On behalf of the Board of Directors, 65th Annual Report on the business and operations of NBCC (India) Limited along with
Audited Financial Statements (Standalone and Consolidated) for the Financial Year ended March 31,2025 with the Auditors’
Report and Comments on the Accounts by the Comptroller and Auditor General (CAG) of India thereon is hereby presented.

Financial Highlights

The financial highlights for the year under review are as follows:

Note: Please refer note no. 65 of Consolidated Financial
Statements and Note No. 61 of Standalone Financial
Statements for Regrouping/Reclassification.

Further, during the year, there is no change in the nature of
business of the Company

Operations and Business Performance

For the FY 2024-25, total income of your Company was
^ 8,943.71 Cr (standalone) and ^ 12,273.00 Cr (consolidated)
whereas profit after tax was ^ 476.11 Cr (standalone) and
^ 557.42 Cr (consolidated).

MoU Performance (CPSE's Performance
Agreement with Administrative Ministry & DPE)
NBCC Achieves ‘Excellent’ Rating from DPE, Ranked
2nd Among All CPSEs and No. 1 in Consultancy &
Construction Sector for FY 2023-24
NBCC, has been awarded an ‘Excellent’ rating by
the Department of Public Enterprises (DPE) for its
outstanding performance under the annual Memorandum
of Understanding (MoU) for FY 2023-24. According to
the consolidated performance ratings released by the
Department of Public Enterprises (DPE), which evaluated
84 CPSEs, NBCC achieved an impressive score of 98.50.
This accomplishment places NBCC as the 2nd highest-

ranked CPSE nationwide and the top performer in the
Consultancy & Construction sector.

This recognition underscores NBCC’s consistent operational
excellence, financial discipline, and leadership in delivering
infrastructure projects of national importance.

For FY 2024-25, NBCC has delivered robust financial results
along with notable achievements in key physical parameters.

For FY 2024-25, the company recorded a consolidated
capacity utilization of 29.66 million sq. ft. of built-up area and
overseas revenue of ^444.50 crore.

These accomplishments reaffirm NBCC’s dedication to
infrastructure development and its continued contribution to
national progress.

Reserves

The Company did not transfer any amounts to its general
reserve during the Financial Year ended March 31,2025.

Dividend

Your Directors has recommended a Final Dividend of H 0.14
per equity share on face value of H 1.00 per equity share for
total 270 crore No. of Equity Shares for the financial year
2024-25 which is subject to approval of shareholders in
ensuing annual general meeting of the company.

This is in addition to the Interim Dividend paid of H 0.53 per
share (face Value of H 1.00 per share) for total 270 crore
number of Equity Shares declared by your directors.

Accordingly, the total dividend for the financial year 2024-25,
including the Interim and proposed Final Dividend, amounts
to H 180.90 Crore (H 0.67 per equity share on 270 crore
equity shares).

Material Changes and Commitments affecting
financial position between the end of the
financial year and date of Report:

There have been no material changes and commitments,
which affects the financial position of the Company, that have
occurred between the end of the Financial Year to which the
financial statements relate and the date of the Report.

Share Capital

During the financial year 2024-25 the company increased
its Authorised share capital from H 200 crore divided into

2.00. 00.00.000/- (Two Hundred Crore) equity shares of
^ 1/- (Rupee One only) each to H 1,000 crore divided into

1000.00. 00.000/- (One Thousand Crore) equity shares of
^ 1/- (Rupee One only) each ranking pari passu with the
existing equity shares in all respects as per the Memorandum
and Articles of Association of the Company.

Further, your company had issued 90 crore Bonus equity of
H 1 each at the ratio of 1:2 [i.e. 1(one) fully paid-up equity
shares of H 1 each for every 2 (Two) existing fully paid up
equity shares of H 1 each] by capitalising its reserves in
accordance with various applicable provisions, regulations
and acts which increased the company’s paid-up capital from

180 crore to 270 crore divided into 270,00,00,000/- (Two
Hundred Seventy Crore) Equity Shares of ^ 1/- (Rupee One
only) each as on March 31,2025.

Disinvestment by Government of India

No disinvestment has been made by the Government of
India (GOI) in the Company during the FY 2024-25.

Further, during the financial year 2024-25 consequent to the
issue of Bonus Shares by NBCC the GOI’s shareholding
increased from 1,11,15,79,093 equity shares of ^ 1/- (Rupee
One only) each to 1,66,73,68,639 equity shares of ^ 1/-
(Rupee One only) each as on March 31, 2025. The GOI
holds 61.75% of total shareholding of the Company as on
March 31,2025.

Awards Conferred

NBCC (India) Limited continued its journey of excellence
and innovation in FY 2024-25, earning multiple prestigious
accolades across sustainability, construction, CSR,
digital transformation, and public sector excellence. Key
highlights include:

1.    Sustainability and Environment

•    Sustainability Champion Editor’s Choice
Award at the Outlook Planet Sustainability
Summit & Awards 2024.

•    Harit Ratna Award for the WHO SEARO
Redevelopment Project for Clean Construction.

•    GRIHA 5-Star Rating for Vanya Bhawan

•    GRIHA 4-Star Rating for Bharat Mandapam

•    GRIHA 4-Star Rating for IIM Sambalpur

•    GRIHA 3-Star Rating for AIMS Bilaspur,
Himachal Pradesh.

2.    Construction and Infrastructure Excellence

•    Indian Built Environment Awards 2024: Trophy

in Office and Commercial Buildings category for
Kaushal Bhawan.

•    Top Rankers Excellence Award 2024: Company
of the Year for contribution to construction and
infrastructure.

•    Indian Concrete Institute’s Construction
Excellence Awards 2025 for Sowa Rigpa
Hospital and Namo Ghat.

•    Best Infrastructure Construction PSE of India

at the 9th Atal Shastra MarkenomyAwards 2024.

3.    Corporate Social Responsibility (CSR) and
Human Resources

•    16th    Exceed    Environment, CSR &

HR Awards 2024:

o    Goldin CSR and HR Wellness categories

o    Silverin HR Training Excellence

•    Fortune Leadership Award 2024 in CSR category.

•    Appreciation by National Culture Fund for CSR

initiative - Rejuvenation of Purana Qila Lake.

4.    Digital and Cyber Excellence

•    Digital Transformation Excellence Award at the
9th PSU IT Forum.

•    Excellence in Cybersecurity Award at the 3rd PSU
Transformation Awards 2024.

5.    Communication and Language Promotion

•    TOLIC Shield for promoting Hindi, publishing
Nirman Bharti, and securing 1st position in
Quiz Competition.

•    Best PR Campaign of the Year at the Governance
Now 11th PSU Awards.

6.    Recognition for Organizational Excellence

•    Award of Appreciation from BIS for 25 years of
consistent quality standards.

•    Certified as a Great Place to Work® for
the 5th consecutive time by Great Place
To Work® India.

Membership

During the FY 2024-25 NBCC enrolled as member in
following organisations/Associations:

•    PHD Chamber of Commerce

•    Projects Export Promotion Council

•    NAREDCO

•    SCOPE

•    Project Management Associates

•    National Institute of Personal Management

•    Confederation of Indian Industry (CII)

Fixed Deposits

During the FY 2024-25, your Company has not accepted any
deposit and no principle or interest was outstanding as on
March 31,2025.

Loan, Guarantees and Investments

Details of Loan, Guarantees and Investments, as required
under section 186 of the Companies Act, 2013 and SEBI
(LODR) Regulations, 2015, have been given in the notes to
the financial statements forming part of this Annual Report.

Subsidiaries, Joint Ventures and Associate
Companies

During the FY 2024-25, the Company had total Four (04)
subsidiaries out of which Three (03) are wholly owned
subsidiaries (100%) namely; NBCC Services Limited (NSL),
HSCC (India) Limited (HSCC) and NBCC DWC-LLC foreign
subsidiary and one subsidiary i.e. Hindustan Steelworks
Construction Limited (51% Shareholding).

Further, a new wholly owned subsidiary of NBCC named as
“M/s NBCC Overseas Real Estate LLC” incorporated on April
23, 2025 in Dubai Mainland, UAE.

Your Company also has joint-ventures as follow:

•    Real Estate Development and Construction Corporation
of Rajasthan Ltd (a JV with the Government of
Rajasthan where both the parties hold 50% of the
issued share capital)

•    NBCC-MHG(JV)-where both the parties i.e. NBCC
and Mahavir Hanuman Group (MHG) hold 50% share
in profit & Loss

•    NBCC-AB (JV)-where both the parties i.e. NBCC
and Anisha Builders Private Limited hold 50% share
in profit & Loss

•    NBCC- RK Millen- where both the parties i.e. NBCC and
RK Millen & Co. (India) Private Limited hold 50% share
in profit & Loss

•    Details of companies which have become or
ceased to be its Subsidiaries, joint ventures or
associate companies of NBCC during the year is
given hereunder:

Details of the Company that has become a Nil

subsidiary during the FY 2024- 25

Details of the Company that has become Nil

a Joint-Venture/Associate during the FY

2024-25

Details of the Company that has Ceased to Nil

be a subsidiary during the FY 2024-25

Details of the Company that has Ceased to Nil

be a Joint-Venture/Associate during the FY

2024-25

•    NBCC has won arbitration award in respect of disputes
with JV partner i.e. NBCC R K Millen. The award is
partially realised and the amount of investment in JV
has been adjusted against it in the FY 2019-20. The
dissolution of the defunct partnership would be pursued
after receiving award amount, in full.

The Company has formulated a policy on identification
of material subsidiaries as per the SEBI (LODR)
Regulations, 2015 and the same is placed on the
website of the Company at https://www.nbccindia.in/
webEnglish/policies

A statement containing the financial performance
and salient features of financial statements of the
Company’s subsidiaries and JVs in Form AOC-1 in
terms of the provisions of Section 129(3) of the Act,
is annexed at Note no. 55 of consolidated financial
Statement of the Company.

Further, pursuant to the provisions of Section 136 of the
Act, the financial statements of the Company, consolidated
financial statements along with relevant documents
and separate audited financial statements in respect of

subsidiaries, are available on the website of the Company at
https://www.nbccindia.in/webEnglish/Subsisdiarie Fin

Human Resource Development

Human Resource policies are foundation to build a
cohesive and well-functioning organization. They help align
employee behaviour with organizational goals and create a
work environment that is legally compliant, respectful, and
productive. In the ever-evolving areas of organizational
dynamics, a sound HR policy platform serves as the
lighthouse that guides us through turbulent waters. It stands
as a testament to our dedication to promoting openness,
fairness, and ethical practices in all facets of dealing with
human resources.

NBCC has well laid policies and procedures which depicts
our unwavering dedication to transparency, growth, and
employee welfare.

As a step forwards, with the aim to prioritize the health and
wellbeing of the employees, NBCC has introduced “NBCC
OPD Reimbursement Scheme / Guidelines” for the regular
employees who are covered under Medical Insurance
Policy of NBCC.

Apart from OPD Reimbursement, with an aim to enhance
employee’s long term financial security and provide
better retirement benefits, NBCC has revised employer’s
contribution towards National Pension Scheme from 7% to
10% of Basic Pay + Dearness Allowance. This will ensure
more robust pension corpus for their future. Besides, keeping
into consideration health of the employees various health
camps have been organized at NBCC Offices and Project
sites for employees as well as Shramjeevis.

Category wise details on recruitment of General/OBC/SC/ST categories:-

NBCC is compliant with Government of India directives on all matters related to reservation for SC/ST/OBC/Ex-Servicemen/
physically disabled Candidates in all recruitment drives.

No. of Regular/NMR/PRW/WE Employees as on March 31, 2025

Working status of Women Employees in the Company (category wise) during the FY 2024-25:

Discipline and Category wise manpower as on March 31, 2025

Training

Your company understands that investing in its employee’s
skill and knowledge is essential for achieving organizational
goals and contributing to notional development. The Human
Resource department plays a vital role in the growth and
success of any organization. Moreover, Human Resource
Development initiatives strive to maintain high standards of
productivity and quality, reduces errors, and fosters innovation.
Keeping in view the present innovative & challenging market,
the Training Division has regularly arranged need based In¬
House Training Programs / Technical Workshops to make
our employees aware of latest trends / techniques & changes
taking place in their respective fields and to enhance their
knowledge so that they work with more potential & zeal to
achieve the Organizational Goal. All out efforts are made to
ensure that the employees are well equipped with the skills,
knowledge, and competencies required to perform their roles
effectively and adapt to changing business demands.

During the FY 2024-25, NBCC conducted total 90 training
and capacity-building programs tailored to employees
across various roles and levels and achieved 2462 man
days. Core areas included project management, latest
construction technologies, sustainability practices, finance
and ERP systems, interpersonal skill and leadership
excellence programs. Training needs are identified through
annual performance reviews, skill gap analyses, and in
alignment with the organization’s strategic priorities such
as quality execution, digital transformation and sustainable
infrastructure development.

Programs are delivered via in-house sessions, external
institutes, and online platforms. External Trainings were
conducted at various institutions namely IIM, DMRC,
SCOPE, IICA, CII, IRILM, ISTM, IIPM, NIPM, SHRM, NMA,
IBC and others. The annual training calendar is prepared and
circulated internally, outlining themes and targeted employee
groups. Regular interactive and open discussion sessions
with employees facilitated open communication, allowing
management to understand issues and take necessary
actions promptly. Progressive policies such as a mentoring
and skill development programs for junior employees
and special leadership development programs for senior
employees have gone towards making the workplace more
employee-friendly. Periodic leadership reviews also help us
maintain a healthy career progression.

The success of Company was significantly impacted by
strategic planning, resorting to proactive measures and
innovative solutions put forth by the Human Recourses. The
approach adopted by the Management, facilitated success
in attracting, engaging and retaining the talent. Through
collaborative efforts, NBCC is playing a pivotal role in
fostering a skilled workforce, thereby supporting the broader
goals of the Skill India Mission. Moreover, Human Resource
Development initiatives strive to maintain high standards
of productivity and quality, reduces errors, and fosters
innovation. By investing in employee development, the
training department also contributes to talent retention and
prepares future leaders, ultimately giving the organization a
competitive edge.

Industrial Relations(IR)

NBCC fosters harmonious and amicable relationships
with all its employees across every level. The organization
implements an open door policy, ensuring that all efforts are
directed towards resolving any issues before they escalate into
conflicts. The company upholds positive relations with all its
functional Unions and Associations. To evaluate any concerns,
the Company holds quarterly meetings with representatives
from these Unions and Associations, demonstrating its
commitment to addressing any issues or grievances raised
during these discussions in accordance with company policy.
Over the past decade, there has been no loss of man-hours
due to any industrial relations issues. Furthermore, various
policies and HR interventions are regularly reviewed, and
necessary actions are taken as required. The company has
adopted a proactive strategy to maintain a positive industrial
relations environment, which has led to the establishment of a
supportive work atmosphere within the organization.

Safeguard of Women at Workplace

The Company has in place a Policy on Prevention,
Prohibition and Redressal of Sexual Harassment of Women
at Workplace in line with the requirements of the Sexual
Harassment of Women at the Workplace (Prevention,
Prohibition & Redressal) Act, 2013

The Company has complied with provisions relating to the
constitution of internal complaints committee under the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013. The Internal Committee
has been constituted to redress complaints received
regarding sexual harassment.

The committee functions in accordance with the model code
of conduct developed by National Commission for woman/
Ministry of Woman and Child Development. The committee
spread awareness amongst the employees regarding ‘Zero
Tolerance’ for sexual harassment at work place.

The committee also investigates reported cases of sexual
harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy. The
Company has been employing 111 women employees in
various cadres at the Project and office premises. Details of
complaints during FY 2024-25 is given hereunder:

Number of complaints of sexual harassment    Nil

received during the Financial Year
Number of complaints disposed off during the NA
Financial Year

Number of cases pending for more than ninety NA
days

Management Discussion and Analysis Report

The Management Discussion and Analysis Report as
required under Regulation 34 read with Schedule V to the
Listing Regulations with the stock exchanges forms part of
this Report as Annexure - I.

Directors’ Responsibility Statement

Your Directors confirm that:-

a)    In the preparation of the annual accounts for the
financial year ended March 31, 2025, the applicable
Indian Accounting Standards had been followed along
with proper explanation to material departure.

b)    The directors had selected such accounting policies
and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company
at the end of the financial year and of the profit and loss
of the Company for the period;

c)    The directors had taken proper and sufficient care
for the maintenance of adequate accounting records
in accordance with the provisions of the Act for
safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

d)    The directors had prepared the annual accounts on a
going concern basis;

e)    The directors had laid down internal financial controls
to be followed by the Company and such internal
financial controls are adequate and were operating
effectively and;

f)    The directors had devised proper systems to ensure
compliance with the provisions of all applicable
laws and that such systems were adequate and
operating effectively.

Corporate Governance Report

The Company complies with the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and
guidelines issued by DPE on Corporate Governance to the
extent possible.

The requisite Corporate Governance Certificate from the
Statutory Auditors of the Company, ASA & Associates LLP.,
Chartered Accountants, along with Management Reply forms
part of this Report. The Corporate Governance Report for the
year ended March 31,2025 is at Annexure-II.

CONTRACTS OR ARRANGEMENTS WITH
RELATED PARTIES

The Related Party Transactions undertaken with subsidiary
companies were exempt under Regulation 23(5)(a) and (b) of
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as they involved transactions between
two Government companies and transactions between the
holding company and its wholly owned subsidiaries, whose
accounts are consolidated with the holding company and
presented to the shareholders for approval at the General
Meeting. Accordingly, the disclosure of such transactions
in Form AOC-2 is not applicable. Details are given
in Annexure-III.

Your Company has formulated the policy on dealing with
Related Party Transactions and the same is hosted on the

website at NBCC - Policy on Materiality of Related Party
Transaction and Reporting of Related Party Transaction

Quality Assurance/Quality Control Manual

During the FY 2024-25, Company had a dedicated ‘Technical
and Quality Audit’ wing in place, which controls over
conducting Technical Audit and ensuring Quality Assurance
& Quality Control at the projects. NBCC through its ‘Technical
and Quality Audit Division’ conducts the Technical / Quality
Audit of all projects on Pan India basis through a checklist
to ensure the implementation of guidelines/statutory
compliances of QA/QC at project sites. Apart from carrying
out the routine audits, the special audits of certain projects
are also carried out by the Technical Audit team as and when
directed by the competent authority. NBCC also has Quality
Management System (QMS). Quality Assurance (QA) and
Quality Control (QC) both are part of Quality Management
System (QMS) wherein QA focuses on preventing the defects
while QC focuses on identifying a defect and rectification
thereof. Hence the QA/QC plays a vital role to address the
gap of quality aspects at projects. NBCC being India’s one
of the biggest organizations in the construction field, has
devoted itself towards QA/QC in the areas of its operations.

International Organization for Standardization
(ISO)

NBCC is a certified organisation with International
Organization for Standardization (ISO), having licence
issued by BIS valid upto 29.03.2026. NBCC has Quality
Management System (QMS) comprising Quality Policy &
Quality Objectives. NBCC through its ISO division conducts
the ISO internal Audit of all identified project sites (25 Nos)
and all service departments viz RBGs/SBGs/HODs-HO at
a interval of 6 months and 1 year respectively through a
checklist as per ISO manual to ensure that the Quality Policy
and Quality Objective established by the company in its QMS
are being followed properly.

Safety

NBCC (I) Ltd. is committed towards Safety and Health to all its
employees and the people associated with the construction
activities. The company is continuously striving to implement
safe practices/measures to ensure the goal of achieving
Safety at its work places. NBCC has ‘Safety Division’ to
implement Safety Policy at the project sites. As per Safety
provisions in GCC, the projects are monitored by empanelled
Safety Consultants deployed through construction contracts.

Information Technology (IT)

Your Company is aimed to create an employee-friendly
environment by adopting a paperless office concept. To
achieve this goal, several IT activities were implemented to
make the work environment more efficient, seamless and
transparent. These initiatives helped the organization take a
big step towards becoming a digital NBCC. The IT Division
provides IT services/support on a PAN India basis to NBCC

and its three subsidiaries, namely HSCL, HSCC, and NSL.
In-house development of various applications and portals
has resulted in a lot of cost savings for the corporation.

Employee Resource Planning (ERP) - The record
keeping and data maintenance was streamlined by using
this application.

All the circulars, employee related forms and office orders
are being uploaded in ERP. This reduces the communication
time, effective communication and transparency within and
outside the organization with the following modules.

•    Human Resource Management

•    Finance Accounting Module

•    Payroll Module

•    Internal Audit/Cost & Budget

•    Project Management Module

•    Business Development

•    Employee Annual Property Returns

•    Employee Performance Management System

•    Employee Sewa

•    Admin Module

•    Income Tax Module

•    E-Billing

•    IT Inventory Module

•    OPD Reimbursement Module

•    Fixed Asset Management Module

•    Gem-ERP Integration

•    Biometric Attendance Module

The ERP system enabled with Audit trails features for
each and every transaction and got audited by CERT-In
empanelled agency.

Information Technology (IT) Security Policy - During
the year 2024-25, the Information Technology (IT) Security
Policy is enhanced with hardening policy, user access
review policy, risk management policy, cloud security policy,
incident management policy, BCP & DR policy, website
protection best practices, IT equipment management policy,
cyber security best practices, confidential and NDA policy,
exception management policy etc. to ensures a secure and
safe system for the usage of information services and assets
while protecting the organization from security threats.

E-Office:- E-office facilitates paperless work. At NBCC, use
of e-office is encouraged for more tranparent working. Further
it has been extended to our subsidiaries i.e., Hindustan
Steelwork Construction Limited (HSCL), HSCC (India) Ltd.
and NBCC Services Limited (NSL).

Document Management System (DMS):- To track, manage,
and store digital documents, NBCC uses a Document

Management System (DMS) that also reduces paper usage.
It provides storage, versioning, metadata, security & indexing
and retrieval capabilities with additional tools such as MIS
reports, searching tools and physical file details.

Vendor Portal - (Transparency)

Vendor grievance management system - For addressing
the issue of grievances of vendors and to resolve those
issues which are mainly related to non-payment of their
running/final bills, non-release of Performance Guarantee,
Security Deposit, non-finalization of extra/substituted items
etc., a vendor grievance portal at NBCC web site has been
put in place which registers online grievances of vendors
with a unique registration number.

e-Billing- Module of E-billing developed by NBCC is a step
towards transparency and ease of doing business. E-billing
facilitates the contractor to enter the bill online with supporting
documents for submission to the Engineering Charge. The
movement of the bill can be tracked, viewed, and modified
before submitting to higher authorities for approval.

Technical Support System (TSS) - Technical Support
System (often shortened to tech support) refers to a
plethora of services by which assistance is provided to
users of technology products such as Hardware, software,
etc. Technical support may be delivered over by e-mail,
live support software, or a tool where users can log a call.
NBCC has internal technical support available to their staff
for computer-related problems.

Building Management System (BMS) - Building
Management System is designed to address various building
maintenance related issues like cleaning, gardening, lighting,
air- conditioning, and elevator etc.

NBCC Website: - NBCC has a responsive website, which
is designed by keeping the various users span (like Mobile
User, Tablet user and web users etc.) in mind. Information
on the website is available in Hindi and English Language.
Users can access speech-based information on each web
page using the Text to speech tool developed by CDAC.
The website home page displays government services and
ongoing initiatives. The division also managed the online
recruitment portal for invitation of application from candidates.
The new portal also developed for Invitation of Expression
of Interest (EoI) for application to allotment of flats to home
buyers of Amrapali project.

NBCC Directory Service - NBCC Directory service facilitates
accessing all applications and services from a single window.
Major services such as NBCCERP, e-Office, Digital Record
Library, e-Tendering, E-Mail, Website, Facebook, Twitter,
NBCC Wikipedia, Vendor Portal, Sponsored Research, Video
Conferencing, Communication Media, Email directories, and
New Construction Technologies are listed on the NBCC’s
directory page.

Electronic Correspondence (Email) - NBCC uses
electronic correspondence (email) for all internal and external
communications for faster and paperless communication.

The official mail ID is provided to all employees with the new
domain, i.e. @nbccindia.com.

Cloud Solution: IT division at NBCC has boldly embarked
on a ground-breaking journey. In response to technological
advancements and the evolving needs, the IT division at
NBCC has transitioned its production environment from
physical servers to cloud services accredited by MeitY
empanelled GCC service provider. Additionally, the disaster
recovery site has been migrated to a cloud-based solution as
well. The in-house firewall system, server and core switches
are also upgraded in the financial year.

Cyber Security: The applications and infrastructure are
secured with a secure socket layer (SSL) certificate to ensure
the security and integrity of the apps. Captcha feature is
integrated into the login page of the applications to enhance
security. Additionally, the applications and infrastructure
are audited annually by CERT-In empanelment agency to
identify and rectify the possible vulnerabilities for ERP, Web
portal, IT Infrastructure including in-house Data Centre,
End Point devices.

Given the current landscape where cybercrimes are on
the rise, the IT division has been proactive in organizing
periodic cyber awareness sessions to educate and
sensitize employees about cyber hygiene practices. The
Company has successfully implemented the end point
security solution including the Data Loss Protection (DLP)
features to all desktops systems and additionally the Domain
Controller- Active Directory (DC-ADC) also implemented
for safeguarding all the IT systems. The infrastructure end
point devices have latest processor and operating system
to avoid any cyber threats. All applications are enabled with
two-factor authentication for secure access.

In the current scenario, all departments are integrated with the
ERP/DMS/e-Office for internal process. This has helped our
organization earning a reputation of being a Company that
runs on cutting edge technology, simultaneously promoting
our Honourable Prime Minister’s vision of Digital India.

The division has organised multiple sessions, training
program on cyber security awareness, artificial intelligence
implementation in Company to enhance operation excellency
and increase transparency in work.

Dividend Distribution Policy

As per Regulation 43A of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations 2015, the top 500
listed companies shall formulate a dividend distribution policy.

Accordingly, the policy was adopted to set out the
parameters and circumstances that will be taken into
account by the Board while determining the distribution
of dividend to its shareholders and /or retaining profits
earned by the Company, The policy is available on the
Company’s website at https://nbccindia.in/pdfData/policies/
DividendDistributionPolicy .pdf

Corporate Social Responsibility Committee
(CSR) & Sustainability Development

The Company has Corporate Social Responsibility (CSR)
Committee in compliance with provisions of Section
135 of the Companies Act, 2013 and the Companies
(Corporate Social Responsibility Policy) Rules, 2014
and the Company has in place a CSR policy in line with
Schedule VII of the Companies Act, 2013. The details of
CSR policy, projects and programmes are available on the
Company’s website, at the link CSR POLICY UPDATED
2024 62085 692523 02 06 2025.pdf

During the FY 2024-25 your Company spent H 169.27 lakh
in CSR activities and remaining unspent CSR amount of
H360.06 lakhs has been transfered to Unspent CSR Account.

The Company also has a Sustainability Policy to ensure
healthy well-being of its stakeholders and protecting the
environment. The policy guidelines are integral to the way
the Company conducts its construction as well as other
business operations.

NBCC is committed to ensure that it meets its business goals
without compromising on the aspirations of the present and
future generations. The Annual Report on CSR activities
forms part to this Annual Report as Annexure-IV.

Compliance of DPE Guidelines and Policies

During the FY 2024-25 your Company has complied with
the guidelines and policies issued by Department of Public
Enterprises from time to time.

Compliance with Maternity Benefit Act, 1961

During the FY 2024-25 your Company has complied with the
provisions of the Maternity Benefit Act, 1961.

MSME Implementation

Your Company is complying with the mandatory Public
Procurement Policy 2012, under which CPSE is mandated
to procure 25% from MSME of total procurement and out of
25%, 4% to be procured from MSME SC/ST vendor and 3%
from Women MSME vendor. During FY 2024-25 92.80% of
total procurement was from MSME.

The details of procurement for the FY 2024-25 are as follows

a)    Procurement of Goods & Services through
MSME- H 11.65 cr

b)    Procurement of Goods & Services through SC/
STMSME- H 1.00 cr

c)    Procurement of Goods & Services through Women
MSME- H 4.61 cr

It is also pertinent to mention here that no payment is
outstanding beyond stipulated timeline to any MSME as on
March 31,2025.

Risk Management

NBCC operates in the construction and real estate sectors,
which involves various uncertainties considered typical for
these industries. The company is subject to external and

internal risks that may impact both financial and non-financial
outcomes. NBCC has implemented a Risk Management
Policy designed to mitigate these risks while developing
and executing strategies and objectives aimed at long-term
sustainability. The policy also assists NBCC in managing
risks within its daily operations to achieve stated objectives.

NBCC uses a three-tier reporting structure for
risk management:

Top level: The Risk Management Committee consists of
functional Directors {Director (Projects), Director (Finance)
and Director (Commercial)} and two Independent Directors.

Middle level: The Risk Assessment Committee includes the
Heads of Departments for Business Development, Finance,
IT, Law & Real Estate, with the Executive Director (PMG)
serving as Chief Risk Officer.

Lowest level: Risk Coordinators comprise all Regional
Business Group/Strategic Business Group Heads and other
Heads of Departments.

Development & Implementation of Risk
Management Framework

NBCC (India) Limited has established a robust and dynamic
Risk Management framework aligned with ISO 31000:2018
and other global best practices. The Company recognizes
the importance of identifying, assessing, and mitigating risks
proactively to ensure sustainable business growth. The
Risk Management Policy, last revised in 2022, provides a
comprehensive mechanism for managing risks at both the
enterprise and project levels.

The policy outlines a structured process involving identification
of key risks, prioritization based on impact and likelihood,
formulation of mitigation plans, and regular monitoring and
reporting. A dedicated Risk Management Committee (RMC),
supported by the Chief Risk Officer (CRO), Risk Assessment
Committee (RAC), and designated Risk Coordinators,
oversees the risk governance framework across all functions
and project sites. The policy is applicable to all business
verticals—Project Management Consultancy (PMC), Real
Estate Development (RED), and Engineering Procurement
& Construction (EPC)—and addresses both routine and
non-routine risks, including those arising from regulatory
changes, operational complexities, and external factors.

The Board is periodically updated on the key risks and the
effectiveness of mitigation strategies, thereby embedding risk
awareness across the organizational culture and decision¬
making processes.

Risks, Threats and Concerns:

The challenges for the company are to sustain the
growth trajectory.

Market Volatility: Current market is in up and down position.
Due to which tender quoted by party abnormally high or low
in current scenario. This situation is very volatile. The risks
arising out of the situation of fluctuation of current market
includes disruption of supply chain for various materials/non-
availability of labour affecting progress of works at sites.

Project Execution and Management: Inability to ensure
seamless and timely execution of projects within the defined
budget leads to litigation with client and contractors, resulting
in reduced profitability and operating margin of the project.
Any failure to adhere to agreed timelines adversely affect the
reputation of the Company especially in execution of Border
fencing and Road works is heavily affected in execution due
to issues in Land acquisition and obtaining clearance from
Bangladesh Government/ Bangladesh Border Guard and
Local issues and land compensation.

Real Estate - Unsold Inventory/ Unused Land Parcels:
Presently there is substantial unsold inventory and
unused land parcels in NBCC Real Estate posing a risk
to the Company.

Re-development Projects: Legal hurdles, including court
stays and delayed statutory approvals, have impacted
project execution and funding. Due to legal issues/court stay
order, sales & marketing was affected in Nauroji Nagar. The
clearance for statutory authorities also is taking considerable
time which in turn affecting project progress in Netaji Nagar
& Sarojni Nagar.

Aged Receivables and Payables: Delays associated with
the collection of receivables from the clients, results in further
delayed payment to the contractor, leading to litigations, cost
& time overrun in addition to Expected Credit Loss (ECL).

Taking Over External Projects: Any unforeseen liability in
connection with the takeover of external projects leads to
litigations and may adversely affect business and financial
condition of NBCC.

Competition Risk: The entry of other PSUs into the
construction space has heightened competition, often
leading to aggressive pricing and lower PMC charges. This
erodes NBCC’s market share and profitability.

Expansion into New Business Areas: Venturing into
sectors like tunneling, dams, highways, and port development
requires substantial investment in skilled manpower and
machinery. Resource constraints in these areas could
impede successful diversification.

Strategic, Operational, Financial & Compliance Risks

NBCC is exposed to:

•    Strategic Risks: Rapid technology changes, pricing
pressures, and political or social uncertainties.

•    Operational Risks: Delayed site handovers, unstable
cash flows, and resource constraints.

•    Financial Risks: Client-side payment delays hampering
project cash cycles and contractor payments.

•    Compliance Risks:    Delays in obtaining

statutory clearances affect project timelines and
regulatory compliance.

The Company remains committed to mitigating these risks
through a proactive risk management framework, as detailed
in its Risk Management Policy.

Disclosure on Risk Management Framework & Risk
Management Policy

The Project Risk Management (PRM) framework at project
level and Enterprise Risk Management (ERM) framework
at enterprise level has been included in the updated Risk
Management Policy-2022.

Internal Financial Control

NBCC has established robust internal financial controls to
ensure compliance with the financial reporting requirements
set forth in Section 134(5)(e) of the Companies Act, 2013.
These internal controls are functioning effectively, as
confirmed by our statutory auditors. Additionally, we engage
external consultants to conduct annual tests of our internal
financial controls related to financial reporting.

The controls are crafted to ensure that we maintain accurate
accounting records and conduct our business in an orderly
and efficient manner. This includes following the Company’s
policies, protecting our assets, and preventing as well as
detecting fraud and errors. Additionally, we strive to ensure
the reliability of our financial and operational information. Our
internal control systems, including Internal Financial Controls
over Financial Reporting, are continuously reviewed and
discussed in our Audit Committee meetings. Management is
proactive in implementing necessary changes to keep pace
with evolving business needs.

The Company has established a clear delegation of financial
powers outlined in its Sub-Delegation of Power book,
which is regularly revised to meet the evolving needs of
the organization. Our in-house Internal Audit and Technical
Audit Departments are appropriately sized to match our
operational scale. The internal audit program, including its
scope and plan, receives approval from the Audit Committee.
We engage external audit firms to conduct our internal audits,
and the resulting reports are reviewed in collaboration with
both management and the Audit Committee. Additionally,
the Statutory Auditors and the Audit Committee of the Board
consistently evaluate key audit findings in operational,
financial, and other domains, providing essential guidance
regarding our internal controls.

Vigilance Activities and Initiatives

The Vigilance function with the NBCC (India) Ltd., is an
integral part of the Management. It is the Nodal Section for
handling all Vigilance matters of the NBCC. It is believed that
with best practices, adequate controls and transparency in
place, decisions will be taken in a professional, efficient and
effective manner and same would be consistent, leading to
good governance and corporate excellence. The Vigilance
Division of Corporation is under the charge of Chief Vigilance
Officer (of the rank of Joint Secretary).

NBCC has observed “Vigilance Awareness Week’ with full
enthusiasm from 28-10-2024 to 03-11-2024 on the theme
“ÝHc'Ihbi    g    g_f^”- “Culture of Integrity for

Nation’s Prosperity”. The week-long awareness campaign
was lined up with insightful interactive sessions on the theme,
relevant workshops & competitions to generate awareness

on vigilance administration among employees. 3 Months
Campaign of Vigilance Awareness Week 2024 was also
under taken from 16-08-2024 to 15-11-2024 on the following
Preventive Vigilance measures as focus areas:-

a.    Capacity Building Programs.

b.    Identification and implementation of Systemic
Improvement Measures.

c.    Updation of Circulars/Guidelines/Manuals.

d.    Disposal of Complaints received before 30-06-2024.

e.    Dynamic Digital Presence.

Further, the Information of Vigilance cases, required pursuant
to Office memorandum issued by Ministry of Parliamentary
Affairs vide its letter dated F No. 28(1)2016-Leg 1, dated
January 24, 2018. The details of status of Cases during
the FY 2024-25:-

After investigation of complaints, where lapses/irregularities
are established, the disciplinary proceedings are initiated
against the delinquent employees.

Further, with an ultimate aim of eradicating corruption in the
Corporation, a four pronged strategy is followed which has
also been appropriately incorporated in the Annual Action
Plan relating to anti-corruption measures:

•    Preventive Vigilance

•    Detective Vigilance and Surveillance

•    Punitive Vigilance

•    Use of IT innovations to curb malpractices and
ensure transparency.

Systematic Improvement Undertaken:

•    Strengthening of SOP for immediate security/confiscation
of materials, constructional plants, implements, stores,
etc in case of termination of contract.

•    Linking of duty charter of officials of NBCC approval by
RBG/SBG in each bill on e-billing module.

•    Execution of deviated quantities and extra items with
proper/adequate financial sanction from client.

•    Systemic improvements for transparency in sale of flats
in NBCC's Amarapali Project.

•    Posting of details on award of tenders/
Contracts on websites.

•    Identification and incorporation of Sensitive Post in NSL.

Vigil Mechanism/Whistle Blower Policy

With an aim to achieve the vision, mission and objective
of the Company and to comply with statutory provisions,
the Company, in addition to the mechanisms already
available, your Company has formulated ‘Whistle Blower
Policy’ which seeks:

(i)    to ensure greater transparency in all aspects of the
Company’s functioning by formulating a procedure for
further enabling directors and employees to bring to the
attention of Company, incidents of improper activities
or violation of the Company’s Service (Conduct) Rules
and the Code of Business Conduct & Ethics for Board
Members and Senior Management, and

(ii)    To provide necessary safeguards for protection of
employees from reprisals or victimization for whistle
blowing in good faith.

A vigil mechanism for directors and employees to report
genuine concern about unethical behaviour, actual or
suspected fraud or violation to the Company’s Code of
Conduct has been established which includes the duly
adopted Whistle Blower Policy, uploaded on the Company’s
website at the link https://nbccindia.in/pdfData/policies/
NBCC%20WHISTLE%20BLOWER%20POLICY .pdf

Investors Relations Cell

At NBCC (India) Limited, we recognise the critical role that
Investor Relations (IR) plays in fostering transparency, trust,
and long-term value creation for all stakeholders. To further
institutionalise this function, NBCC is proud to be among the
few Central Public Sector Enterprises (CPSEs) to establish a
dedicated and structured Investor Relations team.

Dedicated Investor Relations Structure:

In line with global best practices, NBCC has established a
structured Investor Relations (IR) team that operates under
the direct leadership of the Executive Director (Finance).
The team comprises 2-3 professionally qualified managers
who work closely with the ED (Finance) and report directly
to the Director (Finance) & CMD. This structure ensures
seamless communication of investor insights and concerns
to senior management and vice versa, reinforcing NBCC’s
commitment to responsiveness and transparency.

The IR team enjoys direct access to top management,
enabling it to serve as an effective bridge between investors
and leadership. This two-way communication helps align
investor feedback with strategic business decisions and

ensures that investor perspectives are duly considered in
key policy and operational matters.

Defined Scope and Engagement Framework

The Investor Relations function at NBCC operates within
a clearly defined and proactive engagement framework,
which includes:

•    Quarterly Investor Conference Calls

Conducted after every quarterly earnings release to
update stakeholders on performance, future outlook,
and address investor queries.

•    One-on-One & Group Investor Meetings

Numerous structured meetings are held with a
broad base of domestic and global investors and
analysts to communicate NBCC’s strategic direction
and performance.

•    Global and Domestic Roadshows

The Company participates in global investor roadshows
in Singapore, Hong Kong, Dubai, and Abu Dhabi,
engaging with global institutional investors.

Domestically, two major investor roadshows are
organized in Mumbai, deepening relationships with the
Indian investment community.

•    Open-Door Policy

NBCC encourages open and ongoing dialogue with all
investor segments, ensuring timely resolution of queries
and fostering an environment of transparency.

Digital Enablement and Real-Time Communication

NBCC also leverages digital platforms and analytics to maintain
ongoing and informed investor engagement. All investor
presentations, earnings releases, and key updates are promptly
published on the Company’s website and stock exchange
portals for wider accessibility and regulatory compliance.

Technology is employed to monitor shareholding trends,
price movements, and investor sentiment-enabling the IR
team to proactively advise management and respond swiftly
to emerging concerns or opportunities.

The IR team remains consistently responsive to queries
from shareholders, analysts, and institutions, reinforcing the
Company’s reputation for openness, credibility, and good
governance. These efforts collectively contribute to long¬
term trust and informed investor decision-making.

Exceptional Shareholder Value Creation

During FY2024-25, NBCC delivers an exceptional Total Return
to Shareholders (TRS), driven by its strong fundamentals,
strategic execution, and proactive investor-centric approach.
This performance is aligned with the benchmarking guidelines
set by the Department of Public Enterprises (DPE) under the
TRS parameter, underscoring NBCC’s consistent focus on
delivering long-term value to its shareholders.

Corporate Communication

NBCC (India) Limited, through its Corporate
Communications Department, plays a pivotal role in
enhancing the company’s brand visibility and stakeholder

engagement. The department employs a multi-channel
approach including social media, print, electronic media,
exhibitions, and audio-visual content to highlight NBCC’s
achievements across sectors. A revamped, user-friendly
website launched in 2021 serves as a digital gateway for
project updates, services and publications. The company
maintains active social media presence on Twitter,
Facebook, LinkedIn and YouTube, effectively showcasing
project progress, CSR initiatives, employee highlights and
corporate videos to a broad audience.

NBCC also engages in regular media outreach through
press releases, interviews and participation in National
events to ensure a strong public presence. Corporate
films, coffee table books, brochures and advertisements
further strengthen brand identity. Participation in
exhibitions, sponsorship of cultural and technical events
have helped reinforce NBCC’s position as a trusted public
sector entity. Moving forward, NBCC aims to expand its
communication efforts with a stronger digital footprint and
more innovative storytelling to continue building a powerful,
recognizable brand.

Auditors and Auditor’s Report

Statutory Auditors

M/s ASA & Associates LLP, Chartered Accountants, was
appointed as Statutory Auditors for the FY2024-25 by the
Comptroller and Auditor General of India (CAG). The notes
on standalone financial statement referred in the Auditor’s
Report are self explanatory and do not call for any further
comments. The Auditors’ Report is attached with financial
statements and forms part of this Annual Report.

Further, Statutory Auditor placed an Unmodified Audit
Report on Standalone and Consolidated financial Statement
of the Company for the financial year 2024-25 before the
Board of Directors.

Cost Auditors

The Company has prepared and maintained cost records
as specified under Section 148 of The Companies Act 2013.
The cost audit report for the FY 2023-24 has been filed within
the prescribed timeline with MCA.

The Board has appointed M/s R. M. Bansal & Co., Cost
Accountants (FRN 000022), to audit cost records of the
Company for the FY 2024-25.

Secretarial Auditors

During the FY 2024-25 your Company has appointed M/s
Agarwal S. & Associates, (Company Secretaries), to conduct
Secretarial Audit for the FY 2024-25. The Secretarial
Audit Report of NBCC contains certain observations.
The Secretarial Audit Report details of observations and
Management’s reply thereon are forming part of this
Report at Annexure-V.

Further, the Secretarial Audit Report of Material Subsidiary
Companies as per Regulation 24A of SEBI Listing Obligations
and Disclosure Requirements) Regulations, 2015 also forms
part of this Annual Report.

Comments of CAG

Comptroller and Auditor General of India (CAG) have given “NIL” comments on the financial statements (standalone and
consolidated) of the Company for the FY 2024-25, forming part of this Report.

Audit Committee

The details of Audit Committee are included in the Corporate Governance Report at Annexure-II, forming part of this report.
Number of Meeting of Board of Directors

Pursuant to the Companies Act, 2013 and the rules framed thereunder, 15 (Fifteen) Board meetings were held in the
FY 2024-25. The details of the meeting are at Annexure-II i.e. Corporate Governance Report forming part of this report.

Board of Directors and Key Managerial Personnel
Appointments/Cessations

During the FY 2024-25, changes in the Board of Directors have taken place. Details of the changes in the Board of Directors/
Key Managerial Personnel are given hereunder:

The strength of the Board of Directors of NBCC as on March
31, 2025 was Six (06), comprising of Four (04) Executive
Directors (including CMD) and Two (02) Government
Nominee Directors.

During the current FY 2025-26, pursuant of the Office Order
No. O-17034/39/2014-PS(Part-1) dated April 23, 2025, the
Ministry of Housing and Urban Affairs has conveyed approval
of competent authority for appointment of Dr. Deepak Singh
and re-appointment of Prof. Bhimrao Panda Bhosale as
Independent Director of NBCC (India) Limited, for a period
of 01 year from the date of notification of their appointment/
re-appointment or until further orders whichever is earlier.

Further, pursuant of the Office Order No. O-17034/39/2014-
PS and order No. O-17034/39/2014-PS(PART-I) dated
09.05.2025 and 20.05.2025 respectively, the Ministry of
Housing and Urban Affairs (MoHUA) has conveyed approval
of competent authority for re-appointment of Shri Rajeev
Kumar and appointment of Shri Vishal Puri as Independent
Director of NBCC (India) Limited, for a period of 01 year
and 03 years respectively from the date of notification of
their appointment/re-appointment or until further orders
whichever is earlier.

The Independent Director, in the opinion of the Board,
possess integrity, requisite expertise and experience.

Details of Key Managerial Personnel

The following are the Key Managerial Personnel of the
Company for the FY 2024-25:

i. Shri K.P Mahadevaswamy, Chairman &
Managing Director.

ii.    Shri Saleem Ahmad, Director (Projects), and Chief
Financial Officer (CFO) [w.e.f. July 01, 2024 till
October 31,2024].

iii.    Dr.    Suman Kumar,    Director    (Commercial)

w.e.f. July 02,2024.

iv.    Shri. Anjeev Kumar Jain, Director (Finance) & Chief
Financial Officer (CFO) w.e.f. November 01,2024.

v.    Smt.    Deepti    Gambhir,    Company    Secretary &

Compliance Officer

vi.    Smt. Baldev Kaur Sokhey, Director (Finance) & Chief
Financial Officer (CFO) (Till June 30, 2024).

The Ministry of Corporate Affairs vide its notification dated
June 05, 2015 notified the Exemptions to Government
Companies from the provisions of the Companies Act,
2013, which inter-alia provides that Sec.134(3)(p) regarding
statement on formal annual evaluation shall not apply to
Government Companies in case the Directors are evaluated
by the Ministry which is administratively in-charge of the
Company as per its own evaluation methodology.

Further, in line with exemptions, Sub-Sections (2), (3)
& (4) of Sec. 178 regarding appointment, performance
evaluation and remuneration shall not apply to Directors of
Government Companies.

Declaration by Independent Director

All the Independent Directors till the date of cessation during
the FY 2024-25 have met the requirements specified under
Section 149(6) of the Companies Act, 2013 for holding the
position of Independent Director and necessary declaration

from each Independent Director under Section 149(7) of the Companies Act, 2013 and Regulation 25 of SEBI (LODR)
Regulations, 2015 was received by the Company.

Training of Directors

Your Company undertakes on-Boarding training for its Independent Directors to introduce them to the organization and its
various operations including strategy, operations, organization structure, human resource, technology, risk management etc.

Further, the Company also invests in the learning of Board-level executives through seminars and conferences held in
association with reputed institutions.

The Company has made the arrangement for internal training/outbound trainings of Independent Directors. The details of
External Trainings provided to the Independent Directors during the FY 2024-25 are given hereunder:

The Company’s policy on Director’s training can be accessed
on the Company’s website at the link https://www.nbccindia.
in/webEnglish/policies

Annual Return

A copy of the Annual Return required under section 92 of the
Companies Act, 2013, would be placed at the website of the
Company at nbccindia.in/webEnglish/AnnualReturn

Business Responsibility and Sustainability
Report (BRSR)

The Business Responsibility and sustainability Report (BRSR)
describes the Company’s performance against the principle
of “National Guidelines on Responsible Business Conduct”.

This indicates the initiatives taken by the Company from social,
environmental and governance perspectives. As a socially-
responsible organization, your Company, during the FY 2024¬
25, has conducted all its business activities in complete respect
of the environment and society, and in line with its Corporate
Governance guidelines. A detailed Business Responsibility and
Sustainability Report is enclosed as Annexure-VI.

Research & Development

NBCC is also engaged in promoting Research and
Development (R&D) activities in the area of civil engineering.

The primary focus is on developing construction practices,
processes, technologies and materials that are innovative
and sustainable having positive Environment, Social and
Governance (ESG) impact.

NBCC formally notified its “Research and Development
(R&D) Policy” in the year 2013 in compliance with the DPE
guidelines issued vide OM No. 3(9)2010-DPE(MOU) dated
23.09.2011. The policy aims to provide a framework for
inculcating and fostering a holistic research culture within the
organization and in Civil Engineering Departments of various
reputed universities & colleges.

Key objectives of the NBCC R&D policy are stated as under:-

•    To provide a framework for the development of research
culture within NBCC, to improve research performance
and to achieve high quality technological outputs.

•    To promote R&D activities as complimentary to
construction activities so as to improve the quality of
work and sustainability.

•    To contribute towards creation of wealth and well-being
of the company and the construction sector as a whole.

•    To be supportive of the organization's aspiration to be a
world class Construction Company.

To enhance “Sustainability & Durability” in the construction
sector as a whole, NBCC sponsors Research & Development
(R&D) projects in the following identified focus-areas:

1.    Design & Engineering: To develop design
approaches that focus on

•    standardization and simplification of the
design processes.

•    lowering overall consumption of
energy and resources

•    the use of sustainable, eco-friendly materials that
are locally available

•    ensuring that the constructed assets are easy to
operate, maintain and deconstruct.

•    increasing Service Life of under-construction or
existing buildings,

•    increasing productivity, comfort and
flexibility in usage

•    minimizing waste generation and promotes
environmental friendly waste management methods

2.    Sustainable Material & Conservation of Natural
Resources: In order to reduce carbon footprints and
dependency on depleting natural mineral resources,
NBCC encourages the development of new sustainable
construction materials that

•    are energy efficient and derived out of alternative/
recycled/environment-friendlymaterials\bio-degradable
products such as agro-wastes, bamboo fibers etc

•    reduce the consumption of natural resources such
as stone aggregate, natural sand, cement, water etc.

•    lower overall embedded energy in production of
materials used in construction

•    prevent corrosion in RCC members

•    exhibit better water-proofing properties under
different ambient conditions in RCC

3.    Construction Techniques & Technologies: To keep
pace with the technological upgradation worldwide
in construction landscape, NBCC encourages the
development and use of new construction techniques &
technologies that promote

•    speedy construction to reduce overall construction
time and cost of the project.

•    enhanced usage of precast products and lean
construction techniques

•    streamlined concrete production and
placement techniques

•    automation in construction and operation to
enhance productivity and safety

•    reduction in life cycle cost of the constructed
structures/utilities

•    collection, recycle and reuse construction materials.

4. Information & Communication Technology (ICT)
For    Better Project Implementation and Increased

Safety: The use of ICT in construction helps builds a
collaborative work environment for better information
exchanges and communications resulting in efficient
project implementation and monitoring.

R&D projects in this area may focus on

•    collaborative project planning and monitoring systems

•    material management during construction,
operation & maintenance phase

•    optimized Operation & Maintenance of
constructed assets

•    monitor health and safety of construction workers
and building occupants and take corrective actions
so as to reduce injuries/illness.

•    Easy knowledge transfer and management
by creating databases of materials, suppliers,
contractors, construction machinery, skilled
manpower, etc., facilitate training through
e-learning, and easy availability of applicable
codes and regulations to all stakeholders.

Apart from the above, NBCC is also investing in-house
research projects with a focus on identifying the root
cause of deterioration/damage in some of NBCC’s existing
assets, exploring multiple potential remedial solutions and
its effective implementation. These initiatives are aimed at
increasing the service life of existing built-up assets.

As per the MoU between NBCC & MoHUA for FY 2024-25, the target expenditure for expense on R&D activities was fixed
at 2% of PBT. Accordingly, the NBCC Board sanctioned a budget of H15 Crs. for expenditure on R&D activities against which
expenditure to the tune of H 14.94 Crs have been incurred on R&D activities on standalone basis as per details tabulated below:

Subsidiary Companies have also spent H 347.71 lakh towards R&D Activities. Accordingly, total R&D expenditure on
consolidated basis is H1842.30 lakh for FY 2024-25.

Conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Out-go

A) Conservation of Energy:

Materials used in construction are derived from different
raw materials (ores, wood, and oil or plant origin). They
have different energy requirement for its production,
transformation, & transportation. Also they have
varying degradability. As such, materials used in the
construction have different embedded energy are not
equal in terms of their impact on environment.

i) Steps undertaken for Conservation of Energy

NBCC encourages development of designs and
practices which conserve energy and resources, As
such, NBCC sponsors several Research Projects
aimed developing new sustainable construction
materials which have lower embedded energy and help
reduce overall carbon footprint. Some of the projects
sponsored under this theme are identified as under:-

a.    Design & development of thermally
efficient walling unit

b.    Extraction of nano-materials from agricultural
waste residue and its applications in the
construction industry

c.    Creating Innovative structural systems for
housing using straw and stubble

d.    An efficient sustainable concrete construction
with GGBS based GRAC with inclusion of
waste products

e.    Development of eco-friendly Heat Reflective
Bricks and manufacturing of eco-friendly
shuttering material from various Agro-wastes

f.    Research and Development Opportunities in
Net-Zero Carbon Built Environment

g.    Impact Assessment Of    Water Bodies,

Watershed Management    And Perennial

Plantation Interventions On Sustainable
Campus Development

h.    Development of a Sustainable and Climate-
Resilient Blueprint for Public Infrastructure

Apart from the above, NBCC also promotes

•    the use of locally available materials
in construction

•    minimize waste generation and

promotes environmental    friendly waste

management methods

•    develop new technologies to collect, reuse
and recycle construction materials.

•    the use of LED instead of CFL lighting or
incandescent bulbs

•    educating employees on energy-saving
practices and encouraging them to participate
in energy conservation efforts.

•    regular maintenance of equipment and
machinery to ensure operating efficiently.

• installation and use of energy-efficient
appliances and office equipment.

ii)    Steps taken by the company for utilizing
alternate sources of energy

Most of NBCC projects have solar panels on
rooftops as per extant government guidelines for
public infrastructure. Further, as stated above
several research projects are underway (as stated
above) to develop construction materials using
straw, stubble, nano-particles and other agro¬
wastes which may keep and maintain naturally
ambient conditions inside the constructed assets.

iii)    Capital investment on energy conservation
equipment's.

As NBCC is engaged in construction and
maintenance of Govt. buildings / infrastructure for
various departments, ministries, and subordinate
offices of Central and State Govt’s spread across
the country, it is difficult to quantify the capital
expenditure incurred on energy conservation
equipments/measures at numerous project sites.
However, all NBCC owned premises are installed
with solar rooftop panels, LED fixtures and high
energy rating equipments installed for optimal
energy conservation.

B) Technology Absorption:-

i) Efforts made toward technology absorption

R&D division frequently proposes demonstration
of new technology (products, equipment,
processes) that industry innovators bring to R&D
division. NBCC encourages the use of best in
industry design tools and softwares such as
CADD, CAE, 3D system, REVIT etc to develop
analytical models to assess effects of fire, wind,
rain and earthquakes and adopt techniques/
methodologies which enhance productivity, safety
etc. Also, computer based construction simulation
are done to assess risks and adopt risk reduction/
mitigation measures.

Apart from the above, NBCC sponsors several
research projects for technological advancement.
Some of them are identified as under:

a.    Derivation of Mix Design guidelines
and Design Parameters for Ultra-High-
Performance Fibre Reinforced Concrete
(UHPFRC) in Building Applications

b.    Enhancing Construction Safety, Sustainability,
and Project Performance using cutting
edge technology

c.    Reinforced Concrete (RC) Column and Steel
(S) Beam Technique for Faster and Relatively
Sustainable Construction.

d.    Enhancing Constructability by the
Use of Embedded Steel Trusses in
Reinforced Concrete Beams

e.    Pilot scale Tertiary Treatment
Technique for Degradation of Emerging
Contaminants by Ozonation - Biological
Activated Carbon system

f.    A novel bi-directional electromigration
rehabilitation (biem) technique for highly
corroded reinforced concrete structures due
to high admixed chloride.

ii)    The benefits derived like product improvement,
cost reduction, product development or import
substitution.

Benefits sought to be achieved are:

•    reduction in consumption of water, energy,
manpower expense, etc.,

•    improvement in efficiency of processes

•    improvement in efficiency of equipment such
as improved quality of water in STP

•    reduced consumption of cement or natural
sand, quicker construction, etc.

•    improvement in operational productivity
and safety

•    leaner construction

iii)    Increase of imported technology

In line with the directive issued by the Govt of
India for procurement of works and services,
NBCC encourages the use of only “Make In India”
products for all its projects across the country.
Same is incorporated in the form of a “Make List”
in all tenders floated

i)    Increase of imported technology- NA

ii)    Expenditure incurred on R&D activities
in the FY 2024-25 was J14.94 Crore on
Standalone basis & J18.42 Crore on
Consolidated basis.

C) Foreign Exchange Earnings and Out-go

(Standalone)

The details of foreign exchange earnings or out-go

during the period under review are as under

•    Foreign Exchange earned in terms of actual
inflows: H3,59,88,00,532/-

•    Foreign Exchange Out go in terms of actual
outflows: H3,17,71,28,467/-

Progressive Use of Hindi

The progressive use of Hindi in official work has been
accepted as a significant aspect by all level employees. The
company aims to promote Hindi as an official language while
ensuring smooth administrative functioning.

The Company has implemented the Official Language Policy
of Government of India in accordance with the Constitutional
provisions regarding Official Language Hindi; the provisions
of the Official Languages Act, 1963 and the Official Languages
(Use for Official Purposes of the Union) Rules, 1976 and the

orders issued from time to time by the Department of Official
Language, Ministry of Home Affairs.

In accordance with Official Language Policy, the Legal
Framework & foundation provided under the Official
Languages Act, 1963 and the Official Languages (Use
for Official Purposes of the Union) Rules, 1976 Company
spontaneously observed implemented up to the mark and in
line with the Annual Programme issued by the Department of
Official Language.

Employees are encouraged to do their official work in Hindi.
In the company, schemes like Hindi Noting-Drafting Incentive
Scheme, Hindi Dictation Incentive Schemes etc. of the
Department of Official Language, Ministry of Home Affairs
have been implemented in which employees participate.
Apart from this, in order to encourage the employees to do
official work in Hindi, an internal competition named Quarterly
Hindi Vyavhar Pratoyogita has also been implemented for
‘A’, ‘B’ and ‘C’ Region. During the year, several efforts have
been made in the company to increase the progressive use
of Hindi. During the year 2024-25, quarterly meetings of
Official Language Implementation Committee (OLIC) were
organized regularly to review the progressive use of Official
Language Hindi in the Company.

During the year, Hindi workshops were organized to promote
official use of Hindi typing, Unicode, Hindi noting and drafting
etc. in which participants from Corporate Office, RBG, SBG
and Zonal Offices participated.

Different awards have been achieved by NBCC in the half¬
yearly meeting of the Town Official Language Implementation
Committee (TOLIC) Delhi (Undertaking-2) held on 04th
September, 2024.

Hindi Fortnight was organized from 14 September 2024 with
the objective to increase the use of Hindi in official work in
the Corporate Office and to disseminate the possibilities
of working in Hindi. During this period, “Hindi Cross Word
Competition” was organized on 17th September, 2024 and
“Hindi Extempore Competition” was organized on 18th
September, 2024 in which the personnel participated with
great enthusiasm.

With the aim of increasing the use of official language Hindi
in the official work of the company during Hindi Fortnight itself
a special Hindi seminar was organized on 27th September,
2024 for the General Manager level and above level officers
posted in the Corporate Office of NBCC (India) Limited and
RBGs / SBGs / Zonal Offices located in Delhi / NCR.

During this period, the company registered its participation in
the fourth All India Official Language Conference organized
by the Department of Official Language, Ministry of Home
Affairs at Bharat Mandapam, New Delhi on 14th and 15th
September, 2024.

The Seventeenth and eighteenth issues of NBCC's Hindi
In-House magazine “Nirman Bharati” were also published
during the year.

Inspections were conducted by the Rajbhasha Division to
monitor the use of official language Hindi in day-to-day work
at Corporate Office and Regional Business Groups (RBGs) /
Strategic Business Groups (SBGs) / Zonal Offices.

Right to Information

Right to Information (RTI) Act, 2005 has empowered the
Indian citizen to access information from public authorities,
resulting in transparency and accountability to the working of

the authorities. Your Company has appropriate mechanism to provide information to citizens under the provisions of Right to
Information (RTI) Act, 2005.

The status of RTI received during the FY 2024-25 is as follows:

Significant and Material Orders

There was no significant and material order issued during the
Financial Year 2024-25.

Insolvency and Bankruptcy Code, 2016

During the FY2024-25, no application made or any proceeding
pending under the Insolvency and Bankruptcy Code 2016.

Reporting of frauds by Auditors

During the FY 2024-25, neither the statutory auditors nor the
secretarial auditor has reported to the audit committee, under
Section 143 (12) of the Companies Act, 2013, any instances
of fraud committed against your Company.

One time settlement and valuation

During the FY 2024-25, no event has taken place that give
rise to reporting of details w.r.t. difference between amount
of the valuation done at the time of one time settlement
and the valuation done while taking loan from the Banks or
Financial Institutions.

Particulars of Employees

The provisions of Section 134(3)(e) of the Act are not applicable
to a Government Company. Consequently, details on
Company’s policy on Directors’ appointment and other matters
as required under Section 178 (3) of the Act are not required.

Similarly, Section 197 of the Act is also exempt for a Government Company. Consequently, there is no requirement of disclosure
of the ratio of the remuneration of each Director to the median employees remuneration and other such details, including the
statement showing the names and other particulars of every employee of the Company, who if employed throughout / part
of the Financial Year, was in receipt of remuneration in excess of the limits set out in the rules are not provided in terms
of Section 197 (12) of the Act read with Rule 5 (1)/(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.

General:

Directors hereby state that no disclosure or reporting is required in respect of the following items as there were no transactions
on these items during the year under review:

1.    There was no issue of shares under ESOs to the employees.

2.    Neither the Chairman & Managing Director nor the Whole Time Directors, received any remuneration or commission from
the companies where they had been nominated or given additional charge.

3.    The Company is compliant of the Secretarial Standards issued by the ICSI from time to time.

4.    All directions issued by the Government of India during FY2024-25 have been duly complied with by the Company.

5.    The Company has prepared the policies and keep it amending as required under the Companies Act 2013 and SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015. The link of the major policies on the website is
given hereunder.

Acknowledgement

We acknowledge and appreciate the co-operation received and support received from the Government of India, State
Governments, different Ministries particularly Administrative Ministry i.e. Ministry of Housing and Urban Affairs, MoF, DPE,
C&AG, SEBI and MCA.

Your Directors thank all business partners, contractors, vendors and consultants in the implementation of various projects
of the Company.

Board also thanks for the untiring efforts and contributions made by the employees and their families at all levels to ensure that
the Company continues to grow and excel.

We also thank all Shareholders, Statutory Auditors, Secretarial Auditor and Cost Auditors for their faith, trust and confidence
reposed on the Board of Directors of NBCC.

On Behalf of the Board of Directors

Sd/-

K.P. Mahadevaswamy

Date: August 7, 2025    Chairman & Managing Director

Place : New Delhi    (DIN: 10041435)