{"id":174502,"date":"2026-01-22T11:34:11","date_gmt":"2026-01-22T16:34:11","guid":{"rendered":"https:\/\/alphastreet.com\/india\/transrail-lighting-ltd-transraill-q4-2025-earnings-call-transcript\/"},"modified":"2026-01-22T11:34:11","modified_gmt":"2026-01-22T16:34:11","slug":"transrail-lighting-ltd-transraill-q4-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/transrail-lighting-ltd-transraill-q4-2025-earnings-call-transcript\/","title":{"rendered":"Transrail Lighting Ltd (TRANSRAILL) Q4 2025 Earnings Call Transcript"},"content":{"rendered":"

Transrail Lighting Ltd (NSE: TRANSRAILL) Q4 2025 Earnings Call dated May. 26, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

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

Randeep Narang<\/strong> \u2014 Managing Director & Chief Financial Officer<\/em><\/p>\n

Deepak Khandelwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

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

Prathamesh Sawant<\/strong> \u2014 Analyst<\/em><\/p>\n

Mahesh Bendre<\/strong> \u2014 Analyst<\/em><\/p>\n

Hardik Ghori<\/strong> \u2014 Analyst<\/em><\/p>\n

Pritesh Chheda<\/strong> \u2014 Analyst<\/em><\/p>\n

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

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

Darshil Pandya<\/strong> \u2014 Analyst<\/em><\/p>\n

Shaurya Punyani<\/strong> \u2014 Analyst<\/em><\/p>\n

Nikhil Poptani<\/strong> \u2014 Analyst<\/em><\/p>\n

Mahek Talati<\/strong> \u2014 Analyst<\/em><\/p>\n

Mehul Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Naman Parmar<\/strong> \u2014 Analyst<\/em><\/p>\n

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

Jay Bharat Trivedi<\/strong> \u2014 Analyst<\/em><\/p>\n

Prince Choudhary<\/strong> \u2014 Analyst<\/em><\/p>\n

Viral Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Sahil Patani<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

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

Ladies and gentlemen, good day and welcome to the Q4 and FY25 earnings conference call of Transrail Lightning Limited. As a reminder, all participant lines will remain 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 the operator by pressing Star then zero on your touchstone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Prathamesh Sawant from Mirai Asset Capital Markets. Please go ahead.<\/p>\n

Prathamesh Sawant<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah. Thank you guys. Good afternoon everyone and a very warm welcome on this Rainy afternoon to Q4FY25 earnings call of Frontrail 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. Without any further ado, I will now like to hand over the transfer call to Mr. Randeep Narang, Managing Director for his opening remarks post which we’ll open up the panel. Thank you. And over to you Randeep sir.<\/p>\n

Randeep Narang<\/strong> \u2014 Managing Director & Chief Financial Officer<\/em><\/p>\n

Good afternoon everybody and thank you for joining this call on a lovely sunny day stroke. A monsoon day. It’s really changed the weather. Change has happened. So thank you for joining. I have with me our CFO Mr. Deepak Handelwal. So basically we love to now continue and start performance for quarter and full year has been really excellent and we like to share more details. We are back with a very diverse board of professionals and we have Our Executive Chairman Mr. Bagre and myself working closely. Board brings valuable insights across power, infrastructure, finance, governance, HR and public policy.<\/p>\n

We also in operations have highly competent management team which is led for each business vertical and support functions. And they are also best in class. Now I’d like to talk about Our financial year 25 results. The year has been of strong execution and disciplined growth. We have delivered on commitments we made to our stakeholders. While we met our revenue guidance we surpassed our margin projections and we have robust growth coupled with improved operational efficiencies which reflects on our ability to scale profitability going forward. For year 25 we made significant progress in project execution in key geographies.<\/p>\n

While our CFO will talk about financials I like to share that our operations stood at revenue of 5,307 crores which has grown by 30.2% over last year. 24. EBITDA margin expanded by 102 points around 12.73. Profit after tax stood at 326.63 crores delivering a strong growth of 40% over previous year. Talking about quarterly numbers we reported a strong growth on key performance. Revenue grew by 39.76%. Our EBITDA grew by 40.77% on year. On year basis EBITDA margin was 12.2% and PAT grow growth was 26.93%. So we have completed important year and important projects during this year including transmission lines, substations in India and Africa.<\/p>\n

Some of the important projects completed during the year were transmission line packages in the east and northeast of India, railway electrification corridors in south and central east, rural electrification and substations in select African countries which are always funded by multilateral funding agencies. The projects were executed with high level of operational discipline safety compliance, reinforcing our reputation as a reliable EPC partner. The Order Book and our Industry Outlook what we have today is order book with L1 of 15,951 crores out of which L1 is 1364 crores which provides us strong revenue visibility the next 18 to 24 months.<\/p>\n

Our total unviscrated order book the TND business is 92% and within our geographical mix 51% is domestic and 49% is international project. This year we booked orders worth 9680 crores which is not only a growth of 120% year on year but the highest order book we have booked in transit. The business outlook on the T and D sector both in India and international continues to be strong, continues strong trust on grid strengthening and expansion drive by the rising power demand in most countries enhanced by energy transition. We are encouraged by the pipeline of projects which are expected to come for bidding and expertise coupled with strong association with major players in the sector helps us to sustain and deliver balanced growth in quarters to come.<\/p>\n

We see a strong traction in trending activities in the industry. We are focused on securing quality orders and align them with issuance trends. We are very selective in our bidding. We work on the right margin, the right client and the right geography and we believe that this will help us maintain profitability as we go forward.<\/p>\n

Now I invite our CFO Mr. Khandelwal to help us through the financial highlights for the quarter and year ended 31st March.<\/p>\n

Deepak Khandelwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you sir. Good afternoon to everyone on the call. I will now take you through our financial performance for Q4 and FY25 during the fourth quarter of FY25 we reported strong growth on all our key performance parameters. Our revenue from operations for the quarter stood at INR 1946.02 crore, registering a year on year growth of 39.76%. Our EBITDA for the quarter was INR to 37.43 crore up by 40.77% on year. On year basis the E margin for the quarter stood at 12.2% versus 12.1% in Q4 of financial year 24. Profit after tax for the quarter came in at INR 126.57 crore which represents a year on year growth of 26.93% for the full year financial year 25 our revenue from operations stood at INR 5,307.75 crore which is a growth of 30.2%.<\/p>\n

Compared to financial year 24, our EBITDA grow by 41.53% to INR 675.90 crore. The EBITDA margin expanded by 102 basis point to 12.73%. Profit after tax for the year stood at rupees 326.63 crore delivering a strong growth of 40.07% over the previous year. From a balance sheet perspective we remain in a comfortable position. Our net debt to equity ratio improved 2.34 times as of 31 March 2025 compared to 0.56 times in financial year 24. Our return on capital employed for the year stood at 30 24.7% which has improved from the previous year. Our working capital days excluding IPO funds was well managed and stood at 74 days at the end of the year.<\/p>\n

With this I hand the call back to Mr. Narayan.<\/p>\n

Randeep Narang<\/strong> \u2014 Managing Director & Chief Financial Officer<\/em><\/p>\n

Thank you Deepak. So in context we are happy to share that Transale is well positioned to capitalize on the opportunities with the legacy of more than four decades footprint in more than 59 countries. IT expertise across transmission, distribution, rail, electrification, poles, lighting infrastructure. We build a business model and a team. More importantly a team that is diversified, resilient and future ready. We have large scale manufacturing facilities in India for galvanized lattice towers, overhead conductors, galvanized monopods in addition to a well accredited tower testing facility to cater to the increasing demand and support of a growing order book.<\/p>\n

We are increasing our capacity of towers and conductors. Our investments in house engineering, design, testing, infrastructure on our execution track record across challenging terrains and our prudent financial management has helped us to emerge as a trusted partner to our Clients and government utilities. To conclude my opening remarks, I reiterate that I have mentioned this in the previous call that we at Transrail, the management team maintain a simple philosophy of simplicity, self confidence and speed. Taking inspiration from Mr. Jack Wales of GE, we believe that we are committed to continuous growth, strong execution and value creation for our stakeholders.<\/p>\n

Now I would like to open the call and this forum for question and answers.<\/p>\n

Questions and Answers:<\/h2>\n

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

Thank you. Ladies and gentlemen, 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 their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Mahesh from LIC Mutual Fund. Please go ahead.<\/p>\n

Mahesh Bendre<\/strong><\/p>\n

Hi sir. Thank you so much for the opportunity. Sir. Last year performance was very impressive. We grew more than 30%. So now the current order book is around 40,500 crores. So based on execution, what kind of growth we are anticipating in the current year?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Thanks Mahesh. Good question. Our guidance is that we will grow our revenue by 23 to 25% over what we have achieved in March 25. And this trajectory we know can be achieved through our execution and the fact that we have order book to back up.<\/p>\n

Mahesh Bendre<\/strong><\/p>\n

Okay. And sir, the EBITDA margins last year was around 12.74%. So given the growth we are anticipating 20%, will there be improvement in EBITDA as well?<\/p>\n

Randeep Narang<\/strong><\/p>\n

See, we in our RHP have given the guidance in December of around 11.99 or 12% EBITDA. Our Q4 EBITDA was 12.2. Our guidance remains the same at 12 12.225% EBITDA because we know the margin profile of the order book we have which is of course the best in the industry as we speak.<\/p>\n

Mahesh Bendre<\/strong><\/p>\n

Sure. Thank you so much, sir.<\/p>\n

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

Thank you. The next question comes from the line of Hardik Ghori from Chris pms. Please go ahead.<\/p>\n

Hardik Ghori<\/strong><\/p>\n

Thank you for the opportunity and congratulations on a great set of numbers. So firstly sir, could you also provide the order execution details for Bangladesh in Q4FY25.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So actually our execution post the September unfortunate incident has been pretty much consistent. And we have executed in the quarter almost 580 odd crores of revenue full year around close to 1200 crores of revenue which is what we had planned. And we have caught up on the delays which happened for a month or month. And a half.<\/p>\n

Hardik Ghori<\/strong><\/p>\n

Got it sir. Got it. And what are the outstanding receivables out of the total amount as of FY25?<\/p>\n

Randeep Narang<\/strong><\/p>\n

So we are actually we’ve got a good amount of traction on the funds because these are priority projects. So we’ve got almost 60 to 70 million. Our outstanding is based on the work done and the build in process. It is approximately around 400 crores overall for Bangladesh.<\/p>\n

Hardik Ghori<\/strong><\/p>\n

That’s really insightful, sir. And secondly sir, Power grid has announced a capex budget of 35,000 crores for FY27 and FY28. 45,000 crores. So sir, what portion of this CAPEX do we expect to capture?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Our current market share is around 8 to 10%. And this is what we intend to achieve this year with Power grid which is a good number and it gives us a good base to execute in India.<\/p>\n

Hardik Ghori<\/strong><\/p>\n

Got it, got it. And sir, what is the current size of bid pipeline and the composition of the same.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So as you are aware that we bid domestic and global and the pipeline is pretty strong as you’ve seen yourself. 35,000. It’s itself is power grid. And then we’re talking about global play Africa. There’s a growth of expected 20% on the current opportunity. So we’re talking about the global market and domestic market. And the pipeline will be more than 1 lakh crores.<\/p>\n

Hardik Ghori<\/strong><\/p>\n

Got it, Got it. Got it. And sir, any strategic initiatives underway to expand into regulated markets like US and Europe.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So we are not looking at doing EPC in US and Europe for sure. We are looking at some seed marketing of product sales of towers and conductors which again we are going slow. It’s a wait and watch and strategically seeing how things emerge. So Europe and US is really not in our agenda today.<\/p>\n

Hardik Ghori<\/strong><\/p>\n

Got it, Got it. And lastly an accounting question. So this quarter our effective tax rate was around 20. So sir, what is the sustainable tax rate that we are expecting in the coming financial years?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Tax rate will remain the similar almost in the same line of the. There’s no change. Much is going to take place in the current year.<\/p>\n

Hardik Ghori<\/strong><\/p>\n

All right, all right. That was really helpful. That’s all from my side. Thank you.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question comes from the line of Pritesh Chheta from Lucky Investment. Please go ahead. But your audio is not clear.<\/p>\n

Pritesh Chheda<\/strong><\/p>\n

Just a minute. Can you hear me?<\/p>\n

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

Yes Pritesh, please go ahead.<\/p>\n

Pritesh Chheda<\/strong><\/p>\n

Your inflows in India in FY20.<\/p>\n

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

Pritesh, once again your audio is not clear. Could you please come in network range and ask your question? Hello. Can you hear me?<\/p>\n

Pritesh Chheda<\/strong><\/p>\n

Hello. Hello.<\/p>\n

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

Yes, please go ahead.<\/p>\n

Pritesh Chheda<\/strong><\/p>\n

Can you tell us the market share of your inflow in FY25?<\/p>\n

Randeep Narang<\/strong><\/p>\n

So the total 9,680 crores. We had 6,000 odd crores from the India.<\/p>\n

Pritesh Chheda<\/strong><\/p>\n

And what was your market share in it?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Market share depends on different verticals. So Civil, coast, railways. So we don’t.<\/p>\n

Pritesh Chheda<\/strong><\/p>\n

No, no. In TND. Sorry, in TND. Sorry. To be very clear, TND.<\/p>\n

Randeep Narang<\/strong><\/p>\n

In TND we would have a 10 12% market share.<\/p>\n

Pritesh Chheda<\/strong><\/p>\n

Okay. The second question is on the TBCB projects which have been given out to power Grid at about 60,000 crore in FY25. Which means it would have got about lakh crore in TBCB projects. Out of that. How much is ordered out to PND companies?<\/p>\n

Randeep Narang<\/strong><\/p>\n

So that’s a difficult question because what we know is what has been announced. So I think around thousand crores have been announced. The rest is still on the annual.<\/p>\n

Pritesh Chheda<\/strong><\/p>\n

Sorry, you are not audible. How much is announced?<\/p>\n

Randeep Narang<\/strong><\/p>\n

30,000 odd crores is announced.<\/p>\n

Pritesh Chheda<\/strong><\/p>\n

Okay. Okay.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Pipeline. Some are under opening, some are under to be bid. So that likely status. But this is again anticipated answer.<\/p>\n

Pritesh Chheda<\/strong><\/p>\n

Is it fair to assume that you will have a strong inflow growth in FY26 also?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yes, that’s what I answered in the previous question. With the order Capex plan of power grid which is itself 3,005, 35,000 crores. We believe that we have a good chance to be at the same level of better our order intake in India.<\/p>\n

Pritesh Chheda<\/strong><\/p>\n

My last question is when will your facility become operational? The expanded conductor facility.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So we have already started the work. It will be by end of the year. It should be in place.<\/p>\n

Pritesh Chheda<\/strong><\/p>\n

Okay. Thank you very much. All the best. Thank you.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Ladies and gentlemen, in the interest of time and fairness to others, we request you to restrict to three questions per participant and rejoin the question queue. We take the next question from the line of Manish Otswar from Nirimal Bank Securities Private Limited. Please go ahead.<\/p>\n

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

Yes, sir. Thank you for the opportunity. Sir. Given the increased geopolitical risk in the international market, how do you manage the credit risk in the project? Can you point out some of the qualitative aspect of it? Managing the risk in the international market so that we do not have a negative supply in terms of disabled loss or something?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yeah, I think that’s a good question. And it’s important that I elaborate that. So firstly, we work with multilateral funding agencies globally and we pick and choose our projects through a risk matrix which we look at through a scorecard where to go, what to do and a threshold number. If we do not achieve, we do not go ahead. So basically five out of ten jobs we would, you know, refrain from bidding. Once we understand, we send our teams, we understand the geography, the labor laws, the subcontractors, the utility, the whole regional geopolitics before we bid.<\/p>\n

So we are very careful in our narrative. And each tender is approved by me and my chairman personally. So we are very careful when we overseas.<\/p>\n

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

Okay. And in, in our overseas business so far, how much total loss we have on on account of receivables.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So far we have had no loss in our company history in receivables and international.<\/p>\n

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

Okay. And secondly sir, one data point. Can you give the top five geographical breakdown of our international orders order book?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Basically, so we are working in Cameroon, Kenya, Tanzania, then Mali and Niger. So these are the top five projects.<\/p>\n

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

And the last question, sir, like we are hearing from the some of our peers that the project execution challenge in terms of labor shortage and the lead land procurement. Can you make some qualitative comment on these two challenges for the industry and transfer in particular?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yes, there is skilled labor. I would say availability has become demand and supply situation based on the infrastructure boom. And we are working on the ground with our teams very closely with the skilled laborers and subcontractors. So yes, it’s a challenge. But obviously it is something which we have to work around and we are doing that. And if you see our numbers, it shows that we are executing well.<\/p>\n

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

Thank you sir. And all the very best for the execution of F26. Thank you.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question comes from the line of Nitin Jain from Fairvalue. Please go ahead.<\/p>\n

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

Yeah, thanks for the opportunity and congratulations on the good set of numbers. So I have just one question. What will be the concentration of Bangladesh orders in our entire order book? And what has been the payment history so far and what is our guidance for this Bangladesh order book for FY26?<\/p>\n

Randeep Narang<\/strong><\/p>\n

So as of December, Bangladesh order book was 20% of our total order book. As of March 25th it became 15%. And as we are executing well as of May end it will be approximately 12%. And by the year end we will be 5 to 6% only. And we intend to finish the Bangladesh job by June of 27.<\/p>\n

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

Just if you could comment on the payment history so far the payments are.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Working on schedule, on time. In the last six months we got more than $70 million and we are on schedule. This is a government priority protect of government of Bangladesh and they are supporting Their own progress by supporting our funding. There was a delay of course during the coup period but then it stabilized now post December.<\/p>\n

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

Great. Thank you and all the best.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question comes from the line of Darshal Pandya from Fentrish Capital. Please go ahead.<\/p>\n

Darshil Pandya<\/strong><\/p>\n

Hello, I’m audible sir.<\/p>\n

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

Yeah, you are. Yes sir.<\/p>\n

Darshil Pandya<\/strong><\/p>\n

So my question was with regards to the interest payment that we are doing most 197 crores as I can see on the full year basis. And our total borrowing stands at around 640, 650 or crores. So can you please tell me what kind of interest costs are we paying and what, what additional this interest payment includes?<\/p>\n

Randeep Narang<\/strong><\/p>\n

This includes the interest payments on the short term long term borrowing as well. As the usage period of the LC. Which we have been paying that is also included in the same. So it is not only just 600 crore, so it includes the LC which we are having limit of 1000 crore more than the same.<\/p>\n

Darshil Pandya<\/strong><\/p>\n

So out of the 1000 crores what kind of LC utilizations are we doing? Any idea?<\/p>\n

Randeep Narang<\/strong><\/p>\n

It remains almost 90, 95% utilization.<\/p>\n

Darshil Pandya<\/strong><\/p>\n

And are we doing anything to bring down the interest cost that we have? And if I have seen out of 800 crores 400 were for the fresh issue. So only 241 crores have we used for net debt payment.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yeah, presently it is a position. However we have got our credit rating upgraded to A plus and we are expecting further upgradation. And on the basis of the same next assessment of the limit we expect that our interest cost is going to get reduced.<\/p>\n

Darshil Pandya<\/strong><\/p>\n

So for this year sir, what kind of interest you know we will be paying as against what we have paid.<\/p>\n

Randeep Narang<\/strong><\/p>\n

For FY25, 9% roughly in the CC it is around 11%.<\/p>\n

Darshil Pandya<\/strong><\/p>\n

So I’m asking what kind of interest expenses we’ll see for this year.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So we from 197 you are saying?<\/p>\n

Darshil Pandya<\/strong><\/p>\n

Yeah.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yeah it is around going to be in the range of 3, 3.5% to 3.6% of the total turnover. 3.6% of the total turnover.<\/p>\n

Darshil Pandya<\/strong><\/p>\n

Okay, got you. And sir, just one last question. In 2024 somewhere you know we had some really you know best margins from the EBITDA front. Can we achieve some somewhat what we have done and you know probably in 2024 like I see around 14 something.<\/p>\n

Randeep Narang<\/strong><\/p>\n

That we have that the margins are a mix of different projects, different product margins and therefore it’s an amalgamation of all that on an average basis. So if you see through our RHP and guidance we’ve been talking about 11.99 12% and even in the last call I had mentioned 12, 12 and a half would be where we are going. So we intend to maintain that at 12 12.2% which is again the best in the industry so far.<\/p>\n

Darshil Pandya<\/strong><\/p>\n

Got you sir. I will fall back in the queue. Thank you so much for taking the call, taking the question.<\/p>\n

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

Thank you. The next question comes from the line of Shaurya Panyani from Arjav Partners. Please go ahead.<\/p>\n

Shaurya Punyani<\/strong><\/p>\n

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

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

Yes.<\/p>\n

Shaurya Punyani<\/strong><\/p>\n

Sir, my question on your CAPEX plan. So this Capex which you are doing, what is the cost of the overall K?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Firstly we are looking at Capex which we got approved in the month of January. We had looked at 326 crores for our expansion of our factories in a new factory and some plant and equipment. So that again is on schedule and the work is happening. And we are looking at Capex specific loans and internal accruals to fund this other than the 90 crores we took from the IPO funding for CapEx.\u00a090 crores from IPO.<\/p>\n

Shaurya Punyani<\/strong><\/p>\n

Okay. And by what time this entire capex will be done, that new capacity will kick in.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So part capacity to the brownfield project will happen by June, July and a new, new, new factory which is up will happen by December of this.<\/p>\n

Shaurya Punyani<\/strong><\/p>\n

December 26th or 25th.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yes.<\/p>\n

Shaurya Punyani<\/strong><\/p>\n

Okay. Okay.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Execution. Yeah.<\/p>\n

Shaurya Punyani<\/strong><\/p>\n

Yeah. Okay.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Thank you.<\/p>\n

Shaurya Punyani<\/strong><\/p>\n

Thank you.<\/p>\n

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

The next question comes from the line of nickel from Kizuna Wealth. Please go ahead.<\/p>\n

Nikhil Poptani<\/strong><\/p>\n

Yeah. Hi sir. Thank you for giving me the opportunity and congratulations on the great set of numbers.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Thank you.<\/p>\n

Nikhil Poptani<\/strong><\/p>\n

So my first question is like on the African audit book like we are seeing US President cutting the funding for African projects. A lot of African projects. So have you seen any kind of headwinds in that part of African region?<\/p>\n

Randeep Narang<\/strong><\/p>\n

For us most of our funding is through World bank and African Development bank which is an independent bodies and they are not through MCA American funding. So we have not been any way troubled with that.<\/p>\n

Nikhil Poptani<\/strong><\/p>\n

That’s great to hear. Now sir, in FY25 on a sequential basis we have seen rise in our subcon cost and we have seen a great reduction in the cost of material consumed. So can you highlight any pointers on that like the raw material prices are coming down and how are we managing that part and are we sustainable members?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yes, firstly we are sustainable because we work on a very clear project to project analysis on cost to complete we look at the monthly variances. So the principal point is when you see the subcontractors cost going up we are now in more of a construction execution phase and that’s why the cost has gone up. But it is in line with the budgets of each project.<\/p>\n

Nikhil Poptani<\/strong><\/p>\n

Okay, so that’s great to hear. And so can you just provide an update on HPDC project that you won and what are the timelines for that and how is the pipeline for HVDC projects?<\/p>\n

Randeep Narang<\/strong><\/p>\n

So the pipeline is around 5000 odd crores. What we hear and we see the forecast, we already got one job that is KPS 2 to Nagpur and we are now starting work there which we got in the last quarter. So we are quite bullish on the HVDC opportunity going forward.<\/p>\n

Nikhil Poptani<\/strong><\/p>\n

What would be the timelines?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yeah, we are focused on transmission line and not substation in hvdc.<\/p>\n

Nikhil Poptani<\/strong><\/p>\n

So that’s great to hear. So what would be like our project timings for HVDC project? And so one of the bookkeeping questions like what is our fund based and non fund based limit and what is the utilization over there?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Our fund based limit is around 600 crore and non fund based limit assessed limit is around 4800 crore. And we have fully tied up almost both the limit and utilization remains something between 90 to 95%.<\/p>\n

Nikhil Poptani<\/strong><\/p>\n

Okay, so. And so what about our advances from the projects?<\/p>\n

Randeep Narang<\/strong><\/p>\n

So advances we get around 10% advance mostly on each of the projects. In India power grid is interest bearing. But internationally these are advanced without interest.<\/p>\n

Nikhil Poptani<\/strong><\/p>\n

That’s great to hear. And the last one lastly, what what is our timeline for HVDC project like what is going to be the execution phase?<\/p>\n

Randeep Narang<\/strong><\/p>\n

It’s 24 months to 30 months depending on the nature of the project and the timeline given in the contract.<\/p>\n

Nikhil Poptani<\/strong><\/p>\n

Okay, so that’s great to hear. That’s it. From my side, Congratulations on great set of number and all the best.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Ladies and gentlemen. If you wish to ask a question, please press star and 1. The next question comes from the line of Mehak Talati from Agility Advisors. Please go ahead.<\/p>\n

Mahek Talati<\/strong><\/p>\n

Yeah. Hello sir. Thank you for the opportunity. Am I audible?<\/p>\n

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

Yes.<\/p>\n

Mahek Talati<\/strong><\/p>\n

So sir, I just wanted to understand. So how much of our current capacity of towers and conductors is sold in the outside market and how much of it is used for internal consumption?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yeah. So if you see most of our conductors and towers today 95% is or 96% is used internally for our EPC in terms of current capacities. But as we EXPAND Our capacities this 4,5% product sales will go up. And for that we are looking at marketing opportunities and managing the new geographies.<\/p>\n

Mahek Talati<\/strong><\/p>\n

Okay. And is it clear. So 95% is used for entire consumption. So is it catering to entire demand or we are purchasing something from the outside market as well.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So we are looking at our internal demand with the order book we have of around 14 and a half thousand crores. We are therefore expanding our factories. As you heard the first phase of of capex for towers is being implemented by June and by December. And we will be quite self sufficient in house when we have this factories in place.<\/p>\n

Mahek Talati<\/strong><\/p>\n

Okay. And so in terms of how much of our order would be taken to the substation portion?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Substation is small. We would be out of 14, 500 would be around thousand crores.<\/p>\n

Mahek Talati<\/strong><\/p>\n

Okay. And any plans to increase the substation opportunity because that is also large part of the dnd.<\/p>\n

Randeep Narang<\/strong><\/p>\n

We have a separate substation strategy and we are bidding jobs internationally. So even recently we got two jobs internationally worth around 750 odd crores. So we are aggressively looking at opportunities. But again as I mentioned in the beginning our focus is on the margin led opportunity where execution and the client is keen to finish the job on time. So we are very focused on pick and choose where we want to go.<\/p>\n

Mahek Talati<\/strong><\/p>\n

Okay, thank you. And so last one question was payable days are quiet high at around 200 plus days. So any specific reason why we are getting such extended payment terms or this is normalized.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Can you repeat the question please?<\/p>\n

Mahek Talati<\/strong><\/p>\n

So it was. It was related to the payment. Our payment is quite high 200 plus days. So is there any specific reason behind such extended payment terms?<\/p>\n

Randeep Narang<\/strong><\/p>\n

We are not getting you properly. Would you please repeat it again?<\/p>\n

Mahek Talati<\/strong><\/p>\n

Sir, my question.<\/p>\n

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

Has left the question queue. We’ll move on to the next question from the line of Mehul Mehta from Choice Equity Broking. Please go ahead.<\/p>\n

Mehul Mehta<\/strong><\/p>\n

Good afternoon team. Thanks for the opportunity and congrats on great set of numbers. My question is on CAPEX planned of about 325 crores we will be reaching one like 96,000 metric tons of packages, towers and conductors of 49,500 kilometers. Is that correct?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Understanding it is slightly I would say I will give you a better picture. I think that’s a better way to handle. So with 326 crores what we had planned we will reach 173,000 metric ton of towers and 40,800 kilometers of conductors. Now we have in the last board meeting we have got further CAPEX approved in principle and which we will utilize in the next 1518 months which will then take us to 196,000 metric tons and 49,500 circuit kilometers. So therefore there are phase one and phase two which both are our focus going forward. So in this there will be additional CAPEX above, over and above 325 crores. 50 odd crores more we are planning to add so that within the existing brownfield projects to go to these capacity.<\/p>\n

Mehul Mehta<\/strong><\/p>\n

I mentioned and this will be over 15, 18 months completed. So maybe mid FY27. Is that correct?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yeah, it’s going to be around 15 months. What we are looking at and this is basically we’re looking at conductor in there’s an increased requirement of AL59 category of conductors which we are looking at expanding.<\/p>\n

Mehul Mehta<\/strong><\/p>\n

All right, thank you.<\/p>\n

Mahesh Bendre<\/strong><\/p>\n

I’m well, thank you.<\/p>\n

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

Thank you. The next question comes from the line of Naman Parmar from New Share Investments. Please go ahead.<\/p>\n

Naman Parmar<\/strong><\/p>\n

Good afternoon sir. Congratulations on a great set of numbers. Mostly my major question has been answered. Just wanted to know how much would be a domestic and international percentage for the future you will be expecting. Currently it’s around 45. 55.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So 65 actually is, you know including some of our other businesses. 8% civil malls and railways. Our TND business is 50, 50 almost international and domestic. Internationally we only do TND. So therefore our going forward international domestic will be almost same.<\/p>\n

Naman Parmar<\/strong><\/p>\n

Okay. 50, 50 only. And secondly on the substation EPC side. So currently you are facing any equipment like shortage in the transformer side control panel or switchcat.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So we are actually doing substations which I mentioned earlier in mostly international. And therefore we have opportunity to source globally. So we don’t have any problems on transformers and whatever was needed has been already procured.<\/p>\n

Naman Parmar<\/strong><\/p>\n

Okay. Mostly it is for international.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yes.<\/p>\n

Naman Parmar<\/strong><\/p>\n

And lastly on the working capital days. So currently you ended the year with the 90 day working capital. So in future also you expect that the working capital is to stay 90 days only.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Sir, actually it is with the including the IPO fund which is parked in the bank. So if we exclude the IPO fund we remain at 74 days of the working capital. It is almost in the similar line of the last year. And we expect it to be remained within 75 to 85 working days in. The next year which is as per close to the industry norms.<\/p>\n

Naman Parmar<\/strong><\/p>\n

Okay, Understood. Yeah. Thank you so much for answering all.<\/p>\n

Naman Parmar<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and 1. The next question comes from the line of Parimal Mithani from Credential Investment. Please go ahead.<\/p>\n

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

Hello, can you hear me? Yes, we can set up numbers and thanks for the opportunity. So I just wanted to Know, in terms of an international order, you mentioned that most of your funding comes to World bank and African Development Bank. So this. How does this funding basically secured from the. The bank said, how does it work, the geopolitical situation? You know, a lot of world fundings are getting restricted. So just I wanted to know that.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So the way the global funding works, let’s say African countries, they tie up on each contract with the global funding agency. And this whole process takes one to two years. Once the tie up happens, they then issue the tender for global bidding and then we participate. So when we participate, the funding is already tied up even for row and, and whatever is the nature of the project. And then global bids announced and when we bid and if we win, we are very secure in terms of the funding. And then therefore you get the advance also at the time once you sign the contract.<\/p>\n

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

Okay. And so till date does not be necessary that your funding has been stopped or you got a payment not have come on time, right?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yes, the payments come on time. There could be a month or two delay if there is a row or there is some, some unnatural happening. But for multilateral funding agencies, we have not had any problems.<\/p>\n

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

Because you operate in regions like Africa where you know, there are a lot of political turmoil. Does it affect our funding till date.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Sir, when we bid, we look at the political scenario, we look at the execution area, we look at the geography, look at the utility, we look at the consultants, all that. So we really have seen delays happening if there is unnatural event happening like coup or something, which may delay the project for a couple of months. But funding wise we have been pretty secure.<\/p>\n

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

Okay, thank you. And all the best, sir.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question comes from the line of Jayat Trivedi from Incred amc. Please go ahead. Welcome.<\/p>\n

Jay Bharat Trivedi<\/strong><\/p>\n

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

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

Yes, you are.<\/p>\n

Jay Bharat Trivedi<\/strong><\/p>\n

Yeah. Okay. Congratulations sir, on good set of numbers. My one question is how do we look at the subcontracting expenses in FY25? I compare Visa with FY24, it has significantly gone up. So can you read something on that?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Yes. So it’s the nature of the project and when you are looking at higher degree of equity execution based on the timelines. So initially when the project starts up, you see the engineering design approvals, the supplies happening. So it’s a mix of project which happened in 24 and 25. 25 has been a year where we had to do huge amount of construction and delivery in terms of on the ground. And therefore the contract expenses have gone up. The subcontractor expenses have gone up. The budget of the project. And this is every month we look at variation analysis and we know that it is in line with the budget.<\/p>\n

And all homework happens on this.<\/p>\n

Jay Bharat Trivedi<\/strong><\/p>\n

Yes, sir. Despite increase in this subcontracting expense, our margins have also gone up. So just wanted to understand how does this work like going forward? Also if.<\/p>\n

Randeep Narang<\/strong><\/p>\n

The margin profile is the nature. Nature of the complete project. Nature of the complete project. So it’s a material and its construction cost. It’s also subcontracting expenses, employee cost, finance cost. So the margin profile depends on how better we execute on the ground. In terms of our subcontracting cost, we look at how we can negotiate better our supply chain management. So the margin profile goes up on the overall project. And. And that’s what we are doing. Despite having huge construction focus, our margin profile we are maintaining and bettering.<\/p>\n

Jay Bharat Trivedi<\/strong><\/p>\n

So sir, just to summarize, is my understanding correct that Transrail is in a very good position to get good orders from the clients which the subcontracting parties are not able to get it. So they are ready to work with us for a lower margin and higher credit days also. Is my understanding correct?<\/p>\n

Randeep Narang<\/strong><\/p>\n

I will differentiate this little bit. We deal directly with the utilities and we take jobs. So our subcontractors whom we hire know and trust us to work with us. And these are all pre decided before we bid. So there is an understanding. And the margin profile is similar. Because we already have understanding prior to bidding. And therefore that’s the good, good part about us that we know the manner in execution, the job and we know how what kind of margin will happen by end of the project.<\/p>\n

Jay Bharat Trivedi<\/strong><\/p>\n

Okay. Sure, sir. Those are my questions. Thanks a lot and all the best.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Okay, thank you.<\/p>\n

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

Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and 1. The next question comes from the line of Parimal Mithani from Credential Investments. Please go ahead.<\/p>\n

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

Thanks for the opportunity. So I just wanted to know, is there any stated dividend policy that you have? Because the payout seems to be less compared to how it is.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Can you repeat this question please? What payout?<\/p>\n

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

The dividend payout ratio. Is there any dividend stated policy by the company owned as a percentage of profit, what will be paid out by the management?<\/p>\n

Randeep Narang<\/strong><\/p>\n

So the dividend policy is there. And depending on the manner in which we look at our profits, the dividend policy guidelines approved by the board will be deciding on the dividend.<\/p>\n

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

So any percentage of profit, what is the policy?<\/p>\n

Randeep Narang<\/strong><\/p>\n

So this is the first year and we are going to finalize this. We are looking at, you know, how much to reinvest and how much to look at. Dividend.<\/p>\n

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

Okay, thank you.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question comes from the line of Prince Chaudhary from Pink Wealth. Please go ahead.<\/p>\n

Prince Choudhary<\/strong><\/p>\n

I want to understand usually what percentage of our order goes to subcontractors.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Oh, the subcontractor order book. See, construction is 30% of a normal EPC job. And out of this we are looking at least 15 to 20% going to subcontractors for work.<\/p>\n

Prince Choudhary<\/strong><\/p>\n

Okay, sir, thank you.<\/p>\n

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

Thank you. The next question comes from the line of Viral Shah from Ambit Wealth Private Limited. Please go ahead. Viral, if you can please unmute your line and ask your question since there is no response. Yes, please go ahead.<\/p>\n

Viral Shah<\/strong><\/p>\n

Yeah. So basically I was looking at. So what is the exposure of our Bangladesh order book as of now and what is the strategy going forward? Would we be bidding for new projects there or. We will restrain from bidding any of the new projects going forward there.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So as I had mentioned in the call, and I hope you had heard that our order book was 20% in December. The undisputed order book in Bangladesh, which came down to 15% in March and now it’s 12% in May as we forecast. So. So the work is happening as per plan. We don’t intend to bid orders in Bangladesh as of now. And what we see is that our exposure, net exposure on 300 odd crores. Hello. I hope you heard me.<\/p>\n

Viral Shah<\/strong><\/p>\n

Yeah, yeah, got it. Yeah. So that’s it from my end. Thank you so much.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question comes from the line of Sahil Pattani from Strokes Capital. Please go ahead.<\/p>\n

Sahil Patani<\/strong><\/p>\n

Hi. Thanks for the opportunity. Most of my questions have been answered. I just want to know what is our current automate pipeline and historically what has been our conversion rate off of the pipeline?<\/p>\n

Randeep Narang<\/strong><\/p>\n

So the pipeline, as I mentioned in the call, it will be around 1 lakh odd crores, India and international. And we are looking at 8 to 10% win ratio as we go along.<\/p>\n

Sahil Patani<\/strong><\/p>\n

Got it. And is this next three years or this is the next five years? What are the time?<\/p>\n

Randeep Narang<\/strong><\/p>\n

So the current order book gives us a clear two years visibility, two and a half years on revenue and whatever you book this year will help us to further strengthen that. So this whatever book we order, the book will take 18 to 24 months from this year to execute.<\/p>\n

Sahil Patani<\/strong><\/p>\n

Got it. Okay. Thank you so much and all the best.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Ladies and gentlemen. If you wish to ask a question, please press star and 1. The next question comes from the line of Deepam Gala, an investor. Please go ahead.<\/p>\n

Randeep Narang<\/strong><\/p>\n

Please go ahead. Welcome.<\/p>\n

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

Good afternoon. Congrats on the big set of numbers, sir. Actually I just wanted to know that what is the incremental?<\/p>\n

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

I do apologize to interrupt you there but your audio is not clear. Could you please use your handset?<\/p>\n

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

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

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

Yeah, a little better.<\/p>\n

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

Yes, my question was that what is the incremental revenue expected from the CapEx?<\/p>\n

Randeep Narang<\/strong><\/p>\n

Okay, so the incremental revenue. If you see the CAPEX expansion this has been planned in line with the current order book and we already are giving a guidance of 23 to 25% revenue growth to meet these needs as we go along. We need this CAPEX to support the towers and conductors for in house execution.<\/p>\n

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

Okay, that’s it. From my side. Thank you.<\/p>\n

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

Thank you. We take the next question from the line of Ahmed Kumar, an investor. Please go ahead.<\/p>\n

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

We have existing capacity of 84,000 MT per annum and connected 24,000 km per annum. So what is the capacity utilization on these funds?<\/p>\n

Randeep Narang<\/strong><\/p>\n

So currently we are at 99, 95% on towers and 100% on conductors.<\/p>\n

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

Okay.<\/p>\n

Randeep Narang<\/strong><\/p>\n

And we have revenue of around 5,300.<\/p>\n

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

Crores in this financial year. So could you please provide the bifurcation in power, TND, railway, civil pole and lighting, all the four sections.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So predominantly 90%, 92% is TND, 4% is civil, 2% is railways and 1% is poles.<\/p>\n

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

Thank you. That’s the only thing. Thank you. Thank you.<\/p>\n

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

Thank you. Ladies and gentlemen. If you wish to ask a question please press star and 1. The next question comes from the line of Arjun Agarwal and investor. Please go ahead.<\/p>\n

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

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

Randeep Narang<\/strong><\/p>\n

Yes, yes. Please go ahead.<\/p>\n

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

Yeah. Congratulations on great set of results. I want to know one thing like based on the tower testing facility that we have do we have any constraints regarding what is the max regarding the maximum number of voltage rating that we can cater to.<\/p>\n

Randeep Narang<\/strong><\/p>\n

We can go up to 1200kV in tower testing. We are these shifts requirement.<\/p>\n

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

Yeah, sorry. Sorry for the disturbance.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So as I said we can go up to 1200 KV in our tire testing and we are self sufficient. We work on three shifts including working at night. So we are well stacked established to cater for our all our requirements internally. And we also look at some odd jobs for our external clients.<\/p>\n

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

Okay, thank you. Thank you for this answer. Sir, I want to take the take your view actually regarding this national electricity plant transmission that CA has envisioned for 2022. So what kind of guidance can we, can we expect from this particular the total addressable market.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So the addressable market in India and the infrastructure in TND is going to go up at the solar opportunity of generation and looking at the strengthening of the various lines and various grid elements. So we are Talking about a 1 lakh crore opportunity out of which at least 50 to 60,000 will be in India and this will double hopefully the following year. So one can predict beyond two years. But we see a good traction for infrastructure in TND in India.<\/p>\n

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

Okay, thank you for this answer. So my last question will be regarding the that are we emphasizing more on the this monopoles and other HVDC equipment which we can supply this transmission towers and monopoles pertaining to hbdc.<\/p>\n

Randeep Narang<\/strong><\/p>\n

So we are looking at transmission opportunities in HVDC which is a complete EPC job which includes towers and conductors. So therefore we are well placed because we are well poised to support the HVDC growth in India.<\/p>\n

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

Thank you. Thank you for the detail answer and all the best for future. Thank you.<\/p>\n

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

Thank you. We take the next question from the line of Nitin Chan from Fair Value. Please go ahead.<\/p>\n

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

Yeah, thank you for the follow up opportunity. So my question is on working capital days. So in the presentation you have mentioned that excluding the IPO funds the working capital days are around 74 which is in line with last year’s number. But if I Compare that to FY22 and 23 the number is higher by about 10 days. So any reason like has there been any change in the business model or in the industry?<\/p>\n

Randeep Narang<\/strong><\/p>\n

So the improvement in working capital days is a sincere focused effort to see how fast we can look at billing to collection cycle. And that’s what we are looking at improving further, it’s a constant progress of seeing how fast we can get our money. And we see that our clients also are keen to expedite progress and pay us on time.<\/p>\n

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

My point is it has the working capital days have increased compared to 22 and 23.<\/p>\n

Randeep Narang<\/strong><\/p>\n

That is obviously because you have many more projects happening. The scaling is up so the timelines. It all depends on the kind of job you have. It’s a dependency based job. Terms of payment, it depends on a very much mix of this. So what we did two years ago is maybe not cybersign today and today what we are doing is line with industry norms.<\/p>\n

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

Okay. Okay. Thank you. Thank you for the.<\/p>\n

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

Thank you ladies and gentlemen. With that we conclude the question and answer session. I now hand the conference over to Mr. Randeep Narang, managing director for his closing comments.<\/p>\n

Randeep Narang<\/strong><\/p>\n

I thank you all for participating and coming on a rainy monsoon day to listen to our numbers and our feedback. So we look forward to meeting you soon in the next quarter. Thank you for your time.<\/p>\n

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

Thank you. On behalf of Mirai Asset Capital Markets. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Transrail Lighting Ltd (NSE: TRANSRAILL) Q4 2025 Earnings Call dated May. 26, 2025 Corporate Participants: Unidentified Speaker Randeep Narang \u2014 Managing Director & Chief Financial Officer Deepak Khandelwal \u2014 Chief Financial Officer Analysts: Unidentified Participant Prathamesh Sawant \u2014 Analyst Mahesh Bendre \u2014 Analyst Hardik Ghori \u2014 Analyst Pritesh Chheda \u2014 Analyst Manish Ostwal \u2014 Analyst […]<\/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":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-174502","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-motherson","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":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":174502,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":142292,"url":"https:\/\/alphastreet.com\/india\/kpr-mill-ltd-kprmill-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":174502,"position":1},"title":"KPR MILL LTD (KPRMILL) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 21, 2023","format":false,"excerpt":"KPR MILL LTD (NSE:KPRMILL) Q3 FY23 Earnings Concall dated Feb. 7, 2023. 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