NBCC missed its FY25 revenue target and quietly moved the same goalpost to FY26
Management guided ₹14,000-15,000 crore for the fiscal year just ended. It hit ₹10,000 crore. The same target is now the FY26 goal.
What's new
- FY25 standalone revenue surpassed ₹10,000 crore, far short of the ₹14,000-15,000 crore guidance.
- The same ₹14,000-15,000 crore target is now set for FY26, a 40-50% year-on-year increase.
- Ghitorni profit recognition pushed to FY29-30, from a prior FY27-28 timeline.
- Amrapali Phase 1 completions revised down to 33,000 units from a prior figure of 36,000.
Themes from the call
Execution credibility
The missed FY25 target and the goalpost shift without explanation raise questions about the reliability of forward guidance.
Project timelines
The Ghitorni delay and Amrapali revision are red flags on the execution track record for flagship projects.
Growth ambitions
The path to ₹25,000 crore revenue and Maharatna status depends on scaling sub-contractor awards by 2.7x and securing RERA clearances.
Guidance watch
- FY26 standalone revenue guidance is ₹14,000-15,000 crore, a 40-50% increase from the actual FY25 number.
- FY26 consolidated revenue guidance is ₹18,000 crore with PAT of ₹1,100-1,200 crore.
- Management targets an order book of ₹2 lakh crore by year-end and Maharatna status within 3-4 years.
Risk flags
- The ₹14,000-15,000 crore FY25 guidance was missed with no acknowledged reason.
- Major project execution hinges on RERA clearances and government approvals that have not yet arrived.
- The 2.7x scale-up in sub-contractor awards from ₹11,000 crore to ₹30,000 crore is a steep ramp.
Key quotes
-
"We remain confident achieving INR 14,000 crores to INR 15,000 crores revenue... for the full year."
— NBCC management, Nov 2025 call -
"We achieved all-time high numbers recently, surpassing 10,000 crores in total income... For the standalone entity, we aim for 14,000 to 15,000 crores in revenue this year."
— NBCC management, Jun 2026 call
The brief
NBCC's earnings call was an exercise in moving the goalposts. Management arrived in November and February with confident guidance of ₹14,000-15,000 crore in standalone revenue for the year. The final number was over ₹10,000 crore. Management did not offer an explanation. They set the exact same target for the coming year.
The second credibility issue is Ghitorni. This 21-acre flagship real estate project has had its profit recognition pushed from FY27-28 to FY29-30. No project-specific reason was given for the multi-year delay. A third problem is the Amrapali completions, revised down from 36,000 units to 33,000. These unexplained reversals erode trust in the execution track record.
The order book is large at ₹1.27 lakh crore and growing. The model is differentiated. But the path to the ambitious FY26 target of ₹21,000-22,000 crore and Maharatna status requires a steep ramp in sub-contractor awards and delivery on projects like Mahapreet and J&K Srinagar, both pending final clearances. The next test is whether management can explain the FY25 miss before asking for faith on FY26.
When guidance is a moving target, the number matters less than the story behind the miss.