Investor Presentation March 2026
NCC · price
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NCC Limited reported FY26 standalone revenue of Rs 17,463 crore (down 9% Y-o-Y) and consolidated revenue of Rs 20,823 crore (down 6%), impacted by funding-cycle stress in water and state-funded segments. Consolidated EBITDA was Rs 1,836 crore (8.82% margin), with PAT of Rs 724 crore (3.46% of revenue). Standalone PAT was Rs 577 crore. The order book grew 16% Y-o-Y to Rs 83,004 crore (4x book-to-bill ratio), providing multi-year execution visibility. Gross debt rose to Rs 2,251 crore (standalone) and Rs 3,457 crore (consolidated) due to peak working-capital needs in Q1-Q3 FY26, particularly in the Jal Jeevan Mission water vertical. Cash conversion remained strong, with operating cash flow of Rs 886 crore (standalone). Management noted margin compression reflects operating deleverage and elevated finance costs, both expected to reverse as payment cycles normalize and revenue scales.
Revenue declined this year due to sector-wide funding stress, but the large order book provides multi-year visibility. Margin pressure is temporary, tied to working-capital build-up in the water segment. Net debt rose but remains within prudent thresholds.