NBCC (INDIA) LIMITED (NBCC) AI Stock Analysis

• Market Cap: ₹213.57B
• Dividend Yield: 0.48%
• Average Volume (3M): 662.73K
• Price to Earnings (P/E): 42.6
• Beta (1Y): 1.93
• 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: ₹85.00 ▼(-30.70% 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 and Earnings Growth

Double-digit revenue growth and outsized EPS improvement reflect expanding PMC mandates and better execution. This indicates durable top-line momentum and operational leverage from ongoing projects, supporting sustained earnings as milestone-linked fee recognition continues over coming quarters.

Low Leverage / Balance Sheet Health

A low debt-to-equity profile and improving ROE reduce solvency and refinancing risk, giving NBCC flexibility to bid for large government mandates and fund redevelopment without excessive leverage. This balance-sheet strength supports stable operations and strategic investments over the medium term.

Improving Cash Generation

Rising operating cash flows and positive free cash flow growth lower dependence on external funding for project pre-financing. Stronger cash generation increases resilience to delays in monetization of redevelopment projects and supports sustained investment in execution and joint ventures.

Negative Factors

Dependence on Government/PSU Capex

Heavy reliance on government and PSU capex, approvals and project awards makes revenue timing lumpy and dependent on public budgets. Structural exposure to public-sector cycles and clearance delays reduces multi-month revenue predictability and raises execution/timing risk.

Modest Operating Margins

Modest EBIT/EBITDA margins limit the company’s cushioning against cost overruns and competitive bidding pressure. As a fee-based PMC with some EPC work, constrained margins reduce internal funding capacity for large redevelopment projects and limit long-term profitability expansion.

Cash Conversion Gaps

Although cash flows have improved, incomplete conversion of accrual profits into cash can strain working capital during lumpy project billing and redevelopment monetization. Persistent conversion gaps may delay returns and increase short-term financing needs for project execution.

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 earns the majority of its income through a fee/commission-based Project Management Consultancy (PMC) model. Under this model, NBCC is appointed by a client (often a government department, PSU, or statutory body) to manage end-to-end delivery of a project—such as planning, design coordination, tendering, contractor selection support, supervision, quality/safety oversight, scheduling, and cost control. It typically recognizes revenue as PMC fees linked to the project’s cost/execution milestones, rather than earning primarily from construction margin as a principal contractor. A second major revenue stream comes from redevelopment and development projects executed on a self-sustainable basis, where NBCC may undertake redevelopment of existing assets (commonly government/PSU land or housing stock) and monetize part of the developed area (e.g., through sale/lease of commercial or residential inventory) while using the proceeds to fund the redevelopment and retain a surplus/margin. In such arrangements, earnings are driven by the value realized from monetization (sale/lease) and the spread between project costs and realizations, subject to project structure and approvals. NBCC may also generate revenue from Engineering, Procurement and Construction (EPC) or construction execution assignments where it acts in a more execution-focused role, earning contract revenue tied to billings/measurements and project progress. Additional income can arise from allied services such as consultancy/engineering services, project-related reimbursements/charges as per contract terms, and contributions from subsidiaries/joint ventures (e.g., share of profit/dividends) where applicable. Key factors influencing NBCC’s earnings include the size and timing of government/PSU capex and redevelopment pipelines, the company’s ability to secure PMC mandates, execution progress (which drives fee recognition), timely approvals and clearances for redevelopment monetization, and real estate market conditions affecting sale/lease realizations in monetization-led 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	128.67B	121.68B	105.00B	87.84B	75.92B	68.85B
Gross Profit	13.66B	14.26B	10.52B	7.19B	5.02B	4.70B
EBITDA	8.50B	7.29B	6.08B	3.34B	1.76B	985.30M
Net Income	6.00B	5.41B	4.02B	2.67B	2.24B	2.26B
Balance Sheet
Total Assets	133.95B	136.41B	127.79B	128.79B	134.44B	131.64B
Cash, Cash Equivalents and Short-Term Investments	59.70B	59.62B	52.57B	52.31B	55.66B	55.16B
Total Debt	3.23M	4.03M	6.32M	4.53M	4.57M	5.14M
Total Liabilities	105.40B	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	-11.12B	7.90B	282.58M	-4.52B	734.26M	4.25B
Operating Cash Flow	-10.98B	11.10B	730.52M	-4.40B	798.82M	4.31B
Investing Cash Flow	2.24B	1.20B	-2.18B	3.39B	333.36M	1.78B
Financing Cash Flow	-1.10B	-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: Neutral
• STOCH: Neutral

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 87.35, above the 50-day MA of 95.26, and above the 200-day MA of 108.26, indicating a bearish trend. The MACD of -4.12 indicates Positive momentum. The RSI at 31.47 is Neutral, neither overbought nor oversold. The STOCH value of 26.26 is Neutral, 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	₹290.21B	40.17	―	0.00%	14.72%	-4.44%
KPIL	73 Outperform	₹173.98B	33.73	―	0.77%	25.09%	50.01%
NBCC	66 Neutral	₹213.57B	42.59	―	0.48%	15.84%	31.93%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
BRIGADE	62 Neutral	₹155.37B	29.00	―	0.28%	11.20%	57.52%
HUDCO	62 Neutral	₹330.41B	16.02	―	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.