Ladies and gentlemen, good day and welcome to NBCC (India) Limited Q2 and H1 FY 2026 earnings conference call hosted by ICICI 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities Limited. Thank you, and over to you, sir. Good afternoon. On behalf of ICICI Securities, I welcome you all to the Q2 FY 2026 earnings call of NBCC (India) Limited. Today, we have with us from the management, Shri K.P. Mahadevaswamy, CM D; Shri Saleem Ahmad, Director of Projects; Dr. Suman Kumar, Director of Commercial; Shri Anjeev kumar Jain, Director of Finance; Shri M.B. Singhal, Executive Director of Finance; and Shri Balkishan Singla, Investor Relations. Without much delay, I will now hand over the call to the management for the opening remarks, which will be followed by Q&A. Thank you, and over to you, sir. Good afternoon to everyone. A warm welcome to all of you in today's investor call for second quarter. For quarter two, on standalone operation and execution, we have achieved a total income of INR 2,225 crore and INR 3,017 crore on consolidated, reflecting a 20% year-on-year increase on consolidated level basis. Our standalone PAT Stands at INR 173 crore, making a significant 40% year-on-year growth. Additionally, our consolidated PAT Stands at INR 157 crore, marking 25% year-on-year growth. EBITDA Margin for quarter to quarter has reduced slowly because of lower contribution from our Real Estate projects and lower marketing fees from Amrapali Projects. However, EBITDA Margin for H1 to H1 has increased, and we are very sure that we will improve on EBITDA Margin year-to-year basis. Order book: NBCC standalone order book standing INR 1,012,000 crore and consolidated order book INR 128,000 crore. Business secured: NBCC has secured INR 6,800 crore on consolidated basis in quarter two, which makes a total of INR 10,000 crore in the first half of 2025-2026, following major projects secured during quarter two by NBCC. Rajasthan State Industrial Development and Investment Corporation, that is RIICO, around INR 3,136 crore; development of Naveen Nagpur for NMRDA, around INR 3,000 crore; African Safari Plaza, Animal Hospital, quarantine facility, and other allied works, INR 355 crore; MOU with the Department of Post for Land Development across India. Other MOU signed: strategic MOU with Australian Real Estate Developer for expands Global Footprint. Also, strategic MOU with Stanton LC Real Estate Development LLC for Real Estate project in UAE. Business award to the contractor: in quarter two, we have awarded INR 2,000 crore new tenders on consolidated level, which makes INR 3,800 crore in the first half of 2025-2026. In the next half, we are expecting INR 10,000-12,000 crore new work will be awarded. Redevelopment projects: in H1 2026, GPRA Redevelopment Project has contributed INR 1,021 crore in top line. First phase of Netaji Nagar project, valued INR 1,450 crore, is around 93% completed. Two more projects in Netaji Nagar, valuing INR 2,000 crore, have started giving contribution and INR 2,000 crore more in pipeline to award in Netaji Nagar. Sarojini Nagar: this is a large project, and work has been going on film packages, worth INR 8,000 crore, and two projects have completed, and INR 5,000 crore more in pipeline to award in Sarojini Nagar. Amrapali project: for half-yearly one, the Amrapali stalled project has contributed INR 1,054 crore in top line. For Amrapali project phase one, NBCC has completed almost 23 projects out of 24 projects and completed 30,000 units and will complete other Sahayak Yojana project by June 2026. That is the only one project left with us. In phase II, Amrapali project has started in different packages, which consist of INR 17,000 crore sale, and the Construction Costs are around INR 12,000 crore. This project will have a significant contribution in top line and bottom line in coming quarters. Thank you. Now, the forum is open for the question and answer session. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ravi Kumar Naredi, from Naredi Investments LLP. Please go ahead. Thank you very much for giving me the opportunity. Sir, really, I can say it is a fantastic result. NBCC I am looking after since the last 10 years. Sir, we have an order book of INR 128,000 crore, while our execution this year may be INR 12,500-13,000 crore. If I apply the Net Profit Rate of H1, that is 7.65%, our Net Profit comes to INR 1,000 crore this Financial Year 2026. Is it possible? We are expecting INR 800-900 crore during this year. That will be our profit. Okay. Sir, while we are not executing any project, we hire an outside agency, then why could we not do fast project working? Because INR 128,000 crore if I took our project order and INR 12,500 crore is yearly execution, why are we lacking in the project execution? Can you tell the specific reason? In this INR 125,000 crore from MAHAPREIT, this is a redevelopment project wherein we have to arrange the fund for Redevelopment Construction. Now, recently, HUDCO has sanctioned the loan for construction of three packages, so it will start. Here, it is not a PMC project, not a budgeted project wherein budget you will get the money. Here, it is a self-sustainable mode project. Similarly, on Jammu & Kashmir, INR 15,000 crore work, the approval is getting delayed. It is a state government project wherein also we have to do redevelopment model. Arranging funds, getting approvals, it is taking some time. Once these two projects start, it means this is altogether INR 40,000 crore per quarter in these two projects. RIICO also recently we got. RIICO also, all the projects we are doing in self-sustainable mode, Redevelopment Model. That is why it is getting some time. Once it started, it means definitely it will run and we will get good revenue as well as profit also. HUDCO, how much loan sanctioned to us? Not us. They will sanction. We are not taking any loan. Actually, MAHAPREIT is taking the loan. MAHAPREIT is taking loan. NBCC is taking loan, means it is no issue because land lies with them, so loan will be taken by them only. We are the project management consultant for them. Understand, sir. My question is that wherever you tell the HUDCO has sanctioned the loan for three projects, how much is the loan amount? Can you tell directly? Naveen Nagpur, they have sanctioned in the first phase, I think INR 11,000 crore they have sanctioned. That includes the land acquisition also wherein they have to acquire the land. In MAHAPREIT, I think INR 3,000 crore already they have sanctioned. INR 14,000 crore they have sanctioned, right? Yes, yes. For them. Not us, sir. Ha, ha. Arre, yes, yes. For them. Not us. Not us. Sir, out of INR 128,000 crore, how much book do we have clear mandate to start the project? Can you tell in that way? Almost INR 34,000 crore is on our running projects. INR 40,000 crore just now I explained. These are the two major projects. Of course, in 7GP also some INR 6,700 crore yet to start. Already we have INR 34,000 crore in our running project. This is running projects. INR 34,000 crore is running project. Which we may finish in next two years, three years? Two years. Two years. Yes, yes. Definitely. Less than two years. Some projects even 18 months, some projects 24 months. Some projects on three years. How is our backlog of Delhi Residential Colony? How much have we sold in this quarter? Delhi, there is no residential sale so far. It will come in future. 100% we have sold it in Sarojini Nagar. There is no inventory as far as commercial. Sarojini Nagar 100% sold. Sarojini Nagar 100% sold. Any other no Residential Project in Delhi which need to sell, right? It will come. It will come. Commercial Project is there. Worth around INR 9,000 crore, which will be open in coming month. January. Coming month. INR 9,000 crore, it will come in January. Yes. Exactly opposite to World Trade Center, there will be a commercial space that we will go into last in the month of first quarter. Fourth quarter, sorry. Fourth quarter. January. January. Okay. Thank you very much. All the best. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead. Yeah. Thanks for the opportunity. My first question is, can you just break up in terms of order book, how much is on a self-sustainable model and how much from the budget allocation? Around 40% on PMC as far as only standalone, if you consider standalone, and INR 67,000 crore in redevelopment model. INR 67,000 crore. 60% redevelopment. 60%. 40, 60. We can say 40% on PMC model and 60% redevelopment. Okay. So we can say that this 40% PMC will be more or less executable in next three years and 60% of redevelopment may be four to five years. Yes, yes. Definitely. Okay. Okay. Now, my second question is there were talks earlier regarding the more Colony Redevelopment in Delhi. So if you can elaborate or any update on that. It is in process right now. I can say it is in process. As soon as we will get the confirmation order immediately, I will go to inform you. Presently, it is under the process. So you expect that any time in this year or it may take some more time? This year. Certainly, this year it will come. This year it will come. How big it could be? Presently, I can't tell. Definitely, in future, I'll share it with you because it is a price-sensitive matter. I'll let you know. Definitely, it is going on. Okay. Next question is regarding the Ghitorni Land. How much square feet, I mean, how much area we total have and how much square feet we can build on that? Around 21 acres we will go into that. It will be resolved at the earliest. Hopefully, by this year end or next year, first quarter, we're going to start the construction and we'll start the sale of the commercial spaces also. Okay. In 2024? It will give around INR 8,000. It will go into give around INR 8,000, something like that. Some INR 7,000 crore revenue. INR 7,000 revenue. INR 7,300. For entire 21 acres, INR 7,000 crore of top line we can expect. Yes, yes. Okay. And around INR 5,200 crore that will be there. Okay. Okay. Okay. This is a conservative figure. Conservative Figure. Okay. Yeah. Yeah. Got it. In terms of our other income, if I see this quarter, it is around INR 106-107 crore. For half year, it is INR 181 crore. Is it predominantly from the interest income on the cash we have or is there any one-off as well? It consists of three things. I am Anjeev Jain, Director of Finance. It consists of three prominent elements. One is we have sale of land, an industrial plot in Noida from where we get INR 44 crore earning, rather other income. Apart from that, it is INR 44 crore. INR 44 crore. INR 44 crore. INR 44 crore. Okay. Okay. Approximately INR 42 crore is from dividend. Dividend from our subsidiaries. Okay. The rest is from the interest. No, but dividend from subsidiary would have been knocked off in consol numbers, right? Yes. I am talking about the standalone number only. Okay. Okay. Thank you. The next question is from the line of Vasudev from Nuvama. Please go ahead. Yeah. Thank you for the opportunity. Sir, this 40-60 split that you gave was in standalone. What is the similar split for the consol level? Consol level 47, 53. It is 47% and 53%. INR 61,000 crore on PMC and INR 67,000 crore on redevelopment. In subsidiary, they are not doing any redevelopment. Basically, they are doing only PMC business. Okay. Sir, in terms of our project awarding, how much have we awarded in Q2 and what is our target for the second half of the year? So far, we have awarded 3,752. Hopefully, we will go into complete INR 10,000-11,000 crore during this year. That is our target, minimum target. Okay. So this was in second quarter or the first half, 3,700? 3,000 up to second quarter. Six months. Okay. Sir, now that we have already won about INR 10,000 crore in H1, for the second half, how much more new orders are we looking at? Another minimum 10,000. That is our minimum target, but it will cross more than 10,000. Okay. So overall, we will be exceeding about INR 20,000 crore. Okay. That's great, sir. For FY 2026 and 2027, what kind of revenue growth and EBITDA and PAT margins are we looking at? 20%. 20%. On top line, we are expecting 20% growth. On bottom line, our PAT margin and EBITDA will be in the vicinity of 7-8% and EBITDA will be in the vicinity of 6-6.5%. Okay. For FY 2027, again, we are targeting 20% growth in revenues? We are a government company and we are bound by a target set by the Advisory Ministry. Advisory Ministry decides every year we should give minimum growth of 20%. Okay. Sure. That is great, sir. Already sold one. These two redevelopment projects start means we will go into achieve more than that, whatever minimum set rate is here. That is as per MOU. We will go into, after this MAHAPREIT and J&K start, means we will go into get more revenue. Okay. Yeah. Yeah. Sure. So that's great. Sir, on the seven GPRA societies work that we have, the Sarojini Nagar and Netaji Nagar, what is the total pending order book in this project? Around INR 7,000 crore is the pending. Okay. And about this Netaji Nagar phase, which is currently ongoing, which you? Out of INR 7,000 crore, we will go into float a tender in this quarter only. Around INR 4,000-5,000 crore we will go into float the tender. It is ready. Now we are going to call the tender. Okay. That's quite interesting, sir. So sir, in the Netaji Nagar, what is the value of the works which is currently ongoing? I missed that number, which is 93% completed, you said. What is the value of that? That is INR 1,450 crore. Okay. Okay. Yeah. Pardon me? In this Amrapali Project, you said that our margins were down because Marketing Fees was lower. Is it generally for the project as a whole, our Marketing Fees is low, or is it only for this quarter? Only this quarter. This quarter, we could not sell the property. That's why we could not get the it is quarter to quarter comparison only. Otherwise, we are getting 1% marketing fee. There is no reduction in marketing fee. Okay. Okay. Okay. It is because of lower sales. Last quarter. In this quarter. Okay. Got it, sir. What is the status on the Supertech projects currently? Supertech, I think 8th December, there will be a hearing in Supreme Court. We are hopefully waiting for that Supreme Court order decision. It will come. It is taking some time, that's all. It will come to our KT. Okay. Yeah. That's for sure, sir. And sir, just two or three more questions on the bookkeeping front. What is the value of Real Estate, our own Real Estate that we sold in the first half, and how much are we targeting for the full year? Total value of Real Estate on our book accounts is INR 958 crore. In first half of this year, in first half of this year, our turnover from the Real Estate was INR 26 crore. So this was the revenue or the pre-sales that we have recorded, INR 26 crore? Revenue from Real Estate is only recorded in the book accounts once it is sold. This can be reward as we transfer. Okay. So just INR 26 crore is the revenue, right? And not the pre-sales? No, not the pre-sale. Pre-sale numbers are 24%. It's the revenue. Okay. What would be the pre-sales then for the quarter or for the first half and our target for the full year? In fact, right now, there is no pre-sale. Whatever sale was launched, it was completed for this half year only. INR 24 crore is the sale number, revenue number. There is no pre-sale as such. Our target for this year is approximately INR 64-65 crore. Okay. This is the Conservative Figure. Yes. Sir, lastly, how much is the seed money that we currently have in our books? Seed money is INR 481 crore. Out of that, INR 465 crore is for Amrapali project and INR 16.5 crore is for DTC project. Okay. Sure, sir. That's it from my side. Thank you and all the best. Okay. Thank you. Thank you. The next question is from the line of Sumeet Rohra from Smartsun Capital Private Limited. Please go ahead. Hi sir. Very good afternoon to you and your entire team. Firstly, sir, I would like to congratulate you on a good set of numbers. Now, sir, my question is more related on the overall business. Because today, if you see, your order book is about INR 128,000 crore. Now, sir, my sense is that this order book will have to be executed over a period of four to five years. Isn't it fair to understand, sir, that your revenue should actually now start climbing at a very fast clip because most of these orders which you have, you would have to execute over the next three to four years? Secondly, sir, if you can please throw some light on the order visibility which you see because clearly the focus which we are picking up is basically of development. You are a key instrumental player who's basically in this segment. Sir, can you throw some light on order visibility which you see? Even on the profitability side, if we take a three-year view, can you also throw a bit of light on how you see profits evolve, sir? Mr. Sumeet sir, I already explained out of INR 112,000 crore, some INR 40,000 crore were cut from J&K and MAHAPREIT Bombay. These two projects will, I think, this year will go into start. Due to this self-sustainable mode and redevelopment model, we need some seed money to start the projects. Thereby, we stuck up. Now we got recently, debuted yesterday only, acquired sanctions and loan also. Now MAHAPREIT will go into take place. Similarly, J&K also will go into get at the early years. Once these two projects started, means definitely our top line will be increased. Once top line increase, means because we have a fixed expenditure, that is our overhead salaries only. After that, the bottom line also rapidly increased. Regarding new future business, we have a top rather finalization with the redevelopment of other colonies in Delhi. DDA will go to interest two more colonies to us for redevelopment. We are talking with MCD, Municipal Corporation of Delhi, PWD. We have a lot of work in pipeline. Similarly, we are talking with various state governments. Tribeca also willing to give some works to us. HPCL, they wanted to redevelop in Bangalore. We are talking with various PSUs. PSUs having huge land parcel or they have old colonies, township colonies. That we will go to redevelop. We have a very good order book in pipeline. Once we will get the order book, then definitely we will go to intimate you because it is a price sensitive issue. That's why directly I cannot tell you which are all order when it will come. Yes, definitely during this year, I am saying INR 10,000 crore is the bare minimum. We will get more work order. Sure. Sir, I mean, as I saw, I mean, my point is that I understand that this year you would see about a 20-25% growth in revenues. Sir, my understanding, I mean, if you can correct me, that going ahead from next financial year, your revenue should pick up at a faster clip, right? I mean, as you keep awarding more and more orders. I'm sorry? Yes, definitely. I am saying conservative figure, but it will increase. Definitely, it will increase. Okay. Sir, will you? Conservative figure. Okay. And sir, I mean, if I heard correctly, your EBITDA Margins will be close to 6.5%. Is that right I heard? Yes. Okay. Wonderful. Great, sir. I wish you all the best. Good luck, sir. Thank you. Thank you. The next question is from the line of Divyam Doshi from Pragya Securities Private Limited. Please go ahead. Hello. Congratulations on the great set of numbers. I wanted to know that in earlier calls, you had mentioned that the state development projects in Rajasthan, Goa, Chhattisgarh, and the Kerala Housing Board were almost ready with DPRs in the final stage. In Q2, we only see orders being added and not actual works starting on the ground. When do you expect real execution to begin this project? What's your internal timeline for approvals to be tied up? Rajasthan tender appointment of consultant is in progress. We will go into appoint by this weekend or next week. Goa, already we have called a tender. Goa, it is in advance week. We will go into appoint this Goa tenders in this quarter only. Regarding Kerala Housing Board, some approval is awaited. We are awaiting for approval. That forest clearance is required. Once we will get that, also we will go into award. Regarding MAHAPREIT and J&K, already told. By the year end, we will go into start these projects. Okay. Thank you. One last question. Can you please share which of the projects are realistically executable over the next financial year, that is FY 2027, and how much revenue is each one of the projects able to generate? Can you share which of the projects are actually executable in the next financial year and how much revenue are these projects going to contribute? Amrapali, we are doing seven GPRLs. We will go into call four, five tenders, another four, five tenders that will give around INR 4,000 crore. Of course, Goa, we will go into award. Definitely, Rajasthan, Mandapuram, and RIICO, that also we will go into award during this year. Next year, all these projects will give good revenue as well as profit. Okay. Okay. Are there any new projects which are expected to complete in this Financial Year? This financial, we are completing the projects. Actually, in phase one, Amrapali, almost 23 projects we have completed. Only one project, Aadhar Seva Yojana, it will be going complete by second quarter of first quarter of 2026. In 7GPRA, type II completed, type IV and type V, around 1,000 units that we will go into complete. Type VI also in advanced stage. We are doing in, of course, in 7GPRA, we are completing the project within the timeline. Okay. So that's it. Thank you so much. I'll join back in the queue. All the best. Thank you. Thank you. Thank you. The next question is from the line of Ankita Shah from Elara Capital. Please go ahead. Yeah. Hi sir. Congratulations and good performance. My first question is on the Real Estate side. When we had completed properties which was ready to be sold, when are we expected to see traction on the Real Estate revenues? The first half looks to be relatively muted. Yeah. Ankita, good morning. Anjeev. Anjeev this side. Yes, sir. Regarding this Real Estate, we are expecting approximately INR 250 crore plus of revenue, but there is a shift in strategy. In fact, as you are aware, there is a project called Imperia in Bhubaneswar. We are planning to generate revenue from this project approximately for INR 200 crore, but we have shifted our strategy and will be utilizing that project for lease revenue only because there is a good business in leasing there in Bhubaneswar. That is why we are expecting INR 250 crore plus of revenue, but now we have shifted our revenue guidance from Real Estate to INR 65 crore or INR 67 crore. There is a huge potential for income to IT people. Now they are asking for lease. We will go into get good revenue. Instead of selling, the asset will be with us only. We are planning to, we have changed our strategy. We will go into give on lease basis. There are around INR 200 crore. We are not. Yeah. For this year, how much Real Estate, for this year, how much Real Estate revenues are we expecting? Around INR 65 crore. Around INR 65 crore. Okay. The margins in this will be? Segment margins? Margin will be INR 27 crore. If I consider INR 65 crore top line, then INR 27 crore will be in the bottom line. Okay. Almost 30-40%. 40%. Got it. Got it. Other than this, sir, you explained about the drop in margins because of Amrapali Projects. This is temporary or overall margin in the project has come? No, no. It is only temporary for this quarter only. Especially for only this quarter. Next quarter and two, we will go into get that profit margin also. EBITDA also we will go into get. PAT already increased. Only we are talking about EBITDA. Got it. The marketing fee is also intact? The percentage marketing fee? Yes, yes. 8% PMC plus 1% marketing we are getting. Next quarter, hopefully, we will get all the money from marketing. Okay. Got it. Sir, lastly, overall, out of this INR 128,000 crore of order book, how much is actually under various stages of execution right now, which can contribute to revenues in the year? 34,000 already I am running. We will go into award another INR 10,000 during this year. Almost INR 44,000 will be our running projects. Next March and March, we will go into award this MAHAPREIT and J&K, and that will be added to our KT. Okay. Okay. Great. Sure, sir. That's it from my side. Thank you and all the best. Thank you. Thank you. Thank you. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead. Yeah. Thanks for the opportunity again. So a couple of things. Firstly, just a clarification. You are mentioning 6.5% EBITDA Margin. This is without the other income, right? Yes. Yes. Yes. Okay. My second question is, if I see the P&L, which you report to the exchanges, there is one line item in the expenses, write-offs. That has come down significantly. If you can explain, will it remain at such low levels or may there be an increase going forward? Last year, if I see, for H1, last year it was INR 102 crore. For this year, H1, it is only INR 5 crore. That figure will depend upon the quantum of write-off on quarter to quarter basis. Last year, in fact, there is an ACL mechanism. Once the ACL has been created, we have decided to write off that financial asset completely off the books. Last corresponding quarter or corresponding half year, we decided to completely write off the financial asset to the extent of INR 100 crore. This time, there was no such case. That is why you are not seeing any write-off. Still, we are increasing our PAT. That is the beauty of this. We are increasing the, we are getting profit last year compared to year to year or quarter to quarter, we are getting good PAT. Okay. Okay. This figure may increase depending on the. Yes. Okay. It depends on the analysis of the outstanding and the ACL created in the books of accounts. Okay. I understood. Thank you. That's it from my side. Thank you. Thank you. Thank you. Before we take the next question, a reminder to all, you may press star and one to ask a question. The next question is from the line of Amanveej from Stout Investment Management. Please go ahead. Good afternoon. My first question is on Supertech. Any update on that project and where you see, say, the hearing? Supertech. December 8th, there will be a hearing. We are waiting for the Supreme Court decision. I think we will get this either this hearing or next hearing. The decision will come to us. Hopefully, it will come to us. Sure, sir. Second question is on running order, sir. Sorry to interrupt, Aman. Your voice is muffled. Yeah. This would be better. Second question is, sir, on running order book. You said by end of this year, we'll be at INR 44,000 crore, assuming INR 1,000 crore additional by the end of this year. I want to see this number for FY 2027 and FY 2028. Can this running order book be around INR 60,000-70,000 crore in the next one to two years? Maybe. Next two years, maybe. Because once we started awarding this MAHAPREIT and J&K, Rajasthan, and Goa, definitely our order book will link. Sure, sir. Final question is on Real Estate side. This year, you said INR 64-65 crore of revenue recognition. What is the number for FY 2027 and FY 2028? Twenty-eight, definitely, we will go into get our 30:70. Even Ghitorni also, we are expecting in 2028. Around INR 200-250 crore, we may get from our Real Estate. That is the profit number. As far as property is concerned, in FY 2028, we will be able to have INR 800 crore plus around 30:70. One of the projects in 30:70, Bhubaneswar, that will come up. Okay. So INR 800 crore itself will get recognized in FY 2028 itself? Yes. Yes. Sir, FY 2020? Sure, sir. FY 2027, what can be the rough top line which we are targeting for Real Estate? On the INR 100 crore, INR 100 crore top line and some INR 20-30 crore in the bottom line. We have already sold our Kolkata, Bhubaneswar, where our strategy changed. Otherwise, we could have got INR 200-250 crore. Bhubaneswar, we will not sell. Instead of that, we will give it on lease. We will get some revenue, fixed revenue because a lot of IT structures are moving to Bhubaneswar nowadays. They are approaching us, and we want to give on lease. Yeah. Roughly, what is this rental income from Bhubaneswar alone for the year, which is recurring every year? It will be approximately INR 20 crore-INR 23 crore, INR 24 crore approximately. In a year. In a year. Sure, sir. Any other place we are looking for similar model instead of outright selling? Already, we have given in World Trade Center, we have purchased three floors. There we are getting rent. It has been given to CAG and GST. So we are getting rent every month, INR 2.5 crore, around INR 30 crore. INR 30 crore we are getting in World Trade Center. Yeah. That we know, sir. In future, any other projects which you might want to convert into this rental model? It will depend on the market scenario. If lease is going to give a good revenue, we are planning, of course, in Ghitorni also, we wanted to give some spaces on rental remodel. Instead of selling whole property, we are thinking of doing that. How much area will you sell it to? Not yet decided exactly. Depending upon market condition, if you get good rent, then definitely we'll try to give whatever excess space is there that we are thinking. Okay, sir. Thank you for answering the question. Thank you. Thank you. Thank you. The next question is from the line of Divyam Doshi from Pragya Securities Private Limited. Please go ahead. Sir, you had previously in the earlier phone calls, and I have seen that you had given a guidance of INR 14,000-15,000 crore in the Financial Year 2026. Until now, we have only completed approximately INR 5,300 crore. You need to target 1.5 of the current sales. How is that possible? Possible. Possible. Every year, you see, half year to half year, you just compare quarter to quarter, you compare, we are already 15%-16%. And stand alone, of course, we are getting 20%. Definitely, it is a possible task. Definitely, we will go into achieve 14,000 on consolidation. Okay. Is there? Working season. In second year, second, third, and fourth quarter will be the working season for civil industry. We will get good revenue in this half year. Okay. Is there any other future plan to increase the EBITDA Margin? Right now, it's around 4-5%. You have targeted 6%. Is there any chance in future it would go in the double digit? Double digit? I think currently, I'll answer this question next time, I think. Double digit, yes. Definitely, our wish. Let us see. I know it's very difficult, but yeah. Once we can get the double digit figure, once our Ghitorni and our 30:70 start giving results, definitely that will be in double digit. Because Ghitorni itself, around INR 5,000 crore profit will be there. And in 30:70, INR 800 crore. So 2027-2028, definitely, I think we're going to give double digit figure, EBITDA. Okay, sir. Thank you so much. Thank you. Thank you. The next question is from the line of Ravi Kumar Naredi from Naredi Investments LLP. Please go ahead. Sir, I would like to know, can you tell how many more orders we may receive in H2? H2? Minimum 10,000, earlier told, 10,000. It will be 20,000-30,000, but minimum 10,000 we are targeting. We're going to get. The financial year 2027 target of top line, can you give? 18,000. Already I committed 18,000. Okay. Thank you, sir. Thank you. Thank you. Thank you. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead. Yeah. Just a question on the Real Estate project of 30:70 Gurgaon. So you mentioned how much could be the top line from that? Around INR 2,200 crore top line. 2,000? And 2,200. Okay. Roughly. Okay. The PAT will be around INR 800 crore. Okay. Here, the work has already started construction? Tender already called. We're going to start, I think, before December or January. Okay. So you expect the exit because since we record the revenue when we hand over the property. Okay. That's it. That's why. Otherwise, the money will come immediately from January or not, we're going to get the money received. But VW can be booked. Turnover can be booked once we hand it over. That's why we are planning 2027-2028, we're going to get that revenue. My question is, do you expect that within two years, the construction will be over and we'll be handing over too? Definitely. Okay. This tender, which we are awarding next month, this will be for the entire INR 2,200 crore? Yes. Yes. Okay. Okay. Fine. That's it from my side. Thank you. Thanks. Thank you. The next question is from the line of Dr. Akshay Patil, an Individual Investor. Please go ahead. Congratulations to NBCC Team for a good set of results. I can see the next large amount of overall rising. Being a public sector company, working with so much efficiency, I'm very proud of that whole team. My first question is, hello, can you hear me? Please, sir. Continue. Continue, Dr. Sir. Yes. Yeah. Actually, my first question is, you have said that you will be setting up a financial arm in the previous con call. Is there any development on that so that the margins can be improved? Because we are getting the finance from our sister company HUDCO. So presently, not keen on setting up NBFC, but we are getting money from HUDCO, and we are doing the execution. That is good enough, I think. Here, one thing I wanted to share with you, whenever any PSU fails, private will take over. Example, Air India. Like that. In our NBCC case, whenever private fails, NBCC will take over and complete. This is the reverse story. That is example Amrapali. One of the best example, Amrapali private people failed, and we are completing that project. So we are proud to say Navratna Construction Company. No, sir. I have been tracking this company for many years, but in the last two years, its performance has been phenomenal. I congratulate the team for working so hard and creating value for the shareholders. Thank you. Thank you. Yeah. My next question is, as you have in previous concalls, you have stated for INR 25,000 crore top line and INR 5,000 crore bottom line. In which financial year can we see that happening? Already we told, no? 2,000. 2,000. PAT will be 2,000 and INR 25,000 crore top line. Top line. Financial Year 2028. Okay. Yeah. 28. Okay. Thank you. That's all from my side. Thank you. Thank you. Thank you. The next question is from the line of HK Dash, an Individual Investor. Please go ahead. Very good number, sir. Thank you. Thanks for giving me the opportunity. Just I wanted to know the status of the land very close to Bombay Airport. That is Hindustan Organics Limited. We have an agreement for that land, sir. What is the present status of that land? Not exactly, but we are seeing some PSUs' land in Mumbai, of course. National Bicycle Limited is having a land parcel near to Sea Link. We are planning to do redevelopment work in that parcel. Similarly, It can be Balmer Lawrie. is having huge land parcel, Richardson & Cruddas. Even we are talking with shipyard. Hopefully, next year and onwards, we will get some business in Mumbai also. Thank you. Thanks a lot, sir. Thank you. Thank you. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Sumeet Rohra from Smartsun Capital Private Limited. Please go ahead. Yeah, sir. You were just mentioning, in fact, my question was on the potential opportunity with the PSUs. You were mentioning that you're talking to PSUs about land parcels. You also mentioned about HPCL. How big, sir, are some of the opportunities we have with other PSUs? Around HPCL, INR 1,500 crore in it is in Bangalore. Okay. You also mentioned. 18 acres land. I'm sorry, sir. 18 acre land in Bangalore. That is the HPCL. The discussion is going on regarding the redevelopment of HMT. HMT also is in Bangalore and across India, they have land parcels. MTNL will, I think, shortly start the project of MTNL at Delhi itself. MTNL and BSNL are having huge land parcels. We may get some more from these PSUs. Okay. Understand. Yeah. Because, sir, I mean, the plethora of opportunity what you have is absolutely tremendous. I mean, clearly, you are at the leading position. I wish you once again good luck and all the best, sir. Thank you. Thank you, Sumit. Thank you. A reminder to all, you may press star and one to ask a question. Ladies and gentlemen, as there are no questions from the participants, I now hand the conference over to the management for closing comments. With the strong financial performance, NBCC top line and bottom line have increased significantly on quarter-to-quarter basis. As you know, quarter four traditionally contributes the highest, and we expect this trend to further strengthen our overall performance in the second half. Full year guidance, we remain confident achieving INR 14,000-15,000 crore revenue and stand alone 7-8% PAT margin, 6-6.5% EBITDA Margin for the full year. Real Estate contribution, we expect a meaningful contribution from our Real Estate projects during quarter three, quarter four, which will support our momentum for profitability. Amrapali project sale, the sales for the Amrapali projects have been launched, and we are expecting a strong response and positive outcomes in the coming quarters. Ghitorni project status, the Ghitorni Real Estate project is in the final stage of resolution, and we will expect to begin position now to award the work either during the end of this quarter or next year first quarter. Thank you. With this, once again, thank you all. Thank you, sir. Participants, please note, if you have any further questions, please contact Balkishan Singla from Investor Relations. Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your line.