Acts primarily as a Project Management Consultancy (PMC), managing construction projects on behalf of government clients on a deposit-work basis rather than executing them with its own crews. PMC accounted for 96.3% of FY26 segment revenue at ₹9,392.89 crore, with EBIT of ₹673.68 crore. The EPC segment — where it actually builds — contributed just 2.4% of segment revenue at ₹233.85 crore, and the Real Estate segment contributed 1.0% at ₹100.10 crore but generated ₹106.94 crore of EBIT, making it disproportionately profitable. The consolidated order book stood at ₹1,27,000 crore (standalone ₹1,12,000 crore) at the Q3 FY26 mark, of which about ₹50,000 crore of projects (J&K, MAHAPREIT, Supertech) were yet to start execution. The dominant pipeline is government asset redevelopment: the 7 GPRA Delhi colonies (Sarojini Nagar at ₹4,600 cr, Netaji Nagar at ₹2,500 cr), the Amrapali stuck housing projects, a Supreme Court-mandated takeover of Supertech's ~50,000 units (receivable ~₹16,000 cr, construction cost ~₹9,500 cr), and a freshly-settled 21.23-acre South Delhi plot at Ghitorni with ₹8,500 cr of revenue potential. Real estate income comes largely from selling commercial built-up area — for instance, an e-auction of ~7.08 lakh sq ft at Sarojini Nagar's Bharat Business Park for ~₹2,857 cr earns NBCC a 1% marketing fee. Cost structure is dominated by other operating expenses at 90.4% of revenue, with employee cost at 2.9% and depreciation at 0.1%, reflecting the asset-light consultancy model. The subsidiary HSCC (healthcare infrastructure PMC, FY26 turnover ~₹1,850 cr) is being merged into the parent with appointed date April 1, 2026, and another subsidiary HSCL continues to bag state-level PMC orders in Odisha and elsewhere. International work is nascent — a USD 75 million, 1,008-unit Seychelles housing project signed in July 2026 and a Dubai launch in March. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PMC (Project Management Consultancy) (96%), EPC (Engineering, Procurement & Construction) (2%), Real Estate (1%), Unallocated (0%). Asset-light, government-dependent project management and consultancy; revenue lumpy and policy-driven by government asset redevelopment decisions.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,691 | 8,754 | 10,433 | 12,039 | 12,889 |
| EBITDA (ex other income) | 131 | 171 | 330 | 528 | 697 |
| margin % | 1.7 | 1.9 | 3.2 | 4.4 | 5.4 |
| Owners' profit | 224 | 267 | 402 | 541 | 720 |
| EPS, as reported (₹) | 1.25 | 1.48 | 2.23 | 2.00 | 2.67 |
| ROE % · ROCE % | 12.3 · 13.4 | 13.1 · 14.5 | 17.2 · 20.8 | 20.9 · 26.2 | 23.1 · 29.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 80 | (440) | 73 | 657 | 439 |
| Capex | (6) | (11) | (16) | (320) | (37) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,459 | 2,827 | 4,643 | 2,391 | 2,910 | 3,022 | 4,560 | 2,260 |
| Profit before tax | 166 | 196 | 249 | 181 | 205 | 263 | 342 | 213 |
| Net profit | 125 | 142 | 183 | 135 | 157 | 197 | 254 | 158 |
| EPS (₹) | 0.45 | 0.51 | 0.65 | 0.49 | 0.57 | 0.71 | 0.89 | 0.57 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| PMC | 12,375 | 96.1 |
| Real Estate | 95 | 0.7 |
| EPC | 382 | 3.0 |
| Unallocated | 31 | 0.2 |
| Total, before eliminations | 12,884 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,40,766 | 32.6 | 4.21 | 19.5 | 14.7 | 11.9 | 16.0 | 12.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · NBCC 66th AGM: total Rs 1.00 dividend per share approved for FY26 | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · NBCC appoints D K Chhajer and Co as statutory auditor for FY 2026-27 | management changes | medium | — | — |
| 28 Aug 2026 · NBCC signs MoU with NHPC for infrastructure project execution as PMC at 5.5 percent fees | strategic transactions | high | — | — |
| 27 Aug 2026 · NBCC bags work orders worth Rs 134.27 Cr for school and bank construction | business updates | high | — | — |
| 25 Aug 2026 · NBCC gets Rs 121.74 Cr order for 170 school buildings in Rajasthan | business updates | medium | — | — |
| 25 Aug 2026 · NBCC sells 111 Noida residential units via e-auction for Rs. 416.53 cr | business updates | high | — | — |
| 21 Aug 2026 · NBCC 66th AGM on Sept 11; e-voting from Sept 8 to Sept 10 | compliance | minimal | — | — |
| 20 Aug 2026 · NBCC files BRSR for FY 2025-26 with reasonable assurance | compliance | low | — | — |
| 20 Aug 2026 · NBCC schedules 66th AGM for September 11, 2026 | board shareholder meetings | medium | — | — |
| 20 Aug 2026 · NBCC 66th AGM on Sept 11, 2026 via video conferencing | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| RAIL VIKAS NIGAM LIMITED | 42,722 | 47.5 | 4.35 | 30.4 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,541 | 21.6 | 3.17 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 23,770 | 18.2 | 1.13 | 10.5 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED ◆ | 22,383 | 30.3 | 6.96 | 18.8 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 21,472 | 35.7 | 8.95 | 18.2 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 15,144 | 19.3 | 4.81 | 16.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,339 | 26.3 | 2.73 | 18.6 | 11.4 | 12.4 | 29.6 | 20.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.3 | 14.9 | 82 of 107 | 24% |
| P/B | 7.0 | 1.4 | 84 of 86 | 2% |
| ROCE | 29.7 | 10.0 | 10 of 109 | 92% |
| ROE | 23.1 | 9.2 | 10 of 91 | 90% |
| Debt / Equity | 0.0 | 0.3 | 4 of 91 | 88% |
| EBITDA margin | 9.6 | 12.4 | 59 of 88 | 33% |
| Revenue growth | (5.5) | 6.2 | 59 of 86 | 32% |
| Profit growth | 17.0 | 2.7 | 30 of 84 | 65% |
| Market cap | 22383 | 485 | 5 of 108 | 96% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
