NCC Limited (IN:NCC)
:NCC
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NCC Limited
(NCC)
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Rating:51Neutral
Price Target:
₹161.00
▼(-0.28% Downside)
Action:Reiterated
Date:05/17/26
The score is primarily weighed down by financial performance, especially the sharp 2026 cash flow reversal and margin compression, alongside rising leverage. Technicals are mixed (neutral RSI and positive MACD but weak positioning versus key moving averages), while valuation is moderate with only a modest dividend yield.
Positive Factors
Diversified EPC business
NCC's end-to-end EPC model across multiple infrastructure segments provides structural revenue diversification and repeat client opportunities, reducing single-segment cyclicality. This breadth supports steady contract flow from government and private sponsors and underpins durable project pipeline conversion over months.
Negative Factors
Severe cash-flow reversal
A sharp shift to negative OCF and FCF materially weakens financial flexibility, reflecting large working-capital absorption or delayed collections. This raises durable refinancing and liquidity risk, may force higher-cost funding or slower supplier payments, and can constrain new award participation over several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified EPC business
NCC's end-to-end EPC model across multiple infrastructure segments provides structural revenue diversification and repeat client opportunities, reducing single-segment cyclicality. This breadth supports steady contract flow from government and private sponsors and underpins durable project pipeline conversion over months.
Read all positive factors
NCC Limited (NCC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹92.04B
Dividend Yield1.37%
Average Volume (3M)144.16K
Price to Earnings (P/E)12.2
Beta (1Y)1.41
Revenue Growth-6.20%
EPS Growth-17.64%
CountryIN
Employees6,586
SectorBasic Materials
Sector Strength58
IndustryEngineering & Construction
Share Statistics
EPS (TTM)12.64
Shares Outstanding627,846,560
10 Day Avg. Volume128,816
30 Day Avg. Volume144,160
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)12.39
Revenue Forecast (FY)₹206.96B
NCC Limited Business Overview & Revenue Model
Company Description
NCC Limited engages in the construction business in India and internationally. The company constructs industrial and commercial buildings, housing projects, IT parks, shopping malls, sports complexes, and hospitals, as well as stadia; and roads, h...
How the Company Makes Money
NCC primarily makes money by executing infrastructure and construction contracts awarded by clients (often government bodies, public sector entities, and/or private customers, depending on the project). Revenue is recognized based on progress of c...
NCC Limited Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
64
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 211.97B | 208.23B | 221.99B | 208.45B | 155.53B | 111.38B |
| Gross Profit | 30.81B | 19.85B | 33.86B | 29.95B | 25.46B | 18.99B |
| EBITDA | 18.85B | 18.36B | 19.15B | 17.69B | 14.59B | 10.28B |
| Net Income | 7.94B | 6.75B | 8.20B | 7.11B | 6.09B | 4.82B |
Balance Sheet | ||||||
| Total Assets | 234.40B | 260.06B | 210.06B | 180.97B | 165.50B | 144.58B |
| Cash, Cash Equivalents and Short-Term Investments | 7.68B | 12.91B | 10.08B | 6.28B | 3.29B | 3.00B |
| Total Debt | 29.23B | 34.57B | 15.94B | 9.80B | 9.74B | 13.02B |
| Total Liabilities | 157.27B | 179.77B | 135.04B | 112.86B | 100.65B | 85.62B |
| Stockholders Equity | 75.34B | 78.69B | 73.24B | 66.40B | 61.67B | 56.03B |
Cash Flow | ||||||
| Free Cash Flow | -15.39B | -21.29B | 4.22B | 10.74B | 7.53B | 11.97B |
| Operating Cash Flow | -13.43B | -11.73B | 7.42B | 13.59B | 11.00B | 14.16B |
| Investing Cash Flow | -2.47B | -8.24B | -585.50M | -3.19B | -1.92B | -660.40M |
| Financing Cash Flow | 8.13B | 16.51B | -2.47B | -7.71B | -8.93B | -12.75B |
NCC Limited Technical Analysis
Negative
161.45
Price Trends
152.27
Negative
152.26
Negative
176.22
Negative
Market Momentum
-0.45
Positive
33.87
Neutral
6.51
Positive
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 below the 20-day moving average (MA) of 162.51, above the 50-day MA of 152.27, and below the 200-day MA of 176.22, indicating a bearish trend. The MACD of -0.45 indicates Positive momentum. The RSI at 33.87 is Neutral, neither overbought nor oversold. The STOCH value of 6.51 is Positive, 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹90.96B | 8.53 | ― | 1.20% | 13.58% | -11.01% | |
66 Neutral | ₹5.38T | 29.97 | ― | 0.84% | 11.79% | 15.95% | |
63 Neutral | ₹132.66B | 41.51 | ― | 1.56% | -16.20% | -19.48% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
51 Neutral | ₹92.04B | 12.17 | ― | 1.37% | -6.20% | -17.64% | |
50 Neutral | ₹112.63B | 39.72 | ― | 0.65% | -4.78% | -50.23% | |
48 Neutral | ₹54.80B | 118.38 | ― | ― | -29.16% | 44.18% |
* Basic Materials Sector Average
IN:NCC
NCC Limited
146.60
-84.44
-36.55%
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IN:HCC
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20.92
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IN:IRCON
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141.05
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-24.64%
IN:LT
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3,912.15
355.69
10.00%
NCC Limited Corporate Events
NCC Limited Confirms SEBI Compliance on Share Dematerialisation for Q4 FY26
Apr 4, 2026
NCC Limited has informed the stock exchanges that it has received a compliance certificate from its registrar and transfer agent, KFin Technologies Limited, under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for t...
Delhi High Court Puts NHAI Debarment of NCC in Abeyance
Feb 21, 2026
NCC Limited has informed the stock exchanges that the Delhi High Court has granted interim relief in relation to a debarment order issued by the National Highways Authority of India. The court has directed that the NHAI debarment remain in abeyanc...
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.