NBCC

NBCC has achieved a historic consolidated order book exceeding ₹1,00,000 crores. In the current financial year alone, the company has secured ₹47,150 crores in new business as of early February. This massive inflow is driven by large-scale redevelopment projects and the assignment of stressed real estate assets like Supertech, which alone accounts for ₹9,445 crores across 16 projects.

The company is positioning itself as a specialist in delivering relief to homebuyers in stalled projects. Following the Amrapali model, NBCC has been assigned the Supertech projects where it will act as a PMC agency earning an 8% fee. In January 2025, the company awarded ₹9,137 crores of work for Amrapali Phase 2, marking one of the fastest and largest work awards in its history.

Management highlighted the self-sustaining nature of their redevelopment model, where government land is leveraged to generate surplus funds for construction. This model currently comprises 38% of the order book. NBCC is in talks with state governments like Rajasthan and Chhattisgarh to replicate the Delhi redevelopment success, viewing this as a major future growth vertical.

The Ghitorni land parcel in South Delhi represents a significant value-unlock opportunity. While the book value is only ₹2 crores for 32 acres, management estimates a sales potential of ₹8,000 crores over the next 3-4 years. Construction on the undisputed 22-acre portion is slated to begin next year, with expected profit margins of 30-40% on this specific development.

Q3 execution was hampered by NGT construction bans in the Delhi-NCR region, limiting PMC revenue growth to 1.2%. However, management expects to catch up in Q4, targeting ₹4,000 crores in standalone revenue for the final quarter. Operating margins are expected to improve by 50-100 bps annually as fixed overheads are spread over a rapidly increasing turnover base.