• Order book status: Work orders in hand currently exceed ₹3,100 crore, alongside ₹633 crore in fresh orders secured outside Rajasthan and roughly ₹750 crore where the company is L1, awaiting formal award after Rajasthan local elections.
• Execution and guidance: Revenue execution is expected to pick up from Q3 following monsoon disruptions and initial design phase approvals, with management targeting close to ₹1,000 crore in FY27 revenue and PAT margins above 15%.
• Working capital cycle: Working capital days temporarily expanded to around 120 days due to delayed government receivables, but are guided to normalize back to 90 days or below by the end of the financial year.
• Promoter pledge unwinding: Over 50% of the promoter debt has been repaid, and management expects the entire promoter share pledge to be brought down to zero by the end of FY27.