In the vibrant world of India’s infrastructure development, NBCC (India) Limited stands tall as a transformative force, turning blueprints into reality, and ambitions into achievements. A Navratna Public Sector Undertaking under the Ministry of Housing and Urban Affairs, NBCC has redefined the contours of urban planning, project consultancy, real estate, and engineering construction in India and beyond. NBCC’s story is not just one of financial numbers but of bold decisions, transformative projects, and strategic collaborations under the astute leadership of its Chairman and Managing Director, K.P. Mahadevaswamy.
NBCC’s operations are structured into three key business verticals. Project Management Consultancy (PMC) dominates the company’s portfolio, with this segment contributing a staggering 91% to its revenues in the first nine months of FY25. This division specializes in civil construction, redevelopment, infrastructure for national security, and implementation of flagship government schemes like PMGSY and developmental projects in the North East. PMC also saw a healthy 13% YoY revenue growth in the 9M FY25 period.
Its second largest segment of Engineering, Procurement & Construction (EPC), forms only a modest 7% of NBCC’s revenue mix, but this segment has punched way above its weight with a remarkable 52% YoY revenue growth in the 9M FY25 period. From high-rise chimneys to coal handling systems, NBCC provides end-to-end solutions to marquee clients like NTPC and IOCL, among several others.
Accounting for only 2% of its total revenue, is NBCC’s Real Estate and Other business segment, which focuses on both residential and commercial development, including modern corporate offices and townships.
NBCC's performance in the first nine months of FY25 demonstrates strength and resilience across these segments. Net profit for Q3FY25 surged 25.1% YoY to Rs 138.5 crore, while revenues rose 16.6% to Rs 2,827 crore. The company’s operating performance too displayed strength with EBITDA climbing 22% to Rs 142 crore and margins improving slightly to 5%.
Behind these figures lies NBCC’s ability to navigate a dynamic market environment while driving consistent performance across its verticals.
With a consolidated order book exceeding Rs 1 lakh crore as of January 2025, NBCC has never been better poised for growth. Compared with its current annual revenue run rate of around 10,500 crore, this order book is massive enough to last more than a few years.
Its order book now includes a Rs 12,712 crore project for a 406-acre satellite township in Srinagar, Rs 9,445 crore worth Supertech project completion, and a Rs 3,500 crore worth mixed-use development in Lucknow’s Poorvi Vihar.
Breaking down the order book between the standalone NBCC and its subsidiaries, the standalone entity accounts for Rs 82,500 crore worth of projects, while the rest is split between its key subsidiary firms. Among these, HSCC has an order book of Rs 10,600 crore, HSCL has an order book of Rs 6,800 crore and NSL has attracted Rs 200 crore worth of orders. Such a robust pipeline reflects the company's rising stature as a one-stop solution provider for high-impact infrastructure projects.
In a bid to expand its operational bandwidth, NBCC has inked several significant Memoranda of Understanding (MoUs) in recent quarters and months. In February 2024, NBCC inked a deal with fellow public sector company HUDCO, which is focused on asset monetization and joint consultancy projects. In September 2024, NBCC tied up with railway PSU RITES which is aimed at leveraging synergies in consultancy and EPC contracts.
Perhaps the most ambitious collaboration yet that NBCC has inked is with MAHAPREIT, a Maharashtra Government company. This Rs 25,000 crore partnership will see NBCC enter Maharashtra’s redevelopment sector, covering slum rehabilitation, cluster housing, and smart urban projects.
Through this tie-up with MAHAPREIT, NBCC will execute green infrastructure projects including solar and sustainable housing under PMAY, thus playing its nation building role in renewable energy and urban development.
Recently, in April 2025, NBCC tied up with another noted railway PSU, RailTel, which is a major leap into the digital frontier, with this MoU targeting the co-development of data centres across India and abroad. Beyond conventional infrastructure, NBCC is thus stepping into new domains by targeting the booming digital economy.
These strategic alignments signal NBCC’s vision to become a diversified, multi-vertical infrastructure behemoth. In recent years, NBCC has also emerged as a turnaround expert for stuck real estate projects, especially in the National Capital Region.
Its recent achievements include sale of 1,185 units in Aspire Dream Valley, Greater Noida, for Rs 1,505 crore; bulk sale of Ashiana flats fetching Rs 1,153 crore; and auction of Amrapali flats, generating over Rs 7,000 crore, with further land monetization projected to yield an additional Rs 14,000 crore.
NBCC earns a 1% marketing fee on these high-value transactions, boosting non-operational income and showcasing its real estate management prowess.
Internationally, the company is active in the Maldives, Mauritius, Seychelles, Dubai, and Jeddah, while exploring opportunities in Fiji, Morocco, the Philippines, and Africa.
At the helm of this ambitious expansion drive at NBCC is KP Mahadevaswamy, a visionary leader whose tenure is marked by strategic execution and sectoral diversification. Recently elected as the Chairman of SCOPE (Standing Conference of Public Enterprises) for 2025–2027, Mahadevaswamy’s elevation is a proof of his influential role in India’s public sector ecosystem.
His leadership has not only stabilized NBCC's operational efficiency but also amplified its visibility through aggressive yet calculated project acquisitions. Under his guidance, NBCC is targeting Rs 5,000 crore in revenues in FY26 from its MAHAPREIT collaboration alone.
Despite high volatility in the markets in recent quarters, NBCC has delivered over 270% returns, over a two-year period, reinforcing its multibagger status. Most analysts remain bullish, expecting FY25 revenue, EBITDA, and net profit to grow at 13%, 15%, and 18% respectively.
Looking forward, NBCC is focused on achieving a 20-25% annual revenue growth, and expanding its order book by 25-35% over the next 2-3 years. Apart from targeting revenue growth, deepening its footprint in states like Maharashtra and various Union Territories through smart city projects, as well as becoming a global player in IT infrastructure through its RailTel and international partnerships, are also among its objectives.
With a rock-solid balance sheet, and declining contingent liabilities - Rs 2,645 crore in FY24 vs Rs 2,964 crore in FY22 - attributable to tax disputes, and a well-diversified business model, NBCC is charting a growth path that blends its traditional strengths with future-forward thinking.
In a world craving sustainable urbanization and smart infrastructure, NBCC (India) Limited is proving to be an effective nation-builder. From transforming government colonies in Delhi to reviving stalled housing dreams in Noida, from revitalizing spiritual towns like Haridwar to venturing into data centres and international markets, NBCC is scripting a bold, new growth narrative.
As India marches ahead on its $5 trillion economy ambition, NBCC remains one of its steadiest and most strategic partners. Under the visionary leadership of its CMD KP Mahadevaswamy, and with an ever-expanding arsenal of capabilities, NBCC is not just constructing buildings, it’s playing its role in building the future of India.
No comments:
Post a Comment