NCC (500294) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue was INR 4,900 crore, down 9% year-over-year, with net profit at INR 122.46 crore; order inflows for Q3 were INR 12,430 crore, and the consolidated order book reached INR 79,571 crore as of December 31, 2025.

• Standalone Q3 FY26 revenue was INR 4,082 crore, down 12.2% year-over-year, with net profit at INR 82 crore.

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

• The order book is diversified across buildings, transportation, electrical T&D, mining, water, railways, and irrigation.

• Order book grew 43% year-over-year, reflecting robust project inflows and execution pipeline.

Financial highlights

• Consolidated EBITDA margin for Q3 FY26 was 8.96% (INR 436.24 crore), up from 8.25% last year; PAT margin was 2.5% (INR 122.46 crore), down from 3.59%.

• Standalone EBITDA margin for Q3 FY26 was 8.1% (INR 327 crore); PAT margin was 2%.

• Net debt stood at INR 2,830 crore (standalone) and INR 3,949 crore (consolidated) as of Q3 FY26.

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

• Working capital (excluding cash/margin) was INR 6,036 crore (37% of turnover), with 119 working capital days.

Outlook and guidance

• No formal guidance for FY26; management expects Q4 to be strong but refrains from quantifying targets.

• FY27 guidance will be provided after project-level review post year-end.

• Execution momentum is expected to improve as payments from JJM projects resume and mobilized projects ramp up.

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

• The company is monitoring the impact of new labour codes and has made provisions for increased employee benefit expenses.