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NCC Ltd

Q2 FY26Construction

NCC Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹126
Market cap₹7.9K Cr
P/E10.9
Updated16 Oct 2026
Read5 min read

The short version

NCC Limited has withdrawn its revenue growth guidance for FY '26 due to uncertainties including elongated payment cycles and extended monsoon impact, making it difficult to predict H2 performance. NCC Limited has withdrawn its revenue and earnings guidance for FY '26 due to uncertainties from elongated payment cycles and adverse monsoon impact. - Management plans to provide updated outlook and guidance by March 2026 after assessing business conditions. - Current optimism hinges on expected improvement in payment cycles and monsoon conditions by year-end. - The company is focusing on prudent working capital management and cautious investment until receivables improve. - Order inflows remain healthy with INR17,420 crore received till October, supporting future revenue visibility. - Margins for H2 are uncertain; previously, a 9% EBITDA margin was targeted, but achievement depends on execution and revenue recovery. - Incremental investments, such as INR280 crore in smart meter projects, will continue over the next 1-1.5 years. - Overall, earnings growth visibility remains limited till operational and receivables issues stabilize.

From NCC Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

  • NCC Limited has withdrawn its revenue growth guidance for FY '26 due to uncertainties including elongated payment cycles and extended monsoon impact, making it difficult to predict H2 performance.
  • The management expects to provide updated clarity on execution and growth prospects by March 2026.
  • Despite challenges, the company maintains optimism due to a strong order book (around INR 8,000 crores in JJM water projects and INR 17,420 crores in total orders won till October 2025).
  • Order inflow remains healthy with a large prospective project pipeline (~INR 2,50,000 crores).
  • Execution in some projects (outside water segment) and payment collections are proceeding well.

2 more points from NCC Ltd's call on revenue

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Profitability & Margins

See what NCC Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Capex outlook increased from INR 750 crores to INR 1,050 crores for FY '26.
  • Increase due to a large INR 6,800 crore mining order received in October requiring additional capex.
  • Total capex incurred so far: INR 169 crores in H1 FY26; INR 77 crores in Q2 FY26.
  • Investment in smart meter projects:
  • Total investment to date approximately INR 300 crores.
  • INR 230 crores invested in the second quarter alone.

2 more points from NCC Ltd's call on capex

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Top-ranked in Construction

Ranked on what management guided this quarter

Guidance-ranked
1Dilip Buildcon Ltd
Rev 1Mar 3
2Solarworld Ene.
Rev 1Mar 3
3
Rev 1Mar 3
4
Rev 1Mar 3
5
Rev 1Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what NCC Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

  • Current Order Book: INR 71,957 crores as of September 2025 (Standalone: INR 64,326 crores; Subsidiaries: INR 7,632 crores).
  • Recent Orders Received: INR 17,420 crores including October 2025.
  • Executable Order Book: Entire order book is executable; some projects like tunnels and coastal road in Mumbai require clearances which are now in place.
  • Jal Jeevan Mission (JJM) Order Book: Around INR 7,000 crores pending execution, including INR 3,840 crores in UP.
  • Additional L1 Projects: INR 1,000 - 1,500 crores.

2 more points from NCC Ltd's call on order book

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NCC Ltd — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹6.2K Cr, net profit ₹217 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What NCC Ltd's management said in earlier quarters

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    For H1-FY26 (half year ending September 2025), Revenue from Operations was INR 909 million, up 76.5% YoY from INR 515 million in H1-FY25. Key investor presentat

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    650 Crores (Page 9). Key investor presentation takeaways from Konstelec Engineers's Q2 FY26 investor presentation — and how it ranks against sector peers.

  • MBL Infrastructure Ltd (Q2 FY26)

    Revenue (Income) for HY25 (half year 2025) standalone: ₹119.37 Cr; FY24: ₹184.15 Cr. Key investor presentation takeaways from MBL Infrastructure Ltd's Q2 FY26 i

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Frequently Asked Questions

What were NCC Ltd Q2 FY26 results?

NCC Limited has withdrawn its revenue growth guidance for FY '26 due to uncertainties including elongated payment cycles and extended monsoon impact, making it difficult to predict H2 performance. NCC Limited has withdrawn its revenue and earnings guidance for FY '26 due to uncertainties from elongated payment cycles and adverse monsoon impact. - Management plans to provide updated outlook and guidance by March 2026 after assessing business conditions. - Current optimism hinges on expected improvement in payment cycles and monsoon conditions by year-end. - The company is focusing on prudent working capital management and cautious investment until receivables improve. - Order inflows remain healthy with INR17,420 crore received till October, supporting future revenue visibility. - Margins for H2 are uncertain; previously, a 9% EBITDA margin was targeted, but achievement depends on execution and revenue recovery. - Incremental investments, such as INR280 crore in smart meter projects, will continue over the next 1-1.5 years. - Overall, earnings growth visibility remains limited till operational and receivables issues stabilize.

What is NCC Ltd share price analysis?

NCC Ltd currently shows a neutral. The stock trades at a P/E of 10.9 with a market cap of ₹7,876 Cr. Investors should review the full earnings analysis for detailed insights.

Is NCC Ltd planning capital expenditure?

Capex outlook increased from INR 750 crores to INR 1,050 crores for FY '26.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.