NSE: HCC · BSE: 500185
HINDUSTAN CONSTRUCTION CO
The civil construction contractor earns almost all its revenue (98.6%) from engineering and construction work, with marginal contributions from infrastructure (1.3%), others (0.1%) and real estate. Its project portfolio includes hydro power — a core business area — and other heavy civil infrastructure, with a Rs 127 crore hydro contract recently won in Bhutan. The order book closed FY26 at Rs 12,971 crore, against new orders of about Rs 5,910 crore during the year. The workforce consists of 925 employees and 7,002 workers. Other operating expenses account for 63.9% of revenue, materials 13.3%, and employee costs 8.6%, making subcontracted services and materials the principal costs. Debt was reduced 38% to Rs 1,995 crore, with gearing improving from 3.98x to 1.02x, and Rs 1,537 crore of debt was prepaid in FY26. A Rs 1,000 crore rights issue was subscribed 200%. The company completed 100 years of operations in January 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Engineering and construction (99%), Infrastructure (1%), Others (0%), Real estate (0%). Asset-heavy, project-based civil construction contracting with a core focus on hydro power
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,670 | 9,857 | 7,007 | 5,603 | 3,970 |
| EBITDA (ex other income) | 1,299 | 986 | 1,522 | 1,323 | 603 |
| margin % | 12.2 | 10.0 | 21.7 | 23.6 | 15.2 |
| Owners' profit | 420 | (28) | 478 | 113 | 166 |
| EPS, as reported (₹) | 2.69 | (0.19) | 3.16 | 0.66 | 0.75 |
| ROE % · ROCE % | (50.9) · 21.5 | 3.9 · 14.8 | (283.8) · 49.1 | 12.4 · 39.4 | 7.8 · 17.2 |
| Debt / equity (x) | (2.29) | (7.41) | (12.62) | 1.85 | 0.48 |
| Cash from operations | 946 | 17 | 91 | 134 | 892 |
| Capex | (89) | (215) | (19) | (18) | (81) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,407 | 1,007 | 1,374 | 1,091 | 961 | 925 | 992 | 993 |
| Profit before tax | 82 | 286 | 314 | 73 | 45 | 13 | 86 | 74 |
| Net profit | 64 | (39) | 90 | 51 | 48 | 8 | 59 | 51 |
| EPS (₹) | 0.38 | (0.23) | 0.50 | 0.28 | 0.26 | 0.04 | 0.27 | 0.19 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Engineering and construction | 3,937 | 98.6 |
| Infrastructure | 54 | 1.3 |
| Others | 3 | 0.1 |
| real estate | 0 | 0.0 |
| Total, before eliminations | 3,994 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.0 | 13.5 | 74 of 101 | 27% |
| P/B | 2.2 | 1.3 | 56 of 85 | 35% |
| ROCE | 5.4 | 10.0 | 68 of 107 | 37% |
| ROE | 7.8 | 9.1 | 51 of 87 | 42% |
| Debt / Equity | 0.5 | 0.4 | 51 of 87 | 42% |
| EBITDA margin | 16.8 | 12.4 | 30 of 88 | 67% |
| Revenue growth | (9.0) | 6.2 | 66 of 86 | 24% |
| Profit growth | 0.7 | 2.7 | 44 of 84 | 48% |
| Market cap | 4584 | 456 | 20 of 107 | 82% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · HCC schedules virtual analyst and institutional investor meeting for November 5 | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 5 Oct 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · HCC subsidiary HICL forms JV with Ceigall for infrastructure concessions | strategic transactions | medium | — | — |
| 28 Aug 2026 · HCC schedules analyst and investor meetings on September 3, 2026 | board shareholder meetings | low | — | — |
| 18 Aug 2026 · HCC shareholders approve fundraise of up to 800 crore via equity | fund raising | medium | — | — |
| 18 Aug 2026 · HCC shareholders approve increase in authorised share capital to Rs 400 crore | corporate actions | medium | — | — |
| 18 Aug 2026 · HCC shareholders approve Nakul Pasricha as Independent Director for 5 years | management changes | medium | — | — |
| 18 Aug 2026 · HCC 100th AGM: All 7 Resolutions Passed; Chairman Pay Gets 76% Approval | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.