NCC Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY25 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 17 Aug 2026 | Construction | Market Cap: ₹9.0K Cr

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.

Price

₹150

Market Cap

₹9.0K Cr

P/E Ratio

12.9

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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.

Full financials →

📊 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).
→Order inflow guidance for FY25 maintained at Rs. 20,000 - 22,000 crores with L1 orders of Rs. 8,000 - 10,000 crores expected to convert in Q4, supporting future revenue base (Page 9, 8).
→Improved ground-level execution and collection expected post-elections, potentially supporting improved revenue momentum going forward (Page 11, 15).

📈 Profitability & Margins

→Revenue growth guidance for FY25 has been revised downward to around 5% due to election-related execution slowdowns.
→EBITDA margin for FY25 is expected to be around 9.25%, with Q4 margin anticipated at about 9.5%, considered sustainable.
→For FY26, management has not provided specific guidance yet; budget meetings and project closures by March end will inform future estimates.
→Historically, the company has shown around 25% growth over the last three years; they remain optimistic about growth resuming post-election impact.
→EPS for Q3 FY25 stood at 8.70 with an expected increase to 10.10 by March.
→Management expects improved collections and execution post the government settling post-elections, which may positively affect earnings growth going forward.

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.
→No new strategic capital investments have been specifically mentioned.
→The company plans to monitor opportunities and may invest based on project needs and government actions.

💰 Fundraising & Capital Structure

- There is no explicit mention of any new fundraising through debt or equity in the transcript. - The company’s existing debt level has increased to Rs. 2,415 crores as of Q3 FY25, partly due to delays in payments and increased unbilled revenue. - Management expects debt levels to reduce in the near term, primarily through improved collections, especially in Q4. - Regarding future debt targets, the management is currently unable to provide a specific estimate and is awaiting government payments to improve. - No comments were made about any planned equity fundraising. - Capital expenditure for regular projects is maintained within budget with no indication of capital-intensive projects that would require new fundraising at this time. In summary, there is no disclosed ongoing or planned new fundraising through debt or equity; focus remains on optimizing existing resources and improving collections.

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%)
→ - Water: Rs. 5,450 crore (~10%)
→ - Irrigation: Rs. 4,496 crore

Key Metrics

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Frequently Asked Questions

What were NCC Ltd Q3 FY25 results?

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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.