Q3 25/26

Feb 16, 2026

Ladies and gentlemen, good day, and welcome to the NBCC Limited Q3 and nine-month FY 2026 earnings conference call hosted by Ventura Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. Please note this conference is being recorded. Before we begin, I would like to point out this conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectation of the company as on date of this call. These statements do not guarantee the future performance of the company, and it may involve risks and uncertainties that are difficult to predict. I would now like to hand the conference over to Tanmay Jain from Ventura Securities. Thank you, and over to you, sir. Yeah. Thank you. Good day, everyone. On behalf of Ventura Securities, I welcome you all, and we are pleased to host the Q3 and nine-month FY 2026 earnings conference call of NBCC (India) Limited. Ventura Securities appreciates its association with the company and thanks the management for taking the time to interact with investors today. The company is today represented by Sri K.P. Mahadevaswamy, Chairman and Managing Director. Dr. Suman Kumar, Director, Commercial. Sri Anjeev Kumar Jain, Director, Finance. Sri M.V. Singhal, Executive Director, Finance. And Shri Balkishan Singla from Investor Relations. I would now like to hand over the call to the management for their opening remarks. Thank you, and over to you, sir. Good morning, everyone. A warm welcome to all of you in today's for third quarter. Our third quarter, our standalone operation and execution, we have achieved a total income of INR 2,088 crore and INR 3,022 crore on consolidated, reflecting an 8% increase on consolidated basis. Our standalone PAT stands 196 crore, making a significant 53% year-on-year growth in profitability. For nine months, on standalone operation and execution, we have achieved total income of INR 5,842 crore and INR 8,329 crore on consolidated, reflecting 13% year-on-year increase on consolidated basis. As you are aware, that Supreme Court of India has upheld the NCLT order, appointing NBCC to complete Supertech projects, providing major relief to thousands of home buyers. So this is a landmark decision, and court verdict shows about believing in NBCC's capability in delivering stressed real estate projects. It is very pertinent to promote that how categorically Supreme Court said that no court shall interfere with the implementation of this decision. The project comprises of approximately 50,000 units, of which 40,000 units already sold and 10,000 units remain unsold. The total estimated receivables from the project is INR 16,000 crore and estimated construction cost, approximately INR 9,500 crore. The execution duration, 12-36 months, depending on the project stage and complexity. Now, order book of NBCC. NBCC standalone order book is standing INR 110,000 crore, and consolidated order book, INR 127,000 crore. Business secured: NBCC has secured INR 3,300 crore on consolidated basis in quarter three, which makes a total of INR 13,400 crore in nine months of financial year 2025-26. Following major projects secured in quarter three: redevelopment of Tulsi Kietan at Ghaziabad for Ghaziabad Development Authority, INR 643 crore; integrated township, Jharkhand, Damodar Valley Corporation, DVC, around INR 500 crore; Heavy Vehicles Factory, AVNL at Chennai, INR 350 crore; Central University, Kashmir, INR 340 crore; Indian Institute of Technology, Mandi, INR 333 crore. Business awarded to the contractors. In quarter three, we have awarded INR 1,600 crore of new tenders on consolidated level, which makes a total of INR 5,000 crore in nine months. In quarter four, we have already awarded INR 3,200 crore, and INR 4,000 crore are in pipeline. Therefore, we are expecting around INR 12,000 crore - 13,000 crore of new work will be awarded during this financial year. Redevelopment projects. For nine months, financial year 2026, GPRA redevelopment has contributed INR 1,500 crore in top line, and development of the project, we already awarded INR 2,700 crore in current financial year to till date, and INR 1,400 crore are in pipeline to be awarded in Netaji Nagar and Sarojini Nagar. Netaji Nagar project. Netaji Nagar value current of INR 2,500 crore is going in different phases. Sarojini Nagar. This is a large project. Work has been going in on multiple packages and amounting of INR 4,000 crore, 600 crore. Determination project status. We have achieved a significant breakthrough in Delhi with the settlement of long-pending determination disputes between NBCC and Government of NCT of Delhi, bringing years of litigation to clear closure. This enables NBCC to develop 21.23-acre prime land parcel in South Delhi as landmark mixed-use projects. The development has the estimated built-up potential of around 4.45 lakh sq m and revenue potential nearly INR 8,500 crore, substantially strengthening our future development pipeline value creation of outlook. Amrapali project. For nine months, 2026, Amrapali stalled project phase one, two has contributed INR 1,640 crore in top line. For sale, we have actioned the bulk sale of six SFR projects, namely Centurion Park, Green Valley, Leisure Park, Silicon City, Golf Home, Leisure Valley, having total number of 4,800 units amounting to INR 12,400 crore. Till date, around 2,370 has been retrieved from the bulk sale. The balance units to be sold is around 2,400 units, having tentative sale value of around INR 4,800 crore. Thank you. Now the floor is open for question and answer. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star and one on your telephone keypad. Wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. First question comes from Ravi Naredi, from Naredi Investments. Please go ahead. Thank you. Sir, landed Ghitorni, now court decision came and NBCC developed 21.23 acre land. You told in quarter two concall that net profit might be come to INR 4,000-INR 5,000 crore. So it is visible now, and which financial year likely to receive this amount? We are going to start this project by next year. So now the settlement is over. We have made the payment also to the DNTCD. Now, we have to call the consultant tender. Hopefully, March, we are going to call the consultant tender. One or two months, the consultant will be finalized, but next year the construction and the sale is going to take place. It's around INR 4,000-INR 5,400 profit will be there, PAT will be there, bottom line. In which year financial year we are expecting? 27, 28. Because the real estate, it, it will come at the end of fruition. The turnover will come, cash will come, will come next year and not only, but the profit and the turnover will be coming by landing or which flat to the buyers. So what will we develop here, flats or a commercial property? What we have in mind? Actually, it is adjacent to metro railway station, where quality is available. We will go for retail, commercial, or we are thinking for some hotel also. Which are use more acre, so that will going to... After due diligence, it will come exactly what we are going to do. But we will sell them, not the lease, right? Yes, sir. Okay. Balance 21.23 land that this Delhi government received, we will develop this land also? Maybe, maybe. We are discussing. Let us see. We may develop for them also, because also it is a prime location. We will also get good number of revenue. Okay. Sir, next question. Land Gurugram 37D, which we are developing and projected net profit INR 800 crore in financial year 2028. So we presume from Ghitorni and Gurugram, we received INR 5,000-INR 6,000 crore net profit in 2027, 2028? Yes, definitely, definitely. Okay, seventy, the top line will be around INR 2,300 crore, and the bottom line will be INR 1,200 CR. So adding both together, around INR 5,000-6,000 crore become. 5,000-6,000. Very well said. And sir, what is our top line target in financial year 2027? Twenty-seven? Yeah. Next year? Yeah, yeah. Next year, INR 16,000-18,000. INR 16,000-INR 18,000. What is bottom line? Bottom line around INR 1,000 crore, INR 1,000 crore-INR 1,200 crore. For this financial year 2026, we are expecting INR 900 crore bottom line, right? 800-900. 800-900. Okay. Thank you very much. Thank you very much. Thank you. The next question comes from Sumit Rohira, from Silva Stallion. Please go ahead. Hi, sir. Good morning. Firstly, just a correction, it's Martin Capital Private Limited, so I don't know how you got that, but just one change on that. Sir, firstly, you know, I would like to basically take the opportunity to wish you and your entire team a very, you know, happy and a good new year going ahead. Sir, now, you know, I just wanted to touch base upon a few things. You know, firstly, sir, you know, today your, you know, if you look at your order book, you know, you are at about INR 125,000 crore. You have land, you know, which is being cleared, as you just highlighted. You know, you've got potential opportunities, you know, with the Mumbai Port Trust as well, you know, which was announced in November. So sir, seeing the landscape of this company, you know, you are at, you know, a point of time where, you know, revenues can grow significantly higher rather than just 18%-20%, right? Because, I mean, you know, this order book, which you have today, you know, clearly goes to show one thing that, you know, the work on hand which you have is not an issue. Okay, because, sir, Sector 37D also you have. You know, so, sir, can you just talk, can, can you just talk a bit about the steps you're taking on execution? Because that is only what is going to basically drive us ahead, right? Because the work you have, I mean, now you've got the Supertech project as well, which is now come in your favor. So, you know, work is, work is not, is not a constraint for you. You know, execution is something, sir, which, you know, honestly, if, you know, we get it completely correct, you know, can, you know, then take, you know, this entire company to a different magnitude in terms of scale and operations, you know? So if you can, if you can just, you know, spend a bit of time on, you know, talking about execution, then that'd be wonderful. Sir, secondly, you know, there is, you know, something which has come on the Bloomberg terminal, which basically talks about, you know, the RERA-approved housing projects in Jammu and Kashmir. Can you just, you know, highlight how big is that opportunity, you know, which has basically come? Also, sir, on the Mumbai Port Trust, you know, how big could be that, could be that opportunity? Because, you know, I mean, I see that, you know, this company could be, you know, more than a INR 100,000 crore market cap company over the next couple of years. So, you know, but, you know, there are few things which are clearly missing, you know, which really need to be addressed in terms of execution. So sir, if you can talk a bit about that, that'd be wonderful, and then I'll come back to you with further questions. Thanks, sir. Sumit, first of all, we are doing in three models. NBCC working in three models. One is PMC, other one is EPC, third one is real estate. In PMC, we are doing two model under PMC. One is redevelopment, and the other one is PMC. So where PMC projects, where, where government is budgeting, there is no issue, we can start the projects within six months. Whereas redevelopment projects, we have to arrange the money, we have to get the approval, we have to convince the local authorities and Jammu and Kashmir. We've got three major chunks of work. One is Mahape, the other one is Jammu and Kashmir. It is almost INR 40,000 crore. So Jammu and Kashmir, due to I don't want to brief in with media. Due to some certain issues, it could not take place. Now everything is clear. I think within a week or 10 days, we are going to get the approval from state government. Of course, it is a state government project. State governments' way of working, central government's way of working, and PSU working are different. So I don't want to lingering on much on this. Because of this, it took some time. Even Mahape is also slow, already sanctioned. I think next financial year, even Jammu and Kashmir and Mahape, these two projects we're going to start. Of course, Mumbai Port Trust is a PSU body, so they're in, I think this approval also not required much more approval. They have their in-house approval authority. So that also we're going to start next year on that. But you are, you are right, conversion of order book to execution, that is a challenge, but hopefully next year we will come to give a good breakthrough. So sir, I mean, so I mean, if you can understand, you know, a bit more in detail on your revenues. So say, assuming, you know, we end this financial year because we reported 9 months of about INR 8,500 crore. So assuming we end at about INR 12,500 crore-INR 13,000 crore for this year. So you're saying that next year we should end at about INR 18,000 crore, is what I heard correctly? I mean, is that correct? Yes, yes, yes. That is, that is the conservative figure. We may go more also. I'm talking about conservative figures. Okay. So FY 2027, you're saying you could report a revenue of about INR 18,000 crore, and I'm sure that can only build going into FY 2028, you know, with the momentum of, you know, your projects, which you're having in 37D and Yarrow 3, and the other ones which you have in your order book. And sir, can you also talk, you know, a little bit about, you know, new projects? You know, that there, there's, you know, there was a lot of chatter about the new redeveloping colonies in Delhi, et cetera. So sir, is there been any progress on that front? I mean, you know, how big could be that one be, and, any, I mean, any progress, anything you can share with us on that, sir? Not now. I will share with you. Good news will be shared at a later year. It is going on. Okay. It will be around INR 34,004 work order in Delhi on the redevelopment projects for Central Government. Mm-hmm. Apart from that, Delhi state government also, we are doing lot of, presentations and all. Once it will come through, it will latest. It will be, it will be, announced to you at earlier. Hopefully this year or first quarter of next year, definitely. You mean, you mean financial year, you mean? Next quarter of first quarter of next year. Yes, yes. Okay. Hopefully within March, within March. We are, we have given the presentation and all to DDA also, Delhi Development Authority. Mm-hmm. So two projects within this week only. That is, nearly INR 2,000-INR 3,000 crore. We are going to develop just after then, and one Rajinder Nagar. Okay, okay. Wonderful. And sir, sir, sorry, I mean, you spoke, I mean, on your revenue. So, so can you also just talk a bit about, you know, your profitability as well? Because that will be helpful to understand. So FY 27, I mean, I'm sorry, I missed your number, what you were... Your, the, the line was not clear. So what I was looking in terms of profits, FY 27? I told you INR 28,000-INR 2,200. This is also conservative figure. Okay, so 22, then you are looking at a profit of INR 1,000. Okay. Mm-hmm. INR 1,000-INR 1,200. Okay, got it. Okay, great, sir. So I'll come back in the queue for more questions. Thank you, and wish you all the best, sir. Thank you. Thank you. The next question comes from Dixit Doshi, from Whitestone Financial Advisors Private Limited. Please go ahead. Yeah, thanks for the opportunity. Sir, two, three questions from my side. Firstly, if you can give a clarification whether this one like INR 26,000 crore of order book does this include the INR 10,000 crore Supertech, or it doesn't? Included in the Supertech. Okay, including Supertech. So basically, if I say, let's say INR 40,000 crore of Mahape and JNK and INR 10,000 crore of Supertech, that's INR 50,000 crore, is actually not... Nothing has started over there out of this INR 126,000 crore. And you expect the entire this INR 50,000 crore will start from next year onwards? Yes, yes, definitely. Next year onwards, both the project we're going to start. JNK, already we have appointed the consultant. Mahape, we have yet to award the consultant. And, execution also will start from next year, both projects. Okay. So, revenue contribution from both the projects will come in second half of next year because, still we need the, I mean, we are for doing the consultant, then work tenders for work will be awarded, and then the revenue recognition will start. JNK consultant already appointed. Mahape, we have yet to award. So, second half of next year, second, I mean, third quarter onwards, the turnover will come. Okay. Sir, next question is regarding margins. So what went wrong this quarter? I think our margins have dropped drastically this quarter. So was there any one-off on expenses side? Actually, what happened, in our 30%-40% turnover coming from Amrapali and seven GPRA colonies. So out of total INR 9,000 crore, 30%-40% of the turnover comes from these two projects. Due to draft in the third quarter, we are not pushed up the, that, pace. That is the reason. I think this quarter we're going to cover up this backlog. Okay. So, do you feel still we can do the INR 800 crore plus profit in the financial year? Yes, yes. Around INR 700-INR 800, definitely. INR 700-800 crore. Okay. And, sir, we have done one right back for the Kochi, Kerala land. So if you can update whether this project was already built or now this project we will be doing, because I think we have got the EC approval after the Supreme Court judgment. Actually, last year, last quarter, we have made a provision due to Supreme Court's given a verdict, not on our project, for all the projects. They due to non-clearance of environmental clearance. But this time, Supreme Court has given clearance, so the work almost 90% completed. Now we're going to start the sale of that inventory. So next year, I think the turnover and profit, both will come in the next year. How much is the value of inventory? Around INR 187 crore, as per book value. How much? INR 100 crore. 87 crore, as per book value. Okay. Around INR 100 crore, roughly we can say INR 100 crore. Okay, INR 100 crore. Maybe. Okay. Okay, as of now, that's it from my side. I'll join back in. Thank you. Thank you. The next question comes from Akshay Patel, from NBCC. Please go ahead. Hello? Hello. Tell me. Yeah. Yeah, congratulations to the team on the good set of numbers. Going forward, I want to know about the results in the 2028 and 2029 financial year, where in the previous con call, it was predicted that the bottom line will hit INR 2,000 crore. So if we get INR 1,200 crore next year, so the very next year, is it possible to jump to INR 2,000 crore? Quite possible, because we are hoping with the real estate 37D there in our bottom line, around INR 1,200 crore profit we may get, and even our real estate, Ghitorni. So that figure still I'm confident I will going to get. Okay. So, you are betting on the 3-4 big projects, and because of that, you have predicted that INR 2,000 will be the bottom line for the 2028 and 2029 financial year, right? Yes. It is our land, so investment is already invested. So now only we have to take the profit, construction and profit. So that's why we may get more profit in there. It is not a PMC project. It is our real estate redevelopment projects. Okay. And, I have been looking at, at the news, which was shared. I've seen that the NBCC has made some strategic MOUs with many of the government agencies and including the foreign governments. So what will be the, you know, future prospects of such MOUs? Will those get converted into revenue in the near term? ... Definitely, some 2, 3 countries we are expecting business. One is Australia, the other one is Seychelles. Seychelles government wanted to do some hospital work construction and one island development. So discussion is going on, at the earliest, I think we are going to sign a MOU with Seychelles government. And Australia government also, we are doing some discussions. So apart from that, NBCC recently purchased one land parcel at Dubai. You might have aware of this. So- Yeah. There also we are going to get some good profit margin. Just as a trial basis, we have purchased small land parcel, so we wanted to expand our business in Dubai also. Okay, so on the order book execution, will pick up pace, you think it will pick up as grow exponentially from 2027, 2028? Yes. Yes, definitely, definitely. These two are our work order. These not two, three. We're going to start Supertech also next year. Already consultant appointed. Now we, we have to get the clearance, it will cover the rail exemption. So finally, we will try to call the tender of, contractors. It will be around INR 10,000 crore top line, and same value will be INR 15,000 crore, Mahape and JNK. And we are going to call the tender for Rajasthan Mandapam. One more project, a state government project, Rajasthan Mandapam. That is also around INR 4,000 crore projects. That tender, I, I think we are going to call by March. So a lot of work are in, in pipeline, especially next year and what, we'll... Our main focus is to convert the order book to execution. That is our priority, but we are working and it is going to happen at the earliest. Yeah, happy to hear this, because of COVID, this company has got a huge pendency in the execution, but after your appointment, we have seen a sustainable and very exponential growth in the order book execution and hope the team, NBCC team, does it make it possible. Thank you very much. Thank you. Thank you. The next question comes from Kriti Jain, from Ratnabali Securities. Please go ahead. Hi, sir. So I had a question that, what will be the size for the Maharashtra port order? Maharashtra Port Trust, Mumbai Port Trust? Yeah, Mumbai Port Trust. Ah, we are going to start the work. Next year or what, it will be converted and it will be started. Already we are doing master plan and all. It will be big order. Currently, currently that, CGO Complex, that's only first- Yeah. We are taking on priority, because Mumbai Port Trust is having almost 300-acre land. So first of all, we are going to start CGO Complex. So that is around 10,000 crore value for infrastructure and development. And if you start construction, it will be, it will be a big value. Currently, yet to assess the exact value, so we are preparing master plan and all. So it is a big order, I can say. Okay, sir, and one more question. Yeah. So HUDCO had recently signed an MOU with Chhattisgarh government to provide financial assistance of INR 100,000 crore in the next five years. Can we expect some of it to come towards NBCC as well? Yes. Chhattisgarh discussion is going on. Chhattisgarh, even, Jharkhand, Jharkhand after successful story of Rajasthan Mandapam and JNK, now we are talking with various other state governments. So one of them, Chhattisgarh and Jharkhand. Jharkhand at the earliest, we are going to sign a MOU. Chhattisgarh discussion is going on. So definitely, I think even Andhra, Andhra Pradesh also, some discussion is going on. So this redevelopment model of Delhi, that Motibagh, Tilak Nagar, and Safdarjung World Trade Center, same model we wanted to expand to state government so that state government could not invest any money. Initially, we need some seed money that can be taken from HUDCO. So afterwards, they are going to get, in terms of area, they are going to get four times X. Suppose X times of area, they are going to get 4 times of X, and in terms of number, minimum 2 times, and without incurring any money. Maintenance will be free. For 20, 30 years, we will do maintenance. So this is the, one of the best project redevelopment, better than PPP model, because in PPP model, private- The participant, please stay connected until we connect the management. Welcome back, sir, please go ahead. So it is better than PPP model because when you select PPP model, private people want some profit margin of 30-40%. In this case, it's whatever profit that we go to directly the concerned owner, or in this case, state government or central government, whoever it may be. We are charging our PMC fee. So this model we are briefing to all the state government, I think hopefully because they have very good land parcel in the heart of the city and or even townships. So we are trying to expand this business to even PSUs also. Public undertaking also having new land parcel. Hopefully, it will come out in the next coming years. Okay, sir, one last question. Government, in the budget, had recently said that they will monetize certain land, such as the MTNL, BSNL building through REITs. Is it not negative for NBCC? No, no, no, no. We are also doing. We, of course, we have a lot of work order and a lot of opportunity we have, so there is no issue for us. So we have a good order, which already we have secured, we have to convert. So that also we are doing, and after that we are getting new business also. Okay, thank you. Thanks. The next question comes from Vasudev from Nuvama. Please go ahead. Yeah, thank you for the opportunity, sir. So when most of the questions were answered, I just need a few numbers. So, out of this total, about INR 12,700 crore of consolidated order book that we have, what would be a rough split between the PMC and the redevelopment? And out of this, how much of the projects, like in value terms, is currently work is ongoing? In terms of other PMC, 40%, around INR 45,000 crore, and 60% redevelopment means INR 67,000 crore. So consolidated order book is INR 1,26,000 crore. Okay. And, out of this, how much of the work is still ongoing? Currently, the works are ongoing. Currently ongoing is around INR 26,000 crore for NBCC standalone. HSCL, INR 2,300 crore. HSCC, INR 2,072 crore, and NSL around INR 250 crore. So total INR 30,500 is ongoing. Okay. Sir, in terms of profitability, you said about INR 700 crore-800 crore of PAT for this year. So what kind of revenues are we targeting now and EBITDA margins for this year and the next year? Turnover will be around INR 14,000 crore, as earlier we have committed. EBITDA will be 5%-6% and PAT will be 6%-7%. Okay. And in terms of order inflows as well, like we've already got about INR 13,400 crore, so how much more do we expect in fourth quarter? We are expecting one big order, not one, one or two. So definitely around INR 3,400 crore we are going to get, in this month only. So, last time only we, we are committed minimum around INR 20,000 crore during this year. Minimum? We may get more also. Okay. If you get- Yeah. If you get redevelopment of Delhi project, it will be around INR 30,000-INR 40,000 crore. Okay. Otherwise, it will come over between next year. Next year. If not this year, next year definitely it will come to our kitty. Okay, got it. So then, next year again, we are targeting a similar kind of order inflows, INR 20,000 crore? Or more. Definitely next year, more. Got it, sir. Now in terms of our seven GPRA societies, like, you know, how much is our pending order book in Sarojini Nagar and Netaji Nagar, and when do we expect to complete both of these projects? Both these projects, next 2 years. Within 2 years, we are going to complete this entire seven GPRAs because we have awarded all the packages, seven GPRAs in Sarojini Nagar, Netaji Nagar. Recently, we have awarded in the, during the month of February, so the completion period is 2 years. So within 2 years, this seven GPRAs will going to wind up. Okay, so now pending order book would be how much? Around INR 4,000 CR in Sarojini Nagar. INR 1,400-1,600 CR in Netaji Nagar. Okay. Altogether, uh... Right, sir. And, even same numbers can you give for Amrapali as well? Like, you know, how much, out of the total, units, how much have you already sold, and when do we expect to complete this project? This also two-year project. We keep the completion period for two years. Almost we have already sold 5,800 units in phase two. I'm talking about the phase two. Phase one, out of 38,000, we have completed almost 36,000. Only 2,000 is left, that we are going to complete by next June. June 10-16, we are going to complete the entire phase one of Amrapali. Phase two, almost 5,800 unit we have sold. Around 4,000 unit, yet to be... Sorry, 2,400 unit unsold, but we are, doing, action for bulk sale. In the process of bulk. Okay. Hello? Got it. Audible? Yes, yes, sir, you are audible. Okay. Sir, finally, in terms of our own real estate that we have, so like, you know, what is that we've sold in the nine months and our target, like the pre-sales target for the full year? ... Nine months, we have recognized a revenue of approximately INR 56 crore, and for the quarter we recognized a revenue of INR 46 crore. It consists of two dimensions. One is the outside sale of the builder. We are having INR 54 rupees rent also, because we have started our revenue stream from rental also, and it is being depicted under real estate. Okay, so any targets for full year? Target rental will be in the same, between, between approximately INR 15,000-INR 52 crore rental. And that Kochi, we talk about that Kochi, it is INR 60 crore appearing in our balance sheet, and we are planning to restore it off maybe in this quarter. So if you taken together to my revenue for the whole year, maybe it will receive around INR 140 crore. INR 140 crore. Okay, sure, sir. And lastly, sir, you just mentioned about, you know, having a project in Dubai. So you recently bought a small land parcel. So you know, any color you can give, like you know, what is the size, the location and, you know, what kind of GDV are we expecting from there, and when do we expect to launch the project? Location of the plot is Dubai International City, and that plot is having approximately 14,760 sq ft area, and GFT will be around 52,000 sq ft. We are planning to launch it shortly, maybe another next month or so. Got it, sir. Kindly stay connected, sir, until we connect with you management. Dear participants, please stay connected until we connect the chair. Chair, please. Dear participants, kindly stay connected, and we will connect the management on the call. Welcome back. Welcome back, sir. Please go ahead. I am talking about Dubai project. So I was telling that, land built-up area will be around 52,000 sq ft, and we are expected to launch it shortly, maybe in the- Dear participants, kindly stay connected until we connect the management team on the call. While talking about the Dubai project, yeah, in Dubai, we are expecting to launch it shortly, maybe in the March itself. We have already got the developer license. And we are expecting a top line of approximately INR 155 crore from that project, and we are expecting a timeline of two years. Okay, sure. Hello? Yeah, got it, sir. And just one last thing, if you can give your consolidated cash account balance for as on the December end. Yeah. My consolidated cash account balance is approximately, that is INR 939 crore. Your conference is no longer being recorded. Uh, hello- Your conference is being recorded. Yeah, I guess the number was somewhere around INR 5,000 crore in the last quarter. So that comparable number can you give for December? INR 5,500 crore, we are talking about the total cash on our balance sheet. That includes the cash of the client, because we do a lot of work on behalf of client. So I am talking about our own cash. So our own cash is in the vicinity of INR 939 crore on consolidated basis, and on the standalone basis, it is INR 244 crore. The balance sheet cash, can you give that number as well? Balance sheet cash is approximately you add INR 9, INR 1,900 into INR 34. That's INR 2,175, you can say. INR 2,175 is the total cash bank balance, which includes the balance from the clients also. ... Okay, yeah. Got it, sir. Got it from myself. Thank you. The next question comes from Ashwin Damani from Ratnabali Securities. Please go ahead. Congratulations for your good numbers, sir. I just wanted to understand from a larger point. So today India has a lot of assets with various government agencies, which meet the BSNL building and MTNL building. And again, this budget, the government has said that they want to monetize a lot of it. So how much of it could come to NBCC and what are our plans? We are already signing an MOU with BSNL, and that is MTNL, in redevelopment of Delhi two land parcels. So similarly, we are already we are talking with the DDA. So several PSUs also we are talking, example, BHEL. I think next year onwards, so this will also come to our city. Discussion is going on. So because it is a win-win situation, even the PSU state government, the state government also gets some revenue on this. So we are discussing. I think next year onwards it will come to us. So hopefully, we are going to get good number of order on this. Sure. Sir, how is it done, like there is another government body called PWD. So how does the government decide which orders to give to PWD and which to give to NBCC? No, nowadays actually not PWD, I'm talking about PUD. So we are getting redevelopment of Delhi projects. We got 3 land parcels, that is Sarojini Nagar, Netaji Nagar, Sarojini Nagar, and those are Srinivas Puri, Tilak Nagar, Shivaji Nagar, and one more, Mamerturi. So similarly, now we're going to develop another 5 colonies. So the one is BAZ, Andrews Ganj, and the Lodi Colony and all. So some will go to PWD, PUD, and some will get to NBCC. But majority of orders will come to our company. Thank you. Thank you, sir. The next question comes from Dixit Doshi, from Whitestone Financial Advisors Limited. Please go ahead. Yeah, thanks for the opportunity again. So, I have a question regarding this Delhi redevelopment project. So you are saying that if it comes, then it could be INR 30,000 crore-INR 40,000 crore of order work. So let's say even if it doesn't come this year, but let's say comes Q1 of the next year, then how much time does it take to start the work? Around a year or more? For start of work, we are already making the preparation, the preparatory work and all. That work is going on, and so we are in the process. 6-8 months, we can start the project, and the project duration will be 3-4 years. Okay, 6-8 months. So, if it comes, let's say by Q1, then FY 2028, we will start seeing the revenue from those projects as well? Yes, yes. Definitely, definitely. Okay. Any update on land parcels in Mumbai? I think you were in discussion with some of the PSUs. Yes, discussion is going on with HPCL, BPCL, ONGC. So we are discussing. I think the next year, it will going to mature. Okay, fine. That's it from my side. Thank you. The next question comes from Ravi Naredi, from Naredi Investments. Please go ahead. Thank you very much again. Sir, financial year 2028, the bottom line, you are predicting INR 2,000 crore, while in my earlier question, you told Ghitorni and Gurugram Sector 37D, give us 4,000-5,000 crore net profit. So why the difference is, is a big figure? Because in 2027-2028, we will finish Netaji Nagar INR 4,000 crore, plus INR 1,500 crore, Sarojini Nagar, INR 10,000 crore, Mumbai Port Trust will start. Rajasthan Mandapam, we will start. JNK, we will start. So what, what is your prediction exactly? Exactly or realistic for financial year 2028, top line and bottom line? One thing I'll tell you, in PMC projects, we're going to get the top line as well as bottom line immediately. Whereas real estate projects, my turnover and my bottom line will come after completion, completion of the property. So there we are, giving conservative figure. It may increase, but I'm not saying only INR 2,000, it's a conservative figure, INR 2,000 I'm saying. But once the Ghitorni and SLF, the certificate is potentially lower, then it will be something else, or it will be twice of this number. But anyway, definitely this figure will be almost double, because if the Ghitorni property, whenever we're going to hand it over to the respective buyer, then only I can book the bottom line as well as top line. That is the constraint. That's all. Nothing else. Because still I'm confident I will going to achieve only thing when you are going to hand it over the position, because we have to give lot of approvals and confirmation of sale. So everything is- Very, very well said and understand. So this Ghitorni and Gurugram 37D, along with this Netaji Nagar, Sarojini Nagar, Rajasthan Mandapam, JNK, Mumbai Port Trust, we either we receive in financial year 2028 or financial year 2029. Is this correct? ... Absolutely, this Rajasthan Mandapam definitely will come, Sarojini Nagar will come, Netaji Nagar will come. I'm talking about only my elected project, that is Ghitorni and Pratigya Wendy. That's the only possession. It depends on possession. You have to hand it over to the respective buyer, then only you can book your turnover and profit. Definitely, definitely. That definitely come. Cash will come immediately as and when the sales start, it will come. On our part, as well as bottom line only, we are doubtful. That's all. That I can assure you in the next, next con call. Next year, I can confirm you when we are going to get the exact figure. Oh, okay. I am predicting, okay? Okay. Okay. Okay. Thank you. Thank you. Thank you. The next question comes from Sumit, Sumit Rohira of Smart San Capital Private Limited. Please go ahead. Yeah. Hi, sir. Just, just a follow-up. So sir, if I recall correctly, this Mumbai Port Trust, you mentioned that, we are doing work of about INR 10,500 crores. Now, is this been included in the order book because you sent out a press release to the exchanges in November, saying that you just signed a MoU with Mumbai Port Trust. So sir, is this INR 10,500 crore part of the order book today, firstly? And sir my second question is on the Nagpur. I'm sorry? No, no, it is not included in our order book. That has to be... Only another point, the value we are assessing, value is assessing. Once the value is assessed, then, we will announce to you. So far we have not been able to start. Okay. So, sir, so just to understand correctly, so this INR 126,000 crore does not include INR 10,500 crore of Mumbai Port Trust. So if you include it, then it becomes INR 137,000 crore. Yes, yes. That is correct, right? Definitely. Okay. Okay. Sir, secondly, my question is on this Nagpur, you know, which we were doing of, you know, we also announced a project in Nagpur. And, you know, in fact, even our financing arm, HUDCO, you know, even they announced something, and they announced something of, you know, nearly INR 13,000-14,000 crore. Okay, and if I recall correctly, our is very small, you know, about INR 3,000-4,000 crore. But if I look at the press release, you know, it is a huge project because it is spread over 1,000 acres or 1,400 acres. So sir, if you can just talk, I mean, a little bit about this Nagpur project as well, you know, how big is the opportunity and, you know, how exactly that, you know, this will be developed over what course of time? Because, I mean, the press release clearly says it's a, it's a very, very big project for us. So if you can just talk a bit about it, sir. Nagpur, new Nagpur. I'm saying, I mean, Nagpur, it is, they will going to do on Samruddhi Express Highway, Bombay, Nagpur, Bombay, Samruddhi Express Highway. They are going to acquire 1,750 acre land. In, out of which, 1,000 acres, first they were going to redevelop in three phases: phase one, phase two, phase three. For acquisition of land, Adko is giving full amount, whereas we have considered business for only phase one, around INR 3,500 crore, that's all. The value will be more than 10,000 or 13,000, because once the land has to be acquired immediately, otherwise, future acquisition of land will be very difficult. We are acquiring land, but the construction will be start in three phases: phase one, phase two, phase three, for 1,000 hectares, acres, sorry, acre. Another 700 acres we are keeping for future expansion. Sumit, got it? Yes, sir. You got it? Yes, I got it, sir. So for this INR 3,000 crore is a very, very small number if you look at the entire scheme of things, right? Because if you're saying that it's going to be 1,000 acres in the first phase. So, sir, I mean, if you can just help understand, I mean, how big could be the size of this project as well? Because it seems to be a very big project, right? Yes. So what we are doing, what rather we are thinking, it is just like gift city. So we are going to do, first of all, infrastructure development. That cost about INR 10,000 crore, infrastructure only. Suppose if you start the construction of this project, it will be, you know, multiples of thousands in terms of lakhs, it may be lakhs. So currently- Okay. We are doing only phase one work. That is a small amount. It is just like a peanut, I can say. Okay. Mm-hmm. It will come, it will come to our CP. Currently, we are focusing on only phase one. Got it. Got it. Got it, sir. Great, sir. So anyway, your, your informative, you know, highlight has been very, very, you know, helpful. And, I'm sure, sir, you will take this company to, to fantastic heights. So good luck, sir. God bless you, and, and wish you all, you and your team, all, all the very best for the future, sir. Thank you. Thank you for the trust and reliance on us. Thank you. Thank you. The next question comes from Pankaj Kumar, from Kotak Securities. Please go ahead. Sir, thanks for taking the question. Sir, you said that the INR 12,000 crore of project that you are looking to award in the current financial year on a confirmed basis. So what is the standalone number, and, how, what are the, what are the targets for FY 2027 on confirmed and standalone basis for the project? Pankaj, you are asking about tender awarding? Tender awarding? Yeah, yeah, tender award. Yeah, yeah. INR 8,600 crore or INR 9,000 crore, during this year. Okay. Standalone year. ... Yeah. Yeah. For next financial year, what we are saying? Next year, I think minimum is INR 20,000 crore, we are going to award. Because Supertech, Rajasthan Mandapam, even JNK. So last many projects are there, it will be, it will be more than INR 20,000 CR we are going to award next year. New projects of redevelopment. Uh, yeah. So you said, roughly INR 40,000 crore plus INR 10,000 crore of the... So total INR 50,000 crore, project will be in the, construction table next financial year, in addition to the- Yes, currently running projects. Okay. Okay. And sir, in terms of execution, if you look at the Q3, we have three months, then there was slowdown. So what are the key reasons behind that, and how do you see Q4 in terms of execution? execution. Yeah, sir. On standalone, how you are seeing? Around the INR 4,000 crore, INR 3,000 CR in standalone, we are going to achieve another INR 4,000 to INR 4,500 CR in the fourth quarter. What is the back end execution part for it? What is this? Pardon me. What has impacted your execution construction year? What has impacted the construction? So due to the graph, I told you know, the Delhi government this year, due to the pollution and all, they banned the construction of seven GPRA and as well as even for Amrapali College and some more colleges. The Delhi University we are doing, IIT we are doing, AIIMS we are doing, lot of works we are doing in Delhi NCR. So due to pollution, the graph has been going for the two months, November, December, even some part of January also. This time it was very stringent, so they stopped the construction. That's why we could not achieve much more turnover in quarter three. But next quarter, it is good working season we can do. That's why we can achieve our target also. Okay. Okay. Thank you, sir. Thank you. That was- Thank you. Thank you. Thank you, sir. The next question comes from Anjali Bajaj, an individual investor. Please go ahead. Hello. Thank you for giving the opportunity, sir. My question is: What will be the source of fund for the Supertech project execution, internal accruals, bank financing, or support from any specific agency? How much big opportunity we are seeing in Supertech? For how many years do you expect this project to be executed and revenue to be recognized? The top line will be around INR 10,000 crore. The bottom line will be around INR 800-INR 900 crore. We may get the profit and the completion period is 12-36 months, because almost few projects, almost few projects is in virtual completion. So that project we can complete within 12 months. Green projects, we need at least 36 months. So that's why we have given the, even Supreme Court also is upset about it. We are going to complete in 3 phases, starting with 1 year. Some projects we can complete in, within 1 year, some projects 2 years, and green building projects, 3 years. Sir, source of funding? Funding, actually, is in the unsold inventory. Around 10,000 unsold inventories are available. We are going to sell it. If we achieve on required, I think we can, that NBCC is going to take a loan from the bank. So it is in the process of getting loans from bank. Okay. Okay, sir. Thank you. Thank you. Thank you, ma'am. The next question comes from Akshay Patel, from NDCC. Please go ahead. Hello. Hello. Hello. Hello, sir. Sir, for this financial year, what PAT you are expecting? And the, I think even if, some exceptional items, if you include in the coming quarter, in spite of everything, what PAT are you expecting for this financial year? 700-800. Okay, INR 700-800 crore. Okay. Sir, and one more thing, when for the next financial year, we have seen that the Delhi Air Pollution Control has been continuously impacting the revenues and profitability of NBCC in the third quarter. So what steps are you taking so that in the future, it doesn't impact the revenue and the profitability much in that quarter? Because the third and fourth quarter are mostly the most of the work is done in the third and fourth quarter. Are you planning to shift something more work in the first or the second quarter? Is it possible, or any other measures which you are taking? Please enlighten us on that. Right. Definitely. We have recently awarded around INR 3,000-4,000 crore work. So that we are going to start immediately. And our main area is first to second quarter, we will push as many as turnover. And of course, we are taking all the precautions, so to mitigate the pollution, so water filters, everything we are doing. Unfortunately, this time it was very stringent and lack of rain also. They also, Delhi government also tried to put some artificial rain, but it failed. So let us see. Next year, I think, even one or two rains can reduce our pollution and all. Let us see. Okay, sir. I hope the management thinks on this and takes measures. ... One more thing, we have changed the technology also. We are using iron shuttering where dust is minimum, and pre-cut technology also we are using. Hopefully, we are changing the technology and so there may be artificial rain also. Otherwise, we will whatever precaution. We are in fact searching for idea also how to get rid of this pollution. Thank you. Okay, sir. Happy to know that, and all the best to you. Your conference is being recorded. Thank you, sir, and all the best to you and your team. Thank you. Thank you very much. Thank you. Hello? Hello? Hello. Hello? Hello? Hello? Hello? Hello. Hello, Mr. Kannaiya. Hello? Hello? Yes, sir. I'm closing the conference, one moment. There are no further questions. Now I hand over the floor to the Chairman of NBCC, Shri K.P. Mahadevaswamy. Please go ahead. Just to summarize the key points for this quarter, we have awarded INR 8,600 crore till date and 4,000 tenders in pipeline for our awarding in the upcoming quarters on consolidated level. Itau project, resolution of the project enables NBCC to develop high potential revenue, real estate project, nearly INR 8,500 crore top line, and some INR 5,000 crore on bottom line. We know that Supertech project is challenging work. However, our experience and expertise in urban projects will give us confidence and motivation to complete this project on time and deliver these housing units to home buyers, for which they are waiting many years. Rajasthan Mandapam, after a success story of Central Government redevelopment projects, NBCC is now gearing up for state governments in this line. The Rajasthan Mandapam project is expected to be awarded at the earliest. JNK project, the issue with the project is almost complete, near complete resolution. Soon we will be tendering this project. Goa project, the project is also under tendering process. Further, several other state governments are in the advanced pipeline and are expected to be awarded in two years. Thank you. Hello? Yes, sir. Thank you, ma'am. Thank you very much. Thank you, sir. Yeah. Thank you, sir. For any further queries, please contact Mr. Balkishan Singla, Investor Relations, NBCC. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using DoStabak's conference call service. You may disconnect your lines now. Thank you, and have a blessed day.