NCC Ltd Q3 FY25 Earnings Analysis
Published 17 Aug 2026 | Construction | Market Cap: ₹9.0K Cr
Price
₹141
Market Cap
₹9.0K Cr
P/E Ratio
12.9
Earnings Summary
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.
📊 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.
🏗️ 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
📋 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
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.
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.