NCC Shares Hit 52-Week Low in Early Trade on NHAI Two-Year Debarment, Recover to ₹148.93

NCC Ltd shares plunged to a 52-week low of ₹135 in early trade today, following a two-year debarment order by NHAI against the company and its step-down subsidiary, OB Infrastructure Limited (OBIL), barring them from participating in future NHAI tenders.

After the early low, the stock recovered to ₹148.93 by 11:29 AM IST, but was still down 0.55% from its previous close, supported by strong buying, with buy orders accounting for 60.9% of market depth, totaling 12,33,757 shares against 7,91,985 sell orders.

NCC Ltd (NSE: NCC; BSE: 500294) is an infrastructure and construction company engaged in segments including buildings, roads, water and environment, electrical, irrigation, and mining. The company undertakes EPC contracts across India and has exposure to central and state government projects.

Through its subsidiaries, including O B Infrastructure Limited, NCC participates in road projects under various concession models, including BOT (Annuity) structures.

Regulatory Order Blocks Future Tenders, Causing Early Trade Drop

In a filing dated 18 February 2026 under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, NCC Ltd informed exchanges that NHAI had debarred the company and M/s O B Infrastructure Limited (OBIL), its step-down subsidiary, from participating in any tender/bid/RFP issued by NHAI for a period of two years with effect from 17 February 2026.

As per the annexure to the filing, the order relates to a highway project in Uttar Pradesh executed by OBIL under the MoRTH policy. The company stated that OBIL had initiated arbitration proceedings against NHAI and received a favourable award dated 20 November 2024, which has been challenged by NHAI before the Hon’ble High Court of Delhi and remains pending.

NCC clarified in the filing that there is no financial or operational impact on existing orders or ongoing projects. However, participation in future NHAI tenders during the debarment period will be restricted.

NCC Stock Performance Snapshot

On the NSE, as of 11:29 AM IST on 19 February 2026, NCC Ltd was trading at ₹148.93, down 0.55% from its previous close of ₹149.76. The stock opened at ₹137.43, touched a high of ₹150.79, and a low of ₹135.00 so far during the session.

The company’s market capitalisation stood at ₹9.32K crore, with a price-to-earnings (P/E) ratio of 12.95. The 52-week high and low were ₹242.15 and ₹135.00, respectively. The stock offers a dividend yield of 1.48%, with a quarterly dividend of ₹0.55 per share.

What this Means for Investors

The debarment restricts NCC and OBIL from bidding for fresh NHAI projects for two years starting 17 February 2026. According to the company’s disclosure, existing contracts and the current order book remain unaffected.

The filing also noted that the impact, if any, on future tenders will depend on business opportunities arising during the debarment period, and no quantifiable financial impact can be ascertained at present. The company stated it is reviewing the order and will take appropriate steps as per applicable law.

Broader Market and Sectoral Context

The decline in NCC’s shares came amid regular intraday movements in infrastructure and EPC stocks. As per exchange data, the stock traded within a wide range during the session, touching both upper and lower ends of its intraday band.

Given its exposure to road and highway projects, developments involving NHAI may influence near-term sentiment in construction and infrastructure counters. Peer stock performance will be determined by respective order flows and regulatory updates.

NCC Ltd shares traded lower on 19 February 2026 after the company disclosed that NHAI had debarred it and its step-down subsidiary OBIL from participating in fresh tenders for two years effective 17 February 2026. While the company clarified that existing projects and orders remain unaffected, the restriction on future NHAI bids appeared to weigh on investor sentiment during the session.

Source:

• https://nsearchives.nseindia.com/corporate/NCC_18022026164954_Reg_30_18Feb26.pdf
• https://www.nseindia.com/get-quote/equity/NCC/NCC-Limited