Story:National Buildings Construction Corporation (NBCC) provides consultancy services to projects related to real estate and civil infrastructure including buildings, hospital, roads and storm water drains. In the real estate sector, the company focuses on residential and commercial projects. Projects related to townships, office buildings and shopping malls form an integral part of the company's business.Being in consultancy services, NBCC has an asset-light business model. Besides, the company has a strong order book of Rs 10,000 crore. This is over three times its FY11 revenues and shows the sustainability of revenues in the coming quarters. Also, the company's broad clientele, especially the ministries, ensure handsome and consistent orders.The company executes various construction and power orders of government entities. The company receives funds at the start of a project and hence its working capital requirements are addressed, ensuring smooth execution of projects. As of December 2011, it had a cash balance of Rs 1,170 crore, which was 1.8 times its net worth. These factors would drive the growth of the company in the coming years.In the last five years, the company's net sales have grown at a compounded annual growth rate (CAGR) of 26%, while its net profit has grown at a CAGR of 50%. The company has been able to maintain an operating profit margin of 6-8% over the period indicating consistent growth in business.NBCC is a debt-free company. It does not have a listed peer and hence a direct comparison is not possible. Currently, the company is trading at a price-to-earnings (P/E) multiple of seven times and it has a price to book multiple of 1.77. The company is trading at around Rs 85, which is a 15% discount to its listing price of Rs100. Investors are advised to buy the stock at its current market price for a horizon of 3-5 years.