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Overview

Detailed Summary

NCC Limited is a prominent construction and infrastructure company in India, engaging in diverse verticals such as buildings, transportation, water and environment, electrical, mining, and railways.
The company reported a consolidated order book of INR 79,571 crore as of December 2025, ensuring strong revenue visibility and the capacity for future growth.
Despite a contraction in revenue, NCC maintained profitability with an EBITDA margin of around 9% in Q3 FY26, displaying operational discipline amidst challenging conditions.
NCC is actively addressing payment flows, particularly in its significant JJM water projects, which previously faced delays but are now seeing gradual improvements.
Management has shifted focus to efficiency in working capital conversion and maintaining execution quality to navigate near-term financial fluctuations.

Sector: Infrastructure Developers & Operators
Industry: Construction - Civil / Turnkey - Large
Market Cap: 9,380 Cr
Volatility: High Risk
P/E Ratio: 12.5
Industry P/E: 20.3
PEG Ratio: 0.8
P/B Ratio: 1.3
52W High: 242.00
52W Low: 136.00

Sales CAGR

1Y: 6.50%
3Y: 24.59%
5Y: 18.50%
10Y: 9.73%

Profit CAGR

1Y: 17.27%
3Y: 15.80%
5Y: 14.78%
10Y: 13.67%

ROE

TTM: 10.54%
3Y: 10.29%
5Y: 8.99%
10Y: 7.63%

ROCE

TTM: 17.27%
3Y: 22.88%
5Y: 20.63%
10Y: 19.05%

Technicals

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Forecasts

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
IRCON	136.40	12,829 Cr	20.89	1.99	1.94	9.30	8.06	3.03
AFCONS	282.60	10,451 Cr	23.09	1.94	0.88	9.33	11.63	2.51
CEMPRO	573.00	9,758 Cr	20.97	4.77	0.35	21.77	26.49	7.04
NCC	150.00	9,380 Cr	13.03	1.25	1.47	10.54	17.27	3.29
GRINFRA	923.40	8,948 Cr	8.13	1.00	1.35	12.34	13.16	6.71
DBL	422.00	6,845 Cr	4.41	1.19	0.21	6.37	13.21	7.54
WELENT	468.95	6,516 Cr	21.67	2.43	0.63	12.95	15.33	5.25

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	4,720	5,260	6,485	5,528	5,196	5,345	6,131	5,179	4,543	4,868
Expenses	4,416	4,755	5,934	5,050	4,753	4,904	5,575	4,723	4,150	4,432
Operating Profit	304	505	551	478	443	441	556	456	393	436
OPM %	6.44	9.61	8.49	8.65	8.52	8.25	9.07	8.81	8.66	8.96
Other Income	28	29	13	31	29	48	57	31	44	0.30
Interest	153	156	153	155	167	166	193	164	172	196
Depreciation	53	53	52	54	55	54	54	55	57	59
Profit Before Tax	125	325	358	300	250	270	367	268	209	182
Tax %	30.95	28.97	33.33	25.76	30.18	23.76	27.81	23.74	19.79	25.54
Net Profit	86	231	239	223	175	206	265	205	167	135
EPS in Rs	1.23	3.51	3.81	3.34	2.60	3.08	4.04	3.06	2.46	1.95

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	9,001	8,391	12,896	8,901	7,949	11,138	15,553	20,845	22,199	21,850
Expenses	8,331	7,511	11,296	7,814	7,030	10,114	14,094	19,076	20,281	19,954
Operating Profit	670	879	1,599	1,087	919	1,024	1,459	1,769	1,918	1,896
OPM %	7.44	10.48	12.40	12.21	11.56	9.19	9.38	8.49	8.64	8.68
Other Income	93	-29	9.65	53	105	276	144	99	165	165
Interest	513	460	522	554	480	478	515	595	680	689
Depreciation	203	172	193	199	181	187	203	212	216	217
Profit Before Tax	46	219	894	387	363	635	885	1,061	1,187	1,156
Tax %	81.86	36.62	36.54	18.82	21.92	22.16	26.97	30.21	26.87	26.43
Net Profit	8.40	139	568	314	283	494	646	740	868	850
EPS in Rs	—	2.70	9.21	5.37	4.26	7.63	9.76	11.31	13.06	11.51
Dividend Payout %	70.18	33.44	15.58	3.58	18.22	25.45	22.52	19.43	16.85	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	111	111	120	120	122	122	122	126	126	126
Reserves	3,281	3,336	3,962	4,475	4,784	5,049	5,481	6,041	6,514	7,198
Borrowings	3,065	2,481	1,840	2,362	1,873	2,062	1,302	974	980	1,594
Other Liabilities	5,865	5,180	6,486	7,703	7,033	6,307	7,553	9,409	10,478	12,089
Total Liabilities	12,322	11,109	12,408	14,660	13,812	13,540	14,458	16,550	18,097	21,006
Fixed Assets	1,674	986	1,030	1,293	1,144	1,131	1,139	1,239	1,271	1,370
CWIP	8.12	1.46	23	13	15	22	7.35	22	41	37
Investments	1,128	841	748	733	717	726	649	616	449	428
Other Assets	9,512	9,281	10,608	12,621	11,935	11,661	12,662	14,673	16,336	19,171
Total Assets	12,322	11,109	12,408	14,660	13,812	13,540	14,458	16,550	18,097	21,006

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	395	314	586	673	931	842	1,416	1,100	1,359	742
Cash from Investing Activity	193	376	-188	-619	11	-207	-66	-192	-319	-59
Cash from Financing Activity	-551	-818	-453	89	-1,047	-558	-1,275	-893	-771	-247
Net Cash Flow	37	-129	-56	143	-105	77	75	16	270	436

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	22.00%	22.00%	22.00%	22.00%	22.00%	22.00%	22.00%	22.02%	22.11%	22.11%	22.11%	22.25%
FIIs	19.96%	22.46%	24.17%	23.89%	27.33%	23.65%	20.87%	18.13%	13.79%	12.71%	12.87%	11.49%
DIIs	12.87%	12.29%	11.03%	10.52%	10.64%	11.40%	12.34%	14.17%	15.61%	17.49%	16.65%	15.30%
Public	45.17%	43.25%	42.80%	43.59%	40.03%	42.95%	44.79%	45.68%	48.50%	47.69%	48.37%	50.96%
Total Shareholders	2,87,451	2,94,581	3,29,498	3,67,822	4,05,037	4,71,532	5,02,087	5,17,709	5,78,435	5,57,585	5,60,056	5,69,370

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan