HCC
Hindustan Construction Company Limited
Heavy-civil EPC contractor for hydro power, metros, bridges and tunnels
Industrials›Construction›Construction›Civil Construction
hccindia.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-19
Stock price
₹19.06
Market cap
4,993 Cr
Stock P/E
30.1
P/B
2.35
ROE (FY26)
7.8%
ROCE (FY26)
22.0%
Operating margin (FY26)
13.5%
Debt / equity (FY26)
0.48
OCF / EBITDA (FY26)
157.8%
OCF / EBITDA (3Y)
55.0%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
HCC (Hindustan Construction Company) is an Indian engineering and construction company, in business since 1926, that builds large infrastructure such as hydropower and nuclear power plants, tunnels, bridges and expressways, and water projects for public-sector and private clients.
Company snapshot
20thBy market cap
Ranked among 90 companies in Civil Construction.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 92.8% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Engineering and construction | 92.8% | 3,926 Cr | 164 Cr | — |
| Infrastructure | 1.7% | 73 Cr | 5 Cr | — |
| Others | 0.0% | 2 Cr | -19 Cr | — |
| Real estate | 9.2% | 390 Cr | -331 Cr | — |
| Unallocable Revenue/ asset | 0.3% | 14 Cr | 0 Cr | — |
Shares add up to 104% because segment revenues are before inter-segment eliminations.
What we see
Concerns
- ✗Interest coverage of 1.1x — earnings barely cover interest payments, which is a warning sign.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,833 Cr | 1,474 Cr | 1,773 Cr | 1,816 Cr | 1,407 Cr | 1,007 Cr | 1,374 Cr | 1,091 Cr | 961 Cr | 925 Cr | 992 Cr | 993 Cr |
| Operating expenses (approx.) | 1,579 Cr | 1,236 Cr | 1,891 Cr | 1,663 Cr | 1,165 Cr | 1,037 Cr | 944 Cr | 912 Cr | 813 Cr | 858 Cr | 821 Cr | 889 Cr |
| EBITDA | 254 Cr | 239 Cr | -118 Cr | 152 Cr | 242 Cr | -30 Cr | 429 Cr | 179 Cr | 148 Cr | 67 Cr | 171 Cr | 105 Cr |
| OPM % | 13.8% | 16.2% | -6.6% | 8.4% | 17.2% | -3.0% | 31.3% | 16.4% | 15.4% | 7.3% | 17.2% | 10.5% |
| Other income | 38 Cr | 38 Cr | 40 Cr | 20 Cr | 26 Cr | 59 Cr | 19 Cr | 27 Cr | 23 Cr | 36 Cr | 25 Cr | 62 Cr |
| Interest | 256 Cr | 146 Cr | 165 Cr | 146 Cr | 159 Cr | 183 Cr | 111 Cr | 122 Cr | 120 Cr | 123 Cr | 105 Cr | 87 Cr |
| Depreciation | 28 Cr | 30 Cr | 18 Cr | 26 Cr | 26 Cr | 90 Cr | 22 Cr | 12 Cr | 6 Cr | 5 Cr | 5 Cr | 6 Cr |
| Profit before tax | 5 Cr | 257 Cr | 410 Cr | 14 Cr | 102 Cr | 234 Cr | 173 Cr | 73 Cr | 42 Cr | 15 Cr | 92 Cr | 74 Cr |
| Tax % | 153.6% | 29.0% | 40.0% | 117.8% | 37.6% | 116.7% | 48.0% | 30.8% | -13.0% | 47.6% | 35.9% | 31.3% |
| Net profit | -3 Cr | 182 Cr | 246 Cr | -2 Cr | 64 Cr | -39 Cr | 90 Cr | 51 Cr | 48 Cr | 8 Cr | 59 Cr | 51 Cr |
| EPS (₹) | ₹-0.02 | ₹1.21 | ₹1.63 | ₹-0.01 | ₹0.38 | ₹-0.23 | ₹0.50 | ₹0.28 | ₹0.26 | ₹0.04 | ₹0.27 | ₹0.19 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9,867 Cr | 10,132 Cr | 10,322 Cr | 9,437 Cr | 8,248 Cr | 10,670 Cr | 9,857 Cr | 7,007 Cr | 5,603 Cr | 3,970 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 9,105 Cr | 9,363 Cr | 9,558 Cr | 8,600 Cr | 7,857 Cr | 9,477 Cr | 9,280 Cr | 6,336 Cr | 4,810 Cr | 3,404 Cr | Sign in free for the trailing twelve months |
| EBITDA | 761 Cr | 770 Cr | 764 Cr | 837 Cr | 391 Cr | 1,193 Cr | 577 Cr | 671 Cr | 794 Cr | 565 Cr | Sign in free for the trailing twelve months |
| OPM % | 7.7% | 7.6% | 7.4% | 8.9% | 4.7% | 11.2% | 5.9% | 9.6% | 14.2% | 14.2% | Sign in free for the trailing twelve months |
| Other income | 81 Cr | 56 Cr | 75 Cr | 85 Cr | 87 Cr | 152 Cr | 56 Cr | 133 Cr | 123 Cr | 111 Cr | Sign in free for the trailing twelve months |
| Interest | 1,543 Cr | 1,525 Cr | 808 Cr | 817 Cr | 1,001 Cr | 1,030 Cr | 1,012 Cr | 813 Cr | 600 Cr | 469 Cr | Sign in free for the trailing twelve months |
| Depreciation | 206 Cr | 201 Cr | 177 Cr | 152 Cr | 136 Cr | 138 Cr | 129 Cr | 105 Cr | 164 Cr | 27 Cr | Sign in free for the trailing twelve months |
| Profit before tax | -1,022 Cr | -1,100 Cr | -826 Cr | 362 Cr | -867 Cr | 499 Cr | -90 Cr | 726 Cr | 523 Cr | 223 Cr | Sign in free for the trailing twelve months |
| Tax % | 3.9% | 0.9% | 58.7% | 45.6% | 29.7% | 19.9% | 69.1% | 34.2% | 78.5% | 25.8% | Sign in free for the trailing twelve months |
| Net profit | -983 Cr | -1,090 Cr | -341 Cr | 197 Cr | -610 Cr | 400 Cr | -28 Cr | 478 Cr | 113 Cr | 166 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹-9.12 | ₹-8.03 | ₹-2.98 | ₹1.30 | ₹-4.03 | ₹2.69 | ₹-0.19 | ₹3.16 | ₹0.66 | ₹0.75 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | — | 0.0% | — | 0.0% | 0.0% | 0.0% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 101 Cr | 102 Cr | 151 Cr | 151 Cr | 151 Cr | 151 Cr | 151 Cr | 151 Cr | 182 Cr | 262 Cr |
| Reserves | -369 Cr | -1,170 Cr | -1,087 Cr | -910 Cr | -1,469 Cr | -936 Cr | -866 Cr | -320 Cr | 724 Cr | 1,865 Cr |
| Borrowings | 7,395 Cr | 4,785 Cr | 3,636 Cr | 2,993 Cr | 3,463 Cr | 1,793 Cr | 5,295 Cr | 2,126 Cr | 1,679 Cr | 1,019 Cr |
| Other liabilities | 10,176 Cr | 13,431 Cr | 8,885 Cr | 9,934 Cr | 10,634 Cr | 13,188 Cr | 8,600 Cr | 7,102 Cr | 5,504 Cr | 5,345 Cr |
| Total liabilities | 17,096 Cr | 16,665 Cr | 11,585 Cr | 12,168 Cr | 12,779 Cr | 14,196 Cr | 13,180 Cr | 9,059 Cr | 8,088 Cr | 8,492 Cr |
| Fixed assets (net) | 1,559 Cr | 1,556 Cr | 509 Cr | 702 Cr | 795 Cr | 654 Cr | 605 Cr | 378 Cr | 186 Cr | 192 Cr |
| CWIP | 1,890 Cr | 1,714 Cr | 169 Cr | 178 Cr | 2 Cr | 0.68 Cr | 0.12 Cr | 0.84 Cr | 7 Cr | 19 Cr |
| Investments | 476 Cr | 417 Cr | 184 Cr | 359 Cr | 421 Cr | 62 Cr | 23 Cr | 249 Cr | 79 Cr | 199 Cr |
| Loans & advances | — | — | 27 Cr | 20 Cr | 21 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr |
| Inventories | 2,608 Cr | 2,504 Cr | 632 Cr | 467 Cr | 480 Cr | 485 Cr | 491 Cr | 436 Cr | 128 Cr | 133 Cr |
| Trade receivables | 3,737 Cr | 2,465 Cr | 3,546 Cr | 1,898 Cr | 4,502 Cr | 2,091 Cr | 2,181 Cr | 2,204 Cr | 2,388 Cr | 2,253 Cr |
| Cash & bank | 228 Cr | 404 Cr | 271 Cr | 276 Cr | 642 Cr | 721 Cr | 582 Cr | 399 Cr | 569 Cr | 381 Cr |
| Other assets | 6,598 Cr | 7,604 Cr | 6,248 Cr | 8,268 Cr | 5,917 Cr | 10,183 Cr | 9,300 Cr | 5,393 Cr | 4,731 Cr | 5,315 Cr |
| Total assets | 17,096 Cr | 16,665 Cr | 11,585 Cr | 12,168 Cr | 12,779 Cr | 14,196 Cr | 13,180 Cr | 9,059 Cr | 8,088 Cr | 8,492 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 48 Cr | 1,402 Cr | 186 Cr | 538 Cr | 348 Cr | 946 Cr | 17 Cr | 91 Cr | 134 Cr | 892 Cr |
| Cash from investing | -59 Cr | 110 Cr | -5 Cr | -36 Cr | -75 Cr | -224 Cr | 425 Cr | 825 Cr | -35 Cr | -364 Cr |
| Cash from financing | 46 Cr | -1,336 Cr | -315 Cr | -514 Cr | 101 Cr | -660 Cr | -603 Cr | -1,124 Cr | 73 Cr | -697 Cr |
| Net cash flow | 34 Cr | 176 Cr | -134 Cr | -12 Cr | 366 Cr | 79 Cr | -139 Cr | -183 Cr | 171 Cr | -170 Cr |
| Free cash flow (OCF − Capex) | -196 Cr | — | 143 Cr | 450 Cr | 273 Cr | 857 Cr | -198 Cr | 72 Cr | 116 Cr | 811 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | — | — | 2.2% | 40.6% | -0.9% | 115.1% | 9.8% | 28.9% | 43.4% | 22.0% |
| ROE % | — | — | — | — | — | — | — | — | 12.4% | 7.8% |
| Debtor days | 138 | 89 | 125 | 73 | 199 | 71 | 81 | 115 | 155 | 207 |
| Inventory days | 1091 | 849 | 281 | 247 | 332 | 204 | 177 | 185 | 83 | 92 |
| Days payable | 1448 | 1236 | 1651 | 1567 | 2111 | 1290 | 1090 | 1047 | 1350 | 1402 |
| Cash conversion cycle | -220 | -299 | -1245 | -1247 | -1580 | -1015 | -832 | -748 | -1112 | -1103 |
| OCF / EBITDA % | 6.3% | 182.2% | 24.3% | 64.2% | 88.9% | 79.3% | 2.9% | 13.5% | 16.8% | 157.8% |
| OCF / EBITDA % (3 years) | — | — | 71.3% | 89.7% | 53.8% | 75.6% | 60.7% | 43.2% | 11.8% | 55.0% |
| Debt / equity | — | — | — | — | — | -0.06 | — | — | 1.85 | 0.48 |
| Current ratio | 1.01 | 0.78 | 1.05 | 0.75 | 0.97 | 1.04 | 1.09 | 1.16 | 1.21 | 1.14 |
| Net debt / EBITDA | 9.41 | — | 4.41 | 3.25 | 7.21 | 0.90 | 8.17 | 2.57 | 1.40 | 1.13 |