NBCC (India) Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
NBCC · price
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NBCC reported standalone revenue from operations of Rs. 9,755.31 Cr for FY2025-26, up ~11.7% from Rs. 8,730.56 Cr in FY2024-25. Net profit surged 47.7% to Rs. 703.29 Cr from Rs. 476.11 Cr. Statutory auditors issued an unmodified (clean) opinion. Key audit emphasis items include: (1) Land disputes at Naya Raipur (Rs. 20.99 Cr book value) and Faridabad (Rs. 131.78 Cr, pending environmental clearance); (2) NBCC Green View, Gurugram project with cumulative provisions/write-offs of Rs. 468.82 Cr due to structural cracks and NCDRC-ordered refunds; (3) Kochi project write-down of Rs. 8,015.53 Lakh reversed in the current year following a Supreme Court review order reversing its earlier ruling; (4) DVAT demand of Rs. 404.80 Cr set aside by tribunal and remanded for recalculation. Q4 revenue stood at Rs. 3,913.75 Cr. Operating cash flow turned negative at Rs. -250.94 Cr (vs +Rs. 1,048.64 Cr in prior year), driven by large increases in trade receivables and inventory build-up. Board recommended a final dividend of Rs. 0.46 per share (vs Rs. 0.14 prior year). DIPAM has given no-objection for merger of subsidiary HSCC (India) Limited into NBCC.
Strong profit growth of 47.7% YoY with 3x dividend increase signals management confidence; however, negative operating cash flow despite higher profitability is a red flag, indicating working capital stress. Multiple legal disputes and contingent liabilities (especially Gurugram Rs. 468 Cr+ and DVAT Rs. 404 Cr) keep risk elevated. Clean audit opinion provides comfort on financial statement accuracy.