Hindustan Construction Company Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Engineering and Construction: 98.6% • Infrastructure: 1.3% • Others: 0.1%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has a healthy return on capital (ROCE) of 40.9%
- Operating margins have improved to 14.2% from 7.3%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.38x)
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Recent results are weak - TTM profit is down 84.8% versus prior year
- A large part of profit comes from other income (49.9% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Interest coverage is weak at 1.5x - earnings barely cover interest
- Promoter holding has decreased over last 2 years: -2.4pp
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3915.00 | 32.47 | 538651.57 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.00 | 47.52 | 42742.91 | 0.35 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1435.05 | 21.56 | 24506.71 | 0.77 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.64 | 24.86 | 23721.19 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1244.10 | 35.53 | 21372.09 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 269.20 | 19.30 | 15130.18 | 1.86 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 972.50 | 26.24 | 11310.13 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.75 | 35.45 | 10834.34 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| KEC | 406.45 | 19.54 | 10819.70 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| IRCON | 113.20 | 20.33 | 10646.64 | 1.68 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 253.95 | 64.55 | 9339.89 | 0.79 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| HCC | 22.74 | 35.91 | 5956.67 | 0.00 | 51.08 | 0.69 | 993.42 | -8.97 | 24.16 | 10.58 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,927 | 1,833 | 1,474 | 1,773 | 1,816 | 1,407 | 1,007 | 1,374 | 1,091 | 961 | 925 | 992 | 993 | |
| 1,630 | 1,579 | 1,236 | 1,891 | 1,664 | 1,165 | 1,037 | 944 | 912 | 813 | 858 | 821 | 982 | |
| Operating Profit | 296 | 254 | 239 | -118 | 152 | 242 | -30 | 429 | 179 | 148 | 67 | 171 | 12 |
| OPM % | 15.37% | 13.85% | 16.19% | -6.63% | 8.39% | 17.22% | -3.03% | 31.27% | 16.45% | 15.38% | 7.26% | 17.21% | 1.19% |
| 17 | 40 | 236 | 691 | 20 | 26 | 589 | 18 | 27 | 23 | 74 | 25 | 62 | |
| Interest | 246 | 256 | 146 | 165 | 146 | 159 | 183 | 111 | 122 | 120 | 123 | 105 | 87 |
| Depreciation | 29 | 28 | 30 | 18 | 26 | 26 | 90 | 22 | 12 | 6 | 5 | 5 | 6 |
| Profit before Tax | 38 | 10 | 298 | 391 | 0 | 82 | 286 | 314 | 73 | 45 | 13 | 86 | 74 |
| Tax % | -5.25% | 76.24% | 26.59% | 41.85% | 4174.36% | 46.78% | 95.33% | 26.46% | 30.81% | -12.31% | 54.83% | 38.29% | 31.34% |
| Net Profit | 0 | 0 | 0 | 0 | -25 | 64 | -389 | 901 | 51 | 48 | 8 | 59 | 51 |
| 0.28 | -0.02 | 1.15 | 1.56 | -0.01 | 0.38 | -0.20 | 0.46 | 0.28 | 0.26 | 0.04 | 0.27 | 0.19 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,867 | 10,132 | 10,544 | 9,444 | 8,248 | 10,668 | 8,270 | 7,007 | 5,603 | 3,970 | 3,872 | |
| 9,105 | 9,363 | 9,612 | 8,600 | 7,857 | 9,480 | 7,722 | 6,336 | 4,810 | 3,404 | 3,474 | |
| Operating Profit | 761 | 770 | 932 | 844 | 391 | 1,188 | 548 | 671 | 794 | 565 | 398 |
| OPM % | 7.72% | 7.59% | 8.84% | 8.94% | 4.74% | 11.13% | 6.63% | 9.57% | 14.17% | 14.24% | 10.27% |
| 60 | -104 | -452 | 299 | -187 | 619 | 463 | 984 | 653 | 149 | 184 | |
| Interest | 1,543 | 1,525 | 808 | 817 | 1,001 | 1,036 | 1,012 | 813 | 600 | 469 | 434 |
| Depreciation | 206 | 201 | 177 | 152 | 136 | 138 | 128 | 105 | 164 | 27 | 22 |
| Profit before Tax | -1,022 | -1,100 | -657 | 362 | -867 | 637 | -119 | 778 | 523 | 223 | 219 |
| Tax % | 3.87% | 0.93% | 92.42% | 45.56% | 29.67% | 10.28% | 55.93% | 31.92% | 78.47% | 25.77% | 26.63% |
| Net Profit | -983 | -1,090 | -50 | 197 | -610 | 572 | -53 | 529 | 113 | 166 | 160 |
| EPS | -9.12 | -7.69 | -0.44 | 1.30 | -4.03 | 3.72 | -0.19 | 3.16 | 0.62 | 0.63 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -7%
- 5 Years:
- -14%
- 3 Years:
- -22%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -2%
- 5 Years:
- 24%
- 3 Years:
- 5%
- 1 Year:
- -1%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 8%
- 3 Years:
- 14%
- Last Year:
- 11%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 101 | 102 | 151 | 151 | 151 | 151 | 151 | 151 | 182 | 262 |
| Minority Interest | -207 | -483 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -369 | -1,170 | -1,151 | -910 | -1,469 | -810 | -866 | -320 | 724 | 1,865 | |
| 9,781 | 9,417 | 5,235 | 5,462 | 6,207 | 3,544 | 7,189 | 3,460 | 2,734 | 1,950 | |
| Trade Payables | 3,463 | 3,647 | 2,746 | 3,029 | 3,047 | 3,059 | 2,991 | 2,473 | 2,076 | 2,027 |
| 4,500 | 5,241 | 3,486 | 3,982 | 4,093 | 7,539 | 2,930 | 2,671 | 2,240 | 2,212 | |
| Total Liabilities | 17,269 | 16,754 | 10,467 | 11,715 | 12,029 | 13,482 | 12,396 | 8,436 | 7,955 | 8,317 |
| 1,710 | 1,728 | 572 | 769 | 863 | 720 | 620 | 445 | 242 | 246 | |
| Capital Work in Progress | 1,890 | 1,714 | 169 | 178 | 2 | 1 | 0 | 1 | 7 | 19 |
| 476 | 417 | 181 | 356 | 418 | 59 | 79 | 246 | 110 | 198 | |
| 2,608 | 2,504 | 632 | 467 | 480 | 485 | 491 | 436 | 128 | 133 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,204 | 2,388 | 2,253 | |
| Cash & Bank | 759 | 952 | 856 | 843 | 1,262 | 1,542 | 1,154 | 513 | 697 | 458 |
| 9,825 | 9,438 | 8,057 | 9,101 | 9,006 | 10,676 | 10,052 | 4,591 | 4,383 | 5,009 | |
| Total Assets | 17,269 | 16,754 | 10,467 | 11,715 | 12,029 | 13,482 | 12,396 | 8,436 | 7,955 | 8,317 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 70 | 1,465 | 286 | 602 | 234 | 1,031 | 11 | 91 | 134 | 892 | |
| Cash from Investing | -59 | 71 | -5 | -36 | -75 | -225 | 426 | 825 | -53 | -364 |
| Cash from Financing | 46 | -1,336 | -312 | -514 | 101 | -660 | -603 | -810 | 109 | -697 |
| 34 | 176 | -134 | -12 | 374 | 62 | -161 | 106 | 190 | -170 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-28 - Hindustan Construction Company Limited has informed the Exchange about Schedule of meet
2026-08-18 - Hindustan Construction Company Limited has informed the Exchange about issue of Securities
2026-08-18 - Hindustan Construction Company Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.
2026-08-18 - Hindustan Construction Company Limited has informed the Exchange regarding Appointment of Mr Nakul Pasricha as Independent Director of the company w.e.f. July 10, 2026.
2026-08-18 - Hindustan Construction Company Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 18, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-18 - Hindustan Construction Company Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 18, 2026
2026-08-11 - Hindustan Construction Company Limited has informed the Exchange regarding a press release dated August 11, 2026, titled "HCC secures Rs. 524 crore NHPC contract in J&K".
2026-08-10 - Hindustan Construction Company Limited has informed the Exchange about Transcript
2026-08-07 - Hindustan Construction Company Limited has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for HCC
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