In the past six months, the stock of construction company NBCCBSE 9.60 % has risen 21 per cent to Rs 220 following a slew of orders, efficient execution and an asset light model. Given the order visibility, the company is expected to maintain the growth momentum. In the past few months, the company's order book has soared with new wins.  

The company signed an agreement with Rail Land Development Authority for the redevelopment of 10 railway stations on a project management consultancy (PMC) basis. It signed a memorandum of understanding (MoU) with the Maharashtra government for development of smart cities.  

It is also appointed land management agency for sick Central Public Sector Enterprises (CPSEs). In addition, the company is implementing redevelopment projects, General Purpose Residential Accommodation (GPRA) at Sarojini Nagar, Nauroji Nagar and Netaji Nauroji Nagar and Netaji Nagar in Delhi. 

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It has cash of Rs 1,600 crore on its books. At a time when a large number of construction companies are struggling with huge debt and working capital management issues, the asset-light business model and massive order book of NBCC make the company one of the most convincing investment ideas in construction segment.  

According to Bloomberg's consensus estimates, the company's enterprise value (EV) is 25.7 times FY19 expected operating profit before depreciation and amortisation (EBITDA) compared with the three-year average EV EBIDTA of 33.3. Analysts expect its earnings per share to touch Rs 6.3 in FY19 from Rs 3.9 in FY17 -reflecting an annual increase of 26 per cent.