NBCC (India) financials and balance sheet

NSE: NBCCBSE: 534309ConstructionSmall Cap

Formerly National Buildings Construction Corporation

₹67.90₹2.60 (3.69%)BSE ₹68.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹70.50.

52-week range of traded prices to 23 Oct 2026

₹67.30Low, 23 Oct 2026₹125.85High, 29 Dec 2025

Next results date: the board meets on 5 Nov 2026 to consider: financial results and dividend.

Market cap: ₹18,333 Cr294th largest listed
P/E: 24.7
P/E without one-offs: 27.7
P/B: 6.1
Dividend yield: 1.38%
ROE: 27.0%
ROE without one-offs: 24.1%
ROCE: 20.0%
Debt to equity: 0.00
Volume, NSE: 73,98,91733.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.NBCC (India) annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.3% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹9,943 Cr, differs from its quarters added, ₹8,836 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue12,889
Materials and goods−241
Employee costs−379
Other expenses−11,651
Operating profit617
Depreciation−13
Other income+307
One-off items+80
Finance costs0.0
Profit before tax991
Tax−249
Joint ventures+0.3
Net profit742

What the company owns

Cash and bank₹6,516 Cr
Receivables₹5,092 Cr
Plant, investments and other assets₹3,472 Cr
Inventory₹1,194 Cr

What pays for it: net worth and liabilities

Other liabilities₹6,703 Cr
Owed to suppliers₹6,355 Cr
Net worth₹3,215 Cr

NBCC (India) business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.NBCC (India) segment results by quarter

Revenue by segment

₹12,857 CrTotal

PMC₹12,375 Cr96.3% of total
EPC₹382 Cr3.0% of total
Real Estate₹100 Cr0.8% of total

Profit by segment

PMC₹791 Cr85.5% of total
EPC₹28 Cr3.0% of total
Real Estate₹106 Cr11.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

PMC
Revenue, ₹ crore
8,918
7,471
6,287
6,960
7,936
9,648
11,003
12,375
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
454
313
251
300
369
605
641
791
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
EPC
Revenue, ₹ crore
538
412
358
499
518
536
736
382
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4
34
19
−4
−10
65
19
28
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Real Estate
Revenue, ₹ crore
351
145
95
116
195
145
254
100
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
163
−5
−3
−70
−86
−156
−10
106
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	9,806	8,028	6,740	7,575	8,649	10,328	11,993	12,857
Company revenue, as in its results	9,943	8,087	6,832	7,691	8,754	10,433	12,039	12,889
Revenue	8,918	7,471	6,287	6,960	7,936	9,648	11,003	12,375
Revenue growth	–	−16.2%	−15.8%	10.7%	14.0%	21.6%	14.1%	12.5%
Profit	454	313	251	300	369	605	641	791
Profit growth	–	−31.1%	−19.8%	19.5%	22.9%	64.0%	6.0%	23.3%
Margin	5.1%	4.2%	4.0%	4.3%	4.6%	6.3%	5.8%	6.4%
Assets	8,107	7,757	8,290	8,051	7,161	7,042	8,059	10,984
Liabilities	9,426	9,412	9,873	9,775	9,053	8,762	9,564	11,830
Capital employed	−1,319	−1,655	−1,583	−1,724	−1,892	−1,719	−1,506	−845
Revenue	538	412	358	499	518	536	736	382
Revenue growth	–	−23.5%	−13.0%	39.2%	3.8%	3.6%	37.2%	−48.1%
Profit	4	34	19	−4	−10	65	19	28
Profit growth	–	789.1%	−44.1%	–	–	–	−70.5%	45.4%
Margin	0.7%	8.1%	5.2%	−0.7%	−2.0%	12.1%	2.6%	7.3%
Return on capital	2.0%	36.8%	25.3%	−4.7%	−371.0%	35.1%	18.0%	–
Assets	1,013	919	863	1,033	964	934	721	542
Liabilities	822	828	789	956	961	749	614	576
Capital employed	191	91	74	78	3	185	106	−34
Revenue	351	145	95	116	195	145	254	100
Revenue growth	–	−58.6%	−34.8%	23.0%	67.8%	−26.0%	75.5%	−60.6%
Profit	163	−5	−3	−70	−86	−156	−10	106
Margin	46.4%	−3.7%	−3.6%	−60.3%	−44.2%	−108.0%	−3.9%	106.4%
Return on capital	11.0%	−0.4%	−0.2%	−5.5%	−7.2%	−13.8%	−1.1%	7.0%
Assets	1,882	1,811	1,732	1,608	1,517	1,536	1,216	1,771
Liabilities	409	317	334	326	324	404	297	240
Capital employed	1,473	1,494	1,398	1,282	1,193	1,132	920	1,531
Revenue	–	–	–	–	–	–	46	31
Profit	–	–	–	–	–	–	104	66
Assets	–	–	–	–	–	–	3,646	2,977
Liabilities	–	–	–	–	–	–	495	413

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.NBCC (India) quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 7 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 31 May	Mar 2023Filed 30 May	Mar 2024Filed 31 May	Mar 2025Filed 16 Jun	Mar 2026Filed 25 May
Revenue from operations	6,313	6,942	9,943	8,087	6,832	7,691	8,754	10,433	12,039	12,889
	5,903	6,519	9,578	7,984	6,713	7,487	8,414	9,919	11,414	12,272
Materials and goods bought	−142	−77	183	55	38	64	109	99	385	241
Employee costs	–	–	326	330	309	310	334	329	348	379
Other expenses	–	–	9,069	7,599	6,366	7,113	7,972	9,492	10,682	11,651
Operating profit before depreciation	410	422	365	104	119	204	340	513	624	617
Operating margin	6.5%	6.1%	3.7%	1.3%	1.7%	2.7%	3.9%	4.9%	5.2%	4.8%
Materials, % of revenue	–	–	1.8%	0.7%	0.6%	0.8%	1.2%	0.9%	3.2%	1.9%
Employee costs, % of revenue	–	–	3.3%	4.1%	4.5%	4.0%	3.8%	3.2%	2.9%	2.9%
Other expenses, % of revenue	–	–	91.2%	94.0%	93.2%	92.5%	91.1%	91.0%	88.7%	90.4%
Depreciation and amortisation	3	5	4	7	6	5	5	5	7	13
Operating profit after depreciation	408	417	361	97	114	199	335	508	617	604
Other income	88	154	208	206	180	194	207	234	234	307
Finance costs	1	25	1	7	7	6	1	0	0	0
Profit before one-off items and tax	495	547	569	296	287	388	541	742	851	911
One-off items	0	0	0	0	0	−73	−170	−184	−96	80
Profit before tax	495	547	569	296	287	315	371	558	755	991
	140	175	177	197	51	77	94	144	198	249
Current tax	–	–	220	71	64	39	96	123	142	214
Deferred tax	–	–	−42	127	−13	38	−2	21	56	35
Share of profit of joint ventures and associates	0	1	0	1	0	0	1	0	0	0
	355	372	392	100	236	238	278	414	557	742
Belonging to the company's shareholders	355	372	375	78	222	224	267	402	541	720
Belonging to outside owners of subsidiaries	–	–	16	22	14	14	11	13	16	22
Other comprehensive income	–	–	−15	4	−10	−15	−3	−23	−30	2
Total comprehensive income	–	–	377	104	226	223	275	391	528	745
Net margin	5.6%	5.4%	3.9%	1.2%	3.5%	3.1%	3.2%	4.0%	4.6%	5.8%
Net margin without joint ventures and associates	5.6%	5.4%	3.9%	1.2%	3.5%	3.1%	3.2%	4.0%	4.6%	5.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 30 May	Mar 2020Filed 7 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 31 May	Mar 2023Filed 30 May	Mar 2024Filed 31 May	Mar 2025Filed 16 Jun	Mar 2026Filed 25 May
	1,657	1,606	1,797	1,938	2,124	2,412	2,671	3,215
	1,508	1,450	1,637	1,768	1,945	2,226	2,479	3,017
Share capital	180	180	180	180	180	180	270	270
Reserves	1,328	1,270	1,457	1,588	1,765	2,046	2,209	2,747
Belonging to outside owners of subsidiaries	148	156	160	170	180	187	192	198
Borrowings	0	0	0	0	0	0	0	0
	11,310	10,500	10,934	11,062	10,313	10,089	10,759	12,939
Trade payables	4,236	3,552	3,265	3,269	3,497	4,121	4,756	6,355
Other financial liabilities	1,625	1,391	1,282	1,500	1,425	1,623	1,650	1,752
Other liabilities	5,268	5,388	6,231	6,159	5,089	3,979	4,034	4,414
Provisions	180	169	156	134	302	365	311	363
Tax owed	0	0	0	0	0	0	7	55
	125	430	432	444	442	279	169	119
Other financial liabilities	18	208	197	194	189	0	0	0
Other liabilities	0	114	117	120	118	117	107	105
Provisions	107	108	118	131	135	162	62	15
Liabilities going with businesses held for sale	4	–	–	–	–	–	42	–
	13,095	12,536	13,164	13,444	12,879	12,779	13,641	16,274
Held for sale or for a demerger	8	–	12	12	8	2	26	0
	854	908	2,032	1,858	2,118	998	955	1,047
Plant in use, after depreciation	180	163	158	158	165	168	168	595
Plant being built	0	0	16	2	4	12	4	38
Intangible assets	0	0	0	0	0	0	0	1
Intangible assets being developed	0	0	0	0	0	0	0	–
Property held to earn rent	2	2	2	17	17	17	362	18
Investments	11	0	0	0	0	0	0	0
Stakes in joint ventures and associates	16	18	18	18	19	19	19	19
Other financial assets	93	256	1,450	1,295	1,572	435	140	154
Deferred tax	507	381	374	333	335	312	258	222
Other assets	44	87	14	34	6	34	2	1
	12,233	11,629	11,120	11,574	10,753	11,780	12,660	15,226
Inventories	1,833	1,768	1,694	1,571	1,408	1,202	974	1,194
Trade receivables	2,449	1,856	2,071	2,021	1,945	2,902	3,062	5,092
Cash and cash equivalents	1,908	1,949	2,517	2,535	2,342	2,094	3,010	3,487
Other bank balances	3,185	3,258	3,186	3,112	2,576	3,097	2,706	3,028
Current investments	15	10	2	0	2	256	246	0
Other financial assets	1,715	1,602	457	1,026	1,118	1,187	1,362	931
Tax paid in advance	90	133	172	122	131	78	72	105
Other assets	1,037	1,054	1,022	1,188	1,231	964	1,228	1,389
Net debt	−5,108	−5,216	−5,705	−5,647	−4,920	−5,447	−5,962	−6,516

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 30 Jun	Mar 2022Filed 31 May	Mar 2023Filed 30 May	Mar 2024Filed 31 May	Mar 2025Filed 16 Jun	Mar 2026Filed 25 May
	431	80	−440	73	657	439
	464	92	−429	86	675	522
	297	−109	−720	−354	189	166
Receivables	−271	24	39	−1,006	−443	−2,205
Inventories	37	−20	116	65	−34	−228
Payables	−287	5	228	679	1,003	1,960
Other working capital	816	−118	−1,103	−92	−338	639
Tax paid	−16	−12	−11	−13	−18	−83
Capital spending	5	6	11	16	320	37
Free cash flow	425	73	−452	57	337	402
	178	33	339	−218	573	250
Plant and property sold	3	0	1	0	0	0
Interest received	166	180	0	198	433	214
Dividends received	0	0	−2	2	20	13
	−41	−95	−90	−103	−269	−201
Interest paid	−7	−6	0	0	0	0
Lease payments	0	0	0	0	0	0
Dividends paid	33	89	92	103	267	200
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	568	19	−192	−249	961	489

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.NBCC (India) dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 7 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 31 May	Mar 2023Filed 30 May	Mar 2024Filed 31 May	Mar 2025Filed 16 Jun	Mar 2026Filed 25 May
	–	₹1.31	₹1.39	₹0.29	₹0.82	₹0.83	₹0.99	₹1.49	₹2.00	₹2.67
As stated that year	–	₹1.97	₹2.08	₹0.43	₹1.23	₹1.25	₹1.48	₹2.23	₹2.00	₹2.67
	–	₹1.31	₹1.39	₹0.29	₹0.82	₹0.83	₹0.99	₹1.49	₹2.00	₹2.67
As stated that year	–	₹1.97	₹2.08	₹0.43	₹1.23	₹1.25	₹1.48	₹2.23	₹2.00	₹2.67
	₹0.54	₹0.56	₹0.43	₹0.09	₹0.31	₹0.33	₹0.36	₹0.42	₹0.67	₹1.00
As declared that year	₹1.63	–	₹0.65	₹0.14	₹0.47	₹0.50	₹0.54	₹0.63	₹0.67	₹1.00
	–	–	₹5.59	₹5.37	₹6.06	₹6.55	₹7.20	₹8.24	₹9.18	₹11.18
On that year's share count	–	–	₹8.38	₹8.06	₹9.10	₹9.82	₹10.80	₹12.36	₹9.18	₹11.18
Dividend payout	41.4%	40.4%	31.2%	31.1%	38.1%	40.1%	36.5%	28.2%	33.4%	37.5%
Shareholder yield	–	–	–	–	0.4%	1.4%	1.4%	0.5%	1.2%	1.0%
Market cap at the year end (₹ crore)	15,485	17,136	11,934	2,934	8,424	6,534	6,381	21,402	22,110	20,930

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. The dividend as declared is blank for the year to Mar 2018: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.NBCC (India) PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 7 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 31 May	Mar 2023Filed 30 May	Mar 2024Filed 31 May	Mar 2025Filed 16 Jun	Mar 2026Filed 25 May
Revenue growth	8.1%	10.0%	–	−18.7%	−15.5%	12.6%	13.8%	19.2%	15.4%	7.1%
Operating profit growth	16.8%	3.0%	–	−71.6%	15.1%	71.1%	66.8%	50.9%	21.6%	−1.2%
Net profit growth	14.0%	4.9%	–	−74.5%	136.6%	0.7%	16.8%	49.1%	34.5%	33.2%
Earnings per share growth	–	–	–	−79.3%	186.0%	1.6%	18.4%	50.7%	34.5%	33.5%
	–	–	24.9%	5.3%	14.4%	13.2%	14.4%	19.3%	23.0%	26.2%
	–	–	–	−19.6 pts	9.1 pts	−1.2 pts	1.2 pts	4.9 pts	3.7 pts	3.2 pts
From the net margin	–	–	–	−18.5 pts	12.5 pts	−1.5 pts	0.6 pts	3.8 pts	3.2 pts	5.6 pts
From asset turnover	–	–	–	−1.1 pts	−2.8 pts	1.1 pts	2.1 pts	4.0 pts	2.7 pts	−1.6 pts
From borrowing	–	–	–	0.0 pts	−0.6 pts	−0.9 pts	−1.5 pts	−2.9 pts	−2.2 pts	−0.8 pts
Return on capital employed	–	–	21.8%	6.0%	6.3%	10.3%	15.8%	21.1%	23.1%	18.8%
Cash conversion	–	–	–	–	182.3%	33.6%	−158.4%	17.6%	117.9%	59.2%
Interest cover	564.5	16.7	593.9	14.5	17.2	35.1	227.1	10,019.8	10,010.7	17,702.4
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	90	84	111	96	81	102	93	144
Inventory days	–	–	3,660	11,824	16,216	8,964	4,714	4,432	924	1,806
Payable days	–	–	8,457	23,762	31,264	18,653	11,711	15,195	4,512	9,613
Cash conversion cycle, days	–	–	−4,707	−11,855	−14,938	−9,594	−6,916	−10,661	−3,495	−7,663
Working capital days	–	–	−154	−184	−295	−244	−187	−131	−123	−120
Asset turnover	–	–	0.76	0.63	0.53	0.58	0.67	0.81	0.91	0.86
Assets per rupee of net worth	–	–	8.68	8.66	8.32	7.81	7.09	6.15	5.62	5.44
Sales per rupee of plant	–	–	55.29	49.47	43.29	48.76	53.03	61.95	71.51	21.65
Capital spending to depreciation	–	–	–	–	0.92	1.41	2.15	3.09	42.99	2.86
Plant being built, % of plant in use	–	–	0.1%	0.1%	10.0%	1.3%	2.7%	7.2%	2.6%	6.3%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2019: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.8%
Cash from operations against operating profit: 71.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.2%	13.5%	13.8%
Profit growth, yearly rate	8.8%	26.6%	39.3%
Return on equity, average	–	19.2%	22.8%
Return on capital employed, average	–	17.8%	21.0%
Operating margin, average	4.1%	4.3%	5.0%
Net margin, average	4.0%	4.1%	4.8%
Asset turnover, average	–	0.77	0.86
Cash conversion cycle, days, average	–	−7,666	−7,273
Interest cover, average	3,920.2	7,599.0	12,577.6
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	809	1,170	439
Cash from investing	976	604	250
Cash from financing	−758	−573	−201
Capital spending	391	374	37
Dividends paid	750	570	200
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	5	4	7	6	7
Altman Z-scorePublished threshold 1.81	–	–	1.76	1.14	1.21	1.20	1.36	2.58	2.67	2.36
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.80	−2.45	−2.15	−2.18	−2.50	−1.94
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.90	0.94	2.89	4.36	−5.09	0.35
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.09	−0.31	0.23	0.68
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−5.56	27.13	−15.00	−17.58	30.05	−9.89	59.25
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	66.57	25.95	−75.03	−80.79	−5.43	−307.66	59.89
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.66	−16.67	8.91	1.64	−2.41	3.60	−1.85
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	0.47	0.35	1.41	0.60	0.09
Effective tax ratePublished threshold 17.16 per cent	28.35	32.02	31.18	66.58	17.70	24.41	25.31	25.82	26.17	25.11
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	20.65	22.26	23.42	23.76	16.71

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
16 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Other	Positive	1,750

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.