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NCC Limited (NCC) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of NCC Limited ₹184, price ₹133, upside +38.0%, quality 35 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Industrials · IN · ISIN INE868B01028

NL Broad data Sep 24, 2026

NCC Limited

NCC · NSE

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value ₹184.05 · Undervalued (+38%)
!Quality 35/100
!Expensive Growth (revenue 5y +21.2 %/yr)
!Thin margins · 3.2% net margin (TTM)
!Low debt · negative free cash flow
·1.65% dividend yield
!Mixed vs. peers (7/13)
!Narrow moat 34/100
!Weak on future: 9 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹351.98 ₹49.87 Fair Value ₹184.05 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range ₹49.87 – ₹351.98 · fair‑value band ₹128.84 – ₹239.27 · the ₹133.42 price screens below the ₹184.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

NCC Limited operates in the construction business in India and internationally. It operates through the Construction, Real Estate, and Others segments.

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NCC Limited operates in the construction business in India and internationally. It operates through the Construction, Real Estate, and Others segments. The company constructs buildings, including hospitals, medical colleges, airports, sports complexes, housing projects, IT parks, and industrial and commercial buildings; transportation projects comprising access-controlled highways, road EPC projects, airstrips, metros, tunnels, bridges, and flyovers; and water and environment projects, such as water supply projects, water treatment plants, water distribution networks, underground drainage, and sewage treatment plants. It also engages in the irrigation projects, including lift irrigation schemes, dams, reservoirs, canals, tunnels, barrages, spillways, and aqueducts; mining projects that consist of overburden removal, coal excavation and transportation, and mine development and operation; railway projects, which include civil EPC, track laying, signaling and telecommunication, dedicated freight corridor, and high-speed rail; and electrical projects comprising transmission and distribution lines, substations, project electrification, and system improvements and smart meters. The company was formerly known as Nagarjuna Construction Company Limited and changed its name to NCC Limited in March 2011. NCC Limited was founded in 1978 and is headquartered in Hyderabad, India.

Stock analysis

NCC Limited (NCC) currently trades at ₹133.42, while our model-based Fair Value estimate is ₹184.05, implying the stock looks roughly 27.5% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ₹225.88 per share, and 10 of the 16 models we run sit above the ₹133.42 price.

Bear case: the Dividend Discount group reads lowest at ₹28.14, and 6 of the 16 models stay below the price. Evidence for this calculation is high.

Scenario range: ₹128.84 (bear) to ₹239.27 (bull), the price of ₹133.42 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 35/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

NCC Limited reported revenue of ₹208B in FY2026 versus ₹111B in FY2022, a compound +16.9%/yr. Reported net income was ₹6.8B in FY2026, compounding +8.8%/yr from FY2022.

Key figures

Market cap ₹94.5B (≈ $985M) · P/E ratio 12.4 · P/S ratio 0.40 · EPS (TTM) ₹10.76 · Dividend yield 1.6% · Net margin 3.2% · Return on equity 9.3% · Return on assets (EBIT) 9.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 38% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 38%, NCC screens cheaper than that median.

Fair Value models

Bear ₹128.84 Fair Value ₹184.05 Bull ₹239.27
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹4.17 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income ₹99.40 ₹104.92 ₹113.49 76
EPV ₹171.67 ₹195.52 ₹215.40 74
ROIC Compounder ₹183.98 ₹231.71 ₹289.63 72
All 16 models by family
Earnings-Based
Graham-Dodd ₹73.14 ₹295.74 ₹402.35 64
Lynch FV ₹73.86 ₹105.52 ₹137.17 61
PEG = 1.0 ₹73.86 ₹105.52 ₹137.17 57
EPV ₹171.67 ₹195.52 ₹215.40 74
Dividend Discount
Gordon GGM ₹17.09 ₹30.80 ₹42.40 68
DDM Multi-Stage ₹17.09 ₹28.14 ₹32.90 67
Multiples
P/E Multiple ₹169.41 ₹225.88 ₹282.35 63
P/S Multiple ₹137.14 ₹182.85 ₹228.57 58
P/B Multiple ₹137.14 ₹182.85 ₹228.57 55
EV/EBIT ₹321.87 ₹430.24 ₹538.61 66
EV/EBITDA ₹281.88 ₹376.93 ₹471.97 67
EV/Revenue ₹228.80 ₹328.24 ₹427.69 53
Asset-Based
NCAV (Graham) ₹62.67 ₹83.97 ₹125.33 54
Economic Profit
Residual Income ₹99.40 ₹104.92 ₹113.49 76
ROIC Compounder ₹183.98 ₹231.71 ₹289.63 72
Growth Earnings
Growth-Adj P/E ₹128.84 ₹184.05 ₹239.27 67

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Quality Score breakdown

Overall quality 35/100

Of which business quality 34 · Market factors (momentum, volatility) 36

Profitability 33
Margins and returns on capital today
Quality Growth 19
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 81
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−6.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.2%
Start year 2021 (pandemic). Over 10 years: +8.1% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.7%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+15.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.0%
Dividend (yield on the price)1.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.14% vs 24%, slowing
Profit margin 2005 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 8%
Start year 2021 (pandemic)

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 838 stocks

Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 35 · Bottom 25%
Fair Value upside +35% · Above median
Profitability
Return on equity (TTM) 9% · Above median
Return on assets 4% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 8% · Above median
Growth and dividend
Revenue growth 2% · Below median
Dividend yield (TTM) 1.6% · Below median
Balance sheet
Debt / equity 0.19× · Above median

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (TTM) 12.4× · Cheaper than median
P/B 1.20× · Pricier than median
P/S (TTM) 0.45× · Cheaper than median
EV/EBITDA 5.3× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)84 · sector 29
FUTURE (revenue growth)9 · sector 11
PAST (return on equity)37 · sector 29
HEALTH (low debt)91 · sector 94
DIVIDEND (yield)33 · sector 41

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $642.63 $163.08 −75%
Vinci SA DG €112.30 €185.62 +65%
Comfort Systems USA, Inc FIX $1,625 $1,122 −31%
Larsen & Toubro Limited LT ₹3,930 ₹1,994 −49%
Ferrovial N.V FER $56.30 $24.01 −57%
Samsung C&T Corporation 028260 367,000 KRW 256,792 KRW −30%
HOCHTIEF Aktiengesellschaft HOT €403.60 €203.87 −49%
ACS, Actividades de Construcción y Servicios, S.A ACS €95.95 €75.04 −22%
EMCOR Group EME $756.50 $521.87 −31%
MasTec, Inc MTZ $221.69 $106.05 −52%

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NCC Limited · Fair Value
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Cite: Fair Value Calculator (2026). "NCC Limited Fair Value". https://www.fairvalue-calculator.com/stock/NCC

Frequently asked questions

Is NCC Limited (NCC) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹184.05 versus a price of ₹133.42, about +38% upside (undervalued).
What is the fair value of NCC?
Our model-based fair value for NCC Limited is ₹184.05 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹133.42.
What is the quality score of NCC?
NCC Limited has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NCC Limited (NCC)?
Our model-based price target is the fair value of ₹184.05 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario ₹128.84, optimistic scenario ₹239.27. It is a calculation from audited fundamentals, not an analyst target.
What is the NCC Limited stock forecast for 2026?
Our models put fair value at ₹184.05, about +38% upside versus a price of ₹133.42 (undervalued). Cautious scenario ₹128.84, optimistic scenario ₹239.27. The calculation is refreshed regularly with new filings.
What is the revenue of NCC Limited (NCC)?
NCC Limited reported trailing-twelve-month revenue of about ₹208B (latest available figure, as of Sep 24, 2026).
Does NCC Limited pay a dividend?
NCC Limited currently shows a dividend yield of about 1.65% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of NCC Limited (NCC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NCC Limited it is ₹184.05 per share (as of Sep 24, 2026), against a price of ₹133.42. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is NCC Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NCC trades below its calculated fair value: price ₹133.42, fair value ₹184.05, a gap of about +38% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NCC?
No. The price is what the market pays today (₹133.42); the fair value is what the company's own numbers justify (₹184.05). For NCC Limited the two are ₹50.63 per share apart. That gap is exactly why we show both numbers side by side.
How much is NCC Limited worth?
The market values NCC Limited at about ₹94.5B (market capitalisation, as of Sep 24, 2026). Per share that is ₹133.42; our models calculate a fair value of ₹184.05 per share.
What do the bullish and bearish scenarios say about NCC?
Our models span a range for NCC Limited: cautious scenario ₹128.84, base ₹184.05, optimistic ₹239.27 per share (as of Sep 24, 2026, price ₹133.42). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NCC?
NCC Limited trades at a price-to-earnings ratio of 12.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹184.05 is built from several models across several years. Other multiples: P/B 1.2, P/S 0.5, EV/EBITDA 5.3.
How solid is the balance sheet of NCC Limited (NCC)?
Balance-sheet figures for NCC Limited (as of Sep 24, 2026): return on equity 9.3%, debt of 0.19 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is NCC from its 52-week high?
NCC Limited trades at ₹133.42, about 38% below its 52-week high of ₹214.02 and 2% above the low of ₹130.94 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of ₹184.05 is for.
Which stocks are comparable to NCC Limited?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NCC Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹133.42, calculated fair value ₹184.05 (+38%), Quality Score 35/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NCC calculated?
We run NCC Limited through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹184.05, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. NCC Limited currently trades 38 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NCC Limited (NCC)?
The closing price on Sep 24, 2026 was ₹133.42. Our model-based fair value is ₹184.05, about +38% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NCC Limited right now?
The large discount to fair value meets weak quality (35/100). That raises the risk this is a value trap rather than a bargain. A fairly wide model range (₹128.84 to ₹239.27) leaves room in how you read the outcome.
Where does the earnings growth of NCC Limited (NCC) come from?
Earnings per share at NCC Limited grew +27.3 % a year from 2015 to 2026. Broken into its drivers: revenue per share +7.2 %, EBIT margin −5.5 %, tax rate +3.2 %, residual (interest, one-offs) +21.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of NCC Limited

How large is the market capitalisation of NCC Limited (NCC)?
The market capitalisation of NCC Limited is ₹94.5B (≈ $985M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NCC Limited (NCC)?
The price-to-sales ratio of NCC Limited is 0.40 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NCC Limited (NCC)?
Earnings per share at NCC Limited are ₹10.76 (price ÷ EPS = P/E 12.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NCC Limited (NCC)?
The dividend yield of NCC Limited is 1.6% (payout 20.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NCC Limited (NCC)?
The net margin of NCC Limited is 3.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NCC Limited (NCC)?
The return on equity (ROE) of NCC Limited is 9.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NCC Limited (NCC)?
On an EBIT basis the return on assets of NCC Limited is 9.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NCC Limited (NCC)?
The operating margin of NCC Limited is 7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NCC Limited (NCC)?
Revenue at NCC Limited is growing +1.7% versus a year earlier (3y avg +10.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NCC Limited (NCC)?
Earnings per share at NCC Limited are growing −18.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does NCC Limited (NCC) generate?
The free cash flow of NCC Limited is −₹21.3B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does NCC Limited (NCC) carry?
The net debt of NCC Limited is ₹21.7B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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