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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
CARE BB-
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 21 Mar 2022
This rating is over a year old.
View Full ReportValuation
Financials (FY2019)
Source: CRISILInvestment Thesis
NNT Developers Limited is a Patna-based real estate developer with historical roots in Bihar's land development sector. While Bihar's improving infrastructure and urbanisation provide favourable macro conditions, the company's very low share price, limited public disclosures, and unlisted status present significant investment uncertainties. Investors interested in Bihar's real estate growth story should conduct thorough due diligence through MCA filings and RERA Bihar project registrations before investing.
Pros
Cons
Business Segments
Civil Construction (EPC)
Civil construction and EPC: buildings, water drainage, railway lines, electrical/mechanical/electronic works, tunnels; government and infrastructure projects in Bihar.
Revenue Model
NNT Developers Limited generates revenue from three primary streams: proceeds from the sale of developed residential and commercial real estate; rental and leasing income from properties held for investment; and gains from land acquisition and sale transactions. Revenue is lumpy and project-cycle dependent, typical of real estate developers.
Detailed Analysis
Growth Plans
Patna Metro project and smart city infrastructure boosting urban real estate demand
Bihar's improving per capita income and urbanisation driving housing demand
Central government PM Awas Yojana scheme supporting affordable housing
Expressway and highway development improving connectivity and land values in Bihar
Recent Developments
Patna's residential and commercial real estate market continued to see growing demand driven by infrastructure development, improving connectivity, and rising aspirational middle-class homebuying sentiment in Bihar.
2024-03The Bihar government and central government committed significant infrastructure investment including expressways, the Patna Metro, and smart city projects, expected to boost real estate values in the region.
2023-09Comparable Companies
KOLTEPATIL · ~3,000 Cr
Frequently Asked Questions
About NNT Developers
NNT Developers Limited is a Patna, Bihar-based public limited company incorporated on 28 September 2017. The company operates in the building installation and construction sector, specializing in industrial process piping, installation of illumination and signaling systems for roads, railways, airports, and harbors, as well as installation of specialized plants including electric power, transformer, telecommunication, and radar infrastructure. The company has demonstrated exceptional financial growth since its founding, generating revenue of Rs 208 crore for FY2025, reflecting a 1-year revenue CAGR of 44% and an EBITDA CAGR of 73%. This strong financial performance underscores NNT Developers' successful execution in Bihar's growing infrastructure and construction market. Registered at Sri Ram Tower, Kankarbagh Main Road, Patna, NNT Developers is strategically located in Bihar's capital city, giving it access to the state's rapidly expanding infrastructure projects. Bihar has been one of India's fastest-growing states in terms of infrastructure investment, including roads, bridges, power infrastructure, and urban development, providing a favorable operating environment for companies in this space. With a team of 29 employees as of March 2025, NNT Developers operates with a lean organizational structure that emphasizes project execution efficiency. Despite its relatively small headcount, the company has achieved scale through project-based hiring and contractor networks, which is typical of construction and installation companies. The company's NIC classification covers a wide range of installation activities that are critical to both public and private infrastructure development. Its expertise in electrical and signaling systems for transportation infrastructure is particularly valuable as India invests heavily in modernizing its rail networks, highways, and airports. NNT Developers Limited represents a promising mid-sized construction and installation company capitalizing on Bihar's infrastructure boom, with strong revenue growth trajectory and improving margins demonstrating effective business execution.
Key Milestones
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We source & quote
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Potential RERA-driven market formalisation improving buyer confidence
Industry Tailwinds
Patna Metro project and smart city infrastructure boosting urban real estate demand
Bihar's improving per capita income and urbanisation driving housing demand
Central government PM Awas Yojana scheme supporting affordable housing
Expressway and highway development improving connectivity and land values in Bihar
Potential RERA-driven market formalisation improving buyer confidence
Industry Headwinds
Slow regulatory approvals and land title complexities delaying projects
Market slowdown reducing residential demand in Tier 2 and 3 cities
Limited capital access restricting project scale and execution
Very small core team of 29 employees relative to Rs 208 crore revenue suggests high project risk concentration
Source: Company Financial Filings
Limited public financial disclosure as an unlisted company
Source: Media Reports / Public Records
High dependence on government contracts creates payment timing and policy change risks
Source: AlphaHub Research
Real estate development in Bihar is subject to RERA Bihar regulations. Compliance requirements, project approvals, and title clearances can cause delays and cost overruns.
Bihar's real estate market is less liquid and developed compared to major metros, limiting project scale and exit options.
Land acquisition in Bihar and eastern India can involve complex title and encumbrance issues requiring careful legal due diligence.
As an unlisted company with limited access to capital markets, large project financing depends on bank credit and promoter funds.
Unlisted status and a low share price of ₹1.1 indicate very limited secondary market liquidity for investors.
SUNTECK · ~5,000 Cr
ASHIANA · ~4,500 Cr
Incorporated September 28, 2017 in Patna, Bihar (CIN: U45309BR2017PTC035873) — 8 years old
Civil construction company; revenue ₹100-500 Cr range (FY24); EBITDA +33.41%; authorized ₹60 Cr, paid-up ₹39.99 Cr
Registered at 6th Floor, Sri Ram Tower, Kankarbagh Mainroad, Patna, Bihar 800020

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