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NCC - NCC

📊 NSE: NCC 🏢 Construction 📅 Last Updated: 12/14/2025 10:25

📢 Recent Corporate Announcements

NCC Limited Secures New Order Worth Rs 326.06 Crore in Water Division

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 28 Feb 2026, 04:15 PM

NCC Limited has announced the receipt of a new contract worth Rs 326.06 Crore (excluding GST) during February 2026. This specific order is designated for the company's Water Division and was secured in the normal course of business. The project does not involve any related party transactions or promoter interests. This addition contributes to the company's existing order book, providing revenue visibility for the upcoming quarters.

Total order value received in February 2026 is Rs 326.06 Crore excluding GST
The entire order value is attributed to the Water Division of the company
The contract was obtained through a competitive bidding process in the normal course of business
No promoter or group company interest is involved, ensuring no related party transaction concerns

💡 Investors should view this as a steady addition to the order book, reinforcing the company's strong position in the water infrastructure segment. Monitor the execution pace and overall order book growth relative to annual targets.

NCC Limited Gets Interim Relief: Telangana HC Suspends NHAI Debarment Order

🟢 POSITIVE ⭐ 8/10

LEGAL 📅 27 Feb 2026, 03:47 PM

NCC Limited has secured a significant legal victory as the Telangana High Court granted an interim suspension of the debarment order issued by the National Highways Authority of India (NHAI). The court's order, dated February 26, 2026, allows NCC to continue its operations and bidding eligibility until the next hearing. This follows the company's writ petition challenging the debarment which was initially reported in mid-February 2026. This development is a major relief for the company's infrastructure project pipeline and order book stability.

Telangana High Court granted interim suspension of the NHAI debarment order on February 26, 2026.
The suspension allows NCC to remain eligible for NHAI projects until the next court hearing.
The legal action follows previous debarment disclosures made by the company on February 18 and 21, 2026.
NHAI is a critical client for NCC, making this stay essential for maintaining the company's revenue visibility.

💡 Investors should see this as a positive short-term development that removes immediate bidding restrictions. However, keep a close watch on the final court judgment as the suspension is currently only interim.

NCC Limited Receives Voluntary ESG Rating of 68.8 from SES ESG Research

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 26 Feb 2026, 10:49 AM

SES ESG Research Private Limited has independently assigned an ESG rating of 68.8 to NCC Limited. This rating was voluntary and was not commissioned or engaged by the company itself. The disclosure is made in compliance with SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations. Such ratings are increasingly used by institutional investors to assess the non-financial risk and sustainability profile of infrastructure companies.

SES ESG Research assigned a voluntary ESG score of 68.8 to NCC Limited.
The rating was prepared independently by the research firm without a mandate from the company.
Disclosure was submitted under Regulation 30 of SEBI (LODR) Regulations, 2015.
The rating provides a third-party benchmark for the company's Environmental, Social, and Governance performance.

💡 Investors should use this score to compare NCC's sustainability performance against industry peers, though no immediate trading action is required. Monitor if this rating influences future inclusion in ESG-themed mutual funds or ETFs.

NCC Limited Receives Voluntary ESG Rating of 64 from NSE Sustainability Ratings

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 20 Feb 2026, 06:15 PM

NCC Limited has been assigned an ESG (Environmental, Social, and Governance) rating of 64 by NSE Sustainability Ratings & Analytics Limited for the fiscal year 2024-2025. This rating was issued voluntarily by the agency, meaning the company did not solicit or pay for the evaluation. The score provides an independent benchmark for institutional investors who incorporate sustainability metrics into their investment decisions. This disclosure enhances transparency regarding the company's non-financial performance and risk profile.

NSE Sustainability Ratings & Analytics Limited assigned a score of 64 to NCC Limited.
The rating is applicable for the fiscal year 2024-2025.
The assessment was conducted voluntarily and independently by the rating agency.
NCC Limited did not engage or pay for the preparation of this ESG rating.
Disclosure made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Investors should monitor the ESG score relative to industry peers to assess long-term sustainability risks. No immediate action is required as this is a non-financial disclosure.

NCC Limited and Subsidiary Debarred by NHAI from Tenders for Two Years

🔴 NEGATIVE ⭐ 8/10

REGULATORY 📅 18 Feb 2026, 04:50 PM

NCC Limited and its step-down subsidiary, O B Infrastructure Limited, have been debarred by the National Highways Authority of India (NHAI) from participating in any new tenders for a period of two years starting February 17, 2026. The debarment relates to disputes over a BOT (Annuity) project in Uttar Pradesh, where the company claims it previously won a favorable arbitration award in November 2024. While the company intends to challenge the order legally, it has clarified that there is no impact on its existing order book or ongoing projects. The primary concern for investors is the potential restriction on future growth opportunities from a major government client.

Two-year debarment from all NHAI tenders and bids effective February 17, 2026.
Restriction applies to NCC Limited and its step-down subsidiary O B Infrastructure Limited.
Company confirms zero impact on current order book and ongoing project execution.
Dispute involves a BOT project in Uttar Pradesh with pending arbitration proceedings.
NCC plans to legally challenge the order, citing a violation of the principles of natural justice.

💡 Investors should monitor the outcome of the legal challenge as NHAI is a critical client for infrastructure companies. While the current revenue is protected by the existing order book, a two-year bidding ban could significantly hamper long-term order inflow.

NCC Limited Announces Demise of Senior EVP Commercial N Bangar Raju

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 16 Feb 2026, 01:05 PM

NCC Limited has informed the exchanges of the sudden demise of Sri N Bangar Raju, Senior Executive Vice President (Commercial), on February 15, 2026. Mr. Raju was a veteran at the company, having served as an integral part of the leadership team for over 30 years. While the company describes this as an irreparable loss, it is expected that the broader management structure will ensure operational continuity. Investors should watch for future announcements regarding a successor for this key commercial role.

Sri N Bangar Raju, Sr. EVP (Commercial), passed away on February 15, 2026.
The deceased executive was associated with NCC Limited for over three decades (30 years).
The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
The company has officially categorized the event as an irreparable loss to its leadership team.

💡 No immediate action is required as this is a personnel matter that does not affect the company's fundamental business model. Investors should monitor for the appointment of a new commercial head to ensure leadership stability.

NCC Limited to Participate in Dolat Capital Investor Conference on February 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 12:30 PM

NCC Limited has announced its participation in the Dolat Capital Corporate Conference 2026, titled "Decoding Growth Strategies," scheduled for February 18, 2026, in Mumbai. The company will be represented by Mr. Neerad Sharma, Head of Strategy & Investor Relations, in both group and one-on-one in-person meetings. This routine disclosure indicates management's active engagement with institutional investors to discuss the company's growth trajectory. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these sessions.

Investor meeting scheduled for February 18, 2026, at the Dolat Capital Corporate Conference in Mumbai.
Management representation by Mr. Neerad Sharma, Head of Strategy and Investor Relations.
Interaction format includes both group and one-on-one in-person sessions with institutional investors.
The conference theme "Decoding Growth Strategies" suggests a focus on the company's future expansion and project pipeline.

💡 This is a routine regulatory filing; investors should look for any post-event presentations or transcripts that may provide deeper insights into the company's execution strategy and order book guidance.

NCC Limited to Participate in Dolat Capital Corporate Conference on February 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 12:23 PM

NCC Limited has scheduled its participation in the Dolat Capital Corporate Conference 2026, themed 'Decoding Growth Strategies'. The event is set for February 18, 2026, in Mumbai and will feature in-person group or one-on-one meetings. Mr. Neerad Sharma, Head of Strategy & Investor Relations, will represent the company management. The company has explicitly stated that no unpublished price sensitive information will be shared during these interactions.

Participation in Dolat Capital Corporate Conference 2026 scheduled for February 18, 2026
Management representation by Mr. Neerad Sharma, Head of Strategy & Investor Relations
Meeting format includes in-person group and one-on-one sessions in Mumbai
Company confirms that no unpublished price sensitive information (UPSI) will be disclosed

💡 Investors should look for any post-conference presentation or transcript updates on the company website for insights into growth strategies. No immediate trading action is required based on this routine announcement.

NCC Limited Releases Audio Recording of Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 04:08 PM

NCC Limited has released the audio recording of its investor conference call held on February 6, 2026. The call focused on the company's un-audited financial performance for the third quarter and the nine-month period ending December 31, 2025. This filing is a standard regulatory requirement under SEBI (LODR) Regulations. Investors can access the recording via the provided URL to hear management's detailed commentary on business operations and future guidance.

Audio recording of the Q3 FY26 earnings call is now available on the company's website.
The call discussed un-audited financial results for the quarter and nine months ended Dec 31, 2025.
Disclosure is made in accordance with Regulation 30 of SEBI (LODR) Regulations, 2015.
The recording link provided is https://www.ncclimited.com/analysts-column/audio/Audio_06022026.mp3.

💡 Investors should listen to the recording to understand management's outlook on the order pipeline and margin sustainability. This is a routine update and does not change the fundamental view of the stock.

NCC Q3FY26 Results: Order Book Surges 43% to ₹79,571 Cr Despite Revenue Dip

🔵 WATCH ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 08:32 PM

NCC Limited reported a consolidated revenue of ₹4,900 crore for Q3FY26, marking a 9% decline year-on-year. While consolidated PAT fell to ₹122 crore from ₹193 crore in the previous year, the company's order book remains exceptionally robust at ₹79,571 crore, up 43% YoY. Management noted that cash flows were temporarily impacted by milestone payment cycles, leading to a shift in focus toward conversion efficiency rather than immediate revenue acceleration. The company maintained strong order inflows of ₹12,430 crore during the quarter, providing significant long-term execution visibility.

Consolidated Order Book reached a record ₹79,571 crore, representing a 43% year-on-year growth.
Standalone Revenue for Q3FY26 declined 14% YoY to ₹4,082 crore compared to ₹4,720 crore in Q3FY25.
Consolidated PAT for the quarter stood at ₹122 crore, down from ₹193 crore in the corresponding period last year.
Order inflows remained strong at ₹12,430 crore for Q3FY26 and ₹22,311 crore for the nine-month period.
Consolidated Net Debt stood at ₹3,949 crore as of December 31, 2025, with a standalone Debt-to-Equity ratio of 0.40.

💡 Investors should focus on the company's ability to convert its record order book into revenue in the coming quarters as milestone cycles normalize. While the current earnings dip is a concern, the massive order book provides a strong margin of safety for long-term growth.

NCC Q3 Standalone PAT Rises 24% to ₹102 Cr; NCCIHL Merger Effective Feb 28

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 05:05 PM

NCC Limited reported a mixed set of results for Q3 FY26. While standalone revenue grew 8.5% YoY to ₹4,042.49 crore with a 24.2% jump in PAT to ₹101.88 crore, the consolidated performance saw a decline. Consolidated revenue fell 16.6% YoY to ₹4,454.29 crore, and consolidated PAT dropped 30% to ₹135.21 crore. The company also announced that the merger of NCC Infrastructure Holdings Limited (NCCIHL) will become effective on February 28, 2026.

Standalone Revenue from Operations increased 8.5% YoY to ₹4,042.49 crore.
Consolidated Net Profit declined 30% YoY to ₹135.21 crore from ₹193.18 crore.
Exceptional item of ₹33.67 crore recognized due to provisions for New Labour Codes.
Effective date for NCCIHL amalgamation with NCC Limited set for February 28, 2026.
Standalone EPS improved to ₹1.62 compared to ₹1.30 in the previous year's corresponding quarter.

💡 Investors should look past the standalone growth to understand the sharp decline in consolidated revenue and margins. The upcoming merger of the infrastructure holding arm is a key structural change to watch for balance sheet consolidation.

NCC Limited Secures New Orders Worth Rs. 2,456.89 Crore in January 2026

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 31 Jan 2026, 06:14 PM

NCC Limited has announced the receipt of five new orders totaling Rs. 2,456.89 crore (excluding GST) during January 2026. The Water Division was the primary contributor, securing contracts worth Rs. 1,922.26 crore, which represents approximately 78% of the total monthly intake. The remaining orders were distributed between the Transportation (Rs. 290.02 crore) and Electrical (Rs. 244.61 crore) divisions. These contracts were obtained in the normal course of business and do not involve any related party transactions, providing strong revenue visibility for the company.

Total order inflow of Rs. 2,456.89 crore across five separate contracts in January 2026.
Water Division dominated the intake with a significant contribution of Rs. 1,922.26 crore.
Transportation and Electrical divisions added Rs. 290.02 crore and Rs. 244.61 crore respectively.
All orders are from external entities with no promoter or related party involvement.
The substantial order win strengthens the company's outstanding order book and future execution pipeline.

💡 Investors should maintain a positive outlook as these order wins enhance revenue visibility; focus on the company's ability to maintain margins during execution. This consistent order flow reinforces NCC's strong position in the infrastructure and water segments.

NCC Limited Senior Management Personnel Mr. V Radhakrishna Retires as Director - Projects

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Jan 2026, 05:58 PM

NCC Limited has announced the retirement of Mr. V Radhakrishna from his position as Director - Projects, effective January 31, 2026. As a member of the Senior Management team, his departure marks a transition in the company's project leadership. The retirement was conducted in accordance with the company's internal policies and disclosed under SEBI Regulation 30. This is a routine administrative change and is not expected to disrupt ongoing operations.

Mr. V Radhakrishna retired from the role of Director - Projects effective January 31, 2026.
He has officially ceased to be a Senior Management Personnel (SMP) of NCC Limited.
The disclosure was filed with NSE and BSE in compliance with SEBI Listing Regulations.
The retirement was effective from the close of business hours on the date of the announcement.

💡 No action is required as this is a routine retirement of a senior executive. Investors should monitor for any new appointments to the project management team to ensure continuity in execution.

NCLT Approves Amalgamation of NCC Infrastructure Holdings with NCC Limited

🟢 POSITIVE ⭐ 8/10

M&A 📅 31 Jan 2026, 01:18 PM

The National Company Law Tribunal (NCLT), Hyderabad, has sanctioned the scheme of amalgamation between NCC Infrastructure Holdings Limited and its parent company, NCC Limited. As the transferor is a wholly-owned subsidiary, no new shares will be issued, and the subsidiary's share capital will be cancelled. The merger, effective from April 1, 2024, aims to simplify the corporate structure and consolidate assets under one roof. For FY25, NCC Limited reported a standalone net profit of ₹761.09 crore on a revenue of ₹19,205.30 crore.

NCLT Hyderabad sanctioned the merger of wholly-owned subsidiary NCC Infrastructure Holdings into NCC Limited.
The authorized share capital of NCC Limited will increase by ₹750 crore to a total of ₹911.50 crore.
No new equity shares will be issued to shareholders as the subsidiary is 100% owned by the parent.
NCC Limited recorded a standalone PAT of ₹761.09 crore in FY25 compared to the subsidiary's net loss of ₹1.65 crore.
The merger is intended to reduce managerial overlaps and achieve higher long-term financial returns through synergy.

💡 Investors should view this as a positive step toward corporate simplification and operational efficiency. Since there is no equity dilution, the consolidation of assets and elimination of subsidiary losses should marginally benefit the consolidated bottom line.

NCC Shareholders Approve Sumit Banerjee as Independent Director with 99.97% Majority

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 28 Jan 2026, 06:24 PM

NCC Limited has successfully passed a special resolution via postal ballot for the appointment of Sri Sumit Banerjee as an Independent Director. The resolution received overwhelming support, with 99.97% of the 384.89 million total votes cast in favor. Institutional investors showed strong confidence, contributing 159.20 million votes with a 99.95% approval rate within that category. This high level of consensus reflects stable corporate governance and shareholder trust in the company's leadership selection.

Special resolution for appointment of Sri Sumit Banerjee passed with 99.9744% votes in favor.
Total votes polled amounted to 384,888,558 out of a total shareholder base of 514,244.
Public Institutions cast 159,201,919 votes, with 99.95% supporting the resolution.
Promoter and Promoter Group voted 100% in favor with 139,602,508 votes.
The e-voting process concluded on January 27, 2026, with the Scrutinizer's report issued on January 28, 2026.

💡 Investors should view this high approval rating as a positive sign of institutional confidence in the company's governance. No immediate portfolio action is required based on this routine board strengthening.

View All NCC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for FY25 grew 6% to INR 22,199.36 Cr. However, Q2 FY26 saw a 12.2% degrowth to INR 4,585 Cr from INR 5,224 Cr YoY, with Buildings and Water segments experiencing significant execution slowdowns.

Geographic Revenue Split

Operations are diversified across India with a policy to restrict exposure to any single state government agency to no more than 25% of the total order book to mitigate regional concentration risk.

Profitability Margins

Net profit margin improved to 3.96% in FY25 from 3.45% in FY24. FY24 margins were moderated to 9% (from 10.06% in FY23) due to a non-cash charge-off of unrealized revenue from the Sembcorp India arbitration settlement.

EBITDA Margin

Consolidated EBITDA margin stood at 8.7% in Q2 FY26. For FY25, the margin was 8.64%, a slight increase from 8.49% in FY24, driven by increased volume of operations despite fixed cost pressures.

Capital Expenditure

Net cash used in investing activities was INR 218.83 Cr in FY25, compared to INR 332.51 Cr in FY24. The company has a planned equity commitment of INR 691 Cr for SPVs to be infused over the next two fiscals.

Credit Rating & Borrowing

CARE reaffirmed 'AA-; Stable' for long-term facilities and 'A1+' for short-term instruments. Borrowing costs are managed through a comfortable debt-equity ratio of 0.20 in FY25, though interest coverage slightly declined to 6.01x from 6.59x.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include steel, cement, bitumen, and aggregates, which are essential for civil construction, transportation, and water infrastructure projects.

Import Sources

Raw materials are primarily sourced domestically within India to support nationwide project locations and minimize forex exposure.

Capacity Expansion

The company's execution capacity is reflected in its order book, which grew to INR 71,957 Cr as of September 30, 2025, up from INR 71,568 Cr at the start of the fiscal year.

Raw Material Costs

Raw material costs are a significant portion of project expenses; the company utilizes escalation clauses in contracts to mitigate the impact of price fluctuations on its 9.09% operating profit margin.

Manufacturing Efficiency

Efficiency is measured by project execution speed; however, Q2 FY26 saw a turnover decline to INR 4,585 Cr due to extended monsoons and execution challenges.

Logistics & Distribution

Distribution costs are integrated into project execution; trade receivables increased 11% to INR 3,097.72 Cr in FY25, reflecting the logistical and financial strain of elongated payment cycles.

📈 Strategic Growth

Expected Growth Rate

35%

Growth Strategy

Growth is targeted through a massive order book of INR 71,957 Cr and a focus on high-demand segments like Buildings (31%) and Water/Electrical (23%). The company is also seeking strategic partners for SPVs to offload equity infusion liabilities and secure strategic premiums.

Products & Services

Civil construction services for residential and commercial buildings, water pipelines (36,525+ km), irrigation systems (350,000+ acres), roads, railways, and electrical transmission grids.

Brand Portfolio

NCC Limited, NCC Urban Infrastructure, NCC Infrastructure Holdings.

New Products/Services

Expansion into smart metering projects and hybrid annuity model (HAM) projects in the transportation and water sectors.

Market Expansion

Pan-India expansion with a focus on rural infrastructure, including the electrification of over 35,000 villages and large-scale water distribution networks.

Market Share & Ranking

NCC is a leading tier-1 construction player in India with a 47-year legacy and a consolidated turnover exceeding INR 22,000 Cr.

Strategic Alliances

Onboarding strategic partners for infrastructure SPVs to reduce the INR 691 Cr equity infusion requirement and improve project-level financial closure.

🌍 External Factors

Industry Trends

The industry is shifting toward larger, integrated infrastructure projects and ESG-compliant construction. NCC is positioning itself by tracking sustainability indicators and targeting a 35% historical CAGR.

Competitive Landscape

Competes with major civil construction firms like L&T and KEC International in a highly competitive, tender-based market environment.

Competitive Moat

Moat is built on a 47-year track record, a massive INR 71,957 Cr order book, and a strong credit rating (AA-) which provides a competitive advantage in bidding for large-scale government tenders.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and macroeconomic conditions; challenging environments recently forced a withdrawal of financial guidance.

Consumer Behavior

Not applicable as the company primarily serves government and institutional clients (B2G/B2B).

Geopolitical Risks

Minimal direct impact as operations are primarily domestic; however, global supply chain dynamics can influence the cost of imported machinery and specialized components.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to state government tender norms, environmental clearances, and safety standards; 2,370 health and safety awareness trainings were conducted in FY23.

Environmental Compliance

ESG risks are considered credit neutral; the company integrates data collection and sustainability tracking across sites to meet evolving environmental priorities.

Legal Contingencies

The company faced a significant arbitration settlement with Sembcorp India, resulting in a non-cash charge-off of unrealized revenue that moderated FY24 margins to 9%.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'elongated payment cycles' from state agencies, which led to the withdrawal of FY26 guidance and could impact liquidity if cash flow from operations (INR 815.78 Cr in FY25) continues to decline.