Construction · NSE/BSE: NBCC
NBCC (India) Limited
Civil Construction
Market Cap ₹0.29L Cr
Verdict: High
Quality Scores
Multi-Bagger
74/100
Compounder Quality
84/100
Management Credibility
80/100
Governance
88/100
Cash Flow Quality
78/100
AI Summary
NBCC (India) Limited is a Navratna PSU dominated by its Project Management Consultancy (PMC) segment, which contributes over 90% of revenue. The company operates on an asset-light model, charging a project management fee (typically 8-10%) on government infrastructure and redevelopment projects. This model allows for high capital efficiency with very low debt and minimal fixed asset requirements. Over the last decade, NBCC has demonstrated resilience, transitioning from traditional construction to massive redevelopment projects like the Amrapali resolution and Delhi redevelopment. Despite some…
Top Opportunities
- Navratna PSU status under Ministry of Housing and Urban Affairs.
- Virtually debt-free balance sheet.
- High ROCE (>30% in recent FYs).
Top Risks
- Significant spike in Debtor Days (144 in FY26).
- Persistent volatility in Cash Flow from Operations.
- High reliance on Other Income for net profit (INR 388 Cr/40%+).
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