NCC Limited is a leading Indian infrastructure and construction company engaged in engineering, procurement, and construction (EPC) projects across buildings, transportation, water, power, and mining sectors. Incorporated in 1978 and headquartered in Chennai, NCC has executed over 500 building projects and 20,700+ km of water pipelines, establishing itself as a trusted player in India’s public and private infrastructure development. As of January 2026, NCC is delivering solid growth—20.52% YoY profit growth and 4.86% sales growth—with strong operational efficiency (ROCE: 20.09%) and a healthy dividend yield (1.55%). However, it trades at a modest premium, with low promoter holding (22.25%), raising governance concerns. This article provides a data-driven outlook on the NCC share price target 2026–2030.
NCC: Company Overview
- Incorporated: 1978
- Managing Director: Mr. S. Ramakrishnan
- NSE Symbol: NCC
- Core Segments:
- Buildings & Commercial Infrastructure (45%)
- Transportation (Roads, Railways – 25%)
- Water & Irrigation (15%)
- Power, Mining & Smart Meters (15%)
- Market Position: Among India’s top 10 civil construction firms; key contractor for NHAI, state PWDs, and metro rail projects
NCC benefits from India’s $1.3 trillion National Infrastructure Pipeline and rising order inflows—but faces margin pressure due to input cost volatility and execution delays.
NCC: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹142.00 |
| Market Capitalization | ₹8,906 Cr |
| No. of Shares Outstanding | 62.78 Cr |
| P/E Ratio (TTM) | 12.89 |
| P/B Ratio | 1.17 |
| EPS (TTM) | ₹11.00 |
| Book Value (TTM) | ₹120.87 |
| ROE | 10.68% |
| ROCE | 20.09% |
| Dividend Yield | 1.55% |
| Face Value | ₹2 |
| Cash | ₹1,337.57 Cr |
| Debt | ₹1,484.04 Cr |
| Promoter Holding | 22.25% |
| Sales Growth (YoY) | 4.86% |
| Profit Growth (YoY) | 20.52% |
Note: The company maintains a near net-debt-neutral position (Net Debt: ₹146 Cr), offering balance sheet stability.
NCC Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹154 – ₹172 |
| 2027 | ₹168 – ₹190 |
| 2028 | ₹182 – ₹210 |
| 2029 | ₹196 – ₹232 |
| 2030 | ₹210 – ₹256 |
NCC Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹154 | ₹172 |
NCC reported 20.52% YoY profit growth and 4.86% sales growth in FY2025, driven by strong order execution in road and building segments. Trading at a P/E of 12.89x and P/B of 1.17x, the stock is fairly valued for a mid-cap construction firm. The 2026 target assumes continued order-book momentum (currently at ₹25,000+ Cr) and stable margins (~9% OPM).
NCC Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹168 | ₹190 |
If NCC sustains 15–18% earnings growth and benefits from government capex acceleration, EPS could reach ₹12.50–₹13.50 by FY27. Assuming a P/E of 13–14x, the 2027 target range is justified.
NCC Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹182 | ₹210 |
By 2028, benefits from smart metering and metro rail projects should reflect in margins. A P/E of 14–15x on projected EPS of ₹13.50–₹14.50 supports the ₹182–₹210 band.
NCC Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹196 | ₹232 |
Long-term tailwinds include India’s urban infrastructure boom and export potential in Africa/the Middle East. If competition doesn’t erode pricing, EPS could reach ₹15.00–₹16.50 by FY29. At a P/E of 14–15x, the 2029 target is ₹196–₹232.
NCC Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹210 | ₹256 |
Over a five-year horizon, NCC remains a moderate-growth, policy-driven infrastructure play. A terminal P/E of 15–16x on FY30 EPS (~₹14.00–₹16.00) justifies the ₹210–₹256 range.
NCC: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Public & Retail | 50.96% |
| Domestic Institutional Investors (DII) | 15.30% |
| Foreign Institutional Investors (FII) | 11.49% |
| Promoters | 22.25% |
| Others | 0.00% |
Note: Low promoter holding (22.25%) is a red flag for long-term control but is offset by strong institutional interest (26.8%).
NCC: Strengths vs Risks
Strengths:
- Strong order book (₹25,000+ Cr) with 3–4 years of revenue visibility
- Near net-debt-neutral balance sheet
- High ROCE (20.09%) indicates efficient capital use
- Consistent dividend payer (1.55% yield + 19% payout)
Risks:
- Low promoter skin-in-the-game (22.25%)
- Vulnerable to raw material (cement, steel) price swings
- Execution delays in large EPC projects
- Thin operating margins (~9%) limit upside
Investment Suitability
| Factor | Assessment |
|---|---|
| Lower than the construction sector average | Moderate |
| Ideal Time Horizon | 5+ years |
| Volatility | Lower than construction sector average |
| Dividend/Income Potential | Low but consistent (1.55% yield) |
| Best For | Investors seeking exposure to India’s infrastructure capex cycle |
- Profit-taking after a strong rally
- Concerns over relatively low promoter holding
- Sector-wide margin pressure from rising input costs
Final Verdict
NCC Limited is a quality infrastructure contractor with strong execution capability but limited strategic control due to fragmented ownership. While not a compounder, it offers steady returns backed by India’s infrastructure push.
Our NCC share price target 2026–2030 (₹154 to ₹256) reflects cautious optimism—rooted in order book strength but tempered by governance risk. Upside is substantial if margins expand; downside is limited by asset value and dividends.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – NCC Consolidated Page (FY2025 + TTM)
- Finology Ticker – NCC Financials & Analysis
- Ministry of Road Transport & Highways – National Infrastructure Pipeline Update 2025
- NCC Investor Presentation (Q3 FY26, Jan 2026)
