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NCL Buildtek Unlisted Shares
DRHP Status : Not Filed
213
Fundamentals About NCL Buildtek
Downloads & Investor Documents
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Key Financials of NCL Buildtek
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 264.88 | 407.48 | 450 | 435 |
| Cost of Material Consumed | 147.11 | 249.26 | 260 | 279 |
| Gross Margins | 44.46 | 38.83 | 42.22 | 35.86 |
| Change in Inventory | -1.08 | -4.73 | -4 | -2 |
| Employee Benefit Expenses | 40.66 | 49.62 | 56 | 61 |
| Other Expenses | 62.38 | 90.58 | 95 | 48 |
| EBITDA | 15.81 | 22.75 | 43 | 49 |
| OPM | 5.97 | 5.58 | 9.56 | 11.26 |
| Other Income | 1.09 | 0.78 | 9 | 1.5 |
| Finance Cost | 13.29 | 10.73 | 17 | 15 |
| D&A | 10.47 | 10.88 | 11 | 11 |
| EBIT | 5.34 | 11.87 | 32 | 38 |
| EBIT Margins | 2.02 | 2.91 | 7.11 | 8.74 |
| PBT | -5.54 | 11.2 | 24 | 32 |
| PBT Margins | -2.09 | 2.75 | 5.33 | 7.36 |
| Tax | 1.15 | 3.16 | 5 | 5 |
| PAT | -6.69 | 8.04 | 19 | 27 |
| NPM | -2.53 | 1.97 | 4.22 | 6.21 |
| EPS | -5.79 | 6.96 | 16.52 | 23.36 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 5.97 | 5.58 | 9.56 | 11.26 |
| Net Profit Margin | -2.53 | 1.97 | 4.22 | 6.21 |
| Earning Per Share (Diluted) | -5.79 | 6.96 | 16.52 | 23.36 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 163.29 | 160.59 | 154 | 162 |
| CWIP | 3.86 | 7.3 | 7 | 2 |
| Investments | 16.43 | 28.29 | 30 | 38 |
| Trade Receivables | 88.44 | 93.79 | 84 | 94 |
| Inventory | 38.85 | 57.79 | 59 | 61 |
| Other Assets | 39.17 | 48.54 | 65 | 61 |
| Total Assets | 350.04 | 396.3 | 399 | 418 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 11.56 | 11.56 | 11.5 | 11.56 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 131.93 | 140.83 | 158 | 181 |
| Borrowings | 91.99 | 103.89 | 95 | 85.6 |
| Trade Payables | 41.51 | 46.65 | 36 | 34 |
| Other Liabilities | 73.05 | 93.37 | 98.5 | 105.84 |
| Total Liabilities | 350.04 | 396.3 | 399 | 418 |
About Company
NCL Buildtek Limited (formerly NCL Alltek & Seccolor Ltd) is part of the NCL Group, a diversified industrial group based in Hyderabad. The company operates in building materials, uPVC windows & doors, coatings, textures, aluminium profiles, and ABS doors. It started as a joint venture with Alltek of Sweden to introduce spray-applied interior wall finishes in India. NCL Buildtek is a well-recognised brand in South India, supplying materials to residential, commercial, and large public infrastructure projects.
The following table shows a 10-point analysis of NCL Buildtek Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹404–437 Cr · PAT ~₹44 Cr · PAT Margin ~10–11% | Leading manufacturer of construction solutions including uPVC windows & doors, acrylic/cement putty, textures, paints, AAC blocks and related building products. Part of NCL Group with strong pan-India distribution and focus on quality, innovation, and interior/exterior finishing solutions. |
| Industry & Market Position | Key Organized Player in Windows/Doors & Putty Segment | Benefits from real estate and infrastructure demand. Competitive edge via brand, product diversification & technical collaborations. Faces competition from Fenesta, Aparna, Asian Paints and exposure to PVC/cement price volatility. |
| Revenue Growth Trend | FY23–FY25 CAGR ~5–10% (₹407–450 Cr → ₹404–437 Cr) | Moderate and steady performance despite sector softness. Supported by product expansion and demand recovery. Long-term tailwinds from housing & infra push but cyclical pressures remain. |
| Profitability & Margins | PAT Margin ~10–11% (vs ~7–8% earlier) · Strong EBITDA | PAT growth ~37% YoY driven by cost efficiencies and lower finance costs. Margins improved through operational leverage and debt optimization. Earnings quality strengthened. |
| Cash Flow Quality | Positive OCF · Regular Dividend Payouts | Strong operational cash flows supporting dividends and reinvestment. Low working capital strain with improved collections and reduced finance burden. |
| Balance Sheet Strength | Strong Net Worth · Debt/Equity Low (Below ~2x) | Improved leverage profile with comfortable liquidity and high coverage ratios. Conservative capital structure with reduced financial risk. |
| Valuation Comfort | Unlisted Price ₹175–215 (Feb 2026) · P/E ~8–12x · EPS ~₹18–20 | Attractive valuation for steady building materials company with improving profitability. Market cap ~₹200–250 Cr. Offers value appeal without excessive premium. |
| Management & Governance | Promoter/Family-Led (NCL Group) · Clean Disclosures | Established execution track record with diversified product portfolio. Transparent reporting and stable governance standards. |
| Growth Triggers & Catalysts | Steel Doors Unit Expansion · Real Estate/Infra Revival | Upside from construction demand recovery, product diversification, and cost efficiencies. No confirmed IPO/DRHP plans currently. |
| Liquidity & Exit Visibility | OTC Liquidity Only · No Confirmed IPO Plans | Moderate unlisted trading activity. Exit via OTC or strategic interest. Liquidity risk present but asset remains fundamentally stable. |
Business Overview
- One of India’s established building material manufacturers with 30+ years of operations.
- Operates multiple manufacturing plants across Telangana, Andhra Pradesh & other regions.
- Strong dealer & distributor network covering major metro and tier-2 cities.
- Works closely with architects, contractors, builders, and Govt. departments.
- Offers complete building material solutions under one umbrella.
Key Business Segments
Windows Division
- Manufactures uPVC windows & doors under the brand NCL Wintech.
- Uses high-quality profiles with in-house extrusion capability.
- Strong presence in real estate and institutional projects.
Coatings & Textures Division
- Spray coatings, wall textures, acrylic plasters, and surface finishes.
- Used extensively in residential and large building projects.
- Pioneer in introducing spray-plaster technology in India.
Seccolor Division
- Steel doors, windows, partitions, glazing systems.
- Strong in Govt. tenders and commercial construction.
ABS Doors
- Manufactures ABS molded doors used for residential and hospitality sectors.
- Lightweight, termite-proof, moisture resistant.
Risks
- Cyclical dependence on real estate and construction demand.
- High competition in uPVC windows market.
- Manufacturing is capital intensive; requires ongoing investment.
Quick Summary
NCL Buildtek Limited is a well-established building materials player offering modern window systems, coatings, ABS doors, and steel profiles. With three decades of industry presence, diversified operations, and strong brand recall in South India, the company remains a stable unlisted investment. Its growth path is aligned with rising housing and infrastructure demand, making it an attractive long-term pre-IPO opportunity for investors tracking the construction ecosystem.
Shareholding Pattern of NCL Buildtek
| Name | Holding |
|---|---|
| Promoters | 59.73% |
| Others | 40.27% |
Promoters of NCL Buildtek
| Name | Designation | Linkedin Profile/Notes |
|---|---|---|
| K. Ravi | Chairman, NCL Buildtek |  |
| K. Narasimha Reddy | Managing Director | |
| K. Durga Prasad | Director | |
| NCL Group Leadership | Group Management | |
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Frequently Asked Questions
NCL Buildtek Ltd unlisted shares represent equity ownership in a privately held real estate development company that is not listed on NSE or BSE. These shares are traded through private platforms like UnlistedKraft.
Yes, UnlistedKraft provides verified access to NCL Buildtek Ltd unlisted shares. Once your KYC is complete and you place your order, shares are typically credited to your demat account, usually within 24 hours.
Unlisted share transactions carry certain risks, such as limited liquidity and less public visibility. However, NCL Buildtek is a known name in the real estate sector. Investing through UnlistedKraft ensures secure, verified, and transparent transactions.
Pricing is based on recent private deals, investor demand, company financials, and industry dynamics. UnlistedKraft updates share prices regularly to reflect fair and current valuation.
Yes, you must have an active demat account to receive and hold unlisted shares like NCL Buildtek Ltd.
There is no mandatory lock‑in unless the company announces a public listing. Many investors hold shares until a liquidity event, such as an IPO or strategic sale, to maximize potential gains.
Yes, you may sell your shares via UnlistedKraft’s resale network, depending on buyer availability and prevailing market demand.
Yes. As per SEBI regulations, pre‑IPO investors must observe a six‑month lock‑in period after the company gets listed on a stock exchange.
If held for more than two years, gains qualify as long-term capital gains and are taxed at 20% with indexation. If sold earlier, gains are treated as short-term and taxed according to your income tax slab.
UnlistedKraft offers verified access to unlisted equity in companies like NCL Buildtek, backed by transparent pricing, expert support, secure transaction handling, and fast delivery of shares to your demat account.
+91-9599071664
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