Please find enclosed Transcript of Q1 FY27 Earnings Conference Call

AI summary - Q1 FY27 total income INR2,727 Cr (-20.3% y-y); EBITDA INR263 Cr (9.6% margin); PAT INR30 Cr - Execution challenges from FY26 continued; marine projects and land handover delayed; labor shortages impacted fast-track projects - Mumbai-Pune Expressway Missing Link inaugurated May 1, 2026; India's tallest cable-stayed road bridge - Order inflow INR13,219 Cr in Q1; order book INR43,290 Cr; largest order Croatia railway, Vadhavan Port breakwater - TBM tunneling for Mumbai-Ahmedabad HSR started; main tunneling from Nov; force majeure settlement expected Q2 - Overseas margins 200-300 bps higher than domestic; overseas revenue ~16% in Q1, expected to rise to 30% - Capex INR150 Cr in Q1; FY27 capex guidance INR700-800 Cr; FY28 capex INR600-650 Cr - Net debt-to-equity ~0.68x; net debt expected to reduce to INR2,700-2,800 Cr by FY27 end - Cash flow negative in Q1 due to client payment cycles; collections and liquidity expected to improve H2 - Around 11% of order book slow-moving; 20% in initial phase; execution expected to pick up significantly in H2 FY27 and FY28