NBCC Q2 FY27 Earnings Call: Guides FY28 Revenue At Rs. 21,000-22,000 Cr, Eyes Rs. 1.8 Lakh Cr Order Book

Sharp YoY acceleration in revenue and EBITDA

• Standalone revenue of Rs.2,890 Cr in Q2 FY 2026-2027 — up 38% YoY; consolidated revenue Rs.3,396 Cr (Rs.3,400 Cr cited elsewhere on the call) vs Rs.2,260 Cr.
• Standalone EBITDA up 154% YoY to Rs.219 Cr — vs Rs.86 Cr in the prior-year quarter; standalone PAT up 31% YoY at Rs.225 Cr.
• H1 FY 2026-2027 standalone revenue of Rs.4,713 Cr — up 23-26% YoY (consolidated Rs.5,655 Cr); H1 standalone EBITDA up 105% to Rs.379 Cr and PAT Rs.376 Cr, up 31% YoY.
• Q2 EBITDA margin of 8% — above the 5-6% range indicated earlier, but down from 9% in Q1 FY 2026-2027; Director Finance attributed the uplift to ~Rs.100 Cr of H1 marketing fee on a Ministry of Housing and Urban Affairs self-sustainable project sale plus fixed-cost operating leverage.
• Growth is "purely execution-driven" with no one-off — management characterized it as perennial in nature.

Rs.1.26 lakh crore book; large awards pending in Q3 FY27

• Order book of Rs.1,12,000 Cr standalone / Rs.1,26,000 Cr consolidated as of Q2 FY 2026-2027 (~6 years of execution cover per an analyst); CMD confirmed no cancellations — the ~Rs.1,000 Cr gap vs March FY26's Rs.1,27,000 Cr reflects order-to-execution conversion timing, not cancellations.
• Rs.3,600 Cr of Q2 FY 2026-2027 consolidated order wins — including the RBI residential complex at Amaravati, Andhra Pradesh (Rs.800 Cr) and a housing project at Sishal (~Rs.600 Cr); H1 tender awards totalled Rs.3,200 Cr.
• Supertech tenders of Rs.9,600 Cr uploaded — award expected in Q3 FY 2026-2027 (by end-November or December 2026), with turnover starting from Q4 FY 2026-2027; J&K technical bids received on 3 tenders, with a ~Rs.2,000 Cr award expected in November 2026 (Q3 FY27).
• Bihar and West Bengal momentum — ~Rs.2,000-3,000 Cr Bihar order recently received with an additional ~Rs.8,000 Cr Bihar phase-two order expected in Q3 FY27; 9 MOUs signed in a single day with West Bengal departments (slum, urban development, Kolkata Municipal Corporation), with a ~Rs.10,000 Cr West Bengal order estimated if secured; the state bar excluding PSUs from work orders above Rs.50 Cr has been removed.
• Two large pending orders expected in calendar year 2026 — the 5 GPRA project (in cabinet approval process, ~Rs.30,000-35,000 Cr targeted in Q3 or Q4 FY27) and a border fencing order.
• Slower awarding attributed to Mahaprit not materializing and the J&K delay — state-government self-sustainable redevelopment projects are held up by approvals and financial arrangements; discussions underway with 2-3 unnamed state governments, with one or two orders expected to be cracked in FY 2026-2027.

FY27 reaffirmed; FY28 top line guided to Rs.21,000-22,000 Cr

• FY 2026-2027 standalone revenue guidance reaffirmed at Rs.13,000-14,000 Cr — CMD confirmed ~Rs.14,000 Cr standalone and consolidated revenue of Rs.16,000-17,000 Cr (a Rs.15,000-16,000 Cr consolidated range was also cited in the margin discussion); PAT guided at ~Rs.1,100-1,200 Cr; management noted Q1-Q2 are seasonally slow.
• FY 2026-2027 order inflow guidance of Rs.50,000-60,000 Cr reiterated — total order book seen at ~Rs.1,80,000 Cr by March 31, 2027 per the CMD, though a closing order book of Rs.2 lakh Cr by end of FY 2026-2027 was also stated to stand; minimum Rs.15,000-16,000 Cr of awards guided for FY27 before West Bengal/Bihar additions.
• FY 2027-2028 consolidated revenue guided at Rs.21,000-22,000 Cr (~25% YoY growth) — CMD also guided FY28 PAT of ~Rs.1,500 Cr; ~Rs.16,000-17,000 Cr expected to be added to running projects in FY28, driving a 10-20% increase.
• Rs.10,000 Cr of work orders expected during FY 2026-2027 — including recent West Bengal urban development works and four Bihar redevelopment projects; management expects new redevelopment work orders from two-three additional states during FY 2026-2027.
• Analyst argued order visibility could support 40-50% YoY growth — citing a 1:10 book-to-bill and the October 18, 2026 appointment of a Director for infrastructure development projects (period unspecified); management made no matching commitment.
• Execution timelines clarified — PMC projects typically 3-4 years, redevelopment 4-5 years; awarded orders completed within a maximum of 24 months (typically 18-24 months).

Rs.54-acre land bank being unlocked; fee income scaling

• ~54 acres of historical land parcels held at Rs.720 Cr book value — per the year-end IBBI valuer report, market value is approximately Rs.1,600+ Cr; land is held as inventory, so an analyst inferred sale gains attract the maximum marginal tax rate rather than 12.5%.
• Two Jaipur parcels sold via open e-auction for Rs.250 Cr and Rs.180 Cr — aggregate profit of ~Rs.239 Cr to be booked over Q3-Q4 FY 2026-2027; ~Rs.433 Cr of revenue from these sales to be booked in Q3 FY 2026-2027 vs ~Rs.195 Cr book value; Meerut and Ghaziabad parcels in auction, with additional parcels planned for sale in FY 2027-2028.
• ~Rs.1,400 Cr (give or take 10-20%) of land sales remain in the pipeline as of Q2 FY 2026-2027 per ED Finance M. B. Singal; Q2 FY27 sales had a market value of ~Rs.260 Cr.
• Africa Avenue revenue shifts to Q3 FY 2026-2027 — the 7 GPRA residential tower auction achieved Rs.89,000 per sq ft against a reserve price of Rs.37,160 per sq ft; Kindiya Marg and Vinayak Mandir Marg bulk sales (combined Rs.8,000-10,000 Cr, with NBCC earning 1% marketing fee) most probably in Q3 FY27, with the CMD indicating both by Q4 FY 2026-2027.
• H2 FY 2026-2027 to add another ~Rs.100 Cr of marketing fee — H1 FY27 marketing fee was ~Rs.100 Cr (Rs.88 Cr in Q1, Rs.28 Cr in Q2 per management); FY 2027-2028 marketing fee guided at Rs.200-250 Cr, a 20-25% increase; Bihar MOU provides for 1.25% marketing fee vs the standard 1%.

7 GPRA monetization, Amrapali completion, new geographies

• Rs.5,191 Cr of 7 GPRA residential sales at Avenue Towers, Sarojini Nagar — 8.8 lakh sq ft sold via open e-auction; redevelopment balance workload stands at Rs.9,200 Cr, with ~Rs.9,100 Cr under execution across Netaji Nagar and Sarojini Nagar as of Q2 FY 2026-2027; ~5,000 flats handed over and ~9,000 under execution.
• Amrapali: all 24 Phase 1 projects completed with handover in progress — Phase 2 works started on fast track with Rs.8,000 Cr balance workload; one Phase 2 package has reached 26 floors; Amrapali Phase 2 and 7GPRA completion targeted by December 2027 or March 2028 (FY 2027-2028).
• Mumbai Port Trust (Rs.10,000 Cr order): ~Rs.100 Cr of work awarded — Mumbai Port Trust wants to shift from the earlier PMC model to a self-sustainable redevelopment model with NBCC confirmed as executor, selling built-up area instead of land parcels.
• Industry context on the model's replicability — management cited that after the successful Delhi (7 GPR) redevelopment, "government departments across the board — port trusts, income tax, GST departments — want to adopt this model" where the government invests no money and receives surplus funds with maintenance covered.
• Githorny project (4-4.5 lakh sq ft): MoU signing expected by end of Q3 FY 2026-2027 — before December 31, 2026; sale agreement with the Delhi government yet to be executed and consultant appointment pending; construction planned from FY 2027-2028 onwards. Rajasthan Mandapam (Rs.4,000 Cr order, later increased to Rs.5,500 Cr per the analyst) tender expected in November-December 2026 after the election code of conduct delay.
• International and PSU expansion — NBCC Australia branch office inaugurated in Melbourne on October 28, 2026; Dubai groundbreaking targeted for November or early December 2026 with first-phase sales by end-December 2026 or January 2027 (cash received but revenue recognized only after project completion); HPCL work signed with Bangalore start pending, and an MoU with ONGC for redevelopment recently signed/is being signed.

AQI curbs, execution gaps and unconverted guidance

• Air-quality (AQI/GRAP) restrictions affect only Delhi projects — some earthwork and certain items curtailed at Netaji Nagar; operations across the rest of India unaffected.
• H1 FY27 revenue of ~Rs.5,000 Cr vs full-year guidance — an analyst flagged the run-rate against the ~Rs.10,000-12,000 Cr FY 2026-2027 target; CMD affirmed ("yes, definitely") the ~Rs.10,000 Cr target is achievable from the Rs.33,000 Cr awarded book.
• Mahaprit delayed — a self-sustainable project requiring fund arrangement, clearances and approvals; management expects to start it during FY 2026-2027 with HUDCO funding discussions ongoing; Naveen Nagpur tendering to begin in Q4 FY27.
• Chhattisgarh/HUDCO opportunity (Rs.1 lakh crore, per analyst) not confirmed — management declined to confirm until finalized and said it will disclose once received; on the analyst's suggestion of Rs.5 lakh crore of PSU land redevelopment potential over the next 5 years, management responded non-committally ("let us see").
• Order book reconciliation gap of ~Rs.1,000 Cr — consolidated book at Rs.1,26,000 Cr vs Rs.1,27,000 Cr in March FY26 despite ~Rs.5,000 Cr H1 inflows; attributed to conversion timing, but bears monitoring.