Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹22,434Cr
Infra - Construction & Contracting
Rev Gr TTM
Revenue Growth TTM
13.84%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 15.3 | 6.6 | 1.4 | 13.5 | 42.0 | 11.7 | 18.8 | 15.9 | 16.2 | 11.6 | 19.1 | 7.6 |
| 2,709 | 1,861 | 1,963 | 2,306 | 3,753 | 2,051 | 2,346 | 2,665 | 4,352 | 2,281 | 2,809 | 2,909 |
Operating Profit Operating ProfitCr |
| 3.7 | 3.0 | 4.6 | 4.8 | 6.1 | 4.3 | 4.1 | 5.1 | 6.3 | 4.6 | 3.6 | 3.8 |
Other Income Other IncomeCr | 48 | 48 | 11 | 36 | -44 | 54 | 67 | 54 | -38 | 74 | 103 | 152 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 3 | 3 | 3 |
| 151 | 104 | 105 | 152 | 198 | 144 | 166 | 196 | 249 | 181 | 205 | 263 |
| 37 | 26 | 23 | 39 | 56 | 37 | 41 | 54 | 66 | 46 | 48 | 66 |
|
Growth YoY PAT Growth YoY% | 176.5 | 1,696.1 | -16.2 | 58.9 | 24.5 | 38.5 | 52.8 | 25.4 | 29.1 | 26.0 | 25.2 | 38.5 |
| 4.0 | 4.0 | 4.0 | 4.7 | 3.5 | 5.0 | 5.1 | 5.1 | 3.9 | 5.7 | 5.4 | 6.5 |
| 0.4 | 0.3 | 0.3 | 0.4 | 0.5 | 0.4 | 0.5 | 0.5 | 0.7 | 0.5 | 0.6 | 0.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 8.1 | 32.4 | 27.4 | 13.8 | 17.7 | -18.7 | -14.0 | 10.6 | 15.4 | 17.2 | 15.7 | 7.7 |
| 4,112 | 5,512 | 7,020 | 7,995 | 9,576 | 7,984 | 6,829 | 7,487 | 8,536 | 9,893 | 11,414 | 12,352 |
Operating Profit Operating ProfitCr |
| 6.5 | 5.4 | 5.5 | 5.3 | 3.7 | 1.3 | 1.8 | 2.6 | 3.8 | 4.9 | 5.2 | 4.8 |
Other Income Other IncomeCr | 147 | 98 | 84 | 163 | 207 | 207 | 180 | 121 | 38 | 51 | 138 | 292 |
Interest Expense Interest ExpenseCr | 40 | 1 | 29 | 25 | 1 | 7 | 7 | 6 | 1 | 0 | 0 | 0 |
Depreciation DepreciationCr | 2 | 2 | 5 | 6 | 4 | 7 | 6 | 5 | 5 | 5 | 7 | 12 |
| 393 | 409 | 454 | 584 | 569 | 297 | 292 | 315 | 372 | 559 | 755 | 898 |
| 115 | 120 | 129 | 189 | 177 | 197 | 52 | 77 | 94 | 144 | 198 | 226 |
|
| 8.1 | 4.0 | 12.5 | 21.6 | -1.0 | -74.5 | 140.4 | -0.9 | 16.9 | 49.0 | 34.5 | 20.5 |
| 6.3 | 5.0 | 4.4 | 4.7 | 3.9 | 1.2 | 3.5 | 3.1 | 3.1 | 4.0 | 4.6 | 5.2 |
| 1.0 | 1.1 | 1.2 | 0.7 | 1.4 | 0.3 | 0.8 | 0.8 | 1.0 | 1.5 | 2.0 | 2.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 120 | 120 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 270 | 270 |
| 1,218 | 1,421 | 1,514 | 1,886 | 1,328 | 1,270 | 1,463 | 1,588 | 1,765 | 2,046 | 2,209 | 2,401 |
Current Liabilities Current LiabilitiesCr | 3,381 | 3,851 | 5,939 | 9,942 | 11,205 | 10,471 | 11,138 | 11,058 | 10,501 | 10,014 | 10,801 | 10,372 |
Non Current Liabilities Non Current LiabilitiesCr | 45 | 66 | 194 | 107 | 234 | 430 | 432 | 444 | 253 | 279 | 169 | 168 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 4,666 | 5,207 | 7,628 | 11,818 | 12,236 | 10,466 | 11,337 | 11,583 | 10,761 | 11,704 | 12,686 | 12,419 |
Non Current Assets Non Current AssetsCr | 97 | 252 | 438 | 450 | 860 | 2,042 | 2,036 | 1,858 | 2,118 | 1,001 | 955 | 976 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | -155 | 176 | 605 | 907 | 638 | 113 | 456 | 80 | -374 | -6 | 657 |
Investing Cash Flow Investing Cash FlowCr | -2 | -36 | 282 | -474 | -209 | 88 | 151 | 33 | 272 | -184 | 573 |
Financing Cash Flow Financing Cash FlowCr | -70 | -84 | -502 | -247 | -150 | -160 | -41 | -95 | -90 | -103 | -269 |
|
Free Cash Flow Free Cash FlowCr | -161 | 166 | 600 | 902 | 635 | 130 | 454 | 74 | -385 | -22 | 338 |
| -55.6 | 61.0 | 185.8 | 229.1 | 162.9 | 113.0 | 190.1 | 33.6 | -134.6 | -1.4 | 117.9 |
CFO To EBITDA CFO To EBITDA% | -53.6 | 56.0 | 149.4 | 200.6 | 173.9 | 109.0 | 366.9 | 39.2 | -110.0 | -1.1 | 105.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 11,491 | 11,290 | 15,489 | 17,132 | 11,934 | 2,943 | 8,388 | 6,534 | 6,370 | 21,429 | 22,110 |
Price To Earnings Price To Earnings | 43.4 | 39.0 | 43.7 | 45.3 | 31.9 | 38.0 | 37.3 | 29.0 | 23.9 | 53.4 | 41.0 |
Price To Sales Price To Sales | 2.6 | 1.9 | 2.1 | 2.0 | 1.2 | 0.4 | 1.2 | 0.8 | 0.7 | 2.1 | 1.8 |
Price To Book Price To Book | 8.6 | 7.3 | 9.1 | 8.3 | 7.9 | 2.0 | 5.1 | 3.7 | 3.3 | 9.6 | 8.9 |
| 36.2 | 32.2 | 32.7 | 27.5 | 18.6 | -21.9 | 21.8 | 4.3 | 4.3 | 32.1 | 26.3 |
Profitability Ratios Profitability Ratios |
| 102.5 | 101.2 | 101.9 | 100.9 | 98.2 | 99.3 | 99.5 | 99.2 | 98.8 | 98.4 | 96.8 |
| 6.5 | 5.4 | 5.5 | 5.3 | 3.7 | 1.3 | 1.8 | 2.6 | 3.8 | 4.9 | 5.2 |
| 6.3 | 5.0 | 4.4 | 4.7 | 3.9 | 1.2 | 3.5 | 3.1 | 3.1 | 4.0 | 4.6 |
| 32.4 | 26.5 | 28.5 | 29.5 | 37.8 | 20.9 | 18.2 | 18.1 | 19.2 | 25.1 | 30.4 |
| 20.8 | 18.8 | 19.2 | 19.1 | 26.0 | 6.9 | 14.6 | 13.5 | 14.3 | 18.6 | 22.5 |
| 5.8 | 5.3 | 4.0 | 3.2 | 3.0 | 0.8 | 1.8 | 1.8 | 2.2 | 3.3 | 4.1 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
NBCC (India) Limited is a **Navratna Central Public Sector Enterprise (CPSE)** under the **Ministry of Housing and Urban Affairs (MoHUA), Government of India**, established in **1960**. Headquartered in **New Delhi**, NBCC is a pioneer in end-to-end infrastructure development with over six decades of experience. The company is publicly listed (since 2012) and holds a **61.75% government stake**, ranking among India’s top 500 public companies.
NBCC is uniquely positioned as the **only CPSE engaged in real estate development and revival of stalled private real estate projects**, combining **Project Management Consultancy (PMC), Engineering, Procurement & Construction (EPC), and Real Estate Development** under an integrated, self-sustaining business model.
---
### **Core Business Segments**
1. **Project Management Consultancy (PMC):**
- Provides end-to-end project management from conception to commissioning.
- Serves government ministries, PSUs, municipal bodies, and private institutions.
- Includes redevelopment of GPRA colonies, critical infrastructure, and social housing.
2. **Engineering, Procurement & Construction (EPC):**
- Executes high-value infrastructure projects including hospitals, educational campuses, social housing, defense structures, airports, chimneys, cooling towers, and border fencing.
3. **Real Estate Development:**
- Focuses on **land monetization and redevelopment** of government and PSU-owned properties.
- Generates revenue through sale of commercial and residential space, enabling **low-debt, internally funded growth**.
---
### **Key Strengths & Competitive Advantages**
- **Navratna & Schedule-A Status:** Reflects high governance standards, operational autonomy, and financial strength.
- **Self-Sustaining Redevelopment Model:**
- Demolishes outdated government structures and redevelops them using **commercial proceeds** from portioned land.
- Requires **no direct government funding**, solving space shortages and high maintenance costs.
- Projects include **World Trade Centre (Nauroji Nagar)**, **Sarojini Nagar**, **Netaji Nagar**, and **Kidwai Nagar**.
- **Proven Stalled Project Revival Expertise:**
- Appointed by the **Supreme Court** and **NCLT** to complete **Amrapali Group’s stalled housing projects**.
- Completed **~25,500 residential units** to date; total target: **46,000 units**.
- Generated **₹3,650 crore** in real estate sales; secured **bank funding** via SWAMIH and PSU bank consortiums.
- **Debt-Free, Cash-Surplus Balance Sheet:**
- Positive working capital and interest income from surplus funds.
- Achieves **high ROE** despite modest EBITDA margins, indicating efficient capital use.
---
### **Financial Highlights (as of Sep 2025)**
- **Order Book:** ₹1,205 billion (10x book-to-revenue visibility).
- **FY 2024–25 Inflows:** ₹753 billion (76% from redevelopment & stressed asset projects).
- **Real Estate Sales (Cumulative):** ₹147,670 million.
- **Commercial Sales Breakdown:**
- **World Trade Centre, Nauroji Nagar:** ₹134,090 million (including ₹64,800 million in FY24).
- **Downtown Sarojini Nagar:** ₹1,391 million.
- **Revenue Growth:** Strong momentum in FY 2025, driven by bulk sales, redevelopment, and EPC projects.
---
### **Major Projects & Redevelopment Portfolio**
- **GPRA Colony Redevelopment (7 Colonies in Delhi):**
- Nauroji Nagar, Netaji Nagar, Sarojini Nagar, Kasturba Nagar, Thyagraj Nagar, Srinivaspuri, Mohammadpur.
- **Srinagar Satellite Township:** ₹12,711.86 crore self-sustaining project in Jammu & Kashmir.
- **National Infrastructure Projects:**
- IIM Ranchi, IIM Visakhapatnam, NIT Sikkim, IIT Bhubaneswar, AIIMS Deoghar, Bharat Vandana Park, East Delhi Hub (Karkardooma).
- **Smart Cities & Health Infrastructure:**
- Puducherry and Aligarh Smart City projects.
- Ayushman Bharat and NHM-linked healthcare facilities, district drug warehouses, and emergency centers.
- **Amrapali Project Revival:**
- 20,000 units completed (as of Jun 2024), remaining targets by Q1 FY2025.
- FAR monetization: ₹10,000 crore value across Greater Noida.
---
### **International Expansion & Presence**
- **Active Projects In:**
- **Maldives:** 2,000 social housing units in **Hulhumale** (largest overseas EPC project, $130 million, EXIM Bank-funded).
- **Mauritius:** Civil Services College, Police Academy, Forensic Lab, National Archives & Library.
- **Seychelles:** Chancery & residential buildings.
- **Saudi Arabia:** Project in Jeddah.
- **Dubai:** NBCC Overseas Real Estate LLC established in April 2025.
- **Recent Milestones:**
- Jointly inaugurated a project by **PM of India & President of Maldives**.
- India Pavilion at **World Expo 2020, Dubai**.
- Exploring new markets in **Uzbekistan, UAE, Fiji, Morocco, Guinea**, and other African nations.
- **Funding:** Overseas projects often funded by **India’s EXIM Bank** under **NEIA framework** or Ministry of External Affairs.
---
### **Strategic Growth Initiatives**
- **Diversification into New Sectors:**
- Aviation infrastructure (e.g., Jaipur International Airport – independent engineering).
- Defense, smart cities, irrigation, industrial estates, agri-infrastructure, metro construction (Kochi Metro, MoU with Delhi Metro).
- Digital transformation services: GST automation, cybersecurity, data analytics.
- **Geographic Expansion:**
- Entry into **South India** with Kerala State Housing Board project (₹2,000 crore).
- Growth in **Tier-II cities** (Jaipur, Coimbatore, Patna) with targeted margins of 20–25%.
- **Bulk Sales Strategy:**
- Targets corporate clients, developers, and institutions for scalable monetization.
- Achieved **100% commercial space sales** in flagship projects.
- **Land Monetization Partnerships:**
- Engaging with **SAIL, ONGC, HPCL, Railways, ITI, IARI, ED, PSUs, and state governments** for redevelopment of underutilized land.
---
### **Subsidiaries & Integrated Ecosystem**
1. **HSCC (India) Ltd** (acquired 2018, ₹2,850 crore):
- Specializes in hospitals and medical colleges (AIIMS, NCI, PGI).
2. **HSEL (formerly M/s BHEL Projects Ltd)** (acquired 2017, ₹357 crore):
- Focus on steel plants, EMRS schools, NDRF, and ESIC hospitals; profitable since FY2020.
3. **NBCC Services Ltd** (est. 2014):
- Provides **post-construction maintenance** for CBI, CCI, TRAI, HAL, etc.
4. **NBCC Overseas Real Estate LLC** (Dubai, 2025):
- Gateway to real estate and infrastructure development in the **UAE and GCC region**.
---
### **Leadership & Governance**
- **Dr. Suman Kumar** appointed **Director (Commercial)** in July 2024.
- 30+ years of civil engineering & project management expertise.
- Led Amrapali revival and GPRA redevelopment in Delhi.
- Prior role: Chief Engineer & Ex-Officio Director, Jharkhand Police Housing Corporation.
- **Risk Management & ESG Integration:**
- Formal risk mitigation framework.
- All new projects comply with **GRIHA and BEE standards**; green-certified projects delivered (e.g., IGBC Silver Moti Bagh).