Thank you, Steve. On behalf of JM Financial, I welcome everybody to Q3 FY26 earnings conference call of NCC Limited.

We have from the management Shri R.S. Raju, Director of Projects, Shri Sanjay Pusarla, Executive Vice President, Finance & Accounts, and Shri Neerad Sharma, Head, Strategy and Investor Relations.

Now I hand over the call to the management for their opening remarks, followed by Q&A session. Over to you, sir.

Good morning, everyone, and thank you for joining us today. This is Neerad, and I welcome you to our earnings call for the third quarter of FY26.

Thank you for your continued engagement and confidence in NCC. Joining me on the call are my colleagues R S Raju, Director, Projects, and Mr.

Sanjay Pusarla, our CFO. We announced our unaudited financial results for Q3 FY26 yesterday, and the results along with the investor presentation have been uploaded on our website and shared with the stock exchanges.

We believe you have had an opportunity to review the same. Before we proceed, I would like to draw your attention to the brief disclaimer.

Certain statements are made during today's call may be forward-looking in nature and are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied.

I encourage you to read a detailed statement on page two of the investors presentation. We have witnessed headwinds in the third quarter on the execution and profitability parameters, combined with a healthy traction on the order inflow side, strengthening our medium-term visibility.

As of 31st December 2025, NCC's consolidated order book stood at Rs. 79,571 crore, supported by fresh order inflows of Rs.

12,430 crore during Q3 FY26. Importantly, the order book remains well diversified across segments and geographies, providing a strong foundation for execution-led recovery as operating conditions normalize.

During the quarter, the company reported a consolidated revenue of Rs. 4,900 crore compared to Rs.

5,383 crore in the corresponding quarter of the previous year. Despite moderation in revenue, profitability remained resilient, with EBITDA margin approximately at 9%, remaining consistent with the company's margin profile during periods of strong execution, supported by our operational discipline and cost rationalization.

On a nine-month basis, cumulative revenue for nine months FY26 stood at Rs. 14,693 crore, while cumulative order inflows during the same period amounted to Rs.

22,311 crore, underscoring continued confidence from clients and sustained bidding momentum. If we take into account the orders bagged in month of January, the total order inflow stands at Rs.

24,768 crore. From a segmental perspective, the order book continues to be well diversified, with buildings accounting for approximately 31%, transportation 22%, electrical T&D 18%, mining 13%, water and railways 10%, and irrigation and others 7%.

This diversification provides resilience despite short-term volatility in individual segments. With this, I now hand over to my colleague Mr.

Sanjay Pusarla to take you through the detailed financial performance for the last quarter. Over to you.

Good morning, ladies and gentlemen. This is Sanjay Pusarla, CFO from NCC Limited.

I'm pleased to announce the financial results for the period ending 31st December 2025, that is Q3 of FY26. My announcement will cover the order book, revenue, profitability, debt movement, and some of the important balance sheet items.

Starting with order book, our order book stands at Rs. 79,571 crores as at the end of December 31st, 2025.

As you're aware, the order book at the beginning of the year stood at Rs. 71,568 crores, and orders received during Q3 FY26 is Rs.

12,430 crores. The order book at the end of December stands at Rs.

79,571, which contains standalone Rs. 72,748 crores and Rs.

6,823 crores of the subsidiaries. Coming to the revenue, the standalone revenue reported in Q3 FY26 is Rs.

4,082 crores as against a turnover of Rs. 4,720 crores in the corresponding period of the previous year, which is down by 12.2%.

At consolidated level, the turnover reported in Q3 is Rs. 4,900 crores as against turnover of Rs.

5,383 crores in the corresponding quarter of the previous year, which is down by 9%. Coming to the profitability, at standalone level, we achieved EBITDA of 8.1%, which is Rs.

327.31 crores for Q3 as against 8.76%, which is Rs. 409.39 crores of the corresponding quarter of the previous year, which is less by 20%.

PBT we achieved at 3.47% before exceptional items and PAT achieved 2.01% in the current quarter, that is Q3 FY26, as against PBT of 5.18% and PAT of 3.93% reported in Q3 FY25. The profitability at the consolidated level, we achieved EBITDA of 8.96%, which is Rs.

436.24 crores, and PBT of 4.4%, which is Rs. 213.43 crores before exceptional items, and PAT of 2.5%, which is Rs.

122.46 crores in the current quarter, that is ending 31st December 2025, as against the EBITDA of 8.25%, PBT of 5.02%, and PAT of 3.59% reported in the corresponding quarter of the previous year. Coming to the debt movement, the debt at the beginning of the quarter stood at Rs.

2,115 crores, and net debt after cash and cash equivalent is Rs. 1,890 crores.

At the end of Q3 FY26, it stood at Rs. 2,980 crores and net debt Rs.

2,830 crores, and at the end of Q3 FY25, the same is at Rs. 2,415 crores and net debt of Rs.

2,344 crores. There is an increase in debt by Rs.

865 crores in Q3 FY26. The debt-equity ratio stands at 0.40 at the end of Q3 FY26 as against 0.29 at the end of Q2 FY25 and 0.21 at the end of March '25.

Coming to the working capital, excluding cash and margin money deposits, at the end of Q3 FY26, it stands at Rs. 6,036 crores, which is 37% of the turnover, and in terms of working capital days, it is 119 days.

The debtors outstanding at the end of Q3 has increased from Rs. 3,277 crores to Rs.

3,505 crores, and the number of days also increased from 78 days to 87 days in the current quarter, and 74 days for corresponding quarter of the previous year. The unbilled revenue, it stands at Rs.

7,129 crores, which is 44% of the turnover for Q3 FY26, as against Rs. 6,663 crores, that is 41% of the revenue at Q2 FY26.

Retention money stands at Rs. 2,099 crores, which is 8% for Q3 FY26, as against Rs.

1,993 crores, which is 7% at the end of Q2 FY26. Coming to the mobilization advances, mobilization advances stood at Rs.

3,162 crores as on 31st December 2025, as against Rs. 2,961 crores as on September 30th, 2025, indicating a net increase by Rs.

201 crores. Of these mobilization advances, 67% are interest-bearing, and the average interest rate comes to 9.1%.

Interest-bearing advances increased from 63% to 67% in the current quarter, Q3 FY26. Cash and cash equivalents, it is Rs.

150 crores as on 31st December 2025, and Rs. 224 crores as on 30th September 2025.

Margin money deposits, Rs. 671 crores as at 31st December '25, and similar, same level, at 30th September 2025.

Coming to the capex, we have incurred a capex of Rs. 96 crores in the current quarter and Rs.

265 crores in the nine months period in FY26, as against the budgeted capex of Rs. 1,050 crores for regular projects.

It was revised to Rs. 1,050 crores from Rs.

750 crores. We have a CWIP, that is a capex of incurred on TBM, kept under CWIP as the machine is yet to be put to use.

Coming to the investor-related ratios, EPS stands at Rs. 1.30 as at the end of Q3 FY26, as against Rs.

1.62 in Q3 '25. The inventories stands at Rs.

1,696 crores as at the end of December '25, and the investment in subsidiaries is stands at Rs. 896 crores as at the end of December '25.

The loans to group companies is Rs. 233 crores as at 31st December 2025.

The Vizag Urban status as at the end of December '25 is Rs. 391 crores.

I think I've covered most of the P&L items and the balance sheet items. With this, I conclude my announcement for the Q3 FY26.

Thank you so much.

Sir, hi. My first question is on the execution.

If you can help us understand, last call you had highlighted Rs. 28,000 crores of orders won in March have not moved into execution, and even JJM, I think Rs.

7,000 crores were under slow execution. If you can help us understand the movement of these orders into execution, and also if you can tie that up with your increase in debt of Rs.

1,000 crores, does it pertain to mobilization of these sites? Because that's a substantial jump without a commensurate increase in execution in this quarter.

Mr. Kandpal, good morning.

Good morning, Neerad

ji. I think the first part of your question was about these two specific projects, right?

Sir. Rs.

7,000 JJM and Rs. 28,000 of projects won in March quarter.

Yeah. JJM, as this information is already available in the public domain that payments have not been coming, though we are happy to report that we have started receiving payment slowly.

We have already received about [563, right? Around Rs.

560 crores for these?] Rs.

560 crores approximately we have already received, and we are hopeful that, looking at the very handsome provision that has been made in the FY27 budget, we believe that payment should start flowing in. As and when the payment starts flowing in, we will try to evaluate and try to see how to move forward.

This would depend on the payment release pattern of our clients. The second part of your question was about which project, Mr.

Kandpal?

Just quickly on JJM, sir. Rs.

1,700 crores was receivable last quarter, and six months execution was Rs. 1,082 crores.

If you can help us understand what is the receivables now after you have received this Rs. 500-odd crores, and what is execution in this quarter or for the nine months, anyone of those

numbers? Yeah.

This Rs. 1,700 crores whatever receivables we said in the last quarter, that includes my receivables, even retention money, and also the unbilled revenue also for the JJM projects in Uttar Pradesh.

Out of this, we have already received an amount of Rs. 560 crores in the current period, and we are expecting that we'll be getting some more money in the coming period.

The good news is that the Center has done a revised estimates. They have created Rs.

17,000 crores provision to be released in the next two months, that is before end of March. For the next year also, they provided a budget of Rs.

67,670 crores. We are expecting that the payments will start flowing in, and we have also started executing those projects which we have substantially completed and where the payments are coming in.

This momentum, I think it will be maintained for the next two months or three months. Then we'll be progressing well in the current quarter or the coming quarters on the JJM projects.

What is the outstanding now, sir?

Sorry?

What's the outstanding against the 1,700 quarter last quarter was 1,700? What is it now?

1,200.

About Rs. 1,200 crores

in

UP. Okay.

And Sorry?

1,700, Rs. 1,700 was for UP last quarter.

Now it has come down to 1,200?

Yes. Yes, please.

What was the execution in this quarter from the JJM?

Execution in the quarter is not much. In this quarter, we have done somewhere around One second.

I'll let you know. Rs.

82 crores we have done. Rs.

82 crores. Okay.

Yeah.

Understood. Sir, second question is on the projects which have not moved.

Is the entire order book of Rs. 72,000 now under execution?

Because last quarter, we had said that about Rs. 28,000 crores won in the Q4 is in initial stages of execution.

Now has the entire order book moved up? Will that result in substantial ramp-up in execution in Q4?

Does that also mean that you will give guidance for FY26 now?

FY guidance will be for '26 guidance is already

We have formally withdrawn that, there is no guidance as we speak for FY26.

As a second thing, you're talking about the projects which were in the mobilization stage earlier. All the projects which were in the mobilization stage, now they've got all the clearances.

Mobilizations are also completed, including those projects, large projects like tunnel project and coastal road project. There also, we have got all the clearances.

Even the equipment has also received. Probably this because with TBM we have to prepare the landing shaft, and the landing shaft is also now got cleared, and we are getting ready for that.

This quarter, definitely we'll see a lot of progress, and we expect that these projects will start executing and also give some kind of revenue from this quarter onwards.

Q4, sir, last year we have done Rs. 5,400.

Are we expecting any growth, or do you think that all this effort for moving the entire order book, will still not fructify in Q4, maybe from Q1? Are we looking at a number or some growth on last year number of March number of Rs.

5,400, Rs. 6,000-plus kind of turnover are we looking at in this fourth quarter?

Yeah. I wish to submit two things to you, Mr.

Kandpal. The first one is, as formally we have withdrawn the guidance for FY26, naturally the Q4 is a part of '26.

That said, we will make all the possible attempts to report whatever best that is possible for the current quarter, that is Q4.

No, sir, half of the quarter is gone, and still you don't have handle on the business and on the growth, on the guidance. I don't think what is going wrong despite having such a strong order book.

Why you are not getting confidence when you are getting payments from JJM? What is still holding you on to give your revised guidance?

Even if it is negative, it's fine. Directionally, it seems that you're not confident on the business is what signaling means.

Because in Q4 also now you're already half the quarter is gone and still we don't know what kind of revenues or directionally whether we will see a growth YoY. Just wanted some color on that.

I think what you need to understand, withdrawal of guidance is already given earlier. As far as third quarter is concerned, it is completed.

The fourth quarter is on the way. We're also expecting that because the Jal Jeevan Mission payments also flowing, and other projects also started execution where we were in the mobilization phase in the earlier period.

We definitely expect that this quarter will be good, but what number we will reach, how we will reach, we'll not be able to tell right now. Definitely it will be a good quarter.

Maybe compared to the previous period, we may reach to that number or near to that number. Yeah.

Understood, sir. Just lastly, sir, why has the debt gone up with Rs.

1,000 crores? What has happened?

What has led to that despite you receiving Rs. 550 crores from JJM and not much execution happening in JJM, still the debt has gone up significantly?

The money what we have received from JJM is in the month of January. It started receiving from 30th or 31st of December.

We received very less amount in quarter three, and whatever money we said, we have received only in January. That is one reason.

The other reason is on the

capex

also. In addition to the capex, we have got smart meter projects also.

We have also taken some loans on the smart meter projects. Those loan withdrawals also added to the debt movement.

Okay. Sure, sir.

I'll join back for more questions. Thank you.

Hi, sir. Thank you.

Sir, again trying to harp on what the Parikshit has said. Let's assume that what sir has just mentioned that we'll try to have a kind of a reach what we have achieved Rs.

5,300 crore in the fourth quarter of FY25. If we do that, then broadly and also if you can help us how much is L1 and how much more order is it likely there in this quarter.

Even if I remove that, broadly we should be a Rs. 67,000-Rs.

68,000 crore kind of a order book at the end of the March, assuming a zero inflow further in the next two months. In three months, three years if we assume our execution rate, that means in FY27 we should be doing closer to a kind of a Rs.

23,000, Rs. 22,000-Rs.

23,000 crore. That ultimately means FY25 then 10% growth which was our original guidance and then again a 10% growth.

Is that the understanding right? Though that means that FY27 because of the low base of FY26 we should be doing a 28% to 34% kind of a revenue growth.

Is my understanding in the right direction, or will there be a significant cut, maybe maximum we can look kind of a 15% kind of a growth in FY27?

Mr. Shah, firstly, it is a little premature to talk about FY27 guidance.

We have to first close. We have about 150, 60-odd projects.

We have to close each of the projects, evaluate what is the revenue, what is the profitability for each of these projects. Generally, we do this exercise in the month of April.

When we do our Q4 call, at that point of time, we should be able to work out some number and hopefully share with you. Give us some time.

As we speak, we don't have any number to share with you, and it doesn't make sense from our part to just hypothetically talk about any number without evaluating each of the projects that we have, how much revenue is possible. We will do a thorough exercise.

Give us some time, and then we will get back to you.

No, no. I understand.

I'm not even asking for the clear kind of a guidance. Directionally so that's what I tried to explain you.

Let's say Rs. 68,000 crore kind of a order book at the end of the March, three years execution.

That directionally that's the way one can look at, or there are projects where the execution timeline is maybe a five years plus and that's why we are not kind of a confident. Directionally, I wanted to understand.

Let's say simply put it together, whatever we have lost in FY26 in terms of the revenue, the 10% growth which we wanted to achieve, can we recoup in the FY27 with further more growth in FY27?

Let me answer that question a little differently, Shravan ji. There are two important one important variable that we many times miss is the ability of the clients to make timely payment.

If you do a thorough analysis, there are few signature projects that have given us very good profitability and revenue in the past. Those projects have not been making timely payment, you know that.

We have to always keep that in mind. The second factor is the ability of the clients to get the permissions, all the ROWs in place.

We have what is really takes to execute the projects. There is nothing that is missing from our side, but unless the payments are forthcoming on time, unless all the ROWs, every permission is in place, there is little that we could do, right?

As a person who has been tracking the sector for so long, you know this possibly better than us.

Yeah. No, but sir, if I just go by the numbers, for nine months also if I look at the degrowth actually is happening in the building space, which is our core.

There if I just look at the number, it is a 14% degrowth, and that's why the entire versus what we kind of a highlighted that it is because of the JJM, the payment issues that we have slowed down, but we are nowhere highlighting that it is the building which is actually dragging down and we withdraw the kind of a guidance. Are we also facing challenge in the buildings in terms of the payment, clearance, whatever you want to name it?

No, no. Some of the projects that we are doing in the JJM, building plays an important role in that, right?

Some of the impact that you are talking about is because of that factor also. When we talk about buildings, if you really see the slide number six, we have given all the kind of projects that we execute in our building segment.

I think it is possibly not correct to summarize that, but all the factors that we have been talking about in the past in last four, five quarters has really impacted the performance.

Okay. Got it.

Now, sir, in terms of

Yeah. Just wanted to check on the status of the Vizag receivable.

Is this better?

Yeah. Sir, just wanted to check on the status of the Vizag receivable.

You mentioned it was Rs. 391 crores at the end of Q3, which is the same as last quarter.

There was an expectation of a Rs. 120 crore receivable in FY26.

Is that still on track?

Yeah. There was some agreement that was made with them.

That money we will be getting in a month of in the current quarter, we will be getting that money. Yeah.

Okay. Sir, can you just throw some light on the nature of this receivable?

Was this for a sale of some real estate, or why is the timeline so long, especially when the market has been doing well?

Could you please repeat your question? Your voice is also not very clear, Mr.

Gupta.

Okay. I just wanted to understand what is the nature of this receivable.

Was this against some sale of real estate, and why is the timeline so long? Can you throw some light on the receivable, why it stands the way it is?

Your question is not clear to us, Mr. Gupta, if you could speak a bit louder or bring your speaker little closer.

Okay. I'll join back in queue.

I think I have a bad network, I'll join back.

Sure. Thank you.

Yes. Sir, what would be our outstanding order backlog in JJM?

Yeah. Yes, Mr.

Vaibhav.

What would be our outstanding order backlog in JJM, including all the states?

It is Rs. 7,000 crores, and reduced by somewhere around Rs.

80, 85 crores which we have done in Q3.

The receivables number total, including all the states?

Including all the states, including the water

I think it will be less than Rs. 7,000.

One

second.

UP was Rs. 1,200, and what about other states?

Including all the projects of JJM where we are executing not only in UP, in all other states also, considering the work what we have done yet to be billed and whatever receivables are there, if I take that, that comes to somewhere around Rs. 3,700 crores as at the end of December.

After that, we received about Rs. 560 crores, and we are expecting some more payments to come in this current quarter.

Sir, in non-UP states, we have around Rs. 2,000 crores outstanding as of now after even considering the Rs.

560 crore received in Jan?

There are two type of projects. One is the projects which are executed borewell and which are on the surface water.

Okay. Both the projects together we were talking about.

Both are under JJM?

Both are under JJM.

Okay. Sir, secondly, we will be maintaining our capex number of 1,050 for this year?

Definitely we will be maintaining the same number. We have got a project in the mining division where we need to invest somewhere around Rs.

300 to Rs. 350 crores, and TBM we have purchased, which is about Rs.

300 crores, and rest of the equipment is required for our regular operations. Sir, for next year,

number for '27 would be somewhere around Rs. 300-odd crores?

Difficult to say currently for the FY27. FY27

depends on the project we'll be getting it. Definitely it will be somewhere around Rs.

400 crores, Rs.

400 crores it will be. Mining, we don't require all the equipment at one time, we'll be requiring in phased manner.

Because when we talk about the FY27, we will share that exact number with you, but approximately it should be in the same range what we just talked about, Rs. 400 crores.

Rs. 400 crores.

Okay. Sir, I wanted two data points.

What would be our investment in subsidiaries and loans to subsidiaries? I missed those numbers.

The loans to group companies stands at Rs. 233 crores as at 31st December.

The investments is Rs. 896 crores as at 31st December '25.

Both of this number has come down significantly on a quarter-on-quarter basis. Both the numbers.

It has come down. I think you are aware that NCC-ICHL merger has been approved, and we have consolidated those numbers into our accounts now.

Okay. Sir, lastly, on the smart meter side, we were talking about tying up with a partner, any progress on that front?

What investments have we made till date in smart meters? Till date, we have made an investment of Rs.

377 crores in both of our SPVs,

smart meter projects.

What portion remains now?

About Rs. 150 crores, Rs.

120 crores I think is remaining now. Yeah.

Which will be done in FY27?

Obviously, it has to be done.

Okay. Thank you, sir.

Those were my questions.

Thank you.

Yeah. Good afternoon, sir.

Sir, can you highlight if this merger or

A bit louder, please.

Am I clear now?

Audible.

Yeah. Could you highlight if there is this merger that you talked about, whether that had any impact on the standalone debt levels that we have talked about?

There is no impact on the debt levels of the standalone because of the merger.

All right. The other thing is on the capex.

If I heard you right, in nine months we've spent only nine only Rs. 265 crores, is it?

Rs. 260 plus we have kept it in CWIP because the TBM equipment which has been imported and received at the project site, that is not commenced operations.

That's why that was kept in CWIP. Including that, it will be somewhere around Rs.

610 or Rs. 620 crores.

Okay. Basically if 1,050 is what you intend to spend for the year, give or take around Rs.

400 crores thereabouts is what you will be a cash outgo in the fourth quarter. Towards it'll

be It won't be a complete outgo because we'll be taking the equipment loans. Where only 10% will be the margin money, rest of the money will be funded by the institutions.

Sure. Basically from a balance sheet perspective, you'll be adding a certain amount of debt.

What I'm coming to my final It

will be an addition.

Right. From a March perspective, from a end of the year perspective, what's the kind of debt level that you'll be targeting given this expectation that there will be some improvement in the payments, etc.?

What's the debt level that you'll target for the end of the year given the capex and given the expected improvement in the receivables?

Today, we are not very sure about how much money that JJM projects will contribute. Okay.

Right now we have received about Rs. 550 crores, Rs.

560 crores, and we're expecting some more money. We do not know what is the quantum that is going to come in.

We expect that good money should come from there, and the debt level somewhere around Rs. 2,400 crores.

Around that level, it will be there.

Okay. This we are saying the net debt level or the gross debt level, just to clarify, sir?

The gross debt level.

Gross debt level of Rs. 2,400 crores.

Okay.

Yeah.

All right, sir. Thank you.

Thank you.

Good afternoon, sir. Thank you so much for the opportunities.

Sir, that smart metering SPV, I think we have already invested Rs. 300 crore.

I think another Rs. 280 crore it's planned.

I just want to understand what is the expected timeline for break-even and profit contribution from this SPV? How this profit share is split between NCC EPC and their SPV structure?

I think the structural part of it, I think it is not very feasible to discuss on this call, one. Second thing is that as far as investment is concerned, we have already done an investment of Rs.

375 crores, and about Rs. 120 crores further investment is required for the balance period of the project.

Yeah. Any more questions on this?

Yes, sir. Sir, second question, I think we also exploring private capital projects.

I just want to understand what is the targeted scale and margin profile in this segment, and how it will complement our existing NCC urban pipeline?

Could you please repeat your question?

Sir, actually we are exploring private capital projects also. I just want to understand what is the targeted scale and margin profile in those segments, and how it will complement our existing NCC urban pipeline?

We want to understand what is that private capital project.

We always try and work with the private sector. Private sector, there are projects that we are doing.

There are projects that we have done in the past.

Right.

Yes, sir. I'm trying to understand what kind of scale we are targeting, what kind of projects, scale in terms of numbers.

Whether we are targeting Rs. 500 crore, Rs.

1,000 crore, or up to Rs. 5,000 crore, I'm trying to understand those aspects.

You mean to say that in the private sector, you are saying that? Because we have been on government sector, and the private sector, we started doing some projects which almost contributes about 4% to 5% of the total order book.

Regarding the targeting a project, we don't really have a value that we will only target X or Y crore or Rs. 1,000 crore projects.

We try to holistically look at the projects. What is the nature of the project?

Value is also important, but that is not the only driver. What kind of project is this?

What is the complexity? Who's the client who's developing the project?

What is the funding in place? What kind of skills are required to So we try to look at the project holistically, we are not driven only by a particular value.

Hi. Good afternoon, sir.

Thanks for taking my question. As Neeraj ji obviously highlighted that quantum of execution that you can do depends on two things.

One is what is the ROW that your client has provided to you, and second, what is the payment that they can make. Only then can we successfully execute the project.

Two related questions from my side. Of this 80-odd thousand crore order book that we have, what is the quantum of projects where work has not started because the client has not provided you with ROW or because of whatever approval-related reasons?

The second is, you did talk about JJM, but apart from JJM, which are the other sectors and projects which are facing payment issues? Thank you.

Two things, sir.

One is, as far as the payment issue is concerned, little delays will be there in the case of government projects. You are aware of that.

More delay happened only in the JJM projects. Other than JJM projects, we have not seen much of delay.

We are getting the payments on regular basis, and we are able to deploy the funds again into their projects. Coming to the other question on the projects which are there at the moment, all the projects which are there at the moment, we have got all the clearances.

In the past when we were talking about, we were talking about Malad project, we were talking about JMLR project, where we are yet to get the clearances and there were delays in starting the project. Today, we are sitting in January '26, and we feel that all the projects which are there on the order book, we do not have any such kind of issues.

The projects have been going on now.

Mr. Qazi, if I add my two cents to you, I think my colleague Mr.

Pusarla already highlighted that the most of the projects are already in the active stage. In a public forum like this, it is not appropriate for us really to call out a client's name that he is not giving approval.

This is not the right platform. If you have any specific questions, we can always connect offline.

There are contractual issues related to confidentiality. We cannot just call a client's name out, right?

Right.

I anyway wanted detail about segments, but yeah, we'll connect offline. Not an issue.

Okay.

Yeah. Hi.

I just have one question. Given the high commodity prices, could you give us a sense of how much of your contracts are fixed-price, how much are variable price, and what can be the impact because of the commodity prices?

79% of our contracts have got escalation clauses, any escalation that happens that will get compensated because of the escalation clauses available in the contracts.

In terms of value.

All right, sir. That's all from my side.

Thanks.

Thank you.

Yeah. Sir, can you help us with the bid pipeline across segments, and are we currently L1 in any projects?

The L1 value would be approximately Rs. 2,000 crore.

Okay. What would be our bid pipeline if we can quantify across segments?

Generally, at the start of the financial year, we talk about a bid pipeline. We have already shared that number in the call.

It was a little more than Rs. 2 lakh crore for the whole year.

Hello. Good afternoon, sir.

Thank you so much for taking my question. Sir, just wanted to know I know we're not giving any guidance per se, Hello.

Can you hear me, sir? Hello?

Yeah. We can hear you.

Please go ahead.

Yeah. Just wanted to know, when the start of the year we were estimating around 10% growth happening, but even if we match Q4's last year's Q4 number, we might have a slight degrowth happening, right, around 5% to 7%.

We've kind of missed our target by 15%. I understand JJM issues were there.

Can you quantify what was our expected revenue that we expected from JJM? Is there any other segment that has also underperformed if you can call out on that?

I don't want any client's name or anything, maybe just a segment overall where maybe we faced a challenge. For FY27 also, will that challenge persist?

My question is just coming from the perspective we understand, it's a cycle that happens, right? FY26 had some troubles, but will that continue in FY27?

That's where I'm just coming from. Just wanted to know is there any other segment, because I think JJM was not that big part of our book where we could kind of miss it by around 15%.

That's it from my side.

Just to give an overview, JJM projects, we said that the Rs. 7,000 crores is the order book that is pending.

We have expected that we will be executing somewhere around between Rs. 4,000 to Rs.

5,000 crores in the current year, because the projects were going very fast. We expect that same momentum will be maintained.

Unfortunately, because of other matters, the projects like delay in the payments, the projects could not be executed. That is the main reason where we could not even achieve the number what we have promised, and also led to withdrawal of the guidance.

That is one.

Okay.

Any other point? Please.

Yeah.

Hello?

Yeah.

Just wanted to ask, in terms of FY27, if I completely remove JJM, if it happens, it happens, right? With that, we're looking at normal business, right?

Yes.

Yeah. Okay.

Yeah. Thank you so much.

Okay.

Yeah. Thank you for taking my question, and happy to hear that payments are being released now.

Sir, I have only one question regarding unbilled revenue that has increased from Rs. 6,600 crore in H1 to upwards of Rs.

7,500 crore now. Now that the payments are being released, do you expect that the flow from unbilled revenue from balance sheet to income statement will improve from Q4 onwards, thereby adding to your revenue growth?

Yes, you are spot on the question. Actually, the unbilled revenue will come down, because whatever money we are getting from JJM, it will lead to conversion of my unbilled revenue into billing again.

Earlier, the JJM projects, the billing was not done because of the certification, and the client also did not certify because the payments are not being made. Now the payments are forthcoming, and we expect that this unbilled revenue will get converted into billing and into the realization.

There'll be definitely some traction on this, and we can see an improvement in the Q4.

This will not only contribute to revenue, but also help your working capital cycle improve, right?

Yes, please. You're right.

Perfect. Thank you so much, sir.

All the best.

Thank you.

Yes, sir. Just getting one clarification on our previous statement.

You said that you were expecting an execution of Rs. 4,000 to Rs.

5,000 crore in FY26 under JJM. Just wanted to check till now what has been the actual execution for nine months and if you can give the figure for January as well, that will be great.

It was Rs. 1,500 crores for all the projects, both the projects together, like surface water and the borewell projects, yeah, together.

About Rs. 1,300 to Rs.

1,500, between that. Yeah.

Okay. This is for nine-month period or it is till January?

Nine-month period, please.

Nine-month period. Okay.

Great, sir. Thanks a lot.

Thank you.

Thank you.

Yeah. Namaskar, sir.

Yeah.

Namaskar, sir. Am I audible?

Haan, Saket ji, namaskar. Namaskar, sir.

Sir, firstly, if you would give us some color on the pace of execution for the previous month, as that we have received money for this month of February. Was our pace of execution on the pending orders where mobilization was good has taken pace or any color you can give on the same?

Saket ji, the payment had just come last month in month of January. That is also a very small amount, and we are doing lot of projects.

We have already talked about the total project that we are doing in state of UP. Depending how in the next two months payments are received, and then we will evaluate the conditions of all these sites and accordingly decide, right?

No, sir. Sir, I was looking at the NCC as an entity, how have we performed on execution for the month of January?

How has been the pace of execution? Yeah.

Have we gathered momentum or

We gathered momentum in the month of January. There is no doubt in that, because the money flow is coming in, and we gathered momentum may not be on the same JJM projects, but other projects also they have started picking up now.

Yeah. Hi.

Thanks for taking my question. Just one question from my side.

I just want to know if there are any slow-moving projects like Ken-Betwa or optical fiber projects, how are they progressing?

Both the projects are progressing well. In the case of Ken-Betwa, we have already completed all the infrastructure facilities, and now this is the season we are starting now for the work.

Because of the rains and other things, we could not do before, but during that period, we have done complete mobilization. Now we have started working.

It's a good season maybe coming months. As far as the BharatNet is concerned, we have been working on that and we are making a good progress.

Compared to the peers in industry, I think we are much ahead of the other people in terms of execution.

Sure. Thank you so much.

That's all from my side.

Yeah. Sir, trade payable as on December, what was the number?

In terms of the EBITDA margin, this 8.1% at standalone for nine months, how one can look at that number?

EBITDA we have already explained to you before.

8.1% standalone, 9% console.

Yeah. No.

I know the number. What I'm saying is what's the possibility that this number can go up to 9%?

Today, we will not be able to comment on that. Definitely we see that there will be a good growth in the quarter four.

Trade payable number as on December, sir?

As on December is Rs. 6,214.

Including the retention money. Including the retention money.

Okay. The cash and cash equivalent which was the number reported in balance sheet as on September which was 600 Rs.

66-odd crore. That similar number would be as on December would be how much?

Can you repeat, please?

Cash and cash equivalent which is part of current asset as per the September balance sheet, it was around Rs. 667 crore.

Similar number as on December would be how much?

As on September '25, the cash and cash equivalents and the margin money deposits together is Rs. 900 crores.

Okay. At the end of December '25, it is Rs.

820 crores. There is a reduction by Rs.

80 crores compared to September '25.

Hi, sir. I hope I'm audible.

Mr. Sahu.

You are audible. Sure.

Thank you so much for the opportunity. I wanted to understand on the standalone level the 72,000 Rs.

73,000 crore order book that we have, if you could provide bifurcation of the order book, that would be helpful.

It's already there. If you really see our investor presentation uploaded on our website, in the slide number eight, all the details are given.

That would be for the consolidated one or is it for the standalone one?

Consolidated one.

At the standalone level, do we have any bifurcation of the order book?

Standalone level, it is Rs. 72,748 crores.

Right. The bifurcation of that number?

If you see the order book what is given on the investors presentation, if you remove the mining, which is a major part of the subsidiaries, you will get to know other things.

Understood, sir.

Out of Rs. 1,200 crore outstanding in JJM, is Rs.

1,000 crore is expected next one or two months? I missed that point actually.

We expect to receive good money, but we do not know what is the quantum.

About Rs. 500 Rs.

500 crore we already received, but it will really depend on the client to what extent they are able to release the payment.

Sir. Thank you.

One data point. What would be our electricals order book at standalone and console level?

Electrical you are asking?

Yeah.

Electrical on the console, it is 18% of 79,571.

On standalone?

800 less. That's it.

You can just remove 800 less. Or just wait for a moment, I will give you the number.

On the console level, the exact number is Rs. 14,323.

The standalone number is Rs. 13,523 crore.

Okay. Thank you, sir.

Yeah. Sir, just pertaining to the merger part of the story wherein in your slides also you have highlighted that the figures have been regrouped in terms of debt and receivable part also.

If you could just quantify to us what has been the material impact due to the merger part? Secondly, pertaining to the mining JV, sir, what are we anticipating in terms of the ramp-up for the coming years and then the revenue profile moving ahead?

Ramp-up for the coming years Sir, on the merger you were asking? I didn't get to your question.

Can you

Sir, I have asked the question on the merger part, as in the slide it has been mentioned particularly when we look at the slide number 17, Performance Trends Standalone, therein we have mentioned under the asterisk that restated after merger of NCCEL with NCC Limited. Had that any impact on the debt?

I think so you have clarified earlier. What have been the material impact with this merger on the financials?

My second question There is no impact

on the debt, but the impact is only on account of the realistic value of the investments that have been accounted in the console books. We have an investment of Rs.

558 crores earlier, which is represented by some of the assets in the NCCEL at a fair value which is more than even Rs. 558 crores.

When we started merging those NCCEL into my console, there is a reduction of Rs. 270 crores or Rs.

330 crores in the overall balance sheet. That is what we have written after merger.

Yeah. No, there is no impact on the P&L.

Correct, sir. Thank you, sir.

For the mining part, can you throw some light? How is the mining JV going to perform?

When it will reach its peak optimum level of evacuation, the coal JV?

I think we have already reached the optimum and we are doing at the optimum level only, and we have got a new project also at Amrapali in Jharkhand where it was Rs. 6,800 crores worth of the project, which is for the seven years.

We started mobilizing the equipment for this project, likely to start working on the project maybe from next month onwards.

Thank you, Mr. Vaibhav Shah.

I take this opportunity to thank each of you for your enthusiastic participation in the call. Thanks, and take care.

Thank you.

Thank you so much. Thank you, everyone.