Future growth expectations in sales/revenue/volumes?

FY '25 revenue crossed INR15,000-16,000 crores; FY '26 guidance is INR11,000 crores (stand-alone) and INR12,000-16,000 crores (consolidated). Order inflows expected at INR20,000-25,000 crores for FY '26, with substantial new projects lined up including redevelopment, PMC, and state government projects. Execution visibility for the current order book (~INR120,000 crores) spans 3-4 years, ensuring steady revenue flow. Redevelopment projects and real estate ventures (e.g., Ghitorni project) set to scale up aggressively from FY '27 onwards, contributing significantly to revenues. Real estate busin

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

NBCC expects a strong growth trajectory in profits over the next 3 years with projected PAT reaching approximately INR 2,000 crores by FY '27-'28. For FY '26, net profit is guided at INR 750-800 crores, with an increase to around INR 1,200 crores in FY '26-'27. Operating margins are anticipated to improve with revenue growth from INR 12,000 crores to about INR 15,000-16,000 crores, potentially pushing PAT margin beyond the current 5.4%. Real estate projects like Ghitorni and redevelopment projects are expected to significantly contribute to earnings, with real estate EBITDA margins targeted ar

Current/ Expected Orderbook/ Pending Orders?

Current consolidated order book is around INR 120,000 crores. Order book composition: approximately 48% PMC projects and 52% redevelopment projects. Around INR 32,000 crores worth of projects are already awarded and in execution. Expected to add INR 10,000 to 15,000 crores worth of new orders in the first two quarters of FY '26. Target for order inflow in FY '26 is INR 20,000 to 25,000 crores, primarily from redevelopment projects in Delhi, Goa, J&K, Telangana, Bihar, and other states. Execution timeline for PMC projects: 2-3 years; redevelopment projects: 3-4 years. Discussions underway for m

Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or future fundraising through debt or equity in the provided transcript from the NBCC (India) Limited May 30, 2025, document. The discussion mainly focuses on order inflows, revenue guidance, project execution timelines, exceptional items, write-offs, and project-specific updates. The company mentions managing cash flow carefully, with free cash of approximately INR400 crores after commitments as of March 31, 2025. Seed money available is INR668 crores as of March 31, 2025. There is no direct reference to plans or intentions to raise additional funds

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

NBCC plans to start a real estate business in Dubai in the current year after obtaining necessary clearances from DIPAM, marking a strategic international expansion. They are developing real estate projects such as Ghitorni and Mehrauli, with expectations of significant profit margins, particularly targeting 25%+ EBITDA margins in real estate. Seed money in various projects stands at approximately INR668 crores as of March 31, 2025, indicating ongoing capital deployment. Redevelopment projects in Delhi (about 15 colonies initially out of 105), Mumbai (including MOU with MAHAPREIT for Tha

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NBCC (India) LtdQ1 FY25Construction

NBCC (India) Ltd Q1 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 '25 revenue crossed INR15,000-16,000 crores; FY '26 guidance is INR11,000 crores (stand-alone) and INR12,000-16,000 crores (consolidated).
→Order inflows expected at INR20,000-25,000 crores for FY '26, with substantial new projects lined up including redevelopment, PMC, and state government projects.
→Execution visibility for the current order book (~INR120,000 crores) spans 3-4 years, ensuring steady revenue flow.
→Redevelopment projects and real estate ventures (e.g., Ghitorni project) set to scale up aggressively from FY '27 onwards, contributing significantly to revenues.
→Real estate business expected to achieve 25%+ EBITDA margins in the future, adding to profitability.
→Redevelopment opportunities in Delhi and Mumbai, including 105 colonies in Delhi and new MOUs in Mumbai, indicate sustained growth.
→Overall revenue and order book expected to increase year-on-year, with order book turnover and awards continually growing, aiming for exponential increase in coming years.

Margin guidance

Category 2

→NBCC expects a strong growth trajectory in profits over the next 3 years with projected PAT reaching approximately INR 2,000 crores by FY '27-'28.
→For FY '26, net profit is guided at INR 750-800 crores, with an increase to around INR 1,200 crores in FY '26-'27.
→Operating margins are anticipated to improve with revenue growth from INR 12,000 crores to about INR 15,000-16,000 crores, potentially pushing PAT margin beyond the current 5.4%.
→Real estate projects like Ghitorni and redevelopment projects are expected to significantly contribute to earnings, with real estate EBITDA margins targeted around 25%.
→Order inflows and execution visibility remain strong for 3-4 years, supporting consistent revenue and profit growth.
→The company anticipates an upward trend in order award sizes and profitability driven by both PMC and redevelopment sectors.
→EPS likely to improve in line with PAT growth, supported by expanding margins and scale.

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Fundraise plans

→There is no explicit mention of any current or future fundraising through debt or equity in the provided transcript from the NBCC (India) Limited May 30, 2025, document.
→The discussion mainly focuses on order inflows, revenue guidance, project execution timelines, exceptional items, write-offs, and project-specific updates.
→The company mentions managing cash flow carefully, with free cash of approximately INR400 crores after commitments as of March 31, 2025.
→Seed money available is INR668 crores as of March 31, 2025.
→There is no direct reference to plans or intentions to raise additional funds through debt or equity in the near future.

Order book

Yes

→Current consolidated order book is around INR 120,000 crores.
→Order book composition: approximately 48% PMC projects and 52% redevelopment projects.
→Around INR 32,000 crores worth of projects are already awarded and in execution.
→Expected to add INR 10,000 to 15,000 crores worth of new orders in the first two quarters of FY '26.
→Target for order inflow in FY '26 is INR 20,000 to 25,000 crores, primarily from redevelopment projects in Delhi, Goa, J&K, Telangana, Bihar, and other states.
→Execution timeline for PMC projects: 2-3 years; redevelopment projects: 3-4 years.
→Discussions underway for more redevelopment projects in Delhi (total 105 colonies with focus initially on 15-16) and other states.
→Mumbai redevelopment opportunity of around INR 25,000 crores in collaboration with MAHAPREIT is progressing.

Capex plans

Yes

→NBCC plans to start a real estate business in Dubai in the current year after obtaining necessary clearances from DIPAM, marking a strategic international expansion.
→They are developing real estate projects such as Ghitorni and Mehrauli, with expectations of significant profit margins, particularly targeting 25%+ EBITDA margins in real estate.
→Seed money in various projects stands at approximately INR668 crores as of March 31, 2025, indicating ongoing capital deployment.
→Redevelopment projects in Delhi (about 15 colonies initially out of 105), Mumbai (including MOU with MAHAPREIT for Thane and Mukhyamantri Awas Yojana), and other states are key areas of investment.
→NBCC expects order execution over a 3-4 year period and anticipated order inflows of INR20,000-25,000 crores for FY 2026, reflecting ongoing capital-intensive projects.

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