NCC Ltd logo

NCC Ltd

NCC NSE

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

AI Verdict: HOLD Confidence: 5%

NCC Ltd trades at an undemanding PE of 13.2x with 73% analyst buy ratings, but recent TTM sales decline of -6% and profit decline of -12% signal near-term headwinds. The stock's -36% one-year correction makes valuation attractive for patient investors, though low promoter holding at 22.8% and subdued ROE of ~10.6% limit conviction.

Key Fundamentals

MicrocapCivil ConstructionConstruction
Market Cap
₹9,757 Cr
Volatility
Moderate
P/E Ratio
14.29
EBITDA
₹1,802 Cr
Return on Equity
9.96%
Debt to Equity
0.18
Book Value
₹125.33
EPS
₹12.23
52W High
₹236.89
52W Low
₹130

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 18.9%

Weaknesses

3
  • Promoter holding is low: 22.8%
  • Company has a low return on equity of 10.6% over last 3 years.
  • Company's cost of borrowing seems high

Growth Rate

Revenue Growth
-6.85% ↘
Net Income Growth
-11.99% ↘
Cash Flow Change
-45.44% ↘
ROE
6.44% ↘
ROCE
-0.04% ↘
EBITDA Margin (Avg.)
-7.33% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 26d ago
HOLD
Risk high

NCC Ltd trades at an undemanding PE of 13.2x with 73% analyst buy ratings, but recent TTM sales decline of -6% and profit decline of -12% signal near-term headwinds. The stock's -36% one-year correction makes valuation attractive for patient investors, though low promoter holding at 22.8% and subdued ROE of ~10.6% limit conviction.

Bull Case 8
  • Attractive valuation at PE of 13.2x and PB of 1.21x, well below infrastructure sector averages, offering margin of safety
  • Strong analyst consensus with 72.73% buy ratings (8 out of 11 analysts recommend buy)
  • Healthy 5-year compounded sales CAGR of 21% demonstrates proven ability to scale order book execution
  • 5-year compounded profit CAGR of 22% shows operating leverage potential when revenue growth returns
  • Dividend yield of 1.45% with consistent 18.9% payout ratio provides downside support
  • Stock corrected -36% in one year while 5-year CAGR remains 13%, suggesting mean-reversion opportunity
  • Market cap of Rs 9,585 Cr positions NCC as a mid-cap infra play with re-rating potential in capex upcycle
  • 10-year compounded profit CAGR of 18% demonstrates long-term earnings compounding ability
Bear Case 8
  • TTM sales growth turned negative at -6%, indicating order execution slowdown or project delays
  • TTM profit declined -12%, showing margin compression alongside revenue weakness
  • Promoter holding critically low at 22.8%, raising governance concerns and vulnerability to hostile actions
  • 3-year ROE of only 10.6% is subpar for a capital-intensive business with high borrowing costs
  • High cost of borrowing erodes margins in a sector already operating on thin net margins
  • Stock down -36% in one year signals institutional selling and deteriorating market confidence
  • 3-year profit CAGR of only 6% versus 10% sales CAGR implies margin dilution in recent periods
  • Last year ROE dropped to 9% from 3-year average of 11%, showing declining capital efficiency

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

AI News Digest

Anthropic anthropic claude-opus-4.6 20d ago
Headwinds 1
  • Modest standalone net profit FY26 May 15

    NCC reported standalone net profit of ₹576.76 Crore on consolidated turnover of ₹20944.40 Crore for FY2025-26, suggesting thin margins for an infrastructure company of this scale.

Positives 3
  • Rs.1837 Crore orders in May May 31

    NCC secured new orders worth Rs.1837.01 Crore in May 2026, with the Water Division contributing the largest share, indicating healthy order inflow momentum.

  • Clean compliance report FY26 May 18

    NCC filed its Annual Secretarial Compliance Report for FY2025-26 under SEBI LODR with zero deviations or non-compliances reported.

  • ₹2.20 per share dividend declared May 15

    The board recommended a dividend of ₹2.20 per share for FY2025-26, signaling confidence in cash flow generation.

Neutral 3
  • Share dematerialization window opened May 25

    NCC opened a special window for transfer and dematerialization of physical securities until February 4, 2027, available to investors who purchased shares before April 1, 2019.

  • Zero promoter share encumbrance May 9

    Promoters confirmed no encumbrance on their 22.81% holding as on March 31, 2026, indicating no pledging risk.

  • Q4FY26 analyst call scheduled May 9

    NCC scheduled analyst/investor conference call for May 16, 2026 at 11:30 AM IST to discuss audited Q4 and full-year FY26 results.

TL;DR: NCC continues to win meaningful orders (Rs.1837 Crore in May alone) and maintains clean governance with zero compliance deviations and no promoter pledging. The key concern is margin compression implied by modest net profit relative to ₹20944 Crore turnover. Order inflow trend remains healthy, but investors should watch margin trajectory in upcoming quarters to confirm whether execution quality is translating into bottom-line growth.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
4,949
4,380
4,720
5,260
6,485
5,528
5,196
5,345
6,131
5,179
4,543
4,868
6,233
Expenses
4,484
3,971
4,416
4,755
5,934
5,050
4,753
4,904
5,576
4,723
4,150
4,432
5,682
Operating Profit
465
409
304
505
551
478
443
441
555
456
393
436
550
OPM %
9%
9%
6%
10%
8%
9%
9%
8%
9%
9%
9%
9%
9%
Other Income
24
28
28
29
13
31
29
48
58
31
44
0
21
Interest
143
132
153
156
153
155
167
166
193
164
172
196
213
Depreciation
53
53
53
53
52
54
55
54
54
55
57
59
65
PBT
293
252
125
325
358
300
250
270
367
268
209
182
294
Tax %
31%
27%
31%
29%
33%
26%
30%
24%
28%
24%
20%
26%
26%
Net Profit
203
184
86
231
239
223
175
206
265
205
167
135
217
EPS in Rs
3.04
2.76
1.23
3.51
3.81
3.34
2.6
3.08
4.04
3.06
2.46
1.95
3.28
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
Operating Profit
1,000
987
675
873
1,592
1,077
919
1,028
1,459
1,769
1,918
1,836
OPM %
11%
10%
8%
10%
12%
12%
12%
9%
9%
8%
9%
9%
Other Income
127
71
87
-23
17
63
105
272
144
99
165
96
Interest
737
643
513
460
522
554
480
478
515
595
680
745
Depreciation
277
248
203
172
193
199
181
187
203
212
216
235
PBT
113
167
46
219
894
387
363
635
885
1,061
1,187
952
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
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
Div. Payout %
41%
28%
70%
36%
16%
4%
18%
25%
23%
19%
17%
20%
Figures in ₹ Crores

Balance Sheet

  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
14,680
Total Liabilities
12,545
12,321
11,109
12,408
14,660
13,812
13,540
14,458
16,550
18,095
21,000
26,006
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
23,446
Total Assets
12,545
12,321
11,109
12,408
14,660
13,812
13,540
14,458
16,550
18,095
21,000
26,006
Figures in ₹ Crores

Cash Flow

  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

  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
102
Days Payable
175
301
335
428
328
491
565
447
393
325
384
329
Cash Conversion Cycle
107
105
122
126
-127
-213
-258
-246
-217
-184
-244
-161
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%

Shareholding Pattern

As of Mar 2026
Public 41.78%
Promoters 22.81%
DIIs 16.40%
FIIs 12.11%
Others 6.89%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Jul 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
19.68%
19.68%
19.68%
19.68%
19.68%
21.11%
21.99%
21.99%
21.99%
22.00%
22.00%
22.00%
22.00%
22.00%
22.00%
22.00%
22.02%
22.11%
22.11%
22.11%
22.25%
22.81%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
27.33%
23.65%
20.87%
18.13%
13.79%
12.70%
12.87%
11.49%
12.11%
DIIs
12.05%
12.02%
11.49%
12.12%
12.23%
11.28%
11.15%
13.10%
12.35%
12.87%
12.23%
11.03%
10.29%
10.64%
11.40%
12.34%
14.17%
15.61%
17.49%
16.65%
15.30%
16.40%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
45.30%
46.17%
44.40%
46.56%
49.09%
48.09%
47.56%
42.97%
40.57%
36.76%
35.62%
35.36%
36.26%
34.03%
36.72%
38.03%
38.89%
41.19%
40.64%
41.41%
43.66%
41.78%
Others
22.96%
22.13%
24.43%
21.64%
19.00%
19.52%
19.30%
21.94%
25.09%
28.37%
30.15%
31.61%
31.44%
6.00%
6.24%
6.76%
6.79%
7.31%
7.05%
6.96%
7.30%
6.89%
No. of Shareholders
2,40,934
2,98,464
2,84,028
3,06,067
3,38,342
3,40,969
3,40,969
3,25,180
2,95,884
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
5,57,418

Documents

Frequently Asked Questions about NCC Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: NCC and BSE: 500294. You can view its live share price, financials, and ratios on Tapetide.
Which sector does NCC Ltd belong to?
NCC Ltd operates in the Industrials sector within the Construction industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of NCC Ltd?
NCC Ltd has a market capitalisation of approximately ₹9756.74 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of NCC Ltd?
The Price-to-Earnings (PE) ratio of NCC Ltd is 14.29. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of NCC Ltd?
Over the past 52 weeks, NCC Ltd has traded between a low of ₹130 and a high of ₹236.89. This range helps investors understand the stock's price volatility and recent trading levels.
Does NCC Ltd pay dividends?
Yes, NCC Ltd has a dividend yield of 1.40%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of NCC Ltd?
NCC Ltd has a Return on Equity (ROE) of 9.96%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research NCC Ltd on Tapetide?
On Tapetide, you can view NCC Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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