NBCC (India) Limited announced strong Q3 FY26 results, reporting a 53% YoY growth in standalone PAT, reaching INR 196 crores. Consolidated total income increased by 8% YoY. Management provided updates on major redevelopment projects like Supertech, Ghitorni, and the massive Delhi redevelopment pipeline, confirming expected revenue contributions starting from FY27 and FY28 onwards. The consolidated order book stands at INR 1,27,000 crores.
Q3 FY26 Financial Highlights
NBCC (India) Limited announced its Q3 FY26 earnings, demonstrating robust performance across its operations. On a standalone basis, the company achieved a total income of INR 2,088 crores for the quarter. Profitability saw a significant jump, with standalone PAT reaching INR 196 crores, reflecting a substantial 53% YoY growth. On a consolidated basis, total income for Q3 stood at INR 3,022 crores, marking an 8% YoY increase.
For the nine months of FY26, consolidated total income reached INR 8,329 crores, showing a 13% YoY rise.
Order Book and Execution Targets
The company’s order book remains strong, with the standalone order book at INR 1,12,000 crores and the consolidated order book at INR 1,27,000 crores. Management noted that the consolidated order book currently includes the INR 10,000 crore Supertech project.
The projected PAT for the current financial year (FY26) is guided between INR 800 crore to INR 900 crore. Looking ahead to FY27, the management provided a conservative top-line target of INR 16,000 to INR 18,000 crores, with a projected bottom line of INR 1,000 crore to INR 1,200 crore.
The total ongoing work across standalone entities (NBCC, HSCL, HSCC, NSL) is approximately INR 30,500 crore. EBITDA margin guidance for the year is projected at 5-6%, and PAT margin at 6-7%.
Key Project Updates: Real Estate & Redevelopment
Supertech Projects
Following the Supreme Court’s affirmation of the NCLAT order, management confirmed that the Supertech project is proceeding. This project involves approximately 50,000 units, with 10,000 remaining unsold. The total estimated receivable is INR 16,000 crore, with an estimated construction cost of INR 9,500 crore. Execution duration is set between 12 to 36 months. Revenue recognition for this segment is expected to begin from FY27-28.
Ghitorni Project
A significant breakthrough was achieved in the Ghitorni land dispute settlement. NBCC plans to develop the 21.23-acre prime land parcel into a mixed-use project with an estimated built-up potential of 4.45 lakh square meters and a revenue potential of nearly INR 8,500 crores. Profit recognition for this project is anticipated around FY28.
Major Redevelopment Pipeline
The company highlighted a significant potential pipeline in Delhi redevelopment projects, estimated around INR 35,000 crores in work orders for the central government alone. Two immediate projects, Safdarjung colonies and Rajendra Nagar, totaling INR 2,000 crore to INR 3,000 crore, are expected to be awarded in the first quarter of the next financial year.
The Chairman noted that the large-scale J&K and MAHAPREIT projects, valued near INR 40,000 crores combined, are expected to start execution in phases next year, contributing turnover from the second half of FY27.
Business Secured in Q3
NBCC secured INR 3,300 crores on a consolidated basis in Q3. Major projects secured in the quarter included the redevelopment of Tulsi Niketan (INR 643 crores) and work for DVC (INR 500 crores).
For the full financial year, management expects total new work awards to be between INR 12,000 to INR 13,000 crores, with INR 3,200 crores already awarded in Q4 so far.
Operational Efficiency and Outlook
Management attributed the sharp drop in margins this quarter primarily to the impact of GRAP regulations in Delhi, which temporarily halted construction on high-margin projects like Amrapali and 7 GPRA colonies. The company is adopting new technologies, such as Mivan shuttering, to mitigate dust and pollution impact going forward. Future business development efforts are focused on securing state government projects, following success with central government mandates.
Source: BSE
