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Swing Capital

NCC Ltd

NSE: NCC BSE: 500294

Incorporated in 1978, NCC Limited undertakes turnkey EPC contracts and BOT projects on Public-Private Partnership basis[1]

₹152
52W: ₹130 — ₹242
PE 15.4 · Book ₹121 · +26% vs book
Market Cap₹9,575 Cr
Stock P/E15.4Price to Earnings
ROCE15.2%Return on Capital
ROE8.26%Return on Equity
Div. Yield1.41%Face Value ₹2

Strengths

  • +Company has been maintaining a healthy dividend payout of 21.3%

Weaknesses

  • −Promoter holding is low: 22.8%
  • −Company has a low return on equity of 9.68% over last 3 years.
  • −Company's cost of borrowing seems high

Shareholding Pattern

Promoters22.81%
FIIs12.11%
DIIs16.4%
Public48.68%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters22%22%22.02%▲0.022.1%▲0.122.1%22.11%▲0.022.25%▲0.122.81%▲0.6
FIIs23.65%20.86%▼2.818.13%▼2.713.79%▼4.312.7%▼1.112.87%▲0.211.49%▼1.412.11%▲0.6
DIIs11.4%12.34%▲0.914.17%▲1.815.6%▲1.417.5%▲1.916.65%▼0.915.3%▼1.316.4%▲1.1
Public42.96%44.78%▲1.845.68%▲0.948.49%▲2.847.69%▼0.848.37%▲0.750.96%▲2.648.68%▼2.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4,7475,4464,7134,4454,6715,3764,3783,7274,0435,316
Expenses4,2684,9364,2744,0444,2624,8813,9833,4493,7164,867
Operating Profit479510440401409495395277327449
OPM %10%9%9%9%9%9%9%7%8%8%
Net Profit21318720116118521419010282203
EPS ₹3.392.983.22.562.953.43.031.621.313.23

AI Insights

Revenue Trend

Mar 2026 revenue at ₹17,463Cr, down 9.1% YoY. OPM at 8%.

Debt Position

Borrowings at ₹2,251Cr. Debt-to-equity ratio: 0.30x. Healthy balance sheet.

Capex Cycle

CWIP at ₹349Cr (19% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 16.4% (+4.11pp change). FIIs: 12.11% (-10.35pp change). Promoters hold 22.81%.

Margin & Efficiency

ROCE improving from 14% (Mar 2015) to 15% (Mar 2026). Working capital days: 55.

Valuation

PE 15.4x with 15.2% ROCE. Price is 26% above book value of ₹121. Dividend yield: 1.41%.

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