NCC financials and balance sheet

NSE: NCCBSE: 500294ConstructionSmall Cap

Formerly Nagarjuna Construction Company

₹116.18₹3.99 (3.32%)BSE ₹116.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹120.17.

52-week range of traded prices to 23 Oct 2026

₹114.44Low, 23 Oct 2026₹217.25High, 3 Nov 2025

Next results date: the board meets on 5 Nov 2026 to consider: financial results.

Market cap: ₹7,294 Cr575th largest listed
P/E: 10.4
P/B: 0.9
Dividend yield: 1.89%
ROE: 9.2%
ROCE: 14.6%
Debt to equity: 0.43
Volume, NSE: 21,00,13647.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.NCC annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹22,199 Cr, year to Mar 2025

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue20,823
Materials and goods−6,906
Employee costs−845
Other expenses−11,236
Operating profit1,836
Depreciation−235
Other income+121
One-off items−34
Finance costs−745
Profit before tax943
Tax−228
Joint ventures+8.8
Net profit724

What the company owns

Plant, investments and other assets₹18,487 Cr
Receivables₹3,784 Cr
Inventory₹2,445 Cr
Cash and bank₹1,289 Cr
Current investments₹2 Cr

What pays for it: net worth and liabilities

Net worth₹8,029 Cr
Owed to suppliers₹7,896 Cr
Other liabilities₹6,624 Cr
Borrowings₹3,457 Cr

NCC business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.NCC segment results by quarter

Revenue by segment

₹20,823 CrTotal

Construction₹20,559 Cr98.7% of total
Real Estate₹264 Cr1.3% of total

Profit by segment

Construction₹1,117 Cr97.3% of total
Real Estate₹31 Cr2.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Construction
Revenue, ₹ crore
20,420
21,935
20,559
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,096
1,230
1,117
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Real Estate
Revenue, ₹ crore
375
262
264
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
48
40
31
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
50
2
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4
−11
−2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	–	–	20,845	22,199	20,823
Company revenue, as in its results	12,896	8,901	7,949	11,138	15,553	20,845	22,199	20,823
Revenue	–	–	–	–	–	20,420	21,935	20,559
Revenue growth	–	–	–	–	–	–	7.4%	−6.3%
Profit	–	–	–	–	–	1,096	1,230	1,117
Profit growth	–	–	–	–	–	–	12.2%	−9.2%
Margin	–	–	–	–	–	5.4%	5.6%	5.4%
Return on capital	–	–	–	–	–	–	20.2%	14.7%
Assets	–	–	–	–	–	–	18,111	23,249
Liabilities	–	–	–	–	–	–	12,017	15,649
Capital employed	–	–	–	–	–	–	6,094	7,600
Revenue	–	–	–	–	–	375	262	264
Revenue growth	–	–	–	–	–	–	−30.0%	0.7%
Profit	–	–	–	–	–	48	40	31
Profit growth	–	–	–	–	–	–	−15.6%	−23.3%
Margin	–	–	–	–	–	12.7%	15.3%	11.6%
Return on capital	–	–	–	–	–	–	7.2%	5.5%
Assets	–	–	–	–	–	–	861	1,145
Liabilities	–	–	–	–	–	–	306	588
Capital employed	–	–	–	–	–	–	555	558
Revenue	–	–	–	–	–	50	2	0
Profit	–	–	–	–	–	4	−11	−2
Margin	–	–	–	–	–	8.8%	−470.5%	–
Return on capital	–	–	–	–	–	–	−121.1%	−81.9%
Assets	–	–	–	–	–	–	61	60
Liabilities	–	–	–	–	–	–	52	57
Capital employed	–	–	–	–	–	–	9	3

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.NCC quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 30 May	Mar 2021Filed 31 May	Mar 2022Filed 12 May	Mar 2023Filed 27 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 1 Sep
Revenue from operations	9,001	8,391	12,896	8,901	7,949	11,138	15,553	20,845	22,199	20,823
	8,331	7,511	11,296	7,814	7,030	10,114	14,094	19,076	20,281	18,987
Materials and goods bought	3,426	3,055	5,030	3,063	2,475	3,590	4,924	7,426	7,804	6,906
Employee costs	–	–	495	484	381	453	546	667	789	845
Other expenses	–	–	5,771	4,268	4,174	6,071	8,624	10,983	11,688	11,236
Operating profit before depreciation	670	879	1,599	1,087	919	1,024	1,459	1,769	1,918	1,836
Operating margin	7.4%	10.5%	12.4%	12.2%	11.6%	9.2%	9.4%	8.5%	8.6%	8.8%
Materials, % of revenue	–	–	39.0%	34.4%	31.1%	32.2%	31.7%	35.6%	35.2%	33.2%
Employee costs, % of revenue	–	–	3.8%	5.4%	4.8%	4.1%	3.5%	3.2%	3.6%	4.1%
Other expenses, % of revenue	–	–	44.8%	47.9%	52.5%	54.5%	55.4%	52.7%	52.7%	54.0%
Depreciation and amortisation	203	172	193	199	181	187	203	212	216	235
Operating profit after depreciation	467	708	1,407	888	738	837	1,256	1,557	1,702	1,601
Other income	204	101	124	113	116	71	148	126	156	121
Finance costs	513	460	522	554	480	478	515	595	680	745
Profit before one-off items and tax	158	350	1,009	447	374	430	889	1,088	1,178	977
One-off items	−80	−124	−108	−50	−13	204	−14	−33	0	−34
Profit before tax	78	226	901	398	361	633	874	1,056	1,178	943
	38	80	327	73	79	141	239	321	319	228
Current tax	95	99	315	102	17	147	234	319	298	188
Deferred tax	−57	−19	12	−29	63	−6	4	2	21	40
Share of profit of joint ventures and associates	−31	–	−7	−11	1	1	10	5	10	9
	8	139	568	314	283	494	646	740	868	724
Belonging to the company's shareholders	–	–	579	337	268	494	609	711	821	675
Belonging to outside owners of subsidiaries	–	–	−11	−22	–	–	37	30	–	49
Other comprehensive income	–	–	−7	−1	−14	−3	−1	−1	2	4
Total comprehensive income	–	–	560	313	269	491	645	739	870	728
Net margin	0.1%	1.7%	4.4%	3.5%	3.6%	4.4%	4.2%	3.6%	3.9%	3.5%
Net margin without joint ventures and associates	0.4%	–	4.5%	3.6%	3.5%	4.4%	4.1%	3.5%	3.9%	3.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share count moved by more than 5% across the period.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 25 May	Mar 2020Filed 30 May	Mar 2021Filed 31 May	Mar 2022Filed 12 May	Mar 2023Filed 27 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 1 Sep
	4,872	5,159	5,469	5,896	6,485	6,812	7,502	8,029
	4,595	4,906	5,171	5,603	6,167	6,640	7,324	7,869
Share capital	120	122	122	122	126	126	126	126
Reserves	4,475	4,784	5,049	5,481	6,041	6,514	7,198	7,743
Belonging to outside owners of subsidiaries	277	253	298	293	319	172	179	160
	2,362	1,873	1,749	1,302	974	980	1,594	3,457
Repayable after a year	488	240	170	120	89	70	265	1,493
Repayable within a year	1,874	1,633	1,579	1,182	885	910	1,329	1,964
	8,985	8,161	7,824	8,358	9,891	11,116	13,128	16,333
Trade payables	4,515	4,120	3,829	4,398	5,306	6,710	8,206	7,896
Other financial liabilities	403	428	412	99	121	218	245	1,348
Other liabilities	2,090	1,869	123	2,597	3,478	3,140	3,202	4,954
Provisions	40	48	2	79	94	126	133	160
Tax owed	63	62	1,878	2	7	11	13	11
	803	492	246	204	174	170	376	1,644
Other financial liabilities	132	91	–	–	–	–	0	–
Provisions	74	112	50	58	62	75	86	95
Deferred tax	–	–	–	–	–	2	6	44
Trade payables	108	49	27	26	23	23	19	12
	14,660	13,812	13,540	14,458	16,550	18,097	21,006	26,006
Held for sale or for a demerger	73	–	–	–	–	–	–	–
	3,071	2,947	2,771	3,005	3,304	3,222	3,372	3,763
Plant in use, after depreciation	1,291	1,143	1,124	1,138	1,238	1,253	1,348	1,758
Plant being built	13	15	22	7	15	41	37	351
Intangible assets	1	1	1	1	1	17	21	17
Goodwill	1	1	1	1	1	1	1	1
Intangible assets being developed	–	–	–	–	7	0	0	108
Property held to earn rent	258	201	292	303	264	294	280	173
Investments	378	121	335	327	338	133	143	151
Stakes in joint ventures and associates	–	68	–	–	–	–	0	–
Loans given	14	0	0	150	150	213	281	21
Other financial assets	327	469	259	286	200	217	150	103
Deferred tax	182	247	58	64	61	239	45	41
Trade receivables	105	210	140	108	157	138	146	192
Other assets	502	471	540	621	873	676	920	848
	11,517	10,865	10,769	11,453	13,246	14,875	17,635	22,243
Inventories	1,425	1,391	1,222	1,153	1,374	1,764	1,810	2,445
Trade receivables	3,429	2,728	2,740	2,545	3,176	3,117	3,355	3,784
Cash and cash equivalents	219	114	192	267	282	552	988	642
Other bank balances	142	274	313	334	427	598	593	647
Current investments	97	114	104	19	14	22	5	2
Loans given	80	39	35	217	225	163	184	337
Other financial assets	247	177	199	342	368	309	171	1,609
Tax paid in advance	59	110	105	75	11	196	58	136
Other assets	5,818	5,915	5,859	6,501	7,369	8,156	10,470	12,642
Net debt	1,903	1,370	1,140	683	250	−191	7	2,166

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 31 May	Mar 2022Filed 12 May	Mar 2023Filed 27 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 1 Sep
	824	1,416	1,100	1,359	742	−459
	848	1,601	1,404	1,730	858	−127
	−108	504	−99	−453	−1,119	−1,972
Receivables	15	213	−692	29	−257	−482
Inventories	162	−264	−221	−390	−47	−635
Payables	−314	568	905	1,754	1,589	1,173
Other working capital	29	−13	−91	−1,846	−2,405	−2,028
Tax paid	−24	−186	−304	−371	−116	−332
Capital spending	0	215	347	285	320	955
Free cash flow	824	1,201	753	1,074	422	−1,414
	−6	−66	−192	−319	−59	−766
Plant and property sold	22	30	124	34	55	13
Companies bought	0	0	0	47	115	0
Interest received	22	53	56	55	78	58
	−558	−1,275	−893	−771	−247	878
Borrowings raised	267	116	132	135	1,428	2,801
Borrowings repaid	−386	−862	−460	−128	−814	−944
Interest paid	−483	−465	−506	−594	−680	−773
Dividends paid	12	49	126	173	180	138
Shares bought back	0	0	0	0	0	0
Shares issued	–	0	80	0	0	0
Net change in cash	261	75	16	270	436	−346

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares issued is left blank for the year to Mar 2021: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Consolidated, ₹ per share, years to March.NCC dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 30 May	Mar 2021Filed 31 May	Mar 2022Filed 12 May	Mar 2023Filed 27 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 1 Sep
Earnings per share	₹0.57	₹2.99	₹9.63	₹5.59	₹4.40	₹7.91	₹9.77	₹11.32	₹13.06	₹10.76
Diluted earnings per share	₹0.57	₹2.99	₹9.63	₹5.59	₹4.39	₹7.86	₹9.77	₹11.32	₹13.06	₹10.76
Dividend per share	₹0.40	₹1.00	₹1.50	₹0.20	₹0.80	₹2.00	₹2.20	₹2.20	₹2.20	₹2.20
Book value per share	–	–	₹76.44	₹80.45	₹84.80	₹91.87	₹98.22	₹105.75	₹116.65	₹125.33
Dividend payout	–	–	15.6%	3.6%	18.2%	24.7%	22.7%	19.4%	16.8%	20.5%
Shareholder yield	–	–	–	–	–	1.4%	0.7%	1.2%	1.4%	1.7%
Market cap at the year end (₹ crore)	4,556	6,535	6,778	1,126	4,818	3,571	6,661	14,588	13,152	8,221

Shareholder yield is left blank for the year to Mar 2021: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Consolidated, years to March.NCC PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 30 May	Mar 2021Filed 31 May	Mar 2022Filed 12 May	Mar 2023Filed 27 May	Mar 2024Filed 17 May	Mar 2025Filed 10 Jun	Mar 2026Filed 1 Sep
Revenue growth	−6.1%	−6.8%	53.7%	−31.0%	−10.7%	40.1%	39.6%	34.0%	6.5%	−6.2%
Operating profit growth	−36.9%	31.3%	81.8%	−32.0%	−15.5%	11.4%	42.5%	21.2%	8.4%	−4.3%
Net profit growth	−92.4%	1,551.5%	309.1%	−44.7%	−9.9%	74.5%	30.8%	14.6%	17.3%	−16.6%
Earnings per share growth	–	424.6%	222.1%	−42.0%	−21.3%	79.8%	23.5%	15.9%	15.4%	−17.6%
	–	–	12.6%	7.1%	5.3%	9.2%	10.4%	11.1%	11.8%	8.9%
	–	–	–	−5.5 pts	−1.8 pts	3.8 pts	1.2 pts	0.7 pts	0.7 pts	−2.9 pts
From the net margin	–	–	–	−2.0 pts	−0.8 pts	1.7 pts	−1.1 pts	−1.3 pts	0.9 pts	−1.5 pts
From asset turnover	–	–	–	−3.1 pts	−0.4 pts	2.6 pts	2.1 pts	1.8 pts	−0.7 pts	−2.3 pts
From borrowing	–	–	–	−0.5 pts	−0.6 pts	−0.4 pts	0.1 pts	0.3 pts	0.4 pts	0.8 pts
Return on capital employed	–	–	19.4%	12.6%	10.2%	11.6%	16.8%	20.0%	18.7%	13.9%
Cash conversion	–	–	–	–	291.2%	286.5%	170.2%	183.6%	85.4%	−63.3%
Interest cover	0.9	1.5	2.7	1.6	1.5	1.8	2.4	2.6	2.5	2.1
Debt to equity	–	–	0.48	0.36	0.32	0.22	0.15	0.14	0.21	0.43
Receivable days	–	–	97	112	126	83	75	55	55	66
Inventory days	–	–	103	166	180	117	102	87	85	129
Payable days	–	–	328	491	565	447	393	330	384	417
Cash conversion cycle, days	–	–	−127	−213	−259	−246	−217	−189	−244	−222
Working capital days	–	–	112	157	180	120	83	61	70	115
Asset turnover	–	–	0.88	0.63	0.58	0.80	1.00	1.20	1.14	0.89
Assets per rupee of net worth	–	–	3.19	3.00	2.71	2.60	2.63	2.71	2.80	3.09
Sales per rupee of plant	–	–	9.99	7.79	7.07	9.79	12.56	16.63	16.47	11.84
Capital spending to depreciation	–	–	–	–	0.00	1.15	1.71	1.35	1.48	4.06
Plant being built, % of plant in use	–	–	1.0%	1.3%	1.9%	0.6%	1.2%	3.3%	2.8%	20.0%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.9%
Cash from operations against operating profit: −25.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.1%	21.2%	10.2%
Profit growth, yearly rate	19.8%	20.3%	3.5%
Return on equity, average	–	10.3%	10.6%
Return on capital employed, average	–	16.2%	17.5%
Operating margin, average	9.9%	8.9%	8.6%
Net margin, average	3.3%	3.9%	3.6%
Asset turnover, average	–	1.00	1.07
Cash conversion cycle, days, average	–	−224	−218
Interest cover, average	2.0	2.3	2.4
Debt to equity, average	–	0.23	0.26

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	4,158	1,643	−459
Cash from investing	−1,401	−1,143	−766
Cash from financing	−2,307	−140	878
Capital spending	2,122	1,560	955
Dividends paid	665	491	138
Shares bought back	0	0	0
Shares issued for cash	80	0	0
Borrowings raised	4,611	4,364	2,801
Borrowings repaid	3,209	1,887	944

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	7	7	7	6	4
Altman Z-scorePublished threshold 1.81	–	–	2.25	1.67	1.93	2.06	2.37	2.98	2.67	1.98
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.75	−2.67	−2.36	−2.56	−2.45	−2.25
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.92	−6.11	−1.69	−1.73	0.95	8.29
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.35	2.06	1.42	0.70
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	10.55	11.11	−47.21	−14.88	−35.86	1.12	18.99
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	36.72	7.02	−50.66	−18.03	−22.43	−2.48	46.61
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.89	−0.50	6.77	5.34	4.38	9.19	17.71
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.30	0.13	0.04	0.05	0.18	0.12	0.54
Effective tax ratePublished threshold 17.16 per cent	48.93	35.53	36.26	18.31	22.00	22.21	27.29	30.36	27.09	24.19
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−7.14	−7.50	−4.76	17.22	−11.00

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
6 Oct 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer RatingLong-term scale	IND AA-Review, Re-affirm	Stable
6 Oct 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilitiesLong and short-term scales	IND AA-; IND A1+Review, Re-affirm	Stable	15,200
27 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Working Capital Limits	CARE AA-Review, Re-affirm	Stable	3,325
27 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AA-Review, Re-affirm	Stable	998
27 Aug 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	CARE AA- / CARE A1+Review, Re-affirm	Stable	20,983.99
27 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/ST	CARE AA- / CARE A1+New, New	Stable	578.01
27 Aug 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		50
26 Dec 2025	CARE Ratings Limited (opens in a new tab)	Term Loan-Long Term	CARE AA-New, New	Stable	598

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.