NBCC Q1 FY27 Earnings Call — Analysis (NSE: NBCC)

NBCC reported a sharp margin-led Q1 FY27 with standalone EBITDA up 62% YoY to ₹160 Cr at an 8.77% margin and reaffirmed FY27 consolidated revenue of ₹16,000–17,000 Cr, while outlining ₹50,000–60,000 Cr of expected order inflow.

· Analysis by Alpha Inflection

Result quality: strong — Margin expansion. Management sentiment: neutral.

The take

NBCC reported a sharp margin-led Q1 FY27 with standalone EBITDA up 62% YoY to ₹160 Cr at an 8.77% margin and reaffirmed FY27 consolidated revenue of ₹16,000–17,000 Cr, while outlining ₹50,000–60,000 Cr of expected order inflow.

Results

Standalone revenue from operations ₹1,823 Cr (+10% YoY), standalone EBITDA ₹160 Cr (+62% YoY; 8.77% margin), standalone PAT ₹151 Cr (+32% YoY); consolidated revenue ₹2,260 Cr; standalone order book ₹1,12,000 Cr; consolidated order book ₹1,27,000 Cr.

Guidance

Management reaffirmed FY27 consolidated revenue of ₹16,000–17,000 Cr and guided FY28 revenue of ~₹21,000 Cr, FY29 revenue of ₹24,000–25,000 Cr, and FY27 consolidated PAT of ₹1,100–1,200 Cr.

Key themes

Large redevelopment order pipeline and margin expansion

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