NCC Limited (NCC.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

+46.6%

₹171.80

vs ₹117.16 price

Levered DCF

₹77.32

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.68

Distress zone

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	12.17×	16.33×	21.47×	10.86×	7.4×	18×	3.35×	11.86×
P/B	1.04×	1.83×	2.3×	1.07×	0.64×	0.93×	0.23×	1.49×
P/S	0.39×	0.6×	0.73×	0.43×	0.32×	0.61×	0.13×	0.53×
EV / EBITDA	5.37×	7.3×	8.87×	5.01×	4.5×	7.28×	2.94×	5.84×
Gross margin	9.5%	15.3%	14.4%	16.4%	17.0%	20.4%	22.2%	19.9%
Operating margin	7.7%	10.1%	9.7%	11.1%	11.0%	13.6%	14.7%	14.2%
Net margin	3.2%	3.7%	3.4%	3.9%	4.3%	3.4%	3.8%	4.5%
Current ratio	1.36×	1.34×	1.34×	1.34×	1.37×	1.38×	1.33×	1.29×
Debt / equity	0.44×	0.22×	0.15×	0.16×	0.23×	0.4×	0.44×	0.59×
Interest coverage	2.15×	3.3×	3.41×	3.35×	2.55×	2.97×	3.15×	4.69×
Dividend yield	1.7%	1.0%	0.9%	1.9%	1.4%	0.3%	9.6%	1.1%
Payout ratio	20.5%	16.8%	19.4%	20.6%	10.1%	4.6%	32.3%	12.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.6%	11.2%	10.7%	9.9%	8.6%	5.2%	6.9%	12.6%
Return on invested capital	10.5%	17.8%	17.9%	16.7%	19.2%	11.1%	17.8%	19.4%
Return on assets	2.6%	3.9%	3.9%	3.7%	3.3%	2.0%	2.4%	3.9%
Free cash flow yield	-25.9%	3.2%	7.0%	11.4%	33.3%	13.1%	69.2%	1.5%
Earnings yield	8.2%	6.1%	4.7%	9.2%	13.4%	5.6%	29.8%	8.4%
Enterprise value	₹103.9B	₹140B	₹156.9B	₹73.1B	₹46.3B	₹66.9B	₹32B	₹93.3B
Net debt / EBITDA	1.12×	0.32×	0.24×	0.47×	1.01×	2.04×	1.9×	1.55×
Cash conversion cycle (days)	-56	-69	37	114	30	205	161	114