NBCC

NBCC reported a robust Q3 FY26 with consolidated total income reaching INR 3,022 crores, marking an 8% year-on-year increase. Standalone PAT demonstrated significant growth, surging 53% YoY to INR 196 crores. For the nine months of FY26, consolidated total income stood at INR 8,329 crores, up 13% YoY, while standalone total income was INR 5,842 crores. Management maintains a full-year FY26 PAT target of INR 700-800 crores and projects a turnover of INR 14,000 crores, with EBITDA and PAT margins expected to be in the 5-6% and 6-7% range, respectively.

The company's consolidated order book remains strong at INR 1,27,000 crores, with a standalone order book of INR 1,12,000 crores. In Q3 FY26, NBCC secured new business worth INR 3,300 crores on a consolidated basis, bringing the total for 9M FY26 to INR 13,400 crores. Major projects secured in Q3 included redevelopment of Tulsi Niketan (INR 643 crores), DVC Township Jharkhand (INR 500 crores), and projects for AVNL, Central University Kashmir, and IIT Mandi. The company expects to award INR 12,000-13,000 crores of new work in FY26, with a minimum target of INR 20,000 crores for FY27.

The Supreme Court's decision to appoint NBCC for Supertech projects is a significant win, involving approximately 50,000 units with an estimated receivable of INR 16,000 crore and a construction cost of INR 9,500 crore, expected to generate a top line of INR 10,000 crore and a bottom line of INR 800-900 crore over 12-36 months. The settlement of the Ghitorni land dispute in Delhi unlocks a prime 21.23-acre parcel with a revenue potential of nearly INR 8,500 crores and a PAT of INR 4,000-5,000 crores by FY27-28. Amrapali projects contributed INR 1,640 crores to the top line in 9M FY26, with Phase 1 nearing completion (36,000 out of 38,000 units done by June '26). GPRA redevelopment projects contributed INR 1,500 crores to the top line in 9M FY26, with INR 2,700 crores awarded this fiscal year and INR 1,400 crores in pipeline for Netaji Nagar and Sarojini Nagar.

NBCC is actively pursuing new opportunities, including the INR 40,000 crore MAHAPREIT and J&K projects, both expected to commence next financial year. The Mumbai Port Trust's CGO Complex project is valued at INR 10,000 crores for infrastructure development and is a priority. New Delhi redevelopment projects for the central government could bring in INR 35,000 crores, with an additional INR 2,000-3,000 crores from DDA projects for Safdarjung and Rajendra Nagar expected by March. Internationally, NBCC is in discussions for projects in Australia and Seychelles, and has purchased a land parcel in Dubai International City (14,760 sq ft, 52,000 sq ft GFA) with an estimated top line of INR 155 crores over two years, with a launch planned for March.

Execution in Q3 FY26 faced headwinds due to stringent GRAP restrictions in Delhi, which led to a two-month halt in construction activities for high-margin projects like Amrapali and 7 GPRA colonies. This directly impacted the company's turnover and profitability for the quarter. To mitigate future impacts and improve execution velocity, NBCC is focusing on accelerating work in Q1 and Q2, implementing pollution control measures like water sprinklers and dust-free construction, and adopting advanced technologies such as Mivan shuttering and pre-cast technology.

Management is targeting a consolidated turnover of INR 16,000-18,000 crores and a bottom line of INR 1,000-1,200 crores for FY27. Looking further ahead to FY28, a conservative PAT target of INR 2,000 crores is projected, with potential for this figure to double by FY29 once the full impact of high-margin real estate projects like Ghitorni and Gurugram 37D (combined PAT of INR 5,000-6,000 crores by FY27-28) is realized upon possession. The company's own cash balance stands at INR 939 crores consolidated, with a total balance sheet cash of INR 2,175 crores including client funds.