NCC: Fresh Order Amid a Sharp Stock Correction

has secured a ₹1,286.03 crore road construction project from Hyderabad Growth Corridor Limited, adding to its infrastructure order pipeline. The project involves constructing Radial Road-2 from the Outer Ring Road near Budwel to NH-167N near Nacharam in Telangana, with an execution timeline of 18 months. The contract value excludes GST. The order comes amid sustained pressure on NCC shares. The stock has declined around 13% over three months and 40% over one year. At a reported P/E of 10.76 and P/B of 0.94, the valuation appears relatively low, while its RSI of 22.9 indicates oversold technical conditions. However, oversold readings do not necessarily signal an immediate recovery. NCC’s order book stood at approximately ₹81,214 crore at the end of June 2026, providing a substantial execution pipeline. The key question is whether the company can convert this order book into revenue and cash flow while maintaining profitability.