NCC (500294) Q1 25/26 earnings summary

Executive summary

• Consolidated order book reached ₹70,087 crore as of June 30, 2025, up 33% year-over-year, supporting robust project execution and visibility.

• Q1 FY26 consolidated revenue was ₹5,208 crore, down 6.3% year-over-year, with PAT at ₹192 crore (3.7% of revenue).

• Order inflow for Q1 FY26 was ₹3,658 crore, achieving 17% of the full-year guidance, reflecting strong client confidence.

• Management maintains FY26 revenue growth and margin guidance, expecting execution to ramp up from Q3 as new projects mobilize.

• Board approved unaudited standalone and consolidated financial results for Q1 FY26, with results reviewed by the Audit Committee and auditors issuing unmodified reports.

Financial highlights

• Standalone Q1 FY26 revenue was ₹4,430 crore, down 7% year-over-year; consolidated revenue at ₹5,208 crore, down 6% year-over-year.

• Standalone EBITDA margin at 9.02% in Q1 FY26; consolidated EBITDA margin at 8.81%.

• Standalone PAT margin at 4.29%; consolidated PAT margin at 3.69%.

• EPS at ₹3.03 in Q1 FY26, compared to ₹3.2 in Q1 FY25.

• Net debt increased to ₹1,497 crore at end of Q1 FY26 from ₹695 crore at FY25 year-end; consolidated net debt at ₹1,574 crore.

Outlook and guidance

• FY26 revenue growth and EBITDA margin guidance maintained; execution expected to pick up from Q3 as new orders mobilize.

• Order inflow guidance for FY26 is ₹22,000–25,000 crore; Q1 FY26 achieved 17% of this target.

• Finance costs expected to remain stable or slightly lower year-over-year.

• Management remains focused on a healthy bid pipeline, project selectivity, and market alignment for gradual recovery.