• Recent order details: The ~₹1,300 crore order consists of roughly 70% transmission and the remainder cables across Saudi Arabia and India, with execution spanning 15 to 18 months at current price lines to support margin improvement.
• Tender pipeline: The overall tender pipeline has expanded beyond ₹2,10,000 crore across T&D, civil, data centers, and metals and mining, with an L1 position exceeding ₹7,000 crore largely in T&D.
• Middle East operations: Physical execution across approximately 25 projects in Saudi Arabia, the UAE, and Oman is on track, though supply chain headwinds from China, Europe, and India will cause temporary EPC revenue spillovers after impacting prior-quarter revenue by ₹400 to ₹500 crore.
• Near-term financial outlook: Second-quarter performance is expected to remain similar to Q1 due to ongoing West Asian finalization delays and severe monsoons in Gujarat and Rajasthan, though margins are expected to strengthen over time as higher-priced orders are executed.