NBCC operates through three divisions. These include project management consultancy, power projects and real estate. It is a zero debt company, which means that it does not have any borrowings, which is a welcome relief especially since major real estate and infrastructure players are saddled with debt.

Another major advantage for NBCC is that it gets land from the government which it develops. This augurs well for the company, especially since land is a scarce resource and the price is ever rising.

Analysts believe that the pricing if one considers the upper price band of Rs 108 is attractive, if one compares the price to earnings multiple of larger players. In fact, players like DLF and Unitech are traded at very rich P/E multiples and have staggering debts on their books.

Hence, a debt free real estate player like NBCC looks far attractive even at the upper price band. The government's thrust on infrastructure should also augur well for the company to sustain order flows.

However, one of the concerns for the company remains its poor margins, which could see some long term investors staying away.

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