• Order book pipeline: The order book stood at over ₹2,500 crore as of May 31, 2026, supported by subsequent wins exceeding ₹600 crore and L-1 status on ₹750 crore of Rajasthan government projects awaiting final release.
• Growth and profitability: Management expects revenue to grow by around 25% this year compared to last year's figures, with PAT margins anticipated to exceed 15%.
• Input cost insulation: Price adjustment clauses in almost all contracts ensure that raw material price volatility is absorbed by state government clients, preventing margin erosion.
• Working capital cycle: Debtor days are projected to decrease from the current level of around 120 days to the industry benchmark of approximately 90 days by the end of the year.
• Promoter pledge release: With more than half of the underlying debt already repaid, all pledged promoter shares are expected to be fully released by the end of the financial year.