New Risk • Jun 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (56% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹26.86, the stock trades at a trailing P/E ratio of 42.5x. Average trailing P/E is 15x in the Construction industry in India. Total returns to shareholders of 81% over the past three years. Reported Earnings • May 16
Full year 2026 earnings released: EPS: ₹0.75 (vs ₹0.66 in FY 2025) Full year 2026 results: EPS: ₹0.75 (up from ₹0.66 in FY 2025). Revenue: ₹40.8b (down 27% from FY 2025). Net income: ₹1.66b (up 47% from FY 2025). Profit margin: 4.1% (up from 2.0% in FY 2025). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to ₹14.23. The fair value is estimated to be ₹18.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 26% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: ₹0.04 (vs ₹0.23 loss in 3Q 2025) Third quarter 2026 results: EPS: ₹0.04 (up from ₹0.23 loss in 3Q 2025). Revenue: ₹9.62b (down 4.5% from 3Q 2025). Net income: ₹80.7m (up ₹469.9m from 3Q 2025). Profit margin: 0.8% (up from net loss in 3Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Jan 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 56% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Share price has been highly volatile over the past 3 months (9.1% average weekly change). Shareholders have been substantially diluted in the past year (56% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.4% net profit margin). Announcement • Dec 24
Hindustan Construction Company Limited has completed a Follow-on Equity Offering in the amount of INR 9.999899 billion. Hindustan Construction Company Limited has completed a Follow-on Equity Offering in the amount of INR 9.999899 billion.
Security Name: Equity Shares
Security Type: Common Stock
Securities Offered: 799,991,900
Price\Range: INR 12.5
Transaction Features: Regulation S; Rights Offering New Risk • Dec 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.4% net profit margin). Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹19.90, the stock trades at a trailing P/E ratio of 24.2x. Average forward P/E is 19x in the Construction industry in India. Total returns to shareholders of 3.4% over the past three years. Announcement • Nov 27
Hindustan Construction Company Limited has filed a Follow-on Equity Offering in the amount of INR 10 billion. Hindustan Construction Company Limited has filed a Follow-on Equity Offering in the amount of INR 10 billion.
Security Name: Equity Shares
Security Type: Common Stock
Transaction Features: Regulation S; Rights Offering Reported Earnings • Nov 07
Second quarter 2026 earnings released: EPS: ₹0.26 (vs ₹0.38 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.26 (down from ₹0.38 in 2Q 2025). Revenue: ₹9.83b (down 30% from 2Q 2025). Net income: ₹477.8m (down 25% from 2Q 2025). Profit margin: 4.9% (up from 4.5% in 2Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 22% per year. Announcement • Aug 13
Hindustan Construction Company Limited announced that it expects to receive INR 1.5 billion in funding Hindustan Construction Company Limited announced a private placement by way of issuance of Equity shares, fully or partly convertible debentures, be issued (viz., equity shares, non-convertible debentures along with warrants, any convertibles, etc.) other equity-based securities, Global Depository Receipts ("GDRs"), American Depository Receipts ("ADRs"), or any combination thereof on preferential allotment or on private placement basis on for aggregate proceeds of not exceeding 1,500,000,000 on August 12, 2025. The transaction has been approved by board of directors of the company in its 99 Annual General Meeting. The transaction is subject to approval from shareholders. Buy Or Sell Opportunity • Aug 05
Now 21% undervalued Over the last 90 days, the stock has risen 4.1% to ₹25.89. The fair value is estimated to be ₹32.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has grown by 20%. Reported Earnings • Jul 23
Full year 2025 earnings released: EPS: ₹0.66 (vs ₹3.35 in FY 2024) Full year 2025 results: EPS: ₹0.66 (down from ₹3.35 in FY 2024). Revenue: ₹56.0b (down 20% from FY 2024). Net income: ₹1.13b (down 79% from FY 2024). Profit margin: 2.0% (down from 7.6% in FY 2024). Revenue is expected to decline by 2.5% p.a. on average during the next 2 years, while revenues in the Construction industry in India are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 14
Hindustan Construction Company Limited, Annual General Meeting, Aug 12, 2025 Hindustan Construction Company Limited, Annual General Meeting, Aug 12, 2025, at 11:00 Indian Standard Time. Buy Or Sell Opportunity • Jun 17
Now 20% undervalued Over the last 90 days, the stock has risen 25% to ₹31.50. The fair value is estimated to be ₹39.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has grown by 21%. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹28.13, the stock trades at a trailing P/E ratio of 41.9x. Average forward P/E is 22x in the Construction industry in India. Total returns to shareholders of 109% over the past three years. New Risk • May 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.0% Last year net profit margin: 7.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.0% net profit margin). Announcement • May 01
Hindustan Construction Company Limited to Report Q4, 2025 Results on May 08, 2025 Hindustan Construction Company Limited announced that they will report Q4, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹27.54, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 20x in the Construction industry in India. Total returns to shareholders of 72% over the past three years. Announcement • Mar 13
Hindustan Construction Company Limited Approves the Appointment of Ramesh Subramanyam as an Independent Director Hindustan Construction Company Limited at the Extra Ordinary General Meeting held on March 13, 2025, approved the appointment of Mr. Ramesh Subramanyam as an Independent Director of the Company. Reported Earnings • Feb 14
Third quarter 2025 earnings released: ₹0.23 loss per share (vs ₹1.54 profit in 3Q 2024) Third quarter 2025 results: ₹0.23 loss per share (down from ₹1.54 profit in 3Q 2024). Revenue: ₹10.7b (down 28% from 3Q 2024). Net loss: ₹389.2m (down 117% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 14% per year. Announcement • Feb 14
Hindustan Construction Company Limited Announces Executive Changes Hindustan Construction Company Limited inform that the Board of Directors in its Meeting held on February 13, 2025 has: taken note of resignation of Mr. Aniruddha Singh as Chief Human Resources Officer of the Company (Senior Managerial Person) with effect from February 13, 2025, to seek new professional avenues. Mr. Jyotirmoy Banerjee has been appointed as Chief Human Resources Officer of the Company (Senior Managerial Person). Date of Appointment: February 13, 2025, Mr. Jyotirmoy Banerjee is an HR leader with over 30 years of experience in Human Resources Management, organizational strategy, and leadership development across infrastructure, construction, and asset management firms. He has successfully driven large-scale HR transformations, talent management initiatives, and workforce productivity enhancements in complex, multi-billion- dollar organizations. He has joined the company from Safeway Concessions, where, as Vice President & Head - Human Resources, he led HR initiatives, talent planning, and key human capital projects. He developed recruitment and training strategies, aligned HR practices with business goals, and managed succession planning . He also oversaw performance management, provided leadership coaching, and implemented best practices. Prior to Safeway Concessions, he worked as HR Leadership Positions with Shapoorji Pallonji, KazStroy Service, Petron Engineering Construction Ltd. His contributions inclu_ded leadership development, performance management, and organizational restructuring to drive efficiency and innovation. He holds a PhD in Management from SVKM's Narsee Monjee Institute of Management Studies, an MBA in Human Resource Management from IGNOU, and a Bachelor of Engineering in Civil from Kamla Nehru Institute of Technology. Announcement • Feb 07
Hindustan Construction Company Limited to Report Q3, 2025 Results on Feb 13, 2025 Hindustan Construction Company Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹29.93, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 26x in the Construction industry in India. Total returns to shareholders of 109% over the past three years. Announcement • Dec 20
Hindustan Construction Company Limited has completed a Follow-on Equity Offering in the amount of INR 6 billion. Hindustan Construction Company Limited has completed a Follow-on Equity Offering in the amount of INR 6 billion.
Security Name: Equity Shares
Security Type: Common Stock
Securities Offered: 139,502,441
Price\Range: INR 43.01
Transaction Features: Regulation S; Subsequent Direct Listing Announcement • Dec 17
Hindustan Construction Company Limited has filed a Follow-on Equity Offering. Hindustan Construction Company Limited has filed a Follow-on Equity Offering.
Security Name: Equity Shares
Security Type: Common Stock
Price(minimum): INR 45.27
Transaction Features: Regulation S; Subsequent Direct Listing New Risk • Dec 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). High level of non-cash earnings (35% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹42.72, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 25x in the Construction industry in India. Total returns to shareholders of 314% over the past three years. New Risk • Oct 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 35% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). High level of non-cash earnings (35% accrual ratio). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Reported Earnings • Oct 30
Second quarter 2025 earnings released: EPS: ₹0.38 (vs ₹0.046 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.38 (up from ₹0.046 in 2Q 2024). Revenue: ₹14.3b (down 22% from 2Q 2024). Net income: ₹639.3m (up ₹575.5m from 2Q 2024). Profit margin: 4.5% (up from 0.3% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 21
Hindustan Construction Company Limited to Report Q2, 2025 Results on Oct 29, 2024 Hindustan Construction Company Limited announced that they will report Q2, 2025 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹43.67, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 29x in the Construction industry in India. Total returns to shareholders of 292% over the past three years. Announcement • Aug 07
Seamarine Investments Private Limited agreed to acquire 97.87% stake in Western Securities Ltd. from Hindustan Construction Company Limited (BSE:500185) for INR 110 million. Seamarine Investments Private Limited agreed to acquire 97.87% stake in Western Securities Ltd. from Hindustan Construction Company Limited (BSE:500185) for INR 110 million on August 5, 2024. A cash consideration of INR 110 million will be paid by Seamarine Investments Private Limited. As of March 31, 2024, Western Securities Ltd. reported total common equity of INR 14.36 million. The expected completion of the transaction is August 14, 2024. Announcement • Aug 06
Hindustan Construction Company Limited, Annual General Meeting, Sep 17, 2024 Hindustan Construction Company Limited, Annual General Meeting, Sep 17, 2024, at 11:00 Indian Standard Time. Reported Earnings • Aug 06
First quarter 2025 earnings released: ₹0.01 loss per share (vs ₹0.27 profit in 1Q 2024) First quarter 2025 results: ₹0.01 loss per share (down from ₹0.27 profit in 1Q 2024). Revenue: ₹18.2b (down 5.7% from 1Q 2024). Net loss: ₹24.6m (down 106% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Share price has been highly volatile over the past 3 months (9.6% average weekly change). Negative equity (-₹1.7b). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (11% increase in shares outstanding). Announcement • Jul 29
Hindustan Construction Company Limited to Report Q1, 2025 Results on Aug 05, 2024 Hindustan Construction Company Limited announced that they will report Q1, 2025 results on Aug 05, 2024 Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹55.37, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 30x in the Construction industry in India. Total returns to shareholders of 395% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹48.64, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 27x in the Construction industry in India. Total returns to shareholders of 288% over the past three years. New Risk • Jun 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Negative equity (-₹1.7b). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (11% increase in shares outstanding). Announcement • May 19
Hindustan Construction Company Limited to Report Fiscal Year 2024 Results on May 24, 2024 Hindustan Construction Company Limited announced that they will report fiscal year 2024 results at 3:30 PM, Indian Standard Time on May 24, 2024 Announcement • Apr 19
Hindustan Construction Company Limited Announces Chief Financial Officer Changes Hindustan Construction Company Limited at its board meeting held on April 18, 2024, taken note of resignation of Mr. Rahul Rao from the position of Chief Financial Officer and Key Managerial Personnel of the Company with effect from April 18, 2024 and appointed Mr. Girish Gangal as Chief Financial Officer and Key Managerial Person (KMP) of the Company with effect from April 18, 2024 based on the recommendations made by the Audit Committee and Nomination and Remuneration Committee. Mr. Girish Govind Gangal has 36 years of experience in the finance domain along with a wealth of leadership expertise. He has been associated with HCC for the past 13 years and has held various senior positions, including Chief Financial Advisor to HCC and the Promoter Group in his last role. Prior to this role that required him to oversee the finance function, he served as the CFO for HCC E&C, where he was responsible for the accounting and treasury functions, cash flow management, budgeting, business planning, and consolidation of Indian and foreign subsidiary entities. He also held the role of Senior Vice President (Group Taxation), overseeing both direct and indirect taxation including planning, execution, representations for assessment appeals, international taxation, transfer pricing audits, and withholding taxation issues. Prior to joining HCC, he has held significant roles at renowned companies such as Ambuja Cements Ltd, Real Value Appliances Ltd, Lyka Labs Ltd, KEC International Ltd. etc. He is a Chartered Accountant and a Member of Institute of Chartered Accountants of India. New Delhi. Furthermore, he has pursued a three-year degree program at New Law College, Matunga. Announcement • Apr 01
Tanay Mukherjee, Bidhan Hazra and Biswajit Paul acquired Hrel Real Estate Limited from Hindustan Construction Company Limited (BSE:500185) for INR 1 million. Tanay Mukherjee, Bidhan Hazra and Biswajit Paul acquired Hrel Real Estate Limited from Hindustan Construction Company Limited (BSE:500185) for INR 1 million on March 31, 2024. Hrel Real Estate has net worth of INR -5 billion.Tanay Mukherjee, Bidhan Hazra and Biswajit Paul completed the acquisition of Hrel Real Estate Limited from Hindustan Construction Company Limited (BSE:500185) for INR 1 million on March 31, 2024. Announcement • Nov 02
Hindustan Construction Company Limited to Report Q2, 2024 Results on Nov 09, 2023 Hindustan Construction Company Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Announcement • Aug 04
Hindustan Construction Company Limited, Annual General Meeting, Aug 30, 2023 Hindustan Construction Company Limited, Annual General Meeting, Aug 30, 2023, at 11:00 Indian Standard Time. Announcement • Jul 26
Hindustan Construction Company Limited to Report Q1, 2024 Results on Aug 03, 2023 Hindustan Construction Company Limited announced that they will report Q1, 2024 results on Aug 03, 2023 Announcement • Feb 15
Hindustan Construction Company Limited Appoints Mr. Jaspreet Bhullar as Director Hindustan Construction Company Limited announced that at its EGM held on February 14, 2023, shareholders approved the appointment of Mr. Jaspreet Bhullar (DIN: 03644691), Chief Executive Officer as Director, liable to retire by rotation and Managing Director and Chief Executive Officer (MD & CEO) of the Company, for a period of 5 years with effect from April 01, 2023, and payment of remuneration for a period of 3 years commencing from April 01, 2023. Further, Mr. Jaspreet Bhullar is not debarred from holding the office of Director by virtue of any SEBI order or the order of any statutory authority. Mr. Jaspreet Bhullar does not have any inter-se relationship with any other Director. Mr. Jaspreet Bhullar is the Chief Executive Officer of Hindustan Construction Company Limited. With over 30 years of experience, Mr. Jaspreet is a seasoned Management and Project Management professional. His entire career has been in the Construction Industry in various senior leadership, management, and executive roles. Mr. Jaspreet has joined HCC from Multiplex Constructions India, a Brookfield Company, where he was working as Managing Director. Prior to Multiplex, Mr. Jaspreet worked as CEO & Head with Leighton India Contractors, LG Engineering & Construction Corp. (now GS E&C), Oriental Structural Engineers, Continental Construction- Balfour Beatty - Foundation (now AeCON). Mr. Jaspreet's experience spans various sectors in Infrastructure space like Highways & Expressways, incrementally launched & Cable-Stayed Bridges, Hydroelectric Projects, Township Infrastructure & Buildings. Mr. Jaspreet has a Bachelor of Engineering Degree focused on Civil from Punjab Engineering College, Chandigarh & GDM (Technology Management) Degree from Deakin University, Melbourne. Announcement • Jan 20
Hindustan Construction Company Limited to Report Q3, 2023 Results on Feb 02, 2023 Hindustan Construction Company Limited announced that they will report Q3, 2023 results on Feb 02, 2023 