3 Highway and Rail Contractor, Public Sector Railway Builder and Buildings and Water Contractor Stocks With a Strong Future Roadmap: H.G. Infra Engineering, IRCON International and NCC

H.G. Infra Engineering, IRCON International and NCC: ROE of 8.6% to 9.1% and FY22 to FY26 revenue CAGR of 5.8% to 16.9%. Prices as of 22 Oct 2026.

Updated: 23 Oct 2026 • 2:28 pm

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3 Highway and Rail Contractor, Public Sector Railway Builder and Buildings and Water Contractor Stocks With a Strong Future Roadmap: H.G. Infra Engineering, IRCON International and NCC

Quick Answer

The three road, rail and building contractor stocks to watch are H.G. Infra Engineering, IRCON International and NCC. Their return on equity ranges from 8.6% to 9.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.8% to 16.9%. H.G. Infra Engineering has the highest return on equity at 9.1%, while NCC has the fastest revenue growth at 16.9% a year. Prices are based on the 22 October 2026 close, and this article is educational, not investment advice.

Road, rail and building contractor stocks let investors follow companies that build India's roads, railways and buildings. H.G. Infra Engineering, IRCON International and NCC cover a highway and rail contractor, a public sector railway builder and a buildings and water contractor.

This list covers three road, rail and building contractor stocks with complete current figures: H.G. Infra Engineering, IRCON International and NCC. Every figure comes from the latest reported financials and the 22 October 2026 market close. Companies without complete current figures were left out.

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Table of Contents

What Are Road, Rail and Building Contractor Stocks?

Road, rail and building contractor stocks are listed companies that build highways, lay railway lines and construct buildings, irrigation and water projects. Their earnings depend on government spending, order books and execution.

Road, Rail and Building Contractor Stocks at a Glance

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE (%)	D/E
H.G. Infra Engineering	390.3	2,541	13.7	22.3	9.1	1.54
IRCON International	100.32	9,800	18.8	22.7	9.0	0.86
NCC	120.17	7,550	10.1	22.3	8.6	0.44

On valuation, all three trade at a P/E below their industry P/E, which means the market is pricing them at a lower multiple than their peer group.

Why Do Road, Rail and Building Contractor Stocks Have a Strong Roadmap in India?

Road, rail and building contractor stocks have a strong roadmap in India because large government outlays on highways, railways and water keep creating work across the construction chain.

Government outlays. Highway, railway and water budgets stay high.
Wider mix. Power, solar and buildings diversify orders.
Experienced bidders. A strong record helps win large contracts.

Why H.G. Infra Engineering Features Among These Road, Rail and Building Contractor Stocks

Among the road, rail and building contractor stocks on this list, H.G. Infra Engineering is a Jaipur-based road and highway construction company that also takes on railway, power transmission and solar projects.

Revenue rose from Rs 3,759 crore in FY22 to Rs 5,263 crore in FY26, a compound annual growth rate of 8.8%. Net profit for FY26 was Rs 330 crore, a net margin of 6.3%.

The company has a return on equity of 9.1%, a debt to equity ratio of 1.54 and a market capitalisation of Rs 2,541 crore. The stock trades at a P/E of 13.7, below the industry P/E of 22.3.

Roadmap: The company is widening beyond roads into rail and power, which spreads its order book across segments. A track record of timely delivery helps it win government contracts.

What to watch: Track new order wins, execution timelines and the mix of road and non-road projects.

Why IRCON International Features Among These Road, Rail and Building Contractor Stocks

Among the highway and railway contractor shares on this list, IRCON International is a public sector engineering and construction company that builds railways, highways, bridges, tunnels and electrification projects in India and overseas.

The company has a return on equity of 9.0%, a debt to equity ratio of 0.86 and a market capitalisation of Rs 9,800 crore. The stock trades at a P/E of 18.8, below the industry P/E of 22.7.

Revenue rose from Rs 7,586 crore in FY22 to Rs 9,502 crore in FY26, a compound annual growth rate of 5.8%. Net profit for FY26 was Rs 592 crore, a net margin of 6.2%. In the June 2026 quarter, revenue grew 7.9% year on year to Rs 2,043 crore.

Roadmap: The company benefits from large railway and highway spending by the government and is building a pipeline of new orders. A strong balance sheet and project skills support bids for large works.

What to watch: Follow order book additions, railway project awards and execution progress.

Why NCC Features Among These Road, Rail and Building Contractor Stocks

Among the three companies on this list, NCC is a Hyderabad-based construction company that builds buildings, roads, water supply and irrigation projects, mining and electrical infrastructure for public and private clients.

Revenue rose from Rs 11,209 crore in FY22 to Rs 20,944 crore in FY26, a compound annual growth rate of 16.9%. Net profit grew from Rs 494 crore in FY22 to Rs 724 crore in FY26, which works out to a compound annual growth rate of 10.0%.

In the June 2026 quarter, revenue grew 12.2% year on year to Rs 5,842 crore, while net profit rose 11.9% to Rs 229 crore. The company has a return on equity of 8.6%, a debt to equity ratio of 0.44 and a market capitalisation of Rs 7,550 crore. The stock trades at a P/E of 10.1, below the industry P/E of 22.3.

Roadmap: The company holds a sizeable order book across water, buildings and transportation, supported by government infrastructure spending. Wider segments give it many routes to win new projects.

What to watch: Follow order inflows, execution speed and collections.

H.G. Infra Engineering vs IRCON International vs NCC on Key Financials

The table below sets the three road, rail and building 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
H.G. Infra Engineering	3,759	5,263	8.8%	330	6.3%
IRCON International	7,586	9,502	5.8%	592	6.2%
NCC	11,209	20,944	16.9%	724	3.5%

H.G. Infra Engineering posts the highest return on equity in this group at 9.1%. NCC combines the largest FY26 revenue at Rs 20,944 crore with the fastest revenue growth, a 16.9% compound annual rate.

Key Risks to Check Before Investing in Road, Rail and Building Contractor Stocks

Every theme carries risks that deserve a check before any decision. For these road, rail and building contractor stocks, the main points are:

Order timing. Government orders can shift between quarters.
Working capital. Payments can take time.
Input costs. Steel and fuel prices influence 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 road, rail and building contractor stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Road, Rail and Building Contractor Stocks

Road, rail and building contractor stocks reward investors who follow order books, execution and payments together. H.G. Infra Engineering, IRCON International and NCC each play a key part in infrastructure. Based on the 22 October 2026 close, H.G. Infra Engineering trades at Rs 390.3, IRCON International at Rs 100.32 and NCC at Rs 120.17.

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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 road, rail and building contractor stocks?

Ans. Road, rail and building contractor stocks are listed companies that build highways, lay railway lines and construct buildings, irrigation and water projects. Their earnings depend on government spending, order books and execution. This list looks at three of them, H.G. Infra Engineering, IRCON International and NCC, using reported FY22 to FY26 financials and the 22 October 2026 closing prices.

Which road, rail and building contractor stocks are covered in this list?

Ans. This list covers H.G. Infra Engineering, IRCON International and NCC. Based on the 22 October 2026 close, H.G. Infra Engineering traded at Rs 390.3, IRCON International at Rs 100.32 and NCC at Rs 120.17. Their return on equity ranges from 8.6% to 9.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.8% to 16.9%.

Why do road, rail and building contractor stocks have a strong future roadmap in India?

Ans. Road, rail and building contractor stocks have a strong roadmap in India because large government outlays on highways, railways and water keep creating work across the construction chain. The main drivers are as follows. Government outlays. Highway, railway and water budgets stay high. Wider mix. Power, solar and buildings diversify orders. Experienced bidders. A strong record helps win large contracts. Together these factors give the companies on this list a visible path for growth over the coming years.

How has H.G. Infra Engineering performed financially?

Ans. Revenue rose from Rs 3,759 crore in FY22 to Rs 5,263 crore in FY26, a compound annual growth rate of 8.8%. Net profit for FY26 was Rs 330 crore, a net margin of 6.3%. The company has a return on equity of 9.1%, a debt to equity ratio of 1.54 and a market capitalisation of Rs 2,541 crore. The stock trades at a P/E of 13.7, below the industry P/E of 22.3. Looking ahead, the company is widening beyond roads into rail and power, which spreads its order book across segments. A track record of timely delivery helps it win government contracts.

How has IRCON International performed financially?

Ans. Revenue rose from Rs 7,586 crore in FY22 to Rs 9,502 crore in FY26, a compound annual growth rate of 5.8%. Net profit for FY26 was Rs 592 crore, a net margin of 6.2%. In the June 2026 quarter, revenue grew 7.9% year on year to Rs 2,043 crore. The company has a return on equity of 9.0%, a debt to equity ratio of 0.86 and a market capitalisation of Rs 9,800 crore. The stock trades at a P/E of 18.8, below the industry P/E of 22.7. Looking ahead, the company benefits from large railway and highway spending by the government and is building a pipeline of new orders. A strong balance sheet and project skills support bids for large works.

How has NCC performed financially?

Ans. Revenue rose from Rs 11,209 crore in FY22 to Rs 20,944 crore in FY26, a compound annual growth rate of 16.9%. Net profit grew from Rs 494 crore in FY22 to Rs 724 crore in FY26, which works out to a compound annual growth rate of 10.0%. In the June 2026 quarter, revenue grew 12.2% year on year to Rs 5,842 crore, while net profit rose 11.9% to Rs 229 crore. The company has a return on equity of 8.6%, a debt to equity ratio of 0.44 and a market capitalisation of Rs 7,550 crore. The stock trades at a P/E of 10.1, below the industry P/E of 22.3. Looking ahead, the company holds a sizeable order book across water, buildings and transportation, supported by government infrastructure spending. Wider segments give it many routes to win new projects.

What risks should investors check before buying road, rail and building contractor stocks?

Ans. Investors should check a few risks before buying road, rail and building contractor stocks. Order timing. Government orders can shift between quarters. Working capital. Payments can take time. Input costs. Steel and fuel prices influence 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 road, rail and building contractor stocks investment advice?

Ans. No. This article is educational and uses publicly available data as of the 22 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.