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NCC Ltd

Q3 FY25Construction

NCC Q3 FY25 earnings call: Revenue & Margins

Q3 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹150
Market cap₹9.0K Cr
P/E12.9
Updated23 Aug 2026
Read4 min read

The short version

FY25 revenue growth guidance revised downwards to around 5% due to slow execution and elongated billing/payment cycles, impacted mainly by general and state elections (Page 4, 7). - In Q4 FY25, execution expected to be between Rs. Revenue growth guidance for FY25 has been revised downward to around 5% due to election-related execution slowdowns.

From NCC Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • FY25 revenue growth guidance revised downwards to around 5% due to slow execution and elongated billing/payment cycles, impacted mainly by general and state elections (Page 4, 7).
  • In Q4 FY25, execution expected to be between Rs. 6,000 - 6,400 crores, similar or slightly lower year-on-year, indicating a flat or slight decline quarter-over-quarter (Page 19).
  • For FY26, no formal guidance given yet; budget meetings scheduled in April-May to finalize numbers (Page 12, 15).
  • Historically, the company has shown ~25% growth over the last 3 years; expect possible return to growth in FY26, though no definite numbers now (Page 7).

2 more points management made on revenue & sales performance

Profitability & Margins

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

Capital Expenditure Plans

  • CAPEX for the current financial year was budgeted at Rs. 250 crores for regular projects.
  • As of December, Rs. 223 crores have been spent, with the remaining Rs. 25-27 crores expected to be utilized as per project requirements.
  • No significant capital-intensive projects are planned in the near term; CAPEX will be incurred on an as-needed basis.
  • Equity investments are fully received; loan amounts of about Rs. 374 crores are expected to be realized over the next couple of years.

2 more points management made on capital expenditure plans

Top-ranked in Construction

Ranked on what management guided this quarter

5x potential
1Dilip Buildcon
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 stands at Rs. 55,548 crore as of December 2024.
  • Order book at beginning of the year was Rs. 57,536 crore.
  • Orders received during 9 months FY25: Rs. 13,608 crore (Rs. 8,440 crore in Q3).
  • Executed work in first 9 months: Rs. 15,590 crore.
  • Prospective project pipeline is about Rs. 2.45 lakh crore across seven verticals and many states.
  • L1 projects in pipeline valued roughly at Rs. 8,000-Rs. 10,000 crore expected to convert into LOAs in Q4 FY25.
  • Order inflow guidance maintained at Rs. 20,000 to Rs. 22,000 crore for FY25.
  • Order book by division:
  • Buildings: Rs. 21,085 crore (~38%)
  • Transportation: Rs. 10,800 crore (~19%)
  • Electrical T&D: Rs. 10,633 crore (~19%)

2 more points management made on order book & pipeline

NCC Ltd — Quarterly revenue & net profit

Revenue Net profit
Dec 2024
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026

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

Full financials →

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What NCC's management said in earlier quarters

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Frequently Asked Questions

What were NCC Ltd Q3 FY25 results?

FY25 revenue growth guidance revised downwards to around 5% due to slow execution and elongated billing/payment cycles, impacted mainly by general and state elections (Page 4, 7). - In Q4 FY25, execution expected to be between Rs. Revenue growth guidance for FY25 has been revised downward to around 5% due to election-related execution slowdowns.

What is NCC Ltd share price analysis?

NCC Ltd currently shows a neutral. The stock trades at a P/E of 12.9 with a market cap of ₹9,014 Cr. Investors should review the full earnings analysis for detailed insights.

Is NCC Ltd planning capital expenditure?

CAPEX for the current financial year was budgeted at Rs.

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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.