NCC (500294) Q3 24/25 earnings summary

Executive summary

• Order book at end of December 2024 stands at ₹55,548 crore, with a healthy project pipeline and L1 position in ₹9,000–10,000 crore of projects.

• Second largest listed construction company by revenue, with a diversified business model and pan-India presence.

• Revenue growth guidance for FY25 revised down to 5% due to execution delays from elections.

• Group structure includes construction, coal mining, and real estate, with 86% of revenue from construction.

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended 31 December 2024.

Financial highlights

• Standalone Q3 FY25 revenue: ₹4,720 crore (vs ₹4,773 crore YoY); consolidated Q3 revenue: ₹5,383 crore (vs ₹5,288 crore YoY); Q3 PAT: ₹185 crore standalone, ₹193 crore consolidated.

• Nine-month standalone revenue: ₹13,947 crore (vs ₹12,951 crore YoY); consolidated: ₹16,166 crore (vs ₹14,441 crore YoY).

• Standalone Q3 EBITDA margin: 8.77%; consolidated Q3 EBITDA margin: 8.25%; PAT margin: 3.59% consolidated.

• Net debt at Q3: ₹2,344 crore standalone, ₹2,284 crore consolidated; debt increased by ₹680 crore QoQ.

• EPS at Q3: ₹2.95 standalone, ₹3.08 consolidated.

Outlook and guidance

• FY25 revenue growth guidance revised to 5%, with Q4 expected to see flat or slight YoY degrowth.

• EBITDA margin for FY25 guided at 9.25%, with Q4 margin expected around 9.5%.

• Order inflow guidance for FY25 retained at ₹20,000–22,000 crore, supported by strong L1 pipeline.

• Achieved rated capacity of 15 MTPA at Pachhwara coal mine; project value increased to ₹50,000 crore.

• No formal FY26 guidance yet; management to provide after annual results.