NCC Limited (NCC) Fair Value & Analysis
Industrials · IN · Market cap ₹94.5B (≈ $1.0B) · ISIN INE868B01028
What is NCC Limited really worth?
Below-average quality, trading 28% below our fair value of ₹207.20.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 16 valuation models · updated 22 days ago
Share price +4.3% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The large discount to fair value meets weak quality (35/100). That raises the risk this is a value trap rather than a bargain.
- A fairly wide model range (₹128.84 to ₹239.27) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range ₹49.87 – ₹351.98 · fair‑value band ₹128.84 – ₹239.27 · the ₹149.70 price screens below the ₹207.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
NCC Limited (NCC) currently trades at ₹149.70, while our model-based Fair Value estimate is ₹207.20, implying the stock looks roughly 27.8% undervalued today. The Quality Score stands at 35/100 (below-average quality), in the Industrials sector. Bull case: the Multiples group reads highest at a median of ₹225.88 per share, and 10 of the 16 models we run sit above the ₹149.70 price. Bear case: the Dividend Discount group reads lowest at ₹35.42, and 6 of the 16 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, NCC Limited generated revenue of ₹208B at a net margin of 3.2%. Revenue grew 1.7% year over year. It earns a return on equity of 9.3%. Net debt stands at ₹21.7B. Fundamentals as of Aug 13, 2026
Our scenario range runs from ₹128.84 (bear case) to ₹239.27 (bull case); at ₹149.70, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 35% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at 38%, NCC screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹3.68 per share, which is 1.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 16 models by family
Widest divergence: Multiples (₹225.88) versus Dividend Discount (₹35.42). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 34 · Market factors (momentum, volatility) 42
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
NCC Limited operates in the construction business in India and internationally. It operates through the Construction, Real Estate, and Others segments.
Full company description
NCC Limited operates in the construction business in India and internationally. It operates through the Construction, Real Estate, and Others segments. The company constructs buildings, including hospitals, medical colleges, airports, sports complexes, housing projects, IT parks, and industrial and commercial buildings; transportation projects comprising access-controlled highways, road EPC projects, airstrips, metros, tunnels, bridges, and flyovers; and water and environment projects, such as water supply projects, water treatment plants, water distribution networks, underground drainage, and sewage treatment plants. It also engages in the irrigation projects, including lift irrigation schemes, dams, reservoirs, canals, tunnels, barrages, spillways, and aqueducts; mining projects that consist of overburden removal, coal excavation and transportation, and mine development and operation; railway projects, which include civil EPC, track laying, signaling and telecommunication, dedicated freight corridor, and high-speed rail; and electrical projects comprising transmission and distribution lines, substations, project electrification, and system improvements and smart meters. The company was formerly known as Nagarjuna Construction Company Limited and changed its name to NCC Limited in March 2011. NCC Limited was founded in 1978 and is headquartered in Hyderabad, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
NCC Limited reported revenue of ₹208B in FY2026 versus ₹111B in FY2022, a compound +16.9%/yr. Reported net income was ₹6.8B in FY2026, compounding +8.8%/yr from FY2022.
of which total revenue +9.6 % · buybacks/dilution −2.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Engineering & Construction · 817 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Engineering & Construction median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Quanta Services, Inc PWR | $620.06 | $143.92 | −77% |
| Vinci SA DG | €114.35 | €185.62 | +62% |
| Comfort Systems USA, Inc FIX | $1,615 | $519.97 | −68% |
| Larsen & Toubro Limited LT | ₹4,072 | ₹2,196 | −46% |
| Ferrovial N.V FER | €57.28 | €19.17 | −67% |
| HOCHTIEF Aktiengesellschaft HOT | €426.40 | €203.87 | −52% |
| Samsung C&T Corporation 028260 | 373,000 KRW | 261,411 KRW | −30% |
| EMCOR Group EME | $775.04 | $549.47 | −29% |
| MasTec, Inc MTZ | $241.00 | $100.00 | −59% |
| Bouygues SA EN | €46.65 | €65.67 | +41% |
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