Ladies and gentlemen, good day and welcome to the NCC Limited Q3 FY 2026 Earnings Conference Call. As a reminder, all participant lines will be in the list-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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Shah from JM Financial. Thank you, and over to you, sir. Thank you, Steve. On behalf of JM Financial, I welcome everybody to Q3 FY 2026 Earnings Conference Call of NCC Limited. We have from the management: Shri R.S. Raju, Director of Projects; Shri Sanjay Pusarla, Executive Vice President Finance and Accounts; and Shri Neerad Sharma, Head Strategy and Investor Relations. Now I hand over the call to the management for their opening remarks, followed by a Q&A session. Over to you, sir. Good morning, everyone, and thank you for joining us today. This is Neerad, and I welcome you to our earnings call for the third quarter of FY 2026. Thank you for your continued engagement and confidence in NCC. Joining me on the call are my colleagues: Mr. R. S. Raju, Director of Projects; and Mr. Sanjay Pusarla, our CFO. We announced our unaudited financial results for Q3 FY 2026 yesterday, and the results, along with the investor presentation, have been uploaded on our website and shared with the stock exchanges. We believe you have had an opportunity to review the same. Before we proceed, I would like to draw your attention to the 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 two of the investor's presentation. We have witnessed headwinds in the third quarter on the execution and profitability parameters, combined with a healthy traction on the order inflow side, strengthening our medium-term visibility. As of 31st December 2025, NCC's consolidated order book stood at INR 79,571 crore, supported by fresh order inflows of INR 12,430 crore during Q3 FY 2026. Importantly, the order book remains well-diversified across segments and geographies, providing a strong foundation for execution-led recovery as operating conditions normalize. During the quarter, the company reported a consolidated revenue of INR 4,900 crore compared to INR 5,383 crore in the corresponding quarter of the previous year. Despite moderation in revenue, profitability remained resilient, with EBITDA margin approximately at 9%, remaining consistent with the company's margin profile during periods of strong execution, supported by our operational discipline and cost rationalization. On a 9-month basis, cumulative revenue for 9 months FY 2026 stood at INR 14,693 crore, while cumulative order inflows during the same period amounted to INR 22,311 crore, underscoring continued confidence from clients and sustained bidding momentum. If we take into account the orders back in the month of January, the total order inflow stands at INR 24,768 crore. From a segmental perspective, the order book continues to be well-diversified, with buildings accounting for approximately 31%, transportation 22%, electrical T&D 18%, mining 13%, water and railways 10%, and irrigation and others 7%. This diversification provides resilience despite short-term volatility in individual segments. With this, I now hand over to my colleague, Mr. Sanjay Pusarla, to take you through the detailed financial performance for the last quarter. Over to you. Good morning, ladies and gentlemen. This is Sanjay Pusarla, CFO from NCC Limited. I am pleased to announce the financial results for the period ending 31st December 2025, that is Q3 of FY 2026. My announcement will cover the order book, revenue, profitability, debt movement, and some of the important balance sheet items. Starting with order book, our order book stands at INR 79,571 crores as of the end of 31st December, 2025. As you are aware, the order book at the beginning of the year stood at INR 71,568 crores, and orders received during Q3 FY 2026 is INR 12,430 crores. The order book at the end of December stands at INR 79,571, which contains standalone INR 72,748 crores and INR 6,823 crores of the subsidiaries. Coming to the revenue, the standalone revenue reported in Q3 FY 2026 is INR 4,082 crores as against a turnover of INR 4,720 crores in the corresponding period of the previous year, which is down by 12.2%. At consolidated level, the turnover reported in Q3 is INR 4,900 crores as against a turnover of INR 5,383 crores in the corresponding quarter of the previous year, which is down by 9%. Coming to the profitability, at standalone level, we achieved EBITDA of 8.1%, which is INR 327.31 crores per Q3, as against 8.76%, which is INR 409.39 crores of the corresponding quarter of the previous year, which is less by 20%. PBT we achieved at 3.47% before exceptional items and PAT of 2.01% in the current quarter, that is Q3 FY 2026, as against PBT of 5.18% and PAT of 3.93% reported in Q3 FY 2025. The profitability at the consolidated level, we achieved EBITDA of 8.96%, which is INR 436.24 crores, and PBT of 4.4%, which is INR 213.43 crores before exceptional item, and PAT of 2.5%, which is INR 122.46 crores in the current quarter, that is ending 31st December 2025, as against the EBITDA of 8.25%, PBT of 5.02%, and PAT of 3.59% reported in the corresponding quarter of the previous year. Coming to the debt movement, the debt at the beginning of the quarter stood at INR 2,115 crores, and net debt after cash and cash equivalent is INR 1,890 crores. At the end of Q3 FY 2026, it stood at INR 2,980 crores and net debt INR 2,830 crores, and at the end of Q3 FY 2025, the same is at INR 2,415 crores and net debt of INR 2,344 crores There is an increase in debt by INR 865 crores in Q3 FY 2026. The debt-equity ratio stands at 0.40 at the end of Q3 FY 2026, as against 0.29 at the end of Q2 FY 2025, and 0.21 at the end of March 2025. Coming to the working capital, excluding cash and margin money deposits, at the end of Q3 FY 2026, it stands at ₹6,036 crores, which is 37% of the turnover, and in terms of working capital days, it is 119 days. The debt outstanding at the end of Q3 has increased from ₹3,277 crores to ₹3,505 crores, and the number of days also increased from 78 days to 87 days in the current quarter, and 74 days for the corresponding quarter of the previous year. The unbilled revenue, it stands at ₹7,129 crores, which is 44% of the turnover for Q3 FY 2026, as against ₹6,663 crores, that is 41% of the revenue at Q2 FY 2026. Retention money stands at INR 2,999 crores, which is 8% for Q3 FY 2026, as against INR 1,993 crores, which is 7% at the end of Q2 FY 2026. Coming to the mobilization advances, mobilization advances stood at INR 3,162 crores as on 31st December 2025, as against INR 2,961 crores as on September 30th, 2025, indicating a net increase by INR 210 crores. Of these mobilization advances, 67% are interest-bearing, and the average interest rate comes to 9.1%. Interest-bearing advances increased from 63%-67% in the current quarter, Q3 FY 2026. Cash and cash equivalents, it is INR 150 crores as on 31st December 2025, and INR 224 crores as on 30th September 2025. Margin money deposits, INR 671 crores as of 31st December 2025, and INR 671 similar, same level at 30th September 2025. Coming to the CapEx, we have incurred a CapEx of INR 96 crores in the current quarter and INR 265 crores in the 9-month period in FY 2026. As against the budgeted CapEx of INR 1,050 crores for regular projects, it was revised to INR 1,050 crores from INR 750 crores, and we have a CWIP, that is a CapEx incurred on TBM, kept under CWIP as the machinery is to be put to use. Coming to the investor-related ratios, EPS stands at 1.30 as at the end of Q3 FY 2026, as against 1.62 in Q3 2025. The inventories stands at INR 1,696 crores as at the end of December 2025, and the investment in subsidiaries stands at INR 896 crores as at the end of December 2025. The loans to group companies is INR 233 crores as of 31st December 2025, and the working capital status as of the end of December 2025 is INR 391 crores. I think I have covered most of the P&L items and the balance sheet items. With this, I conclude my announcement for the Q3 FY 2026. Thank you so much. Thank you very much, sir. We will now begin the Q&A session. Anyone who wishes to ask a question may press star and one on your touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question comes from the line of Parikshit Kandpal with HDFC Securities. Please go ahead. Yes, sir. Hi. My first question is on the execution. So if you can help us understand, I mean, last call you had highlighted INR 28,000 crores of orders, one in March have not moved into execution, and even JJM, I think, INR 7,000 crores were under slow execution. So if you can help us understand the movement of these orders into execution, and also if you can tie that up with your increase in debt of INR 1,000 crores, so does it pertain to mobilization of these sites? Because that's a substantial jump without a commensurate increase in execution in this quarter. Mr. Kandpal, good morning. Good morning, Neerad. So I think the first part of your question was about these two specific projects, right? Yeah, sir. 7,000 JJM and 28,000 of projects, one in March quarter. Yes, JJM, as you know, there is this information is already available in the public domain that payments have not been coming, though we are happy to report that we have started receiving payments slowly. We have already received about INR 560, right? About. 560 crores for the. 560 crores, approximately, we have already received, and we are hopeful that looking at the very handsome provision that has been made in the FY 2027 budget, we believe that payments should start flowing in. And as and when the payment starts flowing in, we will try to evaluate and try to see how to move forward. This would depend on the payment release pattern of our clients. The second part of your question was about which project, Mr. Kandpal? Yes, just quickly on JJM, sir. INR 1,700 crores was the receivable last quarter, and six months execution was INR 1,082 crores. So if you can help us understand what is the receivables now after you have received this INR 500 crores, and what is the execution in this quarter or for the nine months? Anyone after some? Actually, no. Yeah. This INR 1,700 crores, whatever receivables we said in the last quarter, that includes my receivables, even retention money, and also the unbilled revenue also for the JJM projects in Uttar Pradesh. So out of this, we have already received an amount of INR 560 crores in the current period, and we are expecting that we'll be getting some more money in the coming period. The good news is that the center has done revised estimates. They have created INR 17,000 crores provision to be released in the next two months. That is before end of March. For the next year also, they have created an estimate of they provided a budget of INR 67,670 crores. So we are expecting that the payments will start flowing in, and we have also started executing those projects which we have substantially completed and where the payments are coming in. This momentum, I think it will be maintained for the next 2 months or 3 months, then we'll be progressing well in the current quarter or the coming quarters on the JJM projects. What's the outstanding now, sir? Sorry? What's the outstanding against the INR 1,700 quarter? Last quarter was INR 1,700. What is it now? INR 1,200. About INR 1,200 crores. Okay. Yeah. Only for the UP. Sorry? 1,700. So INR 1,700 was for UP last quarter. Now it has come down to INR 1,200? Yes. Yes, please. What was the execution in this quarter from the JJM? Execution in the quarter is not much. In this quarter, we have done somewhere around one second. I will let you know. What is that, sir? Only. 82 crores we have done. 82 crore. Okay. Yeah. Understood. So the second question is on the projects which have not moved. So is the entire order book of INR 72,000 crore now under execution? Because last quarter, we have said that about INR 28,000 crore won in Q4 is initial stages of execution. So now has the entire order book moved up, and will that result in substantial ramp-up in execution in Q4? And will that also mean that you will give guidance for FY 2026 now? FY guidance will be for 2026. Guidance is already. We have formally withdrawn from that. There is no guidance as we speak for FY 2026. As a second thing, you were talking about the projects which were in the mobilization stage earlier. All the projects which were in the mobilization stage, now they have got all the clearances. Mobilizations are also completed, including those projects, large projects like tunnel project and coastal road project. There also, we have got all the clearances. Even the equipment has also received. Probably these because for TBM, we have to prepare the landing shaft, and that landing shaft is also now got cleared, and we are getting ready for that. This quarter, definitely, we'll see a lot of progress, and we expect that these projects will start executing and also give some kind of revenue from this quarter onwards. So, Q4, sir, last year, we have done 5,400. So, are we expecting any growth, or do you think that all these efforts are moving the entire order book so we're still not fructifying Q4, maybe from Q1? So, are we looking at a number or some growth on last year number of March number of 5,400, so 6,000+ kind of turnover; are we looking at in this fourth quarter? Yeah. I wish to submit two things to you, Mr. Kandpal. The first one is, as you know, formally, we have withdrawn the guidance for FY 2026. So naturally, the Q4 is a part of '26. That said, we will make all the possible attempts to report whatever best that is possible for the current quarter, that is Q4. Q4 is good. No, sir. I mean, half of the quarter is gone, and still, you don't have handle on the business and on the growth or the guidance. So I don't think what is going wrong, despite having such a strong order book. So why are you not getting confidence when you're getting payments from JJM? So what is still holding you on to give your revised guidance? I mean, even if it is negative, it's fine, but traditionally, it seems that you're not confident on the business is what signaling means. Because in Q4 also, now, you're already half the quarter is gone, and still, you don't know what kind of revenues or traditionally, whether we see a growth why or why. So just wanted some color on that. I think what you need to understand, withdrawal of guidance is already given earlier. As for the third quarter is concerned, it is completed. The fourth quarter is on the way. We are also expecting that because the JJM mission payments also flowing down and other projects also started execution where we were in the mobilization phase in the earlier period, we definitely expect that this quarter will be good. But what number we will reach, how we will reach, we'll not be able to tell right now. But definitely, it will be a good quarter, maybe compared to the previous period. We may reach to that number or near to that number. Yeah. Understood, sir. And just lastly, sir, why has the debt gone up with INR 5,000 crores? I mean, so what has happened? What has led to that, despite you receiving INR 550 crores from JJM and not much execution happening in JJM, still, the debt has gone up significantly? The money what we have received from JJM is in the month of January. It started receiving from 30th or 31st of December. We received very less amount in quarter three. And whatever money we said, we have received only in January. That is one reason. The other reason is on the. CapEx big projects. Two specific projects. CapEx. The other reason is on the CapEx also. In addition to the CapEx, we have got smart meter projects also. We have also taken some loans on the smart meter projects. So those loan withdrawals also added to the debt movement. Okay. Sure, sir. I can join. Thank you for more questions. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, please limit your questions to two per participant. The next question comes from the line of Shravan Shah with Dolat Capital. Please go ahead. Hi, sir. Thank you. Sir, again, trying to harp on what Parikshit has said. Let's assume that what sir has just mentioned that we'll try to have a kind of a reach what we have achieved, INR 5,300 crore in the fourth quarter of FY 2025. If we do that, then broadly, and also, if you can help us, how much is L1 and how much more order is it likely there in this quarter? So even if I remove that, broadly, we should be a INR 67,000-68,000 crore kind of a order book at the end of the March, assuming zero inflow further in the next two months. And three years, if we assume our execution rate, that means in FY 2027, we should be doing closer to a kind of a INR 22,000-23,000 crore. So that ultimately means FY 2025, then 10% growth, which was our original guidance, and then again a 10% growth. So is that the understanding right? Though that means that FY 2027, because of the low base of FY 2026, we should be doing a 28%-34% kind of a revenue growth. So is my understanding in the right direction, or will there be a significant cut? Maybe maximum we can look kind of a 15% kind of a growth in FY 2027. Yeah, yeah. Mr. Shah, actually, it is a little premature to talk about FY 2027 guidance. We have to first close. We have about 150, 60 odd projects. We have to close each of the projects, evaluate what is the extent, what is the revenue, what is the profitability for each of these projects. Generally, we do this exercise in the month of April. When we do our Q4 call, at that point of time, we should be able to work out some number and hopefully share with you. So give us some time. As we speak, we don't have any number to share with you, and it doesn't make sense from our part to just hypothetically talk about any number without evaluating each of the projects that we have, how much revenue is possible. We will do a thorough exercise, give us some time, and then we will get back to you. No, I understand. So I'm not even asking for a clear kind of a guidance, but directionally, so that's what I try to explain you. Let's say INR 68,000 crore kind of a order book at the end of the March, three years execution. So directionally, that's the way one can look at, or there are projects where the execution timeline is maybe five years plus, and that's why we are not kind of confident. So directionally, I wanted to understand. So let's say simply put it together. Whatever we have lost in FY 2026 in terms of the revenue, the 10% growth which we wanted to achieve, we can recoup in the FY 2027 with further more growth in FY 2027? Let me answer that question a little differently, Shravanji. There are two important. One important variable that we many times miss is the ability of the clients to make timely payment. If you do a thorough analysis, there are few signature projects that have given us very good profitability and revenue in the past. Those projects have not been making timely payment. You know that. So we have to always keep that in mind. The second factor is the ability of the clients to get the permissions, all the ROWs in place. We have what it really takes to execute the projects. There is nothing that is missing from our side. But unless the payments are forthcoming on time, unless all the ROWs, everything is in place, there is little that we could do, right? As a person who has been tracking this sector for so long, you know this. You know this possibly better than us. Yeah. But sir, if I just go by the numbers, for nine months also, if I look at the degrowth, actually, is happening in the building space, which is our core. So if I just look at the number, it is a 14% degrowth, and that's why the entire versus what we kind of highlighted that it is because of the JJM, the payment issues that we have slowed down. But we are nowhere highlighting that it is the building which is actually dragging down, and we withdraw the kind of a guidance. So are we also facing challenge in the building in terms of the payment, clearance, whatever you want to name it? No, no. Some of the projects that we are doing in the JJM, building plays an important role in that, right? So some of the impact that you are talking about is because of that factor also. And when we talk about buildings, if you really see the slide number 6, we have given all the kind of projects that we execute in our building segment. So I think it is possibly not correct to summarize that, but all the factors that we have been talking about in the past, in last four, five quarters, has really impacted the performance. Okay. Got it. And now, sir, in terms of. Shravan Shah, I would request to please come back in the queue for further questions. Thank you. The next question comes from the line of Karan Gupta with Cavi Capital. Please go ahead. Yes, sir. Thank you for the opportunity. Just wanted to check on the status of the visa I've received. Mr. Karan, could you please use your handset? Is this better? Yes. Please go ahead. Yeah. So just wanted to check on the status of the JV receivable. You mentioned it was INR 391 crores at the end of Q3, which is the same as last quarter. So there was an expectation of INR 120 crore receivable in FY 2026. So is that still on track? Yeah. There was some agreement that was made with them that money will be getting in the current quarter, we'll be getting that money. Yeah. Okay. And sir, can you just throw some light on the nature of this receivable? Was this for a sale of some real estate, or why is the timeline so long, especially when the market has been doing well? Could you please repeat your question? Your voice is also not very clear, Mr. Gupta. Okay. I just wanted to understand what is the nature of this receivable? Was this against some sale of real estate, and why is the timeline so long? The balance is expected in another year. I'm just trying to close the loop on the receivable, why it stands the way it is? Your question is not clear to us, Mr. Gupta. If you could speak a bit louder or come bring the speaker a little closer. Okay. I'll join back in queue. I think I have a bad network, so I'll join back. Sure. Thank you. Thank you. The next question comes from the line of Vaibhav Shah with JM Financial. Please go ahead. Yes. Sir, so what would be our outstanding order backlog in JJM? Yeah, yeah, yeah. Yes, Mr. Vaibhav. What would be our outstanding order backlog in JJM, including all the states? It is INR 7,000 crore and reduced by somewhere around INR 80-INR 85 crore, which we have done in. Q3. Q3. The receivables number total, including all the states? Including all the states, including the water. Receivables at all? I think it will be less than INR 7,000. 1,600. 1,600. 1,500. UP was 1,200, and what about other states? Hidega. 2,000. Including UP? Including all the projects of JJM where we are executing not only in UP, in all other states also, considering the work what we have done had to be built and whatever receivables are there, if I take that, that comes to somewhere around INR 3,700 crores as at the end of December. After that, we received about INR 560 crores, and we are expecting some more payments to come in this current quarter. Sir, so in non-UP states, we have around INR 2,000 crore outstanding as of now, even considering the INR 560 crore we received in JAM. There are two type of projects. One is the projects which are executed borewell and which are under surface. Okay? Both the projects together, we were talking about. So both are under JJM? Both are under JJM. Okay. So secondly, what would be our CapEx? So we will be maintaining our CapEx number of INR 1,050 for this year? Yeah. Definitely, we'll be maintaining the same number because we. Except for next year? We have got a project in the mining division where we need to invest somewhere around INR 300-350 crores. And TBM we have purchased, which is about INR 300 crores, and the rest of the equipment is required for our regular operations. Number for 27 would be somewhere around INR 300 odd crore? Difficult to say currently for the FY 2027. FY 2027 depends on the project we'll be getting it. Definitely, it will be somewhere around INR 400 crore. 400 crores. 400 crore, it will be. Mining also 400. Mining, we don't require all the equipment at one time, so we'll be requiring in phased manner. Sir, when we talk about the FY 2027, we will share that exact number with you, but approximately, it should be in the same range what we just talked about, INR 400. Okay. Sir, I wanted two data points. What would be our investment in subsidiaries and loans to subsidiaries? I missed those numbers. The loans to group companies stands at INR 233 crore as at 31st December. The investment is INR 896 crore as at 31st December 2025. Some of these numbers have come down significantly on a quarter-on-quarter basis, both the numbers. Yeah. It has come down. I think you are aware that NCC IHL merger has been approved, and we have consolidated those numbers into our accounts now. Okay. Okay. And sir, lastly, on the smart meter side, we were talking about tying up with a partner. So any progress on that front, and what investments have you made till date in smart meters? Smart Meter projects. What portion remains now? About INR 150 crores. INR 120 crores, I think, is remaining now. Yeah. Which will be done in FY 2027? Obviously, it has to be done. Oh. Okay. Okay. Thank you, sir. Those are my questions. Thank you. Thank you. The next question comes from the line of Ashish Shah with HDFC Mutual Funds. Please go ahead. Yeah. Good afternoon, sir. Good afternoon. Sir, can you highlight if this merger of? A little louder, please? Yeah. Yeah. Am I clear now? Yeah. Audible. Yeah. Yeah. Could you highlight if there is this merger that you talked about, whether that had any impact on the standalone debt levels that we have talked about? No. There is no impact on the debt levels of the standalone because of the merger. All right. The other thing is on the CapEx. So if I heard you right, in nine months, we've spent only INR 265 crores, is it? INR 265+, we have kept it in CWIP because the TBM equipment which has been imported and received at the project site, that is not commenced operations. That's where that was kept in CWIP. So with that, including that, it will be somewhere around INR 610-INR 620 crores. Okay. So basically, if INR 1,050 is what you intend to spend for the year, give or take around INR 400 crore thereabouts is what will be a cash outgo in the fourth quarter towards the. Not a complete outgo because we'll be taking the equipment loans. Yeah. Where only 10% will be the margin money. The rest of the money will be funded by the institutions. Sure. But basically, from a balance sheet perspective, you'll be adding a certain amount of debt. What I'm coming to my final. Will be an addition. Right. So from a March perspective, from the end of the year perspective, what's the kind of debt level that you'll be targeting given those expectations that there will be some improvement in the payments, etc.? What's the debt level that you'll target for the end of the year given the CapEx and given the expected improvement in the receivables? Today, we are not very sure about how much money that JJM projects will contribute. Okay? Right now, we have received about INR 550 crores, INR 560 crores, and we are expecting some more money. We do not know what is the quantum that is going to come in. But we expect that good money should come from there, and the debt level, somewhere around INR 2,400 crores. Around that level, it will be there. Okay. We are saying the net debt level or the gross debt level? Just to clarify, sir. Gross. The gross debt level. Gross debt level of INR 2,400 crore. Okay. Yeah. All right, sir. Thank you. Thank you. Thank you. The next question comes from the line of Bala Subramaniam with Arihant Capital. Please go ahead. Good afternoon, sir. Thank you so much for the opportunity, sir. Sir, that smart metering SPV, I think we have already invested INR 300 crore. I think another INR 280 crore is planned. I just want to understand what is the expected timeline for break-even and profit contribution from this SPV and how this profit share is splitted between NCC, EPC, and the SPV structure. I think the structure part of it, I think it is not very feasible to discuss on this call, one. And second thing is that as far as the investment is concerned, we have already done an investment of INR 355 crores, and about INR 120 crores further investment is required for the balance period of the project. Any more questions on this? Yes, sir. Sir, second question, I think we are also exploring private capital projects. I just want to understand what is the targeted scale and margin profile in these segments and how it will complement our existing NCC Urban pipeline. Could you please repeat your question? No, sir. Actually, we are exploring private capital projects also. I just want to understand what is the targeted scale and margin profile in those segments and how it will complement our existing NCC Urban pipeline. We want to understand what is that private capital projects. Private capital, we always try to work with the private sector. Private sector projects, there are projects that we are doing. There are projects that we have done in the past. Right. Sir, I'm trying to understand what kind of scale. Right? Yes, sir. I'm trying to understand what kind of scale we are targeting, what kind of projects scale in terms of numbers, whether we are targeting INR 500 crore or INR 1,000 crore or up to INR 5,000 crore. I'm trying to understand those aspects. You meant to say that in the private sector, you are saying that? Because we have been on government sector, and in the private sector, we started doing some projects which almost contributes about 4%-5% of the total order book. Regarding targeting a project, we don't really have a value that we will only target INR X crore or INR Y crore or INR 1,000 crore projects. We try to holistically look at the projects. What is the nature of the project? Value is also important, but that is not the only driver. What kind of projects is this? What is the complexity? Who is the client who is developing the project? What is the funding in place? What kind of skills are required to draw from in-house too? So we try to look at the project holistically. We are not driven only by a particular value. Thank you, sir. Mr. Bala Subramaniam, I would request you to please come back in the queue for further questions. Ladies and gentlemen, you are requested to limit your questions to one per participant. The next question comes from the line of Pervez Qazi with Nuvama Group. Please go ahead. Hi. Good afternoon, sir. Thanks for taking my question. So as Neeradji obviously highlighted, that quantum of execution that you can do depends on two things. One is what is the ROW that your client has provided to you, and second, what is the payment that they can make. I mean, only then can we successfully execute the project. So two related questions from my side of this INR 80 crore or INR 1,000 crore order book that we have. What is the quantum of projects where work has not started because the client has not provided you with ROW or because of whatever approval-related reasons? And the second is, I mean, you did talk about JJM, but apart from JJM, which are the other sectors and projects which are facing payment issues? Thank you. Two things, sir. One is as far as the payment issue is concerned, little delays will be there in the case of government projects. You are aware of that. More delay happened only in the JJM projects. Other than JJM projects, we have not seen much of delay. We are getting the payments on a regular basis, and we are able to deploy the funds again in the projects. Coming to the other question on the projects which are there at the moment, all the projects which are there at the moment, we have got all the clearances. In the past, when we were talking about, we were talking about Malad project. We were talking about GMLR project where we had to get the clearances, and there were delays in starting the project. Today, we are sitting on January 26th, and we feel that all the projects which are there on the order book, we do not have any such kind of issues. The projects have been going on now. Mr. Qazi, if I add my two cents to you, I think my colleague, Mr. Pusarla, already highlighted that most of the projects are already in the execution stage. In a public forum like this, it is not appropriate for us really to call out a client's name that he is not giving approval. He is not giving approval. This is not the right platform. If you have any specific questions, we can always connect offline. There are contractual issues related to confidentiality. We cannot just call a client's name out, right? I anyway wanted detail about segments, but yeah, I mean, we'll connect offline. Not a hassle. Thank you. Thank you. The next question comes from the line of Prithvi Raj with Unifi Capital. Please go ahead. Yeah. Hi. I just have one question. Given the high commodity prices, could you give us a sense of how much of your contracts are fixed price, how much are variable price, and what can be the impact because of the commodity prices? 79% of our contracts have got escalation clauses. So any escalation that happens, that will get compensated because of the escalation clauses available in the contracts. In terms of value. Understood. That's all from my side. Thanks. Thank you. Thank you. The next question comes from the line of Vasudev with Nuvama. Please go ahead. Yeah, sir. So can you help us with the bid pipeline across segments? And are we currently L1 in any projects? The L1 value would be approximately INR 2,000 crore. Okay. What would be our bid pipeline if we can quantify across segments? Generally, at the start of the financial year, we talk about a bid pipeline. We have already shared that number in the call. It was a little more than INR 200,000 crore for the whole year. Thank you, sir. The next question comes from the line of Darshil Jhaveri with Sapphire Capital. Please go ahead. Hello. Good afternoon, sir. Thank you so much for taking my question. Sir, just wanted to know, I know we are not giving any guidance per se, but just when we hello? Can you hear me, sir? Hello? Yeah, yeah. We can hear you. Please go ahead. Yeah, yeah, yeah. Yeah. So just wanted to know when the start of the year, we were estimating around 10% growth happening. But even if we match last year's Q4 number, we might have a slight degrowth happening, right, around 5%-7%. So we've kind of missed our target by 15%. So I understand JJM issues were there. So can you quantify what was our expected revenue that we expected from JJM? And is there any other segment that has also underperformed if you can call out on that? I don't want any client's name or anything. Maybe just a segment overall where maybe we faced a challenge. And for FY 2027 also, will that challenge persist? My question is just coming from the perspective we understand it's a cycle that happens, right? So FY 2026 had some troubles, but will that continue in FY 2027? That's where I'm just coming from. So yeah, I just wanted to know, is there any other segment? Because I think JJM was not that big part of our book where we could kind of miss it by around 15%. Yeah, that's it from my side, sir. Just to be aware of you, JJM projects, we said that the INR 7,000 crore is the order book that is pending. And we have expected that we will be executing somewhere around between INR 4,000 crore-INR 5,000 crore in the current year. Because the projects were going very fast, we expect that same momentum will be maintained. Unfortunately, because of other matters, the projects delay in the payment, the projects could not be executed. So that is the main reason where we could not even achieve the number what we have promised and also led to withdrawal of the guidance. That is one. That number is close. What you said. Okay, okay. Any other questions? Please? Hello? Yeah. Just wanted to ask, so in terms of FY 2027, if I completely remove JJM, if it happens, it happens, right? So with that, we are looking at normal business, right? If. Yes. Yeah. Okay, okay. Yeah. Thank you so much. Okay. The next question comes from the line of Abhishek Maheshwari with SkyRidge Fund Managers. Please go ahead. Yes. Thank you for taking my question, and happy to hear that payments are being released now. So I have only one question regarding unbuilt revenue. That has increased from INR 6,600 crore in H1 to upwards of INR 7,500 crore now. So now that the payments are being released, do you expect that the flow from unbuilt revenue from balance sheet to income statement will improve from Q4 onwards, thereby adding to your revenue growth? Yes, you are spot on the question. Actually, the unbuilt revenue will come down because whatever money we are getting from JJM, it will lead to conversion of my unbuilt revenue into billing again. Earlier, the JJM projects, the billing was not done because of the certification. The client also did not certify because the payments are not being made. Now the payments are forthcoming, and we expect that this unbuilt revenue will get converted into billing and into the realization. There will be definitely some traction on this, and we can see an improvement in the Q4. This will not only contribute to revenue but also help your working capital cycle improve, right? Yes, please. You are right. Perfect, perfect. Thank you so much, sir. All the best. Thank you. The next question comes from the line of Bharat with MC Pro Research. Please go ahead. Yes, sir. Just getting one clarification on a previous question. So you said that you were expecting execution of INR 4,000 crore-INR 5,000 crore in FY2026 under JJM. So just wanted to check till now what has been the actual execution for nine months, and if you can give the figure for January as well, that would be great. It was INR 1,500 crore for all the projects, both the projects together, like surface water and the borewell projects. Borewell projects. Yeah, together. It was about between 1,300 to 1,500 between that. Yeah. Okay. So this is for 9 months period, or it is still January? 9 months period, please. Nine months period. Okay. Okay. Okay. Great, sir. Thanks a lot. Thank you. Thank you. The next question comes from the line of Saket Kapoor with Kapoor & Co. Please go ahead. Yeah. Namaskar, sir. Yeah, yeah. Namaskar, sir. Hope I'm audible. Sir, firstly, if you could give us some color on the pace of execution for the previous month as we have received money for this month of February? So was our pace of execution on the pending orders where mobilization was good has taken pace, or if any color you can give on the same? Saket ji, the payment has just come last month in month of January. That is also a very small amount. And we are doing a lot of projects. We have already talked about the total projects that we are doing in the state of UP. So depending on the pattern, depending how in the next two months payments are received, and then we will evaluate the conditions of all these sites and accordingly decide, right? No, no. Sir, I was looking at the NCC as an entity. How have we performed on execution for the month of January? How has been the pace of execution? Yeah. Have we gathered momentum or? We gathered momentum in the month of January. There is no doubt in that because the money flow is coming in, and we gathered momentum. May not be on the same JJM project, but other projects also, they have started picking up now. Thank you, sir. Mr. Saket, I would request you to please come back in the queue for further questions. The next question comes from the line of Krish with Anand Rathi. Please go ahead. Yes, hi. Thank you for taking my question. Just one question from my side. I just wanted to know if there are any slow-moving projects like Ken- Betwa optical fiber projects. I mean, how are they progressing? Both the projects are progressing well. In the case of Ken- Betwa, we have already completed all the infrastructure facilities. Now this is the season we are starting now for the work because of the rains and other things we could not do before. But now, during that period, we have done complete mobilization. Now we have started working. It's a good season maybe coming months. As far as the BharatNet is concerned, we have been working on that, and we are making good progress. Compared to the peers in the industry, I think we are much ahead of the other people in terms of execution. Sure. Thank you so much. That's all from me, sir. Thank you. The next question comes from the line of Shravan Shah with Dolat Capital. Please go ahead. Yeah. Sir, trade payable is on December. What was the number? And in terms of the EBITDA margin, just 8.1% at standalone for nine months. So how one can look at that number? EBITDA? EBITDA, we have already explained to you before. 8.1% standalone, 9% sponsored. Yeah. No, no, no. No. I know the number. What I'm saying is this number, what's the possibility that this number can go up to 9%? Today, we will not be able to comment on that. But definitely, we see that there will be a good growth in the quarter four. Okay. And trade payable number as on December, sir? As on December is INR 6,214, including the retention money. Okay. The cash and cash equivalent, which was the number reported in balance sheet as on September, which was INR 666 odd crore, so that similar number would be as on December would be how much? Can you just repeat, please? Cash and cash equivalent. Cash and cash equivalent, which is part of current asset. As per the September balance sheet, it was around INR 667 crore. So similar number as on December would be how much? No, as on September 25, the cash and cash equivalents and the margin money deposits together is INR 900 crores. Okay? And at the end of December 25, it is INR 820 crores. There is a reduction by INR 80 crores compared to September 25. Thank you. The next question comes from the line of Aditya Sahu with HDFC Securities. Please go ahead. Hi, sir. I hope I'm audible. Yeah, yeah. Mr. Sahu, you are audible. Thank you so much, sir, for the opportunity. I wanted to understand on the standalone level, the INR 73,000 crore order book that we have, if you could provide a bifurcation of the order book, that would be helpful. It is already there. I don't know if you really see our presentation of the order book on our website. In the slide number 8, slide number 8, all the details are given. That would be for the consolidated one, or is it for the standalone one? Because I think. Consolidated one. At the standalone level, do we have any bifurcation of the order book? The standalone level, it is INR 72,748 crores. Right, right, right. And the bifurcation of that number. 72,823. Yes. Okay, okay. Do we have the bifurcation for the INR 72,000 crore standalone order book? If you see the order book, what is given on the investor's presentation, if you remove the mining, this is a major part of the subsidiaries, you will get to know other things. Electrical. Thank you. The next question comes from the line of Balasubramanian with Aryan Capital. Please go ahead. Thank you, sir. Sir, this out of INR 1,200 crore outstanding in JJM, is INR 1,000 crore expected next one or two months? I missed that point, actually. We expect to receive good money, but we do not know what is the quantum. 5, 6, about INR 500 crore we have already received. But it would really depend on the client to what extent they are able to release the payment. Okay, sir. Thank you. Thank you. The next question comes from the line of Vaibhav Shah with JM Financial. Please go ahead. This is one data point. What would be our electricals order books at standalone and consolidated level? Electrical, you are asking? Yeah. Electrical. I'm sorry. Order book. INR 14,000. Electrical on the console, it is 18% of 79,571. Standalone? On standalone? 800 less. That's it. You can just remove 800 less. Or just wait for a moment, I will give you the number. 17%. On the console level, the exact number is 14,323. 800 only, no? Yeah. The standalone number is INR 13,523 crore. Okay, okay. Thank you, sir. Thank you. The next question comes from the line of Saket Kapoor with Kapoor & Co. Please go ahead. Yeah. Sir, just pertaining to the merger part of the story wherein in your slides also, you have highlighted that the figures have been regrouped in terms of debt and receivable part also. Sir, if you could just quantify it to us, what has been the material impact due to the merger part? And secondly, pertaining to the mining, JV, sir, what are we anticipating in terms of the ramp-up for the coming years and then the revenue profile moving ahead? Ramp-up for the coming years, sir. Merger, there is no debt. Yes, that's correct. Debt, there is much debt. So, sir, on the merger, you were asking. So I didn't get to your question. Can you? Sir, I have asked the question first on the merger part. As in the slides, it has been mentioned, particularly when we look at the slide number 17, performance trend standalone, wherein we have mentioned under the asterisk that restated after merger of NCC IHL with NCC Limited. So had that any impact on the debt? I think so you have clarified earlier. So what have been the material impact with this merger on the financial? And my second question. On the debt, but the impact is only on account of the realistic value of the investment that have been accounted in the consolidated books. So we have an investment of INR 558 crores earlier, which is represented by some of the assets in the NCC IHL at a fair value, which is more than even INR 558 crores. When we started merging those NCC IHL into NCC consolidated, there is a reduction of INR 330 crores in the overall balance sheet. That is what we have written after merger. P&L, there is no impact? Yeah. No, there is no impact on the P&L. No debt. Correct, correct, correct, sir. Thank you, sir. And for the mining part, can you throw some light? How is the mining JV going to perform when it will reach its peak optimum level of evacuation, the coal JV? I think we have already reached the optimum, and we are doing at the optimum level only. We expect to have. What new project? We have got a new project also at Amrapali in Jharkhand where it was INR 6,800 crores worth of project, which is for the seven years. We started mobilizing the equipment for this project. Likely to start working on the project maybe from next month onwards. Thank you, sir. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Thank you, Mr. Vaibhav Shah. I take this opportunity to thank each of you for your enthusiastic participation in the call. Thanks and take care. Thank you. Thank you so much. Thank you, everyone. Thank you. On behalf of JM Financial, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.