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NCC Ltd

Q3 FY26Construction

NCC Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 earnings call: what management said on revenue, margins and capex.

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

The short version

NCC Limited has withdrawn formal guidance for FY '26 due to execution challenges, mainly delays in the Jal Jeevan Mission (JJM) projects and payment issues. EBITDA margin at standalone level was 8.1% for 9 months FY '26, with potential to improve to around 9% in future quarters (Page 18).

From NCC Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • NCC Limited has withdrawn formal guidance for FY '26 due to execution challenges, mainly delays in the Jal Jeevan Mission (JJM) projects and payment issues.
  • They expect good growth in Q4 FY '26 as payments start coming through and execution momentum picks up.
  • Execution for JJM projects in FY '26 is expected between INR4,000 to INR5,000 crores, lower than initially targeted due to delays.
  • For FY '27, detailed revenue guidance will be shared after a thorough project-wise evaluation in April; a directional growth of around 15% is being contemplated, but it is yet uncertain.
  • Payment delays and clearances (right of way, permits) remain key variables impacting growth and execution.

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 incurred of INR265 crores in 9 months FY '26; budget revised to INR1,050 crores for the year.
  • CWIP includes TBM (Tunnel Boring Machine) equipment imported but not yet operational.
  • Planned capex for FY '27 includes around INR300-350 crores for a new Mining division project.
  • Additional investment of about INR120 crores pending in smart meter projects, with total investment so far at INR377-380 crores.
  • TBM and other equipment purchases ongoing, phased investments expected.
  • Details to be shared later.
  • Capex related to strategic projects like Mining JV (INR6,800 crores project at Amrapali) ongoing, with equipment mobilization started, work expected to commence soon.

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 Consolidated Order Book: INR 79,571 crores as of December 31, 2025.
  • Standalone: INR 72,748 crores
  • Subsidiaries: INR 6,823 crores
  • Standalone Order Book: Around INR 72,748 crores (confirmed on Q3 FY26).
  • Electrical Order Book:
  • Consolidated: INR 14,323 crores (18% of INR 79,571 crores)
  • Standalone: INR 13,523 crores
  • JJM Outstanding Order Book: Approximately INR 7,000 crores, reduced from INR 1,700 crores last quarter in UP to INR 1,200 crores currently.
  • Bid Pipeline: Over INR 2 lakh crores for FY 2026.

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.

Full financials →

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What NCC Ltd's management said in earlier quarters

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Frequently Asked Questions

What were NCC Ltd Q3 FY26 results?

NCC Limited has withdrawn formal guidance for FY '26 due to execution challenges, mainly delays in the Jal Jeevan Mission (JJM) projects and payment issues. EBITDA margin at standalone level was 8.1% for 9 months FY '26, with potential to improve to around 9% in future quarters (Page 18).

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 incurred of INR265 crores in 9 months FY '26; budget revised to INR1,050 crores for the year.

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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.