NCC hits new low

NCC slipped to a fresh 52-week low in early trade today, as sentiment weakened after a key tender-related development. The stock was trading at around Rs. 148.30, down 0.77% from the previous close of Rs. 149.45, after opening sharply lower and touching an intraday low of Rs. 136.00 (also its 52-week low). The counter moved between Rs. 136.00–150.85, with VWAP at Rs. 145.09.

The decline follows reports that the National Highways Authority of India (NHAI) has debarred NCC and its arm from participating in any tenders/bids issued by NHAI for a period of two years, with the order effective February 17, 2026. The restriction is seen as an overhang on near-term order inflows from NHAI, even as the market awaits more clarity on the precise scope of the debarment and any further company response.

From an earnings lens, the analytical question is less about today’s price reaction and more about order-inflow visibility. NHAI is a large awarding authority in highways, so a two-year ban can create a gap in the roads/highways pipeline if that vertical is a meaningful contributor to NCC’s incremental order intake. The second-order effects investors watch for are (a) whether the ban is limited to bidding only or whether it spills into eligibility for related packages, (b) whether it affects joint-venture bids or consortium participation, and (c) whether other government agencies treat this as a reference point (some bodies do not automatically mirror bans, but reputational and qualification scrutiny can rise). Importantly, a tender ban does not automatically mean existing projects are terminated—ongoing contracts are usually governed by their own terms—yet it can still influence operational planning via utilisation, working-capital deployment, and visibility of replenishment orders.

Trading activity remained active, with volume of about 14.06 lakh shares and turnover of around Rs. 20.40 crore. At the current levels, NCC carries a market capitalisation of roughly Rs. 9,310.96 crore and is trading at about 9.18x trailing consolidated earnings (TTM consolidated EPS: 16.16), while the stock’s 52-week high stands at Rs. 242.00.

NCC is an established infrastructure and construction contractor with presence across segments such as buildings, transportation infrastructure, water and environment, electrical and other EPC works, executing projects for government agencies and select private clients across India.