NCC Order Book Grows from ₹19,323 Cr to ₹71,957 Cr Over 10 Years

Synopsis:
NCC’s order book has expanded consistently from Rs. 19,323 crore in FY15 to a record Rs. 71,568 crore in FY25, driven by strong annual inflows, diversified projects, and sustained growth across core infrastructure segments.

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.

In this article, we will take a closer look at the order book of NCC, one of the leading construction and infrastructure companies in India, tracing how it has evolved over the past decade, tracking its growth from FY15 to FY25, along with the latest figures for Q2 FY26.

During Friday’s trading session, shares of NCC Limited closed at Rs. 168.35 on BSE, as against its previous closing of Rs. 169.45, with a market cap of Rs. 10,570 crores. The stock has delivered negative returns of around 46 percent in one year, and has fallen by nearly 14 percent in one month.

Order Book Trend

Over the years, NCC has demonstrated consistent growth in its order book, reflecting strong project wins and a diversified presence across infrastructure segments. In FY15, the company reported an order book of Rs. 19,323 crore. Meanwhile, in FY16, the order book was Rs. 17,655 crore, with fresh inflows of Rs. 7,399 crores.

In FY17, NCC secured Rs. 9,226 crore of new orders, ending the year with an order book of Rs. 18,088.5 crore. The momentum strengthened significantly in FY18, when the order book rose to Rs. 32,532 crore, followed by further expansion to Rs. 41,197 crore in FY19.

As of March 31, 2020, the company maintained a healthy order book of Rs. 26,572 crore, supported by fresh orders worth Rs. 7,172 crore during the year and an executable book-to-sales ratio of 3.2x. NCC’s order book improved to Rs. 37,911 crore by the end of FY21, aided by Rs. 18,943 crore of new orders.

The diversified order book increased further to Rs. 39,361 crore as of March 31, 2022, including Rs. 12,158 crore in fresh awards during FY22. In FY23, the cumulative order book reached Rs. 50,244 crore, representing a strong YoY growth of 28 percent driven by Rs. 25,895 crore of order inflows.

FY24 marked another milestone, with a record order book of Rs. 57,536 crore, reflecting 15 percent YoY growth. The portfolio remained well balanced across buildings (39 percent), transportation (18 percent), water and railways (12 percent), electrical (21 percent), mining (9 percent), and irrigation and others (1 percent).

In FY25, NCC achieved its highest-ever consolidated order inflow of Rs. 32,888 crore, a 20.5 percent YoY increase, closing the year with an all-time high order book of Rs. 71,568 crore.

As of Q2 FY26, NCC’s order book stands at Rs. 71,957 crore, reflecting a well-diversified project mix across key infrastructure segments. Buildings constitute the largest share at 31 percent, followed by transportation projects at 24 percent. The electrical (T&D) segment accounts for 21 percent, while water and railways contribute 11 percent. Mining projects make up 6 percent, and irrigation and other works represent the remaining 7 percent.

Financial Performance

NCC reported a decline in its revenue from operations, showing a year-on-year decrease of around 13 percent from Rs. 5,196 crores in Q2 FY25 to Rs. 4,543 crores in Q2 FY26. Similarly, its net profit decreased during the same period from Rs. 175 crores to Rs. 167 crores, representing a fall of nearly 5 percent YoY.

In terms of financial ratios, NCC has a RoE of 11.4 percent and ROCE of 21.7 percent, with a debt-to-equity ratio of 0.39. Further, the stock is currently trading at a lower P/E of 13.5, compared to the industry average of 19.

Written by Shivani Singh

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