NCC
NCC share price & financials
- Price
- ₹139.6
- Market cap
- ₹9.1k Cr
- Sector
- Construction
- Calls analysed
- 7
NCC Limited Q1 FY27
What went well
- Consolidated turnover of ₹5,842 crores in Q1 FY27, a 12% YoY growth, marking the highest Q1 turnover in company history.
- Consolidated EBITDA margin improved to 9.4% in Q1 FY27 from 8.8% in the previous year, indicating better operational efficiency.
- Order book stands at a robust ₹81,214 crores as of June 30, 2026, providing a healthy 3.5x book-to-bill ratio and multi-year revenue visibility.
What to watch
- Consolidated net debt increased significantly from ₹1,574 crores in Q1 FY26 to ₹3,513 crores in Q1 FY27, primarily due to investments in smart meter projects and CAPEX.
- Unbilled revenue increased from ₹6,675 crores to ₹7,414 crores, representing 38% of annualized revenue, indicating a lag in certification.
What NCC Limited does
NCC Limited is a diversified infrastructure and construction company that executes engineering, procurement and construction (EPC) projects across seven business verticals: Buildings, Transportation, Water & Environment, Electrical (T&D), Railways, Mining and Irrigation. It earns primarily as a contractor executing government and private-sector infrastructure orders, supplemented by group subsidiaries in coal mine development and operation (Pachhwara Coal Mining, an MDO asset in Jharkhand), real estate development (NCC Urban Infrastructure) and a tunnelling joint venture (GMLR project, Mumbai). Its client base spans central and state government bodies, public sector undertakings and private developers, with repeat business from agencies such as metro rail corporations and water/irrigation departments.
Segments
- Buildings
- Transportation
- Water & Environment
- Electrical (T&D)
- Railways
- Mining
- Irrigation
- Years in operation
- 48+ (established 1978)
- Business verticals
- 7 (Buildings, Transportation, Water & Environment, Electrical T&D, Railways, Mining, Irrigation)
- Employees
- 13,606
- Geographic footprint
- Pan-India presence across multiple states
- Real estate completed (NCC Urban Infrastructure)
- 11.7 million sq. ft. built-up area, with 2.78 million sq. ft. (5 projects) under construction and 3.72 million sq. ft. (6 projects) in pipeline
- NCC Urban Infrastructure presence
- Bengaluru, Hyderabad, Chennai, Ranchi, Mumbai
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 4 delivered 5 missed 10 open- AP Dues Recovery went quiet said Q3 FY25 Promised: ₹1,150 crores by end of March 2025 Q1 FY27: Management guided for recovery of ₹142 crores from 'AP Capital City old projects' by Q2/early Q3 FY27. This addresses a small portion of the original, long-overdue promise, but the main target remains unaddressed.
- Vizag Urban Project Recovery revised up said Q4 FY26 Promised: ₹250 crores Q1 FY27: Guidance updated to recovery of the entire outstanding amount of ₹271 crores by December 2026. This is a more specific and slightly higher target.
- FY26 Order Inflow delivered said Q4 FY25 Promised: ₹22,000 - ₹25,000 crores Q4 FY26: Full year FY26 order inflows reached ₹31,884 crores, significantly exceeding the top end of the ₹22,000-25,000 crore guidance.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 12.2%, net profit up 11.7% 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 | 5,196 | 5,345 | 6,131 | 5,179 | 4,543 −13% | 4,868 −9% | 6,233 +2% | 5,812 +12% |
| EBITDA | 443 | 441 | 555 | 456 | 393 −11% | 436 −1% | 550 −1% | 545 +20% |
| Net profit | 175 | 206 | 265 | 205 | 167 −5% | 135 −34% | 217 −18% | 229 +12% |
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 −32.0% 1Y
1Y: ₹207.26 on 10 Sept 2025 → ₹140.94. High ₹216.99 (19 Sept 2025), low ₹130.94 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +1.3%
- 7 Aug
- Q4 FY26
- −5.0%
- 16 May
- Q3 FY26
- +2.9%
- 6 Feb
- Q2 FY26
- −0.1%
- 7 Nov
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 grew 10.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 8.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹15.6k Cr | ₹20.8k Cr | ₹22.2k Cr | ₹20.8k Cr |
| Operating profit | ₹1.5k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹1.8k Cr |
| Operating margin | 9.4% | 8.5% | 8.6% | 8.8% |
| Interest | ₹515 Cr | ₹594 Cr | ₹681 Cr | ₹745 Cr |
| Depreciation | ₹203 Cr | ₹211 Cr | ₹217 Cr | ₹236 Cr |
| Net profit | ₹646 Cr | ₹740 Cr | ₹869 Cr | ₹724 Cr |
| Net margin | 4.2% | 3.6% | 3.9% | 3.5% |
| Cash from operations | ₹1.1k Cr | ₹1.4k Cr | ₹742 Cr | ₹-459 Cr |
| Free cash flow | ₹877 Cr | ₹1.1k Cr | ₹477 Cr | ₹-1.4k Cr |
| ROCE | 19.0% | 22.0% | 22.0% | 17.0% |
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 | ₹122 Cr | ₹122 Cr | ₹126 Cr | ₹126 Cr | ₹126 Cr | ₹126 Cr |
| Reserves | ₹5.0k Cr | ₹5.5k Cr | ₹6.0k Cr | ₹6.5k Cr | ₹7.4k Cr | ₹7.7k Cr |
| Borrowings | ₹2.1k Cr | ₹1.3k Cr | ₹974 Cr | ₹980 Cr | ₹2.9k Cr | ₹3.5k Cr |
| Other liabilities | ₹6.3k Cr | ₹7.6k Cr | ₹9.4k Cr | ₹10.5k Cr | ₹13.0k Cr | ₹14.6k Cr |
| Total liabilities | ₹13.5k Cr | ₹14.5k Cr | ₹16.6k Cr | ₹18.1k Cr | ₹23.4k Cr | ₹26.0k Cr |
| Fixed assets | ₹1.4k Cr | ₹1.4k Cr | ₹1.5k Cr | ₹1.6k Cr | ₹1.7k Cr | ₹2.1k Cr |
| Capital work in progress | ₹22 Cr | ₹7 Cr | ₹22 Cr | ₹41 Cr | ₹38 Cr | ₹351 Cr |
| Investments | ₹440 Cr | ₹346 Cr | ₹352 Cr | ₹155 Cr | ₹151 Cr | ₹153 Cr |
| Other assets | ₹11.7k Cr | ₹12.7k Cr | ₹14.7k Cr | ₹16.3k Cr | ₹21.5k Cr | ₹23.4k Cr |
| Total assets | ₹13.5k Cr | ₹14.5k Cr | ₹16.6k Cr | ₹18.1k Cr | ₹23.4k Cr | ₹26.0k 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, FIIs trimmed −1.41 pp while promoters added +0.99 pp. The shareholder count shrank 3% to 5,43,274.
- Promoters
- 23.1%
- FIIs
- 11.3%
- DIIs
- 17.9%
- Public
- 47.8%
Since Jun 2025
- FIIs −1.41 pp
- Promoters +0.99 pp
- DIIs +0.38 pp
How it drifted, 12 quarters
Over this window FIIs fell from 24.2% to 11.3% — −12.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 22.0%, FIIs 24.2%, DIIs 11.0%, Public 42.8%.Dec '23: Promoters 22.0%, FIIs 23.9%, DIIs 10.5%, Public 43.6%.Mar '24: Promoters 22.0%, FIIs 27.3%, DIIs 10.6%, Public 40.0%.Jun '24: Promoters 22.0%, FIIs 23.6%, DIIs 11.4%, Public 43.0%.Sep '24: Promoters 22.0%, FIIs 20.9%, DIIs 12.3%, Public 44.8%.Dec '24: Promoters 22.0%, FIIs 18.1%, DIIs 14.2%, Public 45.7%.Mar '25: Promoters 22.1%, FIIs 13.8%, DIIs 15.6%, Public 48.5%.Jun '25: Promoters 22.1%, FIIs 12.7%, DIIs 17.5%, Public 47.7%.Sep '25: Promoters 22.1%, FIIs 12.9%, DIIs 16.6%, Public 48.4%.Dec '25: Promoters 22.3%, FIIs 11.5%, DIIs 15.3%, Public 51.0%.Mar '26: Promoters 22.8%, FIIs 12.1%, DIIs 16.4%, Public 48.7%.Jun '26: Promoters 23.1%, FIIs 11.3%, DIIs 17.9%, Public 47.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Rekha Jhunjhunwala newly disclosed 10.63% held
- ICICI Prudential Smallcap Fund Mutual fund newly disclosed 6.19% held
- Quant Mutual Fund - Quant Multi Cap Fund Mutual fund newly disclosed 4.99% held
- Tata Aia Life Insurance Co Ltd-Pension Equity Fund Insurer newly disclosed 2.22% held
- Bandhan Infrastructure Fund Mutual fund newly disclosed 1.00% held
- Sirisha Projects Private Limited +0.27 pp 3.93% held
The same filing shows 0 holders trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of NCC Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| A V S R Holdings Private Limited | 11.06% | unchanged |
| Rekha Jhunjhunwala | 10.63% | newly disclosed |
| ICICI Prudential Smallcap Fund Mutual fund | 6.19% | newly disclosed |
| Quant Mutual Fund - Quant Multi Cap Fund Mutual fund | 4.99% | newly disclosed |
| Sirisha Projects Private Limited | 3.93% | +0.27 pp |
| Tata Aia Life Insurance Co Ltd-Pension Equity Fund Insurer | 2.22% | newly disclosed |
| Rekha Jhunjhunwala - 2 | 1.85% | unchanged |
| U Sunil | 1.12% | unchanged |
| Bandhan Infrastructure Fund Mutual fund | 1.00% | newly disclosed |
| Suguna A | 0.69% | unchanged |
| Alluri Venkata Narasimha Raju | 0.64% | unchanged |
| Arundhati Alluri | 0.59% | 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.
Mutual funds in NCC
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.12 L shares (+0.3%).
- Held by funds
- ₹49 Cr
- 6 schemes
- Biggest holder
- HDFC Infrastructure Fund
- ₹33 Cr · 1.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Infrastructure Fund HDFC Mutual Fund | ₹33 Cr | held | Aug '24 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹10 Cr | +0.08 L | Oct '20 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹5 Cr | +0.04 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +11,575 shares (+0.3%)
- Funds are sitting on
- -43%
- vs est. average cost
- Held by funds
- ₹49 Cr
- 6 schemes · ≈ 0.52% of the company
- Biggest holder
- HDFC Infrastructure Fund
- ₹33 Cr · 1.4% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 5y 11m · since Oct '20
Shares held by these funds +771%
Aug '23 34.02 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse NCC Limited
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