NBCC (India) Limited (NBCC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+36.8%

₹102.65

vs ₹75.01 price

Levered DCF

₹118.37

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	31.01×	40.81×	55.84×	23.87×	29.16×	37.59×	37.48×	31.92×
P/B	7.4×	8.89×	10.09×	3.28×	3.7×	5.15×	2.02×	7.94×
P/S	1.73×	1.81×	2.14×	0.73×	0.86×	1.22×	0.36×	1.21×
EV / EBITDA	18.76×	22.3×	33.44×	12.09×	22.74×	59.88×	12.62×	30.25×
Gross margin	9.8%	11.7%	10.0%	8.2%	6.6%	6.8%	6.8%	8.4%
Operating margin	5.6%	6.6%	6.4%	3.9%	2.3%	2.1%	2.6%	4.8%
Net margin	5.6%	4.4%	3.8%	3.0%	3.0%	3.3%	1.0%	3.8%
Current ratio	1.18×	1.17×	1.16×	1.02×	1.05×	1.02×	1.11×	1.08×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	21,179.96×	322.8×	300.11×	64.45×	20.96×	18.27×	25.33×	197.98×
Dividend yield	0.9%	1.2%	0.5%	1.4%	1.4%	0.4%	5.2%	1.2%
Payout ratio	27.8%	49.4%	25.7%	34.4%	39.6%	14.8%	194.8%	38.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	23.9%	21.8%	18.0%	13.7%	12.7%	13.8%	5.4%	24.9%
Return on invested capital	16.2%	20.9%	19.1%	10.7%	5.5%	5.3%	3.4%	18.2%
Return on assets	4.4%	4.0%	3.1%	2.1%	1.7%	1.7%	0.6%	2.9%
Free cash flow yield	1.8%	3.6%	0.1%	-7.1%	1.1%	5.1%	3.5%	5.3%
Earnings yield	3.2%	2.5%	1.8%	4.2%	3.4%	2.7%	2.7%	3.1%
Enterprise value	₹188.4B	₹163.2B	₹203.7B	₹40.4B	₹40.1B	₹59.2B	₹10.1B	₹100.8B
Net debt / EBITDA	-3.47×	-7.81×	-3.44×	-7.01×	-14.3×	-25.27×	-24.12×	-5.69×
Cash conversion cycle (days)	-18	-37	1	9	37	57	8	6