Thank you, Hitesh. On behalf of JM Financial, I welcome everybody to 4Q and FY26 earnings conference call of NCC Limited.

We have from the management today, Shri R. S.

Raju, Director of Projects; Shri Sanjay Pusarla, Executive Vice President, Finance & Accounts; and Shri Neeraj Sharma, Head, Strategy and Investor Relations. Now I hand over the call to the management for their opening remarks, post which we can start with the Q&A session.

Over to you, sir.

Thank you very much, Vaibhav. Very good morning, everyone.

This is Neeraj, and on behalf of NCC, I thank you for joining us as we close out the financial year '25-26. With me today are Mr.

R. S.

Raju, Director, Projects, and Mr. Sanjay Pusarla, our CFO.

We appreciate your continued engagement with the company through what has been an eventful year for the sector. Safe Harbor: Before we proceed, I would like to draw your attention to a brief disclaimer.

Certain statements 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 the detailed statement on page 2 of the investor presentation. Order Book, The Foundation: Our consolidated order book as of 31st March 2026 stood at ₹83,004 crore, which is about 16% increase over the last year and highest in the company's history.

The fourth quarter contributed ₹9,573 crore of fresh consolidated inflows, and full-year inflows totaled ₹31,884 crore. This order book gives us multi-year revenue visibility and a book-to-bill ratio of roughly 4 times.

It is spread across 7 verticals, viz., buildings, transportation, mining, electrical T&D, water and railways, and irrigation, which is what gives the portfolio its resilience. Now I will hand over to my colleague Mr.

Sanjay Pusarla. He will share the detailed financial performance of the company.

Post that, we will open for questions, any queries that you might have. Over to you, Mr.

Pusarla.

Good morning, ladies and gentlemen. This is Sanjay Pusarla, Executive Vice President and CFO of NCC Limited.

I am pleased to announce the financial results for Q4 FY26 of NCC Limited, and also for the year ending 31st March 2026. My announcement basically covers order book, revenue, profitability, debt movement, and some of the important balance sheet items.

The order book stands at ₹83,004 crore as at the end of 31st March '26. You are aware the order book at the beginning of the year stood at ₹71,568 crore, and orders received in Q4 is ₹9,573 crore, and balance at the end of the year is ₹83,004 crore.

The revenue for the standalone: turnover reported in Q4 FY26 is ₹5,382 crore as against turnover of ₹5,445 crore in the corresponding quarter of the previous year, a decrease by 1%. For the full year, the turnover stands at ₹17,669 crore as against ₹19,393 crore of the previous year, a decline by 9%.

At consolidated level, the turnover is reported in Q4 at ₹6,251 crore as against ₹6,189 crore in the corresponding quarter of the previous year, which shows an increase by 1%. For the full year, the turnover is ₹20,944 crore as against ₹22,355 crore, which is a decrease of 6%.

Next on the profitability: At the standalone level, we achieved EBITDA of 8.44% for Q4 FY26 as against 9.21% of the corresponding quarter of the previous year. PBT we achieved 5.2% before exceptional items and PAT of 3.77% in the current quarter, that is Q4 FY26, as against PBT of 6.18% and PAT of 3.93% reported in the quarter 4 of FY25.

At consolidated level, we achieved EBITDA of 8.83% and PBT of 4.70% before exceptional items and PAT of 3.3% in the current quarter. In the current quarter, that is Q4 FY26, as against EBITDA of 9.07% and PBT of 5.93% and PAT of 4.1% reported in the corresponding quarter of the last year.

Then getting into the debt movement: The debt at the beginning of the quarter stood at ₹2,980 crore, and net debt after cash and cash equivalents is ₹2,830 crore. At the end of quarter 4 of FY26, it stood at ₹2,251 crore and net debt at ₹1,667 crore.

At the end of Q4 FY25, the same is at ₹1,484 crore and net debt of ₹706 crore. There is a decrease of debt by ₹729 crore in Q4 FY26.

The debt-equity ratio stands at 0.30 at the end of Q4 FY26 as against 0.40 at the end of Q3 FY26 and 0.21 at the end of March '25. Getting into working capital: Working capital excluding cash and margin money deposits at the end of Q4 FY26, it stands at ₹4,847 crore, which is 28% of the turnover.

In terms of working capital days, it is 97 days. The trade receivables outstanding at the end of Q4 has decreased from ₹3,505 crore to ₹3,336 crore, and the number of days also has decreased from 87 days to 73 days in the current quarter and 65 days for the corresponding quarter of the previous year.

Unbilled revenue: It has decreased from ₹7,129 crore, which is 44%, to ₹6,675 crore, which is 38%, in Q4 FY26. At the end of the previous year, it was ₹5,937 crore, which is 31%.

Retention money stands at ₹2,253 crore for quarter 4 FY26 as against ₹2,099 crore at Q3 FY26, and at the end of the March '25, that is corresponding previous year, it is ₹1,870 crore. Coming to the mobilization advances: Mobilization advances are standing at ₹3,386 crore as at the end of March 31st, 2026, as against ₹3,162 crore at the end of December '25 and ₹2,098 crore at the end of March 2025.

Of these mobilization advances, 64% are interest-bearing, and the average interest comes to 9.2%. Interest-bearing advances decreased from 67% to 64% during the current quarter.

Cash and cash equivalents: ₹585 crore as on 31st March 2026, and ₹150 crore as on 31st 12 2025, and ₹778 crore as on 31st 3 2025. Margin money deposits and others: It is standing at ₹631 crore as at the end of March '26, ₹671 crore at the end of December '25, and ₹654 crore at the end of March '25.

Coming to the capex: We have incurred a capex of ₹344 crore in Q4 FY26, and ₹912 crore we have incurred in the current year, which includes a capital work-in-progress for TBM about ₹320 crore, as against the budgeted capex of ₹1,050 crore, which was revised earlier from ₹750 crore to ₹1,050 crore in the year FY26. EPS stands at 3.23 at the end of Q4 FY26 as against 3.4 in Q4 FY25.

In FY26, it is 9.19 as against 12.12 in the previous year. With this, I will be ending the announcement of the results.

Thank you so much.

Yes, please.

Hi, thank you, sir. A couple of questions.

First, will start with your broad guidance on revenue, margin, and order inflow for FY27, and also please specify this will be for standalone or at a consol level.

Mr. Shah, good morning.

Good morning, sir.

There are too many variables in the equation as we speak. The whole environment is very uncertain, we have decided not to give any guidance for FY27.

However, we will revisit this decision maybe when we have some clarity after conclusion of the first quarter or so. If there is any guidance, we would be happy to come and share that with you.

For order inflow also no guidance?

No guidance for all these parameters, but as I shared with you, because there too many variables. It is very difficult really to look forward.

You are already aware about the uncertain world that we are currently living in, but we will revisit this decision, maybe say after first quarter or so. Should there be any clarity, should there be any change in the environment, we would be very pleased to revisit and come back to you with the guidance for '27.

Sir, I understand that we don't give, but still trying to get some sense. Obviously the order book is at a historic high, and we must be knowing what kind of a projects, in which segments is going on.

Still 1.5 months is already there for this quarter also. We must be knowing a broad idea.

I understand for last 2 quarters we are not giving, and again we are not giving. It is becoming a very very difficult.

Are we still of the opinion that still the working capital pressure, the payment issues and whatever is happening at the world level, West Asia crisis. At the India level, I understand the commodity prices, inflation will be there, but still will be having a some kind of a minimum that this definitely we should be doing some color more would be helpful, whether at least we will see a kind of a minimum 10% plus kind of a growth because already we have seen a 9% degrowth in FY26.

That would be helpful, and at the margin level also the current level, 8.3% is maintainable or can we see a kind of a 0.5% kind of a pressure or some improvement, something would be helpful there.

Mr. Shah, I really very much appreciate your concern.

You talked about the cost element in the whole economy. Finally this might also affect the ability of our clients to take the projects forward, make timely payments.

All these situations are expected to play out in days to come. As we have already shared with you that we will revisit this subject once we have some more clarity say that, post about 3, 4 months' time.

It is not really helpful to talk about any hypothetical number and tomorrow revise that number. I hope you appreciate the spirit in which we have decided to share this information with you.

Should there be any change in our view, should we have more clarity, we will be very happy to come back to you, Mr. Shah, and share what is it that is really possible for FY27.

On the capex, working capital, and net debt also, some kind of a color would be helpful how we want to look for FY27 or there also no guidance?

Mr. Shah, this is finally a function of the revenue growth, degrowth, the cost element, how the raw material prices will finally get impacted in next few months.

It would be a function of that. It is not that the working capital exists in a vacuum.

It's an outcome of all these variables.

Got it. Sir, on JJM front, whatever the numbers if we can provide, both at a total JJM and the UP.

The outstanding order book, the debtors both for UP and the total, and how even post March end till now what's the status there?

Yeah. For UP JJM projects, the order book outstanding at the end of March '26 is ₹3,619 crore for all the groundwater.

For the surface water projects, the outstanding order book is ₹2,562 crore. That means ₹6,181 crore is the total order book pending as on 31st March 2026.

The amount of work executed in UP projects is ₹1,730 crore for both groundwater and surface water. As far as the receivables are concerned, the receivables have come down to ₹3,015 crore, which includes groundwater, surface water, trade receivables, and unbilled revenue.

That is coming to ₹3,015 crore.

Okay. This is only UP, and the total debtors also from the JJM across all the states would be how much?

This is what I have told you. It was ₹3,015 crore.

He's asking debtors.

Only debtors if you are asking me, it is only ₹695 crore. Okay.

The number which was ₹1,700 crore as on December, now it is ₹695 crore, you are saying.

Correct, correct. You are right.

About ₹1,000 crore we have collected in the current quarter.

Okay. Okay.

Lastly, any more kind of a write-off, impairment at the subsidiary level because last 2 years, I think we are slowly slowly doing it. At the same time, the NCC Urban Infra, how much is outstanding and how much we would like to get repayment in FY27?

Yeah.

In the case of international projects, the impairment is done in the case of an investment at Oman, where the project is completed and whatever claims we have to receive we have received. We have made an impairment of ₹21.3 crore as an exceptional item.

With this, the international outstandings whatever is there, that completely impaired. That is one.

As far as the Vizag Urban is concerned, we are expecting about ₹250 crore in the current year.

Okay. Got it, sir.

Thank you.

Hello. Can you hear me, sir?

Hello?

Mr. Kandpal.

You're audible, but you please speak a bit loudly.

Sure. Sir, in this environment when there is so many uncertainties, are you bidding for orders, or you are stop bidding for orders also?

No, no. We will continue to bid depending on the projects which are coming up for bidding.

We will continue to bid depending on the risk-reward equation. In fact, we have already bagged few projects in this financial year as well, that is FY27.

We have already reported about ₹1,700 crore odd projects in month of April.

Are we seeing any slowdown in our execution because we have ₹83,000 crore of order book? Just wanted to check if the work is going on entirely on entire orders or there are still some orders where the work has not started.

Have the clients asked us to slow down the work? That doesn't give you confidence to give guidance.

Just wanted some color on that.

Nothing of that sort, wherever the fronts are available, and the clients are taking it forward. Nothing is really substantial to report.

By and large, things are moving forward.

To add further, the order book of ₹83,000 crore whatever ₹80,000 ₹83,000 crore, all the orders we have got the clearances. We will be able to execute.

There is absolutely no issue on account of any holdups or designs or right of ways. Whatever orders are considered in this, they are all fully available for execution.

No, no, I was coming from the point that L&T, is the largest infra company, despite having a huge export order, they have given a guidance. Kalpataru yesterday gave guidance.

Other infra companies are giving guidance. If we are not confident, somehow we as an analyst are not getting confidence that you will be able to execute looks like you have taken a lot of orders, either you are facing some challenges on execution internally.

Just wanted a clarity whether internally you have any challenges on execution or execution capability or not getting the client front, not able to get labor, not able to get your supply chain in order. Maybe that's the reason we are sensing that not able to give guidance.

Just wanted clarity on that.

Mr. Kandpal, I think I have already tried to answer this question.

Mr. Shah asked this question.

We will revisit this. All that we are saying is we need some clarity.

You are aware about the pricing pressure in the whole economy. All that we are saying is we need one more quarter.

We expect some more clarity, then we should be in a position to talk about the guidance for FY27. This is what we have already stated.

At

the current level of execution of ₹6,000 crore, are we geared up to go below that now given the order book, or do you think that at least at the base case we will be able to maintain this level of execution of ₹6,000 crore which we reported in this quarter?

No, no. Could you please repeat your question?

In this quarter, we have reported a execution or revenues of ₹5,300 odd crore. In the base case, are we geared up to at least do this much?

I'm not asking any guidance on the full year, but at least from here on the execution should not go down below this because we have already mobilized the entire order book. Sir,

I think we need to understand one thing. Today considering unpredictable situation, unpredictable developments that are happening on day-to-day basis, they are very dynamic and there is nothing which we will be able to predict.

That is the reason we were telling very clearly that we'll wait for a quarter to understand how it is going to move forward, then we will be giving the guidance.

No, sir, I'm not asking guidance. I'm saying are we able to maintain the current execution rate of ₹5,300 which we reported in this quarter, or can it go down?

That also depends. We have still 1.5 months more because this situation is developing day by day.

If you see that in the last beginning of the year and today, there is a lot of development that was happening, and we are seeing the prices going up, the dollar is weakening, and how the economy is going to move. All these things will also have a bearing on the balance 15 days.

We'll be able to tell you at the end of the quarter. We have to wait, watch, and see patiently.

Yeah.

Sir. Last thing, sir, just one advice.

NCC is one of the oldest company in infra, which I have been covering more than 18 years now, and you have seen cycles. This is not the first time you are seeing challenges or headwinds.

You have GFC, you had demonetization, so many things have happened. You have never desisted away from even the AP crisis which happened where a large part of the order book we have to lose it.

Still we have guided. I don't know.

When the size has become so big, it's just an advice. You should reconsider, discuss with your board.

You need to give the guidance if you have such a large order book. You need to take a call.

I know you can grow at 30%, 40% maybe next year, but at least you can guide 10% or 15% or 20%, some number to start with where you are at least confident you can do it. That's my advice.

I rest my case.

Thank you.

Thank you. Thank you.

Hi. Good afternoon.

Thanks for taking my question. My first question is on the payment cycle.

Now, not really asking names of clients, etc. You indicated we have received almost ₹1,000 odd crore in UP JJM project.

Overall, has the payment cycle, let's say, improved in the last 3, 4 months compared to, let's say, what it was during CY25, or do you think challenges still remain?

Hi. Good afternoon.

My first question is regarding overall payment cycle. You indicated we have received about ₹1,000 odd crore in UP in Q4.

I'm not really asking about name of clients, but in general, has the payment cycle improved in the last 3, 4 months compared to, let's say, what it was in CY25, or do you think overall challenges still remain on the payment?

Hi. Good afternoon, sir.

Am I audible?

You are audible. Please go ahead.

Yeah.

My first question is regarding the payment cycle. You mentioned we have received about ₹1,000 odd crore in UP in Q4 on JJM.

Now overall regarding payments across all projects, would you say the payment cycle has improved in Q4 compared to, let's say, what it was in CY25, or do you think issues still remain here and there?

In Q4, we have seen improvement in the payment cycle. Absolutely, that is correct.

As far as the UP is concerned, we have received about ₹1,000 crore in the quarter 4, about ₹400 ₹450 crore in the month of April, and we are expecting further payments also in the coming months. We are confident that with the way the payments are being released, some more payments related to UP projects also will come.

This will improve the situation. As far as others are concerned, now it is continued to be a good paymasters.

We are not foreseeing any problem. Sure.

That's great to hear. Second, you gave the numbers about JJM projects in UP.

Would it be possible to get those numbers about our overall JJM order book, including orders that we might have in other states also? What is the order book, and what are the payment outstanding there?

The overall order book we have already covered, but I will give you for better clarity. The overall order book what we have received for the JJM projects, including groundwater, surface water, is ₹26,000 crore.

We have already executed projects up to ₹20,142 crore, leaving a balance of ₹6,181 crore. Is this clear?

Sir, I think you have given me the numbers for UP. I was asking if we have JJM project in other states also, but I will take it offline.

Not an issue. My second question

Okay.

My second question is, what would be our total exposure to our subsidiaries, including investments and loans and advances, etc.?

Subsidiary investments.

No, you go ahead. Could you repeat your question?

I think you asked about our total investment in the subsidiaries, right?

Total exposure: investments plus loans and advances, whatever it might be.

Yeah. Investments is ₹887 crore at the end of March '26, and loans to the group companies is ₹309 crore at the end of March '26.

Coming to the Vizag Urban status, I have already explained you. We will be collecting about ₹250 crore, and the outstanding is ₹291 crore.

Sure. Last question, some update on the smart meter projects, what is the kind of investment we have already done there?

In a smart meters in the 2 SPVs, we have already invested about ₹460 crore. In the case of our own project which is executed under the name of NCC Limited, about ₹130 ₹140 crore we have used as working capital.

The total investment in SPV is about 400 460 ₹460 crore.

Thanks, and all the best.

Yeah.

Yeah. Sir, in December the outstanding loan from Vizag Urban was around ₹390 odd crore.

Now it is ₹290, we have received ₹100 crore in Q4?

Yes, we have received ₹100 crore in Q4.

And ₹270 this year and remainder in next year? 250 this year and remainder in next year.

We are expecting about ₹250 or ₹291, whatever is there, it will be coming in the current year itself.

Okay. Secondly, on smart meters, we have invested ₹460.

Any pending investment now remaining?

No, nothing is there. The whatever investment calls for both the projects in the SPVs, it has been fully invested.

Okay. Sir, in the standalone order backlog, what would be the value of smart meter order book from the standalone books?

The standalone, 1 minute. 52

Out of

72,000 1 second, huh?

Yeah.

₹5,800 ₹5,700 crore close to that.

All right. 1 second, Vaibhav.

Yeah.

You can ask for the next question. In the meantime, I'll get you that number.

Yeah. Sir, what is our capex plan for next year, FY27?

FY27

the capex plan is ₹500 crore.

Okay.

The order book

in the

standalone is ₹4,456 crore in the case of smart meters. It's

okay. Sir, lastly, in the order inflow number, it was 9,573 for consol and 4,775 for standalone.

What was this difference of roughly 4,800 crore in Q4?

Pachhwara coal mining, we generally take look ahead for 3 years as the order book. That was 4,800.

You added that order book for the mining project?

Yeah.

Sir. Those were my questions.

Thank you.

Thank you.

Good afternoon to the team. I have 2 questions, forward-looking ones, both the questions.

My first question to Mr. Raju is, in your point of view, how is NCC preparing to capture future opportunities in infra and construction while thoughtfully addressing challenges such as project delays, regulatory compliances, and rising input costs?

What strategic levers do you see as important for sustaining growth and execution discipline in FY27 and beyond? That's my first question.

I'll ask my second question after this. Thank you.

Could you please repeat your question? I don't think I have understood your question correctly.

I am referring to any practical steps like project pipeline expansion, technological adoption, and operational efficiencies that reinforce NCC's leadership in the infra sector space. Want to understand a forward guidance on this.

That's a very interesting question. We continue to see a very interesting pipeline of prospective projects.

If I were to put a number, this number would be close to ₹2.5 lakh crore. We continue to see a lot of infrastructure projects coming up for bidding.

As you are aware, we have been active in this space for a little less than 5 decades. We believe we have what it takes to identify a good project, put a competitive bid on the table, and at the same time execute the project with profitable margin on time.

This is what we have been doing for last little less than 5 decades, and we hope we will continue on that path. Regarding you talked about, we have a stated policy to take care of the ESG, all these parameters, all these priorities are already in place, and we are very conscious to impact the local economies, the local communities wherever we are executing our projects.

Thank you. My second question to Mr.

Sanjay is, from a technical point of view, how is the company optimizing its capital structure to balance project financing requirements with debt sustainability, especially given the long-term gestation period of infrastructure projects? Could you elaborate on the framework being used for cash flow forecasting, interest rate risk management, and working capital efficiencies to ensure liquidity while maintaining the profits?

Thank you. Yeah.

In the case of the projects which we are executing, we do not have much long-term high-value high-ticket infrastructure projects. Okay?

The projects which we are executing basically of a contracting nature on EPC mode. That is one.

As far as the projects which we have received on smart meters are concerned, we have done financial closure for those projects at a very competitive rate of 9.15%. We have been using that facility to complete those projects.

As far as other projects are concerned, which are in general nature and general contracting or EPC nature, we have enough working capital facilities tied up, both in terms of fund-based and non-fund-based. Our interest rates are very competitive, and today we are just nearing 9% average interest rate.

We have capabilities of raising good products in the market, which are like purchase invoice discounting, trades, commercial paper, which are at a very competitive rate of interest, which is even below 8%. We have enough bandwidth when we compare to the facilities.

We have never crossed 80% or 90% of the working capital. We have enough working capital limits also to meet any kind of gaps that are going to come.

This is how we are managing our financing.

Thank you, and best wishes.

Thank you.

Hi, sir. Thank you for giving the opportunity.

The first question is, sir, do we have any international exposure?

At the moment, we do not have any international exposure. We have only one project in Qatar, which is almost completed at the final stage.

We have to maybe probably execute a few maybe ₹20, ₹25 crore of work in INR.

Understood. Sir, second question, sorry again to dwell on the guidance part.

Sir, there can be two issues, right? Either we are facing some execution issues or the company is facing challenges in terms of the margins.

What is it that is refraining us from giving the guidance?

I think Mr. Neeraj has already covered.

We have the execution capabilities. We have built up over the last 5 decades less than 5 decades we have built up.

Resource capabilities is not a constraint at all. Order book is not a constraint at all.

Given the uncertainties which are prevailing today, we thought that we will just wait and give the guidance. We'll watch for this next 2 months.

At the end of the first quarter, we will revisit the situation and then give the guidance.

Sir. Understand that's a uncertainty, but that can impact two things, right?

Either your execution or your margins. Where you see, I am not asking for the guidance, but where you see it's impacting the more or where the uncertainty lies?

Is it the margin or is it the execution?

At the moment, what I can say is that we have all our contracts, many of the contracts we have escalation clauses. About 74% of the contracts we have escalation clauses, but I'm not very sure whether the increase in the prices will completely get covered under the escalation clauses.

There may be some impact. There is no doubt in that.

Second thing on that, availability of the materials: because of the logistics problems and also the problems on account of the fuel prices and other things, there can be some availability issues in the case of materials. As of now, we are following a path of buying required materials just in time so that our execution pace and progress will not get hampered.

Understood. Just last question, sir: Almost 50% of our order book comes from the buildings and the transportation, leaving aside mining and water and irrigation.

Just wanted to understand, what is the share of private and the government client in the order book? Question being, are there any pressure coming from the private clients, any cancellation of orders or something like that that you're seeing?

No, we have not seen any kind of pressure from the private clients because our private clients' orders comprises about 4% to 5% of the Yeah, about 5% in the entire order book. 5%.

So

95% is from the government.

That's right. Government, when we say government, means state government, central government, central government, state government agencies, PSUs, all put together.

Any payment in transportation or from the building side, any payment-related issues, or is it going fine?

Today we have not seen any payment issues. Things are going fine.

Understood. Thank you, sir.

Thank you.

Yeah. Namaskar, sir.

Hope I'm audible.

Yes, sir.

Sir, as in the cash flow and in your opening remark, we could see that we did a capex closer to ₹900 crore for the last year, and our guidance for the current year is ₹500 crore. If you could just spell out what kind of capability building are we eyeing in that space, and for which particular projects are we going to put this capex into?

See,

generally what happens, our capex is around ₹350 to ₹400 crore on a regular basis because we need to replace the equipments, we need to buy the new formworks and other things. In the last year ₹900 crore, we have got two components.

Basically one is on the TBM, which we are acquiring for the GMLR project which we are executing in Mumbai, about ₹310 crore. About ₹150, ₹160 crore we have purchased machinery for the new mining project.

That was the composition of the last year. The current year which we have projected about ₹500 crore, about ₹100, ₹150 crore will be requiring for the mining, because mining requires a huge capital-intensive project.

It requires in a phased manner acquisition of the equipment. About ₹100 to ₹150 crore we're expecting equipment for the mining, and remaining ₹350 crore or ₹400 crore, which will be required for our regular capex: refurbishment, replenishment, or the new equipment for all the projects which we are executing.

Sir, for the TBM project, what would be the execution cycle and the size of the order that our endeavor will be to execute for the current year?

No, our share is 3,000.

The overall project value is about ₹6,000 crore,

and the part of execution which we need to do is ₹3,000 crore.

What have our timeline for the same, sir, with respect to our client's deliverables?

5 years' time, 5 years' time.

Right, sir. Sir, we have also seen the status of investment property under construction.

If you could dwell on the same, what is that pertaining to ₹110 or ₹105 crore?

There are buildings and offices and central workshops that are being constructed across all the states wherever we have the projects and wherever there is a requirement of having such workshops. In addition to that, there is one project in Hyderabad, which is called a Jubilee Hills Landmark project, where we have done the investment, and the project is not getting executed at the moment.

The case is being heard, and it is sub judice to talk about that at this moment.

Sir, we have provided a breakup of order backlog on consol front in the PPT. Can we give the same for the standalone side?

Yeah.

₹72,000 crore breakup.

You want the division-wise breakup?

Division-wise breakup on standalone order backlog.

I think the order component is

Standalone order backlog is ₹72,259 crore, and for the subsidiary companies it is ₹10,745 crore.

Sir, segment-wise breakup for standalone backlog?

We will get you, 1 minute. Wait for a moment, Mr.

Shah, or maybe we can take this offline. These numbers are not ready with us currently.

I will tell you, mostly other than the mining, consol orders mining, transportation only one project, the value we have already shared, that is GMLR, about ₹3,000 crore, and mining project and one in T&D, smart meter. Otherwise, everything else is the same what we have reported in

Sir, mining book is roughly ₹15,000 crore in consol, what would be in standalone?

Because

difference of order book is ₹10,000 crore, consol and standalone, for Q4.

Buildings it is ₹22,740 crore, transportation ₹14,320 crore, water and railways ₹10,400, electrical you can take as ₹13,800, irrigation you can take it as ₹4,950, and mining ₹6,750.

Okay. Got it.

Sir, the smart meter order book you said ₹4,456 crore in standalone, what would be the value in consol?

646.

646. 640 6.

646. Fine.

Thank you, sir.

Hi, sir. Thanks for the opportunity again.

Sir, just wanted to first check on the depreciation. Now the TBM depreciation would be starting.

This quarter the standalone level, ₹62 crore depreciation, which is obviously has increased ₹5, ₹6 crore. How one can look at given the ₹500 crore kind of a capex that we will be doing, how one can look at the depreciation for this year FY27?

Will it be a inching up?

It will be inching up because the TBM capitalization will be done at the end of the second quarter. Third quarter onwards, we will get the depreciation of the TBM.

To that extent, the depreciation will go up.

Any rough idea? It will be a kind of a 5, 7 years we will be depreciating this ₹320 crore?

That's the way one can look at the depreciation?

Mostly the TBM machine, Mr. Shah, is getting lowered now.

It is expected to start working from in the next 2 months' time. The TBM machine is a specifically designed for this project, and the total capex will fully expensed in about 3 years' time.

By the time we complete, the whole depreciation we will book.

Okay. Second, in terms of the other income, if you can help us how one can look at this other income and whether for this standalone, let's say, we got a ₹206 crore kind of other income in P&L, have we received this entire amount in the form of cash?

Same goes for the even FY26. Just trying to understand, is there a lag in terms of the cash conversion of the other income, and how one can look at the other income?

If you can give it a break up, maybe it will help.

The other income includes interest income of ₹91 crore, dividend income and buyback of ₹97 crore that includes dividend from our subsidiaries, Pachhwara coal mining and also OREVA Bikaner project. Interest income comprises mainly on account of margin money deposits.

Okay. Broadly this entire other income is kind of a one can say 90% plus is getting converted into the cash?

100% it is converted into cash.

Okay. Same way, sir, is it possible to give a broad breakup of the finance cost of ₹645 crore for FY26?

Primarily on what we are paying on the mobilization and what we are paying on the bank guarantee charges, broadly wanted to understand that.

For FY26, the finance cost comes to 3.7%. Okay?

In that, the components of interest on loans comes to around ₹220 crore, on mobilization advance it comes to ₹154, the commissions on BGs, LCs, etc., ₹162 crore, interest charges, bank charges, processing charges, all those things comes to ₹109 crore. Total ₹645 crore, and if we net off with the income what we are earning towards interest, it comes to ₹554 crore, which is 3.18%.

Okay. Got it, sir.

Thank you.

How is the BSNL projects' order update, sir, which you have secured a year back, and is the project execution happening on time?

The project execution has started and it is going well. Out of the peers, what we understand is that the NCC execution is in a good shape now, and we have executed about ₹430 crore till date.

Out of ₹10,000-plus crore?

Yes, ₹7,000 crore. Including O&M.

When it comes to consolidated cash flow, the last financial year is looking negative. Is there any reason for it, sir?

Last year?

This financial year, 2026, yeah.

Consolidated, we've seen net loans, it was 78 84 negative. In the current year, it is ₹2,118 crore positive.

The reason being we have availed the loans from smart meter projects from SBI, about ₹1,100 crore. There is an increase in utilization of my working capital and CC limits by about ₹500 crore.

That is the difference between these two years.

Okay. Also for the last quarter, when I look at the interest cost in standalone versus consolidated, there is a huge jump.

Is there any

Because of the smart meter loans. We are taking a loans for smart meters, which comes under the SPVs.

When we do the consolidation, they get added to the standalone.

Which will not recur in the future years, right? It's over now?

Sorry?

No. I don't think it will continue to happen in the consecutive quarters, right?

It is

only because of the execution that happened in SPVs. For standalone, it will remain as it is.

For SPVs, when we are taking the further dispersal, then it may increase little bit.

Not to this extent. Sorry.

You are right.

Yeah. Okay.

Thank you.

Yes, just to take the previous point in respect to the finance cost. Sir, on the consolidated basis, the quarterly number was ₹213 crore.

You mentioned that as a percentage of our revenue it is 3.7. What should be the likelihood, sir, with the type of mobilization that we have done for the fourth quarter, and also I think so some more amount has been received under the JJM old receivables?

How should this as a percentage of revenue we should look forward for the finance cost?

At the moment, we'll not be able to estimate. I have said very clearly in my earlier replies and answers very clearly that it is unpredictable today how the payment cycles will impact because of the recent developments.

If that impacts, this may go up. If that's not impacting, the payments are flowing freely, then it will have some kind of a relief.

Okay. Just to take things on a conclusive note, we are already, sir, half towards this quarter for the first quarter, and already the factors that are affecting the performance for many companies are in the system.

How has the execution being shaping up for this current ensuing quarter, just to get a sense whether we have already started facing the issues in terms of mobilization of resources and also supply chains issue that the management has been alluding during the opening remark?

Mr. Kapoor, I think we have answered this question before as well.

It is very difficult to predict. We are waiting for some clarity to emerge, and we are hopeful that that clarity should emerge in about next few months' time.

Should we have more clarity, if we are able to see clearly, we have already updated you that we would be happy to come back to you and update about what is it that we intend to do going forward in next few quarters.

Yes, sir. I got your point.

I'm not looking at the forward-looking part. I'm only looking at the time span which have already elapsed.

I'm just talking about the 45 days that we are through. Are we facing the same issues which we are contemplating currently, which is prohibiting us to give any guidance on how the way forward looks like, just to get a holistic approach clear, sir?

No, today on 45th day in this current year, whatever execution that is happening, it is not impacting today. Today we do not know how the supplies will shape up, what will be the logistics constraint that is going to happen.

As of today, we are seeing in the past 45 days, the execution remains normal.

Okay. Thank you, sir.

Last point is on the coal mining output. Sir, how will this JV output plan out for the current year since our revenue and the profitability has remained flattened for the current financial year.

Correct me here what our presentation speaks. How should the JV performance would likely be since this is a separate entity all together?

I think so this year we did ₹2,700 crore for the coal mining. The profitability also, yeah, please.

Yeah. Mr.

Kapoor, this mine has a rated capacity of 15 MTPA, that is 15 million ton per annum.

This has already

achieved this rated capacity in FY23-24 in that time. More or less, going forward, we should be able to maintain at the same level.

Okay. The revenue and the profitability will be aligned in the similar way what we posted for the last two fiscals?

In the same range. There could be some variation, but it would be in the same range.

Okay. Sir, in respect to any litigation that is still pending where some awards or wherein we have some final order being pending from any of the entity that we may have in the ensuing period, or are we done with all the arbitration that was pending against the company?

No. There would be a lot of similar kind of arbitrations pending at different forums.

As and when they materialize, as and when we finally receive the award or the cash, we only update. Till the time a finality emerges, it is really premature to talk about that.

Right, sir. Thank you, sir, for all the engagements, and we hope that by the end of this quarter results and the concall, we will have a much better picture about how the company is going to tread going ahead.

Thank you once again to the team for patiently answering our question. All the best, sir.

Thank you.

Thank you, Mr. Kapoor.

Thank you.

One more, sir. You are talking about when it comes to coal mining, you have a capital expenditure of about ₹100 to ₹150 crore where you have to replenish the equipments, things like that.

When I look at the numbers, the PBT is only about ₹100 to ₹150 crore. What is the return that you get out of it?

You're not audible, Mr. Chandramouli.

Could you please repeat? Your voice is breaking.

It's not very clear. Hello,

sir? Can you hear me?

Yes, sir. When it comes to a capital expenditure where you need about ₹100 to ₹150 crore for the coal mining project, equipments buying and things like that.

Yes, sir.

When it comes to the numbers, the coal mining is giving you only about ₹100 to ₹150 crore. Correct me if I'm wrong.

No. Firstly, there are two projects, Mr.

Chandramouli. One project is a MDO project, which is already giving us, this is reported in our investor presentation as well, it is already giving us revenue upwards of ₹2,000 crore.

That project is very much operational, and it has already achieved its rated output of 15 MTPA. The capex that my colleague Mr.

Pusarla talked about, recently we have bagged a big mining project, a little more than ₹6,000 crore. For that project, we are planning to commit this capex.

These two are different projects. One is in the SPV, and one project has been directly awarded to the parent company, the listed entity, that is NCC Limited.

In which case consolidated numbers apart from this Pachhwara coal mining, am I right?

Not consolidated number. This will get counted in the standalone number because the second project that I just talked about has been awarded to us recently.

This will contribute to the revenue and profitability on the standalone basis to the listed entity, that is NCC Limited.

From the financial year 2027, right?

Yeah, '27 onwards.

Okay. Thank you, sir.

Thank you.

Sir, in the breakup of interest cost for FY26, you mentioned that BG charges and other charges are roughly ₹270 odd crore. Sir, sharp jump over last year's ₹223 crore.

Any one-offs in this year, or this should be a normal rate going forward?

BG charges is ₹162 crore we said, as against ₹198 crore.

Other charges were ₹109.

Yeah. This year what happened in the LC and BGs, because of the dullness in the business of water, because we have not executed this UP Jal Jeevan projects.

Generally what happens, all the water projects we will be buying the material against the LC. This time we have not done much in the water business, especially in the third and fourth quarters.

That is the reason they appears to be a reduction in the BG and LC charges, and the same is reflected in the top line also. There is a little bit of softening of the charges also.

Sir,

if we add both the charges, the bank charges and BG charges is roughly ₹270 crore for FY26. It was ₹223 crore in FY25.

Going forward, this is a normal run rate? As a percentage of revenue, it comes around 1.5%.

FY25, if you see, both the charges together is about ₹300 crore.

Okay. Yeah.

Got it. Sir, lastly, one bookkeeping question: You mentioned that our JJM order book is ₹6,181 crore.

This includes everything, right, UP and non-UP as well?

Yes. All.

Receivables of ₹3,000 crore also includes everything?

Yes. You are right.

Thank you. Sir, this was the last question.

Any closing remarks from your end?

Yeah.

Thank you once again for being part of this call and for your continued confidence in NCC. Thank you, and take care.

Thank you so much.