Hindustan Construction Company Ltd(HCC)

NSE: HCCBSE: 500185

₹ 17.34-0.29%refreshed 26 Oct, 03:57 pm ISTMarket cap: ₹ 4,542 crWebsite: www.hccindia.comUpdated: 24 Oct 2026

About

Hindustan Construction Company (HCC) is an Indian civil engineering and construction company specialising in complex infrastructure projects across transport, hydropower, water supply, nuclear, and industrial segments. The company reported standalone revenue of ₹3,937.3 Cr in FY26 with a single engineering and construction segment accounting for 98.6% of consolidated revenue. HCC has built 14 of 24 nuclear reactor buildings in India and is one of the country's most experienced contractors in tunnelling and hydropower civil works.^[1][2][3]

Business segments

Engineering and construction is the sole reported segment, contributing 98.6% of consolidated revenue (₹3,937.25 Cr) in FY26 with an EBIT margin of 7.8%.^[2]

Order book and inflow

Order backlog stood at ₹12,976 Cr in Q1 FY27, with transport the largest segment at 67%, followed by hydro (18%), water (13%), and nuclear (3%) as of Q4 FY26.^[4][1]
New order inflow was ₹127 Cr in Q1 FY27 (a single Bhutan project); FY26 full-year inflow was ₹5,654 Cr including an ₹1,100 Cr LOA received in April 2026.^[4][1]
L1 bids (HCC share) of ₹1,671 Cr were awaiting LOA conversion targeted by end of Q2 FY27, with a separate Serco order of ₹1,100 Cr already included in the backlog.^[4]
Bid pipeline under pursuit stands at ₹85,907 Cr in Q1 FY27, with ~₹9,997 Cr under evaluation (HCC share ~₹7,747 Cr); management targets ₹15,000 Cr of FY27 order inflow.^[4]

Key operating metrics

Standalone EBITDA margin fell 420 bps YoY to 10.7% in Q1 FY27; FY26 full-year standalone EBITDA margin was 16.1%, and Q4 FY26 standalone EBITDA margin was 18.2%.^[4][1]
~₹8,000 Cr of the ₹12,976 Cr Q1 FY27 backlog is in early mobilisation with limited revenue contribution; only ~₹4,000 - 5,000 Cr is in full execution, directly suppressing near-term revenue and margins.^[4]
Standalone income from operations fell ~8% YoY to ₹982 Cr in Q1 FY27; FY26 standalone turnover was ₹3,937.3 Cr vs ₹4,801.1 Cr in FY25.^[4][1]
Arbitration awards in HCC's favour total ₹1,700 Cr as of Q1 FY27, expected to be realised over 3 - 4 years; non-current trade receivables rose to ₹1,178 Cr in FY26 from ₹646 Cr as claims converted to awards.^[4][1]

Deleveraging and balance sheet

Standalone finance cost dropped ~30% YoY to ₹79.8 Cr in Q1 FY27 from ₹114.6 Cr in Q1 FY26, reflecting prior-year debt repayments flowing through.^[4]
A ₹100 Cr debt prepayment was planned for August 2026, with management indicating a 'considerable' further prepayment in FY27 beyond that; FY27 target is debt-free status.^[4][1]
HCC completed a ₹1,000 Cr rights issue in Q3 FY26 with ~200% subscription; board has also approved an enabling resolution for a further equity raise of up to ₹800 Cr via rights issue if needed.^[3][1]

Operations and project execution

Vishnugad Pipalkoti HEP tunnel: 7.5 km of 12.1 km TBM mining complete as of Q2 FY26.^[5]
Mumbai Metro Line 3 Package UGC02 was inaugurated by the Prime Minister on October 8, 2025; Tehri PSP Unit 7 synchronised with the grid in Q2 FY26.^[5]
HCC secured its first aluminium sector order (pot shells and pot superstructure for a smelting process) from Hindalco in Q2 FY26, and bulk fabrication has commenced.^[4][5]

Nuclear sector

HCC has constructed 14 of 24 nuclear reactor buildings in India; nuclear represents 3% of Q4 FY26 order backlog as recent projects approach completion.^[3][1]
NPCIL is expected to tender Mahi Banswara and Chutka PHWR projects each worth ~₹8,000 - 9,000 Cr, with civil works constituting 40 - 50% of value; tenders were expected in calendar year 2026.^[3]
Upcoming Nuclear Island Mega EPC Packages (NIMEP) are expected to be worth ₹12,000 - 14,000 Cr each, a step-change from current nuclear parcel sizes; HCC is also evaluating ME&I scope expansion in nuclear.^[1][3]
The SHANTI Act for private-sector nuclear participation is expected to publish rules by end of calendar year 2026 (winter parliamentary session); private nuclear inquiries expected 6 - 8 months after rules are issued.^[4]

Expansion into new segments

HCC is targeting industrial sector EPC in steel, copper, and aluminium, citing a ~₹3 lakh Cr capex opportunity in metals over five years; the Hindalco aluminium order validates this entry.^[1]
Management is partnering with third parties to bid for larger nuclear scopes beyond civil works; a live Aditya Aluminium pot shell fabrication project is cited as an industrial adjacency.^[4]
Two international regions have been identified for opportunistic entry; management states some headway has been made with no material capital commitment required.^[3]

Recent developments

FY27 revenue guidance revised down to effectively flat YoY (versus a prior ~20% growth target), with a possible positive surprise of ₹400 - 500 Cr over the FY26 base; management targets a 13 - 14% EBITDA margin exit rate by end of FY27.^[4]
HCC's corporate guarantee on Prolific Resolution Pvt. Ltd. debt was reduced from 100% to 20% with 100% lender approval and documentation completed in Q3 FY26, reducing contingent liability.^[3]
Management plans to hold an Analyst Day in late CY2026 to present a 3 - 5 year strategic plan.^[1]

Market Cap

₹4,542 Cr

High / Low

₹28 / 14

Stock P/E

27.6

Price / Book

2.1

Book Value

₹8

EPS

₹0.6

No. of Shares

261.95 Cr

ROCE

16.1%

ROE

10.9%

OPM

15.9%

Debt / Equity

0.48

Sales

₹3,970 Cr

Net Profit

₹166 Cr

Promoter holding

16.2%

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Hindustan Construction Company Ltd(HCC)

About

Business segments

Order book and inflow

Key operating metrics

Deleveraging and balance sheet

Operations and project execution

Nuclear sector

Expansion into new segments

Recent developments

Signal history

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