NBCC (India) Ltd.
NSE: NBCCNBCC (India) Ltd.: A 30-second snapshot
NBCC (India) Ltd. is a government-owned project management and construction company with a PE of 38.76 against a sector range of 33.4–108.5, D/E of 0.011, and a five-year earnings CAGR of 39.2%. At ₹93.82, the stock is 9.2% below its 200-DMA of ₹103.34 and has declined 7.14% over the past 12 months. Recent news flow cites multiple small-to-mid work order wins across government clients, while profit margin remains thin at 4.97%.
P/E
38.8
Forward P/E
34.7
ROE
—
Debt / Equity
0.01
Profit Margin
+5.0%
Div. Yield
+0.7%
5Y ROE > 15%
2/5
5Y FCF > 0
2/5
Quality
59/100
News
8 headlines · 5 positive · 0 negative
NBCC India secures ₹52 crore work orders from Indian Overseas Bank, Health Ministry - CNBC TV18
CNBC TV18
NBCC India Wins ₹131 Cr in New Orders Amidst Margin Pressure - Whalesbook
Whalesbook
NBCC India Lands ₹252.8 Crore Odisha School Project Contracts - Whalesbook
Whalesbook
NBCC Lays Foundation Stone for New IIFT Campus in Delhi Worth ₹350 Crore - Daily Pioneer
Daily Pioneer
NBCC bags multiple work orders worth Rs 176 crore - PSU Watch
PSU Watch
Recent context
- ·In May 2026, NBCC announced work orders across at least five separate contract awards totalling over ₹760 crore, including a ₹252.8 crore Odisha school project and a ₹350 crore IIFT campus in Delhi — consistent with its project-management revenue model.
- ·Despite positive news sentiment (5 positive, 3 neutral, 0 negative across 8 articles), the stock declined 7.61% over the past 3 months, indicating the order announcements have not yet translated into price appreciation.
- ·A headline from Whalesbook specifically noted margin pressure alongside the ₹131 crore order win, flagging that order volume growth and profitability improvement may not be moving in tandem.
Strengths
- +Near-zero leverage: D/E of 0.011 against a capital-intensive infrastructure sector, indicating negligible financial debt burden.
- +Five-year earnings CAGR of 39.2% — the highest growth rate visible in the fundamental data — paired with 9.5% five-year revenue CAGR.
- +PE of 38.76 is below four of five Infrastructure peers (ABB 86.8, CGPOWER 108.5, CUMMINSIND 66.5, BEL 51.9), with only L&T (33.4) trading at a lower multiple.
- +Work order pipeline active across government verticals: headlines in May 2026 cite orders from Indian Overseas Bank, the Health Ministry, Odisha state government, and IIFT, totalling over ₹760 crore across five announcements.
Weaknesses
- −Profit margin of 4.97% is thin; free cash flow was positive in only 2 of the available fiscal years, indicating earnings growth has not consistently converted to cash.
- −Price has been below the 200-DMA for a sustained period, currently trading 9.2% below ₹103.34, with resistance levels at ₹96.5, ₹101.95, and ₹104.66.
- −Quality score of 42 ranks 4th of 6 Infrastructure peers; roeYearsAbove15 of 2 years limits visibility into capital-return consistency due to missing ROE data.
- −Analyst coverage is sparse (2 analysts, no consensus rating), reducing the external validation available for the earnings outlook.
Open questions
- ?Does the 39.2% five-year earnings CAGR reflect a structural improvement in NBCC's project execution capacity, or does the thin 4.97% margin and inconsistent FCF suggest the growth is driven primarily by order-book volume expansion?
- ?How dependent is NBCC's order pipeline on central and state government capital expenditure cycles — and what has historically happened to order inflows during periods of fiscal consolidation?
- ?With the stock trading between support at ₹93.38 and resistance at ₹96.5, and 9.2% below the 200-DMA, what business or macro developments would be required to observe a change in the medium-term price trend?
- ?Given that 4 of the 5 peer PE multiples exceed NBCC's 38.76, does the relative valuation discount reflect NBCC's lower ROE and margin profile, or is there a government-ownership discount embedded in the price?
Peer comparison: Infrastructure
Ranks 4 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| NBCC | NBCC (India) Ltd.You're viewing | 38.8 | — | 42 |
| Industry avg | across 5 peers | 69.4 | +18.3% | 40 |
| BEL | Bharat Electronics Ltd. | 51.9 | — | 57 |
| ABB | ABB India Ltd. | 86.8 | — | 47 |
| CGPOWER | CG Power and Industrial Solutions Ltd. | 108.5 | +19.6% | 45 |
| LT | Larsen & Toubro Ltd. | 33.4 | +16.9% | 26 |
| CUMMINSIND | Cummins India Ltd. | 66.5 | — | 24 |
Technical state
Current price
₹93.82
SMA 50
₹89.03
SMA 200
₹103.34
RSI (14)
51.7 (neutral)
From 52w high
-27.8%
1Y return
-7.1%
3M return
-7.6%
50-DMA
Above
200-DMA
Below
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- mediumProfit margin of 4.97% is thin for an infrastructure project-management contractor. Free cash flow was positive in only 2 of available fiscal years, indicating inconsistent cash conversion despite a 39.2% five-year earnings CAGR.
- mediumPrice (₹93.82) remains 9.2% below the 200-DMA (₹103.34) and 27.75% below the 52-week high. The stock is down 7.14% over 12 months and down 7.61% over the past 3 months.
- lowROE data is unavailable; roeYearsAbove15 stands at 2 of available years, limiting assessment of capital-return consistency. Quality score of 42 ranks 4th of 6 Infrastructure peers.
- lowAnalyst coverage is sparse at 2 analysts with no consensus rating available. Sector peer priceChange1Y data is null for all 5 comparables, preventing relative price-performance ranking.
Cross-section contradictions
- Five-year earnings CAGR of 39.2% and near-zero leverage (D/E of 0.011) contrast with a quality score of 42 (4th of 6 peers), only 2 FCF-positive years, and a stock that is down 7.14% over 12 months — the market has not tracked the reported earnings trajectory.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 17 May 2026 · rotates through NIFTY 500 every ~5 days