India · Delayed Price · Currency is INR NCC Limited Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY 2026 saw revenue and profit decline due to execution headwinds and payment delays, especially in JJM projects, but order inflows and a diversified order book support medium-term recovery. Debt and working capital increased, while management expects improved execution as payments resume.
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Order book remains robust at INR 71,957 crore, but Q2 revenue and margins declined year-over-year due to heavy rains and payment delays, especially in water projects. FY 2026 guidance has been withdrawn, with management expecting clarity by March 2026.
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Order book remains robust at INR 70,087 crore, with Q1 FY26 revenue down 7% year-over-year and EBITDA margin at 9%. Management maintains FY26 growth and margin guidance, expecting execution to ramp up in H2 as new orders mobilize.
Fiscal Year 2025
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Order book reached a record INR 71,568 crore, with FY25 order inflow up 50% over guidance. Revenue grew 5% and EBITDA margin was 9.1%. FY26 guidance: 10% revenue growth, INR 22,000–25,000 crore order inflow, and INR 750 crore CapEx, with execution pace dependent on client payments and project mobilization.
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Order book remains robust at ₹55,548 crore with a strong pipeline, but FY25 revenue growth guidance is cut to 5% due to election-related execution delays. Debt and working capital have risen, but collections and margins are expected to improve in Q4 as government activity normalizes.
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Order book stands at INR 52,370 crores with a robust project pipeline and strong H1 execution. Management maintains FY25 guidance for order inflow, revenue growth, and EBITDA margin, expecting debt reduction by year-end. Key segments and projects are progressing, with some delays due to weather and elections.
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Q1 FY25 saw 23% YoY standalone revenue growth and 9.3% EBITDA margin, with strong order pipeline and guidance of INR 20,000-22,000 crore inflow for FY25. Receivables and debt rose due to election-related delays, but management expects improvement as payments materialize.