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NBCC (India) Limited (NBCC)

Construction · Construction · NSE · Updated 5 July 2026

₹102.36 ↓ 13.16% (1Y)

🎯 Key Takeaways

NBCC (India) Limited is in a critical phase of financial recovery and governance remediation following years of project delays and regulatory scrutiny. The company has returned to profitability with a strong dividend increase to ₹0.
Revenue grew 15% QoQ to ₹2,827 in Q3FY25.
⚠️ Ongoing SEBI investigation into independent director non-compliance could lead to governance penalties or leadership changes.

Market Cap

₹25,331

P/E Ratio

49.1

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

NBCC (India) Limited is in a critical phase of financial recovery and governance remediation following years of project delays and regulatory scrutiny. The company has returned to profitability with a strong dividend increase to ₹0.46 per share, signaling improved cash flows and operational stabilization. However, persistent governance concerns and contingent liabilities from real estate projects continue to weigh on investor sentiment.

📰 What's Happening

In May 2026, NBCC's board approved audited financial results for FY2026, reporting consolidated net profit of ₹70,329.07 lakh and recommending a final dividend of ₹0.46 per share (up from ₹0.14), subject to shareholder approval at the upcoming AGM. The filing disclosed significant adjustments including a ₹8,015.53 lakh write-down reversal and ₹46,882.51 lakh provision for Gurugram project settlements. Management also highlighted non-compliance with SEBI's independent director norms and ongoing governance reviews. The board emphasized record and AGM dates will be communicated shortly to finalize dividend payments.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	2,790	1,918	2,053	2,413	4,025	2,144	2,459	2,827
Operating Profit	153	105	106	154	199	145	167	198
OPM %	3.7%	3.0%	4.7%	4.9%	6.0%	4.3%	4.1%	5.0%
Net Profit	114	77	82	114	142	107	125	142
EPS	₹0.60	₹0.42	₹0.44	₹0.62	₹0.76	₹0.58	₹0.45	₹0.51

NBCC has demonstrated sequential improvement in profitability, with net profit rising from ₹77 lakh in Q1FY24 to ₹142 lakh in Q3FY25, and OPM expanding from 3.0% to 5.0% over the same period. Revenue trends show volatility but stabilized at ₹2,827 lakh in Q3FY25, up from ₹2,144 lakh in Q1FY25. The company posted a record total income of ₹10,05,545.23 lakh for FY2026, driven by PMC and real estate segments, while net profit reached ₹70,329.07 lakh. These improvements align with management's disclosed focus on project settlements and margin recovery, though contingent liabilities remain a structural risk.

🔮 Management Outlook & What's Next

Management expressed confidence in sustained profitability and cash flow generation, citing the proposed ₹0.46 final dividend as evidence of improved returns to shareholders. The board emphasized upcoming AGM approval for the dividend and plans to communicate record and AGM dates in due course. While no formal long-term guidance was provided, management indicated ongoing efforts to resolve governance issues, settle legacy project liabilities, and optimize capital allocation, with a focus on completing pending real estate developments and restructuring underperforming assets.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Construction

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Larsen & Toubro Limited	5.38 L Cr	33.1	—	—	—
Rail Vikas Nigam Limited	59,006	45.4	—	—	—
NBCC (India) Limited	25,331	49.1	—	—	—
IRB Infrastructure Developers Limited	24,518	3.8	—	—	—
Kalpataru Projects International Limited	21,476	39.0	—	—	—
Cemindia Projects Limited	15,453	44.3	—	—	—
KEC International Limited	14,602	31.4	—	—	—
Techno Electric & Engineering Company Limited	13,909	36.5	—	—	—
Engineers India Limited	13,868	33.4	—	—	—
Ircon International Limited	13,416	17.6	—	—	—

🔗 Peer Stock Analyses

LT RVNL IRB KPIL CEMPRO

⚠️ Risk Factors

1. Ongoing SEBI investigation into independent director non-compliance could lead to governance penalties or leadership changes. 2. Large contingent liabilities, including ₹46,882.51 lakh provision for Gurugram project settlements and ₹6,355.92 lakh in homebuyer claims, pose potential cash flow volatility. 3. Real estate project delays and valuation adjustments, such as the ₹8,015.53 lakh write-down reversal, indicate execution risks in legacy developments. 4. High dividend payout relative to net profit may not be sustainable if project-related contingencies escalate.

📋 Recent Filings

🧠 Analyst's Read

NBCC is transitioning from a distressed construction entity to a marginally profitable, dividend-paying company, but its recovery remains fragile. Investors should monitor AGM outcomes, resolution of SEBI governance issues, and progress in settling Gurugram and other real estate liabilities. While the dividend increase is a positive signal, the sustainability of returns depends on project closure timelines and regulatory clarity.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on NBCC

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-05.

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