NCC Limited, incorporated in 1978, is a leading infrastructure construction company that undertakes turnkey EPC contracts and BOT projects on a Public-Private Partnership basis. The company was formerly known as Nagarjuna Construction Company Limited and changed its name to NCC Limited in March 2011, with its headquarters based in Hyderabad, India.
NCC operates through multiple segments including Construction (98.5% of 9M FY25 revenue), Real Estate, and Others. The company's construction activities encompass Buildings, Transportation, Water and Environment, Electrical Transmission & Distribution, Irrigation, Mining, and Railways projects. It constructs industrial and commercial buildings, housing projects, IT parks, sports complexes, hospitals, stadiums, highways, roads, flyovers, and bridges.
NCC has established a strong track record in the infrastructure sector, having completed over 500 building projects, constructed more than 20,700 km of water pipelines, and irrigated 3,50,000 acres of land. The company also undertakes design, engineering, erection, testing, and commissioning of transmission lines, sub-stations, voltage distribution systems, and feeder separation schemes, along with earth works, track linking, and overhead electrification for railway projects. Additionally, it constructs water supply systems, water treatment plants, distribution networks, river intake works, electro-mechanical works, underground drainage networks, lift irrigation schemes, and sewage pumping stations and treatment plants.
The company has expanded its operations to include the smart meters segment, diversifying its infrastructure portfolio to meet emerging market demands. NCC also operates power and metal business and provides mine developer-cum-operator services, including removal of overburden and extraction of coal, lignite, and other minerals from open cast mines.
As of July 2025, NCC Limited's market capitalization stands at ₹14,664.61 Crore. The company maintains a PE ratio of 17.19 and an EPS of 13.05 as of its trailing twelve months.
NCC Limited reported strong financial performance in Q4 FY25, with net profit standing at ₹253.8 Crore, representing a healthy 6% growth compared to ₹239.2 Crore in Q4 FY24. However, revenue from operations dipped by 5.5% to ₹6,120.9 Crore in Q4 FY25, compared to ₹6,484.9 Crore in the corresponding quarter of the previous fiscal year.
The company's EBITDA rose to ₹556.5 Crore from ₹550.3 Crore in Q4 FY24, showing a 1.1% increase, while the EBITDA margin improved to 9% in Q4 FY25 from 8.5% in Q4 FY24. This improvement in margin indicates that despite lower revenue, the company managed to control costs and improve operational efficiency.
For the full year FY25, NCC Limited demonstrated strong growth with net profit rising 15.36% to ₹819.88 Crore compared to ₹710.69 Crore in FY24. Sales increased by 6.50% to ₹22,199.36 Crore in FY25 against ₹20,844.96 Crore in the previous year.
The consolidated revenue for FY25 reached ₹22,199 Crore, representing a 7% growth from the previous year, with an EBITDA margin of 9.09% for FY25.
NCC Limited secured fresh orders worth ₹32,888 Crore during FY25, including changes in project scopes. The company's consolidated order book now stands at a record ₹71,568 Crore, demonstrating a strong pipeline of upcoming projects. On a standalone basis, the order book is at ₹62,471 Crore as of March 31, 2025, indicating the company has sufficient projects in hand to drive future growth.
In June 2025, NCC Limited received ₹1,690.51 Crore worth of building division orders from government and private entities. The company also secured significant telecom infrastructure orders worth ₹10,804.5 Crore, including ₹2,647.1 Crore for the Uttarakhand Telecom Circle and ₹8,157.4 Crore for the Madhya Pradesh, DNH, and DD Telecom Circles. These orders will be executed over 3 years with maintenance for 10 years.
The company has set a revenue growth guidance of 10% for FY26, which management considers realistic given the gestation period of new projects and dependency on government infrastructure initiatives and client cooperation. While NCC anticipates growth driven by its robust order book, the company faces challenges in project execution due to land availability and client payment delays. Rising debt levels and interest costs also pose risks to profitability.
The company is making strategic investments in capital projects, including a Tunnel Boring Machine, to enhance its capabilities. Despite operational hurdles, there is cautious optimism for future growth driven by the robust project pipeline and government support for infrastructure development.
The Board of Directors has recommended a dividend of ₹2.20 per equity share (110% of the face value of ₹2) for FY25, which will be paid after receiving approval from shareholders. In the quarter ending March 2024, the company declared a dividend of ₹2.20, translating to a dividend yield of 1.88%.
NCC is recognized as the only construction company from India to be hailed as 'Best Under a Billion' in Asia Pacific, having evolved from a mere contractor to a full-fledged infrastructure company. The company is part of multiple indices including BSE 500, Nifty 500, BSE SmallCap, Nifty Smallcap 100, and BSE India Infrastructure Index, reflecting its significant market presence.
NCC Limited continues to maintain its position as a leading infrastructure construction company in India, with a strong order book providing revenue visibility and growth prospects for the coming years. The company's diversified project portfolio across multiple infrastructure segments and its proven execution capabilities position it well to capitalize on India's infrastructure development opportunities.
