India · Delayed Price · Currency is INR NCC Limited Earnings Call Transcripts
Fiscal Year 2026
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Order book hit a record INR 83,004 crore, up 16% YoY, with strong diversification and improved payment cycles. FY 2026 revenue declined 6% YoY, margins softened, and no FY 2027 guidance was issued due to macro uncertainties. CapEx for FY 2027 is planned at INR 500 crore.
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Q3 FY 2026 saw revenue and profitability decline due to execution and payment delays, especially in JJM projects, but strong order inflows and project clearances support a positive medium-term outlook. Debt levels increased, CapEx was ramped up, and management withdrew formal guidance amid ongoing uncertainties.
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Order book reached INR 71,957 crore with healthy inflows, but Q2 revenue and margins declined year-over-year due to execution delays from unprecedented rains and elongated payment cycles, especially in water projects. FY 2026 guidance was withdrawn, with an update expected by March 2026.
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Q1 FY26 saw a 7% year-over-year revenue decline, but a robust ₹70,087 crore order book and strong project pipeline support management's maintained growth and margin guidance. Execution is expected to ramp up from Q3 as new orders mobilize, with stable financial ratios and targeted CapEx.
Fiscal Year 2025
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Order book reached a record INR 71,568 crore, with FY25 order inflow at INR 32,888 crore, exceeding guidance. Revenue grew 5% YoY, EBITDA margin was 9.09%, and FY26 guidance targets 10% revenue growth and INR 22,000–25,000 crore in new orders. Major CapEx and smart meter investments planned.
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Order book remains strong at ₹55,548 crore with a robust pipeline, but FY25 revenue growth guidance is cut to 5% due to execution slowdowns and payment delays from elections. Debt and working capital have risen, but Q4 is expected to see margin improvement and better collections.
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Order book stands at INR 52,370 crores with a robust pipeline and strong H1 execution. Management maintains FY25 guidance for order inflow, revenue growth, and EBITDA margin, despite Q2 challenges from weather and project delays. Debt and working capital metrics improved.
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Q1 FY25 saw 23% standalone and 26% consolidated revenue growth, with EBITDA margin at 9.3% and PAT up 24% YoY. Order book stands at INR 52,626 crore, with strong guidance for FY25 and positive outlook from AP and central allocations. Debt is expected to decline by year-end.