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NCC Ltd (NCC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500294 NSE: NCC Engineering - Construction | Small Cap | NCC Share Price

₹146.90 -0.40 (-0.27%)

As on 04-Jun'26 16:59

NCC Ltd (NCC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500294 NSE: NCC Engineering - Construction | Small Cap | NCC Share Price

₹146.90 -0.40 (-0.27%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹9,223 Cr.
Current Price
₹146.9
52-Week Low / High
₹130 / 242
TTM EPS
₹9.2
TTM Sales
₹17,463 Cr.
Book Value per Share
₹120.6
P/E Ratio
15.99
In line with its 5-year historical median
Industry PE
29.9
Price to Book (P/B)
1.22
Lower than its 5-year historical median
Price to Sales (P/S)
0.53
Lower than its 5-year historical median
EV/EBITDA
6.23
In line with its 5-year historical median
Dividend Yield
1.05%
Profitability Efficiency
Return on Equity (ROE)
10.68%
Outperforms industry median
Return on Capital Employed (ROCE)
20.09%
Outperforms industry median
Return on Assets (ROA)
4.11%
Operating Profit Margin
9.1%
Net Profit Margin
3.96%
Gross Profit Margin
6.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
4.86%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
5.91%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
20.52%
Asset Quality
Promoter Holding
22.81%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹7,449 Cr.
Equity
₹125.6 Cr.
Face Value
₹2
All Time Low / High
₹0.60 / 364.50

NCC stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 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.

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.

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.
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.
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.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
NCC Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 16.1%13%14.1%21.7%14.1%11.3%15.1%18.1%19.9%20.1%-
Value Creation
Index
0.2-0.10.10.60.0-0.20.10.30.50.5-

Growth Parameters

Sales 8,3257,8927,55912,0808,2197,2569,93013,35118,31419,20517,463
Sales YoY Gr.--5.2%-4.2%59.8%-32%-11.7%36.9%34.5%37.2%4.9%-
Adj EPS 4.24.869.86.24.16.38.510.612.29.2
YoY Gr.-13.7%24.7%63.1%-37.2%-34.2%55.6%35.6%24.6%14.4%-
BVPS (₹) 58.761.970.678.783.787.594.7100.7108.5118.5120.6
Adj Net
Profit
236268361589375247384536668764577
Cash Flow from Ops. 4891974473456367101,2968731,299816-
Debt/CF from Ops. 3.982.95.832.50.91.10.81.8-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 9.7%18.5%24.6%4.9%
Adj EPS 12.4%14.6%24.5%14.4%
BVPS8.1%7.2%7.7%9.2%
Share Price 7.6% 12.6% 5.6% -36.9%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
7.389.413.17.64.76.98.810.210.77.7
Op. Profit
Mgn %
8.98.711.311.812.511.81010.199.18.3
Net Profit
Mgn %
2.83.44.84.94.63.43.943.743.3
Debt to
Equity
0.60.50.30.40.40.30.20.20.20.20.1
Working Cap
Days
328333380289455503384323262281185
Cash Conv.
Cycle
8610011925-53-45-28-19-20-3537

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales8,3257,8927,55912,0808,2197,2569,93013,35118,31419,205
Operating Expenses + 7,5887,2156,70410,6577,1896,4018,93412,00916,66617,460
Manufacturing Costs2,8633,2063,1925,0663,4543,4364,8036,3058,2468,483
Material Costs3,9013,1362,7774,7642,9452,3833,3944,7517,2777,778
Employee Cost 301332364439435350429520641759
Other Costs 523542372387354232308433503440
Operating Profit 7386778551,4231,0308559961,3431,6481,746
Operating Profit Margin (%) 8.9%8.6%11.3%11.8%12.5%11.8%10.0%10.1%9.0%9.1%
Other Income + 224148116118151116108152124187
Exceptional Items -20-50-107-59-3301460-57-39
Interest 509396379451518458460510595653
Depreciation 110112117149178174182200209213
Profit Before Tax 3222673688824533396087859111,028
Tax 8242813187178118216280267
Profit After Tax 240226287564382261490569631761
PAT Margin (%) 2.9%2.9%3.8%4.7%4.7%3.6%4.9%4.3%3.5%4.0%
Adjusted EPS (₹)4.34.14.89.46.34.38.09.110.112.1
Dividend Payout Ratio (%)13.90%9.90%20.90%16%3.20%18.70%24.90%24.30%21.90%18.20%

Valuation of NCC - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 3,2613,4424,2424,7295,1065,3385,7776,3226,8137,437
Share Capital 111111120120122122122126126126
Reserves 3,1503,3314,1224,6094,9845,2165,6556,1966,6877,311
Debt +1,8181,5371,1641,7361,6521,5271,0908038611,192
Long Term Debt102911932017499828353109
Short Term Debt1,7171,5281,0451,4161,4781,4281,0087208081,083
Minority Interest0000000000
Trade Payables2,7712,8693,3884,3843,9363,6914,2614,8016,0017,624
Others Liabilities 1,3249601,8282,1361,8712,1022,6453,6263,6033,541
Total Liabilities 9,1748,80910,62112,98612,56512,65813,77215,55217,27719,793

Fixed Assets

Net Fixed Assets +5845927491,1101,0481,0441,0641,1641,1921,284
Gross Block1,2291,3201,5631,9752,0402,1652,2732,5042,6632,918
Accumulated Depreciation6457288148669921,1201,2091,3401,4701,634
CWIP 81231315227224037
Investments 9571,0291,0249198899998948751,0331,065
Inventories1,6571,5261,6965135155277881,0781,4341,392
Trade Receivables3,0873,5364,5063,0502,4082,5212,3842,7882,6532,952
Cash Equivalents 216109662993174395596461,0441,338
Others Assets 2,6662,0152,5587,0827,3737,1068,0768,9809,88111,726
Total Assets 9,1748,80910,62112,98612,56512,65813,77215,55217,27719,793

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 4891974473456367101,2968731,299816
PBT 3222673688824533396087859111,028
Adjustment 4794485376356675634655991,136755
Changes in Working Capital -220-475-331-937-347-174396-235-413-906
Tax Paid -93-44-126-235-137-18-173-275-335-61
Cash Flow From Investing Activity + 365455-359-425-16464-131-132-333-219
Capex -91-129-308-491-88-152-168-218-242-254
Net Investments 01820449-1516-053100
Others 456565-7261-1252312186-144-65
Cash Flow From Financing Activity + -713-755-137217-583-689-1,099-749-706-311
Net Proceeds from Shares 005410000000
Net Proceeds from Borrowing -115-118207322-145-71-18583-67197
Interest Paid -575-408-375-431-473-462-446-498-588-646
Dividend Paid -27-40-27-72-109-12-49-126-138-138
Others 4-188-483399143-144-420-20887276
Net Cash Flow 141-103-50137-1118466-8261286

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)7.436.737.4612.577.775.018.829.419.6210.68
ROCE (%)16.0813.0414.1421.6914.1111.2515.118.1319.9320.09
Asset Turnover Ratio0.890.880.781.020.640.580.750.911.121.04
PAT to CFO Conversion(x)2.040.871.560.611.662.722.641.532.061.07
Working Capital Days
Receivable Days97.60153.10194.10114.10121.2012490.2070.7054.2053.30
Inventory Days75.9073.6077.8033.4022.8026.2024.2025.502526.90
Payable Days167.10285.50362.20268.60469.50520.40370.40285.80223254.60

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

NCC Ltd FAQs

The current trading price of NCC on 04-Jun-2026 16:59 is ₹146.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of NCC stood at ₹9,223.1 Cr

The latest P/E ratio of NCC as of 03-Jun-2026 is 15.99.

The latest P/B ratio of NCC as of 03-Jun-2026 is 1.22.

The 52-week high of NCC is ₹242.0 and the 52-week low is ₹130.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of NCC is ₹17,463 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that NCC Ltd is a good quality company.

The key valuation ratios of NCC Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of NCC Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About NCC Ltd

NCC is a leading infrastructure and construction enterprise headquartered in Hyderabad, India. Established in 1978, the company has built a strong legacy in the Indian infrastructure sector, with a diverse portfolio spanning multiple verticals such as Buildings, Transportation, Water and Environment, Irrigation, Mining, Railways and Electrical (T&D). The company stands tall as a conglomerate encompassing various facets of construction and infrastructure building. The key focus of the company has always been to deliver on time adopting the best practices in the industry and conforming to high quality standards. Not restricting its operations to the city of its inception, the company has forayed into multifaceted ventures across the country.

The company was established as a Partnership firm in 1978, which was subsequently converted into a limited Company in 1990. The shares of the Company, was listed on the stock exchanges in India, in 1992 pursuant to Public offer of equity shares. 

Business verticals

  • Buildings: Buildings & housing are key measures of the growth and development of a nation, reflecting the living standards of its citizens. NCC has been a major player in this area, having contributed to construction, including industrial buildings, commercial buildings, housing projects, IT parks, shopping malls, sports complexes, hospitals and stadiums.
  • Transportation: A strong transportation network shortens the mile, paving the way for better connectivity. Roads form the heart-line of transportation, establishing accessibility to the remotest part of the country, helping maximise economic and social benefits. NCC has proved to be a reliable executor of large-scale contracts within tight schedules. Working hand-in-hand with the government, NCC is working to transform the roads & highways network in the country.
  • Water & Environment: Water has become a source of concern across the globe with the rapid degradation of the environment and unbridled exploitation of natural water resources. Management of water and waste water has assumed enormous significance and NCC plays a crucial role in this field. NCC has augmented its expertise to be able to execute various water supply, drainage systems and sewage treatment plants through specialised systems for high-value projects.
  • Irrigation: The lifeline of farmers and the basic necessity to feed the vast population, irrigation infrastructure includes a network of major, medium and minor canals from Indian rivers, groundwater, well-based systems, tanks, and other rainwater harvesting projects for agricultural activities.
  • Mining: Spurred by the government of India's firm plans for private sector participation in the mining sector, NCC is digging into this business through Mine Developer-cum- Operator (MDO), removal of overburden and extraction and transportation of coal from Open Cast Mines in India.
  • Railways: The development of the nation is kept on track by the smooth movement of people and goods. NCC has undertaken to keep the wheels of growth in constant motion by engaging in projects involving dedicated freight corridors, zonal railway projects and private railway sidings.
  • Electrical (T&D): The growing need for electrification across the nation has resulted in the impetus given by the government to speedily impart accessibility to power. NCC’s Electrical Division is equipped to handle extensive and demanding electrical construction projects. The vast repertoire of expertise in design, engineering, erection, testing and commissioning of EHV/ HV sub-stations & transmission lines, high voltage distribution systems, feeder separation schemes, have helped NCC plug in its strengths to various projects.

Business area of the company

NCC is primarily engaged in the construction of public assets such as buildings, roads, water supply networks, and urban infrastructure.

Awards and recognitions

1999-02

  • Awarded Safety Certificate by National Aluminum Company (NALCO) for maintaining highest standards of safety while constructing a factory at Damanjodi, Odisha
  • Received “Outstanding Concrete Structure of the Year” award for Shilpakalavedika, a state-of-the-art auditorium in Hyderabad

2003-04

  • Received “Outstanding Concrete Structure of the Year” award for Main Athletic Stadium, Gachibowli, Hyderabad
  • Awarded for “Excellent Aesthetics Matching with Environment” for a project encompassing flyover, bridge, pedestrian subway and allied structures at Latur, Maharashtra

2005-06

  • Only construction company in India to be ranked in Forbes Asia’s 200 “Best Under a Billion” list in Asia Pacific
  • Rated as the “Fastest Growing Construction Company in India” by Construction World-NICMAR study

2007-10

  • Ranked as the “2nd Largest Construction Company in India” by Construction World-NICMAR study
  • NCC’s Annual Report and Accounts for Year ended 31st March, 2009 were adjudged as “2nd best” under the category “Infrastructure & Construction Sector” by ICAI Awards for Excellence in Financial Reporting

2015-16

  • National Award for “Excellence in Cost Management” for the year 2015 by The Institute of Cost Accountants of India
  • Viswakarma Awards 2016 by Construction Industry Development council (CIDC) New Delhi

2018-19

  • NCC Ltd has received an Award for “Top 100 Best Organizations with Innovative HR Practices” 
  • NCC Ltd has received “Telangana’s Best Employer Brand” awards at 13th Employer Branding Awards hosted by World HRD Congress & CHRO Asia 

2019-20

  • NCC Ltd consecutively for the third time received “Telangana’s Best Employer Brand” awards at 14th Employer Branding Awards hosted by World HRD Congress & CHRO Asia 
  • NCC Ltd received “Dun & Bradstreet Best HR Practices 2019” in the functions of Talent Acquisition, Recruitment, Retention, Compensation & Benefits, Employee Engagement, Training & Development, Performance Management, Talent Management, Team Management & Leadership, Industrial Relations and CSR.

2023-24

  • NCC was honoured with the prestigious BUILD INDIA INFRA 2024 AWARD for the Nagpur Metro Project in the category of Sustainability.
  • NCC won multiple Public Relations Society of India (PRSI) National Awards For Corporate Communications & CSR.
  • NCC won multiple excellence awards at Public Relations Council of India (PRCI’s) 17th Global Communication Conclave in various categories - Gold for Samashti - In-house Magazine; Silver for CSR; Bronze for Social Media.
  • NCC Won Three Awards at The 21st Edition of The Construction World Global Awards held in New Delhi in October 2023.
  • In June,2023, NCC was awarded the first position under the category of ‘Infrastructure & Construction’ by the Institute of Cost Accountants of India for Excellence in Cost Management.
  • NCC won the first prize in the Amazon Web Series (AWS) Innovation Program for ground-breaking and innovative approach of its Asset Management Division (AMD) to digitize operational value chain and improve productivity.

2024-25

  • KREIS awarded NCC a Certificate of Excellence for constructing the Babu Jagjivan Ram Auditorium, a 2,000-seat facility known for its hyperbolic roof and innovative space-frame structure.
  • NCC received a Certificate of Appreciation for timely completion of critical works in Chapra’s RDSS Power Distribution Project ahead of Bihar CM’s visit, showcasing superior planning and execution under pressure.
  • NCC was honoured with the ET Feather Touch Business Innovation Award 2024 for its impactful CSR initiatives in skill development, received at a grand event in Bengaluru by the Corporate Communications team.
  • NCC bagged 3rd place as the fastest growing construction company in the ultra-large category at the 22nd CW Global Awards, underscoring its scale, speed, and consistent sectoral leadership.
  • NCC received the HMTV Business Excellence Award for Real Estate & Infrastructure in Hyderabad, affirming its leadership and innovation in delivering landmark infrastructure and urban development projects.
  • NCC won four PRSI National Awards in Raipur: Best CSR (Childcare), Social Media for PR, Sustainability Development Report, and Annual Report, marking excellence in communication, outreach, and transparency.
  • NCC was felicitated for the successful execution of Phases 1-3 of UP’s SWSM projects under the Jal Jeevan Mission. State dignitaries presented the recognition in recognition of efforts to enhance rural drinking water infrastructure.

Milestones 

  • 1978: NCC took birth as a partnership company.
  • 1990: Transformed into a Public Limited Co.
  • 1992: Listed in BSE with Initial Public Offering.
  • 1995: Achieved a turnover of Rs 100 crore.
  • 2002: Crossed a milestone of Rs 1000 crore turnover.
  • 2011: Further strides to cross Rs 5000 crore.
  • 2018: The company had order value at Rs 32,500 crore.
  • 2019: In FY19, NCC's turnover surpassed Rs 12,000 crore.
  • 2022: In the year 2022 its Order Book touches the figure of Rs 40,000 crore.
  • 2023: Achieved revenue of Rs 13,504 crore with an order book of Rs 50,244 crore.
  • 2024: Recorded revenue of Rs 20,971 crore with an order book of Rs 57,536 crore.
  • 2025: Registered revenue of Rs 22,355 crore with an orderbook of Rs 71,568 crore.

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