SPML Infra Limited (SPMLINFRA.NS) Earnings Call Transcript & Summary

A very good afternoon to everyone, and welcome to SPML Infra Limited's Quarter 1 FY '26 Earnings Conference Call. [Operator Instructions] From the senior management, we have with us on the call today, Mr. Manoj Digga, Executive Director and Chief Financial Officer; Mr. Samir Patel, Chief of Technology and Operations of BESS Operations; and Mr. Vikas Sharma, Vice President, Finance and Accounts. Before we begin the earnings call, I would like to mention that some of the statements made during today's call may be forward-looking in nature and, hence, may involve risks and uncertainties, including those related to the future financials and operational performance of the company. I would now like to hand over the call to Mr. Manoj Digga for his opening remarks. Thank you, and over to you, sir.

Thanks, Devyanshi. Well, good afternoon, and welcome to everybody. A warm welcome to all of you for the Q1 '26 earnings call of SPML Infra Limited. We have entered the new fiscal year on a strong footing, both operationally and strategically. The momentum built over financial year '21 was continuing into this quarter, and we are happy with the progress across order inflow, execution, [indiscernible] strengthening and new opportunities. Also, we are delighted to have Mr. Samir Patel, the Chief Technology and Operating Officer of our BESS division. His expertise and leadership will play a [indiscernible] pivot role in driving SPML next phase of innovation and growth in energy storage system. India remains one of the world's fastest-growing large economies. Business confidence is improving and [indiscernible] across industries. Infrastructure development continues to be at the core of India's long-term growth narrative. The government backed multiyear project finance for significant investment of piped water supply in rural and urban households, large-scale water -- wastewater treatment facilities, smart city infrastructure, managing the energy transition program. The water sector is witnessing a continuous focused growth through flagship [indiscernible] mission like the Jal Jeevan mission and that aims to provide safe drinking water to all the rural houses. With more than 15.64 crore houses already connected with the functional tap water, the deadline is now extended to 2028 with the pan India coverage. For business like ours, this is not merely a policy milestone, crucial long-term opportunity. Along with the Jal Jeevan mission 2.0, Namami Gange irrigation program, river-linking projects including the [indiscernible] river diversion [indiscernible] Parbati-Kali Sindh-Chambal. [indiscernible] next focus on the water [indiscernible] act momentum. Power Sector is also going through a [indiscernible] 500 gigawatt of [indiscernible] capacity in 2030 net-zero emission by 2070 [indiscernible] hence require long grilled infrastructure and massive energy storage development. [indiscernible] battery energy storage system, BESS, [indiscernible] for us, water and power remains 2 of the most critical pillars of growth. SPML Infra enters financial year 2026 with a strong operational moment in a strategic direction. With over 4 decades of experience, we are strategically positioned to contribute meaningfully to the national mission. Our expertise in developing large-scale water infrastructure [indiscernible] strong position to support the government push [indiscernible] the universal water access to all. However, we saw temporary disturbance [indiscernible] Jal Jeevan mission extension in 2025. This [indiscernible] program has since been extended in the union budget. That said, we are now seeing clear sign of recovery from Q2 onwards. For financial year '26 has begun a strong note and momentum is visible. [indiscernible] inflow have also strengthened. [indiscernible] includes, I mean, INR 1,073 crores project by Indore Municipal Corporation for the augmentation of the water supply system under the AMRUT 2.0 for Indore City. Another order of INR 385 crores for the Kekri, Rajasthan [indiscernible] in Chennai. Order inflow of INR 4,000 crores to INR 5,000 crores coming up during financial year 2026. Our orders [indiscernible] stand at around INR 4,500 crores. Personally, we are [indiscernible] around INR 2,200 crores worth of projects [indiscernible] supportive government scheme in an improvement business environment, we expect strong order reversal in Q2 of the current fiscal for the current L1 order [indiscernible] trends during the current year, creating clear visibility for execution and top line growth going ahead. The company will continue to be focused on high-margin order [indiscernible]. Now coming to our sector growth [indiscernible] new growth [indiscernible] in the form of BESS. Recognizing this early, we made a strategic clear entry into the BESS segment [indiscernible] likely to grow exponentially over the coming decades. But with our robust EPC strength and long-term relationship with [indiscernible], we are confident to provide [indiscernible] renewable plus storage solution at scale. This will not only diversify the business beyond [indiscernible] EPC also right at the center of Indian energy transition. We expect strong contribution from this segment starting financial year '27. In the coming years, we aim to generate equal share of turnover from both water and [indiscernible] segment, which is a key national focus area. This will also give us leveraging our immense focus in both the booming sector of water and power. We already have exclusive partnership with [indiscernible] global leaders in energy storage system. Energy Vault acquired 25 acres land for [indiscernible] manufacturing facility in Pune [indiscernible] Maharashtra, which offers incentive for manufacturing unit focused [indiscernible] renewable. [indiscernible] BESS plant. This plant will be commissioning in 2 phases 2.5 gigawatt by Q1 [indiscernible] 5 gigawatt capacity financial year '28 with a total investment of around INR 170 crores for which the company has already generated the liquidity of preferential allotment [indiscernible]. This depth of engagement ensures that we can deliver BESS solution at global platforms benchmark from the day 1. This partnership positions us with clear advantage in [indiscernible] enabling localized products and faster adoption of clean energy infrastructure in India with advanced U.S. technology collaboration with [indiscernible]. Coming to the financial performance. On a stand-alone basis, we recorded a revenue of INR 172.9 crores in Q1 financial year '26 as compared to INR 200.7 crores in Q4 financial year '25. Our EBITDA has recorded at INR 24.3 crores compared to INR 22.3 crores from same quarter last year. We recorded a PAT of INR 12.2 crores as compared to INR 11.8 crores in the last quarter. For Q1 financial year '26, our EBITDA margin and PAT margin grew from last quarter [indiscernible] EBITDA margin. While Q1 performance was softer compared to the last year, it's important to note for an EPC company like ours, [indiscernible] future growth in the order book. And I'm pleased to say that our order book continue to grow steadily. Typically, Q2 is the quarter impacted by monsoon-related slowdown; however, this quarter, this year, certain reason, it seems usually heavy rain in Q1 has temporarily affected on execution pace. The increasing share of new orders in our execution means we [indiscernible] the improvement in the margin and the sizable growth in the operation in Q2 onwards. I'd also like to clarify that the other income of INR 17 crores in our P&L [indiscernible] relate to the deferred income of INR 9.03 crores from the debt resolution. The company opted for [indiscernible] provisioning of INR 700 crores versus INR 967 crores, the differential has been recognized since then over the repayment period of the debt. This gain [indiscernible] the deferred interest of INR 8.67 crores [indiscernible] in the interest cost other than the other income mainly consisting of interest income. If the company earns in the normal course of business from this -- their margin money from the bank for the [indiscernible]. Company's current debt stands at approximately INR 407 crores payable in 6 years inclusive of interest, which is entirely backed by the arbitration amount, amounting to INR 636 crores and additional claim totaling to INR 4,609 crores till date. Based on the historical trend, the company expect a conversion of claim to award worth of around INR 1,500 crores. Therefore, for all our [indiscernible] there is no cash outflow pressure on the company for debt repayment [indiscernible] from the operational cash flow; however, the company has been making additional repayment to NARCL to reduce the outstanding rate with interest INR 23 crores ahead of the schedule [indiscernible] NARCL and client to continue with this practice in the current year supported by improved liquidity. After receiving investment credit rating of BBB minus, we are expecting an improvement in credit rating from ICRA by September-October 2025. The company has [indiscernible] of INR 205 crores from one of the leading national bank. [indiscernible] company's ability to pick the new business, bank guarantees are a critical requirement for bidding [indiscernible]. We are in the process of further enhancement in the limit [indiscernible] to the new business, this bank are in processing. The company has focused approach on the water and power segment, which is giving us a superior position over other large EPC players. This has been further benefited by the company's 5 decades and over 700 project execution track record, but with a strong relationship with all customers with adoption of high technology into the execution, gives the company a sizable growth opportunity going forward. With this, I'm opening this forum for any Q&A or any [indiscernible]. I am here for any question related to finance; anything related to BESS, Samir is here. He will also take the question and reply accordingly.

[Operator Instructions] So we have the first question from Mr. Raman KV.

I'm Raman. I'm from Sequent Investment. Sir, my first question is, I just want to understand what's the current order book? And out of the current order book, how much is the legacy book?

This new order of INR 1,070 crores, the current order book is roughly around INR 4,500 crores. We have received 4 orders. One from Jharkhand, one in Rajasthan, one in Chennai, and yesterday in the Indore. Means, all are roughly around INR 2,500 crores. INR 2,000 crores is the legacy order.

INR 2,000 crores will be the legacy order. And how much time will it take for us to complete the legacy order book?

See, order will be completed within 2 to 3 years. And the new order will also take 3 to 4 years.

So the entire order book will be completed over the period of 3 years?

3 to 4 years, you can take because the last leg and then the commissioning, et cetera, may take some time. So all this -- the current INR 4,500 crores order book will be completed in 4 years.

And sir, on that note itself, what's the L1 order book status? And what's the current bid pipeline? And how much are you expecting the bid pipeline to be converted into order book?

As I told you, the water and power, both the sectors are very growing. And [indiscernible] tender of INR 5,000 crores. At the moment, we are in the L1 of roughly around INR 2,200 crores, which we are expecting to be converted into order by Q2, maybe the maximum by October, the entire order will get converted. And the new order every year, every month, we are bidding. So our target of INR 4,000 crores to INR 5,000 crores orders in the year looks to be quite easily achievable.

Okay. Basically, what I wanted to understand was in the previous call, you mentioned that there were -- there was a slowdown in Q4, but you saw a strong growth in terms of bid pipeline in Q1 FY '26, which was the current quarter. And you were expecting around INR 2,500 crores worth of order, which was back then L1 to be converted by Q1 and Q2. So I just want to understand, are we still sticking with that? Or have you reduced that?

Out of INR 3,000 crores of order, which we talked about the last quarter, INR 1,500 crores has already been converted. Still INR 1,200 crores of order, which is under L1, this L1, I'm expecting to be converted by September or maximum by October. So that will make roughly around INR 1,500 crores, INR 1,600 crores we got and this INR 2,000 crores, roughly around INR 3,500 crores of order will get by September or October. And we are expecting further order of INR 1,500 crores to INR 2,000 crores by the next 6 months. So that is our target of INR 4,000 crores to INR 5,000 crores order book. As I told you in my earlier con call also, this company, we understood from [indiscernible] and we have made a policy that we will not cross for the order book, although every month, there is an order of -- tender of INR 3,000 crores [indiscernible] but we are targeting selective and for the order quality where we have made a criteria of funding criteria of quality of order, criteria of completion of period and the stage where we want to bid, and the support of our escrow partner. So those are the criteria we fulfill and the profit margin also. So on that basis, we are very selective. So I'm happy that by those criteria, we are meeting INR 3,500 crores order we have already won or exceed. Now balance the next 6 months, I'm very confident to achieve further INR 1,500 crores to INR 2,000 crores to make our yearly target of INR 5,000 crores.

Okay, sir. Sir, my just one follow-up question with respect to the yesterday's order, which we put up. So I just want to understand the order, which you -- which we received yesterday, is that also a 10% plus margin business? And also, I have noticed that there will be INR 100 crores to INR 120 crores of recurring revenue in terms of O&M. What are our margins for O&M?

As I told you, any order if the company is taking, it's maximum requirement is more than 20% margin is required. This order we have much more than 20% margin. Less than 10% margin, we are not taking them. That's our selection criteria. Less than 10% margin, we are not taking the order. Number two, this order has 2 parts. One is the O&M -- one is the execution of order, which is around INR 670 crores. This will complete into the 3 years. And then there is an operational and maintenance, which is slightly more profitable compared to the execution. So if you see that 12% to 15% is my execution, 15% to 17% is my O&M.

Okay. So usually, the O&M margins are like more than 10%, right?

O&M is always high margin.

[Operator Instructions] We have the next question from Mr. Praveen.

So first of all, sir, congratulations for a good set of numbers. And I have just 2 questions. One is related to your water management business and another one is with the BESS. So in water management business, what kind of revenue potential you see in the current year as well as what kind of -- what sort of operating margin improvement you see? As you know, the margins are holding in between 5%, 6% and all, so that is number one question. Number two question is with regard to BESS. So in BESS, as you know, it's a big area to tap on. And there are a lot of players, big, small and midsized are betting big in BESS. So what is the moat we have here? And what kind of -- I mean, in the entire value chain, what we're going to do, although you have mentioned some, I guess, EPC side -- sorry, that conductor side or something. But if you can explain that what you're going to do in BESS exactly?

First, let me complete my question and then I'll leave it to you. Basically, in the water, as I told you, there is a mix of old order and new order. Old order, the margin is roughly around less, 2% to 5%. In the new orders, we are more than 12% [indiscernible] all the orders are more than 10% margin. The way this -- we will complete the entire old order by 2 to 3 years, on these new orders will be completed in 3 to 4 years. So the more we will get the more contribution of the turnover from the new order, the margin will keep on increasing. So ultimately, maybe after 2 to 3 years, our margin will be around [indiscernible] which are the new orders we are taking. But for the next 2 years, our margin will be a mix of old and new order. So it will run between 7% to 10%.

So with regards to BESS, as I understand, your question is about the moat, right? So from that perspective, I can say that we have a technological handshake with Energy Vault, who is a NASDAQ-listed in U.S.A. So we have a proven trial tested sort of solution, which is globally deployed across the world. And we have AC block and DC block technologies. So this is the technology we are bringing to India. And I don't think anyone else in India is doing that, especially on the AC block where it's like a plug-and-play sort of technology. You can easily integrate with the existing systems without incurring any heavy sort of integration costs. So that is one thing. From a technological standpoint, we have a proven trial tested sort of solution. Second thing is that we are setting up a manufacturing footprint, the one Mr. Manoj said, within the Pune equation. And I expect this to be operational within Q1 next year. So we are in the front run or let's say, we are kind of well advanced in terms of manufacturing and developing the ecosystem from localization perspective. So currently, if you see the market synopsis, most of the players are kind of importing the entire BESS container mainly from China. So you can say this is more like 90% to 95% of this commodity is actually getting imported. What SPML is doing different is, we are trying to localize this. So this is going to be sort of an import substitute for the entire container. And this adds the value to the existing ecosystem. So you're talking about roughly 60% to 70% of the commodities sourced locally within India. So this is the unique distinct advantage which we are trying to create. I hope that answers your question.

Mr. Praveen? Sir, I believe his question was answered.

Yes, sure. So we can move on.

So we have the next question from Mr. Merchant.

See, myself, Mohammed Afzal, Merchant. My question is related to battery storage business, which we are establishing. So from what stage we are establishing the business? Are we going to import the battery cells or battery cells are also to be produced in India or from what stage we are planning?

So if we talk about the supply chain of the BESS, almost 20% of the commodities, critical commodities will be imported, right? And cell is one of them where from a technological standpoint, India is not ready to manufacture cells for BESS. I know that there's quite a lot of development going on, but even transiting that to maturity will take 2 to 3 years. So for that time frame, we have to source from China or Indonesia or Malaysia, we have to source that. Once India is ready with Make in India cells, we can easily swap over and consume that within India.

Okay. Second question is that if we are going to import battery cells, do we have any tie-up with Energy Vault in this regard? Or we are going to China only for imports?

We do have tie-up with Energy Vault for the entire system, which gives us the unique advantage of getting cost competitiveness. So the sales itself via Energy Vault handshake will be sourced from China through top 3 tier supplier.

Okay. Okay. So I want to understand that whatever we are talking regarding the revenue of INR 5,000 crore revenue will be for the current financial year or next financial year?

Here, I want to add, basically, the INR 5,000 crore revenue visibility and possibility of this will be on the 5 gigawatt plant. The moment we are setting up a 2.5 gigawatt, the ramp-up will happen in the due course of time. But that the BESS plant can generate the revenue of INR 2,500 crores. 1 gigawatt is around INR 1,000 crores. So we are having setting up 2.5 now and increasing it to 5 by -- by next year, it will be 2.5. And next to next year, we will be on 5. So that will give the generation revenue ability. This INR 5,000 crores of the water what we have, it will be executed into 3 years to 4 years. So that's the way revenue will be split.

Okay. And regarding pump storage hydroelectricity, is this pump storage hydroelectricity also connected with BESS or pump storage hydroelectricity is a separate business?

Pump storage hydroelectricity is the power generation, another facility like you have hydro, like you have thermal, like you have solar, pump hydro is another way of generating the power. Hence, that also may require the BESS. So any energy, which required the storage of energy, any power plant, which require the storage of energy, there is where the BESS will come into the picture. So BESS is the storage additional facility into the power pump. Storage is another power generation unit, which has started recently. Generate the power by doing the pump station, so that's the separate facility. Yes, that will also require the BESS.

Okay. Okay. And one more question regarding water business. Our water business is like B2G, okay? So in this B2G business, what derisking -- means parameters we are establishing so that -- or through diversification of geography because there is a lot of risk in B2G business.

See, the water is primarily it is a government subject. It is not the private subject in India till date. So water has related -- there are a few things in the water. One is the water connection, which is the drinking water. Secondly, we have like irrigation water. Third is the water, which is required for the linking of the river. That is the third facility, which is required. And fourth is the wastewater treatment. So there are various water requirement, which is there and various schemes are there for the different water. And Jal Jeevan mission is only for drinking water. Like AMRUT is mainly for the irrigation water and to some extent to the bulk water also. So these are the water system, which we have and various schemes are running on that basis, and we are taking the order accordingly. Our preferred order is, as we set up the guideline internally that we will not take the order where the margin is less than 10%, we will not take the order. There are various competitive orders where they are going very low, we are not going to take. Our margin is more than 10%, then only we are going to take. We are going to take the states where it is easy to operate. We are going to take the order, which is where we have the good support from our suppliers like the pipe supplier, et cetera. We have with the Welspun [indiscernible]. These are our suppliers where we have a very, very strong and long relationship, so these are where we have the -- where we are getting the support from these partners. We are also seeing that where it is fully funded because that is our prime criteria taking any order that whether it is fully funded or not, fully funded project having a high margin, having the commercial in such a way that we can [indiscernible] through of certain cost. And if it is for the bulk where the water supply or contractor or suppliers is supporting us, we are taking only those type of projects. We are not incurring -- as I told you at the beginning, the SPML this time is not focusing into the order book. We are focusing more into the water line that is [indiscernible] more towards the quality of water. Like I'm telling you this Indore, it's a unique India, I don't think any company in India or even 2, 3 companies of the world have this type of water project which we got, which required the 400 MTP water treatment plant. And we have the [indiscernible] the water and we improve the water quality and reach to the Indore city on a very specific plant. So this is -- this type of unique project where there is a limited player to play and where the margins are high, we are only selecting those type of project into our existing. So we are very selective on those.

Okay. Okay. So -- and one more question regarding arbitration targets. What are the targets of receivables in this financial year?

Arbitration, as I told you, there is roughly around INR 640 crores of arbitration award where the interest is accumulated up to 31st March 2025. Every day, we are accumulating the interest into this arbitration award. All are at various stage like one arbitration award of roughly around INR 200 crores is at the Supreme Court level. So hopefully, by this year, we may get that arbitration award. If that gets the arbitration award by next year, we may get the money into that also. So all the arbitration awards, which are there at a very, very advanced stage at different level of the court. As soon as we keep on getting the reduction into the NARCL dues [indiscernible] we are also getting towards our liquidity improvement. So all are in track. We have the time from NARCL still 6 years for the payment of the dues. We are expecting arbitration award where they require roughly around INR 400 crores, [indiscernible] arbitration award to be received in 4 years, and that will be along with the interest of roughly around INR 800 crores. So we have a cushion into the arbitration awards for the payment to the NARCL and further for the improvement into the liquidity. Further, we have roughly around INR 4,600 crores of claim which are going to be converted into arbitration award if we see the past track [indiscernible] of the claim to award we are getting conversion. So around INR 1,500 crores of further visibility of the arbitration award, are going to come to the company in next 6 to 8 years, that will further improve the liquidity into the company. And in the meantime, another scheme like Vivad Se Vishwas last year has [indiscernible] scheme of the government. If that happen, then we will get the arbitration received much in advance compared to -- because then the settlement will be immediately. It will not go up to the Supreme Court or High Court level, they will settle and we will get the money.

Okay. And my last question is regarding BESS. What differentiation in offering we have against the competition in the market?

So differentiation which we have is the DC block and the DC block, which I mentioned earlier on. So we have 2 different technologies, unique technologies. And currently, what's happening in India is the DC block technology. So the uniqueness is we are offering both customizable to any sort of capacity which the customer might demand. So this is one of the uniqueness we are bringing to the energy sector.

Here, I want to add one more. U.S. is famous for their technology and their upgrade into the technology. And BESS is a highly technology-driven industry. That's one of the reasons why we have selected the U.S. partners because the U.S. partners are really famous for their technology improvement. And they will keep on doing the improvement on the technology, which BESS will have and that benefit we will keep on getting in the next few years.

[Operator Instructions] We have the next question from Mr. [ Raj Mantri ]. Sir, we will take the next question is from Mr. Rajesh Naik.

So my question was whether our MIDC land has been fully allocated to us and whether the construction has been started over there or how is it?

So yes, we have the land. We have the position. And we have finalized the layout. So it's submitted to the [indiscernible] so the construction we are anticipating to kick start from early next month.

Okay. So are we in line with the production line? Or how is it?

Yes, it's in line with that, and we are on track. We are hoping by end of Q1, the infrastructure will be ready. We'll have some volumes coming out from that.

Okay. And related to compliance, so what all compliance is required for our best type of business?

So we have sort of 2 sort of compliances. One is the factory regulations and the other one is the certifications from a safety perspective, right? So the factory compliance is with MIDC. And from time to time, as the construction keeps on maturing, we'll submit the relevant documents to -- that are approved by the regulatory, that's one thing. And from a certification standpoint for the product itself, we are focusing more on the safety aspects as per the Ministry of Power guidelines, mainly it's the [indiscernible] and UL and IEC certifications. So that we already have from NSE board. So once we deploy the final product to the site, we'll revalidate that.

Okay. One more thing was like whether we are doing energy storage as a service or build on operate -- means, boot type of this thing? Or currently, we are focused on only EPC-based delivery only.

Only EPC, but all the options are available. Based on the requirement, all the options are available. But at the time, we are looking into the EPC.

Okay. So that means we are okay with the first quarter of the next year, financial year, we will be having some revenue from this business.

We are targeting as the EPC some base order into this financial year itself. Otherwise, next year definitely with our plant.

[Operator Instructions] We have the next question from [ Ms. Nishitha ].

I'm [ Nishitha ] from Sapphire Capital. So I had a follow-up question on one of the previous participants. You mentioned that there's a INR 5,000 crore revenue visibility from the 5 gigawatt plant. So -- and the 5 gigawatt plant, we are supposed to be done by FY '28. So I just wanted to understand that this revenue guidance is just from that plant. So what is the overall revenue guidance that you would give for FY '28, '27?

The amount we say that the 5 gigawatt plant can have the revenue generation capacity because then we can set up the base facility and EPC for INR 5,000 crores. But I'm not telling that the 2028, which will be INR 5,000 crores, and it will require the ramp-up of the base facility to have to INR 5,000 crores. And to the water, we will have -- there are 2 units. One is the power and second is the water. In the water, we will have the target of taking the INR 5,000 crores of order book every year. This year also, we have the target for INR 5,000 crores of order book. If it is a INR 5,000 crore order book, it will be completed into 3 to 4 years. That is the time line of the order to execute. And every year, we will keep on getting the INR 5,000 crores. That is our minimum target, which we are targeting to give. From that, you can analyze that how the target and how the revenue will grow in the power sector -- in the water sector. In the power sector, based on the ramp-up of the base facility, the revenue will keep on growing. We have the target that by 2029 or '30, we should have the water and power revenue more [indiscernible].

We have Mr. Raj back in queue.

Am I audible?

Yes.

So like my first question would be from -- in the BESS segment. So we are going to import B-VAULT software, which is a containerized solution. So what we are going to import from China then?

So from a supply chain perspective, we are going to import cells as a primary commodity. And we are also going to import the cooling systems to start with for the next year. But then we are going to outsource and localize these commodities in the long term. So within 2 to 3 years, almost 70% of these commodities will be localized. So for a start, we are going to import most of the commodities. I would say probably 70% will be import, but then that will be flipped over to 70% localized within India in the next 2 to 3 years.

Okay. And second question would be, so actually, I saw the press release by Energy Vault regarding the agreement with SPML. And they had mentioned initial 500 megawatt of capacity of $100 million to be delivered under equipment contracts over the next 12 months. And in the previous con call, you had actually mentioned we are going to purchase B-VAULT software for $4 million. So can you reconcile both the figures?

This basically up to the 500, basically, they will help us to generate the BESS facility. That is continuing. So we are targeting few orders where we will -- basically, the Energy Vault not only giving the technology, they are also supporting us and helping us to have the facility infrastructure completed. And basically, all our base -- which we will manufacture, we will do the EPC of the base. They will also help us in handholding -- our system aligned and our -- all the infrastructure placed.