NSE: NCC · BSE: 500294
NCC LIMITED
Builds civil construction infrastructure across seven verticals including buildings, water, electrical, mining and smart meters. For FY26, construction accounted for 98.7% of segment revenue at ₹20,558.84 cr, with real estate contributing 1.3% at ₹264.16 cr. The consolidated order book stood at a record ₹83,004 cr as of 31 March 2026, up 16% year-on-year, giving a book-to-bill ratio of about 4x. Operations span 171 active sites across 27 states, supported by 12,371 employees and 19,117 workers. Recent order wins include ₹1,052.71 cr in July 2026 (buildings and water divisions) and ₹1,837.01 cr in May 2026 across water, electrical and buildings. A new mining project worth ₹6,000 cr and a standalone smart meter order book of ₹4,456 cr have been flagged as growth drivers. The largest cost lines are other operating expenses at 54.0% of revenue and materials at 34.3%, with employee costs at 4.1% and depreciation at 1.1%. Customers are predominantly government and PSU clients; private client exposure is approximately 5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Construction (99%), Real Estate (1%), Others (0%). Order-book driven, working-capital-intensive civil construction with contract execution across multiple infrastructure verticals.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11,138 | 15,553 | 20,845 | 22,199 | 20,823 |
| EBITDA (ex other income) | 1,227 | 1,445 | 1,736 | 1,918 | 1,802 |
| margin % | 11.0 | 9.3 | 8.3 | 8.6 | 8.7 |
| Owners' profit | 494 | 609 | 740 | 821 | 675 |
| EPS, as reported (₹) | 7.91 | 9.77 | 11.32 | 13.06 | 10.76 |
| ROE % · ROCE % | 8.4 · 18.2 | 10.0 · 20.9 | 10.9 · 23.6 | 11.6 · 23.6 | 9.0 · 17.5 |
| Debt / equity (x) | 0.22 | 0.15 | 0.14 | 0.21 | 0.43 |
| Cash from operations | 1,416 | 1,100 | 1,359 | 742 | (459) |
| Capex | (215) | (347) | (285) | (320) | (955) |
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 | 5,196 | 5,345 | 6,131 | 5,179 | 4,543 | 4,868 | 6,233 | 5,812 |
| Profit before tax | 250 | 260 | 368 | 266 | 207 | 180 | 291 | 308 |
| Net profit | 175 | 206 | 265 | 205 | 167 | 135 | 217 | 229 |
| EPS (₹) | 2.60 | 3.08 | 4.04 | 3.06 | 2.46 | 1.95 | 3.28 | 3.45 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Construction | 20,559 | 98.7 |
| Real Estate | 77 | 0.4 |
| Real estate | 187 | 0.9 |
| Total, before eliminations | 20,823 | 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) | 10.5 | 13.5 | 37 of 101 | 64% |
| P/B | 0.9 | 1.3 | 30 of 85 | 66% |
| ROCE | 9.8 | 10.0 | 56 of 107 | 48% |
| ROE | 9.0 | 9.1 | 45 of 87 | 49% |
| Debt / Equity | 0.4 | 0.4 | 49 of 87 | 44% |
| EBITDA margin | 9.9 | 12.4 | 56 of 88 | 37% |
| Revenue growth | 12.2 | 6.2 | 32 of 86 | 62% |
| Profit growth | 11.8 | 2.7 | 33 of 84 | 61% |
| Market cap | 7336 | 456 | 15 of 107 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · NCC to consider September 2026 quarterly results | results | low | — | — |
| 13 Oct 2026 · Founder and Chairman Emeritus Dr. A V S Raju passes away | management changes | critical | — | — |
| 8 Oct 2026 · NCC bags Rs 1,286 Cr road construction order in Telangana | business updates | high | — | — |
| 3 Oct 2026 · NCC submits Q2 FY27 dematerialization compliance certificate | compliance | minimal | — | — |
| 30 Sept 2026 · NCC Limited bags new orders and contracts | business updates | high | — | — |
| 28 Sept 2026 · NCC bags Rs 1,076.71 Cr drinking water supply order from AP Govt | business updates | high | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Newspaper notice on special window to dematerialise old physical shares | compliance | minimal | — | — |
| 9 Sept 2026 · NCC Limited gets Crisil ESG rating of 57 Adequate, Core 66 Strong | business updates | medium | — | — |
| 31 Aug 2026 · NCC bags orders worth Rs 430.19 Cr in August 2026 | business updates | high | — | — |
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.