3 Public Sector Construction Manager, Power Transmission and Infrastructure Contractor and Engineering Conglomerate Stocks With a Strong Future Roadmap: NBCC (India), Kalpataru Projects International and Larsen & Toubro
- October 28, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
NBCC (India), Kalpataru Projects International and Larsen & Toubro: ROE of 13.4% to 23.9% and FY22 to FY26 revenue CAGR of 13.7% to 16.4%. Prices as of 27 Oct 2026.
Quick Answer
The three project management and EPC contractor stocks to watch are NBCC (India), Kalpataru Projects International and Larsen & Toubro. Their return on equity ranges from 13.4% to 23.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 13.7% to 16.4%. NBCC (India) has the highest return on equity at 23.9%, while Larsen & Toubro has the fastest revenue growth at 16.4% a year. Prices are based on the 27 October 2026 close, and this article is educational, not investment advice.
Project management and EPC contractor stocks give investors a way to track businesses that sit close to everyday demand in India. NBCC (India), Kalpataru Projects International and Larsen & Toubro cover a public sector construction manager, a power transmission and infrastructure contractor and an engineering conglomerate.
This list covers three project management and EPC contractor stocks with complete current figures: NBCC (India), Kalpataru Projects International and Larsen & Toubro. Every figure comes from the latest reported financials and the 27 October 2026 market close. Companies without complete current figures were left out.
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What Are Project Management and EPC Contractor Stocks?
Project management and EPC contractor stocks are listed construction and engineering companies that manage public projects, build power and infrastructure assets and execute large engineering contracts in India and overseas. Their earnings depend on order inflows, project execution, working capital and government spending.
Project Management and EPC Contractor Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| NBCC (India) | 70.5 | 19,926 | 26.1 | 36.2 | 23.9 | 0.00 |
| Kalpataru Projects International | 1,312.1 | 22,241 | 19.7 | 22.3 | 13.4 | 0.46 |
| Larsen & Toubro | 3,665.1 | 501,514 | 25.6 | 21.9 | 14.7 | 1.15 |
On valuation, NBCC (India) and Kalpataru Projects International trade at a P/E below the industry P/E, while Larsen & Toubro trades above it, which reflects the growth the market already expects. Readers comparing project management and EPC contractor stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Project Management and EPC Contractor Stocks Have a Strong Roadmap in India?
Project management and EPC contractor stocks have a strong roadmap in India because government capital spending, new power and transport projects and growing urban development keep widening the market for Indian construction and engineering firms.
- Public spending. Government capex drives project awards.
- Power and transport. Lines, rails and roads need contractors.
- Order books. Large backlogs give revenue visibility.
Why NBCC (India) Features Among These Project Management and EPC Contractor Stocks
Among the project management and EPC contractor stocks on this list, NBCC (India) is a public sector project management and construction company that handles redevelopment, real estate and infrastructure projects for government bodies and public agencies.
The company has a return on equity of 23.9%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 19,926 crore. The stock trades at a P/E of 26.1, below the industry P/E of 36.2.
Revenue rose from Rs 7,885 crore in FY22 to Rs 13,196 crore in FY26, a compound annual growth rate of 13.7%. Net profit grew from Rs 238 crore in FY22 to Rs 742 crore in FY26, which works out to a compound annual growth rate of 32.9%.
Roadmap: The company holds a large order book built mainly on redevelopment projects in Delhi and other cities, and a project management model keeps capital needs low. It also has land assets that can be monetised, and the company carries no debt.
What to watch: Watch how fast the order book converts into revenue and the progress of redevelopment projects.
Why Kalpataru Projects International Features Among These Project Management and EPC Contractor Stocks
Among the construction and engineering shares on this list, Kalpataru Projects International is an engineering and construction company that builds power transmission lines, railways, buildings, water pipelines and oil and gas infrastructure in India and abroad.
Revenue rose from Rs 14,866 crore in FY22 to Rs 27,248 crore in FY26, a compound annual growth rate of 16.4%. Net profit grew from Rs 535 crore in FY22 to Rs 1,031 crore in FY26, which works out to a compound annual growth rate of 17.8%.
In the June 2026 quarter, revenue grew 4.8% year on year to Rs 6,485 crore, while net profit rose 45.9% to Rs 312 crore. The company has a return on equity of 13.4%, a debt to equity ratio of 0.46 and a market capitalisation of Rs 22,241 crore. The stock trades at a P/E of 19.7, below the industry P/E of 22.3.
Roadmap: The company is winning larger projects across transmission, railways and urban infrastructure, and it is growing overseas. A diverse order book supports steady execution.
What to watch: Track order book growth, international contracts and working capital discipline.
Why Larsen & Toubro Features Among These Project Management and EPC Contractor Stocks
Among the three companies on this list, Larsen and Toubro is a Mumbai-based engineering and construction conglomerate that builds infrastructure, energy and defence projects and also runs technology services, financial services and electronics businesses.
In the June 2026 quarter, revenue grew 8.1% year on year to Rs 70,318 crore, while net profit rose 15.2% to Rs 4,983 crore. Revenue rose from Rs 158,788 crore in FY22 to Rs 291,635 crore in FY26, a compound annual growth rate of 16.4%.
Net profit grew from Rs 10,291 crore in FY22 to Rs 19,159 crore in FY26, which works out to a compound annual growth rate of 16.8%. The company has a return on equity of 14.7%, a debt to equity ratio of 1.15 and a market capitalisation of Rs 501,514 crore. The stock trades at a P/E of 25.6, above the industry P/E of 21.9.
Roadmap: The company has a very large order book across infrastructure, energy and hydrocarbon projects, supported by government capital spending. Its growing technology and green energy businesses widen its sources of growth.
What to watch: Monitor order inflows, project execution and government infrastructure spending.
NBCC (India) vs Kalpataru Projects International vs Larsen & Toubro on Key Financials
The table below sets the three project management and EPC contractor stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| NBCC (India) | 7,885 | 13,196 | 13.7% | 742 | 5.6% |
| Kalpataru Projects International | 14,866 | 27,248 | 16.4% | 1,031 | 3.8% |
| Larsen & Toubro | 158,788 | 291,635 | 16.4% | 19,159 | 6.6% |
NBCC (India) posts the highest return on equity in this group at 23.9%. Larsen & Toubro combines the largest FY26 revenue at Rs 291,635 crore with the fastest revenue growth, a 16.4% compound annual rate. A useful habit with project management and EPC contractor stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Project Management and EPC Contractor Stocks
Every theme carries risks that deserve a check before any decision. For these project management and EPC contractor stocks, the main points are: Long-term construction and engineering shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Project execution. Delays can shift revenue between periods.
- Order timing. Awards can vary by quarter.
- Input costs. Metal and material prices can move margins.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter project management and EPC contractor stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Project Management and EPC Contractor Stocks
Project management and EPC contractor stocks work best when investors track growth, valuation and return on equity side by side. NBCC (India), Kalpataru Projects International and Larsen & Toubro each have a clear plan to expand. Based on the 27 October 2026 close, NBCC (India) trades at Rs 70.5, Kalpataru Projects International at Rs 1,312.1 and Larsen & Toubro at Rs 3,665.1.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are project management and EPC contractor stocks?
Ans. Project management and EPC contractor stocks are listed construction and engineering companies that manage public projects, build power and infrastructure assets and execute large engineering contracts in India and overseas. Their earnings depend on order inflows, project execution, working capital and government spending. This list looks at three of them, NBCC (India), Kalpataru Projects International and Larsen & Toubro, using reported FY22 to FY26 financials and the 27 October 2026 closing prices.
Which project management and EPC contractor stocks are covered in this list?
Ans. This list covers NBCC (India), Kalpataru Projects International and Larsen & Toubro. Based on the 27 October 2026 close, NBCC (India) traded at Rs 70.5, Kalpataru Projects International at Rs 1,312.1 and Larsen & Toubro at Rs 3,665.1. Their return on equity ranges from 13.4% to 23.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 13.7% to 16.4%.
Why do project management and EPC contractor stocks have a strong future roadmap in India?
Ans. Project management and EPC contractor stocks have a strong roadmap in India because government capital spending, new power and transport projects and growing urban development keep widening the market for Indian construction and engineering firms. The main drivers are as follows. Public spending. Government capex drives project awards. Power and transport. Lines, rails and roads need contractors. Order books. Large backlogs give revenue visibility. Together these factors give the companies on this list a visible path for growth over the coming years.
How has NBCC (India) performed financially?
Ans. Revenue rose from Rs 7,885 crore in FY22 to Rs 13,196 crore in FY26, a compound annual growth rate of 13.7%. Net profit grew from Rs 238 crore in FY22 to Rs 742 crore in FY26, which works out to a compound annual growth rate of 32.9%. The company has a return on equity of 23.9%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 19,926 crore. The stock trades at a P/E of 26.1, below the industry P/E of 36.2. Looking ahead, the company holds a large order book built mainly on redevelopment projects in Delhi and other cities, and a project management model keeps capital needs low. It also has land assets that can be monetised, and the company carries no debt.
How has Kalpataru Projects International performed financially?
Ans. Revenue rose from Rs 14,866 crore in FY22 to Rs 27,248 crore in FY26, a compound annual growth rate of 16.4%. Net profit grew from Rs 535 crore in FY22 to Rs 1,031 crore in FY26, which works out to a compound annual growth rate of 17.8%. In the June 2026 quarter, revenue grew 4.8% year on year to Rs 6,485 crore, while net profit rose 45.9% to Rs 312 crore. The company has a return on equity of 13.4%, a debt to equity ratio of 0.46 and a market capitalisation of Rs 22,241 crore. The stock trades at a P/E of 19.7, below the industry P/E of 22.3. Looking ahead, the company is winning larger projects across transmission, railways and urban infrastructure, and it is growing overseas. A diverse order book supports steady execution.
How has Larsen & Toubro performed financially?
Ans. Revenue rose from Rs 158,788 crore in FY22 to Rs 291,635 crore in FY26, a compound annual growth rate of 16.4%. Net profit grew from Rs 10,291 crore in FY22 to Rs 19,159 crore in FY26, which works out to a compound annual growth rate of 16.8%. In the June 2026 quarter, revenue grew 8.1% year on year to Rs 70,318 crore, while net profit rose 15.2% to Rs 4,983 crore. The company has a return on equity of 14.7%, a debt to equity ratio of 1.15 and a market capitalisation of Rs 501,514 crore. The stock trades at a P/E of 25.6, above the industry P/E of 21.9. Looking ahead, the company has a very large order book across infrastructure, energy and hydrocarbon projects, supported by government capital spending. Its growing technology and green energy businesses widen its sources of growth.
What risks should investors check before buying project management and EPC contractor stocks?
Ans. Investors should check a few risks before buying project management and EPC contractor stocks. Project execution. Delays can shift revenue between periods. Order timing. Awards can vary by quarter. Input costs. Metal and material prices can move margins. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of project management and EPC contractor stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 27 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.