NBCC (India) (534309) Q1 25/26 earnings summary

Executive summary

• Consolidated operating income for Q1 FY26 reached INR 2,391 crores, up 12% YoY; standalone income was INR 1,655 crores.

• Consolidated PAT grew 26% YoY to INR 135 crores; standalone PAT rose 32% YoY to INR 114 crores.

• EBITDA margin improved to 5.88%, up by 100 bps YoY; interim dividend of ₹0.21 per share declared.

• Order book stands at INR 120,000 crores consolidated and INR 105,000 crores standalone, supporting future growth.

• Major new projects secured include JNV campuses, MDA redevelopment, UCO Bank HQ, Central University of Haryana, and other government/institutional infrastructure.

Financial highlights

• Q1 consolidated operating income increased 12% YoY; consolidated PAT up 26% YoY.

• Standalone EBITDA margin improved to 5.88%; standalone EBITDA rose 24.37% YoY.

• Cash in hand as of June 2025 was INR 460 crores; seed money at INR 661 crores, mainly for Amrapali.

• Interim dividend of ₹0.21 per share declared for FY 2025-26.

• EPS (consolidated, basic and diluted): ₹0.49 for the quarter, up from ₹0.39 year-over-year.

Outlook and guidance

• FY26 revenue expected at INR 14,000-15,000 crores; FY27 at INR 18,000-19,000 crores; FY28 at INR 25,000 crores.

• EBITDA margin guidance for FY27-28 is 8%-9%; PAT margin expected to reach 7%-8% as scale increases.

• Order inflow target for FY26 is INR 20,000 crores; tender awards targeted at INR 15,000 crores.

• Board continues to pursue resolution of legacy real estate and tax matters.