{"id":213098,"date":"2026-08-20T10:32:23","date_gmt":"2026-08-20T05:02:23","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=213098"},"modified":"2026-08-20T10:32:25","modified_gmt":"2026-08-20T05:02:25","slug":"under-the-radar-construction-stocks-india","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/","title":{"rendered":"5 Under the Radar Construction Stocks in India"},"content":{"rendered":"<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>5 under-the-radar construction stocks: MCap Rs 3,307-5,485 Cr. 4 trade below sector PE 24.79. Best ROE: 12.91% (Ahluwalia). Lowest D\/E: 0.04 (Ahluwalia). <\/em><\/p>\n<div style=\"background: #F0F9FF; border-left: 4px solid #2E7D32; border-radius: 6px; padding: 14px 18px; margin: 18px 0;\">\n<p style=\"margin: 0; color: #1f4e79; font-size: 14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin: 8px 0 0;\">The 5 construction stocks flying under the radar in India are KNR Constructions, HG Infra Engineering, PNC Infratech, Ahluwalia Contracts, and PSP Projects. These companies build roads, highways, commercial buildings, and industrial infrastructure. PNC Infratech trades at just 7.49x earnings. For investors looking past L&amp;T and NCC, these five are worth researching.<\/p>\n<\/div>\n<p>Under the radar construction stocks in India are among the most deeply discounted in any sector. Several road and highway EPC companies trade at single-digit PE multiples while executing on India&#8217;s National Infrastructure Pipeline, one of the most ambitious government spending programmes globally. L&amp;T and NCC get all the institutional attention. The focused road EPC mid-caps get almost none.<\/p>\n<p>NHAI is generating hundreds of billions of rupees in new construction contracts annually, and several mid-tier EPC companies are building highways with strong order books. The five overlooked construction stocks below each serve specific infrastructure sub-segments, with data .<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=under-the-radar\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#What_Are_Construction_Stocks_in_India\" title=\"What Are Construction Stocks in India?\">What Are Construction Stocks in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#5_Construction_Stocks_Flying_Under_the_Radar_in_India\" title=\"5 Construction Stocks Flying Under the Radar in India\">5 Construction Stocks Flying Under the Radar in India<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#1_KNR_Constructions_KNR_One_of_the_Top_construction_stocks_to_Watch\" title=\"1. KNR Constructions (KNR): One of the Top construction stocks to Watch\">1. KNR Constructions (KNR): One of the Top construction stocks to Watch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#2_HG_Infra_Engineering_HGINFRA_One_of_the_Top_construction_stocks_to_Watch\" title=\"2. HG Infra Engineering (HGINFRA): One of the Top construction stocks to Watch\">2. HG Infra Engineering (HGINFRA): One of the Top construction stocks to Watch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#3_PNC_Infratech_PNCINFRA_One_of_the_Top_construction_stocks_to_Watch\" title=\"3. PNC Infratech (PNCINFRA): One of the Top construction stocks to Watch\">3. PNC Infratech (PNCINFRA): One of the Top construction stocks to Watch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#4_Ahluwalia_Contracts_India_AHLUCONT_One_of_the_Top_construction_stocks_to_Watch\" title=\"4. Ahluwalia Contracts India (AHLUCONT): One of the Top construction stocks to Watch\">4. Ahluwalia Contracts India (AHLUCONT): One of the Top construction stocks to Watch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#5_PSP_Projects_PSPPROJECT_One_of_the_Top_construction_stocks_to_Watch\" title=\"5. PSP Projects (PSPPROJECT): One of the Top construction stocks to Watch\">5. PSP Projects (PSPPROJECT): One of the Top construction stocks to Watch<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#Why_Do_These_Construction_Stocks_Stay_Under_the_Radar\" title=\"Why Do These Construction Stocks Stay Under the Radar?\">Why Do These Construction Stocks Stay Under the Radar?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#Key_Factors_to_Evaluate_These_Construction_Stocks\" title=\"Key Factors to Evaluate These Construction Stocks\">Key Factors to Evaluate These Construction Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#Risks_in_Under_the_Radar_Construction_Stocks\" title=\"Risks in Under the Radar Construction Stocks\">Risks in Under the Radar Construction Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#How_to_Invest_in_Overlooked_Construction_Stocks_in_India\" title=\"How to Invest in Overlooked Construction Stocks in India\">How to Invest in Overlooked Construction Stocks in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#Conclusion_Top_Construction_Stocks_Under_the_Radar_in_India\" title=\"Conclusion: Top Construction Stocks Under the Radar in India\">Conclusion: Top Construction Stocks Under the Radar in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#FAQs_on_Under_the_Radar_Construction_Stocks_in_India\" title=\"FAQs on Under the Radar Construction Stocks in India\">FAQs on Under the Radar Construction Stocks in India<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#Which_construction_stocks_are_under_the_radar_in_India_in_2026\" title=\"Which construction stocks are under the radar in India in 2026?\">Which construction stocks are under the radar in India in 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#Is_PNC_Infratech_the_most_undervalued_construction_stock_in_India\" title=\"Is PNC Infratech the most undervalued construction stock in India?\">Is PNC Infratech the most undervalued construction stock in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#What_is_the_sector_PE_for_construction_stocks_in_India\" title=\"What is the sector PE for construction stocks in India?\">What is the sector PE for construction stocks in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#Is_Ahluwalia_Contracts_the_best_quality_construction_stock\" title=\"Is Ahluwalia Contracts the best quality construction stock?\">Is Ahluwalia Contracts the best quality construction stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#What_is_the_HAM_model\" title=\"What is the HAM model?\">What is the HAM model?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#What_are_the_risks_in_under_the_radar_construction_stocks\" title=\"What are the risks in under the radar construction stocks?\">What are the risks in under the radar construction stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#How_do_I_research_hidden_construction_stocks_in_India\" title=\"How do I research hidden construction stocks in India?\">How do I research hidden construction stocks in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/under-the-radar-construction-stocks-india\/#Is_KNR_Constructions_a_good_road_EPC_stock\" title=\"Is KNR Constructions a good road EPC stock?\">Is KNR Constructions a good road EPC stock?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Construction_Stocks_in_India\"><\/span><strong>What Are Construction Stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Under the radar construction stocks are smallcap and midcap EPC companies building roads, highways, water infrastructure, commercial buildings, or industrial facilities with limited institutional coverage compared to large-cap engineering conglomerates. These construction stocks are the focus of this article.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"5_Construction_Stocks_Flying_Under_the_Radar_in_India\"><\/span><strong>5 Construction Stocks Flying Under the Radar in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below lists 5 construction stocks . Data from NSE filings. Sector average PE: 24.79x. Verify on <a href=\"https:\/\/www.nseindia.com\" target=\"_blank\" rel=\"nofollow noopener\">nseindia.com<\/a> before investing in any of these construction stocks.<\/p>\n<table>\n<thead>\n<tr>\n<th>Company<\/th>\n<th>NSE Symbol<\/th>\n<th>MCap<\/th>\n<th>PE<\/th>\n<th>ROE<\/th>\n<th>D\/E<\/th>\n<th>EPS (TTM)<\/th>\n<th>Div Yield<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>KNR Constructions<\/td>\n<td>NSE: KNR<\/td>\n<td>Rs 3,669 Cr<\/td>\n<td>9.3x<\/td>\n<td>8.79%<\/td>\n<td>0.49<\/td>\n<td>Rs 14.02<\/td>\n<td>0.19%<\/td>\n<\/tr>\n<tr>\n<td>HG Infra Engineering<\/td>\n<td>NSE: HGINFRA<\/td>\n<td>Rs 3,307 Cr<\/td>\n<td>17.78x<\/td>\n<td>9.1%<\/td>\n<td>1.54<\/td>\n<td>Rs 28.54<\/td>\n<td>0.39%<\/td>\n<\/tr>\n<tr>\n<td>PNC Infratech<\/td>\n<td>NSE: PNCINFRA<\/td>\n<td>Rs 5,485 Cr<\/td>\n<td>7.49x<\/td>\n<td>6.58%<\/td>\n<td>0.76<\/td>\n<td>Rs 28.54<\/td>\n<td>0.28%<\/td>\n<\/tr>\n<tr>\n<td>Ahluwalia Contracts India<\/td>\n<td>NSE: AHLUCONT<\/td>\n<td>Rs 4,745 Cr<\/td>\n<td>21.09x<\/td>\n<td>12.91%<\/td>\n<td>0.04<\/td>\n<td>Rs 33.59<\/td>\n<td>0.1%<\/td>\n<\/tr>\n<tr>\n<td>PSP Projects<\/td>\n<td>NSE: PSPPROJECT<\/td>\n<td>Rs 3,737 Cr<\/td>\n<td>50.9x<\/td>\n<td>4.39%<\/td>\n<td>0.26<\/td>\n<td>Rs 18.52<\/td>\n<td>0.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"1_KNR_Constructions_KNR_One_of_the_Top_construction_stocks_to_Watch\"><\/span><strong>1. KNR Constructions (KNR): One of the Top construction stocks to Watch<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>KNR Constructions is a Hyderabad-based road and highway EPC company building national and state highways, irrigation projects, and elevated roads across south and central India. CMP is approximately Rs 130 with a market cap of Rs 3,669 crore.<\/p>\n<p>KNR Constructions has PE 9.30, among the cheapest in the entire infrastructure sector. ROE is 8.79% and D\/E is 0.49. EPS (TTM) is Rs 14.02. The NHAI road programme is KNR&#8217;s primary order source, providing a sustained order pipeline at below-10x PE valuation. As tracked on <a href=\"https:\/\/univest.in\/indices\/nifty-india-infrastructure\/nifty-india-infrastructure-share-price-today\" target=\"_blank\" rel=\"nofollow noopener\">Nifty India Infrastructure<\/a>, the Construction sector PE stands at 24.79x.<\/p>\n<p>Road EPC businesses are government-procurement-dependent with stretched receivable cycles from NHAI and state governments. Any slowdown in government road capex or arbitration delays on completed projects compresses cash flows significantly.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_HG_Infra_Engineering_HGINFRA_One_of_the_Top_construction_stocks_to_Watch\"><\/span><strong>2. HG Infra Engineering (HGINFRA): One of the Top construction stocks to Watch<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>HG Infra Engineering is a Jaipur-based EPC company specialising in road and highway construction across Rajasthan, Delhi NCR, and other states, including HAM (Hybrid Annuity Model) projects. CMP is approximately Rs 508 with a market cap of Rs 3,307 crore.<\/p>\n<p>HG Infra has PE 17.78 below the sector average and EPS (TTM) Rs 28.54. D\/E is 1.54, elevated from HAM project financing where developers fund 40% of project cost and receive 15-year NHAI annuities. ROE is 9.10%. HAM converts lumpy revenue into long-term government-backed annuity income. The Construction sector PE stands at 24.79x.<\/p>\n<p>D\/E at 1.54 from HAM financing is the primary risk. While NHAI annuities are government-backed, construction-phase leverage creates interest pressure. Any NHAI payment delay on annuities compresses cash flows.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_PNC_Infratech_PNCINFRA_One_of_the_Top_construction_stocks_to_Watch\"><\/span><strong>3. PNC Infratech (PNCINFRA): One of the Top construction stocks to Watch<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>PNC Infratech is an Agra-based road EPC company building national and state highways, bridges, and runway projects across India. CMP is approximately Rs 214 with a market cap of Rs 5,485 crore.<\/p>\n<p>PNC Infratech has PE 7.49, one of the cheapest infrastructure stocks in India. ROE is 6.58% and D\/E is 0.76. EPS (TTM) is Rs 28.54. At less than 8 times earnings, PNC Infratech appears significantly undervalued relative to its road order book. The sub-10x PE creates a margin of safety. The Construction sector PE stands at 24.79x.<\/p>\n<p>The low ROE and moderate D\/E both reflect the challenges of road EPC: thin margins and government payment delays. Any arbitration dispute on completed projects delays cash receipt and suppresses earnings.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Ahluwalia_Contracts_India_AHLUCONT_One_of_the_Top_construction_stocks_to_Watch\"><\/span><strong>4. Ahluwalia Contracts India (AHLUCONT): One of the Top construction stocks to Watch<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ahluwalia Contracts is a Delhi-based EPC company specialising in institutional buildings, hospitals, commercial complexes, and government projects, different from road EPC peers. CMP is approximately Rs 708 with a market cap of Rs 4,745 crore.<\/p>\n<p>Ahluwalia has the best combined quality profile on this list: PE 21.09 near sector average, ROE 12.91% the highest here, and D\/E 0.04 near zero. EPS (TTM) is Rs 33.59. Its vertical building specialisation benefits from India&#8217;s accelerating healthcare and education infrastructure investment. The Construction sector PE stands at 24.79x.<\/p>\n<p>Vertical building construction has longer project durations, more contractor coordination complexity, and greater exposure to steel and cement input cost inflation than road EPC. The near-zero D\/E provides excellent financial flexibility.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_PSP_Projects_PSPPROJECT_One_of_the_Top_construction_stocks_to_Watch\"><\/span><strong>5. PSP Projects (PSPPROJECT): One of the Top construction stocks to Watch<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>PSP Projects is an Ahmedabad-based construction company focused on industrial facilities, commercial buildings, and government projects in Gujarat with national expansion. CMP is approximately Rs 943 with a market cap of Rs 3,737 crore.<\/p>\n<p>PSP has PE 50.90 from compressed earnings (ROE 4.39%). D\/E is 0.26 and EPS (TTM) is Rs 18.52. The Gujarat focus gives PSP access to the state&#8217;s sustained industrial and government infrastructure investment. ROE improvement as projects execute is the key re-rating trigger. The Construction sector PE stands at 24.79x.<\/p>\n<p>The elevated PE reflects depressed earnings. A major project delay or cost overrun would further delay the ROE recovery thesis. PSP requires strong quarterly execution for the next 6-8 quarters to justify its current valuation.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Use the Univest Screener to filter construction stocks by PE, ROE, D\/E, and dividend yield \u2014 find more construction stocks on your own.<\/strong><\/a><\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"https:\/\/apps.apple.com\/in\/app\/univest-stocks-mutual-funds\/id1498504364\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.univest.app\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to get live NSE data and track construction stocks across every sector..<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_These_Construction_Stocks_Stay_Under_the_Radar\"><\/span><strong>Why Do These Construction Stocks Stay Under the Radar?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Road and highway EPC companies trade at some of the lowest PE multiples in the market. This is partly justified by thin margins and government payment delays, and partly unjustified by the multi-decade infrastructure opportunity they execute on. L&amp;T and NCC dominate institutional attention. The focused road EPC mid-caps remain deeply discounted.<\/p>\n<p>The HAM model makes road EPC balance sheets appear more leveraged than traditional EPC peers, deterring balance-sheet-focused institutional investors. But NHAI annuity cash flow quality is equivalent to government-backed income, which changes the risk profile completely.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Factors_to_Evaluate_These_Construction_Stocks\"><\/span><strong>Key Factors to Evaluate These Construction Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Before investing in any of these construction stocks, review these five parameters:<\/p>\n<ul>\n<li><strong>NHAI execution pace:<\/strong> NHAI project award data is publicly available. Rising NHAI awards are the strongest tailwind for KNR, HG Infra, and PNC Infratech among these under the radar construction stocks.<\/li>\n<li><strong>Order book as revenue multiple:<\/strong> A healthy order book of 3-4x annual revenue provides 36-48 months of revenue visibility. Strong order inflows drive re-rating.<\/li>\n<li><strong>ROE above 8%:<\/strong> Ahluwalia (12.91%) leads. Road EPC companies in the 6-10% ROE range are typical for capital-intensive EPC with government customers.<\/li>\n<li><strong>PE vs sector PE:<\/strong> The sector PE is 24.79. KNR (9.30), PNC (7.49), HG Infra (17.78), and Ahluwalia (21.09) all trade at or below that.<\/li>\n<li><strong>Receivable management:<\/strong> Quarterly debtor days trends are a key execution quality indicator for all these under the radar construction stocks.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Risks_in_Under_the_Radar_Construction_Stocks\"><\/span><strong>Risks in Under the Radar Construction Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Every investment in construction stocks carries risk. The four primary risks are:<\/p>\n<ul>\n<li><strong>Government payment delays:<\/strong> NHAI and state clients regularly delay payments, compressing working capital and forcing unfavourable borrowings.<\/li>\n<li><strong>Input cost inflation:<\/strong> Steel, bitumen, cement, and fuel cost overruns on fixed-price contracts reduce project margins directly.<\/li>\n<li><strong>Execution risk:<\/strong> Large EPC projects require coordination of hundreds of contractors. Any supply chain disruption or land acquisition delay extends timelines.<\/li>\n<li><strong>HAM project debt risk:<\/strong> HG Infra at D\/E 1.54 faces cash flow pressure if NHAI annuity payments are delayed during construction completion.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Invest_in_Overlooked_Construction_Stocks_in_India\"><\/span><strong>How to Invest in Overlooked Construction Stocks in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Track NHAI quarterly award announcements. Rising project awards translate into order book additions for KNR, HG Infra, and PNC Infratech.<\/p>\n<p>Monitor quarterly order book disclosures. Order book above 3x annual revenue provides multi-year earnings visibility.<\/p>\n<p>Check receivables DSO in quarterly balance sheets. Stable or declining DSO confirms operational execution efficiency.<\/p>\n<p>Verify all data on NSE (nseindia.com) or BSE (bseindia.com). Construction investor presentations include order book and EBITDA margin data.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion_Top_Construction_Stocks_Under_the_Radar_in_India\"><\/span><strong>Conclusion: Top Construction Stocks Under the Radar in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>India&#8217;s infrastructure build-out is multi-decadal and the companies executing it are some of the most undervalued in the market. KNR Constructions, HG Infra, PNC Infratech, Ahluwalia Contracts, and PSP Projects represent five execution models within construction. These under the radar construction stocks are shared for research only. Consult a SEBI-registered advisor before investing.<\/p>\n<p>The five construction stocks discussed in this article are KNR Constructions, HG Infra Engineering, PNC Infratech, Ahluwalia Contracts India, PSP Projects. Each of these construction stocks carries unique risks and opportunities. Always verify current data on NSE (nseindia.com) or BSE (bseindia.com) before making any investment decision in these or any other construction stocks.<\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> 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).<\/p>\n<\/div>\n<div class=\"faq-schema\">\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Under_the_Radar_Construction_Stocks_in_India\"><\/span><strong>FAQs on Under the Radar Construction Stocks in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_construction_stocks_are_under_the_radar_in_India_in_2026\"><\/span>Which construction stocks are under the radar in India in 2026?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The five under the radar construction stocks in India are KNR Constructions (KNR), HG Infra Engineering (HGINFRA), PNC Infratech (PNCINFRA), Ahluwalia Contracts (AHLUCONT), and PSP Projects (PSPPROJECT). Market caps range from Rs 3,307 crore to Rs 5,485 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_PNC_Infratech_the_most_undervalued_construction_stock_in_India\"><\/span>Is PNC Infratech the most undervalued construction stock in India?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> PNC Infratech has PE 7.49, one of the lowest in Indian infrastructure, . Market cap is Rs 5,485 crore. ROE is 6.58% and D\/E is 0.76. Its road order book from NHAI is the key asset. The below-10x PE provides margin of safety.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_sector_PE_for_construction_stocks_in_India\"><\/span>What is the sector PE for construction stocks in India?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The sector PE for construction stocks in India is approximately 24.79 . KNR (9.30), PNC (7.49), and HG Infra (17.78) trade significantly below that.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Ahluwalia_Contracts_the_best_quality_construction_stock\"><\/span>Is Ahluwalia Contracts the best quality construction stock?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Ahluwalia has the highest ROE at 12.91%, near-zero debt (D\/E 0.04), PE 21.09 near sector average, . Market cap is Rs 4,745 crore. Its vertical building specialisation benefits from India&#8217;s healthcare and education infrastructure spending.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_HAM_model\"><\/span>What is the HAM model?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> HAM (Hybrid Annuity Model) is a road project financing model where the developer funds 40% of project cost and NHAI pays 60% in construction support, then provides 15-year semi-annual annuities after completion. HAM converts lumpy project revenue into long-term government-backed income but increases D\/E during construction.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_in_under_the_radar_construction_stocks\"><\/span>What are the risks in under the radar construction stocks?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The four main risks are government payment delays from NHAI and state clients, input cost inflation on fixed-price contracts, project execution complexity, and HAM project financing debt pressure for leveraged developers like HG Infra.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_do_I_research_hidden_construction_stocks_in_India\"><\/span>How do I research hidden construction stocks in India?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Track NHAI award announcements, monitor order book disclosures and debtor day trends, and filter by PE below sector average (24.79) and ROE above 8%. NSE and BSE investor presentations include order book and execution status data.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_KNR_Constructions_a_good_road_EPC_stock\"><\/span>Is KNR Constructions a good road EPC stock?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> KNR has PE 9.30, D\/E 0.49, and ROE 8.79% . Market cap is Rs 3,669 crore. South India and central India NHAI road construction is its core business. The below-10x PE creates a margin of safety, with working capital and government payment timing as key variables.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Beyond L&#038;T and NCC, these 5 under the radar construction stocks trade at extremely low PE with large highway and infrastructure order books as of August 2026.<\/p>\n","protected":false},"author":34,"featured_media":213096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[3802],"class_list":["post-213098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market","tag-news"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["213096"],"_edit_lock":["1787202148:37"],"_last_editor_used_jetpack":["block-editor"],"rank_math_primary_category":["24"],"rank_math_seo_score":["76"],"rank_math_title":["Under the Radar Construction Stocks India 2026: 5 Hidden 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