Synopsis: With an order book exceeding Rs 79,500 crore, NCC Limited rebounded after the Delhi High Court stayed a two-year debarment by the National Highways Authority of India, with transportation contributing 22 percent of its latest quarterly 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 Delhi High Court granted interim relief on a two-year debarment from the NHAI over a BOT dispute.
With a market cap of more than Rs 9,000 Cr, NCC Ltd saw its stock hit an intraday high of Rs 151, which is more than 1 percent higher than the previous close of Rs 149. The company stock has given a compounded return of 19 percent in the last three years.
What’s the News?
NCC Limited has secured interim relief from the Delhi High Court against the debarment imposed by the National Highways Authority of India. On February 20, 2026, the Court kept the two-year debarment order in abeyance until March 10, 2026, with further legal proceedings still underway.
Earlier, NCC had received a two-year debarment order from NHAI, restricting its step-down subsidiary, O B Infrastructure Limited (OBIL), from participating in new tenders. The restriction became effective on February 17, 2026, and was linked to a dispute over a highway BOT project awarded by the authority.
The debarment stemmed from disputes between OBIL and NHAI regarding delays in executing a highway project in Uttar Pradesh. OBIL claimed the delays were due to land acquisition issues and contractual lapses by NHAI. The matter escalated to arbitration proceedings, which ultimately resulted in the debarment action.
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.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
The post Infra stock jumps after Delhi High Court grants interim relief against NHAI debarment appeared first on Trade Brains.