NBCC (India) Ltd

Q2 FY26Construction

NBCC (India) Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹89

Market cap₹25.9K Cr

P/E39.2

Updated23 Aug 2026

Read4 min read

The short version

FY 25-26 Revenue: Expected approx. NBCC aims for revenue growth of around 20% annually, with targets of INR 14,000-15,000 crores in FY 2025-26 and INR 18,000 crores in FY 2027-28.

From NBCC (India) Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

FY 25-26 Revenue: Expected approx. INR 14,000 crores at consolidated level with growth in second half due to working season (Page 14).
FY 26-27 Revenue Target: INR 18,000 crores (Page 14).
FY 27-28 Revenue Target: INR 25,000 crores with PAT of INR 2,000 crores (Page 15).
Annual Growth: Company targets a minimum 20% revenue growth annually (Page 11).
Order Book: Currently INR 1,28,000 crores to be executed over 4-5 years, with additional orders expected (Page 9, 11).
Real Estate Revenue (FY 27-28): Expected significant growth with projects like 37D Gurugram (INR 2,200 crores topline) starting FY 27-28 (Page 13, 15).
EBITDA Margin: Targeting increase to double-digit percentages around FY 27-28 with better real estate project contribution (Page 14).
New Projects: Minimum INR 10,000 crores of new orders expected in H2 FY 25-26 and additional projects planned in FY 27-28 (Page 14).

Profitability & Margins

NBCC aims for revenue growth of around 20% annually, with targets of INR 14,000-15,000 crores in FY 2025-26 and INR 18,000 crores in FY 2027-28.
PAT is expected to rise to approximately INR 2,000 crores by FY 2027-28.
EBITDA margin is targeted at 6% to 6.5% for the full year, with aspirations to reach double digits (above 10%) by FY 2027-28, driven mainly by real estate projects like 37D and Ghitorni.
Real estate contributions will become significant starting Q3/Q4 of FY 2025-26, supporting profitability and margin improvement.
The company foresees strong execution and revenue ramp-up as large redevelopment projects like MAHAPREIT and J&K start.
Overall profit margins and earnings are expected to improve steadily with increased order execution and real estate revenue streams.

See what NBCC (India) Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

- NBCC is planning redevelopment work on PSU land parcels in Mumbai, including land near Sea Link belonging to National Bicycle Limited and Balmer Lawrie’s huge land parcel. - There is a strategic shift towards leasing real estate properties like the Bhubaneswar Imperia project and Ghitorni project, aiming for recurring rental income instead of outright sales. - The company intends to lease excess space in Ghitorni depending on market conditions. - HUDCO is providing finance support, eliminating the immediate need to set up a separate NBFC arm. - New redevelopment projects in Delhi colonies (DDA, MCD, PWD) and other state government projects are underway, indicating ongoing future capital allocations. - NBCC's large redevelopment projects in Jammu & Kashmir (J&K) and MAHAPREIT require some seed money to start, with financing recently sanctioned. These indicate current and planned capital investments focused largely on redevelopment and real estate leasing models.

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Fundraising & Capital Structure

NBCC is currently getting finance from its sister company HUDCO and is not planning to set up its own NBFC at present (Page 15).
Recently, NBCC got loan sanction from HUDCO to support projects like MAHAPREIT and J&K redevelopment, enabling them to start those projects (Page 9).
There is no mention of any immediate equity fundraising or public issuance plans.
The focus is on utilizing loans from HUDCO for project funding rather than raising new external debt or equity.
NBCC is targeting increased revenues and profitability through ongoing and upcoming projects, supported by internal financing and government loans.

See what NBCC (India) Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

NBCC standalone order book stands at INR 1,12,000 crores; consolidated order book at INR 1,28,000 crores (Page 3).
Running projects valued at INR 34,000 crores; expected to award another INR 10,000 crores during the year, totaling INR 44,000 crores (Page 12).
Additional orders expected in H2 worth minimum INR 10,000 crores, possibly reaching INR 20,000 to 30,000 crores (Pages 13,14).
Pending order book for Netaji Nagar project valued at INR 1,450 crores; tenders worth INR 4,000-5,000 crores to be floated shortly (Page 8).
Order book includes large projects in J&K, MAHAPREIT Bombay, Rajasthan RIICO, Goa, and redevelopment projects in various states (Pages 9,13).
Expected overall business awards for the year exceeding INR 20,000 crores (Pages 8,14).
NBCC targets INR14,000 crores revenue FY26 and INR18,000 crores FY27, indicating strong execution pipeline (Pages 13,14).

NBCC (India) Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹4.6K Cr, net profit ₹254 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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Frequently Asked Questions

What were NBCC (India) Ltd Q2 FY26 results?

FY 25-26 Revenue: Expected approx. NBCC aims for revenue growth of around 20% annually, with targets of INR 14,000-15,000 crores in FY 2025-26 and INR 18,000 crores in FY 2027-28.

What is NBCC (India) Ltd share price analysis?

NBCC (India) Ltd currently shows a neutral. The stock trades at a P/E of 39.2 with a market cap of ₹25,920 Cr. Investors should review the full earnings analysis for detailed insights.

Is NBCC (India) Ltd planning capital expenditure?

NBCC is planning redevelopment work on PSU land parcels in Mumbai, including land near Sea Link belonging to National Bicycle Limited and Balmer Lawrie’s huge land parcel.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.

Revenue & Sales Performance

Profitability & Margins

Capital Expenditure Plans

Top-ranked in Construction

Fundraising & Capital Structure

Order Book & Pipeline

NBCC (India) Ltd — Quarterly revenue & net profit

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What NBCC (India) Ltd's management said in earlier quarters

Others in Construction this season

Frequently Asked Questions