Amid a growing appetite for infrastructure and industrial expansion, a few small-cap companies have emerged with exceptionally strong order books, a sign of solid business traction and future revenue visibility. Despite their relatively modest market capitalizations, these players have secured orders worth more than Rs.20,000 crores, positioning themselves as potential long-term outperformers.
Here are three such small-cap stocks with robust order books
NCC Ltd
With a market capitalization of Rs.14,742 crore, NCC Ltd, a leading construction and infrastructure company, saw its shares trading at Rs.234.66 per equity share on Thursday, falling 0.52 percent from its previous closing price.
NCC Ltd. reported a robust and diversified order book of Rs.71,568 crore as of May 2025, reflecting an 18.4 percent year-on-year growth. The company recorded an impressive order inflow of Rs.32,888 crore, up 20.5 percent year-on-year, underscoring strong execution capabilities and healthy demand across sectors.
A notable win includes two significant work orders from BSNL under the BharatNet project, aimed at building the middle-mile digital infrastructure, one of NCC’s largest project awards to date. For FY26, the company is targeting new order inflows in the range of Rs.22,000–25,000 crore, backed by sustained sectoral momentum and a robust bidding pipeline
J Kumar Infraprojects Ltd
With a market capitalization of Rs.5,482 crore, J Kumar Infraprojects Ltd, a leading infrastructure and engineering company, saw its shares trading at Rs.722.95 per equity share on Thursday, rising 0.69 percent from its previous closing price.
J. Kumar Infraprojects Ltd. reported a healthy order book of Rs.22,238 crores, with fresh order inflow of Rs.4,700 crores during FY25. This reflects the company’s strong position in the urban infrastructure space, supported by continued project wins.
Segment-wise, the order book is led by elevated corridors and flyovers, contributing 50 percent, followed by roads and tunnels at 18 percent. Civil, metro (elevated and underground), and water projects make up the remaining share, showcasing a well-diversified execution portfolio.
Geographically, the company’s presence is concentrated in Maharashtra, which accounts for 61 percent of the order book, followed by Tamil Nadu (18 percent) and Delhi & NCR (16 percent). This regional focus highlights J. Kumar’s dominance in metro and urban transport infrastructure projects.
Ircon International Ltd
With a market capitalization of Rs.21,062 crore, Ircon International Ltd, a leading infrastructure and engineering company, saw its shares trading at Rs.222.77 per equity share on Thursday, rising 1.16 percent from its previous closing price.
Ircon International reported an order book of Rs.20,347 crores, with the majority of projects concentrated in the railways sector, accounting for 76 percent. Highways contributed 22 percent, while the remaining 2 percent came from other infrastructure segments.
Geographically, the company’s operations are primarily domestic, comprising 89 percent of the order book, while international projects account for the remaining 11 percent, indicating a strong local focus with a selective global presence.
In terms of order acquisition, 58 percent of the contracts were secured through competitive bidding, and the remaining 42 percent were on a nomination basis. This blend highlights Ircon’s ability to win both open tenders and trusted partnerships.
Written by – Siddesh S Raskar
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