Feb'25 View on NCC Ltd

NCC Limited undertakes turnkey EPC contracts and BOT projects on Public-Private Partnership basis. Though the stock has fallen to 186 level but very soon it will cross 275 level basic following inputs • Standalone net revenue/EBITDA/PAT declined 1.6%/14.6%/12.9% yoy, respectively. • Consolidated OB at Rs55,548 cr led by strong order inflows of Rs8.44k cr in the quarter. • Q3FY25 print was lower than our estimates due to weak execution & lower margin. • NCC has ~Rs9k cr of L1 projects & has robust bid pipeline of Rs2.45 lakh cr of projects. • Management has maintained Rs20-22k cr order inflows guidance for FY25. • Management remained positive on long term growth opportunity from the infra space.