NBCC Q4 FY26 profit jumps 39% to ₹253 crore; final dividend declared
Synopsis
NBCC's Q4 FY26 profit jumped 39% to ₹253.51 crore even as revenue slipped — a rare divergence that points to margin discipline in its PMC core. But the real story is the sharp collapse in real estate and EPC revenues, raising questions about whether NBCC's non-PMC segments can recover traction in FY27.
Key Takeaways
NBCC (India) reported a consolidated net profit of ₹253.51 crore in Q4 FY26 , up 38.78% year-on-year.
Revenue from operations declined 1.80% YoY to ₹4,559.79 crore but surged 51% sequentially.
The PMC segment grew ~ 2% YoY to ₹4,356.78 crore , remaining the primary revenue contributor.
Real estate segment revenue fell sharply to ₹42.72 crore from ₹161.39 crore a year earlier.
EBITDA stood at ₹287 crore , down 3.4% YoY from ₹297 crore .
Board recommends a final dividend of ₹0.46 per share for FY26 , payable within 30 days of AGM approval.
NBCC (India) Limited, the Navratna public sector undertaking, on Monday, 25 May 2026 reported a 38.78% surge in consolidated net profit for the January–March quarter (Q4 FY26), even as revenue from operations edged lower on a year-on-year basis. The strong earnings growth underscores improved operational efficiency within the company's core project management consultancy business.
Profit and Revenue Performance
NBCC posted a consolidated net profit of ₹253.51 crore in Q4 FY26, up from ₹182.66 crore in Q4 FY25 — a jump of nearly 39% year-on-year, according to the company's stock exchange filing. On a sequential basis, profit climbed 28.5% over the preceding quarter.
Revenue from operations, however, slipped 1.80% year-on-year to ₹4,559.79 crore for the quarter ended 31 March 2026, compared with ₹4,643.84 crore in the same period last year. Sequentially, revenue surged nearly 51%, signalling a strong finish to the financial year.
Segment-wise Breakdown
The project management consultancy (PMC) segment — NBCC's largest revenue driver — recorded a modest 2% year-on-year growth to ₹4,356.78 crore in Q4 FY26, providing a stable base for overall earnings.
Other segments, however, faced headwinds. Revenue from the real estate segment dropped sharply to ₹42.72 crore from ₹161.39 crore in the year-ago quarter. The engineering, procurement and construction (EPC) segment also contracted, with revenue falling to ₹140 crore from ₹211 crore a year earlier.
EBITDA and Operating Metrics
At the operating level, NBCC's EBITDA stood at ₹287 crore in Q4 FY26, a 3.4% decline from ₹297 crore in the corresponding quarter of the previous year. The compression in EBITDA, despite the sharp profit jump, reflects shifts in segment mix — with the lower-margin PMC business accounting for a larger share of revenues as real estate and EPC contributions fell.
Dividend Recommendation
The Board of Directors of NBCC has recommended a final dividend of ₹0.46 per equity share of face value Re 1 each for FY26, subject to shareholders' approval at the upcoming Annual General Meeting (AGM). The company stated that, if approved, the dividend would be paid within 30 days from the date of declaration.
What to Watch
NBCC's ability to revive its real estate and EPC segments will be critical to sustaining revenue momentum in FY27. The company's PMC pipeline — largely driven by government-mandated construction and redevelopment projects — remains a relative buffer, but the sharp contraction in higher-margin segments warrants close monitoring in the quarters ahead.
Point of View
And EPC shrank by a third. The PMC business, while stable, is a government-dependent pipeline that offers limited pricing power. If NBCC cannot reverse the real estate and EPC slide in FY27, profit growth will increasingly depend on cost containment rather than business expansion — a fragile foundation for a Navratna with infrastructure ambitions.
NationPress
12 Aug 2026
Frequently Asked Questions
What was NBCC's net profit in Q4 FY26?
NBCC reported a consolidated net profit of ₹253.51 crore in Q4 FY26, a 38.78% increase from ₹182.66 crore in Q4 FY25. On a sequential basis, profit also rose 28.5% over the previous quarter.
Why did NBCC's revenue fall despite higher profits?
Revenue from operations declined 1.80% year-on-year to ₹4,559.79 crore in Q4 FY26, primarily due to sharp contractions in the real estate and EPC segments. The profit growth was driven by improved operational efficiency within the dominant PMC segment rather than top-line expansion.
What dividend has NBCC declared for FY26?
NBCC's Board of Directors has recommended a final dividend of ₹0.46 per equity share of face value Re 1 for FY26, subject to shareholder approval at the upcoming AGM. If approved, the dividend will be paid within 30 days of declaration.
How did NBCC's individual business segments perform in Q4 FY26?
The PMC segment grew ~2% YoY to ₹4,356.78 crore. The real estate segment fell sharply to ₹42.72 crore from ₹161.39 crore a year earlier, while the EPC segment declined to ₹140 crore from ₹211 crore in Q4 FY25.
What is NBCC's EBITDA for Q4 FY26?
NBCC's EBITDA for Q4 FY26 stood at ₹287 crore, down 3.4% from ₹297 crore in the same quarter last year. The marginal decline reflects a shift in revenue mix toward the lower-margin PMC segment.
