NSE: NBCC · BSE: 534309
NBCC (INDIA) LIMITED
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED ◆ | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.5 | 13.5 | 75 of 101 | 26% |
| P/B | 5.9 | 1.3 | 81 of 85 | 5% |
| ROCE | 29.7 | 10.0 | 9 of 107 | 93% |
| ROE | 23.1 | 9.1 | 8 of 87 | 92% |
| Debt / Equity | 0.0 | 0.4 | 1 of 87 | 92% |
| 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 | 18857 | 456 | 6 of 107 | 95% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve September quarter results and consider interim dividend | results | low | — | — |
| 21 Oct 2026 · NBCC: Corrigendum to MCA order on HSCC merger scheme | strategic transactions | high | — | — |
| 19 Oct 2026 · NBCC appoints Ashutosh Gautam as Director (Projects) | management changes | high | — | — |
| 16 Oct 2026 · NBCC corrigendum to MCA order on HSCC merger first motion | regulatory legal | high | — | — |
| 12 Oct 2026 · Newspaper notice on demat window for physical shares | compliance | minimal | — | — |
| 9 Oct 2026 · NBCC gets MCA order on HSCC merger first motion, shareholder meetings waived | regulatory legal | high | — | — |
| 7 Oct 2026 · NBCC files Reg 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · NBCC bags 3 work orders worth about Rs 28.78 Cr from KVS and IDPS | business updates | medium | — | — |
| 24 Sept 2026 · NBCC trading window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 15 Sept 2026 · NBCC bags work orders worth Rs 144.98 Cr from govt clients | business updates | medium | — | — |
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|---|---|---|
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Sources, method and disclosures
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.