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NCC Ltd has received a road construction order worth ₹1,286.03 crore, excluding GST, from Hyderabad Growth Corridor Ltd (HGCL). Upstox reported the award on October 8, 2026. On the same day, the report said, NCC closed at ₹119.93 on the NSE, a 52-week low, after falling 5.48%. The report put the stock’s year-to-date decline at 26%. The order and the share decline are separate facts. The reporting does not show that the contract caused the fall, and it does not give a reason for the decline.
What the order covers
The contract is for a road project, not a general infrastructure package. Upstox describes the scope as “Radial Road-2 from Outer Ring Road (ORR) near Budwel to Nacharam on NH-167N (Package-1 – Budwel to Shabad), Telangana.” The key terms reported are:
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- Client: Hyderabad Growth Corridor Ltd (HGCL)
- Contract value: ₹1,286.03 crore, excluding GST
- Construction period: 18 months
- Location: Telangana, on the Radial Road-2 corridor between ORR near Budwel and Nacharam, on NH-167N
Keep the GST qualification next to the amount. A figure excluding GST is not the same as the total amount payable under the contract, and the reporting does not state a GST-inclusive figure.
How the share price has moved
The share figures below come from the Upstox report. They are market data, and each one carries its own date or period. Do not read them as a single continuous measure.
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| Measure | Reported figure | Date or period | Source |
|---|---|---|---|
| NSE closing price | ₹119.93, described as a 52-week low | October 8, 2026 | Upstox |
| One-day change | Down 5.48% | October 8, 2026 | Upstox |
| Year-to-date change | Down 26% | Through October 8, 2026 | Upstox |
| One-week change | Down 8% | Week to October 8, 2026, as reported | Upstox |
| One-month change | Down more than 19% | Month to October 8, 2026, as reported | Upstox |
The 26% figure is a year-to-date measure, so it reflects the whole period since the start of 2026 and is not a reaction to the order alone. The 8% and 19% figures cover shorter windows. NCC’s own investor pages list its disclosures and quarterly results, but the price figures here are the report’s and have not been checked against exchange data for this article. Share prices move daily, so any later reading will differ.
Why the order and the decline should not be linked
The announcement and the price fall are reported on the same day, which makes them easy to connect. The sources used here do not connect them. They do not cite an analyst view, a company statement or a market reaction tying the HGCL award to the decline. A reader searching “why are NCC shares falling?” will not find a stated cause in this reporting. Treat any single explanation with caution unless it is backed by a filing or a named source.
Quarter context before the order
The most recent quarterly results NCC published are unaudited figures for the quarter ended June 30, 2026, which the company lists in its official Quarterly Results index. The Upstox report gives these figures for that quarter:
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- Consolidated net profit: ₹216.4 crore, up 12.6% year on year (quarter ended June 30, 2026, as reported by Upstox)
- Revenue from operations: ₹5,812 crore, up 12.2% year on year (quarter ended June 30, 2026, as reported by Upstox)
These numbers describe the quarter before the order and say nothing about the contract’s effect on future earnings. The company’s index confirms that results were published for that quarter, but the page content used here does not reproduce these exact figures, so they should be read as the report’s figures.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is not yet established
The full text of the exchange filing behind the order announcement is not reproduced in the reporting used here. As a result, the following are not described in this article: the payment schedule, project milestones, penalty or termination terms, and specific project risks. The reporting also does not compare NCC with other bidders or with similar projects, so this article does not rank the award against competing contracts.
How to check the details yourself
- Open NCC Limited’s official Announcements & Disclosures index and look for the September 28, 2026 major-order disclosure and the September order updates. The index entry alone does not confirm whether that filing is the HGCL award, so open the filing itself and check its date and counterparty.
- Read the filing for the scope, value (check whether it states GST), construction period and any conditions.
- Confirm the October 8, 2026 NSE close and the year-to-date change against the exchange’s historical data or your broker’s chart, and note the time of the reading.
- Check the quarter ended June 30, 2026 figures against NCC’s Quarterly Results page before relying on the Upstox numbers.
Verification of these points is what separates the order’s confirmed terms from the market data reported around it.
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