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Swing Capital

Hindustan Construction Company Ltd

NSE: HCC BSE: 500185Energy

Incorporated in 1926, Hindustan Construction Company Limited (HCC) is the flagship company of Hindustan Construction Company Group (HCC Group) and is involved in engineering and construction of infrastructure projects such as dams, tunnels, bridges, hydro,nuclear and thermal power plants, expressways and roads, marine works, water supply, irrigation systems and industrial buildings across the country. [1]

₹21
52W: ₹13.6 — ₹31.5
PE 27 · Book ₹11.8 · +78% vs book
Market Cap₹5,501 Cr
Stock P/E27Price to Earnings
ROCE19.3%Return on Capital
ROE8.16%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company has delivered good profit growth of 21.7% CAGR over last 5 years

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 8.74% over past five years.
  • −Promoter holding is low: 16.7%
  • −Company has a low return on equity of 8.07% over last 3 years.
  • −Promoters have pledged 79.7% of their holding.
  • −Company has high debtors of 209 days.
  • −Company's cost of borrowing seems high

Shareholding Pattern

Promoters16.72%
FIIs10.92%
DIIs4.11%
Public68.24%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters18.59%18.59%16.72%▼1.916.72%16.72%16.72%16.81%▲0.116.72%▼0.1
FIIs9.63%9.73%▲0.113.34%▲3.610.57%▼2.89.83%▼0.79.58%▼0.310.41%▲0.810.92%▲0.5
DIIs6.55%5.97%▼0.67.5%▲1.56.85%▼0.76.83%▼0.06.79%▼0.04.76%▼2.04.11%▼0.6
Public65.23%65.69%▲0.562.43%▼3.365.87%▲3.466.61%▲0.766.91%▲0.368.01%▲1.168.24%▲0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,2451,4281,2661,2031,0021,3301,069958922989
Expenses1,0911,2141,106989855917910804782808
Operating Profit154214159214147413159154140180
OPM %12%15%13%18%15%31%15%16%15%18%
Net Profit69392350-21622839378645
EPS ₹0.280.160.090.21-0.830.870.150.140.330.17

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,937Cr, down 18% YoY. OPM at 16%.

Debt Position

Borrowings at ₹828Cr. Debt-to-equity ratio: 0.29x. Healthy balance sheet.

Capex Cycle

CWIP at ₹19Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 4.11% (-7.65pp change). FIIs: 10.92% (+5.28pp change). Promoters hold 16.72%.

Margin & Efficiency

ROCE improving from 13% (Mar 2015) to 19% (Mar 2026). Working capital days: 55.

Valuation

PE 27x with 19.3% ROCE. Price is 78% above book value of ₹11.8. Dividend yield: 0%.

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