Ladies and gentlemen, good day, and welcome to the NCC Limited Q4 FY 2026 earnings conference call hosted by JM Financial Institutional Securities Limited. As a reminder, all participant 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 touchtone 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 FY 2026 earnings conference call of NCC Limited. We hear from the management today Shri R.S. Raju, Director of Projects, Shri Sanjay Pusarla, Executive Vice President, Finance and Accounts, and Shri Neeraj 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, Vaibhav. 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 2025, 2026. With me today are Mr. R.S. Raju, Director 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 two of the investors presentation. Order book: the foundation. Our consolidated order book as of 31st March 2026 stood at INR 83,004 crore, which is about 16% increase over the last year and highest in the company's history. The fourth quarter contributed INR 9,573 crore of fresh consolidated inflows, full year inflows totaled INR 31,884 crore. This order book gives us multi-year revenue visibility and a book to bill ratio of roughly 4 x. It is spread across seven verticals: these buildings, transportation, mining, electrical T&D, water and railways, and irrigation, which is what gives the portfolio its resilience. I will hand over to my colleague, Mr. Sanjay Pusarla. He will share the details of 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. Good morning, ladies and gentlemen. This is Sanjay Pusarla, Executive Vice President and CFO of NCC Limited. I am pleased to announce the financial results for Q4 FY 2026 of NCC Limited and also for the year ending 31st March 2026. My announcement basically covers order book, revenue, profitability, debt movement, and some of the important balance sheet items. The order book stands at INR 83,004 crores as of the end of 31st March 2026. You are aware the order book at the beginning of the year stood at INR 71,568 crores. Orders received in Q4 is INR 9,573 crores. Balance at the end of the year is, say INR 83,004 crores. The revenue for the standalone. Turnover reported in Q4 FY 2026 is INR 5,382 crores as against turnover of INR 5,445 crores in the corresponding quarter of the previous year. It is decreased by 1%. For the full year, the turnover stands at INR 17,669 crores as against INR 19,393 crores of the previous year, a decline by 9%. At consolidated level, the turnover is reported in Q4 at INR 6,251 crores as against INR 6,189 crores in the corresponding quarter of the previous year, which shows an increase by 1%. For the full year, the turnover is INR 20,944 crores as against INR 22,355 crores, which is a decrease of 6%. Next, on the profitability. At the standalone level, we achieved EBIT of 8.44% for Q4 FY 2026 as against 9.21% of the corresponding quarter of the previous year. PBT, we achieved 5.2% before exceptional items. PAT of 3.77% in the current quarter, that is Q4 FY 2026, as against PBT of 6.18% and PAT of 3.93% reported in the quarter four of FY 2025. 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, that is Q4 to FY 2026, as against EBIT of 9.07% and PBT of 5.93% and PAT of 41% reported in the corresponding quarter of the last year. Getting into the debt movement. The debt at the beginning of the quarter stood at INR 2,980 crores, and net debt after cash and cash equivalents is INR 2,830 crores. At the end of quarter four of FY 2026, it stood at INR 2,251 crores and net debt at rupees 1,667 crores. At the end of Q4 FY 2025, the same is at INR 1,484 crores and net debt of INR 706 crores. There is a decrease of debt by INR 729 crores in Q4 FY 2026. The debt-equity ratio stands at 0.30 at the end of Q4 FY 2026, as against 0.40 at the end of Q3 FY 2026 and 0.21 at the end of March 2025. Getting into working capital. Working capital, excluding cash and margin money deposits at the end of Q4 FY 2026, it stands at INR 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 INR 3,505 crores to INR 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. Unbilled revenue has decreased from INR 7,129 crores, which is 44%, to INR 6,675 crores, which is 38% in Q4 FY 2026. At the end of the previous year it was INR 5,937 crores, which is 31%. Retention money stands at INR 2,253 crores for Q4 FY 2026, as against INR 2,099 crores at Q3 FY 2026. At the end of the March 2025, that is the corresponding previous year, it is INR 1,870 crores. Coming to the mobilization advances. Mobilization advances are standing at INR 3,386 crores as of the end of March 31, 2026, as against INR 3,162 crores at the end of December 2025 and INR 2,098 crores at the end of March 2025. Of these mobilization 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. INR 585 crores as on March 31, 2026, and INR 150 crores as on December 31, 12, 2025, and INR 778 crores as on March 31, 2025. Margin money deposits and others. It is standing at INR 631 crores as of the end of March 2026, INR 671 crores at the end of December 2025, and INR 654 crores at the end of March 2025. Coming to the CapEx. We have incurred a CapEx of INR 344 crores in Q4 FY 2026 and INR 912 crores we have incurred in the current year, which includes a capital work in progress for TBM, about INR 320 crores, as against the budgeted CapEx of INR 1,050 crores, which was revised earlier from INR 750 crores to INR 1,050 crores in the year FY 2026. EPS stands at 3.23 at the end of Q4 FY 2026, as against 3.4 in Q4 FY 2025. In FY 2026, it is INR 9.19 as against INR 12.12 in the previous year. With the end of this, I'll be ending the announcement of the results. Thank you so much. Thank you, sir. Should we start the question and answer queue? Yes, please. Thank you. Thank you very much. We'll now begin the question and answer session. Anyone who wishes to ask a question may press star one on their touch-tone phone. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to use handsets when 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 Dolat Capital. Please go ahead. Hi. Thank you, sir. Couple of questions. First we'll start with the, your broad guidance on revenue margin and order inflow for FY 2027. Also, please specify this will be for standalone or at a console level. Mr. Shah, good morning. Good morning, sir. We have I mean, there are too many variables in the equation as we speak. You know, the whole environment is very uncertain, we have decided not to give any guidance for FY 2027. However, we will revisit, you know, this decision maybe when we have some clarity after conclusion of the first quarter or so. If there is any guidance, we would be happy to come and share that with you. For order inflow also, no guidance? No guidance for all these parameters. 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. 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 2027. Sir, there, just still I understand that we don't give, but still trying to get some sense. Obviously the order book is at a historic high, and we must be knowing what kind of projects in which segments is this going on until one and a half month is already there for this quarter also. We must be knowing a broad idea. I understand for last two quarters we are not giving, and again we are not giving. It is becoming difficult. Are we still of the opinion that still the working capital pressure, the payment issues, and whatever is happening at the world level with this crisis. At a India level, at I understand the commodity prices inflation will be there, but still, we'll be having some kind of a minimal that this definitely we should be doing. Some color more 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 FY 2026. That would be helpful. A t 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. Shah, 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. All these situations will finally are expected to play out in days to come. 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. 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 FY 2027. On the CapEx, working capital and net debt also, some kind of a color would be helpful, how we want to look for FY 2027 or there also, no guidance. Mr. Shah, 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. 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, whatever the numbers, if you can provide, both at total JJM and the UP, the outstanding order book, the dues, both for UP and the total, how even post March and till now, what's the status there? Yeah. For U.P. project, JJM projects, the order book outstanding at the end of March 26 is INR 3,619 crores for all the groundwater. For the surface water projects, the outstanding order book is INR 2,562 crores. That means INR 6,181 crores is the total order book pending as on March 31, 2026. The amount of work executed in U.P. projects is INR 1,730 crores for both groundwater and surface water. As far as the receivables are concerned, the receivables have come down to INR 3,015 crores, which includes Groundwater, surface water, trade receivables, and unbilled revenue. That is coming to INR 3,015 crores. Okay. This is only U.P. The total dues also from the JJM across all the states would be how much? This is what I have told you. It was INR 3,015 crores. He's asking dues. Only dues if we are asking, it is only INR 695 crores. The number which was INR 1,700 crore as on December, now it is INR 695 crore you are saying? Correct. Correct. You are right. About INR 1,000 crores, we have collected in the current quarter. Okay. Okay. Lastly, any more kind of a write-off impairment at the subsidiary level? Because last two years I think we are slowly doing it. At the same time, the NCC Urban Infra, how much is outstanding and how much we will like to get repayment in FY 2027? 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 to receive, we have received. We have made an impairment of INR 21.3 crores as an exceptional item. With this, the international outstandings, whatever is there, that completely impaired. That is one. As far as the Vizag Urban is concerned, we are expecting about INR 250 crores in the current year. INR 295. Okay. Got it, sir. Thank you. Sure. Thank you. The next question is from Parikshit Kandpal from HDFC Securities. Please go ahead. Hello. Can you hear me, sir? Hello. Yeah, Mr. Kandpal. You are audible. You please speak a bit loudly. Okay. Sure. Sir, in this environment, when there is so many uncertainties, so are you bidding for orders or you stop 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 bagged few projects in this financial year as well. That is FY 2027. We have already reported about INR 1,700 crore odd projects in month of April. Are we seeing any slowdown, you know, in our execution? Because we have INR 83,000 crore order book. Just wanted to check if the work is going on entirely on order books, entire orders, or there are still some orders where the work has not started? Have the clients asked us to slow down the work? That doesn't give you confidence to give guidance. Just wanted some color on the execution. 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 INR 83,000 crores, whatever the INR 80,000, INR 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 holdups or reasons 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 L&T is the largest infra company. Despite having a huge exports order, they have given a guidance. KEC International yesterday gave guidance. Other infra companies are giving guidance. If you are not confident, I mean, somehow we as an analyst kind of getting confident that you'll be able to execute. Looks like you have taken 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. You are not getting the client front, not able to get labor, not able to get your supply chain in order. Maybe that's the reason we are sensing they're not able to give the guidance. Just wanted clarity on that. Mr. Kandpal, I think I have already tried to answer this question in a 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 okay, you are aware about, you know, the pricing pressure in the whole economy. All that we are saying is we need 1 more quarter. We expect some more clarity. We should be in a position to talk about the guidance for FY 2027. This is what we have already stated. The current levels of execution of INR 6,000 crores, are we geared up to go below that now given the order book? Do you think that at least at the base case, we'll be able to maintain this level of execution and of INR 6,000 crores which we reported in this quarter? No, no. Please, could you please repeat your question? In this quarter, we have reported execution or revenues of INR 5,300 odd crores. In the base case, are we geared up to at least do this much? I'm not asking any guidance on the full year, but at least from here on, the execution should not go down below this because we have already mobilized the entire order book. I think we need to understand one thing. Today, considering the unpredictable situation, unpredictable development that are happening on day-to-day basis, they are very dynamic and there is nothing which we'll be able to predict. That is the reason we were telling very clearly that we'll wait for a quarter to understand how it is going to move forward. We'll be giving the guidance. No, sir, I'm not asking guidance. I'm saying, are we able to maintain the current execution rate of INR 15,300 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 is 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. All these things will also have a bearing on the balance 15 days. We'll be able to tell you at the end of the quarter. We have to wait. Okay. Watch and see patiently. Exactly. Yeah. Okay. This is the last thing, sir. Just one advice. I mean, NCC is one of the oldest company in infra which I have been covering more than 18 years now. You have seen cycles. This is not the first time you have seen challenges or headwinds. You have GFC, you have demonetization. Many things have happened. You have never desisted away from even the AP crisis, which happened where a large part of the order book got, when we have to lose it. 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 board. 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 grow at 30%, 40% maybe next year, but at least you can guide 10% or 15% or 20% some number to start with where you are at least confident you can do it. That's my advice. I'll rest my case. Thank you. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi. Good afternoon. Thanks for taking my question. My first question is on the payment cycle. Now, not really asking names of clients, et cetera. I mean, you indicated we have received almost INR 1,000 odd crore in UP JJM projects. Overall, has the payment cycle, let's say, improved in the last 3, 4 months compared to, let's say, what it was during CY 2025? 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. My first question is regarding overall payment cycle. You indicated we have received about INR 1,000 crore in UP in Q4. Not really asking about name of clients, but in general, has the payment cycle improved in the last three, four months compared to, let's say, what it was in CY 2025? Do you think overall challenges still remain on the payment? Hello, speakers. Ladies and gentlemen, the line has got disconnected. Stay connected. Members, the line has been connected. You can go ahead. Yeah. Hi. Good afternoon, sir. Am I audible? Yeah, you're audible. Please go ahead. My first question is regarding the payment cycle. You mentioned you have received about INR 1,000 odd crore in UP in Q4 on JJM. 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 CY 2025? Do you think issues still remain here and there? In Q4, we have seen improvement in the payment cycle. Absolutely, that is correct. As far as the U.P. is concerned, we have received about INR 1,000 crores in the quarter four, about INR 450 crores in the month of April. We are expecting further payments also in the coming months. We are confident that with the way the payments are being released, some more payments related to U.P. projects also will come. This will improve the situation. As far as others are concerned, now it is continued to be a good pay masters. We are not foreseeing 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 we 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 INR 26,000 crores. We have already executed projects up to INR 20,142 crores, leaving a balance of INR 6,181 crores. Is this clear? Sir, I think you have given me the numbers for U.P. I was asking if we have JJM projects in other projects, other states also, but I will take it offline. I mean, not an issue. My second question. Yeah. Okay. My second question is, what will be our total exposure to our subsidiaries, including investments and loan and advances, et cetera? Subsidiary investments. Subsidiary investment. No, you go. I have got time. Subsidiary investment. Could you repeat your question? I think you asked about our total investment in the subsidiaries, right? I mean, total exposure, investments plus loans and advances, whatever it might be. Yeah. Yeah. Investment is INR 887 crores at the end of March 26. Loans to the group companies is INR 309 crores at the end of March 26. Coming to the Vizag Urban status, I have already explained you. We will be collecting about INR 250 crores, and the outstanding is INR 291 crores. Sure. Last question, some update on the smart meter projects. What is the kind of investment you've already done there? In the smart meters, in the two SPVs, we have already invested about INR 460 crores. In the case of our own project, which is executed under the name of NCC Limited, about INR 130, INR 140 crores, we have used as working capital. The total investment in SPV is about INR 460 crores. Thanks, and all the best. Yeah. Thank you. The next question is from the line of Vaibhav Shah from JM Financial Institutional Securities. Please go ahead. Yeah. Sir, in December, the outstanding loan from Vizag Urban was around INR 390 odd crores. Now it is INR 290. You have received INR 100 crores in Q4? Yes, we have received INR 100 crores in Q4. Okay. INR 270 this year and remainder in next year. INR 250 this year and remainder next year. No, we are expecting about INR 250 crore or INR 291 crore, whatever is there, it will be coming in the current year itself. Okay. Okay. Sir, secondly, on smart meters, you have invested INR 460 crore. Any pending investment now remaining? No, nothing is there. Whatever investment calls for both the projects in the SPV, it has been fully invested. Okay. sir, in the standalone order backlog, what would be the value of smart meter order book on the standalone books? The standalone, one minute. Out of 72. Out of INR 72,000. One second. Yeah. INR 5,008. INR 5,700 crores to that. One second, Vaibhav. Yeah. Yeah. You can ask for the next question. In the meantime, I'll get you that number. Yeah. Sir, what is our CapEx plan for next year, FY 2027? FY 2027, the CapEx plan is INR 500 crores. Okay. The order book Standalone. Standalone is INR 4,456 crores in the case of smart meters. Okay. Sir, lastly, in the ordering flow number, it was INR 9,573 for console and INR 4,775 for standalone. What was this difference of roughly INR 4,800 crores in Q4? Mining, PCMPL project, Pachhwara Coal Mining. We generally take a look ahead for three years as the order book. That was INR 4,800. You added that order book for the mining portion, mining? Yeah. Okay. Okay, sir. Those are my questions. Thank you. Thank you. Thank you. The next question is from the line of Sucrit D. Patil from Eyesight Fintrade Private Limited. Please go ahead. Good afternoon to the team. I have two questions. Forward-looking ones, both the questions. My first question, Mr. R.S. 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 compliances, and rising input costs? What strategic levers do you see as important for sustaining growth and execution discipline in FY 2027 and beyond? That's my first question. I'll ask my second question after this. Thank you. Question. 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, ex-project pipeline expansion, technological adoption, and operational efficiencies that reinforce NCC's leadership in the infrastructure space. I want to understand your forward guidance on this. Yeah, 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 INR 2.5 lakh crore. We continue to see lot of, you know, infra, infrastructure projects coming up for bidding. As you are aware, we have been active, you know, in this space for little less than five decades. 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. This is what we have been doing for last little less than, you know, 5 decades, and we hope we will continue on that path. Regarding you talked 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. Thank you. My second question to Mr. Sanjay is. Yeah. From a technical point of view, how is the company optimizing its capital structure to balance projects' financing requirements with debt sustainability? Especially given the long-term decision period of infrastructure product projects. Could you elaborate on the framework being used for cash flow forecasting, interest rate risk management, and working capital efficiencies to ensure liquidity while maintaining the profits? Thank you. 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. 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 for other projects are concerned, which are in general nature and 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. We have capabilities of raising good products in the market, which are like purchase invoice discounting, TReDS, commercial paper, which are at a very competitive rate of interest, which is even below 8%. We have enough bandwidth when we compare to the facilities. We have never crossed 80% or 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 wishes. Thank you. Thank you. The next question is from the line of Bhavin Modi from Anand Rathi. Please go ahead. Hi, sir. Thank you for giving 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 maybe, probably execute a few, maybe, INR 20-25 crores of work in INR. Okay, understood. Second question, you know, sorry again to dwell on the, you know, guidance part. 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. What is it, you know, that is refraining 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. Resource capabilities is not a constraint at all. Order book is not a constraint at all. Given the 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, you know, there's an uncertainty. That can impact 2 things, right? Either your execution or your margins. Where you see I am not asking for the guidance, but where you see, you know, it's impacting the more or where the uncertainty lies. Like 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. I'm 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. 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. 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. 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. Just wanted to understand, you know, what is the share of, you know, private and the government, you know, 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're seeing? No, we have not seen any kind of pressure from the private clients because our private clients orders comprises about 4%-5% of the. About 5%. Yeah, about 5% in the entire order book. 95% comes from the government. Yeah, that's right. Government, when we say government, means state government, central government, you know, central government, state government agencies, PSUs all put together. Any payment, you know, in the transportation or from the building side, you know any payment-related issues, or is it going fine? 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 & Co. Please go ahead. Yeah. Namaskar, sir. Namaskar. hope I'm audible. Yeah. Yes, sir. Sir, as in the cash flow and in your opening remark, we could see that we did a CapEx closer to INR 900 crore for the last year, and our guidance for the current year is INR 500 crore. 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? Generally, what happens, our CapEx is around INR 350-INR 400 crores on a regular basis because we need to replace the equipments, we need to buy the new formworks and other things. In the last year, INR 900 crores, we have got two components. One is on the TBM, which we are acquiring for the GMLR project, which we are executing in Mumbai, about INR 310 crores. About INR 150-INR 160 crores we have acquired, we have purchased the machinery for the new mining project. That was the composition of the last year. The current year, which we have projected about INR 500 crores, about INR 100-INR 150 crores we'll be requiring for the mining because mining requires a huge capital-intensive project. It requires, in a phased manner, acquisition of the equipment. About INR 100-150 crores we are expecting equipment for the mining, remaining INR 350 crores or INR 400 crores, which will be required for our regular CapEx refurbishment, replenishment or the new equipment for all the projects which we are executing. Okay. Sir, for the TBM project, what would be the execution cycle and the size of the order that our endeavor will be to execute for the current year? No, our share is INR 3,000 crores. The overall project value is about INR 6,000 crores. INR 3,000 crores. INR 3,000 crores. Okay. What have we our timeline for the same, sir, with respect to our clients deliverables? About five years' time. Five years' time. Oh, right, sir. Sir, we have also seen some, the status of investment property under construction. If you could dwell on the same, what is that pertaining to? Pertaining to INR 110 crore or INR 105 crore, INR 5 crores? Remaining of the entire India. 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. The case is being heard, and it is sub judice to talk about that at this moment. Sorry to interrupt. Mr. Kapoor, I would request you to join the queue for more questions. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead. Sir, we have provided a breakup of order backlog on consolidated front in the PPT. Can we give the same for the standalone side? Yeah. INR 70,000 crores, breakup. You want the division-wise breakup? Yeah, division-wise breakup of standalone order backlog. I think, the order component is. Standalone order backlog is INR 72,259 crores. For the subsidiary company, it is INR 10,745 crores. Sir, breakup of, segment-wise breakup for, standalone backlog. We'll get you. One minute. Wait for a moment, Mr. Shah. Maybe we can take this offline. These numbers are not ready with us currently. 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 INR 3,000 crore. Mining project and one in T&D, smart meter. Otherwise, everything else is the same. What we have reported is. Sir, our mining book is roughly INR 15,000 crore in consolidated, what would be in standalone? Transportation. Difference of order book is INR 10,000 crores, consolidated and standalone for Q4. Buildings, it is INR 22,740 crores. Transportation- Okay. INR 14,320 crores. Water and railways, INR 10,400. Electrical, you can take as INR 13,800. Irrigation, you can take it as INR 4,915. Mining, INR 6,750. Okay, okay. Got it. Sir, the smart meter order book you said INR 4,456 crore in standalone, what would be the value in consol? Six, six four six. Six forty-six. INR 640? Six. INR 646. Okay, fine. Okay. Thank you, sir. Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi sir. Thanks for the opportunity again. Sir, just wanted to first check on the depreciation. Now the TBM depreciation will be starting. This quarter, the standalone level INR 62 crore depreciation, which has obviously increased INR 5 crore- 6 crore. How one can look at given the INR 500 crore kind of a CapEx that we will be doing. How one can look at the depreciation for this year, FY 2027. Will it be inching up? It will be inching up because the TBM capitalization will be done at the end of the second quarter. Third quarter onwards, we will get the depreciation of the TBM. That, to that extent, the depreciation will go up. Any rough idea? It will be a kind of a 5-7 years we will be depreciating this INR 320 crore. That's the way one can look at the depreciation? Mostly the TBM machine, Mr. Shah, is getting lowered now. It is expected to start, you know, working from in the next two months time. The TBM machine is specifically designed for this project, and the total CapEx will fully expensed in about three years' time. By the time we complete, you know, the whole depreciation we will book. Okay, okay. Second, in terms of the other income. If you can help us how one can look at this other income, and whether for this year standalone, let's say we got a INR 206 crore kind of other income in P&L. Have we received this entire amount in the form of cash? Same goes for the even FY 2026. 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 INR 91 crores. Dividend income and a buyback of INR 97 crores. That includes a dividend from our subsidiaries, Pachhwara Coal Mining and also Ore-Begunepur project. Interest income comprises mainly on account of margin money deposits. Okay. 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. Same way, sir, is it possible to give a broad breakup of the finance cost of INR 645 crore for FY 2026? Primarily on the what we are paying on the mobilization and what we are paying on the bank guarantee charges and the other. Broadly wanted to understand that. For FY 2026, the finance cost comes to 3.7%. Okay? In that, the components of interest on loans comes to around INR 220 crores. On mobilization advance it comes to INR 154. The commissions on BGs, LCs, et cetera, INR 162 crores. Interest charges, bank charges, processing charges, all those things comes to INR 109 crores. The total, INR 645 crores. If we net off with the income, what we are earning towards interest, it comes to INR 554 crores, which is 3.18%. Okay, okay. Got it, sir. Thank you. Thank you. The next question is from the line of Chandramouli Jagannath as an individual investor. Please go ahead. How is the BSNL projects order update, sir, which you have secured a year back? Is the project execution happening on time? Yeah. The project execution has started, it is going well. Out of the peers, what we understand is that the NCC execution is in a good shape now. We have executed about INR 430 crores till date. Okay. Out of INR 10,000 plus crores? Yes. INR 7,000 crores. Including O&M and- When it comes to a consolidated cash flow, the last financial year is looking negative. There is any reason for it, sir? Which financial year? Last year. No, no, it is negative, no? This financial year, 2023. Yeah. You see the net cash, net loans, it was INR 78, INR 84 negative. In the current year, it is INR 2,118 crores positive. The reason being, we have availed the loans from Smart meter projects from SBI, about INR 1,100 crores. There is an increase in utilization of my working capital and CC limits by about INR 500 crores. That is the difference between these two years. Yeah. Okay. Okay. Also for the last quarter, when I look at the interest cost in standalone versus consolidated, there is a huge jump. Is there? Because of the smart meter loans. INR 1,200 crores. We are taking the loans from, for smart meters, which comes as under SPV. When we do the consolidation, that get added to the standalone. Which will not recur in the future years, right? It's over now. Sorry? No. I don't think it will continue to happen in the consecutive quarters, right? It is just one time. It is only because of the execution that happened in SPV. For standalone, it will remain as it is. For SPV, when we are taking the further dispersal, then it may increase a little bit. Okay. Not to this extent. Sorry. You are right. Yeah. Okay. Thank you. Thank you. Thank you. The next question is from the line of Saket Kapoor from Kapoor & Co. Please go ahead. Yes. Just to take the previous point, in respect to the finance cost. On a consolidated basis, the quarterly number was INR 213 crore. This. 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? Also, I think so some more amount has been received under the JJM or receivables. How should this, as a percentage of revenue, we should look forward for the finance cost? At the moment, we'll 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, it will be have a, some kind of a relief. Okay. Just to take things into on a concluding note, we are already, sir, half towards this quarter, for this quarter, for the first quarter, already the factors that are affecting the performance for many companies are already passed through, I mean, are in the system. How has the execution been shaping up for this current ensuing quarter? Just to get a sense whether we have already started facing the issues in terms of mobilization of resources and also supply chains issue that the management has been alluding during the opening remark. Mr. Kapoor, I think we have answered this question before as well. It is very difficult to predict, you know. We are waiting for some clarity to emerge, and we are hopeful that, you know, that clarity should emerge in about, you know, 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'm just talking about the 45 days that we are through. 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. No, today at, on 45th day in this current year. Whatever execution that is happening, it is not impacting today. Today, we do not know how the supplies will shape up. What will be the logistic constraint that is going to happen. As of today, we are seeing in the past 45 days, the execution remains normal. Okay. Thank you, sir. Last point is on the coal mining output. Sir, how will this JV output plan out for the current year, since our revenue and the profitability has remained flattened for the current financial year. Correct me here, what our presentation speaks. How should the JV performance would likely be, since this is a separate entity altogether? I think so. This year we did INR 2,700 crore for the coal mining. The profitability also. Yeah. Yeah, please. Yeah. Mr. Kapoor, this mine has a rated capacity of, you know, 15 MTPA, that is 15 million ton per annum. Right Achieved, you know, this rated capacity in FY 2023, 2024, you know, in that time. More or less going forward, we should be able to maintain at the same level. Okay, 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. Sir, in respect to any litigation that is still pending where some awards or wherein we have our some final order being pending from any of the entity that we may have in the ensuing period? Are we done with all the arbitration that was pending against the company? No, there would be a lot of, you know, similar kind of arbitrations pending at different forums. 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, we hope that by the next, when end of this quarter results and the con call, we will have a much better picture about how the company is going to tread going ahead. Thank you once again to the team for patiently answering our questions. Thank you, Mr. Kapoor. Thank you. Thank you. Thank you. As there are no further questions from the participants. Just a moment. I have one more question from the line of Chandramouli Jagannath, an individual investor. Please go ahead. One more. Sir, you were talking about when it comes to a coal mining, you have a, you know, CapEx of about INR 100 crore-INR 150 crore where you have to replenish the equipment, things like that. When I look at the number, the PAT, I mean, PBT is only about INR 100 crore-INR 150 crore. Is the return that you get out of it? You're not audible, Mr. Chandramouli. Could you please repeat? Hello, sir. Can you hear? Your line is breaking. It's not very clear. Sir, you were talking about when it comes to a CapEx where you need about INR 100 crores-INR 150 crores for the coal mining project, equipments buying and things like that. Yes, sir. Yes, sir. Yeah. When it comes to the numbers, the coal mining is giving you only about INR 100 crore-INR 150 crore. Correct me if I'm right or wrong. No, no. Firstly, there are two projects, Mr. Chandramouli. One project is a MDO project, which is already giving us, you know, this is reported in our investors presentation as well. It is already giving us revenue upwards of INR 2,000 crore, you know. That project is very much operational, and it has already achieved its rated output of 15 MTPA. The CapEx that my colleague, Mr. Pusarla, talked about, recently, we have bagged a big mining project, little more than INR 6,000 crore. For that project, we are planning to commit this CapEx. 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. In which case the number, we will see further more, I mean, consolidated numbers apart from this Pachhwara Coal Mining. Am I right? Not consolidated number. This will get counted in the standalone number because this, the second project that I just talked about has been awarded to us recently. This will contribute to the revenue and profitability of the, on the standalone basis to the listed entity that is NCC Limited. From the FY 2027, right? Yeah, yeah. 27 onwards. Okay. Yeah. Thank you. Thank you, sir. Thank you. Thank Thank you. Thank you. you. The next question is from the line of Vaibhav Shah from JM Financial Institutional Securities Limited. Please go ahead. Sir, in the breakup of interest cost for FY 2026, you mentioned that BG charges and other charges are roughly INR 270 odd crores. It's a sharp jump over last year, INR 223 crores. Any one-offs in this year or this should be a normal rate going forward? BG charges is INR 162 crores, we said, as against INR 198 crores. other charges were INR 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 Jal Jeevan Project. Generally, what happens, all the water projects, we'll 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. That is the reason there appears to be a reduction in the BG and LC charges. The same is reflected in the top line also. There is a little bit of softening of the charges also. If we add both the charges, the bank charges and BG charges is roughly INR 270 crores for FY 2026. It was INR 223 crores in FY 2025. Going forward, this is a normal run rate. As a percentage of revenue, it comes to 1.5%. FY 2025, if you see, both the charges together is about, INR 300 crores. Okay. Vaibhav. Okay. Yeah. Okay. Got it. Yeah. Sir, lastly, one bookkeeping question. You mentioned that JJM order book is INR 6,181 crores. This includes everything, right? UP and non-UP as well? Yes, yes. Yes. All. Receivables of INR 3,000 crores also includes everything. Yes, yes. You are right. Oh, okay. Thank you. Sir, this was the last question. Any closing remarks from your end? Suresh. 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 Institutional Securities Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.