Construction · NSE/BSE: NCC
NCC Limited
Civil Construction
Market Cap ₹0.10L Cr
Verdict: Average
Quality Scores
Multi-Bagger
68/100
Compounder Quality
71/100
Management Credibility
80/100
Governance
72/100
Cash Flow Quality
82/100
AI Summary
NCC Limited is a prominent Indian EPC player with a diversified portfolio spanning buildings, water, transportation, and electrical segments. Over the last decade, the company has successfully transitioned from severe debt stress in 2014-15 to a leaner balance sheet with improved execution capabilities. The order book has reached a record high of ₹83,004 crore as of May 2026, providing strong revenue visibility for the next 3-4 years. While top-line growth has been robust, the company faces inherent challenges of a low-margin construction business and competitive bidding. Recent expansion…
Top Opportunities
- Massive order book of ₹83,000+ Cr providing revenue visibility
- Diversified segment mix: Water, Buildings, Electrical, Mining, etc.
- Consistently increasing promoter stake over last 10 years
Top Risks
- Sharp decline in CFO for FY26 to -459 Cr
- Low Promoter Holding at 22.8% remains a structural risk
- EBITDA margins have compressed to single digits (8-9%)
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