Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
NCC Limited (NSE: NCC) Q4 2026 Earnings Call dated May. 16, 2026
Corporate Participants:
Neerad Sharma — Head Strategy and Investor Relations
Sanjay Pusarla — Executive Vice President, Chief Financial Officer
Analysts:
Vaibhav Shah — Analyst
Shravan Shah — Analyst
Parikshit Kandpal — Analyst
Parvez Qazi — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the NCC Limited Q4FY26 earnings conference call hosted by JM Financial Services. JM Financial Institutional Securities Limited. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Vaibhav Shah from JM Financial Institutional securities Limited. Thank you. And over to you sir.
Vaibhav Shah — Analyst
Yeah, thank you Gitesh. On behalf of JM Financial, I welcome everybody to 4Q and FY26 earnings conference call of NCC Limited. We hear from the management today. Sri R.S. Raju, Director of Projects. Sri Sanjay Pusarla, Executive Vice President, Finance and Accounts and Sri Neera Sharma, Head Strategy and Investor Relations. Now I hand over the call to the management for their opening remarks post which we can start with the Q and A session. Over to you sir.
Neerad Sharma — Head Strategy and Investor Relations
Thank you very much. Weber. Very good morning everyone. This is Neerit. And on behalf of ncc, I thank you for joining us as we close out the financial year 2526. With me today are Mr. R.S. Raju, Director Projects and Mr. Sanjay Pusarla, our CFO. We appreciate your continued engagement with the company though through what has been an eventful year for the sector. Safe harbor. Before we proceed, I would like to draw your attention to a brief disclaimer. Certain statements made during today’s call may be forward looking in nature and are subject to risks and uncertainties.
And actual results may differ materially from those expressed or implied. I encourage you to read a detailed statement on page two of the Investors presentation order book. The foundation, our consolidated order book as of 31st March 26th stood at Rupees 83,400 crore which is about 16% increase over the last year and highest in the company’s history. The fourth quarter contributed rupees 9573 crore of fresh consolidated inflows. And full year inflows totaled rupees 31,884 crores. This order book gives us multi year revenue visibility and a book to bill ratio of roughly four times.
And it is spread across seven VI’s buildings, transportation, mining, electrical, T and D, water and railways and irrigation which is what gives the portfolio its resilience. Now I will hand over to my colleague Mr. Sanjay Pusalla. He will share the detailed financial performance of the company. Post that we will open for questions, any questions, any queries that you might have. Over to you Mr. Pusala.
Sanjay Pusarla — Executive Vice President, Chief Financial Officer
Good morning ladies and gentlemen. This is Sanjay Pusarla, Executive Vice President and CFO of NCC Limited. I am pleased to announce the financial results for Q4FY26 of NCC Limited and also for the year ending 31st March 2026. My announcement basically covers order book revenue, profitability, debt movement and some of the important balance sheet items. The order book stands at 83,004 crores as at the end of the 31st March 26th. You are aware the order book at the beginning of the year stood at 71,568 crores and orders received in Q4 is 9,573 crores and balance at the end of the year is say 83,004 crores.
The revenue for the standalone turnover reported in Q4 FY26 is 5,382 crores has against turnover of 5,445 crores in the corresponding quarter of the previous year it decreased by 1%. For the full year the turnover stands at 17669 crores as against 19393 crores of the previous year, a decline by 9%. At consolidated level the turnover is reported in Q4 at 6251 crores as against 6189 crores in the corresponding quarter of the previous year which was an increase by 1%. For the full year the turnover is 20,944 crores as against 22,355 crores which is a decrease of 6%.
Next, on the profitability at the standalone level we achieved a EBITDA of 8.44% for Q4FY26 as against 9.21% of the corresponding quarter of the previous year. PBT we achieved 5.2% before exceptional items and PAT of 3.77% in the current quarter I.e. Q4FY26 as against PBT of 6.18% and PAT of 3.93% reported in the quarter 4 of FY25. At consolidated level we achieved EBIT of 8.83% and PBT of 4.70% before exceptional items and part of 3.3% in the current quarter. In the current quarter I.e. Q4 to FY26 as against EBITDA of 9.07% and PPT of 5.93% and PAT of 4.1percent reported in the corresponding quarter of the last year.
Then getting into the debt movements, the debt at the beginning of the quarter stood at 2,980 crores and net debt after cash and cash equivalents is 2830 crores. At the end of quarter four of FY26 it stood at 2251 crores and net debt at Rupees 1667 crores and at the end of Q4FY25 the same is at 1484 crores and net debt of 706 crores. There is a decrease of debt by 729 crores in Q4FY26. The debt equity ratio stands at 0.30 at the end of Q4FY26 as against 0.40 at the end of Q3FY26 and 0.21 at the end of March 25.
Getting into working capital Working capital excluding cash and margin money deposits at the end of Q4FY26 it stands at 4847 crores which is 28% of the turnover. In terms of working capital days it is 97 days. The trade receivables outstanding at the end of Q4 has decreased from 3505 crores to 3336 crores and the number of days also has decreased from 87 days to 73 days in the current quarter and 65 days for the corresponding quarter of the previous year. Unbilled revenue it is decreased from 7129 crores which is 44% to 6006675 crores which is 38% in Q4FY26 and at the end of the previous year it was 5937 crores which is 31% retention money stands at 2253 crores for quarter 4 FY26 as against 2099 crores at Q3FY26 and at the end of THE MARCH 25 that is the corresponding previous year 8870 crores.
Coming to the mobilization advances, mobilization advances are standing at 3386 crores as at the end of March 31st, 2026 has increased 3162 crores at the end of December 25th and 2098 crores at the end of March 2025. Of these mobilization advances, 64% are interest bearing and the average interest comes to 9.2%. Interest bearing advances decreased from 67% to 64% during the current quarter. Cash and cash equivalents 585 crores as on the 31st of March 2026 and 150 crores as on the 31st, 12th, 2025 and 778 crores as on 31 3, 2000 and 2 margin money deposits and others.
It is standing at 631 crores as of the end of March 26th, 671 crores at the end of Dec 25th and 654 crores at the end of March 25th. Coming to the CapEx, we have incurred a CapEx of 344 crores in Q4FY26 and 912 crores in. We have incurred in the current year which includes a capital work in progress for TBM about 320 crores as against the budgeted capex of 1050 crores which was revised earlier from 750 crores to 1050 crores in the year FY26. EPS stands at 3.23 at the end of Q4FY26 as against 3.4 in Q4FY25 and in FY26 it is 9.19 as against 12.12 in the previous year.
With this I will be ending the announcement of the results. Thank you so much.
Operator
Thank you sir. Should we start the question and answer? Q.
Sanjay Pusarla — Executive Vice President, Chief Financial Officer
Yes please.
Questions and Answers:
Operator
Thank you. Thank you very much. We’ll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch tone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handsets when asking your questions. Ladies and gentlemen will wait for a moment while the question queue is in. The first question is from the line of Shravan Shah from Daulat Capital. Please go ahead.
Shravan Shah
Hi. Thank you sir. Couple of questions. So first we’ll start with the your broad guidance on revenue margin and order inflow for FY27 and also please specify this will be for standalone or at a console level.
Neerad Sharma
Good morning.
Shravan Shah
Good morning sir.
Neerad Sharma
I mean there are too many variables in the equation as we speak. You know the. The whole environment is very uncertain. So we have decided not to give any guidance for FY27. However, we will revisit you know this decision maybe when we will have we have some clarity after conclusion of the first quarter. If there is any guidance we would be happy to come and share that with you.
Shravan Shah
So for order inflow also no guidance.
Neerad Sharma
No guidance for all these parameters. But as I shared with you because there are too many variables it is very difficult really to look forward you are already aware about the uncertain world that we are currently living in. But we will revisit this decision, you know, maybe say after first quarter or so. Should there be any clarity, should there be any change in the environment, we would be very pleased to revisit and come back to you with the guidance for 27
Shravan Shah
There just still I understand that we don’t give but still trying to get get some sense. So obviously the order book is is at a historic high and we must be knowing what kind of a projects in which segments is this going on until one and a half month is already there for this quarter also. So you we must be knowing a broad idea. I understand for last two quarters we are not giving and again we are not giving. So it is, it is becoming a very very difficult. So are we still of the opinion that still the working capital pressure, the payment issues and whatever is this happening at the world level waste Asia crisis, but at the India level I understand the commodity prices inflation will be there but still we’ll be having a some kind of a minimal that this definitely we should be doing some color more would be would be helpful whether at least we will see a kind of a minimum 10% plus kind of a growth because already we have seen a 9% early growth in the FY26.
So that would be helpful. And at the margin level also the current level 8.3 is maintainable or can we see a kind of a half a percent kind of operation or some improvement. Something would be helpful there.
Neerad Sharma
Yeah. Mr. Shah, I really very much appreciate your concern. You talked about you know, the cost element in the whole economy. You know, finally this might also affect the ability of our clients to move take the projects forward, you know, make timely payments. So all these situations will finally are expected to play out in days to come. So as we have already shared with you that we will revisit this subject once we have some more clarity say that you know, post, you know, about three, four months time.
I mean, you know, it is not really helpful to talk about any hypothetical number and tomorrow revise that number. I hope you appreciate the spirit in which we have decided to you know, share, you know, this information with you. So should there be any change in our view, should we have more clarity, we will be very happy to come Back to you Mr. SA and share what we have. What is this that is really possible for FY27?
Shravan Shah
Yeah. And on the capex working capital and net debt also some kind of a color would be helpful how we want to look for FY27 or there are also no guidance.
Neerad Sharma
Mr. Sir, this is finally a function of the revenue growth degrowth. You know, the cost element, how the final, you know, the raw material prices will finally get impacted in, you know, next few months. So it will be a function of that. You know, it is not that the working capital exists in a vacuum. You know, it’s an outcome of all these, you know, variables.
Shravan Shah
Got it sir. On JJM front. So whatever the numbers, if you can provide so both at total JJAM and the up. So the outstanding order book, the data so both for UP and the total. And how even post March and till now, what’s the status there.
Sanjay Pusarla
For up project, JJM projects? The order book outstanding at the end of March 26th is 3619 crores for all the groundwater. For the surface water projects the outstanding order book is 2562. That means 6181 crores is the total order book pending. As on 31st March 2026. The amount of work executed amount of work executed in UP projects is 173230 crores for both groundwater and surface water. As far as the receivables are concerned, the receivables have come down to 3015 crores. Which includes groundwater, surface water, trade receivables and unbilled revenue.
That is coming to 3015 crores.
Shravan Shah
Okay, so this is only up. And the total data also from the JGM across all the states would be how much?
Sanjay Pusarla
This is what I have told you. It was 3015 crores only. Data. If we are asking it is only 695 crores.
Shravan Shah
Okay. So the number which was 1700 crore as on December now it is 695 crore. You’re saying?
Sanjay Pusarla
Correct, Correct. You are right. About thousand crores we have collected in the current quarter.
Shravan Shah
Okay. Okay. And lastly any more a kind of a write off impairment at the subsidiary level. Because last two years. Years. I think we are. We are slowly, slowly doing it. So. And at the same time the NCC urban infra. How much is outstanding and how much we will like to get repayment in FY27
Sanjay Pusarla
Yeah. In the case of special projects, the impairment is done. In the case of an investment at Oman where the project is completed and whatever claims we have to receive, we have received. We have made an impairment of 21.3 crores as an exceptional item. With this, the international outstandings, whatever is there that completely impaired. That is one as as far as the Vizag Urban is concerned. We are expecting about 250 crores in the current year.
Shravan Shah
Okay, Got it, sir. Thank you.
Sanjay Pusarla
So.
Operator
Thank you. The next question is from Parikshit Kanpal from HDFC Securities. Please go ahead.
Parikshit Kandpal
Hello. Can you hear me, sir? Hello.
Neerad Sharma
Yeah. Yeah. Mr. Kal, you’re audible but you please speak a bit loudly.
Parikshit Kandpal
Okay? Sure. In this environment when there is so many uncertainties. So are you bidding for orders? Are you stop bidding for orders also?
Neerad Sharma
No, no. We will continue to bid depending on the projects which are coming up for bidding. We will continue to bid depending on the risk reward equation. In fact, we have already bagged few projects in this financial year as well. That is FY27. We have already reported about 1,700 crore odd projects in month of April.
Parikshit Kandpal
So are we seeing any slowdown in our execution? Because we have 83,000 crore of order book. Just wanted to check if we are. The work is going on entirely on all the books, entire orders or there are still some orders where the work has not started. Has the clients asked us to slow down the work? So that doesn’t give you confidence to give guidance. So this wanted some color on the. Nothing of that sort.
Neerad Sharma
Nothing of that sort. You know, wherever the fronts are available and the clients are taking the forward. Nothing, nothing is really substantial to report. By and large things are moving forward.
Sanjay Pusarla
The order book of 83,000 crores, whatever. 80,000, 83,000 crores. All the orders we have got, the clearances we will be able to execute. There is absolutely no issue on account of any holdups or designs or freight office. Whatever orders are considered in this. They’re all fully available for education.
Parikshit Kandpal
I was coming from the point that LNT is the largest infra company despite having a huge exports order. They have given a guidance yesterday gave guidance. Other infra companies are giving guidance. So if you are not confident, I mean somehow we as an analyst getting confident that you’ll be able to execute. Looks like you’ve taken a lot of orders. Either you’re facing some challenges on execution internally. If you just wanted a clarity whether internally you have any challenges on execution or execution capability or not getting the client front not able to get labor not able to get your supply chain in order.
So maybe that’s the reason we are something that’s not able to give guidance. We just wanted clarity on that.
Neerad Sharma
Mr. Kanpal, I think I have already tried to answer this question in a. I think previous. I think Mr. Shah, this question. We will revisit this. You know we are. All that we are saying is we need some clarity. You are aware about the pricing pressure in the whole economy. All that we are saying is we need one more quarter. We expect some more clarity. Then we should be in a position to talk about the guidance for FY27. So this is what we have already stated.
Parikshit Kandpal
The current levels of execution of 6000 crores. Are we geared up to go below that now given the order book? Or do you think that at least at the base case we will be able to maintain this level of execution and of 6,000 crores which we reported in this quarter.
Neerad Sharma
Please, could you please repeat your question?
Parikshit Kandpal
In this quarter we have reported execution or revenues of 5300 odd crores. So in the base case are we geared up to at least do this much? I’m not asking any guidance on the full year. But at least from here on the execution should not go down below this because we have already mobilized the entire order book.
Sanjay Pusarla
I think we need to understand one thing. Today. Considering the unpredictable situation, unpredictable development that are happening on day to day basis, they are very dynamic and there is nothing which we will be able to predict. That is the reason we were telling very clearly that we will wait for a quarter to understand how it is going to move forward. Then we will be giving the guidance.
Parikshit Kandpal
I’m not asking Adams. I’m saying are we able to maintain the current execution rate of 5,300 which we reported in this quarter or can it go down?
Sanjay Pusarla
That also depends. You have still one and a month more. Because this situation is developing day by day. If you see that in the last beginning of the year and today there is a lot of development that was happening and we are seeing the prices going out, the dollar is weakening and how the economy is going to move. All these things will also have a bearing on the balance 15 days. So we’ll be able to tell you at the end of the quarter we have to wait, watch and see patiently. Okay.
Parikshit Kandpal
This is the last thing. Sir, just one advice. NCC is one of the oldest companies which I have been covering more than 18 years now. And you have seen cycles. It’s not the first time you have seen challenges or headwinds. You have gfc, you have demonetizing. So many things have happened. You have never desisted away from even the AP crisis which happened where a large part of the order book and we have to lose it. But still we have guided. I don’t know, I mean when the sizes become so big. So it’s just an advice.
I mean you should be considered, discussed with your board. I mean you need to give the guidance. If you have such a large order book, you need to take a call. I know you can grow at 30, 40% maybe next year. But at least you can get 10 or 15 or 20% some number to start with where you are at least confident you can do it. That’s my advice. I’ll just make it. Thank you.
Neerad Sharma
Thank you. Thank you. Thank you.
Operator
Thank you. The next question is from the line of Parvisi from no amount room. Please go ahead.
Parvez Qazi
Hi, good afternoon. Thanks for taking my question. So my first question is on the payment cycle now not really asking names of clients etc. I mean you indicated we have received almost thousand odd the roading up JJM projects. But overall has the payment cycle let’s say improved in the last three, four months compared to let’s say what it was during CY25 or do you think challenges still remain?
Operator
Sorry to interrupt, the management line has got disconnected. Just a moment. IT. Members, the line has got connected. Please go ahead.
Parvez Qazi
Hi, good afternoon. So my first question is regarding overall payment cycle. You indicated we have achieved about 1000 odd crore in UP in Q4. Not really asking about name of clients. But in general has the payment cycle improved in the last 34 months compared to let’s say what it was in CY25 or do you think overall challenges still remain on the payment cycle?
Operator
Hello, speakers.
Parvez Qazi
Ladies and gentlemen, the line has got this coming pin. Second pin.
Operator
Remember the line has been connected. You can go ahead.
Parvez Qazi
Yeah. Hi, good afternoon sir. Am I audible?
Sanjay Pusarla
You’re audible. Please go ahead.
Parvez Qazi
Yeah. So my first question is regarding the payment cycle. I mean you mentioned you received about thousand odd crore in up in Q4 on JJM. Now overall regarding payments across all projects, would you say the payment cycle has improved in Q4 compared to let’s say what it was in CY25 or do you think issues still remain here and there
Sanjay Pusarla
In Q4 we have seen improvement in the payment cycle. Absolutely. That is correct. And as far as the UP is concerned we have received about 1000 crores in the quarter four. About 400, 450 crores in the month of April and We are expecting further payments also in the coming months. So we are, we are confident that the. With the way the payments are being released some more payments related to UP projects also will come. So this will improve the situation. And as far as others are concerned now it is continue to be a good pay masters.
So we are not seeing any, we are not foreseeing any problem.
Parvez Qazi
That’s great to hear. Second, you gave the numbers about JGM projects in up. Would it be possible to get those numbers about our overall JJM order book? I mean including orders that we might have in other states also. What is order book and what are the payment outstanding there?
Sanjay Pusarla
The overall order book we have already covered. But I will give you for better clarity, the overall order book what we have received for the JJM projects including groundwater surplus water is 26,000 crores. We have already executed project up to 20,142 crores leaving a balance of 6,181 crores. Is this clear?
Parvez Qazi
I think you have given me the numbers for up. I was asking if we have GDM projects in other projects, other states also. But I will take it offline. I mean not an issue.
Sanjay Pusarla
Yeah. Okay.
Parvez Qazi
My second question is what we are total exposure to our subsidies including investment,
Neerad Sharma
Subsidiary investments, subsidy investment. No, you. Could you repeat your question? I think you asked about our total investment in the subsidiaries, right?
Parvez Qazi
Yeah. I mean total exposure investment plus loans and advances. Whatever you might have done.
Sanjay Pusarla
Yeah. Investment is 887 crores at the end of March 26th. And the loans to the group companies is 309 crores at the end of March the 26th. Coming to the Vizag Urban status, I have already explained you. We will be collecting about 250 crores and the outstanding is 291 crores.
Parvez Qazi
And last question, some update on the smart meter projects. What is the kind of investment you’ve already done there?
Sanjay Pusarla
In the smart meters in the two SPVs we have already invested about 460 crores. And in the case of our own project which is executed under the name of NCC Ltd. About 130, 140 crores we have used as working capital. The total investment in SPV is about 460 crores.
Parvez Qazi
Thanks and all the best.
Operator
Thank you. The next question is from the line of Vaipur Shah from JM Financial Institutional securities. Please go ahead.
Vaibhav Shah
Yeah. Sir, in December the outstanding loan from urban was around 390 odd crores. So now it is 290. So we have received 100 crores in Q4.
Sanjay Pusarla
Yes. We have received 100 crores in Q 4.
Vaibhav Shah
Okay. And 270 this year and remainder in next year. Next year?
Sanjay Pusarla
No, we are expecting about 250 or 291. Whatever is there, it will be coming in the current year itself.
Vaibhav Shah
Okay. Okay. Secondly on smart meters you invested 460. Any pending investment or remaining?
Sanjay Pusarla
No, nothing is there. The whatever investment calls for. For both the projects in the SPVs it has been fully invested.
Vaibhav Shah
Okay. And sir, in the standalone order backlog what would be the value of smart meter order book in the standalone books.
Sanjay Pusarla
Out of 72,000?
Neerad Sharma
One second.
Sanjay Pusarla
One second.
Vaibhav Shah
Yeah. Yeah.
Sanjay Pusarla
You can ask for the next question. In the meantime I’ll get you that number.
Vaibhav Shah
Yeah. So what is our Capex plan for next year? FY27.
Sanjay Pusarla
FY27. The capex plan is 500 crores.
Vaibhav Shah
Okay.
Sanjay Pusarla
And the order book in the standalone is 4,456 crores in the case of smart meters.
Vaibhav Shah
Okay. And so lastly in the ordering flow number it was 9573 for console and 4775 for standalone. So what was this difference of roughly 4800 crores in Q4
Sanjay Pusarla
PCMPL coal mining. So we generally take look ahead for three years as the order book. That was 4800.
Vaibhav Shah
So you added that order book for the mining portion.
Sanjay Pusarla
Yeah.
Vaibhav Shah
Okay. Okay. So those are my questions. Thank you.
Sanjay Pusarla
Thank you.
Operator
Thank you. The next question is from the line of Sukrit D. Patil from ISIGHT Fin Trade Private Limited. Please go ahead.
Unidentified Participant
Good afternoon. Good team. I have two questions. Forward looking ones. Both the questions. My first question Mr. Raju is in your point of view how is NPC preparing to capture future opportunities in infra and construction while thoughtfully addressing challenges such as project delays, regulatory compliance and rising input cost. What strategic levers do you see as important for sustaining growth and execution discipline in FY27 and beyond? That’s my first question. I like my second question. Thank you.
Neerad Sharma
Could you please repeat your question? I don’t think I have understood your question correctly.
Unidentified Participant
I am referring to any practical steps like project pipeline. Project pipeline expansion, technological adoption and operational efficiency that reinforce leadership in the infrastructure space. Want to understand a power guidance on this?
Neerad Sharma
Yeah, that’s a very interesting question. We continue to see a very interesting pipeline of prospective projects. If I were to put a number this number would be close to 2.5 lakh crore. So we continue to see lot of infrastructure projects coming up for bidding. And as you are aware we have been active in this space for little less than five decades. So we believe we have what it takes to identify a good project, put a competitive bid on the table and at the same time execute the project with profitable margin on time.
So this is what we have been doing for last little less than five decades and we hope we will continue on that path. Regarding you talk about, we have a stated policy to take care of the esg. All these, all these, you know, parameters, all these, you know, priorities are already in place and we are very conscious, you know, to impact the local economies, you know, the local communities, wherever we are executing our projects.
Unidentified Participant
Thank you. My Second question to Mr. Sanjay is from a technical point of view, how is the company optimizing its capital structure to balance project financing requirements with debt that sustainability, especially given the long term decision period of infrastructure product projects. Could you elaborate on the framework being used for cash flow forecasting, interest rate, risk management and working capital efficiencies to ensure liquidity while maintaining the profit. Thank you.
Sanjay Pusarla
In the case of the project which we are executing, we do not have much long term high value, high ticket infrastructure projects. Okay. The projects which we are executing basically of a contracting nature on EPC board. That is one. As far as the projects which we have received on smart meters are concerned, we have done financial closure for those projects at a very competitive rate of 9.15% and we have been using that facility to complete those projects. As for other projects are concerned which are in general nature and general contracting or EPC nature, we have enough facilities tied up, working capital facilities tied up both in terms of fund based and non fund based.
Our interest rates are very competitive and today we are just nearing 9% average interest rate. And we have capabilities of raising good products in the market which are like purchase, invoice, discounting trades, commercial paper which are at a very competitive rate of interest which is even below 8%. And we have enough bandwidth. When we compare to the facilities we have never crossed 80% or 90% of the working capital. We have enough working capital limits also to meet any kind of gaps that are going to come.
This is how we are managing our financing.
Unidentified Participant
Thank you. And
Sanjay Pusarla
Thank you.
Operator
Thank you. The next question is from the line of Bhavan Modi from Anandrati. Please go ahead.
Unidentified Participant
Hi sir. Thank you for giving me the opportunity. The first question is do we have any international exposure
Sanjay Pusarla
At the moment we do not have any international exposure. We have only one project in Qatar which is almost completed. At the final stage we have to main probably execute few maybe 20, 25 crores. Of work in INR.
Unidentified Participant
Okay, understood. So second question, you know, sorry again to dwell on the, you know, guidance part. So, like, you know, there can be two issues, right? Either, you know, we are. We are facing some execution issues, or the company is, you know, facing challenges in terms of, you know, the margin. So what is it, you know, that is refraining us from giving the guidance? You know,
Sanjay Pusarla
I think Mr. Neeraj has already covered. We have the execution capabilities we have built up over the last five decades. Less than five decades we have built up. So resource capabilities is not a constraint at all. Order book is not a constraint at all. Given uncertainties which are prevailing today, we thought that we will just wait and give the guidance. We’ll watch for this next two months. At the end of the first quarter, we will revisit the situation and then give the guidance.
Unidentified Participant
Okay, So I understand, you know, there’s an uncertainty, but that can impact two things, right? Either your execution or your margins. So where you see, I am not asking for the guidance, but where you see, you know, it’s impacting the more or where the uncertainty lies. Or is it the margin or is it the execution?
Sanjay Pusarla
At the moment, what I can say is that we have all our contracts, many of the contracts, we have escalation clauses. About 74% of the contracts, we have escalation clauses. But I am not very sure whether the increase in the prices will completely get covered under the escalation clauses. There may be some impact. There is no doubt in that. And second thing on that availability of the materials because of the logistics problems and also the problems on account of the fuel prices and other things, there can be some availability issues in the case of materials.
But as of now, we are following a path of buying the material required materials just in time so that our education pace and progress will not get hampered.
Unidentified Participant
Understood. And just last question, sir. Almost 50% of our order book, you know, comes from the buildings and the transportation, leaving aside mining and, you know, water and irrigation. So just wanted to understand, you know, so what is the share of, you know, private and the government, you know, a client, you know, in the order book question being, are there any pressure, you know, coming from the, you know, private, you know, clients, you know, any cancellation of, you know, orders or something like that that you’re seeing?
Sanjay Pusarla
No, we have not seen any kind of pressure from the private lens because our private lens orders comprises about 4 to 5%. Yeah, about 5% in the entire order book.
Unidentified Participant
So 95% from the government.
Neerad Sharma
Yes, that’s right. And government, when we say government means state government, central government, you know central government, state government agencies, PSUs all put together.
Unidentified Participant
So any payment, you know in the transportation or from the building side, you know any payment related issues or is it going for fine
Sanjay Pusarla
Today? We have not seen any payment issues. Things are going fine.
Unidentified Participant
Okay, understood. Thank. Thank you sir.
Sanjay Pusarla
Thank you.
Operator
Thank you. The next question is from the line of Saket Kapoor from Kapur company. Please go ahead.
Unidentified Participant
Yeah, Namaskar. I hope I’m audible. Yeah. Yes sir. As, as in the cash flow and in your opening remark we could see that we did a capex closer to 900 crore for the last year and and our guidance for the current year is 500 crore. So if you could just spell out what kind of capability building are we eyeing in. In the space. In the space and for which particular projects are we going to put put this capex into?
Sanjay Pusarla
So generally what happens our Capex is around 350 to 400 crores on a regular basis because we need to replace the equipment, we need to buy the new formworks and other things in the last year 900 crores. We have got two components basically one is on the TBM which we are requiring for the GML project which we are executing In Mumbai about 310 crores, about 150, 160 crores. We have acquired, we have purchased the machinery for the new mining project. So that was the composition of the last year and the current year which we have projected about 500 crores, about 150 crores will be requiring for the mining.
Because mining requires a huge capital intensive project. It requires it in a phased manner. Acquisition of the equipment about 100 to 150 crores. We are expecting equipment for the mining and remaining 350 crore crores or 400 crores which will be required for our regular CAPEX refurbishment, replenishment or the new equipment for all the projects which we are executing.
Unidentified Participant
For the TBM project what would be the execution cycle and the size of the order that we will be. Our endeavor will be to execute for the current year
Neerad Sharma
3000.
Sanjay Pusarla
The overall project value is about 6000 crores. And the part of execution which we need to do is 3000 crores.
Unidentified Participant
Okay, and what have our timeline for the same sir with with respect to Our clients deliverable 5
Neerad Sharma
Years time. 5 years time.
Unidentified Participant
Right sir. We have also seen some the status of investment property under construction. So if you could dwell on the same, what is that pertaining to? 110 or 105 crore? 5 crores.
Sanjay Pusarla
So there are Buildings and offices and central workshops that are being constructed across all the states. Wherever we have the projects and wherever there is a requirement of having such workshops. In addition to that there is one project in Hyderabad which is called a Jubilee Hills landmark project. We where we have done the investment and the project is not getting executed at the moment. And the case is being heard. And it is subjugation to talk about that at this moment.
Operator
Sorry to interrupt. Mr. Kapoor. I would request you to join the queue for more questions. The next question is from the line of Vaibhav Shah from JM Financial. Please go ahead.
Vaibhav Shah
So we have provided a breakup of order backlog on console front in the ppt. Can we give you the same for the standalone side? 70,000 crores.
Neerad Sharma
You want the division wise breaker.
Vaibhav Shah
Yeah. Division wise breaker won’t stand on order backlog.
Neerad Sharma
I think the order component standalone
Sanjay Pusarla
Order backlog is 72259 crores. And for the subsidiary company it is 10,745 crores.
Vaibhav Shah
There’s a breakup of segment wise breakup for standalone backlog.
Sanjay Pusarla
We will
Parvez Qazi
Get you one minute.
Neerad Sharma
Wait for a moment Mr. Sir. Or maybe we can take this offline. These. These numbers are not ready with us currently. But I will tell you mostly other than the mining console orders, mining transportation only one project. The value we have already shared that is GML are about 3 digit thousand crore. And mining. Mining project and one in TND spot meter. Otherwise everything else is the same. What we have mining
Vaibhav Shah
Book is roughly 15,000 crore in console. So it is so nothing is. So what would be in standalone standalone.
Parikshit Kandpal
Transportation.
Vaibhav Shah
Because difference of order book is 10,000 crores consolant standalone
Sanjay Pusarla
Building cities 22,740 crores. Transportation 14,320 crores. Water and railways 10,400. Electrical you can take as 13,800. Irrigation you can take it as 4,915 and mining 6,750.
Vaibhav Shah
Okay. Okay, got it. And sir, the smart meter order book. You said 4,456 crore in standalone. So what would be the value in console?
Sanjay Pusarla
646. 646. 646. 648.
Vaibhav Shah
Okay fine. Thank you sir.
Operator
Thank you. The next question is from the line of Shan Shah from Dollar Capital. Please go ahead.
Shravan Shah
Hi sir. Thanks for the opportunity again Sir. Just wanted to first check on the depreciation. So now the TBM depletion depreciation would be starting. So this quarter the standalone level 62 crore depreciation. So which has obviously has increased 56 crore. So how one can look at given the the 500 crore kind of a capex that we will be doing. So how one can look at the depreciation for this year FY27 will. It will be inching, inching up.
Sanjay Pusarla
It will be inching up because the TBM capitalization will be done at the end of the second quarter. So in third quarter onwards we will get the depreciation of the TBM so that to that extent will go up
Shravan Shah
Any. Any. Any rough idea. So it will be a kind of a 57 years we will be depreciating this 320 crore that the way one can look at the depreciation
Neerad Sharma
I will mostly the TVM machine Mr. Shah is getting lowered now. It is expected to start you know working from in the next two months time. The TVM machine is specifically designed for this project and the total capex will fully expense in about three years time. By the time we complete, you know the whole depreciation we will book.
Shravan Shah
Okay. Okay. And second in terms of the other income. So if you can help us how one can look at this other income and whether for this standalone let’s say we got a 206 kind of other income in PNL have we received this entire amount in the form of cash? And same goes for the even fr 26. So just trying to understand is there a lag in terms of the cash conversion of the other income and how one can look at the other income. If you can give it a breakup maybe it will help.
Sanjay Pusarla
The other income includes interest income of 91 crores dividend income and a buyback of 97 crores. That includes dividend from our subsidiaries. That’s where a coal mining and also were a beginnerpur project. And interest income comprises mainly on account of margin money deposits.
Shravan Shah
Okay. So so broadly this entire other income is. Is a kind of one can say 90% plus is getting converted into the case.
Sanjay Pusarla
100% is converted into cash.
Shravan Shah
Okay. And same way sir is it possible to give a broad breakup of the finance cost of 645 crore for FY26. So primarily on the what what we are paying on the mobilization and what we are paying on the bank guarantee charges and other. So the broadly wanted to understand that
Sanjay Pusarla
For FY26 the finance cost comes to 3.7%. Okay. In that the components of interest on loans comes to around 220 crores. On mobilization advance it comes to 154 the commissions on BGS, LCS etc 162 crores interest charges, bank charges, processing charges, all those things comes to 109 crores. The total 645 crores. And if we net off with the income what we are earning towards interest it comes to 554 crores which is 3.18%.
Shravan Shah
Okay. Okay. Got it sir. Thank you.
Operator
Thank you. The next question is from the CHUN the line of Chandra Molly Jagannath from as an individual investor. Please go ahead.
Unidentified Participant
Projects order update sir, which you secured a year back. And is the project execution happening on time?
Sanjay Pusarla
Yeah, the project execution has started and it is going well. And out of the peers what we understand is that the NCC education is in a good shape now. And we have executed about 430 crores till date.
Unidentified Participant
Okay. Out of 10,000 plus crores.
Sanjay Pusarla
Yes, 7,000
Neerad Sharma
Crores
Sanjay Pusarla
Including over endemic.
Unidentified Participant
When it comes to a consolidated cash flow, the last financial year is looking negative. There is any reason for it? Sir,
Sanjay Pusarla
Last year.
Neerad Sharma
No, it is negative.
Unidentified Participant
Yeah.
Sanjay Pusarla
You see the net cash net loans it was 7884 negative. In the current year it is 2118 crores positive. The reason being we have evaluated the loans from smart meter projects from SBI about 1100 crores. And there is an increase in utilization of my working capital and CC limits by about 500 crores. That is the difference between these two years.
Unidentified Participant
And also for the last quarter When I look at the interest cost in standalone versus consolidated there is a huge jump.
Sanjay Pusarla
Because of the smart metal we are taking a loans from for smart meters which comes as under SPVs. When we do the consolidation that get added to the standalone.
Unidentified Participant
So which will not recur in the future.
Sanjay Pusarla
Sorry,
Unidentified Participant
I. I don’t think it will continue to happen in the consecutive quarter.
Sanjay Pusarla
Because of the execution that happened in SB for standalone it will remain as it is for SPVs. When we are taking the further dispersal then it may increase little bit.
Unidentified Participant
Okay. Not to this extent.
Operator
Thank you. The next question is from the line of Saket Kapoor from Kapoor company. Please go ahead.
Unidentified Participant
Yeah. Just to take the previous point in respect to the finance cost, sir, on a consolidated basis the quarterly number was 213 crore. So this and. And you mentioned that that as a percentage of our revenue it is 3.7. What should be the likelihood, sir, with the type of mobilization that we have done for the fourth quarter and also I think so some more amount has been received under the JGM or receivables. How should this as a percentage of revenue? We should look forward for the finance cost.
Sanjay Pusarla
At the moment we will not be able to estimate. I have said very clearly in my earlier replies and answers very clearly that it is unpredictable today how the payment cycles will impact because of the recent developments. If that impact, it may go up. If that’s not impacting the payments are flowing freely, then it will be have a some kind of a relief.
Unidentified Participant
Okay, so just to take things into on a conclusive note. We are already half towards this quarter for this quarter, for the first quarter and already the factors that are affecting the performance because many companies are already passed through in the system. So how has the execution being shaping up for the for this current ensuing quarter? Just to get a sense whether we have already started facing the issues in terms of mobilization of resources and also supply chains issue that the management has been alluding during the opening remark.
Neerad Sharma
Mr. Kapoor, I think we have answered this question before as well. So it is very difficult to predict. You know, we are waiting for some clarity to emerge and we are hopeful that you know, that clarity should emerge in about, you know, next few months time. Should we have more clarity, you know, if we are able to see clearly. We have already updated you that we would be happy to come back to you and update about, you know, what is it that we intend to do going forward in next few quarters.
Unidentified Participant
Yes sir, I got your point. I’m not looking at the forward looking part. I’m only looking at the time span which have already elapsed. I’m just talking about the 45 days that we are through. So are we facing the same issues which we are contemplating currently, which is which is prohibiting us to give any any guidance on how the way forward looks like Just to get a holistic approach clear sir,
Sanjay Pusarla
Today at on 45th day in this current year. So whatever execution that is happening, it is not impacting today. But today we do not know how the supplies will shape up. What will be the logistic constraint that is going to happen. But as of today we are seeing in the past 45 days the execution remains normal.
Unidentified Participant
Okay, thank you sir. Last point is on the coal mining output, sir. How will this JV output plan out for the for the current year since our revenue and the profitability has remained flattened for the current financial year. Correct me here what our presentation speaks. So how should the JV performance would likely be since this is a separate entity altogether? I think so. This year we did 2700 crore for the coal mining and the profitability also some. Yeah, yeah. Please
Neerad Sharma
Mr. Kapoor. This, this mine has a rated capacity of, you know, 15 mtpa. That is 15 million ton per annum. This has already achieved, you know, this rated capacity in FY23 24, you know, in that time. So more or less going forward we should be able to maintain at the same level.
Unidentified Participant
Okay. So the revenue and the profitability will be aligned in the similar way what we posted for the last two fiscals
Neerad Sharma
In the same range. There could be some variation, but it could be in the. It would be in the same range.
Unidentified Participant
Okay. Answer. In respect to any litigation that is still pending where some awards or wherein we have our some final order being pending from any of the entity that, that we may have in the ensuing period or are we done with all the arbitration that were pending against the company?
Neerad Sharma
No, no. There would be a lot of, you know, similar kind of arbitration spending at different forums. So as and when they materialize, as and when we finally receive the award or the cash, we only update, you know, till the time a finality emerges. You know, it is really premature to talk about that.
Unidentified Participant
Right sir. Thank you sir for all the. All the engagements and we hope that by the next end of this quarter result and the concord, we will have a much better picture about how the company is going to trade going ahead. And thank you once again to the team for patiently answering our questions. All the best. Thank you.
Operator
Thank you. As there are no further questions from the participants. Just a moment. I have one more question from the line of Chandramoli Jagannath, individual investor. Please go ahead.
Unidentified Participant
One. One more. So you are talking about when it comes to a coal mining. You have a. I know, capital expenditure of about 100, 250 crores where you have to replenish. But when I look at the number, the profit after that, I mean PBT is only about 100, 250 crores. So that means you need.
Neerad Sharma
You’re not audible. Mr. Chandra. Molly, could you please. It’s not very clear.
Unidentified Participant
So you are talking about when it comes to a capital expenditure where you need about 100 to 150 crores for the coal mining project, equipment buying and things like that.
Neerad Sharma
Yes, sir. Yes, sir.
Unidentified Participant
Yeah. But when it comes to the numbers, the coal mining is giving you only about 100, 250 crores. Correct me if I’m right. Wrong.
Neerad Sharma
No, no, no. There are. Firstly there are two projects, Mr. Chandramouli. One project is a MDO project which is already giving us. You know, this is reported in our investors presentation as well. It is already giving us revenue upwards of 2000 crore. You know. So that project is very much operational and it has Already achieved its rated output of 15 megabits. The capex that my colleague Mr. Pusala talked about recently we have bagged a big mining project. Little more than 6,000 crore. For that project we are planning to commit this capex.
So these two are different projects. One is in the SPV and one project has been directly awarded to the parent company the listed listed entity that is NCC Limited.
Unidentified Participant
So in which case the number we will see furthermore I mean consolidated numbers apart from this coal mining. Am I right?
Neerad Sharma
Not consolidated number. This will get counted in the standalone number because this, the second project that I just talked about has been awarded to us recently. This will contribute to the revenue and profitability of the on the standalone basis to the listed entity that is NCC Limited
Unidentified Participant
From the financial year 27. Right?
Neerad Sharma
Yeah, yeah. 27 onwards.
Unidentified Participant
Okay. Thank you sir. Thank you.
Operator
Thank you. The next question is from the line of vibo Shah from JM Financial Services Ltd. Please go ahead.
Vaibhav Shah
Breakup of interest cost for FY26. You mentioned that BG charges and other charges are roughly 270 odd crores. So it’s a sharp jump over last year. 223 crores. So any one offs in this year or this should be a normal rate going forward.
Sanjay Pusarla
Bg charges is 162 crores. We said as agreement next 198 course. So this
Vaibhav Shah
One 09.
Sanjay Pusarla
Yeah, yeah. This year what happened in the LC and BG is because of the dullness in the business of water because we have not executed this up is Al J1 projects. Generally what happens all the water projects we will be buying the material against the LC this time we have not done much in the water business especially in the third and fourth quarters. So that is the reason there is a reduction in the. There appears to be a reduction in the BG and LC charges and the same is reflected in the top line also.
And there is a little bit of softening of the charges also.
Vaibhav Shah
So if we add both the charges the bank charges and B charges is roughly 270 crores for FY26 it was 223 crores in FY25. So going forward this is a normal run rate. So as a percentage revenue comes from 1 1/2%
Sanjay Pusarla
F by 25. If you see both the charges together is about 300 crores.
Vaibhav Shah
Okay,
Sanjay Pusarla
Okay,
Vaibhav Shah
Okay. Got it.
Sanjay Pusarla
Yeah.
Vaibhav Shah
So lastly one bookkeeping question on the. You mentioned that JGM order book is 6181 crore. This includes everything, right or up and non up as well.
Sanjay Pusarla
Yes. Yes, yes, yes. And
Vaibhav Shah
Receivables of 3,000 roads also includes everything.
Sanjay Pusarla
Yes, yes, you
Neerad Sharma
Are right.
Vaibhav Shah
Okay. Thank you. So this was the last question in closing remarks from your end.
Neerad Sharma
Yes. Thank you once again for being part of this call and for your continued confidence in ncc. Thank you. And take care of. Thank you so much
Operator
On behalf of JM Financial Institution securities limited that concludes this conference. Thank you and joining us. And you may now disconnect your lines.