Nbcc wins ₹144.98 crore orders from NEEPCO, SAIL, DVC, and ED
- Nbcc wins ₹144.98 crore orders from NEEPCO, SAIL, ED, and DVC
- Projects include PMC services, township repairs, and construction
- Adds to growing backlog from PSU and government entities
- Order value is exclusive of taxes
*this image is generated using AI for illustrative purposes only.
Nbcc has won new orders worth ₹144.98 crore from multiple domestic entities. The awarding bodies include North Eastern Electric Power Corporation Limited (NEEPCO), Steel Authority of India Ltd. Bokaro Steel Plant, Enforcement Directorate Bhubaneshwar Zonal Office, and Damodar Valley Corporation (DVC). The company disclosed these wins to the exchanges on 29 April 2025.
The scope of work is diverse. It includes PMC services for a township project development for NEEPCO at Shillong, Meghalaya. At Bokaro Steel Plant, the company will undertake comprehensive upgradation, repair, and maintenance of 500 residential quarters, along with external repair and painting of 654 building blocks in BSL Township. Additionally, Nbcc will construct two sheds with EOT crane facilities at Bokaro Steel Plant.
Other components include interior renovation and furnishing works at the Enforcement Directorate Bhubaneshwar Zonal Office and construction of an Officer's Dormitory Building at Mayabazar, DTPS, Durgapur for DVC. This addition expands the company's order book from various public sector undertakings and government agencies.
Order in Financial Context
The ₹144.98 crore order contributes to the company's total disclosed order book. The backlog provides coverage against average quarterly revenue, supporting future revenue visibility. The order value is exclusive of taxes.
Company Order Track Record
Order inflow has been active across multiple entity types over the past three quarters, spanning central government bodies, public sector undertakings, state governments, and property sale transactions.
| Quarter | Total Order Inflow (₹ Cr) | Key Awarding Entities |
|---|---|---|
| Q2FY27 (Jul-Sep 2026) | 3,418.80 (11 orders) | District Mineral Foundation, Keonjhar; Kendriya Vidyalaya Sangathan, Indo-Tibetan Border Police (ITBP), National Aluminium Company Ltd. (NALCO), Indian Drugs and Pharmaceuticals Limited (IDPL), Archaeological Survey of India, Power Finance Corporation Limited, National Horticulture Board, Navodaya Vidyalaya Samiti, Rajasthan Council of School Education, Reserve Bank of India |
| Q1FY27 (Apr-Jun 2026) | 4,196.59 (15 orders) | Canara Bank, Resident commissioner Andhra Pradesh Bhavan, F&ARD Department Odisha, Bhubaneshwar, Central Bank of India, Central Bank of India; Resident Commissioner, Govt. of Andhra Pradesh, Chennai Port Authority, Power grid Corporation of India Limited, Indian Overseas Bank, Ministry of Health & Family Welfare, Navodaya Vidyalaya Samiti, Indian Bank, Odisha School Education Programme Authority, Bhubaneshwar, Odisha, Odisha School Education Programme Authority, Bhubaneswar, Odisha, Power Finance Corporation Limited, Sports and Youth Services Dept., Govt. of Odisha |
| Q4FY26 (Jan-Mar 2026) | 75.00 (1 order) | Govt. of Republic of Seychelles |
Recent Order Detail
| Date | Value (₹ Cr) | Classification | Awarding Entity / Description |
|---|---|---|---|
| 29 Apr 2025 | 144.98 | Large | Multiple entities: NEEPCO, SAIL Bokaro, ED Bhubaneshwar, DVC: PMC services, township repairs, shed construction, renovation, and dormitory building |
| 27 Aug 2026 | 134.27 | Large | Kendriya Vidyalaya Sangathan, Directorate of Teacher Education and SCERT: Odisha, Bhubaneshwar, Canara Bank: Construction of KV Campus, DIET Centre, and Bank Building |
| 25 Aug 2026 | 121.74 | Large | Rajasthan Council of School Education: Construction of 170 new school buildings under PAB 2025-26 |
| 25 Aug 2026 | 416.53 | Large | Sale of 111 residential units at Aspire Silicon City (Tower No.6), Noida, UP via e-auction; marketing fee 1% |
| 13 Aug 2026 | 234.78 | Large | Indo-Tibetan Border Police (ITBP): PMC for construction/re-development of various infrastructures at 28 BOPs at UT of Ladakh |
| 08 Aug 2026 | 1,236.00 | Mega | Sale of commercial built-up space of approx. 2.34 lac sq. ft at Bharat Business Park, Sarojini Nagar, New Delhi via e-auction; marketing fee 1% |
| 05 Aug 2026 | 780.38 | Major | Reserve Bank of India: PMC for Office Complex and Residential Complex at Amaravati, Andhra Pradesh |
| 25 Jul 2026 | 20.42 | Significant | National Horticulture Board: Construction of Clean Plant Centre Laboratory and Office Building at ICAR-CITH, Srinagar |
| 14 Jul 2026 | 430.69 | Large | Rajasthan Council of School Education: Construction of 2256 Science Laboratories in 922 Government Schools of Rajasthan |
| 17 Jul 2026 | 85.64 | Significant | National Aluminium Company Ltd. (NALCO), Indian Drugs and Pharmaceuticals Limited (IDPL), Archaeological Survey of India, Power Finance Corporation Limited: Multiple works |
| 10 Jul 2026 | 158.95 | Large | District Mineral Foundation, Keonjhar; Kendriya Vidyalaya Sangathan: Education complex and KV campus works in Odisha |
| 03 Jul 2026 | 132.28 | Large | Navodaya Vidyalaya Samiti: Permanent campuses in Assam and Sports Hostel in Sambalpur |
| 16 Jun 2026 | 2,857.00 | Mega | Sale of commercial built-up space of approx. 7.08 lac sq. ft at Bharat Business Park, Sarojini Nagar, New Delhi via e-auction; marketing fee 1% |
Execution and Revenue Quality
Nbcc's consolidated revenue has shown sequential movement across recent quarters. Operating profit margins (OPM) have expanded from 3.76% in Q3FY26 to 6.30% in Q4FY26, with Q1FY27 recording an OPM of 6.86%.
| Quarter | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM (%) |
|---|---|---|---|
| Q1FY27 | 2,320.90 | 158.00 | 6.86% |
| Q4FY26 | 4,618.70 | 253.50 | 6.30% |
| Q3FY26 | 3,174.80 | 197.20 | 3.76% |
Revenue Growth: Order Wins Translating to Revenue
Nbcc's annual consolidated revenue grew from ₹12273.00 crore in FY25 to ₹13195.90 crore in FY26, representing a YoY growth of +7.5%. Net profit grew +33.2% over the same period, from ₹557.40 crore to ₹742.40 crore.
Working Capital and Execution Capacity
The balance sheet shows a current ratio of 1.18x. Total Liabilities/Equity stands at 4.06x, reflecting elevated liabilities including trade payables and other non-debt obligations. Operating cashflow was ₹439.50 crore in FY26. The company reported zero net interest expense in the trailing 12-month period.
What to Watch
- Execution rate: Monitor whether the quarterly revenue run-rate accelerates to match the growing backlog, particularly given the tight liquidity position.
- OPM trajectory: Watch if the higher OPM seen in Q4FY26 (6.30%) and Q1FY27 (6.86%) is sustainable across new orders, or if it normalizes toward historical averages.
- Client and transaction mix: Nbcc has received orders from central government bodies, state governments, public sector undertakings, and property sale transactions; monitor the mix and payment cycles across these entity types.
- Working capital cycle: With a current ratio of 1.18x, monitor receivable days and payables management to ensure the company can fund ongoing projects.
Key Observations
- Backlog signal: Book-to-bill of 2.34x based on the last three fiscal quarters of disclosed orders against average quarterly revenue of ₹3282.93 crore.
- Leverage flag: Total Liabilities/Equity of 4.06x; balance sheet carries elevated liabilities, and ability to fund working capital for the existing backlog should be monitored.
- Valuation check (as of 27 Aug 2026): P/E of 31.5x against ROCE of 29.73% as reported for FY26.
Historical Stock Returns for NBCC
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.27% | +0.66% | -5.17% | -5.64% | -24.00% | 0.0% |
Given Nbcc's high leverage ratio of 4.06x and tight current ratio of 1.18x, how will the company finance the working capital requirements for the new ₹144.98 crore orders without increasing debt?
Can the recent operating profit margin expansion to 6.86% in Q1FY27 be sustained across the diverse mix of PMC services, township repairs, and construction projects included in this new order book?
How does the payment cycle reliability of the specific awarding entities (NEEPCO, SAIL, ED, DVC) compare to historical averages, and what impact might delayed payments have on cash flow?
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