Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug
Source: Bse
NBCC (India) Limited (NBCC)
Small CapInfra stocks · Small cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:32 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -9.1% / mo · RSI oversold · MACD − · near 52W low · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 22
Sector RS: 38
Sector 3M: -7.9% vs Nifty 500 -5.6%
Infra FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
NBCCD candles · FIT view-25.1%Latest close ₹71.45 on 2026-10-21
Bar
-3.3%
RSI
27
MACD hist
-0.09
52W pos
1%
2026-10-21O ₹73.91H ₹74.06L ₹70.74C ₹71.45Vol 59.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NBCCNifty InfraNifty 500
- NBCC
- -26.2%
- Nifty 500
- -6.5%
- Nifty Infra
- -8.6%
- Vs Nifty 500
- -19.7 pp
Chart stats
21 Oct 2026- From 52W high
- -43.2%
- 52W range position
- 1%
- ATR (14)
- 2.8%
- Volume vs 20D
- 1.25x
- Avg traded value
- ₹37.7 Cr
- 20D price channel
- ₹70.7 - ₹84.3
₹125.9
₹70.7 - ₹125.9
₹2
Latest completed session
20-session average
29.2% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE46
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad20
Revenue -5.5% · PAT +17.0% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model-12.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 20/100Rev -5% YoY · PAT +17% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,260 Cr | -5.5% | -50.4% |
| EBITDA | ₹155 Cr | +40.9% | -46.0% |
| Operating margin | 7.0% | +240 bps | +100 bps |
| PAT | ₹158 Cr | +17.0% | -37.8% |
| PAT margin | 7.0% | +134 bps | +142 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 29.80
- P/B
- 6.74
- EV/EBITDA
- 30.26
- Market Cap
- 20396.00Cr
Profitability
- ROE
- 20.40%
- ROCE
- 29.30%
- ROA
- 4.69%
- Dividend Y
- 1.32%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 13.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 2.14
- Book Value
- 11.20
Cash Flow
- FCF Yield
- 3.38%
- FCF Positive Y
- 9/5
- OCF
- 439.00 Cr
- EPS TTM
- 2.74
Shareholding
- Promoter Hold
- 61.75%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 2,260-50.4% vs prev
Net Profit
₹ CrLatest: 158-37.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 27. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~10.1% over last month) — short-term momentum negative.
- RSI(14) at 27 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
5
RS percentile
Stage 4 Downtrend
1M return
-14.1%
3M return
-26.2%
6M return
-23.4%
1Y return
-38.0%
RS 1D
-2
RS 20D
-8
Sector rank
#12
Industry rank
-
Stage evidence
- Price is 22.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 69.32-2.15%
RS vs Nifty 50069
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth12/25
Quality13/20
Balance Sheet9/15
Cash Flow6/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
46
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
46/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 3.4%.
- Piotroski is strong at 7/9.
- Quality contributes 13/20 to the score.
Main drags
- Fair-value margin of safety is negative at -12.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
29.8
PB
6.7
EV/EBITDA
30.3
ROE
20.4%
ROCE
29.3%
FCF Yield
3.4%
Debt/Equity
0.0
MoS
-12.9%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
46
Previous: 46
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-12.9%
Previous: -16.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
46
46
46
46
46
46
46
46
46
46
46
46
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹26.28
-171.9% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹63.29
-12.9% MoS
PEG
1.73
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
LCCPROJECT
Micro
LCC Projects Limited
Construction
match 50
75
14.5
38.0%
+44%
DEEP VALUE
ANNU
Micro
Annu Projects Limited
Construction
match 49
62
14.2
21.6%
+57%
UNDERVALUED
AJAXENGG
Small
Ajax Engineering Limited
Construction & Engineering
match 17
45
29.5
17.8%
-23%
WATCHLIST
CEMPRO
Large
Cemindia Projects Limited
Construction & Engineering
match 17
56
32.7
27.8%
-44%
FAIR VALUE
CEIGALL
Small
Ceigall India Limited
Construction & Engineering
match 17
39
20.8
15.7%
+7%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-16T07:42:10.381Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 94th percentile within Infra. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
94 docs text-extracted · 57 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Infra: 94th pctile, median 64 · Small: 95th pctile, median 66
Evidence depth
Financial-only
94 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
80
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
83
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 61.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.4%.
- ▸9 years of positive FCF.
Trust risks
- ▸ROCE trend is -2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching NBCC (India) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Aug
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
NBCC''s Notice Of 66Th Annual General Meeting (AGM) And Integrated Annual Report For FY 2025-26 20 Aug
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.