Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Ncc Ltd.
NSE: NCCIndustrialsEngineering & Construction
- Last close
- ₹116.18
- Day change
- −₹3.99 (−3.32%)vs
- Market cap
- ₹7,802 crIndian rupees
- Research updated
- 1 report
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About Ncc
NCC Ltd. is an Indian infrastructure and construction company headquartered in Hyderabad, operating as a diversified engineering and project delivery conglomerate. The company focuses on large-scale civil and industrial works, executing turnkey Engineering, Procurement and Construction contracts across key segments such as buildings and housing, transportation infrastructure, water and environment, irrigation, electrical transmission and distribution, mining, and railways. NCC Ltd. serves public and private sector clients in India and select international markets, frequently working on complex projects in urban development, transportation networks, and essential utilities. Through its group entities, including NCC Infra and NCC Urban, it is also active in infrastructure development and real estate-focused projects, broadening its presence across the built environment. In today’s market, NCC Ltd. plays a significant role in India’s infrastructure build-out by providing integrated project design, procurement, and construction services that support urbanization, industrial growth, and improvement of core public assets.
- Sector
- Industrials
- Industry
- Engineering & Construction
- Listing
- NSE: NCC
- Next results
- Chief executive
- Mr. Alluri Ananta Venkata Ranga Raju
- Employees
- 7,692
- Headquarters
- Hyderabad, India
- ISIN
- INE868B01028
- Website
- ncclimited.com
Public research · Report of
Business model & financial foundation
NCC (NSE: NCC), Construction & engineering - diversified EPC contractor: revenue of ₹20,823 crore in FY26 (-6.2% on FY25), an EBITDA margin of 8.8%, net profit of ₹675.3 crore and net debt of ₹2,815 crore.
- Revenue, FY26 (₹ crore)
- 20,823
- consolidated
- Revenue growth, FY26
- -6.2%
- on FY25
- EBITDA margin, FY26
- 8.8%
- EBITDA (excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 675.3
- to owners
- Return on equity, FY26
- 8.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 2,815
- Net debt (borrowings less cash equivalents)
- Market capitalisation (₹ crore)
- 8,477
- at the close of 13 Oct 2026
Company profile
NCC Limited is a Hyderabad-based EPC contractor executing buildings, transportation, water and railways, electrical T&D (including smart meters), irrigation and mining (coal MDO) projects across India, overwhelmingly for central and state government and PSU clients. Revenue is earned by executing a multi-year order book (Rs 81,214 crore at 30 June 2026). Founded by Dr A V S Raju in 1978; managed by MD A A V Ranga Raju with the founder's family as promoters (23.19% at 30 Sep 2026).
| Item | Value |
|---|---|
| Legal name | NCC Limited (formerly Nagarjuna Construction Company Limited) |
| Exchange and ticker | NSE: NCC; BSE: 500294 |
| ISIN | INE868B01028 |
| CIN | L72200TG1990PLC011146 |
| Sector | Industrials |
| Industry | Construction & engineering - diversified EPC contractor |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R Batliboi & Associates LLP (since 2022) |
| Market capitalisation | ₹8,477 crore (13 Oct 2026) |
| Shares outstanding | 62.78 crore shares (FY26) |
| Price | ₹123.4 (close, 13 Oct 2026) |
| 52-week range | ₹119.0 - ₹217.3 (to 13 Oct 2026) |
| Website | https://www.ncclimited.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Pachhwara Coal Mining Private Limited | 51% | Coal MDO for Pachhwara North block; material subsidiary; FY26 revenue 2,709.82, PAT 79.46, net assets 46.85 (INR cr) |
| Talaipalli Coal Mining Private Limited | 51% | Coal mining MDO SPV |
| NCC Urban Infrastructure Limited | 80% | Real estate (holds ~20 step-down property SPVs/LLPs); FY26 revenue 268.76, PAT 29.01, net assets 440.61 |
| NCC Quantum Technologies Private Limited | 100% | Smart-meter holding company for AMISP SPVs |
| NCC AMISP Ray Private Limited | 100% | Smart-meter AMISP SPV; SBI project term loan 575.66 at 31 Mar 2026 |
| NCC AMISP Marathwada Private Limited | 100% | Smart-meter AMISP SPV; SBI project term loan 517.69 at 31 Mar 2026 |
| J Kumar-NCC Private Limited | 51% | Construction SPV with J Kumar Infraprojects; FY26 revenue 404.04, PAT 3.05 |
| OB Infrastructure Limited | 64.02% | Infrastructure holding; FY26 PAT 7.18, net assets 123.58 |
| NCC Infra Limited | 100% | Infrastructure subsidiary |
| Savitra Agri Industrial Park Private Limited | 100% | Industrial park / land |
| Nagarjuna Construction Company International LLC (Oman) | 100% | Overseas construction |
| Nagarjuna Contracting Co. LLC (Dubai) | 100% | Overseas construction; step-down Al Mubarakia Contracting and NCCA International Kuwait (100%) |
| NCC Infrastructure Holdings Mauritius Pte Limited | 100% | Overseas holding company |
| Associates (six; no JV companies listed) | n.d. | Equity-accounted: Brindavan Infra 33.33%, Pondicherry Tindivanam Tollway 47.8%, Ekana Sportz City 26%, Varapradha RE 40%, Apollonius Coal 44.29%, Nagarjuna Facilities 49% |
26 subsidiaries (incl. step-down) and 6 associates at 31 Mar 2026 (S2:p62). NCC Infrastructure Holdings Ltd amalgamated into NCC Ltd (NCLT 30 Jan 2026, effective 28 Feb 2026, appointed 1 Apr 2024). No GMLR/tunnel legal entity: tunnel work is in the parent. Step-down % in BRSR are of the immediate holder.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 22.25% | 22.81% | 23.08% | 23.19% |
| Promoter holding pledged | 0.00% | 0.00% | 3.80% | 3.78% |
| Foreign institutions | 11.49% | 12.11% | 11.29% | 10.44% |
| Domestic institutions | 15.30% | 16.40% | 17.88% | 18.17% |
| of which mutual funds | 13.24% | 14.30% | 14.13% | 14.38% |
| Retail | 43.66% | 41.78% | 40.64% | 41.48% |
| Other | 7.30% | 6.90% | 7.11% | 6.72% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Construction | 20,559 | 98.7% | 1,117 | 97.5% |
| Real Estate | 264.2 | 1.3% | 30.8 | 2.7% |
| Others (BOT projects) | 0.00 | 0.0% | -2.40 | -0.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Larsen & Toubro (LT) | Largest diversified EPC contractor; buildings, water, transportation, power T&D overlap |
| Kalpataru Projects International (KPIL) | Diversified EPC (T&D, buildings, water, railways) of similar scale |
| KEC International (KEC) | EPC with T&D, civil, railways; similar order book and working capital profile |
| PNC Infratech (PNCINFRA) | Roads and water (JJM UP) EPC; shares the UP JJM payment exposure |
| HG Infra Engineering (HGINFRA) | Roads, railways and water EPC; government-client mix |
| Ahluwalia Contracts (AHLUCONT) | Buildings EPC; comparable for NCC's largest division |
| ITD Cementation (ITDCEM) | Marine, tunnelling, buildings EPC; tunnel and urban infra overlap |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 11,067 | 15,390 | 20,845 | 22,199 | 20,823 |
| Cost of revenue (vendor classification) * | 9,405 | 13,217 | 18,079 | 19,076 | 17,758 |
| Other operating costs (vendor classification) * | 191.0 | 261.9 | 249.2 | 319.3 | 284.7 |
| EBITDA (vendor classification) * | 957.0 | 1,397 | 1,697 | 1,812 | 1,742 |
| EBIT * | 970.9 | 1,224 | 1,448 | 1,626 | 1,475 |
| Finance costs | 336.2 | 339.0 | 594.8 | 680.1 | 745.3 |
| Profit before tax | 634.7 | 884.9 | 1,061 | 1,187 | 952.2 |
| Total tax expense | 140.7 | 238.6 | 320.5 | 319.0 | 228.2 |
| Profit after tax (incl. NCI) | 494.0 | 646.2 | 740.4 | 868.3 | 724.0 |
| Diluted EPS (₹) | 7.86 | 9.77 | 11.32 | 13.06 | 10.76 |
| Other income | 126.0 | 155.6 | 121.4 | ||
| Materials consumed + change in WIP inventory | 7,426 | 7,804 | 6,906 | ||
| Construction expenses + sub-contractor work bills | 10,653 | 11,272 | 10,852 | ||
| Employee benefits expense | 667.2 | 788.8 | 845.0 | ||
| Other expenses | 330.3 | 416.6 | 383.9 | ||
| EBITDA (excl. other income) | 1,769 | 1,918 | 1,836 | ||
| Depreciation and amortisation | 211.9 | 215.9 | 235.1 | ||
| Share of profit/(loss) of associates | 5.28 | 9.67 | 8.76 | ||
| Exceptional items (net) | -32.5 | 0.00 | -33.7 | ||
| Profit attributable to NCI | 29.7 | 48.4 | 48.6 | ||
| Profit attributable to owners | 710.7 | 819.9 | 675.3 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 5,896 | 6,485 | 6,812 | 7,502 | 8,029 |
| Borrowings | 1,302 | 973.8 | 980.0 | 1,594 | 3,457 |
| Cash and cash equivalents | 266.5 | 282.4 | 551.9 | 988.4 | 642.2 |
| Trade receivables | 4,525 | 5,049 | 3,256 | 3,501 | 3,976 |
| Inventories * | 1,153 | 1,374 | 1,764 | 1,810 | 2,445 |
| Trade payables * | 4,398 | 5,306 | 6,710 | 6,715 | 7,896 |
| Net property, plant and equipment * | 1,138 | 1,238 | 1,253 | 1,348 | 1,758 |
| Capital work in progress * | 1,093 | 1,198 | 1,262 | 1,320 | 1,881 |
| Total assets * | 14,458 | 16,550 | 18,097 | 21,006 | 26,006 |
| Contract assets (unbilled revenue + retention money + other) | 6,111 | 8,832 | 10,343 | ||
| Contract liabilities (mobilisation + customer advances + due to customers) | 3,001 | 3,077 | 4,777 | ||
| Net debt (borrowings less cash equivalents) | 428.1 | 605.2 | 2,815 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 842.0 | 303.6 | 1,359 | 741.7 | -458.5 |
| Free cash flow (vendor definition) * | 1,197 | 753.2 | 1,074 | 422.2 | -1,414 |
| Dividends paid | -48.8 | -125.6 | -138.1 | -138.1 | -138.1 |
| Capex (acquisition of PPE, investment property, intangibles incl. CWIP) | 51.6 | -222.9 | -285.2 | -319.5 | -955.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 60.98 | 62.34 | 62.78 | 62.78 | 62.78 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 5,196 | 5,345 | 6,131 | 5,179 | 4,543 | 4,868 | 6,233 | 5,812 |
| Cost of revenue (vendor classification) * | 4,458 | 4,601 | 5,238 | 4,429 | 4,131 | 5,352 | 4,937 | |
| Other operating costs (vendor classification) * | 98.6 | 100.8 | 128.1 | 90.7 | 93.5 | 104.3 | 95.4 | |
| EBITDA (vendor classification) * | 471.6 | 489.4 | 613.7 | 487.0 | 470.2 | 571.7 | 579.0 | |
| EBIT * | 417.1 | 435.7 | 559.7 | 432.0 | 378.0 | 507.1 | 509.7 | |
| Finance costs | 166.7 | 165.7 | 192.6 | 163.6 | 171.8 | 196.4 | 213.5 | 198.0 |
| Profit before tax | 250.4 | 270.0 | 367.2 | 268.4 | 208.6 | 181.6 | 293.6 | 311.6 |
| Total tax expense | 75.6 | 64.2 | 102.1 | 63.7 | 41.3 | 46.4 | 76.8 | 82.7 |
| Profit after tax (incl. NCI) | 174.8 | 205.9 | 265.1 | 204.6 | 167.3 | 135.2 | 216.8 | 228.9 |
| Diluted EPS (₹) | 2.60 | 3.08 | 4.04 | 3.06 | 2.46 | 1.95 | 3.28 | 3.45 |
| Other income | 28.4 | 38.3 | 58.5 | 28.9 | 42.1 | 32.1 | 18.3 | 30.7 |
| Materials consumed + change in WIP inventory | 1,719 | 1,892 | 2,204 | 1,747 | 1,658 | 1,587 | 1,914 | 1,800 |
| Construction expenses + sub-contractor work bills | 2,739 | 2,709 | 3,034 | 2,682 | 2,187 | 2,544 | 3,438 | 3,137 |
| Employee benefits expense | 196.4 | 201.5 | 208.5 | 203.1 | 209.0 | 207.1 | 225.8 | 234.2 |
| Other expenses | 98.6 | 100.8 | 128.1 | 90.7 | 95.4 | 93.5 | 104.3 | 95.4 |
| EBITDA (excl. other income) | 443.0 | 440.9 | 556.3 | 456.1 | 393.3 | 436.2 | 550.4 | 545.1 |
| Depreciation and amortisation | 54.5 | 53.7 | 54.0 | 55.0 | 56.9 | 58.6 | 64.6 | 69.3 |
| Share of profit/(loss) of associates | 0.28 | 10.1 | -1.08 | 1.96 | 1.99 | 1.83 | 2.98 | 3.20 |
| Exceptional items (net) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -33.7 | 0.00 | 0.00 |
| Profit attributable to NCI | 11.8 | 12.7 | 11.3 | 12.5 | 12.6 | 12.8 | 10.8 | 12.5 |
| Profit attributable to owners | 163.0 | 193.2 | 253.8 | 192.1 | 154.7 | 122.5 | 206.0 | 216.4 |
| Total expenses | 5,534 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 40.6% | 39.1% | 35.4% | 6.5% | -6.2% |
| EBITDA margin | 8.5% | 8.6% | 8.8% | ||
| Net margin | 3.4% | 3.7% | 3.2% | ||
| Return on equity | 10.7% | 11.5% | 8.7% | ||
| Return on capital employed | 13.2% | 16.7% | 19.0% | 19.3% | 14.3% |
| Return on assets | 4.1% | 4.2% | 2.9% | ||
| Net debt (₹ crore) | 428.1 | 605.2 | 2,815 | ||
| Net debt / EBITDA | 0.24x | 0.32x | 1.53x | ||
| Interest cover | 2.89x | 3.61x | 2.43x | 2.39x | 1.98x |
| Asset turnover | 0.79x | 0.99x | 1.20x | 1.14x | 0.89x |
| Receivable days | 149 | 120 | 57 | 58 | 70 |
| Inventory days (on revenue) | 38 | 33 | 31 | 30 | 43 |
| Payable days (on revenue) | 145 | 126 | 117 | 110 | 138 |
| Cash conversion | 1.91x | 0.90x | -0.68x | ||
| Capex intensity | 0.5% | 1.4% | 1.4% | 1.4% | 4.6% |
| Free cash flow (₹ crore) | 790.3 | 80.6 | 1,074 | 422.2 | -1,414 |
| Dividend payout | 19.4% | 16.8% | 20.5% | ||
| EPS, diluted (₹) | 7.86 | 9.77 | 11.32 | 13.06 | 10.76 |
| Book value per share (₹) | 96.68 | 104.0 | 108.5 | 119.5 | 127.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash equivalents); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Ncc
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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