NBCC September profit rises 34% as PMC revenue accelerates

NBCC (India) Limited reported consolidated net profit of Rs 209.8473 crore for the quarter ended September 30, 2026, up 34% from Rs 156.6872 crore a year earlier, as project management consultancy revenue rose to Rs 3,295.7465 crore and accounted for most of the Rs 481.8407 crore increase in revenue from operations.

How did NBCC perform in the September 2026 quarter?

NBCC increased consolidated revenue from operations to Rs 3,395.7756 crore in the quarter ended September 30, 2026, from Rs 2,913.9349 crore in the quarter ended September 30, 2025. Profit before tax rose to Rs 282.0314 crore from Rs 204.7522 crore, while total income, including Rs 60.4506 crore of other income, reached Rs 3,456.2262 crore.

Net profit increased by Rs 53.1601 crore year on year to Rs 209.8473 crore after current tax of Rs 63.5255 crore and deferred tax of Rs 8.6735 crore. Quarterly basic and diluted earnings per share, which NBCC said were not annualised, rose to Rs 0.76 from Rs 0.57. Total expenses rose to Rs 3,174.1828 crore from Rs 2,812.5326 crore, led by work and consultancy expenses of Rs 3,027.7466 crore.

What drove NBCC revenue and profit growth?

Project management consultancy, or PMC, drove NBCC's quarterly expansion, with segment revenue increasing to Rs 3,295.7465 crore from Rs 2,835.9385 crore a year earlier. That Rs 459.808 crore gain represented most of the group's Rs 481.8407 crore rise in revenue from operations, while PMC's segment result before interest and tax rose to Rs 270.4208 crore from Rs 158.8383 crore.

PMC also grew sequentially from Rs 2,155.7096 crore of revenue and a Rs 193.7657 crore segment result in the June 2026 quarter. NBCC identifies PMC, real estate, and engineering, procurement and construction, or EPC, as its three operating segments under Indian Accounting Standard 108, which governs operating-segment reporting.

Real-estate revenue rose to Rs 21.7833 crore from Rs 8.3939 crore, and its segment result increased to Rs 16.6301 crore from Rs 4.906 crore. Unallocated revenue increased to Rs 8.7921 crore from Rs 2.2051 crore, but its segment result changed to a Rs 8.0538 crore loss from a Rs 36.7166 crore profit in the prior-year quarter.

Did NBCC's EPC business return to profit?

NBCC's EPC segment returned to a quarterly segment profit before interest and tax of Rs 3.0521 crore in the September 2026 quarter, compared with a Rs 4.1318 crore loss in the June 2026 quarter. The result nevertheless remained below the Rs 4.3033 crore profit reported in the September 2025 quarter, even as quarterly EPC revenue increased to Rs 69.4537 crore from Rs 67.3974 crore.

For the six months ended September 30, 2026, EPC recorded a Rs 1.0797 crore segment loss, compared with a Rs 9.5148 crore profit in the corresponding prior-year period. Half-year revenue declined to Rs 105.3988 crore from Rs 165.7003 crore, contrasting with PMC's Rs 5,451.4561 crore of half-year revenue and Rs 464.1865 crore segment result.

The divergence meant consolidated half-year profit before tax still rose to Rs 494.822 crore from Rs 386.2033 crore. Real estate contributed a Rs 41.9651 crore segment result for the six months, up from Rs 9.2815 crore, while unallocated activities recorded a Rs 10.228 crore loss compared with a Rs 37.8912 crore profit a year earlier.

What do NBCC's half-year cash and balance-sheet figures show?

NBCC reported six-month consolidated net profit of Rs 367.8554 crore, compared with Rs 291.7199 crore in the previous-year period, while revenue from operations increased to Rs 5,655.3043 crore from Rs 5,306.4224 crore. Profit attributable to owners of the parent rose to Rs 361.2382 crore from Rs 285.6461 crore over the same period.

Net cash used in operating activities was Rs 955.2078 crore for the six months ended September 30, 2026, compared with an outflow of Rs 1,097.6269 crore a year earlier. Trade receivables and retention-client balances used Rs 187.4949 crore of cash, trade payables declined by Rs 550.0257 crore, and other current liabilities declined by Rs 566.4784 crore.

Cash and cash equivalents were Rs 2,075.8855 crore at September 30, 2026, down from Rs 3,487.3964 crore at March 31, 2026. Of the closing balance, Rs 1,908.9438 crore was held in separate bank accounts on behalf of ministries and clients; total assets declined to Rs 15,544.353 crore from Rs 16,273.7815 crore, while total equity rose to Rs 3,407.7813 crore from Rs 3,215.4907 crore.

What corporate actions and disclosures should NBCC shareholders note?

NBCC's board declared a second interim dividend of Rs 0.25 per Rs 1 equity share for financial year 2026-27 on November 5, 2026. This followed a first interim dividend of Rs 0.15 per share, declared on August 11, 2026 and paid on September 8, 2026; the Rs 0.46 final dividend for financial year 2025-26 was paid on October 7, 2026.

NBCC has proposed merging wholly owned subsidiary HSCC (India) Limited into NBCC. The Department of Investment and Public Asset Management conveyed its no-objection on July 9, 2026, the board approved the scheme on July 14, 2026, and a joint first-motion application was filed on July 17, 2026. The filing says the scheme remains subject to competent-authority sanction and applicable government, statutory and regulatory approvals.

The statutory auditors issued an unmodified conclusion on the consolidated results, while drawing attention to governance non-compliance during the quarter and half year ended September 30, 2026. They said NBCC's board did not have the required number of independent directors, including an independent woman director, and that the audit committee and nomination and remuneration committee composition did not meet stated requirements.

Conclusion

NBCC's September-quarter increase in consolidated profit was principally supported by PMC, which added Rs 459.808 crore of revenue year on year and reported a Rs 270.4208 crore segment result. Real estate also improved, while EPC moved back into quarterly profit but remained loss-making for the first six months, showing that the segment recovery was incomplete at September 30, 2026.

Next, NBCC shareholders will watch the approvals process for the proposed HSCC merger and progress on identified real-estate matters. NBCC has sought a further four-year construction extension for its Naya Raipur land beyond the extension running to June 26, 2027, while the Kochi housing project remains dependent on environmental clearance and other statutory approvals.