Is NCC overvalued or undervalued?

As of 7 November 2025, the valuation grade for NCC has moved from attractive to fair, indicating a shift in its perceived value. The company is currently fairly valued. Key ratios include a PE ratio of 15.45, an EV to EBITDA ratio of 13.72, and a Price to Book Value of 0.16, which suggest that while the company is not overvalued, it does not present a strong buying opportunity at this time.
In comparison with peers, NCC's PE ratio of 15.45 is significantly lower than that of Larsen & Toubro, which stands at 33.3, highlighting a substantial valuation gap. Other peers like IRB Infra. Development have a PE of 32.17, further emphasizing NCC's relative valuation. Additionally, NCC's recent stock performance has lagged behind the Sensex, with a year-to-date return of -28.82% compared to the Sensex's 6.50%, reinforcing the notion that the stock may not be an attractive investment currently.