Financial Performance (Q1 FY27)

Standalone Performance:

  • Revenue from operations stood at ₹1,823 crore, reflecting a 10% year-on-year (YoY) increase.
  • EBITDA increased to ₹160 crore from ₹99 crore in Q1 FY26, registering a robust 62% growth.
  • EBITDA margin expanded significantly to 8.77%.
  • Profit After Tax (PAT) was ₹151 crore, representing a strong 32% YoY increase.

Consolidated Performance:

  • Consolidated revenue from operations was ₹2,260 crore.

The improvement in EBITDA and margins was attributed to the recognition of marketing fees from the successful sale of the entire Bharat Business Park, which involved lower associated expenses. High-margin redevelopment and Amrapali projects now contribute more than 60% of total revenue.

Order Book & Business Secured

Order Book Position:

  • The standalone order book stands at ₹1,12,000 crore.
  • The consolidated order book stands at ₹1,27,000 crore.
  • The order book split is approximately 60% redevelopment projects and 40% Project Management Consultancy (PMC) works.

Business Secured in Q1 FY27:

  • New business worth ₹1,600 crore was secured on a consolidated basis during the quarter.
  • Major projects secured in Q1 include:
  • Schools in different districts of Odisha: ₹253 crore
  • J&K campus in various districts: ₹171 crore
  • New Andhra Pradesh Bhavan in Delhi: ₹106 crore

Subsequent Major Awards (July-August 2026):

  • Housing project at Seychelles (Africa): ₹620 crore
  • Residential and office complex for Reserve Bank of India, Amravati, Andhra Pradesh: ₹780 crore
  • Science laboratory in various government schools of Rajasthan: ₹431 crore

Project Execution & Awarding

Tenders Awarded:

  • In Q1 FY27, the company awarded new tenders worth ₹1,700 crore on a consolidated level.
  • Management expects to award ₹18,000 to ₹20,000 crore of new works over the next 2-3 quarters. For the full year FY27, the award target is ₹20,000-₹25,000 crore.

Pipeline of Prospective Orders:

  • The company is expecting new orders worth ₹50,000-₹60,000 crore in FY27.
  • A major project, the redevelopment of 5 GPRA colonies in Delhi (Lodhi Colony, Andrews Ganj, DIZ Connaught Place Area), valued at approximately ₹30,000 crore, has been cleared by the Group of Ministers and the PIB and is awaiting Cabinet approval.
  • Discussions are at a final level with an unnamed state government for additional projects.

Key Project Updates

Redevelopment Projects (7 GPRA):

  • All major project packages are in the execution stage with approximately ₹10,000 crore of balance work.
  • The entire Bharat Business Park was successfully sold in three auctions within three months, generating ₹10,000 crore.
  • Sales auctions for other properties are planned:
  • Africa Avenue (262 units): Auction postponed due to technical issues, expected in August 2026.
  • Vinayak Mandir Marg: Targeting launch in September 2026.
  • Scindia Marg (Palanji area): Targeting launch in September-October 2026.
  • Management expects to generate ₹30,000-₹35,000 crore from sales in the redevelopment segment during FY27.

Amrapali Project:

  • Phase 1: 23 out of 24 projects are completed. The 24th project (Adarsh Awas) is ready, and handing over is in progress.
  • Phase 2: Execution has started across different packages using Mivan shuttering technology. Work has reached the 20th floor on one project and the 13th floor on others.
  • Commercial properties are expected to be completed by September-October 2026.
  • Out of a total of 8,800 units, 4,000-4,500 units have already been sold.

Other Project Updates:

  • Supertech: NBCC has been awarded consultancy for all 16 projects in Noida and Greater Noida. Tendering is expected in Q2 FY27, with revenue contribution expected from the next quarter.
  • Jammu & Kashmir (J&K): One tender is under technical evaluation. Five new tenders worth ₹3,500 crore are scheduled to be published in August 2026.
  • Naveen Nagpur: 400-450 acres of land have been acquired out of a planned 1,000 acres. The Detailed Project Report (DPR) is in the final stage. Infrastructure tenders are expected to be floated in Q3 or Q4 FY27.
  • MAHAPREIT: The project has faced delays and is not yet matured. Management hopes it will start in Q3 FY27.
  • Goa Redevelopment: Four packages have been ordered, site is mobilized, and work has started.
  • Gurugram Sector 37-D: Contract awarded, contractor mobilized, and test pile completed. Awaiting approval for a revised plan and environmental clearance. RERA registration and sales are expected to start next quarter.
  • Ghitorni: Final lease agreement is in process. Consultant tender is expected to be finalized in Q2 FY27. Revenue from this project is expected after two years.
  • Dubai Operations: Developer license obtained. Construction of 66 housing units is planned. A tender for selecting brokers is floated, and a construction tender is likely in October 2026.

Strategic Initiatives & Corporate Developments

Merger with HSCC:

  • The Board has approved the merger of HSCC (India) Limited, a wholly-owned subsidiary, into NBCC.
  • The proposed merger is expected to create operational and financial synergies by combining NBCC's execution strengths with HSCC's expertise.

CPSE REIT:

  • Pursuant to the Honorable Finance Minister's Budget 2026 announcement, NBCC has been entrusted to develop the structure for a proposed CPSE REIT.
  • The Board has accorded in-principle approval for the incorporation of a Wholly Owned Subsidiary (WOS) as an SPV for the proposed REIT, subject to approval from the administrative ministry and DIPAM.
  • The company plans to transfer 75,000 square feet of its own rentable assets to the SPV initially.
  • NBCC is in discussions with DIPAM and other CPSEs (like MTNL, ITI, BSNL) to identify rentable assets for the REIT portfolio. The company will act as the natural partner for refurbishment and redevelopment of these assets.
  • No specific timeline was provided for the REIT launch, as it depends on gathering a considerable portfolio.

Guidance & Outlook

Revenue Guidance:

  • FY27: ₹16,000 - ₹17,000 crore (Consolidated); ₹13,000 - ₹14,000 crore (Standalone)
  • FY28: ₹21,000 crore (Consolidated)
  • FY29: ₹24,000 - ₹25,000 crore (Consolidated)

Profitability Guidance:

  • PAT for FY27 is expected to be in the range of ₹1,100 - ₹1,200 crore (Consolidated).
  • PAT for FY28 is expected to be ₹1,300 - ₹1,400 crore (Consolidated).
  • PAT for FY29 is expected to be around ₹2,000 crore (Consolidated).
  • Management expects PAT margins to be 6-6.5% and EBITDA margins to be 6.5-7% going forward.

Real Estate Sales:

  • The company expects revenue of approximately ₹500 crore in FY27 from the sale of land, completed inventory, and construction work-in-progress (WIP).

Cash Position

  • The cash and cash equivalents balance stood at ₹666 crore as of June 30, 2026 (Standalone).

Management Commentary

Management expressed high confidence in achieving stated targets, citing a strong order book and a pipeline of high-margin redevelopment projects. They addressed delays in major projects like MAHAPREIT, J&K, and Supertech, attributing them to client-side processes, statutory approvals, and funding arrangements beyond NBCC's control. The company is facilitating seed funding for state government projects through an MOU with HUDCO. The international business, including projects in Seychelles, is seen as a growth avenue. The successful turnaround of HSCL and the completion of the Amrapali project were highlighted as evidence of NBCC's execution capabilities.