Ncc Limited (NCC) · mywealthgrid

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About

NCC Limited is a civil construction company with ₹8,830 Cr market cap and ₹5–6k Cr quarterly revenue. It operates in India's Industrials sector, providing infrastructure and construction services with consistent 8–9% operating margins.

Face value: ₹2

Market cap

₹8,165 Cr

P/E

11.7×

P/B

1.0×

Dividend yield

1.7%

ROE

8.9%

ROCE

19.6%

Debt / equity

0.44

OPM

8.8%

EPS (TTM)

₹11.1

Book value

₹125.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Stock returned -36.76% over 1 year; verify whether sector cyclicality or company-specific execution issues
Operating margin ranges 7.45%–9.38% across quarters, indicating vulnerability to labor and material cost inflation
ROE of 8.89% is modest; verify if capital deployment and project execution delivering improved returns
Revenue concentration risk; verify customer base diversification and project portfolio mix

Generated analysis · source review pending

Growth drivers

EPS grew from ₹1.95 (Dec 2025) to ₹2.98 (Jun 2026) in 6 months, showing recent profit momentum; verify sustainability across project cycles
Operating margin consistently 8–9.4% (headline 8.82%) provides platform for profit growth if revenue scales; verify pricing power in bids and cost control
Seven dividend payments over 4 years through Aug 2026 demonstrate regular cash generation; verify payout ratio sustainability and cash flow trends
Quarterly revenue base of ₹5–6k Cr reflects significant operational capacity; verify order backlog and project pipeline for next 1–2 years

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹130.1+1.4%1Y

Quick read

rule-based

Pros

+High return on capital employed of 23.1%
+Profit CAGR of 19% over the last 5 years
+Revenue CAGR of 21.2% over the last 5 years

Cons

−Low return on equity of 10.7% (3-yr avg)
−Low promoter holding of 23.1%

Research score

Structured signal from quality, growth, valuation and momentum.

55/100

Business quality: 33
Growth: 40
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9,001	8,391	12,896	8,901	7,949	11,138	15,553	20,845	22,199	20,823
COGS	3,426	3,055	5,030	3,063	2,475	3,590	4,924	7,426	7,804	6,906
Gross profit	5,575	5,335	7,865	5,838	5,474	7,548	10,629	13,419	14,395	13,917
	4,905	4,456	6,273	4,762	4,554	6,523	9,159	11,645	12,468	12,072
	670	879	1,592	1,077	920	1,025	1,469	1,774	1,928	1,845
OPM %	7.4%	10.5%	12.4%	12.1%	11.6%	9.2%	9.5%	8.5%	8.7%	8.9%
Depreciation	203	172	193	199	181	187	203	212	216	235
Interest	513	460	522	554	480	478	515	595	680	745
	124	-23	17	63	103	274	133	93	156	88
Profit before tax	46	219	894	387	363	635	885	1,061	1,187	952
Tax	38	80	327	73	79	141	239	321	319	228
Tax %	81.9%	36.6%	36.5%	18.8%	21.9%	22.2%	27%	30.2%	26.9%	24%
	8	139	568	314	283	494	646	740	868	724
PAT margin %	0.1%	1.7%	4.4%	3.5%	3.6%	4.4%	4.2%	3.6%	3.9%	3.5%
EPS (₹)	0.6	3	9.6	5.6	4.4	7.9	9.8	11.3	13.1	10.8
EPS adjusted (₹)	0.2	2.3	9.6	5.5	4.6	8.1	9.7	11.8	13.1	10.8
	70.2%	33.4%	15.6%	3.6%	18.2%	25.3%	22.5%	19.4%	16.8%	20.4%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	111	111	120	120	122	122	122	126	126	126	126
Reserves	3,161	3,336	3,962	4,475	4,784	5,049	5,481	6,041	6,514	7,198	7,743
Minority interest	364	329	300	277	253	298	293	319	172	179	160
	2,895	2,481	1,840	2,362	1,873	2,062	1,302	974	980	1,594	3,457
	5,614	4,852	6,186	7,426	6,780	6,008	7,259	9,091	10,305	11,910	14,520
Total equity & liabilities	12,144	11,109	12,408	14,660	13,812	13,540	14,458	16,550	18,097	21,006	26,006
	1,641	986	1,030	1,293	1,144	1,131	1,139	1,239	1,271	1,370	1,776
CWIP	11	1	23	13	15	22	7	15	41	37	351
Investments	1,187	325	258	132	121	726	649	616	449	428	326
	9,305	9,797	11,098	13,222	12,531	11,661	12,662	14,680	16,336	19,171	23,553
Total assets	12,144	11,109	12,408	14,660	13,812	13,540	14,458	16,550	18,097	21,006	26,006

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Construction	20,558.84	1,117.25	23,248.5	15,648.89	7,599.61	14.7
Real Estate	264.16	30.76

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	61%	65.6%	68.9%	67.8%	68.3%	64.4%	64.8%	66.8%
EBITDA margin %	12.4%	12.2%	11.6%	9.2%	9.4%	8.5%	8.6%	8.8%
EBIT margin %	10.9%	10%	9.3%	7.5%	8.1%	7.5%	7.7%	7.7%
PAT margin %	4.4%	3.5%	3.6%	4.4%	4.2%	3.6%	3.9%	3.5%
Working capital
Receivable days	100	120	126	83	75	55	55	66
Inventory days	103	166	180	117	102	87	85	129
Payable days	—	—	565	447	393	330	384	417
NWC days	—	—	-259	-246	-217	-189	-244	-222
Leverage
Current ratio	1.28	1.33	1.38	1.37	1.34	1.34	1.34	1.36
Debt to EBITDA	1.48	1.72	2.24	1.27	0.67	0.55	0.83	1.88
Debt to equity	0.51	0.38	0.4	0.23	0.16	0.15	0.22	0.44
Interest coverage	2.9	1.8	1.8	1.9	2.7	2.8	2.7	2.3
Asset turnover	0.88	0.64	0.59	0.77	0.94	1.15	1.06	0.8
Return ratios
Return on assets %	3.9%	2.3%	2.1%	3.4%	3.9%	4.1%	4.1%	2.8%
Return on capital employed %	28.4%	17.7%	15%	15.4%	22%	24.7%	25%	19.6%
Return on equity %	12.4%	6.4%	5.5%	8.8%	10.5%	11.2%	11.9%	9.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	22%	22%	22%	22%	22%	22.02%	22.11%	22.11%	22.11%	22.25%	22.81%	23.08%
	24.17%	23.89%	27.33%	23.65%	20.87%	18.13%	13.79%	12.7%	12.87%	11.49%	12.11%	11.29%
	11.03%	10.52%	10.64%	11.4%	12.34%	14.17%	15.61%	17.49%	16.65%	15.3%	16.4%	17.89%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	42.8%	43.59%	40.03%	42.95%	44.79%	45.68%	48.49%	47.7%	48.37%	50.96%	48.68%	47.74%
No. of shareholders	—	—	—	—	—	—	—	—	5,60,056	5,69,370	5,57,418	5,43,274

Promoter holding up 1.08 percentage points since Sep 2023.

2 disclosures

Person	Deal	Shares	Value	Holding	Filed
A V S R Holdings Private LimitedPromoters	BuyMarket Purchase	47,500	₹98.97 L	10.66% → 10.67%	16 Sept 20257(2)
Alluri ArundhatiPromoter Group	BuyMarket Purchase	3,000	₹6.18 L

11 deals · 10 Jan 2022 – 26 Mar 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
26 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	40,05,409	₹213.81	₹85.64 Cr
26 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	40,05,409	₹213.67	₹85.58 Cr
7 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	35,32,762	₹210.20	₹74.26 Cr
7 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	35,32,762	₹210.24	₹74.27 Cr
6 Jun 2024	SMALLCAP WORLD FUND INC	Bulk	NSE	Sell	31,69,815	₹308.13	₹97.67 Cr
4 Jun 2024	SMALL CAP WORLD FUND INC	Bulk	NSE	Sell	54,02,312	₹265.13	₹143.23 Cr
10 Jan 2024	SMALLCAP WORLD FUND INC	Bulk	NSE	Buy	36,15,365	₹185.23	₹66.97 Cr
10 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	35,96,023	₹187.70	₹67.50 Cr
10 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	35,96,023	₹187.61	₹67.46 Cr
12 Jan 2022	KBC ECO FUND	Bulk	NSE	Sell	32,18,381	₹75.21	₹24.21 Cr

1–10 of 11

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Rajender Mohan MallaNon-Executive - Independent Director-Chairperson
Mrs. Uma ShankarNon-Executive - Independent Director
Mr. Ramesh KailasamNon-Executive - Independent Director
Mr. Sumit BanerjeeNon-Executive - Independent Director
Mr. Utpal Hemendra ShethNon-Executive - Non Independent Director
Mr. A V Ranga Raju AlluriExecutive Director-MD
Mr. Alluri Gopala Krishnam RajuExecutive Director
Mr. Sanjay PusarlaChief Financial Officer
Mr. Srimannarayana Raju AlluriExecutive Director
Mr. Alluri Venkata Narasimha RajuExecutive Director
Mr. Jampana Venkata Ranga RajuExecutive Director

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

3.2%

of the company's equity

All mutual funds

14.13%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

32 schemes · 11 fund houses

		Shares
Infrastructure Fund	ICICI Prudential Mutual Fund	1.47 Cr	217.6	2.54%	2.336%	-0
Small Cap FundNEW	ICICI Prudential Mutual Fund	16.5 L	24.48	0.25%	0.263%	—
Templeton India Value Fund	Franklin Templeton Mutual Fund	12.5 L	18.55	0.96%	0.199%	-0
Flexi Cap Fund	Old Bridge Mutual Fund	7.65 L	11.35	2.86%	0.122%	+3.7 L
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	6.45 L	9.57	0.27%	0.103%	+7,885
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	3.28 L	4.86	0.27%	0.052%	+3,666
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.38 L	3.52	0.27%	0.038%	+2,157
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	1.45 L	2.15	0.27%	0.023%	+2,956

1–8 of 32

1 / 4

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

40 announcementsExport CSV

30 Sept 2026, 6:00 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	61%	65.6%	68.9%	67.8%	68.3%	64.4%	64.8%	66.8%
EBITDA margin %	12.4%	12.2%	11.6%	9.2%	9.4%	8.5%	8.6%	8.8%
EBIT margin %	10.9%	10%	9.3%	7.5%	8.1%	7.5%	7.7%	7.7%
PAT margin %	4.4%	3.5%	3.6%	4.4%	4.2%	3.6%	3.9%	3.5%
Working capital
Receivable days	100	120	126	83	75	55	55	66
Inventory days	103	166	180	117	102	87	85	129
Payable days	—	—	565	447	393	330	384	417
NWC days	—	—	-259	-246	-217	-189	-244	-222
Leverage
Current ratio	1.28	1.33	1.38	1.37	1.34	1.34	1.34	1.36
Debt to EBITDA	1.48	1.72	2.24	1.27	0.67	0.55	0.83	1.88
Debt to equity	0.51	0.38	0.4	0.23	0.16	0.15	0.22	0.44
Interest coverage	2.9	1.8	1.8	1.9	2.7	2.8	2.7	2.3
Asset turnover	0.88	0.64	0.59	0.77	0.94	1.15	1.06	0.8
Return ratios
Return on assets %	3.9%	2.3%	2.1%	3.4%	3.9%	4.1%	4.1%	2.8%
Return on capital employed %	28.4%	17.7%	15%	15.4%	22%	24.7%	25%	19.6%
Return on equity %	12.4%	6.4%	5.5%	8.8%	10.5%	11.2%	11.9%	9.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

Date	Category	Subject	Filing
30 Sept 2026, 6:00 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
28 Sept 2026, 4:33 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
9 Sept 2026, 12:49 pm	Company Update General	Disclosure Regarding ESG Rating	PDF
31 Aug 2026, 6:04 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
28 Aug 2026, 4:35 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
27 Aug 2026, 6:52 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
11 Aug 2026, 5:13 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
7 Aug 2026, 3:31 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	395	314	586	673	931	824	1,416	1,100	1,359	742	-459
	193	376	-188	-619	11	-6	-66	-192	-319	-59	-766
	-551	-818	-453	89	-1,047	-558	-1,275	-893	-771	-247	878
Net cash flow	37	-129	-56	143	-105	261	75	16	270	436	-346
Free cash flow	—	—	—	—	—	824	1,201	753	1,074	422	-1,414
CFO / Operating profit %	—	46.8%	66.6%	42.1%	85.7%	89.7%	138.3%	75.4%	76.9%	38.7%	-25%

Ncc Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

20

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Construction · revenue

Ncc Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends20

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Construction · revenue

20

1