Good morning, ladies and gentlemen. I am Karthikeyan, moderator for the conference call. Welcome to NBCC (India) Limited Q2 FY 2027 earnings conference call. We have with us today Shri K.P. Mahadevaswamy, Chairman cum Managing Director, Dr. Suman Kumar, Director Commercial, Shri Anjeev Kumar Jain, Director Finance, Shri Ashutosh Gautam, Director Projects, and Shri M.B. Singhal, Executive Director Finance. As a reminder, all participants will be in 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 telephone. Please note, this conference is being recorded. I would now like to hand over the floor to Shri K.P. Mahadevaswamy sir. Thank you, and over to you, sir.
Thank you, Mr. Karthikeyan. Good morning, everyone. A hearty welcome to all of you. First of all, happy Dhanteras and wish you a happy Deepavali in advance. Before starting of call, we welcome our new Director Projects, Shri Ashutosh Gautam. He has been serving for more than 34 years in multidisciplinary wings of infrastructure, which will help NBCC in multiple fronts. For quarter two operation and execution, we have achieved a revenue from operation of INR 2,890 crore standalone and INR 3,396 crore on consolidated, reflecting a 38% year-on-year increase on standalone basis. On standalone basis, EBITDA increased significantly by 154%, INR 219 crore from INR 86 crore. Our standalone PAT increased by 31%, stands at INR 225 crore, marking a significant growth.
For H1 operation and execution, we have achieved a revenue of operation INR 4,713 crore standalone and INR 5,655 crore on consolidate, reflecting 26% year-on-year increase on standalone basis. On standalone basis, EBITDA increased significant by 105%, INR 379 crore from INR 183 crore. Our standalone PAT stands at INR 376 crore, marking a significant 31% year-on-year growth. In terms of order book position, NBCC standalone order book is standing at INR 1,12,000 crore and consolidated order book INR 1,26,000 crore. New business secured in quarter two stands INR 3,600 crore on a consolidated basis, and following are the major projects secured in last quarter. RBI Residential Complex at Amaravati, AP, New Andhra Pradesh, valuing INR 800 crore. Housing project at Seychelles, around INR 600 crore. Business awarded to contractors.
In quarter two, we have awarded INR 1,500 crore of new tenders on consolidated level, which makes a total of INR 3,200 crore first half in 2026-27. In next two quarters, we are expecting INR 15,000 crore-INR 16,000 crore of new work will be awarded. Tenders of all the package of Supertech have been uploaded worth of INR 9,600 crore and will awarded this quarter three itself, and turnover will start from quarter four. Many more projects, including recently secured Government of Bihar, West Bengal, J&K will be awarded in the upcoming quarter. Redevelopment projects. In continuation to sale of resource mobilization under 7GPRA project, NBCC successfully sold residential apartment of 8.8 lakh square feet area at Avenue Towers, opposite to Leela Hotel, Sarojini Nagar, New Delhi, through an open e-auction at a total sale value of INR 5,191 crore.
All major packages in the redevelopment projects are on running stage.
Now, currently it has INR 9,200 crore of balance workload. Amrapali projects. Phase two of Amrapali project has started in different packages, and currently it has INR 8,000 crore of balance workload. We are happy to share that NBCC has completed stalled 24 Amrapali project of phase one, and now handing over is in progress. Amrapali phase two works are progressing on fast track, and at one of the package, the building site has reached up to 26 floors. In the last, to update about HSCC merger, it is on fast track so that we would have better synergy. Thank you. Now the forum is open for the question and answer.
First question comes from the line of Pankaj Kumar from Kotak Neo. Please go ahead.
Yeah. Thanks for taking my question, and congrats on good second number. Sir, in terms of guidance that we had given for FY 2027 earlier around INR 13,000 crore-INR 14,000 crore of standalone revenue, and with H1, we have reached around INR 4,700 crore. So where are we in terms of achieving this guidance, and how is the way forward for FY 2028 and 2029?
Yes, still I am assuring you we will going to achieve INR 13,000 crore to INR 14,000 crore on standalone basis. Usually, our first and second quarter will be in slow phase. Third and fourth quarter only we will going to achieve this. This figure, it holds good. We are going to achieve on INR 13,000 crore to INR 14,000 crore on standalone basis.
How about 28 and 29?
FY 2029, already we have committed around INR 21,000 crore in consolidated level basis, and 20%-25% growth will be there, standalone as well.
This is for FY 2028, FY 2028, sir, next year you are saying, no? 21.
Yes.
Earlier we stated about INR 50,000 crore-INR 60,000 crore of order inflows, and that includes your one large project, 5GPRA. What is the status of that, and how is the overall outlook for, in terms of order inflow for current financial year?
We're going to get INR 50,000 crore-INR 60,000 crore worth order in the coming, during this year. Still it holds good only. Recently we got Government of Bihar some INR 2,500 crore work. Another INR 8,000 crore rupees work order it will come in this quarter itself. GPRA, it will come either this quarter or next quarter definitely. It is in process. We're going to get at the earliest. Around INR 30,000 crore-INR 35,000 crore worth we are going to get from 5GPRA.
Just this, due to all environmental-related issues, we see the construction restrictions. How is the construction site progressing?
It will be there. We are following all the norms, we are following. Still whenever AQI is increased, they will wait to stop the construction. That will affect only our Delhi projects, not other projects. Across India, definitely we are doing well. We're going to award during this quarter, we're going to award Supertech also. Next quarter onwards, Supertech, Prathama will come from Supertech as well as J&K. J&K three tender already we have received the technical bid. It will going to open at the earliest. The price bid will go into the earliest, and we'll going to award during this month itself, J&K.
Okay, so this INR 15,000 crore-INR 16,000 crore of new award includes roughly INR 9,600 crore from Supertech, that's what you said.
No, INR 50,000 crore-INR 60,000 crore we will going to get. Award around INR 15,000 crore to INR 16,000 crore we will going to award during this year. Already we have committed
Other things also.
Other things also, Supertech and J&K. And some, we may expect some work we will going to award through Government of Bihar and West Bengal also. Recently we have signed an MOU with Government of Bihar and West Bengal government.
How about next financial year? What kind of award we are looking at, and what would be the total number of, what would be the total value of the projects that would be running by the end of the financial year and then by the next financial year?
Next year? Pardon me?
What is the current running project?
Running project?
Yeah.
Currently around INR 33,000 crore is running. Next year, another 15,000-17,000 it will added, so it will be increased another 10%-20%.
Okay. And sir, lastly on MAHAPREIT project, what is the status?
MAHAPREIT project, it is on the. Somehow it got delayed, but I think during this year we are going to start MAHAPREIT also.
What are the-
Recently, my director project visited and we talked with them. Some initial, because it is a self-sustainable project, we have to arrange funds, we have to get the clearances, approvals and all. Because of that it is getting delayed. But during this year we will going to start MAHAPREIT also. And Naveen Nagpur also we will going to start the tendering in the last quarter.
This HUDCO, this contract entirely done or that is still pending?
HUDCO pending.
For MAHAPREIT you discussed about HUDCO funding.
It is going on.
Okay, sir. Thank you. I will come back to you.
Thank you.
Thank you. The next question comes from the line of Mahesh Solani from Gokota. Please go ahead. Mahesh Solani, your line is unmuted. Please go ahead with your question. Sir, there seems to be no response. The next question comes from the line of Vasudev Ganatra from Nuvama. Please go ahead.
Yeah, thank you for the opportunity, sir, and congratulations on a great set of numbers. Sir, our revenue growth and EBITDA margins both, they were quite good this quarter. Have we done something very differently or were there any one-offs? Can you just throw some light on this?
My Director of Finance will reply.
This time EBITDA has increased to 8%. Basically, we used to say EBITDA is in the range of 5%-6%, but this time we have featured, including Q1 also, we recorded 9%. It is primarily because of the marketing fee we earn on sale of self-sustainable project on behalf of Ministry of Housing and Urban Affairs. We recorded in half year approximately INR 100 crore of marketing fee. Because of that increase is there. Apart from that, we used to say our cost structure is always fixed whenever there is an increase in revenue, that is going to have an impact on EBITDA. Because of increase in revenue in this quarter as well as half year, that impact is being visible.
Sir, what led to that increase in revenues in this quarter?
There has been increase in approximately, if Q1 you say, 1823, Q2 we recorded 1890, and on consol basis, you see there is a as against 2216, we recorded 3400. That revenue itself contributed a good increase in EBITDA.
Okay. This revenue increase was purely from all the executions that were there. There was no one-off or any such thing, right?
No, no, no one-off. It is perennial income. It will come up. Because our stand is like that, we work on a fixed cost structure. Whenever there is an increase in revenue, it is going to have a positive impact on EBITDA. That is being reflected in our results.
Sure, sir. That is great. Sir, for H2 now and in FY 2028, what are our monetization plans? Any bulk sale or anything that we are planning?
Last time, I think in Q1 call, we said we are planning and we have strategized our sale of a land parcel. In Q3 itself, we conducted sale of two land parcels, and I think this quarter itself, we are going to book approximately INR 433 crore of the revenue from sale of land parcel. Apart from that, two more land parcel RFP is in the pipeline, and that may also come up in this quarter. So we are planning whatever land bank is there, we want to monetize that, and we want to generate money so that that money can be used for future projects.
Okay. Sure, sir. What is our target revenue and margin guidance for console basis for FY 2027 and 2028?
INR 15,000-INR 16,000 on top line, around INR 1,100-INR 1,200 on PAT.
We are maintaining our guidance. Whatever guidance we have provided.
As we provided that.
we are maintaining that.
we are going to work on it, and we are going to definitely achieve this.
Yeah, that is great to hear, sir. Lastly, sir, when are we planning to launch the Chittoor project and the Sector 37D projects?
37D already work awarded, contract already mobilized, piling work already started. So the sale will be started, I think, hopefully we are going to launch in the month of January. After 15th, we are going to start a sale. Chittoor, of course, the sale agreement yet to be executed. Once it is over, means the consultant tender already we have reviewed. So we have to appoint a consultant, and we have to do the agreement with the Delhi government. Once it is over, I think next year onwards, Chittoor also is going to start. It will going to take another six years.
Okay. Right, sir. Lastly, sir, on our Dubai operations, what is the status there?
On Dubai operation, we have taken all the approvals. Our design and drawings have been approved. We are going to get a real estate registration as well, because in Dubai also there is a real estate requirement. Hopefully this month or maybe first week of December, we are going to do the groundbreaking ceremony.
Okay. When can we expect the sales to start, sir?
We are planning to start sale in a phased manner. I think first phase will be by end of December or maybe by January 2027. That will be only sale, cash will be received, but revenue will be recognized only after completion of that project.
Completion.
Completion.
Standing work.
Okay, got it, sir. Just one more second question. Out of this console order book portfolio, there are rough split between PMC and redevelopment.
Around 60%. 60-40. Redevelopment 60-40, and in console level it is 53%-47%.
Okay, got it. That is it from my side. Thank you and pass it the value to your team.
Thank you. Thank you.
Thank you. The next question comes from the line of Komal Choudhary from Ratnabali Capital Markets. Please go ahead.
Hello, sir. Am I audible?
Yes, please.
Yes, sir. Thank you for the opportunity. You had guided for a closing order book of INR 2 lakh crore by end of financial year. Right now, we are at around 125, 130. I am assuming there were two big orders that were expected. What is the status of those orders?
Still yet to come. It will come. It will come, two big orders. In between, parallely we got recently Government of Bihar also, some INR 2,000 crore-INR 3,000 crore we got it. Another INR 8,000 crore we will going to get in phase two in this quarter itself. West Bengal also we got. We are trying with, discussion is going on with another two, three state governments.
What is the size of West Bengal order, sir?
West Bengal will be around INR 10,000 crore, maybe. We have signed almost nine MOUs. We have to assess the value. Roughly around INR 10,000 crore order will be there from West Bengal.
That is very great, sir. Why is the execution, I mean, our Q1 and Q2, the awarded contracts are almost the same size. What is the bottleneck? Why are we not being able to award more contracts? Because right now, we are sitting at almost six years of order book. If we continue this pace, where is the bottleneck? Why are we not I saw, I have been tracking your tendering site, you have awarded Supertech of INR 10,000 crore, et cetera. But beyond that, why are things not happening?
MAHAPREIT could not take and Jammu Kashmir also got delayed. Jammu Kashmir tender also there in the website, already tender which they received. Around INR 2,000 crore order we will going to issue this month itself. As far as Supertech also, I think this month end or next month definitely we will going to award around INR 10,000 crore. So total around INR 15,000 crore-INR 16,000 crore we will going to award during this year. This is minimum, I am telling. If West Bengal and Bihar will be added, it will be more than that. I think MAHAPREIT also going to get into converted into business to execution. I mean, Nagpur also is going to start. So redevelopment projects and with state government, actually state government, where it is on self-sustainable mode, and it has to be get lot of approvals.
Due to approvals and financial arrangement, it is getting delayed, that is all. Otherwise, it will be definitely converted.
Sure. One final question. Because you have done so much of good work in the Delhi monetization, is the government expected to give us some more orders? Because they have really given this recent land or this recent sale in Delhi, et cetera. Are they warming up to more orders? Because every day we hear news about few buildings falling in Delhi, et cetera. So government has to do a lot of redevelopment over there.
Yes, definitely. We are talking with the state government also. That is why I am not naming the state government. We will going to get two, three state government with big orders. Of course, Delhi required lot of redevelopment. All old buildings and in dilapidated conditions. There is no proper road facility, infrastructure, even energy efficient also is not there. By doing redevelopment, it is almost net zero building we are doing. Even solid waste, STP, energy efficient building we are doing in World Trade Center, even Sarojini Nagar, Netaji Nagar. This is a big opportunity we have. And lot of state government empty lands are there. Disconnection is going on. I think we will going to crack one or two orders in this year itself.
And the two big orders, sir, should be expected in the calendar year?
Yes, yes, definitely. That GPRA, 5GPRA already it is in the process of approval of cabinet, and we are expecting on border fencing also.
Sure. Thank you so much, sir.
Thank you. Thank you.
Thank you. The next question comes from the line of Sarvjit Singh. He has withdrawn his request. We have the next question coming from the line of Sumit Arora from Smartsun and Capital Private Limited. Please go ahead.
Yeah. Hi, sir. Very good morning. Firstly, I wish you and your entire team a very, very happy Diwali. Sir, congratulations on a fantastic set of results. Now, sir, I have a few detailed questions. Sir, firstly, you signed nine MOUs just a few days ago with West Bengal. Sir, could you kindly highlight, what is the opportunity size you see there and how soon do you think that can translate into real business flow? That is my first question, sir. My second question, sir, if I understand correctly, is that you said that your revenue guidance, INR 14,000 crore is on a standalone. On a consolidated basis, we should be about INR 15,500 crore-INR 17,000 crore, sir, if my understanding correct, with PAT being about INR 1,100 crore-INR 1,200 crore as you highlighted.
Sir, thirdly, my question is, you mentioned just now that you are expecting order inflows of nearly INR 50,000 crore-INR 60,000 crore in terms of GPRA and the other orders. That means, sir, you are still expecting that by March 31st, we should close with a total order book after awarding, could be to the tune of about INR 1,85,000 to INR 2,00,000 crore, sir? I mean, is that understanding correct, sir?
Yes, yes. Definitely, definitely. 1,80,000 maybe, 20,000 we will going to award. INR 1,80,000 crore the balance of credit will be in the next year, next financial year.
Okay. I mean,
Regarding West Bengal, I will tell you, we have signed nine MOUs with various departments. One is Dam Department, other one is Urban Development, Kolkata Municipal Corporation. We did so many iconic projects in Kolkata. One is Dandania, the other one is Saujanya. They know the quality and potentiality of NBCC. They wanted to, because due to change in government, they wanted to engage NBCC. Earlier, there was a bar to PSUs. Only state government can execute more than INR 50 crore work order. Now that barrier has been already broken. We got successfully executed nine MOUs. I think in West Bengal career, first time nine MOUs in a single day, they executed it with a PSU. Minister also very much interested and she is so fast to start the work immediately. One of that kind of that work is pink toilet.
They wanted to build pink toilet across West Bengal. That we are going to start in the first quarter, next quarter. That is fourth quarter we are going to start. Apart from that riverfront and some IAS, IPS officers ke liye quarters we have to construct, house call, apart from that library, China Bazaar. So many Kolkata is a old city and heritage city, they wanted to do lot many development works in there. We have USP and redevelopment model. Primarily we got this work order through PMC. Of course, they wanted to build a new cabinet also. That also I think it will come to our KP. So many other works are in pipeline. I do not want to mention details in detail, but we are going to get a good work order from West Bengal.
Sure. And sir, I mean, if I heard correctly also, I mean, our Director Finance also said that we have conducted two land parcel sales in this quarter. So effectively, that means in Q3 we will get about INR 200 crore of revenue from the land parcel with some addition in bottom line of about INR 200 crore. I mean, is that also correct?
Q4 we are going to get because it has to be realized once already we sell it, we are going to get the cash in Q3, but Q4 the turnover as well as profit will be booked in the Q4.
Understood. And sir, also, I can tell you confidently that, sir, all of you have built a wonderful company because today, sir, in the public sector space, you are one of the only companies who has a book-to-bill ratio of 1:10. So you have a very high amount of visibility. So sir, my only request to you is that, I've also seen that on October 18, you also appointed a director in the infrastructure development project. Because, sir, with the kind of visibility you have of nearly INR 1.5 lakh crore, going to INR 2 lakh crore now, you can easily be a 40%-50% growth company, I mean, on a year-on-year basis, right? Because you have that kind of order book. So, if you can focus a little bit more on also on execution, it will actually do a world good to us, sir.
I mean, if you can just share your some thoughts on that as well, it would be very helpful.
Definitely. Sumit, one thing I wanted to tell you, what NBCC did during the last one or two years, three years. Amrapali projects, this was stalled and Supreme Court, by the grace of God and intervention of Supreme Court, honorable Supreme Court, we have completed all the 23 projects. It is on self-sustainable mode. Whenever a PSU fails, usually what will happen? Private takeover. In this case, it is a reverse story. A private builder left the project and a PSU is completing. Similarly, 7GPRA, almost lot of waiting list for officers. The officers used to travel one or two hours from Noida or Faridabad, Gurgaon. Now they are getting their homes. Almost 5,000 homes already we have handed over flats. Now another 9,000 work is in progress. By this year end, we are going to get some VOD on this.
But definitely next year onwards, 7GPRA we are going to complete all. By the end of next year, December or March, we are going to complete both Amrapali phase two as well as 7GPRA. This will be a big order and big projects and we are expecting 5GPRA also. State government also is following. Goa already we have awarded, execution started. J&K we are going to start one project, small project already started. So other three tenders are in pipeline. So lot of opportunities are there and lot of work already we have to convert. Of course, conversion it took some time, but definitely now the turnover will come as well as we are going to get some PAT also. PAT, EBITDA, everything.
Basically-
One more thing I wanted to add in this. We have changed the technology also. By doing this, now in 7GPRA and in Amrapali, we are doing almost 33 floors. We are doing just two years. It's a big achievement. We are using Mivan shuttering and speed is very fast and quality is also best. So the technology we have changed in 7GPRA, we have used precast technology also. So we have changed the technology for better quality and timely execution. Of course, energy savings and all ESG we are following.
Sure. Sir, no, sir. I mean, if I may ask, on a consolidated basis, you should basically end the current year with about INR 17,000 crore, sir? I mean, is that broadly correct?
Whatever, 16 - 17, whatever we have committed.
Okay, sure. And basically, going ahead next year, the matter of fact is that you're awarding nearly INR 20,000 crore. So next year we should basically be looking at upward of about 25% growth. So can we look at about INR 21,000 crore-INR 22,000 crore?
Yes, yes. 21, 22.
Okay, wonderful, sir. I wish you all the best, sir. Good luck and once again, very happy Diwali to you and your entire team, sir.
Thank you. Thank you. Wish you the same.
Thank you. The next question comes from the line of Prem Luniya from Astute Investment Management. Please go ahead.
Hello, sir. Thank you for the opportunity. Sir, I just wanted to inquire, this is an example I am taking. If we give out an order, what is the usual timeline of it converting into a revenue? What is the industry-
In PMC projects, it all depends on the type of structure, what is the height of the structure, what is the foundation. Usually, three to four years, we can complete PMC projects. For redevelopment projects, four to five years. And volume, what is the volume? If it is a self-generated, initially six months for process of approval and all, and we have to generate the money, for that six months is required. Execution, currently we are following 24 months to 30 months only.
Okay. The view of asking was that we have around maybe INR 5,000 crore of revenue. Based on our guidance, we have to do around, let's say at least INR 10,000 crore, INR 12,000 crore, INR 11,000 crore, and the awarded order book is only INR 33,000 crore as of now.
But awarded order book will going to complete within two years, maximum 18 to 24 months only. I am talking about fresh projects, three to four years, not awarded. Awarded, it will be maximum 24 months.
Sure, sir. That was my question.
Thank you.
So you think that the INR 10,000 would be achievable from the INR 30,000 crore?
Yes, yes, definitely. Definitely.
Sure. And sir, on the marketing fees, so I understand that in the last two quarters we have done a lot of sales, so we have got a lot of marketing fees. So can you give me the exact number for H1 and Q2? What was the marketing fees we earned?
For H1, marketing fee is around INR 100 crore.
INR 100 crore.
Approximately.
Okay. Sure, sure. And also-
INR 88 crore.
Sorry?
88 crore.
28 crore.
Maximum INR 88 crore is in Q1.
Okay. Sure, sir. On the INR 400 crore land parcel sale, sir, what would be the type of marketing sale book on this? This would be a historic land, so the book value will be lower?
Approximately 50%.
Around INR 200.30 crore we will going to get as a profit.
Okay. Sure, sure. Thank you so much.
Thank you. We have next question from the line of Vikas. Please go ahead.
Hi. Two questions. Regarding the land sale parcel, is it held in the books as stock in trade or investment? My question was, will we pay 1.5% tax or will we pay the highest marginal tax rate on NBCC? That was my first question.
It is being shown as inventory in our books of accounts.
It will be the maximum margin tax rate. What do we expect in half two? Sorry, I did not understand clearly. In terms of land sale parcels in H2 and 2027-2028, what kind of Could you give us a broad range of land sales?
Sir, we have approximately 54 acre of land in our books of accounts as a land parcel, and a value and amount of INR 720 crore. We are planning to monetize this land parcel, and as per that strategy of monetization, we have started with two land parcels, that is in Jaipur, where we said we are going to get INR 433 crore sale value as against the book value of approximately INR 195 crore. More two land parcels are also in the auction stage, in the process of auction, that is Meerut and Ghaziabad. Apart from that, we are also planning in next year also, we will put some land parcel on sale. These are historical land parcels in our books of accounts, appearing in inventory in our books of accounts.
My question was, what is the approximate market value of our land parcel in inventory as of date? Probably it is INR 1,000 crore, INR 2,000 crore. Just a very broad range. I am sure you have got a valuation done.
Yeah, yeah. As per IBBI, i.e. valuer report, which we carried out at year end, it is approximately INR 1,600 plus crores.
INR 600 plus crores?
1,600.
INR 1,600. Oh, that is. Out of which we have only sale. How much have we sold this quarter?
We have sold, if we talk about the market value, then we have sold approximately INR 250.
We have 1,400 in the pipeline, approximately, give or take 10%-20%.
Yeah.
My second question was, my second question on commission, you know, of the Ministry flats to be sold. Also the commission on the private sector flats, if you have any. What kind of trajectory are you looking at this month, this second half in the next year, in terms of commission sales, commission income?
1% we are getting actually on the sale value. Recently, we have concluded one national Africa Avenue, wherein the highest sale price was INR 89,000 per sq ft. The reserve price was only INR 37,160. Whatever selling price is there, selling price on 1% we will going to get. Around INR 51 crore we will going to get as a marketing fee in 7GPRA. Of course, Amrapali also we are selling. There also we are getting 1% marketing fee. in Bihar, recently we entered a MOU, wherein we will going to get 1.25% as a marketing fee. Got that, sir.
So, sir, what kind of, when I say H2, what kind of marketing fees, you know, broad range? I do not want to pin you down to it. Next year, what kind of market, what a broad range if you can give me for H2 without the specifics, I really appreciate your giving me. H2 and the next financial year, what kind of marketing fees are we talking about?
H2, we are going to get another INR 100 crore. Next year, seeing around 220, 25% increase and INR 250 crore we are going to get through marketing.
So, no. Oh, so 200 to 250. That answers my question. This is fantastic. Thank you so much.
Thank you.
Thank you, sir. We have the next question from the line of Subodh from Purnartha. Please go ahead.
Can you hear me, sir?
Yeah, please speak.
I just had one question on order book. As on March FY 2026, our consolidated order book was INR 127,000 crore. Then after the H1 inflows were INR 5,000 approx crore and the revenue for H1 is also INR 5,000 crore, sir. So why the order book is INR 126,000 crore, which is INR 1,000 lesser? Do we have any cancellation in order?
No, no. There is no cancellation. During October also, September some work executed, no? Only the INR 1,000 crore you are difference you are saying.
Yes.
No, there is no cancellation. Conversion part, it is taking some time, that is all. So far, there is no cancellation.
Okay. And what running projects do you see at the end of FY 2027, sir?
27, INR 32,000 crore already is running. We will going to get another INR 10,000 crore work order VW executed and INR 15,000 crore we will award. This will be around INR 40,000 crore end of the year will be the, at consolidated level, INR 40,000 crore running projects.
Okay. Please answer my question, sir. Happy Diwali to you and your team, sir.
Thank you. Wish you the same.
Thank you. Ladies and gentlemen, if you have a question, please press star and one on your telephone keypad. Next question comes from the line of Ravi kumar Naredi from Naredi Investments. Please go ahead.
Sir, [Non-English content]
Sir, I think he is speaking somewhere else. We have a follow-up question from Vasudev Ganatra from Nuvama.
Yeah, thank you for the follow-up opportunity, sir. Sir, this Avenue Towers that we sold, that will come in revenues in Q3, right? It has not booked in Q2.
Yes, yes, exactly. Q3 it will come.
Okay. When are you planning for bulk sale of this Kedia Mark and Vinay Chandra Mark?
Next quarter, most probably. Last quarter, both will come.
And what would be the typical sale value that you are estimating from this?
Around INR 8,000 crore-INR 10,000 crore sale value. We are going to get 1% of the marketing fee.
Okay. So both of them combined sale value is around INR 8,000 crore-INR 10,000 crore.
Okay. And lastly, sir, what is our progress status on the Netaji Nagar?
Netaji Nagar, it is running well. All the projects are already awarded. The work is in full swing. Of course, due to rains, some earthwork and some restrictions on some items, but let us see. It is going well. Around INR 9,100 crore it is on running, both Netaji Nagar and Shivaji Nagar, combined together.
Okay. Sir, that is it from my side.
Thank you.
Next question comes from the line of Ravikumar Naredi from Naredi Investments. Please go ahead.
Thank you very much to give me the opportunity. Sir, what will be our top line and bottom line in FY 2028, not 2027?
The top line and bottom line, around INR 21,000-INR 22,000 top line and INR 1,500 will be the bottom line.
Okay. It is very nice. Sir, our 4 to 4.5 lakh sq ft in Ghitorni, any development so far?
The final MOU we have to execute, the shareholder agreement is in the process. So by this quarter end, I think we are going to sign the MOU. Already consultant tender has been called, so evaluation is in the process. Once the shareholder agreement is over, then we are going to start the planning and execution of the project. Next year around, I think we are going to start the construction.
You are right, so by December 31, we will sign MOU?
Yes, before that.
Okay. Sir, Rajasthan Mandapam INR 4,000 crore order, what is the position? I think the date is increased to INR 5,500 crore later on.
Yes, yes. Actually, due to election code of conduct, it could not be start. I think November 12 is the election is over, and local election is going on. November, December, the tender, Rajasthan Urban Tender will also come.
The Mumbai Port Trust INR 10,000 crore order, any progress?
Already we have started some small work around INR 100 crore work we already awarded. Rest of the thing, it is in the pipeline. Now, they wanted to go in redevelopment model. Earlier it was in PMC model.
Okay.
Now, after seeing the successful story of Delhi, the 7GPRA and all, so now even Mumbai Port Trust everywhere, even government department, income tax, GST department, everybody wanted to do in this model so that government should not invest any money. Rather, they will get surplus money and maintenance, everything will be covered in this. That model they wanted to follow.
We will do this project also?
As a redevelopment model, self-sustainable model, Mumbai Port Trust also.
NBCC will do this project?
Yes, yes. NBCC will do.
Okay.
We will sell the built-up area. Instead of selling land parcel, they will go to get-
Understand. Understand, sir. What about Chhattisgarh project with HUDCO, INR 1 lakh crore project? Are we having opportunity there?
Initially, I told we are going to get two more states. I do not want to mention Chhattisgarh or wherever. Let you know. Once it is come to us, I will disclose to you. We are going to get two, three states new work order on redevelopment model during this year itself.
Any BPCL, IOC, HPCL, and ONGC?
HPCL already we got it. ONGC also we have recently signed. We are going to sign an MOU for ONGC also for their redevelopment works and all. HPCL already we have signed, and we are going to start the work at Bangalore, HPCL Bangalore.
Because there are a lot of responsibility on your shoulders, so it will depend how you execute them.
Definitely, definitely. A lot of PSUs having a lot of land parcel, rather I can say unutilized land parcel, and it is going to encroach or something like that. So we are planning to redevelop this valuable lands for the better money.
In other words, in next five years, we can do project of INR 5 lakh crore?
Let us see.
Okay.
Thank you. We have the next question coming from the line of Krish Beriwal from Millennium Capital. Please go ahead.
Hello?
Your voice is not audible. Beriwal, your line is unmuted. Please go ahead with your question. There seems to be no response. Next we have follow-up question from Vikas. Please go ahead.
No, all my questions have been answered. Thank you very much.
Most welcome.
Thank you, sir. There are no further questions. I now hand over the conference to the chairman for closing comments.
NBCC has secured few major works from state government like West Bengal, Bihar last week itself. West Bengal, various urban development work in West Bengal. And in Bihar, four redevelopment projects, around INR 10,000 crore of work we are going to get in future, during this year itself. In real estate, NBCC successfully undertook the sale of two land parcel at Vijaypur through open e-auction process, amounting of INR 250 crore and INR 180 crore respectively. The transaction have resulted in aggregate profit of around INR 239 crore. That will come in next two quarters. NBCC has also achieved significant milestone in its international expansion with the formal inauguration of its branch office at NBCC Australia in Melbourne, Australia on October 28, 2026. For resource mobilization, 7GPRA project successfully sold Africa Avenue to a residential tower. Few more packages are in the pipeline for sale auction.
Wishing you a happy and prosperous Deepavali, and have a safe Deepavali to all of you. Thank you.
Thank you so much, sir. Dear investors, if you have any further questions or require additional information, please reach out to Mr. Balkishan Singla, Investor Relations, NBCC. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Gooseabuzz conference call service. You may disconnect your lines now. Thank you and have a pleasant day.