Well, good evening, everyone. I'm your host, Ms. Femina. It give me immense pleasure to welcome to all our esteemed guests, dignitaries, and participants, and members present here today for the special event organized by NBCC. On behalf of the entire team, I extend a warm welcome to each one of you, and thank you for joining us today. Well, today's gathering is an important occasion that brings together distinguished leaders and professionals, and we look forward to engage an insightful session ahead. May I request our esteemed dignitaries to kindly come on stage, Dr. K. P. Mahadevaswamy, Chairman and Managing Director, NBCC India Limited. A huge round of applause, ladies and gentlemen. Next, I would request Mr. Shree Dev Anjeev Kumar Jain, Director of Finance, NBCC India Limited. We also have with us Mr. Pravin Tukaram Doiphode, Executive Director-Engineer, NBCC India Limited. Mr. M.B. Singhal, Executive Director-Finance, NBCC India Limited. Mr. Balkishan Singla, Investor Relations, NBCC India Limited. May we welcome them with a huge round of applause. Well, a little bit about our company. NBCC (India) Limited is a Navratna Central Public Sector Enterprise under the Ministry of Housing and Urban Affairs, and one of the India's leading infrastructure and project management companies. Well, established in 1960, the company operates across project management, consultancy, engineering, procurement and construction, and the real estate development with a robust order book exceeding INR 1.27 lakh crore and debt-free balance sheet with NBCC has played a pivotal role in delivering landmark projects such as Bharat Mandapam, major government redevelopment initiatives, institutional building, hospital, housing projects, and strategic infrastructure across the country. Recognizing with an excellent rate by the Department of Public Enterprises and ranked among the top performing CPSE in the country, NBCC continues to be a key partner in India's infrastructure and urban development journey. Leading today's discussion are members of NBCC senior management team, whose experience and leadership continue to drive the company's success. Allow me to read them introduction. It's my privilege to introduce Dr. K. P. Mahadevaswamy, Chairman and Managing Director of NBCC India Limited, and Chairman of the Standing Conference of Public Enterprises (SCOPE). With over 32 years of rich experience in the construction and infrastructure sector, Shri Mahadevaswamy has demonstrated exceptional leadership, technical expertise, and strategy vision throughout his distinguished career. Having raised through the ranks within NBCC, he has played a pivotal role in strengthening the organization growth and leadership position in the industry. Well, he is widely recognized for successfully transforming HSCL into a profitable Miniratna PSU and for spearheading landmark initiatives, including the successful exertion of the Amrapali stalled real estate project. Well, his contribution to the sector have earned him several prestigious recognition, including the Navbharat ke Navratna Award, Real Estate Leadership Iconic Award, and CEO of the Year Award. Ladies and gentlemen, please join me in the welcoming of Shri K. P. Mahadevaswamy with a huge round of applause. We are pleased to welcome Shri Anjeev Kumar Jain, Director-Finance at NBCC India Limited, a fellow member of the Institute of Cost Accountants of India, with nearly Three decades of experience across the finance, procurement and contract management and project advisory. He has held key leadership role at NHPC, DFCCIL, RITES and REMC, where he has played an instrumental role driving financial excellence, organizational growth and a valuable creation across the public sector ecosystem. Thank you so much for joining us today, sir. May I request our distinguished speaker to kindly take a seat. We will short in the front row. I now hand the session to Sri Anjeev Kumar Jain, Director of Finance, NBCC India Limited. [crosstalk] Good afternoon, everybody. Really honored to be among the shareholders and investor of NBCC. Before I start, because I have been working for the last three decades in public sector, I started with NHPC, then DFCC, then RITES, and now I am Director of Finance of NBCC Limited. I have seen the working of CPSE. With all regard to private corporate, CPSE is a different ballgame, especially from the governance point of view. I am saying this with a conviction because when you compare CPSE with a private corporate, CPSE has a very different mechanism for corporate governance. CPSE, when balance sheet or accounts are prepared, private sector, statutory auditor is appointed by the Board of Directors, and in CPSE, that statutory auditor is appointed by the Comptroller and Auditor General of India. Complete independence. Beyond that, when the accounts are audited by statutory auditor, a supplementary audit under Companies Act is also done by CAG of India on the report of statutory auditor. There are dual audit. CAG is looking after. Though it is a listed company with only 61.75% of government holding, 38% public float, still, because it is a government company being more than 51% of share of the Government of India, that's why CAG come into the picture. Apart from that, monitoring by DIPAM, because DIPAM is there to take care of the minority shareholder. DIPAM guidelines. I don't know how many of you are aware of the DIPAM guidelines. DIPAM guidelines provides detailed guidelines on capital restructuring. They provides Can I speak in Hindi also? No issue? Sometime. They say, [Non-English content] There is very clear guidelines. 30% of the PAT, 4% of the net worth, but that is the minimum. If you don't have any CapEx plan, please don't keep that [Non-English content] with you. It is the money of the investor. [Non-English content] Second, buyback. [Non-English content] That DIPAM is taking care of. Not shareholder. 61.75% shareholder, DIPAM [Non-English content] in this form. If the participation market is high, there is a split condition [Non-English content] [Non-English content] Apart from that, all the board member or senior management are appointed by highest body of India, that is Appointments Committee of the Cabinet. DPE is there to monitor certain parameter. There is a mechanism called Memorandum of Understanding. Every year, every CPSE, profit-making CPSE, has to sign a Memorandum of Understanding which enlists the targets to be achieved in the coming year. [Non-English content] [Non-English content] With this, let's move to NBCC. I am Anjeev Kumar Jain, Director of Finance, NBCC. I joined this company on 1st November 2024 and for the last three years since Dr. K.P. Mahadevaswamy joined this as a leader of this company. [Non-English content] At that time it was a loss making entity and again under the leadership of Dr. Swami because he was sent there as a CEO of that company and from loss making company he do a turnaround of that company. Now it is a profit making company. We acquired that company from the Ministry of Steel. Now 49% stake is with the Ministry of Housing and Urban Affairs and 51% is with us and there is a discussion is going on that why don't we take 49% of that company because of late that company is also doing business in the same area in which NBCC is working. I think to get more synergy and all this [Non-English content] and that proposal has since been principally approved by Department of Investment and Public Asset Management that is DIPAM. [Non-English content] the only CPSE who has rescued and provide resolution to the stress asset Amrapali under the Supreme Court. [Non-English content] As of now, I think they have not provided any solution. We have provided a solution and we are happy to share [Non-English content] a number of person because approximately 4 lakh units are stressed as of now. Out of that 60% or maybe 60%-65% is in Greater Noida. Rest is in Mumbai, some Bangalore or elsewhere. Lot of person are approaching us. Recently 15 days back a private society in Gurgaon, they approach us. [Non-English content] we want that type of Mandapam in our state. We have already an award in our kitty from the Government of Rajasthan to construct Rajasthan Mandapam based on that. Some more states are approaching us. That iconic building we created. 20 25 that WHO building. [Non-English content] We achieved all-time number in 2026. We surpass 10,000 total income on a standalone basis all-time high. This is the brief of the journey. I think second slide I already covered. Now I talk about the model. Let me talk about other subsidiary also. I have spoken about HSCC, HSCL. NSL is a subsidiary we created in 2014. The purpose of creating that subsidiary is because we are in construction and after construction if building are not maintained properly [Non-English content] We thought that maintenance is the important thing. That's why we created NSL. NSL is NBCC Services Limited. NBCC Services role is to provide maintenance facility to those building which has been constructed by NBCC. That company is doing well. Though turnover-wise this time result is flat but it is doing well and in maintenance margin is in the vicinity of EBITDA, is in the vicinity of 10%, 11%, 12%. That company is doing well. Because I talk about DPE, Department of Public Enterprises parameter. One of the parameters is export target. Export target is very relevant for our Indian economy also. Because of that target is being percolated to the PSU also. One of the targets of MoU is export. Because of this target we venture out in Dubai. We have been in Dubai since 2018 because we constructed an iconic building for Ministry of Commerce there. That Dubai Expo Pavilion. We have been there. We thought why don't we venture out as a developer in real estate. For getting a developer license in Dubai, we bought a land parcel though very small one, very small ticket size 15,000 sq ft ticket size. We form this subsidiary in 2025, 2026 itself and we acquired a land parcel. [Non-English content] Ministry of Health come to NBCC or rather NBCC go to Ministry of Health [Non-English content] We have sign a MoU with Ministry of Health. We prepare a detailed project report. After making detailed project, we come up with the number [Non-English content] Number is given to the Ministry. Ministry take the sanction internally because that money has to be spent by the budget of Government of India, Ministry of Health. They provide sanction. Once the sanction is received, we award the contract to the contractor. We start constructing right from the design, construction and after taking the occupational certificate and everything fire certificate, environment [Non-English content] In this whatever construction cost is there, [Non-English content] This model we know, we call it PMC. We are project management consultant to the Ministry of Health. [Non-English content] That becomes my PMC's top line. [Non-English content] PMC is nothing but project management consultant. I act as a consultant to a client for whom I am creating an asset and that client is paying me the entire money out of his kitty that is [Non-English content] along with my PMC fees. That is purely PMC model. [Non-English content] we work just like a contractor. [Non-English content] Third segment is the real estate. [Non-English content] We have a land parcel on our books of accounts. We are developing those land parcel. We are working as a developer. We are constructing and we are selling the built up area and we are earning. We are putting our money in that business and whatever earning we are getting that is purely real estate. [Non-English content] [Non-English content] plus order is on surface. Means where work is going on and balance is either in the stage of awarding, either we are going to award shortly or on which sanction of the client has not come. [Non-English content] NBCC. This is a good thing. Our organization is quite young. Average we have 1,144 employees, but average age of our employees is 38. That is very good. Out of 1,144, 150 odd of employees are those which are non-executive category. Basically, [Non-English content] They are all engineer. We are engineering organization. Out of this 750 or 760 employees are engineer, civil engineer, electrical engineer, mostly civil engineer and 120+ are finance staff then HR staff. All are professional. We are a professional organization. Average age is 38 years. I think this I have told you strategic client. One of the important aspect of our business is which we'll talk later on. We are the go to consultant or go to company for Government of India and the state government for monetization. You must have heard about the National Monetization Pipeline of Government of India. Government wants to monetize either their land parcel or those building which are not being used or old building. The government wants to monetize it or wants redevelopment of those building without incurring any money from the budget. We are the go-to consultant, go-to company. Every redevelopment we are carrying out on the basis of the MoU. This is the area I am talking about. We have been here for the last 14 years and now it is going on towards maturing. It is maturing because more and more state governments are also following this route. They also want, because it is a win-win position for those. Budget neutral position monetisation. This is required for the Viksit Bharat also. Prime Minister always say [Non-English content] monetization can be through our, monetization can be through PPP model, BB B model also you must have known. [Non-English content] We take this as a pride. This is the roundup I have told [Non-English content] we could able to achieve highest ever order. [Non-English content] We have able to award. Award means we are getting the work from the client, firm work and we are awarding to the contractor. During this year we are able to award [Non-English content] DIPAM every year used to call a meeting. In that meeting it is decided [Non-English content] Every August and September they call a meeting [Non-English content] They decided [Non-English content] whatever dividend you have paid last, you pay that dividend. Last year we have paid 38% of the profit. 38% of the profit I think it was INR 189 crore something like that. They say [Non-English content] My dividend become INR 267. We declare INR 1. Final dividend we declare approximately INR 0.46, INR 0.54 [Non-English content] Consol I think this we can skip. Consol is same. Revenue from operation. If you see revenue from operation [Non-English content] console level [Non-English content] It is because one of our subsidiary is not doing well as a top line or in EBITDA field also they are not doing well. We are seized with the issue and we are thinking something has to be done so as to maximize the wealth of the stakeholders. EBITDA also you can see if standalone EBITDA is there is a absolute term, there is increase of 4.98%. When console it is going down because of subsidiary. If we talk about the last five year then you can see there is a 15% growth in revenue five year. [Non-English content] We are thinking how to improve it. Though there is an increase of 36% CAGR in absolute term, in percentage term, more or less, it has been static in the vicinity of 5%-6%. Consolidated base [Non-English content] Value creation you can see. This is the important thing. Our ROE because our equity is just INR 2,700 crore [Non-English content] At the same time whatever money I am having surplus in my kitty that is being used efficiently. Ultimately [Non-English content] This is the status of the order book. [Non-English content] We talk about three segment that is PMC, EPC and Real Estate. I think [Non-English content] Government of India is having old government colonies. These government colonies are 50 years old, 60 years old, 70 years old. These government colonies are being maintained by CPWD and government is incurring a huge money on maintenance of that. Moreover, as the time goes, the available space is not sufficient to address the demand of increasing government employees. Government thought [Non-English content] why don't we redevelop this asset, these government flats. [Non-English content] so as to save the money being incurred on maintenance as well as to provide more space to our employees and to go vertical because [Non-English content] you must have seen four-story, two-story [Non-English content] By going vertical in the same area, we can provide more government staff to accommodate. [Non-English content] from where money will come? Government decide, we provided solution NBCC [Non-English content] demolishing that colony you construct some built-up area and you sell that built-up area to the private person to generate money. whenever that money is generated, by using that money you created government flat. Means [[Non-English content] Whatever land is there you commercially exploit that land. You construct something, you sell that to the private party. You generate money and by generating that money you construct these three colony and these three colony to be handed over to the [Non-English content] [Non-English content] It is a budget neutral position for the [Non-English content] this is the redevelopment. Redevelopment means identified some land parcel which can be commercially exploited and using that money you can construct the asset of the [Non-English content] This is redevelopment. We started in 2012. There were three model which investors at that time. Model one was [Non-English content] Whatever money generated from that land that will be used to construct the space for employee. [Non-English content] PMC is having only one limb that is the margin on the construction cost. In this variant redevelopment there are two variant, two stream of revenues coming to my kitty. One is the construction cost [Non-English content] this redevelopment model we started in 2012. That is in outright sale of land [Non-English content] We lease out that built-up area to offices and whatever money will be generated from leasing for 30 year that money will be used for construction of the government quarter. If you have seen [Non-English content] [Non-English content] that was lease model. I told you about the freehold land sale that was to Leela. That was first model. Government sanction this construction of seven GPRA project. GPRA means General Pool Residential Accommodation. Cabinet [Non-English content] Total cost requirement of fund was INR 32,475. How to generate that money? That money is to be generated again by exploiting the commercial space [Non-English content] You can see Nauroji Nagar. Nauroji Nagar is the place where erstwhile Nauroji Nagar colony was there. Commercial block downtown [Non-English content] I think flat [Non-English content] that will be I think used for state government and all this. [Non-English content] Residential apartment along Africa Avenue 260, 262 units [Non-English content] projects, they are first completely sold out. Because whatever sale we are launching is through e-auction. [Non-English content] which need redevelopment. You can imagine the huge market waiting for us. From this dais I am saying with conviction in this redevelopment area, NBCC is the only CPSE who is in this area. Private, I don't think will enter this area because this redevelopment involve the selling and monetization of the [Non-English content] Apart from that, if you look at the CPSE. CPSE [Non-English content] They are constructing the building but no CPSE is involved in the real estate arena. Because I am having the exposure to the real estate arena, that's why this work is coming to me. This is the new variant of PMC redevelopment, and our total order book, if we divide 50% or more than 50% is in redevelopment. Rest is in PMC. More and more State Government, even CPSE, they may come through this route because this is a win-win position for them. Getting money generated through commercial harnessing a particular land parcel and using that money from the built up area they want for their utility. Next. These are the some pictures our honorable Prime Minister are inaugurating GPRA. Next. This is GPRA I'm talking about. Next. This is again that GPRA. Next. This is the quarter I talk about this upcoming project, Scindia Marg. Next. This is Africa Avenue, 262 units will be there. They will also be launched soon I think this month itself. This is the Bharat Business Park, just opposite to the WTC. Five tower has already been sold out. For two I think we have already initiated the sale. One tower will be, I think in the June itself they will be on sale. Next. Now, this is the Amrapali. I think Amrapali I have touched about, I think if any question is there, that will be taken care in the question answer session. We can skip it. This is a photo of Dream Valley after construction. This is Heartbeat. Next. [Non-English content] That was phase one. Phase one. Based on our success, phase two also been awarded to NBCC. That is all greenfield units, [Non-English content] Already awarded. Construction is going on in full swing. So we'll be able to generate odd INR 9,000 crore. [Non-English content] next. Overseas operation I think we talk about. These are some overseas project we did. I talk about Dubai and all this. This is a social housing which we did as an EPC contractor. This I think our employee productivity this year has increased. This is our board of director, two are from the government. Sanjeet he is the Indian Railway Accounts Officer. He is from the Ministry of Housing and Urban Affairs. Shri Ravi Kumar Arora he is an IAS, 2004 batch. He is in MoHUA. One independent is there. Next. Supertech I have already covered. Ghitorni. Now I touch upon the real estate two important project. One is Ghitorni. Ghitorni is a place on Mehrauli-Gurgaon road. There was a dispute, long standing dispute, was there with the Government of Delhi. That we able to resolve. In fact, I will touch upon one thing, after joining of CMD, sir, current management, our thought or our direction is toward resolution. Because time value of money [Non-English content] were given to us, 50% they retain. They retain means Delhi Government retain. [Non-English content] it will add approximately INR 8,500 crore in our top line and INR 5,000+ crore in our operating margin. This is a big achievement we were able to achieve in this financial year. We were able to close this issue only some lease agreement is to be signed between NBCC and Government of Delhi. I am sure that we will be able to carry out in this month itself. This is the major achievement of this year. Next. Dubai I think I already touched. Green View. [Non-English content] [Non-English content] Now that contractor for again constructing that land has been awarded. INR 800 crore or INR 850 crore [Non-English content] We are looking at a top line of odd INR 2,300 crore and operating margin will be around INR 1,200, INR 1,300 crore [Non-English content] This is also one of the major achievement of this year. Next. Because apart from Dubai where we purchase land and all this, we were able to carry out some MoU because through these MoU we think we will be able to get some PMC or EPC project abroad. [Non-English content] Redevelopment I have told. Redevelopment monetization GPRA I think. This I think CPSE land monetization. This is the important issue because DIPAM is always after all CPSE. [Non-English content] which is not being used, you just give us the information because in the budget session Finance Minister announce [Non-English content] We consider ourselves again as a natural partner of the DIPAM to involve in this area also. CPSE land monetization. Border fencing is the big area. [Non-English content] security is the most focused area for this government. [Non-English content] and we are doing a very good work in the state of Mizoram. Indo Myanmar border [Non-English content] and we were able to perform very well. Based on our performance we are looking for a good order number on this aspect because and this may come soon maybe in this financial year itself. Stalled REIT I have talked about. Health infrastructure I have talked about. Port, highway I think. [Non-English content] Next. Thank you. Thank you very much. Thank you very much, sir. We truly appreciate the valuable perspective shared. That was indeed informative and thought provoking. Ladies and gentlemen, we will now open the floor for questions. Before opening the floor for questions, I would like to highlight that our Chairman and Managing Director, Dr. K.P. Mahadevaswamy Will conclude today's session by sharing his views on NBCC's future growth trajectory, key strategic initiatives, and the opportunities he sees ahead for the company. We encourage all the participants to remain connected until the end of the session to benefit from these insights. Sir, please take the seat. We will now open the floor for question and answer. Participants are requested to kindly introduce themselves before asking their question and keep the questions brief so that we may accommodate as many queries as possible. The microphone will be passed to the participant who wants to ask a question. You may raise your hand, please. Yes, please. Yeah. Good evening, sir. I'm [Dipen] from Emkay Global. Good evening, sir. I'm[Dipak] from Emkay Global. My question is pertaining to that real estate thing you mentioned. Sir, are you venturing into real estate as a developer or your roles would be limited to, say, a consultant, a PMC or as a PC contractor? Or you'll become a pure play real estate developer, like in RERA, your name would be there as a promoter, co-promoter, that legal ability of a developer. You will have a specific brand, that kind of thing. Just wondering, what would be your role? In real estate, we are doing as a developer only, not PMC. For others, we are doing as a PMC. In our real estate, we will be developer, we will take RERA registration, and we will sell, we will get the profit, everything by us only. This land that sir has mentioned earlier, that you have land in Delhi as well as in other cities. You have bought one land in Dubai, but besides that, you have land parcels in other cities. Those lands are owned by NBCC or these are owned by other CPSE. No, our land. We are talking about some. We have around INR 900 crore land parcel, three in Jaipur. We have a land in Delhi, two land parcels, and at Delhi, Ghaziabad, we have our land parcels. Regarding PSUs he is telling, so we may take up the work as a PMC, so that is PSU. Few PSUs have huge land parcel. They have huge residential quarters, horizontal quarters. They don't underutilize, rather they are underutilized or they are in deteriorated conditions. That we wanted to redevelop as a PMC there. Also, there it won't be some JDA structures like other real estate developers do. Typically, all these developers nowadays doing JDS structure, with revenues. Maybe. We may think for as a joint developer also. Otherwise, presently we are doing as a PMC and we are hiring the contractor and we are selling. Selling, we are getting marketing fee. Construction done by some contractors. Amrapali, we are doing same model. It is, of course, a private project, monitored by Supreme Court. There we are selling the units after constructions. One final question. What would be the total revenue potentials of these land parcels that you own? Our? Your land parcels. Our land parcel, in return, we may get INR 8,500 crore revenue top, and bottom line, around INR 5,000 crore-INR 6,000 crore profit, because the land is ours. Land cost is only with the INR 200 crore we have invested. It is 50 years old land. Currently, we, in our books, only INR 1 crore, the land was long disputed land. That's why we may get good revenue and as well as profit, higher profit. Okay, sir. Thank you, sir. Thank you. Yeah. Hi, sir. Dixit Doshi here from Whitestone PMS. Sir, two, three questions, which are related to each other. Firstly, if you can update about some of our major projects like MAHAPREIT, J&K, Naveen Nagpur, and Mumbai Port Trust. I think MAHAPREIT and J&K itself is around INR 40,000 crore. What is the status? Last time you have mentioned that we still need some state government approvals and financial closures. The question is, this also relates to our execution. Obviously we have one INR 120,000 crore order book, but if we see console revenue, we are growing at 10%, 11% only. Unless we don't award these big orders, how the execution will shape up next two years? Regarding J&K, J&K order got last to last year only. Because of change in government, it could not be materialized for execution, but we're going to upload the tender, one small tender we're going to upload during this month only. Now, the execution part is taken care of in J&K. Similarly, MAHAPREIT, these are all projects are self-sustainable project. It is government not spending any money. Getting loan or getting approvals got delayed. MAHAPREIT also, I think by this month end or next quarter, it will going to start. Already HUDCO has sanctioned the loan, only disbursement was the issue. We have to get registered through RERA. As soon as RERA registration is over, the money will be distributed, and MAHAPREIT also will going to take care. Regarding Naveen Nagpur, already HUDCO has sanctioned the loan and land acquisition in full swing. Hopefully, I think third quarter, we may going to start the work in Naveen Nagpur. These are all the three projects includes INR 40,000 crores, INR 43,000 crores. One more project that is Supertech, that was due to Supreme Court, it has got us stuck up. Supreme Court only told us to not us or even home buyers, this project will be done by NBCC. There also we need RERA exemptions. Once we get the RERA exemption, already consultant had appointed by us, so we are going to take this. During this year, I think all the three, four projects we are going to start. Considering this, last year we have awarded around INR 11,000 crore worth of order to subcontractor. Considering all these large orders, what kind of numbers we are looking for this year? Award? Award. Minimum INR 30,000 crore, I think. INR 30,000 crore. Minimum. Okay, that should-- MAHAPREIT, we are trying to do in phase manner, but J&K also in phase manner. Supertech will do, I think INR 10,000 crore. Rajasthan Mandapam RIICO, we already floated a tender, around INR 2,700 crore that will be going to finalize in June itself. Two more projects will come in GCC and township. That also will going to first next quarter. Around INR 30,000 crore will going to award during this year. Okay. Our ongoing execution is around INR 33,000 crore, and this will actually double this year. Yes. Definitely. Okay. Regarding the redevelopment model, I think in next couple of years, we'll execute the earlier seven GPRA colonies. You did mention about in last con call, what is the status of new colonies? All the seven GPRA colony we have awarded. Tender part is over. Execution part also started. Around INR 9,000 crore -INR 10,000 crore we have already awarded. It will going to complete in two years. New projects, like my DF sir said, around 150 colonies are there in Delhi itself, apart from Bangalore, Kolkata. That is around 2,000 acre land. Requirement is only 50,000 houses. 50,000 houses [Non-English content] Around 1,000 acres, [Non-English content] Hopefully next quarter, we're going to get good business on this redevelopment. I don't want to talk numbers and all. It is in the approval of the cabinet. Once it comes, we'll disclose to you. Okay, one last question. You did touch upon the Ghitorni land. There was no mention about the Gurgaon 37D project. That is what he told. Actually, earlier we booked the loss. Now there will be a profit. It's a preview. INR 400 crore something. Now we're going to get INR 1,200 crore profit after adjusting construction cost and that loss. INR 1,200 crore profit will come to our kitty after two years. Because in real estate, the money cash flow will come immediately. Hopefully next quarter, the cash inflow comes, but the profit or the turnover will come at the time of handing over, [Non-English content] 37D can come in FY 2029. No. 2028-20 29. Ghitorni will be 2029 or 2030. [Non-English content] Okay, fine. That's it from my side. Thank you. Yes, Sumit. Hello. Yes, Sumit. No, I want to talk. Yeah. Sir, you said about Mizoram. Congratulations. Something which others couldn't do, you did well. Congratulations for the same. Regarding Bengal, do we have any like Vision, I mean, how much can be the size or it is too early to say anything? It is too early to say, but size will be good number of size. Okay, yeah. Definitely, I can say this. It will be good figures. Okay. That is it. My question was really small. As we have been instructed, I will keep it short. Thank you. Thank you. Hi, sir. Thank you for taking the time. I just had two clarifications, sir. The first one being, sir, on your cash balance that you talked about, the INR 6,500 crore cash that you have in your balance sheet right now, you use that to finance and take a certain percentage. That's what it's used for, and that's what it will be used for going forward as well? 31st [audio distortion] Hello. As on 31/3/2026, we are having INR 424 crore of cash on our balance sheet. Rest belong to this client. In fact, our cash flow consists of two things, our own cash and client cash, we keep as a separate dedicated account, because client give us the money from CapEx. That cash is being used for three things. Pending its utilization in the business, we are keeping it as an FD or in mutual fund as per the Department of Public Enterprises guidelines, because there's a guidelines which provide how to use the surplus cash. Second is the seed money, where in redevelopment project, cash outflow and cash inflow are mismatching. For bridge financing, we use that cash. We provide seed money. On seed money, we charge 9% approximately interest. Third thing is, whenever client is not giving money but construction is going on, sometimes contractor may ask for financial assistance. We have such provision in our GCC, General Condition of Contract. We provide FA also to the contractor on that also which are certain percentage, maybe 10%, I think, for interest. Whatever is coming in other income, that is from the utilization of that cash in these three forms. Added to this, one more thing. Recently, we purchased one tower in Bharat Business Park. We have purchased one tower. There also we need some cash we have to infuse. That model means after completion, two years, we'll going to get a lease of around INR 130 crore in a year minimum. That strategy also we have changed. For that purpose, if required, we have to infuse our cash. Secondly, the commercial exploitation you refer to where part of the land is built, so the building or the construction of office spaces or whatever, that also we do or that is again a PMC model? We do. Okay. Entire. We construct the asset which has to be handed over to the government. We also construct the asset which has to be sold commercially. Both the assets are being constructed by us, and on both the construction cost we charge 8% PMC. Okay, got it. Thank you, sir. That's all. Thank you. Hi, sir. Thank you so much for coming and meeting us in person. It's very highly sweet of the management to come to Bombay all the way. Thank you very much. Very good presentation by you, sir. Sir, I have just one or few questions. Today your order book is about INR 135,000 crore broadly, and I'm sure that the execution would be about four or five years. Sir, can you just help understand that how do you see revenue growth over the next couple of years shaping up because this order book also has to be executed. If I just see the record over the last few years, you've got an order inflow of about INR 30,000 crore -INR 40,000 crore broadly. If I see the two-year average, INR 18,000 crore, INR 50,000 crore. You're getting about INR 40,000 crore broadly new business every year. You just highlighted that the current order awarding is about INR 30,000 crore for this year and INR 30,000 crore ongoing. ongoing. Effectively, INR 60,000 crore will basically start converting into revenue, right? Plus you'll have the Ghitorni project, plus you'll have Sector 37D. The way I'm looking at it, and sir, correct me if I'm wrong, I think that you're going to enter an explosive phase of growth. If you can help understand on that, because I'm sure that you'll have to convert at some point of time this revenue will have to go to INR 30,000 crore. Because if you have to execute INR 130 crore of the existing, plus what you're bagging from new orders as sir highlighted that the opportunities in redevelopment are very high. Plus, you spoke about few other things. I'm sure you will get new business as time goes. Can you just elaborate a bit on execution of revenue growth as well as bottom line? You made a very interesting point by saying that you're looking at getting Maharatna status. If I track CPSEs very closely, I understand that that profit figure needs to get to INR 5,000 crore, INR 6,000 crore. You've reported INR 750 crore profit in the last year, I mean, in the reported year. Is your vision that your profit potential at some point of time to get to Maharatna has to be INR 6,000 crore? Are we looking at that kind of visibility? It'll be nice if you just talk about that, sir. Thank you. Okay. Sumit Ji, thank you. First of all, during this year, I think end of this year, our order book will be around INR 200,000 crore. INR 127,000 crore, say around, we are expecting major work orders, I don't want to disclose the names. That work order around INR 60,000 crore, INR 67,000 crore. INR 200,000 [Non-English content] This year, I'm talking about only standalone because [Non-English content] I don't want to stretch up on subsidiary. I wanted to focus on standalone. Standalone our profit margin also very high and we have good order book also in standalone. Only standalone we are thinking in this year. INR 14,000 crore-INR 15,000 crore we will going to achieve during this year, which will be around 40%-50% increase. Next year INR 21,000 crore-INR 22,000 crore and another next year. INR 25,000 crore-INR 28,000 crore top line and almost 10% [Non-English content] Sir, recently you had announced a MoU with HUDCO. Can you explain what that MoU is? Also the August Kranti Bhavan also redevelopment, but not too many details were mentioned. If those could be and then I will take the next one. Definitely. What happened, actually MAHAPREIT and J&K we have a setback. In fact, why we are setback even Naveen Nagpur. Redevelopment model [Non-English content] Secondly, what is your second question? August Kranti Bhavan. [Non-English content] Sir, there are a couple of PSUs which have land. Some of them are within MoHUA, say Hemisphere, Shipping Corporation land. They are not being able to sell for the last four, five years since when they have been listed. Could you use the opportunity to help them? Yes, definitely. [Non-English content] Thank you, sir. [Non-English content] Definitely. [Non-English content] My second question, sir, is up till last year, or maybe the last two, three years, NBCC was mostly in Delhi. It looks like now you are saying M.P., Bihar, West Bengal. In three, four years, can we say that. Definitely, we will cover all of India. We have an all-India presence. Unfortunately, the redevelopment project [Non-English content] It's a win-win situation for all of us. In many places, we are thinking we can go for the equity model also instead of PMC. [Non-English content] Hello, sir. Here. Over here, to your right. Sir, this is Raj Shah from Enam Asset Management. My first question was, sir, on the Mumbai Port Trust opportunity that you have been talking about. Can you please share some thoughts? What is the opportunity size over there, and when it will fructify? [Non-English content] Okay. Sir, the second question was largely from the industry perspective. You have to deal with many contractors in the business. What we have been listening, the main concern has always been about the availability and reliability of skilled labor. My question was, sir, how do you tackle that kind of issue? Secondly, do you see the future of pre-engineered structures, prefabricated structures? What we are hearing is that even in high rises now that is being penetrated. Please share your thoughts. Yes, of course. [Non-English content] What is our second question? Sir, pre-engineered steel structures. [Non-English content] Thank you, sir. Yes, sir. Hi, good evening. Sir, contractually in case there are project delays or cost overruns or rising inflationary environment, what is the implication on our profitability? The related question is what are the levers that you are looking at to improve our EBITDA margins? [Non-English content] On the margin improvement from here on. Pardon me? Margin improvement. Any levers that you see? Margin. Profitability improvement. Profit margin. [Non-English content] Got it, sir. Thank you. Thank you. Hello sir. My name is Komal and I am from Kolkata, Ratnabali. Sir, I just had a follow-on question about what you rightly mentioned that NBCC has bought its own Bharat Business Park via e-auction at INR 3,700 crore. What is the rationale behind this purchase? [Non-English content] That is the reason we purchased this. When do we expect the lease rentals to flow in and what amount could it be? [Non-English content] every year we will going to get on lease. Thank you, sir. Thank you. Thank you, sir. This is Pankaj from Kotak Securities. Sir, question is on this INR 30,000 crore of new work that you are targeting to award. Which all projects are going to contribute in that? Second thing on this Suraksha Group is not able to execute the project. Do you see any chance of re-bidding the same? I don't want to disclose your first question [Non-English content] I will disclose once I get the order. [Non-English content] That is the reason we got Supertech. [Non-English content] And across India almost 4 lakh home buyers [Non-English content] and they won't get their genuine home. They have paid 100% payments and [Non-English content] Sir, my last question is on the execution side. Of course we have INR 1,30,000 crore of order book and of course we will have a INR 60,000 crore of work that will be in execution phase. What are the key challenges that you believe will impact the growth targets that you have for next four five years? We have seen in the past also we had a very good order book. On the execution side we face challenges. [Non-English content] I think there is no much challenges except [Non-English content] otherwise I don't think so big major challenges [Non-English content] please. Sir, with so many tailwinds in your favor, can you give some sense how will we be closing this year as what top line and bottom line and how would the trajectory be coming years? [Non-English content] Basically INR 5,000 crore will be in next four years. All the best sir. Thank you. [Non-English content] future will be very bright and opportunities [Non-English content] Thank you. Thank you very much, sirs. Thank you everyone for your active participation and engaging questions. Let's watch the video now. I got this flat and I am very thankful. Thank you, sir. Thank you so much. I am overwhelmed and I was very emotional at this moment. Thanks so much. House before I was born. It was a dream for me to receive this house and now this dream will come true. Thank you, everyone. Thank you. Thank you so much. From the bottom of my heart. Thank you. Such an emotional moment for me. I booked this flat when my daughter, I have an elder daughter also, but the younger one is here. I took this flat when she was just one year old. It is such an emotional moment and I'm overwhelmed. Thank you, Supreme Court. Thank you, NBCC. Thank you, SEWA. I'm sure all of you sitting here, probably I came over here, but all of you sitting over here have the same feelings. All of us have goosebumps. All of us are overwhelmed, and we are just holding back the tears of happiness. Thank you. God bless all of you. [Non-English content] [crosstalk] Thank you very much. Ladies and gentlemen, with this we come to the end of today's event. Thank you all our distinguished guest speakers and attendees for being a part of this wonderful gathering. We now invite everyone to join us for high tea and networking. Have a wonderful day ahead and thank you.