NBCC reported a healthy topline growth (+29% yoy) on the back of robust order book. Real Estate segment continued to witness strong growth (+62% yoy) to Rs1.10bn. However, operating performance remains an overhang as EBITDA margins came in at 4% (-118 bps qoq) below the estimate mainly on account of increase in consultancy expenses. Notably, NBCC maintains its view to add healthy orders (9MFY16 order inflow stood at Rs170bn) going ahead and hence, over 25% growth in ensuing years. We view NBCC as a robust growth story in the backdrop of its PWO status and niche presence in re-development of government's old colonies...