NCCQ1 FY27
NCC Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹149P/E: 13.0Market Cap: ₹9.4K CrSector: Construction
Management growth scorecard
Revenue
Category 4
Margin
Category 3
Fundraise
N/A
Order
N/A
Capex
Yes
1 of 3 growth signals are positive — mixed outlook.
Full analysisRevenue guidance
Category 4- →NCC Limited has provided FY '27 guidance with **revenue growth expected between 8% to 10%**.
- →The company reported a 12% growth in turnover in Q1 FY '27 compared to the previous year.
- →The order book as of June 30, 2026, stands strong at INR 81,214 crores, supporting multi-year revenue visibility with a book-to-bill ratio of about 3.5x.
- →New order inflows for FY '27 are guided between INR 22,000 to INR 25,000 crores.
- →Execution and revenue growth are subject to client fund availability, approvals, and site conditions; these factors contribute to uncertainty.
- →Management expects steady execution with no deterioration in project execution momentum as of Q2.
- →There is cautious optimism, with the possibility of achieving or slightly exceeding the guided growth based on order book strength and improving payment cycles.
Margin guidance
Category 3- NCC Limited has given guidance for FY '27 with:
- Revenue growth of 8% to 10%
- EBITDA margin range of 8.5% to 9%
- EPS for Q1 FY '27 stood at INR 2.98, slightly lower than INR 3.03 in Q1 FY '26.
- Management remains cautious due to uncertainties in fund allocation and approvals affecting execution.
- Execution capability is strong, but growth depends on timely client payments, approvals, and site availability.
- Debt expected to be stable or reduce slightly by March '27 based on collections.
- Smart meter projects expect to maintain an IRR of 18% on total capital.
- Prudent management approach aims to conservatively guide and strive to deliver above guidance.
- Challenges like commodity prices and payment cycles are being monitored with expectations of price stabilizations and improved payments.
Overall, a moderate but cautious growth outlook with stable margins and execution focus for FY '27.
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Fundraise plans
- →No explicit mention of new equity fundraising; all required equity for smart meter projects has been invested (INR 460 crore, completed as of March).
- →Fresh debt was raised primarily for smart meter projects (~INR 1,350 crore) and equipment CAPEX (~INR 160-170 crore).
- →Debt levels have increased recently due to smart meter project loans and CAPEX needs.
- →Management expects debt to remain flat or decrease slightly by March 2027, depending on collections.
- →Debt profile changes depend on contract types (PPP, HAM, annuity modes); no clear long-term debt forecast provided.
- →No direct comments on plans for future debt or equity raising beyond current borrowings for specific projects and CAPEX guidance of INR 500 crore for FY '27.
Order book
- →As of June 30, 2026, NCC Limited's order book stands at INR 81,214 crores.
- →Beginning of the year order book was INR 83,004 crores.
- →Orders received in the current quarter: INR 3,889 crores.
- →Order book breakdown: Standalone INR 71,312 crores; subsidiaries INR 9,902 crores.
- →Orders received in the current quarter (INR 3,889 crores) will begin contributing to turnover from Q3 FY '27 due to mobilization time.
- →Orders span execution periods from 2 to 7 years, with some mining orders lasting up to 7 years.
- →Specific projects:
- → - Ken-Betwa project total order value INR 3,390 crores; INR 116.35 crore executed so far; fully mobilized.
- → - BharatNet pending order book approx. INR 6,500 crores.
- →INR 81,000 crore of orders are all in executable mode.
- →Expected order inflow for FY '27: between INR 22,000 crores and INR 25,000 crores.
Capex plans
Yes- →CAPEX guidance for FY '27 remains at INR 500 crores. (Page 9)
- →CAPEX incurred in Q1 FY '27 stood at INR 170 crores. (Page 7)
- →Equipment loans of about INR 160-170 crores raised at the HoldCo level to meet CAPEX requirements. (Page 14)
- →No pending equity investment required for smart meter projects, with about INR 460 crores already invested as of March end. (Page 11)
- →INR 256 crore equity investment made in subsidiary NCC Quantum Technologies Private Limited, which holds smart meter SPVs. (Page 8)
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