Cemindia Projects Limited (CEMPRO) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Sam India Projects Ltd. Q2-F527 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now have a conference over to Mr. Mohit Kumar from ICIC Securities for his opening remarks. Thank you, and over to you, Sam.

Thank you. Good morning. On behalf of ICICI Securities, I welcome you all to the Q2 FY27 and Mixed Call of Same India Projects Limited. Today, we have with us from the management, Mr. Janita Basu, Managing Director. Mr. Nitesh Sharma, CFO, and Mr. Rahul Agawal, Head of Investor Relations. We will begin with the opening remarks from the management, which will be followed by Q&A.

Thank you and over to you, sir.

I am Nitesh Sharma, CFO of the company, and I welcome you all and wish you a very happy dantairas. Before we begin, please note that today's discussion may include forward-looking statements. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. The company undertakes no obligation to update these statements publicly. I will begin with our financial performance for the quarter and the half year, and then cover certain developments, order inflow, and order book. Our Managing Director, Mr. Jayanta Basu, will then take you through our operational performance. So, taking you to the first quarter FI27 performance, the total operating income of Rs.2749 crore, up by 25% year-on-year basis from Rs.295 crore to Rs.2749 crore. In Q2 F526, EBITDA of Rs. 280 crores, up 15% YUI from 243 crores in Q2 F526. EBITDA margin of 10.2% compared with 11.1% in Q2 F526. PAT of Rs. 131 crores, up 21% year-on-year from 108 crores in Q2 F526. Now, I'll talk about H1 performance. Total operating income stood at 5470 crore, which is up 15% year-on-year from 4772 crore in H1 F526. EBITDA of Rs.565 crore, up 12% year-on-year from 504 crore in H1 F526. And EBITDA margin of 10.3% compared with 10.6% in H1 F526. PAT of Rs.271 crore, up 10.8% YOY. From 245 crore in H1 FY26. As on September 30, 2026, our net worth stood at 2619 crore, and net debt of 773 crore, and net debt to equity ratio of 0.3 years, roughly. Now, certain developments which have happened in last quarter. So, we raised Rs. 1400 crore through a QIT, reaching 1.26 crore equity shares at Rs.1108 per share. The issue attracted bits of around 2.3x the base deal size of Rs. 1000 crore from a diverse set of domestic mutual funds and other financial investors. A strong vote of confidence in our growth prospects. The issue proceeds will be utilized primarily for CAPEX, repayment of certain borrowings, working capital requirement, and general corporate purpose. That will provide further impetus to the company's growth plans. A very significant development which has happened in last quarter is that we have received positive ratings across actions from all three rating agencies. ICRA has upgraded both long-term and short-term rating with AA stable. KR has upgraded to AA- stable, again, and CRYSIL has assigned a fresh rating of AA stable. Order info momentum remains strong. Since the start of the quarter, we have secured new orders worth 5,968 crores, that is 3,487 crores in Q2FY27, and a further 2,481 crores in October 2026. So that makes our order book stood at an all-time high of Rs. 32,715 crore with strong revenue visibility as well as diversified across eight business areas, that is maritime structures, urban infra, MRTS and airports, industrial structures and buildings together account for 62% of the order book, with data center contributing around 15%. So that's it from my side, and I'll hand over to Mr. Jayantabhasu for update on our operational performance. Thank you all.

Thank you, Nitesh. Good morning to all, and happy Jantarasi. There are a few items which I have to highlight for last quarter and H1 performance before I discuss about the performance of the project. The Kricil, ICRA, and KR, their ratings have upgraded, which is very significant to our company. And QIP, just Nitesh has mentioned, all of you know that. And another thing that we have been awarded, a few arbitration awards, and some awards have been also received in terms of payment also. Like in Udunbudi, we have received around 85 crores per additional claim, which is significant to our company. Otherwise, if you see that this quarter, our revenue is around 2700 crores, which is just 1% more than the last quarter. What if you see traditionally, Second quarter is always less by 10-15% compared to first quarter. This time it is almost same compared to first quarter. It is a good thing. And the job of what we have now, I don't think any job which is doing bad. Significant event is Vadawan port, which was not progressing for last one and a half year. But now we have started the work. The activities are going on our side, which is a good sign. And the major jobs like CMRL board job completion. Bangalore Metro is also a board job completion. Ulan Goody is completed and then over. Bangladesh job, which is very difficult in terms of political situation, you could be able to complete substantially payment received. Abu Dhabi job at Abu Dhabi, also going on well. We have started Pune Metro and Delhi Metro. So, you started... We have got a Marine job at Jotadha Airport is getting completed. We have got a new job at Calcutta. So overall, the job scenario is good. New jobs have started. Old jobs are getting completed. Today, we have 32,000 course of work in hand, which is also significant because normally it used to be around 20,000 to 21,000. And already we have secured around 15,000 course of job in first two quarters. So our target of 25,000 crores for TCR will definitely be achieved and if it can cross also. And if you see the job in pipeline, more or less around 1,30,000 crores of jobs are in pipeline at various stages. Out of that, marine will be around 25,000 crores, underground metro 6,000. Tunnel, road tunnel and railway tunnel, 25,000. PSP, 10,000 crores. And elevated metro, around 5,000 crores. So, and nuclear also, 125,000 crores. So, plenty of jobs on the pipeline. These are all external jobs. In addition to that, there are a lot of internal jobs from the group, which involve data center, again PSP, power plant, which have not been studying here. So, the jobs are going okay, cash position is good, and if you see our net worth is around 2600 crores, ROE 27%, ROC 33%, debt equity around 0.3, and capex 150 crores so far, working capital 96 days, and inventory 2028 days. So these are the parameters which we monitor, and all the parameters are within control or getting better. It's a nutshell. That's all about the company's performance. We're happy to have any questions from you, and we'll be answering that. Thank you.

Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use anset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes in the line of Tananjay Mishra with Centrum Broking. Please go ahead.

Hello, sir. Hope I am audible.

Yes, sir.

You are audible.

Yes.

So, my question is, I mean, congratulations on very strong execution in Q1. So, my question is about the margin side. This quarter, if we exclude other income, it is on 9.7%. So, how do you look margin going forward in S2 and whether we will be able to achieve 10.5% kind of margin on full year basis?

Yeah, I think as we have maintained our guideline, we'll be able to do 10% plus, but margin is always a challenge, you know, because sometimes certification gets delayed, sometimes we cannot start the exhibition because of various reasons. But still we are confident to have around 10% margin on an average throughout the year.

Okay. But, I mean, Q1, we had some impact on this commodity inflation and labor issues. So, how we are placed in Q2? Whether we have seen improvement in that sense?

In general, there are few jobs which have not achieved the threshold limit to declare the margin. One of them is Vadavan port. So... And as you know, a lot of new jobs have secured recently, like Moonger, K-Rides, DMRC Pune and all. So all this will convert to margin after one or two quarters. So last quarter, we may get the impact of that. So if you go to the Excel sheet, it is automatically coming that we will be able to achieve the margin. Okay.

And so, in terms of order inflow, could you provide some detail about Q2 order inflow? We had about 3,500 crore, or Optima also, we are considering 2,500 crore job we have got. So, all, if you could, the detail of this job, which segment we have received this job?

Yeah, we have got data center from our group company, we have got around 1,000 crores. In Andhra Pradesh, we have got Dhamra port around 800 crores. Project Bharsa for Indian Devi, Outer Harbour, we have got 700 crores. Then from JSW we got a contract 231-35 crores. So altogether 3,400 crores we have received in last quarter. So which is mostly marine and data center.

And in October, sir, October, we also got 2,500 crores,

October, we have got Jaipur Metro, 781, K-Ride at Bangalore, we have got 660, and 1,000 plus crores, we have got Assam, some group company, Dhubri, total around 2,400 crores.

Okay, so we are on track to achieve our 25,000 code auto inflow guidance. There will be no miss on that front.

Very much, very much. We will be able to achieve more than that.

So, any development on this New Bombay Phase 2, whether Adani is looking for awarding that project? I think it is in designing space as of now, and they are looking for the contractor to be awarded. So, what is the likelihood of it coming in Q3?

Yeah, I think they are discussing with the prospective builders, we are one of them, and discussions are in the advanced stage. Hopefully by Q3 or let us by Q4, the work will start.

Okay, sir. That is all for my thanks. Thank you.

Thank you.

Thank you. The next question comes from the line of Aditya Sahu with HDSC Securities. Please go ahead.

I had a query on the, I think we have provided the guidance for the order inflow and the bit of margins. On revenue front, are we still maintaining the guidance of 20-25% that we had earlier sort of indicated?

Yes, yes, we are maintaining the same 20-25%.

Understood. Also, on the Capex front, I think you have mentioned 150 crores of Capex we have done in H1. What sort of are we looking at in H2 and FY28, considering that we have also done the QIB, so a little bit insight on that would be helpful.

Yeah, there could be two scenarios. Normally, maybe another 150-200 crores, normally. But if you are able to secure a big job which involves larger diameter TBM, this can go up to another 1,500 crores.

But a major juncture would come in the next year, financial year only, because this will have at least 14 to 16 months of deployment, the larger ones, I would say. So this year the number would be around the same, but the balance number would be 150 to 200 crores.

Okay, okay. So, so, so in 28 is when, you know, we should expect the TBM and the 1,500 JTX to do a deploy.

Absolutely.

Understood. On the, on the receivables front, you know, we had mentioned, I think that, you know, we had some receivables from Bangladesh and that was on the close of completion. So, have you sort of completed the job in Bangladesh and any other backlog over there and also on the receivables?

There is no backlog as per the terms of the contract, and whatever work we have done that has been paid to us, and most of the job is completed now, so balance will also be coming soon.

Understood, sir. What would be the L1 position right now that we have?

So far, I don't think we are in a, there is no job which we are L1. It's up to today.

Yeah, yeah, so there is no such tender which has been opened and we are in an urban position today. There are various tenders which are in pipeline, so, no, not a position actually. What we are saying in October, what we have got is 2,500 odd crores of new orders. That is the position what we have.

Okay, okay. A little bit on the data point, you know, if you can provide on the group and non-group sort of bifurcation pertaining to the order book spread and the order inflow that we have in H1. So, how much has that been from group and non-group?

So our group stands at roughly at say 53-54% of the total audiobook composition. So that means that during the last, you know... Two quarters, say three quarters, three major influxes come from the group, which is around 70 plus percentage.

Okay, okay.

Regarding data center, so far our work in hand is close to 5,000 crores, 6,000 crores, but there are opportunities are plenty because it is not only in Mumbai, there are Raiza, there are in Gujarat also. So many of the other data centers we are pursuing with our group. So RRF will be more and more in this segment.

Understood, sir. The bid pipeline that you have mentioned, 1.38, on that front, so how much of the bid are you looking at, you know, from group entities and, you know, from externally? So bifurcation on that also?

So, bifurcation of that, as far as prospect is concerned, is very difficult because... You know, external, whatever we have, we have just mentioned. The internal, there are plenty, and it comes so often. So, it's very difficult to say that what is the situation has done today.

So, when you say 1,30000 cross of pipeline, this is mostly external, what we are talking about. Internal is beyond that, and the numbers are floating because there are multiple inquiries going on. Right.

So, group order info is sort of moving is what you are trying to say, but the 1.38 lakh crore that you have mentioned is the external pipeline that you are targeting. The external pipeline is what we are talking about, yeah. Ah, yes. Just one thing, I think I just wanted to check, is it possible if you can give the revenue spread, you know, between the group and non-group, like, you know, how much in terms of H1?

I think it's close to 35% from the group side, 35% to 35% from the group, and balance is from the non-group for this year, but gradually you see the composition that's trending towards the order book composition, what we have.

Understood, sir.

Thank you so much.

Thank you. The next question comes from the line of Abina with ICAC Securities. Please go ahead.

Good morning, sir. Thanks for the opportunity. My question is pertaining to data centers. I was trying to understand how has been the execution of these orders till date? Has the execution started? Has it contributed to the revenues? And on an average, what is the timeline to execute these orders? And can we expect any further order inflows in the coming six to nine months on the data centers?

Well, see, data center has got... Two major components. One is your civil structure, and next one is the electromechanical part. Normally, it's 20% by 80%. Civil is 20% in terms of value, and this is 80% from the electromechanical part. And we have got now one, two, three, four, five, six data centers we are working now, two advisor and three here. And there are four here, I'm sorry. And there are a few more here just started in Gujarat. So civil structure for the first and second data center has come up well. Just for your understanding, if it is 10-story building, we have almost done up to 8-story building pre-cast. So that is going on well. Here's the mechanical part for first two data centers almost when they are finalized and now the order has been placed. I will not be able to tell you exactly in terms of value, how much it has been done, but it is so far as per the track.

Understood. Sir, just trying to understand, I mean, can we expect, you know, growth in this contribution of data center in the coming quarters?

Yeah, you know, it depends upon how fast you execute the electromechanical part, as I just mentioned to you. A large chunk of revenue is there. So once the things start coming, like supplies, and we start erecting them, placing them, the revenue will generate.

And the average timeline will be to execute these orders?

It depends upon, see, various data centers have various stages. First one is to start able to erecting them from the next year, January, February. By mid of January, next year, we will see large chunk of revenue will come from data centers.

So, Q4 will see the traction of, you know, revenue coming from the MEP front, from the electromechanical front in data center. Typically, it will get to 24 months. Once we complete that, then the electromechanical starts. That's how this took place.

Understood. So, any color on the margins and also any expected orders in the coming quarters on the data center?

I think, you know, in our business, margins are, you know that, I mean, I don't have to say anything new. It varies 8, 9, 10, 11, 12, 13, in that range only. So it depends upon the segment, of course, underground sector and marine gives better margin. Data center being a job which is not their specialized job, I should say that. So, you don't expect the margin more than 10%.

Understood. Sir, in the opening remarks, you mentioned that, you know, the Q2 has been... Flat compared to Q1 which is a good sign, you know, given historically Q2 is always subdued compared to Q1. This is a sign, I mean, sign of, you know, the order that we had 1 at the end of FY26. Those kind of picking up and, you know, in further quarters, there would be much more growth than, you know, what we've seen in this second quarter. That assumption would be right.

No, I have not gone for the root cause analysis, but basically, probably, last year or second last year, you have done more work which is affected by the rain, like road work, which you cannot do during monsoon. But probably this year, that type of work is less, and work which I have, that can be done during monsoon. That could be one of the reasons, you know.

Understood. Thank you and all the best, sir. Thank you.

Thank you. The next question comes from the line of Jainam Shah with Equator Securities. Please go ahead.

Yeah, hi. Thanks for the opportunity. Hope I'm going to go.

Yeah, yeah.

Yeah, and congratulations on the good side of it, sir. Also, my question is, it's to the tunnel project that we were supposed to get from the Adali. What we see is that there has been some, you can say, issue going on with the, let's say, government, opposition parties and the group regarding, you can say, the project. And on this particular project also, there has been some restriction from the China as well in terms of tunnel voting machine. So, how do we see this to impact? Like, by when project would be awarded to the group, by when we will be getting it from the group, and if we are going to do the CAPEX for TVM, will it be from India, or how does we do it from, you can say, any other country for that particular purpose?

Okay, I think I should answer it step by step. First of all, whether the order will go to the group or not, I cannot have any comment on that. Because neither I am bidding the job, neither I am giving the job. So it is between the group and the entity, they have to sort it out. If group gets the job, there is a high possibility that we will get the job. That is for sure. And if we get the job, TVM will not be a problem. China cannot stop us doing business. There are other countries as well from where we can get TVM. And that is also, we are pursuing that. So, China is not an issue at all.

Got it, sir. Got it. And so the funder that we have done, it is for the large capex and something that we will be targeting for some jobs. If let's say this particular order doesn't turn off, will there be any specific projects that we will be looking at for which the capex would be required for us, which eventually get funded from the PLP process?

See, when you do business, you have to take some chances. So, if we get the job... Then where do you get money? Where is the money? And we are hopeful that some of the job will come. It is not only one or two, there are six, seven jobs that are in pipeline. Something will happen. And if that doesn't happen, then we have money to spend for something else. We'll see about that.

Sir, large TBMs, there are not only this Bangalore one, but there are at least four other jobs which are in pipeline, other tenders which we are working with in Brody. There are very likely chances that at least one we should have.

Got it, sir. And just last question from my side, if we see our trajectory over the last 2-5 years, we have gone from, let's say, 5,000 CR to 10,000 CR of Dublin, and we are darkening 20-25 odd percentage growth. Our order, you can say, order visibility has also improved because of the Adani taking over us, and eventually, you can say, there has been lots of contracts that we'll be getting. I mean, our eligibility criteria has changed over a period of time, wherein, let's say, earlier we used to target projects of maybe, let's say, 500,000, 2,000, now we would be targeting something maybe 4, 5, 6,000, anything on this, like, to see the visibility for medium to long term, what kind of projects we'll be doing, what kind of size of those projects would be, and eventually, for a longer term, what kind of, you can say, growth we can see on a top line on a consistent basis.

Well, I think this is a very relevant question, and as you rightly said that we are targeting jobs which is big, big-ticket jobs. I mean, once upon a time we used to do 20, 30, 40 crore jobs, then we come to 1,000 crore, now we are targeting 3,000, 4,000 crore plus. And we are targeting because we are able to do them, and we are able to get qualified also. So that is number one. And number two, when you have to do more revenue, you require more leaders. At positions who can deliver. So if you have four divisions or five divisions, you can achieve certain amount of revenue. If you have seven or eight divisions, you can definitely achieve more revenues, provided you have good leaders. We are focusing on both of the things. One is development of leadership and the targeting bigger jobs as markets are already available.

For future, we say that at least for next three years time, we definitely look forward for keeping a caregiver of 25% on the top line.

Got you, sir. Just follow up on this. Whenever we are going for large size jobs or anything, how do we see the, let's say, labor issue or if you see from execution point of view, of course, one thing is that you will get the order and you will have the materials and everything in place or let's say the supply chain has been ready. But do we have the main power and overall, you can say, processes to make sure that we are eventually able to execute an order over a period of time? And, like, what could be execution challenges that we would see while growing at 20-25% over three years, which will be eventually making our revenue from 10-20,000 CR over next three-four years?

Actually, I'll give you one small example. If we are executing a job of building of 1,500 crores, we require 2,500 labors. If we are executing a 1,500 crore underground metro, we require 500 labors. So it totally depends upon the segment where you are working. And we try to avoid consciously the job which involves a lot of manual labor. Particularly building and some other structure like that. Where we cannot, I mean, if we have to have labor force available for the building job, we have to find the ways and means. But better to try avoid such kind of business where labor force are required more. Try to do more mechanized job, try to improve your technology. Those things are in our focus now. Good morning, sir.

Thank you so much. Thank you.

Thank you. The next question comes from the line of Nipur Kemka with Siri Research. Please go ahead.

Yeah, hi, sir. So, my first question was given that your KPIs is largely towards buying machines which barely have any gestation period. So, how fast will you be able to pull up your sales to prevent shark fall in ROE? So, by our estimates, your ROE may fall to some 17% in FI28, which was 28% in FI26. So, even if your sales grew to some, let's say, 15,000 crores in FI28. Still, it will fall. So, any comments on that?

We have to leave with that, because something you do for short term, something you do for long term. Okay. And sometimes you have to compromise this for the other one. So, these are all exercises because of long term issues. Are we in a fall little bit? Short-term, but definitely will have much major impact going forward in long-term.

Yeah, you might see the scale-up again happening at, say, post-24 months, when the large machines are deployed and they start contributing towards the top line, as well as bottom line. So it's more of a long-term call which is being taken here.

Understood, understood. On the same lines, given the capital-intensive nature of our business, we have already diluted some 7% equity and we plan to dilute more 15%. So, how cognizant is the management of the growing pressure on ROAS in the future?

No, so that if you are referring to the enabling approval of 5,000 crore, that's just an enabling one. We will see the kind of progress that we have and the kind of conversions that we have in the pipelines that we are fitting. A prudent call will be taken to have enough leverages as well because the balance sheet is very strong. We have got enough headroom to get leverages now to the desired level what we want to fund our future growth pipelines.

Okay. Okay. Understood. Thank you. Thank you.

The next question comes from the line of K3 Tripathi with NVS ConPret. Please go ahead.

Hello. Yes, sir. So, my question is that H2 is typically stronger than the first half of the company, and now with healthy order pipeline and 25,000 crores of order intro targeted for FY27, so is there a scope to exceed our revenue growth guidance for the current year? That is one. And second question was on the Wadaban code. So, now the construction activity has been reportedly underway. So, when can we expect the revenue contribution from a package to begin, and what kind of revenue potential do you pose? Thank you, sir.

Yeah, I'll answer the last one first. One thing is that Madhavan port activity has started, and now how fast we have to go, how fast we can go, it needs to be seen. At this moment, it will not be fair on my part to give the revenue guidelines for Madhavan port. We are happy that work has started. We don't want to rush to make it a difficult situation. So that is my comment about Madhavan port. Regarding revenue and margin growth of H2, With the work in hand and the work expected. So whatever we have today, that effect will come on next year. We don't expect much from this year. So I think we'll maintain the same guideline what we have done for each one.

Thank you.

The next question comes from the line of Akshet Shetty. Please go ahead.

Good morning, sir, and congratulations on the strong performance, and thank you for taking my questions. So my first question is regarding data center business. I see that as of 30th September 26, data center accounted for around 15% of your total book value. I also noticed in your annual report, our 26th annual report, that your capabilities already cover shell and core, MEPF, and testing and commissioning. As the industry moves towards more complex AI-oriented data centers, so do you see the company taking on a large share of these technically specialized scopes? And over, say, next three to five years, could this change the margin profile of your data center business?

You're absolutely right. At least volume of the business, because of data center, will grow quite substantially, I must say that. Because there are a lot of opportunities, as you rightly said, and we are getting everyday inquiry. But we like to confine ourselves with the group activity, I mean, the data center which is being run by the group initially, because that is also quite a handful of jobs. Regarding margin, as because it's a new segment, we'll definitely try to achieve better margin, but let us see how it goes. Generally, I think we'll be able to predict about the margin, but volume-wise, definitely we'll do a lot of work from this segment.

Okay, got it. And my second question is regarding the capital productivity. I see following the 1,400 crore QIP in October 26, you have additional capital to support the next phase of expansion, given that the different project categories, particularly strong tunnels and specialized infrastructure. Can have very different capital and working capital requirement. So how do you evaluate the returns before committing capital to these projects? And how do you ensure that the expansion translates into stronger incremental ROCE and cash generation, say, over next three to five years?

See, basically, these jobs are quite big ticket jobs, 10,000 crore plus. And naturally, Such jobs, you don't get much of competition. That is number one. And if you have proper technique, and if you know the job, this job can produce good margin also. So with all this analysis, only we are going for such capex, whatever we have action taken. Now it is a matter of getting the job and executing them and see what happens to that. There is definitely a plan and that has been done quite consciously. We can promise that whatever QIP has been done that we prudently use for the company's benefit so that every stakeholder can be benefited out of that.

Okay. Got it. Got it. And thank you for answering my both the questions. Rest of hope for the future conversation. Thank you.

Thank you.

The next question comes from the line of Sunil Shah, Catalyst Asset Manager. Please go ahead.

Yeah, thanks for the opportunity, sir. Sir, I have two questions. One is on the Vajwan port and another is on the group thing that we have with Adani. Sir, this 7,500 crores of order book that we have for the port business, out of that 7,500 crores, sir, how much is pertaining to Vajwan port?

1,500, okay, thanks, sir.

And, sir, from the group, business that we have, Adani group, sir, like it happens in public sector units, you know, if there is another public sector unit, which is an L2 in any of the order, then they get a chance to match it to the L1 so that the business flows to its public sector unit. And even within our group, do we have any such possibilities that if Adani is trying to get some order and if hypothetically, if we as a company come as an L2, do we get some chance to match it to JL1 to get the order from the group? Does it work that way?

See, it depends upon work-to-work project versus project because Adani also has their own company, and each company has their own management system. They are MD, CEO. Everybody wants to protect their business interest. So, just like that, they will not give the job to us. It has to be a competitive bidding, and if you are L1, then we get chance. And so it comes from business. So all things goes on. Not like that, that they will call us and match the price. I don't think that has happened ever so far.

Sir, one last question. The group has committed a capital expenditure of close to 2 lakh crores every year for the next five years. So, out of that 2 lakh crores of capital expenditure that the group is planning, how much is the addressable market or the potential addressable market for us of that 2 lakh crores, if we can get some sense on the number over there? I think it will be around 50,000 crores. Okay. Sir, so in the earlier remarks, you stated that our potential business from outside the group is close to 1 lakh 30,000 crores. And another 50,000 crores can be potential within the group. Is my understanding correct on this?

Yeah, you are correct. All right.

Thank you, sir. Thanks for this understanding and clarity. Thanks and all the best in the future. Thank you.

Thank you. Ladies and gentlemen, there are no further questions from the participants. I now hand the conference over to the management for closing comments.

Thank you so much for attending the call and wishing you all a very happy and safe Diwali. Thank you.

Thank you, sir. On behalf of ICC Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.