Vishnu Prakash R Punglia Ltd (NSE: VPRPL) Q1 2026 Earnings Call dated Aug. 14, 2025
Corporate Participants:
Unidentified Speaker
Manohar Lal Punglia — Managing Director
Sarfaraz Ahmed — Chief Financial Officer
Jayant Punglia — Project Coordinator
Analysts:
Unidentified Participant
Nupur Jainkunia — Analyst
Aayush Saboo — Analyst
Lokesh — Analyst
Sahil Patani — Analyst
Rudraksh — Analyst
Rajesh Bandari from — Analyst
Prateek Bhandari — Analyst
Amit Ahuja — Analyst
Modi — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Vishnu Prakash R Pangla Limited Q1FY26 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 after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Nupur Jain Kanya from Valerim Advisors. Thank you. And over to you ma’. Am.
Nupur Jainkunia — Analyst
Thank you. Good afternoon everyone and a very warm welcome to you all. My name is Nupur Zan Kunya from Valoram Advisors. We represent the investor relations of Vishnu Prakash R. Pungriya limited or vprpl. On behalf of the company, I would like to thank you all for participating in the company’s earnings call for the first quarter quarter of the financial year 2026. Before we begin, let me mention a short cautionary statement. Some of the statements made in today’s earnings call may be forward looking in nature. Such forward looking statements are subject to risk and uncertainties which could cause actual results to differ from those anticipated.
Such statements are based on management’s belief as well as assumptions made by and information currently available to management. Audiences are cautioned not to place any undue reliance on these forward looking statements and making any investment decision. The purpose of today’s earnings call is purely to educate and bring awareness about the company’s fundamental business and financial quarter under review. Now let me introduce to the management participating with us in today’s earnings call and hand it over to them for their opening remarks. We have with us Mr. Manhor Lal Pongalia Managing Director Mr. Jain Pongalia Project Coordinator and Mr.
Sarfaraj Ahmed, Chief Financial Officer. Sir, without any further delay, I request Mr. Mano Lal Punya sir to open with his opening remarks. Thank you. And over to you sir.
Manohar Lal Punglia — Managing Director
Thank you ma’. Am. Namaskar Company Go Promoter and Promoter Dwara Capital Skruniki. Page. May Company Get Rajasthu May 77% water treatment plant over a tank pump house pipeline, pumping machinery and civil treatment plant. But if MN railway network in Karama platform Rajmar pull or flyover. Company. Gomari company We’ve been Samas Manawa Masindi Santi Anuba company.
Sarfaraz Ahmed — Chief Financial Officer
Thank you sir. Good afternoon everyone. The operating revenue for the quarter suits at 276 crores which is increased by around 8% year on year basis the EBITDA put around 32 crores which by around 5% year on year. With the ETA margin reported at 11.54%. Net profit for the quarter stood around 7 crores which has declined by 53% year on year basis. Fat margin for the quarter stood at 2.5. From an execution perspective, billing during the quarter was supported by 3D program across ongoing projects particularly in the water supply and railway segment which together contributed to the majority of revenues.
While overall profitability was impacted by higher finance cost and slower pace of receivable recovery. But disciplined control and efficient project acquisition help to maintain our EBIT margin within the industry average range. Now I request Mr. J to provide operational highlights for the quarter and the. Thank you, sir.
Jayant Punglia — Project Coordinator
Good. And.
operator
Yes, sir. You may go ahead.
Jayant Punglia — Project Coordinator
In terms of the project execution, we achieved an on time delivery rate exceeding 90%. Despite industry wide challenges supported by efficient deployment of manpower, machinery and materials. Our footprint continues to expand across multiple states with targeted entry into high growth regions, reinforcing our strategic intent to diversify geographically. On the business development side, our bidding pipeline currently stands at over rupees 3000 crores. With tenders submitted across roads, bridges, urban infrastructure and renewable linked construction projects. Our internal focus remains on operational efficiency, backward integration and disciplined cost control. Investments in in house manufacturing, test facilities and maintenance infrastructure are expected to further strengthen delivery capabilities and margin stability.
Looking forward, with a healthy order book, a strategic bidding pipeline and sector tailwinds from the sustained infrastructure spending, we remain confident of sustaining growth, improving execution momentum and delivering long term value to all stakeholders. With this, we can now open the floor for question and answer session.
operator
Thank you very much. We will now begin the question and answer. 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 Undo. Participants are requested to use answers 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 Ayo Sobo from Choice Institutional equities. Please proceed.
Aayush Saboo — Analyst
Yeah, could you please highlight like what are the new job equities that we’re targeting and the railway segment? What kind of order inflow can we expect going forward? Like, what is the expansion strategy going forward for the next two years?
Manohar Lal Punglia — Managing Director
We’ll maintain our historical order.
Aayush Saboo — Analyst
Pardon? You said we’ll maintain our historical.
Manohar Lal Punglia — Managing Director
We’ll maintain our historical order book in the segment.
Aayush Saboo — Analyst
Okay, okay. And about any particular opportunity that is Exchange the railway sector that you could highlight on. So we had more, you know, more clarity regarding the Growth.
Manohar Lal Punglia — Managing Director
So basically sir, in the airway sector they are the phase two and phase three segments from the Indian government are. About to. Be floated in the coming time. Based on that we’ll target those projects basically in Amrit segment.
Aayush Saboo — Analyst
So like when would we expect like majority of the order info Like a bulk of the order info to come like from the railway segment?
Manohar Lal Punglia — Managing Director
We can’t comment on that. Depends on mentality. In these railway departments it is a time taking process. It will take around months.
Aayush Saboo — Analyst
Okay. Yeah. Also interest cost down has come. Has come down substantially compared to, you know Q4FY25. So what would be the reason for the decline in interest costs and what is the guidance that you would give for the full year regarding the interest cost?
Manohar Lal Punglia — Managing Director
Please repeat your question.
Aayush Saboo — Analyst
Our interest cost for Q1FY26 has come down right considerably compared to Q4FY25. So what would what is the reason for the decline in interest cost and what is the guidance would you give for the solar FY22?
Manohar Lal Punglia — Managing Director
It will decrease by the time and stand at normal. Because in the last quarter and in the March quarter our fund has been increased by the supporters also. And we have our limit and limits also. And by the time it will normal level.
Aayush Saboo — Analyst
Okay. Okay. And also for the money that we start in our water inside projects, water sanitation projects. So last quarter you guided that you start the money receive the money by Q2 Q3. So any. Could you just update on that like what is the status regarding that?
Manohar Lal Punglia — Managing Director
Yes, we have received money from the water supply project especially from NP and up major amount has been released by the government. And in fact Rajasthan government has also released handsome amount. And we are expecting in the end of September quarter we get the major amount from department share is about to release soon. And as soon as that arrives the entire liability is going to release incoming time.
Aayush Saboo — Analyst
I see. I see. Okay. That. That’s great to know. I mean that’s very encouraging. So. But by September we would ant expect it by September. In that quarter we expect like
Manohar Lal Punglia — Managing Director
the C box.
Aayush Saboo — Analyst
Okay. Thank you. Thank you.
Manohar Lal Punglia — Managing Director
Thank you sir.
operator
Thank you. The next question is from the line of Lokesh from Smith Institution Institutional Equity. Please proceed.
Lokesh — Analyst
Yeah. Hi sir. Good afternoon. Couple of questions from my side. So first one, basically when you are saying that the inflows would be at the historical level. So it is safe to assume that inflows.
operator
Ladies and gentlemen, the management line has been dropped. Please stay connected.
Ladies and gentlemen, the management line has been connected. You may proceed, sir. Okay sir, you may proceed.
Lokesh — Analyst
Yeah. Hi so when you are. So a couple of questions from my side. So first one is basically on the inflows. When you think that it will be at the historical range. So what we should consider it should cross around 2200 crores. 22 or more than 2000 crores. So what is the tape number to assume for FY26? Hello.
Manohar Lal Punglia — Managing Director
Voice is a bit low. Can you. Can you please repeat?
Lokesh — Analyst
Am I audible now?
Manohar Lal Punglia — Managing Director
Can you be louder please?
Lokesh — Analyst
Hello, Am I audible now?
Manohar Lal Punglia — Managing Director
Yes. Yes.
Lokesh — Analyst
Yeah. So sir, basically first question is on my. On the inflows front. So when you are saying that the inflows would be at the historical level. So in FY25 we have got around 1850 crores of water inflows. So is it safe to assume that it will be more than 2000 crores for FY26? And what is the traction you are seeing on the ground level on both railways and on
Manohar Lal Punglia — Managing Director
the historical success ratio. Is between 16 to 18% every year.
Lokesh — Analyst
Okay.
Manohar Lal Punglia — Managing Director
The more we bid the more we get the opportunity. But we are something diversified from segment to segment that apart from water supply we are going for railway projects also. And try to get the projects we are expecting. We will maintain the same success ratio in the coming years also.
Lokesh — Analyst
Success ratio is true. But in terms of numerical guidance for the order inflows. Because our success ratio is a percentage of order pipeline. Correct. On what you bid. So what is the bidding pipeline? You said it is around 3,000 crores.
Manohar Lal Punglia — Managing Director
Yes. Our current building pipeline is 3,000 crores. And we are. The team is working on the same. When railways projects were floated, we will bid more. This is the current pipeline. But yeah, we are bidding more or less 10 to 12,000 crores a year.
Lokesh — Analyst
Okay.
Manohar Lal Punglia — Managing Director
Yes.
Lokesh — Analyst
So. So do you think that the 10 to 13, 12,000 crores of order pipeline or bidding would be there for this year as well? So that our order. Okay. Okay.
Manohar Lal Punglia — Managing Director
Projects and Delhi there are new announcements from the government side. And we are getting the projects also in the railway segment, in the water segment. In impact, in the road segment also.
Lokesh — Analyst
Okay. And secondly sir, what is our receivable status? As of now it was closer to around 735 crores. At 25. So what is the receivable stance at quarter one end?
Manohar Lal Punglia — Managing Director
Current receivables are marginal decline from last what they were in March 25th. Last March 25th was 735 crores. And currently it is around 700 or 705 crores.
Lokesh — Analyst
Okay. But you said that the payment has been eased from. You know, MP and From also from the Rajasthan and UP government. So how much money basically we have got during the quarter?
Manohar Lal Punglia — Managing Director
Yes, we have got from MP around 150 crores. From UP also we have got around the total 400 plus crores in the last quarter.
Sarfaraz Ahmed — Chief Financial Officer
So basically only a part payment from the state share was released from these particular states. And this is like, you know, being continuous. And the states are releasing funds on part part basis. And we are expecting in a very short time the center is about to release its launch. So that will clear our entire liability.
Lokesh — Analyst
Okay, so when do you think that the, you know, the payment get will get smoothen by? Is it quarter three or it will take more time ahead?
Sarfaraz Ahmed — Chief Financial Officer
We are anticipating that after quarter three the things get normalized and cycle will also, you know, on normal levels. Because majorly like NP and UP government estate funds has been released now and waiting for the central funds also. And they are going to be really soon.
Lokesh — Analyst
Okay, but Sarah, when you are saying that you have received around 4,400crores in quarter and receivables, but has not you declined to that extent? So what’s the, you know, mismatch over there? Why it is not.
Sarfaraz Ahmed — Chief Financial Officer
We are, we are, we have not slowed down our work. We are regularly working on the same page the momentum of work on every site. Right, sir. Therefore, we have got certified, the work and the receivers are at normal level. And it is the accumulation of last 21, 22 months. It’s not going to reduce in a one month, two month or one quarter. We are expecting that it will. It may take six to eight months now to get into the normal levels.
Lokesh — Analyst
Okay, okay. And sir, what is the reason for decline? You know, moderation in margins. It has declined to around, you know, moderated to around 11, 11.5% for the quarter. So what was the reason and where do we see for the full year for F26?
Sarfaraz Ahmed — Chief Financial Officer
Major, major reason is behind. There are slow, slow receivables and we have continue our work from taking borrowings from borrowings also. Therefore, there is extra interest cost burden.
Lokesh — Analyst
But EBITDA would not be inclusive of the interest cost. No, it is okay.
Sarfaraz Ahmed — Chief Financial Officer
EBITDA levels are marginally declined. Not our historical level is a Flora Durham decline because of we have I started new site employee costs have been increased somehow.
Lokesh — Analyst
But do you think that it will normalize to our historical level of 13, 13.5% or it will remain at around 11?
Sarfaraz Ahmed — Chief Financial Officer
We are expecting the things we get normalized. Yes.
Lokesh — Analyst
So it is safe to assume to around 13, 13.5%. Correct. And for the growth sir, for full year FY26. Where do we see it Will the. Because as you are saying that pressure though have released but receivables is just still there. So do you think that the pickup in the execution will be there or. And what is the growth you are seeing for FY26?
Sarfaraz Ahmed — Chief Financial Officer
As I said that we have not stopped any work and the momentum is same. If the government release fund on time and we are as we are expecting in the next quarter or further in the fourth quarter then we are expecting that our growth will be minimum 20 to 25%.
Lokesh — Analyst
For the full year. You are saying?
Sarfaraz Ahmed — Chief Financial Officer
Yes, sir.
Lokesh — Analyst
Okay. 2025 growth on the top line and 1330.5% on the EBITDA level. And said that it was has increased, you know in the recent times and has basically stood at around closer to around 700 crores. At about 25. Where does it stands right now?
Sarfaraz Ahmed — Chief Financial Officer
I explained you the debt was increased. But now we have promoters fund in the company. We have decreased our trades lines. Earlier it was around 350 crores. In the March, this is now around 300 crores. But promoters have infused funds in the company through unsecured loan. Therefore it is showing down at the same level.
Lokesh — Analyst
So how much are promoter loan?
Sarfaraz Ahmed — Chief Financial Officer
Around 100, 110 crores.
Lokesh — Analyst
110 crores.
Sarfaraz Ahmed — Chief Financial Officer
Yes.
Lokesh — Analyst
So. So just. Just to clarify, you have around 700 crores of debt at FY25 and at that time is there a promoter’s loan?
Sarfaraz Ahmed — Chief Financial Officer
Right at the FY25 there is a promoter loan of 59 crores.
Lokesh — Analyst
Okay. And now it has increased to around 110 crores. So overall. So overall debt would be still would be closer to around 700 crores only.
Sarfaraz Ahmed — Chief Financial Officer
Yes, Correct.
Lokesh — Analyst
Okay. Okay. And the promoter loan is interest free loan.
Sarfaraz Ahmed — Chief Financial Officer
Yes, interest free.
Lokesh — Analyst
Okay. Okay. That’s it for my sir. Thank you.
Sarfaraz Ahmed — Chief Financial Officer
Thank you. Thank you.
operator
Thank you. The next question is on the line of Sahil Patani from Strokes Capital. Please receive.
Sahil Patani — Analyst
Hi, a couple of questions. Want to understand what is our strategy. Let’s say on a broad level over the next two years to reduce this. To reduce the debt levels.
Manohar Lal Punglia — Managing Director
We have already started our to reduce the debt. But they are in the reasonable ratios already less than 1. It is around 0.9 times. Right sir. And whenever we required fund we will take. But we not at aggressive level. We maintain this level.
Sahil Patani — Analyst
Okay. And since you said that you started getting the funds will normal. Let’s say the funds have started. It will normalize over the next six or eight months. So that normalization. Do you think it is lumpy in the sense that it will be for a certain period of time or do you think it will actually normalize for a, for a good amount of time going into FY27 as well? Just trying to understand because you know we suffered as a business, we suffered in the last financial year just trying to understand if it, if if it will continue or, or you know the release of funds comes in and then stops and it’s lumpy in nature.
Manohar Lal Punglia — Managing Director
Yes, yes sir. It will get normalized but it will take some time as we are expecting that more than 50, 60% will be released as your stock payment from the department till March.
Sahil Patani — Analyst
Okay. Okay. And in, in terms of our water EPC order pipeline, I see some of our, you know, public, you know, public competitors, they’ve announced a bunch of orders in this quarter. Whether you it’s EIL or ems, like you know, a lot of orders. So I’m just trying to understand what we’ve, we’ve not kind of had any or maybe we’ve not announced any order wins as such in this quarter. So what’s the order pipeline looking like? And is, is it like, you know we are now aggressively kind of diversifying into other sectors like railways, roads and less of water EPC or.
There’s nothing like that. It’s just that we’ve not been able to capture any orders in this quarter.
Jayant Punglia — Project Coordinator
So basically our key sector has and always will be the water sector only. And we have also been not aggressively bidding. We have kindly slowed down due to duty as we have already sufficient orders in our hand. And we as I said earlier as well that we have already 3000 crores of order in our pipeline. So we are expecting new orders to get sooner.
Sahil Patani — Analyst
Okay. Okay. And just one last question I missed the. The previous participant also asked. So our top line growth for the full year is expected to be 20, 25%. And what are we expecting our EBITDA to be in terms of growth?
Manohar Lal Punglia — Managing Director
In terms of growth it I think it will maintain at the same level as historically it was maintained.
Sahil Patani — Analyst
So that is about what 15%?
Manohar Lal Punglia — Managing Director
No, 15% last last year was 12.56% or 13%. In between this range it will maintain.
Sahil Patani — Analyst
Okay.
Manohar Lal Punglia — Managing Director
Yes.
Sahil Patani — Analyst
Okay. That’s it for me. Thank you.
Manohar Lal Punglia — Managing Director
Thank you sir.
operator
Thank you. The next question is from the line of Rudraksh from MB Investment. Please proceed.
Rudraksh — Analyst
Hello.
Manohar Lal Punglia — Managing Director
Hello.
Rudraksh — Analyst
Yes, I wanted to just ask a question in terms of your speaker split. Of receivables in, in terms of railways. Road and water can you give us a split. Is a problem also in railways or water or. Sorry. Railways and road or the problem that’s just only within water.
Manohar Lal Punglia — Managing Director
As of now I. I don’t have split. But I will. You can get it from our I.R. right? Sir. But.
Rudraksh — Analyst
Railways or road maybe payment problem largely water.
Manohar Lal Punglia — Managing Director
No, sir. Railways or roads maybe could be problem Largely water supply projects.
Rudraksh — Analyst
Payment September the largely national or
Manohar Lal Punglia — Managing Director
Rajasthan government normal level day by day. Government announced September onwards. Or complete realization.
Rudraksh — Analyst
Last question. So thank you so much. Last question. Pipeline bidding strong decree or conversion.
Manohar Lal Punglia — Managing Director
Looking for the higher margin projects or opportunities to selection basis
Rudraksh — Analyst
conversion. May you know you’re not seeing much issues in terms of your earlier
Manohar Lal Punglia — Managing Director
conversion rate should be the same. Yes.
Rudraksh — Analyst
Okay. Thank you so much. Appreciate that.
Manohar Lal Punglia — Managing Director
Thank you, sir.
operator
Thank you. The next question is from the line of Rajesh Bhandari from Nakoda and Gina. Please proceed.
Rajesh Bandari from — Analyst
Namaskar, sir.
Manohar Lal Punglia — Managing Director
Namaskar, sir.
Rajesh Bandari from — Analyst
[Foreign Language]
Manohar Lal Punglia — Managing Director
[Foreign Language]
Rajesh Bandari from — Analyst
[Foreign Language]
Manohar Lal Punglia — Managing Director
[Foreign Language]
Rajesh Bandari from — Analyst
Crore Many hope last year. But Agarapan dosage [Foreign Language]
Manohar Lal Punglia — Managing Director
order here can we expect the second, third and fourth quarter.
Rajesh Bandari from — Analyst
But yeah, only the.
Manohar Lal Punglia — Managing Director
Payments. Key problems. Each quarter. Maybe
Rajesh Bandari from — Analyst
total outstanding. Approximately. Approximately. I
Manohar Lal Punglia — Managing Director
ND 700 crores
Rajesh Bandari from — Analyst
Okay. Okay. Okay.
Sarfaraz Ahmed — Chief Financial Officer
[Foreign Language]
Rajesh Bandari from — Analyst
[Foreign Language]
Sarfaraz Ahmed — Chief Financial Officer
[Foreign Language]
Rajesh Bandari from — Analyst
Or age of water supply. We are into water supply.
Sarfaraz Ahmed — Chief Financial Officer
[Foreign Language]
Rajesh Bandari from — Analyst
[Foreign Language]
Sarfaraz Ahmed — Chief Financial Officer
[Foreign Language]
Rajesh Bandari from — Analyst
Have better margin than water supply.
Sarfaraz Ahmed — Chief Financial Officer
[Foreign Language]
Rajesh Bandari from — Analyst
As a matter of fact, industry normally margins come. Industry gives better margin.
Manohar Lal Punglia — Managing Director
[Foreign Language]
Rajesh Bandari from — Analyst
STP and ETP. Or industries. For example steel plant, fertilizer plants.
operator
Thank you. The next question is from the line of Pratik Bhandari from Art Ventures. Please proceed.
Prateek Bhandari — Analyst
Hi sir. Thank you for the opportunity. I wanted to understand the breakup of this big pipeline which you have stated for 3000 crores.
Manohar Lal Punglia — Managing Director
Water supply or other segment may be here. Exactly if you want.
Prateek Bhandari — Analyst
Okay. And you mentioned that.
Manohar Lal Punglia — Managing Director
1850 crores total order stay in end combination.
Prateek Bhandari — Analyst
Okay. But you mentioned that for the full year you would be bidding for around about 10,000 to 12,000 crores of orders. Full year.
Manohar Lal Punglia — Managing Director
Yes, sir.
Prateek Bhandari — Analyst
Okay. And can you give the number for the order inflow for this particular quarter?
Manohar Lal Punglia — Managing Director
Inflow is last quarter historical success.
Prateek Bhandari — Analyst
I am not between. I lost it.
Manohar Lal Punglia — Managing Director
Hello.
Prateek Bhandari — Analyst
[Foreign Language]
Manohar Lal Punglia — Managing Director
Yeah.
Prateek Bhandari — Analyst
First quarter
Manohar Lal Punglia — Managing Director
[Foreign Language]
Prateek Bhandari — Analyst
only 78 crores.
Manohar Lal Punglia — Managing Director
Yes, sir. [Foreign Language]
Rajesh Bandari from — Analyst
[Foreign Language]
Manohar Lal Punglia — Managing Director
[Foreign Language]
Prateek Bhandari — Analyst
Okay. Okay. All right. Thank you.
Manohar Lal Punglia — Managing Director
Thank you, sir.
operator
Thank you. Next question is on the line of Amit Agija from Edgy Hawa. Please proceed.
Amit Ahuja — Analyst
Thank you for the opportunity. Sir, my question was like 250 crores. Like what is the capacity utilization of your fleet.
Manohar Lal Punglia — Managing Director
Gross block? 250crore or WD? 180crores or full utilization? In fact last quarter. Hello. Yes, sir. Fully utilized.
Amit Ahuja — Analyst
Okay. Sorry, sir.
Manohar Lal Punglia — Managing Director
Hello.
Amit Ahuja — Analyst
Vision of revenue scale.
Manohar Lal Punglia — Managing Director
Can you help me?
operator
Yes, sir.
Amit Ahuja — Analyst
Yeah. Am audible?
operator
Yes, sir.
Amit Ahuja — Analyst
My question was like what is your five year vision in terms of Revenue scale margin improvement ROE because what is seen is like you’re mostly Rajasthan concentric like. Can you think about migrating to other geographies?
Manohar Lal Punglia — Managing Director
Already we are moving to other geography concentration 60, 65% [Foreign Language]
Amit Ahuja — Analyst
[Foreign Language]
Manohar Lal Punglia — Managing Director
or especially water supply and railways.
Amit Ahuja — Analyst
[Foreign Language]
Manohar Lal Punglia — Managing Director
So it may sector.
Amit Ahuja — Analyst
Okay. Thank you sir. All the best for the future.
Manohar Lal Punglia — Managing Director
Thank you.
operator
Thank you. The next question is from the line of Heath Modi from RV Investments. Please proceed.
Modi — Analyst
Hello.
Manohar Lal Punglia — Managing Director
Management. Through borrowings and through promoters funding promoters. Existing levels maintained or going forward follow up department last quarter maybe September onwards things will get normalized.
Modi — Analyst
Government tender. Private company.
Manohar Lal Punglia — Managing Director
Central government. State Government or PSU recently Project 247crores or
Modi — Analyst
[Foreign Language]
Manohar Lal Punglia — Managing Director
EPC EPC Project Capital Selective basis May Ham Ham or Beauty JC Projects. [Foreign Language]
Modi — Analyst
Up go expand Karna but up actually.
Manohar Lal Punglia — Managing Director
Rajasthan May Abjada diversification Rajasthan
Jayant Punglia — Project Coordinator
14 clients. Different different departments like PhD Central Government. Particular state government.
Modi — Analyst
[Foreign Language]
Jayant Punglia — Project Coordinator
Different governments.
Modi — Analyst
Thank you sir.
Manohar Lal Punglia — Managing Director
[Foreign Language]
operator
Thank you.
Manohar Lal Punglia — Managing Director
Thank you.
operator
Participants who wish to ask a question may please press taran1. Now the next question is from the line of Rajesh Bandari from Aoda Engineers. Please proceed.
Rajesh Bandari from — Analyst
Sir, thank you for giving once again the chance expected turnover and for 27 and 28 expected turnover.
Manohar Lal Punglia — Managing Director
[Foreign Language]
Rajesh Bandari from — Analyst
[Foreign Language]
Manohar Lal Punglia — Managing Director
[Foreign Language]
Rajesh Bandari from — Analyst
[Foreign Language]Right sir.
Manohar Lal Punglia — Managing Director
Thank you. Thank you sir.
operator
Thank you. Thank you. As there are no further questions from the participants. I now hand the conference over to the management for the closing comments. Over to you sir.
Manohar Lal Punglia — Managing Director
Thank you all for participating in this earnings concord. I hope we have been able to answer your questions satisfactorily. If you have any further questions or would like to know more about the company. Please reach out to our IR managers at Vellaramsh Advisory. Thank you.
operator
Thank you. Management member. On behalf of Vishnu Prakash R. Punglia Ltd. That concludes this conference. Thank you for joining us. And you may not disconnect your line.
Manohar Lal Punglia — Managing Director
Thank you.