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NCC Consensus Forecast

No. of reports in last year
3
No. of analysts
2
Average Consensus Forecast
79.67
Consensus Potential
-29.26%

NCC Price Target Potential

BrokerageTargetPotential
Prabhudas Lilladher11119.28%
Kotak Securities45-99.11%

NCC Targets in FrontPage Forums

9 Users have submitted 11 trade ideas of Rs. 394,990.25 for NCC
100% Bullish
0% Bearish
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NCC Ratings

Long term NCC rating by FrontPage users
5/5 (4 Ratings)

3 NCC share price target reports by brokerages below. See what is analyst's view on NCC share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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NCC Share Price Target

NCC Share Price Target - Broker Reports - 2021

29-May-21
Price @ Call: 83
Target: 111
BUY

NCC Share Price Target - Broker Reports - 2020

11-Nov-20
Price @ Call: 37
Target: 45
BUY
10-Nov-20
Price @ Call: 35.45
Target: 83
BUY
1-Jun-20
Price @ Call: 26.06
Target: 32
BUY
We believe that there is a risk on FY21E revenue growth due to various challenges related to Coivd-19 outbreak resulting in delay in construction work, labour availability issues, slowdown in capex, etc. We have factored in the impact of Covid-19 in our estimates and reduced our assumption for order inflows, order execution and margins for FY21E and FY22E. Based on this, we have cut our earnings estimates for FY21E and FY22E by 60.5% and 37.5% respectively. Based on FY21E/FY22E revised EPS of Rs 2.1 (vs Rs 5.4)/Rs 3.9 (vs Rs 6.3), the stock is trading at PE of 10.8x/5.8x, respectively. We have maintained BUY on NCC with revised sum of the parts based target price of Rs 32 (vs Rs 69 earlier) valuing the standalone construction business at 7x (Vs 10x earlier) on FY22E EPS to factor in increased risk on earnings growth. Key risk to our estimates and recommendation would come from any worsening impact of Covid-19, delay in payment, slower than expected execution, etc.
... Read more
30-May-20
Price @ Call: 23.66
Target: 83
BUY
NCC reported healthy 4QFY20 results better than our estimates driven by lower than anticipated impact on execution in its key projects, due to nationwide lockdown. Further construction activity gradually resumed towards end of Apr’20 with over ~90% of projects commencing operations (operating at 50-70% capacity). The company received disbursements on time from Central Government Agencies (including NHAI, AIIMS and Airports Authority of India), however some delays were witnessed from State Govt authorities as focus shifted towards welfare and health services. In addition to this, some uncertainties towards labour migration and supply chain stability will be key monitorables in the short run. We believe that with vast experience and proven execution capabilities, the company can leverage rising opportunities in buildings, transportation, metros, defense and airports once scenario normalizes and awarding momentum returns. We expect revenue/PAT to grow by 12%/6% over FY20- 22E. At CMP, the stock trades at a P/E of 5.5x/3x on FY21E/FY22E EPS and is trading at an EV of 3.5x/2.6x FY21E/FY22E EBITDA. We maintain BUY rating on the stock with a TP of Rs83.
... Read more
13-Feb-20
Price @ Call: 46.95
Target: 98
BUY
Considering FY20 is a wash-out year for NJCC due to jolt from the AP government and general slowdown on new ordering, we believe current valuations factor in all the negatives. Any positive development pertaining to progress of AP orders and improved momentum in order inflow will be the near-term catalysts for the stock, in our view. Further, balance sheet de-leveraging and its continuous endeavour to divest non-core assets will be the near-term catalysts for the stock. We maintain our BUY recommendation on the stock with a revised SOTP-based Target Price of Rs98.
... Read more
10-Feb-20
Price @ Call: 51.2
Target: 69
BUY
We have factored in impact of weak execution, order removal, lower order inflows guidance in our estimates. Based on FY20E/FY21E/FY22E EPS of Rs 6.5 (vs Rs 5.2)/5.4 (vs Rs 5.8)/Rs 6.3, the stock is trading at PE of 7.8x/9.5x/8.1x, respectively. We have maintained BUY on NCC with revised sum of the parts based target price of Rs 69 (vs Rs 70 earlier), as we roll forward our valuations to FY22E.
... Read more
7-Feb-20
Price @ Call: 52.45
Target: 98
BUY
NCC is one of the largest and well-diversified construction companies in India having expertise and experience in every segment of construction sector.However, the new AP government’s decisions to review and cancel certain projects initiated by the previous government have hit NCC in terms of order book (down 27%YoY), revenues (down 34%YoY) and extended working capital cycle (due to non-recovery from AP government). Owing to subdued 9M performance, management has lowered its revenue guidance and we have also factored in the same by reducing our revenue estimates by 12.3%/8.5%/8% for FY20E/21E/22E. We believe that with the vast experience and proven execution capabilities, the company can leverage the rising opportunities in buildings, transportation, metros, defense and airports. At CMP, the stock trades at a P/E of 7.7x/6.8x on FY20E/FY21E EPS and is trading at an EV of 5.2x/4.6x FY20E/FY21E EBITDA. We maintain BUY rating on the stock with a revised TP of Rs98 (earlier TP of Rs108).
... Read more

NCC Share Price Target - Broker Reports - 2019

5-Nov-19
Price @ Call: 57.03
Target: 76
BUY
We sharply reduce our revenue estimates by 21%/ 18.1% for FY20E/FY21E factoring 28.2% de-growth in 1HFY20, reduced order inflow for FY20E and lower execution rate. NCC is likely to post -20.9%/ 18.7% revenue growth in FY20E/ FY21E. We maintain core EBITDA margin estimates of 11.7%/ 11.7% for FY20E/ FY21E. Accordingly, we reduce our Adj. PAT estimates by 45.1%/ 31.8% for FY20E/ FY21E primarily due to reduction in execution and higher tax rate of 33% vs. 25.6% for FY20E. We expect recovery in FY21E with 18.7%/ 59.8% growth in revenue/ Adj. PAT. Considering ~50% correction in stock price during YTDFY20 and recovery in FY21E, we maintain BUY with downward TP of `76 (9x FY21E EPS).
... Read more
6-Nov-19
Price @ Call: 56.4
Target: 70
BUY
We have factored in impact of weak execution, standstill situation in AP, lower order inflows and higher tax rates in our estimates. We have cut our earnings estimates for FY20E/FY21E by 32%/27%, respectively. Based on FY20E/FY21E revised EPS of Rs 5.2/5.8 (vs earlier estimates of Rs 7.6/8), the stock is trading at PE of 11.2x/9.9x, respectively. We have maintained BUY on NCC with revised SoTP based target price of Rs 70 (vs Rs 92 earlier).
... Read more
5-Nov-19
Price @ Call: 57.03
Target: 110
BUY
Considering FY20 is a wash-out year for NJCC due to jolt from the AP government and general slowdown on new ordering, we believe current valuations factor in all concerns. Any positive development pertaining to progress of AP orders and improved momentum in order inflow will be the near-term catalysts for the stock. Further, visible de-leveraging balance sheet and its continuous endeavour to divest non-core assets bode well for the Company. We maintain our BUY recommendation on the stock with a revised SOTP-based Target Price of Rs110.
... Read more
13-Aug-19
Price @ Call: 68.55
Target: 81
BUY
We have factored in impact of weak execution as well as challenges related to AP projects along with higher working capital and finance cost in our estimates. We have cut our earnings estimates for FY20E/FY21E by 21%/28.5%, respectively. Based on FY20E/FY21E revised EPS of Rs 6.6/Rs 6.9, the stock is trading at PE of 10.4x/9.9x, respectively. We have maintained BUY on NCC as we see upside over our revised SoTP based target price of Rs 81 (vs Rs 132 earlier).
... Read more
3-Jun-19
Price @ Call: 98.42
Target: 132
BUY
Valuation and recommendation: At Rs 98, stock is trading at 11.8x and 10.2x P/E and 5.3x and 4.8x EV/EBITDA on FY20 and FY21 estimates respectively. Post revising our estimates, we arrive at a revised price target of Rs 132 on NCC. (Rs 146 earlier). We continue to maintain BUY on NCC based on strong order book, balance sheet as well as efficient working capital cycle. However, due to political risks associated with the order book, stock is likely to underperform in near term. Key risk to our estimates and recommendation would come from slower than expected execution and adverse ruling on power project cases where arbitration is going on or delays in receivables.
... Read more
3-Jun-19
Price @ Call: 97.85
Target: 90
REDUCE
Valuation & Outlook: NCC’s strong and well diversified order book across different geographies and sectors provide strong visibility over the next two to three years. However, due to lack of clarity regarding execution of 25% of company’s projects, will impact the outlook of the company in FY20E & FY21E. The stock is currently trading at a 1yr fwd P/E of 10.5x which is well below the five year avg P/E of 16x. We downgrade NCC to reduce and value standalone business at a P/E of 10x on FY21E EPS & real estate business at 0.5x P/B with a TP of Rs90.
... Read more
28-May-19
Price @ Call: 114.9
Target: 170
BUY
NJCC has exhibited an overall improvement in 4QFY19 especially in terms of growth in order inflow along with significant improvement in working capital. Going forward, we expect growth may moderate (15-20% kind of growth) due to high base, which will aid NJCC to manage its working capital and execution in a better way. We maintain our BUY recommendation on the stock with a revised SOTP-based Target Price of Rs170.
... Read more
28-May-19
Price @ Call: 114.9
Target: 142
BUY
Order book remain strong and execution is picking up as ~90% of order book has received regulatory clearances. On the other hand, improvement in receivables and loan repayable from its real estate subsidiary of Rs135cr will mitigate working capital requirements. We expect profitability to improve and we value standalone business at a P/E of 12x on FY21E earnings and real estate business at 0.5x P/B and arrive at SOTP price target of Rs142 & reiterate BUY rating.
... Read more
27-May-19
Price @ Call: 116
Target: 155
BUY
28-May-19
Price @ Call: 114.9
Target: 160
BUY
NCC witnessed highest ever inflow, revenues & orderbook in FY19. Despite this, it showed a marked improvement in its balance sheet strength through better debtors collection. Going ahead, we anticipate its earnings will grow at a CAGR of 15.0% during FY19-21E on account of strong orderbook, huge opportunities and a strong balance sheet position. Hence, we maintain BUY recommendation on NCC with a target price of Rs 160/share. We value its EPC business at Rs 155/ share (7.5x FY20 EV/EBITDA implying 14.9x FY20 PE multiple) and real estate business at Rs 8/share (0.5x P/BV).
... Read more
27-May-19
Price @ Call: 114.4
Target: 146
BUY
At Rs 114, stock is trading at 12.5x and 10.7x P/E and 5.8x and 5.1x EV/EBITDA on FY20 and FY21 estimates respectively. We maintain BUY on NCC with a revised price target of Rs 146 based on sum of the parts valuation on FY21 estimates (Rs.135 earlier). Key risk to our estimates and recommendation would come from slower than expected execution and adverse ruling on power project cases where arbitration is going on or delays in receivables.
... Read more
27-May-19
Price @ Call: 114.4
Target: 170
BUY
NCC’s strong order book is well diversified across segments and geographies and lends revenue visibility over the next 2 years. Apart from 2-3 months delay in some projects, NCC does not envisage execution to suffer as a result of the elections. We expect net working capital levels to remain stable (100days) leading to strong free cash flows of ~Rs 3.3/5.1bn in FY20/21E.We maintain BUY on NCC with a TP of Rs 170/Sh (EPC business at 15x FY21E EPS). We have tweaked our finance cost estimate lower and increased our FY20/21E EPS by 2.2/0.4%.
... Read more
15-Feb-19
Price @ Call: 84.62
Target: 165
BUY
Deterioration in working capital cycle – mainly led by higher working capital requirement due to mobilisation advances to sub-contractors for new projects – was a prime concern for NJCC. We expect its working capital requirement to remain high considering robust order book. Thus, marginally tweaking our one year EV/EBITDA target multiple to 7.5x (from 8x earlier), we maintain our BUY recommendation on the stock with a revised SOTP-based Target Price of Rs165.
... Read more
23-Feb-19
Price @ Call: 84.86
Target: 107
BUY
Order book remain strong and execution is picking up as ~90% of order book has received regulatory clearances. On the other hand, working capital borrowing is likely to increase due to increase in order book. We introduce FY21 estimates and value standalone business at a PE of 10x FY21E earnings and real estate business at 0.5x P/B and arrive at SOTP price target of Rs107 and reiterate BUY rating .
... Read more
15-Feb-19
Price @ Call: 86.5
Target: 131
BUY
View: Better performance to continue, maintain Buy
We upgrade our revenue estimates by 8.2%/ 8.3% for FY19E/ FY20E considering 9MFY19 execution. NCC to post robust 59.9%/ 16.1%/ 10.0% revenue growth in FY19E/ FY20E/ FY21E led by compressed execution timeline (12-24 months) coupled with most of its robust order inflow of FY18/ YTDFY19 was in its core segments (‘Buildings & Roads’, ‘Water’ and Electrical). We have upgraded EBITDA margin by 36bps/ 15bps to 11.7%/ 11.5% for FY19E/ FY20E factoring recent better margin order inflow and 9MFY19 results. We expect 13.0% CAGR in Adj. PAT over FY19E-21E. We factored debt level of Rs 21.5 bn/ Rs 23.2 bn/ Rs 21.3 bn for FY19E/ FY20E/ FY21E vs. Rs 13 bn (reduced post Rs 5.5 bn QIP in Jan’18) for FY18 and `21.6 bn (Q3FY19). We considered `1.1 bn convertible warrants issue to promoter in FY19E. Considering robust revenue growth, expansion in EBITDA margin, healthy profit growth combined with attractive valuation, we maintain BUY on the stock with a downward SOTP of `131 (Exhibit 1).
... Read more
14-Feb-19
Price @ Call: 82.8
Target: 184
BUY
NCC Ltd. (NCC) reported robust 3QFY19 revenue of Rs 32.3bn (13% beat). EBIDTA margin expanded 119bps YoY to 12.2% (vs ~11.5% guidance) owing to higher revenue contribution from the electrical division (which has better margin). APAT came in at Rs 1.6bn (25% beat). Debt has shot up by ~Rs 5bn QoQ to Rs 21.6bn (was ~Rs 13.0bn in FY18) largely due to the substantial increase in both the order book and pace of execution. NCC has guided for a ~Rs 1.0bn movement in debt by FY19E depending upon collections. Order book remains robust at Rs 341.9bn with order inflow of Rs 128bn in 9MFY19 (~Rs 200bn YTD). NCC has increased its revenue guidance from Rs 110bn to ~Rs 120bn now and expects to add ~Rs 70- 80bn orders in 4QFY19E. We have upgraded Revenue/EBITDA/PAT estimate for FY19 and FY20 by 20/23/28% and 9/16/14% as ~90% of the order book is not facing any regulatory delay. We maintain BUY with an increased TP of Rs 184/sh (previous TP 175).
... Read more
13-Feb-19
Price @ Call: 83.82
Target: 120
BUY
With sustained strong order inflow momentum, NCC’s orderbook remains buoyant at | 34185 crore. The company is expected to exceed its initial order inflow guidance to | 20000 crore in FY19E. With a ramp up in execution, the company has, so far, delivered a stellar performance in 9MFY19 and is further expected to exceed its ~45% revenue growth guidance of Rs 11000 crore in FY19E. EBITDA margins are expected to sustain at 11.5-12.0%, going ahead. Consequently, we expect PAT to grow at a robust 29.2% CAGR to Rs 656.9 crore in FY18-20E. Hence, we maintain our BUY recommendation with a target price of Rs 120/share.
... Read more
13-Feb-19
Price @ Call: 83.82
Target: 135
BUY
At Rs 84, stock is trading at 10.4x and 9.0x P/E and 5.4x and 4.5x EV/EBITDA on FY19 and FY20 estimates respectively. We revise our estimates upward and maintain BUY on NCC with price target of Rs 135 based on sum of the parts valuation on FY20 estimates. Key risk to our estimates and recommendation would come from adverse ruling on power project cases where arbitration is going on or delays in receivables.
... Read more

NCC Share Price Target - Broker Reports - 2018

22-Nov-18
Price @ Call: 88.66
Target: 106
BUY
16-Nov-18
Price @ Call: 88.11
Target: 166
BUY
14-Aug-18
Price @ Call: 98.97
Target: 151
BUY
13-Aug-18
Price @ Call: 98.65
Target: 140
BUY
25-Jul-18
Price @ Call: 90.35
Target: 159
BUY
17-Jul-18
Price @ Call: 79.85
Target: 164
BUY
30-May-18
Price @ Call: 120.45
Target: 146
BUY
13-Mar-18
Price @ Call: 123.35
Target: 150
BUY
26-Feb-18
Price @ Call: 125.3
Target: 138
ACCUMULATE
15-Feb-18
Price @ Call: 126.45
Target: 160
BUY
15-Feb-18
Price @ Call: 126.5
Target: 135
ACCUMULATE
1-Jan-18
Price @ Call: 133.8
Target: 195
BUY

NCC Share Price Target - Broker Reports - 2017

29-Nov-17
Price @ Call: 119.4
Target: 134
BUY
15-Nov-17
Price @ Call: 95.75
Target: 107
BUY
23-Aug-17
Price @ Call: 85.97
Target: 102
BUY
10-Aug-17
Price @ Call: 89.65
Target: 103
BUY
9-Aug-17
Price @ Call: 89.15
Target: 96
NEUTRAL
9-Aug-17
Price @ Call: 89.15
Target: 110
BUY
9-Aug-17
Price @ Call: 89.15
Target: 121
BUY
26-May-17
Price @ Call: 85.4
Target: 90
BUY
24-May-17
Price @ Call: 83
Target: 98
HOLD
23-May-17
Price @ Call: 95
Target: 121
BUY
18-Apr-17
Price @ Call: 94
Target: 115
BUY
13-Feb-17
Price @ Call: 87
Target: 100
BUY
14-Feb-17
Price @ Call: 85
Target: 93
HOLD
13-Feb-17
Price @ Call: 85
Target: 100
BUY
25-Jan-17
Price @ Call: 80
Target: 94
BUY

NCC Share Price Target - Broker Reports - 2016

24-May-16
Price @ Call: 71
Target: 96
BUY
25-May-16
Price @ Call: 72
Target: 85
BUY
10-Nov-16
Price @ Call: 81
Target: 93
BUY
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  • NCC Share Price Target Today- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 393.37
    Upside Target 292.08
    Upside Target 190.37
    Pivot89.08
    Downside Target 187.37
    Downside Target 286.08
    Downside Target 384.37
  • NCC Share Price Target weekly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 399.33
    Upside Target 296.62
    Upside Target 192.63
    Pivot89.92
    Downside Target 185.93
    Downside Target 283.22
    Downside Target 379.23
  • NCC Share Price Target monthly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3111.1
    Upside Target 2102.55
    Upside Target 194.7
    Pivot86.15
    Downside Target 178.3
    Downside Target 269.75
    Downside Target 361.9
  • NCC Share Price Target today- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 392.08
    Upside Target 290.94
    Upside Target 190.23
    Pivot89.08
    Downside Target 187.94
    Downside Target 287.23
    Downside Target 386.08
  • NCC Share Price Target weekly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 396.62
    Upside Target 294.06
    Upside Target 192.48
    Pivot89.92
    Downside Target 187.36
    Downside Target 285.78
    Downside Target 383.22
  • NCC Share Price Target monthly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3102.55
    Upside Target 296.29
    Upside Target 192.41
    Pivot86.15
    Downside Target 179.89
    Downside Target 276.01
    Downside Target 369.75
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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