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NBCC Q2 FY27 results: net profit up 33.9% to ₹209.85 crore, revenue up 16.7%
NBCC (India) Limited reported consolidated Q2 FY27 revenue of ₹3,396 crore, up 16.7% from Q2 FY26, while EBITDA rose 123.6% to ₹225.17 crore and net profit increased 33.9% to ₹209.85 crore. EBITDA margin improved to 6.6% from 3.5%, although it was 0.3 percentage points lower than Q1 FY27.
Key points
- Consolidated revenue was ₹3,396 crore in Q2 FY27, up 16.7% from ₹2,910 crore in Q2 FY26 and 50.3% from ₹2,260 crore in Q1 FY27.
- EBITDA was ₹225.17 crore, up 123.6% year on year, while EBITDA margin improved by 3.1 percentage points to 6.6%.
- Net profit was ₹209.85 crore and basic EPS was ₹0.76, compared with ₹156.69 crore and ₹0.57 in Q2 FY26.
- H1 FY27 revenue was ₹5,655.3 crore, up 6.7%, while profit after tax was ₹367.86 crore, up 26.1%.
- The board approved consolidated and standalone results and declared a second interim dividend of Rs. 0.25 per paid-up equity share.
How did NBCC perform in Q2 FY27?
NBCC reported consolidated revenue of ₹3,396 crore for Q2 FY27, up 16.7% from ₹2,910 crore in Q2 FY26 and 50.3% from ₹2,260 crore in Q1 FY27. EBITDA was ₹225.17 crore, compared with ₹100.72 crore a year earlier and ₹154.92 crore in the previous quarter. EBITDA margin was 6.6%, up 3.1 percentage points year on year but down 0.3 percentage points sequentially.
Profit before tax increased to ₹282.04 crore from ₹204.62 crore in Q2 FY26 and ₹212.76 crore in Q1 FY27. Tax was ₹72.18 crore, leaving a net profit of ₹209.85 crore and profit attributable to owners of ₹206.41 crore. Basic EPS was ₹0.76, compared with ₹0.57 in both comparison periods. On a standalone basis, revenue was ₹2,889.62 crore, while profit after tax was ₹225.24 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,396 | 2,260 | 2,910 | +16.7% | +50.3% |
| Other income | 60.45 | 61.37 | 106.96 | −43.5% | −1.5% |
| Total expenses | 3,174 | 2,108 | 2,813 | +12.9% | +50.6% |
| EBITDA | 225.17 | 154.92 | 100.72 | +123.6% | +45.3% |
| EBITDA margin | 6.6% | 6.9% | 3.5% | +3.1 pp | −0.3 pp |
| Profit before tax | 282.04 | 212.76 | 204.62 | +37.8% | +32.6% |
| Tax | 72.18 | 54.78 | 48.06 | +50.2% | +31.8% |
| Net profit | 209.85 | 158.01 | 156.69 | +33.9% | +32.8% |
| EPS (₹) | 0.76 | 0.57 | 0.57 | +33.3% | +33.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in NBCC's costs and profit?
Total expenses rose 12.9% to ₹3,174 crore from ₹2,813 crore in Q2 FY26. Other expenses increased by ₹412.35 crore to ₹3,061 crore, while employee cost was higher by ₹5.24 crore at ₹96.30 crore and depreciation was higher by ₹0.51 crore at ₹3.56 crore. Cost of materials fell by ₹54.93 crore to ₹13.35 crore, and finance costs were ₹0.02 crore.
Other income fell by ₹46.51 crore to ₹60.45 crore from ₹106.96 crore, while tax increased by ₹24.12 crore to ₹72.18 crore. There was no exceptional item. Despite the decline in other income and higher tax, EBITDA increased by ₹124.45 crore and profit before tax rose by ₹77.42 crore from Q2 FY26. The filing did not state a specific reason for the year-on-year movement in other expenses.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 13.35 | 68.28 | −54.93 | −80.4% |
| Employee cost | 96.30 | 91.06 | +5.24 | +5.8% |
| Finance costs | 0.02 | 0.01 | +0.01 | +100.0% |
| Depreciation | 3.56 | 3.05 | +0.51 | +16.7% |
| Other expenses | 3,061 | 2,649 | +412.35 | +15.6% |
| Total expenses | 3,174 | 2,813 | +361.65 | +12.9% |
| Other income | 60.45 | 106.96 | −46.51 | −43.5% |
| Tax | 72.18 | 48.06 | +24.12 | +50.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹5,655.3 crore, up 6.7% from ₹5,301.38 crore in H1 FY26, while total income increased 5.4% to ₹5,777.13 crore from ₹5,482.65 crore. Profit before tax rose 28.2% to ₹494.8 crore from ₹386.07 crore.
Profit after tax increased 26.1% to ₹367.86 crore from ₹291.72 crore, and basic EPS was ₹1.34 compared with ₹1.06. The board also approved the standalone results for the quarter and half-year ended 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,655 | 5,301 | +6.7% |
| Profit before tax | 494.80 | 386.07 | +28.2% |
| Net profit | 367.86 | 291.72 | +26.1% |
| EPS (₹) | 1.34 | 1.06 | +26.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹15,544.35 crore, lower than ₹16,273.78 crore at 31 March 2026. Total equity was ₹3,407.78 crore against ₹3,215.49 crore, while borrowings remained nil. Cash fell to ₹2,075.89 crore from ₹3,487.4 crore, inventories declined to ₹1,175.07 crore from ₹1,194.12 crore, and trade receivables rose to ₹5,211.96 crore from ₹5,091.81 crore.
Trade payables were ₹5,755.44 crore, compared with ₹6,355.23 crore at the previous balance sheet date. In H1 FY27, operating cash flow was an outflow of ₹955.21 crore against an outflow of ₹1,097.63 crore in H1 FY26. Investing cash flow was an outflow of ₹278.39 crore, compared with an inflow of ₹223.82 crore, while financing cash flow was an outflow of ₹177.92 crore against ₹109.95 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 15,544 | 16,274 |
| Total equity | 3,408 | 3,215 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 2,076 | 3,487 |
| Inventories | 1,175 | 1,194 |
| Trade receivables | 5,212 | 5,092 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −955.21 | −1,098 |
| Cash from investing | −278.39 | 223.82 |
| Cash from financing | −177.92 | −109.95 |
| Capital expenditure | 13.79 | 14.68 |
Source: Company's results filing (XBRL).
How has NBCC done over the last 8 quarters?
Revenue reached its highest level in Q4 FY26 at ₹4,642.55 crore and its lowest in Q1 FY27 at ₹2,259.53 crore. It rose to ₹3,395.78 crore in Q2 FY27 from ₹2,910.2 crore in Q2 FY26. EBITDA margin peaked at 6.9% in Q1 FY27 and bottomed at 3.5% in Q2 FY26, before easing to 6.6%.
Net profit increased year on year in each of the last eight quarters. It bottomed at ₹135.03 crore in Q1 FY26 and peaked at ₹253.51 crore in Q4 FY26, before reaching ₹209.85 crore in Q2 FY27. The latest quarter showed higher revenue, profit and margin than Q2 FY26, while margin was slightly below Q1 FY27.
Which businesses drove the quarter?
PMC remained the main reported segment, with revenue of ₹3,295.75 crore, up 16.2% from ₹2,835.94 crore in Q2 FY26. Segment EBIT rose to ₹270.42 crore from ₹158.84 crore, and the reported EBIT margin was 8.2%.
Real Estate reported revenue of ₹21.78 crore, up 367.8% from ₹4.66 crore, and EBIT of ₹16.63 crore, with a 76.3% margin. EPC revenue was ₹69.45 crore, up 3.1% from ₹67.4 crore, while EBIT fell to ₹3.05 crore from ₹4.3 crore; its margin was 4.4%. Unallocated revenue was ₹8.79 crore and EBIT was a loss of ₹8.05 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| PMC | 3,296 | +16.2% | 270.42 | 8.2% |
| Real Estate | 21.78 | +367.8% | 16.63 | 76.3% |
| EPC | 69.45 | +3.1% | 3.05 | 4.4% |
| Unallocated | 8.79 | +298.7% | −8.05 | -91.6% |
Source: Company's results filing (XBRL segment data).
What did the auditors point out?
The independent auditor reported an emphasis of matter in the review of the unaudited results. Nothing came to the auditor’s attention that caused it to believe the statements had not disclosed the information required under Regulation 33 of the Listing Regulations or contained any material misstatement. The review was substantially narrower than an audit, and the auditor did not express an audit opinion.
The consolidated emphasis of matter covered the Naya Raipur group housing plot, whose carrying value in the holding company’s books was Rs. 2,009.37 Lakh as on 30 September 2026. The lease or conveyance deed remains to be executed and construction has not started. The standalone report also drew attention to several land, project and tax matters, including the non-execution of a Faridabad conveyance deed involving Rs. 13,230.54 Lakhs and a DVAT demand of Rs. 40,480.01 Lakh whose contingent liability was not ascertainable.
How did NBCC shares react?
NBCC’s shares were up 2.3% after five minutes, 3.8% after 15 minutes and 3.3% after 30 minutes from the price when the filing appeared. From the previous close of ₹77.74, the stock closed 3.7% higher on the reaction day. The Civil Construction industry median moved 1.2%, so NBCC’s reaction-day move was 2.5 percentage points higher.
Past results-day moves were mixed: NBCC fell 1.4% on 11 August 2026, rose 2.2% on 25 May 2026 and rose 1.9% on 13 February 2026. It fell 3.0% on 13 November 2025, fell 0.4% on 7 August 2025, rose 6.1% on 29 May 2025, rose 0.4% on 11 February 2025 and fell 3.8% on 13 November 2024. Data for the next day and five days after the current filing were not available.
| After the filing | Stock | Civil Construction median |
|---|---|---|
| 5 minutes | +2.3% | |
| 15 minutes | +3.8% | |
| 30 minutes | +3.3% | |
| Reaction day | +3.7% | +1.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 August 2026 | −1.4% |
| 25 May 2026 | +2.2% |
| 13 February 2026 | +1.9% |
| 13 November 2025 | −3.0% |
| 7 August 2025 | −0.4% |
| 29 May 2025 | +6.1% |
| 11 February 2025 | +0.4% |
| 13 November 2024 | −3.8% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Among 31 other Civil Construction companies that had filed for the quarter, the median revenue growth was 8.3%. Eighteen peers grew more slowly than NBCC, while 13 grew faster. Profit increased at 23 of the 31 peers.
| NBCC revenue growth (YoY) | +16.7% |
|---|---|
| Median of 31 other Civil Construction companies | +8.3% |
| Companies with slower revenue growth than NBCC | 18 of 31 |
| Companies with faster revenue growth than NBCC | 13 of 31 |
| Companies whose net profit rose | 23 of 31 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was NBCC's revenue in Q2 FY27?
Revenue from operations was ₹3,396 crore, up 16.7% from ₹2,910 crore in Q2 FY26 (consolidated).
Did NBCC make a profit in Q2 FY27?
Yes. Net profit was ₹209.85 crore, against a net profit of ₹156.69 crore in Q2 FY26.
What was NBCC's EPS in Q2 FY27?
Basic earnings per share were ₹0.76, against ₹0.57 in Q2 FY26.
How did NBCC shares react to the Q2 FY27 results?
On the reaction day the stock moved +3.7% from the previous close; the median Civil Construction stock moved +1.2%.
When did NBCC announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting For The Approval Of Financial Results And Consideration Of Declaration Of Interim Dividend, If Any. (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Dated November 05, 2026- Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half-Yearly Ended September 30, 2026, And Declaration Of Dividend (BSE, 5 November 2026) · PDF
- Announcement under Regulation 30 (LODR)-Dividend Updates (BSE, 5 November 2026) · PDF
- Corporate Action-Board approves Dividend (BSE, 5 November 2026) · PDF
- Outcome Of The Board Meeting Dated November 05, 2026- Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half-Yearly Ended September 30, 2026, And Declaration Of Dividend (BSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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