CMP: ₹116.21 | FY25 PAT: ₹1,177 Cr | Revenue: ₹10,101 Cr | Order Book: ₹65,000 Cr+
⚡ At a Glance
NBCC ne FY25 ke results drop kiye — aur bhai sahab, PSU infra stock ho kar bhi delivery de diya:
- Net profit: ₹1,177 Cr — up 232% YoY!
- Revenue: ₹10,101 Cr — double-digit growth
- Margins fat, dividend declared, PMC segment flying
- Lekin CMP = ₹116 ⇒ kya valuation mein saara optimism pehle hi ghus gaya hai?
Chaliye, file uthate hain aur PSU ke report card ko janta ki bhasha mein decode karte hain.
🏢 About NBCC (India) Ltd
- Govt of India-owned Navratna PSU (under MoHUA)
- Core verticals:
- Project Management Consultancy (PMC)
- Real Estate Development
- Engineering, Procurement, and Construction (EPC)
- Famous for: CPWD ka thekedaar, AIIMS jaisa infra build karna, redevelopment of government colonies
EduAnalogy:
“NBCC = Government ka interior designer + contractor + budget executioner — sab kuch ek hi combo mein.”
📊 FY25 Key Financials (Standalone)
| Metric | FY25 | FY24 | YoY % |
|---|---|---|---|
| Total Income | ₹10,101.75 Cr | ₹8,375.78 Cr | 🔼 +20.6% |
| EBITDA | ₹1,548.28 Cr | ₹449.67 Cr | 🔼 +244% |
| EBITDA Margin (%) | 15.32% | 5.37% | 🔼 Massive |
| Profit Before Tax | ₹1,592.58 Cr | ₹529.99 Cr | 🔼 +200%+ |
| Net Profit (PAT) | ₹1,177.51 Cr | ₹354.52 Cr | 🔼 +232% |
| EPS (Basic) | ₹6.59 | ₹1.98 | 🔼 |
| Final Dividend | ₹0.54/share | ₹0.54/share | 🟰 Same |
🧠 Edu Decode:
“Yeh PSU infra company FY25 mein startup jaisa grow kar gaya — lekin dividend abhi bhi WFH kar raha hai.”
📦 Segment-Wise Revenue Breakdown (Standalone)
| Segment | FY25 Revenue | FY24 Revenue | YoY Growth |
|---|---|---|---|
| PMC | ₹6,735 Cr | ₹5,711 Cr | 🔼 +18% |
| Real Estate | ₹1,179 Cr | ₹832 Cr | 🔼 +41% |
| EPC | ₹744 Cr | ₹501 Cr | 🔼 +48% |
🔥 PMC continues to be the engine — biggest revenue earner
🏗️ Real Estate segment also rallied hard
🛠️ EPC showed fastest percentage growth
EduView:
“NBCC ka PMC vertical PSU infra ka Reliance Jio ban gaya hai — sab kuch ussi se chalta hai.”
🧾 Consolidated Financials – FY25
| Metric | Value |
|---|---|
| Total Income | ₹11,221.17 Cr |
| PAT | ₹1,188.52 Cr |
| Net Worth | ₹6,837 Cr |
| Total Assets | ₹9,676.62 Cr |
| Equity Capital | ₹180.24 Cr |
Dividend: ₹0.54 final (same as last year)
📚 Order Book Status
📌 NBCC’s consolidated order book: ₹65,000+ Cr
Major Projects:
- AIIMS campuses
- CPWD/Ministry redevelopment works
- Global infra via NBCC International
- Smart Cities + Urban Infra + Hospitals + Border Infra
EduMeter:
“Order book itna bhara hua hai ki investor bhi pooch raha: ‘delivery kab karega bhai?’”
🏗️ Subsidiary Update – HSCC, NBCC Services Ltd
NBCC ki subsidiaries bhi thodi spotlight deserve karti hain:
- HSCC Ltd (health infra): ₹631.45 Cr turnover
- NBCC Services Ltd (overseas projects): ₹332.25 Cr turnover
Both were profitable.
“PSU ki family bhi paisa kama rahi hai — par baap ka share price hi sabse volatile hai.”
🧮 EduFair Value (FV) Calculation
Let’s take conservative FY26E PAT: ₹1,300 Cr
EPS = ₹7.2 (based on equity ₹180 Cr)
Apply P/E = 16x (PSU with high order book but execution drag)
📈 Forward FV = ₹115.2
CMP = ₹116.21 ⇒ Slightly overvalued already
🧨 Risks & Red Flags
| Risk Type | Details |
|---|---|
| Execution Delays | Most projects = govt contracts = time lag |
| Payment Cycle | Slow clearance = WC cycle stressed |
| Political Dependence | MoHUA projects = regime change = risk |
| Dividend Yield | Despite high profit, dividend is just 0.4% |
| Valuation Richness | Already trading above FV |
EduWarning:
“NBCC ka profit baap ban gaya, par dividend abhi bhi intern hai.”
📉 Stock Snapshot
| Metric | Value |
|---|---|
| CMP | ₹116.21 |
| 52-Week High | ₹149.50 |
| 52-Week Low | ₹36.25 |
| Gain from Lows | 🔼 +220% |
| Fall from High | 🔻 -22% |
PSU infra stocks rally mein NBCC ne sabko beat kiya — lekin kya ye level sustainable hai?
💡 EduInvesting Verdict
“NBCC ne FY25 mein infra ka GDP khud banaya hai. Margin bhi tight, execution bhi better — aur file se site tak kaafi kuch chal raha hai.”
✅ Highest-ever PAT
✅ Massive margin expansion
✅ Real estate & EPC verticals firing
✅ Subsidiary support
✅ Order book monstrous
But…
❌ Dividend still conservative
❌ CMP already premium
❌ Execution remains PSU-speed
📦 TL;DR Summary
- FY25 PAT up 232% YoY to ₹1,177 Cr
- Revenue crosses ₹10,000 Cr for first time
- Margin doubled, real estate biz surged 40%+
- Order book strong, delivery awaited
- CMP > FV — momentum priced in
✍️ Author: Prashant Marathe
🗓️ Published: May 29, 2025
🏷️ Tags: NBCC FY25 results, PSU infra growth, project management consultancy, dividend PSU stocks, PMC vs EPC revenue, NBCC order book, infra stock rally, FY25 earnings PSU India, smart city execution India
