Submission of Transcript of the audio conference call held on May 16, 2026

NCC Limited reported Q4 FY26 standalone revenue of INR 5,382 crores (down 1% YoY) and consolidated revenue of INR 6,251 crores (up 1% YoY). Full year FY26 consolidated revenue was INR 20,944 crores, down 6% YoY. The order book stands at a record INR 83,004 crores, representing 16% growth YoY with a book-to-bill ratio of 4x. EBITDA margins declined to 8.44% standalone (vs 9.21% in Q4 FY25) and 8.83% consolidated. Net debt reduced significantly by INR 729 crores in Q4 to INR 1,667 crores with debt-to-equity at 0.30x. Management refused to provide any FY27 guidance on revenue, margins, or order inflows, citing uncertain global environment and pricing pressures. They plan to revisit after first quarter when more clarity emerges. Capex for FY27 is planned at INR 500 crores. The company continues to bid for projects and has already secured INR 1,700 crores in orders in April FY27.