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NCC (500294) investor relations material
NCC Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary7 Nov, 2025
Executive summary
Order book as of September 2025 stands at ₹71,957 crore, up 37% year-over-year, with strong inflows across buildings, water, and irrigation divisions.
Over 47 years of operations with a pan-India presence and a diversified order book across multiple infrastructure sectors.
Revenue and profitability declined year-over-year due to unprecedented rains, elongated payment cycles, and phased project starts impacting execution.
Management has withdrawn FY 2026 guidance, citing external uncertainties, and will revisit by March 2026.
Board approved unaudited standalone and consolidated results for the quarter and half year ended 30th September 2025, with statutory auditor review and unmodified reports issued.
Financial highlights
Q2 FY26 consolidated revenue was ₹4,585 crore, down 12% year-over-year; H1 consolidated revenue was ₹9,793 crore, down 9%.
Q2 FY26 consolidated PAT was ₹154.70 crore (3.38% of revenue); H1 PAT was ₹346.84 crore.
Standalone Q2 EBITDA margin: 7.45%; consolidated EBITDA margin: 8.6%.
Net debt increased to ₹1,890 crore (standalone) and ₹2,643 crore (consolidated); debt-equity ratio at 0.28.
Consolidated EPS for Q2 was ₹2.46 (vs ₹2.60 YoY); H1 EPS ₹5.52 (vs ₹5.94 YoY).
Outlook and guidance
Guidance for FY 2026 withdrawn due to challenging environment and payment delays; update expected by March 2026.
H2 FY26 expected to see normalization of activity and improved cash flows as large sites ramp up.
Sector outlook remains positive, supported by government infrastructure spending and active tendering.
Management remains positive on execution as monsoon recedes and expects improvement in coming quarters.
Strong order inflow and robust order book position the company for continued growth.
How do elongated payment cycles affect execution?
What value of orders awaits execution start?
How will increased CapEx affect debt levels?
Explain H1 operating cash flow deterioration?
What caused the construction segment revenue drop?
Address the significant drop in cash reserves.
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