When a company’s order book is larger than its market cap, it often signals a deep mismatch between its current valuation and its future revenue visibility. For investors, this can be a powerful green flag, especially in the mid- and small-cap universe because it shows the market may not have fully priced in the company’s upcoming business pipeline.
Here are three sub-Rs 200 stocks where the order backlog alone exceeds the company’s entire market value, making them quite compelling opportunities.
NBCC (India)
NBCC (India) Limited is a Government of India Navratna Enterprise under the Ministry of Housing and Urban Affairs. The Co. operates in three major segments – Project Management Consultancy, Engineering Procurement & Construction, and Real Estate.
The shares of NBCC India are trading at Rs 118 and have given a return of 583% over the last 5 years. The shares have an ROCE and ROE of 33.2% and 25.5%, respectively.
The company’s consolidated order book stands at Rs 1,28,381 crore, whereas as its market cap is at Rs 31,318 crore, which is about 4 times the size. Out of the total consolidated order book, Rs 1,12,500 crore comes from NBCC, Rs 8,368 crore from HSCC, Rs 7,185 crore from HSCL and Rs 328 crore from NSL.
NCC Limited
NCC Limited is a leading construction and infrastructure company in India, undertaking diverse projects in sectors like buildings, transportation, water, electrical, and railway construction of dams, bridges, tunnels, roads, piling works, industrial structures, and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure, and transport.
The shares of NCC Ltd are trading at Rs 180 and have given a return of 302% over the last 5 years. The shares have an ROCE and ROE of 21.7% and 11.4%, respectively. The company’s consolidated order book stands at Rs 71,957 crore, whereas its market cap is at Rs 11,240 crore, which is more than 6 times the size.
The chart shows that the company’s revenue in H1 FY26 is overwhelmingly driven by its construction business, which contributes 85% of total income, amounting to Rs 8,233 crore. Coal mining is the second-largest segment, making up 13% of revenue Rs 1,311 crore, while real estate represents a very small share at just 2% Rs 178 crore. Overall, the group’s financial profile is heavily concentrated in construction, with the other two segments playing comparatively minor roles in its revenue mix.
Patel Engineering
Patel Engineering Ltd is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure and transport.
The shares of Patel Engineering Ltd are trading at Rs 33 and have given a return of 210% over the last 5 years. The shares are trading with an ROCE and ROE of 15.4% and 10.4%. respectively. The company’s consolidated order book stands at Rs 15,146 crore, whereas its market cap is at Rs 2,936 crore, which is about 5 times the size.
The slide shows a strong pipeline of opportunities across India’s infrastructure and energy sectors. With an Rs 11.21 lakh crore infrastructure budget, the government is driving major growth. Big openings lie in hydro and pumped-storage projects, including 15,000 plus MW in Arunachal Pradesh, 76,000 plus MW in the Brahmaputra basin, 9,000 plus MW across other states and Nepal, and 66,000 plus MW under survey.
Key programmes also have sizable allocations of Rs 67,000 crore for the Jal Jeevan Mission and Rs 8,259 crore under PMKSY for FY26. Alongside this, there’s a huge Rs 10 lakh crore opportunity in highways and roads, plus 285+ km of tunnel works across 75+ projects, reflecting a broad and growing market.
Written by Leon Mendonca.
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