NBCC India Ltd (NSE: NBCC) Q1 2026 Earnings Call dated Aug. 08, 2025
Corporate Participants:
Unidentified Speaker
K. P. Mahadeva Swamy — Chairman and Managing Director
Anjeev Kumar Jain — Director of Finance
Saleem Ahmad — Director Projects
Suman Kumar — Director Commercial
M B Singhal — Executive Director Finance
Balkishan Singla — Investor Relations
Analysts:
Unidentified Participant
Mohit Kumar — Analyst
Anjali Bajaj — Analyst
Venkatesh Subramanian — Analyst
Divyam Doshi — Analyst
Tanmay Phabrani — Analyst
Jainam Jain — Analyst
Pankaj Kumar — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to NBCC’s Q1 FY2025 26 investors earnings conference call hosted by ICICI Securities. As a reminder, all participant lines will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI securities to thank you and over to you sir.
Mohit Kumar — Analyst
Good morning. On behalf of ICICI securities, we welcome you all to the Q1FY26 earnings call of NBCC Limited. Today we have with us the management Shri KP Mahadeva Swami, Chairman Managing Director Sri Sali Mohammed, Director Projects Dr. Sukhuman Kumar, Director Commercial Sri Anjeev Kumar Jain, Director Finance Sri M.B. singhal, Executive Director Finance and Sri Balkishan Singla, Investor Relations. We’ll start with a brief opening remarks followed by Q and A. Thanks and over to you sir.
K. P. Mahadeva Swamy — Chairman and Managing Director
Good morning everyone. A warm welcome to all of you in today’s earning. Call for first quarter ended on 30 June 2025 for quarter one on standalone operations and execution we have achieved a total operating income of rupees 1655 cr and 2391 cr on consolidated reflecting an increase of 10% year on year on consolidated basis. And our standalone stands at 114 Cr marking a significant 32% year on year growth. Additionally our consolidated tax stands 135 Cr making 26% year on year growth. Order Book NBCC standalone order book is standing Rupees 1 lakh 5000 crore and consolidated order book 1 20,000 Cr business secured.
NBCC has secured 2,400 Cr on consolidated basis in quarter one. Following major projects secured in quarter one by NBCC. Permanent Campus of JMU in various districts Rupees 518 Cr Redevelopment Project of EMBA MERIT 297 Cr Yuko Bank ETA C Newborn Kolkata 172 Core Central University of Orianna Mahindra Ghat 167 Pr Interior Work World Trade Center New Delhi 162 Pr 7 chip project by NEPCO Shillong Meghalaya 131 Pr and our 53 ACCL the two new government medical College and Hospital at Sardani and Charlie Maharashtra Other MoU sign MoU signed with Railtail and developed data center project in India and overseas for a period of five years.
MoU is the National Human Development Corporation that is NFTP for redevelopment of iconic Seaport Auditorium complex in New Delhi. MoU signed between MBTC and Department of Force to $0 prime government land parcel across India into self sustainable commercial and residential hubs Business awarded to the contractors in quarter one we have awarded 1706 of new tenders on consolidated level redevelopment project in quarter one financial 2026 in GPRA Netaji Nagar project the first phase of the project valued rupees 1454 is around 85% completed and two more projects in netizen Agar rally in 2004 have started giving contribution which are awarded in quarter four, financial year 24, 25 and 1900 cr more in pipeline to award in Netaji Nagar Saroji Nagar this is the large project and work has been going in nine packages and now few more projects have started giving contribution so total tally of the running project leads to 8000cr Amrapali project for the Amrapalli project phase 1 MBPP made significant progress.
We have successfully completed 19 projects out of 24 projects taken over with 4 more projects slated to be completed in the next quarter and one remaining project expected to be finished by March next year. In terms of units we have completed 28,000 units. An additional 7,000 units will be completed in next quarter and remaining 2,000 units by March 2026. In last quarter we have shared that we have awarded phase two of Amdapandi project valuing of rupees around 9000 offer in different packages. Since now these projects have started giving contribution and upcoming quarters they will have significant contribution in top line and bottom line in quarter one has contributed around 3 million PR in top line in this phase we have five projects for bulk sale comprising 8,200 units.
Out of these, five projects with 4,600 units have already been sold. The remaining two projects will be sold in the next quarter. This is expected to provide strong funding for the project execution. Thank you. Now the forum is open for the question answer session.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on your touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2 participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Abhinav from ICICI securities. Please go ahead.
Unidentified Participant
Yeah. Good morning sir. Thanks for the opportunity. My first question is what is the target for awarding tenders in FY26?
K. P. Mahadeva Swamy
Around 15,000 cr.
Unidentified Participant
Okay. My second question is the EPC revenue fell by about 16% year on year. This is due to the Maldives project nearing completion. Are there any replacement projects lined up? And similarly real estate also saw some sharp fall in revenues and profit. It can throw some light on the segments as well as overall FY26 revenue target.
K. P. Mahadeva Swamy
EPC contract we are trying. Yes definitely we’re going to get some more UPC project which are in pipeline. Regarding real estate we are going to start our 30703070 tender in process. So that will go into OIST within a week time. And we are trying for our deadpool. We have three land parcel one tender already we are awarded and approval is in process. The rest of the two land parcels in Jaipur that we are going to start. And of course we are planning our Vietnam. So that is also going to take place. Regarding sale of real estate Bonishwar I think during this year is going to get the complete inventory will be going to sold in Bonish work as well as Lucknow.
Unidentified Participant
Understood. So my last question is on EBITDA margins. The margins improved hundred weeks year on year on standalone basis. How much of this is sustainable? I mean is the company targeting 6% plus margins for FY26?
K. P. Mahadeva Swamy
Definitely EBITDA will be more than 6 to 6.5%. We are targeting 6 to 6.5%.
Unidentified Participant
Thank you. So that was helpful. Thanks a lot.
operator
Thank you. The next question is from the line of Anjali Bajaj from Nariti Investment. Please go ahead.
Anjali Bajaj
Hello. Good morning sir. Thank you for giving me opportunity. My question is regarding to with the consolidated order book of the 1:2300. What is the expected revenue recognization timeline for the significant portion of this order book? And are there any specific large project within this order book that are anticipated to contribute substantially to revenue in coming year? With this include the completion of flagship project like Amripali, phase two Super Tech or. Yeah. Any challenges you may face.
K. P. Mahadeva Swamy
The top line current year we are expecting around 14 to 15,000 crores. And phase one will go to complete by March. Phase two of course after seven packages we have started and the work is in full swing. And the sale part also we have completed for four projects S2 project in pipeline. So once the sale is over then the major challenges in Amarapali is generating fund. These projects are self sustainable projects. Here the government Budget funding is not coming. So that’s why the timeline is a little bit more. We are considering three to four years.
So otherwise for PLC project we will complete by within two years.
Anjali Bajaj
Okay. Okay sir. And my second question is regarding to real estate segment experience a significant decline in both revenue and profit. Could you provide more details on specific real estate project that impacted this decline. And what are the company’s strategy to revive the growth and profitability in the real estate segment. For the remaining of the 1926.
K. P. Mahadeva Swamy
Real estate we have two inventory. Currently we are in two projects. We have inventory. One is in Lucknow. So bonus for work to be in during this quarter or next quarter we’re going to finalize the sales will be completed in the boneswar. And of course lakh also in process some major clients they are in negotiation going on with the major clients. Around 325 to 350 crores. 10 million value we are expecting during this year.
Anjali Bajaj
Okay sir. Thank you.
K. P. Mahadeva Swamy
Thank you.
operator
Thank you. The next question is from the line of Venkatesh Subramanian from Logic 3 Consultants Private Limited. Please go ahead.
Venkatesh Subramanian
Good morning sir. My question is for the next three years I think in your earlier calls you had said that FY26 we would obviously do about 14,000 odd crores. Can you give us an idea for FY27 and FY28 what the revenue trajectory looks like Considering that we have a 1:20,000 crore order book. And I think you also indicated that our order book at some point of time should go towards 2 lakh crore. Can you just give us some update on it sir?
K. P. Mahadeva Swamy
You see at 14 to 15,000 crores next year there will be 18 to 19,000 crores. And 27, 28 around 25,000 crores. And the order book we are expecting currently with the declaration is going on with various state governments for their redevelopment. Along with some major PhDs. They have huge land parcels. So the discussion is going on Once it is finalized. Definitely let you know. Recently we got redevelopment projects with Indian postal department. There are a few land parcel across India that value has to be at that time. So once the estimate is submitted if there has prepared.
So we came to know that. So during this year minimum business we are expecting around 20205000 crores. But it will be more than that. Because various state government we are discussing in final stage. One is Rajasthan state government. So we are talking with them because they have huge land parcel are old regulated townships. So they don’t have money to reconstruct. So this is a better model Than PPG model. Because in PPG anybody any builder comes they are expecting some profit margin. In this case we are taking our PNP and whatever profit is there. That means pass on to clients.
Just like World Trade center we have generated more than 14,000 crores in just 25 acre land. The similar model, this model can transfer to various state governments. And even for PhDs also lot of PhDs are entering huge loss or they are paying interest. But they have huge land potential. So that we going to redo. This is our main target also.
Venkatesh Subramanian
Okay, so is it fair to assume so over the remaining part of the year we will start hearing more MOUs. More order flows starting to getting executed basically or in terms of getting the order.
K. P. Mahadeva Swamy
Yes, definitely. Definitely. I think next 2, 3 years more than 2 lakhs.
Venkatesh Subramanian
Okay then another question is if you are assuming something like 18 to 25,000 crore top line I understand that based on PMC and other things the EBITDA margin works out to 6%. But you had also indicated that we will at some point in the next two years you will do a sale of real estate, property or a land or something which will give additional income. So broadly we were factoring in about 1800-2000 crores of profits. Because 6% from PNC and the real estate something that you mentioned. Can you give us an update on that?
K. P. Mahadeva Swamy
Sir, definitely. In the year 2728 the bottom line will be around 2000cr. So top 10 is 25,000 around our pad will be somewhere 78%. It may cross also because our overheads are fixed salaries. Once it is 60 it will break even at 5000, 5500 tr. More than that whatever we are doing it will come to our bottom line.
Venkatesh Subramanian
Okay. Okay. Any update on the Delhi colonies redevelopment? Sir, you are talking to the Delhi government.
K. P. Mahadeva Swamy
Already discussion is going on. So I don’t want to discuss presently. So we have a discussion with McD. McD is having huge land parcel. Even Delhi Development Authority also we did the one Kakadama project. Now the phase two we going to get already MO is there. So we’re going to start a phase two also. They are some old company. It is in depleted condition. And that also they wanted to do in redevelopment model. So discussion is going back. And any moment we can get this data. We’re going to review this.
Venkatesh Subramanian
Okay. Sure. Thanks. I’ll join the queue. Thank you very much.
operator
Thank you. The next question is from the line of Divyam Doshi from Pragya Securities. Please go ahead.
Divyam Doshi
Hello. My question was we have a very massive order book. So when are we expecting to roughly finish the entire order book?
K. P. Mahadeva Swamy
Four to five years. We can say in redevelopment we need at least a four to five year. Because in redevelopment not many issues are there. One is approval, the other one is vacation headquarters. So we are competing less than two years also.
Divyam Doshi
Okay, answer. My second question was can you give us a geographical distribution of where the major product projects in the company are?
K. P. Mahadeva Swamy
Presently the major address are in Delhi and NPR only we have around 10,000 8,900 crores. And in Saganji Peru colony, Delhi we have around 15,000 crores. And Maharashtra recently we got Mahaprabh 25,000 crores. JNK satellite Beminat satellite redevelopment that is around 15,000 crores. So across India we have future projects. Currently we have the projects running projects I can say in Delhi, India and even northeast also we are getting some modern butter fencing and Islandia hospital works and all. So in recently we got some 10 schools in Ekalaga. Modern residential school in Chittipad. So that centering is going on.
We got recently south also Bangalore earlier we don’t have any work in Bangalore. Recently we got Rajya Gandhu health mission. So we are securing all over India. We are focusing on all over India. Projects appointed is over. TPR is on final stage. We will go into contender either this quarter or definitely next quarter.
Divyam Doshi
Okay. Is you are expecting a top line of between 20 to 25,000 crore in the in the 27288 year. So what are you expecting the EBITDA margin to be in that timeline?
K. P. Mahadeva Swamy
8 to 9%.
Divyam Doshi
Okay. Okay sir. Thank you so much.
operator
Thank you. The next question is from the line of from Nuama. Please go ahead.
Tanmay Phabrani
Hi sir. Good morning. Thank you for the opportunity. My first question would be on the order book split between PMC and redevelopment.
K. P. Mahadeva Swamy
Around the 1992%. So and redevelopment is 42%.
Tanmay Phabrani
Okay.
K. P. Mahadeva Swamy
In the segment wise 43% PNP and 57% redevelopment in level 51% PMT 49% redevelopment.
Tanmay Phabrani
Got it? Got it sir. So the next question would be on the guidance for order intake and order awarded for FY26.
K. P. Mahadeva Swamy
Going forward around 15,000 cr. We are targeting to award 15,000 cr minimum. This is minimum conservative figure. So. And we are expecting minimum 20% for the business development during this year.
Tanmay Phabrani
Great. Great. And sir, any any status updates and wanted to know about the top 10 projects right now which are in the order book along with the value of those projects.
K. P. Mahadeva Swamy
One is 70 pere colony that is redevelopment of colony and 100 we have sold the commercial space. So the rest of the thing is Amrapali. Second one is Amrapali. Third one is JNK Mahaprabh. Some also we are doing good business. Recently we have added Central University 4 awarded to the contractor. We are doing good job. DDC Delhi Development Corporation work due to lack of signing committee work awarded one year back but we could not stop. Now the standing committee has formed and proved in process and DVC in Kolkata and Dapur Valley Colony we are doing residential colonies.
These are all the major projects. One more thing. We have successfully completed that project or Maldives project almost completed. Next month we’re going to end it over. Recently our Prime Minister integrated that building during its visit to Maldives so that they are successfully completed. First time in Maldives we are constructed with my one shattering. Before that they used to do conventional method. Now they are using the My1 Shuttering. 2000 Mark housing project successfully completed. And recently. That building.
Tanmay Phabrani
Congratulations on the overseas project. So just the last question on the data aspect sir. What are the pre sales that we are targeting for the full year and seed money and cash in our books. As of now.
Unidentified Speaker
30Th June 2025 it is 6. 61 crore of rupees and some 20 crore interest is also doing.
K. P. Mahadeva Swamy
Hello.
operator
Actually the current participant got disconnected. We would move to the next question. The next question comes from the line of Jainam Jain from ICICI Securities. Please go ahead.
Jainam Jain
Thank you for the opportunity. So my first question is what are the major education challenges are we facing and how are we dealing with that?
K. P. Mahadeva Swamy
Major challenges is basically arranging fund in redevelopment projects and of course getting statutory in redevelopment projects. So these two are addressing because earlier in Namrapalli the arranging the fund was the major challenge. So we sold the inventory through channel partner to overcome this challenge. What we did this time we called bulk sale. So bulk sale the builder has purchased the inventory and they are paying. So that we addressed similarly in 17 period the transplantation was a big challenge. Now we got the clearance Also some encroachment was there. So so that enforcement through code we have settled from 300 family.
We have shifted from here to in the other areas we have given the compensation to them. So these are all the challenges we have faced and we overcome by using our strategy.
Jainam Jain
Okay, so we are guided for 20,000 crores of water inflow in this FY26 and in K1 we were able to drag only 2000cr of project. Are we seeing any delay project awarding?
K. P. Mahadeva Swamy
Pardon me, are you are we are.
Jainam Jain
We seeing any delay in project awarding?
K. P. Mahadeva Swamy
No, no we have to wait Last year in the MBC we awarded more than 18,000 20,000 crore so currently our running budget is more than 32,000 crores so that’s why we are going to execute easily 14,000 crores they targeting for.
Jainam Jain
This year okay sir there is no. Okay so my next question is out of 1.2 trillion of order book what percentage ex executable in FY26 and F27.
K. P. Mahadeva Swamy
Standalone 32,000 crores is there
Jainam Jain
sir my. Last question is do we have any slow moving order or slow moving projection order book?
K. P. Mahadeva Swamy
Yeah, we are. We are in discussion with going on with NCD and various state governments at any moment we are expecting with the various redevelopment projects
Jainam Jain
okay sir that answers. My question thank you so much Nonetheless.
operator
Thank you before we take the next question we would like to remind participants to press Star and one to ask a question the next question is from the line of Tanmay Pabrani from Nuama.
Tanmay Phabrani
Please go ahead Sorry sir, I got disconnected Just wanted to see a secret update on the super tech and returning. Projects.
K. P. Mahadeva Swamy
Regarding Gitani project so we the appointment of consultant is in process and during this year flag end of this year next year we are going to start this project regarding super tech the matter is with the Supreme Court as soon as it is finalized by Supreme Court then we can take up these projects we have already appointed our consultant so we waiting the decision from Supreme. Court.
Tanmay Phabrani
Hopefully you get that sir and.
K. P. Mahadeva Swamy
All the members used to their demanding even Prime Minister Honorable Prime Minister and Chief justice of India to give people to MBG that is a good point.
Tanmay Phabrani
Yes, absolutely sir Just want the last update on the cash in our books. As of now.
Unidentified Speaker
Cash in hand in our book is as of 30th June 2025 is 4:30pM 460.
Tanmay Phabrani
Yeah all right. That is it from my side sir thank you and all the best.
operator
Thank you A reminder to the participants you may press Star and one to ask a question the next question is from the line of Pankaj Kumar from Kotak. Securities Please go ahead
Pankaj Kumar
yeah, thanks for taking my question sir question but it’s to the PMC segment We have seen a little flattish kind of growth though we are targeting the full year of around 15% crore on console basis and so can you help us with the execution? What what impacted. First quarter?
K. P. Mahadeva Swamy
You might have seen other pHs also in Northeast actually this time northeast region and even Uttarakhand due to heavy rain we could not do execution work in that part and our Maldives work is going to complete. So therein we got some less revenue from Maldives. Anyhow ambassador already started and 70 pair or so the clearance part is over. We have awarded the contract. But permission and drawings and all that also. Now work. Now work is started in the current quarter. And next quarter onwards you going to. Definitely increase increase
Pankaj Kumar
answer on the standalone basis. Earlier you indicated we are expecting 11,000 crore. So that’s the right number.
K. P. Mahadeva Swamy
Yes.
Pankaj Kumar
And sir on the 7 GPRA project what value of the contracts yet to be awarded and what we are planning to do in the coming year. Sorry coming quarters.
K. P. Mahadeva Swamy
4000 crore work has to be awarded. Two tenders are in a preparation. We’re going to call by this month end only. And two more tenders by this quadrant. Hopefully this quadrant. So 4,004 workers ready to call off tender.
Pankaj Kumar
And sir on in terms of total tenders that we are targeting to about roughly 15,000 crore on conservative basis ready. That’s our control number. So what is the number on the standard.
K. P. Mahadeva Swamy
Standalone? Around 12,000 to 30,000 we can say.
Pankaj Kumar
And how this number will look like for next year on both console and standard.
K. P. Mahadeva Swamy
Minimum 20022.5000 because we are expecting JNK due to change in government the approval is got delayed now by everything is on F track. Immediately we going to get the order from. I will going to award this Goa government the competent has already prepared the DPR So we’re going to call the tender from Goa. So we are arranging fund wherein we need ste money. Actually basically market is getting delayed due to sanction of seed money. So today we have a meeting with Mahatrit. The MD will be reaching here going to talk with other financial institutions Once the money is arranged.
Definitely that is 25,000 order. So we’re going to award that also.
Pankaj Kumar
And so my last question is on the margin. So in this quarter we have seen despite little lower execution the PMC margin was higher. So any one off in that.
K. P. Mahadeva Swamy
So amali and the PNC margin we are getting 8% plus some marketing percentage. Also we are getting in these two projects we are getting 1% on sale components where we are getting good profit margin. That’s why we’re getting good market.
Pankaj Kumar
Okay. Okay sir. Thank you. Thanks. All the best.
K. P. Mahadeva Swamy
Thank you. Thank you.
operator
Thank you Ladies and gentlemen. This was the last question. I now hand the conference over to the management for the closing comments. Thank you. And over to you sir.
K. P. Mahadeva Swamy
Just to update you that redevelopment project from state government and few CPS negotiations and discussions are at an advanced stage. We are pleased to report that our self evaluation for MO financial year 2425, in line with BPA guidelines, indicates a strong likelihood of achieving an excellent rating consistent with our performance in the year 2023 24. Some of the project mentioned in my opening remarks may be large scale, but their exact value are still adjusting as we are currently in the process of finalizing the detailed project reports. A huge thanks to all of you valued investors for your consistent support to mvp.
We appreciate your trust and confidence in us. Once again, thank you to everyone.
operator
Thank you on behalf of ICICI securities. We conclude this conference. For any further query or information, please reach out to Mr. Balkiran Singla, Investor Relations, NBCC. Thank you for joining us and you may now disconnect your lines.