NCC Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Construction: 98.7% • Real Estate: 1.3%
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 delivered good sales growth of 19.2% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.52x)
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Recent results are weak - TTM profit is down 33.3% versus prior year
- A large part of profit comes from other income (28.4% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 9.5% over last 3 years
- Total debt has risen sharply - up 51.7% year on year
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3925.00 | 32.55 | 540027.44 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 207.00 | 47.98 | 43159.92 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1408.65 | 21.17 | 24055.87 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.07 | 24.14 | 23032.75 | 1.36 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1268.60 | 36.23 | 21792.97 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 273.15 | 19.58 | 15352.19 | 1.83 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 983.20 | 26.53 | 11434.57 | 0.71 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.45 | 35.43 | 10830.19 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| IRCON | 115.10 | 20.67 | 10825.34 | 1.65 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 392.85 | 18.89 | 10457.67 | 1.40 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 274.30 | 69.72 | 10088.33 | 0.73 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| NCC | 145.55 | 13.06 | 9138.31 | 1.51 | 228.90 | 11.85 | 5811.83 | 12.22 | 16.77 | 9.43 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,838 | 4,283 | 4,747 | 5,446 | 4,713 | 4,445 | 4,671 | 5,376 | 4,378 | 3,726 | 4,043 | 5,316 | 4,912 | |
| 3,458 | 4,005 | 4,268 | 4,936 | 4,274 | 4,044 | 4,262 | 4,881 | 3,983 | 3,449 | 3,716 | 4,867 | 4,699 | |
| Operating Profit | 381 | 279 | 479 | 510 | 440 | 401 | 409 | 495 | 395 | 278 | 327 | 449 | 213 |
| OPM % | 9.92% | 6.50% | 10.10% | 9.36% | 9.33% | 9.03% | 8.76% | 9.21% | 9.02% | 7.45% | 8.10% | 8.44% | 4.33% |
| 28 | 28 | 26 | -15 | 34 | 35 | 49 | 30 | 51 | 48 | 6 | 45 | 41 | |
| Interest | 132 | 154 | 155 | 154 | 153 | 165 | 161 | 174 | 151 | 153 | 168 | 173 | 163 |
| Depreciation | 52 | 53 | 53 | 52 | 53 | 54 | 53 | 53 | 54 | 55 | 57 | 62 | 67 |
| Profit before Tax | 224 | 101 | 298 | 289 | 267 | 218 | 244 | 298 | 241 | 117 | 108 | 259 | 254 |
| Tax % | 27.53% | 31.45% | 28.58% | 35.11% | 24.93% | 26.30% | 24.16% | 28.28% | 21.05% | 13.72% | 24.39% | 21.54% | 26.11% |
| Net Profit | 162 | 69 | 213 | 187 | 201 | 161 | 185 | 214 | 190 | 101 | 82 | 203 | 187 |
| 2.58 | 1.10 | 3.39 | 2.99 | 3.20 | 2.55 | 2.95 | 3.40 | 3.03 | 1.61 | 1.30 | 3.23 | 2.98 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,892 | 7,559 | 12,080 | 8,219 | 7,256 | 9,930 | 13,351 | 18,314 | 19,206 | 17,463 | 17,997 | |
| 7,215 | 6,704 | 10,657 | 7,189 | 6,401 | 8,934 | 12,009 | 16,666 | 17,461 | 16,015 | 16,730 | |
| Operating Profit | 677 | 855 | 1,423 | 1,030 | 855 | 996 | 1,343 | 1,648 | 1,744 | 1,448 | 1,266 |
| OPM % | 8.58% | 11.31% | 11.78% | 12.53% | 11.79% | 10.03% | 10.06% | 9.00% | 9.08% | 8.29% | 7.04% |
| 98 | 9 | 59 | 119 | 116 | 254 | 152 | 68 | 148 | 151 | 140 | |
| Interest | 396 | 379 | 451 | 518 | 458 | 460 | 510 | 595 | 653 | 645 | 657 |
| Depreciation | 112 | 117 | 149 | 178 | 174 | 182 | 200 | 209 | 213 | 228 | 241 |
| Profit before Tax | 267 | 368 | 882 | 453 | 339 | 608 | 785 | 911 | 1,027 | 726 | 738 |
| Tax % | 15.59% | 22.01% | 36.04% | 15.73% | 22.88% | 19.39% | 27.49% | 30.71% | 26.03% | 20.52% | 22.29% |
| Net Profit | 226 | 287 | 564 | 382 | 261 | 490 | 569 | 631 | 759 | 577 | 573 |
| EPS | 4.06 | 5.09 | 9.39 | 6.34 | 4.28 | 7.98 | 9.13 | 10.06 | 12.10 | 9.19 | — |
| Dividend Payout % | 9.86% | 20.94% | 15.98% | 3.19% | 18.66% | 24.89% | 24.27% | 21.87% | 18.19% | 23.95% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 19%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 9%
- 5 Years:
- 17%
- 3 Years:
- 0%
STOCK PRICE CAGR
- 10 Years:
- 6%
- 5 Years:
- 13%
- 3 Years:
- -5%
- 1 Year:
- -31%
RETURN ON EQUITY
- 10 Years:
- 9%
- 5 Years:
- 9%
- 3 Years:
- 9%
- Last Year:
- 8%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 111 | 120 | 120 | 122 | 122 | 122 | 126 | 126 | 126 | 126 |
| 3,331 | 4,122 | 4,609 | 4,984 | 5,216 | 5,655 | 6,196 | 6,687 | 7,005 | 7,449 | |
| 1,652 | 1,424 | 2,071 | 1,924 | 1,799 | 1,204 | 956 | 886 | 1,295 | 2,030 | |
| Trade Payables | 2,869 | 3,388 | 4,384 | 3,936 | 3,691 | 4,261 | 4,801 | 6,001 | 6,134 | 6,979 |
| 845 | 1,567 | 1,801 | 1,599 | 1,829 | 2,531 | 3,474 | 3,577 | 4,868 | 6,256 | |
| Total Liabilities | 8,809 | 10,621 | 12,986 | 12,565 | 12,658 | 13,772 | 15,552 | 17,277 | 19,427 | 22,840 |
| 592 | 749 | 1,110 | 1,048 | 1,044 | 1,064 | 1,164 | 1,192 | 1,284 | 1,645 | |
| Capital Work in Progress | 1 | 23 | 13 | 15 | 22 | 7 | 15 | 40 | 37 | 349 |
| 1,029 | 1,024 | 919 | 889 | 999 | 894 | 875 | 1,033 | 694 | 867 | |
| 1,526 | 1,696 | 513 | 515 | 527 | 788 | 1,078 | 1,434 | 1,392 | 1,787 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,653 | 2,952 | 3,144 | |
| Cash & Bank | 109 | 66 | 299 | 317 | 439 | 559 | 646 | 1,044 | 1,341 | 1,165 |
| 5,551 | 7,064 | 10,132 | 9,781 | 9,627 | 10,460 | 11,775 | 9,881 | 11,726 | 13,884 | |
| Total Assets | 8,809 | 10,621 | 12,986 | 12,565 | 12,658 | 13,772 | 15,552 | 17,277 | 19,427 | 22,840 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 240 | 573 | 580 | 773 | 728 | 1,469 | 1,148 | 1,299 | 815 | 886 | |
| Cash from Investing | 455 | -359 | -425 | -164 | 64 | -131 | -132 | -333 | -219 | -1,029 |
| Cash from Financing | -755 | -137 | 217 | -583 | -689 | -1,099 | -749 | -706 | -312 | -51 |
| -103 | -50 | 137 | -111 | 84 | 66 | -8 | 261 | 284 | -193 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
2026-09-09 - NCC Limited has informed the Exchange about disclosure regarding ESG Rating by Crisil ESG Ratings & Analytics Limited
2026-08-31 - NCC Limited has informed the Exchange about Bagging/Receiving of orders/contracts during the Month of August 2026.
2026-08-28 - NCC Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 27, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-27 - NCC Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 27, 2026
2026-08-11 - NCC Limited has informed the Exchange about Transcript
2026-08-07 - NCC Limited has informed the Exchange about Link of Recording
2026-08-07 - NCC Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-06 - NCC Limited has informed the Exchange about Investor Presentation
2026-08-06 - NCC Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
News
Recent coverage and analyst commentary for NCC
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