NCC Limited (NCC) May 16, 2026 Conference Transcript

Ladies and gentlemen, good day and welcome to the NCC Limited Q4 FY26 Earnings Conference Call hosted by JM Financial Services, JM Financial Institutional Securities Limited. As a reminder, all participle lines will be in the listen-only mode and there will be an opportunity for you to ask questions. After the presentation concludes, should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Shah from JM Financial Institutional Securities Limited. Thank you, and over to you, sir.

Yeah, thank you, Gitesh. On behalf of JM Financial, I welcome everybody to 4Q and FY26's unnamed conference call of NCCL Limited. We hear from the management today, Sri RS Raju, Director of Projects, Sri Sanjay Pusarla, Executive Vice President, Finance and Accounts, and Sri Naira Sharma, Head Strategy and Investor Relations. Now, I hand over the call to the management for their opening remarks, post which we can start with the Q&A session. Over to you, sir.

Thank you very much, Weber. Very good morning, everyone. This is Neeraj. And on behalf of NCC, I thank you for joining us as we close out the financial year 2526. With me today are Mr. R.S. Raju, Director of Projects, and Mr. Sanjay Pusarla, our CFO. We appreciate your continued engagement with the company, though through what has been an eventful year for the sector. Safe Harbor Before we proceed, I would like to draw your attention to a brief disclaimer. Certain statements made during today's call may be forward-looking in nature and are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied. I encourage you to read a detailed statement on page 2 of the investor's presentation. Order book, the foundation. Our consolidated order book as of 31st March 26 stood at Rs. 83,004 crore, which is about 16% increase over the last year and highest in the company's history. The fourth quarter contributed 9,573 crore of fresh consolidated inflows and full-year inflows totaled Rs. 31,884 crore. The order book gives us multi-year revenue visibility and a book-to-bill ratio of roughly four times. And it is spread across seven verticals, transportation, mining, electrical, electrical T&D, water and railways, and irrigation, which the portfolio, its resilience. Sanjay Pusarla, he will share the detailed financial performance of the company. Post that, we will open for questions, any questions, any queries that you might have. Over to you, Mr. Pusarla.

This is Sanjay Pusarla, Executive Vice President and CFO of NCC Ltd. I am pleased to announce the financial results for Q4 FY26 of NCC Ltd. And also for the year-ending 31st March 2026. My announcement basically covers order book, revenue, profitability, debt moment, and some of the important balance sheet items. The order book stands at 83,004 crores as at the end of 31 March 26. You are aware the order book at the beginning of the year stood at 71,568 crores, and orders received in Q4 is 9,573 crores, and balance at the end of the year is, say, 83,004 crores. For the stand-alone, turnover reported in Q4 FY26 is 5,382 crores as against turnover of 5,445 crores in the corresponding quarter of the previous year. It decreased by 1%. For the full year, the turnover stands at 17,669 crores as against 19,393 crores of the previous year. It declined by 9%. At consolidated level, the turnover is reported in Q4 at 6,251 crores as against 6,189 crores in the corresponding quarter of the previous year, which shows an increase by 1%. For the full year, the turnover is 20,944 crores as against 22,355 crores, which is a decrease of 6%. At the standalone level, we achieved an EBITDA of 8.44% for Q4 FY26 as against 9.21% of the corresponding quarter of the previous year. PBT we achieved 5.2% before exceptional items and PAT of 3.77% in the current quarter i.e. Q4 FY26 as against PBT of 6.18% and PAT of 3.93% recorded in the quarter 4 of FY25. At consolidated level, we achieved EBIT of 8.83% and PBT of 4.70% before exceptional items and PAT of 3.3% in the current quarter. In the current quarter, there is Q4 to FY26 as against EBITDA of 59.07% and PPT of 5.93% and PAT of 41% reported in the corresponding quarter of last year. Beginning of the quarter stood at 2,980 crores, and net debt after cash and cash equivalents is 2,830 crores. At the end of quarter 4 of FY26, it stood at 2,251 crores, and net debt at rupees 1,667 crores, and at the end of Q4 FY25, the same is at 1,484 crores, and net debt of 706 crores. There is a decrease of debt by 729 crores in Q4 FY26. The debt-equity ratio stands at 0.30 at the end of Q4 FY26 as against 0.40 at the end of Q3 FY26 and 0.21 at the end of March working capital. Working capital, excluding cash and margin money deposits, at the end of Q4 FY26, it stands at 4,847 crores, which is 28% of the turnover. In terms of working capital days, it is 97 days. The trade receivables outstanding at the end of Q4 has decreased from 3,505 crores to 3,336 crores and the number of days also has decreased from 87 days to 73 days in the current quarter and 65 days for the corresponding quarter of the previous year. 7,129 crores which is 44% to 6,675 crores which is 38% in Q4 FY26. And at the end of the previous year, it was 5,937 crores which is 31%. Retention money stands at 2,253 crores per quarter 4 FY26 as against 2,099 crores at Q3 FY26, and at the end of March 25, that is the corresponding year, it is 1,870 crores. Mobilization advances. Mobilization advances are standing at 3,386 crores as at the end of March 21, 2026, as against 3,162 crores at the end of December 25, and 2,098 crores at the end of March 20, 2026. Of these mobilized advances, 64% are interest-bearing and the average interest comes to 9.2%. Interest-bearing advances decreased from 67% to 64% during the current quarter. Cash and cash equivalents. 585 crores as on 31st March 2026 and 150 crores as on 31st March 2026 and 778 crores as on 31st March 2026. Margin money deposits and others. It is standing at 631 crores as of the end of March 26, 671 crores at the end of December 25, and 654 crores at the end of March 25. Coming to the capex, we have incurred a capex of 344 crores in Q4 FY26 and 912 crores we have incurred in the current year, which includes a capital working progress for TPM, about 320 crores, as against the budgeted capex of 1050 crores, which was revised earlier from 750 crores to 1050 crores in the year FY26. EPS stands at 3.23 at the end of Q4 FY26, as against 3.4 in Q4 FY25, and in FY26, it is 9.19 as against 12.12 in the previous year. With this, I will be ending the announcement of the results.

Thank you, Sam. Should we start the question and answer queue? Yes, please. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may play star and 1 on their touchstone phone. If you wish to remove yourself From the question queue, you may press star and two. Participants are requested to use handsets while asking your questions. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Shravan Shah from Dholit Capital. Please go ahead.

Hi, thank you, sir. A couple of questions. So, first, we'll start with your broad guidance on revenue margin and order inflow for FY27. And also, please specify this will be for standalone or at a console level.

Mr. Shah, good morning.

Good morning, sir.

I mean, there are too many variables in the equation as we speak. You know, the whole environment is very uncertain. So we have decided not to give any guidance for FY27. However, we will revisit, you know, this decision maybe when we will have some clarity after conclusion of the first quarter. So, if there is any guidance, we would be happy to come and share that with you.

So, for order inflow also, no guidance?

No guidance for all these parameters, but as I shared with you, because there are too many variables, it is very difficult really to look forward, you know. You are already aware about the uncertain world that we are currently living in, but we will revisit this decision. You know, maybe, say, after first quarter or so, should there be any clarity, should there be any change in the environment, we would be very pleased to revisit and come back to you with the guidance for 27.

Sir, there, just still, I understand that we don't give, but still trying to get some sense. So, obviously, the order book is at a historic high, and we must be knowing what kind of a project in which segments is going on until one and a half month is already there for this quarter also. So, we must be knowing a broad idea. I understand for last two quarters, we are not giving, and again, we are not giving. So it is becoming very, very difficult. So we still have the opinion that still the working capital pressure, the payment issues, and whatever is happening at the world level, obviously, the crisis. But at the India level, I understand the commodity prices, inflation will be there. But still, we'll be having some kind of a minimum that this definitely we should be doing. Some color mode would be helpful, whether at least we will see a kind of a minimum 10% plus kind of a growth, because already we have seen a 9% degrowth in the F526, so that would be helpful, and at the margin level also, the current level 8.3 is maintainable, or can we see a kind of a half a percent kind of a pressure or some improvement, something would be helpful there.

Yeah, Mr. Sa, I really very much appreciate your concern. You talked about, you know, the cost element in the whole economy. You know, finally, this might also affect the ability of our clients to take the projects forward, you know, make timely payments. So all these situations will finally are expected to play out in days to come. So, as we have already shared with you, that we will revisit this subject once we have some more clarity, say that, you know, post, you know, about three, four months' time. I mean, you know, it is not really helpful to talk about any hypothetical number and tomorrow revise that number. I hope you appreciate the spirit in which we have decided to, you know, share, you know, this information with you. So, should there be any change in our view, should we have more clarity, we will be very happy to come back to you, Mr. Shah, and share what we have, what is it that is really possible for FY27.

Yeah, and on the CapEx, working capital, and net debt also, some kind of a color would be helpful how we want to look for FY27 or there also no guidance.

Yes, sir. This is finally a function of the revenue growth, degrowth, you know, the cost element, how the final, you know, the raw material prices will finally get impacted in, you know, next few months. So, it will be a function of that, you know. It is not that the working capital exists in a vacuum, you know. It's an outcome of all these, you know, variables.

Got it. Sir, on JJM front, so whatever the numbers, if you can provide, so both at a total JJM and the UP, so the outstanding order book, the datas, both for UP and the total, and how even post March and till now, what's the status there?

For the project, JJM projects, the order book outstanding at the end of March 26 is 3,619 crores. For the surface water projects, the outstanding order book is 2,562. That means 6,181 crores is the total order book pending as on 31st March 2026. The amount of work executed in UP projects is 1730 crores for both groundwater and surface water. As far as the receivables are concerned, the receivables have come down to 3015 crores, which includes groundwater, surface water, trade receivables, and unbuilder value. That is coming to 3015 crores.

Okay, so this is only UPS and the total data also from the JGM across all the states would be how much?

This is what I have told you, it was 3,015 crores. Only data, if you are asking me, it is only 695 crores.

Okay, so the number which was 1,700 crores as on December, now it is 695 crores, you are saying? Correct.

Correct. You are right. About 1,000 euros we have collected in the current quarter.

Okay. Okay. And lastly, any more kind of a write-off impairment at the subsidiary level? Because last two years, I think we are slowly, slowly doing it. And at the same time, the NCC, Urban Infra, how much is outstanding and how much we will like to get repayment in FHR 27?

In the case of international projects, the impairment is done in the case of an investment at Oman, where the project is completed and whatever claims we have received, we have made an impairment of 21.3 crores as an exceptional item. With this, the international outstanding Whatever is there, that is completely impaired. That is one. As far as the visor, as one is concerned, we are expecting about 250 crores in the current year.

Okay. What is that? Thank you.

Thank you. The next question is from Parikshit Kanpal from HDFC Securities. Please go ahead.

Hello. Can you hear me, sir? Hello.

Yeah, yeah, Mr. Kanpal, you are audible, but you please speak a bit loudly.

Okay, sure. So, sir, in this environment, when there is so many uncertainties, so are you bidding for orders or are you stopped bidding for orders also?

No, no, we will continue to bid depending on the projects which are coming up for bidding. We will continue to bid depending on the risk-reward equation. In fact, we have already backed a few projects in this financial year as well, that is a 4.27. We have already reported about 1,700 crore odd projects in the month of April.

Are we seeing any slowdown in our execution because we have 83,000 crore of order books? I just wanted to check if the work is going on entirely on all the books, entire orders, or is there still some orders where the work has not started? Have the clients asked us to slow down the work? So, that doesn't give you confidence to give guidance. So, just wanted some color. Nothing of that sort.

Nothing of that sort. You know, wherever the fronts are available and the clients are taking the forward, nothing is really substantial to report. By and large, things are moving forward.

To add further, the order book of 83,000 crores, whatever, We have got 83,000 crores. All the orders, we have got the clearances, we will be able to execute. There is absolutely no issue on account of any hold-ups or designs or right-of-ways. Whatever orders are considered in this, they are all fully available for execution.

No, no, sir. I was coming from the point that NLT is the largest infrastructure company, despite having a huge export order, they've given a guidance. So, Pertrude yesterday gave guidance, other infrastructure companies are giving guidance. So, if we are not confident, I mean, somehow we, as an analyst, are getting confident that you'll be able to execute, looks like you've taken a lot of orders, either you're facing some challenges on execution internally. So, just wanted a clarity whether internally you have any challenges on execution or execution capability or not getting the client friend, not able to get labor. Not able to get your supply chain in order. So, maybe that's the reason we are sensing they're not able to give guidance. We just wanted clarity on that.

Mr. Kanpal, I think I have already tried to answer this question in a, I think, previous, I think Mr. Shah asked this question. We will revisit this, you know. All that we are saying is we need some clarity. You are aware about, you know, the pricing pressure in the whole economy. All that we are saying is we need one more quarter, we expect some more clarity, then we should be in a position to talk about the guidance for FY27. So, this is what we have already stated.

The current levels of execution of 6,000 crores, are we geared up to go below that now, given the order book, or do you think that the base case will be able to maintain this level of execution of 6,000 crores which will be reported in this photo?

No, no, please, could you please repeat your question?

In this quarter, we have reported execution or revenues of 5,300 odd crores. So, in the biggest case, are we geared up to actually do this much? I'm not asking any guidance on the portfolio, but at least from here on, the execution should not go down below this because we have already mobilized the entire order book.

Sir, I think we need to understand one thing. Today, considering the unpredictable situation, unpredictable development that are happening on a day-to-day basis, they are very dynamic, and there is nothing which we will be able to predict. That is the reason we were telling very clearly that we will wait for a quarter to understand how it is going to move forward. Then we will be giving the guidance.

Are we able to maintain the current execution rate of 5300 which we reported in this quarter or can it go down?

That also depends. We have still one and a half month more because this situation is developing day by day. If you see that in the last beginning of the year and today there is a lot of development that was happening and we are seeing the prices going up, the dollar is weakening and how the economy is going to move. So, all these things will also have a bearing on the balance 15 days. So, we'll be able to tell you at the end of the quarter. We have to wait, watch, and see patiently.

Okay, this is the last thing, sir. Just one advice. I mean, NCC is one of the oldest companies in Infra, which I have been covering more than 18 years now. And you have seen cycles. It's not the first time you have seen challenges or headwinds. You have GFC, you have D-Monitor. So many things have happened. We have never drifted away from even the AP crisis which happened where a large part of the order book was and we have to lose it. But still, we have guided. I don't know. I mean, when the size has become so big, so just an advice, I mean, you should reconsider, discuss with your vote. I mean, you need to give the guidance. If you have such a large order book, you need to take a call. I know you can go at 30, 40 percent maybe next year, but at least you can get 10 or 15 or 20 percent, some number to start where you are at least confident you can do. That's my goal. That's my case. Thank you.

Thank you.

Thank you. Thank you.

Thank you. The next question is from the line of Parvind Kwasi from Nuawa to Deskoye.

Hi. Good afternoon. Thanks for taking my question. So, my first question is on the payment cycle. Now, not really asking names of clients, etc. I mean, you indicated we have received almost 1,000 on the road in UPJJM projects. But overall, has the payment cycle, let's say, improved in the last three, four months compared to, let's say, what it was during CY25, or do you think challenges still remain?

Sorry. To interrupt, the management line has got disconnected. Just a moment. Members, the line has got connected. Please go ahead.

Hi. Good afternoon. So, my first question is regarding overall payment cycle. You indicated we have received about 1,000 odd crore in UP in Q4. Not only asking about name of clients, but in general, has the payment cycle improved in the last 3-4 months compared to what it was in CY25? Or do you think overall challenges still remain on the payment?

Hello, speakers.

Ladies and gentlemen, the line has got disconnected. Say, connected. Members, the line has been connected. You can go ahead.

Yeah, hi. Good afternoon, sir. Am I audible?

You are audible. Please go ahead.

Yeah. So, my first question is regarding the payment cycle. I mean, you mentioned you have received about 1,000-odd growth in UP and U4 on JJM. Now, overall, regarding payments across all projects, would you say the payment cycle has improved in Q4 compared to, let's say, what it was in EY25? Or do you think issues still remain there and there?

In Q4, we have seen improvement in the payment cycle. Absolutely, that is correct. And as far as the UP is concerned, we have received about 1,000 crores in the quarter 4, about 400-450 crores in the month of April, and we are expecting further payments also in the coming months. So, we are confident that with the way the payments are being released, some more payments related to UP projects also will come. So, this will improve the situation. And as far as others are concerned, now it will continue to be a good paymaster. So, we are not forcing any problem.

That's great to hear. Second, you gave the numbers about JJM projects in UP. Would it be possible to get those numbers about our overall JJM order book, I mean, including orders that you might have in other states also? What is the order book and what are the payment outstanding there?

The overall order book we have already covered, but I will give you for better clarity. The overall order book what we have received for the JJM projects, including groundwater, surface water, is 26,000 crores. We have already executed projects up to 20,142 crores, leaving a balance of 6,181 crores. Is this clear?

Sir, I think you have given me the numbers for UP. I was asking if we have DDM projects in other states also, but I will take it off time. I mean, not an issue. My second question is, what will be our total exposure to our subsidiaries, including investments and other and one?

Subsidiary investments. Subsidiary investments. Could you repeat your question? I think you asked about our total investment in the subsidiaries, right?

Yeah, I mean, total exposure, investments plus loans and advances, whatever you like.

Yeah, investments is 887 crores at the end of March 26, and loans for the group companies is 309 crores at the end of March 26. Coming to the Visag Urban Status, I have already explained you, we will be collecting about 250 crores and the outstanding is 291 crores.

And last question, some update on the smart meter project, what is the kind of investment you have already done there?

In the smart meters, in the two SPVs, we have already invested about 460 crores. And in the case of our own project, which is executed under the name of NCC Limited, about 130, 140 crores we have used as working capital. The total investment in SPV is about 460 crores.

Thank you. The next question is from the line of Vaipur Shah from JM Financial, Institution Security. Please go ahead.

Yeah. Sir, in December, the outstanding loan from Viseg Urban was around 390 or crores. So, now it is 290. So, we have received 100 crores in Q4?

Yes, we have received 100 crores in Q4.

Okay. And 270 this year and remainder in next year?

We are expecting about $250,000 or $291,000, whatever is there, it will be coming in the current year itself. Okay, okay.

Secondly, on smart meters, we have invested $460,000. Any pending investment now remaining?

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

Okay. And sir, in the standalone order backlog, What would be the value of smart meter order book in the standalone books?

Out of 72,000.

Yeah.

Yeah.

So what is our capex plan for next year? FY27?

FY27, the capex plan is 500 crores.

Okay.

And the order book in the standalone is 4,456 crores in the case of smart meters.

Okay. And sir, lastly, in the ordering flow number, it was 9573 for console and 4775 for standalone. So what was the difference of roughly 4,800 crores in Q4? It was mining.

PCMPL called Peshwara Coal Mining. So we generally take a look ahead for three years as the order book. That was 4,008. Right.

So, you added that order book for the mining code for mining.

Yeah.

Okay, sir. Those were my questions. Thank you. Thank you.

Thank you. The next question is from the line of Sukrit D. Patil from iSight, FinTrade, Private Limited. Please go ahead.

I have two questions, forward-looking ones, both the questions. My first question to Mr. Raju is, in your point of view, how is NCC preparing to capture future opportunities in infra and construction while thoughtfully addressing challenges such as project delays, regulatory compliance, and rising input costs? What strategic levers do you see as important for sustaining growth and execution disciplines in FY27 and PR? That's my first question. I'll ask my second question after this. Thank you.

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

I am referring to any practical steps like project pipeline expansion, ecological adoption, Yeah, that's a very interesting question.

We continue to see a very interesting pipeline of, you know, prospective projects. If I were to put a number, this number would be close to 2.5 lakh crore. So we continue to see a lot of infrastructure projects coming up for bidding. And as you are aware, we have been active in this space for little less than five decades. So we believe we have what it takes to identify a good project, put a competitive bid on the table, and at the same time execute the project with profitable margin on time. So, this is what we have been doing for last little less than, you know, five decades, and we hope we will continue on that path. Regarding you talk about, you know, we have a stated policy to take care of, you know, the ESG, all these, you know, parameters, all these, you know, priorities are already in place, and we are very conscious, you know, to impact the local economies, you know, the local communities, wherever we are executing our projects.

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

In the case of the projects which we are executing, we do not have much long-term, high-value, high-ticket infrastructure projects, okay? The projects which we are executing, basically of a contracting nature on EPC board. That is one. As far as the projects which we have received on smart meters are concerned, we have done financial closure for those projects at a very competitive rate of 9.15%. And we have been using that facility to complete those projects. As far as other projects are concerned, which are in general nature, in general contracting or EPC nature, we have enough facilities tied up, working capital facilities tied up, both in terms of fund-based and non-fund-based. Our interest rates are very competitive, and today we are just nearing 9% average interest rate, and we have capabilities of raising good products in the market, which are like purchase invoice discounting, trades, commercial paper, which are at a very competitive rate of interest, which is even below 8%. And we have enough bandwidth. When we compare to the facilities, we have never 90% of the working capital. We have enough working capital limits also to meet any kind of gaps that are going to come. This is how we are managing our financing. Thank you, and best to see you. Thank you.

Thank you. The next question is from the line of Bhavan Modi from Anandrathi. Please go ahead.

Hi, sir. Thank you for giving me the opportunity. The first question is, sir, do we have any international exposure?

At the moment, we do not have any international exposure. We have only one project in Qatar, which is almost completed. At the final stage, we have to probably execute maybe 20-25 course of work in INR.

Okay, understood. Sir, second question, you know, sorry again to dwell on the, you know, guidance part. So, like, you know, there can be two issues, right? Either, you know, we are facing some execution issues, or the company is, you know, facing challenges in terms of, you know, the margin. So, what is it, you know, that is separating us from giving the guidance, you know?

I think Mr. Neeraj has already covered. We have the execution capabilities we have built up over the last five decades, less than five decades we have built up. So resource capabilities is not a constraint at all. Order book is not a constraint at all. Given uncertainties which are prevailing today, we thought that we will just wait and give the guidance. We will watch for this next two months. At the end of the first quarter, we will revisit the situation and then give the guidance.

Okay, sir, I understand that there is an uncertainty, but that can impact two things, right? Either your execution or your margins. So, where you see, I am not asking for the guidance, but where you see, you know, it's impacting the mood or where the uncertainty lies. Is it the margin or is it the execution?

At the moment, what I can say is that we have all our contracts. Many of the contracts, we have escalation clauses. About 74% of the contracts, we have escalation clauses. But I am not very sure whether the increase in the prices will completely get covered under the escalation clauses. There may be some impact. There is no doubt in that. And second thing on that, availability of the materials. Because of the logistics problems and also the problems on account of the fuel prices and other things, there can be some availability issues in the case of materials. But as of now, we are following a path of buying the materials, required materials, just in time, so that our execution pace and progress will not get hampered.

Understood. And just last question, sir. Almost 50% of our order book, you know, comes from the buildings and the transportation, leaving aside mining and, you know, water and irrigation. So, just wanted to understand, you know, sir, what is the share of, you know, private and the government, you know, a client, you know, in the order book? Question being, are there any pressure, you know, coming from the, you know, private, you know, clients, you know, any cancellation of, you know, orders or something like that that you have seen?

No, we have not seen any kind of pressure from the private lands, because our private lands orders comprises about 4-5 percent. About 5 percent. Yeah, about 5 percent in the entire order book.

So, 95 percent from the government.

Yeah, that's right. And government, when we say government, means state government, central government, you know, central government, state government agencies, PSUs, all put together.

So, any payment, you know, in the transportation Today, we have not seen any payment issues.

Things are going fine.

Okay, understood. Thank you, sir.

Thank you.

Thank you. The next question is from the line of Saket Kapoor from Kapoor Company. Please go ahead.

Yeah. Namaste, sir. I hope I'm audible.

Yeah.

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

So, generally, what happens, our capex is around 350 to 400 crores on a regular basis because we need to replace the equipments, we need to buy the new farmworks and other things. In the last year, 900 crores, we have got two components. Basically, one is on the TBM, which we are requiring for the GMLR project, which we are executing in Mumbai, about 310 crores. About 150-160 crores we have acquired, we have purchased the machinery for the new mining project. So that was the composition of the last year. And the current year which we have projected about 500 crores, about 100-150 crores we will be requiring for the mining because mining requires a huge capital intensive project. It requires in a phased manner acquisition of the equipment. About 100-150 crores we are expecting equipment for the mining And remaining 350 crores or 400 crores, which will be required for our regular capex, refurbishment, replenishment, or the new equipment for all the projects which we are executing.

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

Our share is 3,000 crores.

The overall project value is about 6,000 crores, and the part of execution which we need to do is 3,000 crores.

Okay, and what have we, our timeline for the claim, sir, with respect to our clients?

About 5 years' time. Right.

Sir, we have also seen some of the status of investment property under construction. So, if you could dwell on the frame, what is that pertaining to 110 or 105 crores?

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

Sorry, Tindra. Mr. Kapoor, I would request you to join the queue for more questions. The next question is from the line of Vaibhusha from JM Financial. Please go ahead.

So, we have provided a breakup of order backlog on ConsolFront in the PPT. Can we give you the same for the standalone file, 70,000 crores breakup?

You want the division-wise breakup?

Yeah, division-wise breakup on standalone order backlog.

I think the order component is...

Standalone order backlog is 72,259 crores, and for a subsidiary company, it is 10,745 crores.

So, segment-wise, break-up for standalone backlog.

We will get you one minute.

We can take this offline. These numbers are not ready with us currently, but I will tell you, mostly other than the mining console orders, Mining, transportation, only one project, the value we have already shared, that is GMLR, about 3000 crores, and mining project, and one in TND, smart meter. Otherwise, everything else is the same. What we have reported here.

Mining book is roughly 15,000 crores in console. So, what would be in standalone? Because difference of order book is 10,000 crores, console in standalone, for Q4.

Building cities, 22,740 crores. Transportation, 15,320 crores. Water and railways, 10,400. Electrical, you can take as 13,800. Irrigation, you can take it as 4,915. And mining, 6,750.

Okay, okay. Got it. And sir, the smart meter order book, you said 4456 per hour in standalone. So, what would be the value in consul?

646.

Okay, fine. Thank you, sir.

Thank you. The next question is from the line of Shravan Shah from Dalat Capital. Please go ahead.

Hi, sir. Thanks for the opportunity again. Sir, I just wanted to first check on the depreciation. So now the TBM depreciation would be starting. So this quarter, the standalone level 62 crore depreciation, so which has obviously has increased 5-6 crore. So, how one can look at, given the 500 crore kind of a capex that we will be doing, so how one can look at the depreciation for this year F.A. 27? Will it be inching up?

It will be inching up because the TBM capitalization will be done at the end of the second quarter. So, third quarter onwards, we will get the depreciation of the TBM. So, to that extent, the TBM will go up.

Any rough ideas? So, it will be a kind of a 5-7 years we will be depreciating this 320 crore. That's the way one can look at the depreciation?

I will. Mostly the TVM machine, Mr. Shah, is getting lowered now. It is expected to start, you know, working from in the next two months' time. The TVM machine is specifically designed for this project, and the total capex will fully expense in about three years' time. By the time we complete, you know, the whole depreciation we will book.

Okay, okay. And second, in terms of the other income, so if you can help us, how one can look at this other income, And for this standalone, let's say, we got a 206 or other income in P&L. Have we received this entire amount in the form of cash? And same goes for the even FY26. So just trying to understand, is there a lag in terms of the cash conversion of the other income and how one can look at the other income? If you can give it a breakup, maybe it will help.

The other income includes interest income of 91 crores, dividend income and a buyback of 97 crores. That includes a dividend from our subsidiaries, Pachwara coal mining, and also for a Beginapur project. And interest income comprises mainly on account of margin Okay.

So, broadly, this entire other income is kind of, one can say, 90% plus is getting converted into the cash.

100% is converted into cash.

Okay. And same way, sir, is it possible to give a broad breakup of the finance cost of 645 euros for FY26? So, primarily, what we are paying on the mobilization and what we are paying on the bank guarantee charges and the other, so, broadly wanted to understand that.

For FY26, the finance cost comes to 3.7%. Okay? In that, the components of interest on loans comes to around 220 crores. On mobilization advance, it comes to 154. The commissions on BGs, LCs, etc., 162 crores. Interest charges, bank charges, processing charges, all those things comes to 109 crores. This is total 645 crores. And if we net off with the income, what we are earning, afterwards interest, it comes to 554 crores, which is 3.18%.

Okay, okay. Got it, sir. Thank you.

Thank you. The next question is from Jachan, the line of Chandra, Moli, Jagannath, As an individual investor, please go ahead.

How was the BFML project's order update, sir, which you have secured a year back? And is the project execution happening a long time?

Yeah, the project execution has started, and it is going well. And out of the peers, what we understand is that the NCC execution is in a good shape now. And we have executed about 430 crores till date.

Okay, out of 10,000 plus crores.

Including over in 10 minutes.

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

Last year?

Last year. No, no, it is negative.

Financial year, private, 26.

Once it was 7884 negative. In the current year, it is 2,118 crores positive. The reason being, we have averaged the loans from smart meter projects, from SBI, about 1,100 crores. And there is an increase in utilization of my working capital and CC limits by about 500 crores. That is the difference between these two years.

And also for the last quarter, when you look at the interest costs in stand-alone versus consolidated, there is a huge jump. Is there any...

Because of the smart meter loans. We are taking loans for smart meters, which comes as in the SPVs. When we do the consolidation, they get added to the stand-alone.

So, which will not recur in the future, yes, right? It's all now.

Sorry?

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

It is only because of the execution that happened in SPVs. For standalone, it will remain as it is. For SPVs, when we are taking the further dispersal, then it may increase a little bit.

Okay, not to this extent.

The next question is from the line of Sarket Kapoor from Kapoor Company. Please go ahead.

Yes, just to take the previous point in respect to the finance cost, sir, on a consolidated basis, the quarterly number was 213 crore. So, and you mentioned that as a percentage of our revenue, it is 3.7. What should be the likelihood, sir, with the type of mobilization that we have done for the fourth quarter? And also, I think some more amount has been received under the JGM or receivers. How should this, as a percentage of revenue, we should look forward for the finance cost?

We will not be able to estimate. I have said very clearly in my earlier replies and answers, very clearly, that it is unpredictable today how the payment cycles will impact because of the recent developments. If that impacts, this may go up. If that's not impacting, the payments are flowing freely, then it will have some kind of a relief.

Okay. So, just to take things on a concordative note, we are already set up towards this quarter. Towards this quarter, for the first quarter, and already the factors that are affecting the performance for many companies are already in the system. So how has the execution been shaping up for this current ensuring quarter, just to get a sense whether we have already started facing the issues in terms of mobilization of resources and also supply chain issue that the management has been alluding during the opening remark?

Mr. Kapoor, I think we have answered this question before as well. So, it is very difficult to predict. We are waiting for some clarity to emerge, and we are hopeful that that clarity should emerge in about next few months' time. Should we have more clarity, you know, if we are able to see clearly, we have already updated you that we would be happy to come back to you and update about, you know, what is it that we intend to do going forward in next few quarters?

Yes, sir, I got your point. I'm not looking at the forward-looking part. I'm only looking at the time span which has already elapsed. I am just talking about the 45 days that we are through. So, are we facing the same issues which we are contemplating currently, which is prohibiting us to give any guidance on how the way forward looks like, just to get a holistic approach clear, sir?

Sir, today, on 45th day in this current year, so whatever execution that is happening, it is not impacting today. But today, we do not know how the supplies will shape up, what will be the logistic constraint that is going to happen. But as of today, we are seeing in the past 45 days, the execution remains normal.

Thank you, sir.

Mr. Kapoor, this mine has a rated capacity of, you know, 15 MTPA, that is 15 million ton per annum. This has already achieved, you know, this rated capacity in 0.23, 0.24, you know, in that time. So, more or less, going forward, we should be able to maintain at the same level.

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

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

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

No, no. There would be a lot of, you know, similar kind of arbitration spending at different forums. So, as and when they materialize, as and when we finally receive the award or the cash, we only update, you know. Till the time a finality emerges, you know, it is really premature to talk about that.

Right, sir. Thank you, sir, for all the engagements, and we hope that by the end of this quarter results and the phone call, we will have a much better picture about how the company is going to trade going ahead. And thank you once again to the team for patiently answering our questions.

Thank you. As there are no further questions from the participants. Just a moment. I have one more question from the line of Chandra Mollie Jagannan, an individual investor. Please go ahead.

One more. Sir, you are talking about when it comes to a coal mining, you have a capital expenditure of about 100 to 150 crores where you have to replenish the two functions like that. But when I look at the numbers, the profits have been charged. I mean, TBT is only about 100 to 150 crores. So, that means you need the return that you got out of it.

You're not audible, Mr. Chandramali. Could you please repeat?

Hello, sir. Hello, sir. Can you hear?

Your voice is breaking. Yeah, yeah. It's not very clear.

So, you are talking about when it comes to a capital expenditure where you need about 100 to 150 crores for the coal mining project, equipments, buying, and things like that.

Yes, sir. Yes, sir.

Yeah, but when it comes to the numbers, the coal mining is giving you only about 100 to 150 crores. Correct me if I am right or wrong.

No, no, no. Firstly, there are two projects, Mr. Chandramali. One project is an MDO project, which is already given as, you know, This is reported in our investors' presentation as well. It is already giving us revenue upwards of 2,000 crore, you know. So, that project is very much operational, and it has already achieved its rated output of 15 MTPA. The capex that my colleague, Mr. Pusalla, talked about, recently we have backed a big mining project, a little more than 6,000 crore. For that project, we are planning to commit this capex. So, these two are different projects. One is in the SPV, and one project has been directly awarded to the parent company, the listed entity that is NCC Limited.

So, in which case, the number, we will see further more, I mean, consolidated numbers, apart from this punch war for coal mining, am I right?

Not consolidated number. This will get counted in the standalone number because the second project that I just talked about has been awarded to us recently. This will contribute to the revenue and profitability on the standalone basis to the listed entity, that is, NCC Limited.

So, from the financial year 2020, right?

Yeah, yeah. 27 onwards.

Okay. Thank you, sir. Thank you.

Thank you. The next question is from the line of Vaibhav Shah from JM Financials. Please go ahead.

Sir, you, in the breakup of interest costs for FY26, you mentioned that BG charges and other charges are roughly 270 odd crores. So, it was a sharp jump over last year, 223 crores. So, any one-offs in this year or there should be a normal rate going forward?

BG charges is 162 crores, we said, as against 198 crores. And other charges are 109. Yeah, yeah. This year, what happened in the LC and BGs, because of the dullness in the business of water, because we have not executed this UP charge-even project, generally what happens, all the water projects, we will be buying the material against the LC. This time, we have not done much in the water business. Especially in the third and fourth quarters. So that is the reason there is a reduction in the, there appears to be a reduction in the BG and MC charges. And the same is reflected in the top line also. And there is a little bit of softening of the charges also.

So, if we add both the charges, the bank charges and BE charges is roughly 270 crores for FY26. It was 223 crores in FY25. So, going forward, this is a normal run rate. So, as a percentage of revenue, it comes from 1.5%.

At 225, if you see, both the charges together is about 300 crores.

Okay, okay.

Okay, got it. So, lastly, one bookkeeping question. On the, you mentioned that our JJM order book is 6181 crores. This includes everything, right, for UP and non-UP as well.

Yes, yes, yes, yes.

And the receivables of 3000 crores also includes everything.

Yes, yes, you are right. Oh, okay, thank you.

Sir, this was the last question in closing remarks from your end.

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

On behalf of JM Financial Institution Securities Limited, that concludes this conference. Thank you and join us and you may now disconnect your lines.