SYNOPSIS: NBCC’s order book expanded from Rs. 18,181 crore in FY15 to Rs. 1,26,790 crore by December 2025, reflecting strong project wins, milestone growth in FY25, and steady revenue and profit performance led by PMC dominance.
NBCC (India) Limited is a Government of India Navratna Enterprise under the Ministry of Housing and Urban Affairs. It operates into three major segments, namely Project Management Consultancy (PMC), Real Estate and Engineering Procurement & Construction (EMC).
Under the PMC segment, the company undertakes institutional, housing, and industrial projects, including the redevelopment of government colonies and vacant plots, as well as infrastructure works such as roads, hospitals, medical colleges, offices, airports, and bridges, both in India and overseas.
The EPC division focuses on civil and structural works for the power sector, including chimneys and cooling towers. Meanwhile, the Real Estate Development segment encompasses the development of commercial and corporate office buildings, along with townships and residential apartments.
In this article, we will take a closer look at the order book of NBCC, tracing how it has evolved over the past decade, tracking its growth from FY15 to FY25, along with the latest figures for Q2 FY26.
During Tuesday’s trading session, shares of NBCC Limited closed in the red at Rs. 94.94 on BSE, as against its previous closing of Rs. 95.33, with a market cap of Rs. 25,628.4 crores. The stock has delivered positive returns of around 19 percent in one year, but has fallen by over 2 percent in one month.
Order Book Trend
Over the years, NBCC has demonstrated consistent growth in its order book, reflecting strong project wins and a diversified presence across infrastructure segments. In FY15, the company reported an order book of Rs. 18,181.2 crore. Meanwhile, in FY16, the order book surged to Rs. 29,782.8 crore, with new orders of Rs. 17,516.53 crores.
In FY17, NBCC reported an order book of Rs. 65,937.3 crore. The momentum strengthened significantly in FY18, when the order book rose to Rs. 70,000 crore, followed by further expansion to ~Rs. 80,000 crores in FY19.
As of March 31, 2020, the company maintained an order book of Rs. 71,000 crore, which reduced to Rs. 60,000 crore by the end of FY21. The diversified order book decreased to Rs. 46,480 crore during FY22, while in FY23, the cumulative order book reached Rs. 45,275 crore.
FY24 marked a milestone, with an improvement in the order book to Rs. 52,242 crore, while at the standalone level, NBCC secured new orders worth Rs. 18,400 crore. In FY25, NBCC achieved its highest-ever consolidated order book of around Rs. 1,20,533 crore.
By December 2025, NBCC’s consolidated order book stood at around Rs. 1,26,790 crores. Of this, NBCC’s order book stood at nearly Rs. 1,12,640 crore, while its subsidiaries HSCC, HSCL, and NSL contributed Rs. 7,827 crore, Rs. 6,016 crore, and Rs. 307 crore, respectively.
Financial Performance & Revenue Mix
For Q3 FY26, the company posted consolidated revenue from operations of Rs. 3,022.4 crores, reflecting a sequential growth of around 4 percent QoQ compared to Rs. 2,914 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue increased by nearly 8 percent from Rs. 2,809 crores recorded in Q3 FY25.
Meanwhile, the net profit stood at Rs. 197 crore, indicating an increase of about 26 percent QoQ from Rs. 156.7 crores in Q2 FY26, while on a year-on-year basis, the profit moved up by more than 38 percent from Rs. 142.4 crores reported in Q3 FY25.
For the quarter ended December 2025, Project Management Consultancy (PMC) remained the largest contributor, generating Rs. 2,912.84 crore, accounting for around 96 percent of total revenue. This represents a growth of about 14 percent YoY, compared to Rs. 2,561.2 crore in Q3 FY25.
Real Estate segment contributed Rs. 26.6 crore, forming nearly 1 percent of total revenue, and recorded a robust 218 percent YoY increase from Rs. 8.3 crore in the year-ago quarter.
Meanwhile, the EPC vertical reported revenue of Rs. 76 crore, contributing around 2.5 percent to overall revenue, but witnessed a decline of about 66 percent YoY growth from Rs. 202.6 crore in December 2024.
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