NCC Shares Rise After INR 2,063 Cr Gauhati Medical College Expansion

NCC shares moved up sharply in early trade after the company secured a major order in Assam. The stock gained 4.2%on the BSE and touched an intra-day high of INR 180.65 per share. The rise came after NCC received a Letter of Acceptance dated November 21, 2025, for the expansion and modernisation of Gauhati Medical College & Hospital.

At 9:38 AM, NCC’s share price was trading 1.07% higher at INR 175.15 on the BSE. During the same time, the BSE Sensex was up 0.49% at 85,001.36.

NCC Update: Project Value, Timelines and Scope

The Public Works (Health & Education) Department of Assam has awarded NCC a project valued at INR 2,062.71 crore. The order focuses on expanding and upgrading Gauhati Medical College & Hospital, a key healthcare institution in Guwahati.

The following lines highlight the scope and timeline of the contract.

The construction timeline has been fixed at 42 Months, which includes:

• 6 Months for demolition, planning, designing and engineering
• 36 Months for project execution

Upon completion, NCC will also handle operation and maintenance of civil structures and services for 5 Years, ensuring comprehensive support beyond construction.

NCC Q2 Performance and Order Book Position

NCC’s financial performance for the September quarter (Q2FY26) reflected mixed trends. The company reported a net profit of INR 154.74 crore, compared with INR 160.75 crore in the same quarter last year. Revenue from operations stood at INR 4,543 crore, down from INR 5,195.94 crore recorded a year ago.

The next explanation offers a brief look at NCC’s order book status and order inflows during Q2FY26.

NCC’s order book for the September quarter reached INR 71,957 crore, marking a strong 37% Y-o-Y growth. Order inflows also increased 31% Y-o-Y to INR 6,223 crore, reflecting continued demand across segments.

Brokerage View and Impact on Execution

After the Q2 results, Nuvama Institutional Equities retained its Buy rating on NCC while revising its target price to ₹260per share from ₹280 earlier.

The brokerage pointed out several factors that affected execution in the quarter:

• A prolonged monsoon season
• Delays in project commencement due to approval issues
• A stretched payment cycle in JJM projects, slowing industry-wide execution

Because of these challenges, NCC has withdrawn its full-year guidance. Earlier, the company had projected 10% Y-o-Y revenue growth in FY26E with an Ebitda margin of 9%.

The new order worth INR 2,062.71 crore strengthens NCC’s project pipeline and adds momentum to its order book. The market reaction reflects investor confidence as the company enters a major healthcare infrastructure project in Assam.

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