Check Before You Invest : NCC Ltd

Q: Which industry/sub-sector does NCC Ltd belong to?

NCC Ltd belongs to the Construction & Infrastructure sector, operating specifically within the Engineering - Construction segment.

Q: Is NCC Ltd a good quality company?

NCC Ltd is a good quality company, based on a consistently good multi-year financial track record. This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q: Is NCC Ltd undervalued or overvalued?

NCC Ltd appears Fair, as its key valuation ratios are in line with their past averages. Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more. Valuation Ratios. Price to Earnings, Current: 16.04, Historic Median: 16.19. Price to Book, Current: 1.22, Historic Median: 1.31. Price to Sales, Current: 0.53, Historic Median: 0.63. EV to EBITDA, Current: 6.25, Historic Median: 6.43

Q: Is NCC Ltd a good buy now?

NCC Ltd is a neutral opportunity now, based on stable price trend analysis suggesting prices may move sideways. However, you need to check its quality and valuation before making a decision

Q: Revenue growth of NCC Ltd?

NCC Ltd revenue growth is 4.9% for FY-2025, which is below its 5-year CAGR of 18.5%, indicating slower growth.

Q: Gross Profit margin of NCC Ltd?

NCC Ltd Gross profit margin which is the profit after deduction of direct costs, is 6.7% for FY-2025, which is in line with its 5-year median of 6.7%, indicating stable margins.

Q: Operating Profit Margin of NCC Ltd?

NCC Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 9.09% for FY-2025, which is below its 5-year median of 10.03% indicating decreasing margins.

Q: Net Profit Margin of NCC Ltd?

NCC Ltd Net Profit Margin is 3.96% for FY-2025, is in line with its 5-year median of 3.96%, indicating stable margins. Profitability Metrics. Gross Profit Margin (%), Current: 6.7, Historic Median: 6.7. Operating Profit Margin (%), Current: 9.09, Historic Median: 10.03. Net Profit Margin (%), Current: 3.96, Historic Median: 3.96

Q: Return on Asset of NCC Ltd?

NCC Ltd Return on Asset is 4.11%, which is above its 5-year historical median of 3.85%, indicating improved asset utilization efficiency.

Q: Return on capital employed (ROCE) of NCC Ltd?

NCC Ltd Return on capital employed is 20.09% for FY-2025, which is above its 5-year historical median of 18.13%. The current ROCE is above its estimated weighted average cost of capital (WACC) of 13.5%, indicating value creation.

Check Before You Invest : NCC Ltd

Snapshot

Q.1 Which industry/sub-sector does NCC Ltd belong to?

NCC Ltd belongs to the Construction & Infrastructure sector, operating specifically within the Engineering - Construction segment.

Q.2 Is NCC Ltd a good quality company?

NCC Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is NCC Ltd undervalued or overvalued?

NCC Ltd appears Fair, as its key valuation ratios are in line with their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios	Current	5-year Historic Median
Price to Earnings	16.04	16.19
Price to Book	1.22	1.31
Price to Sales	0.53	0.63
EV to EBITDA	6.25	6.43

Q.4 Is NCC Ltd a good buy now?

NCC Ltd is a neutral opportunity now, based on stable price trend analysis suggesting prices may move sideways. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of NCC Ltd?

NCC Ltd revenue growth is 4.9% for FY-2025, which is below its 5-year CAGR of 18.5%, indicating slower growth.

Q.2 Gross Profit margin of NCC Ltd?

NCC Ltd Gross profit margin which is the profit after deduction of direct costs, is 6.7% for FY-2025, which is in line with its 5-year median of 6.7%, indicating stable margins.

Q.3 Operating Profit Margin of NCC Ltd?

NCC Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 9.09% for FY-2025, which is below its 5-year median of 10.03% indicating decreasing margins.

Q.4 Net Profit Margin of NCC Ltd?

NCC Ltd Net Profit Margin is 3.96% for FY-2025, is in line with its 5-year median of 3.96%, indicating stable margins.

	Current Level	5-year Historic Median
Gross Profit Margin (%)	6.7	6.7
Operating Profit Margin (%)	9.09	10.03
Net Profit Margin (%)	3.96	3.96

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of NCC Ltd?

NCC Ltd Return on Asset is 4.11%, which is above its 5-year historical median of 3.85%, indicating improved asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of NCC Ltd?

NCC Ltd Return on capital employed is 20.09% for FY-2025, which is above its 5-year historical median of 18.13%. The current ROCE is above its estimated weighted average cost of capital (WACC) of 13.5%, indicating value creation.

Q.7 Return on Equity (ROE) of NCC Ltd?

NCC Ltd Return on equity is 10.68% for FY-2025, which is above its 5-year historical median of 9.41%, indicating the business is making better use of its shareholders capital.

Q.8 Cash conversion cycle of NCC Ltd?

NCC Ltd Cash conversion cycle is -35 days, below its 5-year historical median of -28 days, indicating improved working capital management. However, you need to compare this with its peers in the industry.

	Current Level	5-year Historic Median
Asset Turnover (x)	1.04	0.91
ROE (%)	10.68	9.41
ROCE (%)	20.09	18.13
Cash Conversion Cycle	-35 days	-28 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of NCC Ltd?

NCC Ltd Debt-to-Equity ratio is 0.20, which is lower the industry average of 0.38, indicating lower debt levels in the industry.

Q.10 Debt to cash flow from operations of NCC Ltd?

NCC Ltd Debt to cash flow from operations is 1.82, which is at a moderate level.

Ownership & governance

D: Promoter shareholding and pledge status of NCC Ltd?

Q.1 Promoter shareholding and pledge status of NCC Ltd?

Promoters hold 22.81% of the NCC Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does NCC Ltd performance compare with that of its Peers?

Q.1 Revenue growth of NCC Ltd vs industry peers?

NCC Ltd revenue CAGR is 18.50%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.

Profit Metrics

	Current Level	5-year Industry Median
Revenue Growth (%)	4.9	-
Gross Profit Growth (%)	8.8	17
Operating Profit Growth (%)	6	14
Net Profit Growth (%)	20.6	20.3

Operating Efficiency

	Current Level	5-year Industry Median
Asset Turnover (x)	1.04	0.63
ROE (%)	10.68	6.16
ROCE (%)	20.09	10.5
Cash Conversion Cycle (days)	-34.68	52

Valuation & price assessment

Q.1 Stock return of NCC Ltd over the last decade?

Over the last 9 year(s), the stock has delivered a CAGR of 7.1% based on the current price.

	9Y	5Y	3Y	1Y
Share Price CAGR	7.1%	10.8%	9.6%	-36.9%

Q.2 Valuation ratios of NCC Ltd vs historical?

The current P/E ratio of 16.04 is in line with than its historical median of 16.19, indicating that the stock is trading near its historical average valuation.

Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?

Valuation Ratios	Current	5-year Historic Median	5-year Industry Median
Price to Earnings	16.04	16.19	21.52
Price to Book	1.22	1.31	1.74
Price to Sales	0.53	0.63	1.51
EV to EBITDA	6.25	6.43	11.49

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Check Before You Invest : NCC Ltd

Snapshot

Performance Analysis

Ownership & governance

Peer comparison (industry-wise, mcap)

Profit Metrics

Operating Efficiency

Valuation & price assessment

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