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NBCC

NBCC NSE

Key Fundamentals

SmallcapCivil ConstructionConstruction
Market Cap
₹22,162 Cr
Volatility
Low Risk
P/E Ratio
30.26
EBITDA
₹924 Cr
Return on Equity
23.09%
Debt to Equity
0
Book Value
₹11.18
EPS
₹3.11
52W High
₹125.85
52W Low
₹77.18

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 33.1%

Weaknesses

3
  • Stock is trading at 7.42 times its book value
  • Earnings include an other income of Rs.376 Cr.
  • Debtor days have increased from 113 to 144 days.

Growth Rate

Revenue Growth
7.52% lower than 3Y
Net Income Growth
33.19% higher than 3Y
Cash Flow Change
-33.53%
ROE
10.64% lower than 3Y
ROCE
13.47% lower than 3Y
EBITDA Margin (Avg.)
0% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

NBCC (India) Ltd is a government-owned construction and project management company with a market cap of Rs.22,162 Cr, trading at a PE of 29.6x and PB of 7.51x. The company is virtually debt-free with a 3-year ROE averaging 23%, though recent sales growth has slowed to 4% TTM and debtor days have stretched from 113 to 144 days.

Bull Case 8
  • Company is almost debt-free, providing significant financial flexibility and resilience against interest rate cycles in a capital-intensive construction sector
  • Consistent ROE track record of 20-23% over the last 1, 3, 5, and 10-year periods, indicating efficient capital deployment
  • Compounded profit growth of 20% over 5 years demonstrates sustained earnings expansion over a meaningful period
  • Healthy dividend payout ratio of 33.1%, offering regular cash returns to shareholders at a yield of 0.18%
  • 3-year compounded sales growth of 13% and profit growth of 13% reflect a steady medium-term business trajectory
  • Being a government enterprise (Navratna PSU), NBCC benefits from a captive order pipeline through government redevelopment and construction mandates
  • Company has actively reduced debt, strengthening the balance sheet further in an already low-leverage position
  • Stock CAGR of 32% over 3 years indicates strong investor interest and re-rating over the medium term
Bear Case 8
  • Stock trades at 7.51x book value, a steep premium for a construction company with project management-heavy margins
  • TTM sales growth has sharply decelerated to just 4% compared to the 5-year CAGR of 13%, signaling a potential slowdown in order execution
  • Debtor days have increased from 113 to 144 days, indicating deteriorating working capital efficiency and potential collection challenges from government clients
  • Earnings quality is diluted as other income of Rs.376 Cr forms a meaningful portion of profits, masking weaker operating performance
  • Stock has declined 22% over the past 1 year, underperforming broader markets and reflecting recent sentiment deterioration
  • PE of 29.6x is elevated for a construction sector company with single-digit TTM revenue growth of 4%
  • 10-year stock CAGR of only 4% suggests the long-term compounding story has been inconsistent despite recent re-rating
  • 10-year compounded profit growth of 7% is modest, indicating that the recent acceleration may not be structurally sustainable

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 1
  • RERA exemption plea in SC Aug 17

    Supreme Court issued notice to NBCC on its challenge to NCLAT's refusal to exempt it from RERA requirements for 16 stalled Supertech projects affecting ~27,000 homebuyers. Next hearing listed for September 24; regulatory and execution risk remains on this large-scale rehabilitation mandate.

Positives 2
  • Strong FY26 PAT at ₹742 crore Aug 20

    NBCC reported PAT of ₹742.44 crore on standalone revenue of ₹9,755.31 crore for FY26 and filed its BRSR ESG report highlighting sustainable construction initiatives.

  • ₹0.46 dividend declared for FY26 Aug 18

    NBCC announced a final dividend of ₹0.46 per share for FY26, with record date August 28 and 66th AGM scheduled for September 11.

Neutral 3
  • MoU with NHPC at 5.5% PMC Aug 28

    NBCC signed an MoU with NHPC on August 28 for infrastructure projects including residential blocks and office complexes at 5.5% PMC fees; project value yet to be determined.

  • ₹134 crore school & bank orders Aug 27

    NBCC secured orders worth ₹134.27 crore spanning school building construction and a Canara Bank institutional project across two segments.

  • ₹417 crore Noida e-auction done Aug 25

    NBCC completed e-auction of 111 homes in Aspire Silicon City, Noida at ₹416.53 crore, earning a 1% marketing fee on the sale value.

TL;DR: NBCC delivered solid FY26 financials with ₹742 crore PAT and continues to win new orders and real estate monetisation deals. The key risk is the Supertech rehabilitation overhang — RERA compliance uncertainty for 16 stalled projects serving 27,000 homebuyers could strain execution bandwidth and invite regulatory complications. Order flow remains steady but individually small. The trend is stable, with the September 24 Supreme Court hearing being the next major catalyst to watch.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,918
2,059
2,424
3,996
2,143
2,446
2,809
4,644
2,391
2,914
3,022
4,560
2,260
Expenses
1,861
1,963
2,306
3,753
2,051
2,346
2,665
4,353
2,281
2,809
2,909
4,273
2,105
Operating Profit
57
96
117
243
92
100
144
291
110
104
114
287
155
OPM %
3%
4.6%
4.8%
6%
4.3%
4.1%
5%
6%
4.6%
3.6%
3.8%
6%
7%
Other Income
48
11
36
-44
54
67
54
-39
74
103
152
59
61
Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation
1
1
1
1
1
1
2
3
3
3
3
4
4
PBT
104
105
152
198
144
166
196
249
181
205
263
342
213
Tax %
25%
22%
25%
28%
25%
25%
27%
27%
26%
23%
25%
26%
26%
Net Profit
77
82
114
141
107
125
142
183
135
157
197
254
158
EPS in Rs
0.28
0.29
0.41
0.5
0.39
0.45
0.51
0.65
0.49
0.57
0.71
0.89
0.57
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
4,394
5,826
7,425
8,447
9,943
8,087
6,953
7,691
8,876
10,407
12,044
12,889
12,756
Expenses
4,105
5,510
7,017
7,992
9,574
7,982
6,821
7,483
8,532
9,890
11,409
12,269
12,095
Operating Profit
289
317
408
455
369
105
133
207
345
517
635
619
660
OPM %
7%
5%
5%
5%
3.7%
1.3%
1.9%
2.7%
3.9%
5%
5%
4.8%
5%
Other Income
147
98
84
163
207
207
180
121
38
51
133
388
376
Interest
41
3
31
28
3
8
15
9
6
4
5
3
0
Depreciation
2
2
5
6
4
6
6
5
5
5
7
13
14
PBT
393
409
454
584
569
297
292
315
372
559
755
991
1,023
Tax %
29%
29%
28%
32%
31%
66%
18%
24%
25%
26%
26%
25%
—
Net Profit
278
289
326
396
392
100
240
238
278
414
557
742
765
EPS in Rs
1.03
1.07
1.31
1.4
1.39
0.29
0.84
0.83
0.99
1.49
2
2.67
2.74
Div. Payout %
24%
41%
41%
26%
31%
31%
37%
40%
36%
28%
33%
38%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
120
120
180
180
180
180
180
180
180
180
270
270
Reserves
1,218
1,421
1,514
1,886
1,328
1,270
1,463
1,588
1,764
2,046
2,209
2,747
Borrowings
0
12
6
0
0
0
1
0
0
1
0
0
Other Liabilities
3,426
3,906
6,366
10,202
11,592
11,080
11,778
11,715
10,968
10,513
10,911
13,290
Total Liabilities
4,764
5,459
8,066
12,269
13,101
12,531
13,422
13,483
12,913
12,739
13,390
16,307
Fixed Assets
26
62
123
129
182
165
159
175
182
185
531
614
CWIP
0
0
0
0
0
0
16
2
4
12
4
38
Investments
146
236
74
28
42
28
20
18
21
276
265
19
Other Assets
4,592
5,161
7,868
12,111
12,876
12,337
13,227
13,287
12,705
12,266
12,590
15,636
Total Assets
4,764
5,459
8,066
12,269
13,101
12,531
13,422
13,483
12,913
12,739
13,390
16,307
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-155
176
605
907
638
113
456
80
-374
-6
661
439
Investing
-2
-36
282
-474
-209
88
151
33
272
-184
575
250
Financing
-70
-84
-502
-247
-150
-160
-41
-95
-90
-103
-269
-201
Net Cash Flow
-227
56
385
185
279
41
567
19
-192
-293
967
489
Free Cash Flow
-161
152
591
902
633
130
454
74
-385
-50
342
402
CFO/OP
-37
80
168
228
208
135
356
44
-105
1
107
84
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
142
115
126
115
90
84
109
96
82
102
93
144
Cash Conversion Cycle
142
115
126
115
90
84
109
96
82
102
93
144
Working Capital Days
7
-1
-30
-122
-149
-235
-285
-241
-190
-123
-122
-119
ROCE %
35%
28%
32%
29%
30%
18%
18%
21%
27%
32%
33%
29%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.07%Promot.61.75%FIIs4.77%DIIs11.27%Public19.14%As ofJun 2026

Documents

Frequently Asked Questions about NBCC

What does NBCC (India) Ltd do?
NBCC (India) Limited is a Government of India Navratna Enterprise under the Ministry of Housing and Urban Affairs. The Co. operates in three major segments - Project Management Consultancy, Engineering Procurement & Construction, and Real Estate. [1]
Where is NBCC (India) Ltd (NBCC) listed?
NBCC (India) Ltd trades as NBCC on the NSE and under code 534309 on the BSE.
Which sector does NBCC (India) Ltd belong to?
NBCC (India) Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the market capitalisation of NBCC (India) Ltd?
NBCC (India) Ltd has a market capitalisation of ₹22,162 Cr, which places it in the Large Cap band.
What is the PE ratio of NBCC (India) Ltd?
NBCC (India) Ltd trades at a PE ratio of 30.26, on earnings per share of ₹3.11, against a book value of ₹11.18 per share.
What is the 52-week high and low of NBCC (India) Ltd?
Over the last 52 weeks NBCC (India) Ltd has traded between ₹77.18 and ₹125.85.
Does NBCC (India) Ltd pay dividends?
NBCC (India) Ltd has a dividend yield of 0.18%.
What is the Return on Equity (ROE) of NBCC (India) Ltd?
NBCC (India) Ltd reported a return on equity of 23.09%. Its debt-to-equity ratio is 0.00.

Company Information

NBCC (India) Limited is a Government of India Navratna Enterprise under the Ministry of Housing and Urban Affairs. The Co. operates in three major segments - Project Management Consultancy, Engineering Procurement & Construction, and Real Estate. [1]

Website nbccindia.in
CEO Mr. Kellambally Puttaswamy Mahadevaswamy
Employees 1,172
Listed 2012-04-12
Face Value ₹ 1
Issued Size 2,70,00,00,000

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