Altman Z″
Needs current assets and current liabilities.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 30.1x earnings against its own median of 40.7x: 0.7 standard deviations below its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Operating cash is 59% of trailing profit — a modest gap worth keeping an eye on.
Why this reading: Noted with caution: a mild gap that is commonly benign (working-capital timing) but worth tracking across years.
Operating cash ₹439 cr vs trailing profit ₹742 cr. Gaps in the 0.5–0.9 range are usually timing, occasionally a early tell.
Both revenue and profit grew over the last year (3.8% and 30.9%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹12,756 cr, trailing profit ₹766 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Borrowings have fallen 100% over two years — the balance sheet is getting lighter.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Borrowings down to ₹0 cr from ₹1 cr. Falling debt reduces finance cost and financial risk.
Free cash flow swings between positive and negative across the cycle.
Why this reading: Surfaced for context, not as a concern — it only becomes meaningful if it persists or pairs with other signals.
Latest ₹402 cr, negative in 3 of 12 years.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 2.0% of assets. Free cash flow negative in 3 of 12 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Capital is going in far faster than revenue is coming out. For a business mid-build that is expected — the test is whether it converts.
cumulative operating cash flow ÷ cumulative net profit
₹3,540 cr ÷ ₹4,250 cr, over 12 years
0.83×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹742 − ₹439) cr ÷ average assets
2.0%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
5.8% × 0.79 × 5.41
24.6%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹994 cr ÷ ₹3 cr
331.33×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹0 cr ÷ ₹3,017 cr
0.00×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +251% vs revenue +45%, FY2023 to FY2026
205pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Construction). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 61.75% to 61.75% across these quarters.
FII trimmed from 5.34% to 4.77% across these quarters.
MF rose from 5.90% to 6.30% across these quarters.
Other rose from 27.01% to 27.18% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 90 | 84 | 109 | 96 | 82 | 102 | 93 | 144 |
| Cash conversion cycle
Debtor + inventory − payable days | 90 | 84 | 109 | 96 | 82 | 102 | 93 | 144 |
| Working capital days | -149 | -235 | -285 | -241 | -190 | -123 | -132 | -119 |
| ROCE %
Return on capital employed | 30.0% | 18.0% | 18.0% | 21.0% | 27.0% | 32.0% | 33.0% | 29.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Order inflow (₹ cr) | 5,159 | — | — |
| Order book (₹ cr) | 126,181 | — | — |
| Book to bill (×) | 11.16 | — | — |
| Execution rate | 3,396% | 2,260% | 2,914% |
| Government share of book | 61.75% | — | — |
| Working capital days (days) | 20.38 | — | — |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 6,953 | 7,691 | 8,876 | 10,407 | 12,044 | 12,889 |
| Other income | 180 | 121 | 38 | 51 | 133 | 388 |
| Depreciation | 6 | 5 | 5 | 5 | 7 | 13 |
| Finance cost | 15 | 9 | 6 | 4 | 5 | 3 |
| Profit before tax | 292 | 315 | 372 | 559 | 755 | 991 |
| Net profit (owners) | 240 | 238 | 278 | 414 | 557 | 742 |
| EPS (₹) | 0.84 | 0.83 | 0.99 | 1.49 | 2.00 | 2.67 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,059 | 2,424 | 3,996 | 2,143 | 2,446 | 2,809 | 4,644 | 2,391 | 2,914 | 3,022 | 4,560 | 2,260 |
| Other Income | 11 | 36 | -44 | 54 | 67 | 54 | -39 | 74 | 103 | 152 | 59 | 61 |
| Expenses | 1,963 | 2,306 | 3,753 | 2,051 | 2,346 | 2,665 | 4,353 | 2,281 | 2,809 | 2,909 | 4,273 | 2,105 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 3 | 3 | 3 | 4 | 4 |
| Finance cost | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 105 | 152 | 198 | 144 | 166 | 196 | 249 | 181 | 205 | 263 | 342 | 213 |
| Net Profit | 82 | 114 | 141 | 107 | 125 | 142 | 183 | 135 | 157 | 197 | 254 | 158 |
| EPS | 0.29 | 0.41 | 0.50 | 0.39 | 0.45 | 0.51 | 0.65 | 0.49 | 0.57 | 0.71 | 0.89 | 0.57 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 180 | 180 | 180 | 180 | 270 | 270 |
| Reserves | 1,463 | 1,588 | 1,764 | 2,046 | 2,209 | 2,747 |
| Borrowings | 1 | 0 | 0 | 1 | 0 | 0 |
| Net block | 159 | 175 | 182 | 185 | 531 | 614 |
| CWIP | 16 | 2 | 4 | 12 | 4 | 38 |
| Investments | 20 | 18 | 21 | 276 | 265 | 19 |
| Total Assets | 13,422 | 13,483 | 12,913 | 12,739 | 13,390 | 16,307 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 456 | 80 | -374 | -6 | 661 | 439 |
| Cash from investing | 151 | 33 | 272 | -184 | 575 | 250 |
| Cash from financing | -41 | -95 | -90 | -103 | -269 | -201 |
| Free cash flow | 454 | 74 | -385 | -50 | 342 | 402 |
| Net change in cash | 567 | 19 | -192 | -293 | 967 | 489 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
NBCC (India) Ltd. reported revenue of ₹3,396 cr for July to September 2026, +16.5% on the year and +50.3% on the quarter. That is in line with how this quarter has grown in recent years (+19.0% on average). Over the last four quarters revenue comes to ₹13,237 cr, +3.8% on the four before.
Operating profit (EBITDA) was ₹225 cr, a margin of 6.6%, +305 bps on the year and −22 bps on the quarter. Over the last 8 quarters the margin has ranged from 3.6% to 6.9%, averaging 5.4%. Operating costs grew +12.9% against revenue growth of +16.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹210 cr, +33.9% on the year and +32.8% on the quarter, with earnings per share of ₹0.76. Profit before other income, one-offs and tax grew faster, at +118.2%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹819 cr, +32.8% on the four before.
Of the 34 companies in Capital goods and EPC that have reported Q2 FY27 so far, NBCC (India) Ltd. ranks 19th on revenue growth; the sector median is +17.1%. Its margin moved +305 bps on the year against a sector median of +6 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does.
On earnings per share of ₹2.93 over the last four quarters, the stock at ₹80.40 trades at 27.4 times trailing earnings.
Profit with no operating cash behind it. Where did the cash go?
Source: Cash flow statement
The auditor drew attention to a matter in the limited review report. Read it before the numbers.
Source: Auditor (p. consolidated limited review report p.11-13)
Receivables grew much faster than sales. Who has not paid, and why?
Source: Balance sheet
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Related-party transactions, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹5,212 cr | ₹5,092 cr | ▲ 2.4% |
| Inventory | ₹1,175 cr | ₹1,194 cr | ▼ 1.6% |
| Cash | ₹2,076 cr | ₹3,487 cr | ▼ 40.5% |
| Bank balances | ₹3,421 cr | ₹3,028 cr | ▲ 13.0% |
| Long-term borrowings | ₹0.0 cr | ₹0.0 cr | — |
| Short-term borrowings | ₹0.0 cr | ₹0.0 cr | — |
| Trade payables | ₹5,755 cr | ₹6,355 cr | ▼ 9.4% |
| Net block | ₹595 cr | ₹595 cr | ▼ 0.1% |
| Capital work in progress | ₹40.9 cr | ₹37.8 cr | ▲ 8.1% |
| Equity | ₹3,215 cr | ₹3,017 cr | ▲ 6.6% |
| Total assets | ₹15,544 cr | ₹16,274 cr | ▼ 4.5% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹955 cr | −₹1,098 cr |
| Capital expenditure | −₹13.8 cr | −₹14.7 cr |
| Investing cash flow | −₹278 cr | ₹224 cr |
| Financing cash flow | −₹178 cr | −₹110 cr |
| Dividends paid | −₹178 cr | −₹110 cr |
Operating cash flow was -2.60× profit. Receivables at 168 days of sales (+24 days against the last year end). Inventory at 38 days of sales (+4 days).
Emphasis of matter 1: “”Note No. 6 regarding the purchase of a Group Housing plot in Naya Raipur from Naya Raipur Development Authority (NRDA) on lease in the year 2014. The carrying value of the land as on September 30, 2026 is Rs. 2,099.37… Read in full
Note No. 6 regarding the purchase of a Group Housing plot in Naya Raipur from Naya Raipur Development Authority (NRDA) on lease in the year 2014. The carrying value of the land as on September 30, 2026 is Rs. 2,099.37 Lakh. The lease deed/conveyance deed yet to be executed between the owners association/housing society (yet to be formed) and NRDA as per the terms of the development agreement. The construction on the said land is yet to start.
Emphasis of matter 2: “”Note No. 7 regarding the non-execution of the conveyance deed in favour of the Company and other matters incidental thereto, in respect of the land at Faridabad (Haryana), forming part of the land bank (inventory) involving, in aggregate, a sum… Read in full
Note No. 7 regarding the non-execution of the conveyance deed in favour of the Company and other matters incidental thereto, in respect of the land at Faridabad (Haryana), forming part of the land bank (inventory) involving, in aggregate, a sum of Rs. 13,230.54 Lakhs for the reasons stated therein.
Emphasis of matter 3: “”Note No. 8 regarding payment by the Company to Land & Development Office, Ministry of Housing and Urban Affairs as additional premium for availing additional ground coverage at Company's built up and sold project "NBCC Plaza" and incurring of other… Read in full
Note No. 8 regarding payment by the Company to Land & Development Office, Ministry of Housing and Urban Affairs as additional premium for availing additional ground coverage at Company's built up and sold project "NBCC Plaza" and incurring of other construction cost and consequential expenses thereon for project which is stuck up on account of similar demand of Rs. 3,224.45 Lakh, raised by Municipal Corporation of Delhi (Erstwhile South Delhi Municipal Corporation) in respect of additional ground coverage, in the year 2015.
Emphasis of matter 4: “”Notes No. 9 & 12 regarding the construction of a Group Housing Real Estate project at Kochi, Kerala, having carrying value of inventory amounting to Rs. 8,700.91 lakh as at September 30, 2026, remaining unsold for want of Environmental Clearance… Read in full
Notes No. 9 & 12 regarding the construction of a Group Housing Real Estate project at Kochi, Kerala, having carrying value of inventory amounting to Rs. 8,700.91 lakh as at September 30, 2026, remaining unsold for want of Environmental Clearance (EC) and requisite statutory approval. The State Expert Appraisal Committee (SEAC) recommended the grant of EC which was put on hold... On review petition filed by the aggrieved parties, the Hon'ble Supreme Court vide its order dated November 18, 2025, recalled the above judgement and the original writ petitions and civil appeals had been restored to file...
Emphasis of matter 5: “”Note No. 13 in respect of the demand of Value Added tax including interest and penalty (DVAT Demand) for Rs. 40,480.01 Lakh had been set aside by Hon'ble Appellate Tribunal and remanded back for recalculation of the said tax liability… Read in full
Note No. 13 in respect of the demand of Value Added tax including interest and penalty (DVAT Demand) for Rs. 40,480.01 Lakh had been set aside by Hon'ble Appellate Tribunal and remanded back for recalculation of the said tax liability vide its order dated November 10, 2022. Till the reporting date no order received by the Company from DVAT Department. Accordingly, the contingent liability as may arise is not ascertainable as at September 30, 2026.
Other matter 1: “”Regarding the projects which have been completed and handed over to Ministries/ Clients but these projects are not financially closed in the books of account having assets & liabilities of Rs. 10,306.85 lakh (March 31, 2026: Rs. 6569.52 lakh) and… Read in full
Regarding the projects which have been completed and handed over to Ministries/ Clients but these projects are not financially closed in the books of account having assets & liabilities of Rs. 10,306.85 lakh (March 31, 2026: Rs. 6569.52 lakh) and Rs. 15,826.45 lakh (March 31, 2026: Rs. 15,618.57 lakh) lying in fixed deposits with banks for refund due to projects financially closed as at September 30, 2026. The Company is in the process of financial closure of remaining projects and refund of money lying in its books of account. The Management does not expect any significant loss on its financial statements upon financial closure of the remaining projects. (Refer Note 15 (b) of the Statement).
Other matter 2: “”Regarding construction of building which has not been commenced on leasehold land, having Gross Value of Rs. 389.16 lakh, whereas as per the lease deed the construction was to be completed by April 21, 2017. The Company has not paid… Read in full
Regarding construction of building which has not been commenced on leasehold land, having Gross Value of Rs. 389.16 lakh, whereas as per the lease deed the construction was to be completed by April 21, 2017. The Company has not paid the extension fee of Rs. 56.51 lakh along with related Goods & Service Tax as demanded by the Noida Authority vide their letter dated January 12, 2022 for the period covering April 22, 2017 to April 08, 2022 as of the date of this report. However, the Company has provided for the extension fee as at September 30, 2026 of Rs. 106.71 lakh (March 31, 2026: - Rs. 101.06 lakh) as per the lease deed extension charges payable to New Okhla Industrial Development Authority. (Refer Note 15 (c) of the Statement).
Other matter 3: “”We did not review the financial results/financial information of five subsidiaries, whose unaudited financial results/financial information reflect total revenues from operations of Rs. 52,951.23 Lakh and Rs.97,836.94 Lakh, total net profit after tax of Rs. 1,619.72 Lakh and Rs. 2,492.01… Read in full
We did not review the financial results/financial information of five subsidiaries, whose unaudited financial results/financial information reflect total revenues from operations of Rs. 52,951.23 Lakh and Rs.97,836.94 Lakh, total net profit after tax of Rs. 1,619.72 Lakh and Rs. 2,492.01 Lakh, total comprehensive income of Rs. 1,630.17 Lakh and Rs. 2,552.91 Lakh for the quarter and six months ended September 30, 2026, respectively, total assets Rs.4,76,942.93 Lakh as on September 30, 2026 as considered in the Statement which have been reviewed by other auditors.
Other matter 4: “”We did not review the financial results/financial information of two joint ventures, whose unaudited financial results/ financial information reflect Group's share of profit after tax of Rs. 0.96 Lakh and Rs. (0.61) Lakh, total comprehensive income of Rs. 0.96 Lakh… Read in full
We did not review the financial results/financial information of two joint ventures, whose unaudited financial results/ financial information reflect Group's share of profit after tax of Rs. 0.96 Lakh and Rs. (0.61) Lakh, total comprehensive income of Rs. 0.96 Lakh and Rs. ((0.61) Lakh for the quarter and six months ended September 30, 2026 respectively, as considered in the Statement which have been reviewed by other auditors.
Filing p. consolidated limited review report p.11-13
₹0.0 cr still unused. “Statement on deviation or variation for proceeds of public issue, rights issue, QIP etc. reported as NOT APPLICABLE.”
DIPAM conveyed no-objection and Board approved Scheme of Arrangement for merger of wholly-owned subsidiary HSCC (India) Limited with NBCC; First Motion Order issued by MCA on October 09, 2026. (p. consolidated note 14)
Incorporated a new branch in Australia on September 11, 2026, to undertake identified potential projects in Australia. (p. consolidated note 17)
Tax: Consolidated tax expense of ₹72.18 crore (current tax ₹63.53 crore, deferred tax ₹8.67 crore) on Profit before tax of ₹282.03 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Order inflow (₹ cr) | 5,159 | — | — |
| Order book (₹ cr) | 126,181 | — | — |
| Book to bill (×) | 11.16 | — | — |
| Execution rate | 3,396% | 2,260% | 2,914% |
| Government share of book | 61.75% | — | — |
| Working capital days (days) | 20.38 | — | — |
Worked out from filed numbers. Book-to-Bill Ratio: Order Book (₹1,26,181 crore) / Annualised H1 FY27 Revenue (₹5,655.30 crore * 2) = 11.16x · Working Capital Days: Receivable days (168.19) + Inventory days (37.92) - Payable days (185.73) = 20.38 days calculated on annualised H1 FY27 revenue
Unbilled contract assets are not separately itemized from trade receivables in quarterly filings; consolidated trade receivables stood at ₹5,211.96 crore as of September 30, 2026 (vs ₹5,091.81 crore as of March 31, 2026), representing a modest 2.36% H1 growth.
Trade receivables remained well-controlled with low H1 growth (+2.36%).
Consolidated H1 FY27 new business secured stood at ₹5,159 crore against H1 FY27 revenue execution of ₹5,655.30 crore (Standalone Q2 new business secured ₹2,965 crore against standalone Q2 revenue execution of ₹2,889.62 crore).
Robust order intake replenished execution, keeping the consolidated order book at a record ₹1,26,181 crore.
not disclosed
Bank guarantee limit details and outstanding guarantees are omitted from quarterly earnings disclosures.
No liquidated damages, contract penalties, or project cost overruns were reported in the financial notes for Q2 FY27.
No provisions or write-offs regarding liquidated damages or execution penalties were disclosed.
Order book 126181 crore at quarter end, after inflows of 5159 crore in the quarter (11.16× trailing revenue).
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Interim Dividend declared per equity share | 0.25 | FY2026-27 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| PMC | ₹3,296 cr | ▲ 16.2% | ₹270 cr | ▲ 70.2% |
| Real Estate | ₹21.8 cr | ▲ 159.6% | ₹16.6 cr | ▲ 238.7% |
| EPC | ₹69.5 cr | ▲ 3.0% | ₹3.1 cr | ▼ 29.1% |
| Unallocated | ₹8.8 cr | ▲ 297.7% | −₹8.1 cr | ▼ 121.9% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,424 cr | ₹3,996 cr | ₹2,143 cr | ₹2,446 cr | ₹2,809 cr | ₹4,644 cr | ₹2,391 cr | ₹2,914 cr | ₹3,022 cr | ₹4,560 cr | ₹2,260 cr | ₹3,396 cr |
| YoY | — | — | +12% | +19% | +16% | +16% | +12% | +19% | +8% | −2% | −5% | +17% |
| EBITDA margin | 4.8% | 6.1% | 4.3% | 4.1% | 5.1% | 6.3% | 4.6% | 3.6% | 3.8% | 6.3% | 6.9% | 6.6% |
| Other income, % of PBT | 24% | −22% | 38% | 40% | 28% | −16% | 41% | 50% | 58% | 17% | 29% | 21% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 28% | 25% | 25% | 27% | 27% | 26% | 23% | 25% | 26% | 26% | 26% |
| Net profit | ₹114 cr | ₹141 cr | ₹107 cr | ₹125 cr | ₹142 cr | ₹183 cr | ₹135 cr | ₹157 cr | ₹197 cr | ₹254 cr | ₹158 cr | ₹210 cr |
| YoY | — | — | +39% | +52% | +25% | +30% | +26% | +25% | +39% | +39% | +17% | +34% |
| Core profit YoY | — | — | +61% | +5% | +22% | +19% | +19% | +3% | −22% | −2% | +42% | +118% |
| EPS | ₹0.41 | ₹0.50 | ₹0.39 | ₹0.45 | ₹0.51 | ₹0.65 | ₹0.49 | ₹0.57 | ₹0.71 | ₹0.89 | ₹0.57 | ₹0.76 |
| Flags | · | · | ✓ | 2 | ✓ | ✓ | ✓ | 2 | 2 | 1 | ✓ | 3 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.