NBCC (India) Ltd Q3 FY26 Earnings Analysis

- 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).

- 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.

- 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.

- 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.

- 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).