This article first appeared on GuruFocus .
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Order Book:INR83,004 crore as of March 31, 2026, a 16% increase over the previous year.
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Q4 Stand-alone Revenue:INR5,382 crore, a decrease of 1% from the previous year.
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Full Year Stand-alone Revenue:INR17,669 crore, a decline of 9% from the previous year.
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Q4 Consolidated Revenue:INR6,251 crore, an increase of 1% from the previous year.
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Full Year Consolidated Revenue:INR20,944 crore, a decrease of 6% from the previous year.
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Q4 Stand-alone EBITDA Margin:8.44%, down from 9.21% in the previous year.
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Q4 Consolidated EBITDA Margin:8.83%, down from 9.07% in the previous year.
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Debt:Decreased by INR729 crore in Q4 FY26, with a debt-to-equity ratio of 0.30.
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Working Capital:INR4,847 crore, representing 28% of turnover, with 97 working capital days.
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EPS:INR3.23 for Q4 FY26, compared to INR3.4 in Q4 FY25.
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Release Date: May 16, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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NCC Ltd ( BOM:500294 ) reported a consolidated order book of INR83,004 crore as of March 31, 2026, marking a 16% increase over the previous year and the highest in the company's history.
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The company achieved a consolidated EBITDA margin of 8.83% in Q4 FY26, indicating operational efficiency despite challenging market conditions.
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Debt levels have decreased significantly, with net debt reducing from INR2,830 crore at the beginning of the quarter to INR1,667 crore by the end of Q4 FY26.
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The company has successfully collected INR1,000 crore in receivables from UP JJM projects in Q4, improving its cash flow position.
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NCC Ltd ( BOM:500294 ) has a diversified order book spread across seven verticals, providing resilience and multi-year revenue visibility.
Negative Points
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The company's revenue for the full year declined by 6% at the consolidated level and 9% at the stand-alone level compared to the previous year.
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NCC Ltd ( BOM:500294 ) has not provided guidance for FY27 due to uncertainties in the market, indicating potential challenges in forecasting future performance.
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The EBITDA margin at the stand-alone level decreased to 8.44% in Q4 FY26 from 9.21% in the corresponding quarter of the previous year.
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The company faces challenges with working capital, with working capital days increasing to 97 days in Q4 FY26.
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There is a notable increase in finance costs, with interest on loans and mobilization advances contributing significantly to the total finance cost of INR645 crore for FY26.
Q & A Highlights
Q: Can you provide guidance on revenue, margin, and order inflow for FY27? A: Neerad Sharma, Head Strategy and Investor Relations: Due to the uncertain environment, we have decided not to provide guidance for FY27 at this time. We will revisit this decision after the first quarter when we have more clarity.
Q: What is the status of the Jal Jeevan Mission (JJM) projects in Uttar Pradesh? A: Sanjay Pusarla, CFO: The outstanding order book for JJM projects in UP is INR6,181 crore. We have executed INR1,730 crore worth of work, and receivables have decreased to INR3,015 crore.
Q: Are there any execution challenges or slowdowns in your current projects? A: RS Raju, Director of Projects: There are no significant execution challenges. All projects in the order book have clearances and are progressing as planned.
Q: How is the payment cycle across projects, and has it improved recently? A: Sanjay Pusarla, CFO: We have seen an improvement in the payment cycle in Q4, particularly with INR1,000 crore received from UP JJM projects. We expect further payments in the coming months.
Q: What is the company's strategy for capturing future opportunities in infrastructure and construction? A: RS Raju, Director of Projects: We see a strong pipeline of prospective projects worth INR2.5 lakh crore. We focus on competitive bidding and executing projects with profitable margins while adhering to ESG priorities.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
