NBCC (INDIA) LIMITED (NBCC) AI Stock Analysis

• Market Cap: ₹241.46B
• Dividend Yield: 0.48%
• Average Volume (3M): 662.73K
• Price to Earnings (P/E): 38.3
• Beta (1Y): 2.09
• Revenue Growth: 15.84%
• EPS Growth: 31.93%
• Country: IN
• Employees: 1,271
• Sector: Real Estate
• Sector Strength: 53
• Industry: Engineering & Construction
• EPS (TTM): 0.50
• Shares Outstanding: 2,700,000,000
• 10 Day Avg. Volume: 434,748
• 30 Day Avg. Volume: 662,731
• PEG Ratio: 1.19
• Price to Book (P/B): 8.91
• Price to Sales (P/S): 1.81
• P/FCF Ratio: 27.94
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 2.53
• Revenue Forecast (FY): ₹130.57B

• Rating: 66 Neutral
• Price Target: ₹97.00 ▼(-20.91% Downside)
• Action: Reiterated Date: 10/02/25
• Date: Action: Reiterated 10/02/25

NBCC (INDIA) LIMITED's overall stock score is driven primarily by its strong financial performance, characterized by robust revenue growth and improving profitability. Technical analysis indicates moderate strength, with short-term bullish signals. However, the high P/E ratio suggests potential overvaluation, which tempers the overall score.

Positive Factors

Revenue growth & improving profitability

Sustained revenue growth and materially improved net margins indicate structural demand for NBCC’s PMC and development services and improving operational efficiency. Over 2–6 months this supports predictable fee flows, better reinvestment capacity, and stronger earnings power versus peers reliant on cyclical construction margins.

Low leverage and stable balance sheet

A low debt profile provides durable financial flexibility for NBCC to bid on large government/PSU mandates, fund redevelopment working capital, and absorb execution timing variances. This structural strength reduces refinancing risk and supports steady investment in project delivery capabilities over the medium term.

Improving operating cash generation

Rising operating cash flow and positive free cash flow growth enhance NBCC’s ability to self-fund project advances, pay down liabilities, and invest in strategic redevelopment initiatives. Over months this bolsters liquidity, reduces dependency on external financing, and strengthens execution credibility with government clients.

Negative Factors

Dependence on government/PSU capex timing

A business model concentrated on government and PSU mandates creates structural revenue timing risk: award and disbursement cycles, budget shifts, or policy delays can defer fee recognition for months. Over the medium term this can cause lumpy revenue and planning uncertainty for resource utilization and working capital.

Redevelopment monetization & approval risk

NBCC’s redevelopment activities rely on approvals and market realizations to monetize inventory. Structural delays in clearances or weak real estate demand can compress expected spreads or defer cash inflows, reducing long-term returns on development investments and increasing exposure to execution and market cycles.

Cash conversion and margin headroom

Despite improved cash flow, the firm still shows scope to convert reported income into cash more efficiently. Persisting working-capital drag or modest operating margins could limit free cash generation resilience during slower award cycles, constraining reinvestment or dividend flexibility over the medium term.

NBCC (INDIA) LIMITED Business Overview & Revenue Model

Company Description

NBCC (India) Limited engages in project management consultancy and real estate development businesses in India and internationally. The company operates through three segments: Project Management Consultancy (PMC); Engineering Procurement and Construction (EPC); and Real Estate Development. The PMC segment offers services for various civil construction projects, including residential and commercial complexes, re-development of colonies, hospitals, educational institutions, infrastructure works for security personnel, and border fencing projects, as well as infrastructure projects, such as roads, water supply systems, storm water drainage systems, water storage solutions, and solid waste management schemes. The EPC segment executes various projects, which include chimneys, cooling towers, coal handling plants, roads, TV towers, airports, runways, etc.; and project conceptualization, feasibility studies, detailed project reports, engineering, tender specifications and packages covering basic and detailed engineering, review of projects, procurement, construction drawings, commissioning, testing, and handing projects services. The Real Estate Development segment develops residential, commercial, and institutional projects. It is also involved in the provision of post-construction maintenance services; implementation of integrated steel plants; consultancy services in the field of hospital planning, design, detail engineering, quality control, project management, and monitoring, as well as procurement, supply, installation, and commissioning of medical equipment; construction, real estate, and project management consultancy; and environment and sustainability business. The company was formerly known as National Buildings Construction Corporation Limited and changed its name to NBCC (India) Limited in May 2016. NBCC (India) Limited was incorporated in 1960 and is headquartered in New Delhi, India.

How the Company Makes Money

NBCC makes money primarily through its three main business segments: Project Management Consultancy (PMC), Real Estate Development, and Engineering, Procurement, and Construction (EPC) services. In the PMC segment, NBCC offers consultancy services for government projects, wherein it charges a fee based on the project cost and completion. This segment is the largest contributor to the company's revenue. In real estate, NBCC engages in the development and sale of residential and commercial properties, earning profits from property sales and leasing. The EPC segment involves executing construction projects, where NBCC earns revenue through contractual agreements for building infrastructure. Additionally, NBCC benefits from government support, given its status as a public sector undertaking, which often provides it with preferential access to government projects.

NBCC (INDIA) LIMITED Financial Statement Overview

Summary

NBCC (INDIA) LIMITED demonstrates strong financial health with robust revenue growth and improving profitability. The balance sheet is stable with low leverage, and cash flows are positive, though there is room for improvement in cash conversion efficiency.

Income Statement

NBCC (INDIA) LIMITED shows strong revenue growth with a consistent upward trajectory over the years. The gross profit margin has remained stable, indicating efficient cost management. Net profit margin has improved markedly, suggesting enhanced profitability. The EBIT and EBITDA margins, though modest, reflect steady operational efficiency.

Balance Sheet

The company maintains a low debt-to-equity ratio, highlighting prudent financial management and low leverage risk. Return on equity has shown an improving trend, indicating effective use of shareholders' funds. However, the equity ratio suggests moderate reliance on liabilities for asset financing, which is typical for the industry.

Cash Flow

Cash flow from operations has improved significantly, demonstrating better cash conversion from revenues. The free cash flow growth rate is positive, supporting strategic investments and financial flexibility. However, the operating cash flow to net income ratio indicates room for improvement in translating income into cash flows.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	124.15B	121.68B	105.00B	87.84B	75.92B	68.85B
Gross Profit	14.47B	14.26B	10.52B	7.19B	5.02B	4.70B
EBITDA	8.10B	7.29B	6.08B	3.34B	1.76B	985.30M
Net Income	5.69B	5.41B	4.02B	2.67B	2.24B	2.26B
Balance Sheet
Total Assets	0.00	136.41B	127.79B	128.79B	134.44B	131.64B
Cash, Cash Equivalents and Short-Term Investments	59.62B	59.62B	52.57B	52.31B	55.66B	55.16B
Total Debt	0.00	4.03M	6.32M	4.53M	4.57M	5.14M
Total Liabilities	-26.71B	109.70B	103.67B	107.55B	115.06B	113.67B
Stockholders Equity	26.71B	24.79B	22.26B	19.45B	17.68B	16.37B
Cash Flow
Free Cash Flow	0.00	7.90B	282.58M	-4.52B	734.26M	4.25B
Operating Cash Flow	0.00	11.10B	730.52M	-4.40B	798.82M	4.31B
Investing Cash Flow	0.00	1.20B	-2.18B	3.39B	333.36M	1.78B
Financing Cash Flow	0.00	-2.69B	-1.03B	-902.74M	-946.75M	-405.29M

NBCC (INDIA) LIMITED Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 122.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NBCC, the sentiment is Negative. The current price of 122.65 is above the 20-day moving average (MA) of 97.66, above the 50-day MA of 104.64, and above the 200-day MA of 110.36, indicating a bearish trend. The MACD of -3.15 indicates Positive momentum. The RSI at 28.50 is Positive, neither overbought nor oversold. The STOCH value of 17.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:NBCC.

NBCC (INDIA) LIMITED Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MINDSPACE	74 Outperform	₹296.85B	52.01	―	0.00%	14.72%	-4.44%
KPIL	73 Outperform	₹201.14B	25.37	―	0.77%	25.09%	50.01%
NBCC	66 Neutral	₹241.46B	38.25	―	0.48%	15.84%	31.93%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
BRIGADE	62 Neutral	₹166.12B	22.69	―	0.28%	11.20%	57.52%
HUDCO	62 Neutral	₹363.65B	13.43	―	2.92%	30.25%	13.67%

NBCC (INDIA) LIMITED Corporate Events

NBCC Courts Seychelles With 139-Acre Island Infrastructure Proposal

NBCC (India) Limited hosted a high-level delegation from the Republic of Seychelles, led by Vice President Sebastien Pillay, at its New Delhi headquarters to discuss potential island infrastructure projects. The talks centered on leveraging NBCC’s experience in overseas social housing and large-scale construction to support Seychelles’ development goals.

During the meeting, NBCC presented a proposed master plan for developing about 139 acres on a Seychelles island, including affordable social housing, leisure and hospitality facilities, premium villas, a sports arena, and broader social infrastructure. The visit builds on earlier discussions in Seychelles and showcased NBCC’s track record, including a 2,000-unit social housing project in Maldives that used Indian workforce and materials.

Seychelles’ delegation expressed confidence in NBCC’s capabilities and appreciation for the detailed plans shared during the visit, signaling potential for future project awards. NBCC’s management reiterated its commitment to sustainable, high-quality infrastructure and emphasized its intent to deepen cooperation with Seychelles across multiple sectors, underscoring the company’s push to expand its international footprint in island and social infrastructure development.

NBCC Signs MoU With Mumbai Port Authority for 25-Acre CGO Complex and Infrastructure Development

NBCC (India) Limited has signed a Memorandum of Understanding with the Board of Mumbai Port Authority under which NBCC will act as the executing agency and Project Management Consultant for a major development at Mumbai Port. Following in-principle approval from Mumbai Port Trust, NBCC has been engaged on an agency charge of 7% of project cost (excluding GST) to plan, design, execute and supervise a Central Government Offices (CGO) Complex on 25 acres of port land on a turnkey, deposit-work basis, along with associated facilities such as an iconic building, multi-level car parking, an international convention centre and maintenance of various port-related infrastructure; the company characterizes the MoU as part of its normal course of business, reinforcing its role in high-value government infrastructure projects.

NBCC (India) Director (Projects) Saleem Ahmad Relieved After Appointment as CMD of RVNL

NBCC (India) Limited has announced that Saleem Ahmad has ceased to be Director (Projects) following his appointment as Chairman and Managing Director of Rail Vikas Nigam Limited, with effect from 23 December 2025. The company clarified that his departure is solely due to this new appointment, signalling a leadership change in its projects vertical while avoiding any indication of underlying operational or governance issues, which should reassure investors and other stakeholders that the transition is routine and continuity-focused.