CRISIL assigned 'BB+/Negative/A4+' ratings on the bank facilities and debt programmes of NCC (NCC; part of the NCC group). The rating continue to reflect the NCC group's established market position across diverse construction segments and its healthy order book.

These rating strengths are partially offset by the group's below-average financial risk profile and its exposure to relatively risky infrastructure development and real estate projects.

CRISIL believes that the NCC group's financial risk profile will continue to be under pressure over the medium term because of the group's stretched working capital cycle, high interest costs because of continued high debt levels, and the weak operating environment. The ratings may be downgraded further if the NCC group takes longer-than-expected to reduce its debt levels, or if its operating performance is weaker than expected. Conversely, the outlook may be revised to 'Stable' if the group's short-term debt levels reduce significantly, or if there is a sustained improvement in its working capital cycle, thereby strengthening its overall credit risk profile.

Shares of the company gained Rs 5.95, or 13.08%, to settle at Rs 51.45. The total volume of shares traded was 1,616,731 at the BSE (Friday).