NBCC (India) Limited (NBCC)
₹75.51 +0.05% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, NBCC (India)'s revenue was ₹2,260 Cr (-5.5% year on year, -50.4% on the previous quarter), and net profit ₹158 Cr (+17.0% year on year); the operating margin was 6.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,260 | -5.5% | -50.4% |
| Operating profit | ₹155 | +40.6% | -46.0% |
| Net profit | ₹158 | +17.0% | -37.8% |
| EPS (₹) | 0.57 | +16.3% | -36.0% |
| Operating margin | 6.9% | — | — |
NBCC delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 31.04% of the NBCC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 38.94%. That is lower than usual for this stock. In NBCC futures, open interest rose 0.01% while the futures price rose 0.23%: long buildup (new long positions).
Delivery in the last 5 sessions: 24.0% · 36.1% · 33.5% · 33.8% · 31.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The Ministry of Corporate Affairs (MCA) has issued an order on the First Motion application regarding the Scheme of Amalgamation between HSCC (India) Limited and NBCC (India) Limited. Under the order dated October 9, 2026, shareholder and secured creditor meetings for both companies have been dispensed with, as HSCC is a wholly owned subsidiary and no new shares will be issued. The companies are directed to issue notices to unsecured creditors with dues above Rs 1,00,00,000 and various statutory authorities, providing 30 days for any objections before filing the final confirmation petition.
- MCA issued the First Motion order on October 09, 2026, dispensing with shareholder and secured creditor meetings.
- No shares will be issued as HSCC (India) Limited is a wholly owned subsidiary of NBCC.
- Notices must be served to unsecured creditors with outstanding exposure above Rs 1,00,00,000.
- A 30-day window is provided from receipt of notice for unsecured creditors and statutory authorities to submit objections.
NBCC (India) Limited has received three work orders for Project Management Consultancy totaling approximately ₹28.78 crore in the ordinary course of business. The largest project is the construction of the India International Cultural Centre (IICC) at Gurugram worth ₹26.69 crore from International Divya Pariwar Society. The remaining contracts include ₹1.92 crore and ₹0.17 crore works for Kendriya Vidyalaya Sangathan (KVS) at Ranchi and Patna, respectively. Given NBCC's TTM revenue of ₹12,752 crore, this cumulative order inflow accounts for just ~0.23% of annual revenue and is immaterial to earnings.
- Total work orders received amount to approx. ₹28.78 crore (excluding GST)
- Largest order is ₹26.69 crore for the construction of India International Cultural Centre at Gurugram
- Secured two repair and firefighting works from KVS New Delhi valued at ₹1.92 crore and ₹0.17 crore
- All projects awarded under the Project Management Consultancy (PMC) segment domestically
NBCC (India) Limited has received domestic work orders totaling approximately Rs 144.98 Cr across seven different projects in its normal course of business. Key wins include Rs 111.92 Cr worth of orders from SAIL's Bokaro Steel Plant for quarters repair, external painting, and store shed construction. Additional projects include a Rs 15.99 Cr dormitory for DVC and incremental PMC value of Rs 11.21 Cr for NEEPCO. Relative to NBCC's TTM revenue of Rs 12,752 Cr and order book of ~Rs 1,28,000 Cr, these wins represent ~1.1% of TTM revenue and are routine additions.
- Total work orders received amount to Rs 144.98 Cr (excluding GST)
- Largest cumulative client is SAIL Bokaro Steel Plant across 4 orders totaling Rs 111.92 Cr
- Damodar Valley Corporation (DVC) awarded Rs 15.99 Cr for an Officer's Dormitory Building
- Incremental value of Rs 11.21 Cr added to NEEPCO township PMC project in Shillong
- Execution timelines were not disclosed in the filing
NBCC (India) Limited announced the registration of a new branch office in South Yarra, Victoria, Australia, bearing ARBN 701 405 218. The office has been established to expand its international footprint and generate overseas revenue by offering Project Management Consultancy (PMC) and EPC services. The operations will be conducted in association with Australian firm Goldfields Pvt. Ltd. No specific contract values or capital commitments were disclosed in the filing.
- Registered Australian Registered Body Number (ARBN): 701 405 218
- Branch office located at South Yarra, VIC 3141, Australia
- Set up to undertake PMC and EPC contracts in association with Goldfields Pvt. Ltd.
- Order size or capital allocation: not disclosed
NBCC (India) Limited has released the Scrutinizer's Report and voting results for its 66th Annual General Meeting held on September 11, 2026. All 9 resolutions submitted to shareholders were passed with requisite majority. Approved items include the adoption of FY26 financial statements, noting three interim dividends (Rs 0.21, Rs 0.21, and Rs 0.12), declaration of a final dividend of Rs 0.46 per share, and statutory/cost auditor remuneration ratifications.
- All 9 resolutions passed at the 66th AGM held on September 11, 2026
- Approval granted for final dividend of Rs 0.46 per share (46%) on Rs 1 face value
- Noted three interim dividends totaling Rs 0.54 per share paid during FY26
- Adoption of audited financial statements passed with 95.32% votes in favor
NBCC (India) Limited conducted its 66th Annual General Meeting on September 11, 2026, with 190 members in attendance via video conferencing. Key ordinary business items tabled included the adoption of FY26 financial statements and declaration of a final dividend of Rs 0.46 (46%) per equity share of face value Rs 1. The meeting also took note of three interim dividends previously paid totaling Rs 0.54 per share (Rs 0.21, Rs 0.21, and Rs 0.12). Voting results and the scrutinizer's report are expected within two working days.
- 66th AGM held on September 11, 2026, attended by 190 members including MoHUA Presidential Nominee
- Final dividend of Rs 0.46 (46%) per Rs 1 share placed for shareholder approval
- Three interim dividends of Rs 0.21, Rs 0.21, and Rs 0.12 for FY25-26 noted
- Remote e-voting held between September 08, 2026, and September 10, 2026
The Comptroller and Auditor General of India (CAG) has appointed M/s D K Chhajer & Co. Chartered Accountants as the Statutory Auditor for NBCC (India) Limited for FY 2026-27 under Section 139 of the Companies Act, 2013. The auditor has submitted its consent on September 08, 2026. M/s D K Chhajer & Co. is a 1964-established Category-I firm with 15 partners empanelled for major C&AG audits. This is a standard, annual statutory procedure applicable to Public Sector Undertakings (PSUs).
- Appointment made by the CAG via letter dated September 08, 2026
- M/s D K Chhajer & Co. appointed as Statutory Auditor for FY 2026-27
- Auditor profile details: established in 1964, possessing 15 partners and 50+ articles
NBCC (India) Limited signed a Memorandum of Understanding (MoU) with NHPC on August 28, 2026, to execute infrastructure projects across India. The scope includes residential blocks, commercial infrastructure, office complexes, and allied facilities. NBCC will execute these projects at a Project Management Consultancy (PMC) fee of 5.5%. The total financial value of the projects will be determined in due course.
- Signed an MoU with NHPC on August 28, 2026, at Faridabad, Haryana
- Scope covers nationwide infrastructure including residential, commercial, and office complexes
- Agreed PMC fee is set at 5.5%
- Detailed total project value to be determined in due course
NBCC (India) Limited has secured five domestic Project Management Consultancy (PMC) work orders totaling approximately Rs 134.27 crore in the ordinary course of business. The largest portion comes from Kendriya Vidyalaya Sangathan for three school campuses in Jharkhand and Bihar totaling Rs 110.58 crore. Additional contracts include a Centre of Excellence in Odisha (Rs 11.14 crore) and a Canara Bank building in Kerala (Rs 12.55 crore). The cumulative order value represents approximately 1.05% of NBCC's TTM revenue of Rs 12,752 crore.
- Total work orders received amount to approx. Rs 134.27 Cr across 5 domestic projects
- Kendriya Vidyalaya Sangathan awarded 3 school campus projects valued at Rs 36.92 Cr, Rs 37.02 Cr, and Rs 36.64 Cr
- Odisha SCERT awarded Rs 11.14 Cr contract for Centre of Excellence at DIET Bargarh
- Canara Bank awarded Rs 12.55 Cr for building construction at Alappuzha, Kerala
NBCC (India) Limited has secured a domestic Project Management Consultancy (PMC) work order valued at approximately Rs 121.74 crore (excluding GST) from the Rajasthan Council of School Education. The mandate covers the construction of 170 new school buildings to replace dilapidated structures under the Supplementary Project Approval Board (PAB) 2025-26. The contract represents approximately 0.95% of NBCC's TTM revenue of Rs 12,752 crore, adding incrementally to its existing massive order book.
- Received work order of approx. Rs 121.74 crore (excluding GST)
- Scope entails construction of 170 new school buildings in Rajasthan
- Awarded by Rajasthan Council of School Education under PAB 2025-26
- Contract represents ~0.95% of NBCC's TTM revenue of Rs 12,752 crore
NBCC (India) Limited has successfully concluded the e-auction of 111 residential units in Tower No. 6 at Aspire Silicon City, Sector 76, Noida, UP. The total sale value achieved is approximately Rs 416.53 crore. NBCC is entitled to a marketing fee of 1% of the total sale value (approx. Rs 4.17 crore). This transaction represents real estate sales monetization of ~3.3% of NBCC's TTM revenue of Rs 12,752 crore.
- Successfully sold 111 residential units via e-auction
- Total sale value achieved is approx. Rs 416.53 crores
- NBCC entitled to a marketing fee of 1% of sale value (~Rs 4.17 crore)
- Project location: Tower No.6, Aspire Silicon City, Sector 76, Noida, UP
NBCC (India) Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to Regulation 34(2)(f) of SEBI LODR Regulations. The standalone disclosure highlights that Project Management Consultancy (PMC) continues to dominate operations, generating 96.28% of revenue, followed by EPC at 2.40% and Real Estate at 1.03%. The report received reasonable assurance from M/s Social Responsibility Asia (SR Asia). This filing represents standard statutory ESG reporting and has no immediate financial impact.
- Project Management Consultancy accounted for 96.28% of standalone revenue, while EPC and Real Estate contributed 2.40% and 1.03% respectively
- Company operations span 342 national locations (310 plants/project sites, 32 offices) and 11 international locations across 4 countries
- Total workforce stood at 1,052 employees and 160 workers, with permanent employee turnover rate at 1.84% for FY 2025-26
- BRSR core metrics obtained reasonable assurance from independent assessor M/s Social Responsibility Asia (SR Asia)
NBCC (India) Limited has issued the notice for its 66th Annual General Meeting (AGM), scheduled to be conducted on September 11, 2026, via Video Conferencing. The company has fixed Friday, September 04, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting. The remote e-voting facility will be operational from September 08, 2026, to September 10, 2026. The submission also includes the Integrated Annual Report and audited financial statements for FY 2025-26.
- 66th AGM scheduled on Friday, September 11, 2026, at 12:00 Noon IST via VC/OAVM
- Record/Cut-off date for remote e-voting fixed as Friday, September 04, 2026
- Remote e-voting window opens September 08, 2026 (9:00 AM IST) and closes September 10, 2026 (5:00 PM IST)
- FY26 standalone total equity/net worth reported at Rs 2,84,563 lakh (Rs 2,845.63 Cr)
In its Q1 FY27 earnings call, NBCC reported a consolidated order book of ₹1,27,000 crore (Standalone: ₹1,12,000 crore), representing nearly 10x of TTM revenue. Management reiterated FY27 revenue guidance of ₹15,000 to ₹17,000 crore, expecting EBITDA margins of 6.5-7.0% and PAT margins of 6.0-6.5% driven by high-margin redevelopment and Amrapali works. The company expects fresh order inflows of ₹50,000 to ₹60,000 crore during the year, including ~₹30,000 crore from 5 GPRA redevelopment projects pending Cabinet approval. Additionally, the Board approved the merger of subsidiary HSCC and an in-principle incorporation of an SPV for India's first CPSE REIT.
- Consolidated order book stands at ₹1,27,000 crore, with redevelopment projects accounting for 60% of the standalone book
- Management reaffirmed FY27 revenue target of ₹15,000 to ₹17,000 crore with targeted EBITDA margins of 6.5% to 7.0%
- Generated ₹10,000 crore from 100% sales at Bharat Business Park in just three auctions within three months
- Pipeline for FY27 order inflows stands at ₹50,000 to ₹60,000 crore, including ₹30,000 crore 5 GPRA projects awaiting Cabinet clearance
- Phase 1 of the Amrapali project is virtually complete (23 of 24 projects done) with Phase 2 construction currently in full swing
NBCC (India) Limited has submitted the attendance details for its Analyst/Investor Meet conducted in Mumbai on August 12, 2026. The group and one-on-one sessions were represented by Director (Finance) Shri Anjeev Kumar Jain and attended by 8 institutional and family office investors, including Helios Capital, RK Damani Family Office, and Authum. The company confirmed that no Unpublished Price Sensitive Information (UPSI) was shared, referring to the investor presentation submitted on August 11, 2026.
- Analyst/Investor meet was held on Wednesday, August 12, 2026, in Mumbai.
- A total of 8 investor entities participated, including Helios Capital, RK Damani Family Office, and Aegon Religare Life Insurance.
- Company management was represented by Shri Anjeev Kumar Jain, Director (Finance).
- Company formally confirmed that no UPSI was disclosed during the interactions.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 14.18% to INR 8,648 Cr in FY23 from INR 7,574 Cr in FY22. Revenue is projected to grow by ~30% in FY25, driven by a 6-7% medium-term growth expectation in the PMC segment and a massive ramp-up in redevelopment projects.
Geographic Revenue Split
While primarily India-focused, NBCC has global footprints in Maldives, Mauritius, Botswana, Niger, and Nepal. Overseas operations contribute to long-term revenue visibility, though specific % split by country is not disclosed in available documents.
Profitability Margins
Net profit ratio improved significantly by 27.27% YoY to 5.46% in FY25 from 4.29% in FY24. PAT increased 16.8% to INR 278 Cr in FY23. Operating margins are expected to remain range-bound at 4-5% over the medium term as execution of high-margin redevelopment projects offsets high overheads.
EBITDA Margin
Standalone operating profit margin (EBITDA) improved to 5.81% in FY25 from 5.47% in FY24. This improvement is attributed to better cost absorption and the normalization of execution cycles across business domains.
Capital Expenditure
NBCC maintains a debt-free position with no major planned debt-funded CAPEX. Cash accruals are projected to exceed INR 550 Cr per annum, which supports internal funding for operational requirements and project-specific needs.
Credit Rating & Borrowing
Maintains a 'CRISIL AA/Stable' rating. The company is debt-free (0% gearing) with no plans to take debt in the future, resulting in negligible borrowing costs and high financial flexibility.
Operational Drivers
Raw Materials
As a PMC-led firm, direct raw material costs like steel and cement are largely borne by sub-contractors; however, NBCC manages these through back-to-back arrangements. Employee costs (salaries) represent the primary internal overhead, which impacted margins when projects were stuck.
Import Sources
Not disclosed in available documents as procurement is handled by third-party contractors under NBCC's supervision.
Key Suppliers
NBCC assigns projects to third-party contractors through tenders and back-to-back arrangements, transferring execution and cost pass-through risks to these entities.
Capacity Expansion
Not applicable in a traditional manufacturing sense. Operational capacity is measured by its order book, which stands at INR 1,28,000 Cr (Consolidated) as of November 2025, with INR 44,000 Cr of projects currently in active execution.
Raw Material Costs
Direct material costs are not a fixed % of revenue for NBCC due to its PMC model; however, PMC margins have moderated to 5-8% from 7-10% previously due to increased competition and cost pressures.
Manufacturing Efficiency
Efficiency is tracked via project execution speed. The company targets an annual execution of INR 12,500 Cr to INR 13,000 Cr against its massive INR 1.28 Lakh Cr order book.
Logistics & Distribution
Not disclosed as a standalone metric; logistics are managed by third-party contractors as part of the civil construction process.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth will be achieved through the execution of the INR 1,28,000 Cr order book, focusing on high-margin redevelopment projects and diversification through subsidiaries like HSCC (healthcare) and HSCL (steel plants). The company is also expanding its PMC fee structure by adding a 1% marketing fee on top of the standard 8% PMC charge.
Products & Services
Project Management Consultancy (PMC) for civil and industrial infrastructure, residential and commercial real estate development, and specialized redevelopment projects.
Brand Portfolio
NBCC (India) Limited, HSCC (India) Ltd (Hospital Services), HSCL (Hindustan Steelworks Construction Limited), and NSL (NBCC Services Limited).
New Products/Services
Expansion into specialized domains like animal hospitals (African Zoo project - INR 355 Cr) and land development for the Department of Posts across India.
Market Expansion
Targeting state-level industrial development (RIICO - INR 3,136 Cr) and urban infrastructure (Naveen Nagpur - INR 3,000 Cr).
Market Share & Ranking
NBCC holds a dominant market position as a 'Navratna' PSU and a leading Public Works Organization (PWO) in the PMC segment in India.
Strategic Alliances
Joint Ventures include NBCC-AB JV (50%), NBCC-MHG JV (50%), and NBCC R.K. Millen (50%). It also partners with HUDCO for project financing.
External Factors
Industry Trends
The industry is shifting toward large-scale urban redevelopment and specialized infrastructure (healthcare/education). NBCC is positioning itself as a 'turnaround specialist' for failed private projects, such as the Amrapali housing projects.
Competitive Landscape
Competes with other PWOs and private players like L&T, though its PSU status provides a distinct advantage in government contracting.
Competitive Moat
Moat is built on its 'Navratna' status, which allows it to receive government projects on a nomination basis, and its debt-free, asset-light PMC model which provides high financial stability.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and economic growth cycles, as the construction sector is inherently cyclical.
Consumer Behavior
Shift in government preference toward transparent, timely execution and specialized infrastructure development is driving demand for NBCC's consultancy services.
Geopolitical Risks
Operations in regions like Libya, Iraq, and Yemen present geopolitical risks that could impact international project timelines and profitability.
Regulatory & Governance
Industry Regulations
Operations are governed by the Ministry of Urban Development and comply with Section 133 of the Companies Act, 2013.
Environmental Compliance
Follows ISO 31000:2018 and has implemented digital enablement for operational efficiency, though specific ESG costs are not disclosed.
Taxation Policy Impact
Subject to standard Indian corporate tax rates; specific fiscal impacts are not detailed beyond Ind AS compliance.
Legal Contingencies
Exposed to significant off-balance sheet liabilities including pending claims from clients and bank guarantees. These contingent liabilities are a key monitorable for liquidity risk.
Risk Analysis
Key Uncertainties
Execution risk is the primary uncertainty, as a large portion of the INR 1.28 Lakh Cr order book is in early stages. A drop in operating margins below 2% is a key downward rating sensitivity.
Geographic Concentration Risk
Heavy concentration in India, particularly in government-led urban development and redevelopment zones.
Third Party Dependencies
High dependency on third-party sub-contractors for physical execution, making NBCC vulnerable to contractor delays or financial instability.
Technology Obsolescence Risk
Low risk, but the company is focusing on digital enablement and structured communication to maintain operational efficiency.
Credit & Counterparty Risk
Strong counterparty profile as most clients are government entities; however, the company faces liquidity risks from potential claims and contingent liabilities.
