HCC
Hindustan Construction Company share price & financials
- Price
- ₹22.37
- Market cap
- ₹6.0k Cr
- Sector
- Construction
- Calls analysed
- 8
Hindustan Construction Company Limited Q1 FY27
What went well
- Consolidated PAT improved to ₹51 crores on revenue of ₹993 crores in Q1 FY27.
- Secured a new order worth ₹127 crores in Bhutan, adding to the order book.
- Identified as the lowest bidder (L1) on bids totaling ₹1,672 crores, indicating strong near-term order conversion potential.
What to watch
- EBITDA margin for Q1 FY27 declined to 10.7% from 14.9% in Q1 FY26, primarily due to mobilization costs for new projects.
- Order intake for the quarter was low compared to the annual target of ₹15,000 crores, though management expects acceleration.
What Hindustan Construction Company Limited does
Hindustan Construction Company (HCC) is an engineering, procurement and construction (EPC) contractor specializing in large, complex infrastructure projects across transportation, power, water and industrial sectors. It designs and builds dams, hydroelectric and pumped-storage powerhouses, nuclear power plant structures, metro rail corridors, bridges, tunnels and water-supply systems for clients such as NHPC, NTPC, DMRC and various state agencies. Its execution track record spans building roughly 60% of India's installed nuclear power capacity and around a quarter of its hydro power capacity, alongside thousands of lane-kilometres of roads, hundreds of bridges and hundreds of kilometres of tunnels. Founded in 1926, HCC is one of India's oldest listed construction companies, operating mainly across Indian states with select projects abroad, including hydro power plants in Bhutan.
Segments
- Transport
- Hydro Power
- Water
- Nuclear & Buildings
- India's nuclear power capacity built by HCC
- ~60% of India's installed nuclear power capacity
- India's hydro power capacity built by HCC
- ~27% of India's installed hydro power capacity
- Roads and expressways constructed
- 4,036 lane km of expressways/highways
- Bridges constructed
- 403 bridges
- Tunnels constructed
- 402 km of tunnels
- Total workforce
- 7,500+ employees
Guidance record · Q1 FY27
what the last two calls moved 26 tracked 0 delivered 13 missed 13 open- EBITDA Margin went quiet said Q3 FY24 Promised: 12-14% Q1 FY27: This specific promise chain has been achieved and superseded by new long-term guidance (ebitda-margin-longterm-14-15pct).
- Revenue Growth diluted said Q3 FY26 Promised: Doubling of turnover every three years. Q1 FY27: Management guided for long-term growth of '20% plus', which remains below the original ambition of doubling every three years (~26% CAGR).
- Revenue Growth CAGR (FY27+) on track said Q4 FY25 Promised: 30-40% Q1 FY27: Management reiterated long-term topline growth target of '20% plus', consistent with the revised guidance.
All 26 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 9.0%, net profit up 0.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,407 | 1,007 | 1,374 | 1,091 | 961 −32% | 925 −8% | 992 −28% | 993 −9% |
| EBITDA | 242 | -83 | 288 | 179 | 146 −40% | 67 +181% | 171 −41% | 105 −41% |
| Net profit | 64 | -39 | 90 | 51 | 48 −25% | 8 +121% | 59 −34% | 51 +0% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −18.2% 1Y
1Y: ₹27.8 on 10 Sept 2025 → ₹22.73. High ₹29.46 (23 Sept 2025), low ₹13.73 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.6%
- 6 Aug
- Q4 FY26
- −0.3%
- 14 May
- Q3 FY26
- +1.0%
- 12 Feb
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 23.7% a year over 3 years, FY23 to FY26. Operating margin widened to 14.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹8.9k Cr | ₹7.0k Cr | ₹5.6k Cr | ₹4.0k Cr |
| Operating profit | ₹538 Cr | ₹671 Cr | ₹599 Cr | ₹563 Cr |
| Operating margin | 6.0% | 9.6% | 10.7% | 14.2% |
| Interest | ₹1.0k Cr | ₹813 Cr | ₹599 Cr | ₹470 Cr |
| Depreciation | ₹128 Cr | ₹105 Cr | ₹164 Cr | ₹28 Cr |
| Net profit | ₹-28 Cr | ₹478 Cr | ₹113 Cr | ₹166 Cr |
| Net margin | -0.3% | 6.8% | 2.0% | 4.2% |
| Cash from operations | ₹16 Cr | ₹91 Cr | ₹134 Cr | ₹892 Cr |
| Free cash flow | ₹-189 Cr | ₹171 Cr | ₹140 Cr | ₹825 Cr |
| ROCE | 16.0% | 21.0% | 25.0% | 25.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹151 Cr | ₹151 Cr | ₹151 Cr | ₹151 Cr | ₹182 Cr | ₹262 Cr |
| Reserves | ₹-1.5k Cr | ₹-810 Cr | ₹-866 Cr | ₹-320 Cr | ₹910 Cr | ₹1.9k Cr |
| Borrowings | ₹4.8k Cr | ₹2.0k Cr | ₹5.5k Cr | ₹2.2k Cr | ₹1.6k Cr | ₹1.0k Cr |
| Other liabilities | ₹9.3k Cr | ₹12.8k Cr | ₹8.4k Cr | ₹7.0k Cr | ₹5.8k Cr | ₹5.3k Cr |
| Total liabilities | ₹12.8k Cr | ₹14.2k Cr | ₹13.2k Cr | ₹9.1k Cr | ₹8.5k Cr | ₹8.5k Cr |
| Fixed assets | ₹866 Cr | ₹723 Cr | ₹623 Cr | ₹449 Cr | ₹235 Cr | ₹247 Cr |
| Capital work in progress | ₹2 Cr | ₹1 Cr | ₹0 Cr | ₹1 Cr | ₹9 Cr | ₹19 Cr |
| Investments | ₹418 Cr | ₹59 Cr | ₹79 Cr | ₹246 Cr | ₹201 Cr | ₹198 Cr |
| Other assets | ₹11.5k Cr | ₹13.4k Cr | ₹12.5k Cr | ₹8.4k Cr | ₹8.1k Cr | ₹8.0k Cr |
| Total assets | ₹12.8k Cr | ₹14.2k Cr | ₹13.2k Cr | ₹9.1k Cr | ₹8.5k Cr | ₹8.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −3.13 pp while the public added +2.14 pp.
- Promoters
- 16.2%
- FIIs
- 11.4%
- DIIs
- 3.7%
- Public
- 68.8%
Since Jun 2025
- DIIs −3.13 pp
- Public +2.14 pp
- FIIs +1.55 pp
How it drifted, 12 quarters
Over this window DIIs fell from 9.5% to 3.7% — −5.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 18.6%, FIIs 5.6%, DIIs 9.5%, Public 66.3%.Dec '23: Promoters 18.6%, FIIs 7.8%, DIIs 9.4%, Public 64.2%.Mar '24: Promoters 18.6%, FIIs 9.2%, DIIs 8.2%, Public 64.0%.Jun '24: Promoters 18.6%, FIIs 9.6%, DIIs 6.5%, Public 65.2%.Sep '24: Promoters 18.6%, FIIs 9.7%, DIIs 6.0%, Public 65.7%.Dec '24: Promoters 16.7%, FIIs 13.3%, DIIs 7.5%, Public 62.4%.Mar '25: Promoters 16.7%, FIIs 10.6%, DIIs 6.8%, Public 65.9%.Jun '25: Promoters 16.7%, FIIs 9.8%, DIIs 6.8%, Public 66.6%.Sep '25: Promoters 16.7%, FIIs 9.6%, DIIs 6.8%, Public 66.9%.Dec '25: Promoters 16.8%, FIIs 10.4%, DIIs 4.8%, Public 68.0%.Mar '26: Promoters 16.7%, FIIs 10.9%, DIIs 4.1%, Public 68.2%.Jun '26: Promoters 16.2%, FIIs 11.4%, DIIs 3.7%, Public 68.8%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Hindustan Construction Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hincon Holdings Ltd | 8.26% | unchanged |
| Maharani Holdings Private Limited | 5.32% | −0.54 pp |
| Hincon Finance Limited | 2.43% | unchanged |
| Mukul Mahavir Agrawal | 1.91% | unchanged |
| India Insight Value Fund FPI fund | 1.55% | unchanged |
| Vanguard Total International Stock Index Fund Global fund house | 1.18% | unchanged |
| Canara Bank-Mumbai Bank | 1.12% | unchanged |
| Vanguard Emerging Markets Stock Index Fund, a Series of Vanguard International Equity Index Funds Global fund house | 1.11% | unchanged |
| Ishares Core Msci Emerging Markets ETF Global fund house | 1.08% | unchanged |
| Government Pension Fund Global Sovereign | 1.04% | unchanged |
| Ajit Gulabchand | 0.08% | unchanged |
| Arjun Dhawan | 0.04% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse Hindustan Construction Company Limited
Guides on how to read this kind of business and the numbers that matter.