Thank you, Akash. Good morning, everyone.

A warm welcome to all of you. For quarter one operation and execution, we have achieved a revenue from operation ₹1,823 crore standalone and ₹2,260 crore on consolidated, reflecting 10% year-on-year increase on standalone basis.

On standalone basis, EBITDA increased to ₹160 crore from ₹99 crore in the corresponding quarter of last year, registering a robust 62% growth, with the EBITDA margin jumped to 8.77%. Further, our standalone profit after tax stood ₹151 Cr, representing a strong 32% year-on-year increase.

Order book position: NBCC standalone order book stands ₹1,12,000 crore, and consolidated order book ₹1,27,000 crore. Business secured: NBCC secured ₹1,600 crore on consolidated basis in quarter one.

Following are the major projects secured in quarter one by NBCC: schools in different districts of Odisha, ₹253 Cr; JNV campus in various district, ₹171 Cr; new Andhra Pradesh Bhawan at Delhi, ₹106 Cr. Apart from the above, NBCC has secured a few major works in July and August: housing project at Seychelles, that is Africa, around ₹620 Cr; residential and office complex, Reserve Bank of India, Amaravati, AP, ₹780 Cr; science laboratory and in various government schools of Rajasthan, ₹431 Cr.

Business awarded to the contractor: in quarter one, we have awarded ₹1,700 Cr new tenders on consolidated level. In the next two, three quarters, we are expecting ₹18,000 to ₹20,000 Cr new works will be awarded.

Redevelopment projects: all major packages in redevelopment projects are in running stage now. Currently have ₹10,000 crore rupees of balance work, which is going to be contributed significantly to the top line as well as bottom line in the upcoming years.

For sale, resource mobilization under 7 GPRA project, NBCC has sold the entire World Trade Centre Bharat Business Park successfully and generated ₹10,000 Cr in just three auctions within three months. Amrapali projects: phase two of the Amrapali project has started in different packages, and the project will have significant contribution in top line and bottom line in the coming quarters.

Various packages of Goa redevelopment project have kicked off, first-of-its-kind outside Delhi redevelopment projects. During the quarter, board approved the merger of HSCC into NBCC, considering HSCC is wholly owned subsidiary of NBCC.

The proposed merger is expected to create operational and financial synergies by combining NBCC execution strength with HSCC expertise, thereby enhancing scale, diversifying business opportunities, improving resource utilization, and supporting stronger long-term value creation for stakeholders. The board has accorded in-principle approval for incorporation of wholly owned subsidiary as an SPV for the proposed CPSE REIT, subjected to approval of administrative ministry and DIPAM.

Pursuant to honorable Finance Minister budget 2026 announcement on CPSE REIT and DIPAM, NBCC has been entrusted to developing the structure of the proposed REIT. This is a significant strategic initiative that will support efficient asset monetization and position NBCC to play a pioneering role in creating country's first CPSE REIT.

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

Good morning. Congratulations on improving performance, sir.

Sir, my question is with respect to two things. One is the order inflow.

In the last seven to eight months, you have indicated that there are prospective orders which are supposed to flow to NBCC to the tune of ₹80,000 crore, especially you are talking about a couple of large orders. One was about ₹25,000 crore and another one also similar size, which were very imminent, but somehow it seems to be getting delayed month after month, quarter on quarter.

Can you give us some idea because it will help us to get us a sense of how FY27 would look like and FY28 would look like? Because is there any inordinate delay happening or it's just normal course of business?

That will help us, sir, order inflow.

One order we are expecting, that is 5 GPRA, group of minister already cleared, PIB also cleared, now it has gone to cabinet for their approval. It will come at any time.

It is a redevelopment project. It is redevelopment project also, it is self-sustainable project.

It is a unique project, not like just budgeted projects. Budgeted project in budget they will allot the fund, and we will get the PMC.

This is redevelopment projects. Lot many issues has to be solved, and rather lot many statutory approvals, clearance are all required.

Because of that redevelopment projects takes some time. That's all, nothing else.

It is matter of time.

We're

going to get earlier.

What is the value of these two projects, sir?

Around ₹50,000 crore last time I told you. Roughly ₹50,000 crores.

Apart from that, discussion is going on in final level with some state government. I don't want to name the state government right now.

From state governments also we are expecting. This year we're going to get ₹50,000, ₹60,000 crores another business in our kitty.

Is it fair to expect at least by the end of this quarter we can at least get one or two contracts? Possible?

At least one or two contracts definitely we're going to get.

This quarter. Okay.

Next quarter, next quarter definitely, third quarter, we're going to get, I think, all.

All the projects, okay. Superb, great.

The second question is you had indicated a top-line growth FY27, FY28, and FY28 or '29 you said could be a interesting year because of real estate money coming in. FY27, are we holding on to our revenue target, sir?

I think you indicated about ₹16,000 to ₹18,000 crores, I think, roughly, yeah.

₹15,000 to ₹17,000 I already committed. Same thing still we are adhering.

We'll try to

achieve. You are adhering to that.

Okay. Good, sir.

No, thank you, sir. Thank you for those two.

I'll come back on the queue. Thank you.

Thank you,

thank you.

Sir, how would you see the margin profile going ahead? Because some of the orders now which we are executing are high margin.

Do you see the margins going up from here every quarter, or will they stay where they are? How do you see the margin profile for the next two to three quarters?

Definitely we're going to increase because our redevelopment and Amrapali projects is contributing more than 60% of our total revenue. These projects are high-value projects, PMC projects.

Definitely our margin will going to increase.

Any rough idea, sir, by how much? Could you just give a ballpark range by how much you expect the margins to go up?

PAT 6.5%, 6% to 6.5% PAT and EBITDA 6.5% to 7% minimum.

Okay. Thank you so much, sir.

That's it from my side. Thank you, sir.

Thank you,

Thank you for the opportunity and sir, congratulations on great set of numbers. Sir, if you can just tell us about this ₹1,27,000 crore order book that we have, what is the split between PMC and redevelopment in this?

PMC around 40%, 60% on redevelopment.

Sir. This, you just mentioned in an earlier participant's question that ₹50,000 to ₹60,000 crores of new orders are we looking for this year.

Is it just from the 5 GPRA you said, or this is the total order inflow?

Total. Only GPRA around ₹30,000 we may get.

Apart from GPRA, we are expecting two, three big orders. That all together ₹50,000, ₹60,000 crores we are expecting.

Okay. That's great, sir.

Sir, I just wanted to know the status of this Vinay Marg, Scindia Marg, and the Africa Avenue. Where are we on this?

Africa Avenue already we called the application for selling of 262 units. For 262 units we have got overwhelmed response.

Around 2,900 individually participated. That auction has been postponed due to some technical issues.

It will be going to open or award in this month only, August. Vinay Marg we are targeting in the month of September.

The other one, Palika Gram, I think September, October. Bharat Business Park 100% sold out, wherein we could generate around ₹10,000 crore rupees.

Now for redevelopment projects there is no money crisis. We have sufficient money.

Once this Leela Africa Avenue sold means we will going to get another ₹5,000, ₹6,000 crore rupees. Our redevelopment projects, whatever we are expecting ₹30,000, ₹35,000 crore rupees fund generation, that will going to happen during this year only, sale part.

It will be, of course, construction-linked plan, we will going to get the money in two years.

That's great, sir. What about the Netaji Nagar project?

Netaji Nagar already construction is going on. GPOA completed and handed over.

Now the ministry from North Block and South Block they shifted, two, three ministry already shifted. Coal Ministry shifted, Steel Ministry already shifted.

Some other ministries they are going to shift in GPOA. Apart from that, Netaji Nagar all the tenders we have awarded, that is type 6, type 7, type 8.

Construction is going on.

Sure, sir. Sir, in Amrapali, when do we expect to complete the phase one?

In phase one and phase two, how much have we monetized till date?

Phase one almost we have completed. Out of 24 projects, 23 projects we have completed.

24th project also ready, that is Adarsh Awas Yojana, which is the last project. We're going to hand it over.

Already that in phased manner handing over started. In phase one we have completed all the 24 projects.

Handing over is going on. Phase two already we awarded, it is in full swing.

One project already we are reached up to 20th floor. We have casted up to 20th floor, wherein we are using monolithic construction technology, that is Mivan shuttering.

We have already reached in one project 20th floor. The other projects we are gone up to 13th floor.

It is in full swing, phase two also it is in full swing. One commercial properties that we'll going to complete by September, October, that projects within the time we'll going to complete commercial project, wherein we'll going to generate some revenue also.

FAR projects also we are going to get some revenue. Two project yet to be sold.

Rest of the things already five packages already we have sold in through bulk sale. Sir.

Sir, how much, if you can just quantify in terms of units or value that we've already sold? Total 8,800 units, out of which almost 4,000, 4,500 unit already sold.

Okay. That's great, sir.

Sir, what about our Supertech projects? Where are we in that?

Supertech project already for all the projects we awarded the consultant. They are preparing their balance work quantity.

Hopefully during this quarter, we will going to call a tender and we will going to finalize the tender also. Next quarter onwards, I think we will going to get the turnover also from Supertech.

That's great, sir.

That is 16 projects, 16 projects. Supertech we have a 16 projects, Noida and Greater Noida.

Yes, sir. Sir, in a similar status if you can give about Naveen Nagpur, MahaPreet, J&K, and Mumbai Port Trust?

J&K one tender already we called. Technically evaluation is going on.

Technical bid already opened. It is yet to be awarded, that is infrastructure for the development of the plots.

Another five tenders we will going to publish during this month valuing of nearly ₹3,500 Cr. Now J&K through.

We're going to get the revenue from top line as well as bottom line from this project. Naveen Nagpur good news is already they have acquired 400, 450 acre land out of 1,000 acre land.

Consultant already appointed. Preparation of DPR in final stage.

We're going to get the approval of our cabinet of the DPR. Once DPR is approved, then we call the infrastructure tender at the earliest.

Hopefully during this quarter, if not, next quarter definitely. Hello?

Sure, sir. Sir.

Yes, yes, sir. About MahaPreet?

MahaPreet still not matured. Hopefully, next quarter it is going to start.

MahaPreet, of course, it got delayed. Goa we already started.

Pardon me? I'm audible?

Yes,

yes, sir.

Goa already we awarded four packages. Two packages tender yet to be done.

Goa also we are through. Goa already in the site mobilized and work also started.

That's great, sir. Now when are we looking to launch our Ghitorni and Gurgaon Sector 37D projects?

37D we got already awarded the contract. Contractor has mobilized, test pile also already done.

One approval we are seeking regarding revised plan as well as revised EC, environmental clearance. That will I think hopefully it will come during this month.

Once we received means already site is mobilized. We have to register in the RERA.

Hopefully next quarter onwards sale will takes place in 37D. Regarding Ghitorni, the final shareholder agreement is in process.

Once it is over means, parallelly we called the consultant tender also. We are hoping to finalize during this quarter the consultant.

Then I think last quarter, I think we will going to get start the project, but revenue will come, both the project's revenue will come after possession. It will come after two years only revenue point, but cash inflow will start.

That's great, sir. Sir, total, now what is the presales that we are targeting for this year then?

Pardon me?

Target top line?

Presales, presales. From the total real estate that we have, our own real estate, what is the total sales we are estimating from this?

Real estate sale we are expecting during this year

Real estate sale, can I answer this question, sir?

Haan, haan, Anjeev ji, please. Haan, haan.

Haan.

Real estate, in fact, we have three type of sale: sale of land, sale of completed inventory, and sale of construction. We're expecting a revenue of approximately ₹500 Cr from real estate.

As long as launching is concerned, definitely we are going to launch the 37D in the, I think, second or third quarter.

That's great. Sir, lastly, just what is our cash in our books?

Yes, this was the last question.

Cash is ₹666 crore as on 30th June.

Sir, it was ₹6,500 crores last quarter. Not comparable figure?

No, ₹666 Cr I'm saying.

Got it, sir. Thank you, that's it from my side.

Hi, good morning, sir. Thanks for taking my question.

I think I have missed a few things. This redevelopment project you mentioned, a kind of order book we are expecting, any idea what was the amount we are expecting redevelopment project?

Future projects? Sorry?

Future projects or are you talking redevelopment future project?

Redevelopment project in your opening remarks I think the second participant he was asking, yeah.

Around 50% on redevelopment. Total order book around 60% redevelopment, 40% PMC or EPC.

PMC, not EPC.

You mentioned this redevelopment project is expected to come in the second quarter or the third quarter. That order

That is 5 GPRA colony, new development in New Delhi, five colonies: so Lodhi Colony, Andrews Ganj, and DAZ, Connaught Place area. That will come around ₹30,000 crore rupees order we're going to get shortly.

Okay, ₹30,000 crore, okay. Superb.

Many congratulation for a very good, the EBITDA margin I can say. A small doubt I'm having.

This EBITDA margin I can see because of our cost structure, right? I can see this work and consultancy expenses has came down to ₹1,536 in 1Q FY27 from ₹3,412 in 4Q FY26.

I'm talking about the standalone basis. Is there any major changes or anything we have adopted, that's the reason this has came down or we can see a spike in this EBITDA margin?

Why the EBITDA has gone up, the reason is we are doing redevelopment projects. In redevelopment projects we are getting two type of feeses.

One is PMC fee, that is construction and execution supervision. The other one is marketing fee.

During this quarter, we got marketing fees through selling of the Bharat Business Park. Wherein the expenses will be less, and we are getting good profit margin.

That is the reason. Of course, in this quarter also we're going to get the sale of residential plots in Africa Avenue.

That will come to our kitty. The Vinay Marg we're going to sell, and some more property we're selling in 7 GPRA, that Sarojini Nagar, from which we're going to get marketing fee.

Of course, in Amrapali also, we are getting 8% PMC and 1% marketing fee. There also we'll going to sell around ₹4,000, ₹5,000 crore rupees inventory.

By selling ₹4,000, ₹5,000 crore rupees inventory, we're going to get 1% of the marketing fee. That's where our EBITDA has gone up.

Great, great, sir. Our FY27-28 revenue target is 15 to 17k you are saying, right?

₹15,000

to ₹17,000 crore.

₹15,000 to ₹17,000. ₹16 to ₹17, precisely ₹16 to ₹17.

Okay, ₹16 to ₹17. Any guideline for FY28 or something like that?

'28 around ₹21,000 crore and '29 ₹25,000 crore. We are expecting ₹24 to ₹25,000 crore.

Okay. Thank you, sir.

Thank you very much, and all the best.

Thank you.

Yes sir, thanks for taking my question. Sir, if you look at the revenue booking in this current quarter, we have seen 10% overall growth, and even in the PMC we have seen 12% growth.

Is there any specific reason related to this quarter that's why there is a lower growth? Because if you look at the full-year target, you mentioned ₹16,000 to ₹17,000 crore of sales in FY27.

On standalone basis we have a growth of 10%, but unfortunately due to one of our subsidiary, that is HSCC, there our turnover revenue gone down, dipped down due to merger and one project they bagged on very low PMC fees, Maharashtra government, that we are foreclosed. Due to that, the turnover got down.

Anyhow, the profit is increased, and on standalone basis our performance is very good in the first quarter compared to previous year also. The first quarter usually it will be on slower pace.

Second quarter onwards it will pick up. That is the reason.

HSCC we foreclosed one contract from Maharashtra state government healthcare, wherein they got the order only 2% margin. 2% margin means that even our consolidated level EBITDA also got affected due to that.

That is the reason.

Sir. For the full-year guidance, standalone, what kind of numbers we are looking at for FY27, '28?

Around ₹13 to ₹14,000 crore rupees on standalone.

Okay. FY28?

'28

we are expecting around ₹21,000 Cr. '29 ₹24 to ₹25,000 Cr.

The PAT will be around ₹1,100 to ₹1,200 during this year, next year ₹13 to ₹1,400, ₹1,300 to ₹400, and of course '29 around ₹2,000 Cr. We are expecting a PAT,

where

our real estate project will going to contribute, 37D will contribute more profit margin.

This is on the standalone you're saying?

No, consol.

Consol basis.

Oh consol, okay. Sir, regarding this MahaPreet order, what exactly is the status?

Where it is stuck and can we expect this to come in the order book in this current financial year? Because earlier you had guided for ₹2 lakh crore of order book, and you are targeting another ₹50,000 crore.

That doesn't match this ₹2 lakh crore number by the end of the financial year.

Yes, of course, out of all the redevelopment project, MahaPreet still stuck up with approvals. Actually still we could not get the approval from the MahaPreet and the matlab company.

Anyhow, I think on the third quarter it is going to be resolved, we are discussing with them. Hopefully, third quarter onwards it will start.

J&K also one and a half year back order, but now it has come to on track. Because with the state government, in central government, of course in central also the redevelopment project, it is a self-sustainable project, wherein money is the main issue.

We have to get the loan also, or some sort of seed money is required to start the project till sale takes place. Because of that MahaPreet is getting delayed.

Hopefully, third quarter onwards MahaPreet also going to mature.

Sir, lastly, on the REIT as you've stated in the opening remarks that you would be eligible for floating CPSE REIT, if you can highlight more on that, which all projects will come into that, and how much investment will be required in?

I'll ask my Director (Finance).

Haan,

please give us.

In fact, as in the budget Finance Minister announced ki government will come out with a national REIT. NBCC being the only CPSE having a real estate experience, and SEBI regulation provide that only for launching a REIT, sponsor should have a real estate experience.

We are the logical ally for the Government of India to be a sponsor of a national REIT. We are now in discussion with DIPAM, and last day itself we have approved a formation of SPV wherein we will transfer our three rentable asset, 75,000 square feet of asset will transfer to SPV, and then we'll work with MTNL, ITI, BSNL, a lot many CPSEs.

DIPAM is having a meeting with lot many CPSEs, and we are identifying the rentable asset first. Once the rentable assets are identified, then we'll identify how much fit-out is required to make them rentable.

That each and every CPSE will create SPV, and will be the natural partner for fitting out, refurbishment, as well as redevelopment of those asset, and to make those asset rentable. Once a considerable portfolio is available in those SPV, then we launch a national REIT, and we'll go for public.

As you're aware, the REIT is always public listing. We have started the work.

Creation of SPV is just a starting point.

Any timeline we can expect, say by the end of this year?

Five or six REITs are there, and portfolio under those REITs are in the tune of ₹40 to ₹50,000 Cr. We are in talk with CPSE because some assets are required refurbishment, some assets are required redevelopment.

Right now it is difficult to put any timeline, but as soon as we'll able to generate or gather a considerable portfolio, then only we can launch a national REIT.

Sir. Thank you, that's all from

my side. Thanks, thanks.

Hello.

Hello.

Yes, sir, can you hear me?

Yes, yes, please.

Yes. Congratulations on the numbers and the margins, sir.

I just had a few questions. When we had the Analyst Day recently, we talked of we would be willing to award almost ₹30,000, ₹32,000 crore of projects this year, the awarding from NBCC.

We are seeing that in the first quarter, that is very smaller number as of now. Are you sure that do you believe that this ₹30,000 crore can be achieved this year?

I am very much confident. Actually you cannot compare to quarter to quarter for award of work because some quarters we will going to get good award, some quarter less.

Still we are confident to award around ₹20,000, ₹25,000 crore Cr because we have to award Supertech around ₹10,000 crore order, J&K 3,500 in phase one. Rajasthan Mandapam also some 3,500.

It will be done. During this year that figure, I'm still confident we're going to award.

Is there a possibility we can do more, maybe 30, 35, 40,000 because we have order book pending?

Yes, yes, yes, yes. We are, but of course Supertech also got delayed.

Now we've got the clearance from Supertech also Supreme Court. This year we're going to award around ₹20,000, ₹25,000 Cr easily.

Great. Sure, sir.

I wanted to understand the use of the profits which we are generating. We have bought this one tower in the business park.

When will the cash go out from the company? What would be the timeline for that because we will be paying that amount, right?

It is construction-linked plan, only first installment 10% we have paid. Rest of the payment will be as soon as the structure is completed, suppose it foundation completed, we have to pay some percentage.

If it is gone to third level, then some percentage. Sixth level, ninth level, ninth floor, similarly finishing.

It is a construction-linked plan. Cash flow will go in two years.

We can assume that out of the maybe ₹1,100 crore PAT we are seeing that we might achieve this year, and maybe ₹1,300, ₹1,400 crore PAT which we do next year, a good chunk of it would be going in this project.

Cash flow will go. Cash flow will go.

It is a capex. Cash will go.

Sure, sure, sir.

One good news for you. Last time we purchased that on base rate, that is ₹39,100 we purchased that tower.

Recently last auction, the price has gone up to ₹66,000. That much appreciation we got, already got.

In the ground floor it has fetched around ₹66,000, and the upper floor ₹50,000 to ₹55,000 floor-wise it has gone, whereas we purchased at base price of ₹39,100.

Sure, sure, sir. Also I wanted to understand very specifically on the new colonies in Delhi.

What is the status on those projects? The 150 colonies across which we were talking of.

Out of 150 colony, the current proposal is only for 5 GPRA colony. Current that is almost ₹50,000 crores value.

It will be generated and ₹45,000, ₹50,000 crore rupees expenditure, wherein presently we choose five colonies. One is Lodhi, other one is Andrews Ganj, DAZ, Laxmibai Nagar.

This colony will be redeveloped. Once it is redeveloped, means the waiting list of GPRA will be sorted out, and we'll going to get some marketing also, matlab commercial point by selling commercial area, we'll going to construct the GPRA colonies.

Oh

sure, sir. Last question

We are not taking all 105 colony. Only five colony we're going to take presently.

Okay. Sure, sir.

In the last question, which are the assets which we are thinking of putting into the REIT, which sir explained in the last question?

Anjeev ji, only our World Trade

At present, we are planning to put 75,000 square feet worth of asset in our SPV, which will ultimately go to the REIT once the REIT is formed at later stage.

Sure, sir. Which would be these assets?

This would be that our Business Park tower?

This is NBCC Centre.

Business Park is right now you cannot put. REIT if you want to put in REIT, it has to be completed.

Not under construction, you cannot put in REIT.

Sure.

Once it is completed, then we are thought of putting on REIT.

Sure. Sure, sir.

Thank you so much.

Thank you.

Hi. What has been the key reason for the delay in project awarding, the projects that we've already got, but yet to be awarded to the contractors?

Almost ₹95,000 crores being pending. What stops us, what is the reason for this?

Ma'am, these projects are large projects, self-sustainable projects. Not redevelopment, exactly I'll not put the word redevelopment.

Of course, it is a redevelopment. Suppose J&K project, it is ₹15,000 crore project.

It is self-sustainable project, wherein government clearance also required. Government has to give the clearance, and DPR has to be prepared.

DPR we have prepared. Now we got the approval.

After one and a half year, this project is take off rather. Similarly, MahaPreet is a big value, ₹25,000 crores, that it is getting delayed due to various reasons.

Other projects, Supertech. That time the builder went to Supreme Court, but fortunately we could get the order once again as per the Supreme Court.

Now we're going to call the tender of Supertech also. These are all the reasons.

Major projects around ₹50,000 crores work order got delayed due to various reasons and various approvals. That's all.

Nothing else. Otherwise, we're going to Now Pardon me?

You wanted to say something?

No, no, go ahead,

go ahead. That's all.

Of course, Goa government we recently got the approval, and they are proactive. We have awarded four packages.

With state government that approvals and all, and of course, generation of fund. Naveen Nagpur of course, recently we had an MOU, so that has almost 400 acre land they acquired through farmers.

Another 400, 500 acre going to acquire. Once it is acquired, means parallelly phase one we are started with the infrastructure development.

That DPR is in process. Once it is over, means then we're going to call the tender of Naveen Nagpur also.

Out of this ₹90,000 crores, how much do you think will be awarded this year?

₹20,000, ₹25,000 I has already committed. Minimum ₹20,000, ₹25,000 we're going to award during this year.

Then balance ₹70,000, ₹80,000 crores will be for the next year, year after?

It will come next

year,

next.

Is funding a constraint for these projects? Haan,

of course. Seed money is the main constraint apart from other approval, statutory approvals.

You have to get any project you want to start means you have to get the environmental clearance. It will take at least six months, it has to be registered online.

Similarly, other approvals, airport clearance, Delhi means traffic. There will be around 18 to 20 approvals you have to get, then only you can start the projects: tree pack, traffic.

These approvals are raised by us or the client? No,

some projects we are incurring, but some projects we are telling to incur by the clients. Or recently we had an MOU to resolve this issue because client also don't have money.

To resolve this issue, recently we had an MOU with HUDCO for giving seed money to wherever required, provided the government is willing to give or capable to give the sovereign guarantee, then HUDCO will ready to finance. In this model, already Naveen Nagpur we have arranged a fund around ₹3,500 crores to acquire the land.

That process is already through.

Content, content. For projects where we have to arrange the seed money, are we raising those funds or we are waiting for better clarity before we start raising funds from the financing institutions?

In 7 GPRA we infused our seed money, and currently we put some money in Amrapali. That's all, these two projects.

Of course, some money to DTC. We put some seed money in DTC, small amount, in Delhi Transport Corporation.

Rest of the thing, the client is arranging. Kerala Housing Board, I think now the state government is going to take the loan.

So

My point is even for the new projects which are yet to start, you are not arranging the seed money probably because you're not clear on the approvals and clarity on the timelines of approvals. Is that the case?

No, client only. Jain ji?

Ankita, we are facilitating them to get that money either through a loan by mortgaging their asset or because our role is marketing of those assets or pre-launching of the asset or launching of the asset to get the fund under redevelopment stream. We are also facilitating them.

CMD has told ki we have a MOU with HUDCO also. Wherever any seed money will be required for those projects, maybe of the state government, then HUDCO will pitch in and provide money to state government and if state government is able to give the mortgage of the land and all this.

We are facilitating them. Okay.

My only concern is the order book looks very strong. However, approvals are significantly delayed and the timeline is getting extended, which is impacting execution.

We need better clarity on execution ramping up over the next nine months, and which will come only if we have clarity on new project contract awarding to the contractors coming through. That was the whole thought process of understanding further.

Also if you can highlight if there is any

yeah. I already explained you.

Due to various approvals, the project got delayed, two reason. One is fund, other one is various approvals.

Of course, first time we are extending this business to state government. State government way of working is not quick as central government, and they don't know the procedure.

They are in the process of learning the procedures and all. Anyhow, now it has through, and only MahaPreet is getting delayed, that's all.

Rest of the redevelopment projects already we are in the fast track, I can say.

Apart from this, any other clarity or pipeline of projects? You have already mentioned the GPRA projects of ₹50,000 crores.

Apart from that, anything else in the pipeline for this year in terms of inflows? That's it from my side.

We are talking with various state governments and some PSUs also. We are talking with PSU.

I don't want to name them presently. Once we will get the orders, then definitely you'll came to know that.

I think within this month or next month, you'll going to get some more news. Don't worry.

If state government projects are kind of getting slow, should we continue to focus on state government projects since Yes,

yes, definitely, because

we should be cautious about

Wherever we are going in the state government, we are doing on PMC basis. We are not infusing our money or anything.

It is a PMC project. As long as it is a PMC project, we are safe, but the matter is only time.

The state government is having very good land parcel in the prime location. Unfortunately, they could not monetize properly.

We are the only agency after Moti Bagh, Kidwai Nagar, and now 7 GPRA, since it is a old 15 years old company in redevelopment, and one of the unique profitable margin project, that is redevelopment. We can better utilize of FAR because earlier projects it is only ground floor, first floor.

If you don't monetize this land in prime location, what is going to happen? Either it will be encroached by someone else, or it will be maximum a forest.

Better monetization is the best part. We have expertise, and state government don't have money, and they need not to invest money.

That is also beauty of this project. That's why we have a good win-win situation for state government, for us, and lot of employment will be generated to do this.

Not only the employment, we are paying almost 18% GST to exchequer, matlab Government of India and state government. They will going to get the revenue through GST, income tax, labor cess.

Apart from that, they will going to get good number of employment generations. Better model, why we should not go to state government?

We wanted to expand our business throughout India. It is a national building construction company.

Why is restricted to only Delhi? This is our concept.

Okay. One last thing.

What will be the ownership structure of the REIT that is planned?

Ankita, right now we are in the process of formation of the SPV, where we will transfer our asset to that SPV. Ultimately, the holding of this SPV will transfer to the REIT whenever REIT is formed.

REIT will be formed when a considerable number of portfolio is gathered because we are still in discussion with various PSUs. Once that portfolio of asset is available across a number of SPV, only then we will have a national-level REIT.

Ownership, ultimately sponsor will be NBCC only, that is clear. Ownership will depend on the assets put under that portfolio.

If a particular SPV want to put their asset, that first ownership of all SPV will be with that CPSE, and once it is transferred to REIT, that again unit will be issued to that CPSE only. We may put some money in the form of development expenditure, fitting out, refurbishment out.

For that refurbishment or development, we may take some ownership. REIT ki ownership will be decided once it is formed after a good chunk of portfolio is available for rentable assets.

Got it. Thank you.

sir. Hi, sir.

A very good morning to you. Sir, the thing is that your standalone numbers are clearly very encouraging.

Sir, the way market is actually looking at it is that the thing is that you have an order book today of ₹1,27,000 crore. You have said repeatedly that you're going to get those ₹50,000, ₹60,000 crore.

Sir, market was of the view that you will end the year with about ₹2 lakh crore kind of order book. Now sir, the thing is that that order book of ₹1,20,000 crore which you have today needs to be executed over the next four to five years.

Now sir, somehow the revenue growth, okay, is basically not kind of reflecting what is actually supposed to happen, right? Because if you're supposed to execute 1,20,000 over a four-, five-year period, your run rate has to get to ₹20,000, ₹25,000 crore, and at some point of time when your order book is ₹2 lakh crore, it has to get to ₹35,000 crore.

Sir, what do you think is basically kind of coming in between us? Because the potential for this company is enormous.

There's absolutely no question on that point that this company can actually be one of the best PSUs in the country. Sir, it is not translating into a revenue growth because even if you see your consolidated number, you've rightly highlighted that that is because of your merger or whatever that is.

The thing is that sir, do you think that this revenue growth is now at that point of time where you will see a sharp uptick over the next couple of years? If I understand correctly, you said ₹16,000, ₹17,000 crore revenue will basically be for current financial year, and next financial year you said will be about 21,000.

Sir, do you think that there is scope to kind of outpace those numbers? Because your order book is clearly there, and the fact is that you have the business which is to be executed, plus you have the Sector 37D project, plus you have Mehrauli, plus you have Bombay Port Trust.

The work

Hello?

Okay. I'll just next question then.

Otherwise, I can reply both question at a time.

Good afternoon, sir, and thank you for the opportunity. Actually my question is also on similar lines.

We have discussed that we have a substantial order book, plus we have these 5 GPRA and other state orders coming in, amounting to ₹50,000, ₹60,000 crores. On different platforms, you have mentioned order book for this year to be ₹2 lakh crore plus.

Secondly, in the first quarter, it would be really nice if you can help us understand how will the HSCC merger help us. While that Maharashtra project the margins were very low, now if we merge it with the parent NBCC and it becomes easier for the standalone to be understood better.

Other than that, how is that going to help us? In Q3, we expect GRAP to again slow things down for us in Delhi given the ruling from the government from November to January.

I don't see us, sir, even achieving the ₹16,000, ₹17,000 crores revenue on consolidated basis. Given that our run rate for PAT is ₹150 crores, ₹150 in the first quarter, even if we pull it up, sir, how can we from ₹600 to ₹750 crores, sir, just your some light of confidence needed on the PAT number of ₹1,100, ₹1,200 crores that we are anticipating for this year.

How is that going to be a reality? In which quarter will we see the real jump?

7 GPRA, this Gurgaon, and Ghitorni, the real profit drivers are also coming from the next couple of years. Is it going to happen or will we sort of falter on our commitment once again?

Thank you, sir.

It will going to definitely happen. We have a figures.

I'm not committing like that. Otherwise, I could have told I'll going to execute 20,000.

I'm saying 16,000 means I have a backup also. Similarly, I have 1,046 means that also 1,100 means I have a backup.

Definitely it will be achieved considering all the factors, whatever you have mentioned, GRAP, everything we have taken into account, then only we are committing. Otherwise, simply I can say ₹20,000 crore rupees, 2 lakh 1,27,000 is there, I'll going to complete 20,000.

I am saying 16,000 means it will be definitely achieved. You can see last three years whatever we are committed, that we'll going to achieve.

After gap of four, five years, the company is getting excellent rating. That excellent rating measured by all the parameters, whatever you have mentioned, beyond also.

Some parameters even negative marking is there, that also we are try to achieve. Not only in the taking care of investor, we have to do profitability, we have to do social responsibility, we have to do R&D.

There are 10 number of parameters that has measured by DPE. One thing I wanted to share with you, last year we got I think second PSU got a score of 98.65 points score.

We are doing, but unfortunately, you're right. The big orders, one is MahaPreet, Supertech, and Jammu Kashmir, they are all these three projects adding together around ₹50,000 crore work order, it is got delayed.

J&K now I through. After one and a half, two years, it has through.

With the way of working of state government, you also know. It is taking time, but definitely it is achievable.

There is no matlab gimmick or something like that. We'll going to achieve the profit.

I have a backup. Currently, I don't want to share it with you.

So 1,000, 1,100, 1,200 profit definitely it will come, and around ₹16,000 crores. As you rightly asked, the Ghitorni and 37D, that profit will come after two years, not now, but we have other real estate properties that I think one Jaipur property already we have started construction.

Other property we wanted to sell it or we'll going to sell the property. From that also we'll going to get some money and profit also.

We have a backup. Don't worry.

I'm committing. Still I am committing that figures.

Whatever I am saying, that figure we will definitely achieve.

Good to know, sir. On the HSCC, if you can shed some light, how will that merger, apart from the crisis, how will it help us, and can we bring HSCC out of the existing situation of

leaving

a negative impact on revenue and profit?

Yes, definitely. What happened, when you purchase HSCL, HSCC used to do steel plant projects.

One steel plant project while construction, once all the steel plant commissioned, then they don't have a work order, and it was literally in the face of closure or wind up stage. That time NBCC 2018 we acquired the company, and today that company is a Miniratna company.

I was the CEO of that company for two years, and we got Miniratna in less than three years. After 29 years, we got the profit.

Almost three decades that company was running loss. Now we got the work order.

During the COVID period, we got around ₹3,500 crores work order, and that company survived. Presently, it is a profit-making company, and headquarter at Kolkata.

Do you know how to work in Kolkata? Still that company is making profit.

Similarly, HSCC we acquired in the year 2019. Unfortunately, these two company, they are quoting very low fee, whereas their overheads are more than whatever they're quoting.

The overheads is around 3% to 4%, but they quoted 2%. That we are stopped.

Why we should work on loss? Let it be.

If you're not getting top line, okay, but on loss we should not work. That's why Maharashtra work we stopped, wherein we was lost around ₹300 crore rupees the top line, but profit-wise not much more impact.

This I'll going to cover with my standalone project, that is NBCC. NBCC projects, 7 GPRA, all the tenders, it was awarded in 2000 almost 8, 10 years back, that could not be materialized.

Now you have awarded all the packages. Around ₹10,000 crore work order is with us, that has to be completed within two years, I think in less than matlab 18 months.

So ₹5,000, ₹6,000 crore work order I'll going to get matlab the top line from this project. Similarly, Amrapali has to be completed in two years.

There also I'll going to get ₹5,000 to ₹6,000 crore rupees top line. Only these two project, I'll going to get ₹10,000 crores.

Similarly, Supertech we're going to award, J&K we're going to award. This whatever figure I'm saying, I have a backup calculation.

Nothing to worry. I'm still adhering these figures.

Sure, sir. Good to know,

and

on the long-term trajectory of the company, we are very convinced. Sometimes in the quarterly run rate when we don't meet the

Yes, I fully agree. Conversion took too much of time, but nothing to worry.

We'll going to execute. You just read HSCL story, then I think you can imagine how it was the company.

Even Tata Nano they have stopped their working, and they put a plant in Anand, whereas NBCC did the HSCL turnaround story. Now it is a profit-making.

One more thing I wanted to highlight you, when we took over Amrapali project, that time even all the contractors, big contractor came to me. I was the in-charge that time.

I was the Executive Director of Amrapali projects. They came to me, and they told, "Sir, why can't you foreclose this project?"

Today you know what is going on. Almost 8,000 top line we have completed, our bottom line also almost 9% we are getting on that project, 8,000, and we have paid ₹2,000 crore rupees GST to state and central government.

Lot of employment has generated, and the homebuyers, they have suffered last 8 to 12 years. They got their home.

Their genuine home they got it, and we have completed that project. Due to which, Supreme Court once again entrusted the work of Supertech.

That is the confidence they have on NBCC. One thing I wanted to tell you, whenever any PSUs fails, private will take over.

Example, Air India fails, Tata took over, whereas in this case reverse. A private builder failed, and PSU is completing that project.

That is the turnaround story for NBCC for investor like you, confidence on us, we are doing that job.

Thank you, sir. Wish you the best.

Thank you.

Hi, sir. My sincere apologies, my call was dropped.

I missed you, Sumit.

Sir, I'm sorry. I missed

you in between, haan.

Yeah. Sir, coming back to the point, sir, under your and Anish sir's leadership, there is absolutely no question of the fact that you both will take this company to a different height.

Sir, just that, as you explained to the last participant as well that there are a little bit of confidence-building measures which need to be, and you explained so much in detail. I won't be repetitive to ask the same thing again.

I will just kind of just tell you that the potential is enormous. Your plate is full of orders.

The only thing, sir, which basically keeps us away from glory and from being ranked as one of the best public sector companies in this country is basically on the execution. Sir, if you can just get that ball moving at a faster clip, then I'm sure that this is headed for a totally different trajectory.

On this note, sir, I'll wish you all the best, good luck, and hope to see you on the next conference call, sir, and thank you so much.

Thank you, Sumit. Main simply yeh batana chahta hoon, whatever hamara projects delay hua, uske liye reasons hain.

Reason beyond our control hai. Okay?

Otherwise, why we should waste the delay projects? We are pursuing.

Unfortunately, the clients, the state government way of working, because of that it's got delayed. Aapka question ke liye main yeh bata raha hoon main, three projects, that is one is Supertech, other one is J&K, and third one is MahaPreet.

Yeh ₹50,000 crore ka work order hai. Yeh conversion mein thoda late hua.

J&K abhi through ho gaya. Supertech J&K ka ek tender humne throw kiya, almost 15 party participate kiya hua hai.

Technical evaluation is going on. Once wo hoga, to wo chhota sa kaam tha ₹100 crore ka, just infrastructure ke liye.

Now ₹3,500 crore ka tender hamare paas ready hai. We'll going to float this month itself.

Wo award ho jayega, to J&K through ho jayega, phase one start ho jayega, phase two bhi chalu hoga. Similarly, MahaPreet thoda delay ho raha hai.

Hopefully, is quarter pe wo bhi ho jana chahiye. Is quarter nahi to agla quarter.

Currently, whatever figures I'm projecting, isme MahaPreet main liya nahi hoon. MahaPreet leya to it will be added.

Definitely it will added to our kitty. MahaPreet ko main nahi liya hoon.

Only Supertech ka bhi only partly liya hoon. Yeh jo current already jo chal raha hai, Amrapali nahi to hamara projects hai, usi se main baat kar raha hoon.

Yeh dono project hoga to yeh figure naturally bahut change ho jayega. It will be a matlab surprise news to you rather it will be a bonus.

Okay? I am taking conservative figure.

Definitely it will be achieved, haan?

Sure, sir. Sure.

Wish you all the best, sir, and good luck, sir. I sincerely hope that, sir, we can get those big orders, because

eagerly

for those two

Wo aa jayega. Cabinet chal raha hai.

At the earliest we're going to get. PIB already approved.

Why we are not informing to stock means, we are waiting for cabinet approval. As soon as we get the cabinet approval, immediately we'll going to announce you.

Sure, sir. Sure.

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

Thank you, thank you, thank you.

For the follow-up opportunity. Sir, just one update on the Dubai operations.

Where are we over there?

Dubai Pradeep, haan, he'll answer my ED.

Dubai operation is well on track. We have already got the developer license, and as you already know in the domain is there that we have already had a land parcel purchased, and we are constructing housing units there around 66 housing units.

All the design, local authority approvals have been obtained, and recently we have floated a RFO for selection of brokers. They will be helping us in doing the marketing and sales and promotion and all those activities.

We are very much well in track. As soon as the marketing consultant is on board, he will do the branding and the sale proposition and all those activities will start taking place.

The construction tender is also most likely to be floated in the month of October. That is our planning.

Sure, sir. That's it from my side.

Thank you.

GPRA redevelopment: all major packages are under execution, with approximately ₹10,000 crore of balance work will be going to execute within two years. Successfully sold entire Bharat Business Park only three to four months in three auctions, just three auction, under 7 GPRA redevelopment project.

Few more projects are in the pipeline for sale, auction, that is including Vinay Marg, Scindia Marg, and Africa Avenue apartment. Amrapali projects: phase two execution has commenced across multiple packages and expected to contribute significantly to revenue and bottom line, that is profitability, in coming quarters.

J&K satellite city: ₹3,500 to ₹4,000 crore tender will be uploaded very soon. Supertech project is going to award upcoming months.

Naveen Nagpur infrastructure work also will going to upload shortly. One thing apart from this, I wanted to share with you, HSCL ek company tha, unorganized tha.

Last almost 29 years mein last there was no recruitment. Koi system nahi tha.

Headquarter at Kolkata mein tha. Wo company Miniratna ho sakta hai to, NBCC ke paas itna order book hai, itna achha investors hain aap log, it is a listed company.

Yeh company ka future bhi bahut bright hoga, and whatever we are committing, definitely wo loss-making company ko profit karke Miniratna banaya just three years mein hoga to, yeh company ke paas itna order hai. We have a good working staff also.

Wahan only just 22 regular employee tha, almost saare contractual employee the. Wo company turnover hoke matlab turn around hoke aaj ke din mein good news hai, IIM mein uska ek part banaya hua hai HSCL turn around story ka.

IIM mein banaya hua hai, abhi it will go to matlab ek award bhi mila hua hai. Award bhi milke case study hoke mila hua hai.

Similarly, Amrapali ka bhi case study kar raha hai. It is a unique peculiar case tha matlab builder ne in between yeh karke saare homebuyers ko cheat karke chala gaya tha.

Wahan hum makaan bana ke un log ko de raha hai. Aaj ke din mein un log itna appreciation mil raha hai matlab unka homebuyers jo bhi invest kiya tha, suppose they invested at X price, today they are getting four times X or 400 times X to 500 times X.

Uska dekhte homebuyers Supertech mein bol rahe hain humko le lijiye, Supertech bhi humko mila hua hai. Not only Supertech, iska alawa bhi 2.5 lakh, 3 lakh homebuyers abhi bhi suffer ho raha hai Delhi NCR pe.

Across India mein 4.5 lakh homebuyers suffer ho raha hai. Bahut saara private agency abhi NBCC ko approach kar raha hai, you have completed Amrapali, why can't you do our projects?

We'll going to get some private projects in this process, the stalled projects, wo bhi mil sakta hai. Recently Seychelles mein Maldives successful story hone ke baad mein 2,000 houses hum complete karne ke baad mein, abhi Seychelles government 1,000 makaan humko diya hua hai.

Wahan banayenge, wahan hospital hoga. Australia mein we are expecting some business.

Saudi mein kuch business milne wala hai. Fiji mein kuch business milne wala hai.

Wo sab main abhi hamara isme consideration mein nahi liya hua hai, but we'll going to get that earliest. Trust me, whatever we are committing, we'll try to honor it, and we'll going to adhere it and achieve it.

With this, once again, thank you all. Thank you.