NBCC signs MoU with RIICO for development projects in Jaipur for ₹3,700 crore; check details

NBCC signed a memorandum of understanding (MoU) with Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) on Thursday, September 11, for the development of Rajasthan Mandapam and allied infrastructure projects in Jaipur for ₹3,700 crore.

The project involves the development of the Rajasthan Mandapam Convention Center, Unity Mall, and associated commercial and cultural infrastructure near Jaipur International Airport, the company said in a regulatory filing.

RIICO will provide the NBCC with an initial interest-free advance of ₹50 crore, while the latter will mobilise the remaining funds through the sale and lease of built-up spaces and planned plots.

The PSU will implement a robust, self-financing model and leverage public financial institutions when required. Furthermore, the government will provide financial support of up to ₹635 crore for the project.

A joint empowered committee will monitor progress, designs, and milestones. Additionally, the project is targeted for completion within 30 months upon receipt of statutory and internal approval, the filing stated.

Under the MoU, NBCC, as the exclusive executing agency, will be responsible for transforming the 95-acre prime land parcel through planning, architectural design, engineering, construction, and international-standard marketing.

The cabinet of the Government of Rajasthan had approved the project in August.

“In this regard, the Government of Rajasthan has announced this transformative development project with its recent cabinet approval, with an overall estimated investment reaching approximately ₹3,700 crore,” the company said in a separate regulatory filing dated August 25.

NBCC stock performance

Shares of NBCC closed 2.49% higher at ₹108.15 apiece on the National Stock Exchange (NSE) on Thursday. However, the announcement was made after the market closed.

The stock has gained 5.14% so far this week and 9.72% since the beginning of September. On a year-to-date basis, it increased by 15.99%.

While the scrip hit a 52-week high of ₹130.70 on June 9, 2025, it reached a year’s low of ₹70.80 per equity share on March 3, 2025.

NBCC has a total market capitalisation of ₹29,200.50 crore, as of September 11, 2025, according to data on the NSE.

NBCC June quarter result

The company’s consolidated net profit grew by 26% year-on-year (YoY) to ₹132 crore in the first quarter of FY26, compared to ₹104.6 crore in the corresponding quarter last year.

Its revenue from operations surged 11.6% YoY to ₹2,391 crore during the reporting quarter, as against ₹2,145.2 crore in Q1FY25.

At an operational level, its EBITDA jumped 20.3% YoY to ₹110 crore in Q1FY26, in contrast to ₹91.7 crore in the June quarter of the previous fiscal. Its EBITDA margin improved to 4.6% from 4.3% YoY.