Whalesbook: AI-Powered Stock Updates via WhatsApp

Stock Analysis

Description

NCC Limited is an Indian company incorporated in 1978, engaged in turnkey EPC contracts and BOT projects, with significant operations in construction across various segments like buildings, transportation, and water infrastructure.

Key Growth Triggers

Strong order inflows and a robust order book, with recent wins exceeding ₹1,200 crore in December 2025, ₹6,800 crore in October 2025, and ₹2,000 crore from Bihar.
Positive outlook for FY26 driven by government infrastructure spending.
Diversification into real estate development with plans for 20,000 housing units.
Conservative debt-to-equity ratio of 0.20.
Focus on project selectivity and leverage optimization for FY26.

Order Book

Order Book: September 2025 = ₹71,957 Cr.

Key Red Flags

Low return on equity over the last three years.
Potentially high cost of borrowing.

Key Dates To Watch

Currently no data available for Key Dates To Watch.

Corporate Announcements

31st Mar 26

Impact Rating: 8

NCC announced the receipt of five new orders in March 2026, totalling ₹2,469.53 crore (excluding GST). These orders are significantly distributed across its Water (₹1291.90 cr), Buildings (₹793.48 cr), and Transportation (₹384.15 cr) divisions.

27th Mar 26

Impact Rating: 6

NCC Limited has informed exchanges about the resignation of Mr. Sisir K Mishra, who held positions as Company Secretary, Compliance Officer, and Nodal Officer. He will be relieved on April 6, 2026.

26th Mar 26

Impact Rating: 6

NCC Limited will close its trading window from April 1, 2026, for Directors, Promoters, and Designated Persons. The closure will persist for 48 hours following the declaration of its Audited Financial Results for Q4FY26/FY26.

13th Mar 26

Impact Rating: -

No description available.

28th Feb 26

Impact Rating: 8

NCC Limited has been awarded a significant order valued at ₹326.06 crore (excluding GST) for its Water Division. This order is in the normal course of business.

Peer Comparision

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	3863.55	33.01	531462.49	0.88	4678.01	15.63	67983.53	10.44	14.49	270722.51	12.67	16074.88	3926.09	5.27	4.98	1.32
2.	Rail Vikas	335.95	61.63	70046.22	0.51	230.52	-19.73	5122.97	5.52	14.72	20026.00	4.70	1135.41	230.29	7.35	6.40	0.52
3.	NBCC	103.90	42.01	28053.00	0.64	156.69	25.71	2910.20	18.99	33.17	12751.71	5.04	667.83	153.52	10.44	4.68	0.00
4.	IRB Infra.Devl.	41.55	28.63	25092.00	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.	1146.90	23.82	19585.88	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	683.10	26.60	18184.16	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.	163.20	25.53	15349.17	1.56	136.51	-32.68	1976.75	-19.23	11.60	9787.96	7.43	600.65	138.65	2.43	3.74	0.80
8.	NCC	150.75	13.21	9464.78	1.46	100.96	-37.12	3726.44	-16.17	20.14	18151.69	8.69	718.59	100.96	1.23	4.11	0.28
–	Median: 117 Co.	130.0	17.85	483.51	0.0	9.21	23.05	149.57	10.73	18.43	506.52	12.78	30.76	9.16	2.08	6.85	0.44

Quarterly Results

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	3,004	3,373	4,016	3,838	4,283	4,747	5,446	4,713	4,445	4,671	5,376	4,378	3,726
Expenses	2,715	3,024	3,592	3,458	4,005	4,268	4,936	4,274	4,044	4,261	4,881	3,983	3,449
Operating Profit	289	349	424	381	279	479	510	440	401	410	495	395	278
Other Income	33	57	31	28	28	26	-15	34	35	49	30	51	48
Profit before tax	150	218	261	224	101	298	289	267	218	244	299	241	117
Tax %	19%	31%	32%	28%	31%	29%	35%	25%	26%	24%	28%	21%	14%
Net Profit	122	150	178	162	69	213	187	201	161	185	214	190	101
EPS in Rs	1.94	2.39	2.83	2.58	1.10	3.39	2.98	3.20	2.56	2.95	3.41	3.03	1.61

Profit & Loss

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	5,926	8,297	8,325	7,892	7,559	12,080	8,219	7,256	9,930	13,351	18,314	19,205	18,152
Expenses	5,521	7,648	7,557	7,205	6,704	10,657	7,189	6,401	8,934	12,009	16,666	17,460	16,574
Operating Profit	406	649	769	687	856	1,423	1,030	855	996	1,343	1,648	1,746	1,577
Other Income	153	195	173	87	9	59	119	116	254	152	68	148	178
Interest	466	574	509	396	379	451	518	458	460	510	595	653	639
Depreciation	90	112	110	112	117	149	178	174	182	200	209	213	216
Profit before tax	3	159	322	267	368	882	453	339	608	785	911	1,028	901
Net Profit	41	112	240	226	287	564	382	261	490	569	631	761	691
EPS in Rs	0.73	2.01	4.32	4.06	4.77	9.39	6.26	4.29	8.04	9.07	10.06	12.12	11.00
Dividend Payout %	13%	20%	14%	10%	21%	16%	3%	19%	25%	24%	22%	18%	–

Balance Sheet

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	51	111	111	111	120	120	122	122	122	126	126	126	126
Reserves	2,469	3,093	3,150	3,331	4,122	4,637	4,984	5,243	5,681	6,196	6,687	7,311	7,463
Borrowings	2,475	1,995	1,883	1,577	1,300	1,993	1,910	1,789	1,184	980	1,005	1,484	2,115
Other Liabilities	4,133	4,234	4,112	3,925	5,259	6,409	5,755	5,545	6,839	8,298	9,518	10,913	12,201
Total Liabilities	9,127	9,433	9,256	8,944	10,801	13,159	12,770	12,699	13,827	15,600	17,336	19,834	21,905
Fixed Assets	692	632	584	640	808	1,310	1,260	1,291	1,328	1,386	1,445	1,523	1,576
Gross Block	1,154.88	1,202.07	1,229.01	1,371.99	1,626.34	2,180.23	2,256.74	2,415.46	2,540.85	2,730.56	2,920.16	3,157.74	–
Accumulated Depreciation	463.24	569.79	645.10	731.66	818.28	870.48	997.15	1,124.54	1,213.10	1,344.69	1,475.41	1,635.09	–
CWIP	10	8	8	1	23	13	15	22	7	22	40	37	36
Investments	1,164	1,157	993	1,029	1,024	919	889	999	894	875	1,033	1,065	1,191
Other Assets	7,261	7,636	7,671	7,274	8,946	10,916	10,607	10,387	11,597	13,318	14,818	17,209	19,101
Total Assets	9,127	9,433	9,256	8,944	10,801	13,159	12,770	12,699	13,827	15,600	17,336	19,834	21,905

Cash Flows

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	370	514	489	197	447	345	636	710	1,296	873	1,299	816
Cash from Investing Activity	-173	-79	365	455	-359	-425	-164	64	-131	-132	-333	-219
Cash from Financing Activity	-217	-409	-713	-755	-137	217	-583	-689	-1,099	-749	-706	-311
Net Cash Flow	-20	26	141	-103	-50	137	-111	84	66	-8	261	286

Ratios

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	89	60	135	164	218	92	107	127	88	76	53	56
Inventory Days	224	148	155	178	223	39	64	81	85	83	72	65
Days Payable	215	145	259	334	445	336	488	565	458	369	301	358
Cash Conversion Cycle	97	63	31	7	-5	-204	-317	-358	-286	-210	-176	-236
Working Capital Days	23	60	59	63	75	99	76	100	84	67	44	47
ROCE %	9%	14%	16%	14%	16%	22%	14%	11%	13%	17%	21%	20%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	21.99%	22.00%	22.00%	22.00%	22.00%	22.00%	22.00%	22.00%	22.02%	22.10%	22.10%	22.11%	22.25%
FIIs	15.76%	19.96%	22.46%	24.18%	23.89%	27.33%	23.65%	20.86%	18.13%	13.79%	12.70%	12.87%	11.49%
DIIs	12.35%	12.86%	12.29%	11.03%	10.52%	10.63%	11.40%	12.34%	14.17%	15.60%	17.50%	16.65%	15.30%
Public	49.89%	45.16%	43.24%	42.81%	43.59%	40.03%	42.96%	44.78%	45.68%	48.49%	47.69%	48.37%	50.96%