NBCC (India) (534309) Q2 25/26 earnings summary

Executive summary

• Consolidated Q2 FY26 income reached INR 3,017 crore, up 20% year-over-year; standalone PAT at INR 173 crore, up 40% year-over-year; consolidated PAT at INR 157 crore, up 25% year-over-year.

• Revenue from operations for Q2 FY26 rose 13.05% year-over-year to ₹2,094 crore, with PAT up 39.49% to ₹172.55 crore.

• For HY1 FY26, revenue increased 7.75% year-over-year to ₹3,749 crore, and PAT grew 36.28% to ₹286.63 crore.

• Order book stands at INR 128,000 crore consolidated, with INR 6,800 crore new orders in Q2 and INR 10,000 crore in H1 FY26.

• Second interim dividend of ₹0.21 per share declared.

Financial highlights

• Standalone EBITDA for Q2 FY26 was ₹156.02 crore, up 25.22% year-over-year; consolidated EBITDA was ₹211.31 crore, up 23.42%.

• EBITDA margin for Q2 declined due to lower real estate and Amrapali project fees, but H1 margin improved year-over-year.

• Other income in H1 was INR 181 crore, including INR 44 crore from land sale and INR 42 crore from subsidiary dividends.

• Write-offs dropped significantly to INR 5 crore in H1 FY26 from INR 102 crore in H1 FY25.

• Standalone net profit for Q2 FY26: ₹17,254.98 lakh, up from ₹11,407.78 lakh in Q1 FY26 and ₹12,369.74 lakh in Q2 FY25.

Outlook and guidance

• Targeting INR 14,000-15,000 crore revenue for FY26 and INR 18,000 crore for FY27; 20% annual revenue growth expected.

• PAT margin guidance at 7-8%, EBITDA margin at 6-6.5% for FY26.

• Minimum INR 10,000 crore new orders targeted for H2 FY26, with potential to exceed INR 20,000 crore for the full year.

• Real estate revenue for FY26 expected at INR 65 crore, with future projects to drive higher margins and profits in FY27-28.

• Strong order book and new business wins position the company for continued growth.