Hold NBCC; target of Rs 108: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss' research report on NBCC

The key takeaways from our recent interaction with management are: 1)  execution of the ~INR800bn order book (~13.5x FY18 standalone revenue) is the key focus area and 2) large opportunities exist in affordable housing projects which the company plans to undertake on surplus land parcels held by sick PSUs. The company expects to award ~INR150bn worth of projects in FY19. However, given the self-revenue generation category makes up ~INR500bn of the order book, the pace of real estate monetisation remains the key driver of execution growth rate.

Outlook

We expect execution to pick up in FY19 as work on the Delhi redevelopment projects, Pragati Maidan etc. gathers momentum. Maintain ‘HOLD’ with target price of INR108.

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