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NBCC - History, Overview & Future Outlook

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NBCC - History, Overview & Future Outlook

NBCC (India) Limited is a Government of India Navratna enterprise under the Ministry of Housing and Urban Affairs. The company operates in 3 main segments, namely, Project Management Consultancy, Engineering Procurement & Construction, and Real Estate. Founded in 1960, NBCC began as a civil engineering firm and has expanded nationally and overseas, earning Navratna status in 2014. Headquartered in New Delhi, it is listed on both the NSE and BSE, and is known for its sustainable engineering, timely project delivery, and public infrastructure development role. Investors often monitor NBCC share price to gauge sentiment and market expectations.

(Source: NBCC website)

About NBCC

Details

Information

Founded Year

1960

Industry Type

Housing and Urban Infrastructure

Headquarters

New Delhi, India

Key People

Mr. K.P. Mahadevaswamy (Chairman & MD)

History

Established in 1960 by the Government of India for public sector building projects, NBCC launched overseas operations in 1977, and diversified into real estate in 1988. Its IPO came in 2012, with listings on NSE and BSE, before achieving Navratna status in 2014. By 2018, its order book surpassed ₹80,000 crore. In 2020, NBCC carried out its inaugural smart-city redevelopment. Completed projects include the New Moti Bagh GPRA Complex, East Kidwai Nagar redevelopment, several hospitals, a convention centre, airside infrastructure, and international ventures in the Maldives, Mauritius, Dubai, and Seychelles.

(Source: NBCC website)

Industry and Sector

NBCC operates across key infrastructure verticals:

  • Project Management and Consultancy (PMC): Public colony redevelopment, institutional buildings, roads, hospitals, airports, bridges, and international work.

  • Engineering Procurement and Construction (EPC): Civil construction, including power sector cooling towers and industrial chimneys.

  • Real Estate Development: Townships, commercial, and residential building construction.

Subsidiaries of NBCC include Hindustan Steel Works Construction Ltd., NBCC Services Ltd., NBCC Gulf LLC, and NBCC Environmental Engineering Ltd.

(Source: NBCC website)

Key Business Areas

NBCC operates through three main verticals: Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and Real Estate Development. As per the NBCC website, PMC contributes around 93% of the company’s total revenue. This includes managing engineering and construction projects from planning to completion across sectors such as housing, healthcare, education, heritage structures, defence, and infrastructure. NBCC also supports large-scale government schemes like PMAY, Smart Cities Mission, and Namami Gange, and is involved in urban redevelopment and environmental infrastructure projects across India and abroad.

In EPC, NBCC handles civil and structural works in the power sector including chimneys, cooling towers, and treatment plants. Services range from feasibility studies and design to procurement and commissioning. NBCC is also active in real estate, being the first Central Public Sector Undertaking in this space. It develops residential, commercial, and institutional projects through land acquisition or joint ventures.

(Source: NBCC website)

NBCC – Key Highlights

NBCC delivers engineering excellence with sustainable governance, leveraging Navratna status and public-sector trust to manage large infrastructure projects efficiently.

Mission & Vision

  • Vision: To be a world-class integrated engineering, construction, and consultancy firm promoting sustainable infrastructure with strong governance.

  • Mission: To contribute to national development by delivering sustainable infrastructure through innovation, quality, and stakeholder value.

(Source: NBCC website)

Milestones and Achievements

  • Achieved 268.5% stock price rise by Jan 2024, outperforming peers.

  • Secured USD 130 million housing project in Maldives under Exim Bank’s funding.

  • Completed Indian Pavilion at Expo Dubai, ISLES project in Maldives, and housing in Mauritius.

Recent Developments or News

NBCC (India) Ltd. recently secured a contract worth ₹172.46 crore from UCO Bank for constructing its new head office in New Town, Kolkata. The proposed high-rise building will adhere to green building rating norms, aligning with sustainable development goals. The project highlights NBCC’s expertise in project management consultancy, one of its core business segments along with real estate and engineering procurement & construction (EPC). Following the announcement, NBCC share price rose by 0.81% on 17th June 2025, reaching an intraday high of ₹123.10, reflecting positive investor sentiment on the company’s continued project wins and expanding order book.

Financial Overview of NBCC

Revenue and Profit Trends

FY 2025 revenue rose to ₹12,038.6 crore (from ₹10,432.4 crore), while net profit jumped to ₹557 crore (from ₹414.3 crore in FY 2024). The rise may reflect strong order inflows, government-backed contracts and improved execution efficiency.

Key Financial Ratios

Metric

FY 2025

FY 2024

Return on Equity (%)

21.82

18.04

Return on Capital Employed (%)

29.96

27.57

Return on Assets (%)

3.96

3.14

Price to Earnings (x)

40.98

53.48

Price to Book (x)

8.92

9.63

EV/EBITDA (x)

19.32

21.98

EBITDA Margin (%)

7.13

7.16

Recent Quarterly Results

NBCC (India) Ltd. reported a notable performance for the March quarter (Q4 FY25), registering a 29.4% YoY increase in net profit to ₹176 crore. This is a sizable increased when compared to a net profit of ₹136 crore recorded in the same quarter last year. Revenue from operations grew by over 16% to ₹4,642.55 crore from ₹3,996.31 crore. EBITDA increased 19% YoY to ₹290 crore, while the EBITDA margin stood at 6.25%, slightly higher than the previous year’s 6.09%. Following the results and dividend announcement, NBCC share price surged 7% in intraday trade on May 30, reflecting market optimism around its financial performance and growth outlook.

NBCC Share Price Performance

Historical Trends & Volatility

The NBCC share price has experienced notable fluctuations in recent months. For instance, it rose from ₹72.86 in February 2025 to a high of ₹130.70 in June 2025, marking a sharp upward movement driven by positive market sentiment and contract wins. However, the share price showed signs of correction on 1 June 2025, closing at ₹114.69, which represented a 7% decline from its opening price. This pattern indicates that NBCC’s stock is highly responsive to external factors such as project announcements, financial results, and broader market trends, reflecting its volatile but reactive nature.

52-Week High/Low

Over the past 52 weeks, the NBCC share price has exhibited a wide trading range, reaching a high of ₹139.90 on August 1, 2024, and a low of ₹70.80 on February 1, 2025. This wide fluctuation highlights the stock's volatility, influenced by macroeconomic factors, project-related developments, and shifts in investor sentiment. The movement between these levels suggests that NBCC’s stock is particularly sensitive to business performance updates, policy announcements, and broader market trends, which investors should consider when analysing its price behaviour.

Price Volatility and Market Cap

With a one-year beta of 1.84 and market cap of ₹30,944.70 crore, NBCC exhibits intense volatility due to project execution timelines, policy shifts, and the cyclical nature of construction.

Pros & Cons of NBCC

Pros:

  • Navratna PSU status enhances governance and financing capabilities

  • Strong order book; diversified across PMC, EPC, and real estate

  • Expanding overseas footprint

Cons:

  • Faces stiff competition from L&T, DLF, HCC

  • High valuation multiples may limit upside

  • Project delays can disrupt cash flow

  • Exposure to construction sector cycles and input-cost inflation

NBCC Stock Fundamentals

P/E Ratio, EPS, ROE, etc.

Metric

Value

P/E Ratio (TTM)

40.98

EPS (TTM)

₹2.00

ROE

21.82%

ROCE

29.96%

P/B Ratio

57.69×

Debt-to-Equity

0

Book Value

₹8.24

Face Value

₹1.00

Dividend Yield

0.58%

Dividend History

NBCC pays regular dividends. For FY 2024–25, the board recommended a 14% final dividend (₹0.14/share). Interim dividends in past years range between ₹0.50 and ₹1.10, showing consistent shareholder returns, subject to shareholder approval.

Shareholding Pattern 

As of June 2025, NBCC’s shareholder pattern is as follows:

Category

Shareholding (%)

Promoters

61.75%

Foreign Institutional Investors (FII)

4.20%

Domestic Institutional Investors (DII)

8.93%

Retail & Others

25.13%

Competitors of NBCC

NBCC competes in the infrastructure space with major players like DLF, Macrotech Developments, Godrej Properties, and Prestige Estates.

Peer Comparison

Company

Price (₹)

MCap (Cr)

P/E

P/B

ROE (%)

1-Yr Return (%)

NBCC (India)

114.94

31,033.8

57.47

13.95

21.82

7.03

DLF

838.50

207,554.9

47.53

5.16

10.26

-2.48

Macrotech Developments

1,428.60

142,567.1

65.11

8.07

11.46

-7.56

Godrej Properties

2,387.90

71,919.9

51.37

6.62

8.08

-20.42

Prestige Estates

1,673.10

72,065.5

154.20

4.35

3.03

-10.40

Market Positioning

NBCC stands out as a government-backed infrastructure builder with strong governance and a diverse project portfolio across India and abroad. Its zero debt, Navratna status, and steady project acquisitions place it firmly in public-sector building and redevelopment leadership.

Future Outlook for NBCC

Growth Opportunities

NBCC aims to capitalise on upcoming government investment in infrastructure, including roads, metro redevelopment, and public-sector revival projects. Its May 2025 efforts in reviving Ghaziabad’s RED Mall and Dubai subsidiary show a diversified growth strategy. As a Navratna PSU, NBCC may win larger contracts and expand its project pipeline.

Risks and Challenges

The sector is competitive, and NBCC must contend with aggressive tendering from large firms. Regulatory changes and inflation can raise compliance and cost pressures. Operational delays due to supply chain issues may cause project backlog. International projects bring foreign exchange risk. Fluctuations in construction costs and interest rates add further uncertainty.

How to Track NBCC’s Share Price

The NBCC share price can be tracked in real time on NSE and BSE via financial news websites, broker apps, and analytical tools. These platforms provide live quotes, trading volumes, and historical charts. Official filings and investor updates are available in NBCC’s investor relations section, helping investors follow market developments.

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