NCC Limited (NCC)
₹125.66 +1.52% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, NCC's revenue was ₹5,812 Cr (+12.2% year on year, -6.8% on the previous quarter), and net profit ₹229 Cr (+11.9% year on year); the operating margin was 9.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹5,812 | +12.2% | -6.8% |
| Operating profit | ₹545 | +19.5% | -1.0% |
| Net profit | ₹229 | +11.9% | +5.6% |
| EPS (₹) | 3.45 | +12.7% | +5.2% |
| Operating margin | 9.4% | — | — |
NCC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 41.31% of the NCC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.64%. That is close to its usual level. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 37.0% · 40.4% · 37.9% · 38.5% · 41.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
NCC Limited has announced the passing of its Founder, Chairman Emeritus, and Promoter, Padma Shri Dr. A V S Raju, on October 13, 2026. Pursuant to Regulation 31A(6)(c) of the SEBI LODR Regulations, 2015, Dr. Raju ceases to be classified as a Promoter of the company. As of September 2026, total promoter holding stood at 23.19% in the Rs 8,235 Cr market cap infrastructure firm. The day-to-day operations and operational management had already transitioned to executive leadership.
- Demise of Founder and Chairman Emeritus Dr. A V S Raju occurred on 13th October 2026
- Cessation of promoter classification pursuant to Regulation 31A(6)(c) of SEBI LODR Regulations
- Company currently operates with a promoter holding of 23.19% as of September 2026
- Filing issued by NCC Limited on 13th October 2026 under reference NCCL/Reg 30/2026-27
NCC Limited has secured a domestic contract worth ₹1,286.03 crore (excluding GST) from Hyderabad Growth Corridor Limited on October 8, 2026. The contract entails the construction of Radial Road-2 from ORR near Budwel to Nacharam on NH-167N (Package-1) in Telangana. The project has an execution timeline of 18 months. The order represents approximately 6.2% of NCC's TTM revenue of ₹20,639 crore, bolstering its robust order book.
- Order value of ₹1,286.03 Crore (excluding GST) received from Hyderabad Growth Corridor Limited
- Scope covers construction of Radial Road-2 from ORR Budwel to Nacharam on NH-167N (Package-1)
- Execution timeline set at 18 months
- Not a related party transaction and promoter group has no interest
NCC Limited has announced the receipt of two new orders totaling Rs 500.22 crore (excluding GST) during September 2026. This follows an earlier major order disclosure of Rs 1,076.71 crore on September 28, 2026, bringing total reported order inflows for the month to Rs 1,576.93 crore. The new orders are split between the Transportation Division (Rs 275.48 crore) and the Buildings Division (Rs 224.74 crore). The incremental Rs 500.22 crore represents approximately 2.4% of NCC's TTM revenue of Rs 20,639 crore, continuing steady accretion to its Rs 71,957+ crore order book.
- Received two new orders totaling Rs 500.22 Crore (excl. GST) during September 2026
- Transportation Division secured orders worth Rs 275.48 Crore
- Buildings Division secured orders worth Rs 224.74 Crore
- Comes in addition to a major order of Rs 1076.71 Crore disclosed on September 28, 2026
- Orders are regular business contracts with no promoter interest or related-party transactions
NCC Limited has secured a Letter of Acceptance for a major domestic drinking water supply order valued at Rs 1,076.71 crore (excluding GST) from the Andhra Pradesh State Government. The project involves providing drinking water under the Multi Village Scheme on Yeleru Reservoir for the Anakapalli Segment. The execution period for construction is specified as 24 months. The contract value represents approximately 5.2% of NCC's TTM revenue of Rs 20,639 crore, adding to its existing robust order book.
- Received Letter of Acceptance dated September 26, 2026, for a Rs 1,076.71 crore project
- Contract awarded by Rural Water Supply and Sanitation Department, Visakhapatnam, Govt of Andhra Pradesh
- Execution timeline set at 24 months for the construction phase
- Project pertains to Drinking Water Supply under Multi Village Scheme on Yeleru Reservoir
NCC Limited has informed exchanges that Crisil ESG Ratings & Analytics Limited has voluntarily assigned an ESG Rating of 'Crisil ESG 57 (Adequate)' and a Core ESG Rating of 'Crisil Core ESG 66 (Strong)'. The company stated that it did not engage Crisil for this rating, which was independently prepared and published. The ratings provide an external assessment of the company's sustainability and governance practices without any direct financial impact on revenues or earnings.
- Crisil assigned an ESG Rating of 'Crisil ESG 57 (Adequate)' to NCC
- Core ESG Rating assigned at 'Crisil Core ESG 66 (Strong)'
- Rating was voluntarily and independently prepared; NCC did not engage Crisil for the evaluation
- Announcement released on September 9, 2026 pursuant to SEBI Regulation 30
NCC Limited has secured three new orders totaling ₹430.19 crore (excluding GST) during August 2026. All three contracts pertain to the company's Buildings Division and were awarded in the normal course of business without any related-party exposure. Relative to NCC's TTM revenue of ₹20,639 crore, the aggregate order intake represents approximately 2.1%, representing steady incremental order accretion.
- Received 3 orders totaling ₹430.19 crore (excl. GST) during August 2026
- All bagged contracts pertain to the Buildings Division
- Order value accounts for ~2.1% of TTM revenue of ₹20,639 crore
- Awards involve no related-party transactions or internal orders
NCC Limited announced the voting results and Scrutinizer's report for its 36th Annual General Meeting held on August 27, 2026. Shareholders approved all 8 resolutions with the requisite majority, including the adoption of FY26 financial statements and a dividend of ₹2.20 per equity share. While routine resolutions saw >99% approval, the related party transaction regarding remuneration for Director (Commercial) Smt. Kausalya Bhupathi Raju passed with 70.06% votes in favour and 25.68% against.
- Shareholders approved final dividend of ₹2.20 per equity share for FY26 with 100.00% valid votes in favour
- Adoption of FY26 standalone and consolidated financial statements passed with 99.70% and 99.65% approval respectively
- Related-party remuneration resolution for Director (Commercial) passed with 70.06% in favour and 25.68% against
- Director re-appointments for Sri A G K Raju and Sri Utpal H Sheth approved with 84.49% and 89.62% favour votes respectively
NCC Limited conducted its 36th Annual General Meeting on August 27, 2026, via Video Conferencing with 111 shareholders in attendance out of 5,56,861 eligible shareholders. Key agenda items included the adoption of FY26 financial statements and the approval of a ₹2.20 per equity share dividend. Shareholders also considered the reappointment of Wholetime Director Sri A V N Raju and related-party remuneration approval for Director (Commercial) Smt. Kausalya Bhupathi Raju. Scrutinizer voting results will be disclosed on or before August 31, 2026.
- Declared/tabled a dividend of ₹2.20 per equity share for FY26
- 111 shareholders attended the 36th AGM out of 5,56,861 total shareholders on the cut-off date
- 45 shareholders registered as speakers to seek business clarifications
- Final e-voting and Insta Poll results along with Scrutinizer's report to be published on or before August 31, 2026
NCC Limited reported its highest-ever Q1 consolidated turnover of 5,842 Cr, marking a 12% YoY growth. The order book remains robust at 81,214 Cr, providing approximately 4x revenue visibility relative to TTM revenue. Management has guided for FY27 order inflows between 22,000 Cr and 25,000 Cr with revenue growth of 8-10%. While margins improved to 9.4%, standalone debt increased by 159 Cr during the quarter to 2,410 Cr.
- Consolidated revenue for Q1 FY27 rose 12% YoY to 5,842 Cr, the highest Q1 in company history.
- Order book stands at 81,214 Cr as of June 30, 2026, with 3,889 Cr in new orders booked during the quarter.
- Management provided FY27 guidance of 8-10% revenue growth and EBITDA margins between 8.5% and 9%.
- Smart metering projects have reached ~45% installation progress out of a total 7-8 million meters target.
- Standalone net debt increased to 2,008 Cr from 1,667 Cr at the start of the fiscal year.
NCC Limited has released the audio recording of its analyst conference call held on August 7, 2026, regarding the unaudited financial results for the quarter ended June 30, 2026. The company currently operates with a TTM revenue of ₹20,006 Cr and a significant order book of ₹71,957 Cr (as of late 2025). This routine disclosure allows investors to access management's detailed commentary on execution progress and the status of the NCC Infrastructure Holdings merger. The stock has faced significant pressure, with a 12-month price return of -34.8%.
- Audio recording of the analyst call held on August 7, 2026, is now publicly available.
- The call addressed financial performance for the quarter ended June 30, 2026 (Q1 FY27).
- Company maintains a massive order book of ₹71,957 Cr, representing approximately 3.6x its TTM revenue.
- Management previously noted a 12.2% YoY revenue drop in certain periods due to elongated payment cycles from state governments.
NCC Limited reported a steady Q1 FY2027 with consolidated revenue growing 12% YoY to ₹5,842 Cr. The consolidated order book reached a record ₹81,214 Cr, providing high revenue visibility at approximately 4x the TTM revenue. Consolidated PAT rose 19% YoY to ₹229 Cr, supported by a diversified execution across buildings, water, and mining segments. Management has issued a positive outlook for FY2027, targeting ₹22,000–25,000 Cr in new orders and 8-10% revenue growth.
- Consolidated order book reached ₹81,214 Cr as of June 30, 2026, a 16% increase over the previous year.
- Quarterly consolidated revenue grew 12% YoY to ₹5,842 Cr, driven by strong execution in the construction and coal mining segments.
- New order inflows for Q1 FY2027 stood at ₹3,889 Cr, with Buildings and Water/Railways contributing 70% of the mix.
- Consolidated Net Debt increased to ₹3,513 Cr from ₹1,574 Cr in Q1 FY2026, reflecting higher working capital needs.
- Management guided for FY2027 EBITDA margins between 8.5% and 9.0%.
NCC Limited reported a steady performance for Q1 FY27 (ended June 30, 2026), with consolidated revenue growing 12.2% YoY to ₹5,811.83 Cr. Consolidated net profit increased by 11.9% YoY to ₹228.90 Cr, compared to ₹204.54 Cr in the year-ago period. While revenue saw a sequential decline of 6.7% from the March 2026 quarter (₹6,232.71 Cr), this is typical for the construction sector entering the monsoon period. The company maintained a stable EPS of ₹3.45 for the quarter.
- Consolidated revenue from operations increased 12.2% YoY to ₹5,811.83 Cr from ₹5,178.99 Cr.
- Consolidated net profit after tax rose 11.9% YoY to ₹228.90 Cr.
- Basic and Diluted EPS for the quarter improved to ₹3.45 from ₹3.06 in Q1 FY26.
- Standalone revenue contributed ₹4,911.50 Cr, representing approximately 84.5% of consolidated operations.
- Finance costs for the consolidated entity stood at ₹213.47 Cr for the quarter.
NCC Limited has secured three new orders in July 2026 totaling Rs 1,052.71 crore (excluding GST). The orders are distributed between the Buildings Division (Rs 590.38 crore) and the Water Division (Rs 462.33 crore). This monthly intake represents approximately 5.26% of the company's TTM revenue of Rs 20,006 crore. These contracts are domestic and do not involve related-party transactions, reinforcing the company's existing order book which was last reported at over Rs 71,000 crore.
- Total order value of Rs 1,052.71 crore received during the month of July 2026.
- Buildings Division secured the largest portion worth Rs 590.38 crore.
- Water Division contributed orders totaling Rs 462.33 crore.
- The combined value represents ~5.26% of the TTM revenue of Rs 20,006 crore.
- Orders are received in the normal course of business with no promoter interest involved.
NCC Limited has announced its Q1FY27 earnings conference call for August 7, 2026, at 11:30 AM IST. This follows the board meeting scheduled for August 6, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. Senior management, including the Director of Projects and EVP of Finance, will be present to discuss performance. Investors will likely focus on the execution of the company's Rs 71,957 Cr order book and updates on working capital cycles.
- Conference call scheduled for August 7, 2026, at 11:30 AM IST following the Q1FY27 results.
- Board meeting to approve unaudited financial results is set for August 6, 2026.
- Management participants include Shri. R. S. Raju (Director Projects) and Shri. Sanjay Pusarla (EVP Finance).
- Company is managing a significant order book of Rs 71,957 Cr as of the last major update.
- The call will be hosted by JM Financial Institutional Securities Limited.
NCC Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, providing a detailed look at its non-financial performance. The company reported that 100% of its revenue is derived from construction and civil engineering, with Buildings (42%) and Electrical works (22%) being the primary drivers. The report reveals a significant increase in permanent employee turnover, rising to 23.03% in FY26 from 16.97% in FY25. With a total workforce of over 31,000, the company maintains a massive operational footprint across 171 sites in 27 Indian states.
- Buildings segment remains the largest revenue contributor at 42% of total turnover
- Permanent employee turnover rate increased to 23.03% in FY26 from 16.97% in FY25
- Total workforce comprises 12,371 employees and 19,117 workers as of March 31, 2026
- Operations are spread across 171 national sites and 1 international location
- Electrical works and Road construction contribute 22% and 19% to turnover respectively
Financial Performance
Revenue Growth by Segment
Consolidated revenue for FY25 grew 6% to INR 22,199.36 Cr. However, Q2 FY26 saw a 12.2% degrowth to INR 4,585 Cr from INR 5,224 Cr YoY, with Buildings and Water segments experiencing significant execution slowdowns.
Geographic Revenue Split
Operations are diversified across India with a policy to restrict exposure to any single state government agency to no more than 25% of the total order book to mitigate regional concentration risk.
Profitability Margins
Net profit margin improved to 3.96% in FY25 from 3.45% in FY24. FY24 margins were moderated to 9% (from 10.06% in FY23) due to a non-cash charge-off of unrealized revenue from the Sembcorp India arbitration settlement.
EBITDA Margin
Consolidated EBITDA margin stood at 8.7% in Q2 FY26. For FY25, the margin was 8.64%, a slight increase from 8.49% in FY24, driven by increased volume of operations despite fixed cost pressures.
Capital Expenditure
Net cash used in investing activities was INR 218.83 Cr in FY25, compared to INR 332.51 Cr in FY24. The company has a planned equity commitment of INR 691 Cr for SPVs to be infused over the next two fiscals.
Credit Rating & Borrowing
CARE reaffirmed 'AA-; Stable' for long-term facilities and 'A1+' for short-term instruments. Borrowing costs are managed through a comfortable debt-equity ratio of 0.20 in FY25, though interest coverage slightly declined to 6.01x from 6.59x.
Operational Drivers
Raw Materials
Primary raw materials include steel, cement, bitumen, and aggregates, which are essential for civil construction, transportation, and water infrastructure projects.
Import Sources
Raw materials are primarily sourced domestically within India to support nationwide project locations and minimize forex exposure.
Capacity Expansion
The company's execution capacity is reflected in its order book, which grew to INR 71,957 Cr as of September 30, 2025, up from INR 71,568 Cr at the start of the fiscal year.
Raw Material Costs
Raw material costs are a significant portion of project expenses; the company utilizes escalation clauses in contracts to mitigate the impact of price fluctuations on its 9.09% operating profit margin.
Manufacturing Efficiency
Efficiency is measured by project execution speed; however, Q2 FY26 saw a turnover decline to INR 4,585 Cr due to extended monsoons and execution challenges.
Logistics & Distribution
Distribution costs are integrated into project execution; trade receivables increased 11% to INR 3,097.72 Cr in FY25, reflecting the logistical and financial strain of elongated payment cycles.
Strategic Growth
Expected Growth Rate
35%
Growth Strategy
Growth is targeted through a massive order book of INR 71,957 Cr and a focus on high-demand segments like Buildings (31%) and Water/Electrical (23%). The company is also seeking strategic partners for SPVs to offload equity infusion liabilities and secure strategic premiums.
Products & Services
Civil construction services for residential and commercial buildings, water pipelines (36,525+ km), irrigation systems (350,000+ acres), roads, railways, and electrical transmission grids.
Brand Portfolio
NCC Limited, NCC Urban Infrastructure, NCC Infrastructure Holdings.
New Products/Services
Expansion into smart metering projects and hybrid annuity model (HAM) projects in the transportation and water sectors.
Market Expansion
Pan-India expansion with a focus on rural infrastructure, including the electrification of over 35,000 villages and large-scale water distribution networks.
Market Share & Ranking
NCC is a leading tier-1 construction player in India with a 47-year legacy and a consolidated turnover exceeding INR 22,000 Cr.
Strategic Alliances
Onboarding strategic partners for infrastructure SPVs to reduce the INR 691 Cr equity infusion requirement and improve project-level financial closure.
External Factors
Industry Trends
The industry is shifting toward larger, integrated infrastructure projects and ESG-compliant construction. NCC is positioning itself by tracking sustainability indicators and targeting a 35% historical CAGR.
Competitive Landscape
Competes with major civil construction firms like L&T and KEC International in a highly competitive, tender-based market environment.
Competitive Moat
Moat is built on a 47-year track record, a massive INR 71,957 Cr order book, and a strong credit rating (AA-) which provides a competitive advantage in bidding for large-scale government tenders.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and macroeconomic conditions; challenging environments recently forced a withdrawal of financial guidance.
Consumer Behavior
Not applicable as the company primarily serves government and institutional clients (B2G/B2B).
Geopolitical Risks
Minimal direct impact as operations are primarily domestic; however, global supply chain dynamics can influence the cost of imported machinery and specialized components.
Regulatory & Governance
Industry Regulations
Operations are subject to state government tender norms, environmental clearances, and safety standards; 2,370 health and safety awareness trainings were conducted in FY23.
Environmental Compliance
ESG risks are considered credit neutral; the company integrates data collection and sustainability tracking across sites to meet evolving environmental priorities.
Legal Contingencies
The company faced a significant arbitration settlement with Sembcorp India, resulting in a non-cash charge-off of unrealized revenue that moderated FY24 margins to 9%.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'elongated payment cycles' from state agencies, which led to the withdrawal of FY26 guidance and could impact liquidity if cash flow from operations (INR 815.78 Cr in FY25) continues to decline.
Geographic Concentration Risk
Low geographic concentration risk due to a pan-India presence and a 25% cap on exposure to any single state agency.
Third Party Dependencies
Dependency on sub-contractors for project execution and strategic partners for equity infusion in SPVs.
Technology Obsolescence Risk
Low risk in civil construction, but the company is adopting digital tracking and sustainability indicators to remain competitive.
Credit & Counterparty Risk
Counterparty risk is primarily with state government agencies; while credit quality is high, payment delays remain a persistent operational risk.
