NCC (500294) Q4 24/25 earnings summary

Executive summary

• Achieved record annual order inflow of INR 32,888 crore in FY25, surpassing guidance, with the order book at an all-time high of INR 71,568 crore as of March 2025, ensuring robust revenue visibility.

• Consolidated revenue for FY25 was INR 22,355 crore, up 6.6% year-over-year, with standalone revenue at INR 19,392 crore, 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.

• Dividend of INR 2.20 per share (110%) was recommended for FY25, totaling INR 139 crore, subject to shareholder approval.

• Entered FY26 with a strong bid pipeline, robust order backlog, and focus on margin improvement and sustainable growth.

Financial highlights

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

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

• PAT margin for Q4: 3.9% (vs. 3.41% YoY); consolidated PAT margin: 4.28% (vs. 3.66% YoY).

• 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.

Outlook and guidance

• FY26 guidance: 10% revenue growth, EBITDA margin expected between 9–9.25%, and order inflow of INR 22,000–25,000 crore, including INR 7,000–8,000 crore of L1 orders.

• CapEx planned at INR 750 crore for FY26, including INR 300 crore for TBM for Mumbai tunneling project and INR 130 crore for smart meter projects.