NCC (500294) Q3 25/26 earnings summary

Executive summary

• Consolidated order book as of December 31, 2025, was INR 79,571 crore, up 43% year-over-year, with INR 12,430 crore fresh inflows in Q3 FY26, reflecting robust project inflows and execution pipeline.

• Q3 FY26 consolidated revenue was INR 4,900 crore, down 9% year-over-year, with EBITDA at INR 436 crore (8.96% margin) and PAT at INR 122 crore (2.5% margin).

• Standalone Q3 FY26 revenue was INR 4,082 crore, down 12.2% year-over-year, with EBITDA at INR 327 crore (8.1% margin) and PAT at INR 82 crore.

• Cumulative 9-month FY26 consolidated revenue was INR 14,693 crore, with order inflows of INR 22,311 crore.

• Revenue and profitability were impacted by execution and payment delays, especially in JJM projects, but strong order inflows and project clearances support a positive medium-term outlook.

Financial highlights

• Consolidated Q3 FY26 revenue was INR 4,900 crore, down 9% year-over-year; standalone revenue was INR 4,082 crore, down 12.2%.

• Consolidated EBITDA margin was 8.96% (INR 436.24 crore), up from 8.25% last year; standalone EBITDA margin was 8.1%.

• PAT for Q3 FY26 was INR 122.46 crore (2.5% margin), down from 3.59% last year; standalone PAT was INR 82 crore (2% margin).

• EPS for Q3 FY26 was INR 1.95 (consolidated) and INR 1.30 (standalone), both down year-over-year.

• Cumulative 9-month FY26 consolidated EBITDA was INR 1,285.67 crore and PAT was INR 469 crore.

Outlook and guidance

• No formal revenue or margin guidance for FY26; management withdrew guidance due to execution and payment uncertainties.

• Management expects Q4 to improve as project mobilizations are complete and payments resume, but no specific targets provided.

• High order book coverage provides significant execution headroom and flexibility in project sequencing.

• Management focus remains on working capital management, cash flows, and execution quality over near-term revenue growth.

• The company continues to monitor the impact of new labour codes and has made provisions for increased employee benefit expenses.