How Did CemIndia, NCC and Other Top Infra Stocks Perform in Q3?

SYNOPSIS: Infrastructure stocks delivered a mixed Q3 FY26 performance, with selective revenue growth and strong order inflows, while profitability pressures persisted for some players despite robust government capex support and healthy project pipelines.

Among the major takeaways in the Union Budget 2026-27, the infrastructure sector received a strong push, with capital allocation raised to Rs. 12.2 lakh crore for FY26-27, up by around 9 percent from Rs. 11.2 lakh crore in FY25-26 and a sharp increase from just Rs. 2 lakh crore in FY14-15. This sustained rise over the past decade underlines the government’s continued emphasis on infrastructure as a key driver of economic growth, employment generation and long-term development.

The Finance Minister said the government will continue to focus on building and upgrading infrastructure (regions with over 5 lakh population) in Tier-2 and Tier-3 cities. She also announced the proposal to set up a dedicated risk guarantee fund for the infrastructure sector, aimed at improving access to financing and reducing project risks. In addition, a new scheme to enhance construction and infrastructure equipment will be introduced to boost domestic manufacturing capabilities.

Over the past few years, the government has significantly stepped up spending on roads, railways, defence manufacturing, urban infrastructure and logistics, intending to crowd in private investment and create a strong multiplier effect across the economy. Listed below are some notable infrastructure-related stocks that have reported their financial results for the third quarter of FY26:

CemIndia Projects Limited

With a market cap of Rs. 10,176 crores, the stock is currently trading in the red at Rs. 592.35 on Monday, down by around 2 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 2,315 crores, reflecting a sequential growth of more than 5 percent QoQ compared to Rs. 2,195 crores in Q2 FY26, and a year-on-year increase of around 2 percent from Rs. 2,270 crores recorded in Q3 FY25.

Meanwhile, net profit stood at Rs. 111 crores, indicating a marginal rise of about 3 percent QoQ from Rs. 108 crores in Q2 FY26, and a growth on a year-on-year basis by nearly 28 percent from Rs. 87 crores reported in Q3 FY25.

During the quarter, CemIndia reported a strong order book of Rs. 21,879 crores, securing orders worth Rs. 9,725 crores in 9M FY26.

CemIndia Limited, previously known as ITD Cementation India Limited, is engaged in the construction of a wide variety of structures like maritime structures, Mass Rapid Transport Systems (MRTS), dams & tunnels, airports, highways, bridges & flyovers and other foundations and specialised engineering work. In 2025, ITD Cementation India Limited was acquired by Renew Exim DMCC, an Adani Group Entity.

NCC Limited

With a market cap of Rs. 9,443 crores, the stock is currently trading in the red at Rs. 150.4 on Monday, down by around 1 percent on BSE.

For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 4,868 crores, reflecting a sequential growth of more than 7 percent QoQ compared to Rs. 4,543 crores in Q2 FY26, but a year-on-year decrease of around 9 percent from Rs. 5,345 crores recorded in Q3 FY25.

Meanwhile, net profit stood at Rs. 135 crores, indicating a fall of about 19 percent QoQ from Rs. 167 crores in Q2 FY26, and a decline on a year-on-year basis by nearly 34 percent from Rs. 206 crores reported in Q3 FY25.

In Q3 FY26, the company’s consolidated order book stood at Rs. 79,571 crore, representing an increase of around 11 percent from Rs. 71,957 crores reported on Q2 FY26. Meanwhile, on the execution front, the company executed orders worth Rs. 4,817 crore in Q3 FY26.

NCC Limited is engaged in the infrastructure sector, primarily in the construction of industrial, institutional, hospital, hospitality and commercial buildings, airports, housing projects, transportation projects including roads, bridges, flyovers, metros and tunnels, water supply and environment projects, railway projects, electrical distribution, transmission lines and smart meter projects, irrigation projects, mining projects, etc.

KEC International Limited

With a market cap of Rs. 15,912 crores, the stock is currently trading in the red at Rs. 597.75 on Monday, down by around 1 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 6,001 crores, reflecting a sequential decline of more than 1 percent QoQ compared to Rs. 6,092 crores in Q2 FY26, but a year-on-year increase of around 12 percent from Rs. 5,349 crores recorded in Q3 FY25.

Meanwhile, net profit stood at Rs. 127 crores, indicating a fall of about 21 percent QoQ from Rs. 161 crores in Q2 FY26, and a decrease on a year-on-year basis by nearly 2 percent from Rs. 130 crores reported in Q3 FY25.

During the quarter, the company reported a consolidated order book (including L1 orders) of Rs. 41,000 crores, with order intake of Rs. 19,265 crores, while the tenders under Evaluation and in the pipeline are more than Rs. 1,80,000 crores.

KEC International Limited is primarily engaged in the business of Engineering, Procurement and Construction (EPC) relating to infrastructure, interalia products, projects and systems and related activities for power transmission, distribution, railway, civil, cable and other EPC businesses.

Afcons Infrastructure Limited

With a market cap of Rs. 12,135 crores, the stock is currently trading in the red at Rs. 329.95 on Monday, down by around 1 percent on BSE. For Q3 FY26, the company posted a consolidated revenue from operations of Rs. 2,976 crores, reflecting a sequential decline of around 0.4 percent QoQ compared to Rs. 2,988 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue decreased by more than 7 percent from Rs. 3,211 crores recorded in Q3 FY25.

Meanwhile, the net profit stood at Rs. 97 crore, indicating a decline of about 8 percent QoQ from Rs. 105 crores in Q2 FY26, while on a year-on-year basis, the profit was down by nearly 35 percent from Rs. 149 crores reported in Q3 FY25.

As of December 2025, the company’s total order book stood at Rs. 31,543 crore, representing a decline of more than 3 percent QoQ from Rs. 32,681 crores in September 2025 and around 17 percent YoY from Rs. 38,021 crores recorded in December 2024.

Afcons Infrastructure Limited is engaged in marine works, highways, bridges, metro works, power houses, tunnels, oil and gas, LNG tanks and other general civil engineering projects both in India and Africa and Mideast countries

Larsen & Toubro Limited

With a market cap of Rs. 5.74 lakh crores, the stock is currently trading in the green at Rs. 4,175.15 on Monday, up by 0.05 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 71,450 crores, reflecting a sequential growth of around 5 percent QoQ compared to Rs. 67,984 crores in Q2 FY26, and a year-on-year increase of around 10 percent from Rs. 64,668 crores recorded in Q3 FY25.

Meanwhile, net profit stood at Rs. 3,825 crores, indicating a decline of about 18 percent QoQ from Rs. 4,678 crores in Q2 FY26, and a marginal fall on a year-on-year basis by nearly 4 percent from Rs. 3,974 crores reported in Q3 FY25.

During the quarter, L&T reported total order inflows of Rs. 1,35,600 crore, comprising Rs. 68,800 crore in domestic orders and Rs. 66,800 crore from international markets. The company’s order book also expanded significantly, rising by 30 percent YoY to Rs. 7,33,200 crore by December 2025. This includes Rs. 3,76,300 crore in domestic orders and Rs. 3,56,900 crore in international orders.

Larsen & Toubro Limited is a $30 billion Indian multinational engaged in EPC projects, hi-tech manufacturing and a range of service sectors. It stands out as a major technology, engineering, construction, manufacturing and financial services conglomerate with global operations.

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