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Last Updated: April 2, 2026, 3:24 am
Author: Getaka|Social: XLinkedIn

NCC Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹130.08Fairly Valued by 6.42%vs CMP ₹139.00

P/E (11.7) × ROE (11.4%) × BV (₹120.00) × DY (1.59%)

₹157.77Undervalued by 13.50%vs CMP ₹139.00
MoS: +11.9% (Thin)Confidence: 43/100 (Low)Models: 4 Under, 2 Fair, 3 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹140.2123%Fair (+0.9%)
Graham NumberEarnings₹176.2916%Under (+26.8%)
Earnings PowerEarnings₹52.5711%Over (-62.2%)
DCFCash Flow₹140.7314%Fair (+1.2%)
Net Asset ValueAssets₹120.367%Over (-13.4%)
EV/EBITDAEnterprise₹226.039%Under (+62.6%)
Earnings YieldEarnings₹115.107%Over (-17.2%)
ROCE CapitalReturns₹207.847%Under (+49.5%)
Revenue MultipleRevenue₹354.635%Under (+155.1%)
Consensus (9 models)₹157.77100%Undervalued
Key Drivers: Wide model spread (₹53–₹355) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 7.8%

*Investments are subject to market risks

Investment Snapshot

56
NCC Ltd scores 56/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health73/100 · Strong
ROCE 21.7% ExcellentROE 11.4% AverageD/E 0.33 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money30/100 · Weak
FII holding down -2.30% (6mo) SellingPromoter holding at 22.3% Stable
Earnings Quality50/100 · Moderate
OPM stable around 9% Steady
Quarterly Momentum25/100 · Weak
Revenue (4Q): -8% YoY DecliningProfit (4Q): -8% YoY Declining
Industry Rank90/100 · Strong
P/E 11.7 vs industry 36.6 Cheaper than peersROCE 21.7% vs industry 16.4% Above peers3Y sales CAGR: 26% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:24 am

Market Cap 8,701 Cr.
Current Price 139
Intrinsic Value₹157.77
High / Low 242/130
Stock P/E11.7
Book Value 120
Dividend Yield1.59 %
ROCE21.7 %
ROE11.4 %
Face Value 2.00
PEG Ratio1.50

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for NCC Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
NCC Ltd 8,701 Cr. 139 242/13011.7 1201.59 %21.7 %11.4 % 2.00
Welspun Enterprises Ltd 6,075 Cr. 439 581/39118.1 1940.68 %18.2 %13.3 % 10.0
ITD Cementation India Ltd 13,472 Cr. 784 944/46832.9 1070.25 %27.6 %21.8 % 1.00
AGI Infra Ltd 3,609 Cr. 289 322/13743.0 27.60.03 %22.0 %25.7 % 1.00
Man Infraconstruction Ltd 3,446 Cr. 85.4 192/77.114.7 54.21.05 %23.5 %17.5 % 2.00
Industry Average3,374.20 Cr159.1236.56125.440.20%16.37%21.40%21.58

All Competitor Stocks of NCC Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 3,9104,9494,3804,7205,2606,4855,5285,1965,3456,1315,1794,5434,868
Expenses 3,5334,4843,9714,4164,7555,9345,0504,7534,9045,5764,7234,1504,432
Operating Profit 376465409304505551478443441555456393436
OPM % 10%9%9%6%10%8%9%9%8%9%9%9%9%
Other Income 5624282829133129485831440
Interest 138143132153156153155167166193164172196
Depreciation 52535353535254555454555759
Profit before tax 242293252125325358300250270367268209182
Tax % 30%31%27%31%29%33%26%30%24%28%24%20%26%
Net Profit 16820318486231239223175206265205167135
EPS in Rs 2.513.042.761.233.513.813.342.603.084.043.062.461.95

Last Updated: March 3, 2026, 5:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 4:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 7,2729,5139,5279,0018,39112,8968,9017,94911,13815,55320,84522,19920,721
Expenses 6,5148,5138,5408,3267,51811,3037,8247,03010,11014,09419,07620,28118,880
Operating Profit 7581,0009876758731,5921,0779191,0281,4591,7691,9181,841
OPM % 10%11%10%8%10%12%12%12%9%9%8%9%9%
Other Income 1051277187-23176310527214499165134
Interest 654737643513460522554480478515595680724
Depreciation 235277248203172193199181187203212216225
Profit before tax -27113167462198943873636358851,0611,1871,026
Tax % -138%45%51%82%37%37%19%22%22%27%30%27%
Net Profit -948828139568314283494646740868772
EPS in Rs 0.060.972.170.572.819.635.524.407.919.7011.3213.0611.51
Dividend Payout % 156%41%28%70%36%16%4%18%25%23%19%17%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)633.33%70.83%-90.24%1637.50%308.63%-44.72%-9.87%74.56%30.77%14.55%17.30%
Change in YoY Net Profit Growth (%)0.00%-562.50%-161.08%1727.74%-1328.87%-353.35%34.85%84.43%-43.79%-16.22%2.75%

NCC Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:9%
5 Years:20%
3 Years:26%
TTM:-1%
Compounded Profit Growth
10 Years:34%
5 Years:17%
3 Years:34%
TTM:4%
Stock Price CAGR
10 Years:13%
5 Years:44%
3 Years:41%
1 Year:-36%
Return on Equity
10 Years:8%
5 Years:9%
3 Years:11%
Last Year:11%

Last Updated: September 5, 2025, 11:35 am

Balance Sheet

Last Updated: December 10, 2025, 3:09 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 51111111111120120122122122126126126126
Reserves 2,7153,2913,2813,3363,9624,4754,7845,0495,4816,0416,5147,1987,408
Borrowings 3,9143,3903,2082,5722,0612,6912,1812,0621,3029749801,5942,923
Other Liabilities 5,4355,7535,7215,0906,2657,3746,7246,3077,5539,40910,47512,08312,984
Total Liabilities 12,11512,54512,32111,10912,40814,66013,81213,54014,45816,55018,09521,00023,440
Fixed Assets 2,6082,4461,6741,0991,1581,5511,4131,4171,4431,5031,5651,6501,728
CWIP 24118123131522722413738
Investments 1,1081,1331,128729619475448440346352155148151
Other Assets 8,3758,9559,5109,28110,60812,62111,93511,66112,66214,67316,33419,16521,523
Total Assets 12,11512,54512,32111,10912,40814,66013,81213,54014,45816,55018,09521,00023,440

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 6348673953145866739318421,4161,1001,359742
Cash from Investing Activity + -67-95193376-188-61911-207-66-192-319-59
Cash from Financing Activity + -643-643-551-818-45389-1,047-558-1,275-893-771-247
Net Cash Flow -7512937-129-56143-105777516270436
Free Cash Flow 5857561201623142348797021,2488771,109477
CFO/OP 82%91%50%53%82%57%100%94%156%96%98%45%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow755.00-2.00984.00673.00871.00-1.00-1.00917.000.00-973.00-979.000.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 88641411672169711212683755555
Inventory Days 3122182652903381031661801171028785
Days Payable 255175301335428328491565447393325384
Cash Conversion Cycle 145107105122126-127-213-258-246-217-184-244
Working Capital Days 7294168911219010781624548
ROCE %9%12%12%8%12%21%13%11%12%19%22%22%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 22.00%22.00%22.00%22.00%22.00%22.00%22.00%22.02%22.10%22.10%22.11%22.25%
FIIs 19.96%22.46%24.18%23.89%27.33%23.65%20.86%18.13%13.79%12.70%12.87%11.49%
DIIs 12.86%12.29%11.03%10.52%10.63%11.40%12.34%14.17%15.60%17.50%16.65%15.30%
Public 45.16%43.24%42.81%43.59%40.03%42.96%44.78%45.68%48.49%47.69%48.37%50.96%
No. of Shareholders 2,87,4512,94,5813,29,4983,67,8224,05,0374,71,5325,02,0875,17,7095,78,4355,57,5855,60,0565,69,370

Shareholding Pattern Chart

No. of Shareholders

NCC Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Quant Small Cap Fund 17,305,369 0.93 253.415,652,9692025-12-15 00:36:5410.56%
ICICI Prudential Infrastructure Fund 13,053,905 2.37 191.156,300,0002025-12-08 07:21:52107.2%
ICICI Prudential Multi Asset Fund 11,714,772 0.21 171.5411,143,1172025-12-15 00:36:545.13%
Quant Infrastructure Fund 8,706,522 4.57 127.492,980,0002025-12-08 07:21:52192.17%
ICICI Prudential Large & Mid Cap Fund 7,107,306 0.38 104.076,507,3062025-12-15 00:36:549.22%
Bandhan Small Cap Fund 5,201,350 0.4 76.164,751,3502026-02-23 03:11:269.47%
ICICI Prudential Equity & Debt Fund 3,886,663 0.12 56.913,200,0002025-12-15 00:36:5421.46%
Quant Multi Cap Fund 3,612,332 0.71 52.9N/AN/AN/A
Franklin Build India Fund 3,100,000 1.51 45.392,500,0002025-12-08 07:21:5224%
HDFC Infrastructure Fund 2,350,000 1.45 34.412,100,0002026-01-26 02:28:2211.9%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 13.0611.329.777.914.40
Diluted EPS (Rs.) 13.0611.329.777.864.39
Cash EPS (Rs.) 17.1115.0813.3511.147.59
Book Value[Excl.RevalReserv]/Share (Rs.) 116.65105.75103.3096.6889.68
Book Value[Incl.RevalReserv]/Share (Rs.) 116.65105.75103.3096.6889.68
Revenue From Operations / Share (Rs.) 353.58332.01247.72182.63130.35
PBDIT / Share (Rs.) 33.0330.1825.5917.9516.97
PBIT / Share (Rs.) 29.5926.8022.3614.8914.00
PBT / Share (Rs.) 18.7616.8113.9310.385.92
Net Profit / Share (Rs.) 13.6711.7110.138.084.62
NP After MI And SOA / Share (Rs.) 13.0611.329.707.914.40
PBDIT Margin (%) 9.349.0910.329.8213.01
PBIT Margin (%) 8.368.079.028.1510.73
PBT Margin (%) 5.305.065.625.684.54
Net Profit Margin (%) 3.863.524.084.423.54
NP After MI And SOA Margin (%) 3.693.403.914.333.37
Return on Networth / Equity (%) 11.1910.709.878.615.18
Return on Capital Employeed (%) 23.5824.1021.0814.8814.93
Return On Assets (%) 3.903.923.683.331.98
Long Term Debt / Equity (X) 0.030.010.010.020.03
Total Debt / Equity (X) 0.210.140.150.230.33
Asset Turnover Ratio (%) 1.141.201.000.720.54
Current Ratio (X) 1.341.341.341.371.38
Quick Ratio (X) 1.211.181.201.231.22
Inventory Turnover Ratio (X) 12.424.753.843.382.48
Dividend Payout Ratio (NP) (%) 16.8419.4320.6110.114.55
Dividend Payout Ratio (CP) (%) 13.3314.9715.467.292.71
Earning Retention Ratio (%) 83.1680.5779.3989.8995.45
Cash Earning Retention Ratio (%) 86.6785.0384.5492.7197.29
Interest Coverage Ratio (X) 3.053.193.122.292.16
Interest Coverage Ratio (Post Tax) (X) 2.262.292.261.601.61
Enterprise Value (Cr.) 13344.7714593.887257.234565.986360.39
EV / Net Operating Revenue (X) 0.600.700.460.400.80
EV / EBITDA (X) 6.447.704.524.176.15
MarketCap / Net Operating Revenue (X) 0.590.690.420.320.60
Retention Ratios (%) 83.1580.5679.3889.8895.44
Price / BV (X) 1.802.201.080.630.93
Price / Net Operating Revenue (X) 0.590.690.420.320.60
EarningsYield 0.060.040.090.130.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

NCC Ltd. is a Public Limited Listed company incorporated on 22/03/1990 and has its registered office in the State of Telangana, India. Company's Corporate Identification Number(CIN) is L72200TG1990PLC011146 and registration number is 011146. Currently Company is involved in the business activities of Construction of buildings carried out on own-account basis or on a fee or contract basis. Company's Total Operating Revenue is Rs. 19205.30 Cr. and Equity Capital is Rs. 125.57 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Construction, Contracting & EngineeringNCC House, Hyderabad Telangana 500081Contact not found
Management
NamePosition Held
Dr. A S Durga PrasadChairman & Ind.Director
Mr. A A V Ranga RajuManaging Director
Mr. A G K RajuExecutive Director
Mr. A S N RajuWhole Time Director
Mr. J V Ranga RajuWhole Time Director
Mr. A V N RajuWhole Time Director
Mr. Utpal ShethNon Executive Director
Mrs. Uma ShankarIndependent Director
Mr. Ramesh KailasamIndependent Director
Mr. Rajender Mohan MallaIndependent Director

FAQ

What is the intrinsic value of NCC Ltd and is it undervalued?

As of 12 April 2026, NCC Ltd's intrinsic value is ₹157.77, which is 13.50% higher than the current market price of ₹139.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (11.4 %), book value (₹120), dividend yield (1.59 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of NCC Ltd?

NCC Ltd is trading at ₹139.00 as of 12 April 2026, with a FY2026-2027 high of ₹242 and low of ₹130. The stock is currently near its 52-week low. Market cap stands at ₹8,701 Cr..

How does NCC Ltd's P/E ratio compare to its industry?

NCC Ltd has a P/E ratio of 11.7, which is below the industry average of 36.56. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is NCC Ltd financially healthy?

Key indicators for NCC Ltd: ROCE of 21.7 % indicates efficient capital utilization. Dividend yield is 1.59 %.

Is NCC Ltd profitable and how is the profit trend?

NCC Ltd reported a net profit of ₹868 Cr in Mar 2025 on revenue of ₹22,199 Cr. Compared to ₹494 Cr in Mar 2022, the net profit shows an improving trend.

Does NCC Ltd pay dividends?

NCC Ltd has a dividend yield of 1.59 % at the current price of ₹139.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in NCC Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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