NBCC (India) Ltd is a Navratna CPSE under the Ministry of Housing and Urban Affairs that executes government project management consultancy, EPC and redevelopment work, carrying a consolidated order book of Rs. 1,26,964 Cr as of June 30, 2026. This quarter's print will speak to whether execution picks up seasonally from a soft Q1 and how the back-loaded FY27 guidance — including the pending Rs. 30,000 Cr 5 GPRA Cabinet approval — holds up against GRAP construction restrictions now in force in Delhi.
| Results date | November 05, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,259.53 Cr (consolidated) |
| Previous quarter PAT | Rs. 158.01 Cr (consolidated) |
| Previous quarter EBITDA margin | 6.86% (consolidated) |
| Market cap | Rs. 20,555.1 Cr |
| CMP | Rs. 76.13 |
NBCC (India) Ltd is scheduled to report its Q2 FY 2026-2027 results on November 05, 2026.
The key question for this quarter is whether execution picks up from Q1's consolidated revenue of Rs. 2,259.53 Cr, with management having said on the Q1 call that "second quarter onwards, it will pick up" — though that base sits well below the Rs. 2,910.20 Cr consolidated revenue of Q2 FY26, so a YoY decline is the live risk.
Q2 execution was clean on the pollution front, as no GRAP construction ban was in force during July-September; the restrictions — GRAP Stage II from November 5 with a complete NCR suspension of construction and demolition activity, and a complete Delhi ban December 10 to January 20 — land in Q3, the quarter management needs for its H2 ramp.
Order formation stayed small-ticket through the quarter, with traced awards of Rs. 29-501 Cr and no mega-award, leaving the FY27 inflow target of Rs. 50,000-60,000 Cr dependent on the still-pending 5 GPRA (~Rs. 30,000 Cr) Cabinet approval, the Supertech award (~Rs. 10,000 Cr, with tenders floated October 1-15, 2026 and construction resuming January 16, 2027) and MAHAPREIT finalization guided for Q2-Q3 FY27.
On margins, Q1 standalone EBITDA margin of 8.77% (+281 bps YoY) and consolidated 6.86% sat within the guided bands, with the low-margin Maharashtra health contract now foreclosed and ECL write-offs (Rs. 5 Cr in H1 FY26 vs Rs. 102 Cr in H1 FY25) the swing line through PBT. Management has reiterated the FY27 stack — consolidated revenue Rs. 15,000-17,000 Cr, PAT Rs. 1,100-1,200 Cr, EBITDA margin 6.5-7% and a Rs. 2 lakh crore-plus order book by year-end — with the CMD stating, "INR 15,000 to 17,000, I already committed. Same thing still we are adhering."
FY27 guidance scorecard and implied H2 ramp: The FY27 guidance stack holds arithmetically but is heavily back-loaded.
GRAP impact on Q3 execution and target reaffirmation: Q2 was executed without construction bans; the restrictions begin after quarter-close.
Large-project conversion: Supertech, J&K and MAHAPREIT: Combined work orders of ~Rs. 50,000 Cr across these three have taken time to convert into executable orders.
HSCC merger progress: The merger is in process, not yet effective.
Real estate catalysts and cash trajectory: Several monetization and sales milestones sit just inside or after the quarter.
An analyst noted expectations of Rs. 4,000-5,000 Cr FY28 bottom line from Ghitorni/37D versus the CMD's Rs. 2,000 Cr figure. The CMD called Rs. 2,000 Cr conservative, explaining that possession-based booking applies, and said the figure "could potentially double once Ghitorni and 37D possession is completed," with FY29 almost double FY28.
Management clarified that its projections exclude MAHAPREIT, whose finalization will significantly boost the order book and revenue pipeline. MAHAPREIT (Rs. 25,000 Cr) has been delayed by approvals and seed money requirements and is guided for finalization in Q2-Q3 FY27.
Management explained the cut reflects a strategic shift to leasing at Bhubaneswar Imperia, with ~Rs. 200 Cr lease revenue potential and Rs. 27 Cr bottom line on the revised topline. The Bhubaneswar (Imperia) project moved from outright sale to leasing for recurring rental income.
The Director (Finance) stated cash on books of Rs. 666 Cr as of June 30, 2026, while management's own December-end consolidated figure was ~Rs. 939 Cr. An analyst's prior-quarter comparison of "Rs. 6,500 crores" is inconsistent with these figures — worth clarifying on the call.
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