Accumulate NCC; target of Rs 102: Dolat Capital

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26 Aug, 2025 12:21

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Dolat Capital's research report on NCC

NCC posted 5.9 % YoY growth in Q 1 FY1 8 standalone revenue to ` 2 0.1 bn (in line with estimates). The rise in revenue was primarily due to growth in Electrical and Water & Environment segments with 29.7 % and 23.6 % YoY, respectively. EBITDA margin declined 23 bps YoY to 8. 5 % (in line with estimates) due to higher construction expenses. Adj. PAT (post adjusting exceptional gain of ` 124 mn) decreased by 2.5 % YoY to ` 510mn ( in line with estimates) as decline in other income is set off against reduction in interest cost. We maintain ACCUMULATE due to healthy revenue growth led by robust order inflow and reduction in interest cost.

Outlook

We maintain ACCUMULATE on the stock  with SOTP based  TP of ` 102 . We have excluded OB Infra road BOT from our valuation as it has been securitized .

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