NBCC (India) Ltd.

“NBCC is a government PMC utility earning 3.5% net margins with no pricing power, structurally poor cash conversion, PSU governance misalignment, and a policy-dependent moat that cannot widen organically — at 38.5x trailing earnings and 9.4x book, the stock prices in a compounding franchise this business is structurally incapable of becoming, making realistic 10-year returns of 6-7% CAGR insufficient compensation for the governance and capex-dependency risks embedded in the position.”