NCC
Large CapNCC Limited
Infra
NCC Limited, with 48+ years of experience, is an Indian infrastructure company with a pan-India presence. It operates across 7 business verticals including Buildings, Transportation, Water & Environment, Electrical (T&D), Mining, Railways, and Irrigation, holding an ~₹83k Cr order book.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -18% YoY · margin compression · Rev +2% YoY · +28% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,233 Cr | +1.7% | +28.0% |
| EBITDA | ₹550 Cr | -0.9% | +26.1% |
| Operating margin | 9.0% | +0 bps | +0 bps |
| PAT | ₹217 Cr | -18.1% | +60.7% |
| PAT margin | 3.5% | -84 bps | +71 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
NCC reported a 6% YoY consolidated revenue decline to ₹20,823 Cr in FY26, with PAT down 12% to ₹724 Cr. Consolidated order book grew 16% YoY to ₹83,004 Cr, providing 4x book-to-bill visibility, despite execution challenges in water and state-funded projects.
While NCC's consolidated order book grew 16% YoY to ₹83,004 Cr, FY26 revenue and PAT declined due to funding-cycle stress in water and state-funded segments, and project approval delays. Working capital days expanded, impacting finance costs. Management indicates execution capabilities remain intact, with Q4 showing some normalization.
Group Revenue Composition – FY26
Latest issuer-disclosed distribution across 5 reported categories.
Diversified Order Book
₹83,004 Cr order book provides multi-year visibility (4x book-to-bill) across 7 diverse verticals.
Mining Segment Contribution
Mining contributed 36% to FY26 order inflow and 18% to the total order book, indicating strong segment performance.
Underlying Execution Capabilities
Management states underlying execution capabilities and project-level economics remain intact through the cycle.
Diversified Order Book
Order book of ₹83,004 Cr is diversified across Buildings, Transportation, Water, Electrical (T&D), Railways, Mining, and Irrigation.
Strong Execution Headroom
The ~₹83k Cr order book provides strong execution headroom and multi-year visibility with a 4x book-to-bill ratio.
Funding-Cycle Stress
FY26 revenue moderation is consistent with broader sector trends due to funding-cycle stress in water and select state-funded segments.
Project Approval Delays
A subset of projects awaiting ROW handover or environmental clearance progressed slowly through Q1-Q3 FY26.
Elevated Finance Costs
EBITDA margin compression reflects operating de-leverage on lower revenue and elevated finance costs on peak working-capital debt.
Working Capital Management
Standalone NWC days expanded through H1 FY26 reflecting JJM and water-sector receivable cycles, though Q4 showed normalization.
Receivable Cycles
Water-vertical execution was paced in line with collection visibility through Q1-Q3 FY26 against extended JJM payment cycles.
Macroeconomic & Regulatory Risks
Forward-looking statements are subject to macroeconomic and market conditions, regulatory and policy developments, and geopolitical dynamics.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for full-year performance and overall trends in a project-based business. QoQ comparison is useful to track sequential momentum, especially given management commentary on Q4 normalization and working capital cycles.
Consolidated Order Book
₹83,004 Cr in FY26, up 16% Y-o-Y.
Consolidated Order Inflow
₹31,884 Cr in FY26, down 3% Y-o-Y.
Consolidated Revenue
₹20,823 Cr in FY26, down 6% Y-o-Y.
Consolidated EBITDA Margin
8.82% of Turnover in FY26.
Execution Capabilities Intact
Management states underlying execution capabilities and project-level economics remain intact through the cycle.
Working Capital Normalization Expected
Management expects working capital days and debt to reverse as payment cycles normalize and revenue scales.
Approval Flow Easing
Approval flow eased into Q4 FY26 with execution pace picking up.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Order Book Growth | ₹83,004 Cr (16% YoY) | Sustained growth and diversification across verticals to maintain multi-year visibility. |
| Consolidated Revenue Execution | ₹20,823 Cr (-6% YoY) | Reversal of revenue decline and improved execution pace, especially in water and state-funded projects. |
| Standalone Net Working Capital Days | 97 days (Q4 FY26) | Continued normalization and reduction in NWC days, indicating improved collection cycles. |
| Consolidated EBITDA Margin | 8.82% (FY26) | Improvement in margins as revenue scales and finance costs normalize. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45Neutralnear 52W low
Technical chart
NCCdaily · 6M-10.6%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 34.
- SMA20 falling (~9.1% over last month) — short-term momentum negative.
- RSI(14) at 34 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 11% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 65.8%.
- Valuation contributes 22/30 to the score.
- Growth contributes 15/25 to the score.
Main drags
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 15th percentile of the scored universe and 18th percentile within Infra. Main check: results consistency is weak at 30/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-459 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Infra: 18th pctile, median 65 · Large: 10th pctile, median 74
112 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸11 years of positive FCF.
- ▸OPM spread across recent quarters is 1%.
Trust risks
- ▸Operating cash flow is negative at ₹-459 Cr.
- ▸Promoter holding is only 22.8%.
- ▸ROCE trend is -3.5%.
- ▸1/4 latest quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 12.90
- P/B
- 1.15
- EV/EBITDA
- 6.03
- Market Cap
- 9030.00Cr
Profitability
- ROE
- 9.20%
- ROCE
- 16.80%
- ROA
- 2.78%
- Dividend Y
- 1.53%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.44
- Interest Coverage
- 2.46×
- Altman Z
- 1.86
- Book Value
- 125.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 11/5
- OCF
- -459.00 Cr
- EPS TTM
- 10.76
Shareholding
- Promoter Hold
- 22.81%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.