{"id":174380,"date":"2026-01-22T11:23:17","date_gmt":"2026-01-22T16:23:17","guid":{"rendered":"https:\/\/alphastreet.com\/india\/railtel-corp-of-india-ltd-railtel-q4-2025-earnings-call-transcript\/"},"modified":"2026-01-22T11:23:17","modified_gmt":"2026-01-22T16:23:17","slug":"railtel-corp-of-india-ltd-railtel-q4-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/railtel-corp-of-india-ltd-railtel-q4-2025-earnings-call-transcript\/","title":{"rendered":"RAILTEL CORP OF INDIA LTD (RAILTEL) Q4 2025 Earnings Call Transcript"},"content":{"rendered":"

RAILTEL CORP OF INDIA LTD (NSE: RAILTEL) Q4 2025 Earnings Call dated May. 05, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

Rama Manohara Rao<\/strong> \u2014 Director, Finance<\/em><\/p>\n

Sanjai Kumar<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Vishal Periwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Manish Ostwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Sanjay Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Ashish<\/strong> \u2014 Analyst<\/em><\/p>\n

Harshit Nagpal<\/strong> \u2014 Analyst<\/em><\/p>\n

Parimal Mithani<\/strong> \u2014 Analyst<\/em><\/p>\n

Harshil Solanki<\/strong> \u2014 Analyst<\/em><\/p>\n

Viraj Mithani<\/strong> \u2014 Analyst<\/em><\/p>\n

Pratap Maliwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

operator<\/strong><\/p>\n

The conference is now being recorded. It sa. Ladies and gentlemen, good day and welcome to the post results Q4FY25 earnings conference call of Realtel Corporation of India Limited post hosted by Antique Stockbroking. As a reminder, all participants 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 any assistance during this conference call please signal for an operator by pressing start and then zero on your touchstone telephone. Please note that this conference call is being recorded. I now hand the contents over to Mr. Vishal Periwal from Antiquestock Pro Ping.<\/p>\n

Thank you. And over to you sir.<\/p>\n

Vishal Periwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah. Good morning everyone and welcome to the earnings call of Intel Corporation. I’d like to thank the management for giving us this opportunity to host their call. The management team in the call is led by Mr. Panjay Kumarji who is Chairman and Managing Director. Mr. B. Rama Manohar Raoji, Director Finance. Mr. Manoj Chandanji, Director Projects Operation and Maintenance. Mr. Yash Singh Tomadi who is Director Network Planning and Marketing. And we also are joined by other senior team members from Rimton. So as usual we’ll have a brief overview from Sanjay sir on the gone by result.<\/p>\n

And then we’ll have lines open for Q and A. Yeah. Thank you. And over to you sir.<\/p>\n

Sanjai Kumar<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Very good morning to all and everyone. It gives me great pleasure to interact with you on the company’s performance in the backdrop of Q4. Financial results for financial year 2425 which were declared by the company on 1st May 2025. The company achieved operating revenue of rupees 1308 crores in Q4 of FY25 as against rupees 768 crores in Q3 of FY25. Registering the growth Q on QO growth of 70%. The telecom segment contributed Rs. 359 crores. And project segmented contributed rupees nine hundred and forty nine crores. In company’s operating turnover the company achieved total income of rupees 1329 crores in Q4 of FY25 as compared to 782 crores in Q3 of FY25.<\/p>\n

The profit default tax in Q4 of 20 FY25 is rupees 151 crores as against rupees 90 crores in Q3 of FY 25. With Q1 Q growth of 69%. The profit after tax in Q4 of FY25 is rupees 113 crores as against Rs. 65 crores in Q3 of FY20 5. Registering a Q on Q growth of 74%. The company achieved total income of rupees 3551 crore in FY25 against rupees 2622 crores during the corresponding previous year with growth of 35% profit after tax for FY25 is rupees 300 crores as against rupees 246 crores in the corresponding previous year with growth of 22% earning per share for year ending 31st March 2025 stands at rupees 9.34 as against 7.67 for previous financial year.<\/p>\n

During 25th year of our journey our progress has been steady and impressive. With consistent growth in operational revenue and profits. We are having a healthy order book of rupees 6616 crore. With a visibility of sustained growth in operating income in coming quarters too. We remain committed to pursuing growth and creating value for our esteemed investors. We are also exploring new opportunities in order to realize our true potential. I thank you for your trust and collective vision for the future of this company. Thank you.<\/p>\n

operator<\/strong><\/p>\n

So should we begin the question and answer session?<\/p>\n

Sanjai Kumar<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Yes, please.<\/p>\n

Questions and Answers:<\/h2>\n

operator<\/strong><\/p>\n

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 requested to use handset 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 Manish Otswar from Nirmal Bank Securities Private Limited. Please go ahead.<\/p>\n

Manish Ostwal<\/strong><\/p>\n

Yes, sir. Thank you for the opportunity. My question on the. Can you tell us what is the total order inflow for the full year compared to F24?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

So new orders during this financial year means previous financial year is 3,146 crores as compared to previous year. If you. I think you’re talking about 2023 24.<\/p>\n

Manish Ostwal<\/strong><\/p>\n

Yes sir.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

That was 3178 crores.<\/p>\n

Manish Ostwal<\/strong><\/p>\n

Basically it’s a flat on. On a full year basis compared to.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

It was around 2,600. Let me. Let me give this number because this number is not correct. Previous year’s number. I will find out. Okay.<\/p>\n

Manish Ostwal<\/strong><\/p>\n

The second is of the current. Yeah. Please. Can I ask. Can I ask.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Yeah, please. Yeah.<\/p>\n

Manish Ostwal<\/strong><\/p>\n

So second question on the current order book execution. So can you tell us the Time frame when we’ll be able to export this order. What is the short duration order book size and what is the long duration of the order book? So that we give the visibility in terms of yearly revenue for 2697.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Yeah. So last year 24 was around 2525. 83.<\/p>\n

Manish Ostwal<\/strong><\/p>\n

83. Okay.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

And when you talk of year one projections out of this order book is around 2,600 crores. Is that what we are expecting out of this?<\/p>\n

Manish Ostwal<\/strong><\/p>\n

Okay. And margin at a blended level will remain the same or there is a scope of improvement margin also because of. The mix of orders.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

I think it will remain in the same range. 4 to 5% overall. If you talk blended means put together. If you are talking about project alone it is 4 to 5%. But if you talk of put together all the segments then certainly it will be around 11 to 12%. Yeah.<\/p>\n

Manish Ostwal<\/strong><\/p>\n

And the last is what is the update on the COVID side? Because we keep on hearing on this thing but nothing is major coming out. So where this what is the stage of the orders we can anticipate for retail to grab it from the COVID side of opportunity. And so can you update on this, sir?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Yeah. So last quarter itself we have got our first order. I think you might have missed it. We have posted it on CB also. So we have received first order of 244 crores from East Central railway.<\/p>\n

Manish Ostwal<\/strong><\/p>\n

Thank you sir.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Sanjay Jain from ICICI Securities. Please go ahead.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

Yeah. Good morning sir. Thanks for.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Good morning.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

And very heartening to see such a strong performance. First on the order book of this 6,000 crore. 6,016 crores. What we have given for now any breakup between the railway and non railway.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Yes. So if we talk of railway it is around close to 30% 29.72%. And remaining is non railways.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

And in this new order book what we have.<\/p>\n

operator<\/strong><\/p>\n

Sorry to interrupt, sir. I would please use your handset.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

No, I’m on the handset. Can you hear me now?<\/p>\n

operator<\/strong><\/p>\n

Yes sir.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

And second question is on the order inflow of 3,146 crore. What we have done this year. Can you help us explain which are the large project which have added this year.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Okay. So if we talk of this year. So we have got this Kabat order of course which I spoke to you through the previous investor. We have got an order in northeast front area Railway Frontier Railway for tunnel communication. That was 137 crores. Then we have got an order from state of Odisha State government of Odisha for complete intelligent enforcement management system for their state transport authority. So these are. That is also 222.33 crores. Then we have got a data center order from Munition India Ltd. Pune. That is 85.03 crore. Then Maharashtra State Power Generation Company for their network structuring that is 88.28 crore.<\/p>\n

So you want me to narrate all the numbers?<\/p>\n

Sanjay Jain<\/strong><\/p>\n

No, I just wanted to understand the general. 600 crores in the year one of order book. This year we did around 2,200 crores in the project. So it is state we should do something around 2,620.<\/p>\n

operator<\/strong><\/p>\n

Sorry to interrupt. So I can’t hear you clearly.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Can you hear me now?<\/p>\n

operator<\/strong><\/p>\n

Yes sir. Okay sir.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

I was just wanted to understand this year one of project book you said was around 2600 crores in that can you help us understand that this should be the potential revenue for next year versus 2100 crores of revenue. What we did for this year we.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Will do our best to do this. That is what expecting. We are also expecting.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

So around 20% kind of a growth is possible even for next year on the project business. Yeah, got it. Second question is on the telecom business. Can it help us with the revenue for all the three sub segment NLD, ILD and IP1 for Q4?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Yes. So NLT it was 622 crores. ISP 437 crores. And the third one it is 292 crores.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

292. Got it. Any update on rail wire? I think that is growing flattish. Any changes are we doing in the rail wire for accelerating the growth there?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Yes, actually I’ve been sharing my views on this. The industry being very much cutthroat and the problems for operators who are at the middle level they are struggling because the lower level small ISPs they are not providing services to the satisfaction of the customer. But they are trying to many times poach and reduce their tariffs. And on the other hand the big ones they are also coming with new technology. So there is very very huge competition in this market. But we being in the rural market, our being our main segment where we focus more, they are.<\/p>\n

We are slightly better. So it is. We are also seeing that this is flattish. But we are continuously trying to increase our reach. And in the last quarter, last quarter we have in fact we have been able to get some breakthrough. Before that previous two quarters we were not satisfied at all. In fact there was negative growth. We had seen sometimes So I would say that we are trying our best in this market.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

Fair enough sir. Fair enough. So in that backdrop how do we see telecom services revenue growing? Because I think this year we have grown at mid single digit and the ambition was to keep growing at double digit. 10, 11%. Do you think with this breakthrough in the rail wire we should be hitting the 10% in FY26?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

We are trying to do everything and in fact if you remember last year we had spoken about gsgnl, Gujarat opportunity But there had been troubles and we are still not through there. So we were expecting that it should come. So those efforts are still going on. Similarly we are trying continuously different product myths in this segment including OTTS and all those things. So we are certainly trying to take help from ISP segment. But we have thought recently, in fact we had a discussion amongst ourselves that even NLD also we will try to do something better this year.<\/p>\n

Let us hope that we succeed in that.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

Got it. Got it. Last two questions. First on the LTE rollout by railway have you seen any activity and any tendering bidding that we have seen in that.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

So LTE is now what we have heard is not in the consideration by Ministry of railing. Probably they will go in for 5G. But we are also waiting for those decisions and then only tenders will come. But till then the coverage will work on uhf. So certainly UHF rollout will happen wherever the coverage will be.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

What is this uhf? Unlicensed.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

UHF is a technology which is you can say which is already being used by railways. And this does not require any spectrum.<\/p>\n

Vishal Periwal<\/strong><\/p>\n

So it uses our fiber not this.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Spectrum which has been allocated to us for.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

Got it.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Lte. So they require smaller very small in USF spectrum requirement is very small and that is already there with railways. It has been used by railways in the past also. Clear sir.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

And then on the data center which we were rolling out 102 edge data center. Any development on that side? When can we expect that revenue to start flowing for us in FY 2015?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

This year. This year we are now ready, almost ready at two places. And we are expecting that this year 7 to 8 health data centers should that we get by end of this financial year. In fact we were expecting it to happen. But there are nitty gritties where I think this was not forcing by us. But as we now know the things in detail we expect that seven to eight data centers should happen this year. And the revenue on the conservative side I would say that around 10 crore should come this year. It may be more also But I expect that on conservative side it should be 10 crores.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

This should have ideally higher margin, right? Because we are generally getting the share of it and less of cost margin from this 10 crore should be high, right?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

See if you see higher margin. Since this is a ppp the investment is being done by our partners. So if you see in that sense that retail would be marketing front without any substantial investment. Yes it is high margin. But if you see from the revenue point of view the entire revenue will be booked in retail same. So then that will be another factor.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

So we will book the entire revenue and then pass on the benefit customer.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Yes. Yes.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

Okay. So this 10 crore and we will only get a small portion out of it, right? As a marketing partner.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

No, not only marketing we have complete control of the data centers. It is not only marketing we have because he’s only making it investment part of it. But the technical control, the the data center will be seen as realtors own data center. It is not there data center. So all security and everything has to be taken care of by us.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

Very clear sir, very clear. Thanks for patiently answering all those questions and best of luck for the coming quarters.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Thank you Sandesh ji.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ashish from Jain Financial Neutral fund. Please go ahead.<\/p>\n

Ashish<\/strong><\/p>\n

Yeah. Thanks for the opportunity. Such a participant. You said 10 crore would be the gross revenue or your own net revenue.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

10 crore is the revenue which we are expecting from ED Data Center.<\/p>\n

Ashish<\/strong><\/p>\n

Okay. So this is after passing on. This is after.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

There’Ll be expenses of course which you can say that it is share also revenue share which we have to share with the customer, every partner.<\/p>\n

Ashish<\/strong><\/p>\n

Okay. And earlier the LTE and cover throughout in the Indian Railways. So that amount was projected to be around 30,000 crore in the next five years. So now with LTA on the back foot how much would be. What’s your expectations of the Kavach order?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

The COVID and LT both are different things as explained with the previous question. Mr. Panjesh from ICICI I explained everything that LTE is a different thing and covert is a different thing. So covert will now get rolled out on a existing technology that is called uhf. That of course will happen. So right now as of now, yeah you are right that this covers thing. LTE thing is not there but certainly it’s going to come with upgrade. But those indications we are yet to get from Ministry of Railways. But as far as Kavak is concerned it will get rolled out.<\/p>\n

Ashish<\/strong><\/p>\n

Okay, fair enough. And you are also in the process of exploring more OEMs. Right. For this covers project itself. So any progress or are you in discussion with more OEMs?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

No, I think during last introduction itself we had cleared that we have now firmly signed agreement and MoU with the single OEM because before that it was not happening. So then we were continuously searching for partners but now we are there with Quadrant Switch tech.<\/p>\n

Ashish<\/strong><\/p>\n

Okay, fair enough. So lastly on this our partnership with Microsoft which was announced for five years. Any progress? Where are we?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

We are continuously interacting with them including at their higher management team. So it is not the right time to say anything because it might affect our prospects in the market. So I would not like to share those details. But yes, we are continuously in discussion with Microsoft Teams.<\/p>\n

Ashish<\/strong><\/p>\n

Thank you sir. Thanks for answer.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Harshit Nagpal from BS Securities. Please go ahead.<\/p>\n

Harshit Nagpal<\/strong><\/p>\n

Good morning sir. The first question on the order book. Could you give the breakup for tender and non tender for the order book?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

So order book includes around 61%, 62% from tender and 38% from true nomination.<\/p>\n

Harshit Nagpal<\/strong><\/p>\n

While the revenue growth for US year on year and quarter, on quarter, quarter four year on year and FY25 year. On year has been great. The margin has gone down by 100. The pack margin by 100 BRICS and EBITDA is also lower than what you had guided at half this stage of the financial year. While I see the expenses have shot up extensively. Any particular reason for this?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

I have. I’ve been forecasting a growth also at 25 to 30%. If you remember last year we have grown by 35% within you can see that we have certainly picked up some orders which were low risk but faster delivery and all that. So certainly if you see the absolute numbers, we have done the right thing. We had a choice that we did not pick those lower margin orders and had continued to remain in the 25 to 30% bracket. So I think our management decided that no we should not lose on this account. Right.<\/p>\n

Harshit Nagpal<\/strong><\/p>\n

Thank you. Also sir, the project was services breakup for railways and non railways. If you could provide me with that for the quarter.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Yeah, sorry.<\/p>\n

Harshit Nagpal<\/strong><\/p>\n

Yeah, I asked for the breakup for railways and non railways. For the project was services PWS segment For this year. Yeah, for the year and for the quarter. If you could give me both.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Okay. So railway we have earned 508 crores this year whereas non railways is 1697 crores. If you talk of Q4 it was 213 crores for railways and 737 crores for other than railways.<\/p>\n

Harshit Nagpal<\/strong><\/p>\n

Thank you sir. Also the last question on what is the ARPU for rail wire for this quarter.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

RPU is the top of rpu. In the last month it was certainly lower because as I explained to your friend in previous questions in March we have February and March we had to take some aggressive cost and our R2 was 479 rupees at the end of the month.<\/p>\n

Harshit Nagpal<\/strong><\/p>\n

Sir, the capex for the year, now that the year is complete, how much have we done and how much of that and for the date.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Sorry, your full question was not. Could not be heard.<\/p>\n

Harshit Nagpal<\/strong><\/p>\n

The capex for the whole year and the how much of it is for the data center that we’ve done in SR25.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Okay, so CapEx was 320 crores. Out of that 86 crores was for data center.<\/p>\n

Harshit Nagpal<\/strong><\/p>\n

87. 86.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

86. Right.<\/p>\n

Harshit Nagpal<\/strong><\/p>\n

Thank you. Thanks a lot. Congrats on fabulous result.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

My pleasure.<\/p>\n

Harshit Nagpal<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

The next question is from the line of Parimal Mitani from Credential Investments. Please go ahead.<\/p>\n

Parimal Mithani<\/strong><\/p>\n

So thank you. And you have a good set of numbers. Just wanted to understand in terms of your so going ahead, how do you see your order book going ahead in our next one to two years? If you can give us detailed answer for that. And secondly sir, this year.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Yeah, please, please go ahead. So we are looking for certainly tracker order book this year. It will be targeting around at least 4,000 crore orders coming in this year. Okay.<\/p>\n

Parimal Mithani<\/strong><\/p>\n

And if you can tell me which is the big orders. If you can highlight.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Sorry.<\/p>\n

Parimal Mithani<\/strong><\/p>\n

So what are the big orders? 4,000 corals which were there. So I can just tell us.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Hey, I think it won’t be appropriate for me to reveal that information right now.<\/p>\n

Parimal Mithani<\/strong><\/p>\n

And so if you can throw light on your video surveillance project, how is it going on and where it is.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

So now this project is on track and we hope that this project will be completed this year.<\/p>\n

Parimal Mithani<\/strong><\/p>\n

Okay. And so any revenue guidance for the current year? So how do you see growth in.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

We will. We will continue to start to maintain the 25 to 30% growth.<\/p>\n

Parimal Mithani<\/strong><\/p>\n

Okay sir. Thank you sir.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Hershel Solanki from Equity Capital. Please go ahead.<\/p>\n

Harshil Solanki<\/strong><\/p>\n

Hi team. Good morning sir. I had a question on the COVID So we announced one order in the last quarter. But after that your competitors have announced multiple tender wins and we have not won any tenders. So what are the challenges we are facing and how do you plan to win more tenders in the future? Is my first question.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

See, why could we not been certainly we introspect ourselves because we have got our first order in February. So we introspect in house that where we have gone wrong or what has happened somewhere somebody has taken a very aggressive call that is also unexpected. So those they have different reasons, but we are certainly taking into account for future tenders.<\/p>\n

Harshil Solanki<\/strong><\/p>\n

Okay, and what’s the strategy? Do we also plan to get aggressive on the pricing to build more share?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Your voice is not coming clearly. Sorry.<\/p>\n

Harshil Solanki<\/strong><\/p>\n

Is it better now?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Yeah, better.<\/p>\n

Harshil Solanki<\/strong><\/p>\n

So my question is, what is our strategy to win more tenders going forward? Do we plan to get aggressive on the pricing as well?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

See again, I will not be able to say anything on strategy part and all that, but certainly we are doing our best. That much I can assure our investors. Okay.<\/p>\n

Harshil Solanki<\/strong><\/p>\n

The second thing is, are we confident of getting enough hardware supplies from our OEM partners because they also have a huge order at hand and they have to do it by November. So even if we win orders, are we short of getting supplies from them to install the hardware?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

The the orders which are coming in now, they have to be 4.0 compliant, version 4.0 compliant. So people have material in stock and everything. But those 4.0 compliance approvals are in progress and none of the OEMs have got that 4.0 compliance. So that is true for us also. So I don’t think any supply constraints will be there. And moreover, since Quadrant is our exclusive partner, so certainly he is not going to supply to anybody else. Then also I don’t see any constraint on supply side.<\/p>\n

Harshil Solanki<\/strong><\/p>\n

Understood. This was it. Thank you for answering the question.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Before we take the next question, a reminder to all the participants that you may press Star and one to ask a question. The next question is from the line of Viraj from Jupiter Financial. Please go ahead.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

Yeah, good afternoon sir. My question is since you are earning so much of the orders, what will be your current year top line and how does the bottom line look like? And any guidance here for the next year forward? If you can give.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Current year, we are going to grow in 25, 30%. That is our endeavor and always try to do better. And if you talk of pac. So again I think because our project side is getting heavier, it will certainly have some pressure on our pat also. But we’ll try to do higher margin, better margin projects, try to get such projects. But again it is not in our hand. It is competition which decides. So I would say that it is not going to get affected much because project segment is getting heavier. But certainly it is going to remain in the same range.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

That would be what? 12 to 15% of the offline.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

11 to 12% I would say you’re talking about EBIT.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

No, no.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Fat is not 12 to 13% even now.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

Okay, so we got in. Would it be in double digit at least or.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

No, the project being there not possible. If you see the pure project organization in the market and that would be a tool. None of them are more than 4% and 3%. You just. You can scan the market. There are many organizations. CCIL is one of the competitors. You see, they are even worse. RVNL from Railways. They are not doing more than 4%.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

Of blended pet margins.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Not for particular purchase only project blended pat margin. I’m telling because project is getting added to the critics certainly will pressure will suppress the overall margin. Of course it’s going to be there around 8%.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

Okay. And FY26 onwards. The next year onwards will be the same trajectory.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

I think we’ll maintain that. Or we might be doing better also for the benefit of our investors that retail is strengthening its cybersecurity posture. And we hope that something even better. This year also we grew from 70 crores to 123 crores. So. And next year we look for doing even better in data center. Okay.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

And sir, anything on cover? Sorry, Sorry. Anything on covers? Actually joined the call.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Okay. Kavach, I have already told that senders are coming and that retail has got recently in February. And there are three tenders which are not decided yet. So as and when the tenders coming in from railways we will be bidding and try to win new orders.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

Okay. And sir, in the coverage also the project that would be heavier or only a product studies.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

How are we?<\/p>\n

Viraj Mithani<\/strong><\/p>\n

How is the sour order coming in for us? The coverage, the orders which you get. What would be more on a project side or for the product side? Like my question is that margin margin.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Certainly will be better in cover standard. Because there we have exclusive tie up with OEMs. But then again if new OEMs join the market which is not there right now there are only five. But now market. We have seen in the market that even new OEMs are also trying. But again it will be certainly better than other projects.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

And when this order will start sitting in the top line in the coverage order.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

I think this year itself.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

This or this quarter onwards or next.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

No, not this quarter. Maybe by Q3.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

Q3. Okay. Okay. So all the best. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. You may press star and one to ask a question. The next question is from the line of Vishal V from Antique Stock Broking Ltd. Please go ahead.<\/p>\n

Vishal Periwal<\/strong><\/p>\n

Yes, thanks for the opportunity sir, just a clarification. You briefly mentioned that the CAPEX has been higher in FY25 at around 320 odd crore so is it fair to say the last part of the incremental or the increase which has happened over FY24 is from the data center or any particular segment where we are putting.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

This category Data center is certainly one data center is certainly one but then we are strengthening our network also because network capacities on telecom side as I told you we are now focusing on NLD segment so there also we have strengthened our network capacity enhanced our network capacity similarly as I told you that our cyber security we are focusing more on cybersecurity so some investments have gone that part also.<\/p>\n

Vishal Periwal<\/strong><\/p>\n

Okay, okay. And then sir, is it fair to say the CAPEX generally happens only in the telecom project side? There is no such requirement of a.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Capex Certainly not because projects which we are doing for customers but no, this year we have got some OPEX based orders also where we have to do so. Yes, telecom as a basic data center and telecom both are the areas where we will do our capex and sometimes if we are creating network in some new line so you need everything, all infrastructure including battery power systems and all that.<\/p>\n

Vishal Periwal<\/strong><\/p>\n

Okay, okay and then one thing which I was noticing from a cash flow point of view though the numbers are pretty good from PML cash flow Are you seeing as we move higher on a project size and that is also an external party third party there will be a requirement for working capital or do you see that we are pretty much comfortable at that side also we.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Are comfortable on cash flow. Cash flow issue is not an issue.<\/p>\n

Vishal Periwal<\/strong><\/p>\n

Okay, okay I think that’s all from my side and come back thank you.<\/p>\n

operator<\/strong><\/p>\n

A reminder to all the participants that you may press star and one to ask a question the next follow up question is from the line of Viraj from Jupiter Financial Please go ahead.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

Yes sir my question what will be your durant policy? The same as before or would be better decided to make it better?<\/p>\n

operator<\/strong><\/p>\n

No, actually I think your voice was not there for I would request you. To please use your handset Are you clear now?<\/p>\n

Viraj Mithani<\/strong><\/p>\n

Hello. Yeah my question was what is our deal? Yeah my question is what is the dividend policy? I mean we try to make it better. Yeah, we’ll try to make it better.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Or we will follow. We will follow the present policy Almost in the same line things there’s no. Defined by the domain Right. That difference.<\/p>\n

Viraj Mithani<\/strong><\/p>\n

Yeah. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pratap Maliwal from Mount Infra Finance. Please go ahead.<\/p>\n

Pratap Maliwal<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Yes, please.<\/p>\n

Pratap Maliwal<\/strong><\/p>\n

Yeah. Hi. Thanks for taking my question. If I wanted the clarification. Data centers. So previously we said that we working with partners who are putting up the major investment. And then for Capex side we are saying that you know we are putting in Capex for our data center. Can you help me understand how exactly is the model working for data centers.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

For this There are two sets of data centers with Realtel. So there are two already captive data centers owned by Railtel, owned and managed by Realtel. And so there of course Capex will come from us edge data centers which we have where we have found a partner to set up 100. 100 edge data center. So their investment will come from the partner. They’re smaller data centers spread across the country. Okay. Okay.<\/p>\n

Pratap Maliwal<\/strong><\/p>\n

So when you’re saying that we expect about 7 to 8 of EDGE data centers FY26 until it will. So this is per data center. This is combined for all seven, eight. We’ll get 10 crores of revenue. Okay. Total. Okay. And from this 10 crores we share from to our partners or this is what we retain after share.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

No, certainly reviews revenue is the total what we earn. And then out of that revenue will change. This is total because these data centers will be set up towards the end of the year also some of the data center. Some of this as data center will come in maybe Q4 also. So this year this revenue is what? Not more than this. Okay.<\/p>\n

Pratap Maliwal<\/strong><\/p>\n

Understood sir. Thanks for taking my question.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, you may press star and one to ask a question. A reminder to all the participants that you meet a star and one to ask a question as there are no further questions from the participants. With that we concludes today’s conference call on behalf of Antique Stockbroking Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n

Sanjai Kumar<\/strong><\/p>\n

Thank you very much.<\/p>\n","protected":false},"excerpt":{"rendered":"

RAILTEL CORP OF INDIA LTD (NSE: RAILTEL) Q4 2025 Earnings Call dated May. 05, 2025 Corporate Participants: Unidentified Speaker Rama Manohara Rao \u2014 Director, Finance Sanjai Kumar \u2014 Chairman and Managing Director Analysts: Unidentified Participant Vishal Periwal \u2014 Analyst Manish Ostwal \u2014 Analyst Sanjay Jain \u2014 Analyst Ashish \u2014 Analyst Harshit Nagpal \u2014 Analyst Parimal […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-174380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":179415,"url":"https:\/\/alphastreet.com\/india\/railtel-corp-of-india-ltd-railtel-q3-2026-earnings-call-transcript\/","url_meta":{"origin":174380,"position":0},"title":"RAILTEL CORP OF INDIA LTD (RAILTEL) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 3, 2026","format":false,"excerpt":"RAILTEL CORP OF INDIA LTD (NSE: RAILTEL) Q3 2026 Earnings Call dated Feb. 03, 2026 Corporate Participants: Sanjai Kumar \u2014 Chairman and Managing Director Analysts: Vishal Periwal \u2014 Analyst Sanjesh Jain \u2014 Analyst Viraj Mithani \u2014 Analyst Presentation: operator Foreign. 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