Company: NCL Buildtek Limited
Formerly: NCL Alltek & Seccolor Limited
Incorporated: 11 July 1986
CIN: U72200TG1986PLC006601
ISIN: INE243S01010
Registered Office: NCL Pearl, East Maredpally, Secunderabad, Telangana
Industry: Building Materials
Status: Unlisted Public Company
Face Value: ₹10
Paid-up Capital: ~₹11.57 Cr
Equity Shares: ~1.157 Cr
Group: NCL Group
Managing Director: B. Subba Raju
Official Website: NCL Buildtek Limited
NCL Buildtek is the building-materials arm of the Hyderabad-based NCL Group. The company has more than three decades of operating history and manufactures construction products spanning windows, doors, putty, paints, textures, AAC blocks, tile adhesives and related building solutions.
1. Company Overview
NCL Buildtek started operations in 1986 and was formerly known as NCL Alltek & Seccolor Limited. The company changed its name to NCL Buildtek Limited in October 2019.
It is part of the broader NCL Group, whose businesses include cement, construction materials and related industries.
The company’s stated focus is to provide a broad range of building-material products through its manufacturing and dealer/distributor network.
According to the company’s website, NCL Buildtek has:
- 30+ years of experience
- 30+ innovative products
- 3,000+ workforce
- 30 million+ homes served
- 17 manufacturing units
- Pan-India presence
- In-house R&D
- A dealer/distributor network across India
2. What Does NCL Buildtek Manufacture?
The company operates across three principal reportable business segments.
A. Windoors
This is currently the largest business segment.
Products include:
- CCGI steel profiles
- Steel windows and doors
- uPVC windows and doors
- Aluminium windows and doors
- ABS doors
- Steel doors
- Partitions and glazing solutions
The company has historically used technology collaborations in its windows-and-doors business, including relationships associated with European technology providers.
B. Coatings
This segment includes:
- Acrylic wall putty
- White-cement putty
- Paints
- Emulsions
- Textures
- Tile adhesives
- Other surface-finishing products
This is currently the company’s most profitable segment on a segment-margin basis.
C. Walls
The Walls segment focuses primarily on:
- AAC blocks
- Fly-ash blocks
- Dry-mix mortars
- Wall-related construction solutions
AAC blocks are used as lightweight alternatives to conventional masonry materials.
3. Product Portfolio
| Vertical | Major Products |
|---|---|
| Windoors | uPVC, aluminium, steel & ABS windows/doors |
| CCGI | Colour-coated GI profiles |
| Coatings | Putty, paints, textures |
| Wall Solutions | AAC blocks, mortars |
| Adhesives | Tile adhesives |
| Steel Doors | Pre-engineered/steel doors |
| Services | Building-related services |
The company’s official product menu includes Windows & Doors, Textures, AAC Blocks, Putty, Paints and Tile Adhesives.
4. Manufacturing Footprint
NCL Buildtek has manufacturing operations across several Indian locations.
The FY2026 business review identifies facilities in:
- Telangana
- Andhra Pradesh
- Rajasthan
Key locations include:
- Mattampalli
- Ratnapuri
- Gundlapochampally
- Kondapalli
- Amudalapadu
- Keshwana
The company says its manufacturing footprint has expanded to 17 units across India.
5. FY2026 Financial Performance
FY2026 was a challenging year for profitability.
Consolidated/Reported Financial Snapshot
₹ Crore
| Particular | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Revenue | ₹450 Cr | ₹435 Cr | ₹404 Cr | ₹431 Cr |
| EBITDA | ₹43 Cr | ₹49 Cr | ₹34 Cr | ₹23 Cr |
| EBITDA Margin | 9.56% | 11.26% | 8.42% | 5.34% |
| PBT | ₹24 Cr | ₹32 Cr | ₹58 Cr | ₹2.32 Cr |
| PAT | ₹19 Cr | ₹27 Cr | ₹44 Cr | ₹0.85 Cr |
| EPS | ₹16.52 | ₹23.36 | ₹38.26 | ₹0.73 |
FY2026 revenue increased approximately 6.6%, but EBITDA fell substantially and PAT collapsed to less than ₹1 Cr.
6. The Most Important FY2026 Insight
The headline revenue number is not the biggest story.
The bigger story is the collapse in operating profitability.
Revenue:
₹404 Cr → ₹431 Cr
But EBITDA:
₹34 Cr → ₹23 Cr
And PAT:
₹44 Cr → ₹0.85 Cr
The FY2025 PAT also contained a large exceptional gain. Therefore, the FY2025 ₹44 Cr PAT should not be treated as representative recurring earnings.
7. Segment Performance
The segment numbers provide a much clearer picture.
Revenue by Segment
₹ Crore
| Segment | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Windoors | 223.8 | 213.3 | 202.6 | 220.4 |
| Walls | 125.0 | 126.5 | 102.7 | 100.7 |
| Coatings | 101.6 | 95.6 | 98.8 | 109.9 |
| Total | 450.4 | 435.5 | 404.2 | 431.0 |
Windoors and Coatings grew in FY2026, while the Walls/AAC business remained under pressure.
8. Segment Profitability
This is where the problem becomes much clearer.
| Segment | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Windoors | ₹20.0 Cr | ₹18.5 Cr | ₹13.2 Cr | ₹0.6 Cr |
| Walls | ₹2.0 Cr | ₹7.5 Cr | ₹1.3 Cr | ₹0.6 Cr |
| Coatings | ₹13.4 Cr | ₹12.4 Cr | ₹10.5 Cr | ₹11.6 Cr |
| Total Segment Profit | ₹34.8 Cr | ₹38.4 Cr | ₹25.0 Cr | ₹12.8 Cr |
The company’s total segment profit fell by almost half in FY2026.
9. Coatings – The Strongest Segment
The Coatings business stands out.
FY2026:
Revenue: ₹109.9 Cr
Segment Profit: ₹11.6 Cr
Margin: ~10.5%
The segment has maintained roughly 10–13% margins over the four-year period.
This includes products such as:
- Wall putty
- Paints
- Textures
- Tile adhesives
The company has also been expanding its coatings manufacturing footprint.
10. Windoors – Major Area to Watch
Windoors generated:
₹220.4 Cr revenue in FY2026
But segment profit was only:
₹0.6 Cr
That means an approximate 0.3% segment margin.
This represents a major deterioration from approximately 6.5% segment margin in FY2025 and nearly 9% in FY2023.
The company has attributed the pressure to aggressive pricing, particularly in project business, and intense competition.
In other words:
Revenue increased, but profitability almost disappeared.
11. What Happened to CCGI?
One of the structural changes in the business has been the decline of the company’s traditional CCGI business.
According to the FY2026 management discussion, CCGI revenue has declined by approximately ₹75 Cr since FY2023, as customers increasingly shifted toward uPVC windows.
The AAC/blocks business also declined by approximately ₹25 Cr over the period because of intense competition.
Combined, approximately ₹100 Cr of revenue disappeared from these older businesses.
The company replaced much of this revenue through:
- uPVC
- Aluminium
- Steel doors
- Tile adhesives
- Other newer categories
Therefore, the company’s relatively stable topline masks a major internal change in product mix.
12. NCL Veka Exit
One of the most important strategic developments has been the company’s exit from its relationship with NCL Veka, its uPVC-related joint venture with VEKA AG.
In FY2025, NCL Buildtek sold 62,31,799 shares in NCL Veka.
The transaction generated a significant exceptional gain of roughly ₹70 Cr.
This explains why FY2025 reported PAT was unusually high relative to operating profitability.
However, following the change in supply arrangements, the company also had to arrange alternate sourcing for uPVC profiles, and some existing orders were reportedly executed at lower margins.
This is an important distinction:
FY2025 exceptional gain ≠ recurring business profitability.
13. Balance Sheet
FY2026 balance-sheet data indicates:
| Particular | FY2025 | FY2026 |
|---|---|---|
| Fixed Assets | ₹185 Cr | ₹181 Cr |
| CWIP | ₹3 Cr | ₹8.1 Cr |
| Investments | ₹11 Cr | ₹24 Cr |
| Receivables | ₹96 Cr | ₹100 Cr |
| Inventory | ₹76 Cr | ₹89 Cr |
| Total Assets | ₹463 Cr | ₹449 Cr |
| Borrowings | ₹85 Cr | ₹85 Cr |
| Reserves | ₹220 Cr | ₹216 Cr |
The company therefore does not appear highly leveraged relative to its equity base, although interest costs remain meaningful relative to current operating profit.
14. Debt & Finance Cost
FY2026 finance cost was approximately:
₹11.4 Cr
against total segment profit of only:
₹12.8 Cr.
Therefore, finance costs absorbed almost the entire operating segment profit pool.
This is one of the most important financial metrics to monitor going forward.
The issue is not simply the absolute debt level; it is whether the company’s operating businesses can generate sufficient profits to comfortably cover financing costs.
15. Working Capital
Working capital remains important for a building-material manufacturer.
FY2026:
Trade receivables: ~₹100 Cr
Inventory: ~₹89 Cr
Trade payables: ~₹54.6 Cr
The increase in inventory from approximately ₹76 Cr to ₹89 Cr should be monitored alongside sales growth.
For investors, the key relationship is:
Sales → EBITDA → Receivables → Inventory → Operating Cash Flow
Revenue growth without cash conversion would not necessarily improve shareholder returns.
16. Promoter Holding
Available FY2026 data shows promoter ownership around 55–63%, depending on the source and reporting date/classification.
UnlistedZone reports approximately 54.93%, while other platforms using FY2026 shareholding data report higher promoter classification.
Because the third-party databases differ, the company’s latest annual-return/shareholding filing should be used for exact transaction-level diligence.
17. Share Capital
The company has approximately:
1.157 crore equity shares
with:
₹10 face value per share
and paid-up capital of approximately:
₹11.57 Cr.
ISIN: INE243S01010.
18. Current Unlisted Share Price
There is no NSE/BSE market price because NCL Buildtek remains unlisted.
Current dealer/platform indications vary materially.
As of September 2026:
| Platform | Indicative Price |
|---|---|
| UnlistedZone | ~₹145 |
| BuyUnlistedShares | ~₹145 |
| Neoma Capital | ~₹143.55 |
| Moneycontrol partner-derived rate | ~₹142.13 |
| Other platforms | Higher quotations also reported |
These are OTC/indicative prices and not exchange-traded quotes.
The variation itself highlights the limited price discovery and liquidity of the security.
19. Indicative Valuation
Using approximately ₹145/share and ~1.157 crore shares:
₹145 × 1.157 Cr ≈ ₹168 Cr
This is broadly consistent with the market-cap figure shown by UnlistedZone.
Against FY2026:
Book value: ~₹205/share
EPS: ~₹0.73
Indicative price: ~₹145
Therefore:
P/B ≈ 0.71x
while:
P/E ≈ 199x
The P/E is extremely high because FY2026 earnings were unusually depressed.
This makes FY2026 P/E less useful as a standalone valuation metric.
20. FY2025 vs FY2026 Valuation
The valuation picture changes dramatically depending on whether an investor uses reported FY2025 earnings or normalised earnings.
FY2025:
PAT: ~₹44 Cr
FY2026:
PAT: ~₹0.85 Cr
But FY2025 included a large exceptional gain related to the NCL Veka transaction.
Therefore, using FY2025 reported PAT to calculate a low P/E would give a misleading picture.
A better approach is to ask:
What sustainable EBITDA and PAT can NCL Buildtek generate once Windoors margins recover?
That is the key valuation question.
21. Rights Issue – 2026
A major recent corporate action was a rights issue of approximately ₹149.97 Cr.
The issue involved approximately:
93.73 lakh shares
at:
₹160 per share
with a reported entitlement ratio of 4 shares for every 425 shares held.
The issue opened in June 2026.
The ₹160 rights price is an important reference point because it represents a company-approved capital-raising price, although it should not automatically be considered fair value.
22. Listing Status & IPO
This is an important update.
NCL Buildtek remains unlisted.
Earlier market expectations centred around a possible IPO/listing, but the FY2026 annual report indicates that the Board has deferred the listing plan, with management currently not seeing a need to raise funds through a public issue.
Therefore:
There is currently no confirmed IPO timetable.
Investors should not buy the shares solely on the assumption that a near-term IPO will provide an exit.
23. Growth Opportunities
1. Coatings Expansion
The Coatings division is the strongest margin contributor.
Growth in:
- Putty
- Paints
- Textures
- Tile adhesives
could improve the overall margin profile.
2. Aluminium Windows & Doors
The aluminium business has shown strong growth from a relatively small base.
3. Steel Doors
The company commissioned a steel-door manufacturing facility in FY2025.
The business generated around ₹11 Cr turnover in its first full year but remained relatively small and was not yet profitable.
4. Pan-India Expansion
NCL Buildtek has been expanding beyond its traditional South India footprint, particularly through its coatings business.
5. NCL Paints
The company incorporated NCL Paints Private Limited in May 2026 as a wholly owned subsidiary.
The subsidiary had not commenced operations at the time of the cited FY2026 analysis.
24. Key Risks
Margin Compression
This is currently the biggest operational issue.
FY2026 EBITDA margin fell to approximately 5.3%.
Windoors Competition
Aggressive project pricing has materially reduced Windoors profitability.
Commodity/Price-Taker Risk
uPVC, AAC blocks and several construction-material categories are highly competitive.
Exceptional Income Distortion
FY2025 PAT was boosted by the NCL Veka transaction, making historical P/E comparisons misleading.
Working Capital
Receivables and inventory remain substantial relative to the company’s earnings.
Limited Liquidity
There is no NSE/BSE order book.
No Near-Term IPO Catalyst
The company has deferred its listing plans, so an investor should not assume a near-term public-market exit.
25. What Needs to Improve in FY2027?
For NCL Buildtek, the key FY2027 indicators are not simply revenue growth.
Investors should monitor:
1. Windoors margin
Can the company move the segment from ~0.3% toward historical levels?
2. Coatings growth
Can the highest-margin business scale faster?
3. AAC/Walls profitability
Can the company restore profitability in Walls?
4. EBITDA
Can EBITDA return toward ₹35–50 Cr?
5. Finance-cost coverage
Can operating profit comfortably exceed the ~₹11 Cr finance-cost burden?
6. Cash flow
Does profit translate into operating cash?
7. Paints
Will NCL Paints become operational, and what capital will it require?
26. Company Snapshot
| Parameter | NCL Buildtek |
|---|---|
| Established | 1986 |
| Former Name | NCL Alltek & Seccolor |
| Group | NCL Group |
| Industry | Building Materials |
| CIN | U72200TG1986PLC006601 |
| ISIN | INE243S01010 |
| Status | Unlisted Public Company |
| Manufacturing Units | 17 |
| FY26 Revenue | ₹431 Cr |
| FY26 EBITDA | ₹23 Cr |
| FY26 PAT | ₹0.85 Cr |
| FY26 EPS | ₹0.73 |
| Book Value | ~₹205/share |
| Borrowings | ~₹85 Cr |
| Indicative Price | ~₹142–145* |
| Indicative Market Cap | ~₹165–168 Cr* |
| P/B | ~0.7x |
| IPO | Deferred |
| 2026 Rights Issue | ~₹150 Cr at ₹160/share |
| Strongest Segment | Coatings |
| Main Challenge | Windoors profitability |
| Main Opportunity | Margin recovery + coatings expansion |
*Indicative OTC figures, not exchange-traded prices.
UnlistedCart Takeaway
NCL Buildtek Limited is an established NCL Group building-materials company with a broad portfolio across windows, doors, putty, paints, textures, AAC blocks and tile adhesives.
The company has a sizeable manufacturing footprint and a long operating history. Its revenue has remained relatively stable around the ₹400–450 Cr range over the last four years.
However, FY2026 was a major profitability reset.
Revenue recovered to approximately ₹431 Cr, but EBITDA fell to around ₹23 Cr and PAT collapsed to approximately ₹0.85 Cr. The key issue is not simply sales growth; it is the deterioration in margins, particularly in the Windoors division.
The positive side is that the Coatings business continues to generate ~10%+ segment margins, while newer categories such as aluminium, steel doors and tile adhesives provide potential avenues for future growth.
The most important development for an unlisted investor is that the company has deferred its listing plans. Therefore, the investment thesis should currently be based on business recovery and fundamental valuation, rather than assuming an imminent IPO.
At an indicative OTC price around ₹145, NCL Buildtek is valued at roughly ₹168 Cr, or about 0.7x reported FY2026 book value. But the apparently low P/B needs to be considered alongside the collapse in current earnings and the company’s uncertain margin trajectory.
The key FY2027 question is therefore straightforward:
Can NCL Buildtek convert its ₹400+ Cr revenue base back into ₹35–50 Cr+ sustainable EBITDA by restoring Windoors margins and scaling the higher-margin Coatings business?
That will be much more important for valuation than the headline FY2026 P/E.
Disclaimer: Unlisted-share prices are indicative OTC reference prices and may differ materially between dealers. They are not NSE/BSE market quotations and do not guarantee execution or liquidity. FY2025 profit was materially affected by exceptional income, so historical P/E comparisons require caution. The company has deferred its listing plans. This report is for informational purposes only and is not investment advice.
For more such unlisted stocks visit UnlistedCart – Unlisted Shares
