Antique has reiterated its buy rating on NCC Ltd, while reducing the target price to ₹302 from ₹322. The revision follows the company’s Q4 results, which were in line with expectations, though FY26 guidance was described as conservative.
The brokerage noted that NCC has a robust order book of ₹67,900 crore, around 3.3 times its trailing twelve-month revenue, and sees potential for 12–15% revenue growth in FY26. It also pointed out that the company’s current estimate may not fully account for Jal Jeevan Mission (JJM) related work, which had been weak in FY25.
Antique added that NCC is the lowest bidder (L1) on orders worth ₹7,000–8,000 crore and recorded an inflow of ₹1,700 crore in April 2025. However, post-results, it revised its revenue and margin guidance, leading to a 4% cut in FY26E EPS and a 9% cut in FY27E EPS.
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