Current/ Expected Orderbook/ Pending Orders?

**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. **L1 Projects:** Approximately INR 2,000 crores. Exe

Any current/future new fundraising through debt or equity?

There is no explicit mention of any fresh fundraising through equity in the document. Debt levels are expected to be around INR 2,400 crores (gross debt) by the end of the year, factoring in capex and expected improvements in receivables. Capex planned for FY '26 is about INR 1,050 crores, with around INR 400 crores expected as cash outgo in Q4, likely funded partly through equipment loans (only 10% margin money needed). Equipment financing involves phased funding, reducing immediate debt impact. No specific new fundraising through fresh debt or equity beyond these planned borrowings and inves

Any current/future capex/capital investment/strategic investment?

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. No specific capex target fixed for FY '27 yet; details to be shared later. Capex related to strategic projects like Min

Future growth expectations in sales/revenue/volumes?

NCC Limited has withdrawn formal guidance for FY '26 due to execution challenges, mainly delays in the Jal Jeevan Mission (JJM) projects and payment issues.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

Future growth expectations in earnings/operating earnings/profits/EPS?

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). Expectation of good revenue growth in Q4 FY '26 driven by improved execution and payments, especially from JJM projects (Pages 15, 18). Unbilled revenues are expected to convert into billing and realization in Q4 FY '26, aiding revenue growth and improving working capital cycle (Page 15). EBITDA and revenue growth visibility for FY '27 is pending detailed project evaluations; directional growth expected but exact guidance deferred until April (Pages 8, 9, 1

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NCC LtdQ4 FY27Construction

NCC Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹158P/E: 14.4Market Cap: ₹10.1K CrSector: Construction

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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.
→A robust order book (~INR68,000 crores) could support higher revenue in FY '27 if execution normalizes.
→The company expects unbilled revenue conversion and improving working capital cycle to positively impact Q4 revenue recognition.

Margin guidance

Category 3

→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).
→Expectation of good revenue growth in Q4 FY '26 driven by improved execution and payments, especially from JJM projects (Pages 15, 18).
→Unbilled revenues are expected to convert into billing and realization in Q4 FY '26, aiding revenue growth and improving working capital cycle (Page 15).
→EBITDA and revenue growth visibility for FY '27 is pending detailed project evaluations; directional growth expected but exact guidance deferred until April (Pages 8, 9, 16).
→Debt levels expected around INR 2,400 crores end of the year, with capex investments ongoing (Page 13).
→Overall, management anticipates a recovery and improved profitability from Q4 FY '26 onwards, with growth resuming after a subdued FY '26.

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Fundraise plans

Yes

→There is no explicit mention of any fresh fundraising through equity in the document.
→Debt levels are expected to be around INR 2,400 crores (gross debt) by the end of the year, factoring in capex and expected improvements in receivables.
→Capex planned for FY '26 is about INR 1,050 crores, with around INR 400 crores expected as cash outgo in Q4, likely funded partly through equipment loans (only 10% margin money needed).
→Equipment financing involves phased funding, reducing immediate debt impact.
→No specific new fundraising through fresh debt or equity beyond these planned borrowings and investments is mentioned.

Order book

Yes

→**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.
→**L1 Projects:** Approximately INR 2,000 crores.
→Execution is gathering momentum, especially on projects that had earlier been in the mobilization stage.

Capex plans

Yes

→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.
→No specific capex target fixed for FY '27 yet; 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.
→Investment in subsidiaries stood at INR896 crores as of December 31, 2025.
→Loans to group companies reduced to INR233 crores due to merger.

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