NCL Buildtek Essentials

Discover and get a complete analysis on NCL Buildtek Limited - Management, Business Model, Financials, Growth, Valuations, Funding Rounds, News and get latest updates on NCL Buildtek Upcoming IPO.



Face Value


Total Share


Total Income

₹408.26 Cr

Profit After Tax

₹11.66 Cr







Market Capitalisation

₹214.04 Cr

Enterprise Value

₹356.37 Cr

Book Value


Intrinsic Value


Dividend Yield

2.91 %

Earnings Yield

5.45 %




Buildings Products


Micro Cap

Cashflow - Operations

₹8.72 Cr

Cashflow - Financing

-₹4.87 Cr

NCL Buildtek Growth

Compounded Sales Growth

  • 53.83%

    1 Year

  • 12.07%

    4 Year

  • 13.05%

    6 Year

Pro Only

Compounded Profit Growth

  • 98.47%

    1 Year

  • -28.35%

    3 Year

  • -3.91%

    6 Year

Pro Only

Return On Equity

  • 7.88%


  • 26.17%


  • 14.86%


Pro Only

About NCL Buildtek

  • NCL Buildtek Ltd. ("NCL Buildtek"), formerly known as NCL Alltek & Seccolor Ltd. is a part of the NCL Group. The company is primarily involved in manufacturing and selling spray plasters, paints, skim coat, steel profiles, doors, windows (steel, ABS & uPVC) and fly ash bricks. The group is organized into four divisions namely:
  • a. Coatings (Wall Putties, Paints and Textures): The group has started manufacturing operations of Spray Plasters in 1992 with technology from M/s.ICP Sweden. The group was the first to start manufacturing Acrylic based Putties (Spray Plasters) in India and today it is the largest manufacturer of Spray Plasters in India. It also manufactures Emulsion Paints including Textured Paints, White Cement based Putty and other Cement based products like tile adhesives, mortars and plasters.
  • b. Windoors: The group has started manufacturing pre-painted steel doors, windows, partitions, glazing etc., in 1988 with technology from M/s.Industrie Secco S.P.A. of Italy and marketing the products under the brand name of Seccolor. The Group is also into the fabricating uPVC doors, windows & ABS doors etc.
  • c. Walls: The fly ash bricks manufacturing has started from 2016 in Kavuluru, Krishna District, Andhra Pradesh. Second project at Nellore, Andhra Pradesh, with an installed capacity of 5.00 lakhs Cu Mtrs has commenced commercial operations from March 21, 2020.
  • d. Services: Providing services to buildings and building materials manufacturing units.
  • The company operates through 11 manufacturing units located at different states.
  • The company is the sole licensee in India for ICP plasters and successfully completed many prestigious projects.
  • It is the first company in India to manufacture putty (textured paints). It manufactures different grades and different finishes for interior and exterior applications like plain, granular, textured and other designer finishes to suit various tastes of architects, builders and interior designers.
  • Over period of time, the company’s product portfolio expanded to AAC blocks, dry-mix mortars, and tile adhesives and flooring segments.
  • The company is planning to set up a steel door unit in Sangareddy district, with an investment of over Rs. 10 crores along with an  AAC block manufacturing unit in Nellore with the investment of Rs. 80 crores.
  • The company was founded by Mr. K. Ramachandra Raju in the year 1986, which has 3 decades of experience in providing alternative and innovative building materials.

  • NCL Buildtek IPO Details

The plans of the company for IPO has been kept on hold for the time being. In view of the sub-optimal performance due to covid, the company feels it is not the correct time to approach the market with a share issue.

  • NCL Buildtek Subsidiaries


  • NCL ASL Services Pvt. Ltd.


  • NCL Veka Ltd (Formerly NCL Wintech India Ltd)

Joint Venture

  • NCL Buildtek & Industries (Partnership Firm)

NCL Buildtek Business Model


  • NCL Buildtek Revenue Segmentation

  • Coatings
  • Walls
  • Windoors
  • NCL Buildtek Product & Services

NCL Buildtek has four successful business verticals under its realm: 

  • NCL Coatings - manufactures putties, textures, wide range of emulsion paints 
  • NCL Windows - manufactures:

color coated GI windows

ABS doors in collaboration with KOS, South Korea

- uPVC doors and windows in collaboration with Veka AG, Germany

- high-end aluminum windows in partnership with SCHUCO

  • NCL Wall Solutions - manufactures AAC blocks, dry-mix cement mortars and wide range of tile adhesives 
  • NCL Services
  • NCL Buildtek Assets

Assets as on 31 March, 2022

Total Assets:

 ParticularsAmount (in Rs. Cr.)
Freehold Land


Leasehold Land0.27
Plant and Equipment90.30
Furniture and Fixtures1.14
Office Equipment1.25
Computers 0.29
Computer Software


  • NCL Buildtek Industry Overview

Industry Statistics

UPVC Doors and Windows
  • Over the past 15 years, India has witnessed an exceptional growth in the real estate sector. With more urbanisation, construction of smart cities, changing lifestyle have given a push to new building technologies and materials. uPVC (unplasticised polyvinyl chloride) is one of such building material that has gained attention. The current Indian window and door (all material) market is around INR 14,000-15,000 crore and the market share of uPVC window and door profiles is about 8-10 %. 
  • UPVC, is low maintenance and cost effective material used in building and construction, especially in pipework and window frames. 
  • The UPVC doors and windows sector in India has grown at 7% from 2020 to 2021. As per report by Ken Research, over the next 10-15 years uPVC window and door market is expected to grow by 30% with new and replacement sales, major drivers of this growth would be large high-rise apartments in expanding metro cities.
  • UPVC doors and windows provide efficient thermal insulation and help in energy conservation and is primarily used in industrial and construction sector, commercial sectors, residential sectors and others.
  • Competitive Landscape: Key players of alternative building materials include Bauder Ltd., ByFusion Global Inc., CarbonCure Technologies Inc., JD Composites, Kirei, Neular, Plasticiet, Rammed Earth Enterprises, Rammed Earth Works and Takataka Plastics.

Wall Puttys

  • The paints and coatings refer to substances that are used as covering of surface material of a good to prevent it from rusting, thereby increasing the life of the goods. They can also provide a better appearance to the goods while preserving its life.
  • According to Mordor Intelligence Analysis, paints and coatings industry in India was valued at $6.60 bn in 2020 and is expected to reach $10.16 bn by 2026, registering a CAGR growth of 7.9%. White Putty demand in India witness a CAGR of more than 9% during 2015-2019 and is anticipated to grow at around 11% during the forecast period.
  • Competitive Landscape: Key players of operating in the white putty market include UltraTech Cement Ltd., J.K. Cement Limited, Asian Paints Limited, AkzoNobel India Ltd., Kansai Nerolac Paints Limited, Berger Paints India Limited, Sika India Pvt. Ltd., Walplast Products Pvt. Ltd., Sakarni Plastic (India) Private Limited, Surya Wall Care Chem Pvt. Ltd., among others

AAC Blocks

  • AAC blocks are a precast, foam concrete, sustainable construction material made from aggregates of quartz sand, calcined gypsum, lime, portland cement, water and aluminum powder.
  • AAC blocks market in India is in its growth stage, the market has been stupendously in the last few years owing to increased awareness amongst the builders and architects about the several beneficial attributes of AAC blocks over clay and fly ash bricks.
  • According to Researchdive, the AAC blocks market in India is predicted to garner Rs. 11095.0 crores in 2027 growing from Rs. 5323.8 crores in 2019, registering a CAGR growth of 14.3%.
  • AAC blocks are primarily used in commercial, industrial and residential applications.
  • Competitive Landscape: Key players of AAC blocks manufacturing include Aerocon blocks, Siporex blocks, Biltech AAC blockm.

Future Prospects

  • Increasing central and state government finances for infrastructure development projects, public funding, and a decline in construction material prices will boost the product market growth.
  • Private and public partnership projects is expected to support infrastructure development in rural areas which is expected to induce immense potential to the industry size till 2024.
  • Future growth prospects remain bright considering the foray of company into affordable housing projects and its new Nellore plant shall help the company expand its production capacity, adding to the top line by roughly 120 crores once the plant becomes fully operational.
  • The Indian UPVC doors and windows market is estimated to grow at a CAGR of more than 7% from 2021-2026.
  • India paints and coatings market is expected to cross US$7 bn by 2023, growing at a CAGR of more than 12.87% during 2018-23. The demand of these products globally is expected to increase owing to growth of applications from end-use industries, architecture segment, regional demand, changing consumer preference for bio based products and technological advancements. 
  • Planned development of nearly 100 smart cities across India has been projected to provide significant thrust to the UPVC segment in the coming years.

Government Initiatives

  • The announcement of 100 smart cities from the central government will lead to growth in UPVC doors and windows sector.
  • Increase in FDI in the UPVC doors and windows sector.

NCL Buildtek Strengths

  • The company offers environmentally sustainable products and services with emphasis on customer satisfaction and happiness, inculcating endearing values among employees and benefiting all stakeholders. The same is evident with the acceptance of company's products by many state governments as preferred manufacturer and supplier and have been incorporated in the state SOR's for past 18 years.

NCL Buildtek Shortcomings

  • Gross Profit Margin of the company has decreased by a good margin from 6 year average of 45% to 39% due to historical prices of raw materials. Even the company's total expense charges have seen a significant increase of 38%, which impacted company's operating margins very badly. Power & Fuel, Freight Outward and Sales promotion charges are the major contributors. 

NCL Buildtek Opportunities

  • The materials sector in India is a key constituent of the country's construction industry and It is the same category of stocks where NCL is involved in the discovery, development, and processing of raw materials. 
  • During the year, the company has partnered with Tata Pravesh to provide roll-formed steel windows which will be marketed under the Tata Pravesh brand name. This provides a note-worthy business opportunity for the company. Capacity is gradually being increased and the company is currently providing about 1000 windows per month. The partnership with the firm open new avenues for the company, 
  • According to PR Newswire, the building construction industry in India is expected to record a CAGR of 15% year-on-year (y-o-y) to reach INR 29,782.2 billion by 2024. The commercial building construction market in value terms is expected to record a CAGR of 16.1% over the forecast period. The expansion of construction sector provides ample opportunities to the company. 

NCL Buildtek Threats

  • A significant increase in raw materials prices such as steel, upvc and binders etc., has impacted the margins negatively. In the future, due to the sensitivity of the business towards raw material prices, it will always prosses a threat to the profitability of the company. 
  • Company is facing some serious liquidity issues, total debt of the company is in an increasing trend, short term debt of the company have increased by 67% in FY22 y-o-y basis and Company's cash balance is almost negligible. Moreover, Company is selling it's fixed assets and not making any fresh investments in Property, Plant & Equipment from last 3 years.
  • Promoter holding of the company has decreased by 4% in FY22 as compared to FY21.
NCL Buildtek Rating



  • NCL Buildtek Detail Info

Industry Statistics


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Reg Office: 10-3-162, 5th Floor, NCL Pearl Sarojini Devi Road, East Maredpally, Secunderabad - 500026

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