ICICI Direct has given Hold recommendation for NCC with a target price of Rs. 75 in its research report issued on Aug 11, 2022

ICICI Direct’s research report on NCC

NCC is one of the leading construction companies in India with a presence across varied verticals of infrastructure space such as buildings, roads, water, mining and electrical. Standalone order book is robust at Rs 37.838 crore. Well-diversified order backlog, robust execution capabilities and strong focus on debt reduction, working capital to characterise NCC over next few years.


While strong execution traction is a positive surprise, we await stability in margins and consistency in leverage management. Thus, we maintain HOLD rating on the stock. We value NCC at Rs 75/share (at 9x FY24 P/E).

Leave a Reply

Your email address will not be published. Required fields are marked *