NBCC (India) Limited (534309) Q3 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the NBCC Limited Q3 9M FY '26 Earnings Conference Call, hosted by Ventura Securities Limited. [Operator Instructions] Please note this conference is being recorded. Before we begin, I would like to point out this conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectation of the company as on date of this call. These statements do not guarantee the future performance of the company, and it may involve risks and uncertainties that are difficult to predict. I would now like to hand the conference over to Tanmay Jain from Ventura Securities. Thank you, and over to you, sir.

Yes. Thank you. Good day, everyone. On behalf of Venture Securities, I welcome you all, and we are pleased to host the Q3 and 9-month FY '26 earnings call of NBCC India Limited. Ventura Securities appreciates its association with the company and thanks to management for taking the time to interact with investors today. The company is today represented by Shri K.P. Mahadevaswamy, Chairman and Managing Director Dr. Suman Kumar, Director, Commercial; Shri Anjeev Kumar Jain, Director, Finance; Shri M.B. Singhal, Executive Director Finance; and Shri Balkishan Singla from Investor Relations. I would now like to hand over the call to the management for their opening remarks. Thank you, and over to you, sir. .

Good morning, everyone. A warm welcome to all of you in today's for third quarter, our stand-alone operation and execution, we have achieved a total income of INR 2,088 crores and INR 3,022 crores unconsolidated, reflecting an 8% year-on-year increase on a consolidated basis. And our stand-alone PAN stands INR 196 crores, making a significant 53% year-on-year growth in profitability. . For 9 months, on stand-alone operation and execution, we have achieved total income of 5,842 crores and INR 8,329 crores unconsolidated, reflecting 13% year-on-year increase in consolidated basis. As you are aware that Supreme Court of India is upheld by NCLT order pointing NBCC to complete Supertech projects, providing major relief to thousands of homebuyers. So this is a landmark decision and core credit shows above billion NBCC capability and delivering stressed real estate projects. It is very pertaining to note that how categorically Supreme Court said that no court shall interfere with the implementation of this decision. The project comprises of approximately 50,000 units, of which 40,000 units already sold and 10,000 units remains unsold. The total estimated receivable from the project is INR 16,000 crores and estimated construction cost approximately INR 9,500 crores. Execution duration 12 months to 36 months, depending on the project stage and complexity. Now order book of NBCC. NBCC stand-alone order book is standing INR 112,000 crores and consolidated order book INR 127,000 crores. Business secure. NBCC has secured INR 3,300 crores on consolidated basis in Model 3, which makes a total of INR 13,400 crores in 9 months of financial year '25-'26 . Following major projects secured in quarter 3, redevelopment of Tulsi Niketan at Ghaziabad for Ghaziabad Development Authority INR 643 crores, integrated from township Jharkhand Damodar Valley Corporation DVC around INR 500 crores, AVNL vehicle factory, AVNL at Chennai INR 350 crores, Central University Kashmir INR 340 crores, Indian institute of Technology, Mandi, INR 333 crores. Business awarded to the contractor. In quarter 3, we have awarded INR 1,600 crores of new tenders on consolidated level, which makes a total of INR 5,000 crores in 9 months. In quarter 4, we have already awarded INR 3,200 crores and INR 4,000 crores are in pipeline. Therefore, we are expecting around INR 12,000 crores to INR 13,000 crores of new work will be awarded during this financial year. Redevelopment projects. For 9 months, financial year '26, GPRA development has contributed INR 1,500 crores in top line and development of the project we already awarded INR 2,700 crores in current financial year to till date, and INR 1,400 crores are in pipeline to be awarded in Netaji Nagar and Sarojini Nagar. Netaji Nagar project. Netaji Nagar value in current of INR INR 2,900 crores is going in different process. Sarojini Nagar. This is a large project. Work has been going in on multiple packages and amounting of INR 600 crores. Ghitorni project status. We have achieved a significant breakthrough in Delhi with the settlement of long pending terminal and dispute between NBCC and government of NCD of Delhi, being years of litigation to clear closure, this enables NBCC to develop 21 and 23 acre time line parcel in South Delhi as landmark mixed-use projects. The development has an estimated it potential of around 4.45 lakh square meters and revenue potential nearly INR 8,500 crores, substantially strengthening our future development pipeline, value creation of outlook. Amrapali projects. For 9 months 2026, Amrapalli project Phase 1/2 has contributed INR 1,640 crores in top line. For sale, we have actioned the sale of 6 SAR projects, namely Centurian Park, Green Valley, leisure park, Silicon City, Gulfo, Leisure Valley, having total number of 4,800 units amounting to INR 12,000 crores. Till date, around INR 2,370 crores has been received from the bulk sale. The balance unit has to be told sold is around 2,400 units having tentative sale value of around INR 4,800 crores. Thank you. Now the forum is open for question and answer.

[Operator Instructions] First question comes from Ravi Naredi from Naredi Investment. .

Sir, landed Ghitorni, now court decision came, and NBCC developed 21.23 acre land. You told in quarter 2 con call that net profit might be come to INR 4,000 crore to INR 5,000 crores. So it is visible now. And this financial year likely to receive this amount. .

We're going to add this project by next year. So now the settlement is over. We have made the payment also to get GNTCD. Now we have to call the consultant tender. Hopefully, March, we'll going to call the consultant tender. 1 or 2 months, the consultant will be financed. By next year, the construction and the tail wind are going to take place. It's around INR 4,000 crores to INR 5,000 crores profit will be there. PAT will be there bottom line.

In which financial year we are expecting?

'27, '28. Because the real esate, it will come at the end of position. That turnover will come. Cash will come from next year onwards, but the profit and turnover will be coming while landing over the flat to the buyers.

So what we will develop here flats or commercial property what we have in mind?

Actually, it is adjoining to metro railway station, wherein is available. So we'll go for retail commercial or we are thinking for model, which are use more SAR, so that will go into -- after due diligence, it will come, exactly what we'll go to.

But we will sell them not a lease, right?

Yes, yes. .

Okay. And balance INR 21.23 land with Delhi government is received, we will land also.

Maybe we are discussing, let us see. We may develop for them also, because also it is a prime location. They will also get good dozen number of revenues.

Okay. Sir, next question, Land Gurgaon 37D, which we are developing and projected net profit INR 800 crores in financial year '28. So we presume from Ghitorni and Gurugram, we received the INR 5,000 crores to INR 6,000 crores net profit in '27-'28 .

Yes, definitely, definitely. 27D, the top line will be around INR 2,300 crores and the bottom line will be INR 100 crores to INR 200 crores. So adding more together around INR 5, 000 crores to INR 6,000 crores per come.

INR 5,000 crores to INR 6,000 crores, very well said. And sir, what is the -- our top line in financial year '27? .

'27?

Yes.

Next year.

Yes, yes.

Next year, INR 16,000 crores to INR 18,000 crores.

INR 16,000 crores to INR 18,000 crores. And what is bottom line?

Bottom line around INR 1,000 crores, to INR 1,000 crores, to INR 1,200 crores.

On this financial year, '26, we are expecting INR 900 crores bottom line, right?

INR 800 crores to INR 900 crores, INR 800 crores to INR 900 crores precisely.

The next question comes from Sumit Rohra from Silver Stallion.

Just a correction, it's Smartsun Capital Private Limited. So I don't know how you got that for. Just one change on that. Sir, firstly, I would like to basically take the opportunity to wish you and your entire team a very happy and a good new year going ahead. Sir, now I do need to touch base upon a few things. Firstly, sir, today, your -- if you look at your order book, you are at about INR 125,000 crores. You have land, which has been cleared as you just highlighted. You've got potential opportunities with Mumbai Port Trust as well, which was announced in November. So sir, seeing the landscape of the company, you are at a point of time, where revenues can grow significantly higher rather than just 18% to 20%, right? Because in this order book which you have today, clearly goes to show one thing that the work on hand, which you have is not an issue, okay? Because sector 37D also you have. So sir, can you just talk -- can you just talk a bit about the steps you're taking on execution because that is only what is going to basically drive us ahead, right, with the work you have? I mean now you've got the Supertech project as well, which has now come in your favor. So the work is not a constraint for you. Execution is something, sir, which honestly, if we get it completely correct, can then take this entire company to a different magnitude in terms of scale and operations. So if you can just spend a bit of time on talking about execution, then that would be wonderful. Sir, secondly, there is something which has come on the Bloomberg terminal basically talks about the RERA-approved housing projects in Jammu Kashmir. Can you just highlight how big is that opportunity which has basically come? Also, sir, on the Mumbai Port Trust, how big could be that opportunity, because I mean, I see that this company could be more than a INR 1 lakh crore market cap company over the next couple of years. So -- but there are a few things which are clearly missing, which really need to be addressed in terms of execution. So sir, if you can talk a bit about that, that would be wonderful and then I'll come back to you with further questions.

Sumeet, first of all, we are doing in 3 models, NBCC is working in 3 models: One is PME, other one EPC, third one is real estate. In PME, we are doing 2 models under PMC. One is redevelopment. The other one is PMC. So where PMC projects, where government is budgeting, there is no issue, we can start the projects within 6 months, whereas redevelopment projects, you have to arrange the money, you have to get the approval. We have to convince the local authorities and all. Jammu Kashmir, we got 3 major chunk of order, one is smart. The other 1 is Jammu Kashmir, it is almost INR 40,000 crores. So Jammu Kashmir, due to -- I don't want to brief in its media, due to some certain issues, it could not take place. Now only everything is clear. I think within a week or 10 days, we will go to get the approval from state government. Of course, it's a state government project, state government way of working, central government of working and PMC working are different. So I don't want to lingering on much on this. Because of this, it took Even is also low at. I think next financial year, even Jammu Kashmir and, these two projects will go to start. Of course, Mumbai Port Trust PSU body. So wherein, I think approvals also not required much more approval. They're now opportunity. So that also are going to start here onwards. Yes, you are right, conversion of order book to execution that is a challenge. But hopefully, next year, we'll come to is a good base.

Sir, I mean -- so I mean if you can understand a bit more in detail on your revenues, so, sir, assuming we end this financial year because you reported 9 months of about INR 8,500 crores. So assuming we ended about INR 12,500 crores, INR 13,000 crores for this year. So you're saying that next year, we should end at about INR 18,000 crores is what I heard correctly. I mean, is that correct?

Yes, yes. Definitely, that is the conservative figure. We make more also. I'm talking about conservative figures.

Okay. So FY '27, you're saying you could report a revenue of INR 18,000 crores. And I'm sure that can only build going into FY '28 with the momentum of your projects, which you're having in 37D and 03 and the other ones, which you have in your order book. And sir, can you also talk a little bit about new projects. There was a lot of chatter about the new BD development colonies in Delhi, et cetera. So sir, has there been any progress on that front? I mean how big could be that one be? And any -- I mean, any progress, anything you can share with us on that, sir?

Not now. I'll share a good news will be shared at the latter earliest. It is going on. It will be around INR work order in Delhi Vande redevelopment projects are Central government. Apart from that, Delhi state government also, we're doing a lot of presentations and all. Once it will come to our kit, it will announced at the earliest. Hopefully, this year or first quarter of next year, definitely.

You mean financial year, you may next quarter first quarter of next financial year?

Yes, yes. Hopefully, in March. We have given the presentation and all to DDA also, Delhi Development Authority. So two projects within this week only, that is nearly some INR 2,000 crores to INR 3,000 crores. We are going to develop the and Rajendra Nagar.

Okay. Okay. Wonderful. And sir, sorry, you spoke -- I mean, on your revenue, sir, so can you also talk a bit about your profitability as well because that will be helpful to understand. So FY '27, I mean, I'm sorry, I missed the earlier number what you were -- the line was not clear. So what we're looking in terms of profit by '27?

I told in '27, '28, INR 1,000 crores to INR 1,200 crore. This is also a conservative figure.

Okay. In '27, you are looking at a profit of 1,000 crores, okay?

INR 1,000 crores to INR 1,200 crores.

Next question comes from Dixit Doshi from Whitestone Financial Advisors Private Limited.

Sir, two, three questions from my side. Firstly, if you can give a clarification whether this INR 126,000 crores of order book, does this include the INR 10,000 crores Supertech or it doesn't?

Including Supertech.

Okay, including Supertech. So basically, if I say, let's say, INR 40,000 crores of MAHAPREIT and J&K and INR 10,000 crores of Supertech that INR 50,000 crore is actually not -- nothing has started over there out of this INR 126,000 crores. And do you expect entire this INR 50,000 crores will start from next year onwards?

Yes, yes, definitely. Next year onwards, both the project will go to happen. J&K already appointed the consultant. MAHAPREIT have to award the consultant and execution also will start from next year, both projects.

Okay. So revenue contribution from both the projects will come in second half of next year because still will be -- I mean, we are for doing a consultant than what tenders for work will be awarded and then the revenue recognition will start?

J&K consultant already appointed, MAHAPREIT award. So the second half of next year, second -- the third quarter onwards, the turnover will come.

Okay. Sir, next question is regarding margins. So what went wrong this quarter, I think our margins have dropped drastically this quarter. So was there any one-off in the expenses side?

Actually, what happened in our 30% to 40% turnover coming from Amrapali and Colony. So out of total INR 9,000 crores, 30% to 40% of the turnover comes from these 2 states. Due to graph in the third quarter, we are not pushed up to that path. That is the reason I think this quarter, we're going to cover this backlog.

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

Yes, yes, around INR 700 crores to INR 800 crores definitely.

INR 700 crores to INR 800 crores, okay? And sir, we have done one write-back for the Kochi, Kerala land. So if you can update where this project was already built or now this project we will be doing because I think we have got the EC approval after the Supreme Court judgment?

Actually, last year, we have made a provision due to Supreme Court given some verdict, not on our projects, where our projects due to nonclearance of environmental clearance. But this time, Supreme Court has given clearance. So the work almost 95% completed. Now we're going to start the sale of that inventory. So next year, I think the turnover and profit, both will come in the next year.

How much is the value of inventory?

INR 87 crores as per book value.

How much? INR 100 crore?

INR 87 crore as per book value. .

Around INR 100 crores, roughly, we can say INR 100 crores.

Next question comes from Akshay Patil from NBCC.

Yes. Congratulations to the team on a good set of numbers. Going forward, I want to know about the results in the 2028 and 2029 financial year, where in the previous con calls, it was predicted that the bottom line will hit INR 2,000 crores. So if we get INR 1,200 crores PAT next year, so the very next year, is it possible to jump to INR 2,000 crores? .

Quite possible, because we are hoping this real estate P70, wherein our bottom line around INR 1,200 crores profit we may get. And even our real estate, Ghitorni. So that figure still I'm confident we'll going to get.

Okay. So you are betting on the 3 to 4 big projects. And because of that, you have projected that INR 2,000 crores will be the bottom line for the 2028 and 2029 financial year?

It is our land. So investment is already invested. So now only we have to take the profit -- concession and profit. So that's why we may get more profit in there. It is not a PMC project. It is our real estate redevelopment projects.

Okay. And I have been looking at the news, which was shared. I've seen that the NBCC has made some status MOUs with many of the government agencies and including the foreign government. So what will be the future prospects of such MOUs? Will those get converted into revenue in the near term?

Definitely some 2 countries we are expecting business. One is Australia. The other one is government wanted to do some hospial work construction and one island development. So discussion is going on. At the earliest, I think we are going to sell with Sisal government. And Australia government also, we are doing some discussions. Apart from part, NBCC recently purchased one land parcel at Dubai, you might have aware of this. So there also, we are going to get some good profit margin. Just a trial basis,we have purchased small land parcel. So we wanted to expand our business in Dubai also.

Okay. So the order book execution will pick up pace, it means it will pick up grow exponentially from the '27, 2028.

Yes, definitely, definitely. These 2 are our work order, these not 2, 3. We're going to start Supertech also next year, already consultant appointed. Now you have to get the clearance from Supreme Court RARA exemptions. So panel will try to pass the tender of contractors. It will be around INR 10,000 crores top line and sale value will be INR 15,000 crores. MAHAPREIT and J&K, and we will go into call the tender of Rajasthan, one more project state government project, Rajasthan. That is also around INR 4,000 crores projects. That tender, I think we will go in to call by March. So a lot of work in pipeline, definitely next year onwards, we'll -- our main focus is to convert the order book to execution. That is our priority that we are working and it is going to happen at the earliest.

Happy to hear that sir, because of COVID, this company has got a huge pendency in the execution, but after your appointment, we have seen a sustainable and very exponential growth in the order book execution and hope the deal and this team does it make it possible. Thank you very much.

Thank you.

The next question comes from Kriti Jain from Ratnabali Securities.

So I had a question that what will be the size for the Maharashtra port order?

Maharashtra Port Trust -- Mumbai Port Trust?

Yes, Mumbai Port Trust?

We're going to start the work. Next year onwards, it will be converted, and it will be started. We are doing master. It will be big garden. Currently that CGO complex. That's only first we are taking on priority, because Mumbai Port Trust is having almost 300-acre land. So first of all, we're going to start CGO Complex. So that is itself around INR 10,000 crores value for infrastructure and development. And if you start consulting, it will be a big value. Currently, yet to assess the exact value. So we are preparing master plan. So it is a big garden, I can say.

Okay, sir. And one more question that - Yes. So HUDCO had recently signed an MOU with Chhattisgarh government to provide financial assistance of INR 1 lakh crores in the next 5 years. Can we expect some of it to come towards NBCC as well?

Yes. It is a discussion going on Chhattisgarh, even Jharkhand, Jharkhand after successful story Rajasthan Mandapam and J&K. Now we are talking with various other state governments. So one of them Chhattisgarh and Jharkhan. Jharkhand at the earliest we're going to sign an MOU. Chhattisgarh, discussion is going on. So definitely, I think even Andhra -- Andhra Pradesh, also, some discussion is going on. So this redevelopment model of Delhi, the Moti Bagh, Nagar, and World Trade Center, same model we wanted to expand to state government, so that state government could not invest any money. Initially, we need some money that can be taken from HUDCO. So afterwards, they will go and get in terms of area, they're going to get 4x SF the first of area, they're going to get 4x SF. And in terms of number, minimum 2x and without incurring any money. And maintenance will be free. But the 30 years, we will do maintenance. So this is one of the best project redevelopment, better than PPP model because in Port...

welcome back, sir. Please go ahead.

So it is better than PPP model because in project PPP model, private people want some profit margin of 30%, 40%. In this case, that whatever profit that will go to directly is the content owner or in the state government or central government, whoever maybe. We are charging our PMC fee. So this model, we are briefing to all the state government at least hopefully because they have very land parcel in the heart of the city and our even townships, we have tried to expand this business to even PSUs also, which is undertaking also, having new land parcel. Hopefully, it will convert in the next coming years.

Okay. Sir, one last question. Government and the budget has recently said that they will monetize certain land such as the MTNL/BSNL building through REITs? Is it not negative for NBCC?

No, no, no, no. We are also doing -- of course, we have a large work order and a lot of opportunity we have. So there is no issue for us. So we have a good order book, already we have secured out we are doing and after that, we are getting new business also.

The next question comes from Vasudev from Nuvama.

Sir while most of the questions are answered, just a few numbers. So out of this total about INR 12,700 crores of consolidated order book that we have, what would be a rough split between the PMC and the redevelopment and out of this, how much of the projects like in value terms is just currently work is ongoing.

In terms of other PMC, 40%, around INR 45,000 crores and 60% redevelopment units, INR 67,000 crores. So consolidated order book is INR 126,000 crores.

Okay. And out of this, how much of the worth still on currently, the works are ongoing?

Currently ongoing is around -- for NBCC stand-alone INR 26,000 crores, HSCL INR 2,300 crores, HSCC INR 2,072 crores and NACL around INR 250 crores. So total INR 30,500 crore is ongoing.

Okay. And sir, in terms of profitability, you said about INR 700 crores to INR 800 crores of PAT for this year. So what kind of revenues are we targeting now and EBITDA margin for this year and the next year?

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

Okay. And in terms of order inflows as well, like we've already got about INR 13,400 crores. So how much more do we expect in fourth quarter?

We are expecting one big order, not 1 or 2. So definitely, around INR 3,400 crores, we're going to get in this month only. So last time only, we are committed minimum by around 20,000 crores during this year. We may get more also. If you get the redevelopment of Delhi projects, it will be around INR 30,000 crores, INR 40,000 crores. Otherwise, it will come around our next year, if not this year. Next year, definitely, it will come to our kitty.

Okay. Got it. Then next year, again, we are targeting a similar kind of order inflows INR 20,000 crores?

More, more. Definitely next year, more.

Got it, sir. And now in terms of 7 GPRA societies, like how much is our pending order book in Sarojini Nagar and Netaji Nagar? And when do we expect to complete both of these projects?

Both this project the next 2 years. Within 2 years, we'll go to complete this entire 7 GPRA because we have awarded all the packages 7 GPRA Sarojini Nagar, Netaji Nagar. Recently, we have awarded in the during the month of February. So that completion period is 2 years. So within 2 years, the 7 GPRA will go into end up.

Okay. So now pending order book would be how much?

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

Right, sir. And even same numbers can you give for Amrapali as well, like how much -- out of the total units, how much have we already sold? And when do we expect to complete this project?

This is also 2 years project. We keep the completion period for 2 years. Almost we have already sold 5,800 units. In Phase 2, I'm talking about Phase 2. Phase 1 out of 38,000, we have completed almost 36,000. Only 2,000 is left that we're going to complete by June. June '26, we are going to complete the entire Phase 1 of Amrapali. Phase 2, almost 5,800 units we have sold. Around 4,000 units yet to be sold -- sorry, 2,400 units unsold that we are doing action for bulk sale in the process of bulk.

Yes, sir. And sir, finally, in terms of our own real estate that we have, so like what is that we have sold in the 9 months and our target like the presales target for the full year?

9 months, we have recognized revenue of approximately INR 56 crores. For quarter, we have recognized revenue of INR 26 crores and it consists of 2 dimensions. One is the outright sale of the INR crores of rent because we have started our revenue stream from rental also and is being depicted on the real estate.

Okay. Sir, so any targets for full year?

Target rental will be in the same INR 15 crores rental and about INR 86 crores in our balance sheet that we are planning to dispose it off maybe in this quarter. So if you take them together, so my revenue for the whole year maybe vicinity in the of INR 140 crores.

INR 140 crores. Okay. Sure, sir. And lastly, sir, you just mentioned about having a project in Dubai. So we just bought a small land parcel. So any color you can give like what is the size, the location and what kind of GDV are we expecting from there? And when do we expect to launch the project?

Location of the plot is Dubai International City and that plot is having approximately 40,760 square feet area and GFT will be around 52,000 square feet. And we are planning to launch it shortly, maybe another next month itself.

Stay connected. welcome back. Please go ahead.

I'm talking about Dubai project. So I was telling that land area will be around 52,000 square feet, and we are expected to launch it shortly maybe in.

Please stay connected.

Dubai, we are expected to launch shortly, maybe in the March itself. We have already got the developer license. And we are expecting a top line of approximately INR 155 crores from that project, and we're expecting a time line of 2 years.

Okay. Sure, sir. Got it sir. and just one last thing, if you can give your consolidated cash account balance for -- as on the December end?

Yes. My consolidated cash account balance is approximately that is INR 939 crores.

Number was somewhere around INR 5,000 crores in the last quarter. So that comparable number can you give for December?

INR 5,000 crores, you are talking about the total cash on our balance sheet. That includes the cash of the clients because we do a lot of work on behalf of clients. So I'm talking about the -- our own cash. So our own cash is in the vicinity of INR 939 crores on consol basis and on a stand-alone basis, it is INR 244 crores.

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

Balance sheet cash is approximately -- you had INR 1,900 into 44 that INR 2,175 crores, you can say INR 2,175 crores is the total cash bank balance, which includes the balance from the clients also.

The next question comes from Ashwini Damani from Ratnabali Securities.

Congratulations for your good numbers, sir. Just wanted to understand from a larger point. So today, India has a lot of assets with various government agencies, the BSNL building, MTNL building. And again, this budget, the government has said that they want to monetize a lot of it. So how much of it could come to NBCC? And what are our plans?

See, we alrady with BSNL and MTNL in the redevelopment of Delhi 2 land parcel. So similarly, we are talking with DDA. So, so many PSUs also we are talking example, BHEL, SAIL. I think next year onwards, this will also come to our kitty. Discussion is going on. So because it is a win-win situation, even the PSU, state government -- state government also get some revenue on this. So we are discussing, I think next year onwards, it will come to us. So hopefully, we're going to get a good number of order on this.

Sure. And sir, how is it done -- there is another government body called PWD. So how does the government decide which orders to give to PWD and which to give to NBCC?

Nowadays not PWD. I'm talking about. So we are getting redevelopment of Delhi projects. We've got 3 land parcel that is Sarojini Nagar, Netaji Nagar and Devdas, Sinivaspuri and one more. So similarly, now we go to develop another 5 colonies. One is and all and we will get.

The next question comes from Dixit Doshi from Whitestone Financial Advisors Limited.

So I have a question regarding this Delhi redevelopment project. So you are saying that if it comes, then it could be INR 30,000 crores to INR 40,000 crores of order book. So let's say, even if it doesn't come this year, but let's say, comes Q1 of the next year, then how much time does it take to start the work around a year or both?

For startup work, we are already making the separate work and all. Survey is going on. And so we are in the process. 6 months to 8 months, we can start the project and the project duration will be 3 to 4 years.

Okay, 6 to 8 months. So if it comes, let's say, by Q1, then FY '28, we will start seeing the revenue from those projects as well?

Yes, yes, definitely, definitely.

Okay. And any update on land parcels in Mumbai? I think you were in discussion with some of the PSUs.

Yes. Discussion is going on HOCL, BPCL,ONGC. So we are discussing. I think the next year, it will go into mature.

The next question comes from Ravi Naredi from Naredi Investments.

Sir, financial year '28 bottom line, you are predicting INR 2,000 crores. While in my earlier question, you told Ghitorni and Gurugram 37D gives us INR 4,000 crores to INR 5,000 crores net profit. So why the difference is a big figure? Because in '27, '28, we will finish Netaji Nagar, INR 4,000 crores, INR 1,500 crores, Sarojini Nagar, INR 10,000 crores, Mumbai Port Trust will start. Rajasthan, Mandpam, we will start. J&K, we will start. So what is your prediction exactly or realistic for financial year '28 top line and bottom line?

One thing I will tell you. In PMC project, we're going to get the top line as well as the bottom line immediately. Whereas real estate project, my turnover and my bottom line income after full sale -- full completion of the property. So there we are giving conservative figure, it may increase, but I'm not selling Ghitorni as well as provision is over, then it will. So almost double. because it with properties, whenever it's going to handed over to the respective buyer, then only we can look the bottom line as well as top line. That is constraint, nothing else. Figures are still I'm confident that we're going to achieve. The only thing when we're going to handed over the possession because we have to yield a lot of approval and construction and sales, targeting.

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

in '28, this Rajasthan Mandapa, definitely it will come. Sarojini Nagar will come. Netaji Nagar will come. I'm talking about only my real estate project that is Ghitorni and 37D. That only possession. It depends upon possession because we had to hand it over to the respective buyers, then only you can book your turnover and profit. Definitely. Cash will immediately happen then the sales starts, it will come and turnover part as well as bottom line only, we are doubtful. That's all. That I can assure you in the next con call, next year, I can confirm you when we are going to get the exact figure. I'm predicting that. That's all.

The next question comes from Sumit Rohira from Smart Capital Private Limited.

Just a follow-up. So sir, if I recall correctly, this Bombay Port Trust, you mentioned that we are doing work of about INR 10,500 crores. Now has this been included in the order book because you sent out a press release to the exchanges in November, saying that you've just signed an MOU with Bombay Port Trust. So sir, is this INR 10,500 crores part of the order book today, firstly? And sir, my second question is on the Nagpur, I'm sorry?

No, no, it is not included in our order book. That is to me. Only MOU, then we'll announce to you. So far, we are not going to start.

Okay. So just to understand correctly, so this INR 126,000 crores does not include INR 10,500 crores of Bombay Port Trust. So if you include it, then it becomes INR 137,000 crores. That is right.

Definitely.

Okay. Sir, secondly, my question is on this Nagpur, which we were doing of -- we also announced a project in Nagpur. And in fact, even our financing arm HUDCO, even they announced something and they announced something of nearly INR 13,000 crores, INR 14,000 crores, okay. And if I recall correctly, our is very small, INR 3,000 crores, INR 4,000 crores. But if I look at the press release, it is a huge project because it is spread over 1,000 acres or 1,400 acres. So sir, if you can just talk -- I mean, a little bit about this Nagpur project as well, how big is the opportunity? And how exactly this will be developed over what course of time? Because if you -- I mean, the press release clearly says it's a very, very big project for us. So if you can just talk a bit about it, sir?

Nagpur -- new Nagpur and saying Nagpur, it is they were going to do on Samridhri Expressway Bombay Nagpur, Bombay Samridhi Express Highway. There, we're going to acquire 1,750-acre land. In -- out of which 1,000 acre first we're going to develop in 3 phases, Phase 1, Phase 2, Phase 3. For acquisition of land, HUDCO is giving full amount whereas we have considered results for only Phase 1, around INR 3,500 crores. That's all. The value will be more than INR 10,000 crores or INR 13,000 crores because once the land has to be acquired immediately. Otherwise, future acquisition of land will be very difficult. They are acquiring land, but the construction will start in 3 phases, Phase 1, Phase 2, Phase 3 for 1,000 acres and another 750 acres, they are keeping for future expansion. got it.

Yes. I got it, sir. So this INR 3,000 crores is a very, very small number if you look at the entire scheme of things, right? Because if you're saying that it's going to be 1,000 acres in the first phase. So sir, I mean, if you can just help understand, I mean, how big could be the size of this project as well because it seems to be a very big project, right?

Yes. So what we are doing, what plans that we are thinking, it is just like GIFT City. So we're going to do, first of all, infrastructure development that cost about INR 10,000 crores infrastructure only. Suppose if you start the construction of these projects, it will be multiples of thousands. I can say in terms of lakhs, lakh. So currently, we are doing only Phase 1 work. That is a small amount. It is just like 15, I can say. Presently we are focusing on Phase 1.

Got it. Got it, sir. Great, sir. So anyway, your informative highlight has been very, very helpful. And I'm sure, sir, you will take this company to fantastic heights. So good luck, sir. God bless you and wish you and your team all the very best for the future, sir.

The next question comes from Pankaj Kumar from Kotak Securities.

Sir, you said roughly INR 2,000 crores of project that you are looking to award in the current financial year on a consol basis. So what is the stand-alone number? And what are the targets for FY '27 on consol and stand-alone basis?

Pankaj, you're asking about tender award -- tender awarding?

Yes, sir.

INR 8,600 crores to INR 9,000 crores during this. Next year, I think minimum INR 20,000 crores will go to award because Supertech, Rajasthan Mandapam, even J&K. So lot many projects are there. It will be more than INR 20,000 crores. We're going to award next year. New packages of redevelopment.

Sir, you said roughly INR 40,000 crores plus INR 10,000 crores of -- so total INR 50,000 crores project will be in the construction phase in next financial year in addition to the current.

[indiscernible].

Okay. Okay. And sir, in terms of execution, if you look at Q3, we have seen again there is a slowdown. So what are the key reasons behind that? And how do you see Q4 in terms of execution?

In terms of execution?

On stand-alone, how you are seeing?

So around INR 3,000 crores will stand-alone. We're going to to achieve another INR 4,000 crores to INR 4,500 crores in the fourth quarter.

And what has impacted execution in third quarter?

What is the...Pardon me.

What has impacted execution, construction, yes?

So due to wrap I told you Delhi government this year due to the pollution and all, they banned the conference on all 7 GPRA as well as Amrapali project and one more project at Delhi University we are doing, AIIMs we are doing. A lot of work we are doing in Delhi NCR. So due to pollution, the gap has been closed for 2 months, November, December, even from part of January also. This time, it was very stringent. So they stopped the construction. That's why we could not achieve the much more turnover in quarter 3. But next quarter, it is a good working season, we can do -- that's why we can achieve the target also.

The next question comes from Anjali Bajaj, an individual investor.

My question is what will be the source of fund for Supertech project execution, internal accrual, bank financing and support from any specific agency? How much big opportunity we are seeing in Supertech? Or how many years do you expect this project to be executed and revenue to be recognized?

The top line will be around INR 10,000 crores. The bottom line will be around INR 800 crores to INR 900 crores. We may get the profit. And the completion period is 12 to 36 months because almost a few projects, not almost few projects is in virtue of completion. So that project we can complete within 12 months. Green projects we need at least 36 months. So that's why we have given even Supreme Court also in affidavit, we'll go into complete 3 phases, starting with 1 year, some projects we can complete in within 1 year and some projects, 2 year and greenfielding projects 3 years.

Sir, source of fund?

Inventory, around INR 10,000 crores unsold inventory are available. We're going to sell. Initially, it required we can that going to take a loan from the bank. So it is in the process of getting loans from bank.

The next question comes from Akshay Patel from NBCC.

Sir, for this financial year, what PAT you are expecting, even if some exceptional items, if you include in the coming quarter, in spite of everything, what PAT are you expecting for this financial year?

INR 700 crores to INR 800 crores.

INR 700 crores to INR 800 crores. Okay. Sir, and one more thing. When -- for the next financial year, we have seen that the Delhi air pollution control has been continuously impacting the revenues and profitability of NBCC in the third quarter. So what steps are you taking so that in the future, it doesn't impact the revenue and the profitability much in that quarter because the third and fourth quarter are the mostly -- most of the work is done in the third and fourth quarter. Are you planning to shift something more work in the first and second quarter? Is it possible? Or any other measures if you are taking, please enlighten us on that?

Definitely, we had recently awarded around INR 3,000 crores to INR 4,000 crores work. So that will going to start immediately. Now our main area first to second quarter, we will push as many as turnover. And of course, we are taking all the precautions. So to mitigate the pollution. So what things are everything we are doing. Unfortunately, this time, it was very stringent and lack of rain also. Delhi government also tried to put some artificial rain, but it failed. So let us see. Next year, I think even 1 or 2 rains can reduce our pollution and all. Let us see.

Okay, sir. I hope the management thinks...

And one more thing, we have changed the technology also. We are using where that is minimum and precast technology also we are using. Hopefully, we are changing the technology. And so there may be artificial rain also. Otherwise, we'll whatever precautions, we are, in fact, searching for R&D also how to get rid of this pollution. Let us see. Hello. Mr. Tanmay? Hello.

Yes. I'm closing. One moment. Sir, there are no further questions. Now I hand over the floor to the Chairman of NBCC, Shri K.P. Mahadevaswamy. Please go ahead.

Just summarize a few key points for this quarter. We have awarded INR 8,600 crores till date and 4,000 tenders in pipeline for awarding in the upcoming quarters on consolidated level. Ghitorni project, resolution of the project enables NBCC to develop high potential revenue, real estate projects, nearly INR 8,500 crores top line and around INR 5,000 crores on bottom line. We know that Supertech project is challenging work. However, our experience and expertise in Amrapalli projects will give us confidence and motivation to complete this project on time and deliver the housing unit to homebuyers for which they are waiting many years. Rajasthan Mandapam, after a successful story of central government redevelopment projects, NBCC is now gearing up, state governments in this line. The Rajasthan Mandapam project is expected to be awarded at the earliest. J&K project, the issue with the project is almost complete -- near complete resolution. Soon, we will be tendering this project. Goa project, the project is also under tendering process. Further -- several other state governments are in the advanced pipeline and are expected to be awarded in due course. Thank you. Thank you, ma'am. Thank you, everyone.

Thank you, sir. For any further queries, please contact Mr. Balkishan Singla, Investor Relations, NBCC. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Door Sabha's conference call service. You may disconnect your lines now. Thank you, and have a pleasant day.