Incorporated in 1926, Hindustan Construction Company Limited (HCC) is the flagship company of Hindustan Construction Company Group (HCC Group) and is involved in engineering and construction of infrastructure projects such as dams, tunnels, bridges, hydro,nuclear and thermal power plants, expressways and roads, marine works, water supply, irrigation systems and industrial buildings across the country.[1]
Service OfferingsIt is an engineering and construction company developing infrastructure projects including dams, tunnels, bridges, hydro, nuclear, thermal power plants, expressways and roads, marine works, water supply, irrigation systems, etc. It has contributed to India’s 26% hydropower capacity, over 60% of its nuclear power generation capacity, 4,036 lane km of roads and expressways, 395 bridges, and 360 km of advanced tunneling.[1][2]The total revenue declined by 18% YoY in FY24, driven by the divestment of Steiner AG’s construction business.[3][4]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Larsen & Toubro | 3856.85 | 32.95 | 530540.86 | 0.88 | 4678.01 | 15.63 | 67983.53 | 10.44 | 14.49 | 270722.51 | 12.67 | 16074.88 | 3926.09 | 5.26 | 4.98 | 1.32 |
| 2. | Rail Vikas | 333.90 | 61.25 | 69618.78 | 0.51 | 230.52 | -19.73 | 5122.97 | 5.52 | 14.72 | 20026.00 | 4.70 | 1135.41 | 230.29 | 7.29 | 6.40 | 0.52 |
| 3. | NBCC | 103.20 | 41.73 | 27864.00 | 0.64 | 156.69 | 25.71 | 2910.20 | 18.99 | 33.17 | 12751.71 | 5.04 | 667.83 | 153.52 | 10.34 | 4.68 | 0.00 |
| 4. | IRB Infra.Devl. | 41.59 | 28.67 | 25116.16 | 0.72 | 140.82 | 41.00 | 1751.02 | 10.42 | 7.82 | 8024.67 | 48.08 | 875.41 | 140.82 | 1.22 | 2.01 | 1.02 |
| 5. | Kalpataru Proj. | 1147.40 | 23.83 | 19594.42 | 0.79 | 237.39 | 91.27 | 6528.57 | 32.43 | 15.95 | 25498.99 | 8.25 | 821.04 | 240.05 | 2.84 | 2.36 | 0.69 |
| 6. | KEC International | 684.45 | 26.67 | 18220.07 | 0.79 | 160.75 | 88.21 | 6091.56 | 19.13 | 17.98 | 23335.94 | 7.26 | 683.11 | 160.75 | 3.21 | 2.75 | 0.94 |
| 7. | Ircon Intl. | 163.00 | 25.52 | 15330.36 | 1.57 | 136.51 | -32.68 | 1976.75 | -19.23 | 11.60 | 9787.96 | 7.43 | 600.65 | 138.65 | 2.42 | 3.74 | 0.80 |
| 8. | Hind.Construct. | 20.71 | 62.19 | 5424.91 | 0.00 | 36.68 | -26.93 | 957.79 | -20.38 | 31.49 | 4359.13 | 20.03 | 87.23 | 36.68 | 2.67 | 1.00 | 0.71 |
| – | Median: 117 Co. | 130.0 | 17.98 | 483.98 | 0.0 | 9.21 | 23.05 | 149.57 | 10.73 | 18.43 | 506.52 | 12.79 | 32.73 | 9.16 | 2.08 | 6.85 | 0.44 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,249 | 1,155 | 1,845 | 1,231 | 1,139 | 1,245 | 1,428 | 1,266 | 1,203 | 1,002 | 1,330 | 1,069 | 958 |
Expenses | 1,021 | 984 | 1,634 | 1,076 | 975 | 1,091 | 1,214 | 1,106 | 989 | 855 | 917 | 910 | 804 |
Operating Profit | 228 | 171 | 211 | 155 | 164 | 154 | 214 | 159 | 214 | 147 | 413 | 159 | 154 |
Other Income | 242 | 12 | 19 | 18 | 42 | 108 | 126 | 21 | 23 | 26 | 28 | 21 | 18 |
Profit before tax | 313 | 26 | 66 | 20 | 53 | 109 | 188 | 38 | 86 | 18 | 317 | 55 | 55 |
Tax % | 0% | 2% | -0% | 4% | 2% | 37% | 79% | 41% | 42% | 1,276% | 28% | 30% | 33% |
Net Profit | 313 | 25 | 66 | 19 | 52 | 69 | 39 | 23 | 50 | -216 | 228 | 39 | 37 |
EPS in Rs | 1.29 | 0.10 | 0.27 | 0.08 | 0.22 | 0.28 | 0.16 | 0.09 | 0.21 | -0.83 | 0.87 | 0.15 | 0.14 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 4,043 | 4,135 | 4,191 | 4,196 | 4,575 | 4,603 | 3,647 | 2,590 | 4,666 | 5,222 | 5,043 | 4,801 | 4,359 |
Expenses | 3,413 | 3,350 | 3,651 | 3,440 | 3,931 | 4,014 | 3,182 | 2,290 | 3,877 | 4,510 | 4,356 | 3,868 | 3,486 |
Operating Profit | 630 | 785 | 540 | 756 | 644 | 589 | 465 | 300 | 789 | 712 | 687 | 933 | 873 |
Other Income | 214 | 144 | 454 | 239 | 250 | -2,282 | 349 | -221 | 80 | 285 | 294 | 98 | 93 |
Interest | 608 | 651 | 702 | 772 | 660 | 699 | 746 | 830 | 949 | 664 | 543 | 506 | 474 |
Depreciation | 145 | 150 | 152 | 125 | 123 | 145 | 109 | 91 | 94 | 78 | 68 | 65 | 47 |
Profit before tax | 91 | 127 | 140 | 97 | 112 | -2,537 | -41 | -843 | -173 | 255 | 370 | 460 | 445 |
Net Profit | 81 | 82 | 95 | 59 | 78 | -1,926 | -169 | -566 | -153 | 253 | 179 | 85 | 87 |
EPS in Rs | 0.56 | 0.53 | 0.51 | 0.25 | 0.32 | -7.96 | -0.70 | -2.34 | -0.63 | 1.05 | 0.74 | 0.32 | 0.33 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 61 | 65 | 78 | 101 | 102 | 151 | 151 | 151 | 151 | 151 | 151 | 182 | 182 |
Reserves | 1,203 | 1,323 | 1,725 | 2,589 | 2,673 | 1,202 | 1,027 | 461 | 317 | 570 | 770 | 1,734 | 1,810 |
Borrowings | 4,817 | 5,011 | 5,035 | 4,397 | 3,725 | 3,300 | 3,373 | 3,953 | 1,346 | 1,957 | 1,736 | 1,506 | 1,408 |
Other Liabilities | 2,854 | 3,228 | 3,175 | 4,117 | 4,605 | 5,925 | 6,378 | 6,207 | 9,456 | 5,708 | 5,481 | 5,322 | 5,532 |
Total Liabilities | 8,935 | 9,626 | 10,014 | 11,204 | 11,105 | 10,578 | 10,929 | 10,772 | 11,270 | 8,386 | 8,138 | 8,743 | 8,932 |
Fixed Assets | 915 | 785 | 689 | 595 | 598 | 418 | 345 | 480 | 372 | 300 | 229 | 156 | 152 |
Gross Block | 2,025.80 | 2,006.46 | 2,004.28 | 867.29 | 987.11 | 907.37 | 926.72 | 1,108.52 | 946.03 | 925.25 | 872.23 | 785.46 | – |
Accumulated Depreciation | 1,110.40 | 1,221.72 | 1,315.77 | 271.82 | 389.17 | 489.28 | 581.25 | 628.10 | 573.71 | 625.47 | 643.44 | 629.38 | – |
CWIP | 5 | 6 | 2 | 187 | 160 | 169 | 178 | 2 | 1 | 0 | 1 | 7 | 9 |
Investments | 690 | 693 | 777 | 796 | 781 | 1,627 | 1,632 | 1,685 | 1,685 | 1,592 | 1,632 | 1,620 | 1,486 |
Other Assets | 7,325 | 8,142 | 8,546 | 9,625 | 9,566 | 8,364 | 8,773 | 8,605 | 9,212 | 6,494 | 6,276 | 6,961 | 7,284 |
Total Assets | 8,935 | 9,626 | 10,014 | 11,204 | 11,105 | 10,578 | 10,929 | 10,772 | 11,270 | 8,386 | 8,138 | 8,743 | 8,932 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 503 | 383 | 339 | 639 | 1,318 | 571 | 314 | -97 | 645 | 78 | 390 | 75 |
Cash from Investing Activity | -29 | -95 | 42 | -195 | -50 | -244 | -36 | -42 | -157 | 402 | 208 | -49 |
Cash from Financing Activity | -414 | -358 | -389 | -437 | -1,224 | -317 | -326 | 282 | -478 | -502 | -581 | 286 |
Net Cash Flow | 61 | -70 | -8 | 8 | 44 | 11 | -47 | 142 | 10 | -22 | 18 | 312 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 55 | 81 | 44 | 182 | 191 | 276 | 182 | 620 | 138 | 143 | 134 | 180 |
Inventory Days | 1,295 | 1,380 | 63 | 98 | 61 | 88 | 101 | – | 74 | 62 | 54 | 80 |
Days Payable | 481 | 595 | 524 | 679 | 616 | 808 | 941 | – | 771 | 671 | 761 | 1,334 |
Cash Conversion Cycle | 869 | 866 | -417 | -399 | -364 | -444 | -657 | 620 | -558 | -466 | -573 | -1,074 |
Working Capital Days | 29 | -55 | -100 | 27 | -32 | 5 | -228 | -34 | -68 | 6 | 12 | 44 |
ROCE % | 12% | 13% | 10% | 13% | 11% | 10% | 8% | 5% | 24% | 31% | 28% | 31% |
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Stock Analysis
Hindustan Construction Company Ltd (HCC) is a prominent Indian engineering and construction firm, primarily engaged in developing large-scale infrastructure projects across various sectors like dams, tunnels, bridges, power plants, and roads.
The company's historical contribution to India's infrastructure development, including significant shares in the nation's hydropower capacity, nuclear power generation capacity, road network, and tunneling projects, serves as a key growth driver. Its robust bid pipeline of approximately ₹57,000 Cr indicates future potential.
As of Q2 FY26, HCC maintained an order book of ₹13,152 Cr. The company also secured new orders totaling ₹2,770 Cr in Q2 FY26 and ₹901 Cr from Northeast Frontier Railway.
Auditors have consistently flagged concerns regarding the recoverability of certain investments and deferred tax assets. Additionally, the company has faced challenges with high leverage and a stretched liquidity position, as noted by ICRA's rating update.
The company has scheduled a Board Meeting to approve Q2 FY26 financial results on November 6, 2025, and the Q3 FY26 results trading window closure was set for January 1, 2026.
Corporate Announcements
