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Earnings Call Transcript

NBCC (India) Earnings Call Transcript: Key Takeaways

NBCC delivered a robust 10% standalone revenue growth while managing a massive order book overhang. Management is pivoting toward high-margin redevelopment and real estate to offset sluggish PMC execution.

Guidance and delivery
Management target Revenue 25.0% FY27
Highlights
Revenue growthStandalone revenue rose 10% YoY to ₹1,823 Crore.
MarginsEBITDA margins expanded to 8.77% due to high-margin real estate marketing fees.
Order bookHuge ₹1.27 Lakh Crore order book; execution remains a major bottleneck.
Demand visibilityStrong visibility from 5-GPRA New Delhi redevelopment and state projects.
Management confidenceHigh, despite analysts flagging consistent execution delays in large orders.

Growth

Standalone revenue grew 10% YoY to ₹1,823 Cr, driven by marketing fee income from real estate sales.

Outlook

Management projects revenue of ₹16,000-17,000 Cr for FY27 and ₹25,000 Cr by FY29.

Risks

Massive execution delays in ₹50,000 Cr of projects due to slow state government approvals and funding constraints.

Last quarter's promises, checked

Delivered

  • Guided 8-13% YoY Consolidated Revenue Growth → delivered 10% Standalone (= BEAT)
  • Guided ₹14,000 Cr FY26 Revenue → delivered tracking ₹12,500-13,000 Cr (= BEAT)

Partly delivered

  • Guided ₹1.26L Cr Order Book → delivered ₹1.27L Cr (Execution bottleneck remains) (= PARTIAL)

Missed

  • Guided 6-7% PAT Margin → delivered 5.3% Standalone (= MISS)
  • Guided ₹800-900 Cr FY26 Bottom Line → delivered tracking ₹700-800 Cr (= MISS)
Source

Earnings Call Transcript filed with BSE, NSE: NBCC. Summary written with AI assistance from the document.

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NBCC (India) Ltd: key numbers

Share price
₹82.86
Market cap
₹22,372 Cr
Revenue (annual)
₹12,889 Cr
Net profit (annual)
₹720.0 Cr
P/E (TTM)
30.1×Sector 33.0×
Promoter holding
61.75%+0.00% QoQ
FII holding
4.77%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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