Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 8 Oct - NCC received Rs 1,286.03 crore domestic order for Radial Road-2 in Telangana, executable in 18 months.
Source: Bse
NCC Limited (NCC)
Large CapInfra stocks · Large cap · NSE
NCC Limited, with 48+ years of experience, is an Indian infrastructure company with a pan-India presence. It operates across 7 business verticals including Buildings, Transportation, Water & Environment, Electrical (T&D), Mining, Railways, and Irrigation, holding an ~₹83k Cr order book.
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, 10:31 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -11.4% / mo · MACD + · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 26
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
NCCD candles · FIT view-21.1%Latest close ₹127.80 on 2026-10-19
Bar
+0.5%
RSI
44
MACD hist
0.42
52W pos
9%
2026-10-19O ₹127.11H ₹129.50L ₹126.55C ₹127.80Vol 32.7L 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
NCCNifty InfraNifty 500
- NCC
- -8.6%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -3.0 pp
Chart stats
19 Oct 2026- From 52W high
- -41.2%
- 52W range position
- 9%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.77x
- Avg traded value
- ₹55.2 Cr
- 20D price channel
- ₹119 - ₹139.4
₹217.3
₹119 - ₹217.3
₹4
Latest completed session
20-session average
31.4% annualized volatility
Research snapshot
What the evidence says now
Mixed 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 · FAIR VALUE53
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +12.2% · PAT +11.7% YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model+50.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
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
Average · 32/100margin compression · Rev +12% YoY · PAT +12% YoY
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,812 Cr | +12.2% | -6.8% |
| EBITDA | ₹545 Cr | +19.5% | -0.9% |
| Operating margin | 9.0% | +0 bps | +0 bps |
| PAT | ₹229 Cr | +11.7% | +5.5% |
| PAT margin | 3.9% | -2 bps | +46 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 10.90
- P/B
- 1.01
- EV/EBITDA
- 5.44
- Market Cap
- 7887.00Cr
Profitability
- ROE
- 9.19%
- ROCE
- 16.80%
- ROA
- 2.88%
- Dividend Y
- 1.75%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.44
- Interest Coverage
- 2.35×
- Altman Z
- 1.85
- Book Value
- 125.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 11/5
- OCF
- -459.00 Cr
- EPS TTM
- 11.14
Shareholding
- Promoter Hold
- 23.19%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 20.8k-6.2% vs prev
Net Profit
₹ CrLatest: 724-16.6% vs prev
Return on Equity
%Latest: 9.2-22.4% 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 44. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~12.8% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 41% off 52W high · 7% 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
8
RS percentile
Stage 4 Downtrend
1M return
-6.8%
3M return
-8.6%
6M return
-22.1%
1Y return
-39.3%
RS 1D
+3
RS 20D
0
Sector rank
#14
Industry rank
#22
Stage evidence
- Price is 12.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.6%.
- Both 3-month and 6-month returns are negative.
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 65.03+2.75%
RS vs Nifty 50065
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation23/30
Growth16/25
Quality1/20
Balance Sheet6/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
53
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
53/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 50.4%.
- Valuation contributes 23/30 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
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
10.9
PB
1.0
EV/EBITDA
5.4
ROE
9.2%
ROCE
16.8%
FCF Yield
—
Debt/Equity
0.4
MoS
+50.4%
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
53
Previous: 53
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+50.4%
Previous: +53.1%
Score history
12 stored score snapshots. Latest stored move: -1 points.
20 Oct 2026
v4.3-runtime-valuation
53
53
53
53
53
53
53
53
53
54
54
53
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
₹177.01
+27.8% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹257.33
+50.4% MoS
PEG
0.70
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
HCC
Micro
Hindustan Construction Company Limited
Construction & Engineering
match 87
34
38.2
11.9%
-22%
WATCHLIST
AHLUCONT
Micro
Ahluwalia Contracts (India) Limited
Construction & Engineering
match 82
57
16.5
13.8%
+32%
FAIR VALUE
CAPACITE
Small
Capacit'e Infraprojects Limited
Construction & Engineering
match 82
75
8.2
10.4%
+68%
DEEP VALUE
GARUDA
Small
Garuda Construction and Engineering Limited
Construction & Engineering
match 82
77
11.3
31.2%
+55%
DEEP VALUE
CCCL
Small
Consolidated Construction Consortium Limited
Construction & Engineering
match 80
26
—
-4.3%
—
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 2026-06-03T18:15:42.565Z
Management commentary snapshot
NCC reported a 6% YoY consolidated revenue decline to ₹20,823 Cr in FY26, with PAT down 12% to ₹724 Cr. Consolidated order book grew 16% YoY to ₹83,004 Cr, providing 4x book-to-bill visibility, despite execution challenges in water and state-funded projects.
While NCC's consolidated order book grew 16% YoY to ₹83,004 Cr, FY26 revenue and PAT declined due to funding-cycle stress in water and state-funded segments, and project approval delays. Working capital days expanded, impacting finance costs. Management indicates execution capabilities remain intact, with Q4 showing some normalization.
Current business mix
Group Revenue Composition – FY26
Latest issuer-disclosed distribution across 5 reported categories.
Construction79.0%
Coal Mining12.0%
Smart Meters6.0%
Tunnels2.0%
Real Estate1.0%
Growth engines
Diversified Order Book
₹83,004 Cr order book provides multi-year visibility (4x book-to-bill) across 7 diverse verticals.
Mining Segment Contribution
Mining contributed 36% to FY26 order inflow and 18% to the total order book, indicating strong segment performance.
Underlying Execution Capabilities
Management states underlying execution capabilities and project-level economics remain intact through the cycle.
Tailwinds
Diversified Order Book
Order book of ₹83,004 Cr is diversified across Buildings, Transportation, Water, Electrical (T&D), Railways, Mining, and Irrigation.
Strong Execution Headroom
The ~₹83k Cr order book provides strong execution headroom and multi-year visibility with a 4x book-to-bill ratio.
Headwinds
Funding-Cycle Stress
FY26 revenue moderation is consistent with broader sector trends due to funding-cycle stress in water and select state-funded segments.
Project Approval Delays
A subset of projects awaiting ROW handover or environmental clearance progressed slowly through Q1-Q3 FY26.
Elevated Finance Costs
EBITDA margin compression reflects operating de-leverage on lower revenue and elevated finance costs on peak working-capital debt.
Risk radar
Working Capital Management
Standalone NWC days expanded through H1 FY26 reflecting JJM and water-sector receivable cycles, though Q4 showed normalization.
Receivable Cycles
Water-vertical execution was paced in line with collection visibility through Q1-Q3 FY26 against extended JJM payment cycles.
Macroeconomic & Regulatory Risks
Forward-looking statements are subject to macroeconomic and market conditions, regulatory and policy developments, and geopolitical dynamics.
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
YoY comparison is essential for full-year performance and overall trends in a project-based business. QoQ comparison is useful to track sequential momentum, especially given management commentary on Q4 normalization and working capital cycles.
Sector KPIs management disclosed
Consolidated Order Book
₹83,004 Cr in FY26, up 16% Y-o-Y.
Consolidated Order Inflow
₹31,884 Cr in FY26, down 3% Y-o-Y.
Consolidated Revenue
₹20,823 Cr in FY26, down 6% Y-o-Y.
Consolidated EBITDA Margin
8.82% of Turnover in FY26.
Management forward view
Execution Capabilities Intact
Management states underlying execution capabilities and project-level economics remain intact through the cycle.
Working Capital Normalization Expected
Management expects working capital days and debt to reverse as payment cycles normalize and revenue scales.
Approval Flow Easing
Approval flow eased into Q4 FY26 with execution pace picking up.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Order Book Growth | ₹83,004 Cr (16% YoY) | Sustained growth and diversification across verticals to maintain multi-year visibility. |
| Consolidated Revenue Execution | ₹20,823 Cr (-6% YoY) | Reversal of revenue decline and improved execution pace, especially in water and state-funded projects. |
| Standalone Net Working Capital Days | 97 days (Q4 FY26) | Continued normalization and reduction in NWC days, indicating improved collection cycles. |
| Consolidated EBITDA Margin | 8.82% (FY26) | Improvement in margins as revenue scales and finance costs normalize. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
57Limited 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 20th percentile of the scored universe and 32nd percentile within Infra. Main check: results consistency is weak at 42/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
111 docs text-extracted · 75 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Infra: 32nd pctile, median 64 · Large: 11th pctile, median 73
Evidence depth
Financial-only
111 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
66
acceptable · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
50
watch · capital discipline
Results
42
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸11 years of positive FCF.
- ▸OPM spread across recent quarters is 1%.
Trust risks
- ▸Operating cash flow is negative at ₹-459 Cr.
- ▸Promoter holding is only 23.2%.
- ▸ROCE trend is -3.5%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching NCC Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 30 Sep - NCC received one major order of Rs. 1,076.71 crore and two additional orders totaling Rs. 500.22 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 28 Sep - NCC received ₹1,076.71 crore order for Anakapalli drinking water supply project in Andhra Pradesh, executable in 24 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Sep - Newspaper Publication-Special Window for Transfer and Dematerialization of Physical Securities.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 31 Aug - NCC received three August 2026 orders worth Rs.430.19 crore for its Buildings Division.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug - Submission of Newspaper publications for the Unaudited Financial Results for the Quarter ended 30-06-2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Submission of copies of Newspaper advertisement for Notice to Shareholders regarding transfer of Equity Shares to IEPF Authority.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 30 Jun - NCC received two June 2026 transportation orders totaling Rs. 534.85 crore excl. GST.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.