NCC Limited (NCC) is one of the largest well diversified construction companies in India with a foothold in every segment of construction sector. Q2FY22 revenue grew by 43% YoY (better than estimate) as construction back to normalcy and sites are operating at precovid levels. However, EBITDA margin declined by 286bps YoY to 10.8% due to higher commodity prices and higher sub-contracting expenses (45% YoY). Order book remain healthy at Rs39,112cr (4.5x TTM revenue) supported by a strong inflow of Rs5,611cr in H1FY22....