NCC (500294) Q2 26/27 earnings summary

Executive summary

• Q2 consolidated turnover was INR 6,041.68 crore, up 32% YoY, with attributable net profit of INR 184.29 crore; a record second-quarter revenue.

• H1 consolidated turnover rose 21% to INR 11,884.16 crore; attributable net profit was INR 400.69 crore.

• Consolidated order book stood at INR 80,167 crore at September 30, up 11% YoY and equivalent to 3.5x trailing 12-month revenue.

Financial highlights

• Q2 consolidated EBITDA was INR 528.46 crore versus INR 393.31 crore YoY; attributable PAT was INR 184.29 crore.

• H1 consolidated EBITDA was INR 1,073.58 crore versus INR 849.43 crore; attributable PAT was INR 400.69 crore.

• Standalone Q2 turnover was INR 4,956.71 crore, up 31% YoY; net profit was INR 163.17 crore versus INR 101.88 crore.

• Standalone H1 turnover was INR 9,909.16 crore and net profit INR 350.48 crore, versus INR 8,204.82 crore and INR 291.87 crore YoY.

• Consolidated Q2 EBITDA margin was 8.79%, up 13 bps YoY; H1 margin was 9.08%, versus 8.74%.

Outlook and guidance

• FY2027 guidance retained: order inflows of INR 22,000–25,000 crore, revenue growth of 8%–10%, and EBITDA margin of 8.5%–9%.

• H1 order inflow was INR 8,727 crore; YTD inflows including INR 2,381 crore received in October were INR 11,108 crore. Order inflows are typically weighted to H2.

• FY2027 capex guidance remains INR 500 crore; INR 253 crore was spent in H1, with the balance expected in H2.

• Management priorities include execution on ready fronts, collections, working capital and smart-meter installation progress; UP Jal Jeevan Mission backlog is expected to be substantially completed by March 2027.