{"id":181542,"date":"2026-04-07T15:44:26","date_gmt":"2026-04-07T19:44:26","guid":{"rendered":"https:\/\/alphastreet.com\/india\/globe-civil-projects-ltd-globecivil-q3-2026-earnings-call-transcript\/"},"modified":"2026-04-07T15:44:26","modified_gmt":"2026-04-07T19:44:26","slug":"globe-civil-projects-ltd-globecivil-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/globe-civil-projects-ltd-globecivil-q3-2026-earnings-call-transcript\/","title":{"rendered":"Globe Civil Projects Ltd (GLOBECIVIL) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Globe Civil Projects Ltd (NSE: GLOBECIVIL) Q3 2026 Earnings Call dated Feb. 20, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Gautam Nagar<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Vipul Khurana<\/strong> \u2014 Managing Director<\/em><\/p>\n

Raghav Aggarwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Aniket Madhwani<\/strong> \u2014 Analyst<\/em><\/p>\n

Vijender Singh<\/strong> \u2014 Analyst<\/em><\/p>\n

Siddharth Shukla<\/strong> \u2014 Analyst<\/em><\/p>\n

Neelam Kanani<\/strong> \u2014 Analyst<\/em><\/p>\n

Rohan Kamath<\/strong> \u2014 Analyst<\/em><\/p>\n

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

Jayesh Maradiya<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Globe Civil Projects Limited Q3 and Nine months FY ’26 Results Conference Call hosted by EquiBridgex Advisors Private Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Mr. Gautam Nagar from EquiBridgex Advisors. Thank you, and over to you.<\/p>\n

Gautam Nagar<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Thank you. A very good evening to everyone. Welcome to the Q3 and 9M FY ’26 earning call of Globe Civil Projects India Limited. From the management team we have with us today Mr. Vipul Khurana, Managing Director; and Mr. Raghav Aggarwal, Chief Financial Officer. We will have opening remarks from the management team post which we will open the floor for Q&A.<\/p>\n

With that I would like to hand over the call to management for the opening remarks.<\/p>\n

Vipul Khurana<\/strong> \u2014 Managing Director<\/em><\/p>\n

Hi, good evening. This is Vipul Khurana, Managing Director, Globe Civil Projects Limited. Thank you for joining us today for the earning call of Globe Civil Projects Limited. We truly appreciate the time and interest of our investors, analysts and all the stakeholders. The period reflects the company’s continued focus on disciplined execution, stable operation and a measured approach to growth across the EPC project portfolio. Globe Civil Projects Limited is an EPC-focused infrastructure company engaged in the execution of civil and infrastructure projects across India. The company undertakes a wide range of projects including construction of infrastructure, facilities, buildings and allied civil works with a strong emphasis on quality, execution, cost efficiency and timely delivery.<\/p>\n

Over the years, the company has built established project execution capabilities supported by experienced management, prudent project selection and disciplined cost management enabling consistent performance across cycles. During the third quarter of financial year 2026, the company delivered a stable financial performance supported by a steady progress across ongoing projects and effective cost control.<\/p>\n

Now, I hand over to Raghav Aggarwal, CFO to continue with the financials.<\/p>\n

Raghav Aggarwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Hello, everyone. I am Raghav Aggarwal, Chief Financial Officer of the company. Coming to the financials of the company for Q3 and nine months ending December 2025. On a standalone basis, the total income for the quarter stood at INR937.57 million while profit before tax was INR79.96 million. Net profit for the quarter was INR65.28 million translating into a net profit margin of approximately 6.96% with earnings per share of INR1.10. For the nine months ended financial year ’26 standalone total income stood at INR2,481.37 million. Profit before tax was INR233.45 million and the net profit reached INR175.67 million with a EPS of INR3.23. Coming on to the consolidated basis, the company reported total income of INR1,020.91 million and for quarter three financial year ’26, INR2,645.75 million for nine months period. While maintaining stable profitability levels, these results reflect the company’s disciplined execution approach, focus on cost efficiency and steady progress across its EPC order book.<\/p>\n

The infrastructure sector in India continues to benefit from government-led capital expenditure, increased focus on roads, urban infrastructure and public works providing a supportive demand environment for EPC companies. Within this environment, Globe Civil Projects Limited remains focused on strengthening execution capabilities, improving working capital efficiency and selectively pursuing opportunities aligned with its risk framework.<\/p>\n

Thank you for joining us today and for your interest in Globe Civil Projects Limited. We will now open the floor for questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. We will now begin the question-and-answer session. [Operator Instructions] We’ll take our first question from the line of Aniket Madhwani from Steptrade Capital. Please go ahead.<\/p>\n

Aniket Madhwani<\/strong><\/p>\n

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

Operator<\/strong><\/p>\n

Can you use the handset mode please? Your audio is not very clear.<\/p>\n

Aniket Madhwani<\/strong><\/p>\n

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

Operator<\/strong><\/p>\n

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

Aniket Madhwani<\/strong><\/p>\n

Yeah. So my first question was the — what’s your current outstanding order book as of 31st Jan, if you can?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Current — balance order book is around INR850 crores. And we have bid around INR850 crores. Three — we have three, four four projects we have already bidded of roughly around INR500 crores and in next two three months we have pipeline of another bidding of INR500 crores.<\/p>\n

Aniket Madhwani<\/strong><\/p>\n

And what strike rate should we expect from the bidding of INR1,000 crores?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Strike rate, in our business strike rate is not necessary depends on the project to project. Sometimes we bid three projects and we get all three and sometimes we bid five projects we don’t get. We are — our focus is on getting the projects, good projects in good prices rather than maintaining a strike rate. So — but yeah, we are selective in bidding. We don’t bid each and every project. We only bid the project where our chances are very high of getting it. But we are not that desperate and we don’t quote — under quote and get the project. So yeah to maintain the healthy order book and healthy bottom line and top line we bid selective projects with good margins.<\/p>\n

Aniket Madhwani<\/strong><\/p>\n

So I just want to understand despite having this large order book you are still facing challenges to execute this order. So what’s your execution time and generally if you receive the order on first chance. So what’s the execution timeline?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

See execution timeline depends on project to project. The normal execution timeline is from 18 months to 30 months. But with lot of projects in Delhi NCR and you know in a project of say 18 months, six to eight months are gone because of pollution, the work stops in Delhi NCR. So again that 18 months spillover is there at for at least 26 months or 28 months. So this is a drawback in Delhi. But otherwise other projects are going on time and we haven’t — in single project we haven’t got any penalty or any compensation from the client. So it’s going all within the timeline with this.<\/p>\n

Aniket Madhwani<\/strong><\/p>\n

So as per your previous guidance you will be closing around INR200 crores in this quarter, right?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Come again, please.<\/p>\n

Aniket Madhwani<\/strong><\/p>\n

I’m saying as per your previous guidance you will be closing around INR200 crores in this quarter. So that will take you to the annual revenue guidance of 20% to 25% growth as you mentioned previously.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Previously we had mentioned, we had mentioned about 20% to 25% of growth. It may come down a bit, we are not sure. Depends on this quarter. But yeah…<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Last year our standalone revenue was around INR325 crores. And we would like to maintain 20% to 25% growth every year on year. But this year due to some pollution issues and major projects in Delhi we are still expecting a 15% growth.<\/p>\n

Aniket Madhwani<\/strong><\/p>\n

15% growth.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Yeah 15% to 20% we are again we are trying that we will be able to maintain as compared to last year quarter three numbers. If you see last year’s standalone was around INR225 crores and this year it is INR246 crores till quarter — till December. I’m saying comparatively from nine months to nine months there is a growth of 5% to 10% as of now. But fourth quarter is always better in our industry. So we are still hoping that now there is no such pollution thing in Delhi and all our projects are now running, only there is some delay in Haryana Cricket Association work only. That we are expecting that this month we will get all the approvals done from there. If that project would have started three months back, so we have easily achieve 20% to 25% also. So it is still on the track. There is no such delay.<\/p>\n

Aniket Madhwani<\/strong><\/p>\n

And could you just give me the number of projects and the value for the same for which it got delayed in Delhi due to pollution.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

No. All our major projects are in NCR. The one in KG Marg of INR200 crores is in Delhi. Two Unitech projects of around INR200 crores again to combine are in Delhi. And then Haryana Cricket Association which we have yet to start but again that’s in NCR. And two schools we are doing Delhi Public School in Noida and Faridabad, they are also in Delhi. And NIT Narela is also in Delhi. So major all our project except Bangalore one project we are doing it which is and one in Bathinda.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Bathinda we have received this year only and we have already achieved around INR30 crores to INR35 crores.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

INR35 crores.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

We have already built in this…<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Out of INR180 crores.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

We have received this order in July-August only and we have already done INR35 crores in this project.<\/p>\n

Aniket Madhwani<\/strong><\/p>\n

I just want to understand how pollution actually affected your business.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Pollution in the — in pollution, they ban the construction. Construction is stopped by government orders.<\/p>\n

Aniket Madhwani<\/strong><\/p>\n

Construction is stopped due to government orders.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Yeah. As soon as GRAP 3 — right now in Delhi is GRAP 2. As soon as it is GRAP 3 when the pollution level goes up to 300 they stop the construction. And when the when this gets GRAP 4 then this completely banned.<\/p>\n

Aniket Madhwani<\/strong><\/p>\n

Okay. And what’s the current status in Delhi?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Current is GRAP 2 is going on, it’s good now.<\/p>\n

Aniket Madhwani<\/strong><\/p>\n

Thank you.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] Next question is from the line of Vijender Singh from Fluent Equity. Please go ahead.<\/p>\n

Vijender Singh<\/strong><\/p>\n

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

Operator<\/strong><\/p>\n

Yes.<\/p>\n

Vijender Singh<\/strong><\/p>\n

Yeah. I just want to confirm the order book as of December, the unexecuted one.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Yeah. Around INR850 crores.<\/p>\n

Vijender Singh<\/strong><\/p>\n

INR850 crores.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Yeah.<\/p>\n

Vijender Singh<\/strong><\/p>\n

Great. So as you mentioned that you know there has been some delay in the NCR project which has cost the overall growth that you know you’ve changed projection. So I just want to know what kind of predictions you have for FY ’27 growth.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

What kind of projection you have for –.<\/p>\n

Vijender Singh<\/strong><\/p>\n

’27. FY ’27. So I think–.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Similar projection which we have already given around the guidance factor of 20% to 25% growth is what we are looking at is healthy to achieve. We might have missed this but yeah from next this year to next year also we are targeting 20%, 25% growth. We already built a number of projects and we will achieve those projects.<\/p>\n

Vijender Singh<\/strong><\/p>\n

What is the pipeline for the projects that you bid for?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Pipeline, we have already built around INR500 crores project is under bidding. So there we have, we hope to open in one month or two. There’s four projects of totaling of INR500 crores and within two months we have to — we are in the process of bidding another INR500 crore project.<\/p>\n

Vijender Singh<\/strong><\/p>\n

So. But there you guys have not achieved any major project, projects in the past four months. So do you feel there’s been a slowdown as such?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

No, no. Last, last, last year we had totally procured around INR500 crores of projects, last year.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

In quarter two.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

In quarter two we have got. So yeah.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

We have got INR500 crore projects already.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

So. And similar target we have more than that to get in this year also.<\/p>\n

Vijender Singh<\/strong><\/p>\n

Okay.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

So not necessarily every or every quarter we get. But yeah, the target of the year is achieved.<\/p>\n

Vijender Singh<\/strong><\/p>\n

So overall as you mentioned that there has been a slowdown in the NCR projects. Has this also been the case for all of your peers that are in NCR?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Yeah, yeah, yeah, yeah, yeah. If, if you know last this year, this, this year particularly we had maximum projects in Delhi and NCR. Otherwise last year or last, to last year we might have 50% outside, 70% outside Delhi. So our preference is to get in NCR so that it’s better control, better cost control and better profitability in NCR project rather than going out. But yeah, we don’t know going out is not a concern. If you get good prices, good rates, we go out also. But this year particularly we have 70% of the order book in Delhi NCR. Right now we have bidded one for Raipur, one for Vishakhapatnam, two of Delhi again we have bid. So.<\/p>\n

Vijender Singh<\/strong><\/p>\n

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

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] Next question is from the line of Siddharth Shukla, an individual investor. Please go ahead.<\/p>\n

Siddharth Shukla<\/strong><\/p>\n

Yeah. Good evening everyone. I have few questions to ask. How do you see government infrastructure spending opportunity?<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry, a sounding muffled. Siddharth. His line is disconnected. We’ll move on to the next question. From the line of Neelam Kanani, an individual investor. Please go ahead. Neelam, please use your handset mode. Please use your handset. Your voice is echoing. Neelam.<\/p>\n

Neelam Kanani<\/strong><\/p>\n

Ma’am, now it’s okay.<\/p>\n

Operator<\/strong><\/p>\n

No. Are you on any bluetooth device?<\/p>\n

Neelam Kanani<\/strong><\/p>\n

Hello.<\/p>\n

Operator<\/strong><\/p>\n

Just use your handset mode please. There’s lot of echo on your line.<\/p>\n

Neelam Kanani<\/strong><\/p>\n

Hello. Yeah, ma’am.<\/p>\n

Operator<\/strong><\/p>\n

Yes it is fine now please go ahead.<\/p>\n

Neelam Kanani<\/strong><\/p>\n

Good evening, everyone. My first question how is the IPO proceeds utilization progressed so far versus stated objectives?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Come again.<\/p>\n

Neelam Kanani<\/strong><\/p>\n

So how is the IPO proceeds utilization progress so far versus stated objectives?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Yeah. The proceeds from the IPO as per the object we have also uploaded a monitoring agency report on the portal also. So out of INR119 crores around INR15 crores is the balance we have in our FDRs and major object was INR75 crores for the working capital which is almost utilized. There is a balance of around INR20 crores to INR25 crores left. We have the — you can check the status of the proceeds of the IPO from the monitoring report also. So and capex is remaining. We have a object of around INR14 crores for capex out of which around INR10 crores is still available for capital expenditure and some general corporate purpose of around INR3 crores is available with us till December 2029.<\/p>\n

Neelam Kanani<\/strong><\/p>\n

Okay. Thank you, sir. My next question is what proportion of funds is for earmarked for working capital, capex and debt reduction?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

So as per the IPO proceeds object there was nothing for the debt reduction and around INR75 crore out of INR119 crore was for working capital and INR14 crore out to INR119 crore plus for capex.<\/p>\n

Neelam Kanani<\/strong><\/p>\n

Thank you, sir. And how should investors evaluate return on capital from IPO funded expansion over the next two, three years?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

So from we have — now we are doing majorly EPC projects and the working capital is more required in EPC projects and we have started, we are expecting around 20% to 25% growth every year and our eligibility is also increasing with completion of every bigger project. Earlier we were doing projects in joint ventures also. Now we have ample networth. We — with the IPO proceeds, our networth has increased. We are now eligible for more bigger projects and to grow faster. So this is what investors and can expect that we can grow 20% to 25% and government focus is also on the infrastructure projects. Every day there are number of projects that we can bid. It is about to choose which project is good. And this year we have already received around INR500 crore projects in our order book and another INR200 crores, INR300 crores, INR400 crores projects we are expecting this year. So for us like now we can bid for INR200 crores, INR300 crores single project also. So it is like to get one or two or three good projects in a complete year rather getting better strike rate or something. So it is like getting two, three bigger projects and that’s all we need. So it is like choose good projects only.<\/p>\n

Neelam Kanani<\/strong><\/p>\n

Okay. And what is the management medium term growth guidance in terms of revenue and profitability?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Come again.<\/p>\n

Neelam Kanani<\/strong><\/p>\n

What is the management medium term growth guidance in terms of revenue and profitability?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Medium growth for revenue and profitability.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

We can easily achieve 20% growth every year, year on year.<\/p>\n

Neelam Kanani<\/strong><\/p>\n

20%.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

20% growth every year in the revenue and similarly in the –,<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Profitability.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Profitability also. We choose projects which are having good margins also. So there are some circumstances like delaying projects due to pollution in Delhi. So that might increase some overheads cost also.<\/p>\n

Neelam Kanani<\/strong><\/p>\n

And do you have any plans to diversify into new infrastructure subsegments or a higher margin projects?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

We are in a constant lookout for some good margin project or better margin project. But right now we don’t have time because we are already doing railway station, we are already doing airport, we are all doing other buildings. So we’re doing already complex nature of projects. But yeah, we are constant look out for some maybe seaboard project or something like that. We try to study and we try to bid also. But nothing in particular that we are going through right now. But again we are in a lookout and we are in process of searching.<\/p>\n

Neelam Kanani<\/strong><\/p>\n

Okay. Okay. Thank you, sir and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Rohan Kamath from LNPR Capital. Please go ahead. Rohan?<\/p>\n

Rohan Kamath<\/strong><\/p>\n

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

Raghav Aggarwal<\/strong><\/p>\n

Yes. Yes.<\/p>\n

Operator<\/strong><\/p>\n

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

Rohan Kamath<\/strong><\/p>\n

Yeah. Thank you for giving me chance. My first question is Q3 FY ’26 shows a healthy execution momentum. Could you management outline the key drivers behind this quarter performance versus H1 FY ’26.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

The key drivers were the similar projects we bought and which we are in good position to run. So all our projects are running except one which where the approval is pending we could not start. Otherwise all projects are running smoothly. So that was the three driver for the order book and turnover.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Generally, we choose projects where funds are available. The projects are deposit works. So delay there might be reasons for delay like approvals and fund and non availability of funds. So generally we choose projects where funds is never an issue. But approval is something which is required in every project. So we choose projects which have all approved — all funds availability and approval. We are expecting that approvals will also come as early as possible. So that the turnover is more or less similar to the quarter two, in quarter three also. But one of the project if that would have started so it would have been a more better position for us also.<\/p>\n

Rohan Kamath<\/strong><\/p>\n

How has the project execution progressed across roads, irrigation and building sectors during the quarter? Can you define this?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Could you please ask again?<\/p>\n

Rohan Kamath<\/strong><\/p>\n

How has project education progressed across roads, irrigation and building segments during this quarter?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

No we we are not into irrigation. We don’t have any project into irrigation. The building sector we have one. We are only focusing on building sector right now. We do some flyovers we have done in past but like mostly buildings is what we do and the requirement is growth is good and the availability of funds is also there. The project pipeline is also good in building sector. Every month we are quoting around two to three four projects so the sector is good and driving right now.<\/p>\n

Rohan Kamath<\/strong><\/p>\n

What is the current order book as of the December 2025 and how much revenue visibility does it provide for FY ’27 to ’28?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

We have around INR900 crores — INR850 crores of order book as on December and visibility is very similar, 20% to 25% growth year-on-year basis is what we are targeting. So<\/p>\n

Rohan Kamath<\/strong><\/p>\n

Break down the order book by segment and geographically and highlight shift in the mix.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Mostly north India is a sector and geographically is mostly north India which we are doing it right now. That’s 90% of our order book and in institutional and colleges and these are the key portions which we do. An exact breakup I don’t have right now but yeah 70% in Delhi and in NCR.<\/p>\n

Rohan Kamath<\/strong><\/p>\n

What is the targeted order inflow for FY ’26 to and FY ’27 and which segment are expected to contribute most?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

In ’26, ’27 our institutional building will be contributing to most of our order book. The transport and the railway section is going to reduce because we don’t plan to inhibit more railway station and the old ones are about to finish. So yeah institutional sector is going and housing sector is going to contribute maximum.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

We have bigger project, central university project and cricket stadium is there. So we will be contributing more next year.<\/p>\n

Rohan Kamath<\/strong><\/p>\n

EBITDA margin have remained stable including Q3. What were the key costs they were supporting margin?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

EBITDA margin is quite stable and there was some overhead cost that has incurred in quarter three because of the one of the projects that has not started as we were expecting. So more or less EBITDA margins are similar. In quarter two EBITDA margin was around 15.92% and now it is 15.89%. So EBITDA is almost similar.<\/p>\n

Rohan Kamath<\/strong><\/p>\n

Okay, my last question. Is this company targeting any specific debt to equity or net debt to EBITDA range over the medium term?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Come again.<\/p>\n

Rohan Kamath<\/strong><\/p>\n

Debt to equity. Is the company targeting any specific debt to equity or debt to EBITDA range over the medium term?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

We have ample funds as of now. We are not targeting any new borrowings except the borrowings for non-fund based limits like bank guarantee that is one of the major borrowing that we are required in our projects. So for working capital we are not targeting any further increase in the near term and in future if we see that we have major projects then we can go for the more debt. Otherwise we have ample funds available as of now to execute all these projects.<\/p>\n

Rohan Kamath<\/strong><\/p>\n

Okay. Thank you. I’ll come back in the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Shaurya Punyani from Arjav Partners. Please go ahead.<\/p>\n

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

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

Operator<\/strong><\/p>\n

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

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

I just have one question. So what is the capital cycle in days?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

It is around 100 days. Quite similar to what we were having in financial year ’25 also it is around 100, 105 days only. So.<\/p>\n

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

Okay.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

It is because of the EPC projects which takes time.<\/p>\n

Operator<\/strong><\/p>\n

Shaurya?<\/p>\n

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

Hello.<\/p>\n

Operator<\/strong><\/p>\n

Yes. Does that answer your question?<\/p>\n

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

No. I want how much time do we receive the payments from the government?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Payment we receive every month from our clients. But when we submit the bill it takes time to check. And then you go to finance and then approval of the funds. So after sending the bill it takes around one or 45 days more. So some project like Unitech, they take longer time and some are shorter time. It depends on the project to project. But yeah, that is how it is. Every month we receive — the billing is done every month.<\/p>\n

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

Okay. Okay. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] Next question is from the line of Jayesh Maradiya from HDFC Securities. Please go ahead.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Yeah. Thank you so much and good afternoon. Thanks for the opportunity. Am I audible?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Yes.<\/p>\n

Neelam Kanani<\/strong><\/p>\n

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

Jayesh Maradiya<\/strong><\/p>\n

Sir, my first question is that what is the current book-to-bill ratio and target — sorry and the target range that the company is comfortable with?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

So current book-to-bill ratio is approximately about 2. And we are targeting to have it around 3. Like we are having a order book of INR850 crores as of now. And our turnover is around INR350 crores, INR400 on yearly basis. So it is currently 2 which is also healthy. But we are targeting to keep it 2, 3 also because when we get the project it takes three, four months at least to start a project.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

This is what we are targeting and we are hoping to achieve soon.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Okay. Okay. And what about the target range?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Target is 3. Target is 3. As of now it is 2.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Okay. And sir, what proportion of the order book is fixed price what is the escalation linked?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Mostly our projects are with escalation. I mean one project, the cricket association, 222 plus GST project is of course fixed cost and that also the steel is supplied by the department. So more or less it is covered by the escalation part. But yeah, other mostly projects are with escalation only.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Sir, how much of the order inflow in FY ’26 has come from the repeat customers?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Repeat customers. Already.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

All our orders are from repeat customer. We are working in two, three departments like NBCC, TCIL, CPWD. These are the routine department and I mean the main client like colleges and IIT or IIM or NIT, they changes but the one who’s executing the projects are the repeat customer only.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Okay. And are there any large order finalizations expected in the near future or near term?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Near term, around INR500 crore project we have bidded and we are expecting to open that in one month. So we are expecting some orders out of that. But again unless their pipeline is open and tender we have lowest, declared lowest we can’t confirm that. But yeah we are expecting some of them at least like four projects we have bid. So some projects. 1, 2, 3 we are expecting.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Or at least one maybe.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Pardon.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

I’m saying that yeah — three, three we can expect. Okay.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Yeah, yeah.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

And sir, what about the — what is the bidding pipeline that is currently under evaluation?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

INR500 crore is the bidding pipeline which is under evaluation and the bidding for next month.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Okay. The sports infrastructure actually has grown meaningfully. So is this a niched focus area or –.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Yeah, yeah it’s a strategic focused area because in next five to seven years there’s a lot of sports infrastructure that’s going to build across the country because of the Commonwealth and or maybe Olympics also comes to India. So again our focus is to have a niche area in social — in sports infrastructure. So that was the focus and that’s why we took a stadium projects and we are expecting in this year to get at least one or two more sports projects.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Two to three more.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

One or two more. One or two more.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

One or two in entire year.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Entire year. Yeah, yeah we forgetting three — from 2 to 3 we just need three, four projects. Not like 10 projects to book the bill ratio increase from 2 to 3 we just need three or four more projects.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

INR400 crore, INR500 crore projects.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Are there any plans enter new high margin sub segments within EPC?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

There’s no specific plan but we again we are look out for specific project with high eligibility criteria and high margin to quote. But there is no specific which we have decided or path to take for the next thing. But again we are in lookout for some precast project or some another project which has high margin and these things we are in but nothing has been decided or nothing has been chosen as of now.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

If you talk about the project delivery cost over overruns means historically. So have there been any kind of project delays during the recent quarter or prior to that as well?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

The project has been delayed but again it’s mostly part of the department that has been at fault and there’s no no project where the penalty has been levied on us because of our delay. And mostly we account for the rainy season delay or the pollution delay or some other delay. We account for that and we expect that to happen. We are already prepared and it’s already presumed to build in that this 18 months project will finish in around 24 or 26 months because of the pollution and other things. And plus we have an escalation to cover the overhead part that also covers the overhead and cost part also.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Okay, okay. Okay. So you mean to say that if there are any delays so those are caused by external factors only, correct?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Yeah.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

And sir, what is the current capacity utilization of execution teams?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Currently our execution team which all execution team is fully utilized. There is no open but yeah we keep the hiring is keep on happening and projects keep on finishing. Like one project NIT Delhi is about to finish in one month or two. So we expect them to shift at another site and another place. So it’s we have some ample people with us which are ready to move and ready to go for the new site. But again right now it is full with bill to book ratio to two times it is more or less occupied.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Okay. Okay, thank you, sir. And actually there are last few questions from my side. This is a can you please quantify the benefits expected from the planned this INR142 million machinery investment approximately that has been planned?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Quantify the benefit.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Yeah.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Again these machinery we used to purchase regularly and he’s going to add to our which we sometimes you have to get on rent or something which will now the rental won’t be there. So again that will add to our bottom line EBITDA but we can’t quantify exactly how much will it contribute. But over the time it will again help us to strengthen us or speed our work and get on time and get a good margins but quantifying exactly…<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Majorly we are buying scaffolding shuttering material from this which we are taking on rentals also. So these are such products which generally does not depreciate a lot over the year. But rental is high. So we are buying the shutting material for the bigger projects. Generally, we are in the building project. So it is something which can be bought a lot and it is never ending process. So instead of renting, we are looking to have our own shuttering. Although we are every year we were also buying this on a regular interval. But now with the IPO we have got more shuttering.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Okay. And sir what portion of the receivable is from the government clients and what comfort that that can that investors can take on collection part?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

So most of the receivers are from the government only. And we are doing very limited private projects like Delhi Public School or Unitech. Delhi Public School have ample funds with them. So we try to bid projects which have funds already available with them for the particular project. So most of the receivables are government only.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Okay. So any particular numbers that you would like to specify?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Yeah, around 90% is government.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Unitech also is the Supreme Court monitor committee that’s paying us. So we consider as safe and government only. So in that case one Haryana Cricket Association is of private which has not started. But yeah. So 70% you can say roughly figure is government and 30% is private.<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

If you take Unitech in private.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

70\/30, correct?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Yeah, yeah, yeah. If you take Unitech in private and Haryana Cricket Association in private. It’s a…<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Yeah. Overall if we talk about 70%. And what is the targeted working capital cycle over the medium term?<\/p>\n

Raghav Aggarwal<\/strong><\/p>\n

Actually we are in the EPC, case one, when the EPC cycle gets over, we are expecting to reduce the working capital cycle to 75 days, 80 days at least. Because now if you see one of the project in Narela is almost completed and we are expecting that our receivable would come at the handover stage, and it will reduce our working capital cycle. As you complete EPC projects, the amount blocked by EPC means that will come out. So, we are targeting to reduce it to 75 days at least.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Okay. So we are targeting to reduce it to 75 days at least. Okay. Okay. Thank you sir. And the last one from my right, that’s the last one. So what is the margin differential between government versus private projects and as well, how do you see the mix evolving over the next couple of years or three to four years maybe?<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Margins are similar because that’s what we have to go there. We have to get. It’s not that the private give a better margin or government gives a less margin. You have to go to yourself unless you want to go into low margin. Nobody will force you to go. And we don’t go it. And we would remain similar to this only next to four, five years also. We want to keep it at 70\/30, more focus on government process projects and less on private projects because ultimately private projects are market driven and still a risk factor is there. So we want to keep it a better risk and less risk, so. 70\/30 is what we are targeting and more than that.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Okay, so for next four to five years as well the same will be like…<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Yes, yes. We are we are more focused on government projects only.<\/p>\n

Jayesh Maradiya<\/strong><\/p>\n

Okay, then private. Okay. Okay. Okay. So that was it from my side. Thank you so much for all the information and all the very best for upcoming endeavors. Thank you.<\/p>\n

Vipul Khurana<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, ladies and gentlemen. [Operator Instructions] As there are no further questions, I now hand the conference back to Mr. Gautam Nagar from EquiBridgex Advisors for closing comments. Over to you.<\/p>\n

Gautam Nagar<\/strong><\/p>\n

Thank you. On a behalf of — yes, I’m audible?<\/p>\n

Operator<\/strong><\/p>\n

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

Gautam Nagar<\/strong><\/p>\n

Yeah. Thank you. On a behalf of Globe Civil Projects India limited and EquiBridgex Advisors, I thank everyone for taking the time to join today’s earning call. If you have any queries, you can connect to us at info@equibridgex.com. Thank you once again for joining the conference. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

Globe Civil Projects Ltd (NSE: GLOBECIVIL) Q3 2026 Earnings Call dated Feb. 20, 2026 Corporate Participants: Gautam Nagar \u2014 Investor Relations Vipul Khurana \u2014 Managing Director Raghav Aggarwal \u2014 Chief Financial Officer Analysts: Aniket Madhwani \u2014 Analyst Vijender Singh \u2014 Analyst Siddharth Shukla \u2014 Analyst Neelam Kanani \u2014 Analyst Rohan Kamath \u2014 Analyst Shaurya Punyani […]<\/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":[10169,9175,9104,9092,14492,14962,10089],"class_list":["post-181542","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-markets","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":41715,"url":"https:\/\/alphastreet.com\/india\/wipro-limited-wit-q2-2020-earnings-snapshot\/","url_meta":{"origin":181542,"position":0},"title":"Wipro 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