NCC

NCC Limited: Building India’s Future Through Infrastructure Excellence and Strategic Diversification

Limited, incorporated in 1978, is a diversified construction company engaged in turnkey EPC contracts and BOT projects under the Public-Private Partnership model. Its operations span a wide range of sectors including buildings, roads, irrigation, water and environment, electrical, metals, mining, and railways. It operates through key subsidiaries—NCC Infrastructure Holdings (62.1% stake) focusing on roads and energy, and NCC Urban Infrastructure (80% stake) in the real estate sector. The company also has an international presence through subsidiaries in Muscat and Dubai. In FY24, NCC entered the smart meter segment with three project wins worth Rs 8,080 crore and has initiated field trials in Bihar and Maharashtra. NCC has a pan-India footprint with offices in 13 cities and currently manages a robust order book of Rs 57,536 crore, with major contributions from buildings (39%), electrical T&D (20%), and transportation (17%). Maharashtra and Uttar Pradesh account for over half the order book. Major projects under execution total approximately Rs 32,000 crore. FY24 order inflow stood at Rs 27,283 crore, with notable wins like the twin tunnel TBM project in Mumbai (Rs 6,335 crore) in a JV where NCC holds a 51% share. In terms of financials, NCC reported a standalone turnover of Rs 13,947 crore for the first nine months of FY25 and a consolidated turnover of Rs 16,166 crore. However, execution challenges due to general elections and delayed payments impacted growth, prompting a downward revision in revenue growth guidance to 5% and EBITDA margin guidance to 9.25%. The standalone EBITDA margin in Q3 FY25 was 8.77%, with net debt rising to Rs 2,343 crore.