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19 Oct 2025 |
NBCC
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Consensus Share Price Target
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111.41 |
143.00 |
- |
28.35 |
buy
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03 Sep 2018
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NBCC
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Geojit BNP Paribas
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111.41
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97.00
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72.85
(52.93%)
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Pre-Bonus/ Split |
Buy
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Revenue from real estate grew by 1371% YoY with EBIT margin of 52.5% Despite, tree cutting issue in Delhi, the management maintains 30-35% revenue growth in FY19 as exposure to Delhi redevelopment project is only around Rs5,000cr in the current awarded projects. Due to recent correction in price we revised our rating to Buy and value NBCCs core business at a P/E of 26x on FY20E EPS and Rs9/share for...
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16 Aug 2018
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NBCC
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Reliance Securities
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111.41
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103.00
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75.65
(47.27%)
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Pre-Bonus/ Split |
Buy
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NBCC has reported a mixed performance in 1QFY19. While its revenue witnessed a significant ~45% YoY growth (GST adjusted), EBITDA declined by 7% YoY and 67% QoQ to Rs547mn (significantly lower than our estimate) and EBITDA margin fell by 131bps YoY and 435bps QoQ to 3.4%. Execution of low-margin works and unbilled revenue were the prime reasons for dismal margins, which the management expects to improve in subsequent quarters. Net profit grew by 21% YoY (-52% QoQ) to Rs677mn mainly supported by 79% YoY growth in other income. While current order book at Rs800bn continues to look impressive, Rs350bn of order backlog is under execution phase. Order inflow for 1QFY19 stood at Rs40bn and NBCC expects to add...
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16 Aug 2018
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NBCC
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ICICI Securities Limited
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111.41
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95.00
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75.65
(47.27%)
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Pre-Bonus/ Split |
Buy
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Net sales grew at a robust pace of 28.9% YoY to | 1625.2 crore (our estimate: | 1509.0 crore) due to 21.2% strong growth in PMC revenues to | 1392.8 crore (our estimate: | 1325.7 crore). Also, given the changes in accounting standard to Ind-As 115 for revenue recognition from contracts with customers, NBCC reported stellar growth of 1370.1% YoY to | 129.7 crore in the real estate division The EBITDA margin contracted 127 bps YoY to 3.9% (our estimate:...
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06 Jul 2018
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NBCC
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ICICI Securities Limited
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111.41
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95.00
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68.10
(63.60%)
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Pre-Bonus/ Split |
Buy
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Media reports indicate that the Delhi High Court (HC) has maintained its stay on tree felling until further orders. Also, the National Green Tribunal (NGT) has ordered not to fell trees for redevelopment of government colonies till July 19, 2018. Previously, the Delhi High Court had directed NBCC to stop tree felling till July 4, 2018. This decision came after a PIL was filed, which sought setting aside of terms of reference (ToR) and environment clearances (EC) granted to the project by the Environment Ministry, saying it would lead to felling of over 16500 trees. The six south...
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18 Jun 2018
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NBCC
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ICICI Securities Limited
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111.41
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115.00
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86.35
(29.02%)
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Pre-Bonus/ Split |
Buy
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We attended the analyst meet of NBCC. The key takeaways are: -i) execution of several big ticket projects to drive revenue growth ii) affordable housing segment to be huge opportunity iii) to acquire couple of government companies present in similar businesses. Overall, we like NBCC's business model given the huge opportunities ahead and expect...
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11 Jun 2018
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NBCC
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Geojit BNP Paribas
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111.41
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97.00
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87.85
(26.82%)
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Pre-Bonus/ Split |
Accumulate
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Q4FY18 revenue declined by -7% due to delay in execution of PMC & no revenue booking from real estate projects. Notably, order backlog remains strong at Rs80,000cr (14x FY18 sales) provides strong visibility for next 5yrs....
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30 May 2018
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NBCC
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ICICI Securities Limited
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111.41
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115.00
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94.20
(18.27%)
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Pre-Bonus/ Split |
Buy
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NBCC's net sales contracted 7.3% YoY to | 2170.1 crore largely due to a 3.8% decline in PMC revenues to | 1996.3 crore and nil revenues from the real estate division (| 100.4 crore in Q4FY17) EBITDA margins contracted 60 bps YoY to 8.3% due to a weak performance in the PMC division where it clocked EBIT margin of 6.4% (9.5% in Q4FY17). After adjusting for unallocable income in the PMC division, the EBIT margin in PMC division works out to 10.5% Net profit de-grew 18.9% YoY to | 141.7 crore mainly on account of a...
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29 May 2018
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NBCC
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Reliance Securities
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111.41
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128.00
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94.90
(17.40%)
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Pre-Bonus/ Split |
Buy
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NBCC continued to report soft performance in 4QFY18 with EBITDA declining by 19% YoY to Rs1.7bn mainly due to lower than expected revenue booking. While reported revenue declined by 7% YoY, revenue on comparable basis grew by 12-14% YoY. PMC revenue declined by 4% YoY to Rs20bn (92% of total revenue). There was no revenue from Real Estate. EPC revenue stood at Rs1.7bn (+7% YoY and +45% QoQ). EBITDA margin stood at 7.7% (-108bps YoY and +316bps QoQ). Notably, order book stands at Rs800bn (11.6x FY18 consolidated revenue) and offers unmatched growth visibility, going ahead. Its key redevelopment projects i.e. Pragati Maidan, Nauroji Nagar, Netaji Nagar and Maharashtra Irrigation were started and few more...
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22 Mar 2018
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NBCC
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Emkay
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111.41
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318.00
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196.20
(-43.22%)
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Pre-Bonus/ Split |
Buy
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Management tried to address the key concerns pertaining to the execution of its 3 redevelopment projects, namely Naurojii Nagar, Netaji Nagar and Sarojini Nagar. NBCC has already awarded tenders for Nauroji Nagar to NCC (Rs19.5bn); Netaji Nagar Package1 (Rs10.4bn) to Shapoorji Paloonji and Sarojini Nagar Package1 to Girdhari Lal Constructions (Rs8.5bn). Over the past six months, NBCC has tendered projects worth ~Rs100bn to the EPC contractors and expects to order an additional ~Rs150bn in FY19. In terms of commercial sales, NBCC has already monetized Rs22-25bn from the sale of commercial properties (in less than six months) in Nauroji Nagar. East Kidwainagar project (~Rs53bn) is...
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14 Mar 2018
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NBCC
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Kotak Securities
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111.41
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229.00
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194.35
(-42.68%)
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Pre-Bonus/ Split |
Buy
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NBCC (India)
NBCC (India) Ltd, a Navratna PSU with major presence in project management consultancy space in building segment is focusing on execution of its order book. In the last 4 years (FY15-18E), the company has grown its order book by ~4x to ~Rs 800 bn which gives strong revenue growth visibility for the next 5 years. On the other hand, the revenue has grown less than 1.5x in the same period. The company is focusing on execution and expects strong revenue growth in FY19E as most of the redevelopment projects would contribute meaningfully in the year. It has begun work on Rs 100 bn of new projects in the past 6 months which will be...
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16 Feb 2018
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NBCC
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ICICI Securities Limited
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111.41
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250.00
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203.00
(-45.12%)
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Pre-Bonus/ Split |
Buy
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ICICI Securities Ltd | Retail Equity Research Net sales contracted 7.0% YoY to | 1321.5 crore. They were below our estimate of | 1618.5 crore mainly on account of lower-thanexpected revenues in the PMC division. PMC division revenues degrew 6.3% YoY to | 1190.5 crore vs. our expectation of | 1467.6 crore The EBITDA margin contracted marginally by 10 bps YoY to 5.2%. It was below our estimate of 5.9% mainly due to the weak performance of the PMC division where it clocked EBIT margin of 11% (our estimate: 12%). After adjusting for un-allocable expenses in the PMC division, the EBIT margin in PMC division works out to 6.7%...
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29 Nov 2017
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NBCC
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IDBI Capital
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111.41
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315.00
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264.85
(-57.93%)
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Pre-Bonus/ Split |
Buy
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GST transition makes Q2FY18 results incomparable. As against our revenue/ EBITDA/net profit expectations of Rs12bn/Rs642mn/Rs524mn, company reported Rs11.3bn/Rs843mn/Rs741mn respectively. Nauroji, Sarojini and Pragati Maidan will contribute Rs60bn in revenues from FY19 onwards. With company aiming for another Rs250-300bn order inflows in FY18, the order backlog could end at Rs1trn+ in FY18. Note Dharavi and railway station redevelopment projects, put together, can exceed order inflow of Rs500bn, if won. And there are other big ticket projects in the pipeline too....
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21 Nov 2017
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NBCC
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Reliance Securities
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111.41
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300.00
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271.65
(-58.99%)
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Pre-Bonus/ Split |
Buy
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NBCC has delivered a soft performance in 2QFY18 with its top-line declining by 7% YoY to Rs11.3bn, as revenue booking was impacted due to GST implementation and slow progress in several projects. While PMC revenue declined by 3% YoY to Rs10bn (89% of total revenue), revenue from Real Estate and EPC contracted by 68% YoY and 20% YoY, respectively. However, EBITDA improved by a sharp 103% YoY to Rs800mn, as NBCC started receiving designing and DPR expenditures for the new projects from its clients. EBITDA margin rose by 385bps YoY and 242bps QoQ to 7.1%. Led by healthy operating performance, its net profit increased by 10% YoY and 33% QoQ to Rs741mn. Notably, order book stands at Rs750bn (12.2x TTM revenue)...
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16 Nov 2017
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NBCC
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ICICI Securities Limited
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111.41
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280.00
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265.25
(-58.00%)
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Pre-Bonus/ Split |
Hold
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NBCC's net sales contracted 7.2% YoY to | 1128.4 crore. It was below our estimate of | 1407.8 crore due to lower-than-expected revenues in the PMC division. PMC division revenues de-grew 10.5% YoY to | 1003.5 crore vs. our expectation of | 1291.9 crore due to GST issues EBITDA margin expanded robustly by 160 bps YoY to 7.4%. It was above our estimate of 6.0% mainly due to strong performance in the PMC division where it clocked EBIT of | 167.7 crore (our estimate: | 116.3 crore) with EBIT margin of 16.7% (our estimate: 9.0%). After...
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11 Oct 2017
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NBCC
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IDBI Capital
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111.41
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220.75
(-49.53%)
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Pre-Bonus/ Split |
Mgmt Note
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Company remains confident on adding Rs250-300bn order inflows in FY18. With that, the order backlog could end at ~Rs1trn. NBCC pencils in Rs100bn from railway redevelopment projects, notwithstanding the latest Govt. policy overhaul. Adding to that, (a) PMC works from state governments like Uttar Pradesh; and (b) ministries like Tourism and Home-- could fill the remaining gap. Interestingly, NBCC...
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23 Aug 2017
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NBCC
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Geojit BNP Paribas
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111.41
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227.00
|
205.35
(-45.75%)
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Target met |
Buy
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NBCC (India)
Q1FY18 revenue growth was flat, however PAT grew by 24% YoY led by higher EBITDA margins and lower expenses. Order inflow guidance of Rs25,000cr for FY18E provides a rosy picture....
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21 Aug 2017
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NBCC
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ICICI Securities Limited
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111.41
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220.00
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205.00
(-45.65%)
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Target met |
Hold
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NBCC's topline remained flat YoY at | 1266.6 crore. It was below our estimate of | 1546.1 crore mainly on account of lower-than-expected revenues in the PMC division. PMC division revenues grew 3.1% YoY to | 1149.1 crore vs. our expectation of | 1401.4 crore The EBITDA margin expanded 160 bps YoY to 5.1%. It was above our estimate of 4.5% mainly due to the strong performance in the PMC division where the EBIT margin was 13.4% (our estimate: 8.0%) Net profit grew robustly by 23.2% YoY to | 55.9 crore. However, it...
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31 May 2017
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NBCC
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ICICI Securities Limited
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111.41
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195.00
|
194.75
(-42.79%)
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Target met |
Hold
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NBCC's topline grew 5.0% YoY to | 2342.0 crore. However, it was below our estimate of | 2434.7 crore mainly on account of lower-thanexpected revenues in the PMC division. PMC division revenues grew 5.8% YoY to | 2074.9 crore vs. our expectation of | 2360.4 crore EBITDA margin expanded sharply by 238 bps YoY to 8.9%. It was above our estimate of 6.7% mainly due to strong performance in high margin real estate division, which reported EBIT of | 31.9 crore (our estimate: | 4.1 crore) & EBIT margin of 30.7% (our estimate: 18.1%) PAT grew robustly by 42.9% YoY to | 174.8 crore (our estimate:...
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31 May 2017
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NBCC
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Reliance Securities
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111.41
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195.00
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194.75
(-42.79%)
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Target met |
Hold
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Robust Performance on Operational Parameters; Maintain HOLD NBCC's reported 4QFY17 performance has topped our estimates mainly on account of a substantial improvement in operating performance. Top-line grew by 5% YoY to Rs23.4bn aided by 114% YoY improvement in real estate revenue. While PMC revenue improved by 6% YoY to Rs20.7bn (89% of total revenue), EPC revenue contracted by 26% YoY to Rs1.6bn. EBITDA improved by a sharp 133% YoY and 225% QoQ to Rs2.05bn, while EBITDA margins stood at strong 8.8% (+483bps YoY and +429bps QoQ). Net profit stood Rs1.75bn (+43% YoY and +174% QoQ) mainly supported by healthy operating performance. Notably, order Book stands at Rs740bn (11.9x FY17...
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30 May 2017
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NBCC
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IDBI Capital
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111.41
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233.00
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195.50
(-43.01%)
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Target met |
Buy
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Company may achieve Rs.150bn+ revenues in FY19: NBCC operates in three segments: (1) PMC a mix of redevelopment project and others; (2) Company-owned Real Estate land parcel; and (3) EPC. With 90% order backlog tilted towards PMC, we think FY19 could be the game changing event. And even in the worse-case, say, with delay in revenue recognition, NBCC has no reason to worry. Here is the reason why: With additional Rs250bn orders in pipeline, order accretionwith price escalation clause-- is clearly on cards. Thereby, we will not be surprised if NBCC recognizes Rs.200bn revenues in one fiscal. The bout of higher margin in PMC may not continue: Currently, NBCC makes margins in excess of 9%+. In new contracts of preparatory work, the PMC margin may...
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