Buy NBCC; target of Rs 80: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on NBCC

Net sales grew at a robust pace of 39.7% YoY to Rs 1582.1 crore (our estimate: Rs 1331.1 crore) on account of 38.8% strong growth in PMC revenues to Rs 1392.4 crore (our estimate: Rs 1171.9 crore). Also, given the changes in accounting standard to Ind-As 115, NBCC reported revenue growth of 266.2% YoY to Rs 53.3 crore in real estate division EBITDA margins contracted 371 bps YoY to 3.7% (our estimate: 8.8%) mainly due to a sharp decline of 900 bps YoY in PMC division EBIT margins to 7.7% PAT grew 16.0% YoY to Rs 85.9 crore due to strong topline growth and higher other income (Rs 64.4 crore in Q2FY19).

Outlook

Hence, we continue to maintain our BUY rating on the stock with an SOTP based revised target price of Rs 80 (implying ~32x FY20E EPS).

For all recommendations report, click here

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