NCC Limited

NSEI:NCC Stock Report

Market Cap: ₹194.5b

NCC Valuation

Is NCC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NCC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NCC (₹309.7) is trading above our estimate of fair value (₹174.53)

Significantly Below Fair Value: NCC is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NCC?

Key metric: As NCC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NCC. This is calculated by dividing NCC's market cap by their current earnings.
What is NCC's PE Ratio?
PE Ratio23.4x
Earnings₹8.33b
Market Cap₹194.54b

Price to Earnings Ratio vs Peers

How does NCC's PE Ratio compare to its peers?

The above table shows the PE ratio for NCC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average39.3x
IRCON Ircon International
21.4x5.7%₹197.3b
TECHNOE Techno Electric & Engineering
50.1x28.3%₹158.6b
KPIL Kalpataru Projects International
35.4x29.5%₹185.2b
PRAJIND Praj Industries
50.4x24.4%₹151.4b
NCC NCC
23.4x22.1%₹194.5b

Price-To-Earnings vs Peers: NCC is good value based on its Price-To-Earnings Ratio (23.4x) compared to the peer average (39.3x).

Price to Earnings Ratio vs Industry

How does NCC's PE Ratio compare vs other companies in the IN Construction Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CCCL Consolidated Construction Consortium
1xn/aUS$89.30m
533152 MBL Infrastructures
2.4xn/aUS$65.65m
ATLANTAA Atlantaa
2.4xn/aUS$48.09m
SKIL SKIL Infrastructure
0.1xn/aUS$13.98m
NCC 23.4xIndustry Avg. 24.9xNo. of Companies20PE01632486480+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NCC is good value based on its Price-To-Earnings Ratio (23.4x) compared to the Indian Construction industry average (25.5x).

Price to Earnings Ratio vs Fair Ratio

What is NCC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NCC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.4x
Fair PE Ratio44.3x

Price-To-Earnings vs Fair Ratio: NCC is good value based on its Price-To-Earnings Ratio (23.4x) compared to the estimated Fair Price-To-Earnings Ratio (44.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NCC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹309.70
₹364.58
+17.7%
6.8%₹400.00₹310.00n/a12
Nov ’25₹312.60
₹351.23
+12.4%
10.2%₹400.00₹280.00n/a13
Oct ’25₹304.35
₹351.23
+15.4%
10.2%₹400.00₹280.00n/a13
Sep ’25₹319.05
₹351.23
+10.1%
10.2%₹400.00₹280.00n/a13
Aug ’25₹346.45
₹308.92
-10.8%
11.6%₹395.00₹264.00n/a13
Jul ’25₹321.05
₹303.15
-5.6%
10.1%₹395.00₹264.00n/a13
Jun ’25₹286.95
₹294.92
+2.8%
5.5%₹320.00₹264.00n/a13
May ’25₹242.20
₹266.54
+10.0%
7.7%₹305.00₹233.00n/a13
Apr ’25₹243.05
₹263.62
+8.5%
6.5%₹288.00₹233.00n/a13
Mar ’25₹253.05
₹263.62
+4.2%
6.5%₹288.00₹233.00n/a13
Feb ’25₹208.10
₹192.17
-7.7%
10.4%₹240.00₹170.00n/a12
Jan ’25₹166.55
₹187.08
+12.3%
5.3%₹207.00₹170.00n/a12
Dec ’24₹165.45
₹187.08
+13.1%
5.3%₹207.00₹170.00₹309.7012
Nov ’24₹141.15
₹182.08
+29.0%
6.9%₹212.00₹164.00₹312.6012
Oct ’24₹155.05
₹180.17
+16.2%
5.1%₹195.00₹164.00₹304.3512
Sep ’24₹170.95
₹174.67
+2.2%
8.9%₹195.00₹140.00₹319.0512
Aug ’24₹155.05
₹146.92
-5.2%
8.4%₹170.00₹120.00₹346.4512
Jul ’24₹122.10
₹143.91
+17.9%
7.4%₹160.00₹120.00₹321.0511
Jun ’24₹123.00
₹143.91
+17.0%
7.4%₹160.00₹120.00₹286.9511
May ’24₹119.80
₹123.40
+3.0%
8.8%₹146.00₹113.00₹242.2010
Apr ’24₹106.10
₹121.10
+14.1%
7.6%₹146.00₹113.00₹243.0510
Mar ’24₹91.20
₹118.33
+29.8%
3.6%₹128.00₹113.00₹253.059
Feb ’24₹89.55
₹98.33
+9.8%
12.4%₹118.00₹80.00₹208.109
Jan ’24₹83.90
₹96.44
+15.0%
10.5%₹116.00₹80.00₹166.559
Dec ’23₹79.65
₹95.30
+19.6%
10.7%₹116.00₹80.00₹165.4510

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

Jamna Auto Industries

₹41.1b

Engages in the manufacture and sale of tapered leaf, parabolic springs, and lift axles under the JAI brand in India and internationally.

JAMNAAUTO

₹102.97

7D

3.1%

1Y

-7.8%

Kalpataru Projects International

₹185.2b

Provides engineering, procurement, and construction (EPC) services for power transmission and distribution, buildings and factories, water, railways, oil and gas and urban infrastructure sectors in India and internationally.

522287

₹1,139.75

7D

1.5%

1Y

70.4%

Kalpataru Projects International

₹185.2b

Provides engineering, procurement, and construction (EPC) services for power transmission and distribution, buildings and factories, water, railways, oil and gas and urban infrastructure sectors in India and internationally.

KPIL

₹1,140.05

7D

1.6%

1Y

70.7%