NBCC (India) Ltd
NBCCNBCC (India) Ltd's earnings have outrun its stock. EPS grew +33.5% in a year against a −14.0% price move.
The sharpest disagreement: annual EPS moved +33.5% against a −14.0% price move — the market has not yet caught up with the delivery.
The price is building a base (5 weeks in) while the P/E sits at the 47th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +38.8% year on year, and 64% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
NBCC (India) Ltd trades at ₹97.3, building a base and 5 weeks into that stage. That is −3.3% against its own 200-day average. It sits at 40% of a 52-week range of ₹81 to ₹123. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).
Today the stock is building a base — week 5 of stage 1, confirmed. At ₹97.3 it trades −3.3% versus its 200-day average and sits at 40% of its 52-week range (₹81–₹123).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +134% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 47th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
NBCC (India) Ltd trades at 38.3× P/E, mid-range by its own standards (47th percentile). Its long-run median P/E is 39.2×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 38.3× is mid-range by its own standards (47th percentile), against a long-run median of 39.2× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +33.5% against a −14.0% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +22.5%/yr price move, ~+24.2%/yr came from earnings growth and ~−1.7 pp from the multiple (compressing); over 10y, of the +6.0%/yr price move, ~+9.1%/yr came from earnings growth and ~−3.1 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 4.8% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
NBCC (India) Ltd reads as mixed on its fundamental arc. Mixed — profit growth is rising at +38.8% (single-quarter readings) while revenue growth is falling at −1.8% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +7.1% | +13.2% | +13.1% | +8.3% |
| Profit | +33.2% | +38.7% | +25.3% | +9.9% |
| EPS | +33.5% | +39.2% | +26.0% | +9.6% |
| Share price | −14.0% | +52.5% | +22.5% | +6.0% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
61.0/100 — rank 2 of 17 in Infra - Construction & Contracting · 77% evidence confidence
NBCC (India) Ltd scores 61.0 out of 100 against the 17 companies it is compared with in Infra - Construction & Contracting, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 19.9 + 19.2 + 9.7 + 12.2 = 61. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
NBCC (India) Ltd reported ₹4,560 Cr of revenue in the Mar 26 quarter, −1.8% year on year. Over 10 years it has compounded at 8.3% a year. The last full year, FY26, came in at ₹12,889 Cr. The last four reported quarters add to ₹12,887 Cr.
NBCC (India) Ltd reported ₹4,560 Cr of revenue in the Mar 26 quarter, −1.8% year on year. Over 10 years it has compounded at 8.3% a year. The last full year, FY26, came in at ₹12,889 Cr. The last four reported quarters add to ₹12,887 Cr.
FY26 revenue came in at ₹12,889 Cr (+7.1% on the year), capping 10 years at 8.3% compound. The latest quarter (Mar 26) printed ₹4,560 Cr, −1.8% year on year.
Pace check: the last four quarters averaged +9.1% growth against the decade's 8.3% — the current year is running in line with its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +7.0% over the last 4 quarters against +11.3%/yr over the last 8 — rolling over; TTM profit +33.4% vs +34.0%/yr — stabilising.
→ Revenue slipped — did margins hold as it scaled? Next: 6.0% this quarter (+0.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
NBCC (India) Ltd's operating margin is 6.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 1.0% to 7.0%. The current quarter sits inside that band.
NBCC (India) Ltd's operating margin is 6.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 1.0% to 7.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 6.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 1.0%–7.0%.
Why the margin moved: operating margin went +0.0 pp year on year while gross margin went +2.5 pp — the gain came mostly from the gross line: input costs and pricing.
→ Margins held — did that reach the bottom line? Next: profit +38.8% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
NBCC (India) Ltd earned ₹254 Cr of net profit in the Mar 26 quarter, +38.8% year on year. It is the 10th consecutive quarter of growth. Full-year FY26 profit was ₹742 Cr. The 10-year compound rate is 9.9%. That is 5.6% of the quarter's revenue. The same quarter a year earlier earned ₹183 Cr.
NBCC (India) Ltd earned ₹254 Cr of net profit in the Mar 26 quarter, +38.8% year on year. It is the 10th consecutive quarter of growth. Full-year FY26 profit was ₹742 Cr. The 10-year compound rate is 9.9%. That is 5.6% of the quarter's revenue. The same quarter a year earlier earned ₹183 Cr.
Mar 26 profit was ₹254 Cr, +38.8% year on year — the 10th consecutive quarter of growth. On the full year, FY26 printed ₹742 Cr (+33.2%), and the 10-year compound rate is 9.9%.
Why profit moved: revenue contributed −1.8% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +32.3% vs revenue +9.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 64% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 64% of NBCC (India) Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹439 Cr of operating cash against ₹742 Cr of profit. After ₹130 Cr of capital spending, ₹309 Cr was left as free cash.
FY26: operating cash of ₹439 Cr against reported profit of ₹742 Cr, leaving free cash of ₹309 Cr after ₹130 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 64% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at 64%: the cash cycle tightened 127 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: the bigger cash user is investment — capital spending ran 19.6× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹491 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
NBCC (India) Ltd's cash conversion cycle runs −18 days in FY26, down from 109 days in FY21. Capital spending ran ₹491 Cr over the last 3 years. At FY26 sales of ₹12,889 Cr each day of that cycle holds about ₹35.3 Cr, so roughly ₹−636 Cr sits inside the business at any moment.
FY26: debtors at 144 days, inventory at 38 days — roughly 1.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −18 days, tighter than FY21's 109.
The full loop: cash goes out to suppliers and production on day 0; stock waits 38 days to sell; customers pay about 144 days after that; and suppliers themselves are paid at 200 days — netting out to the −18-day cycle.
In money terms: at FY26 sales of ₹12,889 Cr, each day of the cycle holds about ₹35.3 Cr — so the −18-day loop keeps roughly ₹−636 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹491 Cr over the last 3 fiscal years against ₹25.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹38.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 31%.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
NBCC (India) Ltd earns a ROCE of 31% in FY26. That is up from a trough of 18% in FY20. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 5.8% net margin on 0.79× asset turns.
FY26 ROCE is 31%, recovered from a FY20 trough of 18% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 5.8% net margin × 0.79× asset turns × 5.39× balance-sheet leverage ≈ 24.7% on equity. Margin does its share; leverage is a meaningful part of the equation.
The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 4.8% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.00.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
NBCC (India) Ltd carries ₹0.0 Cr of borrowings against ₹3,017 Cr of equity in FY26, a debt-to-equity of 0.00. Over 5 years borrowings went from ₹1.0 Cr to ₹0.0 Cr. Capital spending ran ₹491 Cr across the last 3 of those years.
FY26: borrowings of ₹0.0 Cr against equity of ₹3,017 Cr — a debt-to-equity of 0.00. Over 5 years borrowings went from ₹1.0 Cr to ₹0.0 Cr while capital spending ran ₹491 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.
The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 4.8% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 1.8 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 1.8 points of NBCC (India) Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 11.3% of the company. Foreign institutions moved +0.3 points over the same window, to 4.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +1.8 points over 8 quarters to 11.3%; Foreign institutions: +0.3 points over 8 quarters to 4.8%; Promoters: +0.0 points over 8 quarters to 61.8%.
Why the register moved: domestic institutions drove it (+1.8 points) — steady accumulation by institutions reading the same numbers this page reads.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
NBCC (India) Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| NBCC (India) Ltd this page | 38.3× | ₹25,337 Cr | Mixed | |||
| Larsen & Toubro Ltd | 31.7× | ₹5.2L Cr | Mixed | |||
| Rail Vikas Nigam Ltd | 53.5× | ₹46,815 Cr | Mixed | |||
| Cemindia Projects Ltd | 42.1× | ₹24,755 Cr | Consistent | |||
| IRB Infrastructure Developers Ltd | 26.9× | ₹23,685 Cr | Mixed | |||
| PNC Infratech Ltd | 13.6× | ₹6,111 Cr | Turning around | |||
| Hindustan Construction Company Ltd | 40.8× | ₹5,614 Cr | No read | |||
| H.G. Infra Engineering Ltd | 11.8× | ₹3,499 Cr | Mixed | |||
| KNR Constructions Ltd | 7.8× | ₹3,409 Cr | Improving | |||
| Patel Engineering Ltd | 7.0× | ₹2,780 Cr | Turning around | |||
| Ramky Infrastructure Ltd | 11.3× | ₹2,568 Cr | Improving | |||
| Simplex Infrastructures Ltd | 48.0× | ₹1,892 Cr | No read | |||
| SPML Infra Ltd | 22.6× | ₹1,692 Cr | No read | |||
| Likhitha Infrastructure Ltd | 22.8× | ₹894 Cr | Deteriorating | |||
| Hazoor Multi Projects Ltd | 26.7× | ₹723 Cr | No read | |||
| Hazoor Multi Projects Ltd | 13.9× | ₹595 Cr | No read | |||
| Giriraj Civil Developers Ltd | 21.1× | ₹454 Cr | Turning around | |||
| Vishnu Prakash R Punglia Ltd | 59.9× | ₹412 Cr | Deteriorating |
Frequently asked questions
What is NBCC (India) Ltd's share price today?
NBCC (India) Ltd trades at ₹97.3, −14.0% over the past year. The company is valued at ₹25,337 Cr. The stock sits at 40% of its 52-week range of ₹81–₹123, −3.3% versus its 200-day average. On the tape, the price is building a base, 5 weeks in. — as of 24 July 2026.
What were NBCC (India) Ltd's latest quarterly results?
NBCC (India) Ltd reported revenue of ₹4,560 Cr and net profit of ₹254 Cr for the Mar 26 quarter. Revenue fell 1.8% and profit rose 38.8% year on year. Earnings per share were ₹0.89. The operating margin was 6.0%, 0.0 pp higher than a year earlier. — as of 24 July 2026.
What is NBCC (India) Ltd's revenue?
NBCC (India) Ltd reported revenue of ₹4,560 Cr in the Mar 26 quarter, −1.8% year on year. For the full FY26 fiscal year, revenue was ₹12,889 Cr (+7.1%). Over the last 10 years revenue compounded at 8.3% a year. — as of 24 July 2026.
What is NBCC (India) Ltd's profit?
NBCC (India) Ltd earned ₹254 Cr of net profit in the Mar 26 quarter, +38.8% year on year — the 10th straight quarter of growth. Full-year FY26 profit was ₹742 Cr. The operating margin ran 6.0% in the latest quarter. — as of 24 July 2026.
What is NBCC (India) Ltd's market cap?
NBCC (India) Ltd's market capitalisation is ₹25,337 Cr at a share price of ₹97.3. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is NBCC (India) Ltd's P/E ratio?
NBCC (India) Ltd trades at a P/E of 38.3×, at the 47th percentile of its own 10-year range, against a long-run median of 39.2×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does NBCC (India) Ltd pay a dividend?
Yes — NBCC (India) Ltd's dividend payout was 38% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is NBCC (India) Ltd overvalued?
On its own history, NBCC (India) Ltd looks mid-range against its own history: its P/E of 38.3× sits at the 47th percentile of its 10-year range (long-run median 39.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is NBCC (India) Ltd growing?
Yes — NBCC (India) Ltd is growing: latest-quarter revenue −1.8% year on year, profit +38.8%, and the margin +0.0 pp at 6.0%. The 10-year compound rates are 8.3% (revenue) and 9.9% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is NBCC (India) Ltd performing?
NBCC (India) Ltd is building a base, 5 weeks in. Its latest quarter's revenue fell 1.8% and profit rose 38.8% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is NBCC (India) Ltd in?
Mixed — profit growth is rising at +38.8% (single-quarter readings) while revenue growth is falling at −1.8% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth −1.8% latest, profit growth +38.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is NBCC (India) Ltd in an uptrend?
No — the price is building a base (week 5 of stage 1), trading −3.3% versus its 200-day average and at 40% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is NBCC (India) Ltd beating the market?
Not lately — on a trailing-13-week view NBCC (India) Ltd is currently behind the NIFTY 500 (1 week and counting; last ahead the week of 2026-07-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +134% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will NBCC (India) Ltd's share price go up?
This page publishes no price forecast for NBCC (India) Ltd. What it measures instead: the share price is ₹97.3, the price is building a base 5 weeks in. Its P/E of 38.3× sits at the 47th percentile of its own 10-year range. — as of 24 July 2026.
Who owns NBCC (India) Ltd?
Promoters hold 61.8% of NBCC (India) Ltd, foreign institutions 4.8%, domestic institutions 11.3% and the public 22.2% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 1.8 points over 8 quarters. — as of 24 July 2026.
Does NBCC (India) Ltd have too much debt?
No — NBCC (India) Ltd's debt-to-equity is 0.00, and operating profit covers the interest bill north of 100×. FY26 borrowings were ₹0.0 Cr against equity of ₹3,017 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is NBCC (India) Ltd's capex?
NBCC (India) Ltd spent ₹491 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹130 Cr, with ₹38.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is NBCC (India) Ltd's cash flow?
NBCC (India) Ltd generated ₹439 Cr of operating cash flow in FY26 and ₹309 Cr of free cash flow after ₹130 Cr of capital spending. Reported profit that year was ₹742 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is NBCC (India) Ltd's profit real cash?
Mostly — over the last 3 fiscal years, 64% of NBCC (India) Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹439 Cr against reported profit of ₹742 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is NBCC (India) Ltd in its business cycle?
NBCC (India) Ltd's FY26 operating margin was 5.0%, against a 13-year band of 1.0%–7.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 6.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the NBCC (India) Ltd story?
The sharpest disagreement: annual EPS moved +33.5% against a −14.0% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is NBCC (India) Ltd a stock worth studying right now?
This is not investment advice. The machine read: NBCC (India) Ltd's earnings have outrun its stock. EPS grew +33.5% in a year against a −14.0% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.