NBCC
Small CapNBCC (India) Limited
Infra
NBCC (India) Limited is a Navratna CPSE with 65+ years in project management consultancy (PMC), engineering procurement & consultancy (EPC), and real estate. It specializes in redevelopment projects, boasts a debt-free balance sheet, and serves primarily government clients, with a growing international presence.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 17/100Rev -2% YoY · margin compression · PAT +39% YoY · +51% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,560 Cr | -1.8% | +50.9% |
| EBITDA | ₹287 Cr | -1.4% | +151.8% |
| Operating margin | 6.0% | +0 bps | +200 bps |
| PAT | ₹254 Cr | +38.8% | +28.9% |
| PAT margin | 5.6% | +163 bps | -95 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
NBCC (Consolidated) reported a 7.01% YoY revenue growth and a 33.19% YoY PAT growth for FY26, driven by strong new business secured at ₹18,780 Cr and a robust order book of ₹1,27,820 Cr. Q4 FY26 revenue declined 1.81% YoY, but PAT rose 38.78% YoY.
The company demonstrates strong execution capabilities and an expanding project pipeline, particularly in redevelopment and stalled real estate. The asset-light model and government client focus provide stability. Sustained order book conversion and successful monetization of real estate assets are key for future growth.
Redevelopment Business
Unique self-sustainable model generating funds through commercial exploitation, expanding beyond Delhi to other metropolitan cities and states.
Stalled Real Estate Projects
Supreme Court-mandated PMC for Amrapali and Supertech projects, providing significant top-line potential (e.g., ₹10,000 Cr for Supertech).
Government Client Relationships
Obvious partner-of-choice for Govt. clients, securing large-scale urban development and infrastructure projects.
International Expansion
Growing presence in Dubai, Maldives, Mauritius, Seychelles, with plans for new markets like Burundi, Mongolia, Jeddah, and Zambia.
Amrapali Phase 2 Housing
Additional 8,269 houses are being constructed across 6 FAR projects.
Ghitorni Project Development
Cleared path to develop 21.23 acres (4.45 lakh sq. meters BUA) with an estimated revenue potential of ₹8,500 Cr.
Dubai Real Estate Project
Purchased ~15 million AED (~₹37 Cr) land for a mixed-use project (14,776 sq ft) with an expected saleable area of 51,716 sq ft.
Government Focus on Infrastructure
As a CPSE, NBCC is a preferred partner for government-led projects, including urban development and monetization of land parcels.
Resolution of Stalled Projects
Supreme Court mandates for Amrapali and Supertech provide a significant, self-sustainable project pipeline without deploying NBCC's own funds.
Asset-Light Business Model
Redevelopment and PMC models minimize balance sheet risk and capital deployment, relying on commercial exploitation for funding.
Real Estate Sales Dependence
Monetization of commercial BUA in redevelopment projects (e.g., GPRA) is crucial for funding and revenue generation.
Project Execution Delays
Timely completion of large-scale and complex projects like GPRA and Amrapali Phase 2 is critical for revenue recognition and reputation.
Receivables Management
While Supertech projects have sufficient receivables, managing working capital across numerous projects, especially stalled ones, remains important.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual performance and growth trends in the infrastructure sector. QoQ is relevant for tracking sequential momentum in order inflows, project execution, and real estate sales, especially for a company with diverse project cycles.
Order Book (Consolidated)
₹1,27,820 Cr as on 31.03.2026.
New Business Secured (Consolidated FY26)
₹18,780 Cr.
Works Awarded (Consolidated FY26)
₹11,546 Cr.
Revenue from Operations (Consolidated FY26)
₹12,888.61 Cr, up 7.01% YoY.
Focus on Execution
Management emphasizes execution, order book conversion into running projects, and faster, quality construction using new technology.
Overseas Expansion
Actively exploring new international opportunities in regions like Jeddah, Burundi, and Zambia, building on existing presence.
Stalled Projects Takeover
Willing to take over any/all stalled projects based on internal due diligence to provide relief to stuck homebuyers.
Monetization of PSU Land
Envisaging development/redevelopment of PSU's vacant/under-utilized land parcels on a self-sustainable basis to meet cash flow needs.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Conversion | ₹33,497 Cr in running projects vs ₹94,323 Cr yet to award/start (Consolidated). | Increase in running projects as a percentage of the total order book, indicating faster execution ramp-up. |
| Real Estate Sales (GPRA) | WTC Nauroji Nagar 100% sold; Bharat Business Park 62.5% sold; Residential units yet to be launched. | Launch and sales progress of remaining GPRA commercial and residential units, crucial for funding redevelopment. |
| Amrapali/Supertech Execution | >32,550 Amrapali houses completed; 8,269 additional houses under construction for Amrapali Phase 2. | Timely completion and handover of remaining Amrapali and Supertech units, validating the self-sustainable model. |
| Ghitorni Project Development | Land dispute settled, ₹220 Cr paid, leasing in progress for 21.23 acres. | Commencement of development and progress on the estimated ₹8,500 Cr revenue potential project. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -3.0% / mo
Technical chart
NBCCweekly · 3Y+9.1%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 59.
- SMA20 falling (~3.1% over last month) — short-term momentum negative.
- RSI(14) at 59 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 16% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 18/20 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -1.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 99th percentile within Infra. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 61.8%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Infra: 99th pctile, median 65 · Small: 99th pctile, median 65
92 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.5%.
- ▸9 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 42.20
- P/B
- 9.20
- EV/EBITDA
- 44.34
- Market Cap
- 27934.00Cr
Profitability
- ROE
- 24.10%
- ROCE
- 31.00%
- ROA
- 4.56%
- Dividend Y
- 0.65%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 2.48
- Book Value
- 11.20
Cash Flow
- FCF Yield
- 2.47%
- FCF Positive Y
- 9/5
- OCF
- 439.00 Cr
- EPS TTM
- 2.67
Shareholding
- Promoter Hold
- 61.75%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 50%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.