Thank you. Good day, everyone.

On behalf of Ventura Securities, I welcome you all, and we are pleased to host the Q3 and 9-month FY2026 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 Shri K.P. Mahadevaswamy, Chairman and Managing Director; Dr.

Suman Kumar, Director, Commercial; Shri Sanjeev Kumar Jain, Director, Finance; Shri M.B. 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 investor call for third quarter.

For third quarter, our standalone operation and execution, we have achieved a total income of 2,088 Cr and 3,022 Cr on consolidated, reflecting a 8% year-on-year increase on consolidated basis. Our standalone PAT stands 196 crores, making a significant 53% year-on-year growth in profitability.

For nine months, on standalone operation and execution, we have achieved total income of 5,842 Cr and 8,329 Cr on consolidated, reflecting 13% year-on-year increase in consolidated basis. As you all 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.

This is a landmark decision and court verdict shows about belief in NBCC's capability and delivering stressed real estate projects. It is very pertinent to note that how categorically Supreme Court said that no court shall interfere with the implementation of this decision.

Our 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 16,000 crore, and estimated construction cost approximately 9,500 Cr.

Execution duration 12 months to 36 months, depending on the project stage and complexity. Now, order book of NBCC.

NBCC standalone order book is standing 1,12,000 Cr and consolidated order book 1,27,000 Cr. Business secured.

NBCC has secured 3,300 on consolidated basis in quarter three, which makes a total of 13,400 Cr in nine months of financial year 25-26. Following major projects secured in quarter three: Redevelopment of Tulsi Niketan at Ghaziabad for Ghaziabad Development Authority, 643 Cr; integrated township Jharkhand, Damodar Valley Corporation, DVC, around 500 Cr; Heavy Vehicles Factory, HVFL at Chennai, 350 Cr; Central University Kashmir, ₹340 Cr; Indian Institute of Technology Mandi, 333 crores.

Business awarded to the contractors. In quarter three, we have awarded 1,600 Cr of new tenders on consolidated level, which makes a total of 5,000 Cr in nine months.

In quarter four, we have already awarded 3,200 and 4,000 crores are in pipeline. Therefore, we are expecting around 12,000 to 13,000 crores of new works will be awarded during this financial year.

Redevelopment projects. For nine months, financial year '26, GPRA redevelopment contributed 1,500 Cr in top line, and development of the project we have already awarded 2,700 Cr in current financial year, till date, and 1,400 Cr are in pipeline to be awarded in Netaji Nagar and Sarojini Nagar.

Netaji Nagar project. Netaji Nagar value current of 2,500 Cr is going in different phases.

Sarojini Nagar. This is a large project.

Work has been going in on multiple packages and amounting of ₹4,000 Cr, 600 Cr. Ghitorni project status.

We have achieved a significant breakthrough in Delhi with the settlement of long-pending Ghitorni land dispute 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 square meters and revenue potential nearly 8,500 Cr, substantially strengthening our future development pipeline, value creation of outlook. Amrapali projects.

For nine months 2026, Amrapali stalled projects phase one, two has contributed 1,640 Cr in top line. For sale, we have auctioned the bulk sale of six FAR projects, namely Centurian Park, Dream Valley, Leisure Park, Silicon City, Golf Homes, Leisure Valley, having total number of 4,800 units, amounting of ₹12,000 crore rupees.

Till date, around 2,370 has been received from the bulk sale. The balance unit is to be sold is around 2,400 units, having tentative sale value of around 4,800 Cr.

Thank you. Now the forum is open for question answer.

Yeah. Sir, land at Ghitorni, now court decision came and NBCC develop 21.23 acre land.

You told in quarter two concall that net profit might be come to 4,000 to 5,000 crore. It is visible now?

Which financial year likely to receive this amount?

We are going to start this project by next year. Now the settlement is over.

We have made the payment also to GNCTD. Now we have to call the consultant tender.

Hopefully March we are going to call the consultant tender. In a two months the consultant will be finalized.

Next year, the construction and the sale will going to take place. It's around ₹4,000 to ₹5,000 crore profit will be there.

PAT will be there, bottom line.

In which financial year we are expecting?

27-28. Because the real estate, it will come at the end of possession.

The turnover will come, cash will come from next year onwards only, but the profit and the turnover will be coming while handing over the possession flats to the buyers.

What we will develop here, flats or commercial property? What thing we have in mind?

Actually, it is adjoining to metro railway station wherein TOD policy is applicable. We'll go for retail, commercial, or we are thinking for some hotel also, whichever gives more FAR.

After due diligence, it will come exactly what we're going to do.

We will sell them, not a lease, right?

Yes, sir.

Okay. Balance 21.23 land which Delhi Government received, we will develop that land also?

Maybe. We are discussing.

Let us see. We may develop for them also because also it is a prime location.

They will also get good number of revenue.

Okay. Sir, next question.

Land Gurugram 37D, which we are developing and projected net profit 800 crore in financial year '28. We presume from Ghitorni and Gurugram, we received 5,000 to 6,000 crore net profit in 27-28?

Yes, definitely. 37D, the top line will be around 2,300 and the bottom line will be 1,200 Cr.

Adding both together around 5,000 to 6,000 crore PAT will come.

5,000 to 6,000. Very well said.

Sir, what is our top-line target in financial year '27?

'27?

Yeah. Next year.

Yeah. Next year, 16 to 18,000.

16 to 18,000. What is bottom line?

Bottom line around 1,000 Cr, 1,000 to 1,200 Cr.

All right. This financial year '26, we are expecting 900 crore bottom line, right?

800 to 900. 800 to 900 precisely.

Okay. Thank you very much.

Thank you.

Hi, sir. Good morning, sir.

Firstly, just a correction, it's Smart Sun Capital Private Limited, I don't know how you got that, but just just one change on that. Sir, firstly, I would like to basically take the opportunity to wish you and your entire team a very, happy and a and a good New Year going ahead.

Sir, now, I just wanted to touch base upon a few things. Firstly, sir, today your, if you look at your order book, you are at about 1,25,000 crores.

You have land, which is being cleared as you just highlighted. You've got potential opportunities, with Mumbai Port Trust as well, which was announced in November.

Sir, seeing the landscape of this company, you are at, a point of time where, revenues can grow significantly higher rather than just 18% to 20%, right? Because this order book which you have today, clearly goes to show one thing that, the work on hand which you have is not an issue, okay?

Because Sector 37D also you have. Sir, can you just talk 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 now you've got the Supertech project as well, which is now come in your favor. Work is work is not not a constraint for you.

Execution is something, sir, which, honestly, if, we get it completely correct, can, then take, this entire company to a different magnitude in terms of scale and operations, you know? If you can if you can just, spend a bit of time on, talking about execution, then that'd be wonderful.

Sir, secondly, there is, something which has come on the Bloomberg terminal which basically talks about, the RERA-approved housing projects in Jammu Kashmir. Can you just, highlight how big is that opportunity, which has basically come?

Also, sir, on the on the Mumbai Port Trust, how big, could be that could be that opportunity? Because, I see that, this company could be, more than a 1 lakh crore market cap company over the next couple of years.

There are a few things which are clearly missing, which really need to be addressed in terms of execution. 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, the other one is PMC. These PMC projects where government is budgeting, there is no issue.

We can start the project 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 all.

Jammu Kashmir, we got three major chunk of order. One is MAHAPREET, the other one is Jammu Kashmir.

It is almost ₹40,000 crore rupees. Jammu Kashmir, I don't want to brief you 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're going to get the approval from state government.

Of course, it is a state government project. State governments way of working, central government working, and PSU working are different.

I don't want to lingering on that issues. Because of this, it took some time.

Even MAHAPREET also, now the RERA sanction. I think next financial year even Jammu Kashmir and MAHAPREET, these two projects we're going to start.

Of course, Mumbai Port Trust is a PSU body. Wherein I think approvals also not required much more approval.

They have their in-house approval authority. That also is going to start next year onwards.

You are right, conversion of order book to execution, that is a challenge. Hopefully next year we have achieved good breakthrough.

Sir, if you can understand a bit more in detail on your revenues. Say assuming we end this financial year because we've reported nine months of about 8 and 1/2.

Assuming we end at about 12 and 1/2, 13,000 crores for this year. You're saying that next year we should end at about 18,000, is what I heard correctly?

Is that correct?

Yes, definitely. That is the conservative figure.

We may go more also. I am telling about conservative figures.

Okay. Sir, FY2027 you're saying you could report a revenue of about 18,000, and I'm sure that can only build going into FY2028 with the momentum of your projects which you are having in 37D and 03 and the other ones which you have in your order book.

Sir, can you also talk a little bit about new projects? There was a lot of chatter about the new redevelopment colonies in Delhi, etc.

Sir, is there been any progress on that front? How big could that one be, and any progress, anything you can share with us on that, sir?

Not now. I will share at the early because a good news will be shared at the earliest.

It is going on. It will be around ₹30,000, ₹40,000 crore work order in Delhi only, redevelopment projects, for central government.

Apart from that, Delhi state government also we are doing lot of presentations and all. Once it will come to our kitty, it will be announced at the earliest.

Hopefully this year or first quarter of next year, definitely.

You mean the looming financial year, you mean. Next quarter of first quarter of next financial year.

Yes, hopefully by March, within March. Here, we have given the presentation and all to DDA also, Delhi Development Authority.

Two projects will come within this week only. That is nearly some 2,000 to 3,000 Cr.

We are going to develop their Safdarjung Colony and one Rajendra Nagar.

Okay. Wonderful.

Sir, you spoke on your revenues. Can you also talk a bit about your profitability as well, because that'd be helpful to understand.

FY2027, I missed your earlier number, the line was not clear, what are you looking in terms of profit by '27?

See, I told in '27-'28, 1,000 to 1,200. This is also conservative figure.

Okay. For '27 you are looking at a profit of 1,000.

Okay.

1,000 to 1,200.

Okay. Got it.

Great, sir. I'll come back in the queue for more questions.

Thank you, and wish you all the best, sir.

Thank you.

Thanks for the opportunity. Sir, two, three questions from my side.

Firstly, if you can give a clarification whether this 1,26,000 crore of order book, does this include the 10,000 crore Supertech or it doesn't?

Included, including the Supertech.

Including Supertech. Basically, let's say 40,000 crore of MAHAPREET and J&K, and 10,000 crore of Supertech, that's 50,000 crore is actually nothing has started over there out of this 1,26,000 crore.

You expect entire this 50,000 crore will start from next year onwards?

Yes. Definitely.

Next year onwards, both the project will going to start. J&K, already we appointed the consultant.

MAHAPREET, we are yet to award the consultant. Execution also will start from next year, both projects.

Okay. Revenue contribution from both the projects will come in second half of next year because we are doing consultants and work tenders for work will be awarded, and then the revenue recognition will start.

J&K consultant already appointed. MAHAPREET is yet to award.

Second half of next year, second, third quarter onwards, the turnover will come.

Okay. Sir, next question is regarding margin.

What went wrong this quarter? I think our margins have dropped drastically this quarter.

Was there any one-off in expenses side?

Actually, our 30% to 40% turnover comes from Amrapali and 7 GPRA colony. Out of total 9,000 Cr, 30% to 40% of the turnover comes from these two projects.

Due to GRAP in the third quarter, we are not pushed that PAT. That is the reason.

I think this quarter will going to cover up this backlog.

Okay. Do you feel still we can do the 800 crore plus profit in the financial year?

Yes. Around 700 to 800, definitely.

700 to 800 crore. Okay.

Sir, we have done one write-back for the Kochi, Kerala land. 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 some order, not on our project, for all the projects due to non-clearance of environmental clearance. This time Supreme Court has given clearance, the work almost 90% completed.

Now we are going to start the sale of that inventory. Next year, I think the turnover and profit, both will come in the next year.

How much is the value of inventory?

Around 120 ₹87 crore as per book value.

How much? 100 crore?

₹87 crore as per book value.

Okay.

Around 100 Cr. Roughly we can say 100 Cr.

Okay, 100 Cr, yeah. As of now, that's it from my side.

I'll join back in the queue. Thank you.

Thank you.

Hello?

Hello. Tell me.

Congratulations to the team on good set of numbers. Going forward, I want to know about the result in the 2028 and 2029 financial year, where in the previous concalls, it was predicted that the bottom line will hit 2,000 crore.

If we get 1,200 crore PAT next year, the very next year is it possible to jump to 2,000 crore?

Quite possible because we are hoping with the real estate 37D wherein our bottom line around 1,200 Cr profit we may get. Even our real estate Ghitorni, so that figure still I am confident we are going to get.

Okay. You are betting on that three to four big projects, and because of that, you have projected that 2,000 will be the bottom line for the 2028 and 2029 financial year, right?

It is our land, investment is already invested. Now only we have to take the profit, construction and profit.

That's how we may get more profit in there. It is not a PMC project.

It is our real estate redevelopment projects.

Okay. I have been looking at the news which was shared.

I've seen that NBCC has made some strategic MoUs with many of the government agencies and including the foreign governments. What will be the future prospects of such MoUs?

Will those get converted into revenue in the near term?

Definitely. Some two, three 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.

Discussion is going on. At the earliest, I think we're going to sign MoU with Seychelles government.

Australia government also we are doing some discussions. Apart from that, NBCC recently purchased one land parcel at Dubai.

You might have aware of this. There also we're going to get some good profit margin.

Just on trial basis, we have purchased small land parcel. We wanted to expand our business in Dubai also.

Okay. The order book execution will pick up pace, and then it will grow exponentially from the 20 2027, 2028?

Yes, definitely. Definitely.

These two are our work order, this not two, three. We are going to start Supertech also next year.

Already consultant appointed. Now we have to get the clearance RERA exemption.

Parallelly we'll try to call the tender of contractors. It will be around 10,000 crores top line and sale value will be 15,000 to Cr.

MAHAPREET and J&K, and we are going to call the tender of Rajasthan Mandapam. One more project, a state government project, Rajasthan Mandapam, that is also around 4,000 Cr projects.

That tender I think we're going to call by March. Lot of works in pipeline.

Definitely next year onwards, our main focus is to convert the order book to execution. That is our priority.

That we are working, and it is going to happen at the earliest.

Happy to hear that, sir. Because of COVID, this company has got a huge pendency in execution, but after your appointment, we have seen a sustainable and very exponential growth in the order book execution.

Hope NBCC team does it, make it possible. Thank you very much.

Thank you. Thank you.

Hi, sir. I had a question that what will be the size of the Maharashtra port order?

Maharashtra Port Trust? Mumbai Port Trust?

Mumbai Port Trust.

We are going to start the work. Next year onwards, it will be converted, and it will be started.

Already we are doing master plan and all. It will be big order.

Currently, that CGO complex, that only first we are taking on priority because Mumbai Port Trust is having almost 300 acre land. We're going to start CGO complex, so that is worth around 10,000 Cr value for infrastructure and development.

If you start construction, it will be big value. Currently yet to assess the exact value.

We are preparing master plan and all. It is a big order, I can say.

Sir. One more question that Yeah.

HUDCO had recently signed an MoU with Chhattisgarh government to provide financial assistance of 1 lakh 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. After successful story of Rajasthan Mandapam and J&K, now we are talking with various other state governments.

One of them, Chhattisgarh and Jharkhand. Jharkhand at the earliest, we're going to sign an MoU.

Chhattisgarh discussion is going on. Definitely, I think even Andhra Pradesh also, some discussion is going on.

This redevelopment model of Delhi, Nauroji Nagar, Kidwai Nagar, and 7 GPRA World Trade Centre, 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.

Afterwards, in terms of area they're going to get four times X. Suppose X times of area, they're going to get four times as it, and in terms of number, minimum two times and without incurring any money.

Maintenance will be free. Up to 30 years, we will do maintenance.

This is the one of the best project redevelopment better than PPP model, because in PPP mode private

Can you, sir, summarize the 25-26 so in 1,000 bottom line?

[unclear] conservatively.

It is better than PPP model because in PPP model, private people want some profit margin of 30%, 40%. In this case, that whatever profit, that will go to directly the concerned owner or, in this case, state government or central government, whoever may be.

We are charging our PMC fees. This model we are briefing to all the state government.

I think hopefully, because they have very good land parcels in the heart of the city and or even townships. We are trying to expand this business to even PSUs also.

Public sector undertaking also having huge land parcel. Hopefully, it will come out in the next coming years.

Sir. One last question.

Government in the budget had recently said that they will monetize certain land such as MTNL, BSNL building through REITs. Is it not negative for NBCC?

No, no, no, no. We are also doing, of course, we have lot of work order and a lot of opportunity we have.

There is no issue for us. We have good order books.

Already we have secured, we have to convert. That also we are doing.

Apart from that, we are getting new business also.

Okay. Thank you.

Thanks.

Thank you for the opportunity, sir. While most of the questions are answered, I just need a few numbers.

Out of this total about 12,700 crores of consolidated order book that we have, what would be a rough split between the PMC and the redevelopment? Out of this, how much of the projects in value terms work is ongoing?

In terms of our PMC, 40%, around 45,000 crores, and 60% redevelopment means 67,000 crores. Consolidated order book is 1,26,000.

Okay. Out of this, how much of the work is still ongoing, currently the works are ongoing?

Currently ongoing is around for NBCC, standalone, 26,000 crore, HSCL 2,300 crore, HSCC 2,072 crores, and NSL around 250 crore. Total 30,500 is ongoing.

Okay. Sir, in terms of profitability, you said about 700 to 800 crores of PAT for this year.

What kind of revenues are we targeting now, and EBITDA margins for this year and the next year?

Turnover will be around 14,000 Cr, as earlier we have committed. EBITDA will be 5% to 6%, and PAT will be 6% to 7%.

Okay. In terms of order inflows as well, we've already got about 13,400 crores.

How much more do we expect in fourth quarter?

We are expecting one big order, not one, one or two. Definitely around 3,400 crores we're going to get in this month only.

Last time only we are committed minimum around 20,000 Cr during this year. Minimum.

We may we may get more also. If you get redevelopment of Delhi projects, it will be around 30, 40,000 Cr.

Otherwise, it will come next year, next year. If not this year, next year definitely it will come to our kitty.

Okay. Got it.

Then next year again we are targeting a similar kind of order inflows, 20,000 crores?

More, more. Definitely next year more.

Got it, sir. Now in terms of our 7 GPRA societies, 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 two years, within two years we're going to try to complete this entire 7 GPRA, because we have awarded all the packages. 7 GPRA, Sarojini Nagar, Netaji Nagar, recently we have awarded during the month of February.

The completion period is two years. Within two years, this 7 GPRA will going to wind up.

Okay. Now pending order book would be how much?

Around 4,000 Cr in Sarojini Nagar, 1,400, 1,600 in Netaji Nagar.

Okay.

All together.

Right, sir. Even same numbers can you give for Amrapali as well, out of the total units, how much have we 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 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 June.

June '26, we are going to complete the entire phase one of Amrapali. Phase two, almost 5,800 unit we have sold.

Around 4,000 units yet to be sorry, 2,400 unit unsold. That we are doing auction for bulk sale, in the process of bulk sale.

Okay.

Hello? Yeah.

Am I audible?

Yes, yes, sir. You are audible.

Sir, finally in terms of our own real estate that we have, what was that we've sold in the nine months and the pre-sales target for the full year?

Nine months, we have recognized revenue of approximately 56 53.6 crore. For quarter, we have recognized revenue of 26 crore.

It consists of two dimensions. One is the outright sale of the built-up area and approx ₹14 crore of rupees rent also, because we have started our revenue stream from rental also and is being depicted under real estate.

Okay. Any targets for full year?

Our target that rental will be in the same vicinity, approximately 50 to 52 crore rental. We talk about that Kochi, ₹86 crore of rupees are appearing in our balance sheet.

We are planning to dispose it off maybe in this quarter. If you take all together, my revenue for the whole year may be in the vicinity of 100 close to ₹40 crore.

₹140 crore. Okay.

Sure, sir. Lastly, sir, you just mentioned about having a project in Dubai, you've just bought a small land parcel.

Any color you can give what was the size, the location, and what kind of GDV are we expecting from there, and when do we expect to launch the project?

The location of the plot is Dubai International City. That plot is having approximately 14,760 square feet area, and a GFA will be around 52,000 square feet.

We are planning to launch it shortly, maybe another next month itself.

Got it, sir.

I am talking about the Dubai project. I was telling that a land built-up area will be around 52,000 square feet, and we are expected to launch it shortly, maybe in that

I was talking about the Dubai project. Yeah.

Dubai, we are expecting to launch it shortly, maybe in the March itself, because we have already got the developer license. We're expecting a top line of approximately 155 Cr from that project, and we're expecting a timeline of two years.

Okay. Sure.

Hello?

Got it, sir. 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 900 and 39 Cr.

I'm talking about

Hello?

I guess earlier the number was somewhere around 5,000 crores in the last quarter, so that comparable number can you give for December?

5,000 what you are talking about the total cash on our balance sheet that includes the cash of the clients, because we do a lot of work on behalf of clients. I am talking about our own cash.

Our own cash is in the vicinity of 939 in consol basis, and on the standalone basis, it is 244 Cr.

The balance sheet cash, can you give that number as well?

Our balance sheet cash is approximately you add 1,900 into 244. That's 2,175, you can say.

2,175 is the total cash bank balance, which includes the balance from the clients also.

Okay. Got it, sir.

That's it from my side. Thank you.

Sir, congratulations for your good numbers, sir. I just wanted to understand from a larger point.

Today India has a lot of assets with various government agencies, be it the BSNL building, MTNL building. Against this budget, the government has said that they want to monetize a lot of it.

How much of it could come to NBCC, and what are our plans?

We already sign MoU with BSNL, MTNL in redevelopment of only two land parcels. Similarly, we are talking with DDA.

Many PSUs also we are talking, example BHEL, SAIL. I think next year onwards that which will also come to our kitty.

Discussion is going on. Because it is a win-win situation.

Even the PSU, state government, because state government also gets some revenue on this. We are discussing.

I think next year onwards it will come to us. Hopefully we're going to get good number of work on this.

Sir, how it is done like there is another government body called CPWD. How does the government decide which orders to give to CPWD and which to give to NBCC?

No, no, it is actually not CPWD, I'm talking about CPWD. We are getting redevelopment of Delhi projects, we got three land parcels that is Sarojini Nagar, Netaji Nagar, Nauroji Nagar.

They got Srinivas Puri, Kasturba Nagar, Tyagraj Nagar, and one more Mohammadpur. Similarly, now we are going to develop another five colonies.

One is DIZ, Ayurvigyan, Lodhi Colony, and all. Some will go to CPWD, and some will get to NBCC.

Majority of order will come to our kitty. Thank you.

Thank you, sir.

Thanks for the opportunity again. I have a question regarding this Delhi redevelopment project.

You are saying that if it comes, then it could be 30 to 40,000 crore of order book. Let's say even if it doesn't come this year, but let's say it 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 preparatory work and all. Survey is going on, and so we are in the process.

6 months to 8 months we can start the project, and the project duration will be 3 to 4 years.

Okay, 6 to 8 months. If it comes let's say by Q1, then FY2028 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 MTNL, BPCL, ONGC. We are discussing.

I think next year it will going to mature.

Fine. That's it from my side.

Thank you.

Thank you very much again. Sir, financial year '28 bottom line, you are predicting 2,000 crore, while in my earlier question, you told Ghitorni and Gurugram 37D, this does 4,000 to 5,000 crore net profit.

Why the difference is a big figure? Because in 27-28, we will finish Netaji Nagar 4,000 crore, 1,500 crore Sarojini Nagar, 10,000 crore Mumbai Port Trust will start, Rajasthan Mandapam we will start, J&K we will start.

What is your prediction exactly? Exactly or realistic for financial year '28 top line and bottom?

One thing I'll tell you. In PMC projects, we're going to get our top line as well as bottom line immediately.

Whereas real estate projects, my turnover and my bottom line will come after possession of the property. There we are giving conservative figure.

It may increase, but I'm not saying only 2,000, which I'm conservative figure 2,000 I'm saying. Once our Ghitorni and as well as that 37D possession is over, then this figure will be something else.

Almost it will be twice of this number. Anyhow, in '28, not in '28.

'29, definitely this figure will be almost double. Because the Ghitorni property, whenever you'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.

Figures are still I'm confident we are going to achieve. Only thing, when you're going to hand over the possession, because we have to give lack of approval, and construction, and sale, everything is

Very well said and understand. This Ghitorni and Gurugram 37D, along with this Netaji Nagar, Sarojini Nagar, Rajasthan Mandapam, J&K, Mumbai Port Trust, either we receive in financial year '28 or financial year '29, is it correct?

'28, this Rajasthan Mandapam definitely it will come. Sarojini Nagar will come, Netaji Nagar will come.

I'm talking about only my real estate project, that is Ghitorni and 37D. That 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 cash will come next. Cash continuously it will come.

Cash will come immediately as and when the sale starts, it will come. On turnover part as well as bottom line only we are doubtful.

That's all. That I'll assure you in the next concall.

Next year I can confirm you when we are going to get exact figure.

Okay. I'm taking that's all, okay?

Okay. Thank you.

Thank you.

Thank you.

Hi, sir. Just a follow-up.

Sir, if I recall correctly, this Bombay Port Trust, you mentioned that we are doing work of about 10,500 crores. Now has this been included in the order book, because you sent out a press release to the exchanges in November saying that you just signed MoU with Bombay Port Trust.

Sir, is this 10,500 crore a part of the order book today, firstly? Sir, my

No, no, it is not included in our order book. That has to be.

Only MoU is signed. The value we are ascertaining.

Value is ascertaining. Once value will be ascertained, then we'll announce to you.

Far we have not included that.

Okay. Sir, just to understand correctly, this 1,26,000 crore does not include 10,500 crore of Bombay Port Trust.

If you include it, then it becomes 1,37,000.

Yes, yes. Definitely.

Okay. Okay.

Sir, secondly, my question is on this Nagpur, we also announced our project in Nagpur. In fact, even our financing arm HUDCO, even they announced something, and they announced something of nearly 13, 14,000 crore, okay?

If I recall correctly, ours is very small, about 3, 4,000. If I look at the press release, it is a huge project because it is spread over 1,000 acres or 1,400 acres.

Sir, if you can just talk a little bit about this Nagpur project as well, how big is the opportunity and how exactly this will be developed over what course of time, because the press release clearly says it's a very, very big project for us. If you can just talk a bit about it, sir?

Nagpur, New Nagpur, I can say in Navin Nagpur. They will going to do on Samruddhi Expressway.

Nagpur-Bombay Samruddhi Expressway, they're going to acquire 1,750 acre land, out of which, 1,000 acre first they are going to redevelop in three phases, phase one, phase two, phase three. For acquisition of land, HUDCO is giving full amount, whereas we have considered business for only phase one, around 3,500 Cr.

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 the acquisition of land will be very difficult.

They are acquiring land, but the construction will be start in three phases: phase one, phase two, phase three for 1,000 acre, and another 750 acre they are keeping for future expansion. Sumit, got it?

You got it?

Yes, I got it, sir. This 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. Sir, if you can just help understand, how big could be the size of this project as well, because it seems to be a very big project, right?

Yes. What rather we are thinking, it is just like GIFT City.

We are going to do first of all infrastructure development that cost about 10,000 Cr, infrastructure only. Suppose if you start the construction of this project, it will be multiples of thousands.

You can say in terms of lakhs, it may be lakh. Currently we are doing only phase one work, that is a small amount.

It is just like GIFT City, I can say.

Okay.

It will come sequentially to our kitty. Presently, we are focusing only this phase one.

Got it, sir. Great, sir.

Anyway, your informative highlight has been very, very helpful. I'm sure, sir, you will take this company to fantastic heights.

Good luck, sir. God bless you, and wish you and your team all the very best for the future, sir.

Thank you for the trust and reliable on us. Thank you.

Thank you.

Sir, thanks for taking the question. Sir, you said roughly 12,000 crore of project that you are looking to award in the present financial year on a consol basis.

What is the standalone number? What are the targets for FY2027 on consol and standalone basis in terms of project awarding?

Tender awarding? You are asking about tender awarding?

Tender awarding, yeah, tender awarding.

Yeah. Around 8,600 to 9,000 Cr during this.

During this year, okay.

Standalone, yes.

For next year, what would be the number?

Next year, I think minimum 20,000 Cr we're going to award, because Supertech, Rajasthan Mandapam, even J&K, lot many projects are there. It will be more than 20,000 Cr we're going to award next year.

New packages of redevelopment.

Sir, you said roughly 40,000 crore plus 10,000 crore, total 50,000 crore project will be in the construction phase in next financial year in addition to the current execution phase.

Underlying ongoing projects, yeah.

Okay. Sir, in terms of execution, if we look at Q3, we have seen a little bit of slow down.

What are the key reasons behind that, and how do you see Q4 in terms of execution?

Q4 standalone?

Sir. On standalone, how you

Around 4,000 Cr, 3,000 Cr in standalone, we're going to achieve another 4,000 to 4,500 Cr in the fourth quarter.

Okay. What has impacted in this Q3?

What is that? Pardon?

What has impacted the execution, yeah, construction?

See, due to GRAP, I told you, no? The Delhi government this year, due to the pollution and all, they banned the construction of 7 GPRA and as well as even for Amrapali project and some more projects, Delhi University we are doing, IIT we are doing, AIIMS we are doing.

Lot of works we are doing in Delhi NCR. Due to pollution, the GRAP has been imposed for the two months, November, December, even some part of January also.

This time, it was very stringent. They stopped the construction, that's why we could not achieve the much more turnover in quarter three.

Next quarter it is good working season, we can do, that's why we can achieve our target also.

Sir. Thank you, sir.

Thanks. That was

Thank you so much.

Hello? Thank you for giving the opportunity, sir.

My question is, what will be the source of funds 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?

Top line will be around 10,000 Cr. The bottom line will be around 800 to 900 Cr, we may get the profit.

The completion period is 12 to 36 months, because few projects is verge of completion, so that project we can complete within 12 months. Dream projects, we need at least 36 months.

That's why we have given the even Supreme Court also the affidavit. We're going to complete in three phases, starting with one year, some projects which we can complete within one year, some projects two years, and green building projects three years.

Sir, source of funds?

Funds actually sale of unsold inventory. Around 10,000 unsold inventories are available.

We're going to sell. Initially some seed money is required, the ARC is going to take a loan from the bank.

It is in the process of getting loans from bank.

Sir. Thank you.

Thank you, ma'am.

Hello?

Hello, ha.

Hello, sir. Sir, for this financial year, what PAT you are expecting and 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 to 800 Cr.

Okay, 700 to 800 crore, okay. Sir, and one more thing.

When for the next financial year, we are seeing that that the Delhi air pollution control has been continuously impacting the revenues and profitability of NBCC in the third quarter. What steps are you taking so that in in the future, it doesn't impact the revenue and the profitability much in that quarter?

Because the third and fourth quarter are the 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 and second quarter?

Is it possible, or any other measures if you are taking, please enlighten us on that?

Definitely, we recently awarded around 3,000 to 4,000 Cr work. That will going to start immediately.

Our main idea is first, second quarter we'll push as many as turnover. Of course, we are taking all the precautions.

To mitigate the pollution, water sprinkler, everything we are doing. Unfortunately, this time, it was very stringent.

Lack of rain also. Delhi government also tried to put some artificial rain, but it's failed.

Let us see. Next year, I think even one or two rains can reduce our pollution and all.

Let us see.

Sir. I hope the management thinks on this.

One more thing, we are changing the technology also. We are using Mivan shuttering where dust is minimum.

Precast technology also we are using. Hopefully, we are changing the technology, and so there may be artificial rain also.

Otherwise, we are in fact searching for R&D also, how to get rid of this pollution. Let us see.

Sir. Happy to know that.

All the best to you and your team.

Thank you, sir. All the best to you and your team.

Thank you very much. Thanks.

Hello? Hello?

Hello? Hello?

Hello? Hello?

Hello? Hello, Mr.

Tanmay? Hello?

Just summarize the key points for this quarter. We have awarded 8,600 Cr till date and 4,000 tenders in pipeline for awarding in upcoming quarters on consolidated level.

Ghitorni project, resolution of the project enables NBCC to develop high potential revenue, real estate projects nearly 8,500 crore top line and 5,000 Cr in bottom line. We know that Supertech project is challenging one.

However, our experience and expertise in Amrapali projects will give us confidence and motivation to complete this project on time and delivery this housing unit to home buyers, for which they are waiting many years. Rajasthan Mandapam, after successful 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. J&K projects, the issue with the project is near complete resolution.

Soon we'll 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 due course. Thank you.

Hello?

Thank you, ma'am. Thank you very much.