NBCC has reinforced its position in redevelopment and project management consulting (PMC) projects, with an expanding portfolio of self-sustainable redevelopment initiatives across regions such as Maharashtra, Nagpur, Jammu and Kashmir, and Delhi. Recent funding approvals, loan sanctions, and regulatory clearances for key projects including MAHAPREIT, Nagpur redevelopment, and Supertech have enhanced execution visibility. Additionally, major redevelopment clusters are advancing into the tendering and contractor award stages.
In its fourth quarter of FY26, NBCC reported steady performance with consolidated revenues of ₹4,560 crore. Growth in the PMC sector was tempered by a weaker performance in real estate and engineering, procurement, and construction (EPC) activities. The management has projected a consolidated revenue target of approximately ₹18,000 crore and a profit after tax (PAT) of around ₹1,100 crore for FY27.
The company boasts a robust order book valued at ₹1.3 lakh crore, positioning itself for sustained enhancements in execution, revenue growth, and order-book monetization from FY27 to FY29.
While the management maintains a positive outlook, conservative revenue and earnings compound annual growth rates (CAGR) of 16% and 19% respectively for FY26-29 have been factored in, considering potential delays in project approvals. Consequently, earnings estimates have been revised downward by 14% for FY27E and by 12% for FY28E, reflecting a slower-than-anticipated ramp-up in redevelopment projects. The firm reiterates a “Buy” rating with a sum-of-the-parts target price of ₹165, based on a 40x FY28E P/E ratio for the PMC business and net asset value for its land bank.
Published on June 3, 2026.
