NCC Ltd

I now hand the conference over to Mr. Vaibhav Shah from JM Financial. Thank you, and over to you, sir.

Thank you, Steeve. On behalf of JM Financial, I welcome everybody to Q3 FY '26 Earnings Conference Call of NCC Limited. We have from the management, Shri R.S. Raju, Director of Projects; Shri Sanjay Pusarla, Executive Vice President, Finance and Accounts; and Shri Neerad Sharma, Head Strategy and Investor Relations.

Now I hand over the call to the management for their opening remarks, followed by Q&A session. Over to you, sir.

Good morning, everyone, and thank you for joining us today. This is Neerad, and I welcome you to our earnings call for the third quarter of FY '26. And thank you for your continued engagement and confidence in NCC. Joining me on the call are my colleagues, Mr. R.S. Raju, Director, Projects; and Mr. Sanjay Pusarla, our CFO.

We announced our unaudited financial results for Q3 FY '26 yesterday, and the results along with the investor presentation have been uploaded on our website and shared with the stock exchanges. We believe you have had an opportunity to review the same.

Before we proceed, I would like to draw your attention to the brief disclaimer. Certain statements are made during today's call may be forward-looking in nature and are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied. I encourage you to read a detailed statement on Page 2 of the investors' presentation.

We have witnessed headwinds in the third quarter on the execution and profitability parameters, combined with a healthy traction on the order inflow side, strengthening our medium-term visibility.

As of 31st December, ' 25, NCC's consolidated order book stood at INR79,571 crores, supported by fresh order inflows of INR12,430 crores during Q3 FY '26. Importantly, the order book remains well diversified across segments and geographies, providing a strong foundation for execution-led recovery as operating conditions normalize.

During the quarter, the company reported a consolidated revenue of INR4,900 crores compared to INR5,383 crores in the corresponding quarter of the previous year. Despite moderation in revenue, profitability remained resilient with EBITDA margin approximately at 9%, remaining consistent with the company's margin profile during periods of strong execution, supported by our operational discipline and cost rationalization.

On a 9-month basis, cumulative revenue for 9 months FY '26 stood at INR14,693 crores, while cumulative order inflows during the same period amounted to INR22,311 crores, underscoring continued confidence from clients and sustained bidding momentum. If we take into account the orders bagged in month of January, the total order inflow stands at INR24,768 crores.

From a segmental perspective, the order book continues to be well diversified with Buildings accounting for approximately 31%; Transportation, 22%; Electrical T&D, 18%; Mining, 13%; Water & Railway, 10%; and Irrigation and others, 7%. This diversification provides resilience despite short-term volatility in individual segments.

With this, I now hand over to my colleague, Mr. Sanjay Pusarla, to take you through the detailed financial performance for the last quarter. Over to you.

Good morning, ladies and gentlemen. This is Sanjay Pusarla, CFO from NCC Limited. I'm pleased to announce the financial results for the period ending 31st December, 2025, that is Q3 of FY '26. My announcement will cover the order book, revenue profitability, debt movement and some of the important balance sheet items.

Starting with order book. Our order book stands at INR79,571 crores as of the end of December 31, 2025. As you are aware, the order book at the beginning of the year stood at INR71,568 crores and orders received during Q3 FY '26 is INR12,430 crores. The order book at the end of December stands at INR79,571 crores, which contains stand-alone INR72,748 crores and INR6,823 crores of the subsidiaries.

Coming to the revenue. The stand-alone revenue reported in Q3 FY '26 is INR4,082 crores as against a turnover of INR4,720 crores in the corresponding period of the previous year, which is down by 12.2%. At consolidated level, the turnover reported in Q3 is INR4,900 crores as against turnover of INR5,383 crores in the corresponding quarter of the previous year, which is down by 9%.

Coming to the profitability. At stand-alone level, we achieved EBITDA of 8.1%, which is INR327.31 crores for Q3 as against 8.76%, which is INR409.39 crores of the corresponding quarter of the previous year, which is less by 20%. PBT we achieved at 3.47% before exceptional items and PAT of 2.01% in the current quarter, that is Q3 FY '26 as against PBT of 5.18% and PAT of 3.93% reported in Q3 FY '25.

The profitability at the consolidated level. We achieved EBITDA of 8.96%, which is INR436.24 crores and PBT of 4.4%, which is INR213.43 crores before exceptional item, and PAT of 2.5%, which is INR122.46 crores in the current quarter that is ending 31st December, 2025 as against the EBITDA of 8.25%, PBT of 5.02% and PAT of 3.59% reported in the corresponding quarter of the previous year.

Coming to the debt movement. The debt at the beginning of the quarter stood at INR2,115 crores and net debt after cash and cash equivalent is INR1,890 crores. At the end of Q3 FY '26, it stood at INR2,980 crores and net debt INR2,830 crores. And at the end of Q3 FY '25, the same is at INR2,415 crores and net debt of INR2,344 crores.

There is an increase in debt by INR865 crores in Q3 FY '26. The debt equity ratio stands at 0.40x at the end of Q3 FY '26 as against 0.29x at the end of Q2 FY '25 and 0.21x at the end of March '25.

Coming to the working capital, excluding cash and margin money deposits. At the end of Q3 FY '26, it stands at INR6,036 crores, which is 37% of the turnover. And in terms of working capital days, it is 119 days. The debtors outstanding at the end of Q3 has increased from INR3,277 crores to INR3,505 crores. And the number of days also increased from 78 days to 87 days in the current quarter, and 74 days for corresponding quarter of the previous year.

The unbilled revenue, this stands at INR7,129 crores, which is 44% of the turnover for Q3 FY '26 as against INR6,663 crores, that is 41% of the revenue at Q2 FY '26. Retention money stands at INR2,999 crores -- sorry, INR2,099 crores, which is 8% for Q3 FY '26 as against INR1,993 crores, which is 7% at the end of Q2 FY '26.

Coming to the mobilization advances. Mobilization advances stood at INR3,162 crores as on 31st December, 2025, as against INR2,961 crores as on September 30, 2025, indicating a net increase by INR210 crores. Of these mobilized advances, 67% are interest-bearing and the average interest rate comes to 9.1%. Interest-bearing advances increased from 63% to 67% in the current quarter, Q3 FY '26.

Cash and cash equivalents, it is INR150 crores as on 31st December, 2025 and INR224 crores as on 30th September, 2025. Margin money deposits, INR671 crores as at 31st December, '25 and INR671 crores -- similar -- same level at 30th September, 2025.

Coming to the capex. We have incurred a capex of INR96 crores in the current quarter and INR265 crores in the 9 months period in FY '26. As against the budgeted capex of INR1,050 crores for regular projects, it was revised to INR1,050 crores from INR750 crores. And we have a CWIP that is a capex incurred on TBM kept under CWIP as the machine is yet to be put to use.

Coming to the investor-related ratios. EPS stands at INR1.30 as at the end of Q3 FY '26, as against INR1.62 in Q3 '25. The inventories stands at INR1,696 crores as at the end of December '25 and the investment in subsidiaries stands at INR896 crores as at the end of December '25.

The loans to group companies is INR233 crores as at 31st December, 2025 and the Vizag Urban status as at the end of December '25 is INR391 crores.

I think I have covered most of the P&L items and the balance sheet items. With this, I conclude my announcement for the Q3 FY '26. Thank you so much.

Thank you very much, sir. We will now begin the question and answer session. First question comes from the line of Parikshit Kandpal with HDFC Securities.

My first question is on the execution. So if you can help us understand, I mean, last call, you had highlighted INR28,000 crores of orders won in March have not moved into execution. And even JJM, I think INR7,000 crores were under slow execution. So if you can help us understand the movement of these orders into execution?

And also, if you can tie that up with your increase in debt of INR1,000 crores. So does it pertain to mobilization of these sites? Because that's a substantial jump without a commensurate increase in execution in this quarter?

So I think the first part of your question was about these 2 specific projects, right?

Yes, sir. INR7,000 crores JJM and INR28,000 crores of projects won in March quarter of last...

Yes. JJM as you know, there is -- this information is already available in the public domain that payments have not been coming. Though we are happy to report that we have started receiving payments slowly. We have already received about INR560 crores right, about? INR560 crores for this.

INR560 crores, approximately we have already received. And we are hopeful that looking at the very handsome provision that has been made in the FY '27 budget, we believe that payments should start flowing in. And as and when the payment starts flowing in, we will try to evaluate and try to see how to move forward. This would depend on the payment release pattern of our clients.

The second part of your question was about? Which project, Mr. Kandpal?

Just quickly on JJM, sir. INR1,700 crores was the receivable last quarter, and 6 months' execution was INR1,082 crores. So if you can help us understand what is the receivables now after you have received this INR500-odd crores? And what is the execution in this quarter or for the 9 months? Anyone of those numbers/ Yes. This INR1,700 crores, whatever receivables we said in the last quarter, that includes my receivables, even retention money and also the unbilled revenue also for the JJM projects in Uttar Pradesh. So out of this, we have already received an amount of INR560 crores in the current period. And we are expecting that we'll be getting some more money in the coming period.

The good news is that, the center has done a revised estimates. They have created INR17,000 crores provision to be released in the next 2 months, that is before end of March. For the next year also, they have created an estimate of -- they provided a budget of INR67,670 crores. So we are expecting that the payments will start flowing in.

And we have also started executing those projects, which we have substantially completed and where the payments are coming in. So this momentum, I think it will be maintained for the next 2 months or 3 months, then we'll be progressing well in the current quarter or the coming quarters on the JJM projects. As far as the other... So what's the outstanding now, sir? Sorry?

What's the outstanding against the INR1,700 crores -- last quarter was INR1,700 crores, what is it now? INR1,200 crores… About INR1,200 crores. Only for UP. Only for the UP -- sorry?

So INR1700 crores was for UP last quarter, now it has come down to INR1,200 crores? Yes, yes, please.

And what was the execution in this quarter from the JJM?

Execution in the quarter is not much. In this quarter, we have done somewhere around -- 1 second, I'll let you know. INR82 crores, we have done. INR82 crores. Yes.

Understood. Sir, second question is on the projects which have not moved. So is the entire order book of INR72,000 crores now under execution? Because last quarter, we have said that about INR28,000 crores won in the Q4 is in initial stages of execution. So now has the entire order book moved up? And will that result in substantial ramp-up in execution in Q4? And will that also mean that you will give guidance for FY '26 now?

FY guidance will be -- for '26 guidance is already...

We have formally withdrawn -- that is no guidance as we speak for FY '26.

As a second thing, you were talking about the projects which were in the mobilization stage earlier. All the projects which were in the mobilization stage, now they've got all the clearances, mobilizations are also completed, including those projects -- large projects like tunnel project and coastal road project. There also, we have got all the clearances, even the equipment has also received.

Because for the TBM, we have to prepare the landing shaft and that landing shaft is also now got cleared, and we are getting ready for that. This quarter, definitely, we'll see a lot of progress.

And we expect that these projects will start executing and also give some kind of revenue from this quarter onwards.

So Q4, sir, last year, we have done INR5,400 crores. So are we expecting any growth? Or do you think that all these efforts are moving the entire order book, so we'll still not fructify in Q4, maybe from Q1? So are we looking at a number or some growth on last year number of -- March number of INR5,400 crores. So INR6,000 crores plus kind of turnover are you looking at this fourth quarter?

Yes. I wish to submit 2 things to you, Mr. Kandpal. The first one is, as you know, formally, we have withdrawn the guidance for FY '26. So naturally, the Q4 is a part of '26. That said, we will make all the possible attempts to report the -- whatever best that is possible for the current quarter, that is Q4.

Sir, I mean half of the quarter is gone, and still you don't have handle on the business and on the growth or the guidance, so I don't think what is going wrong despite having such a strong order book. So why you're not getting confidence when you're getting payments from JJM? So what is still holding you on to give your revised guidance?

I mean even if it is negative, it's fine. But directionally, it seems that you're not confident on the business is what signaling me. Because in Q4 also now you're already -- half the quarter is gone and still we don't know whether -- what kind of revenues or directionally whether we'll see a growth Y-o-Y. So just wanted some color on that?

I think what you need to understand withdrawal guidance is already given earlier. As far as third quarter is concerned, it is completed. The fourth quarter is on the way. We are also expecting that because the Jal Jeevan Mission payments also going down and other projects also started execution where we were in the mobilization phase in the earlier period.

We definitely expect that this quarter will be good. But what number we will reach, how we will reach, we'll not be able to tell right now. But definitely, it will be a good quarter, maybe compared to the previous period, we may reach to that number or near to that number. Yes.

Understood, sir. And just lastly, sir, why has the debt gone up INR1,000 crores? I mean so what has happened? What has led to that despite you receiving INR550 crores from JJM and not much execution happening in JJM, still the debt has gone up significantly?

The money what we have received from JJM is in the month of January. It started receiving from 30th or 31st of December. We received very less amount in quarter 3. And whatever money we said, we have received only in January. That is one reason.

The other reason is on the capex. The other reason is on the capex also. In addition to the capex, we have got smart meter projects also. We have also taken some loans on the smart meter projects, so those loan reprisal is also added to the debt movement.

The next question comes from the line of Shravan Shah with Dolat Capital.

Sir, again, trying to harp on what Parikshit has said, let's assume that what sir has just mentioned that we'll try to have a kind of reach what we have achieved INR5,300 crores in the fourth quarter of FY '25. If we do that, then broadly -- and also if you can help us how much is L1 and how much more order is it likely there in this quarter?

So even if I remove that broadly, we should be a INR67,000 crores, INR68,000 crores kind of order book at the end of the March, assuming 0 inflow further in the next 2 months. And 3 months -- 3 years, if we assume our execution rate, that means in FY '27, we should be doing closer to a kind of a INR23,000 -- INR22,000 crores, INR23,000 crores.

So that ultimately means FY '25, then 10% growth, which was our original guidance and then again, a 10% growth. So is that the understanding right? Though that means that FY '27, because of the low base of FY '26, we should be doing a 28% to 34% kind of a revenue growth. So is my understanding in the right direction? Or will there be a significant cut? Maybe maximum, we can look kind of a 15% kind of a growth in FY '27?

Mr. Shah, firstly, it is a little premature to talk about FY '27 guidance. We have to first close.

We have about 150, 160-odd projects. We have to close each of the projects, evaluate what is the revenue, what is the profitability for each of these projects. Generally, we do this exercise in the month of April. And when we do our Q4 call, at that point of time, we should be able to work out some number and hopefully share with you. So give us some time.

As we speak, we don't have any number to share with you. And it doesn't make sense from our part to just hypothetically talk about any number without evaluating each of the projects that we have, how much revenue is possible. So we will do a thorough exercise, give us some time, and then we will get back to you.

No, I understand. So I'm not even asking for the clear kind of a guidance. But directionally, so that's what I tried to explain you, let's say, INR68,000 crores kind of order book at the end of the March, 3 years execution, so that directionally, that's the way one can look at? Or is -- there are projects where the execution time line is maybe of 5 years plus, and that's why we are not kind of confident.

So directionally, I wanted to understand. So or simple -- let's say, simply put it together, whatever we have lost in FY '26 in terms of the revenue, the 10% growth, which we wanted to achieve, can -- we can recoup in the FY '27 with further more growth in FY '27?

Yes. Let me answer that question little differently, Shravan ji. There are 2 important. One important variable that we many times miss is the ability of the clients to make timely payment.

If you do a thorough analysis, there are a few signature projects that have given us very good profitability and revenue in the past. Those projects have not been making timely payment. You know that. So we have to always keep that in mind.

The second factor is the ability of the clients to get the permissions, all the ROWs in place. We have what it really takes to execute the projects. There is nothing that is missing from our side.

But unless the payments are forthcoming on time, unless all the ROWs, every permit, everything is in place, there is little that we could do, right? And as a person who has been tracking this sector for so long, you know this. You know this is possibly better than us.

Yes. But sir, if I just go by the numbers, for 9 months also, if I look at, the degrowth actually is happening in the building space, which is our core. So there -- if I just look at the number, it is a 14% degrowth and that's why the entire -- versus what we kind of highlighted that it is because of the JJM, the payment issues, that we have slowed down.

But we are nowhere highlighting that it is the Building, which is actually dragging down and we withdraw the kind of a guidance. So are we also facing challenge in the Buildings in terms of the payment clearance, whatever you want to name it?

No, no. Some of the projects that we are doing in the JJM, Building plays an important role in that, right? So some of the impact that you are talking about is because of that factor also. And when we talk about buildings, if you really see the Slide Number 6, we have given all the kind of projects that we execute in our Buildings segment. So it is -- I think it is possibly not correct to summarize that. But all the factors that we have been talking about in the past in last till last 4, 5 quarters has really impacted the performance. And now, sir, in terms of margins...

Mr. Shravan Shah, I would request you to please come back in the queue for further questions.

The next question comes from the line of Karan Gupta with CAVI Capital.

Yes. So just wanted to check on the status of the Vizag...

Mr. Karan, could you please use your handset? Is this better? Yes.

Yes. So just wanted to check on the status of the Vizag receivable. You mentioned it was INR391 crores at the end of Q3, which was the same as last quarter. So there was an expectation of INR120 crores receivable in FY '26. So is that still on track?

Yes. There was some agreement that was made with them. That money we'll be getting in the month of -- in the current quarter, we'll be getting that money. Yes.

Okay. And sir, can you just throw some light on the nature of this receivable? Is this -- was this for a sale of some real estate? Or why is the time line so long, especially when the market has been doing well?

Could you please repeat your question? Your voice is also not very clear, Mr. Gupta.

Okay. I just wanted to understand what is the nature of this receivable? Was this against some sale of real estate? And why is the time line so long? The balance is expected in another, [inaudible 0:30:43] month from the receivable, why it stands the way it is?

Your question is not clear to us, Mr. Gupta, if you could speak a bit louder or come -- bring your -- the speaker a little closer.

Okay, I will join back in queue. I think I have a bad network, so I will join back.

The next question comes from the line of Vaibhav Shah with JM Financial.

Yes. Sir, so what would be our outstanding order backlog in JJM? Yes. Yes, Mr. Vaibhav.

What would be our outstanding order backlog in JJM including all the states?

It is INR7,000 crores and reduced by somewhere around INR80 crores, INR85 crores, which we have done in... Q3. Q3.

And the receivables number total, including all the states?

Including all the states, including the water for...

I think it will be less than INR7,000 crores.

UP was INR1,200 crores. And what about other states?

Including all the projects of JJM were we are executing, not only in UP, in all other states also, considering the work what we have done and to be built and whatever receivables are there, if I take that, that comes to somewhere around INR3,700 crores as at the end of December. After that, we received about INR560 crores, and we are expecting some more payments to come in this current quarter.

So, sir, in non-UP states, we have around INR2,000 crores outstanding as of now after even considering the INR560 crores we received in JJM? Two type of projects.

There are 2 types of projects. One is the projects which are executed borewell and which are under surface water, okay? Both the projects together we were talking about. Both are under JJM? Both are under JJM.

Okay. Sir, secondly, what would be our -- so we will be maintaining our capex number of INR1,050 crores for this year?

Yes. Definitely, we'll be maintaining the same number because we... And sir, for next year?

We have got a project in the Mining division where we need to invest somewhere around INR300 crores to INR350 crores. And TBM, we have purchased, which is about INR300 crores and rest of the equipment is required for our regular operations.

Number for '27 would be somewhere around INR300 odd crores?

Difficult to say currently for the FY '27.

FY '27 depends on the project we'll be getting it. Definitely, it will be somewhere around INR400 crores. INR400 crores, it will be. Mining, we don't require all the equipment at one time, so we'll be requiring in phased manner.

So, when we talk about the FY '27, we will share that exact number with you. But approximately, it should be in the same range what we just talked about, INR400 crores.

Okay. And sir, I wanted 2 data points. What would be our investment in subsidiaries and loans to subsidiaries? I missed those numbers?

The loans to group companies stands at INR233 crores as at 31st December. The investment is INR896 crores as at 31st December, '25.

No, this number has come down significantly on a quarter-on-quarter basis, both the numbers?

Yes. It has come down. I think you are aware that NCCIHL merger has been approved, and we have consolidated those numbers into our accounts now.

Okay. And sir, lastly, on the smart meter side, we were talking about tying up with a partner. So any progress on that front? And what investments have we made till date in smart meters?

Till date, we have made an investment of INR377 crores in both of our smart meter projects. And what portion remains now?

About INR150 crores -- INR120 crores, I think, is remaining now. Which should be done in FY '27? Obviously, it has to be done.

The next question comes from the line of Ashish Shah with HDFC Mutual Funds.

Yes. Could you highlight if there is this merger that you talked about, whether that had any impact on the stand-alone debt levels that we have talked about?

There is no impact on the debt levels of the stand-alone because of the merger.

All right. The other thing is on the capex. So if I heard you right, in 9 months, we have spent only INR265 crores, is it?

We have kept it in CWIP because the TBM equipment which has been imported and received at the project site that has not commenced operations. That's why that was kept in CWIP. So with that, including that, it will be somewhere around INR610 crores, INR620 crores.

Okay. So basically, if INR1,050 crores is what you intend to spend for the year, give or take around INR400 crores thereabouts is what you -- will be a cash outgo in the fourth quarter towards if the...

It's not a complete outgo because we'll be taking the equipment loans. Yes, where only 10% will be the margin money. Rest of the money will be funded by the institutions.

Sure. But basically, from a balance sheet perspective, you'll be adding a certain amount of debt. So what I'm coming to my final... Capex will be an addition.

Right. So from a March perspective, from an end of the year perspective, what's the kind of debt level that you will be targeting given the expectation that there will be some improvement in the payments, etc.? What's the debt level that you will target for the end of the year, given the capex and given the expected improvement in the receivables?

Today, we are not very sure about how much money that JJM projects will contribute, okay?

Right now, we have received about INR550 crores, INR560 crores, and we are expecting some more money. We do not know what is the quantum that is going to come in. But we expect that good money should come from there. And the debt level somewhere around INR2,400 crores, around that level it will be there.

Okay. This, we are saying at the net debt level or the gross debt level, just to clarify, sir? The gross debt level. Gross debt level of INR2,400 crores.

The next question comes from the line of Balasubramanian with Arihant Capital.

Sir, that smart metering SPV, I think we have already invested INR300 crores. I think another INR280 crores is planned. I just want to understand what is the expected time line for breakeven and profit contribution from this SPV? And how this profit share is split between NCC, EPC and the SPV structure?

I think the structure part of it, I think it is not very feasible to discuss on this call, one. And second thing is that as far as the investment is concerned, we have already done an investment of INR365 crores and about INR120 crores further investment is required for the balance period of the project.

Yes, sir. Sir, second question, I think we are also exploring private capital projects. I just want to understand what is the targeted scale and margin profile in this segments? And how it will complement our existing NCC Urban pipeline? Could you please repeat your question?

Sir, actually, we are exploring private capital projects also. I just want to understand what is the targeted scale and margin profile in those segments and how it will complement our existing NCC Urban pipeline?

We want to understand what is the private capital projects.

Private capital, we always try and work with the private sector. Private sector, there are projects that we are doing. There are projects that we have done in the past.

Sir, I'm trying to understand what kind of scale -- yes, sir. I'm trying to understand what kind of scale we are targeting, what kind of projects scale in terms of numbers, whether we are targeting INR500 crores, INR1,000 crores or up to INR5,000 crores. I'm trying to understand those aspects?

You mean to say that in the private sector, you are saying that? Because we have been on government sector. And in the private sector, we started doing some projects, which almost contributes about 4% to 5% of the total order book.

Regarding the targeting a project, we don't really have a value that we will only target X or Y crores or INR1,000 crores projects. We try to holistically look at the projects, what is the nature of the project. Value is also important, but that is not the only driver. What kind of projects is this? What is the complexity? Who is the client? Who is developing the project? What is the funding in place? What kind of skills are required to draw from in-house too? So we try to look at the project holistically, not we are not driven only by a particular value.

Mr. Balasubramanian, I would request you to please come back in the queue for further questions.

The next question comes from the line of Parvez Qazi with Nuvama Group.

So as Neerad ji obviously highlighted that the quantum of execution that you can do depends on 2 things. One is what is the ROW that your client has provided to you? And second, what is the payment that we can make. I mean only then can we successfully execute the project.

So 2 related questions from my side of this INR80,000-odd crores order book that we have.

What is the quantum of projects where work has not started because the client has not provided you with ROW or because of whatever approval-related reasons?

And the second is, I mean, you did talk about JJM. But apart from JJM, which are the other sectors and projects which are facing payment issues?

Two things, sir. One is as far as the payment issue is concerned, little delays will be there in the case of government projects, you are aware of that. The delay -- more delay happened only in the JJM projects. Other than JJM projects, we have not seen much of delay. We are getting the payments on regular basis, and we are able to deploy the funds again in the projects.

Coming to the other question on the projects which are there at the moment. All the projects which are there at the moment, we have got all the clearances. In the past, when we were talking about, we were talking about Malad project, we were talking about GMLR project where we had to get the clearances and there were delays in starting the project.

Today, we are sitting in January '26, and we feel that all the projects which are there on the order book, we do not have any such kind of issues. The projects have been going on now.

Mr. Qazi if I add my two cents to you. I think my colleague, Mr. Pusarla, already highlighted that most of the projects are now already in the execute stage. And in a public forum like this, it is not appropriate for us really to call out a client's name that he is not giving approval, he's not given approval. This is not the right platform. If you have any specific questions, we can always connect offline. There are contractual issues related to confidentiality. We cannot just call a client's name out. Right?

No, no, I anyway wanted detail about segments, but yes, I mean, we'll connect offline. Not an issue.

The next question comes from the line of Prithvi Raj with Unifi Capital.

Yes. I just have one question. Given the high commodity prices, could you give us a sense of how much of your contracts are fixed price, how much are variable price? And what can be the impact because of the commodity prices? 79% of our contracts have got escalation clauses. So any escalation that happens, that will get compensated because of the escalation clauses available in the contracts. In terms of value.

The next question comes from the line of Vasudev with Nuvama.

Yes. So can you help us with the bid pipeline across segments? And are we currently L1 in any projects?

The L1 value would be approximately INR2,000 crores.

Okay. And what would be our bid pipeline if you can quantify across segments?

At the -- generally, at the start of the financial year, we talk about a bid pipeline. We have already shared that number in the call. It was a little more than INR2 lakh crores for the whole year.

The next question comes from the line of Darshil Jhaveri from Crown Capital.

Sir, just wanted to know, like I know we're not giving any guidance per se, but just when we -- can you hear me, sir? Yes, we can hear you. Please go ahead.

So just wanted to know when the start of the year, we were estimating around 10% growth happening. But even if we match Q4 -- last year's Q4 number, we might have a slight degrowth happening, right, around 5% to 7%. So we've kind of missed our target by 15%. So I understand JJM issues were there. So can you quantify like what was our expected revenue that we expected from JJM?

And is there any other segment that has also underperformed if you can call out on that? I don't want any clients' name or anything. Maybe just a segment overall where maybe we faced a challenge. And for FY '27 also, will that challenge persist?

My question is just coming from the perspective, like we understand it's a cycle that happens, right? So FY '26 had some troubles, but will that continue in FY '27? That's where I'm just coming from. So yes, I just wanted to know, like, is there any other segment? Because I think JJM was not that big part of our book where we could kind of missed it by around 15%. Yes, that's it from my side?

Just to give you an overview, JJM projects, we said that this INR7,000 crores is the order book that is pending. And we have expected that we will be executing somewhere around between INR4,000 crores to INR5,000 crores in the current year. Because the projects were going very fast, we expect that same momentum will be maintained.

Unfortunately, because of other matters, the project -- like delay in the payment, the projects could not be executed. So that is the main reason where we could not even achieve the number what we have promised and also led to withdrawal of the guidance. That is one. Any other question, please.

Yes. I just wanted to ask, so in terms of FY '27, if I completely remove JJM, like if it happens, it happens, right? So with that, like we are looking at normal business, right? Like, if... Yes. Okay. Thank you so much.

The next question comes from the line of Abhishek Maheshwari with SkyRidge Fund Managers.

Happy to hear that payments have been released now. Sir, I have only one question regarding unbilled revenue. That has increased from INR6,600 crores in H1 to upwards of INR7,500 crores now. So now that the payments are being released, do you expect that the flow from unbilled revenue to -- from balance sheet to income statement will improve from Q4 onwards, thereby adding to your revenue growth?

Yes, you are spot on the question. Actually, the unbilled revenue will come down because whatever money we are getting from JJM, it will lead to conversion of my unbilled revenue in the billing again. Earlier, the JJM project, the billing was not done because of the certification.

And the client also did not certify because the payments are not being made.

Now the payments are coming -- forthcoming, and we expect that this unbilled revenue will get converted into billing and into the realization. There will be definitely some traction on this, and we can see an improvement in the Q4.

So this will not only contribute to revenue, but also help your working capital cycle improve, right? Yes, please. You are right.

The next question comes from the line of Bharat with MC Pro Research.

Yes, sir. Just getting one clarification on the previous question. So you said that you were expecting execution of INR4,000 crores to INR5,000 crores in FY '26 under JJM. So just wanted to check till now, what has been the actual execute for 9 months? And if you can give the figure for January as well, that would be great?

It was INR1,500 crores for all the projects, both the projects together, like surface water and the Borewell projects. Borewell.

Yes, together. It was about INR1,300 crores to INR1,500 crores between that, yes.

Okay. So this is for 9-month period or it is still January? 9 months period, please. 9 months period. Okay.

The next question comes from the line of Saket Kapoor with Kapoor & Co.

Sir, firstly, if you could give us some color on the pace of execution for the previous month as we have received money for this month of February. So was our pace of execution on the pending orders where mobilization was good has taken pace? Or any color you can give on the same?

Saket ji, the payment has just come last month in month of January. That is also a very small amount. And we are doing lot of projects. We have already talked about the total projects that we are doing in state of UP. So depending on the pattern, depending how in the next 2 months, payments are received and then we will evaluate the conditions of all the sites and accordingly decide, right?

No, no. Sir, I was looking at the NCC, as an entity, how have we performed on execution for the month of January? How has been the pace of execution? Yes. Have we gathered momentum or...

We gathered momentum in the month of January. There is no doubt in that because the money flow is coming in. And we gathered momentum may not be on the same JJM project, but other projects also, they have started picking up now.

Mr. Saket, I would request you to please come back in the queue for further questions.

The next question comes from the line of Krish with Anand Rathi.

Just one question from my side. I just wanted to know if there are any slow-moving projects like I mean, Ken-Betwa optical fiber projects, I mean, how are they progressing?

Both the projects are progressing well. In the case of Ken-Betwa, we have already completed all the infrastructure facilities. And now this is the season we are starting now further work, because of the rains and other things, we could not do before. But now during that period, we have done complete mobilization. Now we have started working in a good season, may be coming months.

And as far as the BharatNet is concerned, we have been working on that, and we are making a good progress. And compared to the peers in the industry, I think we are much ahead of the other people in terms of execution.

The next question comes from the line of Shravan Shah with Dolat Capital.

Yes. Sir, trade payable as on December what was the number? And in terms of the EBITDA margin, this 8.1% at stand-alone for 9 months, so how one can look at that number?

EBITDA we have already explained to you before... 8.1% standalone, 9%...

Yes, no, no. I know the number. What I'm saying is this number -- what's the possibility that this number can go up to 9%?

Today, we will not be able to comment on that. But definitely, we see that there will be a good growth in the quarter 4.

And trade payable number as on December, sir?

As on December its INR6,214 crores, including the retention money.

Okay. And the cash and cash equivalent, which was the number reported in balance sheet as on September, which was INR666-odd crores, so that similar number would be -- as on December would be how much?

Can you repeat it again? Cash and cash equivalents...

Cash and cash equivalent, which is part of current asset, as per the September balance it was around INR667 crores. So similar number as on December would be how much?

No. As on September '25, the cash and cash equivalents and the margin money deposits together is INR900 crores, okay? And at the end of December '25, it is INR820 crores. There is a reduction by INR80 crores compared to September '25.

The next question comes from the line of Aditya Sahu with HDFC Securities.

I wanted to understand on the standalone level, the INR72,000 crores -- INR73,000 crores order book that we have, if you could provide a bifurcation of the order book, that would be helpful? It is there in the website.

It's already there. I don't -- if you really see our investors presentation uploaded on our website.

So in the Slide Number 8, all the details are given.

That would be for the consolidated one? Or is it for the standalone one, because... Consolidated one.

At the stand-alone level, do we have any bifurcation of the order book?

The stand-alone level, it is INR72,748 crores.

Right. And the bifurcation of that number?

And consolidated is INR72,823 crores. Yes.

Okay. Like do we have the bifurcation for the INR72,000 crores stand-alone order book?

If you see the order book, what is given on the investor's presentation, if you remove the Mining, which is a major part of the subsidiaries, you will get to know other things.

The next question comes from the line of Balasubramanian with Arihant Capital.

Sir, this out of INR1,200 crores outstanding in JJM, is INR1,000 crores is expected next 1 or 2 months? I missed that point actually?

We expect to receive good money, but we do not know what is the quantum… About INR500 crores, which we have already received. But it would really depend on the client to what extent they are able to release the payment.

The next question comes from the line of Vaibhav Shah with JM Financial.

Sir, just one data point. What would be our electricals order book at standalone and consol level? Electrical, you are asking? Yes.

Electrical on the consol, it is 18% of INR79,571 crores. And on standalone? INR800 crores, that's it.

You can just remove INR800 crores or less, or just wait for a moment, I will give you the number.

On the consol level, the exact number is INR14,323 crores. The standalone number is INR13,523 crores.

The next question comes from the line of Saket Kapoor with Kapoor & Co.

Sir, just pertaining to the merger part of the story, wherein in your slides also you have highlighted that the figures have been regrouped in terms of debt and receivable part also, sir, if you could just quantify to us what has been the material impact due to the merger part? And secondly, pertaining to the Mining JV, sir, what are we anticipating in terms of the ramp-up for the coming years and then the revenue profile moving ahead? Ramp-up for the coming years...

Merger, there is -- there is debt. There is money...

Sir, on the merger, you were asking, so I didn't get your question. Can you just repeat the question?

Sir, I have asked the question on the -- first on the merger part. As in the slide, it has been mentioned, particularly when we look at our -- the Slide Number 17, performance trend stand- alone, wherein we have mentioned under the asterisk that restated after merger of NCCIHL with NCC Limited. So had that any impact on the debt? I think so you have clarified earlier. So what has been the material impact with this merger on the financials? And my second question...

There is no impact on the debt. But the impact is only on account of the realistic value of the investments that have been accounted in the consol books. So we have an investment of INR558 crores earlier, which is represented by some of the assets in the NCCIHL at a fair value, which is more than even INR558 crores. When we started merging those NCCIHL into my console, there is a reduction of INR270 crores or INR330 crores in the overall balance sheet, that is what we have written after merger. P&L, there is no impact. Yes. No, there is no impact on the P&L. No debt.

Correct. And for the Mining part, can you throw some light? How is the Mining JV going to perform when it will reach its peak optimum level of evacuation, the coal JV?

I think we have already reached the optimum and we are doing at the optimum level only. And we expect to... We have a new project.

We have got a new project also at Amrapali in Jharkhand, where it was INR6,800 crores of -- worth of project, which is for the 7 years. We started mobilizing the equipment for this project, likely to start working on the project maybe from next month onwards.

Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments.

Thank you, Mr. Vaibhav Shah. I take this opportunity to thank each of you for your enthusiastic participation in the call. Thanks, and take care. Thank you. Thank you so much. Thank you, everyone.

Thank you. On behalf of JM Financial, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.