NBCC · Construction · filed 5 Nov 2026
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.
NBCC (India) Ltd. reported revenue of ₹3,396 cr (+16.5% on the year) and net profit of ₹210 cr (+33.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +118.2% on the year, against +33.9% for reported profit.
3 checks raised a question: Profit with no operating cash behind it. Where did the cash go?
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.