On the back of this strong pipeline, Managing Director Jayanta Basu expects topline growth of at least 25% this fiscal, supported by faster execution cycles that have shrunk from three years to under two years.
Below is the verbatim transcript of the interview.
Q: A couple of order inflows is what we have seen so far this year. Could you tell us what the current order book looks like post these inflows? And what is the total order inflow you’re estimating for FY26?
Basu: Yes, we have received a few orders this year already, amounting to around ₹2,000 crores. One is for port construction at Trivandrum, and another is a building and jetty project in Odisha. We are also L1 on a few jobs worth around ₹1,500 crores. So, you can say that around ₹4,000 crores worth of orders are already with us within the first two months of this year. We are targeting to book at least ₹15,000 crores in orders this year (FY26). I believe it could be even more than that.
Q: In terms of other numbers, what are you guiding for, Mr. Basu, in terms of revenue? What sort of margins are you expecting by the end of this year? And by when does this entire order book get executed?
Basu: If you look at the trends, we used to convert orders in three years, or two and a half years. Last year, it was less than two years. So, we expect that the same tempo will be maintained, as the conversion has become very fast nowadays.
Last year (FY25), our revenue was around ₹9,000 crores. We expect at least 25% growth this year (FY26), if not more, in terms of topline.
Q: And on margins? Last year you saw an improvement of around 70 basis points, at least in the fourth quarter. What kind of margins are you anticipating this year on a 25% revenue growth?
Basu: We will be having around 10% plus EBITDA.
Q: I wanted to ask you about your receivables position as of now, and what is your exposure to Bangladesh? There were some issues out there—they’re going through political turmoil. How is that impacting your business?
Basu: In Bangladesh, for about two to three months, we had to stop work due to a directive by the Government of India. It wasn’t just us—every company working in Bangladesh from India had to halt operations. We resumed work in December, and since then, it’s been going well. Production is good, and we have received grants. We’ve received two subsequent receivable payments. There is absolutely no concern there.
Q: What is the exposure in terms of business revenues or order book? How much of it comes from Bangladesh?
Basu: The total value of the job is ₹1,500 crores. We are expecting to complete ₹700–800 crores worth of work this year, and we are quite hopeful we’ll be able to achieve that. There are no issues with receivables—none at all.
Q: The last time we spoke to you, you were an ITD-owned company. Now you’re an Adani-owned company. What we want to understand is whether the strategy of the company changes in any way with the new ownership. Were there any orders you used to get because of your earlier parentage that may stop now? And do you expect to get new orders from the Adani Group? How does the nature of the company, management, and strategy change going forward?
Basu: Let me address it step by step. First and foremost, there will be no change in the management. The way we used to work earlier will remain the same. It will be a purely independent company—that’s number one. Number two, Adani themselves have a lot of work. They’re developing at a rapid pace. Name any sector—port, power, green energy, data centres—they have a presence everywhere, and they want us to take on as much work as we can for them. So, our volume of work with Adani will increase manifold.
Third, with regard to our exposure to financial institutions—we had a bit of trouble a few years back managing cash and securing non-fund-based facilities. That will become much easier now due to Adani’s involvement. And last but not least, they want us to grow very fast, which was not the case before. They have promised all sorts of support for this.
Q: How much of your business comes in from the Adani Group as of now?
Basu: As of now, around 25–26%.
Q: And it doesn’t come at a lower margin, right?
Basu: No, no, it’s all arm’s length business—at market prices. And as you can see, the results are quite good.
Q: You also reconfirmed that you’re looking at ₹15,000 crore worth of orders to flow in this year itself. That’s nearly double what we saw last year. Is this being driven by your existing business lines, or do you think some of it will also come from the Adani Group, given their infrastructure footprint?
Basu: Some part will definitely come from the Adani Group.
Q: How much will that be?
Basu: Say, around 35% of ₹15,000 crores. So, about ₹5,000 crores.
Q: What about receivable terms? Margins you’ve said are market-driven, and you now have easier access to financials. Will the receivables position also be on market terms?
Basu: Yes, the receivable position with Adani is very favourable. For example, for the Ganga Expressway work, we receive payments within seven days. You won’t find such prompt payment terms anywhere else. Absolutely no problem with Adani as far as receivables is concerned.
