ICICI Direct has given Hold recommendation for NCC with a target price of Rs. 70 in its research report issued on May 12, 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 36,303 crore. Well-diversified order backlog, robust execution capabilities, and strong focus on debt reduction and working capital to characterise NCC over next few years.


Sharp debt reduction has been key positive. However, margins may be see volatility in FY23. We, thus, assign HOLD vs BUY rating, earlier. We value NCC at Rs 70/share (at (9x FY24 P/E).

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