Any current/future new fundraising through debt or equity?

NBCC is arranging seed money for the MAHAPREIT project, which has been delayed due to funding sanctions. Discussions are ongoing with HUDCO and other financial institutions to secure this seed money (Page 11). The company has successfully addressed funding challenges in redevelopment projects like Amrapali by bulk selling inventory through channel partners, which helped generate funds for project execution (Page 9). No explicit mention of fresh fundraising through equity or large new debt issuances was made in the transcript. The company is focused on executing ongoing projects and awarding ne

Any current/future capex/capital investment/strategic investment?

NBCC is actively involved in large redevelopment projects with several state governments and Central Public Sector Companies (CPSCs), which require significant capital outlays. The company is in the process of finalizing detailed project reports (DPR) for ongoing and upcoming redevelopment projects, indicating upcoming capital investment. For the MAHAPREIT project, NBCC is arranging seed money, with meetings planned involving HUDCO and other financial institutions to secure funding. Redevelopment projects like 7GPRA and Amrapali phases involve substantial investment in project execution and as

Future growth expectations in sales/revenue/volumes?

FY 2025-26 revenue guidance: INR 14,000–15,000 crores FY 2026-27 revenue expected: INR 18,000–19,000 crores FY 2027-28 revenue projected: Around INR 25,000 crores Order book currently at INR 1,20,000 crores; expected to grow to over INR 2,00,000 crores in next 2-3 years Significant contribution expected from large redevelopment projects, including J&K MAHAPREIT (INR 25,000 crores), 7GPRA Colony, Amrapali Phase II, Goa government projects, and others Execution of large-scale projects like Amrapali Phase I nearing completion by March 2026; Phase II ramping up Targeting at least INR 1

Future growth expectations in earnings/operating earnings/profits/EPS?

FY 2025-26 Revenue: Targeting INR14,000-15,000 crores operating income; consolidated order book at INR1,20,000 crores. FY 2026-27 Revenue: Expected growth to INR18,000-19,000 crores. FY 2027-28 Revenue: Anticipated increase to INR25,000 crores with sustained EBITDA margin of 6%-9%. EBITDA Margin: Targeting 6%-6.5% in FY ’26; 8%-9% in subsequent years. PAT: Stand-alone PAT grew 32% year-on-year in Q1 FY ’26; consolidated PAT up 26%. Bottom Line: Projected PAT margin of 7%-8% by FY 2027-28, with bottom line potentially crossing INR2,000 crores. Order Book Growth: Discussions to expan

Current/ Expected Orderbook/ Pending Orders?

NBCC standalone order book stands at INR 1,05,000 crores; consolidated order book at INR 1,20,000 crores. Running projects alone total around INR 32,000 crores (standalone). Q1 FY26 secured INR 2,400 crores on consolidated basis, including projects like JNV campuses, MDA Meerut redevelopment, UCO Bank HQ, and Central University Haryana. Targeting award of tenders worth INR 15,000 crores in FY 26; conservative figure. Expecting business development of minimum INR 20,000 crores during FY 26. Discussions ongoing with various state governments and PSUs for large redevelopment projects, p

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NBCC (India) LtdQ2 FY25Construction

NBCC (India) Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹109P/E: 38.1Market Cap: ₹25.3K CrSector: Construction

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→FY 2025-26 revenue guidance: INR 14,000–15,000 crores
→FY 2026-27 revenue expected: INR 18,000–19,000 crores
→FY 2027-28 revenue projected: Around INR 25,000 crores
→Order book currently at INR 1,20,000 crores; expected to grow to over INR 2,00,000 crores in next 2-3 years
→Significant contribution expected from large redevelopment projects, including J&K MAHAPREIT (INR 25,000 crores), 7GPRA Colony, Amrapali Phase II, Goa government projects, and others
→Execution of large-scale projects like Amrapali Phase I nearing completion by March 2026; Phase II ramping up
→Targeting at least INR 15,000 crores worth of tenders to be awarded in FY 2025-26
→Emphasis on redevelopment projects with State Governments and PSUs, offering sizeable growth opportunities
→Sustainable EBITDA margin target of 6% to 6.5% supporting revenue growth

Margin guidance

Category 2

→FY 2025-26 Revenue: Targeting INR14,000-15,000 crores operating income; consolidated order book at INR1,20,000 crores.
→FY 2026-27 Revenue: Expected growth to INR18,000-19,000 crores.
→FY 2027-28 Revenue: Anticipated increase to INR25,000 crores with sustained EBITDA margin of 6%-9%.
→EBITDA Margin: Targeting 6%-6.5% in FY ’26; 8%-9% in subsequent years.
→PAT: Stand-alone PAT grew 32% year-on-year in Q1 FY ’26; consolidated PAT up 26%.
→Bottom Line: Projected PAT margin of 7%-8% by FY 2027-28, with bottom line potentially crossing INR2,000 crores.
→Order Book Growth: Discussions to expand order book to INR2,00,000 crores in 2-3 years through redevelopment projects with state governments and PSUs.
→Completion Timeline: Redevelopment projects expected to complete in 4-5 years; PMC projects typically within 2 years.
→Real Estate Segment: Sale of real estate inventory (Lucknow, Bhubaneswar) expected to support profitability in FY ’26.

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Fundraise plans

→NBCC is arranging seed money for the MAHAPREIT project, which has been delayed due to funding sanctions. Discussions are ongoing with HUDCO and other financial institutions to secure this seed money (Page 11).
→The company has successfully addressed funding challenges in redevelopment projects like Amrapali by bulk selling inventory through channel partners, which helped generate funds for project execution (Page 9).
→No explicit mention of fresh fundraising through equity or large new debt issuances was made in the transcript.
→The company is focused on executing ongoing projects and awarding new tenders conservatively valued at around INR15,000 crores in FY '26, with expected revenues growing in following years, supported by order book expansions (Pages 6-12).

Order book

Yes

→NBCC standalone order book stands at INR 1,05,000 crores; consolidated order book at INR 1,20,000 crores.
→Running projects alone total around INR 32,000 crores (standalone).
→Q1 FY26 secured INR 2,400 crores on consolidated basis, including projects like JNV campuses, MDA Meerut redevelopment, UCO Bank HQ, and Central University Haryana.
→Targeting award of tenders worth INR 15,000 crores in FY 26; conservative figure.
→Expecting business development of minimum INR 20,000 crores during FY 26.
→Discussions ongoing with various state governments and PSUs for large redevelopment projects, potentially raising order book towards INR 2,00,000 crores in next 2-3 years.
→Specific projects include Goa government redevelopment, J&K project (delayed due to government change), MAHAPREIT project (awaiting seed funding), and Indian Postal Department land redevelopment.
→Redevelopment projects and PMC constitute roughly a 50:50 mix in order book.

Capex plans

Yes

→NBCC is actively involved in large redevelopment projects with several state governments and Central Public Sector Companies (CPSCs), which require significant capital outlays.
→The company is in the process of finalizing detailed project reports (DPR) for ongoing and upcoming redevelopment projects, indicating upcoming capital investment.
→For the MAHAPREIT project, NBCC is arranging seed money, with meetings planned involving HUDCO and other financial institutions to secure funding.
→Redevelopment projects like 7GPRA and Amrapali phases involve substantial investment in project execution and associated infrastructure.
→NBCC is pursuing strategic MoUs with entities like RailTel for data center projects and the Department of Posts for redevelopment of prime government land parcels across India, signaling strategic investments.
→Future capex is implicit in the expansion of redevelopment and PMC projects with expected tender awards ranging from INR 15,000 crores (FY26) to INR 20,000-25,000 crores in subsequent years.

How does NBCC (India) Ltd rank vs peers in Construction?

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