{"id":288339,"date":"2026-10-06T09:44:49","date_gmt":"2026-10-06T04:14:49","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=288339"},"modified":"2026-10-06T09:44:49","modified_gmt":"2026-10-06T04:14:49","slug":"construction-stocks-strong-roadmap","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/construction-stocks-strong-roadmap\/","title":{"rendered":"3 Construction Stocks With a Strong Future Roadmap: Larsen &#038; Toubro, KEC International and NCC"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>L&#038;T Rs 3,750.00, P\/E 26.22. KEC International Rs 370.55, P\/E 17.81. NCC Rs 128.79, P\/E 10.80. Closing prices of 5 Oct 2026.<\/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;\">Construction stocks with the clearest long-term roadmaps today include Larsen &#038; Toubro in engineering, construction and technology services, KEC International in power transmission, railways and civil EPC and NCC in buildings, water, roads and mining projects. FY26 revenue growth was 12.2% at L&#038;T, 7.5% at KEC International and -6.3% at NCC. P\/E stands at 26.22 for L&#038;T (industry 23.04), 17.81 for KEC International (industry 23.04) and 10.80 for NCC (industry 23.04). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company&#8217;s risks need equal attention.<\/p>\n<\/p><\/div>\n<p>Construction stocks give investors exposure to the roads, power lines, buildings and factories that India is building. Their revenue follows the order book, which is why order inflow, execution speed and working capital matter as much as headline growth.<\/p>\n<p>This list covers three construction sector stocks: Larsen &#038; Toubro for engineering, construction and technology services, KEC International for power transmission, railways and civil EPC and NCC for buildings, water, roads and mining projects. Every figure comes from the latest reported financials and the 5 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=construction-stocks-strong-roadmap\"><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\/construction-stocks-strong-roadmap\/#What_Are_Construction_Stocks\" title=\"What Are Construction Stocks?\">What Are Construction Stocks?<\/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\/construction-stocks-strong-roadmap\/#Construction_Stocks_at_a_Glance\" title=\"Construction Stocks at a Glance\">Construction Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/construction-stocks-strong-roadmap\/#Why_Do_Construction_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Construction Stocks Have a Strong Roadmap in India?\">Why Do Construction Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/construction-stocks-strong-roadmap\/#Larsen_Toubro_Order_Book_and_Technology_Services_Anchor_the_Roadmap\" title=\"Larsen &#038; Toubro: Order Book and Technology Services Anchor the Roadmap\">Larsen &#038; Toubro: Order Book and Technology Services Anchor the Roadmap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/construction-stocks-strong-roadmap\/#KEC_International_Transmission_Railways_and_Civil_Orders_Drive_the_Pipeline\" title=\"KEC International: Transmission, Railways and Civil Orders Drive the Pipeline\">KEC International: Transmission, Railways and Civil Orders Drive the Pipeline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/construction-stocks-strong-roadmap\/#NCC_Buildings_Water_and_Roads_Projects_Build_the_Next_Leg\" title=\"NCC: Buildings, Water and Roads Projects Build the Next Leg\">NCC: Buildings, Water and Roads Projects Build the Next Leg<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/construction-stocks-strong-roadmap\/#Best_Construction_Stocks_in_India_L_T_vs_KEC_International_vs_NCC_on_Key_Financials\" title=\"Best Construction Stocks in India: L&#038;T vs KEC International vs NCC on Key Financials\">Best Construction Stocks in India: L&#038;T vs KEC International vs NCC on Key Financials<\/a><\/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\/construction-stocks-strong-roadmap\/#How_to_Evaluate_Infrastructure_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Infrastructure Stocks to Buy Before You Invest\">How to Evaluate Infrastructure Stocks to Buy Before You Invest<\/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\/construction-stocks-strong-roadmap\/#Risks_to_Consider_Before_Investing_in_Construction_Stocks\" title=\"Risks to Consider Before Investing in Construction Stocks\">Risks to Consider Before Investing in 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\/construction-stocks-strong-roadmap\/#Final_Take_Which_Stock_Has_the_Strongest_Roadmap\" title=\"Final Take: Which Stock Has the Strongest Roadmap?\">Final Take: Which Stock Has the Strongest Roadmap?<\/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\/construction-stocks-strong-roadmap\/#FAQs_on_Construction_Stocks\" title=\"FAQs on Construction Stocks\">FAQs on Construction Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/construction-stocks-strong-roadmap\/#Which_are_the_best_construction_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best construction stocks in India with a strong roadmap?\">Which are the best construction stocks in India with a strong roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/construction-stocks-strong-roadmap\/#Is_Larsen_Toubro_a_good_stock_to_buy_now\" title=\"Is Larsen &#038; Toubro a good stock to buy now?\">Is Larsen &#038; Toubro a good stock to buy now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/construction-stocks-strong-roadmap\/#What_is_the_PE_ratio_of_L_T_KEC_International_and_NCC\" title=\"What is the P\/E ratio of L&#038;T, KEC International and NCC?\">What is the P\/E ratio of L&#038;T, KEC International and NCC?<\/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\/construction-stocks-strong-roadmap\/#Which_of_these_construction_stocks_has_the_highest_return_on_equity\" title=\"Which of these construction stocks has the highest return on equity?\">Which of these construction stocks has the highest return on equity?<\/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\/construction-stocks-strong-roadmap\/#What_are_the_risks_of_investing_in_construction_stocks\" title=\"What are the risks of investing in construction stocks?\">What are the risks of investing in construction stocks?<\/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\/construction-stocks-strong-roadmap\/#How_did_L_T_KEC_International_and_NCC_perform_in_Q1_FY27\" title=\"How did L&#038;T, KEC International and NCC perform in Q1 FY27?\">How did L&#038;T, KEC International and NCC perform in Q1 FY27?<\/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\/construction-stocks-strong-roadmap\/#Do_construction_stocks_pay_dividends\" title=\"Do construction stocks pay dividends?\">Do construction stocks pay dividends?<\/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\/construction-stocks-strong-roadmap\/#How_can_I_invest_in_construction_stocks_in_India\" title=\"How can I invest in construction stocks in India?\">How can I invest in construction stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Construction_Stocks\"><\/span><strong>What Are Construction Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Construction stocks are shares of companies that win and execute engineering procurement and construction contracts for governments and private clients. Results depend on order book size, execution speed, margins on fixed-price contracts and working capital, so a strong balance sheet separates the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Construction_Stocks_at_a_Glance\"><\/span><strong>Construction Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table compares size, valuation, return on equity and debt for the three construction stocks as of the 5 October 2026 close.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Debt to Equity<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/lt\/larsen-and-toubro-ltd-share-price-today\">Larsen &#038; Toubro<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,750.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5,14,585<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26.22<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">23.04<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.72%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.15<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/kec\/kec-international-ltd-share-price-today\">KEC International<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">370.55<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9,861<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.81<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">23.04<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.83%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.87<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/ncc\/ncc-ltd-share-price-today\">NCC<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">128.79<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8,080<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.80<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">23.04<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.58%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.44<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among construction sector stocks, KEC International and NCC trade below the industry P\/E, while L&#038;T trades at a premium to the industry multiple.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Construction_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Construction Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Construction stocks have a strong roadmap in India because infrastructure spending on transmission, railways, roads, water and defence keeps expanding, and large contractors hold order books that give visibility for several years. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Infrastructure spending:<\/strong> Public capital expenditure on roads, railways, power and water feeds a steady stream of tenders.<\/li>\n<li><strong>Order book visibility:<\/strong> A large order book lets contractors plan execution across several years.<\/li>\n<li><strong>Transmission and defence:<\/strong> Grid upgrades, renewable energy links and defence projects add specialised work.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Larsen_Toubro_Order_Book_and_Technology_Services_Anchor_the_Roadmap\"><\/span><strong>Larsen &#038; Toubro: Order Book and Technology Services Anchor the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>L&#038;T&#8217;s roadmap rests on its large order book across infrastructure, energy and defence projects, its technology services arm and newer areas such as green hydrogen and data centres.<\/p>\n<p>Revenue grew from Rs 1,58,788.31 crore in FY22 to Rs 2,91,635.04 crore in FY26, a 83.7% rise, and FY26 revenue was 12.2% higher than FY25. FY26 net profit rose 8.3% to Rs 19,159.40 crore. Over four years, net profit rose from Rs 10,291.05 crore in FY22 to Rs 19,159.40 crore. In Q1 FY27, revenue grew 8.1% to Rs 70,318.47 crore, and net profit rose 15.2% to Rs 4,982.85 crore. Operating margin was 14.13% in FY26 and 15.49% in Q1 FY27 against 14.73% a year earlier.<\/p>\n<p>Debt to equity is 1.15 and return on equity is 14.72%. FY26 operating cash flow was Rs 16,740.97 crore against capital expenditure of Rs 4,809.19 crore. L&#038;T paid a dividend of Rs 38 per share for FY26, a yield of 1.02%. At a P\/E of 26.22 against an industry P\/E of 23.04, the stock trades above its industry multiple.<\/p>\n<p>What to watch: Operating margin eased from 17.04% in FY22 to 14.13% in FY26, and consolidated debt to equity of 1.15 includes its financing business. The P\/E of 26.22 sits above the industry P\/E of 23.04, so earnings delivery matters for the valuation; debt to equity of 1.15 deserves tracking.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"KEC_International_Transmission_Railways_and_Civil_Orders_Drive_the_Pipeline\"><\/span><strong>KEC International: Transmission, Railways and Civil Orders Drive the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>KEC International&#8217;s roadmap rests on its power transmission and distribution orders, railways, civil and cables businesses, with an order book spread across India and overseas.<\/p>\n<p>Revenue grew from Rs 13,755.69 crore in FY22 to Rs 23,555.87 crore in FY26, a 71.2% rise, and FY26 revenue was 7.5% higher than FY25. FY26 net profit rose 6.1% to Rs 605.59 crore. Over four years, net profit rose from Rs 332.08 crore in FY22 to Rs 605.59 crore. In Q1 FY27, revenue grew 0.2% to Rs 5,037.48 crore, and net profit fell 41.7% to Rs 72.62 crore. Operating margin was 7.91% in FY26 and 6.07% in Q1 FY27 against 7.08% a year earlier.<\/p>\n<p>Debt to equity is 0.87 and return on equity is 9.83%. FY26 operating cash flow was negative at Rs 414.12 crore against capital expenditure of Rs 328.68 crore. KEC International paid a dividend of Rs 5.5 per share for FY26, a yield of 1.48%. At a P\/E of 17.81 against an industry P\/E of 23.04, the stock trades below its industry multiple.<\/p>\n<p>What to watch: Q1 FY27 revenue was flat at Rs 5,037.48 crore against Rs 5,028.27 crore a year earlier. Q1 FY27 net profit was 41.7% lower than a year earlier; operating cash flow was negative in FY26.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"NCC_Buildings_Water_and_Roads_Projects_Build_the_Next_Leg\"><\/span><strong>NCC: Buildings, Water and Roads Projects Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>NCC&#8217;s roadmap rests on its building, water, roads and mining projects, with a diversified order book and a focus on larger contracts.<\/p>\n<p>Revenue grew from Rs 11,208.68 crore in FY22 to Rs 20,944.40 crore in FY26, a 86.9% rise, and FY26 revenue was 6.3% lower than FY25. FY26 net profit fell 16.6% to Rs 723.96 crore. Over four years, net profit rose from Rs 494.03 crore in FY22 to Rs 723.96 crore. In Q1 FY27, revenue grew 12.2% to Rs 5,842.48 crore, and net profit rose 11.9% to Rs 228.90 crore. Operating margin was 9.28% in FY26 and 9.96% in Q1 FY27 against 9.40% a year earlier.<\/p>\n<p>Debt to equity is 0.44 and return on equity is 8.58%. FY26 operating cash flow was negative at Rs 458.51 crore against capital expenditure of Rs 955.31 crore. NCC paid a dividend of Rs 2.2 per share for FY26, a yield of 1.71%. At a P\/E of 10.80 against an industry P\/E of 23.04, the stock trades below its industry multiple.<\/p>\n<p>What to watch: FY26 revenue was 6.3% lower than FY25, and FY26 capital expenditure of Rs 955.31 crore was far above the Rs 319.51 crore of FY25. FY26 net profit was 16.6% lower than FY25; operating cash flow was negative in FY26.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Construction_Stocks_in_India_L_T_vs_KEC_International_vs_NCC_on_Key_Financials\"><\/span><strong>Best Construction Stocks in India: L&#038;T vs KEC International vs NCC on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best construction stocks in India, L&#038;T leads on FY26 operating margin and return on equity; NCC leads on Q1 FY27 revenue growth and five-year revenue growth. The table puts the numbers side by side.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Metric<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">L&#038;T<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">KEC International<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">NCC<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,91,635.04<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">23,555.87<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">20,944.40<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.5%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-6.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Revenue growth FY22 to FY26<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">83.7%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">71.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">86.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19,159.40<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">605.59<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">723.96<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.1%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-16.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating profit margin<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.13%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.91%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.28%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 revenue growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.1%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 net profit growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-41.7%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Return on equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.72%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.83%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8.58%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">P\/E ratio<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26.22<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.81<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.80<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Debt to equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.15<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.87<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.44<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Dividend yield<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.02%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.48%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.71%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating cash flow (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16,740.97<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-414.12<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-458.51<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Contractors book revenue as projects progress, so quarterly numbers can swing with execution timing; read them with the order book.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Evaluate_Infrastructure_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Infrastructure Stocks to Buy Before You Invest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A short checklist keeps the research consistent when you screen construction stocks and shortlist infrastructure stocks to buy.<\/p>\n<ol>\n<li>Compare each stock&#8217;s P\/E with its industry P\/E, which is 23.04 for all three here.<\/li>\n<li>Track operating margin across several quarters, because input costs can move faster than prices.<\/li>\n<li>Check whether revenue growth is turning into profit growth, not only sales.<\/li>\n<li>Read operating cash flow against capital expenditure to see how growth is funded.<\/li>\n<li>Watch debt to equity and interest cover before sizing a position.<\/li>\n<li>Spread exposure across companies and business lines instead of one demand cycle.<\/li>\n<\/ol>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for live data on these construction stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Construction_Stocks\"><\/span><strong>Risks to Consider Before Investing in Construction Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Working capital:<\/strong> Delayed payments from clients can lock up cash, which shows in negative operating cash flow.<\/li>\n<li><strong>Fixed-price contracts:<\/strong> Cost overruns on fixed-price projects can squeeze margins.<\/li>\n<li><strong>Execution delays:<\/strong> Land, approvals and weather can slow projects and push revenue to later quarters.<\/li>\n<li><strong>Debt levels:<\/strong> Debt rises when working capital grows, so interest costs matter for smaller contractors.<\/li>\n<\/ul>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track L&#038;T, KEC International and NCC live.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Take_Which_Stock_Has_the_Strongest_Roadmap\"><\/span><strong>Final Take: Which Stock Has the Strongest Roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>These three infrastructure stocks cover a diversified engineering and construction leader, power transmission and railways, and building and water projects. L&#038;T leads on FY26 operating margin and return on equity; NCC leads on Q1 FY27 revenue growth and five-year revenue growth.<\/p>\n<p>Across construction sector stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the infrastructure stocks to buy discussed here.<\/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<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Construction_Stocks\"><\/span><strong>FAQs on Construction Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_construction_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best construction stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Larsen &#038; Toubro, KEC International and NCC stand out for their roadmaps in engineering, transmission and infrastructure projects. FY26 revenue growth was 12.2% at L&#038;T, 7.5% at KEC International and -6.3% at NCC, and return on equity ranges from 8.58% to 14.72%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Larsen_Toubro_a_good_stock_to_buy_now\"><\/span><strong>Is Larsen &#038; Toubro a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Larsen &#038; Toubro has a debt to equity ratio of 1.15, a return on equity of 14.72% and a P\/E of 26.22 against an industry P\/E of 23.04. Order inflow, execution and working capital move results, and the stock trades above its industry multiple. This article is not investment advice, so consult a SEBI-registered advisor before deciding.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PE_ratio_of_L_T_KEC_International_and_NCC\"><\/span><strong>What is the P\/E ratio of L&#038;T, KEC International and NCC?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E ratio is 26.22 for L&#038;T (industry 23.04), 17.81 for KEC International (industry 23.04) and 10.80 for NCC (industry 23.04). Only L&#038;T trades at or above the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_construction_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these construction stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Larsen &#038; Toubro has the highest return on equity at 14.72%, followed by KEC International at 9.83% and NCC at 8.58%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_construction_stocks\"><\/span><strong>What are the risks of investing in construction stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are delayed client payments, cost overruns on fixed-price work, execution delays and rising debt. KEC International had negative operating cash flow of Rs 414.12 crore in FY26 and NCC had negative operating cash flow of Rs 458.51 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_L_T_KEC_International_and_NCC_perform_in_Q1_FY27\"><\/span><strong>How did L&#038;T, KEC International and NCC perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Larsen &#038; Toubro reported revenue of Rs 70,318.47 crore, up 8.1% year on year, and net profit rose 15.2% to Rs 4,982.85 crore. KEC International reported revenue of Rs 5,037.48 crore, up 0.2% year on year, and net profit fell 41.7% to Rs 72.62 crore. NCC reported revenue of Rs 5,842.48 crore, up 12.2% year on year, and net profit rose 11.9% to Rs 228.90 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_construction_stocks_pay_dividends\"><\/span><strong>Do construction stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes, all three companies pay dividends. The dividend yield is 1.02% for L&#038;T, 1.48% for KEC International and 1.71% for NCC, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_construction_stocks_in_India\"><\/span><strong>How can I invest in construction stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy construction stocks through a demat and trading account on NSE or BSE after checking each company&#8217;s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which are the best construction stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Larsen & Toubro, KEC International and NCC stand out for their roadmaps in engineering, transmission and infrastructure projects. FY26 revenue growth was 12.2% at L&T, 7.5% at KEC International and -6.3% at NCC, and return on equity ranges from 8.58% to 14.72%.\"}},{\"@type\":\"Question\",\"name\":\"Is Larsen & Toubro a good stock to buy now?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Larsen & Toubro has a debt to equity ratio of 1.15, a return on equity of 14.72% and a P\/E of 26.22 against an industry P\/E of 23.04. Order inflow, execution and working capital move results, and the stock trades above its industry multiple. This article is not investment advice, so consult a SEBI-registered advisor before deciding.\"}},{\"@type\":\"Question\",\"name\":\"What is the P\/E ratio of L&T, KEC International and NCC?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The P\/E ratio is 26.22 for L&T (industry 23.04), 17.81 for KEC International (industry 23.04) and 10.80 for NCC (industry 23.04). Only L&T trades at or above the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these construction stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Larsen & Toubro has the highest return on equity at 14.72%, followed by KEC International at 9.83% and NCC at 8.58%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in construction stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are delayed client payments, cost overruns on fixed-price work, execution delays and rising debt. KEC International had negative operating cash flow of Rs 414.12 crore in FY26 and NCC had negative operating cash flow of Rs 458.51 crore.\"}},{\"@type\":\"Question\",\"name\":\"How did L&T, KEC International and NCC perform in Q1 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Larsen & Toubro reported revenue of Rs 70,318.47 crore, up 8.1% year on year, and net profit rose 15.2% to Rs 4,982.85 crore. KEC International reported revenue of Rs 5,037.48 crore, up 0.2% year on year, and net profit fell 41.7% to Rs 72.62 crore. NCC reported revenue of Rs 5,842.48 crore, up 12.2% year on year, and net profit rose 11.9% to Rs 228.90 crore.\"}},{\"@type\":\"Question\",\"name\":\"Do construction stocks pay dividends?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes, all three companies pay dividends. The dividend yield is 1.02% for L&T, 1.48% for KEC International and 1.71% for NCC, based on dividends declared for FY26.\"}},{\"@type\":\"Question\",\"name\":\"How can I invest in construction stocks in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"You can buy construction stocks through a demat and trading account on NSE or BSE after checking each company's financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Larsen &#038; Toubro, KEC International and NCC compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":29,"featured_media":288336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[1253,4290,8489,8488,759],"class_list":["post-288339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-construction-stocks","tag-infrastructure-stocks","tag-kec-international","tag-larsen-toubro","tag-ncc"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["288336"],"rank_math_title":["Construction Stocks: L&amp;T, KEC International, NCC Roadmap"],"rank_math_description":["Construction stocks with a strong roadmap: Larsen &amp; Toubro, KEC International and NCC compared on growth, margins, valuation and risks. 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