FY26 guidance withdrawn
Management formally withdrew FY26 guidance and declined to provide specific Q4 revenue numbers despite Q4 FY25 base of ₹5,383 crore, citing payment uncertainty from JJM projects and projects still in mobilization phase.
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JJM payment recovery expected
Centre has created revised estimates of ₹17,000 crore to be released before end of March 2026, with ₹67,670 crore budgeted for FY27, expected to unlock execution.
Q4 execution expected to be 'good'
Management expects Q4 to be a 'good quarter' versus Q3 performance, with JJM and other projects (Tunnel, Coastal Road, Ken-Betwa) now fully mobilized and progressing.
FY27 capex ~₹400 crore
FY27 capex guidance of approximately ₹400 crore including mining division equipment (₹300-350 crore) and TBM-related capex, with phase-wise deployment.
FY27 Capex Target: Rs 500 Crore
Regular capex of Rs 350-400 crore for equipment replenishment plus Rs 100-150 crore for new mining project equipment. Down from Rs 912 crore in FY26 which included TBM and mining equipment acquisition.
No Revenue/Margin Guidance for FY27
Management declined to provide forward guidance citing unpredictable macroeconomic environment, commodity price inflation, and payment cycle uncertainties. Will revisit after Q1 FY27 results when more clarity emerges.
TBM Project Execution Timeline: 5 Years
Mumbai metro project (GMLR) valued at Rs 6,000 crore with NCC's scope of Rs 3,000 crore. TBM capitalization expected at end of Q2 FY27 with depreciation starting Q3, to be depreciated over 3 years.
New Mining Project Contribution from FY27
Recently bagged mining project valued at Rs 6,000+ crore awarded directly to NCC (standalone) to contribute from FY27 onwards. This is separate from the existing MDO coal mining project generating Rs 2,000+ crore revenue.