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

Executive summary

• Consolidated Q2 FY26 income reached ₹3,017 crore, up 20% year-over-year; standalone PAT grew 40% to ₹173 crore, consolidated PAT up 25% to ₹157 crore; 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 ₹1,28,381 crore consolidated, with ₹10,000 crore new orders secured in H1 FY26; major projects secured include RIICO (₹3,135.59 crore), Naveen Nagpur (₹2,966.10 crore), and strategic MOUs for global expansion.

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

• Board approved unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2025.

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 marketing fee contributions, but H1 margin improved year-over-year.

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

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

• EPS (standalone, Q2 FY26): ₹0.64; (consolidated, Q2 FY26): ₹0.57.

Outlook and guidance

• FY26 revenue guidance is ₹14,000-15,000 crore, with 7-8% PAT margin and 6-6.5% EBITDA margin.

• FY27 revenue target is ₹18,000 crore; FY28 targets ₹25,000 crore top line and ₹2,000 crore PAT.

• Order inflow target for H2 is at least ₹10,000 crore, with expectations to exceed ₹20,000 crore for the full year.

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

• Board declared a 2nd interim dividend and previously paid a 1st interim dividend for FY 2025-26; final dividend for FY 2024-25 was paid in October 2025.