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Hindustan Construction Company Ltd (HCC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500185 NSE: HCC Engineering - Construction | Small Cap | HCC Share Price

₹21.78 0.23 (1.07%)

As on 18-Sep'26 16:59

Hindustan Construction Company Ltd (HCC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500185 NSE: HCC Engineering - Construction | Small Cap | HCC Share Price

₹21.78 0.23 (1.07%)

As on 18-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹5,705 Cr.
Current Price
₹21.8
52-Week Low / High
₹14 / 28
TTM EPS
₹0.6
TTM Sales
₹3,872 Cr.
Book Value per Share
₹8.3
P/E Ratio
34.40
Higher than its 5-year historical median
Industry PE
24.2
Price to Book (P/B)
2.62
Lower than its 5-year historical median
Price to Sales (P/S)
1.47
Higher than its 5-year historical median
EV/EBITDA
9.85
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
10.92%
Outperforms industry median
Return on Capital Employed (ROCE)
24.16%
Outperforms industry median
Return on Assets (ROA)
2.03%
Operating Profit Margin
14.2%
Net Profit Margin
4.17%
Gross Profit Margin
5.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-17.99%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-28.8%
Net Profit Growth (1 Year)
-
46.96%
Asset Quality
Promoter Holding
16.17%
Pledged shares (%) of Promoter's holding (%)
82.43%
Reserves
₹1,916 Cr.
Equity
₹262 Cr.
Face Value
₹1
All Time Low / High
₹0.34 / 101.06

Hindustan Construction Company stock performance

Key Ratios
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Check Before You Invest

Valuation

Fair

Price Trend

Semi Strong
Q.1 Is Hindustan Construction Company Ltd a good quality company?
Hindustan Construction Company 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 Hindustan Construction Company Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Hindustan Construction Company Ltd vs industry peers?
Hindustan Construction Company Ltd revenue CAGR is -13.61%, compared to the industry median CAGR of 0%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Hindustan Construction Company Ltd?
Promoters hold 16.17% of the Hindustan Construction Company Ltd, with 82.43% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of Hindustan Construction Company Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -2.8% based on the current price.

10 Year X-Ray :

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.
Hindustan Construction Company 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'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 12.5%11.4%-33%15.3%-0.3%24.3%40.9%34.2%31.8%19.3%-
Value Creation
Index
-0.1-0.2-3.40.1-1.00.71.91.51.30.4-

Growth Parameters

Sales 4,1964,5754,6033,6472,5904,6665,2225,0434,8013,9373,850
Sales YoY Gr.-9%0.6%-20.8%-29%80.2%11.9%-3.4%-4.8%-18%-
Adj EPS 0.30.6-10.3-0.9-2.1-0.80.50.60.40.70.8
YoY Gr.-103.3%-1795.1%NANANANA26%-44.4%105.7%-
BVPS (₹) 19.319.87.26.33.32.53.95.18.911.811.9
Adj Net
Profit
42.585.3-1,936-171-386-15693.211375.9188204
Cash Flow from Ops. 6391,318571314-97.264577.939074.5701-
Debt/CF from Ops. 6.92.85.810.7-40.72.125.14.520.21.2-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales -0.7%8.7%-9%-18%
Adj EPS 10.2%NA12.9%105.7%
BVPS-5.3%29.2%45.2%33%
Share Price -2.8% 22.3% 3% -10.4%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
1.93.1-93.8-13.5-43.1-28.815.713.85.47.56.6
Op. Profit
Mgn %
1814.312.912.811.616.913.613.619.416.115
Net Profit
Mgn %
11.9-42.1-4.7-14.9-3.31.82.21.64.85.3
Debt to
Equity
1.61.32.42.96.52.92.71.90.80.3-
Working Cap
Days
7917696858011,132518391410457618241
Cash Conv.
Cycle
-4230807317985-10-8-24-2136

Valuation of HCC - Consolidated

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!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *85.3276.8576.8478.8978.8978.8978.8973.2879.7482.43
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales9,86710,13210,5449,4448,24810,6688,2707,0075,6033,970
Operating Expenses + 9,1059,3639,6128,6007,8579,4807,7226,3364,8103,404
Manufacturing Costs7,3877,7328,1727,0246,5308,1206,5585,2663,5552,629
Material Costs150-3159-17-17-11103370
Employee Cost 9951,0221,008983955934728642493340
Other Costs 722559435434389444447418425435
Operating Profit 7617709328443911,188548671794565
Operating Profit Margin (%) 7.7%7.6%8.8%8.9%4.7%11.1%6.6%9.6%14.2%14.2%
Other Income + 815675788715853133123111
Exceptional Items -21-160-527221-27446141085153038
Interest 1,5431,5258088171,0011,0361,012813600469
Depreciation 20620117715213613812810516427
Profit Before Tax -1,022-1,100-657362-867637-119778523223
Tax -40-10-608165-25766-6724841157
Profit After Tax -983-1,090-50197-610572-53529113166
PAT Margin (%) -10.0%-10.8%-0.5%2.1%-7.4%5.4%-0.6%7.6%2.0%4.2%
Adjusted EPS (₹)-8.7-9.8-0.31.1-3.33.0-0.22.70.50.6
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + -268-1,068-1,000-759-1,318-659-714-1699062,127
Share Capital 101102151151151151151151182262
Reserves -369-1,170-1,151-910-1,469-810-866-3207241,865
Debt +7,3954,7853,6362,9933,4638324,8861,6781,045649
Long Term Debt6,1543,6622,4621,5871,4081,1784,8511,6721,045648
Short Term Debt1,2401,1231,1741,4062,055-34635600
Minority Interest-207-48300000000
Trade Payables3,4633,6472,7463,0293,0473,0592,9912,4732,0762,027
Others Liabilities 6,8879,8735,0856,4526,83710,2515,2334,4533,9293,514
Total Liabilities 17,26916,75410,46711,71512,02913,48312,3968,4367,9558,317

Fixed Assets

Net Fixed Assets +1,7101,728572769863720620445242246
Gross Block2,1112,3361,1811,5131,6781,5341,5361,406889872
Accumulated Depreciation401608610744815814916961647625
CWIP 1,8901,7141691782101719
Investments 4764171843564185979246110198
Inventories2,6082,504632467480485491436128133
Trade Receivables2,3082,4653,5461,8984,5022,0912,6982,2042,3882,253
Cash Equivalents 7599528568431,2621,5421,154513697458
Others Assets 7,5186,9734,5097,2044,5048,5857,3544,5914,3835,009
Total Assets 17,26916,75410,46711,71512,02913,48312,3968,4367,9558,317
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 481,4411835383489471691134892
PBT -1,022-1,061-506174-933641-90726523223
Adjustment 1,8441,9311,5167391,352988419-411301404
Changes in Working Capital -752596-724-311-185-598-318-186-686271
Tax Paid -23-24-103-64114-845-39-5-6
Cash Flow From Investing Activity + -5971-5-36-75-225426825-53-364
Capex -22857-25-67-61-55-205806-67
Net Investments 158-10-2922-44-201226457-86-26
Others 1125498303140428726-271
Cash Flow From Financing Activity + 46-1,336-312-514101-660-603-810109-697
Net Proceeds from Shares 80920491000015906967
Net Proceeds from Borrowing 1,209-207-523-294-90-734-175-285-209-688
Interest Paid -1,062-1,031-331-425-423-426-392-462-448-977
Dividend Paid -0-0-00000000
Others -909-11751205614500-36-78-1400
Net Cash Flow 34176-134-1237462-161106190-170
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)N/AN/AN/AN/AN/AN/AN/AN/A30.5710.92
ROCE (%)N/AN/AN/AN/AN/AN/AN/AN/A49.6324.16
Asset Turnover Ratio0.60.60.770.850.690.840.640.670.680.49
PAT to CFO Conversion(x)N/AN/AN/A2.73N/A1.66N/A0.171.195.37
Working Capital Days
Receivable Days53.6086104.10105.20141.60112.80105.70127.70149.60213.40
Inventory Days92.8092.1054.3021.202116.5021.5024.1018.4012
Payable Days0006,620.3000002,463.300

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Hindustan Construction Company Ltd FAQs

The current trading price of HCC on 18-Sep-2026 16:59 is ₹21.78.

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 17-Sep-2026 the market cap of HCC stood at ₹5,705.2 Cr

The latest P/E ratio of HCC as of 17-Sep-2026 is 27.92.

The latest P/B ratio of HCC as of 17-Sep-2026 is 1.83.

The 52-week high of HCC is ₹28.48 and the 52-week low is ₹13.60.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of HCC is ₹3,850 ( Cr.) .

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

The key valuation ratios of Hindustan Construction Company 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 Hindustan Construction Company Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Hindustan Construction Company Ltd

Hindustan Construction Company is a pre-eminent Indian infrastructure company, it was incorporated over eight decades ago. The HCC Group of companies comprise HCC Ltd (Engineering & Construction), HCC Infrastructure Ltd, HCC Real Estate Ltd (HREL) and Lavasa Corporation Ltd. The group specializes in technically complex, new-age infrastructure projects, as well as EPC, BOT, Integrated Projects and Townships.

HCC has, over the years, strongly anchored itself to India’s development efforts. It is now acknowledged as a company that continues to empower India, enabling the nation to surge ahead in different core sectors. At the heart of all development efforts is the attempt to touch and improve the quality of life of people across the length and breadth of the country.

HCC, as an industry leader in engineering construction, currently nurtures projects that span across such diverse segments as transportation, power, marine projects, oil and gas pipeline constructions, irrigation and water supply, utilities and urban infrastructure, all of which impact the nation of India, and the progress of its people.

This company with focus towards empowering the nation, currently spans across construction, real estate and infrastructure development fields, which form part of the backbone of any nation building effort.

The company has executed a majority of India’s landmark infrastructure projects, having constructed more than 25% of India’s hydro power, and over 50% of India’s nuclear power generation capacities, 2,227 km of roads and expressways and over 200 km of complex tunneling in addition to hundreds of bridges, dams and barrages.

HCC has remained at the forefront of India’s engineering construction industry with global management practices, which include acquiring international ISO certifications for management systems in Quality, Occupational Health & Safety and Environment. In fact, Environment Management is a key focus area for the company and it is implementing various initiatives through the government recognized Centre for Research and Development and Innovation (CRDI), such as use of fly ash in concrete that helps reduce carbon emissions and innovative techniques in pipeline joint testing.

Having established robust corporate governance norms, the company has also set global benchmarks in the construction industry with the fastest implementation of SAP-ERP coupled with high levels of complexity across 28 diverse project locations. The complex implementation of ERP at HCC’s hydroelectric projects under construction at altitudes of more than 11,000 feet in Leh, Jammu and Kashmir, remains the highest location of SAP-ERP operations in the world.

The company is only Indian signatory member of the United Nations’ CEO Water Mandate, which involves water management projects at grass root levels.

Subsidiary companies

  • HCC Infrastructure Ltd, a wholly-owned subsidiary of HCC Ltd, is engaged in developing infrastructure projects in growing sectors such as transportation; namely roads, bridges.
  • HCC Real Estate Ltd (HREL) is a 100% subsidiary of Hindustan Construction Company Ltd. (HCC). With inherent skills and resources to develop and execute high-value projects within  stringent compliances, HREL is helping build communities across India. HREL is proud to touch the lives of many.

Core Business:

HCC executes the construction of technically complex and high value projects across segments such as transportation, power, marine projects, oil and gas pipeline constructions, irrigation and water supply, utilities and urban infrastructure. These projects exhibit HCC’s premier trademark -- which is quality, excellence, and precision, turning them into engineering and construction marvels in their respective categories.1) Hydro  business Unit 2) Nuclear Power & Special projects Business Unit 3) EPC business Unit 4) Water Solution Business Unit and 5) Transportation Business Unit.

Milestones:

  • Feb 10, 2010: The company bags three contracts worth Rs 2,860 crore from National Highways Authority of India (NHAI)
  • Mar 04, 2010: Secures two orders worth Rs 299.36 crore from Hindalco Industries
  • Mar 12, 2010: HCC, in joint venture (JV) with Coastal Projects (CPP), secures orders worth Rs 197 crore from North Frontier Railway
  • May 06, 2010: Completes acquisition of 66% stake in Karl Steiner AG
  • May 13, 2010: Launch of Highbar Tech to tap IT opportunities in the Infra industry
  • May 25, 2010: Secures project from Nuclear Power Corp worth Rs 888 crore
  • June 08, 2010: Company’s arm signs MoU with Orascom Construction
  • June 10, 2010: The company sells its 74% stake in ‘247Park’ to IL&FS Milestone Fund
  • June 25, 2010: Secures EPC contract from Himachal Pradesh Power Corporation
  • June 28, 2010: Wins contract worth of Rs 126 crore from Hindalco Inds
  • Aug 10, 2010: Secures Rs 121.86 crore worth order from Hindalco Inds
  • Aug 23, 2010: The company’s wholly-owned subsidiary HCC Infrastructure mulls entering airport operation and building business
  • Sept 09, 2010: HCC, CPPL bags tunnel work worth Rs 312.82 crore
  • Sept 24, 2010: The company bags Rs 660 crore worth order from GMR Hydro Power
  • Dec 06, 2010: Signs two agreements with VINCI affiliates to jointly work on power and infrastructure Projects
  • Jan 12, 2010: The company inks MoU with Gujarat government at the Vibrant Gujarat Summit for an investment of Rs 12000 crore
  • Jan 13, 2010: The company enters the renewable energy sector
  • Feb 02, 2010: Secures Rs 345.30 crore EPC contract from Sardar Sarovar Nigam

Awards & Achievements:-

  • FY2009 -- Infrastructure Leader of the Year to Ajit Gulabchand under Infrastructure Excellence Awards 2009 in association with CNBC TV18.
  • Best Concrete Structure Award for the year
  • 2007-2008 -- To Gosikhurd Spillway Project, the award is conferred by the India Concrete Institute
  • Most Outstanding Bridge National Award for the year 2008 for the Bandra Worli Sea Link Project by an independent jury of bridge engineering experts from the Indian Institution of Bridge Engineers (IIBE).
  • FY2007 -- Golden Peacock Award for Excellence in Corporate Governance - 2007 conferred by the Institute of Directors (IOD), under the Chairmanship of Justice P N Bhagwati, former Chief Justice of India and Member of Human Rights Commission
  • Demo JAM - SAP Summit 2007: 1st prize for best innovation at handling Construction Aids (CONA) material in SAP implementation, etc.

Future Plan:

The company’s real estate subsidiary, HREL, is currently developing a state-of-the-art IT Park at Mumbai as well as free India’s largest Hill City, Lavasa, a three-hour drive away from Mumbai.

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