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Epic Research
NBCC (Buy)
CMP: 67.65
Target: ₹99
NBCC (India), formerly National Buildings Construction Corporation, provides civil engineering construction services. The company operates through three segments: project management consultancy (PMC), real estate development, and engineering, procurement and construction (EPC).
NBCC has a strong order book of ₹80,000 crore. It is working on residential units in Lucknow and Gurgaon and affordable housing projects in some parts of Delhi. The company has many small projects which provide good revenue visibility in the next 24 months. The management has guidance of 35 per cent annual growth in the next five years.
Given flat financial performance and recent correction in the market, the stock is available at cheap valuations and can be added to portfolio. We believe that strong order book and pick-up in execution of projects make this stock a strong buy.
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