Buy Or Sell Opportunity • May 29
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to ₹100. The fair value is estimated to be ₹82.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 38% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Reported Earnings • May 26
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: ₹2.67 (up from ₹2.00 in FY 2025). Revenue: ₹132.0b (up 8.4% from FY 2025). Net income: ₹7.20b (up 33% from FY 2025). Profit margin: 5.5% (up from 4.4% in FY 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 6.8%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
NBCC (India) Limited to Report Q4, 2026 Results on May 25, 2026 NBCC (India) Limited announced that they will report Q4, 2026 results on May 25, 2026 Buy Or Sell Opportunity • May 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.4% to ₹101. The fair value is estimated to be ₹83.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 25% in the next 2 years. Declared Dividend • Feb 20
Third quarter dividend of ₹0.12 announced Shareholders will receive a dividend of ₹0.12. Ex-date: 25th February 2026 Payment date: 17th April 2026 Dividend yield will be 0.7%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (23% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 15
Third quarter 2026 earnings released: EPS: ₹0.71 (vs ₹0.51 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.71 (up from ₹0.51 in 3Q 2025). Revenue: ₹30.9b (up 9.5% from 3Q 2025). Net income: ₹1.93b (up 39% from 3Q 2025). Profit margin: 6.2% (up from 4.9% in 3Q 2025). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 02
NBCC (India) Limited to Report Q3, 2026 Results on Feb 13, 2026 NBCC (India) Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Reported Earnings • Nov 14
Second quarter 2026 earnings released: EPS: ₹0.57 (vs ₹0.45 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.57 (up from ₹0.45 in 2Q 2025). Revenue: ₹30.2b (up 23% from 2Q 2025). Net income: ₹1.54b (up 26% from 2Q 2025). Profit margin: 5.1% (in line with 2Q 2025). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 13
NBCC (India) Limited Declares Second Interim Dividend for the Financial Year 2025-26 NBCC (India) Limited announced that at the board meeting held on November 13, 2025, declared second interim dividend for the financial year 2025-26 of INR 0.21 /- (i.e. 21%) per equity share of INR 1 each. Announcement • Oct 29
NBCC (India) Limited to Report Q2, 2026 Results on Nov 13, 2025 NBCC (India) Limited announced that they will report Q2, 2026 results on Nov 13, 2025 Announcement • Sep 26
NBCC (India) Limited Approves Final Dividend for the Financial Year Ended March 31, 2025 NBCC (India) Limited approved final dividend of @ 14 % i.e. INR 0.14 /- per paid up equity share of INR 1/- each for the Financial Year ended March 31, 2025. Announcement • Aug 08
NBCC (India) Limited, Annual General Meeting, Sep 24, 2025 NBCC (India) Limited, Annual General Meeting, Sep 24, 2025, at 12:00 Indian Standard Time. Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: ₹0.49 (vs ₹0.39 in 1Q 2025) First quarter 2026 results: EPS: ₹0.49 (up from ₹0.39 in 1Q 2025). Revenue: ₹24.7b (up 16% from 1Q 2025). Net income: ₹1.32b (up 26% from 1Q 2025). Profit margin: 5.4% (up from 4.9% in 1Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 30
NBCC (India) Limited to Report Q1, 2026 Results on Aug 07, 2025 NBCC (India) Limited announced that they will report Q1, 2026 results on Aug 07, 2025 Reported Earnings • May 30
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₹2.00 (up from ₹1.49 in FY 2024). Revenue: ₹122.7b (up 19% from FY 2024). Net income: ₹5.41b (up 35% from FY 2024). Profit margin: 4.4% (up from 3.9% in FY 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 9.1%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 21
NBCC (India) Limited to Report Q4, 2025 Results on May 29, 2025 NBCC (India) Limited announced that they will report Q4, 2025 results on May 29, 2025 Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹111, the stock trades at a trailing P/E ratio of 59.8x. Average forward P/E is 22x in the Construction industry in India. Total returns to shareholders of 407% over the past three years. Price Target Changed • Mar 01
Price target increased by 22% to ₹118 Up from ₹97.25, the current price target is an average from 3 analysts. New target price is 62% above last closing price of ₹72.86. Stock is down 19% over the past year. The company is forecast to post earnings per share of ₹2.07 for next year compared to ₹1.49 last year. Reported Earnings • Feb 12
Third quarter 2025 earnings released: EPS: ₹0.51 (vs ₹0.41 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.51 (up from ₹0.41 in 3Q 2024). Revenue: ₹28.3b (up 18% from 3Q 2024). Net income: ₹1.38b (up 25% from 3Q 2024). Profit margin: 4.9% (up from 4.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.7% p.a. on average during the next 2 years, while revenues in the Construction industry in India are expected to grow by 13%. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 11
NBCC (India) Limited Declares Interim Dividend for the Financial Year 2024-2025 NBCC (India) Limited declared Interim Dividend for the Financial Year 2024-2025 of INR 0.53/- (i.e. 53%) per equity share of INR 1 each. As intimated, vide the company's letter no. NBCC/BSENSE/2024-25 dated February 3, 2025, February 18, 2025 is the record date for ascertaining eligibility of shareholders for payment of interim dividend. The interim dividend would be paid within the period as stipulated in the Companies Act, 2013. Announcement • Jan 31
NBCC (India) Limited Announces Superannuation of Directors NBCC (India) Limited announced superannuation of Shri Rajendra Chaudhari as Senior Executive Director (ENGG.), effective January 31, 2025 and Smt. Annu Garg as Senior Executive Director (ARCH.) effective January 31, 2025. Announcement • Jan 28
NBCC (India) Limited to Report Q3, 2025 Results on Feb 11, 2025 NBCC (India) Limited announced that they will report Q3, 2025 results on Feb 11, 2025 Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₹98.76, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 22x in the Construction industry in India. Total returns to shareholders of 238% over the past three years. Announcement • Nov 28
NBCC Reportedly Plans to Acquire Sick PSUs NBCC (India) Limited (BSE:534309) has set its sights on acquiring defunct public sector undertakings (PSUs) to redevelop and monetize their land, according to two people with direct knowledge of the matter, as the state-run construction company seeks to leverage success in developing land for some government-owned companies. The developer is in talks to acquire non-operational PSUs through a new subsidiary for monetizing their land banks, said the first person in the know, speaking on the condition of anonymity as details are not public yet. The company is in the process of acquiring a Mumbai-based PSU, which is defunct now and has land at key locations in different cities, the person said, without giving details as nothing has been finalized yet. The company may also look at becoming an equity partner for PSU land redevelopment in the future, said this person. NBCC did not respond to Mint's emailed query. Announcement • Nov 22
NBCC (India) Limited Announces Cessation of Directors NBCC (India) Limited announced that following Independent Directors of NBCC upon completion of tenure on November 21, 2024 has been ceased from Directorship effective November 22, 2024: Shri Rajeev Kumar (DIN: 01610012), Shri Bhimrao Panda Bhosale (DIN: 09422731) and Shri. Asim Misra (DIN: 09428337). Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹0.45 (vs ₹0.29 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.45 (up from ₹0.29 in 2Q 2024). Revenue: ₹25.3b (up 23% from 2Q 2024). Net income: ₹1.22b (up 53% from 2Q 2024). Profit margin: 4.8% (up from 3.9% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.2% p.a. on average during the next 2 years, while revenues in the Construction industry in India are expected to grow by 13%. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 13
NBCC (India) Limited Announces CFO Changes NBCC (India) Limited announced that the Board of Directors in the meeting held on November 13, 2024 has taken on record the cessation of the Chief Financial Officer i.e. Shri Saleem Ahmad (Whole time Director, NBCC) with effect from November 1, 2024. Further, the Board of Directors has appointed Shri Anjeev Kumar Jain (DIN: 09233328) Director (Finance), NBCC (India) Limited as Chief Financial Officer and Key Managerial Personal (KMP) of the Company effective the date of assumption of charge as regular incumbent of Director (Finance) i.e. November 01, 2024. He is a Cost & Management Accountant (CMA) with degree in Law & Diploma in Management. He has experience of 26 years (appx.) in the field of Finance & Accounts, Cost Accounts, Audit, Government Procurement, transaction advisory for PPP, Contract Management, Tendering & finance appraisal etc. He has vast experience of working in infrastructure sector that includes Companies like NHPC, DFCCIL and RITES. Announcement • Nov 01
NBCC (India) Limited Appoints Shri Anjeev Kumar Jain as Executive Director (Finance) NBCC (India) Limited informed that, pursuant of the Office Order No. No: O-17034/13/2023-PS (Part-I) (9178825) dated October 25, 2024, the Ministry of Housing and Urban Affairs of Govt. of India has conveyed approval of competent authority for appointment of Shri Anjeev Kumar Jain, Executive Director (Finance) RITES Limited to the post of Director (Finance), NBCC (India) Limited, with effect from the date of his assumption of charge of the post till the date of his superannuation, or until further orders, whichever is earlier. Accordingly, Shri Anjeev Kumar Jain has assumed the charge of Director (Finance), NBCC (India) Limited on November 01, 2024 (A/N).Shri Anjeev Kumar Jain has been appointed as Director (Finance), NBCC with effect from November 01, 2024 He is a Cost & Management Accountant (CMA) with degree in Law & Diploma in Management. He has experience of 26 years (appx.) in the field of Finance & Accounts, Cost Accounts, Audit, Government Procurement, transaction advisory for PPP, Contract Management, Tendering & finance appraisal etc. He has vast experience of working in infrastructure sector, which includes Companies like NHPC, DFCCIL and RITES. There is no inter-se relationship of Shri Anjeev Kumar Jain with any of other Directors of NBCC (India) Limited. Announcement • Oct 29
NBCC (India) Limited to Report Q2, 2025 Results on Nov 13, 2024 NBCC (India) Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹92.27, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 23x in the Construction industry in India. Total returns to shareholders of 213% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorates as stock falls 37% After last week's 37% share price decline to ₹113, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 25x in the Construction industry in India. Total returns to shareholders of 139% over the past three years. Announcement • Sep 26
NBCC (India) Limited Approves Final Dividend for the Fiscal Year Ended March 31,2024 NBCC (India) Limited at its AGM held on September 25, 2024, approved final dividend of 0.63% i.e. INR 0.63 per paid up equity share of INR 1 each (subject to deduction of TDS) for the Fiscal Year ended March 31,2024. Declared Dividend • Aug 28
Dividend increased to ₹0.63 Dividend of ₹0.63 is 17% higher than last year. Ex-date: 6th September 2024 Payment date: 25th October 2024 Dividend yield will be 0.3%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but not covered by cash flows (401% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 26
NBCC (India) Limited, Annual General Meeting, Sep 25, 2024 NBCC (India) Limited, Annual General Meeting, Sep 25, 2024, at 12:00 Indian Standard Time. Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: ₹0.58 (vs ₹0.42 in 1Q 2024) First quarter 2025 results: EPS: ₹0.58 (up from ₹0.42 in 1Q 2024). Revenue: ₹22.0b (up 15% from 1Q 2024). Net income: ₹1.05b (up 39% from 1Q 2024). Profit margin: 4.8% (up from 3.9% in 1Q 2024). Revenue is forecast to stay flat during the next 2 years compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 05
NBCC (India) Limited to Report Q1, 2025 Results on Aug 13, 2024 NBCC (India) Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Announcement • Jul 09
Nbcc (India) Limited Appoints Shri K.P Mahadevaswamy as Director (Finance) NBCC (India) Limited informed that Administrative Ministry that is Ministry of Housing and Urban Affairs (MOHUA) vide Office Order No: O-17034/13/2023-PS (9157736), dated July 08, 2024, has entrusted the Additional Charge of post of Director (Finance), NBCC (India) Limited to Shri K.P Mahadevaswamy, Chairman and Managing Director, NBCC (India) Limited for a period of three months with effect from July 1, 2024 or till the regular incumbent joins or until further orders, whichever is earlier. Reason for Change viz. appointment, cessation: Entrustment of Additional Charge of Director (Finance), NBCC. Brief Profile & Expertise: Shri K. P. Mahadevaswamy assumed the pivotal role of Chairman & Managing Director of NBCC (India) Ltd., a Navratna CPSE, on Oct. 1, 2023. He has a vast experience of 33 years (approx.) in handling many mega-value, critical, diversified and state of-art civil engineering projects across the country before assuming the charge of Chairman & Managing Director of NBCC (India) Ltd. He is a Civil Engineer Graduate from the Mysore University. He has also done M.Tech. in Research. Shri Swamy has further enriched his business management and Leadership skills with an Executive Programme in Leadership & Management from IIM Calcutta. Relationship with other Directors: There is no inter-se relationship of Shri K P Mahadevaswamy with any of other Directors of NBCC (India) Limited. Price Target Changed • Jul 05
Price target increased by 20% to ₹120 Up from ₹100.00, the current price target is an average from 4 analysts. New target price is 36% below last closing price of ₹189. Stock is up 370% over the past year. The company is forecast to post earnings per share of ₹3.15 for next year compared to ₹2.23 last year. Announcement • Jul 02
NBCC (India) Limited Appoints Suman Kumar to the Post of Director (Commercial) NBCC (India) Limited announced that pursuant of the Office Order No. O-17034/24/2021-PS dated July 2, 2024, the Ministry of Housing and Urban Affairs has conveyed approval of competent authority for appointment of Dr. Suman Kumar, Executive Director (Engg.), NBCC (India)Limited to the post of Director (Commercial), NBCC(India) Limited, with effect from the date of his assumption of charge of the post till the date of his superannuation, or until further orders, whichever is earlier. Accordingly, Dr. Suman Kumar, has assumed the charge of Director (Commercial) with effect from July 2, 2024. Dr. Suman Kumar joined NBCC(India) ltd. in the year 2016 as a General Manager (Engg.) and Subsequently climbed up the ladder of success to become Executive Director (Engg.) in the year 2022. He is an accomplished professional with more than 30 years of experience in Civil Engineering and Project Management. He has obtained a Bachelor's degree in Civil Engineering from BIT Sindri, Jharkhand and a Master's degree in Civil Engineering from IIT Kanpur. He also holds a master's degree in Computer Science from BIT Mesra, MBA (Executive) from IIM, Ranchi and a Doctorate Degree (PhD) in Civil Engineering. Throughout his career, Dr. Suman Kumar has demonstrated exceptional leadership skills and achieved remarkable results. He has an impressive track record of successfully completing numerous construction projects. Notable among them are IIM Ranchi, construction of three government engineering colleges in Jharkhand, the CCL Headquarters and Convention Centre in Ranchi, and coal transportation road project for CCL. One of his notable achievements is the successful completion of the Super-Speciality Hospital for SAIL in Rourkela, which was inaugurated by the Hon'ble President of India. Apart from this, he played an instrumental role in handing over & inauguration of 250 bedded AIIMS Hospital at Deoghar by the Hon'ble Prime Minister. Prior to his role in NBCC, Dr. Kumar served as the Chief Engineer/Ex Officio Director in Jharkhand Police Housing Corporation (JPHC), He has also worked in Coal India for more than 20 years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹157, the stock trades at a forward P/E ratio of 52x. Average forward P/E is 24x in the Construction industry in India. Total returns to shareholders of 182% over the past three years. Announcement • May 30
NBCC (India) Limited Proposes Final Dividend for the Financial Year 2023-24 The board of NBCC (India) Limited at their meeting held on May 28, 2024, recommended final dividend @ 0.63 % i.e. INR 0.63 /- per paid up equity share of INR 1/- each (subject to deduction of TDS) for the Fiscal Year 2023-24 subject to approval of shareholders in the ensuing Annual General Meeting. The final dividend (if declared) would be paid within 30 days from the date of declaration at the AGM. Reported Earnings • May 29
Full year 2024 earnings released: EPS: ₹2.23 (vs ₹1.48 in FY 2023) Full year 2024 results: EPS: ₹2.23 (up from ₹1.48 in FY 2023). Revenue: ₹106.7b (up 23% from FY 2023). Net income: ₹4.02b (up 51% from FY 2023). Profit margin: 3.8% (up from 3.1% in FY 2023). Revenue is expected to decline by 3.4% p.a. on average during the next 2 years, while revenues in the Construction industry in India are expected to grow by 13%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 16
NBCC (India) Limited to Report Q4, 2024 Results on May 28, 2024 NBCC (India) Limited announced that they will report Q4, 2024 results on May 28, 2024 Announcement • Apr 10
NBCC (India) Limited Announces Entrustment of Additional Charge of Director (Commercial) to K. P. Mahadevaswamy NBCC (India) Limited announced that Administrative Ministry that is Ministry of Housing and Urban Affairs (MOHUA) datedApril 9, 2024, has entrusted the Additional Charge of post of Director (Commercial), NBCC (India) Limited to Shri K. P. Mahadevaswamy, Chairman and Managing Director, NBCC (India) Limited for a period of six months, effective January 1, 2024 or till the regular incumbent joins or until further orders, whichever is earlier. Shri K. P. Mahadevaswamy assumed the pivotal role ofChairman & Managing Director of NBCC (India) Ltd., a Navratna CPSE, on October 1, 2023 along with additional responsibility of Chairman of Hindustan Steelworks Construction Ltd. (HSCL) and Hospital Services Consultancy Corporation Limited (HSCC). Shri K. P Mahadevaswamy joined NBCC on September 5, 2005 as Dy. General Manager (Engg.) and gradually and successfully went up the ladder in the organization to become Director (Commercial) on February 1, 2023. He has a vast experience of more than 33 years (approx.) in handling many mega-value, critical, diversified and state- of-art civil engineering projects across the country before assuming the charge of Chairman & Managing Director of NBCC (India) Ltd. Shri Swamy was the Director (Commercial) of NBCC till September 30, 2023 on regular incumbent. On becoming CMD of NBCC, effective October 1, 2023 hehad entrusted with the additional charge of Director (Commercial), NBCC by the Administrative Ministry till December 31, 2023. Names of listed entities in which the person also holds the directorship: Unlisted Public Company - Hindustan Steelworks Construction Limited and HSCC (India) Limited. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹138, the stock trades at a forward P/E ratio of 50x. Average forward P/E is 20x in the Construction industry in India. Total returns to shareholders of 207% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹87.73 per share. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ₹0.62 (vs ₹0.38 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.62 (up from ₹0.38 in 3Q 2023). Revenue: ₹24.7b (up 17% from 3Q 2023). Net income: ₹1.11b (up 60% from 3Q 2023). Profit margin: 4.5% (up from 3.3% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₹133, the stock trades at a forward P/E ratio of 55x. Average forward P/E is 20x in the Construction industry in India. Total returns to shareholders of 329% over the past three years. Announcement • Jan 26
NBCC (India) Limited to Report Q3, 2024 Results on Feb 13, 2024 NBCC (India) Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹105, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 18x in the Construction industry in India. Total returns to shareholders of 261% over the past three years. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹76.10, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 17x in the Construction industry in India. Total returns to shareholders of 174% over the past three years. Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: ₹0.44 (vs ₹0.53 in 2Q 2023) Second quarter 2024 results: EPS: ₹0.44 (down from ₹0.53 in 2Q 2023). Revenue: ₹20.5b (up 1.7% from 2Q 2023). Net income: ₹795.9m (down 17% from 2Q 2023). Profit margin: 3.9% (down from 4.7% in 2Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 28
NBCC (India) Limited to Report Q2, 2024 Results on Nov 09, 2023 NBCC (India) Limited announced that they will report Q2, 2024 results on Nov 09, 2023 New Risk • Oct 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.4% average weekly change). Announcement • Sep 28
NBCC (India) Limited Approves Final Dividend for the Financial Year Ended March 31, 2023 NBCC (India) Limited announced at the AGM held on September 26, 2023, approved to declare a final dividend of INR 0.54 (54%) per fully paid up equity share of INR 1 each for the financial year ended March 31 2023. Upcoming Dividend • Aug 25
Upcoming dividend of ₹0.54 per share at 1.1% yield Eligible shareholders must have bought the stock before 01 September 2023. Payment date: 26 October 2023. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.9%). Price Target Changed • Aug 17
Price target increased by 8.0% to ₹40.67 Up from ₹37.67, the current price target is an average from 3 analysts. New target price is 15% below last closing price of ₹47.60. Stock is up 40% over the past year. The company is forecast to post earnings per share of ₹2.25 for next year compared to ₹1.48 last year. Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: ₹0.42 (vs ₹0.03 loss in 1Q 2023) First quarter 2024 results: EPS: ₹0.42 (up from ₹0.03 loss in 1Q 2023). Revenue: ₹19.7b (up 10.0% from 1Q 2023). Net income: ₹751.4m (up ₹814.3m from 1Q 2023). Profit margin: 3.8% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 22% per year. Announcement • Aug 01
NBCC (India) Limited to Report Q1, 2024 Results on Aug 10, 2023 NBCC (India) Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Price Target Changed • Jun 06
Price target increased by 9.7% to ₹37.67 Up from ₹34.33, the current price target is an average from 3 analysts. New target price is 11% below last closing price of ₹42.40. Stock is up 30% over the past year. The company is forecast to post earnings per share of ₹2.10 for next year compared to ₹1.25 last year. Announcement • May 30
NBCC (India) Limited Recommends Final Dividend for the Financial Year 2022-23 NBCC (India) Limited at the Board Meeting held on May 29, 2023, Board of Directors have recommended a final dividend @ 54% i.e. INR 0.54 per equity share (subject to deduction of TDS) on the face value of the paid-up equity shares of INR 1 per share for the Fiscal Year 2022-23 subject to approval of shareholders in the upcoming Annual General Meeting. The final dividend (if declared) would be paid within 30 days from the date of declaration at the AGM. Price Target Changed • Feb 22
Price target decreased by 15% to ₹35.00 Down from ₹41.00, the current price target is an average from 3 analysts. New target price is 7.4% above last closing price of ₹32.60. Stock is down 17% over the past year. The company posted earnings per share of ₹1.25 last year. Reported Earnings • Feb 15
Third quarter 2023 earnings released: EPS: ₹0.38 (vs ₹0.46 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.38 (down from ₹0.46 in 3Q 2022). Revenue: ₹21.9b (up 11% from 3Q 2022). Net income: ₹690.9m (down 17% from 3Q 2022). Profit margin: 3.2% (down from 4.2% in 3Q 2022). Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Feb 15
NBCC (India) Limited Appoints Gita Rani as Chief Internal Auditor NBCC (India) Limited at its board meeting held on February 14, 2023 appointed Appointment of Smt. Gita Rani, AGM (Finance)-NBCC as Chief Internal Auditor of the Company w.e.f February 14, 2023. Announcement • Feb 02
NBCC (India) Limited Announces Appointment of K.P Mahadevaswamy as Director (Commercial) NBCC (India) Limited announced that Administrative Ministry i.e. Ministry of Housing and Urban Affairs (MOHUA) vide Office Order No.: O-17034/24/2021-PS (E-9112145), dated January 31, 2023, conveyed the approval of the Competent Authority for appointment of Shri K.P Mahadevaswamy (Senior Executive Director -NBCC) to the post of Director (Commercial), the company for a period of five years with effect from the date of his assumption of charge of the post, or until further orders, whichever is earlier. The appointment of Shri K.P Mahadevaswamy is in process and requisite disclosures in this regard would be submitted accordingly. Announcement • Jan 31
NBCC (India) Limited to Report Q3, 2023 Results on Feb 10, 2023 NBCC (India) Limited announced that they will report Q3, 2023 results on Feb 10, 2023 Announcement • Jan 03
NBCC (India) Limited Announces Board Changes NBCC (India) Limited announced cessation of Shri Ashish Upadhyaya as Government Nominee Director. The company also appointed Shri Sanjeet, Joint Secretary and Financial Advisor, MOHUA as Government Nominee Director. The appointment and resignation is effective on December 23, 2022. Shri Sanjeet, (DIN:09873776) aged 51 years is an Indian Railway Accounts Service (IRAS) Officer of 1998 batch. Presently he is serving as Joint Secretary & Financial Advisor in the Ministry of Housing and Urban Affairs, Government of India. Shri Sanjeet, holds Masters and M.Phil. degree(s) in International Studies from Jawaharlal Nehru University, New Delhi in addition to Master of Business Administration. Shri Sanjeet has around 24 years of rich, varied and multi-disciplinary experience in the field of Finance & Accounts, Administration, financial appraisal of proposals, Expenditure & Budgetary issues, Tender and Contract management, Procurement & Auction, Policy issues on Pay & Allowances and Audit functions. He has in the past held various important positions in the Indian Railways. Before joining as JS&FA, he was posted as Executive Director in Railway Board. Shri Sanjeet was instrumental in setting up of New Computer Centre in Traffic Accounts Office ®& implementation of PRIME, disposal of scrap, Clearing of _ Traffic suspense, for which he has been conferred with various prizes from time to time. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹34.10, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Construction industry in India. Total returns to shareholders of 3.3% over the past three years. Board Change • Nov 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Rajeev Kumar was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. 
