This article first appeared on GuruFocus .
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Consolidated Revenue:INR 4,900 crore, down from INR 5,383 crore in the previous year, a decrease of 9%.
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Stand-alone Revenue:INR 4,082 crore, down from INR 4,720 crore in the previous year, a decrease of 12.2%.
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EBITDA Margin (Consolidated):8.96%, equating to INR 436.24 crore.
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EBITDA Margin (Stand-alone):8.1%, equating to INR 327.31 crore.
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Profit Before Tax (PBT) (Consolidated):4.4%, equating to INR 213.43 crore.
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Profit After Tax (PAT) (Consolidated):2.5%, equating to INR 122.46 crore.
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Order Book:INR 79,571 crore as of December 31, 2025.
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Order Inflows (Q3 FY26):INR 12,430 crore.
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Debt:Increased by INR 865 crore in Q3 FY26, with net debt at INR 2,830 crore.
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Debt-Equity Ratio:0.40 times at the end of Q3 FY26.
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Working Capital:INR 6,036 crore, representing 37% of turnover.
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EPS:INR 1.30 at the end of Q3 FY26, down from INR 1.62 in Q3 FY25.
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CapEx (Q3 FY26):INR 96 crore, with a nine-month total of INR 265 crore.
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Release Date: February 06, 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 INR79,571 crore as of December 31, 2025, indicating strong order inflow and medium-term visibility.
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The company maintained a resilient EBITDA margin of approximately 9% despite a moderation in revenue, showcasing operational discipline and cost rationalization.
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Order book diversification across segments such as Buildings, Transportation, Electrical T&D, Mining, Water & Railway, and Irrigation provides resilience against short-term volatility.
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NCC Ltd ( BOM:500294 ) received fresh order inflows of INR12,430 crore during Q3 FY26, supporting future growth prospects.
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The company has started receiving payments for the Jal Jeevan Mission (JJM) projects, with INR560 crore received, indicating potential improvement in cash flow and execution momentum.
Negative Points
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Consolidated revenue for Q3 FY26 decreased to INR4,900 crore from INR5,383 crore in the corresponding quarter of the previous year, reflecting a 9% decline.
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The company's debt increased by INR865 crore in Q3 FY26, raising concerns about financial leverage and interest obligations.
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Working capital days increased to 119 days, indicating potential inefficiencies in cash conversion and operational challenges.
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The company withdrew its FY26 guidance due to uncertainties in project execution and payment delays, signaling a lack of confidence in meeting previous targets.
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Execution challenges persist, particularly with the Jal Jeevan Mission projects, where execution was limited to INR82 crore in the quarter, impacting overall performance.
Q & A Highlights
Q: Can you provide an update on the execution of the INR28,000 crore orders won in March and the INR7,000 crore JJM projects? How does this relate to the increase in debt? A: Neerad Sharma, Head Strategy and Investor Relations, explained that payments for JJM projects have started coming in, with INR560 crore received. The increase in debt is partly due to mobilization for these projects and CapEx investments. Execution is expected to improve as payments continue.
Q: What is the status of the INR1,700 crore receivables from JJM projects, and what was the execution in this quarter? A: Sanjay Pusarla, CFO, stated that the receivables have reduced to INR1,200 crore after receiving INR560 crore. Execution in the quarter was INR82 crore. The government has allocated INR17,000 crore for JJM, which should improve payment flows.
Q: Has the entire order book moved into execution, and will this lead to a ramp-up in Q4? A: Sanjay Pusarla confirmed that all projects have received clearances and mobilizations are complete. Execution is expected to ramp up in Q4, but specific guidance for FY26 has been withdrawn.
Q: What is the impact of the merger on debt levels, and what are the expectations for CapEx and debt by the end of the year? A: Sanjay Pusarla clarified that the merger had no impact on stand-alone debt levels. CapEx for the year is expected to be INR1,050 crore, with debt levels projected around INR2,400 crore by year-end, depending on payment inflows.
Q: What is the status of the Vizag receivable, and why is the timeline so long? A: Sanjay Pusarla mentioned that INR120 crore is expected in the current quarter. The delay is due to the nature of the receivable, which involves real estate transactions.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
