NBCC Ltd
Realty
FV – Rs 1; 52wks H/L –72.4/28.5; TTQ – 6.83 Lacs; CMP – Rs 37 (As On September 9th, 2019);
Market Cap – Rs 6615 Crs
Consolidated Financials and Valuations for FY19 (Amt in Rs Crs unless specified)
Equity Capital |
Net worth |
Long Term Debt | Total Sales |
PAT | BV (Rs) |
EPS (Rs) |
P/E |
Industry P/E |
P/BV |
Promoter’s Stake |
Beta |
| 180 | 1508 | – | 10151 | 392 | 8 | 2.2 | 16.8 | 20.4 | 0.9 | 68.18 | 1.4 |
*On June 2, 2016 there was a stock split from Rs.10 to Rs.2 per share.
*On April 25, 2018 there was a stock split from Rs.2 to Rs.1 per share.
Standalone Financials and Valuations for Q1 FY20
Equity Capital |
Net worth |
Total Sales |
PAT | BV (Rs) |
TTM EPS (Rs) |
P/E |
Industry P/E |
P/BV |
Promoter’s Stake |
Beta |
| 180 | 1560 | 1942 | 51 | 9 | 1.1 | 33.6 | 20.4 | 4.1 | 68.18 | 1.4 |
Valuation Parameters:
- Long Term Debt to Equity – NIL
- ROE % – 26
- Market Cap/Sales – 0.7
Totally Debt Free and Cash Rich company.
Key Updates:
- 8500 crs Amrapali project has been given to NBCC by supreme court which will take four to five years for completion.
- NBCC has Rs. 800 crore completed real estate inventory, which it hopes to liquidate soon. Additionally, it has Rs.800 crore worth real estate projects under development.
- NBCC’s consolidated order book (OB) at Rs.85,000 crore ( Rs.68,000 crore is standalone OB) as of Q1FY20. Out of this, orders worth Rs.35,000 crore are currently under execution.
Overview:
- NBCC (India) Ltd, formerly National Buildings Construction Corporation Ltd., provides civil engineering construction services.
- The Company operates through three segments: Project Management Consultancy (PMC), Real Estate Development, and Engineering, Procurement and Construction (EPC).
- The PMC segment offers management and consultancy services for civil construction projects, including residential and commercial complexes, re-development of government colonies, education and medical institutions, infrastructure project roads, water supply systems, storm water systems and water storage solutions.
- The Real Estate Development segment focuses on residential and commercial projects, such as corporate office buildings and commercial complexes.
- The EPC Contracting segment covers chimneys, cooling towers, roads, border fencing, water and sewage treatment plants, and solid waste management systems. The Company provides services from concept to commissioning.
- The company has six wholly owned subsidiaries.
Management:
- Shri. Shiv Das Meena – CMD
Price Snapshot since IPO:
| Year | Open (Rs.) | High (Rs.) | Low (Rs.) | Close (Rs.) |
| 2012 | 100 | 174.9 | 78.85 | 166.55 |
| 2013 | 167.35 | 194.6 | 96 | 151.7 |
| 2014 | 151.25 | 922.8 | 134.15 | 817.1 |
| 2015 | 820 | 1214.5 | 682.6 | 990.8 |
| 2016 | 996.8 | 1027 | 176.5 | 239.1 |
| 2017 | 242.85 | 296.7 | 161.1 | 246.75 |
| 2018 | 246.65 | 257.45 | 46.55 | 57.7 |
| 2019 | 57.5 | 68.35 | 28.55 | 35.85 |
On June 2, 2016 there was a stock split from Rs.10 to Rs.2 per share.
On April 25, 2018 there was a stock split from Rs.2 to Rs.1 per share.
Consolidated Financial Trends (In Rs. Crs) :
| Particulars | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
| Equity Paid Up | 180 | 180 | 180 | 120 | 120 | 120 | 120 | 120 | 90 |
| Networth | 1508 | 2066 | 1694 | 1505 | 1338 | 1141 | 951 | 795 | 654 |
| Total Debt | _ | _ | _ | _ | _ | _ | _ | _ | _ |
| Net Sales | 10151 | 8610 | 6400 | 5967 | 4821 | 4204 | 3347 | 3582 | 3231 |
| Other Income | 208 | 163 | 88 | 129 | 147 | 106 | 149 | 135 | 85 |
| PAT | 392 | 396 | 355 | 311.13 | 278.28 | 257.45 | 207.5 | 190.17 | 140.31 |
| Book Value (Rs) | 8 | 11 | 9 | 25 | 22 | 19 | 16 | 13 | 15 |
| EPS (Rs) | 2.2 | 2.2 | 3.94 | 5.19 | 4.64 | 4.29 | 3.46 | 3.17 | 3.12 |
PAT de-grew mainly on account of lower topline growth.
Peer Comps:
| Particulars | NBCC | LT | Simplex Inf | JP Associates |
| CMP | 37.15 | 1,359.40 | 45 | 2.4 |
| Face Value | 1 | 2 | 2 | 2 |
| 52 W H/L | 72.40/28.55 | 1,606.70/1,183.40 | 405.75/44.05 | 11.35/1.95 |
| Sales | 10151 | 86988 | 6041 | 6833 |
| PAT | 392 | 6678 | 123 | -774 |
| Equity | 180 | 280.55 | 11.47 | 486.49 |
| NPM % | 5.3 | 7.68 | 2.03 | -11.32 |
| EPS | 2.2 | 47.63 | 22.01 | -3.18 |
| PE | 16.9 | 28.5 | 2.0 | NA |
