PSU stock NBCC in bear grip but 19% upside in 1-3 months likely, says Anand Rathi
NBCC share price outlook: Anand Rathi observed a trendline breakout along with a higher-top higher-bottom formation, indicating a potential change in trend.
- Sep 10, 2025,
- Updated Sep 10, 2025 2:32 PM IST
PSU stock NBCC Ltd could deliver up to 19 per cent upside in the next 1–3 months, Anand Rathi said in a technical note on Wednesday. The Navratna enterprise under the Ministry of Housing and Urban Affairs has fallen 21 per cent from its 52-week high of Rs 130.60 to Rs 102.60 on Tuesday (bear grip), before rebounding 3 per cent today.
"NBCC has corrected from its recent peak near 130 and retraced towards the 100 levels. At present, the stock is witnessing a reversal from its previous demand zone as well as from the placement of its 200 DEMA and 200 DSMA," Anand Rathi explained.
Anand Rathi observed a trendline breakout along with a higher-top higher-bottom formation, indicating a potential change in trend.
"We advise traders to accumulate the stock in the range of Rs 106–100 with a stop loss at 89 and an upside target of Rs 130, the domestic brokerage said.
NBCC operates in three major segments - Project Management Consultancy, Engineering Procurement & Construction, and Real Estate
It undertakes civil construction projects, including residential, commercial, and government redevelopment. NBCC has guided for Rs 15,000 crore in project awards and a business development pipeline of Rs 20,000-25,000 crore. It has guided for Rs 14,000-15,000 crore in FY26 revenue and Rs 25,000 crore in Fy27 revenue.
Fundamental analysts noted that while NBCC's book-to-bill at 9.8 times in Q1 seemed robust, 49 per cent of orders pertained to ‘self-revenue generating projects’ wherein the pace of real estate monetisation shall determine execution.
The company's consolidated order book stood at Rs 1.2 lakh crore. Of the total order book, Rs 32,000 crore worth of projects are under execution. The company awarded contracts worth Rs 1,200 crore in Q1FY26 and plans to award Rs 15,000 crore worth of projects in FY26E. NBCC won Rs 2,400 crore worth of orders in Q1FY26.
In terms of its own real estate sales, NBCC plans to sell Rs 300 crore in FY26. It is looking to launch a project on a 32-acre parcel in Ghitorni (Delhi) with a GDV of Rs 4,000 crore in Q4FY26/Q1FY27.
"NBCC is also in talks with the Delhi government for redevelopment of additional 15–16 colonies and other state governments and PSUs for development of their land parcels. It recently entered into an MoU with India Post for the same," Nuvama noted last month.
PSU stock NBCC Ltd could deliver up to 19 per cent upside in the next 1–3 months, Anand Rathi said in a technical note on Wednesday. The Navratna enterprise under the Ministry of Housing and Urban Affairs has fallen 21 per cent from its 52-week high of Rs 130.60 to Rs 102.60 on Tuesday (bear grip), before rebounding 3 per cent today.
"NBCC has corrected from its recent peak near 130 and retraced towards the 100 levels. At present, the stock is witnessing a reversal from its previous demand zone as well as from the placement of its 200 DEMA and 200 DSMA," Anand Rathi explained.
Anand Rathi observed a trendline breakout along with a higher-top higher-bottom formation, indicating a potential change in trend.
"We advise traders to accumulate the stock in the range of Rs 106–100 with a stop loss at 89 and an upside target of Rs 130, the domestic brokerage said.
NBCC operates in three major segments - Project Management Consultancy, Engineering Procurement & Construction, and Real Estate
It undertakes civil construction projects, including residential, commercial, and government redevelopment. NBCC has guided for Rs 15,000 crore in project awards and a business development pipeline of Rs 20,000-25,000 crore. It has guided for Rs 14,000-15,000 crore in FY26 revenue and Rs 25,000 crore in Fy27 revenue.
Fundamental analysts noted that while NBCC's book-to-bill at 9.8 times in Q1 seemed robust, 49 per cent of orders pertained to ‘self-revenue generating projects’ wherein the pace of real estate monetisation shall determine execution.
The company's consolidated order book stood at Rs 1.2 lakh crore. Of the total order book, Rs 32,000 crore worth of projects are under execution. The company awarded contracts worth Rs 1,200 crore in Q1FY26 and plans to award Rs 15,000 crore worth of projects in FY26E. NBCC won Rs 2,400 crore worth of orders in Q1FY26.
In terms of its own real estate sales, NBCC plans to sell Rs 300 crore in FY26. It is looking to launch a project on a 32-acre parcel in Ghitorni (Delhi) with a GDV of Rs 4,000 crore in Q4FY26/Q1FY27.
"NBCC is also in talks with the Delhi government for redevelopment of additional 15–16 colonies and other state governments and PSUs for development of their land parcels. It recently entered into an MoU with India Post for the same," Nuvama noted last month.