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, with Q1 FY26 order inflow of ₹3,658 crore and total YTD inflow of ₹6,719 crore, supporting robust project execution and visibility.

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

• Consolidated PAT for Q1 FY26 was ₹192 crore (3.7% of revenue); standalone PAT was ₹190 crore (4.3% of revenue); EPS at ₹3.03.

• Board approved unaudited financial results for Q1 FY26, with unmodified auditor reports and a new Head - Internal Audit appointed.

• Maintained focus on disciplined project management, cost control, ESG initiatives, and workplace safety.

Financial highlights

• Standalone EBITDA margin at 9% (vs 9.33% last year); consolidated EBITDA margin at 8.81%; Q1 FY26 consolidated EBITDA was ₹456 crore.

• Net debt increased to ₹1,497 crore (standalone) and ₹1,574 crore (consolidated); gross debt at ₹1,852 crore.

• Working capital at ₹5,314 crore (30% of turnover), with 102 days outstanding; unbilled revenue at ₹6,442 crore (37% of revenue); retention money at ₹2,008 crore.

• CapEx budgeted at ₹750 crore for FY26, with ₹92 crore spent in Q1.

• Standalone and consolidated equity at ₹7,311.21 crore and ₹7,198.14 crore, respectively.

Outlook and guidance

• FY26 order inflow guidance set at ₹22,000–25,000 crore; Q1 FY26 achieved 17% of this target.

• Management maintains FY26 revenue growth guidance, expecting ramp-up in Q3 and Q4 as new orders mobilize.

• EBITDA margin expected to be sustained at 9%, with potential for slight improvement as revenue grows.

• Focus on healthy bid pipeline, project selectivity, and market alignment for gradual recovery.