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NCC Q2 FY27 results: net profit up 61.6% to ₹163.17 crore, revenue up 32.0%
NCC Limited reported standalone Q2 FY27 revenue of ₹4,917 crore, up 32.0% from Q2 FY26, while EBITDA rose 50.3% to ₹417.05 crore and net profit increased 61.6% to ₹163.17 crore. Compared with Q1 FY27, revenue was nearly unchanged, but EBITDA and net profit declined.
Key points
- Standalone Q2 FY27 revenue was ₹4,917 crore, up 32.0% from ₹3,726 crore in Q2 FY26.
- EBITDA was ₹417.05 crore, up 50.3% year on year, while EBITDA margin increased 1.1 percentage points to 8.5%.
- Net profit rose 61.6% to ₹163.17 crore from ₹100.96 crore, and basic EPS increased to ₹2.60 from ₹1.61.
- Against Q1 FY27, revenue rose 0.1%, but net profit fell 12.9% and basic EPS declined 12.8%.
- For H1 FY27, revenue rose 21.3% to ₹9,828.58 crore and net profit increased 20.4% to ₹350.48 crore.
How did NCC perform in Q2 FY27?
NCC reported standalone revenue of ₹4,917 crore for Q2 FY27, up 32.0% from ₹3,726 crore in Q2 FY26. EBITDA rose 50.3% to ₹417.05 crore, while the EBITDA margin increased 1.1 percentage points to 8.5%. Profit before tax was ₹218.19 crore, up 86.5%, and net profit rose 61.6% to ₹163.17 crore.
Against Q1 FY27, revenue increased 0.1% from ₹4,912 crore, but EBITDA fell 5.7% to ₹417.05 crore and the margin declined 0.5 percentage points to 8.5%. Net profit was ₹163.17 crore, down 12.9% from ₹187.31 crore, while basic EPS fell 12.8% to ₹2.60. The company also filed consolidated results alongside the standalone figures.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,917 | 4,912 | 3,726 | +32.0% | +0.1% |
| Other income | 39.63 | 40.95 | 47.52 | −16.6% | −3.2% |
| Total expenses | 4,739 | 4,699 | 3,657 | +29.6% | +0.8% |
| EBITDA | 417.05 | 442.45 | 277.51 | +50.3% | −5.7% |
| EBITDA margin | 8.5% | 9.0% | 7.4% | +1.1 pp | −0.5 pp |
| Profit before tax | 218.19 | 253.51 | 117.02 | +86.5% | −13.9% |
| Tax | 55.02 | 66.20 | 16.06 | +242.6% | −16.9% |
| Net profit | 163.17 | 187.31 | 100.96 | +61.6% | −12.9% |
| EPS (₹) | 2.60 | 2.98 | 1.61 | +61.5% | −12.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in NCC's costs and profit?
Total expenses increased 29.6% year on year to ₹4,739 crore, slower than the 32.0% rise in revenue. Other expenses increased by ₹831.81 crore, cost of materials by ₹175.54 crore, employee cost by ₹43.75 crore, depreciation by ₹17.27 crore and finance costs by ₹13.21 crore. Other income declined by ₹7.89 crore to ₹39.63 crore, and there was no exceptional item.
Tax expense rose by ₹38.96 crore to ₹55.02 crore from ₹16.06 crore in Q2 FY26. Despite the higher tax and lower other income, profit before tax increased by ₹101.17 crore to ₹218.19 crore and net profit rose by ₹62.21 crore to ₹163.17 crore. The filings did not state reasons for the year-on-year movements in individual cost lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,780 | 1,605 | +175.54 | +10.9% |
| Employee cost | 244.80 | 201.05 | +43.75 | +21.8% |
| Finance costs | 165.74 | 152.53 | +13.21 | +8.7% |
| Depreciation | 72.75 | 55.48 | +17.27 | +31.1% |
| Other expenses | 2,475 | 1,643 | +831.81 | +50.6% |
| Total expenses | 4,739 | 3,657 | +1,082 | +29.6% |
| Other income | 39.63 | 47.52 | −7.89 | −16.6% |
| Tax | 55.02 | 16.06 | +38.96 | +242.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
NCC reported standalone H1 FY27 revenue of ₹9,828.58 crore, up 21.3% from ₹8,104.65 crore in H1 FY26. Total income increased 20.8% to ₹9,909.16 crore, profit before tax rose 31.8% to ₹471.70 crore and net profit increased 20.4% to ₹350.48 crore.
Basic EPS for H1 FY27 was ₹5.58, up 20.3% from ₹4.64 in H1 FY26. The half-year results were presented on a standalone basis, while the company also filed consolidated results for the quarter and half year ended 30 September 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 9,829 | 8,105 | +21.3% |
| Profit before tax | 471.70 | 357.82 | +31.8% |
| Net profit | 350.48 | 291.06 | +20.4% |
| EPS (₹) | 5.58 | 4.64 | +20.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹23,111.98 crore on 30 September 2026 from ₹22,877.52 crore on 31 March 2026. Total equity rose to ₹7,785.57 crore from ₹7,574.42 crore, and borrowings increased to ₹2,470.87 crore from ₹2,251.33 crore. Cash and cash equivalents declined to ₹177.96 crore from ₹584.68 crore.
Inventories fell to ₹1,741.68 crore from ₹1,786.66 crore and trade receivables declined to ₹2,500.20 crore from ₹3,143.82 crore. Trade payables increased to ₹7,205.97 crore from ₹6,979.34 crore. For H1 FY27, operating cash flow was ₹137.80 crore, compared with a net cash outflow of ₹379.97 crore in H1 FY26, while capital expenditure was ₹260.25 crore versus ₹167.89 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 23,112 | 22,878 |
| Total equity | 7,786 | 7,574 |
| Borrowings | 2,471 | 2,251 |
| Cash and equivalents | 177.96 | 584.68 |
| Inventories | 1,742 | 1,787 |
| Trade receivables | 2,500 | 3,144 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 137.80 | −379.97 |
| Cash from investing | −283.74 | −410.99 |
| Cash from financing | −260.78 | 173.59 |
| Capital expenditure | 260.25 | 167.89 |
Source: Company's results filing (XBRL).
How has NCC done over the last 8 quarters?
Revenue rose year on year in each of the last 2 quarters. Across the eight-quarter series, revenue was highest at ₹5,376.06 crore in Q4 FY25 and lowest at ₹3,726.44 crore in Q2 FY26; Q2 FY27 revenue was ₹4,917.08 crore, slightly above Q1 FY27’s ₹4,911.50 crore.
Net profit was highest at ₹214.40 crore in Q4 FY25 and lowest at ₹82.01 crore in Q3 FY26. In Q2 FY27, net profit was ₹163.17 crore, lower than Q1 FY27’s ₹187.31 crore. The EBITDA margin peaked at 9.2% in Q4 FY25, bottomed at 7.4% in Q2 FY26 and eased to 8.5% in Q2 FY27 from 9.0% in Q1 FY27.
What else did the company announce?
NCC’s board approved a proposal to alter the Objects Clause of its Memorandum of Association to include Technology Services, digital infrastructure and allied sectors. The proposal and a revised Memorandum of Association require shareholder approval through a Special Resolution by postal ballot.
The board approved the reappointment of A A V Ranga Raju as Managing Director, A G K Raju as Executive Director and J V Ranga Raju as Whole-time Director, each for five years from 1 April 2027 to 31 March 2032. The filings stated that the appointments would have no change in existing remuneration and, where applicable, required shareholder approval through postal ballot. The board also approved the postal ballot notice.
How did other Civil Construction companies do?
Among 32 Civil Construction companies that had filed for the quarter, the median peer revenue growth was 8.9%. Of the other companies, 23 grew more slowly than NCC and 9 grew faster than NCC. Profit increased at 24 of the 32 companies compared with their profit for the corresponding quarter, and the peer profit comparison covered 32 companies.
| NCC revenue growth (YoY) | +32.0% |
|---|---|
| Median of 32 other Civil Construction companies | +8.9% |
| Companies with slower revenue growth than NCC | 23 of 32 |
| Companies with faster revenue growth than NCC | 9 of 32 |
| Companies whose net profit rose | 24 of 32 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was NCC's revenue in Q2 FY27?
Revenue from operations was ₹4,917 crore, up 32.0% from ₹3,726 crore in Q2 FY26 (standalone).
Did NCC make a profit in Q2 FY27?
Yes. Net profit was ₹163.17 crore, against a net profit of ₹100.96 crore in Q2 FY26.
What was NCC's EPS in Q2 FY27?
Basic earnings per share were ₹2.60, against ₹1.61 in Q2 FY26.
When did NCC announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of The Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026 (BSE, 22 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On 05-11-2026 (BSE, 5 November 2026) · PDF
- Submission Of Un-Audited Financial Result (Standalone & Consolidated) For The Quarter And Half Year Ended 30-09-2026 (BSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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