NCC is a key beneficiary of the tailwinds in the Infra sector. TP is ₹400 (25% upside)

NCC is a key beneficiary of the tailwinds in the buildings, roads, water, mining and electrical segments. Consolidated order book is well diversified & at ₹52,626 Cr (2.4x TTM book). Revenue CAGR of ~15.5% expected over FY24-26E. TP is ₹400 (25% upside) https://rakesh-jhunjhunwala.in/ncc-...-target-price-of-₹400-25-upside-icici-direct/