Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 Aug - Please find attached Intimation of Schedule of Analyst / Institutional investor Meeting.
Source: Bse
Hindustan Construction Company Limited (HCC)
Micro CapInfra stocks · Micro cap · NSE
Hindustan Construction Company Limited (HCC) is an Indian infrastructure company specializing in complex projects across transport, hydro, water, nuclear, and industrial sectors. It leverages its expertise in tunneling, bridges, and large-scale civil construction, aiming to expand its market share in high-growth segments.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result06 Aug, 09:53 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
32BearishSMA20 -11.5% / mo · MACD − · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 29
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
HCCD candles · FIT view-4.9%Latest close ₹19.06 on 2026-10-19
Bar
-2.7%
RSI
36
MACD hist
-0.03
52W pos
36%
2026-10-19O ₹19.59H ₹19.72L ₹18.94C ₹19.06Vol 1.3Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HCCNifty InfraNifty 500
- HCC
- -16.0%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -10.5 pp
Chart stats
19 Oct 2026- From 52W high
- -33.1%
- 52W range position
- 36%
- ATR (14)
- 4.2%
- Volume vs 20D
- 0.94x
- Avg traded value
- ₹27.9 Cr
- 20D price channel
- ₹18.4 - ₹22.3
₹28.5
₹13.7 - ₹28.5
₹0.8
Latest completed session
20-session average
32.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST34
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -9.0% · PAT +0.0% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model-28.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence51
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -9% YoY · PAT 0% YoY · margin compression · operating leverage
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹993 Cr | -9.0% | +0.1% |
| EBITDA | ₹105 Cr | -41.3% | -38.6% |
| Operating margin | 11.0% | -500 bps | -600 bps |
| PAT | ₹51 Cr | +0.0% | -13.6% |
| PAT margin | 5.1% | +47 bps | -81 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 38.20
- P/B
- 2.43
- EV/EBITDA
- 12.13
- Market Cap
- 5166.00Cr
Profitability
- ROE
- 11.90%
- ROCE
- 24.80%
- ROA
- 1.96%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -14.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- -22.00%
- EPS 3Y
- 34.00%
Balance Sheet
- Debt/Equity
- 0.48
- Interest Coverage
- 1.12×
- Altman Z
- 1.53
- Book Value
- 8.12
Cash Flow
- FCF Yield
- 10.20%
- FCF Positive Y
- 10/5
- OCF
- 892.00 Cr
- EPS TTM
- 0.64
Shareholding
- Promoter Hold
- 16.18%
- Promoter Pledge
- 82.40%
- Momentum 52W
- 41%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 3,937-18.0% vs prev
Net Profit
₹ CrLatest: 206+142.4% vs prev
Return on Equity
%Latest: 6.7+50.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 36. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~13.0% over last month) — short-term momentum negative.
- RSI(14) at 36 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 33% off 52W high · 40% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
40
RS percentile
Stage 1 Base / Transition
1M return
-12.4%
3M return
-16.0%
6M return
-5.6%
1Y return
-19.2%
RS 1D
-2
RS 20D
-19
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is 11.2% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +2.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 84.57-0.89%
RS vs Nifty 50085
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth15/25
Quality6/20
Balance Sheet0/15
Cash Flow10/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
34
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
34/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 10.2%.
- Cash flow contributes 10/10 to the score.
- Growth contributes 15/25 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Promoter pledge is 82.4%.
- Fair-value margin of safety is negative at -28.9%.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
38.2
PB
2.4
EV/EBITDA
12.1
ROE
11.9%
ROCE
24.8%
FCF Yield
10.2%
Debt/Equity
0.5
MoS
-28.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
34
Previous: 34
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-28.9%
Previous: -21.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
33
33
33
33
33
34
34
34
34
34
34
34
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹10.81
-76.3% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹14.78
-28.9% MoS
PEG
1.49
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AHLUCONT
Micro
Ahluwalia Contracts (India) Limited
Construction & Engineering
match 89
57
16.5
13.8%
+32%
FAIR VALUE
CCCL
Small
Consolidated Construction Consortium Limited
Construction & Engineering
match 86
26
—
-4.3%
—
OVERVALUED
CAPACITE
Small
Capacit'e Infraprojects Limited
Construction & Engineering
match 86
75
8.2
10.4%
+68%
DEEP VALUE
GARUDA
Small
Garuda Construction and Engineering Limited
Construction & Engineering
match 85
77
11.3
31.2%
+55%
DEEP VALUE
GENCON
Small
Generic Engineering Construction and Projects Limited
Construction & Engineering
match 85
21
26.0
2.9%
-204%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-11T15:15:50.987Z
Management commentary snapshot
Q1 FY27 sees standalone turnover of Rs. 982 crores and net profit of Rs. 37 crores; consolidated PAT Rs. 51 crores on Rs. 993 crores revenue. EBITDA margin declined to 10.7% from 14.9% YoY due to new project mobilization costs. Order intake remains a focus, with Rs. 1,671 crores in L1 bids.
HCC's Q1 FY27 results show margin pressure from new project mobilization, impacting profitability. While the order book is substantial, order intake has been slower than targeted. Management is confident in achieving full-year order targets and improving margins as projects ramp up, alongside significant debt reduction efforts.
Growth engines
Hydropower Sector
Government is prioritizing hydropower space, seeing good traction.
Underground Metro & Urban Transit
Continues to be a second space with good traction.
Nuclear & Industrial Sector
Lot of action happening in nuclear, with government and private sector interest; also making inroads in industrial sector (aluminum, steel).
High-Speed Rail Corridors
Expected to form a material opportunity pipeline in the next 3-5 years, leveraging tunneling and bridge expertise.
Tailwinds
Government Focus on Infrastructure
Government prioritizing hydropower and planning high-speed rail corridors.
Nuclear Power Expansion
Government plan to take nuclear power to 100 GW by 2047 from 9 GW, creating a 'big business'.
Arbitration Settlement Schemes
Government's Vivad-se-Vishwas circulars offer settlement opportunities for arbitration awards (65-85% of amount).
Headwinds
Project Mobilization Costs
Many recently acquired projects (Rs. 8,000 crores) are in mobilization, incurring expenses without full EBITDA contribution yet.
Delayed Order Intake
Order intake in Q1 FY27 was low; some large bids got delayed by almost two months.
Regulatory Delays for Nuclear
Private nuclear orders will move once rules to the SHANTI Act are published, expected by end of current or winter parliament session.
Risk radar
Execution Delays
Policy clearances still awaited on key portions of the Agardanda project, expected by November 2026.
Arbitration Realization Timeline
Arbitration awards of Rs. 1,700 crores are challenged in court; full realization expected over 3-4 years.
Promoter Stake & Pledge
Promoters' stake has been reducing, and pledges are to HCC lenders, though target is to remove pledges with deleveraging.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
QoQ is relevant to track sequential momentum as new projects move from mobilization to execution, impacting margins. YoY is crucial for assessing overall growth and profitability trends against previous periods, especially for a project-based business.
Sector KPIs management disclosed
Standalone Turnover
Rs. 982 crores for Q1 FY27.
Consolidated Revenue
Rs. 993 crores for Q1 FY27.
Consolidated PAT
Rs. 51 crores for Q1 FY27.
EBITDA Margin
UNDER_STRESS10.7% in Q1 FY27 versus 14.9% in Q1 FY26.
Management forward view
Order Intake Confidence
Confident of achieving Rs. 15,000 crores new orders target for FY27, with substantial pipeline under submission.
Margin Improvement Expectation
EBITDA will improve to 13-14% in subsequent quarters as mobilized projects contribute.
Deleveraging Focus
Working on large deleveraging, aiming to be nearly debt-free as early as possible, with considerable prepayment planned.
Future Revenue Growth
Targeting 15-25% (certainly 20%+ range) top-line growth in FY28, given the low base.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| L1 Bid Conversion | Rs. 1,671 crores (HCC share) in L1 bids. | Conversion by end of Q2 FY27, with more new orders towards end of Q3 and Q4. |
| EBITDA Margin | 10.7% in Q1 FY27. | Improvement to 13-14% run rate by year-end as projects ramp up. |
| Debt Prepayment | Rs. 100 crores planned in August 2026. | Further substantial prepayments and progress towards being largely debt-free. |
| Nuclear Sector Rules | Rules to SHANTI Act awaited. | Publication by end of current or winter parliament session to unlock private sector opportunities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
51Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 9th percentile of the scored universe and 16th percentile within Infra. Main check: results consistency is weak at 5/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
93 docs text-extracted · 12 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
9th percentile
overall median 67 · Infra: 16th pctile, median 64 · Micro: 6th pctile, median 73
Evidence depth
Financial-only
93 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
23
weak · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
41
weak · leverage and solvency
Discipline
74
acceptable · capital discipline
Results
5
weak · quarterly consistency
Trust positives
- ▸FCF yield is 8.8%.
- ▸10 years of positive FCF.
- ▸ROCE is 24.8%.
Trust risks
- ▸Promoters have pledged 82.4% of holding.
- ▸Altman Z is 1.61.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 16.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Hindustan Construction Company Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Issue of Securities 18 Aug - AGM approved raising up to ₹800 crore via QIP, preferential allotment, rights issue or combination.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Monitoring Agency Report 6 Aug - CARE report confirms full ₹999.99 crore rights issue utilization, with 72-76 day deployment delays.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.