AI-generated · cited to primary sources · not investment advice
NBCC (534309) Nov 2025 Filing Analysis
Does management do what it says?
The company secured ₹18,780 crore in new business for the full year FY26. Given that H1 performance is typically lower, and Q4 alone contributed ₹5,186 crore, the H2 target was comfortably met. (1 exceeded across 1 tracked commitment)
“Minimum 10,000 crores. It will be 20,000 to 30,000 crores but minimum 10,000 crores we're going to get.”
Management reiterated the full-year revenue guidance of INR 14,000 to 15,000 crores, noting that H2 (specifically Q4) traditionally contributes the highest revenue. (1 in progress, 1 missed, 1 met across 3 tracked commitments)
“And will complete the Aadarsh Awas Yojana project by June, 2026. That is the only one project left with us.”
NBCC reported a consolidated total income of ₹13,195.88 crore for FY 2025-26, falling short of the ₹14,000 crore target. (1 missed across 1 tracked commitment)
“See we are a Govt. Company/CPSE and we are bound by a target set by the administrative Ministry so every year, we should give a minimum growth of 20%.”
See the full cited Management analysis of NBCC
What could break the thesis?
Execution risk on stalled projects is easing. NBCC has completed 23 out of 24 Amrapali Phase 1 projects (30,000 units). However, Supertech remains stalled pending a Supreme Court hearing on Dec 8. (1 easing)
“For the Amrapali Project Phase 1, NBCC has completed almost 23 projects out of 24 projects and completed 30,000 units.”
See the full cited Risk analysis of NBCC
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