Engineering - Construction · Founded 1997 · www.ccclindia.com · BSE 532902 · NSE CONSOL CONST · ISIN INE429I01024
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Business
Historically, Consolidated Construction Consortium Ltd. (CCCL) operated as an Engineering, Procurement, and Construction (EPC) contractor in India. The company undertook a wide range of construction projects across various sectors, including residential buildings, commercial complexes, industrial structures, infrastructure projects (roads, bridges, airports), and power plants. Its business model revolved around securing contracts, executing projects with in-house capabilities and subcontractors, and generating revenue through project milestones and completion. However, the company is currently under a Corporate Insolvency Resolution Process (CIRP) as directed by the NCLT, indicating significant financial distress and a cessation of normal operations.
Revenue Mix
Historically, CCCL diversified its operations across several key segments:
Industrial Structures: Factories, manufacturing facilities, power plants.
Residential Buildings: High-rise apartments, housing projects.
Commercial Buildings: Office spaces, retail malls, hotels.
Infrastructure: Roads, bridges, airports, metro rail projects, water management.
Specific revenue contributions by segment are not consistently available publicly for its active operational period. Given its current CIRP status, the company's revenue generation from these segments is minimal or non-existent.
Industry
The Indian Engineering & Construction sector is highly fragmented, with numerous local, regional, and national players. It is characterized by intense competition, cyclical demand, and reliance on government spending (especially for infrastructure). Historically, CCCL positioned itself as a mid-to-large tier player, known for its diverse project portfolio and execution capabilities across various sectors. However, its current status under CIRP means it is no longer an active or competitive participant in the industry, with its market share and positioning effectively diminished due to its financial distress.
MOAT
Historically, CCCL's competitive advantages stemmed from:
Execution Track Record: A portfolio of completed projects across diverse sectors, demonstrating capabilities in handling complex construction.
Diversification: Its ability to undertake projects in multiple segments (industrial, residential, commercial, infrastructure) provided some resilience against slowdowns in any single segment.
Client Relationships: Long-standing relationships with various public and private sector clients.
These advantages, however, have been severely undermined by the company's financial difficulties and subsequent insolvency proceedings, which have led to a loss of market trust, operational capabilities, and the inability to bid for or execute new projects.
Growth Drivers
Given that CCCL is currently undergoing a Corporate Insolvency Resolution Process, traditional growth drivers are not applicable in its current state. Its future "growth" is entirely dependent on the successful resolution of its insolvency, which could involve:
Successful Resolution Plan: Approval of a resolution plan by the NCLT and creditors, leading to a potential restructuring and restart of operations under new ownership or management.
Revival of Projects: If a resolution plan allows, the ability to complete stalled projects or bid for new ones under a revamped entity.
Macroeconomic factors like India's continued infrastructure push and urbanization would only become potential drivers if the company successfully emerges from insolvency and regains operational capacity and financial stability.
Risks
The primary risks for CCCL are:
Insolvency & Liquidation: The most significant risk is the failure of the CIRP to find a viable resolution plan, leading to the company's eventual liquidation.
Asset Value Erosion: During insolvency, the value of assets can erode due to disuse, maintenance costs, and market conditions, impacting creditor recovery and potential for revival.
Loss of Operational Capability: Prolonged non-operation can lead to the loss of skilled personnel, equipment, and market relationships, making a potential restart very challenging.
Regulatory & Legal Risks: Complexities and delays in the insolvency process, including legal challenges from creditors or other stakeholders.
Management & Ownership
Historically, CCCL was promoted by its founders and managed by a board of directors. However, with the initiation of the Corporate Insolvency Resolution Process (CIRP), the powers of the Board of Directors and promoters are suspended. A Resolution Professional (RP), appointed by the NCLT, is now responsible for managing the company's affairs, assessing its assets and liabilities, and overseeing the resolution process. Ownership structure remains subject to the outcome of the CIRP, where existing equity could be significantly diluted or extinguished depending on the approved resolution plan.
Outlook
The outlook for Consolidated Construction Consortium Ltd. is highly uncertain and predominantly negative in its current state. The company's future hinges entirely on the successful outcome of its Corporate Insolvency Resolution Process.
Bear Case: The most likely bear case is the failure to find a viable resolution plan, leading to the company's liquidation. This would mean the complete cessation of business operations and potential loss for existing shareholders and certain creditors.
Bull Case (Conditional): A conditional bull case would involve the approval of a comprehensive resolution plan by the NCLT and creditors. This could lead to a significant financial restructuring, potential change in ownership, and a possible, albeit challenging, revival of operations under new management. However, even in this scenario, the company would face an uphill battle to rebuild its reputation, client relationships, and operational capabilities in a highly competitive market. A return to its former position or significant growth would require substantial capital infusion and strategic execution.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 30 | 28 | 57 | 52 | 45 | 51 | 66 | 74 | 103 | 120 |
| Other Income | 1 | 6 | 3 | 39 | 11 | 7 | 8 | 6 | 9 | 3 |
| Total Income | 31 | 34 | 60 | 91 | 56 | 58 | 74 | 80 | 112 | 124 |
| Total Expenditure | 78 | 32 | 70 | 81 | 53 | 73 | 70 | 73 | 111 | 130 |
| Operating Profit | -47 | 2 | -10 | 10 | 3 | -15 | 4 | 7 | 1 | -7 |
| Interest | -43 | 3 | 3 | 4 | 4 | 1 | 2 | 2 | 1 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 1316 | 0 | 61 | 0 | 58 | 79 | -2 | 0 | -3 | 3 |
| Profit Before Tax | 1311 | -3 | 46 | 6 | 55 | 62 | -0 | 4 | -4 | -6 |
| Provision for Tax | -24 | 0 | 0 | 17 | -1 | 0 | 0 | 0 | -0 | -1 |
| Profit After Tax | 1334 | -3 | 46 | -12 | 56 | 62 | -0 | 4 | -3 | -5 |
| Adjustments | 1 | -0 | 0 | 0 | 0 | 15 | 0 | 0 | 1 | 0 |
| Profit After Adjustments | 1336 | -3 | 46 | -12 | 56 | 78 | -0 | 4 | -2 | -5 |
| Adjusted Earnings Per Share | 33.5 | -0.1 | 1.2 | -0.3 | 1.3 | 1.7 | -0 | 0.1 | -0 | -0.1 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 403 | 586 | 481 | 465 | 344 | 204 | 131 | 139 | 131 | 182 | 295 | 363 |
| Other Income | 17 | 19 | 51 | 46 | 37 | 27 | 32 | 4 | 132 | 73 | 34 | 26 |
| Total Income | 420 | 605 | 532 | 511 | 380 | 231 | 162 | 143 | 263 | 255 | 328 | 390 |
| Total Expenditure | 447 | 596 | 482 | 462 | 404 | 249 | 218 | 172 | 908 | 249 | 332 | 384 |
| Operating Profit | -27 | 9 | 50 | 49 | -24 | -18 | -55 | -28 | -645 | 5 | -3 | 5 |
| Interest | 141 | 147 | 132 | 116 | 110 | 83 | 78 | 79 | 17 | 15 | 6 | 7 |
| Depreciation | 17 | 17 | 8 | 6 | 7 | 9 | 7 | 6 | 5 | 5 | 2 | 4 |
| Exceptional Income / Expenses | -2 | 0 | 6 | 0 | -16 | 9 | 0 | 0 | 1316 | 119 | 74 | -2 |
| Profit Before Tax | -188 | -155 | -84 | -73 | -157 | -104 | -142 | -114 | 649 | 104 | 63 | -6 |
| Provision for Tax | -0 | -0 | 2 | -1 | -1 | -1 | -1 | -1 | -24 | 17 | -0 | -1 |
| Profit After Tax | -188 | -155 | -85 | -72 | -156 | -103 | -141 | -113 | 673 | 88 | 64 | -4 |
| Adjustments | 0 | -4 | -1 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 15 | 1 |
| Profit After Adjustments | -188 | -159 | -87 | -72 | -157 | -103 | -141 | -113 | 673 | 88 | 79 | -3 |
| Adjusted Earnings Per Share | -4.7 | -4 | -2.2 | -1.8 | -3.9 | -2.6 | -3.5 | -2.8 | 16.9 | 2 | 1.8 | 0 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 62% | 29% | 8% | -3% |
| Operating Profit CAGR | -160% | 0% | 0% | 0% |
| PAT CAGR | -27% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -47% | 114% | 97% | 14% |
| ROE Average | 27% | 35% | 21% | -42% |
| ROCE Average | 29% | 74% | 42% | 19% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 60 | 21 | -60 | -134 | -291 | -394 | -534 | -646 | 28 | 200 | 279 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 594 | 504 | 483 | 489 | 35 | 35 | 35 | 35 | 37 | 0 | 0 |
| Other Non-Current Liabilities | -80 | 60 | 155 | 132 | 53 | 65 | 52 | 50 | 25 | 29 | 14 |
| Total Current Liabilities | 1005 | 1117 | 985 | 1002 | 1592 | 1631 | 1674 | 1736 | 452 | 193 | 202 |
| Total Liabilities | 1579 | 1702 | 1563 | 1489 | 1390 | 1337 | 1228 | 1176 | 542 | 422 | 495 |
| Fixed Assets | 169 | 435 | 263 | 257 | 401 | 392 | 385 | 379 | 208 | 203 | 73 |
| Other Non-Current Assets | 24 | 563 | 483 | 631 | 621 | 653 | 615 | 625 | 113 | 23 | 95 |
| Total Current Assets | 1386 | 704 | 817 | 601 | 367 | 292 | 228 | 172 | 221 | 196 | 328 |
| Total Assets | 1579 | 1702 | 1563 | 1489 | 1390 | 1337 | 1228 | 1176 | 542 | 422 | 495 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 92 | 3 | 4 | 9 | 5 | 1 | 3 | 7 | 6 | 9 | 71 |
| Cash Flow from Operating Activities | -126 | 57 | 49 | 42 | 16 | 8 | 8 | -0 | 51 | 156 | -98 |
| Cash Flow from Investing Activities | 5 | -10 | 5 | 15 | -2 | 1 | 2 | -0 | 126 | -13 | 41 |
| Cash Flow from Financing Activities | 49 | -47 | -48 | -62 | -19 | -7 | -5 | -1 | -174 | -80 | 0 |
| Net Cash Inflow / Outflow | -71 | 1 | 5 | -4 | -4 | 2 | 4 | -2 | 3 | 63 | -57 |
| Closing Cash & Cash Equivalent | 21 | 4 | 9 | 5 | 1 | 3 | 7 | 6 | 9 | 71 | 15 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -4.71 | -3.99 | -2.18 | -1.81 | -3.94 | -2.58 | -3.53 | -2.82 | 16.88 | 1.96 | 1.77 |
| CEPS(Rs) | -4.27 | -3.47 | -1.95 | -1.64 | -3.76 | -2.36 | -3.35 | -2.66 | 17.01 | 2.07 | 1.47 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 1.51 | 0.53 | -1.51 | -3.36 | -7.3 | -9.89 | -13.39 | -16.2 | 0.69 | 4.47 | 6.24 |
| Core EBITDA Margin(%) | -10.5 | -1.75 | -0.24 | 0.75 | -17.57 | -22.11 | -66.66 | -23.11 | -594.02 | -37.09 | -12.59 |
| EBIT Margin(%) | -11.12 | -1.43 | 10.05 | 9.24 | -13.56 | -10.28 | -48.84 | -24.82 | 509.28 | 65.38 | 23.56 |
| Pre Tax Margin(%) | -45.07 | -26.51 | -17.44 | -15.59 | -45.69 | -50.95 | -108.76 | -81.55 | 495.93 | 57.37 | 21.51 |
| PAT Margin (%) | -45.07 | -26.5 | -17.77 | -15.45 | -45.5 | -50.47 | -107.83 | -80.8 | 514.11 | 48.16 | 21.56 |
| Cash Profit Margin (%) | -40.88 | -23.6 | -16.19 | -14.08 | -43.59 | -46.22 | -102.12 | -76.18 | 518.28 | 50.82 | 22.31 |
| ROA(%) | -11.02 | -9.47 | -5.23 | -4.71 | -10.87 | -7.54 | -10.98 | -9.36 | 78.28 | 18.17 | 13.85 |
| ROE(%) | -186.2 | -383.51 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77.1 | 26.56 |
| ROCE(%) | -3.35 | -0.63 | 4.01 | 4.17 | -4.5 | -2.02 | -6.61 | -3.86 | 128.3 | 64.59 | 28.98 |
| Receivable days | 186.45 | 193.01 | 255.17 | 182.54 | 177.78 | 232.42 | 295.9 | 191.28 | 107.07 | 66.08 | 83.85 |
| Inventory Days | 553.46 | 228.9 | 114.39 | 105.2 | 126.81 | 187.76 | 258.81 | 224.74 | 198.31 | 94.92 | 62.74 |
| Payable days | 737.87 | 300.44 | 329.05 | 342.91 | 461.95 | 664.27 | 1622.85 | 989.1 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.28 | 7.3 |
| Price/Book(x) | 2.9 | 7.24 | -2.58 | -0.56 | -0.07 | -0.05 | -0.17 | -0.08 | 0 | 3.19 | 2.07 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 3.49 | 2.5 | 2.58 | 2.6 | 3.98 | 6.95 | 11.78 | 11.22 | 1.58 | 3 | 1.6 |
| EV/Core EBITDA(x) | -51.72 | 170.8 | 24.81 | 24.51 | -57.29 | -77.75 | -27.73 | -55.44 | -0.32 | 107.83 | -137.32 |
| Net Sales Growth(%) | -39.8 | 45.43 | -18 | -3.22 | -26.07 | -40.78 | -35.88 | 6.66 | -6.1 | 39.11 | 61.94 |
| EBIT Growth(%) | 9.88 | 81.9 | 676.19 | -11.04 | -208.56 | 55.11 | -204.62 | 45.8 | 2026.78 | -82.14 | -41.65 |
| PAT Growth(%) | -2.41 | 17.25 | 45 | 15.89 | -117.77 | 34.3 | -36.99 | 20.08 | 697.51 | -86.97 | -27.5 |
| EPS Growth(%) | 52.52 | 15.24 | 45.45 | 16.76 | -117.31 | 34.5 | -37 | 20.08 | 697.5 | -88.38 | -9.83 |
| Debt/Equity(x) | 20.91 | 63.72 | -18.47 | -8.54 | -4.66 | -3.56 | -2.73 | -2.35 | 5.1 | 0 | 0 |
| Current Ratio(x) | 1.38 | 0.63 | 0.83 | 0.6 | 0.23 | 0.18 | 0.14 | 0.1 | 0.49 | 1.01 | 1.62 |
| Quick Ratio(x) | 0.81 | 0.49 | 0.69 | 0.47 | 0.16 | 0.12 | 0.08 | 0.05 | 0.36 | 0.83 | 1.3 |
| Interest Cover(x) | -0.33 | -0.06 | 0.37 | 0.37 | -0.42 | -0.25 | -0.82 | -0.44 | 38.16 | 8.16 | 11.51 |
| Total Debt/Mcap(x) | 7.2 | 8.8 | 7.15 | 15.34 | 68.05 | 70.35 | 16.09 | 28.39 | 0 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 15.16 | 62.39 | 62.39 | 64.16 | 60.05 | 60.05 | 60.05 | 60.05 | 60.05 | 60.05 |
| FII | 0 | 0 | 0 | 0.01 | 0.02 | 0 | 0.02 | 0 | 0.04 | 0 |
| DII | 57.14 | 10.01 | 10.01 | 9.54 | 8.93 | 8.93 | 8.93 | 8.93 | 8.93 | 8.97 |
| Public | 27.7 | 27.6 | 27.6 | 26.29 | 30.99 | 31.01 | 30.99 | 31.01 | 30.98 | 30.98 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.04 | 24.86 | 24.86 | 26.83 | 26.83 | 26.83 | 26.83 | 26.83 | 26.83 | 26.83 |
| FII | 0 | 0 | 0 | 0.01 | 0.01 | 0 | 0.01 | 0 | 0.02 | 0 |
| DII | 22.77 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 4.01 |
| Public | 11.04 | 11 | 11 | 10.99 | 13.85 | 13.86 | 13.85 | 13.86 | 13.84 | 13.84 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 39.85 | 39.85 | 39.85 | 41.82 | 44.68 | 44.68 | 44.68 | 44.68 | 44.68 | 44.68 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +62% | +29% | +8% | -3% |
| Operating Profit CAGR | -160% | — | — | — |
| PAT CAGR | -27% | — | — | — |
| Share Price CAGR | -47% | +114% | +97% | +14% |
| ROE Average | +27% | +35% | +21% | -42% |
| ROCE Average | +29% | +74% | +42% | +19% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 15.16 | 62.39 | 62.39 | 64.16 | 60.05 | 60.05 | 60.05 | 60.05 | 60.05 | 60.05 |
| FII | 0 | 0 | 0 | 0.01 | 0.02 | 0 | 0.02 | 0 | 0.04 | 0 |
| DII | 57.14 | 10.01 | 10.01 | 9.54 | 8.93 | 8.93 | 8.93 | 8.93 | 8.93 | 8.97 |
| Public | 27.7 | 27.6 | 27.6 | 26.29 | 30.99 | 31.01 | 30.99 | 31.01 | 30.98 | 30.98 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.04 | 24.86 | 24.86 | 26.83 | 26.83 | 26.83 | 26.83 | 26.83 | 26.83 | 26.83 |
| FII | 0 | 0 | 0 | 0.01 | 0.01 | 0 | 0.01 | 0 | 0.02 | 0 |
| DII | 22.77 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 4.01 |
| Public | 11.04 | 11 | 11 | 10.99 | 13.85 | 13.86 | 13.85 | 13.86 | 13.84 | 13.84 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 39.85 | 39.85 | 39.85 | 41.82 | 44.68 | 44.68 | 44.68 | 44.68 | 44.68 | 44.68 |
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