### **Company Overview** NCC Limited (NCC Ltd), established in 1978 and headquartered in Hyderabad, India, is the **second-largest publicly listed construction company in India by revenue**. Incorporated as a limited company in 1990, NCC operates as a leading **Engineering, Procurement, and Construction (EPC) firm** with over four decades of industry experience. It leverages in-house design capabilities, multidisciplinary engineering expertise, and advanced construction equipment to deliver high-value, complex infrastructure projects across India and select international markets. --- ### **Core Business Segments** NCC’s diversified operations are organized across **seven core verticals**, aligned with India’s National Infrastructure Pipeline and strategic development goals: 1. **Buildings** 2. **Transportation** 3. **Water & Environment** 4. **Irrigation** 5. **Mining** 6. **Railways** 7. **Electrical (Transmission & Distribution)** The company also operates in **real estate** through a venture in which it holds an 80% stake, with ongoing projects in Hyderabad, Chennai, Bengaluru, Kochi, Guntur, and Ranchi. --- ### **Strategic Positioning & Business Model** NCC follows a **scalable, diversified EPC model** integrated with technical excellence, digital innovation, and disciplined project execution. It emphasizes: - **Government and PSU partnerships**, with a strong presence in central and state government projects. - **Selective bidding** on projects with clear revenue visibility, manageable working capital, and low risk—avoiding speculative or long-gestation private investments. - A preference for **cash-based contracts** and limited participation in Hybrid Annuity Model (HAM) or Build-Operate-Transfer (BOT) projects to maintain financial discipline. - **Operational scale, cost efficiency, and timely delivery** as key competitive advantages. The company drives **sustainable growth** through domain knowledge, a robust balance sheet, and a focus on quality, safety, and sustainability. --- ### **Order Book & Financial Highlights (as of Feb–Nov 2024–2025)** - **Total Order Book**: ₹55,548 crore (as of Feb 2025), reflecting strong demand across infrastructure sectors. - **Order Distribution (Feb 2025)**: - **Buildings**: ₹21,085 crore (38%) - **Electrical T&D**: ₹10,633 crore (19%) - **Transportation**: ₹10,800 crore (19%) - **Water & Environment**: ₹5,450 crore (10%) - **Irrigation**: ₹4,496 crore - **Projected Order Inflows (FY26)**: Management aims for ₹35,000–40,000 crore, leveraging market opportunities and diversified capabilities. - **Revenue Growth**: ~35% CAGR over the past three years. - **FY25 Performance (Pachhwara Coal Block)**: - Revenue: ₹2,672 crore - Pre-Tax Profit (PBT): ₹104 crore - **FY24 Milestones**: - Record revenue, EBITDA, and profits following resolution of legacy disputes (Sembcorp, TAQA, GEVPL). - Consolidated revenue: ₹15,701 crore (+35% YoY) - EPS: ₹9.77 (up from ₹7.91 in FY23) --- ### **Key Projects & Sectoral Focus** #### **Buildings** - **Institutional**: AIIMS, IITs, IIMs, NITs, National War Memorial - **Aviation**: Guwahati (completed), Lucknow & Patna (ongoing) - **Residential**: Affordable housing under **Pradhan Mantri Awas Yojana (PMAY)** - **Commercial**: Airports, IT parks, industrial complexes, trade hubs - Strategic focus on **smart cities, housing for all, and digital infrastructure** #### **Transportation** - **Expressways**: Nagpur-Mumbai Super Communication Expressway, Etawah–Kannauj Expressway - **Metro Rail**: Projects in Pune, Mumbai, Nagpur, Bengaluru, Chennai - **Tunnels**: Joint venture win for Goregaon-Mulund twin tunnel (Mumbai), worth ₹6,335 crore (NCC’s share: ₹3,231 crore) - **Defense Infrastructure**: Airstrips, runways, and navy projects (e.g., Indian Air Force, Seabird Karwar) #### **Water & Environment** - Key contributor to **Jal Jeevan Mission**: - ₹6,500 crore+ orders from Uttar Pradesh - Bulk water supply projects in Agra, Firozabad - 820 km gravity-based water supply system in Amaravati, Maharashtra (Limca Book of Records) - Projects include water treatment plants, sewage systems, underground drainage, and rural household connections #### **Railways** - **Dedicated Freight Corridors (DFCs)**, zonal railway projects, private sidings - Services: Earthworks, track laying, signaling, OHE, high-speed rail - Strategic role in enhancing freight and multimodal connectivity #### **Electrical (T&D)** - EHV/HV/LV substations, transmission lines (e.g., 765KV line in Jaipur), feeder separation, underground cables - Supports rural and urban electrification, smart grids, and sustainable power distribution #### **Mining** - **Pachhwara North Coal Block (Jharkhand)**: - Operated as **Mine Developer & Operator (MDO)** since Dec 2018 - 51% stake in SPV; client: WBPDCL - Rated capacity: **15 million tonnes per annum (MTPA)** - Escalated project cost: ₹50,000 crore (from ₹30,000 crore) - FY25 Revenue: ₹2,672 crore; PBT: ₹104 crore (first 9 months: ₹1,978 crore revenue, ₹77 crore PBT) - Other projects: Medapalli OCP (Telangana), ferrous/non-ferrous mining, bulk handling #### **Innovation & Sustainability** - **UHPFRC Nagpur LLP** (subsidiary): - Introduced **Ultra-High Performance Fiber Reinforced Concrete (UHPFRC)** in India (licensed from Dura Technology, Malaysia) - 4x stronger, 100x more durable, 30–35% lighter than traditional concrete - Sustainable, green construction material with superior impact resistance - **Material Substitution**: Use of PPC and Slag cement over OPC to reduce environmental impact - **Smart Meters**: Entered segment with three projects worth ₹8,080 crore (Bihar, Maharashtra) --- ### **Geographic & Subsidiary Reach** - **Pan-India execution** with strong project footprint across rural and urban areas - **International Presence**: - Holding controlling stakes in **Al Mubarakia Contracting Co. L.L.C.** and **Nagurjuna Contracting Co. L.L.C.** (Middle East) - **Exited international construction operations** (Oman, Qatar) as of early 2021 - **Key Subsidiaries**: - NCC Infra Limited - NCC Urban Infrastructure Limited - NCC Infrastructure Holdings Limited - UHPFRC Nagpur LLP --- ### **Technology & Operational Capabilities** - **Advanced Equipment**: Tunnel Boring Machines (TBMs), modern construction machinery - **Digitization**: - Digital project monitoring tools - Equipment and workforce skilling programs - Digitized workflows to enhance scalability and on-time delivery - **In-House Engineering & Design**: Enables end-to-end project control and innovation --- ### **Risk Management & Challenges** - **Legacy Receivables**: Outstanding dues from AP government (₹412 crore receivables, ₹240 crore retention money), expected resolution by March. - **Macroeconomic Pressures**: Rising input costs (steel, cement), inflation, interest rates—mitigated through cost escalation clauses and disciplined bidding. - **Project Selection**: Avoids BOT-heavy projects (e.g., withdrew from Ganga Expressway) to protect financial health. --- ### **Workforce & Corporate Governance** - **Total Employees**: ~13,500 (including contractual staff) - **Leadership Philosophy**: Emphasis on **engineering excellence, agile mobilization, client trust, and ESG compliance** - **Corporate Governance**: Strong financial discipline, transparency, and stakeholder value creation ---