Good afternoon. On behalf of ICICI Securities, I welcome you all to the Q2 FY26 earnings call of NBCC India Limited.

Today, we have with us from the management: Shri K.P. Mahadevaswamy, CMD, Chairman-cum-Managing Director; Shri Saleem Ahmad, Director (Projects); Dr.

Suman Kumar, Director (Commercial); Shri Anjeev Kumar Jain, Director (Finance); Shri M.B. Singhal, Executive Director (Finance); and Shri Balkishan Singla, Investor Relations.

Without much delay, I will now hand over the call to the management for the opening remarks, which will be followed by Q&A. Thank you, and over to you, sir.

Good afternoon to everyone. A warm welcome to all of you in today's investor call for second quarter.

For Quarter 2, on standalone operation and execution, we have achieved a total income of 2,225 crore and 3,017 crore on consolidated, reflecting an 20% year-on-year increase on consolidated level basis. Our standalone PAT stands at 173 Cr, making a significant 40% year-on-year growth.

Additionally, our consolidated PAT stands 157 crores, marking 25% year-on-year growth. EBITDA margin for quarter-to-quarter has reduced slowly because of lower contribution from our real estate projects and lower marketing fees from Amrapali projects.

However, EBITDA margin for H1 to H1 has increased, and we are very sure that we will improve on EBITDA margin year-to-year basis. Order book: NBCC standalone order book standing 1 lakh crore 12,000 Cr, and consolidated order book 1 lakh 28,000 Cr.

Business secured: NBCC has secured 6,800 Cr on consolidated basis in Quarter 2, which makes a total of 10,000 Cr in first half of 2025-26. Following major projects secured during Quarter 2 by NBCC: Rajasthan State Industrial Development and Investment Corporation, that is RIICO, around 3,136 crore; development of Naveen Nagpur for NMRDA, around 3,000 Cr; African Zoo, Safari Plaza, animal hospital, quarantine facility and other allied works, 355 Cr; MoU with Departmental of Post for land development across India.

Other MoU signed: strategic MoU with Australian real estate developer for expand global footprint; also strategic MoU with Tanttan LLC real estate development LLC for real estate project in UAE. Business award to the contractor: In Quarter 2, we have awarded 2,000 Cr new tenders for on consolidated level, which makes 3,800 Cr in first half of 2025-26.

In next half, we are expecting Rs 10,000 to 12,000 crore rupees new work will be awarded. Redevelopment projects: In H1 2026, GPRA redevelopment project has contributed 1,021 Cr in top line.

First phase of Netaji Nagar project valued 1,450 is around 93% completed, and two more projects in Netaji Nagar valuing 2,000 has started giving contribution, and 2,000 crore more in pipeline to award in Netaji Nagar. Sarojini Nagar: This is a large project, and work has been going on 10 packages worth of 8,000 Cr, and two projects have completed, and 5,000 crore more in pipeline to award in Sarojini Nagar.

Amrapali projects: For half yearly one, Amrapali stalled project has contributed rupees 1,054 Cr in top line. For Amrapali project Phase 1, NBCC has completed almost 23 projects out of 24 projects and completed 30,000 units, and will complete Adarsh Awas Yojana project by June 26.

That is the only one project left with us. In Phase 2, Amrapali project has started in different packages, which consist of 17,000 Cr sale, and the construction cost around 12,000 crore rupees.

This project will have a significant contribution in top line and bottom line in coming quarters. Thank you.

Now the forum is open for the question-and-answer session.

Thank you very much to give me the opportunity. Sir, really, I can say it is fantastic result.

NBCC, I am looking after since last 10 years. Sir, we have order book of 1 lakh 28,000 crore, while our execution this year may be 12,500 to 13,000 crore.

If I apply net profit rate of H1, that is 7.65%, our net profit comes 1,000 crore rupees this financial year 26. Is it possible?

We are expecting 800 to 900 Cr during this year. That will be our profit.

Okay. Sir, while we are not executing any project, we hire outside agency, then why we could not do fast project working?

Because 1 lakh 28,000, if I took our project order, and 12,500 crore is yearly execution, why we are lacking in the project execution? Can you tell the specific reason?

In this 1 lakh 12,000, 1 25,000 crore from Mahapreet. This is a redevelopment project wherein we have to arrange the fund for redevelopment construction.

Now, recently, HUDCO has sanctioned the loan for construction of three packages. It will start.

Here, it is not a PMC project, not a budgeted project wherein budget we will get the money. Here, it is a self-sustainable mode project.

Similarly, on Jammu Kashmir 15,000 crore work, the approval is getting delayed. It is the state government projects wherein also in we have to do redevelopment model.

Arranging fund, getting approvals, it is taking some time. Once these two projects started means this is a all together 40,000 crore work order in this two projects.

RIICO also recently we got. RIICO also, all the projects we are doing in self-sustainable mode redevelopment model.

That's why it is getting some time. Once it started means, definitely, it will run, and we will get good revenue as well as profit also.

HUDCO how much loan sanctioned to us?

Not us. We are not taking any loan.

Actually, client is taking the loan. Mahapreet is taking loan.

NBCC taking loan means it is no issue, because land lies with them. Loan will be taken by them only.

We are the project management consultant for them.

Understand, sir. My question is that, wherever you tell ki HUDCO has sanctioned the loan for three projects, how much the loan amount?

Can you tell that way? The

Naveen Nagpur, they have sanctioned in the first phase, I think 11,000 crore rupees they have sanctioned. That includes land acquisition also, wherein they have to acquire the land.

In Mahapreet, I think 3,000 crore already they have sanctioned.

So, 14,000 crore they have sanctioned, right?

Yes, yes, for them, not us, huh?

Ha ha. Arre, yes, yes, for them, not not us not us.

Sir, out of 1 lakh 28,000, how much book we have clear mandate to start the project? Can you tell in that way?

No,

almost 34,000 crores is on our running projects. 40,000, just now I explained, this are the two major projects.

Of course, in 7 GPRA also, some 6,000, 7,000 crores yet to start. Already we have 34,000 crore in hand, running projects, this is running projects.

34,000 crore is running project, which we may finish in next two years, three years?

Two years, two years, yes, yes, definitely, less than two years. Some projects even 18 months, some projects 24 months, some projects in three years.

How is our backlog of Delhi residential colony? How much we have sold in this quarter?

Delhi there is no residential sale so far. It will come in future.

100% we have sold it in Nauroji Nagar. There is no unsold inventory in as far as commercial Nauroji Nagar 100% sold.

Nauroji Nagar 100% sold. Any other no residential project in Delhi which need to sell, right?

No,

it will come. It will come.

Commercial project is there worth around 9,000 crore, which will be auctioned in coming month. January month.

9,000 crore, it will come in January? World Trade Center.

Yes, exactly opposite to World Trade Center, there will be a commercial space that we're going to launch in the month of first quarter third fourth quarter, fourth quarter, January.

January. Thank you very much.

All the best.

Thank you. Thank you.

Thanks for the opportunity. My first question is so can you just breakup in terms of order book how much is on a self-sustainable model and how much from the budget allocation?

Around 40% on PMC, as far as only standalone if we are consider standalone, and 67,000 in redevelopment model. 67,000 crore is Redevelopment, 60%.

40-60, we can say 40% on PMC model and 60% redevelopment.

We can say that this 40% PMC will be more or less executable in next three years and 60% of redevelopment may be four to five years?

Yes, yes, definitely.

Okay. Now, my second question is there were talks earlier regarding the more colony redevelopment in Delhi.

If you can elaborate or any update on that? It is in process.

Right now,

I can say it is in process. As soon as we'll get the confirmation order, immediately, I'm going to inform you.

Presently, it is under process.

Do you expect that anytime in this year or it may take some more time?

This year, certainly, this year it will come.

This year it will come. How big it could be?

That

presently difficult to ask in detail. Definitely, in future, I'll share it with you.

Because it is a price-sensitive matter, I'll let you know. Yes, definitely it is going on.

Okay. Next question is regarding the Ghitorni land.

How much square feet how much area we total have, and how much square feet we can build on that?

Around 21 acres we will going to get. It will be resolved at the earliest.

Hopefully, by this year-end or next year first quarter, we'll going to start the construction, and will start the sale of the commercial spaces also. In 21 It will give around 8,000 It will going to give around 8,000 rupees, something like that, some 7,000 crore rupees revenue.

7,300.

For entire 21 acres, 7,000 crore of top line we can expect?

Yes, yes. Okay.

Around so 5,200 PAT will be there.

Okay.

This is a conservative figure, conservative figure.

Got it. In terms of our other income, if I see this quarter, it is around 106, 107 crore, and for half year, it is 181 crore.

Is it predominantly from the interest income on the cash we have, or is there any one-off as well?

It consists of three things. I am Anjeev Jain, Director (Finance).

It consists of three prominent elements. One is we have sale a industrial plot in Noida, from where we get 44 crore of rupees earning, rather other income.

Apart from that, we get 44. 44 Cr.

44.

44, 44, 44. 44, okay, okay.

Approximately 42 crore is from dividend, dividend from our subsidiaries.

Okay.

Rest is from the interest.

No, but dividend from subsidiary would have been knocked off in console numbers, right?

Yes, I am talking about standalone number only, no? Okay.

Thank you for the opportunity. Sir, this 40-60 split that you gave was in standalone.

What is the similar split for the console level?

Console level, 47-53. It is 47 and 53%.

61,000 crore on PMC, and 67,000 on redevelopment. In subsidiary, they are not doing any redevelopment.

Basically, they are doing only PMC business.

Okay. Sir, in terms of our project awardings, how much have we awarded in Q2, and what is our target for the second half of the year?

Far, we have awarded 3,752. Hopefully, we're going to complete 10 to 11,000 Cr during this year.

That is our target, minimum target.

Okay. This was in second quarter or the first half, 3,700?

3,000 up to second quarter. Six months.

Okay. Sir, now that we've already won about 10,000 crores in H1, for second half, how much more new orders are we looking at?

Another minimum 10,000. That is our minimum target, but it will cross more than 10,000.

Overall we'll be exceeding about 20,000 crores. Okay.

That's great, sir. Then for FY26 and 27, what kind of revenue growth and EBITDA and PAT margins are we looking at?

20%. On top line, we're expecting 20% growth.

On bottom line, that our PAT margin EBITDA will be in the vicinity of 7 to 8%, and EBITDA will be in the vicinity of 6 to 6.5%.

For FY27, again we are targeting 20% growth in revenues?

We are a government company, and we are bound by target set by the our administrative ministry. Administrative ministry decide every year we should give minimum growth of 20%.

Sure, that is great, sir. As I

already told, once these two redevelopment projects starts means, we'll going to achieve more than that whatever minimum set criteria. That is the as per MoU.

We're going to, after this Mahapreet and J&K starts means, we're going to get more revenue.

Sure, sir. That's great.

Sir, on the 7 GPRA societies at work that we have, the Sarojini Nagar and Netaji Nagar, what is our total pending order book in this project?

Around 7,000 crore is the pending.

Okay. About this in Netaji Nagar, the phase which is currently ongoing, which you

Out of 7,000, we're going to float a tender in this quarter only, around 4,000 to 5,000 crore, we're going to float the tender. It is ready.

Now we're going to call the tenders.

That's quite interesting, sir. Sir, in the Netaji Nagar, what is the value of the works which is currently ongoing?

I missed that number, which is 93% completed you said. What is the value of that?

That is 1,450.

Okay.

Pardon me? Yeah.

In this Amrapali project, you said that our margins were down because marketing fees was lower. It is generally for the project as a whole our marketing fees is low, or it is only for this quarter?

Only this quarter. This quarter we could not sell the property, that's why we could not get the It is quarter-to-quarter comparison only.

Otherwise, we are getting 1% marketing fee. There is no reduction in marketing fee.

Okay. It is because of lower sales.

Only

last quarter.

Okay. Got it, sir.

What is our status on the Supertech projects currently?

Supertech, I think 8th December there will be a hearing in Supreme Court. We are waiting for that Supreme Court order decision rather.

It will come. It will come.

It is taking some time, that's all. It will come to our kitty.

That's for sure, sir. Sir, just two, three more questions on the bookkeeping front.

What is the value of real estate, our own real estate that we sold in the first half, and how much are we targeting for the full year?

Total value of real estate on our books of accounts is 958 Cr. In first half of this year In first half of this year, our turnover from the real estate was 20 26 26 crore.

This was the revenue or the pre-sales that we've recorded, 26 crores?

Revenue from real estate is only recorded in the books of accounts once it is sold, risk and reward has been transferred.

Okay. This 26 crore is the revenue, right, and not the pre-sales?

No, we don't do pre-sales. Pre-sale numbers are 24 It's the revenue.

What would be the pre-sales then for the quarter or for the first half, and our target for the full year?

That right now there is no pre-sale. Whatever sale was launched, it was completed for this half-year only.

So, 24 Cr is the sale number, revenue number, and there is no pre-sale as such, okay? Our target for this year is approximately 64, 65 Cr.

Okay.

Taking a conservative figure.

Yes, sir. Sir, lastly, how much is the seed money that we currently have in our books?

Seed money is 481 Cr. Out of that, 465 is for Amrapali project and 15.5 Cr is for DTC project.

Okay. Sure, sir.

That's it from my side. Thank you, and all the best.

Thank you.

Hi, sir. A very good afternoon to you and your entire team.

Firstly, sir, I would like to congratulate you on a good set of numbers. Now, sir, my question is more related on the overall business, because today if you see, your order book is about 1 lakh 28,000.

Now, sir, my sense is that this order book will have to be executed over a period of four to five years. Isn't it fair to understand, sir, that your revenue should actually now start climbing at a very fast clip because most of these orders which you have, you'd have to execute over the next three, four years?

Secondly, sir, if you can please throw some light on the order visibility which you see, because clearly the focus which we are picking up is basically of development. You are a key instrumental player who is basically in this segment.

Sir, can you throw some light on order visibility which you see? Even on the profitability side, if we take a three-year view, can you also throw a bit of light on how you see profits evolve, sir?

Mr. Sumeet, as I already explained, out of 1 lakh 12,000, some 40,000 crore work order from J&K and Mahapreet, Bombay.

These two projects I think in this year we'll going to start. Due to this is a self-sustainable mode and redevelopment model, we need some seed money to start the projects.

There why we stuck up. Now we got recently day before yesterday only HUDCO has sanctioned some loan also.

Now Mahapreet will going to take place. Similarly, J&K also we're going to get at the earliest.

Once these two projects started means, definitely, our top line will be increased. Once top line increase means because we have a fixed expenditure, that is our overhead, salaries only.

After that, the bottom line also rapidly increased. Regarding new switch business, we have a talk and rather finalization with the redevelopment of other colonies in Delhi.

DDA will going to entrust two more colonies to us for redevelopment. MCD, we are talking with MCD, Municipal Corporation of Delhi, PWD.

We have lot of work order in pipeline. Similarly, we are talking with various state governments.

Raipur also willing to give some works to us. HPCL, they wanted to redevelop in Bangalore.

We are talking with various PSUs. PSUs having huge land parcel, or they have old colonies, township colonies.

That we're going to redevelop. We have very good the order book in pipeline.

Once we will get the order book, then definitely we're going to intimate you. Because it is a price-sensitive issue, that's why directly I cannot tell you which are all the order, when it will come.

Yes, definitely during this year, I'm saying 10,000 is the bare minimum, you'll get more work order.

Sure. Sir, my point is that I understand that this year you'll see about a 20, 25% growth in revenues.

Sir, my understanding, if you can correct me, that going ahead from next financial year, your revenue should pick up at a faster clip, right? Because, as you keep awarding more and more orders I'm sorry?

Yes, definitely, I'm saying conservative figure, but it will increase, definitely it will increase.

Okay. Sir, This is

conservative figure.

Okay. Sir, if I heard correctly, your EBITDA margins will be close to 6.5%, is that right I heard?

Yes,

yes, yes. Wonderful.

Great, sir. I wish you all the best.

Good luck, sir. Thank you.

Thank you. Thank you.

Thank you.

Hello, sir. Congratulations on the great set of numbers.

I wanted to know that in earlier calls you had mentioned that the state development projects in Rajasthan, Goa, Chhattisgarh, and the Kerala Housing Board were almost ready with DPRs in the final stage. In Q2 we only see orders being added and not actual works starting on the ground.

When do you expect real execution to begin in these projects? What's your internal timeline for approvals to be tied up?

Rajasthan tender appointment of consultant is in progress. We're going to appoint by this weekend or next week.

In Goa, already we have called a tender. Goa, it is in advanced stage.

We're going to award this Goa tenders in this quarter only. Regarding Kerala Housing Board, some approval is awaited.

We are awaiting for approval, that forest clearance is required. Once we will get, that also we're going to award.

Regarding Mahapreet and J&K, already told, by year-end, we're going to get start these projects.

Sir. Thank you.

One last question: Can you please share which of the projects are realistically executable over that financial year, that is FY27, and how much revenue is each one of the projects able to generate? Pardon me, pardon me?

Can you share which of the projects are actually executable in the next financial year, and how much revenue are these projects going to contribute?

Amrapali, we are doing. 7 GPRA also we're going to call four, five tenders, another four, five tenders.

That will give around 4,000, 2 Cr. Of course, Goa, we're going to award.

Definitely Rajasthan Mandapam and RIICO, that also we're going to award during this year. Next year, all these projects will give good revenue as well as profits.

Okay. Are there any other projects which are expected to complete in this financial year?

This financial we are completing the projects. Actually, in Phase 1 Amrapali, almost 23 projects we have completed.

Only one project, Adarsh Awas Yojana, it will be going complete by second quarter of first quarter of 26. In 7 GPRA, Type II we have completed.

Type IV and Type V, around 1,000 units, that we're going to complete. Type VI also in advanced stage.

We're doing. Of course, in 7 GPRA, we are completing the project within the timeline.

Sir, that's it. Thank you so much.

I'll join back in the queue. All the best.

Thank you. Thank you.

Hi, sir. Congratulations on good performance.

My first question is on the real estate side, we had completed properties which was ready to be sold, when are we expected to see traction on the real estate revenues? The first half looks to be relatively muted.

Ankita, good morning. Anjeev, Anjeev this side.

Regarding this real estate, we're expecting approximately 250 plus of revenue. In fact, as you're aware, there is a project called Imperia in Bhubaneswar.

We are planning to generate revenue from this project approximately for 200 Cr, but we have shift our strategy and we'll be utilizing that project for lease revenue only, because there is a good business in leasing there in Bhubaneswar. That's why we are expecting 250 plus of revenue, but now we have shifted our revenue guidance from real estate to 65 or 67 Cr.

There is a huge potential for income IT people. Now they are asking for lease, we're going to get a good revenue.

Instead of selling, so that asset will be with us only, we have changed our strategy. We're going to give on lease basis.

There around 200 crores we are not

For this year, how much real estate So, for this year, how much real estate revenues are we

Around 65 crores, around 65 Cr.

The margins in this will be segment margins?

Margin will be 27 Cr. If I consider 65 top line, then 27 Cr will be the bottom line.

Okay.

Almost 30, 40%, 40%.

Got it, got it. Other than this, sir, you explained about the drop in margins because of Amrapali projects.

This is temporary, or overall margin in the projects has come

No, no, it is only temporary for this quarter only, specially for only this quarter. Next quarter onwards, we're going to get that profit margin also.

EBITDA also we're going to get. PAT already increased.

Only we are talking about EBITDA.

Got it. The marketing fees also intact, the percentage marketing fee?

Yes, yes. 8% PMC plus 1% marketing we are getting.

Next quarter, hopefully, we'll get all the money from marketing.

Got it. Sir, lastly, overall out of this 1 lakh 28,000 crores of order book, how much is actually under various stages of execution right now, which can contribute to revenues in FY26?

34,000 already on running, and we're going to award another 10,000 during this year. Almost 44,000 will be our running projects.

Next March onwards, we're going to award this Mahapreet and J&K, and that will be added to our kitty.

Okay. Sure, sir.

That's it from my side. Thank you, and all the best.

Thank you. Thank you.

Thanks for the opportunity again. Couple of things.

Firstly, just a clarification: You are mentioning 6.5% EBITDA margin. This is without the other income, right?

Yes, right.

Yes, okay. My second question is if I see the P&L, which you report to the exchanges, there is one line item in the expenses: write-offs.

That has come down significantly. If you can explain, will it remain at such low levels, or there may be increase going forward?

Because last year, if I see, let's say, for H1, last year it was 102 crore. For this year H1, it is only 5 crore.

That figure will depend upon the quantum of write-off on quarter-to-quarter basis. Last year, in fact, there is a ECL mechanism, and once the ECL has been created, they were decided to write off that financial asset completely of the books.

Last corresponding quarter, corresponding half year, we decided to completely write off the financial asset to the extent of 100 Cr. This time there was no such case, that's why you are not seeing any write-off.

Still we are increasing our PAT. That is the beauty of this.

We are getting profit last year compared to year-to-year or quarter-to-quarter, we are getting good PAT.

Okay. This figure may increase depending on the ECL?

Yes.

It depend on the analysis of the outstanding and ECL created in the books of accounts.

Okay. Understood.

Okay. Thank you.

That's it from my side.

Thank you. Thank you.

Good afternoon, sir. My first question is on Supertech.

Any update on that project, and where if we say the hearing? Supertech,

Supertech, December 8th there will be a hearing. We are waiting for Supreme Court decision.

I think we're going to get this either this hearing or next hearing, the decision will come to us. Hopefully, it will come to us.

Sure, sir. Second question is on running order book.

This would be better. Question is on running order book.

You said by end of this year we'll be at 44,000 crore, assuming 1,000 crore additional by the end of this year. I want this number say for FY27 and FY28.

Matlab can this running order book be around 60, 70,000 crore in the next one to two years?

Maybe. Next two years, maybe.

Because once we started the awarding this Mahapreet and J&K, Rajasthan and Goa, yes, definitely, our order book will increase.

Sure, sir. Final question is on real estate side.

This year you said 64, 65 crore of revenue recognition. What is the number for say FY27 and FY28?

28,

definitely we're going to get our 37D, even Ghitorni also we are expecting in '28. Around 200 200 to 250 crore we may get from our real estate.

That is the profit number, but as far as top line is concerned, in FY28, we'll be able to earn 800 crore plus from 37D, one of the project in 37D Gurgaon, that will come up.

So 800 crore itself will get recognized in FY28 itself?

Yes, yes.

Sure, sir. In FY27, what can be the rough top line which we are targeting for real estate?

Around 100 Cr, 100 Cr top line and some 30 20, 30 crores in the bottom line. We have already sold our Calcutta.

Bhubaneswar, our strategy changed. Otherwise, we could have get 200, 250 crore.

Bhubaneswar we won't sell. Instead of that, we're going to give it on lease.

We will get some revenue, fixed revenue, because a lot of IT structures is moving to Bhubaneswar nowadays. They are approaching us and we want to give on lease.

Roughly what is this rental income from Bhubaneswar alone for the year, which is recurring every year?

It will be approximately 20 to 23, 24 crore approximately.

In a year.

In a year.

Sure, sir. Any other place we are looking for similar model instead of outright selling?

Already we have given in World Trade Center. We purchased three floors.

There we are getting rent. It has been given to CAG and GST.

We are getting rent every month 2.5 Cr, around 30 crore 30 crore we are getting in World Trade Center.

That we know, sir. In future, matlab any other projects which you might want to convert into this rental model?

It will depend on the market scenario. If lease is going to give a good revenue

We are planning, of course, in Ghitorni also, we wanted to give some spaces on rental model instead of selling whole property. We are thinking of rental.

How much area you would

Not yet decided exactly. Depending upon market condition, if you get good rent, then, definitely, we'll try to give whatever excess space is there that we are thinking.

Sir. Thank you for answering the questions.

Thank you. Thank you.

Sir, you had previously in the earlier concalls and I have seen that you had given a guidance of 14,000, 15,000 crore in the financial year 26, but till now we have only completed approximately 5,300 crore. You need to target what 1.5x of the current sales.

How is that possible?

Possible, possible. Every year you see half year to half year, you just compare, quarter-to-quarter you compare.

We are already 15 to 16% and standalone, of course, we are giving 20%. Definitely, it is a possible task.

Definitely, we're going to achieve 14,000 Cr on consolidated.

In second half is a good

working season. In second half year, second third and fourth quarter will be the working season for civil industry.

We'll get good revenue in this half year.

Okay. Is there any other future plan to increase the EBITDA margin?

Right now it's around 4, 5%. You have targeted 6%.

Is there any chance in future to go in the double digit?

Double digit, I think currently I'll answer this question next time, I think. Double digit, yes, definitely our wish.

Let us see.

I know it's very difficult, but yeah.

Once we can get the double-digit figure when our Ghitorni and our 37D start giving results. Definitely that will be in double digit.

Because Ghitorni itself around 5,000 Cr profit will be there and in 37D, 800 Cr. So, 27, 28 definitely, I think, we're going to give double-digit figures EBITDA.

Sir, thank you so much.

Thank you.

Sir, I would like to know, can you tell how many more orders we may receive in H2?

H2? Minimum 10,000, as earlier told.

Minimum 10,000. It will be 20 to 30,000, but minimum 10,000 we are target.

We're going to get.

Financial year 27 target of top line, can you give?

18,000. Already I committed 18,000.

Okay. Thank you.

Thank you, sir.

Thank you. Thank you.

Just a question on the real estate project of 37D Gurgaon. You mentioned how much could be the top line from that?

Around 2,200 Cr top line, and 2,200.

Okay.

Roughly.

Okay.

The PAT will be around 800 Cr.

Okay. Here the work has already started, construction?

Tender already called. We're going to start I think before December or January.

Because since we record the revenue when we hand over the property

That's it. Yes, otherwise the money will come immediately.

From January onwards, you're going to get the money received, but turnover can be booked once we handed over. That's why we are planning 27, 28 we're going to get that revenue.

Do you expect that within two years the construction will be over and we'll be handing over? Definitely.

Definitely,

definitely.

Okay. This tender which we are awarding next month, this will be for the entire 2,200 crore?

Yes, yes.

Okay. Fine.

That's it from my side. Thank you.

Thank you.

Congratulations to NBCC team for good set of results. I can see the next Larsen & Toubro rising.

Being a public sector company working with so much efficiency, I'm very proud of the whole team. My first question is Hello, can you hear me?

Please, please, sir, continue, Doctor sir.

Actually my first question is you have said that you will be setting up a financial arm in the previous concall. Is there any development on that so that the margins can be improved?

Because we are getting the finance from our sister company HUDCO, presently not keen on setting up NBFC, but we are getting money from HUDCO and we are doing the execution. That is good enough, I think.

Here one thing I wanted to share with you, whenever any PSUs fails, private will take over. Example, Air India, like that.

In our NBCC case, whenever private fails, NBCC will take over and complete. This is the reverse story.

That is example Amrapali, one of the best example Amrapali. Private people failed and we are completing that project.

We are proud to say Navratna construction company.

No, sir. I have been tracking this company for many years, but in the last two years its performance has been phenomenal, and I congratulate the team for working so hard and creating value for the shareholders.

Thank you. Thank you.

My next question is, in previous concalls you have stated for 25,000 top line and 5,000 bottom line. In which financial year can we see that happening?

28.

Already we told, no? 2,000 2,000.

PAT will be 2,000, and 25,000 top end. Top line

by financial year '28. '28.

Thank you. That's all from my side.

Thank you. Thank you.

very good number, sir. Thank you.

Thanks for giving me the opportunity. Just I wanted to know the status of the land in very close to Bombay Airport, that is Hindustan Organic Chemicals Limited.

You have an agreement for that land, sir. What is the present status of that land?

Not exactly, but we are seeing some PSUs land in Bombay, of course. National Bicycle Limited is having a land parcel near to Sea Link.

We are planning to do redevelopment work in that parcel. Similarly, Boman & Arhi is having huge land parcel, Richardson & Cruddas, and even we are talking with shipyard.

Hopefully, next year and onwards, we will going to get some business in Bombay also.

Thank you. Thanks a lot, sir.

Thank you. Thank you.

Sir. In fact, my question was on the potential opportunity with PSUs.

You were mentioning which you are talking to PSUs about land parcels. You also mentioned about HPCL.

How big, sir, are some of the opportunities we have with other PSUs?

Around HPCL, 1,500 Cr it is in Bangalore.

And

18 18

I'm sorry, sir?

18-acre land in Bangalore, that is HPCL. Discussion is going on regarding the redevelopment of HMT.

HMT also it is in Bangalore, and across India they have land parcels. MTNL, we're going to, I think, shortly start the project of MTNL at Delhi itself.

MTNL and BSNL is having huge land parcel. We may get some more order from this PSUs.

Understand. Because, sir, the plethora of opportunity what you have is absolutely tremendous.

Clearly, you are at a leading position. I wish you once again good luck and all the best, sir.

Thank you. Thank you, Sumit.

With the strong financial performance, NBCC top line and bottom line have increased significantly and quarter-to-quarter basis. As Quarter 4 traditionally contributes the highest, and we expect this trend to further strengthen overall performance in the second half.

Full-year guidance: We remain confident achieving 14 to 15,000 crore revenue, and standalone 7 to 8% PAT margin, 6 to 6.5% EBITDA margin for the full year. Real estate contribution: We expect a meaningful contribution from our real estate projects during Quarter 3, Quarter 4, which will support our momentum for profitability.

Amrapali project sale: The sales for the Amrapali projects have been launched, and we are expecting a strong response and positive outcomes in the coming quarters. Ghitorni project status: The Ghitorni real estate project is in final stage of resolution, and we expect to be in position now to award the work either during the end of this quarter or next year first quarter.

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