NBCC · Construction
NBCC (India) Ltd. reported revenue of ₹4,560 cr for January to March 2026, −1.8% on the year and +50.9% on the quarter. Over the last four quarters revenue comes to ₹12,887 cr, +7.0% on the four before.
Operating profit (EBITDA) was ₹287 cr, a margin of 6.3%, +3 bps on the year and +252 bps on the quarter. It is the widest margin of the last 8 quarters (range 3.6% to 6.3%). Operating costs grew −1.8%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹254 cr, +38.8% on the year and +28.9% on the quarter, with earnings per share of ₹0.89. Profit before other income, one-offs and tax fell 1.7%, so 41 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹743 cr, +33.3% on the four before.
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. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹2.66 over the last four quarters, the stock at ₹75.51 trades at 28.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +38.8% on the year; profit before other income, exceptional items and tax −1.7%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Execution rate | 2,914% |
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.
| 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 ₹4,560 cr (−1.8% on the year) and net profit of ₹254 cr (+38.8% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −1.7% on the year, against +38.8% for reported profit.
1 check raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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