach our well diversified geographical presence with our rich experience of our team members on the order book front we secured new orders worth 1748 crores 1748 crores in Q1 led by predominantly in power transmission distribution While these included primary orders for large transmission lines by Indian clients Notably this also includes our largest ever substation project which we’ll be executing in Africa. The order intake is 72% higher than compared to Q1 of previous year.
We also seeing traction in the civil EPC space where we’re actively evaluating high potential opportunities that complement our course Trend as of June 30th, 2025 our unsuit order book including L1 stands at 15,637 crores giving us a clear Runway ahead going forward. In terms of the order book mix, approximately 93% of our unregulated order book remains in the TND segment. Within this split remains balanced equally between domestic and international TND projects. However, the total order book of the company is 60% domestic and 40% international. We’ve completed large projects in Q1 of 26 including two projects of 765kV and three lines of 400kV and one project in Africa.
An important highlight of this quarter. I would also like to bring to your attention that there’s upgrade in our credit rating by krissy. It becomes AA minus with stable outlook for long term and A plus. Previously our short term rating was upgraded from A1 plus from A1. More detail will be shared by our CFO on this. As most of you know, we are in the midst of phase wise multifaceted capacity expansion which we plan to fortify our ability to meet the rising domestic and global demand. Our phase one of 327 crores of capex is progressing well.
The brownfield expansion of our tar factory is almost completed in a staggered manner and greenfield project is on track commissioning by end of this financial year or by January of 27 which means January 26th financial year 27. Further phase two involving 198 crores of investments have been initiated including 58 crores of additional CAPEX expansion which will be completed by Q1 for Q2 for the financial year 2017. With these capex expansion we see substantial increase in our supplies of towers and conductors for our internal DPC projects and products. Also, the business outlook for TND sector both in India and international continues to be strong driven by infrastructure growth, government initiatives, increasing energy needs and our large scale of operations.
Advanced manufacturing facilities and our diversified international presence position us to capitalize on this demand. Our focus remains on securing high quality orders with aligned with our execution capabilities. We follow a selective bidding approach prioritizing the right margins, the right clients and the right geography. We believe in disciplined strategies to enable us to enjoy sustainable growth and bring true value to our stakeholders and shareholders. May I Now request our CFO Mr. Kendival to take us through the financial highlights for this quarter. Deepak, over to you. Thank you sir.
Deepak Khandelwal — Chief Financial Officer
Good afternoon to everybody. I’ll now take you to through our consolidated financial result for Q1 FY26. During the quarter we reported a strong growth on all our key performance parameter. Our revenue from operation for the quarter stood at 1660 crore registering a year on year growth of 81%. Our EBITDA for the quarter was rupees 200 crore up by 66% on year on year basis. And EBITDA margin for the quarter stood 12.03%. Profit after tax for the quarter come at rupees 106 crore which represents a year on year growth of 105%. From a balance sheet perspective we remain in a strong position.
Our return on capital employed stood at respectable 27.47%. Our net debt to equity is at 0.37 times with a debt of Rupees 1600613 crore. Our working capital days stood at 76 days which includes IPO fund. If we exclude that our working capital days IPO fund from working capital days it will come down to 69 days at the end of the quarter which is well within the industry standard as highlighted by mb. Recently we have seen an upgradation in our credit rating by crisil. Now our long term rating is AA minus with a stable outlook while our shortcoming rating is upgraded to A one plus.
This should not only help to reduce the cost of borrowing but more importantly should further strengthen the trust of the lender. With this I would like to open the Q and A and look forward. To receiving your questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue you may press star and two participants are required 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 Abhijit Singh from Systematics. Please go ahead.
Unidentified Participant
Thank you for the opportunity sir and congratulations on a very strong set of quarterly results. So my first question is on them. I hope I’m audible.
operator
Yeah, you are, you are.
Unidentified Participant
First question is on the bid pipeline that we see in both domestic and export markets. Let’s say in the next one year to two years time frame we have been successful in securing, you know a significant growth in the order inflow, even in Q1. So in terms of both the market, the total market of domestic and export and our stiker in those bids so we can talk about that. That’s my first question.
Randeep Narang
I to share that the market opportunity potential of the market as we see today for the next 12 months is around 100,000 odd crores. 50 odd thousand from India and 50 odd thousand from India and we are looking at bidding at least 25,000 crores in the next three, four months. The potential is good. We’re looking at a strike rate of 8% to 10% win rate. So that’s the profile we’re looking at. And we’re looking at being equal to what kind of orders we brought in last year. Around 9,500 crores. That is what we are. And therefore we feel there is a robust opportunity and the trend will continue as we did in Q1.
Unidentified Participant
Understood, sir. And the strike rate of 8 to 10% I assume is pumped domestic market.
Randeep Narang
Both we feel that our management of what to bid and where to bid depend on our risk matrix. Very careful about the geographies or terrain or the client we bid for. 10 is a reasonable market kind of market potential. But this gives us the right file for bidding jobs in the margin profile. We see.
Unidentified Participant
Understood, sir. And a related question on the, on our bidding strategy for orders. So especially in the export market. So I mean all of us know that we had an exposure to Bangladesh project with Easter as a project. What is the kind of exposure left there and how is the cash flow situation panning out in that particular project and going forward, I mean what are the key geographies that we are targeting? If you can name a few, top five, let’s say the geography that we’re targeting going forward for order intros.
Randeep Narang
So good news is that a Bangladesh purchase is going well around 15% order book. Percentage of order book as of 12%. The execution is happening well. And by end of the year we’ll be 6% of Bangladesh execution is happening on time on cash flows. We are being paid on time at this point will happen and by of July next year this project will be over. Second part of your question, that which are the priorities of our geography, a geography priority is principally we’re looking at Africa, India and Southeast Asia. The three geographies we’re looking at, you’re already there in saab.
Principally Africa, India and Southeast Asia.
Unidentified Participant
Understood, sir. And last, last question. If I can squeeze in on the interest rate. So I mean now that we have done an upgrade on the credit rating, so what will be the change in the cost of borrowing? So what will, what was the cost of borrowing earlier and what will it be now?
Randeep Narang
So actually you know, has happened very recently. Definitely as mentioned by our cfo some opportunities to reduce our interest cost will happen in the next six to nine months and we are very optimistic about the. I hope I answered your question. Thank you. The questions, Abhijit.
Unidentified Participant
Thank you. Thank you so Much.
operator
Yeah, thank you. The next question is from the line of Sagar from Alchemy. Please go ahead.
Unidentified Participant
Hi sir. Congratulations on a great set of numbers. If you can tell me what led to this kind of growth in Q1, is there any spillover from previous year’s orders or. And can we extrapolate this growth for. The rest of the year?
Randeep Narang
So the growth has been predominantly based on the execution focus and the number of jobs. We are now at a stage where post design, engineering, client approval, they are in execution phase. So the momentum is because the execution is happening on time. It also reflects on the quality of our order book. It also talks about a backward integration in towers and conductors which enables us to supply on time. So therefore it’s a mix of several factors. But predominantly we have a very good structured team to execute our jobs and it is happening.
Unidentified Participant
As for applying any slippage from Q4, sir, and can we extrapolate this growth. For the rest of the year?
Randeep Narang
Yes, we are looking at the same trajectory as we have said. We’re looking at what we had promised earlier in guidance of 22 to 25% growth. And we are in the same lines of guidance as we speak today.
Unidentified Participant
Sir, on a yearly basis, can we, can you give a split in terms of what percentage of orders would be from tnd, EPC and what percentage would be from the manufacturing business and what could be the segmental margins?
Randeep Narang
Broadly we are predominantly a TND company as you mentioned. So 90 to 92% will be TND and for us product will be a small business rather than conductor which may be 2 to 5%. But our focus is on the EPC build and we will continue on the same trajectory. So our other segment is will be civil jobs, railway electrification and poles and lighting which is 7 to 10% of our portfolio.
Unidentified Participant
Thank you sir, and all the best. Thank you so much.
operator
Thank you. The next question is from the line of Pritesh from Lucky. Also I would like to announce that each participant you have to ask only two questions, please. Next question is from the line of Pritesh from Lucky. Please go ahead.
Unidentified Participant
Yes, sir. So after the execution in quarter one, do you see a case where it is possible to comfortably be growing faster than the 25% revenue growth which you earlier called out at the beginning of the year. The execution depends on the client commitments we have made and what we believe is the right mix of execution because we believe that everything has to be planned and structured. So we are looking at a 25% growth and if there is an upside we Will get to know in the H2. So as of now we maintain our guidance of 22 to 25% revenue growth. And on the margins is there any, is there any risk, is there any tailwind or is there any headwind that we should be knowing on the margin side?
Randeep Narang
Mr. Pritesh, can you be little louder, we can’t hear you properly.
Unidentified Participant
I said on the margin side, is there any tailwind or headwind that we should be knowing? Considering the projects that you’re executing, we.
Randeep Narang
Are comfortable with the margin announced which is around 12%. If you remember in the RHP when we listed in December last year we had given a guidance of 11.5% to 12% would be our EBITDA profile. And we are maintaining the same. We maintain the same guidance going forward.
Unidentified Participant
Okay. Okay. Thank you very much and all the best.
Randeep Narang
And of course our EBITDA numbers are one of the best in the industry. So we are happy to maintain that. These margins you’re getting on your incremental inflow also as of now. Yes. So the margin profile depends on how structured and you define your margin. Either order, intake or existing jobs. So we balance both and we therefore believe that these margins are sustainable.
Unidentified Participant
Okay. Okay. Thank you sir. Thank you.
operator
Thank you. A reminder to all participants to ask two questions only. The next question is from the line of Bala Subramaniam from Arihant Capital. Please go ahead.
Balasubramanian A
Good afternoon sir. Thank you so much for the opportunities. So my first question this Solar EPC is in new segments. What kind of expertise we have to compete in? Operative scale projects are other. Otherwise we focus on street writing side only.
Randeep Narang
We are focusing the execution in source and we build a team over the last one. Engineering, design, execution. So we believe that when we get into a new product segment we first build the infrastructure that pays organization before we get into the execution. All that has happened over a year’s time and we are bidding for new EPC jobs mostly overseas. We believe that that’s where we can add value. And domestic we are yet not bidding.
Balasubramanian A
Okay, so secondly right now Andratish, we get a revenue of 1200 crore in last year with receivables of 400 crore. How much receivables we have received in Q1 and any further new bids we are planned in this financial year.
Randeep Narang
So I’ll answer the last part first. We don’t plan to bid in Bangladesh as of first want to execute the jobs in hand which is going well almost for our order book point of view we will be around 6 to 7% left out after executing this full year which is planned. And we want to finish the job by middle of next year. And the inflow on funds is not an issue at all. We are getting support from a client there.
Balasubramanian A
Okay. So small question regarding external sales post capacity expansion.
operator
But I request you to rejoin the queue for the follow up question as there are many participants left in the queue.
Balasubramanian A
Okay. Thank you.
operator
Thank you. Thank you. The next question is from the line of Dimant Shah from ITI Mutual fund. Please go ahead.
Dhimant Shah
Yeah. Thank you for the opportunity. Very good result. Just wondering, you know, since you said that we’ll sustain the momentum of growth both in sales and margins. Now any PQs that are pending, you know, for HVDC or any other projects that we want to undertake, any PQs that are pending for approval or we will. Again if you could answer this line.
Randeep Narang
We’ve already done 800kv HVDC jobs so. We don’t have an issue. Transmission line and substations will be led by the oem. So we have no issue. We already got a small job of 400 crores for HVDC this year. So this is KPS due to Nagpur. So this job is, you know being planned for execution as we speak. So we don’t have any PQ issues on transmission in India or globally.
Dhimant Shah
And secondly, if you could, you know, tell us about the bid pipeline that how is that looking? Number one. Number two, within that how much is government and how much is private jobs that we are undertaking. Private meaning maybe multilateral funding and all of that that you possibly, you know, as a safeguard you would possibly be screening.
Randeep Narang
Okay, that’s a good question. So let me answer it. We have around 8,000 odd crores of bids which have been already bid and we are awaiting results. And as I mentioned in this call, 25,000 odd crores we’ll bid in the next three, four months. Predominantly if I talk India, 70 to 80% will be our government client and 20% will be our domestic private client. When we bid internationally, we bid with multilateral funding agencies only and we only bid tnd. So we are very careful that our financial security, the kind of client we work, the geography, the kind of risk we take are all calibrated.
And we therefore bid selectively in international.
Dhimant Shah
Very clear, sir. Thank you. Thank you so much.
Randeep Narang
Thank you.
operator
Thank you. The next question is from the line of J. Bharat Trivedi from Incred anc. Please go ahead.
Jay Bharat Trivedi
Hello. Am I audible?
operator
Yes.
Jay Bharat Trivedi
Yes. Thank you. Yes, thanks for the opportunity. My first question is with Respect to the raw material pricing, did we face any tailwind in the current quarter? Because I see the number is relatively quite low because it’s year on year and Q on Q. So anything there. And also subcontracting expenses which are higher. So something on that. If you can see, principally if you.
Randeep Narang
See we don’t have any issue on supply chain because almost 60 to 65% is backward integration with the towers and conductors. And our factories are running at 95% capacities. And we are now expanding also with the brownfield. Expansion is underway in a staggered manner Between September to March we will have that happening. So that’s a good sign for enabling us to support our projects. Your second question was the subcontractor rates as we executing higher quantities, particularly in international subcontractor rates have to go up because the mix of international execution in Q1 is more than domestic.
So that’s a corollary of what is planned and it is part of our approved process of the cost for this.
Jay Bharat Trivedi
Okay, sir, but if I look at subcontracting expense as a percentage of sales, will it be the same levels what we are seeing in Q1 or it will taper down in the coming.
Randeep Narang
It will paper down because the mix of projects will change as we go along and domestic will also have the execution happening. So it will taper down for sure by the end of the year.
Jay Bharat Trivedi
Okay sir. And sir, just to clarify, what was the net debt number that you said earlier?
Deepak Khandelwal
600 odd crores is the next 613 to be precise.
Jay Bharat Trivedi
Okay, goes on the question. Thank you so much. Thank you.
operator
Thank you. The next question is from the line of Vivek Gautam from GS Investment. Please go ahead.
Unidentified Participant
Yeah, thanks for the opportunity sir. And congratulation on very good setup. Number my question is about the Africa exposure you have. And on the Mali nation where a lot of kidnapping it happened not only for our company Diamond Cement Kalpataru and what impact it is having in for us in Africa and other nations, what steps we are taking to take care of our employees and how does it affect our performance?
Randeep Narang
Number one, principally when we bid in Africa we go through a very selective bid metrics where we look at all the risk whether it’s financial, multilateral, price variation risk, the client risk, the geography and the actual working on the ground. What kind of risks are there? So if there is a risk which we feel that it is very high, we don’t bid. So your question on Mali that when we are doing a job there, we believe that all risks are Covered when we look at bidding and when we come to execution we look at all kind of securities and all kind of process of making sure that our people are safe when we execute it.
So we take the help of the government, the client utility so that we are secure in our execution.
Unidentified Participant
And second thing is what are differentiating sector for our company? For example we are backward integrated in conductor manufacturing and what are the other differentiating sector for us and which are our USP and which is helping us out with the workers composition and any legacy issue from all sorted out sir. Thank you.
Randeep Narang
If you see we are 92% focused on 90% plus focused on TND which is our strength from engineering, our factory manufacturing backward integration, our execution capability and ensuring that we manage the execution and before time completion of jobs. So you see others, they have diversified into different portfolios but we are steadfast and focused on tnd. That’s one differentiating factor. The second different factor as I mentioned is the backward integration and third is we believe that we should pick up the right jobs, the right risk matrix and we are very careful in that. So right margin profile and right risk when we bid and maybe five out of 10 jobs we don’t bid based on our risk matrix.
So I would say it is careful selection of a mix of margin and revenue both rather than margin alone. Legacy issue from Yemen takeover which he took from NCMP all sorted out sir and everything running smoothly including banks views. Everything in 2016 everything has been sorted out many years ago and transfer runs in a professional board. If you see a board and management team they absolutely professional and they guide us. The board is very, very active in guiding us and our executive team. The EXCOM is very professional.
Unidentified Participant
Thank you. Keep up the good work sir.
Randeep Narang
Thank you.
operator
Thank you. The next question is from the line of Jay Chauhan from Trinetra Asset Managers. Please go ahead.
Unidentified Participant
Hello. Am I audible? Yes, yes sir. Good afternoon. Thank you for the opportunity Sir, I was just trying to gauge the industry and I just wanted to understand about your capex. So sir, what, what really happened like were the project signings getting delayed due to manufacturing capacity constraints particularly for towers and conductors which is basically 60 to 90% of the EPC contract value or was it you know, ability for bid to bid for larger projects. So what was the rationale behind it, sir? Rational of approving CAPEX going forward?
Randeep Narang
Yeah, yeah. Yes. Current order book requires us to have an expansion on our factories. So for our towers brownfield we have looked at our expansion happening for our Deoli and our Baroda factories for towels and a conductor factory in Silvassa. We also have a new factory for towers which is planned for greenfield in Nagpur, Duthiburi. So all this is part of the growth engine. So from 84,000 metric tons towers we are going to one 96,000 tonnes which will happen by March of 26 conductors again 24,000 to 49,500 km. It will again happen by June or next year. So all this is part of a strategic three year vision and a plan to meet our existing order book and the future orders.
Unidentified Participant
Right. But. But currently was it, you know, tampering your execution timelines or just you know to cater to upcoming demand for. For internal consumption?
Randeep Narang
It is to take care of execution of the current orders and also plan as we’re looking at new order booking happening. So we look at how this will support us next year as we come into stream.
Unidentified Participant
Right? Well understood. And sir, also can you elaborate on your procurement strategy for critical products like you know, transformers and other equipment which are not produced in house. So like what? How exactly do you select vendors for it? Like it is solely based on lowest price grid or do you consider other quality technical criteria? Like how is it exactly?
Randeep Narang
Sir, we work with all the top OEMs for our substation business and they are all global brands. We also work when we look at international jobs importing from global sources. So we don’t have any constraint. And substation, whatever job we have are already planned and the order fulfillment commitments have come in from the oem. So we are well placed and we are not in any kind of stress.
Unidentified Participant
Right, Understood. And so it is, is it project to project or do you have six partners for the same project to project?
Randeep Narang
We tie up with various global players in terms of project to project understanding and then we work with them in the execution of the project.
Unidentified Participant
Thank you. That’s it from my side. Thank you.
operator
Thank you. The next question is from the line of Mangesh from All cargo family office. Please go ahead.
Unidentified Participant
Hi, good afternoon sir. And congratulations on very good set of numbers. A couple of questions from my side. So firstly we’ve reported really nice growth in the bank. And given that we have almost three times bid to bill, the 2025% growth assumption looks. So are we expecting any slowdown in second half or do you think that the turnaround time for these projects have increased compared to what we had seen in the past?
Randeep Narang
So I mean this question is. You know, actually I expected this question. So if you see the actual revenue of Q1 and you actually look at the full year. If you look at the same trajectory we will be around 25% growth of what guidance we have given. So that is what we are maintaining because it may be compared to last year the higher growth. But what we are saying this quarter 1660 crores will lead us to a 25% growth. We maintain the same traction. So our guidance remains the same. We don’t want to over promise and if something positive happens we will all be happy about it.
Unidentified Participant
Okay. And on similar lines the question was on EBITDA margin profile wherein you have mentioned 11.5% to 12% which is basically what we have done. But considering the fact that we are more than doubling the conductor as well as the tower facilities which would rightly go, it’s a part of backward integration. Do you think that some of this impact can be felt towards the say towards the end of 26 or say at least part of 2017?
Randeep Narang
See the prediction on margins two years ahead is actually quite difficult and really one can’t guide you there. But what we can say is that our backward integration is a key factor for us to enable us to get a better margin profile versus our other industry friends. So question is, you know, how do we pick and choose our jobs? As I mentioned, how do we look at the risk matrix? And and definitely we are very conservative in looking at the margins. We want to maintain this and better these margins. So we will look forward to seeing how things go.
But I think at this point 11 and a half to 12% is a fair guidance.
Unidentified Participant
Got it. So lastly we can mention what the. Receivables are as of now and how much of that is from Bangladesh. So.
Randeep Narang
For the quarter ended. Last year. Our receivables were 1300 crore odd and it has become right now 1500 crore. And Bangladesh exposure is roughly around 300. To 400 crore which is payments.
Unidentified Participant
Understood sir. Thank you. Thanks a lot sir.
Randeep Narang
Thank you.
operator
Thank you. The next question is from the line of Vishwanath from Prosperity Wealth Management. Please go ahead.
Unidentified Participant
Good afternoon sir. Thank you for the opportunity and congratulations on a great set of numbers. Thank you. First I wanted to check regarding does our business have any seasonality like do we see any certain quarter or months where we have higher revenues or execution.
Randeep Narang
So we don’t have any problem in execution. Of course there are normal EPC challenges, principally scarcity of working contractors on the ground or monsoons or things like that. Other than that which we know how to manage and how to handle. Other than that we don’t see any headwinds.
Unidentified Participant
Okay. Okay, got it. And my second question is with regard to our execution timeline, suppose we receive an order today, how long does it take for us to complete the order?
Randeep Narang
So domestic orders are in the range of 18 to 24 months and international orders 24 to 30 months. So let’s say average 24 months is what we are looking at in execution. Any new jobs which come away.
Unidentified Participant
Got it sir. Thank you. Thank you very much.
Randeep Narang
Thank you.
operator
Thank you. The next question is from the line of CA Garvit Goyal from Invest Analytics Advisory llc. Please go ahead.
CA Garvit Goyal
Hello and audible and congrats for decent execution for the quarter. I have just one question. While you mentioned about a strong pipeline, I just want to understand a bit on the execution part further. While we hear about some issues related. To row and labor shortage at the industry level coupled with some early monsoon that is going on in India, despite. This we as a team did significantly better. So can you please put some more color on the driver behind this kind of capability. Like what is meaning us different from the other people in the industry.
Randeep Narang
So as I mentioned on the call this quarter we had some good execution happening in international projects because those were halfway through. From a design, engineering and execution point of view. Our momentum for domestic projects will also post monsoon catch up and we see that the clients are helpful in getting the row. We’re also ramping up our contractor base. So we see that domestic and international board will be executing as per plan as per what we call an annual budget.
CA Garvit Goyal
Thank you very much sir. And all the best for the future. Thank you.
operator
Thank you. The next question is from the line of Naman from Nivesha Investment. Please go ahead.
Unidentified Participant
Good afternoon sir. Thank you so much for the opportunity. Firstly I wanted to understand on the ending process side. So your order used to flow from the government and private in the Q1 and Q2 and major execution used to or your all the tender used to happen in all over the year because there has been a good flow of tender.
Randeep Narang
So what we do as a process is that we have specialized teams for tendering for domestic international TND substation. We also have specialized team for bridges, coal engineering teams and tendering team. So we work on a verticalized basis and there are subject matter experts for each business. So we tender based on the opportunity of the bid pipeline throughout the year. As we mentioned our win ratio is 8 to 10%. So this is a process which is structured and it’s a continuous process. We keep on trying to improve this.
Unidentified Participant
On the recruitment side you are facing some labor sourcing in the domestic or either in the overseas market.
Randeep Narang
So we had a good year this year in terms of labor sourcing. We have ramped up our labor in the last three months for domestic, international also. We outsource locally. So we are facing of course it is difficult part of the EPC as I mentioned, labor management and labor retention is something which we have a very clear focus on but we are managing well.
Unidentified Participant
And lastly on the outlook on the African market and Middle east market. So what’s your outlook for that market?
Randeep Narang
So we see good potential opportunities in Africa and we are a strong player there working in 15 countries. So that is something which we want to continue. Middle east, we are very selective and careful in bidding. So the right time we will enter that market.
Unidentified Participant
Okay. Okay. That’s it. Thank you so much.
Randeep Narang
Thank you.
operator
Thank you. The next question is from the line of Abhijit Singh from Systematics. Please go ahead.
Unidentified Participant
Thank you for the opportunity once again. Sir, just one question. On the capex amount that we are planning to spend in FY26 2728 for the expansion of tower and cables overall.
Randeep Narang
We had in the two branches of 326 and 190. We’ve had this approved from our around 520 odd crores plus out of which we are doing brownfield projects for towers and conductors. We are doing greenfield projects and balance we are using as tools and plants for executing our projects. So all these capex will be utilized and will be planned and is under execution in the next nine to 12 months and work is underway in a staggered manner. The ramp up is happening will help us to order book of around thousand odd crores and will help us to be sustainable and ready for the next set of orders which come our way this year and Next.
Unidentified Participant
So sir, 520 crores over a period of two years is that assumption started.
Randeep Narang
This so this year and then part of next year so 18 months.
Unidentified Participant
All right. And so this will be funded by debt or approval internally.
Randeep Narang
Yeah. This we are funding 90 crore from the IPO that was earmarked in the IP. And the rest of the portion we will do it from internal accrual and we will avail the loan of around 300 when the sanctions are in.
Unidentified Participant
Okay sir. Okay. Thank you. That’s it.
operator
Thank you. The next question is from the line of Anshul JT from LKP Securities Ltd. Please go ahead.
Unidentified Participant
Hello sir. First of all congratulations on a good set of numbers. So my question is firstly I think you have given good brief idea about the power to end segment its outlook for for the rest of the year. Just wanted an idea on the other segments as well. If I could you know get a outlook on the inflows of the other segment like civil, railways.
Randeep Narang
So railway electrification, we look at jobs selectively. As you know railway EPC is a very competitive field. So we pick and choose our jobs selectively. We are not in a race to build a huge order book here where we feel that the execution is timely and the margin profile is good. Only then we bid in civil also is the same strategy. We’re building up pre qualifications. We are doing three for good jobs. And as we build our qualifications we will look at bidding selective jobs in verticals like bridges and we are looking at cooling towers.
So we again very selective in building a pq.
Unidentified Participant
Any bid pipeline.
Randeep Narang
Sir, as of now which are under finalization stage for the civil and railway. Segment we are bidding for jobs in both railway and civil to the tune of around 2000 odd crores. And we will get the results in the next two.
Unidentified Participant
Okay sir, so my next question is. Regarding the working capital. Your creditor seems to be pretty stretched round about I think 190 to 200 days on an average. So could if you could give me a brief idea why such high crater days.
Randeep Narang
This is supported by the LC and part of it. And as our data has increased it is the greatest part has also increased to fund the data. So business has been increasing accordingly the data. So our net working capital days is around 70 to 70, 74 was March and 70 is now. So we are within the normal industry average and we hope to improve this further.
Unidentified Participant
Okay sir, that’s it from my side. Thank you.
Randeep Narang
Thank you.
operator
Thank you. The next question is from the line of Formil Shah from Paris Investments. Please go ahead.
Unidentified Participant
Hi. Thanks for the opportunity and congratulations to the management for good results. So we have an unexpected order book of 15600 crores as on 30 June. And this order book will be executed in what next 24 months or if they give more than 24 months.
Randeep Narang
So it depends on the nature of the order received. Some orders have been received last year, some in the first quarter. The recent orders will take 24 to 30 months as I mentioned internationally. So you can take an average of two and a half years. We have a good order pipeline which is there as of now. And of course we’ll book more orders going forward in the eight months which are part of this year.
Unidentified Participant
Okay. The maximum of this, I mean more than 50% will be exhibited in this year or how is it?
Deepak Khandelwal
No, no, no. We will look at. Let’s say if our guidance on revenue is 25% growth of last year we will look at only 30 odd percent going forward in this year.
Unidentified Participant
Okay. Okay. And what could be our debt position by end of this year?
Randeep Narang
Yeah. Presently it is around 600 crore and term loan which we are going to avail for the capex. It will further increase by 200 to 300.
Unidentified Participant
Okay. So net debt could be around 800 to 900 crores by.
Randeep Narang
Yeah. So we are doing it in a staggered manner. So therefore you know these numbers will grow for sure. But we are very careful about how do we look at the payback and details thereof. So every quarter we’ll share with you how this is growing.
Unidentified Participant
Okay. Okay. That’s it. From my side. Thank you. And all the best.
Randeep Narang
Thank you.
operator
Thank you. The next question is from the line of Nikhil from Kizuna Wealth. Please go ahead.
Unidentified Participant
Yeah. Hi. Thank you for giving me the opportunity. And congratulations on a great set of numbers. So sir, my first question is around the L1 order book of 15,637 crores. When do we expect annuals for those LVM projects?
Randeep Narang
So we have thousand crores of L1 we’re looking at in the next two months. We should get these hours.
Unidentified Participant
Okay. And so my second question is what we are doing for the international opportunities. So so are we facing any kind of Chinese competition in African building? Because we are pretty much dominant over there.
Randeep Narang
Yes, of course. There are five to 10 bidders including four to five Chinese companies. We have Indian companies, we have local companies. So there is a challenge. And as I said we only look at 8 to 10% of market share. So the Chinese companies also have their market share available and we are happy with what we are doing there.
Unidentified Participant
How much would be the market for the African tenders? I would say 25 to 30,000 crores approximately is what we see visibility this year where we are qualified.
Randeep Narang
That’s it from us.
Unidentified Participant
Thank you.
operator
Thank you. Thank you. The next question is from the line of J. Bharat Trivedi from Incred anc. Please go ahead.
Unidentified Participant
Hello. Hi. My questions have been answered. Thanks for the opportunity. All the best. Thank you.
operator
Thank you. The next question is from the line of Pranjal Mukhija from Growth Sphere Ventures llp. Please go ahead.
Unidentified Participant
Hi sir. Am I audible?
operator
Yes, very much.
Unidentified Participant
Thank you. Yes, thank you for giving me this opportunity. And sir, congratulations on a great set of numbers. Sir, I just needed some like bookkeeping like some Data. So could you provide the cash flow from operations for this quarter? Do we have the detail right now?
Randeep Narang
We can share with you later. So our investor relations will share that with you. Mr. Chintan. So we’ll get that back to you.
Unidentified Participant
Okay. But sir, any idea on like how. Is that trade out in this quarter?
Randeep Narang
So I don’t think we have any issues on cash flow. We have the IPO funds with us so we don’t see any stress there.
Unidentified Participant
And sir, I wanted to understand the nature of cash flow. Like how does it fare out like the entire year? Like is there some sort of seasonality where it’s relatively lower in the first half and in second half it’s higher. Just wanted to understand a little bit of that.
Randeep Narang
H2 post monsoons, of course. And the year, when you start the year, there are startup budget approvals from various government segments in terms of their funding. So definitely Q1 is slow and it builds up going forward.
Unidentified Participant
Thank you sir, those are my questions.
operator
Thank you. I request each participant to ask one question only. The next question is from the line of Soham from RV Investments. Please go ahead. No sir, can you be little louder. Please go ahead.
Unidentified Participant
Thank you. Sir, my questions have been answered. Just if you can provide me the receivables as of the 30th of July.
Randeep Narang
As I told you it is around 1500 crores. But we are well within the working. Capital norms of the industry.
Unidentified Participant
Answer. If you can provide me the split between government and private in this 1500 crore.
Randeep Narang
Frankly it is going to be. In the range of 80, 20. So principally 20% is the orders you’re executing for domestic private clients. And that should be the.
Unidentified Participant
Okay. So. Thank you.
operator
Thank you. The next question is from the line of Akshay Shah from Toro wealth managers. Please go ahead.
Unidentified Participant
Thank you for the opportunity, sir. Sir, we have built the capacity for. Underground cabling in 2022. So I want to understand that what. Is the decision motive? What motivates government to go for undergrounding or overheading? And is the margin different in underground and overheading?
Randeep Narang
See, the underground cabling comes in with a composite job which is given on transmission and underground cabling can be part of that. There are also standalone underground cabling jobs which people do. So we are building in a skill and keeping to see the opportunity. We need it for EBC jobs for transmission. Anyway, we are doing that in Suriname, we are doing that in Bangladesh, we are doing that in India. So those are capabilities which are already there with us. And if there is a specific job for standalone underground Cabling, we are happy to bid. And the margin profile, as I mentioned, it is as much as what we do for transmission.
So margins are not negotiable. But we have to look at jobs and margins in line with what we do currently for other segments.
Unidentified Participant
Okay, thank you so much. Thank you.
operator
Thank you. The next question is from the line of Ankit who is an individual investor. Please go ahead.
Unidentified Participant
Hello sir. Am I audible?
operator
Yes, sir.
Unidentified Participant
Yeah, congrats for a good set of numbers. Almost all of my questions have been answered. Just want you to understand, given there is strong monsoon this year, do we expect some slowdown in Q2 and early part of Q3?
Randeep Narang
So we’ve already factored the monsoons in our planning for execution. So definitely projects which are in heavy monsoon areas and our water log, there will be a delay of 15, 20 days which are factored into execution plan. But we see a steady state of execution happening in projects which are not under the monsoon arena internationally and parts of India.
Unidentified Participant
Sure, sir. And sir, on the tariff side there are a lot of uncertainty. So any slowdown we are seeing from client side, how are we things looking on that front?
Randeep Narang
We only work with marquee a category clients whether in domestic or international. International is all multilateral funding in India also we work with state, central, utility and private clients. We don’t do much work with state utilities at all. So our getting our funds and our collections is very much with the top notch clients. And they pay us some time.
Unidentified Participant
Sure, sir. Thank you. Thank you.
operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Raghav Maheshwari who is an individual investor. Please go ahead.
Unidentified Participant
Hello sir. Am I audible? Yes. I just wanted to get a revenue split between this international market and domestic market for this current quarter or maybe for this upcoming year.
Deepak Khandelwal
Order book is 60, 40, 60% domestic and 40% international. And the manner of revenue we see this year will be close to 5050 for both domestic and international. So therefore and going forward we look at this as a 50, 50 mix in terms of the way we book our orders and the future plan. And we are very flexible to see where is the better opportunity whether domestic or international. And accordingly we will bid.
Unidentified Participant
Is there any, is there any reason for decline by 10% in the international orders?
Randeep Narang
So again I said it’s a choice of orders we want to bid for where the risk is less in terms of execution timeline and the margin profile is good. So this is situational thing. Every quarter it will change. Every year it will change. So we have to be nimble to understand which is the best opportunity for transferring.
Unidentified Participant
Okay, sir, thank you so much. Congratulations on a good set of numbers.
Randeep Narang
Thank you.
operator
Thank you. We will take that as a last question for today. I now hand the conference over to the management for closing comments.
Randeep Narang
Thank you very much all. It’s a pleasure to interact with you and it has been a good call. So thank you. And we will meet you in the next quarter.
operator
On behalf of Asian Market Securities. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. It.