NCC Limited (NSE: NCC) Q3 2026 Earnings Call dated Feb. 06, 2026
Corporate Participants:
Neerad Sharma — Head Strategy and Investor Relations
Sanjay Pusarla — Executive Vice President, Chief Financial Officer
Analysts:
Unidentified Participant
Vaibhav Shah — Analyst
Parikshit Kandpal — Analyst
Shravan Shah — Analyst
Karan Gupta — Analyst
Vaibhav Shah — Analyst
Ashish Shah — Analyst
Balasubramanian — Analyst
Parvez Qazi — Analyst
Prithvi Raj — Analyst
Vasudev — Analyst
Abhishek Maheshwari — Analyst
Saket Kapoor — Analyst
Krish — Analyst
Aditya Sahu — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the NCC Limited Q3FY26 earnings conference call. 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 Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. c . Thank you. And over to you sir.
Vaibhav Shah — Analyst
Thank you Steve. On behalf of JM Financial, I welcome everybody to Q3FY20 conference call of NCC Limited. We have from the management C. RS Raju, Director of Projects, Sri Sanjay Kusarla, Executive Vice President, Finance and Accounts and Sri Neeraj Sharma, Head Strategy and Investor Relations. Now I hand over the call to the management for the opening remarks followed by Q and A session. Over to you sir.
Neerad Sharma — Head Strategy and Investor Relations
Good morning everyone and thank you for joining us today. This is Neeraj and I welcome you to our earnings call for the third quarter of FY26 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 Q3FY26 yesterday and the results along with the investor presentation have been uploaded on our website and shared with the stock exchanges. We believe you have had an opportunity to review the same. Before we proceed, I would like to draw your attention to the brief disclaimer.
Certain statements made during today’s call may be forward looking in nature and are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied. I encourage you to read a detailed statement on page two of the investor’s presentation. We have witnessed headwinds in the third quarter on the execution and profitability parameters combined with a healthy traction on the order inflow side strengthening our medium term visibility. As of 31st December 25th, NCC’s consolidated order book stood at Rupees 79,571 crore supported by fresh order inflows of Rupees 12,430 crore during Q3FY26. Importantly, the order book remains well diversified across segments and geographies providing a strong foundation for execution laid recovery as operating conditions normalize.
During the quarter, the company reported a consolidated revenue of rupees 4900 crore compared to rupees 5383 crore in the corresponding quarter of the previous year. Despite moderation in revenue, profitability remained resilient with ebitda margin approximately at 9% remaining consistent with the company’s margin profile during periods of strong execution supported by our operational discipline and cost rationalization. On a nine month basis, cumulative revenue for nine months FY26 stood at Rupees 14,693 crore while cumulative order inflows during the same period amounted to rupees 22,311 crore, underscoring continued confidence from clients and sustained bidding momentum. If we take into account the orders back in month of January, the total order inflow stands at Rupees twenty four thousand seven hundred sixty eight crore.
From a segmental perspective, the order book continues to be well diversified with buildings accounting for approximately 31%, transportation 22%, electrical TND 18%, mining 13%, water and 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 Pusala to take you through the detailed financial performance for the last quarter. Over to you.
Sanjay Pusarla — Executive Vice President, Chief Financial Officer
Good morning ladies and gentlemen. This is Sanjay Poosarla, CFO from NCC Limited. I am pleased to announce the financial results for the period ending 31st December 2025 that is Q3 of FY26. My announcement will cover the order book, the venue, profitability, debt movement and some of the important balance sheet items starting with order book. Our order book stands at 79,571 crores as at the end of December 31, 2025. As you are aware, the order book at the beginning of the year stood at 71,568 crores and orders received during Q3FY26 is 12,430 crores. The order book at the end of December stands at 79,571 which contains standalone 72,748 crores and 6,823 crores of the subsidiaries coming to the revenue.
The standalone revenue reported in Q3 FY26 is 4,082 crores has against a turnover of 4,720 crores in the corresponding period of the previous year which is down by 12.2% at consolidated level the turnover reported in Q3 is 4,900 crores has a risk turnover of 5,383 crores in the corresponding quarter of the previous year which is down by 9%. Coming to the profitability at standalone level we achieved EBITDA of 8.1% which is 327.31 crores for Q3 as against 8.76% which is 409.39 crores of the corresponding quarter of the previous year which is less by 20%. PBT we achieved at 3.47% before exceptional items and PAT of 2.01% in the current quarter I.e.
q3FY26 as against PBT of 5.18% and PAT of 3.93% reported in Q3FY25. The profitability at the consolidated level we achieved EBITDA of 8.96% which is 436.24 crores and PBT of 4.4% which is 213.43 crores before exceptional item and PAT of 2.5% which is 122.46 crores in the current quarter that is ending 31st December 2025 as against the EBITDA of 8.25%, PBT of 5.02% and PAT of 3.59% reported in the corresponding quarter of the previous year. Coming to the debt movement, the debt at the beginning of the quarter stood at 2115crores and net debt after cash and cash equivalent is Rupees 1890crores at the end of Q3FY26.
Its true debt 2980crores and net debt Rupees 2830crores and at the end of Q3FY25 the same is at Rupees 2415crores and net debt of 2344crores. There is an increase in debt by 865crores in Q3FY26. The debt equity ratio stands at 0.40 at the end of Q3FY 26 has increased 0.29 at the end of Q2FY25 and 0.21 at the end of March 29. Coming to the working capital excluding cash and margin money deposits, at the end of Q3FY26 it stands at 6036 crores which is 37% of the turnover and in terms of working capital days it is 119 days.
The data outstanding at the end of Q3 has increased from 3277crores to 3504 3505crores 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 it stands at 7129 crores which is 44% of the turnover for Q3FY26 as against 6663 crores that is 41% of the revenue at Q2FY26 retention money stands at 2999 crores. So 2099 crores which is 8% for Q3FY26 as against 1993 crores which is 7% at the end of Q2FY26. Coming to the mobilization advances Mobilization advances to date 3162 crores as on 31st December 2025 as against 2961 crores as on 9-30-2025 indicating a net increase by 210 crores.
Of these mobilization advances, 67% are interest bearing and the average interest rate comes to 9.1%. Interest bearing advances increased from 63% to 67% in the current quarter. Q3 FY26 cash and cash equivalents it is 150 crores as of 31st December 2025 and 224 crores as on 30th September 2025. Margin money deposits 671 crores as at 31st December 25th and 670 similar same level at 30th September 2025. Coming to the capex we have incurred a capex of 96 crores in the current quarter and 265 crores in the 9 months period in FY26 as against the budgeted capex of 1050 crores for regular projects it was revised to 1050 crores from 750 crores and we have a CWIP that is a capex of 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 1.30 as at the end of Q3FY26 as against 1.62 in Q3 25 the inventories stands at 1696 crores as at the end of December 25th and the investment in subsidiaries stands at 896 crores as at the end Of December 25th. The loans to group companies is 233 crores added 31st December 2025. And the Vijaya garban status either they end up December 25th is 391 crores. I think I have covered most of the P and L items and the balance sheet items. With this I conclude my announcement for the Q3 FY26.
Thank you so much.
Questions and Answers:
operator
Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question comes from the line of Parikshit Kanpal with HDFC Securities. Please go ahead.
Parikshit Kandpal
My first question is on the execution. So if you can help us understand. I mean last call you had highlighted 28,000 crores of orders. One in March I have not moved into execution. And even JGM I think 7000 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 thousand crores. So it doesn’t pertain to mobilization of these sites. Because that’s a substantial jump without a commensurate increase in execution in this quarter.
Neerad Sharma
Mr. Khan Pal. Good morning.
Parikshit Kandpal
Good morning.
Neerad Sharma
So I think the first part of your question was you know about these two specific projects, right?
Parikshit Kandpal
Yeah. So 7,000 JGM and 28, 000 of projects one in March.
Neerad Sharma
As you know, as you know, you know there is this, this is, this. This information is already available in the public domain that you know, payments have not been coming. So though we are happy to report that you know we have started receiving payment slowly. We have already received about you know, 563. Right?
Sanjay Pusarla
About 560 crores. For this.
Neerad Sharma
560 crores approximately. We have already received. And we are hopeful that you know, looking at the very handsome provision that has been made in the FY27 budget. We believe that you know, payment should start flowing in. And as. And when the payment starts flowing in we will try to evaluate and you know, try to see how to, you know, move forward. This would depend on the payment release pattern of our clients. The second part of your question was about which project.
Parikshit Kandpal
Just quickly on JM sir, 1700 crores was receivable. Last quarter so and 6 months execution was,082 crores. So if you can help us understand what is the receivables now after you have received this 500 odd crores and what is the execution in this quarter or for the nine months?
Sanjay Pusarla
Yeah, this 1700 crores. Whatever receivables we said in the last quarter that includes my receivable save and retention money and also the unbilled revenue also for the JGM projects in Uttar Pradesh. So out of this we have already received an amount of 560 crores in the current period. And we are expecting that we will be getting some more money in the coming period. The good news is that the center has done a revised estimates. They have created 17,000 crores per thousand to be released in the next two months. That is before end of March for the next year.
Also they have created an estimate of budget. They provided a budget of 67,670. 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 two months or three months. Then we will be progressing well in the current quarter or the coming quarters on the JJM projects.
Parikshit Kandpal
Sorry, what’s the outstanding against the 1700 quarter? Last, last quarter was 1700. What is it now? 1200.
Sanjay Pusarla
About 1200 crores.
Parikshit Kandpal
Okay.
Sanjay Pusarla
Sorry.
Parikshit Kandpal
1700. So 1700 was for up last quarter. Now it has come down to 1200.
Sanjay Pusarla
Yes, yes please.
Parikshit Kandpal
And what was the execution in this quarter? From the gradient?
Sanjay Pusarla
Execution in the quarter is not much. In this quarter we have done somewhere around one second. I’ll let you know. 82 crores. We have done
Parikshit Kandpal
82 crores. Okay, yeah, understood. The second question is on the projects which have not moved. So is the entire order book of 72,000 now under execution? Because last quarter we have said that about 28,000 crores1 and the Q4 is initial stages of execution. So now has the entire order book moved up and will that result in substantial ramp up in execution in Q4 and will that also mean that you will give guidance for FY26? Now.
Sanjay Pusarla
FY guidance will be for 26. Guidance is already.
Neerad Sharma
We have formally withdrawn fee for FY26.
Sanjay Pusarla
As a second thing you are talking about the projects which have were in the mobilization stage earlier. All the projects which were in the mobilization stage now they have got all the clearances. Mobilizations are also completed including those projects. Large projects like tunnel project and Coastal road project. There also we have got all the clearances. Even the equipment is also received. Probably these because 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 will 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.
Parikshit Kandpal
So Q4. Sir, last year we have done 5,400. So are we expecting any growth or do you think that all these efforts are moving the entire order book? So we’ll still not rectify in Q4 maybe from Q1. So are we looking at a number or some growth on last year? Number of March number of 5,400. So 6,000 plus kind of turnover are we looking at in January this fourth quarter.
Neerad Sharma
I wish to submit two things to you Mr. Khanpal. The first one is as you know formally we have withdrawn the guidance for FY26. So naturally the Q4 is a part of 26. That said. That said we will make all the possible attempts, you know to report the whatever best that is possible for the current quarter that is Q4.
Parikshit Kandpal
I mean half of the quarter is gone and still you don’t have handle on the business and on the growth on the guidance. So I don’t think what is going wrong despite having such a strong under book. So why? 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 means. Because in super also now you’re already half the quarter is gone and still you don’t know whether what kind of revenues or traditionally whether we see a growth yoy.
So. So just wanted some color on that.
Sanjay Pusarla
I think what you need to understand with the dialogue is already given earlier. As for a third quarter is concerned it is completed. The fourth quarter is on the way. We are also expecting that because the Jaljeevan mission payments also flowing down and other projects also started execution where we were in the mobilization phase in the earlier period. We definitely expect that this quarter will be good. But what number we will reach, how we will reach, we will not be able to tell right now. But definitely it will be a good quarter. Maybe compared to the previous period we may reach to that number or near to that number.
Yeah.
Parikshit Kandpal
Just lastly sir, why has the debt gone above 1000 crores? So what has happened what has led to that? Despite you receiving 550 crores from JJM and not much execution happen happening in JJM still the debt has gone up significantly.
Sanjay Pusarla
The money what we have issued from JJM is in the month of January. It started receiving from 30th or 31st of December. We received very less amount in quarter three and whatever money we said we have received only in January. That is one reason. The other reason is on the caps capex. The other reason is on the CAPEX also. They are in addition to the Capex we have got smart meter projects also. We have also taken some loans on the smart meter projects. So those loan withdrawals also added to the debt movement.
Parikshit Kandpal
Okay, sure. I’ll join the more question. Thank you.
operator
Thank you Ladies and gentlemen. In order to ensure that the management is able to address questions from all participants, please limit your questions to two per participant. The next question comes on the line of Shravanshah with Dalt Capital. Please go ahead.
Shravan Shah
Hi sir. Thank you. Sir, again trying to harp on what the Forex has said. Assume that what sir has just mentioned that we’ll try to have a kind of a reach. The what we have achieved 5,300 crore in the fourth quarter of FY25. 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 if even if I remove that broadly we should be a 67,68,000 crore kind of order book at the end of the March, assuming a zero inflow further in the next two months.
So in three months, three years if we assume our execution rate, that means in FY27 we should be doing closer to a kind of a 23,022, 23,000 crore. So that ultimately means FY25 then 10 growth which was our original guidance and then again a 10% growth. So is that the understanding right though that means that FY27, because of the low base of FY26 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 FY27.
Neerad Sharma
You know it is little premature to talk about FY27 guidance. You know we have to first close. You know we have about 15060 odd projects. We have to close each of the projects, evaluate what is the extent, what is the revenue, what is the profitability for Each of these projects generally we do this exercise in the month of April. And you know, when we do our Q4 call at that point of time, you know, we should be able to work out some number and hope 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, you know, hypothetically talk about any number without evaluating each of the projects, you know, that we have, you know how much revenue is possible. So we will do a thorough exercise, give us some time and then we will get back to you.
Shravan Shah
No, I understand. So I am not even asking for the clear kind of a guidance but directionally so, so that’s what I, I tried to explain you, let’s say 68000 crore kind of order book at the end of the March three years execution. So that directionally that’s the way one can look at or is the. There are projects where the execution timeline is maybe a five years plus. And that’s why we are, we are not kind of confident. So directionally I wanted to understand. So yeah, or simple, let’s say simply put it together. Whatever we have lost in FY26 in terms of the revenue, the 10% growth which we wanted to achieve, can we can recoup in the FY27 and with further more growth in FY27.
Neerad Sharma
Let me answer that question a little differently. There are two important. One important variable that we many times miss is the ability of the clients to make timely payment. If you do a thorough analysis, there are few signature projects that have given us very good profitability and revenue in the past. Those projects have not been making timely payment. You know that. So we have to always keep that in mind. The second factor is the ability of the clients to get the permissions, all the rows in place. You know, we have what it really takes to execute the projects.
You know, there is nothing that is missing from our side. But unless the payments are forthcoming on time, unless all the rows, every permission, everything is in place, there is little that we could do. Right. And as a person who has been tracking the sector for so long, you know this, you know this possibly better than us.
Shravan Shah
Yeah, but sir, if I, if I just like go by the numbers for nine months. Also if I look at the degrowth actually is happening in the building space which is our code. So there, 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 building in terms of the payment clearance, whatever you, you want to name it?
Neerad Sharma
Some of the projects that we are doing in the JJM building plays important role in that. Right. So some of you know, the, the impact that you are talking about is because of that factor also. And when we talk about buildings, if you really see the, you know, the slide number six, we have given all the kind of, you know, projects that we execute in our building segment. So, you know, it is, I think it is possibly not correct to summarize that, but all the factors that we talk that we have been talking about in the past in last four, five quarters has really impacted the performance minutes.
Shravan Shah
Okay, got it. And now.
operator
I would request you to please come back in the queue for further questions. Thank you. The next question comes from the line of Karan Gupta with Cavi Capital. Please go ahead.
Karan Gupta
Check on the status of the visa received.
operator
Mr. Karan, could you please use your handset?
Karan Gupta
Is this better?
operator
Yes, please go ahead.
Karan Gupta
Yeah, just wanted to check on the status of the Vizag receivable. You mentioned it was 391 crores at the end of Q3, which was the same as last quarter. So there was an expectation of 120 crore receivable in FY26. So is that still on track?
Sanjay Pusarla
Yeah, there was some agreement that was made with them that money will be getting in the month of. In the current quarter. We’ll be getting that money. Yeah.
Karan Gupta
Okay. And sir, can you just throw some light on the nature of this receivable? This. Was this for a sailor that’s in real estate or why is that in, you know, why is the timeline so long especially when the market has been doing well?
Neerad Sharma
Could you please repeat your question? Your voice is also not very clear, Mr. Gupta.
Karan Gupta
Okay, I just want to understand what is the nature of this receivable against some sale of real estate? And why is the timeline so long? You know, the balance is expected in another. Why it stands the way it is.
Neerad Sharma
Your question is not clear to us. Mr. Gupta, if you could speak a bit louder or come bring your, you know, the speaker. Little closer.
Karan Gupta
Okay, I’ll join back in queue. I think I have a bad network, so I’ll join back.
Neerad Sharma
Sure. Thank you.
operator
Thank you. The next question comes from the line of Weibo Shah with JM Financial. Please go ahead.
Vaibhav Shah
Yes. What would be our outstanding order backlog in JJM?
Neerad Sharma
Yeah, yeah, yeah. Mr. Weber, what would be our outstanding.
Vaibhav Shah
Order backlog in JJM? Including all the states it is 7,000.
Sanjay Pusarla
Crores and reduced by somewhere around 80, 85 crores which we have done in Q3.
Vaibhav Shah
And the receivables number total including all the states?
Sanjay Pusarla
Including all the states, including the water, I think it would be less than 7,060.
Vaibhav Shah
So up was 1200. And what about other states.
Sanjay Pusarla
Including all the projects of JJM where we are executing? Not only newbie in all other states, also considering the work, what we have done to be built and whatever receivables are there. If I take that that comes to somewhere around 3,700 crore at the end of December. After that we received about 560 crores. And we are expecting some more payments to come in this current quarter.
Vaibhav Shah
Sir. So in non GP states we have around 2000 crore outstanding as of now after even considering the 560 crore received in Jan.
Sanjay Pusarla
There are two type of projects. One is the projects which are executed more well and which are under surface. Okay. Both the projects together we were talking about.
Vaibhav Shah
Both are under jgm.
Sanjay Pusarla
Both are under jgm.
Vaibhav Shah
Okay. Okay. So secondly what would be our. So we will be maintaining our CAPEX number of 1050 for this year.
Sanjay Pusarla
Yeah, definitely we’ll be maintaining the same number for next year. They’ve got a project in the mining division where we need to invest somewhere around 300 to 350 crores. And TBM we have purchased which is about 300 crores and rest of the equipment is required for our regular operations.
Vaibhav Shah
The number for 27 would be somewhere around 301 crore.
Neerad Sharma
Difficult to say currently for the FY27.
Sanjay Pusarla
FY27 depends on the project. We will be getting it. Definitely it will be somewhere around 400 crores. 400 crores. It will be mining. We don’t require all the equipment at one time. So we will be requiring in phase.
Neerad Sharma
When we talk about the FY27, you know we will, you know share that exact number with you. But approximately it should be in the same range what we just talked about.
Sanjay Pusarla
Crores.
Vaibhav Shah
Okay. Sir, I wanted two data points. What would be our investment in subsidiaries and loans to subsidiaries. I missed those numbers.
Sanjay Pusarla
The loans to group companies stands at 233 crores. As at 31 December the investment is 896 crores. As at 31 December 25.
Vaibhav Shah
This number has come down significantly on a Quarter on quarter basis.
Sanjay Pusarla
I think you are aware that NCC IHL merger has been approved and we have consolidated those numbers into our accounts now.
Vaibhav Shah
Okay. And sir, lastly on the smart meter side we were talking about tying up with a partner. So any progress on that front? And what investments have you made till date in smart meter?
Sanjay Pusarla
Till date we have made an investment of 377 crores in both of our SP smart meter projects.
Vaibhav Shah
And what portion remains now?
Sanjay Pusarla
About 150 crores. 120 crores. I think it’s remaining now. Yeah.
Vaibhav Shah
Which will be done in FY27.
Sanjay Pusarla
Obviously it has to be done.
Vaibhav Shah
Okay. Okay. Thank you sir. Those are my questions.
Sanjay Pusarla
Thank you.
operator
Thank you. The next question comes from the line of Ashish Shah with HDFC mutual funds. Please go ahead.
Ashish Shah
Yeah. Good afternoon sir. Can you highlight if this merger.
Sanjay Pusarla
Louder please?
Ashish Shah
Yeah, yeah. Am I clear now?
Sanjay Pusarla
Yeah. Audible.
Ashish Shah
Yeah, yeah. Could you highlight if there is this merger that you talked about whether that had any impact on the standalone debt levels that we have talked about?
Sanjay Pusarla
There is no impact on the debt levels of the standalone because of the merger.
Ashish Shah
All right. The other thing is on the capex, so if I heard you right, in nine months we’ve spent only nine. Only 265 crores is it.
Sanjay Pusarla
So we have kept it in CWIB because the DBM which has been imported and received at the project site, that is not commenced operations. That’s why that was kept in cwap. So with that including that it will be somewhere around 610 or 620 crores.
Ashish Shah
Okay. So basically if 1050 is what you intend to spend for the year, give or take around 400 crores thereabouts is what you will will be a cash out go in the fourth quarter towards.
Sanjay Pusarla
Complete outgo because we’ll be taking the equipment loans. Yeah. Where only 10% will be the margin money. Rest of the money will be funded by the institutions.
Ashish Shah
Sure. But you know basically from a balance sheet perspective you’ll be adding a certain amount of debt. What I’m coming to my final will be an addition. Right. So from a March perspective, from 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.
Sanjay Pusarla
Today, we are not very sure about how much money that KGM projects will contribute. Okay. Right now we have received about 550 crores. 60 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 2,400 crores. Around that level it will be there.
Ashish Shah
Okay. This we are saying the net debt level of the gross data. Just to clarify sir, the gross debt level. Gross debt level of 2400 crores. Okay. All right sir. Thank you.
Sanjay Pusarla
Thank you.
operator
Thank you. The next question comes from the line of Bala Subramaniam with Aryan Capital. Please go ahead.
Balasubramanian
Good afternoon sir. Thank you so much for the opportunities. Sir, that smart metering SPV. I think we have already invested 300 crores. I think another 280 crore it’s planned. I just want to understand what is the expected timeline for breakeven and profit contribution from this spv. And how this profit share splitted between NCCPC and the SPV structure.
Sanjay Pusarla
I think the structure part of it. I think it is not very feasible to discuss on this concept call. One second thing is that as far as the investment is concerned we have already done an investment of 365 crores and about 120 crores. Further investment is required for the balance period of the project. Any more questions on this?
Balasubramanian
Yes sir. So second question. I think we also exploring private capital projects. I just want to understand what are, what are. What is the targeted scale and margin profile in this segment and how it will complement our existing NCC urban urban pipeline.
Neerad Sharma
Could you please repeat your question?
Balasubramanian
Actually we are exploring private capital projects also. I just wanted to understand what is the targeted scale and margin profile in those segments and how it will complement our existing NCC urban pipeline.
Sanjay Pusarla
We want to understand what is the private capital project capital.
Neerad Sharma
We. We always you know try with the private sector. Private sector, you know projects. There are projects that we are do doing. There are projects that we have done in the past.
Balasubramanian
Sir, I’m trying to understand what kind of scale. Yes sir, I’m trying to understand what what kind of scale we are targeting. What kind of projects scale in terms of numbers. Whether we are targeting finder crore, a thousand crore or up to 5,000 crore. I’m trying to understand those math. Those aspect.
Sanjay Pusarla
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 work.
Neerad Sharma
Regarding the targeting a project we don’t really Have a value that we will only target or X or Y crore or thousand crore projects. We try to holistically look at the projects. What is the nature of the project? Value is also important but that is not the only driver. What kind of projects is this? What is the complexity? Who’s the client? Who’s developing the project? What is the funding in place? What kind of skills are required to draw from in house to? So we try to look at the project holistically. We are not driven only by a particular value.
operator
Thank you sir. Mr. Balasubramanu, I would request you to please come back in the queue for further questions. Ladies and gentlemen, you are requested to limit your questions to one per participant. The next question comes from the line of Parve Kazi with Mama group. Please go ahead.
Parvez Qazi
Good afternoon sir. Thanks for taking my question. So as Neeraji obviously highlighted that the quantum of execution that can that you can do depends on two things. One is what is the row that your client has provided to you and second, what is the payment that they can make? I mean only then can be successfully project. So two related questions from my side of this 80 odd 1000 crore order book that we have. What is the quantum of projects where work has not started because the client has not provided you with row or because of whatever approval related dream.
And the second is, I mean you did talk about JJM but apart from JJM which are the other sectors and projects which are facing payment issues. Thank you.
Sanjay Pusarla
Two things that 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 about JMLR project where we had to get the clearances and there were delays in starting the project. Today we are sitting in January 26th and we feel that all the projects which are there on the order book we do not have any such kind of issues. The projects have been going on now.
Neerad Sharma
Mr. Kaji, if my add my two cents to you. You know I think my colleague Mr. Pusalla already highlighted that the most of the projects are now already in the exit stage. And in a public forum like this it is not appropriate for us really to call out a client’s name. You know that he is not giving approval.
Sanjay Pusarla
He is not given approval.
Neerad Sharma
This is not the right platform. If you have any specific questions, you know, we can always connect offline. There are. There are contractual issues related to confidentiality. We cannot just call a client’s name out.
Parvez Qazi
I anyway want a detail about segments. But. But yeah, I mean, we’ll connect. Okay.
operator
Thank you. The next question comes from the line of Prithviraj with Unify Capital. Please go ahead.
Prithvi Raj
Yeah, hi. I just have one question. Given the high commodity prices, could you give us a sense of you know, how much of your contracts are fixed price, how much are variable price and you know, what can be the impact because of the commodity prices?
Sanjay Pusarla
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 contract.
Neerad Sharma
Contracts in terms of. Well.
Prithvi Raj
That’s all from my side. Thanks.
Sanjay Pusarla
Thank you.
operator
Thank you. Thank you. The next question comes from the line of Vasudev with Rama. Please go ahead.
Vasudev
Yeah, sir. So can you help us with the. Bid pipeline across segments and are we currently L1? In any projects.
Neerad Sharma
The L1 value would be approximately 2000 crore.
Vasudev
Okay. And what would be our bid pipeline which you can quantify across segments at the.
Neerad Sharma
At least 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, you know, little more than 2 lakh crore for the whole year.
operator
Thank you. Sir. The next question comes from the line of Dashiell Javadi with Crown Capital. Please go ahead.
Unidentified Participant
Hello.
Unidentified Participant
Good afternoon, sir. Thank you so much for taking my question. Sir, just wanted to know like I know we’re not giving any guidance per se but just when we. Hello, can you hear me, sir? Hello?
Sanjay Pusarla
Yeah, yeah, we can hear you. Please go ahead.
Unidentified Participant
Yeah, yeah. So just wanted to know when the start of the year we are estimating around, you know, 10% growth happening. But even if we match Q4’s 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, you know, you know, revenue that we expected from jjm? And is there any other segment that you know, 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, you know, we have, we faced a challenge and, and for FY27 also, will that challenge persist? My question is just coming from the perspective like although we understand, you know, it’s a cycle that happens, right? So FY26 had some troubles, but will that continue in FY27 that where I’m just coming from. So yeah, I just wanted to know like is there any other segment? Because I think JJM was not that big part of a book where we could, you know, kind of miss it by around 15%. Yeah, that’s it. From myself
Sanjay Pusarla
just to give you overview JJM projects. We said that the 7,000 cross is the order book that is spending. And we have expected that we will be executing somewhere around between 4,000 to 5,000 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.
Unidentified Participant
Okay, okay, please. Yeah. Hello. Yeah, just wanted to ask. So in terms of FY27, if I, you know, completely remove JJM, like if it happens, it happens, right? So with that like we look at normal business, right? Like if. Yes, like. Yeah. Okay. Okay. Yeah, thank you so much.
Sanjay Pusarla
Okay.
operator
The next question comes from the line of Abhishek Maheshwari with Sky Ridge fund managers. Please go ahead.
Abhishek Maheshwari
Yeah, thank you for taking my question. And happy to hear that demands are being released now. So I have only one question regarding unbilled revenue that has increased from 6,600. Crore in H1 to upwards of 7,500 crore 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?
Sanjay Pusarla
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 into billing. Again, earlier the JJM process, 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 this the Q4.
Abhishek Maheshwari
So this will not only contribute to. Revenue but also help your working capital cycle improve.
Sanjay Pusarla
Yes, please. You are right.
Abhishek Maheshwari
Perfect. Perfect. Thank you so much. All the best.
Sanjay Pusarla
Thank you.
operator
The next question comes from the line of Bharat with MC Pro Research. Please go ahead.
Unidentified Participant
Yes sir. Just getting one clarification on a previous question. So you said that you were expecting execution of 4,000 to 5,000 crore in FY2600. So just wanted to check till now what has been the actual execution for nine months and if you can give the figure for January as well.
Sanjay Pusarla
So it was 1500 crores for all the projects. Both the projects together like surface water and the. Between that. Yeah.
Unidentified Participant
Okay. So this is for nine month period or it is still January?
Sanjay Pusarla
Nine months period please.
Unidentified Participant
Nine months period. Okay. Okay. Okay. Great sir. Thanks a lot. Thank you.
Sanjay Pusarla
Thank you.
operator
The next question comes from the line of Saket Kapoor with Kapoor and company. Please go ahead.
Saket Kapoor
Yeah, Namaskar sir. Yeah. Yeah, Namaskar sir. Hope I’m audible. Sir. Firstly if you could give us some color on the pace of execution for the previous month. As we we have received money receive money for this month of February. So was our pace of execution on the pending order where mobilization was good, has has taken phase or any color you can give on the point?
Neerad Sharma
Saketji. The payment had 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, you know the total projects that we are doing instead of up. So depending on the pattern, depending how in the next two months payments are received and then we will evaluate the conditions of all the sites and accordingly decide, right?
Saket Kapoor
No, no. I was looking at the NCC as an entity. How have we performed on execution for the month of January? How has been the pace of execution? Yeah. Have we gathered momentum?
Sanjay Pusarla
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.
operator
Thank you. Sir, I would request you to please come back in the queue for further questions. The next question comes from the line of Krish with Anandrati. Please go ahead.
Krish
Thank you for taking the question. Just one question from my side. I just wanted to know if there are any slow moving projects like genbetwa or optical fiber projects. How are they progressing?
Sanjay Pusarla
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 for the work because of the rains and other things we could not do before. But now they. During that period we have done complete mobilization. Now we have started working is a good season, maybe coming months. And as far as the Bharat Net is concerned we have been working on that and we are making a good progress. And compared to the peaks in the industry I think we are much ahead of the other people in terms of execution.
Krish
Thank you so much. That’s all for myself.
operator
Thank you. The next question comes from the line of Shavan Shah with Dollar Capital. Please go ahead.
Shravan Shah
Yeah, trade payable as on December. What was the number? And in terms of the ebitda margin this 8.1% at standalone for nine months. So how one can look at that number?
Sanjay Pusarla
We have already explained to you.
Shravan Shah
Yeah, no, no, no, no. I, I know, I know the number. What I am saying is this number, what’s the possibility that this number can go up to 9,9%.
Sanjay Pusarla
Today we will not be able to comment on that. But definitely we see that there will be a good growth in the quarter four.
Shravan Shah
And trade pave number as on December. Sir.
Sanjay Pusarla
As on December 6214 including the retention money.
Shravan Shah
Okay. And. And the cash and cash equivalent which was the number reported in balance. It as on September which was 666odd crore. So that similar number would be as on December would be how much. Which is part of current asset. As per the September balance it was around 667 crore. So similar number as on December would be how much?
Sanjay Pusarla
No, as on September 25th the cash and cash equivalent and the margin money deposits together is 900 crores. Okay. And at the, at the end of December 25th it is 820 crores. There is, there is a reduction by 80 crores compared to September 25th.
operator
Thank you. The next question comes from the line of Aditya Sahu with HDFC Securities. Please go ahead.
Aditya Sahu
Hi sir, I hope I’m audible. Yeah.
Neerad Sharma
Mr. Saur, you are audible?
Aditya Sahu
Sure. Thank you so much for the opportunity. I wanted to understand on the standard on level, the 72,000, 73,000 audible that we have if you could provide a bifurcation of the order book that would be helpful.
Neerad Sharma
It’s already there. I. I don’t. You know if you really see our website in the slide number eight. All. The details are given.
Aditya Sahu
That would be for the consolidated one or is it for the standalone because
Neerad Sharma
consolidated one
Aditya Sahu
at the standalone level, do we have any bifurcation of the order book?
Sanjay Pusarla
The standalone level it is 73,000.
Aditya Sahu
72,748. 23. Yeah. Okay. Okay. Like do we have the bifurcation for the 72,000 crore standalone order book?
Sanjay Pusarla
If you see the order book what is given on the investors presentation. If you remove the mining which is a major part of the subsidiaries you will get to know other things.
operator
Thank you. The next question comes from the line of Pala Subramaniam Capital. Please go ahead.
Balasubramanian
1200 crore outstanding in JGM is thousand crore expected next one or two months. I missed that point. Actually.
Sanjay Pusarla
We expect to receive good money. But we do not know what is.
Neerad Sharma
The quantum 5 6. About 500. But it would really depend on the client to what extent they are able to release the payment.
Balasubramanian
Okay sir. Thank you.
operator
Thank you. The next question comes from the line of Shah with GM Financial. Please go ahead.
Vaibhav Shah
This is one data point. What would be our electricals order books at standalone and console level?
Neerad Sharma
Electrical you are asking?
Vaibhav Shah
Yeah.
Neerad Sharma
Order book electrical. On the console it is 18% of 79,571 standalone and on standalone. 800 left. That’s it. You can just remove 800 left or just wait for a moment. I will give you the number 17. On the console level the Exact number is 14323. The standalone number is 13,523 crore.
Vaibhav Shah
Okay. Okay. Thank you sir.
operator
Thank you. The next question comes from the line of Saket Kapoor with Kapoor and co. Please go ahead.
Saket Kapoor
Yeah. 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 said if you could just quantify it to us what has been the material impact due to the 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.
Sanjay Pusarla
Ramp up for the coming years. So sir, on the merger you are asking. So I didn’t get to your question. Can you.
Saket Kapoor
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 a performance trend standalone. Therein we have mentioned under the asterisk that restated after merger of NCC IHL with NCC limited So has that any impact on the debt? I think so. You have clarified earlier. So what have been the material impact with this merger on the financials and my second question.
Sanjay Pusarla
But the impact is only on account of the realistic value of the investment that have been accounted in the console books. So we have an investment of 558crores earlier which is represented by some of the assets in the NCCIHL at a fair value which is more than even 558 crores. When we started merging those NCC IHL into my console there is a reduction of 270 crores or 330 crores in the overall balance sheet. That is what we have written after merger. Yeah. No, there is no impact on the P and L.
Saket Kapoor
Thank you sir. And for the mining part, can you throw some light? How is the mining JV going to perform when it will reach its peak optimum level of evacuation the the coal jv?
Sanjay Pusarla
I think we have already reached the optimum and we are doing at the optimum level only. And we expect to have project. We have got a new project also at Amrapalli in Jharkhand where it was 6,800 crore project which is for this seven years. We started mobilizing the equipment for this project. Likely to start working on the project maybe from next month onwards.
operator
Thank you, sir. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments.
Neerad Sharma
Thank you, Mr. Weber. Sir. I take this opportunity to thank each of you for your enthusiastic participation in the call. Thanks and take care. Thank you.
Sanjay Pusarla
Thank you so much. Thank you everyone.
operator
Thank you on behalf of GM Financial. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.