NBCC India Ltd (NSE: NBCC) Q3 2025 Earnings Call dated Feb. 13, 2025
Corporate Participants:
K.P. Mahadevaswamy — Chairman & Managing Director
Anjeev Jain — Chief Financial Officer
Suman Kumar — Director, Commercial
Unidentified Speaker
Analysts:
Nidhi Shah — Analyst
Dixit Doshi — Analyst
Unidentified Participant
Sumeet Rohra — Analyst
Vasudev Ganatra — Analyst
Viraj Mithani — Analyst
Pankaj Kumar — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to NBCC India Limited Q3 FY ’25 Earnings Conference Call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing start and zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms Nidi Shah from ICICI Securities Limited. Thank you, and over to you, ma’am.
Nidhi Shah — Analyst
Good morning. On behalf of ICICI Securities, I welcome you all to the Q3 FY ’25 earnings call of NBCC India Limited. Today, we have with us from the management, CKP, Managing Director; Shri Salim; Director of Projects; Dr Kuman Kumar, Director Commercial; Shri Kumar Jain, Director of Finance; MD Executive Director of Finance;, Investor Relations. We will begin with opening remarks from the management followed by Q&A. Thank you, and over to you, sir.
K.P. Mahadevaswamy — Chairman & Managing Director
Good morning, everyone. On behalf of NBCC team, I extend a warm welcome to you and appreciate your presence in today’s earnings call for third quarter ended 31 December 2024. We are happy to share with you all that NBCC has secured excellent MOU rating for the financial year ’23-’24 after five years based on Department of PEP appraisal with 98.5 marks highest in the NBCC history. For Q3 our stand-alone operation and attribution, we have achieved a total operating income of INR2,048 crores, reflecting growth 7% year-on-year increase. Additionally our tax stands INR129 crores, making 37% year-on-year growth. For nine months, we have achieved a total operating income of INR5,540 crores with 10% year-on-year incluiding tax stands INR339 crores, making a 40% year-on-year growth. For nine months consolidated performance, NBCC has achieved a total operating income of INR7,430 crores, reflecting a 16% year-on-year increase with INR375 crores PAT marking a 37% year-on-year growth. We are very happy to share that NBCC being a pioneer in delivering home in stress real estate projects and giving relief thousands of stress homewares in the country. In the month of January, NBCC has awarded around INR9,137 crores work in Amrapali Phase 2 of different packages, which makes it one of its highest ever work awarded in NBCC history in a very short period. You will also appreciate NBCC efforts in marketing, sales and real estate as we have successfully sold 1,233 units in Aspire Gold Homes’ of Amrapali through an open open e-action, generating a total sale value of INR3,216 crores, which is very significant sale and will help in executing the projects and work on these Amrapali Phase 2 projects are going on fast track. As we are all aware that NBCC has secured lots of new business in the last few quarters. And however, in last 3, 4 months, we have focused more in execution and show our commitment towards completion of these projects. In this regard, as on 10 February, we have awarded INR13,500 crores of new tenders on stand-alone basis and INR16,000 crores on consolidated level, which increases our running projects tally. Business secured. As on 10 February 2025, NBCC has secured historical amount of business in current financial year, that is INR39,600 crores on stand-alone basis and INR47,150 crores on a consolidated basis. This is one of the highest ever business secured in any financial year and still we have two more months to go. The name a few important large projects secured in quarter three with pride and greater responsibility after delivering successful Amrapali projects in the last quarter, NBCC has assigned INR9,445 crores of State real estate projects of Supertech 16 projects. Redevelopment of work at Goa INR1,726 crores, development of 10-acre institution flat in other sectors INR600 crores; BIS Headquarters Delhi Central Laboratory, Saiba National Institute Tech and Training NADA INR500 crores. Sahakari Awas Nirman Evam Vitt INR3,500 crores secured in the month of January. Business secured by NBCC. During this year, NBCC has secured Super-Specialty Cardiology Hospital in INR650 crores. Construction of ESIC Hospital at Manesar Gurugram at Kasan Gaon at INR1,300 crores. Amrapali project, in nine months, Amrapali project has contributed INR908 crores in the top line. Out of 38,000 housing units, 25,000 units are already completed redevelopment projects. In nine months, GPRA has contributed INR1,600 crores in the top line, up by 39%. Sarojini Nagar project inaugurated by Honorable Prime Minister in the month of January 2025. It was very pride moment for NBCC family. Sarojini Nagar, the first phase of project valued INR1,450 crores is currently underway and is 85% completed. Additionally, two more tenders worth INR2,000 crores are in pipeline for contractor appointment. Sarojini Nagar is a large project and work in more than nine phases with a work of INR6,900 crores are going on, which are on different stages of execution under tender floated for the project INR2,400 crores real estate. So far during this year, we have sold more than INR389 crores and INR100 crores to INR150 crores, we can add more in the current year. In quarter 3 itself, we have sold INR220 crores. It is very significant number for the real estate sales. Thank you. Now the forum is open for question and answers. you can start the Q&A.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go-ahead.
Dixit Doshi
My first question is regarding the order book. So as of today, what would be our order book? And out of that order book how much value of the work has already been awarded by us to our contractors?
K.P. Mahadevaswamy
The order book as stand-alone only INR81,958 crores and consolidated, it is more than INR1 lakh crores. And already the new projects stand-alone around INR28,617 crores consolidated level, INR32,620 crores, so yes.
Dixit Doshi
Okay. And let’s say, how much more order book we are targeting in near future, let’s say, even in Q4 or next year, what kind of because this year was phenomenal in terms of order intake. So what kind of order intake we are expecting for next year?
K.P. Mahadevaswamy
Next year, at least minimum INR25,000 crores.
Dixit Doshi
Okay. On a consol basis. Okay. Now looking at the kind of order book we already have and the kind of orders we are targeting, where do you see the growth for next two, three years? I mean, obviously, we are currently growing at 10%, 15% kind of rate, but can this go up to 25%, 30% because order book is not a constraint now anymore for NBCC.
K.P. Mahadevaswamy
Definitely, at least minimum 25% to 35% increase will be there because we have to complete all the projects 3 to 4 years. So definitely, it will increase our top line as well as bottom line.
Dixit Doshi
So you expect from next year onwards, 25% plus growth.
K.P. Mahadevaswamy
Yes, definitely, definitely, minimum.
Dixit Doshi
And margins will broadly remain in the current range or you expect that to go up or down anything?
K.P. Mahadevaswamy
Margin also increased 0.5% to 1% at least. Because our overheads are fixed. And as soon as we’re crossing our turnover, so it will increase the profit. And we are doing redevelopment projects and Amrapali projects wherein we are getting 8% to 9% PMC charge.
Dixit Doshi
Okay. And in terms of real estate, so how much, let’s say, ready unsold inventory we have? And post that, what kind of real estate we will be left with?
K.P. Mahadevaswamy
Around only INR290 crores is balance. So we have some land parcel also that we’re going to construct and will improve our margin also.
Dixit Doshi
Okay. So INR290 crores. And after that, how much would be the total land bank we will be having?
K.P. Mahadevaswamy
Around INR600 crores INR700 crores.
Unidentified Participant
INR700 crores. So INR700 crores in terms like when we will construct and sell, that can generate INR700 crores…
K.P. Mahadevaswamy
No. Current land value is INR700 crores. Construction and selling we’ll be reaching INR8,000 crores.
Unidentified Participant
INR8,000 crores. Okay. So land value is INR700 crores?
K.P. Mahadevaswamy
Yes, yes.
Operator
The next question is from the line of Sumeet Roda from Smartsun Capital Private Limited.
Sumeet Rohra
I have to tell you, sir, your performance has been very good, very encouraging in an environment which is as subdued as today. So very well done to you and your team. Sir, just a few things I wanted to touch with you on. So sir, firstly, now that you mentioned that now our order book is now well above INR1 lakh. So sir, what is the execution time line in this? If my understanding is correct, then it’s about 4 to 5 years. Is that correct, sir?
K.P. Mahadevaswamy
Yes, yes. Some projects three year only. Amrapali projects, three years. SuperTech projects also we have committed within 3 years. Some projects because redevelopment, you have to develop you have to generate the funds. So the wherein we require some more time. Otherwise, for PMC projects, nowadays, we are awarding all the contracts less than two years or maximum two years only.
Sumeet Rohra
So basically, sir, I mean, so is my understanding correct that you will see a very sharp growth in revenues basically, I mean, maybe next financial year and the following years, I mean, we could actually now be seeing very sharp growth in revenue and profit?
K.P. Mahadevaswamy
Yes, definitely. As I earlier told, at least 20% to 25% minimum growth we are expecting in coming years.
Sumeet Rohra
Okay. That’s very encouraging. And sir, secondly, you’ve seen as you highlighted in your opening remarks, you have seen a very high amount of order inflow versus the last few years. So can we now assume that INR50,000 crores could be the new norm for order inflows every year, sir? Is that correct?
K.P. Mahadevaswamy
That I cannot commit you, but at least INR25,000 crores is definitely going to get.
Sumeet Rohra
Okay. And sir, I mean, one project of ours has been struggling in the past, which is the Ghitorni land which we have. So is there sir, I mean, any development on that front? I mean, you plan to develop that? Is there any movement on that front, sir?
K.P. Mahadevaswamy
Yes, yes. We have our Ghitorni land parcel. So there is some issue with the state government. I think hopefully, this year, it will be going to resolve. Next year onwards, we are going to start the construction on this Ghitorni plant. That is 32-acre land parcel we have adjoining Ghitorni Metro stations. So that can be generate around my top line INR5,000.
Sumeet Rohra
So land is basically owned by us, correct? So land is owned by us.
K.P. Mahadevaswamy
Yes, INR192 crores land currently we have a book value of only INR2 crores.
Sumeet Rohra
I see. Okay. And sir, so what’s the FSI over there? So assuming that it’s a 32-acre land parcel which you have. So effectively, what’s the FSI over there today?
K.P. Mahadevaswamy
As per master plan around two.
Sumeet Rohra
Okay. So basically, I mean, you will have well upward of about 2 million square foot to develop over there?
K.P. Mahadevaswamy
Yes, yes.
Sumeet Rohra
Okay. And sir, so basically, the only money which you will incur in that is the cost of construction because and the balance you will basically see straight away will be realized to us. Is that correct?
K.P. Mahadevaswamy
It will directly increase my bottom line as well as top line because construction, we need only INR5,000 to INR6,000 per square feet, whereas selling price currently minimum is INR20,000. So there will be a INR15,000 profit per square feet.
Sumeet Rohra
Okay, sir. I’ll come back-in the queue for more questions. Thank you so much and wish you all the best, sir. Thank you.
K.P. Mahadevaswamy
Thank you, Sumit.
Operator
Thank you. Participants who wishes to ask a question may press star and one. The next question is from the line of Akshay from NBCC. Please go-ahead.
Unidentified Participant
Hello, am I audible? Hello. Good morning. Congrats to you and your team for the fantastic results. Basically, I wanted to know the real estate projection for the next financial year, how much it will be contributing to our total overall revenue and profitability?
K.P. Mahadevaswamy
Revenue around INR290 crores. Profit will be INR290 crores as revenue, profit 25% to 30%, you can take on 20%-30%.
Unidentified Participant
For the next full financial year, I’m asking.
K.P. Mahadevaswamy
Next financial year, I’m talking. INR290 crores on top line. We have only INR290 crores of inventory with us that has to be sell out in the next year. And we have some 600, 700 acre– sorry, 700 worth of land parcel. That revenue will come after handing over. During construction, it won’t come to our top line.
Unidentified Participant
Okay. Sir, last con call, we have talked about the Ghitorni contributing to at least INR4,000 crores to INR5,000 crores to profitability. So can you highlight more on that.
K.P. Mahadevaswamy
That’s right, sir. There is some issue with the state government. I think by this year-end, we will go to resolve that issue. Once the issue is clear, then we’re going to start the construction and Ghitorni parcel. So it will take 2 to 3 years construction period. Once the construction is over, after completion only, we can book the revenue in our books. We will get the cash flow inflow, but the turnover will be while we hand over the projects. So it will take 2 years at least.
Unidentified Participant
Okay. Sir, are there any large-sized projects you are eyeing right now like SuperTech or which are more than which are more than INR10,000 crores?
K.P. Mahadevaswamy
We are expecting the new business. I could not catch your next question.
Unidentified Participant
Yes, I’m asking are you…
K.P. Mahadevaswamy
Then I’ll reply to your answer. So after successful completion of redevelopment projects in Delhi, so now we are focusing the redevelopment projects across India in various state governments. So we are talking with Rajasthan government, Chhattisgarh government, they have huge land parcel. So there also, they want redevelopment model. It is a self-sustainable model. So the talks are going on. Next year, we’re going to get I think 1 or 2 states will going to mature these projects. And similarly, a lot of PSUs, public sector is undertaking having huge land parcel, there also, we are fetching. So hopefully, next year, it will be fruitful from state government as well as PSU.
Unidentified Participant
Okay. Sir, one more thing. What are your targets? We have talked about INR25,000 crores top line and INR2,500 crores bottom line target. So when you are going to achieve this?
K.P. Mahadevaswamy
Next three, four years.
Unidentified Participant
Next three years. Okay. Okay. That’s all from my side. Thank you very much.
Operator
Thank you. The next question is from the line of Vasudev from Nuvama. Please go-ahead.
Vasudev Ganatra
So sir, the first question is on the INR1 lakh crores of consolidated order book that we have, how much of that portion would be the split between PMC and redevelopment, if you can give?
K.P. Mahadevaswamy
62% PMC, 38% on redevelopment model.
Vasudev Ganatra
Okay, sir. And for this year, for FY ’25 now, what is the revenue and EBITDA and PAT margins that we are targeting?
K.P. Mahadevaswamy
This year, ’24-’25?
Vasudev Ganatra
Yes.
K.P. Mahadevaswamy
At consolidated level, around INR12,000 to INR30,000 and EBITDA 5% to 6% PAT will be 5% to 5%-7%%.
Vasudev Ganatra
Okay. And you said on the 5% to 6% EBITDA margin, we can grow another 0.5% to 1% improvement in next year for FY ’26. Is that correct?
K.P. Mahadevaswamy
Definitely, yes, sir.
Vasudev Ganatra
Okay. And sir, so like we have already won INR16,000 crores of projects in, let’s say, this 9, 10 months. So for the balance, Feb and March, do we have any target number in mind for order inflows.
K.P. Mahadevaswamy
INR3,000 crores pipeline around INR3,000 crores pipeline.
Vasudev Ganatra
Okay. INR3,000 crores. So total then we’ll be ending by about INR19,000 crores for FY ’25 and ’26, INR25,000 crores.
K.P. Mahadevaswamy
Yes.
Vasudev Ganatra
Okay. And sir, for the same numbers if you can give for order awarding as well, what we are looking for the next 2 months and in FY ’26?
K.P. Mahadevaswamy
Next two months, around INR3,000 crores order will go to INR2,000, INR2000, that’s 4. INR6,000 crores will go toward by March. INR6,000 or INR7,000 crores going to awards. Redevelopment projects, 4 projects are already opened the tenders and Ghitorni Projects. So around INR7,000 crores will go toward within March.
Vasudev Ganatra
Okay. And sir, for the FY ’26.
K.P. Mahadevaswamy
’26 order award?
Vasudev Ganatra
Yes.
K.P. Mahadevaswamy
Around INR20,000 crores SuperTech and other projects will be there that will be around INR20,000 crores.
Vasudev Ganatra
Okay, sir. And sir, the next question is on SuperTech only. So if you can just give some more details what is exactly…
K.P. Mahadevaswamy
Not only SuperTech, we look at Goa Goverment state Goverment redevelopment as well. So minimum INR20,000 crores to INR25,000 crores next year, will go in to awards.
Vasudev Ganatra
Okay, sir. And sir, I was asking on SuperTech, if you can give some more details like what is our scope exactly and what is the revenue potential for us for the project and some more details on that project?
K.P. Mahadevaswamy
It is similar to Amrapali only, wherein we are PMC agency and around 50,000 houses buyers are there. So we want to sell around 10,000 units unsold in inventory. By doing this, around 9,600 independent turnover in the top line and the bottom line is 8% PMC we are getting.
Vasudev Ganatra
Okay, sir. And this also then you are planning to complete in the next three years?
K.P. Mahadevaswamy
Yes. One to three years. Some projects we are targeting only within 1 year, some projects one to two years. The rest of the projects three years wherein they start.
Vasudev Ganatra
Okay. And sir, in this Sarojini Nagar project have we sold anything till now in these 2 projects?
K.P. Mahadevaswamy
Sarojini Nagar already downtown, we sell it out. The bulk sale already happened and Sarojini Nagar 100% sold out in the office spaces. In Sarojini Nagar of course we will go into sale after this award of tenders. So during this year and next year onwards, there will be a sale Sarojini Nagar Commercial complex opposite to 2 or 3 Centers and a few Restaurants and rooftop restaurant is there and service apartment, you have to sell the service apartment.
Vasudev Ganatra
Okay. So what is the sales potential that we are targeting over here?
K.P. Mahadevaswamy
Around sale will be balance is around INR15,000 crores to INR16,000 crores sale balance in Saroji Nagar as well as Naya Nagar.
Vasudev Ganatra
Okay. And sir, this downtown that we sold in Saroji Nagar, what is the exact value that we have realized?
K.P. Mahadevaswamy
Around INR1,400 crores.
Vasudev Ganatra
INR1,400 crores. Okay, sir. And sir, just to reconfirm, in these 9 months, we sold INR300 crores of real estate. Is that right? And for Q4, we are targeting another INR100 crores to INR120 crores.
K.P. Mahadevaswamy
Yes, sales, exactly.
Vasudev Ganatra
Okay. And sir, just a bookkeeping questions. What is the seed money that we have and interest on that and the cash balance in our books?
K.P. Mahadevaswamy
Seed money so far, we have infused INR500 crores with Amrapali, and interest INR32 crores. INR32 crores right now. Is there apart from seed money, there is some interest is also from app. And what is the next question?
Vasudev Ganatra
The cash balance.
Anjeev Jain
Balance on standalone basis is INR525 crores. And on a consolidated basis, it is INR961 crores.
Vasudev Ganatra
Okay. Sure, sir. That’s it from my side. Thank you.
Operator
Thank you. Thank you. The next question is from the line of Viraj from Jupiter Financial. Please go-ahead.
Viraj Mithani
Yeah, congratulations, sir, on outstanding good numbers. Sir, my question was what is the guidance you give for this year and the next year, no clear in terms of sales guidance for this year in terms of sales and net profit margin and for the next year as well?
K.P. Mahadevaswamy
EBITDA 6% to 6.5% and tax well, around 5.5% to 6%.
Viraj Mithani
And revenue would be?
K.P. Mahadevaswamy
Revenue will be next year you’re asking for next year?
Viraj Mithani
Current year and the next year as well. So 5.5%, is that current?
K.P. Mahadevaswamy
Current year, INR12,000 crores to INR13,000 crores next year, INR15,000 crores to INR16,000 crores minimum.
Viraj Mithani
Thank you so much, sir.
Operator
Thank you. Participants who wishes to ask a question may press star and one. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go-ahead.
Dixit Doshi
Yes. A couple of clarifications. First, you mentioned that out of this INR1 lakh crores, the redevelopment project is is around 28%, right?
K.P. Mahadevaswamy
No, no. Redevelopment 38% PMC around 60%.
Dixit Doshi
Okay, 38%. So broadly, what I’m understanding is that this 60% PMC project, there the time line for execution is around 3 to 4 years maximum. And this redevelopment, obviously, it is on a self-sustainable model. So it may be slightly higher, right?
K.P. Mahadevaswamy
Yes, exactly.
Dixit Doshi
Okay. And one more clarification. You earlier some participant has asked about the land bank where you have mentioned a 32-acre land. Could you just again mention which land bank is this?
Suman Kumar
It is Ghitorni land parcel with NBCC and the book value is only INR2 crores for 32 acres. So… South Delhi, it is in South Delhi and then into Ghitorni Metro station, in Delhi only. It is in Delhi only.
Dixit Doshi
Okay. And when you mentioned earlier that we have a INR700 crore land bank and the revenue potential could be INR8,000 crores, you have included this land in that?
K.P. Mahadevaswamy
No, no, no. This land excluded. That land is in Jaipur, Jaipur, Kerala,.
Dixit Doshi
Ghitorni Land is not included in that.
K.P. Mahadevaswamy
Potential of INR8,000 crores, we have included Ghitorni also. As far as inventory of land bank is concerned, it is INR700 crores. And this Ghitorni land is our property, plant and equipment that is of INR2 crores. But taken together, the value we can unlock is INR8,000 crores approximately over the period of 3 to 4 years.
Dixit Doshi
Okay. So this INR8,000 crores land potential is including the…
K.P. Mahadevaswamy
Incluiding Ghitorni.
Operator
The next question is from the line of Pankaj Kumar from Kotak Securities.
Pankaj Kumar
My question pertains to the stand-alone revenue where we have the PMC segment single-digit kind of growth. So if you can highlight the key reasons behind the slower execution in this quarter?
K.P. Mahadevaswamy
In stand-alone, around 54%.
Pankaj Kumar
PMC, we have seen only 1.2% growth in this quarter. So if you can give us the reason what led to the slowdown in the execution.
K.P. Mahadevaswamy
I could not catch your question…
Pankaj Kumar
Yes. Question is on the PMC segment where we have seen 1.2% growth in the revenue in this quarter. So we have booked INR1,800 crores stand-alone revenue and that grew 1.2%. So what is the execution in this quarter, if you can highlight please.
K.P. Mahadevaswamy
Already we have achieved because actually last quarter due to NGP brand imposing on Delhi, our major projects are Amrapali and 70% GPRA so these 2 projects this year severely by the NGP. That’s where the growth is very less, whereas…
Unidentified Speaker
8% to 10% growth.
K.P. Mahadevaswamy
Otherwise, 8% to 10% minimum increase will be there.
Unidentified Speaker
In PMC, there is a growth of 1.2%, you rightly told. And because in this quarter, the third quarter is mostly impacted by the graph in Delhi and LCR area, there is a poll construction. So that’s why if you see our growth comparing to that is a good growth.
K.P. Mahadevaswamy
To achieve more. If you can see our 9 months now, it is 6% approximately. So consideration, there is 6% growth on PMC front.
Pankaj Kumar
So for the full year, what kind of revenues that we are looking at on the stand-alone basis, you said on consol INR12,000 crores is the number that we are looking at, sir?
K.P. Mahadevaswamy
Around INR9,200 crores standalone…
Pankaj Kumar
INR9,200 crores. Okay. So roughly, we can expect around INR4,000 crores plus kind of numbers in the Q4.
K.P. Mahadevaswamy
That’s what I’m. Because last 1.5 months, there was a ban on construction in Delhi and NCR, even also. So next quarter, we’ll be going to achieve INR4,000 crores.
Pankaj Kumar
Okay. And what is the stand-alone awarding target for the current year and the next year?
Anjeev Jain
Current year stand-alone. Already awarded INR13,000 crores. So balance INR1,600 crores will do down.
K.P. Mahadevaswamy
INR13,000 crores already we have awarded standalone. Another INR3,000 crores we are going to award during this financial year.
Pankaj Kumar
And how about the next year? That’s the last question.
K.P. Mahadevaswamy
Next year, 20,000 at least.
Operator
The next question is from the line of Parth Solanki from NBCC. As there is no response from the participant, we’ll move to the next question, which is from the line of Akshay Patel from NBCC.
Unidentified Participant
My question is for Director Commercial, Suman Kumar. So sir, actually, last time you mentioned about Ghitorni and everything. So I want to know out of the INR8,000 crores sale value, how much percentage of profit PAT we can get from that?
Suman Kumar
You are talking about the top line from the Ghitorni land.
Unidentified Participant
Yes. Ghitorni Top line, you said INR4,000 crores to INR5,000 crores bottom line, I want to know.
Suman Kumar
Here, the bottom line will be around 30% to 40%.
Unidentified Participant
30% to 40%. In other land parcels, what will be the contribution to the bottom line percentage in percentage terms?
Suman Kumar
It will be around 20%-25%.
Unidentified Participant
In Ghitorni it is 40%, whereas in others, we will get 25% to 30%. Am I right?
Suman Kumar
Yes. Right, sir.
Operator
The next question is from the line of Sumit from Smartsun Capital Private Limited.
Sumeet Rohra
Yes, sir, I mean just some thought comes to mind. I mean this is the first time after 27 years wherein you’ve got a different state government, which is with the center. So do you think that and since our business is predominantly based more in Delhi. So do you think that now kind of redevelopment of colonies, et cetera, can actually pick up pace now? I mean, if you can share some thoughts on that?
K.P. Mahadevaswamy
Definitely because redevelopment model is a self-sustainable model, wherein government is not investing any money. Rather we are giving surplus money. And all the cities including state governments, they have a huge land parcel or old colonies in deteriorated condition. They are unable to spend for a huge amount for repair and all. So nowadays, one by one state government is coming to give the work on redevelopment model. So NBCC is having the USP. The NBCC is the only PSU can do redevelopment. In fact, in Delhi, we are generating money and giving given to security. Security is not doing any marketing. They are just doing the construction work. So there will be a lot of potential for NBCC and definitely coming years will be very bright for NBCC, I can say..
Unidentified Speaker
Just to add one thing, with the state of guard of Delhi, you may see a faster execution in our order book.
Sumeet Rohra
So basically, sir, I mean, since Chairman sir touched upon the point of housing colony, et cetera. So do you see this as a potential for large orders coming to us now?
K.P. Mahadevaswamy
Already discussion is going on. So many pipeline projects are there. I don’t want to disclose in this current in the meeting. Yes, definitely, that’s why I told you minimum INR25,000 crores to INR30,000 crores work in the pipeline only. So that will come in coming years. Presently, I don’t want to put the name and all.
Operator
Thank you. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead.
Dixit Doshi
Just one last thing on this Ghitorni land. So all the approvals are in place? Or is there any litigation or something?
K.P. Mahadevaswamy
22 acres, there is no dispute. 32 it is only lies with only 10 acres. So after clearance of this, we are going to start taking approval and all. Presently, 22 acres under.
Dixit Doshi
No. But so till the time the dispute on the 10-acre doesn’t settle, we are not planning anything on 22.
K.P. Mahadevaswamy
We are planning.
Dixit Doshi
We are planning. So something can come in FY ’26 will start.
K.P. Mahadevaswamy
Yes. Definitely. The cash can come, but the top line and bottom will come once we are under way.
Dixit Doshi
Time of handover. But we can start some project over there this year.
K.P. Mahadevaswamy
Yes, yes, definitely, definitely. Next year, we are going to start.
Operator
Thank you. Participants who wishes to ask a question may press star and one. Ladies and gentlemen, to ask a question, you may press star and one. As there are no further questions from the participants, I will now hand the conference over to the management for closing comments.
K.P. Mahadevaswamy
So thank you so much for interest in NBCC. Just I want to highlight the summarize a few things before final closing. NBCC has awarded highest ever work in NBCC history in the form of Amrapali Phase 2 within 1 month, and it will increase our running project list significantly as well as my top line, bottom line. NBCC has secured historical amount of business in current financial year, highest ever in the NBCC history and still two more months are still to go. Received SuperTech real estate project and will be revenue contributor in near future with higher margin. Successfully sold 1,233 residential units at Aspire Gold Homes’ through an e-auction generating sale value of INR3,216 crores. In real estate quarter 3 itself, we have sold INR220 crores. It is a very significant number. And last, MOE excellent rating 23-24 with 98.5 mark. This is the achievement. These are all the highlights of our last quarter. Once again, thank you very much.
Operator
Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us. For any further query or information, please reach out to Mr. Balkishan Singla, Investor Relations. Thank you very much, ladies and gentlemen. You may now disconnect your lines.
K.P. Mahadevaswamy
Thank you.
Anjeev Jain
Thank you so much.