NBCC (INDIA) LIMITED

Acts primarily as a Project Management Consultancy (PMC), managing construction projects on behalf of government clients on a deposit-work basis rather than executing them with its own crews. PMC accounted for 96.3% of FY26 segment revenue at ₹9,392.89 crore, with EBIT of ₹673.68 crore. The EPC segment — where it actually builds — contributed just 2.4% of segment revenue at ₹233.85 crore, and the Real Estate segment contributed 1.0% at ₹100.10 crore but generated ₹106.94 crore of EBIT, making it disproportionately profitable. The consolidated order book stood at ₹1,27,000 crore (standalone ₹1,12,000 crore) at the Q3 FY26 mark, of which about ₹50,000 crore of projects (J&K, MAHAPREIT, Supertech) were yet to start execution. The dominant pipeline is government asset redevelopment: the 7 GPRA Delhi colonies (Sarojini Nagar at ₹4,600 cr, Netaji Nagar at ₹2,500 cr), the Amrapali stuck housing projects, a Supreme Court-mandated takeover of Supertech's ~50,000 units (receivable ~₹16,000 cr, construction cost ~₹9,500 cr), and a freshly-settled 21.23-acre South Delhi plot at Ghitorni with ₹8,500 cr of revenue potential. Real estate income comes largely from selling commercial built-up area — for instance, an e-auction of ~7.08 lakh sq ft at Sarojini Nagar's Bharat Business Park for ~₹2,857 cr earns NBCC a 1% marketing fee. Cost structure is dominated by other operating expenses at 90.4% of revenue, with employee cost at 2.9% and depreciation at 0.1%, reflecting the asset-light consultancy model. The subsidiary HSCC (healthcare infrastructure PMC, FY26 turnover ~₹1,850 cr) is being merged into the parent with appointed date April 1, 2026, and another subsidiary HSCL continues to bag state-level PMC orders in Odisha and elsewhere. International work is nascent — a USD 75 million, 1,008-unit Seychelles housing project signed in July 2026 and a Dubai launch in March.