NBCC has Rs 1.26181 lakh crore order book, Rs 33,102 crore running

As of September 30, 2026, NBCC reported a Rs 1.26181 lakh crore consolidated order book, but Rs 33,102 crore was classified as running projects. The running-project pool was 26.23% of the reported order book, separating secured work from the portion that NBCC specifically identified as being under execution.

What does NBCC’s consolidated order book include?

NBCC’s consolidated order book was Rs 1.26181 lakh crore as of September 30, 2026, with all disclosed project values excluding Goods and Services Tax (GST). NBCC represented Rs 1.12181 lakh crore of that total, while the entities labelled HSCC, HSCL and NSL accounted for Rs 6,684 crore, Rs 6,979 crore and Rs 333 crore, respectively.

NBCC accounted for 88.91% of the displayed consolidated order book of Rs 1.26181 lakh crore, based on the September 30 figures. The three other named entities together represented Rs 13,996 crore, or 11.09%, which means the reported backlog was concentrated in the NBCC-labelled business.

The four entity-level order-book figures total Rs 1.26177 lakh crore, Rs 4 crore below the displayed consolidated total of Rs 1.26181 lakh crore. NBCC does not explain this difference in the presentation. The same page states that the disclosed order-book and running-project values exclude GST.

How much of NBCC’s order book was in running projects?

NBCC reported Rs 33,102 crore of consolidated running projects at September 30, 2026, equal to 26.23% of its Rs 1.26181 lakh crore consolidated order book. The difference between those two disclosed figures was Rs 93,079 crore, or 73.77% of the order book, outside the running-project category.

NBCC’s own running projects were Rs 27,345 crore, compared with its Rs 1.12181 lakh crore order book. This equates to 24.38% of NBCC’s own reported backlog. HSCC had Rs 2,089 crore of running projects, HSCL had Rs 2,444 crore and NSL had Rs 224 crore.

The presentation identifies the Rs 33,102 crore amount as “Running Projects” but does not define the status of the remaining Rs 93,079 crore of consolidated order book. It does not state whether that balance was awaiting design, approvals, contractor selection, mobilisation, procurement or another project stage as of September 30, 2026.

The running-project classification is therefore narrower than the Rs 1.26181 lakh crore headline order book. An order book records business that NBCC reports as secured, while the separate Rs 33,102 crore line identifies the subset labelled as running. The presentation does not provide project-wise revenue schedules or completion dates for either category.

How does the running-project pool compare with NBCC’s revenue?

NBCC’s Rs 33,102 crore consolidated running-project value was 5.85 times its Rs 5,655.30 crore consolidated revenue from operations in HY1 FY27. This is a comparison of disclosed values, not a revenue forecast, because NBCC does not provide billing milestones, completion schedules or revenue-recognition assumptions for the running projects.

Consolidated revenue from operations increased 6.57% from Rs 5,306.42 crore in HY1 FY26 to Rs 5,655.30 crore in HY1 FY27. Consolidated profit after tax rose 26.10% to Rs 367.86 crore from Rs 291.72 crore, while earnings before interest, tax, depreciation and amortisation rose 75.93% to Rs 380.10 crore from Rs 216.05 crore.

NBCC reported a consolidated earnings before interest, tax, depreciation and amortisation margin of 6.72% in HY1 FY27, compared with 4.07% in HY1 FY26. On a standalone basis, revenue from operations rose 25.54% to Rs 4,712.66 crore, a faster increase than the 6.57% consolidated revenue growth reported for the same six-month comparison.

Standalone profit after tax was Rs 375.89 crore in HY1 FY27, up 31.14% from Rs 286.63 crore in HY1 FY26. This was higher than the Rs 367.86 crore consolidated profit after tax reported for HY1 FY27. The presentation supplies the reported figures but does not explain the difference between standalone and consolidated profitability.

What business did NBCC secure and award in H1 FY 2026-27?

NBCC secured Rs 5,159 crore of consolidated new business and awarded Rs 3,166 crore of works to contractors in H1 FY 2026-27, excluding GST. Works awarded were 61.37% of business secured during the six-month period, leaving a Rs 1,993 crore difference between the two reported measures.

NBCC contributed Rs 4,176 crore, or 80.95%, of consolidated new business secured in H1 FY 2026-27. It also accounted for Rs 2,537 crore, or 80.13%, of the Rs 3,166 crore of consolidated works awarded. HSCC, HSCL and NSL together secured Rs 983 crore of business and awarded Rs 629 crore of works.

During Q2 FY27, NBCC reported total projects secured of Rs 2,965 crore, excluding GST. The largest listed project was Rs 780.38 crore of project management consultancy work for Reserve Bank of India office and residential complexes in Amravati, Andhra Pradesh, followed by Rs 620 crore for 1,008 affordable housing units and associated infrastructure in Seychelles.

NBCC also reported Rs 1,185 crore of works awarded during Q2 FY27. The largest listed work was a Rs 302.75 crore integrated office complex on a design, engineering, procurement and construction basis at a Housing and Urban Development Corporation plot in Noida. The Q2 secured-project total exceeded the Q2 works-awarded total by Rs 1,780 crore.

Conclusion

NBCC’s September 30, 2026 disclosure distinguishes between Rs 1.26181 lakh crore of consolidated order book and Rs 33,102 crore of running projects. The disclosed active execution pool was 26.23% of the headline backlog and was 5.85 times HY1 FY27 consolidated revenue of Rs 5,655.30 crore. The figures show the scale of secured work separately from the value that NBCC categorised as running.

What to watch next is whether NBCC provides more detail on the Rs 93,079 crore of order book not classified as running projects, including its project stages and conversion timetable. Investors can also track whether the Rs 5,159 crore of H1 FY 2026-27 business secured translates into further contractor awards beyond the Rs 3,166 crore reported for the period, and whether NBCC explains the Rs 4 crore gap in the entity-level order-book reconciliation.