NBCC (India) Ltd., the state-owned construction and real estate major, posted a strong set of numbers for Q1 FY26, with robust growth in both revenue and profit. The company continues to benefit from its government-backed order book and steady execution pace, reinforcing its position as a key player in India’s infrastructure and redevelopment sector.
1. Consolidated Financial Performance
For Q1 FY26, NBCC India reported consolidated revenue from operations of ₹2,391.19 crore, an 11.61% YoY increase over the ₹2,142.53 crore posted in Q1 FY25.
Profit After Tax (PAT) rose to ₹132.13 crore, up 26.29% YoY from ₹104.62 crore, driven by higher execution in large-scale redevelopment projects and improved operational efficiency.
Consolidated Financial Summary (₹ in crores):
| Particulars | Q1 FY26 | Q1 FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 2,391.19 | 2,142.53 | +11.61% |
| Profit Before Tax (PBT) | 184.46 | 145.32 | +26.94% |
| Profit After Tax (PAT) | 132.13 | 104.62 | +26.29% |
2. Standalone Performance
On a standalone basis, revenue stood at ₹1,655.47 crore in Q1 FY26 compared to ₹1,627.34 crore in Q1 FY25, reflecting a modest 1.73% increase.
Standalone PAT grew more sharply at 31.68%, from ₹86.63 crore to ₹114.08 crore, aided by better margins in core business segments.
Standalone Financial Summary (₹ in crores):
| Particulars | Q1 FY26 | Q1 FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 1,655.47 | 1,627.34 | +1.73% |
| Profit Before Tax (PBT) | 155.25 | 116.81 | +32.91% |
| Profit After Tax (PAT) | 114.08 | 86.63 | +31.68% |
3. Q1 FY26 Highlights
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Redevelopment Projects: Execution of key government building redevelopment projects remained a major revenue driver.
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Project Pipeline: Strong order book from ministries and public sector clients ensures steady future revenue.
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Operational Efficiency: Higher profitability driven by better cost management and improved project turnaround.
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Urban Infrastructure Growth: Growing role in Smart City projects, metro station development, and public housing.
4. Share Price Performance
On 8th August 2025, NBCC India’s stock opened at ₹109.27 and is currently trading at ₹107.26 per share, showing mild intraday weakness despite strong results.
Long-Term Performance Snapshot:
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1-Year Returns: -4.81%
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5-Year Returns: +592.26%
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All-Time Returns: +2,441.47%
5. Key Growth Drivers
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Government Redevelopment Focus: NBCC is the nodal agency for multiple government property redevelopment projects, ensuring long-term business visibility.
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Order Book Strength: Large pipeline in housing, commercial complexes, and infrastructure upgrades.
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Urban Development Push: Participation in metro rail, smart city, and public infrastructure initiatives.
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Execution Expertise: Proven track record in timely delivery of complex projects.
6. Industry Outlook
The Indian construction sector is seeing a revival driven by:
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Government infrastructure push under schemes like PM Awas Yojana, Smart Cities Mission, and urban redevelopment initiatives.
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Public-Private Partnerships (PPP) creating new opportunities in transportation, housing, and urban facilities.
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Rising redevelopment demand for old government housing and commercial buildings in major cities.
NBCC, with its government backing, is in a strategic position to capitalise on these opportunities, especially with the increasing focus on sustainable and green building technologies.
7. Technical View
The stock has seen a mild pullback over the past year despite strong fundamentals.
Key Levels:
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Support: ₹104 – ₹102
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Resistance: ₹112 – ₹115
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Trend: Sideways in the short term; bullish in the medium term if it sustains above ₹115.
8. Risks to Watch
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Execution Delays: Delays in government clearances can affect project timelines.
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Margin Pressure: Rising raw material and labour costs could impact profitability.
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Dependency on Government Orders: Heavy reliance on public sector projects means exposure to policy changes.
9. Conclusion
NBCC India’s Q1 FY26 performance demonstrates strong growth momentum, with revenue up 11.61% and PAT up 26.29% YoY. The company’s strategic positioning as a government-backed project executor, combined with its strong order book, provides clear revenue visibility.
While the stock has underperformed in the last year, its long-term performance history and project execution capabilities make it an attractive option for investors seeking exposure to India’s infrastructure growth story.
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