NCCCL H1 revenue rises 12% year on year as PAT grows 4.1 times

New Consolidated Construction Company Ltd (NCCCL) reported H1 FY27 revenue of Rs 333.3 crore, up 12.3% year on year, while profit after tax rose about 4.1 times to Rs 7.7 crore from Rs 1.9 crore. The construction unit also won more than Rs 1,270 crore of orders during the half year and reported an order book above Rs 2,760 crore.

What did NCCCL report for H1 FY27?

NCCCL reported revenue of Rs 333.3 crore for H1 FY27, a 12.3% year-on-year increase, and earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 34.3 crore, up 30.2%. EBITDA margin was 10.3%, with an expansion of 141 basis points year on year. A basis point is one-hundredth of a percentage point.

Profit after tax (PAT) was Rs 7.7 crore in H1 FY27, compared with Rs 1.9 crore in the prior-year period. The presentation describes this as growth of about 4.1 times. These figures are based on standalone numbers before inter-company adjustments, while NCCCL's standalone revenue for the full FY26 was Rs 665 crore.

EBITDA grew faster than revenue in H1 FY27, while margin rose to 10.3% from the prior-year level implied by the 141-basis-point increase. PAT rose faster still, from Rs 1.9 crore to Rs 7.7 crore, although the presentation does not provide a line-by-line reconciliation of the increase. It also reports release of Rs 24.32 crore of retention money without stating its direct effect on PAT or cash flow.

How has NCCCL changed since Nisus acquired its stake?

NCCCL has operated under Nisus stewardship since Nisus Finance Projects LLP acquired a 54% stake on 21 August 2025. The presentation separately shows a “Year 1” PAT comparison of Rs 3.5 crore before Nisus and Rs 16.4 crore after Nisus, but it does not define the precise periods used for that comparison. Those amounts therefore cannot be directly compared with H1 FY27 PAT of Rs 7.7 crore.

NCCCL appointed a chief executive officer and chief operating officer during H1 FY27 and implemented SAP S/4HANA for real-time project-cost visibility. It also disclosed a building information modelling, or BIM, partnership with Germany-based Nemetschek. The presentation identifies these measures as operational milestones but does not quantify their cost, savings or project-level effect on margins.

The company cited new relationships with Mahindra and Welspun, alongside repeat mandates from Lodha, L&T and Runwal. Its stated operating capabilities include design and build, civil, mechanical, electrical and plumbing (MEP), and turnkey work, including complex civil contracts above 4 million square feet per site. NCCCL also lists a project management office and key result area and key performance indicator governance as part of its operating framework.

What orders support NCCCL's revenue visibility?

NCCCL reported an order book, or work in hand, of more than Rs 2,760 crore at the H1 FY27 reporting point, alongside a near-term pipeline above Rs 1,500 crore. It won more than Rs 1,270 crore of orders in H1 FY27 from clients including Runwal, Lodha, Welspun and Terminus. The presentation does not disclose project-level margins, billing schedules or expected completion dates for this backlog.

New orders since the August 2025 acquisition exceeded Rs 1,600 crore, including Rs 313 crore of first orders under Nisus stewardship in FY26. NCCCL says those post-acquisition wins represent 52% of its order book. This indicates that more than half of the stated backlog was secured after Nisus took control, while the remaining portion reflects orders already in hand or not included in the disclosed post-acquisition tally.

The order disclosures cover residential, industrial and civil work. NCCCL cites Lodha Alibaug Cowtown, a 7.26 lakh-square-foot G+34 residential tower; a Welspun Grade A warehouse at JNPT Navi Mumbai covering 18.15 lakh square feet; and a Lodha Acme Hills turnkey slum rehabilitation authority project spanning 14.81 lakh square feet. It also identifies a Mahindra Bangalore core-and-shell assignment of 17 lakh square feet.

Where are NCCCL's projects concentrated?

NCCCL's ongoing-project work value is concentrated in Maharashtra, which accounts for 70% of the total, followed by Karnataka at 20%, Telangana at 5% and Gujarat at 5%. The company reports an 80-year operating history, more than 300 buildings delivered and more than 250 million square feet of construction completed.

The project list also includes Terminus work in Hyderabad, Telangana. These assignments comprise construction of 84 villas at Mansanpally across 3.06 lakh square feet and a residential tower with four basements and 20 floors across 3.70 lakh square feet. NCCCL lists Runwal Residence in Mumbai as a civil and structural project but does not provide its contract value or built-up area.

Maharashtra's 70% share of ongoing work shows that the current portfolio is more concentrated than the company's stated pan-India delivery record. Karnataka, Telangana and Gujarat together account for the remaining 30%. NCCCL does not disclose how its more than Rs 2,760 crore order book is divided among those states, clients or contract categories.

What are NCCCL's stated next operational plans?

NCCCL's stated Year 2 target is to become IPO-ready through a project management office, governance controls and a talent pipeline linked to the National Institute of Construction Management and Research (NICMAR). The presentation does not state an initial public offering date, valuation, filing plan or the conditions required to meet that target.

NCCCL also formed NCCCL International Construction LLC as part of its UAE expansion. The proposed UAE scope includes refurbishment, design and build, and third-party engineering, procurement and construction (EPC) work, but remains subject to UAE licensing and approvals. Management presents the initiative as a plan rather than a disclosed operating revenue stream or awarded contract.

Conclusion

NCCCL's H1 FY27 results combine 12.3% revenue growth to Rs 333.3 crore with EBITDA growth of 30.2% to Rs 34.3 crore and PAT of Rs 7.7 crore, compared with Rs 1.9 crore a year earlier. Its more than Rs 2,760 crore order book, including over Rs 1,600 crore won since the August 2025 acquisition, positions the construction business as a separately disclosed execution and earnings component within Nisus's platform.

The next items to watch are conversion of the more than Rs 1,500 crore near-term pipeline and existing order book into reported revenue, progress toward the stated Year 2 IPO-readiness target, and developments in the proposed UAE business. NCCCL's UAE plans remain subject to licensing and approvals, while the presentation provides no date for an IPO or UAE revenue contribution.