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NCC

NCC NSE

Key Fundamentals

MicrocapCivil ConstructionConstruction
Market Cap
₹8,782 Cr
Volatility
Moderate
P/E Ratio
12.65
EBITDA
₹1,958 Cr
Return on Equity
9.02%
Debt to Equity
0.44
Book Value
₹125.33
EPS
₹12.23
52W High
₹222.31
52W Low
₹130

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Stock is trading at 1.12 times its book value
  • Company has been maintaining a healthy dividend payout of 18.9%

Weaknesses

3
  • Promoter holding is low: 23.1%
  • Company has a low return on equity of 10.5% over last 3 years.
  • Company's cost of borrowing seems high

Growth Rate

Revenue Growth
-6.31% lower than 3Y
Net Income Growth
-16.62% lower than 3Y
Cash Flow Change
-162% lower than 3Y
ROE
-22.04% lower than 3Y
ROCE
-25.95% higher than 3Y
EBITDA Margin (Avg.)
0.75% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk high

NCC Ltd is an infrastructure construction company with a market cap of Rs 9,319 Cr, trading at a PE of 13x and 1.19x book value. The company has delivered 5-year compounded sales growth of 21% and profit growth of 22%, but recent TTM performance shows a sales decline of 6% and profit decline of 12%, with the stock down 33% over the past year.

Bull Case 7
  • Attractive valuation at PE of 13x, which is below the broader market multiple and many infrastructure sector peers
  • Trading at just 1.19x book value, offering a margin of safety relative to asset base
  • Strong 5-year compounded sales CAGR of 21%, demonstrating ability to scale revenue over medium term
  • Robust 5-year compounded profit CAGR of 22%, indicating operating leverage during growth phases
  • Consistent dividend payout of 18.9% with a current dividend yield of 1.47%, providing some income cushion
  • 10-year compounded profit CAGR of 18% shows long-term earnings compounding ability through multiple cycles
  • Stock correction of 33% in the past year may have priced in near-term headwinds, with 3-year and 5-year stock CAGR still positive at 5% and 11% respectively
Bear Case 8
  • TTM revenue has declined 6% and TTM profit has fallen 12%, signaling a clear slowdown in execution or order inflows
  • Promoter holding is low at just 22.8%, which raises governance concerns and limits promoter skin-in-the-game
  • Return on equity is modest at 10.6% over 3 years and only 9% in the last year, below cost of equity for most investors
  • Company's cost of borrowing is reportedly high, which compresses margins in a capital-intensive construction business
  • Stock has declined 33% over the past 1 year, reflecting weakening market confidence in near-term prospects
  • 10-year ROE average of only 9% suggests the business structurally struggles to generate high returns on capital deployed
  • 3-year compounded profit CAGR has moderated to just 6%, down sharply from the 5-year figure of 22%, indicating decelerating earnings momentum
  • 3-year stock CAGR of only 5% despite a broader infrastructure sector rally suggests relative underperformance versus peers

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Positives 1
  • ₹535 Cr transport orders won Jul 1

    NCC secured two orders totaling ₹534.85 crore in June 2026 for its Transportation Division, indicating continued order inflow momentum.

Neutral 1
  • Promoter entity pledges shares Jun 16

    Sirisha Projects pledged 55 lakh NCC shares to Bajaj Finance for a loan, a standard promoter financing activity but worth monitoring for pledge levels.

TL;DR: NCC continues to win incremental orders with ₹535 Cr in transportation contracts in June 2026, reflecting steady business development. The promoter share pledge is routine but bears watching if pledge percentages rise. Overall, the news flow is light and largely neutral with no material headwinds surfacing. The order pipeline remains active, which is a modest positive for revenue visibility.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
4,380
4,720
5,260
6,485
5,528
5,196
5,345
6,131
5,179
4,543
4,868
6,233
5,812
Expenses
3,971
4,416
4,755
5,934
5,050
4,753
4,904
5,576
4,723
4,150
4,432
5,682
5,267
Operating Profit
409
304
505
551
478
443
441
555
456
393
436
550
545
OPM %
9%
6%
10%
8%
9%
9%
8%
9%
9%
9%
9%
9%
9%
Other Income
28
28
29
13
31
29
48
58
31
44
0
21
34
Interest
132
153
156
153
155
167
166
193
164
172
196
213
198
Depreciation
53
53
53
52
54
55
54
54
55
57
59
65
69
PBT
252
125
325
358
300
250
270
367
268
209
182
294
312
Tax %
27%
31%
29%
33%
26%
30%
24%
28%
24%
20%
26%
26%
27%
Net Profit
184
86
231
239
223
175
206
265
205
167
135
217
229
EPS in Rs
2.76
1.23
3.51
3.81
3.34
2.6
3.08
4.04
3.06
2.46
1.95
3.28
3.45
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
9,513
9,527
9,001
8,391
12,896
8,901
7,949
11,138
15,553
20,845
22,199
20,823
21,456
Expenses
8,513
8,540
8,326
7,518
11,303
7,824
7,030
10,110
14,094
19,076
20,281
18,987
19,531
Operating Profit
1,000
987
675
873
1,592
1,077
919
1,028
1,459
1,769
1,918
1,836
1,925
OPM %
11%
10%
8%
10%
12%
12%
12%
9%
9%
8%
9%
9%
9%
Other Income
127
71
87
-23
17
63
105
272
144
99
165
96
99
Interest
737
643
513
460
522
554
480
478
515
595
680
745
780
Depreciation
277
248
203
172
193
199
181
187
203
212
216
235
249
PBT
113
167
46
219
894
387
363
635
885
1,061
1,187
952
995
Tax %
45%
51%
82%
37%
37%
19%
22%
22%
27%
30%
27%
24%
—
Net Profit
48
82
8
139
568
314
283
494
646
740
868
724
748
EPS in Rs
0.97
2.17
0.57
2.81
9.63
5.52
4.4
7.91
9.7
11.32
13.06
10.76
11.14
Div. Payout %
41%
28%
70%
36%
16%
4%
18%
25%
23%
19%
17%
20%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
111
111
111
120
120
122
122
122
126
126
126
126
Reserves
3,291
3,281
3,336
3,962
4,475
4,784
5,049
5,481
6,041
6,514
7,198
7,743
Borrowings
3,390
3,208
2,572
2,061
2,691
2,181
2,062
1,302
974
980
1,594
3,457
Other Liabilities
5,753
5,721
5,090
6,265
7,374
6,724
6,307
7,553
9,409
10,475
12,083
14,639
Total Liabilities
12,545
12,321
11,109
12,408
14,660
13,812
13,540
14,458
16,550
18,095
21,000
25,965
Fixed Assets
2,446
1,674
1,099
1,158
1,551
1,413
1,417
1,443
1,503
1,565
1,650
2,056
CWIP
11
8
1
23
13
15
22
7
22
41
37
351
Investments
1,133
1,128
729
619
475
448
440
346
352
155
148
153
Other Assets
8,955
9,510
9,281
10,608
12,621
11,935
11,661
12,662
14,673
16,334
19,165
23,405
Total Assets
12,545
12,321
11,109
12,408
14,660
13,812
13,540
14,458
16,550
18,095
21,000
25,965
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
867
395
314
586
673
931
842
1,416
1,100
1,359
742
-459
Investing
-95
193
376
-188
-619
11
-207
-66
-192
-319
-59
-766
Financing
-643
-551
-818
-453
89
-1,047
-558
-1,275
-893
-771
-247
878
Net Cash Flow
129
37
-129
-56
143
-105
77
75
16
270
436
-346
Free Cash Flow
756
120
162
314
234
879
702
1,248
877
1,109
477
-1,401
CFO/OP
91
50
53
82
57
100
94
156
96
98
45
-7
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
64
141
167
216
97
112
126
83
75
55
55
66
Inventory Days
218
265
290
338
103
166
180
117
102
87
85
129
Days Payable
175
301
335
428
328
491
565
447
393
325
384
478
Cash Conversion Cycle
107
105
122
126
-127
-213
-258
-246
-217
-184
-244
-283
Working Capital Days
29
41
68
91
121
90
107
81
62
45
48
81
ROCE %
12%
12%
8%
12%
21%
13%
11%
12%
19%
22%
22%
17%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Promot.23.08%Public40.64%Others7.10%FIIs11.29%DIIs17.89%As ofJun 2026
3.80% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about NCC

What does NCC Ltd do?
Incorporated in 1978, NCC Limited undertakes turnkey EPC contracts and BOT projects on Public-Private Partnership basis[1]
Where is NCC Ltd (NCC) listed?
NCC Ltd trades as NCC on the NSE and under code 500294 on the BSE.
Which sector does NCC Ltd belong to?
NCC Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the market capitalisation of NCC Ltd?
NCC Ltd has a market capitalisation of ₹8,782 Cr, which places it in the Mid Cap band.
What is the PE ratio of NCC Ltd?
NCC Ltd trades at a PE ratio of 12.65, on earnings per share of ₹12.23, against a book value of ₹125.33 per share.
What is the 52-week high and low of NCC Ltd?
Over the last 52 weeks NCC Ltd has traded between ₹130 and ₹222.31.
Does NCC Ltd pay dividends?
NCC Ltd has a dividend yield of 1.54%.
What is the Return on Equity (ROE) of NCC Ltd?
NCC Ltd reported a return on equity of 9.02%. Its debt-to-equity ratio is 0.44.

Company Information

Incorporated in 1978, NCC Limited undertakes turnkey EPC contracts and BOT projects on Public-Private Partnership basis[1]

Website ncclimited.com
CEO Mr. Alluri Ananta Venkata Ranga Raju
Employees 7,366
Listed 2003-10-14
Face Value ₹ 2
Issued Size 62,78,46,588

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