Q2 FY27 results analysis · November 05, 2026
NBCC (India) Ltd Q2 FY27 Results Analysis: EBITDA Surges 115%, Order Inflows Lag Target
+34.5%PAT year on year, Rs. 206.41 Cr
Source: Quarterly results filing (BSE)
Quick summary
NBCC (India) Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 3,395.78 Cr (+16.54% YoY) and PAT growth of +34.45% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 3,395.78 Cr (+16.54% YoY) |
| PAT (Q2) | Rs. 206.41 Cr (+34.45% YoY) |
| EBITDA margin | 6.63% (+304 bps YoY) |
| EPS (Q2) | Rs. 0.76 (+33.33% YoY) |
Quarter Snapshot
Q2 FY27 was a clean operating quarter: revenue +16.54% YoY, EBITDA +115.28% YoY at 6.63% margin (inside the guided 6.5-7% band), and owners' PAT +34.45% YoY with no one-time items. The offsets are cash-related — H1 CFO of -Rs.955.21 Cr (-2.60x PAT), restricted cash of Rs.1,908.94 Cr, and an FY27 PAT target requiring H2 quarterly earnings 1.79x the Q2 print, with H1 order inflows of ~Rs.1,847 Cr far behind the Rs.50,000-60,000 Cr target.
Q2 FY27 Expectations vs Results
| Driver | What happened | Verdict |
|---|---|---|
| "sequential pickup from Q1's Rs.2,259.53 Cr consolidated base" | co_rev_q2_qoq_pct = +50.29 | Played out |
| "a YoY decline is the live risk" | co_rev_q2_yoy_pct = +16.54 — favourably | Contradicted |
| "likely flat to modestly expanding" margins | co_ebitda_margin_Q2FY27_pct = 6.63 (H1 6.72) | Played out |
| Small-ticket orders, no mega-award; inflow behind target | h1_announced_inflows_approx_cr = Rs.1,846.77 Cr — per announcements; not in filing | Played out |
| 5 GPRA Cabinet approval "not found" | Filing silent — open | Not observable |
| Real-estate momentum entering Q2 | seg_re_rev_Q2FY27_cr = Rs.21.78 Cr (YoY +159.50; QoQ below Q1's Rs.53.90 Cr) | Partially |
| Cash-conversion weakness; receivables collection watch | co_cfo_h1fy27_cr = −955.21 (CFO/PAT −2.60×) — negative | Played out |
| GRAP hits Q3, Q2 clean | Filing silent on GRAP; Q2 shows no disruption — open | Not observable for Q3 |
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Management Guidance vs Delivery
| What management said | What happened | Verdict |
|---|---|---|
| Consolidated revenue Rs.15,000–17,000 Cr by FY27 | H1 Rs.5,655.30 Cr (37.7% of lower bound); H2 needs Rs.9,344.70 Cr (~Rs.4,672.35 Cr/qtr vs Rs.3,395.78 Cr in Q2 — above the best-ever quarter of Rs.4,559.80 Cr) | Stretch |
| Consolidated PAT (owners) Rs.1,100–1,200 Cr by FY27 | H1 Rs.361.24 Cr (32.8% of lower bound); H2 needs Rs.738.76 Cr (~Rs.369.38 Cr/qtr, 1.79× the Q2 print) | Difficult |
| Consolidated EBITDA margin 6.5–7% (ex-other income) | Q2 6.63%; H1 6.72% | On Track |
| Order inflows Rs.50,000–60,000 Cr during FY27 | ~Rs.1,846.77 Cr H1 approx. (Q1 new business Rs.1,211 Cr + Rs.635.77 Cr of Jul–Sep order-win intimations); no mega-award; 5 GPRA (~Rs.30,000 Cr) approval pending | Stretch |
| Standalone revenue Rs.13,000–14,000 Cr by FY27 | H1 Rs.4,712.66 Cr (36.3% of lower bound); H2 needs ~Rs.4,143.67 Cr/qtr | Stretch |
| Real estate revenue ~Rs.500 Cr by FY27 | H1 Rs.75.68 Cr consolidated | Stretch |
| Order book Rs.2 lakh Cr+ by FY27 year-end; MAHAPREIT finalized Q2–Q3 | Order book at Sep 30, 2026 not disclosed in the filing (last: Rs.1,26,964 Cr at Jun 30, 2026); MAHAPREIT not addressed in the filing | Too Early |
| "The first quarter, usually, it will be on slower pace. Second quarter onwards, it will pick up" | Q2 consolidated revenue +50.29% QoQ, +16.54% YoY; standalone +58.49% QoQ | Confirmed |
| FY27 guidance reaffirmed on the Q1 FY27 call ("Rs.15,000 to 17,000, I already committed") | Margins tracking; revenue/PAT run-rates require a record H2 (PAT 1.79× the Q2 print each quarter) — arithmetic now demands the GRAP-affected H2 to be the largest in company history | Too Early |
| Margin band 6.5–7% ex-other income achievable | 6.63% (Q2), 6.72% (H1) | Confirmed for now |
Key Investment Insights
Key Positives
- Consolidated revenue grew 16.54% YoY to Rs.3,395.78 Cr and 50.29% QoQ
- EBITDA (company definition) grew 115.28% YoY to Rs.225.16 Cr at a 6.63% margin, inside the guided 6.5-7% band
- Owners' PAT grew 34.45% YoY to Rs.206.41 Cr, outpacing revenue growth
- PMC segment delivered +70.25% profit growth on +16.21% revenue growth, with margin expanding to 8.20% from 5.60%
- Standalone revenue grew 37.78% YoY with a 7.58% EBITDA margin
- No exceptional items in Q2 or H1 FY27; reported PAT equals normalized PAT
- Company remains effectively debt-free with finance costs of Rs.0.02 Cr
Risk Factors
- H1 FY27 operating cash flow was negative Rs.955.21 Cr (-2.60x PAT), driven by trade payables run-down of Rs.550.03 Cr and receivables build of Rs.187.49 Cr
- Only Rs.166.94 Cr of the Rs.2,075.89 Cr cash balance is unrestricted; Rs.1,908.94 Cr is restricted client balances
- FY27 PAT guidance of Rs.1,100-1,200 Cr requires H2 quarterly PAT of Rs.369.38 Cr, 1.79x the Q2 print
- H1 order inflows of ~Rs.1,846.77 Cr are far behind the Rs.50,000-60,000 Cr FY27 target
- Other income fell 41.44% YoY to Rs.60.45 Cr against a year-ago base that included asset-sale gains
- EPC segment result fell 29.08% YoY to Rs.3.05 Cr and remains sub-scale
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