NBCC (India) Ltd
NBCC (India) Ltd
Construction F&OKey Fundamentals
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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37 extracted metrics + investor summaries across FY12–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
4- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 24.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 33.3%
Weaknesses
3- Stock is trading at 8.03 times its book value
- Earnings include an other income of Rs.376 Cr.
- Debtor days have increased from 113 to 144 days.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoNBCC (India) Ltd is a government-owned construction and project management company with a market cap of Rs.24,983 Cr, trading at a PE of 32.6x and 8.25x book value. The company has delivered 24% compounded profit CAGR over 5 years and maintains a nearly debt-free balance sheet, but recent revenue growth has slowed to 4% TTM and debtor days have risen from 113 to 144 days.
- Company is virtually debt-free, providing financial flexibility and low interest burden in a capital-intensive construction sector
- Strong 5-year compounded profit growth of 24% CAGR demonstrates consistent earnings expansion
- Healthy 3-year ROE of 25% indicates efficient use of shareholder equity relative to sector peers
- 3-year stock CAGR of 43% reflects significant value creation for medium-term shareholders
- Consistent dividend payout ratio of 33.3% signals shareholder-friendly capital allocation policy
- Government-backed entity with assured order pipeline from public sector redevelopment projects, reducing revenue visibility risk
- 5-year compounded sales growth of 13% shows sustained top-line momentum over the medium term
- Company has actively reduced debt levels, strengthening balance sheet resilience against cyclical downturns
- Stock trades at 8.25x price-to-book value, a steep premium for a construction company with project management margins
- TTM revenue growth has decelerated sharply to just 4%, down from the 13% 3-year CAGR, signaling potential execution slowdown
- Debtor days have increased from 113 to 144 days, indicating deteriorating working capital efficiency and delayed collections
- Earnings quality concern as other income of Rs.376 Cr forms a material portion of reported profits
- PE ratio of 32.6x is elevated for a construction sector company growing revenue at only 4% TTM, implying stretched valuations
- Stock has declined 13% over the past 1 year, underperforming broader market indices
- Dividend yield of just 0.16% offers negligible income return despite the 33.3% payout ratio
- 10-year stock CAGR of only 6% suggests that long-term compounding has been modest relative to the valuation premium commanded today
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 5h ago- Q1FY27 profit up 32% YoY Aug 11
Standalone net profit rose 32% YoY to ₹1,506.5 lakh in Q1FY27. Board declared interim dividend of ₹0.15/share and approved an SPV for a REIT.
- Ambitious FY29 revenue guidance Aug 12
NBCC targets revenue of ₹24,000–25,000 crore and PAT of ₹2,000 crore by FY29, with FY27 PAT guided at ₹1,100–1,200 crore and FY28 at ₹1,300–1,400 crore.
- ₹1,236 crore commercial space sale Aug 8
Sold ~2.34 lakh sq. ft at Bharat Business Park, New Delhi for ₹1,236 crore via e-auction. NBCC earns 1% marketing fee on the sale value.
- ₹235 crore new contract Aug 13
Secured a ₹235 crore contract, adding to the project pipeline for the state-owned construction firm.
- ₹108.85 crore PMC orders Jul 25
Won PMC contracts from NHB (₹20.42 crore for Srinagar plant centre) and Odisha Directorate (₹88.43 crore for hostels construction).
- International order from Seychelles Jul 29
Won ₹75 crore housing project order from Seychelles government, representing 2.3% of average quarterly revenue and marking a return to international orders.
- Final dividend ₹0.46/share for FY25 Aug 18
Record date set for August 28, 2026, with 66th AGM on September 11, 2026. Shareholders must submit tax documents by September 5.
- Q1FY27 earnings call held Aug 12
Investor conference call led by Chairman K.P. Mahadevaswamy on August 12 covered Q1FY27 results for quarter ended June 30, 2026.
- Analyst meeting at Emkay event Aug 8
NBCC participated in Emkay Global investor conference on August 12 in Mumbai with group and one-on-one meetings.
- ED Debasis Satapathy retires Aug 2
Executive Director (HRM) Debasis Satapathy superannuated on July 31, 2026, disclosed under SEBI LODR regulations.
TL;DR: NBCC is executing well with 32% YoY profit growth in Q1FY27, steady order wins across domestic and international markets, and an aggressive multi-year guidance targeting ₹2,000 crore PAT by FY29. The ₹1,236 crore commercial space sale demonstrates monetization capability from its real estate portfolio. No material headwinds are visible in recent news flow. The trend is clearly improving with strong visibility on revenue and profit growth over the next three years.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,394 | 5,826 | 7,425 | 8,447 | 9,943 | 8,087 | 6,953 | 7,691 | 8,876 | 10,407 | 12,039 | 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 | 12,272 | 12,095 |
| Operating Profit | 289 | 317 | 408 | 455 | 369 | 105 | 133 | 207 | 345 | 517 | 629 | 617 | 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 | 138 | 388 | 376 |
| Interest | 41 | 3 | 31 | 28 | 3 | 8 | 15 | 9 | 6 | 4 | 5 | 0 | 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% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 11,208 | 13,256 |
| Total Liabilities | 4,764 | 5,459 | 8,066 | 12,269 | 13,101 | 12,531 | 13,422 | 13,483 | 12,913 | 12,739 | 13,688 | 16,274 |
| 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 | 12,887 | 15,603 |
| Total Assets | 4,764 | 5,459 | 8,066 | 12,269 | 13,101 | 12,531 | 13,422 | 13,483 | 12,913 | 12,739 | 13,688 | 16,274 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -155 | 176 | 605 | 907 | 638 | 113 | 456 | 80 | -374 | -6 | 657 | 439 |
| Investing | -2 | -36 | 282 | -474 | -209 | 88 | 151 | 33 | 272 | -184 | 573 | 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 | 961 | 489 |
| Free Cash Flow | -161 | 152 | 591 | 902 | 633 | 130 | 454 | 74 | -385 | -50 | 338 | 402 |
| CFO/OP | -37 | 80 | 168 | 228 | 208 | 135 | 356 | 44 | -105 | 1 | 107 | 85 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 142 | 115 | 126 | 115 | 90 | 84 | 109 | 96 | 82 | 102 | 93 | 144 |
| Inventory Days | — | — | — | — | — | — | — | — | — | — | — | 38 |
| Days Payable | — | — | — | — | — | — | — | — | — | — | — | 200 |
| Cash Conversion Cycle | 142 | 115 | 126 | 115 | 90 | 84 | 109 | 96 | 82 | 102 | 93 | -18 |
| Working Capital Days | 7 | -1 | -30 | -122 | -149 | -235 | -285 | -241 | -190 | -123 | -122 | -120 |
| ROCE % | 35% | 28% | 32% | 29% | 30% | 18% | 18% | 21% | 27% | 32% | 33% | 31% |
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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]