NBCC
NBCC
Construction F&OKey Fundamentals
SmallcapCivil ConstructionConstructionTapetide 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
2- 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
NBCC (India) Ltd is a government-owned construction and project management company with a market capitalisation of about Rs 22,127 Cr. It trades at 29.1x earnings and 7.38x book value, and its return on equity has stayed between 20% and 23% over the last 3, 5 and 10 years. The balance sheet is almost debt free and profit has grown 20% a year over 5 years, but TTM sales growth has slowed to 4%, debtor days have risen from 113 to 144, other income of Rs 376 Cr makes up a meaningful share of earnings, and the stock is down 21% over the past year.
- Return on equity has been consistently high: 20% last year, 23% over 3 years, 22% over 5 years and 20% over 10 years. That is strong for an asset-light, project-management-led contractor.
- The company is almost debt free and has cut its debt further. Leverage risk is low, which matters in a working-capital-heavy sector like construction.
- Profit grew at a 20% CAGR over 5 years, faster than the 13% sales CAGR over the same period. This points to better margins and operating leverage.
- Sales and profit both grew at a 13% CAGR over 3 years, showing steady mid-teens growth.
- The company pays out 33.1% of profits as dividends, returning a steady share of earnings to shareholders while keeping capital for growth.
- The stock has fallen 21% in the past year. The current P/E of 29.1 is therefore lower than it was a year ago relative to earnings, which have grown 8% on a TTM basis.
- Over the longer term, the stock has returned a 28% CAGR over 3 years and 21% over 5 years, reflecting a re-rating backed by improving fundamentals.
- The stock trades at 7.38x book value (7.41x by another measure). That is a steep premium for a construction company and leaves little room for error if execution disappoints.
- Debtor days rose from 113 to 144, a jump of about 27%. Receivables are building up, which strains cash conversion and exposes the company to delayed government and client payments.
- Earnings include Rs 376 Cr of other income. That is close to half of the implied net profit of about Rs 760 Cr (market cap of Rs 22,127 Cr divided by a P/E of 29.1), so the core operating business contributes a smaller share of reported earnings. (Other income is a pre-tax figure and net profit is after tax, so this is a rough comparison.)
- TTM sales growth has slowed to 4%, well below the 3-year and 5-year sales CAGR of 13%. Revenue momentum appears to be slowing.
- A P/E of 29.1 against a 3-year profit CAGR of 13% gives a PEG ratio of about 2.2. On that basis the stock looks expensive relative to recent growth.
- The stock is down 21% over 1 year and has returned only a 4% CAGR over 10 years. Long-term returns have been modest and prone to sharp cycles.
- The dividend yield is only 0.18% despite the 33.1% payout ratio, so income investors get little cash return at the current valuation.
- Over 10 years, sales grew at an 8% CAGR and profit at 7%. The recent 13-20% growth may not last through a full government capex cycle.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stock down 34% this year Sep 15
NBCC closed 2.67% lower at ₹80.69 on NSE (₹80.60 on BSE, down 2.95%) on Sep 15. The stock is down 6% for the week, 9% for the month and 34% year-to-date, leaving its market cap at ₹21,786.30 crore.
- Order win mostly already disclosed Sep 15
Of the ₹141.79 crore total project value in the filing, ₹130.58 crore had already been disclosed on Apr 29, 2025. That leaves only about ₹11.21 crore of new orders, and no execution timelines were given.
- Australia branch for PMC/EPC work Sep 14
NBCC registered a branch office in Australia to take on PMC and EPC contracts, working with Goldfields Pvt. Ltd. This is a step toward finding international revenue beyond its mostly domestic government order book.
- NHPC MoU and August orders Sep 15
NBCC signed an MoU with NHPC on Aug 28 for infrastructure projects across India. It also won ₹134.27 crore of orders in August 2026, which keeps the flow of new orders steady.
- ₹0.46 final dividend for FY26 Sep 11
Shareholders approved a final dividend of ₹0.46 per share for FY26 at the 66th AGM, along with the financial statements and director reappointments. At about ₹80 per share, the yield is roughly 0.6%, so it shows shareholder returns continue but adds little value.
- ₹145 crore orders from SAIL, NEEPCO, DVC Sep 15
NBCC won about ₹144.98 crore of orders (excluding GST) across Jharkhand, Meghalaya and Odisha. The biggest is a ₹55.91 crore SAIL Bokaro order to repair and paint 654 building blocks. The rest are two ₹23.48 crore SAIL shed orders, a ₹15.99 crore DVC dormitory, an ₹11.21 crore NEEPCO township PMC on 21.66 acres, a ₹9.05 crore order to repair 500 quarters and a roughly ₹5.6-5.9 crore ED office fit-out.
- ₹29 crore new order Oct 1
NBCC won a project order worth ₹29 crore, adding to its order book. It did not disclose the client, scope or location, and the order is small next to a market cap of about ₹21,800 crore.
TL;DR: NBCC keeps winning a steady stream of small government orders (about ₹134 crore in August, ₹145 crore in mid-September and ₹29 crore on Oct 1). It is also expanding through the NHPC MoU and a new Australia branch. However, most of the September order value had already been disclosed in April, and each win is small for a company worth about ₹21,800 crore, so the news hasn't stopped the stock's slide: it is down 34% year-to-date and 9% in the past month. The trend is still getting worse, and a recovery likely depends on large new orders, signs of real international business, or faster execution in upcoming quarterly results.
Quarterly Results
| Particulars | 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
| Particulars | 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 | 12,044 | 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% | — |
Balance Sheet
| Particulars | 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 | 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 |
Cash Flow
| Particulars | 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 | 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 |
Ratios
| Particulars | 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 |
| 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 | -132 | -119 |
| ROCE % | 35% | 28% | 32% | 29% | 30% | 18% | 18% | 21% | 27% | 32% | 33% | 29% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY05–FY27.
Documents
Frequently Asked Questions about NBCC
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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]
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