NBCC India Ltd (NSE: NBCC) Q4 2025 Earnings Call dated May. 30, 2025
Corporate Participants:
K. P. Mahadevaswamy — Chairman & Managing Director
Anjeev Kumar Jain — Director of Finance
Unidentified Speaker
Analysts:
Nidhi Shah — Analyst
Sumeet Rohra — Analyst
Dixit Doshi — Analyst
Dhananjay Mishra — Analyst
Venkatesh Subramanian — Analyst
Nupur Kogta — Analyst
Pankaj Kumar — Analyst
Akshay Patil — Analyst
Aman Vij — Analyst
Yogesh — Analyst
Parvez Qazi — Analyst
Presentation:
Operator
Good, ladies and gentlemen, good day and welcome to the NBCC Limited Q4 and 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 an operator by pressing stand and 0 on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms Shah from ICICI Securities Limited. Thank you, and over to you, ma’am.
Nidhi Shah — Analyst
Thanks,. Good morning. On the behalf of ICICI Securities, I welcome you all to the Q4 FY ’25 earnings call of NBC India Limited. Today, we have with us from the management, CKP Mahadev Fami, Managing Director; Shri Salim, Director Project; Dr Suman Kumar, Director Commercial; Shri, Director of Finance; Shri MD Singhal, Executive Director of Finance; and Shri Singla, 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
Hello. Good morning to everyone. A warm welcome to all of you and appreciate your presence in today’s earning call for 4th-quarter ended on 31st March 2025. In last quarter, we have shared that NBCC has secured excellent MOE rating for the financial year ’23-’24 after five years based on Department of Public Enterprises appraisal with 98.5 marks, highest in NBCC history.
Just to add-on to you above, Department of Public Enterprises has released consolidated performance rating last week, which evaluated 84 CPAC and NBCC ranked second among all CPAC and number-one in consultancy and construction sector. For quarter-four, our standalone operation and execution, we have achieved a total operating income of INR3,218 crores, reflecting a 7% year-on-year increase. Additionally, our PAT stands at INR137 crores, marking a significant of 34% year-on-year growth.
For full-year, we have achieved total operating income of INR8,725 crores with 8% year-on-year increase in PAT stands INR476 crores, making 38% Y-o-Y growth. For 12 months, consolidated performance, NBCC has achieved a total operating income of INR12,039 crores, reflecting an 16% year-on-year increase with INR557 crore PAT, resulting significant 35% year-on-year growth. Last financial year ’24-’25 was very historical financial year for NBCC in view of various milestone achievements.
NBCG standalone order book has crossed INR1 trillion mark and now standing at historical all-time high of INR1 lakh INR4,000 crores and consolidated level order book 1,20,000. Just to add our order book has increased more than 100% from last year, highlighting the exponential growth in redevelopment sector. Historically, our running tally up projects over INR16,000 crores INR18,000 crore. Now it has surged to INR32,000 crores, 100% growth. NBCC being a pioneer in delivering home in stressful real-estate projects and giving relief to thousands of stressed home buyers in the country.
In this area, we started Phase-2 Amrapali project where we have awarded around INR10,500 crore work-in different packages in-quarter four, which makes its one of highest-ever work awarded in NBCC history in the short period of time. And work has started in-full swing on constructing 8,258 number of houses in Amhrapani. NDCC has shown great efforts in marketing and sales of real-estate units.
Phase-2 project where we have successfully sold around INR6,804 residential units through open eAction, which is very significant sale and will help in executing projects. Business secured. NBCC has secured historical amount of business in last financial year that is around INR60,000 crores on standalone basis and INR75,280 crores on consolidated level basis. This is one of the highest-ever business secured in any financial year.
This marks a significant growth of around 265% in standalone business secured from the last year. Business awarded to the contractors. As we all aware that NBCC has secured lot of new business in last few quarters. And however, in the last three, four months, we have focused more on execution and show our commitment towards completion of these projects. In this regard, in-quarter four only, we have awarded around INR17,000 crores new tenders on consolidated level, which increases our turnover tally of running projects.
In the current scenario, company has identified the need of — need to accelerate the execution of — execution speed in order to ensure timely execution of the order book. Accordingly, focused efforts are being made to expedite the award of work and initiate projects without delay. We had been targeting — targeted INR20,000 crores of our new tenders in the financial year ’24, ’25. However, we have awarded almost INR23,20 crores in the financial year ’24, ’25, which is 130% higher than the last year.
And upcoming year, it will be a large in view of large order book. Regarding projects for financial year ’24-’25, project has contributed INR1,529 crores in the top-line. For Phase-2 work I have already updated above redevelopment projects. For financial year ’24-’25, GPRI project has contributed around INR2,500 crores in the top-line by up of 85% from the last year. Genegar. The first phase of the project valued at INR1,450 crores is currently underway and is 91% almost completed.
Additionally, two more trenders were plus around INR200 crores were awarded recently and INR1,900 crores the work is in pipeline to be awarded in the Neta Ginagar. Karao, this is a large project and works in more than nine packages with worth of INR5,500 crores are going on, which are on different stages of execution. Additionally, three more tenders worth of around INR2,500 crores are awarded recently and INR2,700 crores in pipeline to be awarded in Nagar.
Questions and Answers:
Operator
Thank you. Now the forum is open for question-and-answer. 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 their 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’ll wait for a moment while the question queue assembles the first question is from the line of Sumit Rora from Smart Sun Capital. Please proceed.
Sumeet Rohra
Yeah, hi, sir. I mean a very good morning to you and your entire team at NBCC. Firstly, sir, I mean, I would like to congratulate you on a very good performance, which you have reported in this financial year and also on securing very good amount of orders as you highlighted. Now sir, I would like to — I have about few questions. So if I can just shoot them to you and then we can — you can address them.
So sir, now given the order book of INR120,000 crores today on a consolidated basis. What is the duration, sir, you have to basically execute these orders? If you can also please help us understand that in last financial year, you reported INR12,000 crore revenue. So what’s the revenue number that you think that we can expect for current financial year? And sir. Secondly, as you’ve highlighted that your order book you has expanded very sharply This year. So what do you expect are the forthcoming orders or the kind of order value which we can add-in the current financial year? Now sir, my question this one is a bit on the results. There is an exceptional item, point number six, which is of INR95.65 crores, can you sort of explain what is the exceptional item? And is this a recurring item in the P&L? Also, sir, on the expenses, you know, there is something of about INR47 crore write-off. What is the write-off? And if you can just throw a bit of light on that. One more question, sir I had, if I may, was basically on the Merali project. Is there any progress on the Meroli project? And do you expect something on the project to start? Many thanks, sir.
K. P. Mahadevaswamy
Yes. Thank you. Sunit, first of all, two questions I will answer and the two questions will be answered by my DF. One is usually for PMC project, the completion period will be only two to three years, whereas in redevelopment projects, it’s at least required three to four years because we have to arrange the money and we have to get the clearances from the various statutory authorities, this is the timeline. And regarding this year, we’re going to definitely achieve our cross more than INR15,000 crores to INR16,000 crores. This is our top-line. Regarding exceptional item and all our DF DFL answer.
Anjeev Kumar Jain
Good morning. Good morning, sir. Yes. Sir, regarding this account, let me clarify it because it is acceptional, it is not a non-recurring nature. It is not a recurring nature basically, okay. So it is a one-time and that relates to the one of the we have carried out in the state of Kerala, there some environment is, but because of some Supreme Court that environment clear, we are not able to get-in this financial year.
Though we are also assessing the legal or regulatory recourse available to the company, but as the abundant proportion, we have provided INR480 crore of rupees in this financial year. And apart from that, you must be aware of our presence in the Gurwama that INR37 b bps, some additional provision of INR15 crore odd rupees has been provided this year in — because we are going to start that project very soon.
And whatever were there who have opted for the reconstruction option for settlement, we are providing the enhanced feature in those plants. That’s why INR15 crore has been charged external item. So taken together, it comes to be INR95 crore as external item. As regard to write-back, it is basically a write-back is the reversal of impairment loss created earlier to ECL. It is a normal-course of entry taken place in every year account, okay.
And a third one you asking is the and Meroli project. Meroli project will maintained our guidance which we provide in the last con-call after started soon starting the project and our trajectory will be the same, which we’ll discuss in the last call. So we stand-by our guidance as regards to bite early?
Sumeet Rohra
Sure. And sir, basically on the on the new orders, you know, because this year you’ve added about INR65,000 crore 70,000 crore of new orders. So what is — I mean the order intake you expect for current year and I mean, are there any particular projects which you think that we can get soon?
K. P. Mahadevaswamy
Current year round, we are expecting INR20 crores INR25,000 crores. We are talking with various state governments, that is Rajasthan government, VR government, even some are government, government, Telangana, wherein also Andaman and. So wherein some redevelopment work as well as in Andaman, of course, it is a P&C work. So we are expecting that money, but at least 22,000 25,000 will get added to your Kitty.
Sumeet Rohra
Sure, sir. Sure. I’ll come back-in the question in the liter. Thank you, sir. Thank you and wish you all the best. Thank you.
K. P. Mahadevaswamy
Thank you. Thank you very much.
Operator
Thank you. The next question is from the line of Dixit Doshi from Financial Advisories. Please sir.
Dixit Doshi
Yeah, thanks for the opportunity. Sir, I have few questions. So firstly, in terms of order book of this INR120,000 crore, if you can break it up in terms of how much is PMC and how much is the redevelopment? That’s my first question.
Secondly, yeah, you mentioned that almost INR32,000 crores worth of projects are there where the work is already awarded. So what kind of new order we are planning to give for FY ’26? That’s my second question.
Third, regarding this exceptional item you mentioned. So if you can explain a bit that this is a completely developed project like the inventory is ready, but we have not received the EC. And so EC is rejected or we are still planning to get the EC and this may or may not get reversed in the future. So if you can explain that? And the same question regard — so this is note number eight, the Keralab project. But there is one also note number six where there is a Faridabad project. I think there also the problem is related to EC2. Do we expect a write-off from there as well?
K. P. Mahadevaswamy
First of all, one or two questions, I’ll answer best questions will be answered by my DF. Order book, yes, as far as PMC and the redevelopment is concerned, around 48% is PMC, 52% redevelopment. And regarding for financial year ’26, we’re going to get another — in INR32,000 already is our running projects and we will add another at least INR10,000 crore to INR15,000 crores in this first two quarters that is various projects of season as well as redevelopment projects, redevelopment project tender is going on. So that will be added to our. Regarding exceptional item, our DF will answer to you.
Anjeev Kumar Jain
Yeah, Mr, good morning. — regardles is two projects. This Kochi project as well as mentioned about both are different altogether. Kochi project is a developed a because we started our project way back-in 2011, at that time, this environment clearance was not required at all, but thereafter some notification came under the environment and production act, it’s the 1986 for environment clearance.
So later on the Government of India through Ministry of Forest, Environment and Climate Change, they issued a notification 17 and 21. According to that notification, if an environmental project has not been taken, then they allowed for a export approval of the project under. Okay.
Then we applied for that environment at factor. But that notification of the government of India, these notification has been quashed by the Supreme Court in their recent order because that notification has been square and our application for EC spending with the authority, that’s why as an abundant proportion, we have provided the entire amount — INR80 crore out of INR87 crores of rupees because INR3 crore worth of land is there, we, we have reset it to the land and is taken as a scrap value in our books of account.
As long as future is concerned, is like that is because this question has been done in a risk practition filed by organization, one structure organization and the government is contemplating for review, but definitely I’m not able to tell you exactly what government is going to take, but definitely we are also health with the government and we are also assessing what legal and regulatory reports are available to us, but as an abundant proportion for making our financial statement, we have provided for that. So that is about. And as long as-is concerned, it is not a case of EC.
We have purchased that land. It is the NOC has been denied or not given by the forest department that NOP is for getting the environment clearance from the authority. So we are just pursuing with the MCS as well as the forest department for issuing of NOC. But that NOC is not being issued because there is some care flying in the Supreme Court as regard to clarification on the definition that is deemed forest in that area.
So that’s why — and we have assessed the net value of that land and that land total cost is 131 in our book account as a gross value, we have already provided 10.73 cr as a 100 proportion towards the reduction in the net. I hope I am able to make you understand.
Dixit Doshi
So the remaining 120 once we are not contemplated.
K. P. Mahadevaswamy
So it’s only land parcel. It is only here we have not constructed anything. We have to take the permission before the construction of that. So here is not applicable.
Dixit Doshi
Okay. Okay. Just a couple of more questions if I can ask. One is, we — how much of the order was from super tech builders because I think there is some stay which Has been implemented over there. That’s — and second is, in our order book, we have added the INR25,000 crore from Maharashtra Government. So I think this is recent MOU which we have signed. So this is just an MOU or I mean the things have already worked out and something will start construction this year itself.
K. P. Mahadevaswamy
This is regarding Super Tech around INR9,400 crore order. Supreme Court NCLT has given this order to NBC NBCC, however, in Supreme Court, they are asking some more participation or some clarification. Hopefully, as soon as we resolve, I think we will going to get this order in our kitty.
You see regarding already MOS signed and some so it’s already earmarked for redevelopment Babway that is in Pane clusters and some redevelopment work, some,. So we are already in-process of appointing consultant and all. Some projects already they are appointed to the consultant also, that also going to take. So this is already in-place. I think this order is sure guaranteed order 25,000 toll.
Dixit Doshi
Okay. Okay. Okay, that’s it from my side. Thank you.
Operator
Thank you. The next question is from the line of Mishra from Sunidhi Securities. Please proceed.
Dhananjay Mishra
Hello, sir. Am I audible?
K. P. Mahadevaswamy
Yes, yes. Sorry about please.
Dhananjay Mishra
Hi. So for this year, we are targeting 10,000 to 15,000 to be awarded and that includes projects, right?
K. P. Mahadevaswamy
Amhrapali already awarded.
Dhananjay Mishra
So which you are targeting to be awarded? I mean, because recently we have received INR60,000 crores, which all projects we are targeting to be awarded in first-half.
K. P. Mahadevaswamy
Redevelopment project, 7 GPRA and Mahapri and J&K also some more quarter from J&K as well as Goa government.
Dhananjay Mishra
And that will be in phases, right?
K. P. Mahadevaswamy
Yes, of course.
Dhananjay Mishra
Okay. And in begin estate segment, how we account revenue and profitability, is it on completion — percentage completion basis or it is delivery waste or recognition
Anjeev Kumar Jain
We understand it is a delivery there, but I’m clear continue,
K. P. Mahadevaswamy
I’m talking about real-estate specifically. So because we have a
Dhananjay Mishra
Number. And what is the kind of margin — EBITDA margin we are looking on this real-estate projects? Because nowadays business.
Anjeev Kumar Jain
So real-estate project, we are when we put place, we were harnessing our real-estate, then 25% margin will be there. EBITDA margin I’m talking about.
Dhananjay Mishra
25%.
Anjeev Kumar Jain
This time you are right in saying the because this segment margin contained a one-time hit of 95 because that entire item is regarding the real-estate project only.
Dhananjay Mishra
Okay, okay. And what is the in this super Tech project if you could in terms of our PMC, consultancy fee and also can you elaborate more on that?
K. P. Mahadevaswamy
It is SuperTech only PMC project only. Here NBCC will act as a PMT, we are getting 8% PMC, 8% and 1% marketing.
Dhananjay Mishra
Okay. Okay. Okay. Thank you. That is all from side.
Operator
Always question is from the line of Venkatesh from. Please proceed.
Venkatesh Subramanian
Yeah, good morning, sir. I had two questions, sir. One is, sir, I — we witnessed a kind of a renewed energy and a lot of vigor in NBCC’s management and a lot of operations. Congratulations on that. My question is and especially after this new government in Delhi has come in and new action in the urban ministry, we see a lot of things are happening and NDCC is kind of being chosen as a agency for lots of infra and prop development work, especially associated with state governments and PSUs.
So would it be fair to assume that at a broad level as a vision, NDCC is the kind of company that we can see as the anchor company, which the government will help first preference to for many of the flagship projects across the country. That’s my first question, number-one. Number two, we have been quite optimistic.
There are lots of orders flowing in, etc. So if you take a three to five-year view, sir, the estimates in terms of order book execution targets, would it — is this like a base-case scenario that you’re projecting or in an optimistic scenario, can things be better? This is just for factoring in our sensitivity calculation, sir. Two questions.
K. P. Mahadevaswamy
Just definitely, we are already working with various state government, already so many MOAs entered with J&K government, Goa government, Housing Board. Now we are discussion is going on with Delhi government also. In Delhi is certain redevelopment parcel like DTC, Delhi Transport Corporation is having huge land parcel, that redevelopment was already we got a MoU.
So additionally, we’re going to get some more work and some just bungalows have to be reconstructed, that discussion is going on and of course, we are talking with Yamuna River Bank. So that is also in under discussion. And regarding your question, next question, next three years, next three years, our top-line will be around INR25,000 crores and bottom-line will be around INR2,000 crores. Next five — and the order book will be around 1.5 lakh to INR2 lakh crores. This will be next three-year target.
Venkatesh Subramanian
So that’s a base-case, sir, the — at least a minimum case, that’s what I’m asking. Right. On the last follow-up question on the NBCC being a Chief Canalyzing agency for the government. Is this a part of a broad vision agreed between the company and the ministry at the highest-level, stating that we want to take NBCC to the next level. Is it part of the MOU?
K. P. Mahadevaswamy
Yes, of course, of course.
Venkatesh Subramanian
Okay. Okay. Great, sir. Thanks. I’ll come back-in the queue. Thanks.
Anjeev Kumar Jain
Yeah. We are the obvious partner of the government already because we are doing the redevelopment using under 12% model
K. P. Mahadevaswamy
Wherein girls not investing any money, rather they are getting a good return. Suppose they have X number of flats, they are going to get 2 times of X minimum. And in terms of area 3 times CapEx and without incurring any money. So this is the beauty of the redevelopment projects.
Venkatesh Subramanian
Okay, sir. So one more thing, which is you also mentioned about Kerala,, lot of other, etc. So NBCC being a central government organization, it seems like regardless of the state governments, in Kerala it’s Communists or Congress, in, it’s regional parties. So regardless of state governments, NBCC seems to be kind of a preferred partner for a lot of state governments. Is my understanding right?
K. P. Mahadevaswamy
Yes. Yes, yes. Because we have one USP that is redevelopment, redevelopment NBCG is only doing the PSUs, whereas even for Delhi redevelopment for one colony also, we are generating money to EPUD. So this is the specialty or USD of NBC. So that’s why wherever state government, they don’t have financial in redevelopment, they need not to infuse any finance. Just initially some seed monies is required 10% to 20%. Once the project is takeoff means then we can get the money in the — by selling the FAR or buildup area.
Venkatesh Subramanian
Okay, all right, sir. So second, in terms of real-estate and PMC, we do get some constant streams of income. Apart from this, do you also get — when you develop projects like Amhrapali or take-up special projects is there or a piece of real-estate that is to be sold? Are you looking-forward to any lump-sum revenues over the next two years, three years? Years, anything sale of property or so apart from regular course of income
K. P. Mahadevaswamy
As of course we recently purchased the World Trade Center 34 so we are gain we are going to lease-out that property. So there is fixed-income from every year. Like that we are planning in the coming year also
Unidentified Speaker
So we are not able to hear you, sir. In Bones we have a built-up which is already completed and OC has been obtained that chunk of test will be sold-out within three, four months. From there you can get all right.
Venkatesh Subramanian
Okay. All right. Thank you, sir. I’ll join the queue. Thanks. Thank you
Operator
The next question is from the line of Nokur from Nedi Investment. Please proceed.
Nupur Kogta
Yeah, hello. Am I audible?
K. P. Mahadevaswamy
Yes. Yes.
Nupur Kogta
Yes, sir. I wanted to ask regarding the presence. So according to figures in my hand, I guess we’ve got around 38,000 units and out of this we have completed approximately 24,000 to 25,000 units and we have sold around 7,000 to 8,000 units. So what is the timeline that we can expect for the remaining units to be sold and expected revenue to be generated going ahead?
K. P. Mahadevaswamy
The rest of the unit will be the 8,000 units out of 8,600 6,000 units already sold at in the open e-action. So another 2,200 unit has to be sold. That will be sold-in the first and second-quarter, hopefully by September end. And regarding completion Phase-1,, almost we have completed all the projects. By July end, we’re going to complete all the projects except one other that will be going completed by March — next year March, 26 March.
Nupur Kogta
Okay. And the additional 7,000 order units that we had to construct what
K. P. Mahadevaswamy
Will be two to three years. This is a Phase-2 project within three years we are going to complete.
Nupur Kogta
Okay, okay. All right. Sir, next thing I wanted to understand that the margin that we are targeting of a bottom-line of around 10% in the coming two to three years. So how do we get there? Like what would be the target for next year towards 2026 specifically
K. P. Mahadevaswamy
Next year-around INR750 crores INR800 crores bottom-line PAT, that is PAT? Okay. And ’26-27 around INR1,200 crores by ’28, ’27, ’28 it will be around INR2,000 crores.
Nupur Kogta
Okay. Okay. Thank you so much. Thank you.
K. P. Mahadevaswamy
Thank you.
Operator
Thank you. The next question is from the line of Pankaj Kumar from Kotak Securities. Please proceed.
Pankaj Kumar
Yeah. Thanks for taking my question, sir. My question is on this — the award that we are targeting for FY ’26. So you said in H1, we are looking at some INR15,000 crore of projects. And last year we did roughly INR23,000 crores of total award. So what is the full-year target for FY ’26 that we are looking at?
K. P. Mahadevaswamy
Award,
Pankaj Kumar
Yeah, projects that you are targeting to award in FY ’26.
K. P. Mahadevaswamy
Around the INR18,000 to INR20,000 crore,
Pankaj Kumar
18,000 to 20,000 and which all projects will be there in that
K. P. Mahadevaswamy
Is redevelopment of the Saven Jeeper economy, state government of Gova redevelopment of government and Maha and of course, J&K and Telangana government are out inboard projects
Pankaj Kumar
And this is using on a standalone or control. These aren’t standalone only I’m talking.
K. P. Mahadevaswamy
Consolidated level there is other games will also be there, some HSCC and in HSCL, some mass of Mumbai and all. I’m talking about only standalone with regarding.
Pankaj Kumar
Okay. Okay. And in terms of guidance for the standalone, what you are looking at INR15,000 crore number you have guided for consol, I believe. So what is the standalone revenue guidance that you get?
K. P. Mahadevaswamy
Around INR11,000 crore, INR11,000 crore in standalone?
Pankaj Kumar
And sir, our question is on competition. Of course, we have seen very strong order inflows in this year, roughly INR60,000 crore and next year also you’re looking at crore 25,000 crore. So how is the competition in these orders with all these orders we have got on nomination basis or we have competed against other government departments.
K. P. Mahadevaswamy
So of course, in PMC project, we are getting on competition. Even redevelopment, some projects we are getting on nomination, some projects on competition, of course,
Pankaj Kumar
And who are the other agencies who we are competing?
K. P. Mahadevaswamy
Other, Yale, Webcast Bridge and roof, NPC EPL,.
Pankaj Kumar
And so next question is on the real-estate. So what is the total sales — pre-sales that we have done in FY ’25 and what we are targeting for FY ’24? This is my last question.
K. P. Mahadevaswamy
On this INR329 crores currently in this year we have sell it out. Next year also approximately around INR300 crores will be there. So we are target yes.
Pankaj Kumar
And what is the total value of these projects that we are currently executing?
K. P. Mahadevaswamy
Re-elected.
Pankaj Kumar
Yeah.
K. P. Mahadevaswamy
Real-estate you are talking about the execution of order out of real-estate,
Pankaj Kumar
Yeah, totally a real-estate business.
Unidentified Speaker
But in fact, on account of real-estate, we don’t trade debt in our order book. Our order book, what we talk about 1 2,000 CR is only consists of PMC and EPC. Real-estate, we don’t consider because it is our own work. As far as total value in book accounts is concerned, we are having an inventory of 973 at net visual value I’m talking about. Out of which 684 or 685 is approximately land value, rest is the completed project under-construction project.
Pankaj Kumar
Okay, okay. And what is the margin that we’re looking at in this real-estate?
Anjeev Kumar Jain
Margin at present, if you see there is a municipal margin because of the exceptional item, but down the line, we’re expecting the 25% plus EBITDA margin real-estate
Pankaj Kumar
And which are the locations we are looking at especially.
Anjeev Kumar Jain
This is across India,
Pankaj Kumar
Okay thank.
Operator
We take the next question from the line of Dr Aksha from NBCC. Please proceed.
Akshay Patil
Congratulations to the management good. My inclusion is, and you are predicting almost 2% of bottom-line for the next three years. So what will be the approximate book for the next year financially
K. P. Mahadevaswamy
Next year 750 to 800 c year this time 750 to 800 CR next year.
Akshay Patil
That is bad so bet for the in the next coming two years you are going to double.
K. P. Mahadevaswamy
Yes, yes, because we are planning our real-estate to the budget of and the 370, wherein we’re going to get huge profit margin.
Akshay Patil
Okay, okay. And coming to has and Mumbai being the largest redevelopment markets. So what are your plans for the Mumbai in terms of market to tap in the opportunities from the Mumbai?
K. P. Mahadevaswamy
In Mumbai, recently we had an enter an MOU with Mahapriet, wherein we will going to do the redevelopment project of Tane and some Avas and some redevelopment works. So that is value of around INR25,000 crores. See more some state governments also having some land parcel, even private entities, societies having so many plants on distress conditions and they are underutilized affair. So that’s also we are focusing and we are targeting to get many more projects like this in Bombay
Akshay Patil
Okay. Yes, good to hear you coming. That’s all from my side. Thank you very much.
Anjeev Kumar Jain
Thank you.
Operator
Thank you. The next question is a follow-up question from the line of Sumit Rora from Capital. Please proceed.
Sumeet Rohra
Yeah, hi, sir. Thanks once again for the opportunity. MR. I was just calculating, you have reported a profit-after-tax on a consolidated basis of INR557 crore. Now if I write-back the INR95 crores, which is a one-time and non-recurring, you have actually reported a profit of about INR650 crore odd, which is about 5.4% PAT margin. Now sir, assuming that you know we are — we have a fixed-cost model and operating leverage does kick-in for us.
So if your revenue is going to grow from INR12,000 crores to say about INR16,000 crores, can we expect that the PAT margin can also move-up from about 5.4% higher towards the 6% mark.
K. P. Mahadevaswamy
Whatever I’m saying, 750 to 800 is it a conservative figure is definitely where you are rightly saying, it may increase, it may increase. We are taking a conservative figure.
Anjeev Kumar Jain
Yes, absolutely. Absolute margin will definitely increase. Sumit, absolute margin will definitely
Unidentified Speaker
Increase. As you rightly pointed out, 557% is there. If I add-back 95%, it is more than that. You are correctly in analysing our results but as far as absolute margin is concerned, when we go beyond 12,000 and 15,000 is the target for coming year, definitely absolute margin will increase, but as well as central model is concerned, that may remain in the vicinity or that may also increase?
Sumeet Rohra
Got it, sir. Got it. Got it. And sir, but that’s one thing, I mean, this is just my observation that with the order book as strong as it is today of about INR1,20,000 crore odd, don’t you think that our revenue guidance for current year seems to be a little conservative, keeping the order book which you have in mind?
K. P. Mahadevaswamy
Definitely because they go. In real-estate and the redevelopment projects, it will take some time to arrange the fund also and getting the approvals. So approvals also, it will take time some easy clearance, it requires at least minimum three to four months. So that’s why we are taking conservative figures. But next year onwards, definitely it will — it will increase like anything.
Sumeet Rohra
Sure, sir. Sure. I get that. Thank you so much, sir and wish you all the best, sir. Thank you.
K. P. Mahadevaswamy
Thank you.
Operator
Thank you. The next question is from the line of Amy Aman Vit from Investment Management. Please proceed.
Aman Vij
Yeah, good morning, sir. My first question is, you talked about Jenagar having INR1,900 crore works in pipeline and other remaining INR2,700 crores. So do you expect — is there a chance some of it will come in FY ’26 or most of it will come in FY ’27?
K. P. Mahadevaswamy
No, no, we will going-forward. Yes, is definitely in this year, current year, we will go into. Okay. Good and expecting some revenue in the last quarter, hopefully in the last quarter.
Aman Vij
Okay. So even if you assume, say, one, two quarters delay, so at least by second-half of next year, most of this will be done and other quarter.
K. P. Mahadevaswamy
Yes, yes, definitely.
Aman Vij
Sure, sir. Second question is on the real-estate side. So you talked about returning — returney coming up in say next year, FY ’27, how do you see that scaling in FY ’27, ’28 because that is like a INR5,000 crore opportunity for us. So what kind of contribution do you expect in ’27, ’28 and maybe ’29?
Unidentified Speaker
So among it. In fact, as I told earlier also in this conference, we are basically whatever guidance we have provided in our earnings call, last we are maintaining the same guidance. And I think in last guidance, we have projected a net — net value of INR8,000 crore-plus and profit is approximately INR3,000 something odd crores. So we are expecting that only this time also.
Aman Vij
No, so that point I understand I had gone through that call, but I was talking about a little bit on timeline. So how much do you expect to happen in ’27?
Unidentified Speaker
And aggressive timeline is, 201 because it is a real-estate one and real-estate one turnover will be booked on the — handing over the risk and required to the buyer. So because we are going to start in ’26 this financial year
K. P. Mahadevaswamy
Only ’27 and 28 will
Unidentified Speaker
Get revenue will definitely will come only once we handed over the project. So it may be 28 whole aggressive one.
Aman Vij
Okay, okay, that helps. But in terms of execution, you are quite sure.
K. P. Mahadevaswamy
We are going to
Aman Vij
This year itself.
K. P. Mahadevaswamy
Because regulation criteria for real-estate is not that presented matternal. It is for that is okay.
Aman Vij
Yeah, that I understand. But in terms of cash flows and orders okay.
K. P. Mahadevaswamy
Yeah.
Aman Vij
Next question is, sir, on order inflow. So FY ’25 was like a surprisingly good year for us. In the start, we had guided much lesser number and it turned out to be one of the best year for us. What needs to happen in ’26 and ’27 for us to repeat this kind of order inflow like INR40,000 crore INR50,000 crore of order inflow? I understand you’re guiding 2025,000, but what things if it happens like
K. P. Mahadevaswamy
It will increase — definitely it will increase. We are discussions with our Delhi government, with our ministry only. We have to do some redevelopment project of another 15 to 16 colonies in Delhi itself. We have total one or five colonies. So that is also under discussion. Once we get means we have a bulk order. So currently, I cannot disclose you any of good order book in-line.
Aman Vij
Sure. And due to, to, 15, 15 calling, each will be like the last calling which is like INR3,000 crore INR5,000 crores is just estimation
K. P. Mahadevaswamy
Currently, I will not disclose to you anyhow. I’ll come back to it next further it is a actually competitors are there and of course in redevelopment, there is no competitors. But so-far we could not get the others. Once it will get — it will be a bit just like our 7, but colonies are having area more than 400 acres, 300 acres are geturam and all colony. So anyhow, I’ll come back to you.
Aman Vij
Actually, just the final thing. This do you — what whenever it happens, do you expect this to happen in H1 or H2 mostly? Any further update on this?
K. P. Mahadevaswamy
Hopefully H1.
Aman Vij
H1. Okay, sir. These were my questions. Thank you.
K. P. Mahadevaswamy
Thank you.
Operator
Thank you. The next question is a follow-up question from the line of from LogicT Consultants. Please proceed.
Venkatesh Subramanian
Yeah. Sir, two questions, sir. One is you talked guided for FY ’26. So if I — in your earlier con-calls, you had guided that FY ’27 could be even better here, probably ranging from INR1,500 crore, probably INR2,000 crores because I think you will get some other extraordinary income in that particular year. I think real-estate recognition or something. Is my understanding right, sir, FY ’27 could be a very significant year in terms of profits?
K. P. Mahadevaswamy
Yes. Definitely.
Venkatesh Subramanian
Okay, sir. Great. First, second question is this Delhi redevelopment being holding, it’s almost like a — it’s a massive opportunity, right? So if you talking about 100, 105 colonies and you’re focusing on the first 15 initially, this whole order book of INR1,20,000 crore-plus order inflows plus future inflows, are you able to see a visibility for the next five to seven years in terms of order execution because once you hit INR25,000 crores, would you say that you can maintain that run-rate over a period of time?
K. P. Mahadevaswamy
Definitely, definitely. It will increase rather maintaining — instead of maintaining it will be increasing in every year. Once we have definitely we have to finish that order within three to four years to definitely exponent increased.
Venkatesh Subramanian
Okay, sir. That’s good enough. Thank you very much.
Unidentified Speaker
Yeah. Just one correction. It is INR2,000 crores what we are saying, it is FY ’28, not only FY ’27.
Venkatesh Subramanian
Okay, FY ’28. Okay, sir. I got it. I got it. Okay. Thank you. And this current order book of INR1,20,000 plus whatever you will be getting in the next few months, sir, is it — is it okay to assume it will be a three to four-year order execution period?
K. P. Mahadevaswamy
Yes. Three to four years.
Venkatesh Subramanian
Three to four years. Okay, sir. Thank you.
K. P. Mahadevaswamy
Sure. Thank you.
Operator
Thank you. The next question is from the line of Yogesh from Real Value. Please proceed.
Yogesh
Hello. Hello. Yeah. Sir, congratulations, first of all, I think there’s a major turnaround I see on the results from the NBCC to entire management team and all. So I had one query only because we are hearing so much about the defense which government is taking initiatives and things like that. So as a company, are we not focusing anything or on those lines somewhere over there. Thank you.
K. P. Mahadevaswamy
Definitely in defense. Defense also we are discussing. They also need huge market housing — housing colony. So discussion is going on. Hopefully, in this year we’re going to get good news from defense and of course some PSUs of defense, that is HAL, BL, they also wanted to give some civil work to NBC. So we are all discussing with them that is also — that is actually PMC projects and redevelopment projects also discussion is going on.
Hopefully, we’ll get good news in this year from defense as well as railways also. Railway is having huge land parcel. So they wanted to monetize their land parcels. So discussion is going on once it will be completed net know.
Yogesh
And sir, one more question. You had also mentioned sometime back, I think only I had read somewhere that NBCC has got some projects in abroad as well. I think Dubai and all, is it there or I mean, any updates on that?
K. P. Mahadevaswamy
Yeah. One good part is we already open a company in Dubai . So we’re going to start our real-estate business at the earliest. So clearance is all we got from necessary clearance from Deepa Mandal. So we are going to start our real-estate project at the earliest — in this year only, current year.
Yogesh
Thank you, sir, and all the best.
K. P. Mahadevaswamy
Thank you.
Operator
Thank you. The next question is from the line of Dishit Doshiv from Whitestone Financial Advisors. Please proceed.
Dixit Doshi
Yeah. Thanks for the opportunity again. Sir, one question in our expenses line-item, there is one expense of write-offs, which is around INR39 crores last year and went up to INR276 crore. So what is this regarding?
Unidentified Speaker
Let let me explain later. You are talking about it this spend INR253 crores. INR263 crore is a line-item, which is related to the write-off and INR76 crores is a negative item against the impairment losses.
Dixit Doshi
Sorry, is it account of — okay.
Unidentified Speaker
These are two items. Let me let me tell you. It is regarding the write-off of our trade receivables and reversal of the ECL provision created in the last year. Okay. So net, if you see, it is 253 minus 76 this time. So it will come around INR175 or 180 odd. And last year, it is odd INR12 crores INR13 crores.
Dixit Doshi
Okay. So do you expect this to remain at this elevated level or next year?
Unidentified Speaker
But let me let me again clarify, because writing-off and reversal of the provision as far as NBC is concerned, there is a very little impact on our books account because as per our model, whatever amount we are writing-off in the trade receivable, we are also getting adjusted against the credit balance also because as per our model, credit table is being paid-off only once we receive our trade receivable. So whenever there is a write-off on account of credit receivables, there is a adjustment on account of write-back towards the trade table also. If you analyze our result, there is approximately INR277 crore of write-back is also there.
Dixit Doshi
Okay. Okay. Understood. So net-net, we are not losing any money, right?
K. P. Mahadevaswamy
Yeah. Generally no. Generally no.
Dixit Doshi
Okay, okay. Understood. Thank you.
Operator
Thank you. The next question is from the line of Parvesh from Nuvama Group. Please proceed.
Parvez Qazi
Hi, good morning. Congrats for a great set of numbers. So two questions from my side. What is the total speed menu that we have increased in various projects that we are doing? And second of the cash-in our books, what is, let’s say, belongs to client and what is our own cash? Thank you.
Unidentified Speaker
As far as cash is concerned in our book, it is approximately INR400 crore, which is a free flow cash available to the NBCC after setting off the all commitment as on 31st March 2025. And your next question is regarding seed money. Seed money approximately, we are having 657 plus 11657 plus 11% that comes to INR668 crore in totality as on 31st 3, 2025.
Parvez Qazi
Sure, sir. Thanks and all the best. Thank you.
Operator
Thank you. The next question is from the line of Swaroo from NBCC. Please unmute you are not audible alone. Question-answer a question of that the next question is from the line of Napoor from Investment. Please proceed.
Nupur Kogta
Yes, sir, just a follow-up question. Actually, I’m new to the company and I want to understand how the setup work for PMC project. So as I see the Amhrapali project, our project cost was INR8,500 crore and we were entitled to a 8% fees towards PMC, so which comes to approximately INR650 crores.
But as I see in the previous presentation, the contribution to the top-line from was INR1,800 crore and this year it is something INR1,000 crores. So how does this setup work? Like this include the revenue from sale of units also or only the fee?
K. P. Mahadevaswamy
In Nambar, there are two yets we are getting the fees. One is sale part. On selling the part, we are getting 1% P&C. The selling part will be around INR15,000 crores in Phase-2. I’m talking about Phase-2. Regarding construction, around INR10,000 crore, whatever construction we are doing, we are getting 8%. So total, there will be a 9%, but on-sale, it will be more than 9% because sale company is INR15,000 crore, construction part is INR10,000 crores. So 10,000 crores we are getting 8% and selling part we are getting 1%.
Nupur Kogta
Okay. So this set the same for also.
K. P. Mahadevaswamy
It will be more than 9% by averaging these two, it will be more than 9.7%, something like that.
Nupur Kogta
Okay. All right. So it is similar for all the other PMC projects like Super Tech.
K. P. Mahadevaswamy
SuperTech also same construction part we are getting 8% and for marketing 1%.
Nupur Kogta
Okay. Okay, sir. Okay. Thank you.
Operator
Thank you. As there are no further questions, I would now like to hand the conference over to the management for the closing comments. Thank you, and over to you
K. P. Mahadevaswamy
Thank you so much for the interest in NBCC. Just I want to highlight and summarize a few things before final closing. NBCC has secured historical amount of business in current financial year, highest-ever in NBCC history, successfully sold around 6,800 residential units at Pali Phase-2 through open e-action, awarded INR23,250 crores in-full year financial year ’24-’25 and more efforts are being made to expedite to award the works.
NBCC has incorporated fully-owned NBC overseas real est in Dubai Mainland UAE for real-estate business. NBCC order book has crossed INR1 trillion mark and now standing at historical all-time high. NBCC has been engaging with multiple state governments and the time has come to translate these discussions into concrete agreements and executions.
According to performance rating of DPE released last week, NBCC ranked second among all CPSC and number-one in-construction and consultancy industry. These are the few highlights of our performance and we’ll keep doing extra efforts for taking NBCC into new its. Once again, thank you, everyone.
Operator
Thank you very much for further inquiry or questions. Please reach-out to Mr Stingla, Investor Relations NBCC. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you