NBCC Q2 FY27 Results (NSE: NBCC)
Signal: Growth reaccelerated
The read
The quarter marks a PMC-led growth reacceleration: standalone revenue rose 37.8% YoY to ₹2,88,962.39 lakh and PAT rose 100.1% to ₹22,523.85 lakh, but operating profit grew only 38.1% and margin expanded just 10bps to 10.2%, so the key test is whether PMC momentum can persist without renewed cost pressure.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,889.62 Cr | +37.8% | +58.5% |
| EBIT | ₹291.8 Cr | +38.1% | |
| Net profit | ₹225.24 Cr | +100.1% | |
| EPS | ₹0.83 | +97.6% | |
| EBIT margin | 10.2% |
P&L walk
Revenue grew 37.8% YoY to ₹2,88,962.39 lakh, led by PMC, while operating profit rose 38.1% to ₹29,179.77 lakh; PAT growth of 100.1% was helped by the operating increase and lower effective tax burden, with no exceptional item in the quarter.
Segments
PMC was the clear driver, with revenue up 39.2% YoY to ₹2,85,190.19 lakh and segment result up 95.5% to ₹25,283.32 lakh; EPC revenue fell 80.6% to ₹748.56 lakh but remained profitable at ₹176.39 lakh.
Key positives
- PMC revenue increased 39.2% YoY to ₹2,85,190.19 lakh and PMC segment result rose 95.5% to ₹25,283.32 lakh, making it the main consolidated operating engine.
- Revenue growth of 37.8% exceeded work and consultancy expense growth of 34.8%, while employee costs rose only 6.5% YoY.
- PAT rose 100.1% to ₹22,523.85 lakh and basic EPS rose 97.6% to ₹0.83, broadly tracking the profit increase.
- Real Estate revenue grew 159.5% YoY to ₹2,178.47 lakh and segment result rose to ₹1,671.98 lakh from ₹541.37 lakh.
Key concerns
- EPC remains sharply weaker, with revenue down 80.6% YoY to ₹748.56 lakh and H1 EPC revenue down 89.6% to ₹1,144.75 lakh.
- Operating margin expanded only 10bps YoY to 10.2% despite 37.8% revenue growth, as work and consultancy expenses remained ₹2,57,836.94 lakh.
- Kochi real-estate inventory of ₹8,700.91 lakh remains unsold pending Environmental Clearance and other statutory approvals.
Research and educational content only. Not investment advice.