GPT Infraprojects Limited (GPTINFRA) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to GPTRA Projects Limited Q1S52611 conference call. As a reminder, all participant lines will be in the lesson only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. And I have the conference call over to Mr. Omkar. Thank you. We're with you, sir.

Good morning, everyone. I welcome you all to the earnings conference call to discuss Q1 FY27 results of GPT Infra Projects Limited. To discuss the 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 a 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, Omkar. Good morning, everyone, and a warm welcome to the GPT-Intra Projects Limited earnings conference call for the first quarter ended June 30, 2026. FY27 is an important year for GPT-Intra Projects Limited as we continue to build on the strong foundation we have created over the past few years. Backed by a healthy order book, diversified project portfolio, enhanced exhibition capabilities, and expanding railway infrastructure, We remain well-positioned to participate in the growing infrastructure opportunities across our key markets. Our focus continues to be on strong growth, efficient project execution, profitability, and prudent capital allocation. During the year, we will also see the full impact of the integration of our higher-margin signaling business, which we had acquired in Q4 FY26 through Alcon. This business has immense potential to grow. Given the focus of the railways on safety, and also the credentials that the company processes. With the merger of this subsidiary with GPT-INFRA in the in-suing quarters, this business will be able to bid for much larger value contracts and take advantage of the balance sheet strength of GPT-INFRA. The integration process is progressing smoothly, and we are increasingly leveraging the combined capabilities of both organizations. This strengthens our ability to pursue larger and more complex railway EPC opportunities, while also broadening our exhibition bandwidth across infrastructure segments. Exhibition during this quarter remains slightly largely stable in line with our expectation for the quarter, with temporary moderation across select projects owing to workforce availability challenges associated with elections in West Bengal during April and May, one of our key markets. The disruption, however, was transient in nature, and workforce availability has since normalized, supporting a gradual recovery in project execution. We remain confident of maintaining our execution momentum and delivering as per the guidance for the full year of approximately 30% in terms of revenues. During the quarter, we secured a new order worth Rs.72 crores from Eastern Railway, the supply of concrete sleepers across the various divisions of Eastern Railway. This order further strengthens our long-standing association with the Indian Railways and reinforces our position within the railway infrastructure system. In addition, we have entered the power EPC segment with a contract of approximately 53 crores in which the ultimate client is Power Grid Corporation of India Limited for a project in Kurnu, Lander, Pradesh. While the project size is relatively modest, it marks our entry into another infrastructure vertical and reflects our strategy of selectively expanding into adjacent EPC segments with credible counterparties. We also continue to see entire opportunities emerging across our focus geographies of eastern and northern India. Infrastructure development remains a key priority for both the central and the state governments, with increasing investments focused on railway modernization, transportation networks, urban mobility roads, and connectivity enhancements. The Africa business is also expected to deliver strong order inflows in the next couple of quarters, and this will ensure good visibility of revenue from that geography over the next three to four years. Over the last two months, railway infrastructure investments of approximately 895 crores have been approved by the Senate Government in the state of West Bengal. In addition, the state government, which was recently elected, has also announced key connectivity projects exceeding at least 2,100 crores, including the proposed Bhagirathi Bridge, Chinggiratta, Newtown, Elevated Corridors, which are projects of our interest and for which we will definitely qualify for. Given our strong regional presence, Proven execution, track record, and established plan relationships. We believe we are well qualified to participate in these upcoming opportunities. Our bidding pipeline remains robust across railway infrastructure, revisions, roads, drivers, and allied infrastructure projects, and we remain confident of achieving the order and flow target for the year, up to 3,000 crores. Supported by sustained public sector investments and a favorable infrastructure spending environment, we continue to evaluate opportunities selectively, with strong focus on project quality, risk management, returns, and margin thresholds. With a strong order book, improving execution momentum, expanding capabilities, and a healthy opportunity pipeline, we remain confident in our growth prospects and our ability to create long-term value for all stakeholders. Now, moving on to the financial performance for the first quarter ended June 30, 2026. On a standalone basis, revenue from operations for Q1 FY27 stood at Rs. 282 crores as compared to Rs. 309 crores in the corresponding quarter of last year, representing a decline of 9%, primarily on account of the labour-related uncertainty in West Bengal during April and May due to the elections here. Like I said earlier, this has now since stabilized. On a consolidated basis, revenue from operations stood at Rs. 312 crores as against Rs. 312 crores in the corresponding quarter last year, registering a decline of 3.4% year-on-year. On the profitability front, standalone EBITDA for the quarter stood at Rs. 38.8 crores compared to Rs. 35.7 crores in the corresponding quarter of the previous year, registering a growth of 8.9%, EBITDA margins stood at 13.8%, in line with our long-term EBITDA margin of 13-14%. On a consolidated basis, EBITDA for the quarter stood up to be 47.5 crores compared to 37 crores in the corresponding quarter last year, registering a growth of 28.4%, while the EBITDA margins stood up to 15.7%, on account of stronger execution in the signaling and the African business. We continue to maintain our long-term EBITDA margin guidance of 13% to 14%. As we continue to scale up signaling business in our African operations, we expect these businesses to further support our overall margin profile over the medium term. In terms of profitability, consolidated profit after tax for the quarter stood out to be 24.6 crores, as against to be 23.5 crores in the corresponding quarter for the previous year, registering a growth of 4.9%. This is despite a higher amortization charge on account of the acquisition of the signaling business, approximately 3 crores for the quarter. On a standalone basis, profit after tax was at Rs. 22.3 crores compared to Rs. 22.6 crores in the corresponding period of last year, representing a marginal decline of 1.1%. Coming to our segmental performance, the infrastructure segment continues to be the backbone of our business and the largest contributor. It's Rs. 283 crores coming during the quarter, supported by a steady exhibition across our railway, bridges, and road projects. The sleeper segment continues to deliver stable performance. This will be 19 crores in revenues, supported by domestic demand, export orders from India to Bangladesh, and steady international operations. The management is very confident of achieving the overall growth target for the year of 30% in terms of revenues. The order book now stands at least 4303 crores as on date. The healthy bid pipeline, improving execution capabilities, addition of the signaling business, and increasing contribution from international operations, we believe the company is well positioned to deliver sustainable growth over the medium to long term. Going forward, our priorities remain unchanged. We will continue to focus on timely project execution, selective order booting, maintaining margin discipline, strengthening our balance sheet, while improving return ratios, and creating long-term value for our stakeholders. With this, I would like to now open the floor for any questions and answers. Thank you.

So, shall we open the floor for Q&A?

Yeah, I just, yeah, you can.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and move. One, or let us answer from the question queue. You may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Bala Subramanian from Arihan Capital. Please go ahead.

Good morning, sir. Thank you so much for the opportunity. Sir, we have entered a poverty PC space with a 53 crore contract. And I'm just trying to understand, like, what is the scope of this contract, and it's a strategic rationale for diversification. I think earlier, our major projects are into right-by-side, and how we are moving in power UTC, and what is the pipeline for future orders in this segment. And you could also mention margin profiles for this segment.

Sure. So, earlier we have done some similar works for BHEL. This includes civil work for the mega substitution in Agra for BHEL, which we had done about seven to eight years ago. This segment is in line with us, so we have the credentials for that per se. This is a segment that we were always interested in the last couple of years, the power EPC business. Saw some upheaval because of the execution challenges there, but now we are seeing more stability in that business, that segment. So we are entering that segment again, and we are quite confident that given our bidding profile, we'll be able to achieve the margin threshold of 13% to 14% in terms of EBITDA for these contracts as well. In terms of opportunities in this segment, I think that... There's quite a bit of opportunity in this segment. You have some of the Dajur players which are also doing this business, and we expect that maybe in the next couple of years, we will be doing about 150 to 200 crores annual revenue from this business as such. Okay, sir.

My next question, Alkan Medjar as a strategic entry into high-marginal planning. So, what is our capabilities through Alcon, and what kind of opportunities we have, what is the pipeline, and what is the market size, and how we are going to take advantage of it. Also, you can elaborate more on the synergy side, and then we can expect a complete, full integration of this acquisition. So, I imagine.

So, currently, we are doing the electronic interlocking technology through Alcon. This is a 40-year-old company which had a long relationship with the Indian real estate. And with this acquisition, we are addressing a market of approximately 1.5 billion U.S. dollars. Which is a very large business, a large market segment that we would be addressing. The Indian railways planned outlay over the next six years is approximately 1 trillion Indian rupees. And this would be, again, over things like Kavach, electronic interlocking, DDEI as well. In addition to that, we are also in touch with some of the larger Metro players, because that is, again, a segment that is being tended out separately, because in Metro, you have these driverless trains, you have a lot of CBT technology, which we will be able to do work initially for the outdoor part. The indoor part would be done by the equipment manufacturers like CEMEN, SALS, FAM, MEDA, Okay, sir.

Sir, my last question on the execution side, post this struggle elections, how the executions improved, execute mention, which are the projects are in advanced stage, which are the projects are lacking. And secondly, we have order book of 4,300 crore. Out of this, how much is executable in this financial year? And what kind of order inflows we can expect in this year?

So the execution is right now ramping up quite well, although currently it is the monsoon season. So Q2 is the monsoon season, but despite having said that, we are quite confident of achieving approximately 1,700 pros in terms of revenue for the full year, which would mean 1,400 pros in Q2, Q3, and Q4. And I think that given the... Strong order book that we have, like you mentioned, of 4,300 crores. This is quite an achievable number. The entire 1,400 crores execution in the next nine months is considering the existing order book of 4,300 crores. And once we get a contract, it normally takes six months to ramp up. We are seeing strong execution from contracts like NHI, Ganga Bridge, and Jagraj. We have recently also almost completed the Baikala Bridge contract in Mumbai City, which I think there was some, there was quite a bit of newspaper coverage as well, and so that bridge will be shortly open the next couple of months after the finishing work is completed. These are some of the key contracts that are contributing to the healthy execution cycle as well.

And order-type insurance, huh? Order inflows and order-type insurance.

Yeah, sorry. So we expect order inflows this year for approximately 3,000 crores. The first quarter has been very muted. We have got only about 130 crores of new contracts. We expect the full year to get 3,000 crores that we are targeting. We are quite hopeful of certain contracts in Africa as well, which will add to the visibility in the African business as well.

Got it, sir. Thank you.

Thank you.

Thank you. Next question is from the line of Shubhi Gupta from Free Nitra Asad managers. Please go ahead.

Hello, sir. Am I audible? Yes, thank you for taking my question. So, my first question is that with Alcon with us, we are looking for big ticket-sized contracts. You had mentioned like 1,000, 2,000 crores. So, what would be the execution timeline for these contracts? How much time would it take for these full solutions railway contracts?

So these larger EPG contracts, which are... 1,500 to 2,000 flows approximately, the execution timeline is approximately three to four years, and that is typically because of the entire solution that is provided, and we expect to get one or two contracts in the next couple of quarters of this size, which will add value to the entire offering that we have for the release as well.

So, this is including the 3,000 number that you've quoted with respect to the order info, right?

So, 3,000 pros is a number that we are quite confident of achieving, and hopefully we'll be exceeding that as well. The target is to exceed that for this year. Like, for example, last year we targeted 2,000 pros. We got 2,400 pros. So, similarly, this year we expect to exceed that number as well. We will give you more further color on that in the next end-suing quarters.

So just one more follow-up question, if you could give me some color on the order book mix that we are targeting, with entry in the power EPC business as well as you are seeing that there is good scope for that. So any order book mix that we are targeting?

So order book is obviously subject to government tenders, and we are obviously interested in more higher value margin contracts. Whether it is mega-bridges, whether it is signaling, whether it is this entire EPC solution for the railways as well, and Power EPC obviously forms a part of a slightly better margin business, so we are quite confident that we'll be able to achieve this order book mix on an overall basis. So we cannot give a target as to which segment would get how much order book info for the year.

Thank you.

Thank you.

Thank you. Next question is from the line of Nishita Shanklesha from Sapphire Capital. Please go ahead.

Hello. So, you mentioned that we expect to achieve 30% revenue growth in FY27 and our Q1 FY27 numbers are very similar to Q1 FY26. So, we need to do a minimum of 40% growth in the nine months FY27. So, what is going to drive this growth?

Like I said earlier, we have an order book outstanding of 4,300 crores. To balance nine months, we need to have a run rate of almost 1,400 crores for the nine months, and this will be driven by the existing orders that we do have on our balance sheet, on our order book profile, and there are certain contracts which were received only in the end of last year. Which were not anyways planned for execution in the first quarter and the second quarter. They will start seeing revenue booking in the second half. And that's why the full year we should see an overall growth of 30%.

Okay. And the execution difficulties that we saw in Q&A 527, are we over that? Like with the war and also the VEJBANG?

So that was a transient thing because there was a lot of disruptions in terms of labor availability, etc. But that has stabilized.

Okay, understood. And my next question is, we've done around 15.7% EBITDA margin in Q1 FY27, and our long-term target is 13% to 14%. But, like, what kind of margin can we see in FY27? Because we've done quite good margins in Q1.

For FY27, we expect the overall margin to be around 14% to 15%, and that is... The long-term target remains to be around 14%. So 527, we should see 14% to 15% EBITDA margin.

Right. And my next question is, like you mentioned, we expect food orders from Africa also over the next few quarters. So in which segment are we expecting those orders?

This is for the existing business of concrete sleepers in Africa, in South Africa, Namibia, and Ghana.

Okay. Yeah, that is it. Thank you so much.

Thank you.

Thank you. Before we take the next question, a reminder to all the participants, anyone who wishes to ask a question may press star and one. We will take our next question from the line of Ritesh Bhagwati from Alpha Plus Capital. Please go ahead.

Good morning, everyone. Thanks for taking my question. My first question pertains to our contract assets. Any providers with an updated figure for contracted assets for the quarter? Like, I think on the March end, it was roughly around 500 crores.

The March end, it was approximately 430 crores. It has increased by almost 5% for the quarter.

Okay. So, how much of it has been built and collected ever since then, like from 430 crores?

From 430 crores, almost 100 crores have been built and received.

Okay, perfect. And my second question is, like, what was the cash flow from operations for us for this quarter?

So, the quarter, we don't honestly give cash from operations. We will give that in the September quarter, or the half year.

Okay, fair. Lastly, as we are keeping our growth rate intact of 30% for this year, how much of the short-term debt funding do we emit to support this sort of a top-down?

We don't anticipate much addition to the debt position. In fact, we would be reducing our debt. Thank you. Thank you.

Okay, fair enough. That's it from my end. Thanks a lot.

Thank you. Next question is from the line of Pat Kotec from Plus91 Asset Management. Please go ahead.

Hi, sir. Thanks for taking my question. A lot of my questions have been answered. So, just one bookkeeping question from my end, we've seen higher depreciation compared to last quarter, last year. Is this because of Alcon primarily?

So it is not on account of the direct depreciation of Alcon. It is, like I said in opening remarks, it is approximately three closes for the quarter is coming on account of the amortization of the customer list of the purchase constituent of Alcon. That is an accounting treatment that we have done.

Okay, okay, makes sense. And, sir, again, I missed your opening remarks and probably you would have covered this. We've seen great margins for this quarter. This too should be attributed by and large to Alcon?

Rightly, yes, but for the current basis, on a standalone basis, also, we've seen a margin profile of almost 13.7%.

Right, sir. Right. Makes sense. All right. That's all from my face.

Thank you.

Thank you. Next question is from the line of Komal Saurabh from Scientific Investing. Please go ahead.

Sir, my question is around Alcom acquisition and also first time getting to Power APC contract of, you know, 50 growth. How all of these initiatives are helping us to increase our total addressable market, if you can shed some light? And out of this 30% growth which we are expecting, how much is going to be from the organic side and how much from the Alcom inorganic?

So, I think that to answer your second part first, Alcon would contribute approximately 70 to 80 crores in terms of additional revenue for the year compared to last year. So, it will not be a whole lot. It must be 4 to 5 percent for the full year. Good number, but not a very significant number. In terms of addressable market, Alcon, like I said, the signaling business, Indian release outlay over the next six years is approximately 1 trillion Indian rupees. And so that is kind of the market, part of the market that we do address for signaling. We are also talking, like I said earlier, to some of these metro players, which would also increase the potential addressable market for us. We do have OEM linkages and we have the technical expertise as well to address this market. The power EPC market is a similar kind for the civil works. And there again, we are starting small with a relatively small contract of three crews. But hopefully, like I said earlier, We should see in the coming years approximately a revenue from there of 150 to 100 flows annually.

Okay, sir. So we have a very good opportunity size, but the other question is how much our balance sheet allows us to grow. And if I go three, four years back, our operating cash flow conversion from EBITDA was much more healthy. Still, it is good, but in the last two, three years has not been as healthy as how it used to be prior to that. So what are the reasons and do you expect any changes to happen so that, you know, we have more internal accruals to drive better growth?

So, last couple of years, we are doing certain of these EPC milestone-based contracts, wherein the cash flow is stuck for achieving certain milestones. That is why the cash flow operations is stuck in these contract assets, which the previous gentleman was asking about. Having said that, we are quite hopeful that this year we will see part liquidation of those contract assets, like we have seen in this quarter as well. Once that does come through, internal accruals will continue to remain strong.

Now, great. My last question, sir, we have guided for 30% growth, which is better than last year. And also, the infrastructure sector as a whole was not doing so good last year. And I mean, that is the case with many players who have, you know, and we have done better. But do you see this 30% growth coming as a contribution because you are seeing some kind of, you know, the cyclic change in the infrastructure sector? And why I'm highlighting this, because Q1 was like, if I go June 2025, June 2025 sales was 82% of March 2025, because our Q1 Q2 is not good. But this quarter rate is almost 72% of March 2026, which means to drive this 30% growth, and some of the previous participants also told that, you know, we need to do more than 35-40%. So you see this happening because you see...

I think the Q1 was a transient abnormality because of the elections in West Bengal, which led to worker disruptions, like I've said earlier. This is now behind us, and we expect the full year to be in ninth hour guidance. We... This was, honestly, when we had guided for the full year, this was known, and we had to plan accordingly. That's why the Q1 numbers are largely in line with our internal targets. We have achieved almost 95% of our internal target as such for the quarter. Having said that, I think that we are on track to do a 4904 kind of number for the next nine months, which would achieve that 30% kind of growth number that I'm speaking of. And this will be largely driven by the existing order book, the opportunities that are also available. And the new orders will obviously not contribute that much, but that will give visibility for the next coming years.

Okay, certainly if you can say a few words on the industry, do you see any revival compared to last year, or how is it going?

Yeah, I think that industry is, last year was going through some challenges on account of the increased raw material prices, on account of the war, etc. But the government has also tried to be more proactive. Kind of ensure that the cash flow to the EPC players is smooth, and we are quite confident that given the government's proactive initiatives, we should be able to achieve the kind of growth numbers for the full year. Every industry player has their own way of functioning, so I cannot largely comment on what others do.

Sure, sir. Thank you, sir. Wish you all the best. Thank you.

Thank you. A reminder to all the participants. If you wish to ask a question, please press start and 1. We will take our next question from the line of Rusmik Oza from Nine. Raise EquiResearch. Please go ahead.

Thank you for the opportunity. My question also on the web has been called opportunity now since, you know, we have a strong mandate. Coming to the new government, the state government, how do you see the order books, you know, coming from West Bengal particularly because you are a dominant player in this state. So if you can just give some color of what changes are happening on the ground and how do you see the scope of getting bigger infrastructure projects from West Bengal going forward?

So, in West Bengal, obviously, new government is in place for the last couple of months, and they have a good, strong mandate, and the focus, obviously, is on development of large infrastructure projects, and we have seen in the recent budget that they had done, which was quite, I would say, 40 days after the government was thrown in. They have announced almost 2,100 flows of a couple of large bridge projects that they would like to do and tender out in the next year. The central government is supporting in terms of announcing new railway projects also for the state. And we are capable and will be participating in these tenders once they come out. And given our presence in the market and it's being our home market, I'm quite confident that we will be very competitive, and hopefully we should be able to get some contracts from here as well.

Thanks, sir. My second question, sir, was, you know, in Q1, we've already done around 15% operating profit margin with a very lower base of revenue.

I always maintain that 13-14% is a long-term EBITDA guidance. For this year, as I said previously as well, 14-15% will be the guidance for this year.

Okay, okay. Thanks. That's it for my turn. Just a hug.

Thank you.

Thank you. Next question is from the line of Darshil Pandya from Fintris Capital. Please go ahead.

Hello, hi. Am I Ariba, sir? Yes, please go ahead. Hi, thank you. Sir, may I know what is the date position as of date of Q1 and me?

Debt position. Like I said earlier also, we don't comment on balance sheet numbers typically, but debt position has not increased largely compared to March, and it is almost in line with what the March number was.

That's all. I understand. And, sir, in the last quarter also, I had, you know, asked for the working on the, you know, QIP that we had done from the accounts team, but haven't received it from the team. If you can just check with them. It would really help us.

I think you please get in touch with MUFG. They will coordinate until done. Okay, fine. Thank you.

Thank you. Next question is from the line of Ritesh Bhagwati from Arisa Plus Capital. Please go ahead.

Thanks for the follow-up. My question pertains to our subcontracting expenses. Like, you know, we have seen a showing trend of subcontract expenses to revenue from the highs of 40s to the lows of 20%. So, like, do we any such the current fund rate of 20% to sustain going forward? Or, you know, as the business has normalized now, we can see it normalizing again towards 25-30%.

So subcontracting expenses normally depends on the project cycle. Each project cycle, sometimes the normal costs are higher, sometimes the subcontract expenses are higher. So this is really not depending on the business stabilizing or not. So, overall, like I said, margin guidance in terms of EBITDA, we do give. Subcontracting as a percentage of turnover would depend on the type of project, would depend on the cycle of the project as well.

Okay. Fair enough. Thanks a lot.

Thank you. Ladies and gentlemen, you may please press star and want to ask a question. Next question is from the line of Kumar Saurabh from Scientific Investing. Please go ahead.

So my question is also on the debt side, given the acquisition is done, and that was the reason why there is a slight increase in debt. Next two years, what is our plan in terms of how much of working capital debt and all will be needed? And do you see a possibility of debt reduction happening in the next two years?

Honestly, our debt to equity or any other measure that you would see is we are quite comfortable in terms of our type of position. We are not over leveraged as such for that. Our debt to equity is less than one. It is approximately 0.6 times, 0.6, 0.65 times. And so we are quite comfortable in that sense. Even debt to, our interest cost to EBITDA is also quite comfortable. And, uh... We obviously are quite mindful of the debt that we do take on, and it is probably for working capital purposes. We are reducing the debt as we go ahead, and that will also contribute by the cash that is sitting on the balance sheet of Alcon once the merger happens. Allow us to reduce the debt per se. So going forward, I would say that we would ideally be around the debt equity ratio of almost 0.5 times compared to 0.65 times that we do have currently. So I cannot give a comment on the gross debt number. It also depends on the project cycle that we are exuding at.

Got it, sir. And, sir, last question. I think somewhere in the presentation you mentioned, because of this equation, we might be able to do 1,000 crore plus kind of orders. My question is, prior to this, what is the biggest order size we have done in railways before this acquisition?

We have got a 1,200 crore contract from Northern Railway in joint venture with Arvina for a bridge over Ganga in Banaras. So that is the largest order, the single order that we have received.

Okay, okay. And this integrated bidding for a higher value, does it also help us to improve our margins? Or the margin is expected to remain to similar levels, how it used to be prior to the equation. Because you are giving the similar, I mean, even this quarter, this is not a great quarter in terms of space, but our margins have been very good. So are you being little conservative in giving the guidance just to, you know, to be conservative side, or do you see this is the...

Sir, I have already said that this year we expect margins to be slightly better, 14 to 15 percent, compared to the long-term guidance of 13 to 14 percent. So we expect a 100 to 150 basis points better margin in this for the full year of FI27. And that will be because of the integration of business of Alcon as well as better operations in Africa. Having said that, the long-term guidance would be around the 13% to 14% mark for EBITDA. Okay.

Okay.

Got it. Thank you.

Thank you. Next question is from the line of Isha Muthi from Mass Capital. Please go ahead.

Hello, sir. So my question is, you have mentioned that the labor availability has normalized from the May onward. So since execution has still remained a week in quarter one. So, like, is the issue now project mobilization, or is it client approval, or simply timing of billing? What gives you confidence in the FI27 guidance, which remains intact?

I think that, so, from May onwards, it is civilized. So, half of the quarter was affected due to this labor availability, and that is why the Q1 was muted. Having said that, like you yourself said, that from May onwards, the availability is better. So the Q2, Q3, and Q4 will be better, and we are expecting a run rate of almost 150 crores monthly run rate in terms of revenue to achieve the 1,400 crores odd for the balance of nine months for the financial year.

Okay. Also, can you update us on the bidding pipeline today, specifically, how much is under valuation where GPT is L1, and when can investors expect conversion into orders?

So, once we are L1, as part of our dissemination document, we do announce that to the stock exchanges in the larger investor base. Right now, we are not L1 in any contract. Once we are declared L1, we will definitely announce that to the exchanges.

Okay, and also you have mentioned bidding for nearly 500 crores worth of signalling tenders immediately, like after the acquisition. So, could you provide an update on the status of those bids? Have had been converted into orders?

No, they have not been converted into orders. Had been, you would have announced to the stock exchanges, they are under evaluation in terms of technical criteria. Once the technical criteria evaluation finishes, then obviously the financial bids will be opened and then we will come to know of the outcome.

Okay, okay. So, as mentioned, new South African orders are expected shortly. So, can you provide some color on the opportunity size and the expected timeline?

So, we expect in this quarter itself the South African order to come through. And it would be a sizable contract for South Africa, which would be there for the next four to five years. And we give visibility for the South African business over the next four to five years. Unless the order is received, I cannot comment on the number.

Okay, okay. And the last question would be, like, has there been any increasing coverage or electronic interlocking tender activity over the last quarter?

Yes, similarly, like I said, we have built for a couple of large contracts, almost totaling to more than 500 crores. So, there is increased activity, and hopefully we will see good activity going forward as well.

Great. Thank you so much. All the best for the next quarter.

Thank you.

Thank you. Next question is from the line of Raj Patel from RK Security. Please go ahead.

Oh, yeah. Hi, am I audible? Yes, please go. Yeah, thank you for the opportunity. So, my question was with regards to last quarter on the revenue growth. So, in the last quarter, we have discussed that there will be a potential of 27 to 30% of revenue growth in FY27. But as we saw that there was execution loss due to the West Bengal election that would largely recover in H1. However, we saw that the Q1 consolidation revenue dipped by 3% to around 302 crore. So, could you just give us a clear picture exactly why there was revenue dip because of the election disruption or whether this revenue was expected to be recovered in Q2?

So, like I said earlier as well, Q1, we have achieved more than 95% of our target. For the year, and for this quarter, sorry. So, we expect the full year to be 30% growth. Q1 was planned to be a sub-bute or a flattish quarter due to the elections in West Bengal. Q2 onwards, we will see a better growth. So, we expect growth in Q2. Got it, sir. Q2, Q3 and Q4. That will contribute to the total 4 dynamic growth of revenues that we expect this year for the landmass.

Got it. And in the last call, we have also discussed the revenue growth, the revenue guidance of around 120 to 130 crore from the signaling business. So based on the Q1 performance, are we still comfortable with this number? What are your revenue contribution from Alcon during Q1?

We are quite confident of achieving the 120 odd crores revenue from Alcon for the full year. First quarter in Alcon was about 20 odd crores. The full year would be the balance mark.

Got it, sir. And in the last call, there was also extensive discussion on the elevated contract assets because of the Elkhorn consolidation. So could you just give us an update where the contract assets stand today and whether these collections have improved in Q1?

Like I said to the previous gentleman as well, contract assets have increased by almost 5%. We have billed almost 50% of the contract assets, which were there for last March, and we expect to further improve the contract assets, and the milestone is achieved in certain key contracts as well.

Understood, sir. My next question was with regards to the order book. So we saw that the order book have been declined marginally from 4,400 and approximately 80 crores to 4,300 crores, despite execution during the quarter. So with the crash order inflow of 130 crores, should we expect materially stronger ordering activity from Q2 onwards to achieve our growth of 3,000 crores order inflow guidance?

Ordering activity is there. Unless we are declared L1, we cannot add to the order book. Once the L1 status is declared, then we will be able to, and the orders are through, then we will add to the order book. Ordering activity has continued to be strong.

The directivity is strong. Got it, sir. And sir, just wanted one last question from my side. Just wanted to understand what proportion of new railway bids today include signaling as a part of EPC scope compared to one year ago?

I will not be able to give a number on that, honestly.

Won't be able to answer. No issues. So that was all from my friend. Thank you. Thank you.

Thank you. A reminder to all the participants that you may start and want to ask a question. We will take our next question from the line of Yash Mehta from SKC Capital. Please go ahead.

So first of all, thank you for the opportunity. So I've got a few set of questions. So firstly, like last quarter, you mentioned that several EPC contracts were awarded in 2026 were still below 10% of completion. So how many of these projects now, like now, have moved into meaningful execution and particularly which projects will drive revenue over the next three quarters?

Those projects are still in the planning stage and the design stage. They are still not seeing revenue booking, those projects which we discussed in the last quarter. The contracts which will continue to the revenue in this financial year would be the NHAI Ganga Bridge in Prayagraj, the Rupanarayan River Bridge in Kola Ghat in West Bengal for Southeast Nidaleh, Kona Expressway, the Kashi Ganga Bridge.

Okay, okay, got it. And, like, my second question is, like, how is the profitability profile of the sleeper business evolved now that the Ghana operations have stabilized?

The sleeper business is giving a margin to almost 14% to 15% as well, and we expect that to remain sleepers going forward as well. We are also seeing certain export orders from Thank you.

Thank you.

Thank you. Ladies and gentlemen, we will take that as the last question for today. I would now like to hand over the conference call to Mr. Omkar for closing remarks. Over to you, sir.

Thank you, everyone, for joining us on call today. We are MUFG InTime, Investor Relations Advisors to GPT-INFRA projects. In case of any queries, please feel free to reach out to us. Thank you.

Thank you very much. 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.