NCC Limited

BSE:500294 Stock Report

Market Cap: ₹89.8b

NCC Future Growth

Future criteria checks 1/6

NCC is forecast to grow earnings and revenue by 15.7% and 6.4% per annum respectively. EPS is expected to grow by 15.6% per annum. Return on equity is forecast to be 10.9% in 3 years.

Key information

15.7%

Earnings growth rate

15.57%

EPS growth rate

Construction earnings growth17.5%
Revenue growth rate6.4%
Future return on equity10.90%
Analyst coverage

Good

Last updated09 Jun 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 08

500294: Recent Order Wins And Upcoming Dividend Decision Will Support Upside

Analysts have trimmed NCC's price target by about ₹3 to ₹208, citing updated assumptions that incorporate a slightly higher discount rate, a higher revenue growth outlook, a lower profit margin profile, and a higher forward P/E multiple. What's in the News NCC has scheduled a board meeting on May 15, 2026, to consider audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026.
Narrative Update • Apr 26

500294: Recent Water Division Orders Will Support Future Upside

Analysts have kept NCC's fair value estimate stable around ₹211.69, with only marginal tweaks to the discount rate, revenue growth, profit margin and forward P/E inputs. This has led to a largely unchanged price target grounded in updated risk and earnings assumptions.
Narrative Update • Apr 10

500294: Recent Water And Infrastructure Orders Will Support Future Upside

Analysts have maintained their fair value estimate for NCC at around ₹211.69 per share, with only marginal adjustments to the discount rate, revenue growth, profit margin and forward P/E assumptions shaping the updated price target narrative. What's in the News NCC received one order in February 2026 valued at ₹3,260.6 million, excluding GST, for its Water Division.
Narrative Update • Mar 27

500294: Water And Infrastructure Orders Will Support Future Upside

Analysts have maintained their fair value estimate for NCC at ₹211.69 per share, making only minor adjustments to inputs such as a slightly higher discount rate and a marginally revised future P/E assumption. This reflects a broadly unchanged view of the stock's risk and earnings profile.
Narrative Update • Mar 09

500294: Water Division Orders Will Drive Future Upside

Analysts now place NCC's fair value price target at ₹211.69, up from ₹209.83, reflecting slightly lower assumed risk and a marginally higher future P/E multiple in their updated models. What's in the News NCC reported a single order in February 2026, valued at ₹3,260.6 million (excluding GST), for its Water Division.
Narrative Update • Feb 23

500294: Medical College Contract And Water Orders Will Drive Future Upside

Analysts have trimmed their fair value estimate for NCC from ₹228.00 to about ₹209.83, citing updated assumptions for revenue growth, profit margins, the discount rate, and future P/E expectations. What's in the News NCC received five orders in January 2026 totaling ₹24,568.9 million, with ₹19,222.6 million for the Water Division, ₹2,900.2 million for the Transportation Division, and ₹2,446.1 million for the Electrical Division (client announcement).
New Narrative • Feb 22

Order Book Strength And Smart Meter Projects Will Support Fairly Valued Outlook

Catalysts About NCC NCC Limited is an Indian construction and engineering company with a diversified order book across buildings, transportation, electrical transmission and distribution, mining, water, railways and irrigation projects. What are the underlying business or industry changes driving this perspective?
Narrative Update • Feb 09

500294: Medical College And Water Orders Will Support Future Performance

Analysts have reduced their price target on NCC from $235.67 to $228.00. This reflects updated assumptions around discount rates, revenue growth, margins and future P/E that they see as better aligned with current conditions.
New Narrative • Feb 08

Large Order Book And Escalation Clauses Will Support Multi Year Infrastructure Upside

Catalysts About NCC NCC is a diversified construction and infrastructure company with operations across buildings, transportation, electrical T&D, mining, water, railways and irrigation. What are the underlying business or industry changes driving this perspective?
Narrative Update • Jan 25

500294: Medical College Expansion Orders Will Support Future Performance

Analysts have made a small upward adjustment to their price target for NCC to approximately $235.67. This reflects slightly updated views on fair value, required return, revenue growth, profit margins and future P/E assumptions.
Narrative Update • Jan 10

500294: Medical And Mining Orders Will Drive Future Performance

Analysts have reduced their price target for NCC from $240.85 to $235.38, reflecting minor updates to assumptions on the discount rate, revenue growth, profit margin, and future P/E ratio. What's in the News Cambi and NCC signed a Letter of Intent for a medium construction contract at the Malad wastewater treatment plant in Mumbai, involving thermal hydrolysis technology to modernise sludge processing and support biogas production, with THP system delivery to site scheduled for 2027 (Client Announcements).
Narrative Update • Dec 25

500294: Major Medical And Mining Contracts Will Drive Future Performance

Narrative Update on Analyst Price Target for NCC Analysts have modestly adjusted their price target for NCC to 240.85, reflecting a slightly lower discount rate and future P/E assumptions that indicate marginally improved perceived risk and valuation efficiency. What's in the News NCC received a Letter of Acceptance from the Public Works (Health and Education) Department, Assam, for the expansion and modernization of Gauhati Medical College and Hospital in Guwahati.
Narrative Update • Dec 11

500294: New Infrastructure And Mining Orders Will Drive Performance Ahead

Analysts have nudged their price target on NCC slightly higher to approximately $241 per share, reflecting modestly increased discount rate assumptions alongside broadly unchanged views on the company’s long term growth, margins, and valuation multiples. What's in the News Secured a Letter of Acceptance from Assam Public Works (Health and Education) Department for expansion and modernization of Gauhati Medical College and Hospital in Guwahati, with a contract value of about INR 20,627.1 million and an execution timeline of 42 months plus 5 years of O and M for civil and services (Key Developments) Won four additional orders in October 2025 totaling INR 7,100 million, primarily in the Buildings Division (INR 5,909 million) and the Transportation Division (INR 1,191 million), all awarded in the normal course of business with no related party involvement (Key Developments) Received a major mining contract from Central Coalfields Limited for overburden and coal extraction and transportation at Amrapali OCP in Jharkhand, valued at INR 68,289.4 million over a development and production period of about 8 years (Key Developments) Awarded an order from the Water Resources Department, Bihar, for construction of the Barner Reservoir Scheme in Jamui district, with a contract value of approximately INR 20,905 million and a 30 month construction period plus 60 month defect liability period (Key Developments) Scheduled a board meeting on November 6, 2025 to consider and approve unaudited standalone and consolidated financial results for the second quarter and half year ended September 30, 2025 (Key Developments) Valuation Changes Fair Value Estimate remains essentially unchanged at about ₹241 per share, indicating no material shift in intrinsic value assumptions.
Narrative Update • Nov 26

500294: Major New Orders Will Drive Performance Despite Margin Pressures

Analysts have lowered their price target for NCC from $258.38 to $240.85, citing revised estimates for revenue growth and profit margins as key factors in the adjustment. What's in the News NCC Limited received four new orders totaling INR 7,100 million in October 2025.
Narrative Update • Nov 09

500294: Record New Orders And Strong Margins Will Drive Upside Potential

Analysts have updated their price target for NCC downward from $265.69 to $258.38. They cite expectations for higher revenue growth and profit margins, as well as a rising discount rate impacting valuation.
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New Narrative • Feb 15

Union Budget's Increased Capital Expenditure Will Boost Infrastructure Projects

Strong project pipeline and infrastructure focus suggest robust potential for long-term revenue and earnings growth.

Earnings and Revenue Growth Forecasts

BSE:500294 - Analysts future estimates and past financials data (INR Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
3/31/2029264,65410,228N/AN/A1
3/31/2028233,1079,3329,17512,90111
3/31/2027196,9996,6307,43011,8369
3/31/2026208,2306,753-14,138-4,585N/A
12/31/2025207,2127,231N/AN/AN/A
9/30/2025211,9747,938-4,480-814N/A
6/30/2025218,5048,021N/AN/AN/A
3/31/2025221,9948,1994,2227,417N/A
12/31/2024225,5348,052N/AN/AN/A
9/30/2024224,6898,3274,2927,513N/A
6/30/2024219,9267,471N/AN/AN/A
3/31/2024208,4507,10710,74313,595N/A
12/31/2023193,0916,624N/AN/AN/A
9/30/2023179,5865,99412,35215,326N/A
6/30/2023166,1256,531N/AN/AN/A
3/31/2023155,5346,0927,53211,001N/A
12/31/2022140,2176,605N/AN/AN/A
9/30/2022131,8715,7928,08110,976N/A
6/30/2022123,9505,621N/AN/AN/A
3/31/2022111,3804,82411,96814,156N/A
12/31/2021104,7723,571N/AN/AN/A
9/30/202195,8923,5193,1345,681N/A
6/30/202187,1613,026N/AN/AN/A
3/31/202179,4942,6836,4958,418N/A
12/31/202074,6722,273N/AN/AN/A
9/30/202076,2172,5999,39210,214N/A
6/30/202078,5172,775N/AN/AN/A
3/31/202089,0113,3657,8149,314N/A
12/31/2019103,2774,483N/AN/AN/A
9/30/2019114,2505,103N/A6,629N/A
6/30/2019127,2955,507N/AN/AN/A
3/31/2019128,9565,787N/A6,731N/A
12/31/2018117,5074,375N/AN/AN/A
9/30/2018104,3863,690N/AN/AN/A
6/30/201886,9982,435N/AN/AN/A
3/31/201883,9061,686N/A5,858N/A
3/31/201790,006317N/A3,136N/A
3/31/201695,2721,204N/A3,955N/A
12/31/201592,3531,361N/AN/AN/A
9/30/201594,9051,213N/AN/AN/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 500294's forecast earnings growth (15.7% per year) is above the savings rate (6.9%).

Earnings vs Market: 500294's earnings (15.7% per year) are forecast to grow slower than the Indian market (16.2% per year).

High Growth Earnings: 500294's earnings are forecast to grow, but not significantly.

Revenue vs Market: 500294's revenue (6.4% per year) is forecast to grow slower than the Indian market (11% per year).

High Growth Revenue: 500294's revenue (6.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 500294's Return on Equity is forecast to be low in 3 years time (10.9%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/10 11:46
End of Day Share Price 2026/07/10 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

NCC Limited is covered by 36 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null null360 ONE Capital Market Private Limited
Kunal Sheth360 ONE Capital Market Private Limited
Saurabh MukherjeaAmbit Capital