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NBCC (India) Limited (NBCC)

Construction · Construction · NSE · Updated 16 June 2026

₹107.36 ↓ 12.18% (1Y)

🎯 Key Takeaways

NBCC (India) Limited is transitioning from a period of financial stress and governance scrutiny toward renewed profitability and shareholder returns, marked by improved margins and a proposed dividend increase. The company has stabilized its core operations in project management and real estate, with recent financial performance reflecting operational efficiency and disciplined cost management.
Revenue grew 15% QoQ to ₹2,827 in Q3FY25.
⚠️ Ongoing non-compliance with SEBI norms regarding independent director appointments may attract regulatory scrutiny and affect governance credibility.

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 transitioning from a period of financial stress and governance scrutiny toward renewed profitability and shareholder returns, marked by improved margins and a proposed dividend increase. The company has stabilized its core operations in project management and real estate, with recent financial performance reflecting operational efficiency and disciplined cost management. However, its trajectory remains tempered by ongoing governance concerns and contingent liabilities tied to past real estate projects.

📰 What's Happening

In the latest board meeting on May 25, 2026, NBCC approved audited standalone and consolidated financial results for Q4 and FY 2025-26, recommending a final dividend of ₹0.46 per share (46% of face value), up from ₹0.14 previously, subject to shareholder approval at the upcoming AGM. The results revealed FY2026 net profit of ₹70,329.07 lakh and total income of ₹10,05,545.23 lakh, supported by a reversal of ₹8,015.53 lakh in inventory write-downs and provisions related to Gurugram project settlements. The company also disclosed contingent liabilities of ₹6,355.92 lakh and ongoing governance issues, including non-compliance with SEBI norms on independent director appointments. Two independent directors ceased tenure in April 2026, following the earlier departure of Rajeev Kumar in May 2026, raising questions about board continuity. The merger of HSCC (India) Limited remains under board-level review, with DIPAM issuing a 'No Objection' in April 2026.

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 consistent revenue and margin improvement over the past four quarters, with Q4FY24 showing a peak OPM of 6.0% and EPS of ₹0.76, followed by sustained profitability in FY25 quarters. The upward trend in operating performance appears to be driven by cost optimization and project execution efficiency, particularly in the PMC segment, which generated ₹1,237.51 crore in revenue. Despite a slight dip in Q3FY25 margins, profitability remained resilient, supporting a stronger final dividend proposal. The company’s ability to reverse write-downs and manage contingent liabilities suggests improving project resolution, though risks remain in large-scale real estate developments.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or margin targets for FY2027 in the latest filings, but the proposed dividend increase and focus on operational stability indicate confidence in near-term cash flows. The board emphasized the unmodified audit opinion and plans to schedule the AGM to formalize the dividend, signaling a return to shareholder-friendly policies. However, the absence of formal long-term guidance reflects ongoing uncertainty linked to governance and project execution risks.

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 non-compliance with SEBI norms regarding independent director appointments may attract regulatory scrutiny and affect governance credibility. 2. Large contingent liabilities, including ₹46,882.51 lakh in structural crack provisions and ₹6,355.92 lakh in homebuyer claims, pose potential future financial exposure. 3. Delays or disputes in high-value real estate projects like Gurugram could impact profitability and reputation. 4. Board-level changes due to independent director tenure expirations may affect strategic continuity.

📋 Recent Filings

🧠 Analyst's Read

NBCC is emerging from a period of financial and governance challenges, with recent profitability and dividend improvements signaling operational stabilization. Investors should monitor the resolution of contingent liabilities, progress on the HSCC merger, and the company’s ability to maintain governance compliance. The next catalyst will be the AGM outcome and clarity on long-term project pipelines.

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 2026-06-16.