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 profit growth of 20.7% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 20.6%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 21.2% CAGR over last 5 years
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Operating cash flow has been negative in recent years
- Recent results are weak - TTM profit is down 20.4% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Total debt has risen sharply - up 116.9% 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
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,380 | 4,720 | 5,260 | 6,485 | 5,528 | 5,196 | 5,345 | 6,131 | 5,179 | 4,543 | 4,868 | 6,233 | 5,812 | |
| 3,971 | 4,416 | 4,755 | 5,934 | 5,050 | 4,753 | 4,904 | 5,575 | 4,723 | 4,150 | 4,432 | 5,682 | 5,534 | |
| Operating Profit | 409 | 304 | 505 | 551 | 478 | 443 | 441 | 556 | 456 | 393 | 436 | 550 | 278 |
| OPM % | 9.34% | 6.44% | 9.61% | 8.49% | 8.65% | 8.52% | 8.25% | 9.07% | 8.81% | 8.66% | 8.96% | 8.83% | 4.78% |
| 26 | 27 | 28 | 13 | 30 | 28 | 38 | 58 | 29 | 42 | -2 | 18 | 31 | |
| Interest | 132 | 153 | 156 | 153 | 155 | 167 | 166 | 193 | 164 | 172 | 196 | 213 | 198 |
| Depreciation | 53 | 53 | 53 | 52 | 54 | 55 | 54 | 54 | 55 | 57 | 59 | 65 | 69 |
| Profit before Tax | 250 | 124 | 324 | 358 | 299 | 250 | 260 | 368 | 266 | 207 | 180 | 291 | 312 |
| Tax % | 27.23% | 31.31% | 29.09% | 33.37% | 25.79% | 30.22% | 24.69% | 27.72% | 23.92% | 19.98% | 25.80% | 26.43% | 26.55% |
| Net Profit | 0 | 0 | 0 | 0 | 223 | 175 | 206 | 265 | 205 | 167 | 135 | 217 | 229 |
| 2.76 | 1.23 | 3.51 | 3.81 | 3.34 | 2.60 | 3.08 | 4.04 | 3.06 | 2.46 | 1.95 | 3.28 | 3.45 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,001 | 8,391 | 12,896 | 8,901 | 7,949 | 11,138 | 15,553 | 20,845 | 22,199 | 20,823 | 21,456 | |
| 8,333 | 7,511 | 11,296 | 7,814 | 7,030 | 10,114 | 14,094 | 19,076 | 20,281 | 18,987 | 19,798 | |
| Operating Profit | 667 | 879 | 1,599 | 1,087 | 919 | 1,024 | 1,459 | 1,769 | 1,918 | 1,836 | 1,658 |
| OPM % | 7.42% | 10.48% | 12.40% | 12.21% | 11.56% | 9.19% | 9.38% | 8.49% | 8.64% | 8.82% | 7.73% |
| 126 | -23 | 17 | 63 | 103 | 274 | 133 | 93 | 156 | 88 | 89 | |
| Interest | 513 | 460 | 522 | 554 | 480 | 478 | 515 | 595 | 680 | 745 | 780 |
| Depreciation | 203 | 172 | 193 | 199 | 181 | 187 | 203 | 212 | 216 | 235 | 249 |
| Profit before Tax | 46 | 219 | 894 | 387 | 363 | 635 | 885 | 1,061 | 1,187 | 952 | 989 |
| Tax % | 81.86% | 36.62% | 36.54% | 18.82% | 21.92% | 22.16% | 26.97% | 30.21% | 26.87% | 23.97% | 25.01% |
| Net Profit | 8 | 139 | 568 | 314 | 283 | 494 | 646 | 740 | 868 | 724 | 741 |
| EPS | 0.57 | 2.99 | 9.63 | 5.59 | 4.39 | 7.86 | 9.77 | 11.32 | 13.06 | 10.76 | — |
| Dividend Payout % | 70.19% | 35.62% | 15.57% | 3.62% | 18.18% | 25.28% | 22.67% | 19.44% | 16.85% | 20.45% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 21%
- 3 Years:
- 10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 19%
- 5 Years:
- 20%
- 3 Years:
- 3%
STOCK PRICE CAGR
- 10 Years:
- 6%
- 5 Years:
- 13%
- 3 Years:
- -5%
- 1 Year:
- -31%
RETURN ON EQUITY
- 10 Years:
- 8%
- 5 Years:
- 11%
- 3 Years:
- 11%
- Last Year:
- 10%
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 | 111 | 120 | 120 | 122 | 122 | 122 | 126 | 126 | 126 | 126 |
| Minority Interest | 329 | 300 | 277 | 253 | 298 | 293 | 319 | 172 | 179 | 160 |
| 3,336 | 3,962 | 4,448 | 4,784 | 5,023 | 5,454 | 6,041 | 6,514 | 7,198 | 7,743 | |
| 2,781 | 2,318 | 2,902 | 2,288 | 2,076 | 1,328 | 1,004 | 935 | 1,489 | 3,184 | |
| Trade Payables | 3,141 | 3,586 | 4,515 | 4,120 | 3,829 | 4,398 | 5,306 | 6,613 | 6,715 | 7,896 |
| 1,268 | 1,930 | 2,217 | 2,030 | 2,135 | 2,798 | 3,693 | 3,675 | 5,255 | 6,855 | |
| Total Liabilities | 10,966 | 12,217 | 14,479 | 13,597 | 13,482 | 14,394 | 16,489 | 18,034 | 20,961 | 25,965 |
| 986 | 1,030 | 1,293 | 1,144 | 1,131 | 1,139 | 1,239 | 1,271 | 1,370 | 1,776 | |
| Capital Work in Progress | 1 | 23 | 13 | 15 | 22 | 7 | 15 | 41 | 37 | 351 |
| 729 | 619 | 475 | 448 | 440 | 346 | 352 | 155 | 148 | 153 | |
| 2,718 | 2,830 | 1,425 | 1,391 | 1,222 | 1,153 | 1,374 | 1,764 | 1,810 | 2,445 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,117 | 3,355 | 3,784 | |
| Cash & Bank | 177 | 118 | 362 | 389 | 505 | 601 | 709 | 1,150 | 1,581 | 1,289 |
| 6,355 | 7,597 | 10,910 | 10,209 | 10,163 | 11,147 | 12,799 | 10,537 | 12,661 | 16,168 | |
| Total Assets | 10,966 | 12,217 | 14,479 | 13,597 | 13,482 | 14,394 | 16,489 | 18,034 | 20,961 | 25,965 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 356 | 716 | 912 | 1,072 | 866 | 1,601 | 1,404 | 1,359 | 742 | -459 | |
| Cash from Investing | 376 | -188 | -619 | 11 | -207 | -66 | -192 | -319 | -59 | -766 |
| Cash from Financing | -818 | -453 | 89 | -1,047 | -558 | -1,275 | -893 | -771 | -247 | 878 |
| -129 | -56 | 143 | -105 | 77 | 75 | 16 | 270 | 436 | -346 |
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
2026-09-09 - 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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NCC Ltd.
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