ICICI Direct's research report on NCC
NCC is one of the leading construction companies in India with a presence across varied verticals of the infrastructure space such as buildings, roads, water, mining and electrical with order book at Rs 40,020 crore as on Q2FY23. Well-diversified order backlog, robust execution capabilities and strong focus on debt reduction, working capital to characterise NCC over the next few years.
Outlook
Strong execution and management guidance of continued traction along with margin improvement make us maintain our constructive view and BUY rating on the company. We value NCC at Rs 110/share (at 10x FY25 P/E).
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