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NCC Limited
(NCC)
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Rating:56Neutral
Price Target:
₹129.00
▼(-20.10% Downside)
Action:Reiterated
Date:08/17/26
Overall score is constrained mainly by financial performance risk—particularly the sharp deterioration in operating/free cash flow and the 2026 gross margin compression—despite a still-manageable balance sheet. Technicals add caution as the stock trades below key longer-term moving averages with negative MACD. The main offset is relatively attractive valuation (low-to-moderate P/E and a moderate dividend yield).
Positive Factors
Diversified EPC platform
NCC’s presence across several infrastructure sectors and its end-to-end EPC capabilities diversify its project base and broaden the addressable market. This platform can support recurring contract opportunities across public-sector infrastructure priorities rather than relying on one type of construction work.
Negative Factors
Negative cash generation
The sharp reversal to negative operating and free cash flow weakens the quality of reported earnings and reduces financial flexibility. Project-related cash absorption or working-capital demands can limit internally funded growth, increase reliance on borrowing, and make sustained execution more financially demanding.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified EPC platform
NCC’s presence across several infrastructure sectors and its end-to-end EPC capabilities diversify its project base and broaden the addressable market. This platform can support recurring contract opportunities across public-sector infrastructure priorities rather than relying on one type of construction work.
Read all positive factors
NCC Limited (NCC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹80.11B
Dividend Yield1.78%
Average Volume (3M)271.69K
Price to Earnings (P/E)11.1
Beta (1Y)1.40
Revenue Growth-1.81%
EPS Growth-12.78%
CountryIN
Employees6,586
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)10.75
Shares Outstanding627,846,560
10 Day Avg. Volume267,243
30 Day Avg. Volume271,688
Financial Highlights & Ratios
PEG Ratio-0.69
Price to Book (P/B)1.04
Price to Sales (P/S)0.39
P/FCF Ratio-3.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹180.00Price Target Upside11.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)11.09
Revenue Forecast (FY)₹195.07B
NCC Limited Business Overview & Revenue Model
Company Description
Operating both within India and internationally, NCC Limited is a prominent construction company offering a diverse range of services. The firm specializes in erecting a variety of structures, from industrial and commercial buildings, housing deve...
How the Company Makes Money
NCC primarily makes money by winning and executing infrastructure and construction contracts, with revenue recognized as projects progress (typically based on the stage of completion/measurement of work performed) and cash collected through milest...
NCC Limited Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
64
Positive
Cash Flow
32
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 208.23B | 221.99B | 208.45B | 155.53B | 111.38B |
| Gross Profit | 19.85B | 33.86B | 29.95B | 25.46B | 18.99B |
| EBITDA | 19.33B | 19.18B | 17.69B | 14.59B | 10.28B |
| Net Income | 6.75B | 8.20B | 7.11B | 6.09B | 4.82B |
Balance Sheet | |||||
| Total Assets | 260.06B | 210.06B | 180.97B | 165.50B | 144.58B |
| Cash, Cash Equivalents and Short-Term Investments | 12.91B | 10.08B | 6.28B | 3.29B | 3.00B |
| Total Debt | 34.57B | 15.94B | 9.80B | 9.74B | 13.02B |
| Total Liabilities | 179.77B | 135.04B | 112.86B | 100.65B | 85.62B |
| Stockholders Equity | 78.69B | 73.24B | 66.40B | 61.67B | 56.03B |
Cash Flow | |||||
| Free Cash Flow | -21.29B | 4.22B | 10.74B | 7.53B | 11.97B |
| Operating Cash Flow | -11.73B | 7.42B | 13.59B | 11.00B | 14.16B |
| Investing Cash Flow | -8.24B | -585.50M | -3.19B | -1.92B | -660.40M |
| Financing Cash Flow | 16.51B | -2.47B | -7.71B | -8.93B | -12.75B |
NCC Limited Technical Analysis
Negative
161.45
Price Trends
136.76
Negative
140.43
Negative
144.92
Negative
Market Momentum
-3.97
Negative
34.37
Neutral
43.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NCC, the sentiment is Negative. The current price of 161.45 is above the 20-day moving average (MA) of 127.12, above the 50-day MA of 136.76, and above the 200-day MA of 144.92, indicating a bearish trend. The MACD of -3.97 indicates Negative momentum. The RSI at 34.37 is Neutral, neither overbought nor oversold. The STOCH value of 43.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:NCC.
NCC Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹75.38B | 7.42 | ― | 0.32% | 25.06% | -7.89% | |
62 Neutral | ₹4.99T | 27.89 | ― | 1.05% | 9.78% | 13.15% | |
56 Neutral | ₹80.11B | 11.06 | ― | 1.78% | -1.81% | -12.78% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹98.00B | 18.24 | ― | 1.87% | -9.92% | -21.60% | |
45 Neutral | ₹49.93B | 23.47 | ― | 1.34% | -20.64% | -12.46% | |
44 Neutral | ₹89.94B | 61.00 | ― | 0.84% | -11.87% | -73.37% |
* General Sector Average
IN:NCC
NCC Limited
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-86.46
-41.83%
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NCC Limited Corporate Events
NCC Limited Mourns Founder Dr. A V S Raju, Marks Governance Shift
Oct 13, 2026
NCC Limited has announced the death of its Founder, Chairman Emeritus and Promoter, Padma Shri Dr. A V S Raju, on 13 October 2026, marking the loss of a central figure in the company’s history. The board highlighted his visionary leadership ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.