Stock Below Rs 20 and Order Book of Rs 13,148 crore: Mukul Agrawal-Held Stock Slides to 52-Week Low; Down 46.5% From Its 52-Week High
Mukul Agrawal-backed HCC, a 100-year-old infrastructure company, has slid to a 52-week low amid high debt, rising costs, and market concerns.
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Hindustan Construction Company Limited (HCC) has had a rough time on D-Street over the last couple of years and particularly in the last 12 months. HCC share price fell from Rs 30.66 on July 26, 2024, to Rs 16.40 as of 09:24 AM on Thursday, March 5, 2026, hitting a 52-week low. This is a sharp fall from its 52-week high, marking a decline of ~46.5 per cent. However, the market is currently prioritising the risks of debt and dilution.
Once seen as a defensive stock with steady growth and a good ROCE, the company has gained the trust of Ace Investor Mukul Agrawal, who owns 1.68 per cent holdings of the company, which amounts to 4,40,19,921 shares. This was a fresh investment in the company during the third quarter of 2025-26.
However, it has become a concern for many investors now. The appeal appears to have faded now.
Concerns for HCC: High Promoter Pledge
Competition has increased due to the relaxation in bidding criteria. This, along with the rise in input costs, has exerted pressure on HCC’s profitability. A struggling balance sheet with a high debt-to-equity ratio of 3.44x, recent Quarterly Results (ending December 2025) which stood at Rs 825 crore, making it one of the lowest in recent times, a downward trend in the annual sales and high promoter pledging (~73 per cent) have all weighed heavily on the business.
HCC’s Strategic Reset
While the stock price is struggling, HCC's management is currently executing a strategy focused on cleaning up the balance sheet and narrowing its focus to high-value infrastructure.
In Q3 2025-26 (ending December 2025), the company made Rs 680 crore in debt prepayments and has plans for another Rs 876 crore in Q4 2025-26, aiming for a net debt target of Rs 1,950 crore. Additionally, the company completed a Rs 1,000 crore Right Issue in late 2025. This was oversubscribed by 200 per cent and the funds will be used specifically to reduce high cost debt and provide working capital. The 2x oversubscription says that while the stock price is low, investors are willing to bet on the company's long-term survival.
Still, the decision has done little to inspire confidence on D-Street. With HCC shares recently sliding to a fresh 52-week low, is this favoured Mukul Agrawal stock still worth owning now?
In the recent Q3 2025-26, HCC reported a Standalone Net Profit of Rs 85.9 crore as compared to a loss of Rs 216 crore in the same quarter previous year. Margins have improved to 15.2 per cent. The company is also moving away from speculative Real Estate to focus purely on specialised engineering. This includes executing projects in Nuclear Power, Metros, and Hydroelectric projects.
Order Book of HCC
The company had an order book position of Rs 13,148 crore as on December 31, 2025, providing near-term revenue visibility. Timely commencement and execution of these orders are critical to sustain revenue visibility going forward. HCC’s current outstanding order book is well-diversified in terms of geography with a pan-India presence, along with international operations in Bhutan. The transportation segment accounted for 65% of the unexecuted order book as of December 31, 2025.
In Q3 2025-26, the company has secured two orders, aggregating to almost Rs 1,500 crore in a joint venture with an NFR. And in addition to that, HCC is also the lowest bidder in Rs 2,700 crore of projects. The company has submitted bits of almost Rs 36,000 crore, which are under evaluation.
On the operations update,
· Patna Metro Rail Project (Packages 05 & 06); commencement inaugurated by Hon’ble Chief Minister of Bihar, Shri Nitish Kumar.
· Indore Metro Rail Project: Piling works are underway at all five stations, while station excavation is in progress at the Airport and Rajwada stations.
· Vishnugad–Pipalkoti HEP achieved a significant portion of dam concrete works, with 8.5 km of the planned 12.1 km HRT excavated using TBM
· Work at the Agardanda Creek, Tehri Pumped Storage, and Bhivpuri Pumped Storage projects is progressing in line with scheduled timelines.
About Hindustan Construction Company Limited
Incorporated in 1926, Hindustan Construction Company Limited (HCC) is the flagship company of Hindustan Construction Company Group (HCC Group). The company is involved in engineering and construction of infrastructure projects such as dams, tunnels, bridges, hydro,nuclear and thermal power plants, expressways and roads, marine works, water supply, irrigation systems and industrial buildings across the country.
The HCC Group’s principal business areas can be classified into four broad verticals:
1) engineering and construction (E&C)
2) infrastructure development
3) real estate
4) urban development and management
While the E&C vertical is undertaken by HCC, the rest of the activities are carried out through separate subsidiary companies.
Disclaimer: The article is for informational purposes only and not investment advice.