Synopsis: With an order book exceeding Rs 79,500 crore, NCC Limited bagged a Rs 326 Cr order for one of its business segment which as of Q3FY26 is about 10 percent of the total order book .
A leading infrastructure and EPC player, that operates across buildings, transportation, water, electrical T&D, irrigation, and mining segments saw its shares in focus after the company bagged a Rs 326 Cr order for its Water Division business. The compay in context has a 3 year profit CAGR of 34 percent.
With a market cap of over Rs 9,300 Cr, NCC Limited hit an intraday high of Rs 150, still about 2 percent below the previous close of Rs 153, possibly reflecting broader market weakness amid Middle East geopolitical tensions. The stock has delivered a CAGR of around 20 percent over the past three years.
What’s the News?
On 28th February, NCC Ltd announced that the company has bagged a Rs 326 crore order in the Water Division business. This new order in the Water Division strengthens the company’s execution pipeline and adds to its strong backlog.
As per Q3FY26 data, water and railway projects already form about 10 percent of the total order book, valued at nearly Rs 8,000 crore, highlighting steady demand and long-term revenue visibility in these infrastructure segments.
The Order Book
As of Q3FY26, The company’s order book stands at more than Rs 79,500 crore, led by buildings at 31 percent and transportation at 22 percent. Electrical T&D contributes 18 percent, while mining accounts for 13 percent. Water and railways holds 10 percent, and Irrigation & others form 7 percent, highlighting diversified exposure with dominance in infrastructure segments driving future revenue visibility.
In Q3FY26,The company’s order inflow totals Rs 12,430 crore, heavily driven by mining at 55 percent, while Buildings contribute 31 percent, while transportation adds 7 percent. Water and railways represent 4 percent, and electrical T&D contributes only 2 percent, indicating mining-led growth momentum and selective expansion across other infrastructure verticals currently underway.
While the company’s order execution stands at more than Rs 4,800 crore, with buildings leading at 38 percent, reflecting construction activity. Electrical T&D contributes 21 percent, while transportation and mining each account for 16 percent. Water & railways add 5 percent, and irrigation others add 3 percent, showing balanced execution across infrastructure segments supporting steady revenue realization and operational continuity.
Business & Financial Overview
NCC Limited, incorporated in 1978, is one of India’s leading construction and infrastructure companies, engaged in executing turnkey EPC contracts and BOT projects under the Public-Private Partnership (PPP) model. Headquartered in Hyderabad, Telangana, the company operates across buildings, transportation, water & environment, electrical (T&D), irrigation, and mining segments, with a strong presence across India’s core infrastructure development landscape.
NCC Limited’s clients primarily include central and state governments and PSUs such as BSNL, Coal India subsidiaries, metro rail authorities, highway agencies, and water resource departments.
Significant projects include Mumbai Metro Line-6, Bengaluru Metro Rail works, and major national highway construction projects, along with water supply schemes, mining contracts, hospitals, institutional buildings, and BharatNet digital infrastructure across India.
In the latest quarter the company saw its YoY revenue fall by 9 percent, going from Rs 5,345 Cr in Q3FY25 to Rs 4,868 Cr in Q3FY26, while the QoQ went up by 7 percent from Rs 4,543 Cr in Q2FY26. The YoY Net Profits also fell by 34 percent, going from Rs 206 Cr in Q3FY25 to Rs 135 Cr in Q3FY26, while the QoQ fell by 19 percent from Rs 167 Cr in Q2FY26.
The company has a 3-year sales CAGR of 26 percent, while the TTM is at a negative 8 percent. The company’s 3-year profit CAGR is at 34 percent, while the TTM number is at a negative 10 percent. The company also has an ROCE of 22 percent and an ROE of 11 percent.
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