Hindustan Construction Company Limited (HCC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-19.2%

₹14.27

vs ₹17.67 price

Levered DCF

-₹1.68

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.31×	39.95×	11.32×	-73.06×	4.22×	-2×	3.03×	-4.85×
P/B	1.42×	4.97×	-30.81×	-2.9×	-3.6×	-0.92×	-0.79×	-1.77×
P/S	0.76×	0.8×	0.74×	0.27×	0.23×	0.15×	0.06×	0.16×
EV / EBITDA	4.99×	6.89×	4.29×	6.92×	2.1×	24.09×	4.02×	11.45×
Gross margin	27.7%	32.9%	27.0%	26.2%	19.1%	16.9%	22.4%	20.0%
Operating margin	13.5%	24.1%	16.7%	-1.2%	6.1%	3.2%	7.3%	2.7%
Net margin	4.2%	2.0%	6.8%	-0.4%	5.5%	-7.4%	2.1%	-3.3%
Current ratio	1.15×	1.21×	1.16×	1.09×	1.03×	0.97×	0.75×	1.05×
Debt / equity	0.48×	1.85×	-13.19×	-7.72×	-3.06×	-3.63×	-5.64×	-4.39×
Interest coverage	1.15×	2.25×	1.45×	-0.09×	0.6×	0.31×	0.91×	0.35×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.8%	12.4%	-283.8%	3.9%	-85.4%	46.3%	-26.0%	36.4%
Return on invested capital	9.1%	7.5%	22.2%	-1.3%	18.9%	3.6%	7.6%	7.2%
Return on assets	1.9%	1.4%	5.3%	-0.2%	4.0%	-4.8%	1.6%	-2.9%
Free cash flow yield	-1.2%	2.6%	1.4%	-9.6%	27.9%	22.4%	75.4%	8.7%
Earnings yield	5.5%	2.5%	9.2%	-1.3%	23.7%	-50.1%	33.0%	-20.6%
Enterprise value	₹35.9B	₹54.7B	₹70.1B	₹70B	₹36.7B	₹53.5B	₹46B	₹54.9B
Net debt / EBITDA	0.78×	1.22×	1.12×	4.88×	0.74×	18.61×	3.5×	8×
Cash conversion cycle (days)	145	116	149	153	103	228	-54	155