The turnaround was the result of decisive and disciplined interventions on multiple fronts. We initiated a comprehensive review of underperforming projects and prioritised those with higher revenue recognition potential and secured payment mechanisms. Simultaneously, we tightened cost controls across the board. This included optimising subcontractor engagement and reducing operational costs at the site level, without compromising on quality or delivery.

On the strategic front, we expanded our client base and improved our internal due diligence before taking on new projects. We also realigned our internal systems to improve accountability, especially around timelines and cash flow management. The focus now is to build on this momentum and improve margins in a sustainable way.

Yes, of course. Over the years, EPIL has been fortunate to work on a wide range of significant and technically challenging projects, both in India and abroad. One of the standout examples is a Border Management project we executed in a Middle Eastern country, valued at over USD 750 million. It involved building infrastructure in extremely difficult terrain, combined with a fully integrated electronic surveillance system. That has been one of our most complex and high-value international projects to date.

On the industrial side, we delivered a major project for the Bhilai Steel Plant, worth over Rs 800 crore, which was a key milestone for us. We are also proud of our contribution to the Rare Earth Permanent Magnet Plant for IREL in Visakhapatnam, which supports India’s strategic goals in clean energy and critical minerals.

As for current projects, we are executing FGD systems for NTPC Ramagundam and GSECL Ukai, which align with India’s environmental compliance objectives.

So yes, our portfolio is quite broad. And we are continuing to focus on projects that are both impactful and technically rewarding.

Yes, that’s a fair point. While we’re encouraged by the topline growth, crossing Rs 1,445 crore in FY 2024–25, our profit margins have remained under pressure. Several key challenges contribute to this. We are dealing with volatile input costs, occasional execution delays, and some legacy contracts that were undertaken under terms which left very limited headroom for margins.

To address these issues, we have taken a number of focused steps. First, we have begun restructuring contracts to better safeguard our interests and mitigate financial and legal risks. We are also becoming more selective in choosing our partners, working with technology associates and vendors who are financially sound and have a proven track record on the ground.

In addition, we are investing in digital tools that enable real-time monitoring of project sites. This allows us to detect potential delays or overruns early and helps streamline billing and documentation processes. Strategically, we are shifting our focus toward higher-margin sectors such as green energy, turnkey industrial infrastructure, and international EPC assignments, where we can deliver greater value.

Finally, we have made cash flow monitoring and timely billing a top priority across all regional offices. It is now a core key performance indicator. So yes, challenges do remain, but we are putting the right systems, partnerships, and strategic focus in place to steadily improve our profitability going forward.

That’s an important question, and one we’ve been actively addressing. We know the infrastructure space today is highly competitive, with private players moving fast and offering integrated solutions. At EPIL, our focus is on becoming more agile while staying true to our public sector values of transparency and working in the national interest.

We’ve been strengthening our in-house capabilities, especially in design and planning, so we can respond faster and more efficiently. We’re also actively collaborating with domain experts, whether it's in execution technology, sustainability, or project management, to bring in fresh thinking and improve our delivery standards.

Internally, we’re moving towards more agile procurement processes, decentralizing decision-making, and using real-time project tracking tools to improve speed and control. This helps us close the gap in responsiveness compared to the private sector.

At the same time, we’re focusing on niche sectors where domain knowledge and credibility matter more than just size. These include redevelopment projects, power infrastructure, defense, disaster resilience, and green infrastructure.

So yes, the environment is competitive, but we believe PSUs like EPIL have a distinct advantage.

Digital transformation is something we are actively pursuing as part of our broader modernisation plan. We have already started implementing a full-scale ERP system, which is helping us integrate key functions like finance, HR, contracts, and procurement. This is improving coordination and providing better visibility across departments, which is very important for an organization of our size.

We are also using Building Information Modelling, or BIM, especially for complex infrastructure and building projects. It helps us identify design issues early, streamline coordination, and optimize resources at the planning and execution stages.

As for drone monitoring, it is something we are currently exploring. While it is not fully implemented yet, we see strong potential in using drones for remote or hard-to-access sites. It can significantly reduce the need for manual supervision and still give us real-time updates from the ground.

Looking ahead, we are also planning to integrate AI tools into our systems, particularly for forecasting cost and schedule risks.

We are fully aligned with the vision of the National Infrastructure Pipeline and the Gati Shakti Master Plan. The NIP, which outlines a long-term investment roadmap for infrastructure development across sectors, provides us with a clear direction for where the country is heading. Over the past year, we have reoriented our business strategy to align with this national vision, focusing on priority sectors such as logistics, urban infrastructure, healthcare, education, and overall connectivity.

Under the Gati Shakti framework, we are actively participating by undertaking projects that directly contribute to it. These include railway stations, airports, bus depots, warehousing facilities, and industrial parks. We are enhancing our capabilities in these areas to support faster, more coordinated infrastructure delivery.

Looking ahead, our focus is clear and aligned around three key priorities.

The first is to improve revenue, profitability, and execution excellence. We are targeting a turnover of over Rs 2,000 crores by FY 2026. We believe this is achievable through a combination of business in both our core sectors and new emerging areas, smarter contracting, tighter cost control, and enhanced operational efficiency across all projects.

The second priority is to expand our presence in green and smart infrastructure. We are working on pilot initiatives in solar EPC, EV charging infrastructure, and other renewable energy segments. We are actively exploring partnerships with technology providers to ensure that this transition is both technically sound and commercially viable.

And third, we are accelerating our digital and structural transformation. This includes completing the ERP rollout, strengthening our internal MIS, and building systems that make us ready for future partnerships.

Our vision for global expansion is to build a strong, stable, and diversified international presence, especially in regions where India has long-standing diplomatic and commercial relationships. At present, our focus is on Africa, South Asia, and the Middle East.

EPI already has a solid foundation to build on. In the past, we have successfully executed 33 projects across 10 foreign countries, which gives us valuable experience and credibility in overseas markets. We currently have an active project office in Oman, which serves as a gateway to the Gulf region.

A key pillar of our international strategy is to participate in Line of Credit projects funded by the Ministry of External Affairs and Exim Bank of India. These projects offer greater stability and are well aligned with our strengths as a government-owned project management and construction company.

We also plan to form strategic joint ventures and local alliances in host countries. This helps us navigate local regulations, build trust, and reduce operational risks. At the same time, we are very mindful of the complexities and uncertainties that come with international operations. To mitigate these, we are focusing on structured risk-management measures such as securing sovereign guarantees, adopting milestone-based payment models, and setting up escrow mechanisms where necessary.

To support all of this, we are also setting up dedicated international business cells that bring together technical, financial, and legal expertise to guide our expansion.

The broader vision is to position EPI as a trusted partner of the government in taking Indian project management and engineering expertise to the global stage, while ensuring that we remain financially sound and operationally resilient.