NCC Ltd.

“NCC is a structurally mediocre EPC business with a 10-year ROE below cost of equity, no durable competitive advantages in an L1-bidding industry, and a balance sheet that has deteriorated sharply with borrowings tripling in 18 months. At 12.8x trailing earnings and 1.2x book, the stock appears optically cheap but offers inadequate compensation for its cyclical and leverage risks. India's infrastructure boom is real, but NCC captures almost none of the value created. Capital is better deployed in higher-quality infrastructure names or in entirely different sectors.”