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.

• Revenue growth guidance for FY25 revised down to 5% due to execution delays from elections, with EBITDA margin guidance at 9.25%.

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

• Second largest listed construction company by revenue, operating across buildings, water, transportation, mining, and real estate.

• Collections and execution expected to improve as government activity normalizes post-elections.

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); nine-month PAT: ₹546.69 crore (standalone), ₹566.06 crore (consolidated).

• 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 in Q3 was ₹8,440 crore; order inflow guidance for FY25 retained at ₹20,000–22,000 crore.

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