NCC (500294) Q4 24/25 earnings summary

Executive summary

• Achieved record annual order inflow of INR 32,888 crore in FY25, surpassing guidance, with strong wins in buildings, T&D, and irrigation.

• Consolidated order book reached an all-time high of INR 71,568 crore as of March 31, 2025, ensuring robust revenue visibility.

• Consolidated revenue for FY25 was INR 22,355 crore, up 6.6% year-over-year, reflecting strong execution across business verticals.

• Consolidated PAT rose to INR 820 crore from INR 711 crore in FY24, driven by operational excellence and margin discipline.

• Board recommended a dividend of INR 2.20 per share (110%) for FY25, subject to shareholder approval.

Financial highlights

• Standalone revenue for FY25 was INR 19,392 crore, up 5.2% year-over-year; consolidated revenue at INR 22,355 crore.

• Standalone EBITDA for FY25 was INR 1,746 crore (9.1% margin); consolidated EBITDA was INR 1,918 crore.

• EPS for FY25: INR 13.06 (consolidated), INR 12.12 (standalone), both up year-over-year.

• Net debt reduced to INR 605 crore (consolidated) and INR 710 crore (standalone), reflecting improved leverage.

• Dividend declared at 110% (INR 2.20/share), total outflow INR 139 crore.

Outlook and guidance

• FY26 order inflow guidance: INR 22,000–25,000 crore, including INR 7,000–8,000 crore of L1 orders.

• Revenue growth expected at 10% for FY26, with EBITDA margin between 9–9.25%.

• CapEx planned at INR 750 crore for FY26, mainly for TBM purchase for Mumbai tunneling project.