Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Nbcc India Ltd.
NSE: NBCCIndustrialsEngineering & Construction
- Last close
- ₹67.90
- Day change
- −₹2.60 (−3.69%)vs
- Market cap
- ₹20,388 crIndian rupees
- Research updated
- 2 reports
Follow Nbcc India
Create an account, then follow this company for weekday briefs. You will return to Nbcc India after signing in.
About Nbcc India
NBCC (India) Ltd. is a public sector construction and infrastructure services company based in New Delhi, India. It focuses on project management consultancy, engineering procurement and construction, and real estate development. The company is involved in civil engineering and redevelopment work across residential, commercial, institutional, and government projects, including large-scale public infrastructure and urban redevelopment assignments. NBCC also handles specialized construction for sectors such as education, healthcare, water systems, and national infrastructure. As a Navratna enterprise, it plays a significant role in executing government-led construction and redevelopment projects in India, while also supporting selected overseas work through its diversified operating model.
- Sector
- Industrials
- Industry
- Engineering & Construction
- Listing
- NSE: NBCC
- Next results
- Employees
- 1,150
- Headquarters
- New Delhi, India
- ISIN
- INE095N01031
- Website
- nbccindia.in
Public research · Report of
Business model & financial foundation
NBCC (NSE: NBCC), Construction & engineering -- project management consultancy, government redevelopment and real estate: revenue of ₹12,889 crore in FY26 (+7.0% on FY25), an EBITDA margin of 4.8% and net profit of ₹720.0 crore.
- Revenue, FY26 (₹ crore)
- 12,889
- consolidated
- Revenue growth, FY26
- +7.0%
- on FY25
- EBITDA margin, FY26
- 4.8%
- EBITDA (analyst operating definition) / revenue
- Net profit, FY26 (₹ crore)
- 720.0
- to owners
- Return on equity, FY26
- 26.2%
- on average equity
- Market capitalisation (₹ crore)
- 20,388
- at the close of 16 Oct 2026
Company profile
NBCC is a Navratna central public sector enterprise under the Ministry of Housing and Urban Affairs. It earns mainly as project management consultant (PMC) on government-funded construction — booking the whole project cost as revenue and keeping a fee of roughly 7-8% — and increasingly on self-sustaining redevelopment of government colonies funded by selling commercial space, where it also earns a marketing fee. Smaller arms do EPC and own-land real estate development (Ghitorni, Gurugram Sector 37D). It carries no borrowings and holds client funds and its own cash.
| Item | Value |
|---|---|
| Legal name | NBCC (India) Limited (formerly National Buildings Construction Corporation Limited) |
| Exchange and ticker | NSE: NBCC; BSE: 534309 |
| ISIN | INE095N01031 |
| Sector | Industrials |
| Industry | Construction & engineering — project management consultancy, government redevelopment and real estate |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | D K Chhajer & Co. (CAG-appointed statutory auditor) |
| Market capitalisation | ₹20,388 crore (16 Oct 2026) |
| Shares outstanding | 270.00 crore shares (FY26) |
| Price | ₹75.47 (close, 16 Oct 2026) |
| 52-week range | ₹73.90 - ₹125.9 (to 16 Oct 2026) |
| Website | https://www.nbccindia.in |
Corporate structure and shareholding
Parent: Government of India (Ministry of Housing and Urban Affairs).
| Entity | Holding | Business |
|---|---|---|
| HSCC (India) Limited | 100% | Healthcare infrastructure consultancy and PMC; merger into NBCC approved by board 14 Jul 2026 |
| Hindustan Steelworks Construction Limited (HSCL) | n.d. | Construction and EPC; order book Rs 6,708 cr at 31 Mar 2026 |
| NBCC Services Limited (NSL) | n.d. | Facility management and small works; order book Rs 326 cr at 31 Mar 2026 |
Order book at 31 Mar 2026: NBCC Rs 1,13,004 cr, HSCC Rs 7,782 cr, HSCL Rs 6,708 cr, NSL Rs 326 cr (S8). Board in-principle approval (11 Aug 2026) for a wholly owned SPV for a CPSE REIT.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 61.75% | 61.75% | 61.75% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 5.19% | 4.99% | 4.77% | |
| Domestic institutions | 12.25% | 10.75% | 11.27% | |
| of which mutual funds | 7.30% | 5.84% | 6.30% | |
| Retail | 17.00% | 18.45% | 17.41% | |
| Other | 3.81% | 4.06% | 4.80% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
NBCC (India) is a Navratna CPSE under MoHUA. It earns mostly as project-management consultant (PMC), booking gross project cost as revenue and retaining a fee of roughly 7-8%, plus redevelopment marketing fees. PMC was Rs12,375 cr of FY26 consolidated revenue of Rs12,889 cr. Smaller EPC and own-land real-estate activities add cyclicality. NBCC has no funded debt; cash balances include client monies, while management stated own cash of Rs666 cr at June 2026.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Project Management Consultancy (PMC) | 12,375 | 96.0% | 790.5 | 79.7% |
| Real Estate | 100.1 | 0.8% | 106.5 | 10.7% |
| Engineering, Procurement and Construction (EPC) | 382.0 | 3.0% | 27.9 | 2.8% |
| Unallocated | 31.4 | 0.2% | 66.5 | 6.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Engineers India (ENGINERSIN) | PSU engineering consultancy earning fees on government/PSU capex; asset-light, cash-rich |
| RITES (RITES) | PSU consultancy and project management, fee-based, debt-free |
| IRCON International (IRCON) | PSU construction/EPC executing government orders on nomination |
| Rail Vikas Nigam (RVNL) | PSU project executor on government orders with order-book-driven revenue and thin margins |
| NCC (NCC) | Large private building and infrastructure contractor; key contractor class NBCC awards to |
| Ahluwalia Contracts (AHLUCONT) | Building contractor on government institutional projects (hospitals, colonies) similar to NBCC's PMC book |
| HUDCO (HUDCO) | MoHUA PSU funding redevelopment/self-sustaining projects (MAHAPREIT, Naveen Nagpur); same ministry, same theme |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 7,575 | 8,771 | 10,407 | 12,044 | 12,889 |
| Cost of revenue (vendor classification) * | 7,078 | 8,054 | 9,442 | 10,736 | 11,623 |
| Other operating costs (vendor classification) * | 112.3 | 1.65 | 64.8 | 99.6 | 103.3 |
| EBITDA (vendor classification) * | 397.9 | 801.6 | 980.8 | 1,224 | 1,157 |
| EBIT * | 320.4 | 563.9 | 770.7 | 920.3 | 1,145 |
| Finance costs | 5.68 | 192.0 | 0.05 | 0.06 | 0.03 |
| Profit before tax after exceptional items and JV share | 314.7 | 371.9 | 558.5 | 755.0 | 991.3 |
| Total tax expense | 76.8 | 93.9 | 144.2 | 197.6 | 248.9 |
| Consolidated profit after tax including NCI | 237.9 | 278.0 | 414.4 | 557.4 | 742.4 |
| Diluted EPS (₹) | 0.83 | 0.99 | 1.49 | 2.00 | 2.67 |
| Other income | 234.0 | 229.2 | 307.3 | ||
| Direct costs including work and consultancy | 9,442 | 10,736 | 11,623 | ||
| Employee benefits expense | 328.7 | 348.1 | 379.2 | ||
| Other operating expenses including impairment and writeoffs | 122.3 | 330.0 | 269.9 | ||
| EBITDA (analyst operating definition) | 513.3 | 629.3 | 616.7 | ||
| Depreciation and amortisation | 5.30 | 7.44 | 13.1 | ||
| Exceptional items (gain positive) | -183.6 | -96.0 | 80.2 | ||
| Share of joint venture profit or loss | 0.11 | -0.05 | 0.27 | ||
| Profit attributable to non-controlling interests | 12.8 | 16.3 | 22.4 | ||
| Profit attributable to owners of parent | 401.6 | 541.1 | 720.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners excluding NCI | 1,938 | 2,124 | 2,226 | 2,479 | 3,017 |
| Lease liabilities; no other borrowings disclosed | 0.46 | 0.45 | 0.63 | 0.40 | 0.26 |
| Cash and cash equivalents | 2,535 | 2,342 | 2,049 | 2,999 | 3,487 |
| Trade receivables | 2,234 | 2,132 | 2,902 | 3,062 | 5,092 |
| Inventories | 1,516 | 1,408 | 1,202 | 974.0 | 1,194 |
| Trade payables including MSME dues | 3,269 | 3,497 | 4,121 | 4,611 | 6,355 |
| Net property, plant and equipment * | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Capital work in progress * | 2.12 | 4.42 | 12.2 | 4.44 | 37.8 |
| Total assets * | 13,441 | 12,879 | 12,780 | 13,641 | 16,274 |
| Other bank balances | 2,917 | 2,717 | 3,028 | ||
| Current investments | 256.4 | 246.2 | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 119.3 | -553.8 | -5.65 | 661.1 | 439.5 |
| Free cash flow (vendor definition) * | 73.4 | -385.3 | 28.3 | 337.4 | 402.1 |
| Dividends paid to shareholders (outflow negative) | -88.8 | -91.7 | -103.1 | -267.1 | -199.8 |
| Purchase of PPE, investment property, CWIP and intangibles | -6.16 | -10.7 | -16.4 | -319.8 | -37.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 269.19 | 270.00 | 270.00 | 270.00 | 270.00 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,446 | 2,809 | 4,644 | 2,392 | 2,914 | 3,022 | 4,560 | 2,260 |
| Cost of revenue (vendor classification) * | 2,157 | 2,445 | 4,200 | 2,161 | 2,689 | 2,763 | 4,010 | 1,973 |
| Other operating costs (vendor classification) * | 116.1 | 152.0 | -241.8 | 35.2 | 25.3 | 33.5 | 59.5 | 35.1 |
| EBITDA (vendor classification) * | 167.4 | 197.8 | 713.9 | 179.9 | 211.7 | 206.0 | 443.2 | 219.6 |
| EBIT * | 165.9 | 196.2 | 414.3 | 181.5 | 204.8 | 262.8 | 342.3 | 212.8 |
| Finance costs | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 |
| Profit before tax after exceptional items and JV share | 165.9 | 196.2 | 249.1 | 181.5 | 204.8 | 262.8 | 342.3 | 212.8 |
| Total tax expense | 40.8 | 53.8 | 66.4 | 46.4 | 48.1 | 65.6 | 88.8 | 54.8 |
| Consolidated profit after tax including NCI | 125.1 | 142.4 | 182.7 | 135.0 | 156.7 | 197.2 | 253.5 | 158.0 |
| Diluted EPS (₹) | 0.45 | 0.51 | 0.65 | 0.49 | 0.57 | 0.71 | 0.89 | 0.57 |
| Other income | 67.2 | 53.9 | 57.0 | 73.0 | 103.2 | 72.3 | 58.8 | 61.4 |
| Direct costs including work and consultancy | 2,157 | 2,445 | 4,200 | 2,161 | 2,689 | 2,763 | 4,010 | 1,973 |
| Employee benefits expense | 86.1 | 87.7 | 88.7 | 89.5 | 91.1 | 92.5 | 106.1 | 93.7 |
| Other operating expenses including impairment and writeoffs | 103.1 | 132.9 | 64.1 | 30.6 | 29.1 | 53.7 | 156.6 | 38.4 |
| EBITDA (analyst operating definition) | 99.9 | 143.7 | 291.4 | 111.5 | 104.5 | 113.6 | 287.2 | 154.9 |
| Depreciation and amortisation | 1.48 | 1.54 | 2.96 | 3.01 | 3.05 | 3.12 | 3.89 | 3.53 |
| Exceptional items (gain positive) | 0.00 | 0.00 | -96.0 | 0.00 | 0.00 | 80.2 | 0.00 | 0.00 |
| Share of joint venture profit or loss | 0.25 | 0.13 | -0.42 | 0.00 | 0.13 | -0.00 | 0.15 | 0.03 |
| Profit attributable to non-controlling interests | 3.02 | 3.95 | 6.75 | 2.90 | 3.17 | 4.22 | 12.1 | 3.18 |
| Profit attributable to owners of parent | 122.1 | 138.5 | 175.9 | 132.1 | 153.5 | 193.0 | 241.4 | 154.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 10.4% | 15.8% | 18.7% | 15.7% | 7.0% |
| EBITDA margin | 4.9% | 5.2% | 4.8% | ||
| Net margin | 3.9% | 4.5% | 5.6% | ||
| Return on equity | 18.5% | 23.0% | 26.2% | ||
| Return on capital employed | 17.1% | 27.8% | 35.4% | 39.1% | 41.7% |
| Return on assets | 3.1% | 4.1% | 4.8% | ||
| Borrowings less cash (₹ crore) | -2,534 | -2,342 | -2,048 | -2,998 | -3,487 |
| Borrowings less cash / EBITDA | -3.99x | -4.76x | -5.65x | ||
| Interest cover | 56.4x | 2.94x | 15,202.0x | 14,939.4x | 33,579.5x |
| Asset turnover | 0.56x | 0.67x | 0.81x | 0.91x | 0.86x |
| Receivable days | 108 | 89 | 102 | 93 | 144 |
| Inventory days (on revenue) | 73 | 59 | 42 | 30 | 34 |
| Payable days (on revenue) | 158 | 146 | 145 | 140 | 180 |
| Cash conversion | -0.01x | 1.22x | 0.61x | ||
| Capex intensity | 0.1% | 0.1% | 0.2% | 2.7% | 0.3% |
| Free cash flow (₹ crore) | 113.1 | -564.5 | -22.0 | 341.3 | 402.1 |
| Dividend payout | 25.7% | 49.4% | 27.8% | ||
| EPS, diluted (₹) | 0.83 | 0.99 | 1.49 | 2.00 | 2.67 |
| Book value per share (₹) | 7.20 | 7.87 | 8.24 | 9.18 | 11.18 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (analyst operating definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (analyst operating definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Nbcc India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Nbcc India
- Research reportLatest
- Research report
Same sector
More research in Industrials
Adani Ports and Special Economic Zone Limited
NSE: ADANIPORTS
Industrials · Marine Shipping
₹1,702.70 last close on 23 Oct 2026 −2.70%Research updated
Hindustan Aeronautics Ltd.
NSE: HAL
Industrials · Aerospace & Defense
₹4,725.00 last close on 23 Oct 2026 −3.08%Research updated
Bharat Electronics Limited
NSE: BEL
Industrials · Aerospace & Defense
₹362.00 last close on 23 Oct 2026 −0.69%Research updated
InterGlobe Aviation Ltd.
NSE: INDIGO
Industrials · Airlines
₹4,549.00 last close on 23 Oct 2026 −1.11%Research updated
Bharat Heavy Electricals Ltd.
NSE: BHEL
Industrials · Specialty Industrial Machinery
₹387.50 last close on 23 Oct 2026 −2.86%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.