NBCC Q2 FY27: Consolidated PAT up 34% YoY to ₹210 Cr as margins expand on PMC strength

On a consolidated basis (primary), NBCC's PAT came in at ₹209.8 Cr, up 33.9% YoY from ₹156.7 Cr and up 32.8% QoQ from ₹158.0 Cr, on revenue of ₹3,395.8 Cr (+16.7% YoY, +50.3% QoQ). Standalone PAT was ₹225.2 Cr (+30.5% YoY), with EPS of ₹0.83 standalone and ₹0.76 consolidated. Both the current and year-ago quarters are free of exceptional items, so these are clean, not adjusted, growth rates. The margin story is the more interesting part: consolidated NPM expanded to 6.07% from 5.19% a year ago, and operating margin (EBITDA/revenue) jumped to roughly 6.6% from 3.46% YoY — both driven almost entirely by the core PMC (Project Management Consultancy) segment, whose PBT rose to ₹270.4 Cr from ₹158.8 Cr YoY (+70%) on PMC revenue of ₹3,295.7 Cr. That was partly offset by the EPC segment swinging to a small loss of ₹(8.05) Cr from a ₹4.31 Cr profit a year ago, and by Real Estate PBT easing to ₹16.6 Cr from ₹25.3 Cr in Q1 (still up sharply YoY from ₹4.9 Cr) on thin segment revenue of just ₹21.8 Cr. Sequentially, margins moderated slightly — NPM down from 6.81% and OPM down from 6.86% in Q1 — as revenue scaled faster than cost absorption, typical when billing ramps mid-year. No analyst consensus for this specific quarter turned up in public previews, so a street comparison isn't possible this cycle. Against management's own FY27 guidance from the last concall (₹16,000–17,000 Cr revenue, ₹1,100–1,200 Cr PAT), H1 consolidated revenue of ₹5,655 Cr and PAT of ₹367.9 Cr sit at roughly 35% and 33% of the low end respectively — below a straight-line pace, but consistent with NBCC's historically back-loaded, completion-linked revenue recognition, so this print alone neither confirms nor contradicts the guidance. The quarter's corporate actions fit the same infra-services framing: a second interim dividend of ₹0.25/share (after ₹0.15/share in Q1, taking H1 payout to ₹0.40/share), a new MoU with the Bihar government for Patna redevelopment, a ₹168.39 Cr tourism-circuit award, and ₹70.5 Cr of fresh contract wins — modest against the ₹1,27,000 Cr order book and the ₹50,000–60,000 Cr annual inflow target flagged last quarter. Separately, NBCC booked a ₹5,191 Cr apartment sale in New Delhi on Oct 29 — a monetization event that sits outside this quarter's thin ₹21.8 Cr Real Estate segment revenue and will flow through in future periods as completion is recognized. No management press release accompanied this filing, so there is no additional company commentary to reconcile against the numbers. Going into Q3, the markers to watch are H2 execution pace against the FY27 revenue/PAT guidance band, whether the EPC segment returns to profit, and whether order inflows accelerate toward the ₹50,000–60,000 Cr FY27 target. The pending HSCC merger (First Motion Order issued Oct 9, 2026) remains a separate corporate-structure item to track alongside the operating numbers.