GPT Infraprojects Limited (GPTINFRA) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to GPT-Infra Projects Ltd. Q4 and F5 26 runnings con call. As a reminder, all participant lines will be in the lesson only more 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference to Mr. Omkar Bhagwe from MUFG in time. Thank you and over to you, sir.

Thanks, thanks, Ikhra. Good morning, everyone. I welcome you all to the conference call to discuss Q4 and FY26 results of GPT InfraProjects Limited. On behalf of GPT InfraProjects Limited, I am delighted to welcome you all to this call. Thank you for taking out the time to discuss our latest financial results and performance. To discuss our results, we have with us from the management, Mr. Atul Tantia, the Joint Managing Director and CFO. He will take you through the results and then we will proceed to Q&A session. Before we proceed to the call, a small disclaimer. This conference may contain certain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. The actual results may differ materially. These statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict. A detailed safe harbor statement is also given on the company's investor presentation. Now, I would like to hand the call over to Mr. Atul Tantia. Thank you, and over to you, sir.

Thank you, Umkar. Good morning, everyone, and a warm welcome to the GPT Infrastructure Limited earnings conference call for the fourth quarter and the financial year ended March 31st, 2026. I hope you all have had the opportunity to go through our financial results and the investor presentation, which has been uploaded on our website as well as the website of the stock exchanges yesterday. First, I will briefly take you through the key highlights for the quarter and the full year. As intimated to you in the Q3 call, we had signed the SPA for purchase of an EPC signaling business based out of New Delhi. Alcon's builders and engineers privately at a cash concentration of Rs. 151.83 crores. This acquisition is with an intent to merge the same with GPD Infra and provide a full-scale solution for the larger EPC contracts being tendered out by the railways. I am happy to announce that this transaction was concluded during this quarter. Alcon is a well-established EPC signaling contractor with over 30 years of execution experience. This acquisition provides GPT-INFRA a plug-and-play entry into a high-growth and high-margin business vertical with strong entry barriers. It also complements our long-standing relationship of more than four decades with Indian Railways. Post the payment of the consideration to the US-12 promoters, the shares were fully transferred, and the company has become a wholly-owned subsidiary with effect from January 1, 2026, and we have gained full operation and marginal control on Alcon. I thank all the intermediaries who helped us in closing this transaction smoothly and quite swiftly. This is indeed a feather in our cap that we have been able to do this transaction so fast. In the current board meeting, the board has also approved a draft scheme of amalgamation of Alcon with GPT. And also, one of our earlier erstwhile subsidiaries, Jogmini Habit Private Limited, so as to fully integrate the business with the parent, and also provide them the enhanced net worth and other credentials to bid for larger contracts. This merger is with the appointed date of April 1, 2026, and is expected to be completed in this financial year, subject to regulatory approvals. During the year, the company secured several prestigious contracts across the infrastructure and railway segments. We achieved our highest-ever annual order inflow of Rs. 2422 crores, surpassing our projections of Rs. 2,000 crores for the year. Our total order book stands at Rs. 4476 crores, which is approximately 3.5 times our FY26 revenues. The order book has grown at a target of almost 21.6% from FY20 in the last four years. The order book remains quite well diversified across railways, bridges, roads, flyovers, and allied infrastructure sectors, which are the core infrastructure for the government. Key order wins includes a Rs. 12.01 crore order from Northern Railway for construction of a rail come road bridge over River Ganga or Anasi, in which we have a 40% share, balance being with RV&L. Our share works out to Rs. 481 crores. Another order is Rs. 1805 crores from MCGM in Mumbai for construction of driver along the LBS mark. This order is in JV and our share is 26%, that is Rs. 470 crores. During the year, another significant development that we had was securing our first ham contract in Rajasthan for elevated bypass for the Jodhpur city. This marks GPT-INFRA's entry into the HAM segment, which further diversifies our project portfolio and strengthens our positioning in the road and highway space. We have a 51% share in this SPV, which has been already incorporated, and the contract value is about 669 pros. We also commercially operationalized our facility in Ghana, with the first supply and was being raised to the customer in March 2026. As also indicated earlier, during the year, we have also started a factory for fabrication of steel girders in Singur, in West Bengal, with a capacity of almost 10,000 tons per annum, and we are also looking at enhancing that capacity further. Now, moving to the financial performance for the fourth quarter, and the full year ended March 31, 2026. On a standalone basis, revenues from operations for Q4 and FY26 stood at rupees. Thank you. The subdued revenue in this quarter was largely on account of the recently concluded elections in West Bengal, which affected the month of March for the execution purposes. For the full year FI26, TANLUN revenues came in at Rs. 1226.3 crores, as against Rs. 1159.3 crores in FI25, registering a growth of 5.8% year-on-year. For Alcatraz, revenues came in at Rs. 1290 crores compared to Rs. 1188 crores in the previous financial year, registering a growth of 8.6% year-on-year. Standard and EBITDA for the quarter stood at Rs. 53 crores compared to Rs. 41.6 crores in the corresponding quarter, registering a growth of 27%. The EBITDA margins have also improved by almost 300 basis points to 14%. The standard EBITDA for the full year was at Rs. 162.5 crores compared to Rs. 141.4 crores, with a growth of 14.9% year-on-year, and margin also moving by 100 business points above our threshold of 13%, which stood at 13.3% for the full year. On a consolidated basis, EBITDA for the quarter stood at Rs. 59.2 crores compared to Rs. 38.6 crores, which is a growth of 53%. And also enhancing our margins by almost 400 basis points. This is largely on account of starting of the factory in Ghana, which was earlier not there last year. The consolidated EBITDA for the FI26 was $174.2 crores compared to $135.5 crores, registering a growth of 28.5% and an increase in margin by 200 basis points. We continue to maintain our long-term EBITDA margin guidance of 13% class, which has historically remained our benchmark hurdle rate. Improved execution efficiencies, better operating leverage, and a calibrated project mix continue to support healthy margin stability. Going forward, we believe the addition of signaling business and gradual scaling-up of our international operations will further support our margin profile improvement. In terms of the PAC numbers, the consolidated PAC for FI26 stood at least 97.3 crores, a growth of 21.5% from 80 crores last year. On a standard basis PAC for FI26 stood at least 96.5 crores, a growth of 9% from 88.5 crores last year. The consolidated PAC margin was 7.5% and standard margin was 7.7%. The PAC has grown at a capital of 33% in the last four years. Both ROC and ROE continue to be quite healthy, and there is a number that we continuously track. ROC was north of 20% at 20.9%, while ROC was at 60.4% in this financial year. Cash flows have remained strong, supported by disciplined working capital management, healthy execution, momentum, and continued focus on balance sheet strengthening. We continue to focus on optimizing our debt profile and improving the return ratios as well. Going forward, we expect return ratios to be stronger. Now, coming to the segmental performance. The infrastructure segment continues to remain the key contributor to the company's revenues and profitability. During the FY26, the segment contributed in excess of 90% of the company's revenues, driven by key execution in contracts like Rajendra Bridge, Kona Expressway, Rani Ganj, and others. The steeper segment also delivered a good and profitable margin during the year, supported by healthy domestic demand and improving contribution from the African operations. I am happy to also note that the Board has declared a third interim dividend of Rp1 per share, taking the total dividend payout for the year, Rp2.75 per share, that is 27.5%. The record date for the same has been fixed as May 26, 2026. This is in line with our total dividend policy for the year. With a robust, auto-pipeline, well-diversified project portfolio, improved balance sheet metrics, and entry into high-margin business verticals, we believe GPT Interrupt Projects is well-positioned to sustain its growth momentum in the coming years. We are confident of achieving a long-term growth in revenue in excess of 20%, with revenue this year expected to cross 27% to 30% per year. Subject to the headwinds with respect to the economic conditions on account of the war in the Middle East. The long-term EBITDA guidance continues to be in excess of 13%, and with higher margin business, like I said earlier, for signaling in Africa, we expect this to be 100 points better at around the 14% mark for the full year. Our focus continues to and going forward will remain light on timely execution, selective bidding, improving return ratios, maintaining financial discipline, and scaling up the EPC business through the Alcon platform as well. With this, I would now like to open the floor for question and answers. I request a moderator to kindly queue up the questions. Thank you.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Darshal Pandya from Sintrist Capital. Please go ahead.

Hi, I'm Auribur. Yes, thank you. So, my first question is with regards to our contractual assets, which has, you know, we have seen a sharp upside from 336 crores to around 514 crores. Can you please help us understand what has led to this in spite of, you know, our revenue has been around 8 to 10% growth is what we have seen. So, just wanted to know your views on that.

So, the contract assets that has gone up on account of mostly the EPC kind of contracts that we are right now doing. So, contract assets which were earlier, what we are also seeing is on a consolidated basis. So, we are also seeing the contract assets that have gone up on account of the acquisition of Alcon as well. That is not done, right?

The merger has not yet happened.

So, the merger has not happened, but on a controlled basis, it is a 100% subsidy, right? So, on a controlled basis, the balance sheet is consolidated for Alcon.

Okay, understood.

So, can I complete? Yeah, yeah. So, all of the 514 crores, almost 60-65 crores comes from the Alcon balance sheet. It was retention money, unbilled revenue, price escalation, etc., which is attributable to that subscription order. It's not an Apple-to-Apple comparison as such. The 326 crores and the 514 crores. Balance is on account of the EPC contracts that we do execute, which do have some milestone payments, and we do higher unbilled revenue in those particular contracts.

How old are these contractual assets? We are going to leave it in 60 weeks, Hans. Okay, understood. Sir, my second question is that, you know, we have been tracking this company for a long time now. Just to understand, we did a QIP of around 175 euros, out of which 75% of it was supposed to be, you know, used to reduce the debt, which is not quite evidently seen in the balance sheet. So can you please help us understand where is that money parked or how are we planning to reduce this debt? Because primarily our whole goal was to reduce the debt so that it can push up to the profitability. But I guess looking at the current debt position we are there, it looks like we are back on the track which we were there in 2024-25.

So, the QIP was used to reduce the debt, which was, if you compare our March 24 balance sheet to the March 25 balance sheet, we have reduced the debt significantly by almost 125-130 crores. This year, the bump up in the debt is due to the drawdown of some of the limits that we have had due to this large EPC contract that the execution is getting. Also, part of the internal accruals and reserves have also been used to buy out this business for Alcon. So, it's a mix of both. But given the strong cash flows, the next couple of years, we expect the best to come back to the same level.

But I guess between 2024-25, we have reduced debt to near about 60-65 per hour. So, maybe if you can ask your account team to send that working, that would really help us to understand. Sure, you can take it offline with MUFG. And final question is with regards to our guidance that we have missed. We were talking about crossing 1,400 plus cars.

So was it about the elections that delayed this?

And just your views on that. Thank you. Sure. So I said in that similar thing in my opening remarks as well. March month was quite a bad month in terms of execution due to the elections in Espanol. And almost 40% of our revenues do come from West Bengals. And also, you have to understand that a lot of the migrant labors, which also work on the contracts in UP, Maharashtra, etc., do come from West Bengals. So that has led to a lot of labors moving out. And that is why the guidance for this year is much higher because that delta that we would not do in March, we are quite quite confident of doing in this financial year. Guidance for this year is stronger than we had given earlier.

This includes 140 crores from the Alcon business that we were talking about last quarter.

What includes 140 crores?

140 crores of business from Alcon, the acquired entity.

No, it only includes the Q4 numbers to Alcon, because Alcon has been merged with the spectrum for January. So, it's only the Q4 numbers of Alcon of 30 crores. Okay, I understand.

I'll fall back in the queue. Thank you so much for answering the questions. No problem.

Thank you. Ladies and gentlemen, before we take the next question, a reminder to all the participants, anyone who wishes to ask a question, may press star and 1. We will take our next question from the line of Dasha, from Safar Capital. Please go ahead. Hello.

Hello, sir. Sir, please go ahead.

Yeah. So, you mentioned, sir, that there was a labor shortfall that we saw because of the elections, but currently, how have you seen the labor shortages? Is everything back on track, and how has April been so far for us, sir?

So, I think April was, again, the election month. So, May is when the elections were concluded or the results were announced. So, April, again, was subdued on account of elections. But, May, we are seeing a strong decision profile. And Labour is back on the sides. There is no challenge with respect to Labour as such.

Okay, so there's 27 to 50 percent growth. So, we don't see any execution risks in terms of achieving this growth?

No, we don't. And we have received a lot of new contracts also in December, January, etc. So those contracts will also continue to continue to the revenue this year.

And, sir, just in terms of water, you've seen the prices of metals and raw materials shoot up. So how do you see that impact, sir?

So, honestly, all our contracts do have a price association formula. There's a lot of background noise. Can you meet yourself, please? Yeah, thanks. So, all the contracts do have a price association formula for steel, cement, fuel, etc., which are made to steel prices from sale, RRN, etc., and cement is based on WPI license from RBI. And fuel, again, is linked to the WPI indexes for fuel. We don't anticipate much of a challenge. And HCI, I'm very glad to report, in the last two months during the war, has also allowed the contractors to get paid, as you like to say, contract conditions and ensure that the contractors are paid the excitation every month. And we reimburse the additional burden every month rather than every quarter or every six months that was being done earlier. So hopefully we will not see much of a sharp dip in the margin. It could be a drag or a lag, but overall for the full year, we expect to maintain our margin profile.

It's 14%. Even if there's a bit of like the Alcom business and the international business will cover up for that. Will that be a fair understanding? Correct. Okay. And so just in terms of our order inflow guidance for FY27, I'm just, if you could highlight what sort of pipeline are we looking at and we're currently bidding for?

So, auto-intro guidance for FY27 is about 3,000 crores. We expect... We are already getting quite a bit of large contracts, whether it is in the infrastructure business, the signaling business that we acquired, as well as the CIPO business. All CIPO businesses are quite active in terms of bidding. Once we are L1, we will definitely announce the same to the stock exchanges. We are quite confident last year we have exceeded our guidance by 20%. We are quite confident of achieving the 3,000 pro guidance for the year as well.

Just in terms of the overall contribution of Alcom for FY27, how do you see that? And what is the margin profile for the Alcom business?

The signaling business has a margin profile of almost 20% compared to the 13-14% for the traditional intra-business that we were doing. We expect the business to have a revenue this year of almost 120, 130 crores.

Fair enough. I'll call back in with you. Thank you so much and all the rest.

Thank you.

Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to two per participant. Should you have a follow-up question, please rejoin the queue. A reminder to all the participants, if you wish to ask a question, please press star and one. We will take our next question from the line of path quota from plus 91 asset management. Please go ahead.

Hi, sir. Hope you're doing well. A couple of questions from my end. Like you rightly mentioned in your opening remarks, probably some of our revenue would have been missed due to West Bengal elections. Do we see spillovers in probably the first quarter or second quarter of this year where revenues could be much stronger than what our normal case under this?

We anticipate this to be adjusted in the first half. Like I said to the previous question, to the previous person, lady, that we expect April to be slightly subdued on account of the elections again, but to the first quarter, we will not do the full catch-up, but the first half, we will do the full catch-up.

Makes sense. Also, I think when we look at our CAPEX number this year, we've incurred substantial CAPEX. If, you know, we include the acquisition, we've spent almost 150 odd crores in outlay. Just for the next two or three years, do we have any major CAPEX projects? What is the kind of money that we are looking to spend in terms of CAPEX?

So, we have one of the major CAPEX projects that we do have is this HAM contract with NHCI, where in our share of CAPEX would be almost 55-60 crores. Other than that, we do have, we do purchase equipments for our various contracts, which is another 40-50 crores a year. So, I would say on an average for the next couple of years, CAPEX would be, including the HAM contract, would be about 77 crores.

All right, sir. Makes sense. I think from a questions perspective, that's all from my end. Just one last thing, the signaling business that we've acquired, the Alcon business, are we planning to consolidate in our financial statements or, you know, probably just state it as a separate line item like we do for Infra and for Concrete Sleepers? Just your, maybe some thoughts on this and that's about it.

So the business is already consolidated as part of our consolidated results. The board has also, like I said earlier, has approved the merger of Alcon with the parent, that is GPT-intra, and since it's an EPC business as well, it will continue to be part of the same segment in terms of segment reporting, part of the intraline item, rather than having a separate item.

Sure, sure, sir. No problem.

Thank you.

Thank you. Participants, if you wish to ask a question, please press star and 1. We will take our next question from the line of Ritesh Bhagwati from Alpha Plus Capital. Please go ahead.

Thanks for taking my question. So just a small update I needed on our contracted assets that we have reported. So what I want to understand is like out of this 556 crores on the balance sheet, how much of that can we see as a conversion happening in this H1 F527?

So I think that in terms of conversion, almost 70-80% conversion would happen of that, but obviously new contract assets would also get built. So contract assets, it's not that the contract assets are going to come down significantly. The 30% growth in revenues, contract assets could also grow in tandem in some sense. But I think that having said that, So, like I said earlier as well, out of 540 crores, the contract assets do also come from Alcon. We have only acquired this subsidy in the last couple of months. We are looking at tapering of the contract assets there as well. That will ensure that the consolidated contract assets do come down to a healthy number of three to four months, which is slightly elevated right now due to this Alcon subsidy.

Okay. Now, speaking of Alcon, like, so what sort of bid pipelines do we have for Alcon for next 12 months? Like, have we got any coverage or inter-electronic tenders being submitted?

So, we have bid for almost 500 crews of new contracts or tenders in Alcon in the last two months that we have post the change in the management and the board. We are quite confident that a couple of them will get open and we will be L1. We are also looking at other new contracts as we speak, or new tenders as we speak, and there is a good opportunity in that business for it to grow. We expect that to also grow at a healthy pace going forward.

Okay, thank you. Just lastly, on our concrete sleepers, like, you know, this quarter, again, we saw the segment slipping into red. So, which geographies, like, you know, South Africa, Namibia, Ghana are the law centers for us. And just in case, if you can provide some specific turnaround timelines for that.

So, like I said, maybe in South Africa and Namibia has... So, Rihana has also started production in South Africa and Namibia, and it's made much of a challenge. A lot of this has also got to do with the currency exchange that goes down in those, they are seeing a volatile currency like we are seeing in India. So, a lot of the big compression, margin compression that you will see for concrete steppers is also an account of. Mark-to-market for the balance sheet and right items that we have for those balance sheets.

Okay. Thanks a lot. That's it from my side. Thank you.

Thank you. Participants, you may please press star and want to ask a question. Next question is from the line of Shivam Rivanakal from Asandia Expansion Solutions LLP. Please go ahead.

Hi, Atul, can you hear me?

Yeah, yeah, loud and clear.

Yeah. Atul, because of this West Asia crisis, you know, there's obviously some expectations of inflation and all that, so I just wanted to get some idea from you about what are the pass-through clauses and things like that for Iran and considering you have a very large order book now, so how does that plan out?

So, like I said earlier as well, all the contracts do have a price excretion formula, which are linked to steel prices from RIL and SAIL, linked to WPI and ISIS for labor, fuel, cement, etc. Most of these contracts have a pass-through, or all the contracts do have a pass-through formula. We don't anticipate... On an overall basis, it will affect the margins that much. Maybe on a month-to-month basis, the WPI might be delayed and it would catch up in the next month. But on an overall basis, we don't anticipate much of a challenge. And we are very thankful that agencies like NHAI and ORTH have also relaxed their price association payments To ensure that the contractors are paid every month compared to... They have been getting paid every quarter or every six months in terms of the price variation or pass-through payments. They have also allowed four months extension in terms of force majeure due to this war, which will allow us to complete the contracts in time as well.

That's such a relief. Thank you so much. And my next question was, you know, because now that Elkhorn merges with GPT... That means they can actually look at bigger projects. So, do you have any sort of average ticket size in mind, or would you be continuing with the same sort of 50-100 crore type of orders for that business?

No, so for Alcon, we have got contracts in excess of 70-80 crores as well on an individual basis. For signaling business, so RayBiz is now coming up with a lot of these EPC contracts, which we were earlier not... This is competitive very much because we were taking quotations from other signaling contractors or electrification contractors, and we did not have the credentials as well. With this merger, we will be able to bid for the larger EPC contracts that the railway is generating out in excess of 1,000 to 1,000 floors, and we will be able to offer the full solution, whether it is the railway lines, bridges, signaling, electrification, everything.

Oh, see, wonderful. And my other question is, again, this is just to take your view, you know, I think we have all the ingredients to go at a much faster pace, Atul, and especially with the kind of cash flows, everything seems so positive, so I was sort of, you know, a bit obsessed with this 25-30% and not 40-50%.

So I think that 25-30% growth honesty is quite a good number. 40% is even better, but that I think is, you do have to be mindful of the economic situation with respect to war in the Middle East, and also how the currency is paying out, because at the end of the day, you are relying on government payments for the public capex. So we do have to keep that in mind as well when we are making our target for the year.

Oh, okay. I mean, so just to take care of you. Thank you. Thank you.

Thank you. Next question is from the line of Rajiv Jain from Arcade Investments. Please go ahead.

Hello. Thank you for the opportunity, sir. So, I just had a couple of questions. Firstly, with the EBITDA margin. So, EBITDA margin improved to 13.5% in FY26. And in FY25, it was around about 11.4%. So, how much of this was structural? Or was it a one-off type of thing like by operating leverage or by deferred cost? Or was it a really structural thing?

Well, it's a structural thing. It's not, there is no deferred cost as such that does affect EBITDA honesty. And operating leverage obviously has kicked in as well. We do expect EBITDA margin to be north of 13% going forward, both on a standard as well as conservative basis.

I understood, sir. I understood. And secondly, with a signalling at almost 22% EBITDA margin, how fast can consolidated margins move towards the mid-teens, and what would be the steady-state margin for the businessmen, if you could put some light on that?

So on a consolidated basis, we expect, because of the higher margin business in Africa, as well as signaling business. The conserved margin this year will also be around 14%, which is closer to mid-teams, and we expect to be maintained around that. That is the long-term target to maintain margin around the level of 14% on a conserved basis.

Understood, sir. Understood. And finally, about the gross margins. Actually, our gross margins expanded to almost more than 35% levels. So, is this driven by project mixes or by cost efficiencies, like backward integration?

Honestly, gross margin is not a number that we do track because it depends on project mix. It depends on... Some projects may have more labor elements or other elements compared to vomited elements, so we don't track gross margin as a number, we do track EBITDA as a number.

Understood, sir. Understood. And finally, about the signaling. So, you indicated signaling contributes to almost 15% of the EPC score and was earlier outsourced at 20% margin. So, can you quantify margin uplift at the project level post-integration?

So, we don't have an EPC contract currently in which signaling we have outsourced. Once we get that, we will be more competitive in bidding for those contracts, and so at the project level, the margin would be around 30-14% level as such. There will be an uplift in the overall margin to 14% on a conserved basis. At the project level, we expect margin to be around 30%.

Understood. That's all from my side. Thank you for answering my question. Thank you.

Thank you. Next question is from the line of Ramoth Dubey from SD Finance. Please go ahead.

Yeah, hi. Am I audible?

Yes, please go ahead.

Yeah, so thank you for the opportunity. My questions were regarding with the audible. So for the full year, we saw that the revenue grew by around 9%, while the order inflow were around 2,400 crores. And our order book kept rising up to 4,480 crores, which was around 3.5x of revenue. So, just wanted to understand what will be structural constraint execution this year, and what give us the confidence that the revenue escalation will be around 25% in FY27?

So, I think last year, like I said earlier, a couple of questions as well. In March month, there was a structural issue with respect to the elections in West Bengal, which led to a lot of labor shortage as well as severe execution in our contracts in West Bengal. We do expect that our event is obviously concluded, and we are seeing the laborers back on the draw. We don't anticipate much of a challenge with respect to that as well. So we are quite confident of achieving a number of 27 to 30% for the FI27, given the strong order book.

Got it, sir.

And we saw that there was a significant portion of your order book, which was around 2460 crore, is still less than 10% completion stage. So how do you see the execution ramp up across all this early stage project, and what will be the key risk of sleepage?

So we don't anticipate much of a, so a lot of these contracts that we are referring to 2,400 auto pros are contracts that we received in the last financial year. So they obviously are in the early stages of completion, and there's a 10% like you're saying, and they are quite in the nascent stage, so we don't anticipate a slippage as such, and they are well on track to achieve the number for the full year.

Understood, sir. And the order book is here. Order book for signaling is currently small, which is around 90 to 100 crores. So, what is the near-term pipeline visibility and expected order inflow in FY27?

So, we expect we have bid for almost permanent close of new contracts or tenders for the signaling business currently. We are bidding for more contracts. Uh, we anticipate, uh, we do expect almost, uh, one to two hundred pros of auto-enclose in this financial year.

Got it, sir, got it. And, uh, given the, uh, given signaling is a high barrier and tech intensive, so what are the key investments, which could be talent or the system, are required to compete with the established player?

Pardon?

So, given in the signaling, it's being a high barrier and a tech-intensive business. So, what investment in terms of talent or the systems are required to compete against the established player?

So, we have acquired this business as a growing concern. So, the team and the talent that was there in Alcon for the last so many years has also been onboarded with us as well. So, we don't anticipate our... Challenge in terms of acquiring talent, because that was already there.

Got it, sir. And my last question was with regards to the revenue. So, we saw that the Q4 revenue saw a significant jump, which was around, on the quarter-on-quarter basis, 46%. So, how much was this from the catch-up Q3 disruption versus the sustainable run rate improvement?

No, there's no Q3 disruption as such. It is mostly a sustainable revenue target. Q4, obviously, is stronger every year because of government focus on capex towards the end of the financial year. So Q4 historically has been very strong for us.

Got it, sir. That was really helpful. That was all from my side. Thank you for the opportunity.

Thank you.

Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and 1. We will take our next question from the line of Samir Aghubanshi from Nirwa Capital. Please go ahead.

Good morning. Thank you so much for the opportunity. So, my question was, beyond signaling, are you evaluating entry into adjacent high-margin segments like tunneling or urban infra-EPC as highlighted in strategy?

So, we are looking at things like tunneling and other high margin EPC businesses also. Nothing concrete has been done right now. So, we are also looking at tie-ups for various similar companies who can give us the technical credentials for the same as well. Having said that, our business in terms of construction of bridges, which are quite technically challenging, is a... Higher margin business compared to the run-of-the-mill construction contracts that you do see, and that is why we are able to achieve a margin of 13% in the basis.

Okay, so I've got it. So, my next question was, historically, execution has been back and loaded. What changes does the project make for internal process will reduce volatility in quarterly performance?

This is across the board for all EPC companies that you will see. First half is generally 40%, second half is 60%. And that is also on account of government capex, government focus, because that's historically there. Earlier it was one third, two thirds, slightly moved to 40, 60 right now. And we don't think that you can remove the seasonality out of the business.

Okay, sir. So, my last question from my side, sir. How are you ensuring project execution, quality, and avoiding cost over us? Give a rapid fail-up.

So, we do have various tools at the disposal of the management in terms of SAP that they have deployed across all the project sites, project monitoring software. In terms of cost overruns, we do have a strong internal audit team as well, which gives management good feedback on the cost being incurred, and our team has been, has good experience, has been with us for quite some time, so obviously we will scale up our team as and when we grow, but given our experience of more than four decades, We don't think that. The skin-up will be a challenge.

Okay, sir. Thank you so much.

Thank you.

Thank you. A reminder to all the participants, if you wish to ask a question, please test CAR N1. As there are no further questions from the participants, I would now like to hand the conference over to Mr. Omkar Bagri for closing comments.

Yeah. Thank you, everyone, for joining us on call today.

We are MUFJ InTime, Investor Relations Advisors to GPT Intra Projects Limited. In case of any queries, please feel free to reach out to us.

Thank you.

Thank you. Thank you, and good day.

On behalf of GPT Intra Projects Limited, that concludes this conference. Thank you all for joining us today, and you may now disconnect your lines.