NCC / Q2-FY26

NCC Q2 FY26 earnings call.

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Negative2025-10-30Back to NCC

Revenue

₹4,543 Cr

verified against source

Revenue YoY

-12%

reported change

EBITDA

₹397 Cr

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

source records only
EBITDA (₹ Cr)PositiveWatchNegative
2 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q2 FY26: 397 · Negative source sentiment · 2025-10-30Q2 FY26Q3 FY26: 436.2 · Negative source sentiment · 2026-01-15Q3 FY26436.2397
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

NCC Ltd reported a 12% YoY decline in Q2 FY26 consolidated revenue to Rs 4,585 crore, with EBITDA contracting 11% to Rs 397 crore despite a marginal 14bps margin expansion to 8.66%. Management withdrew FY26 guidance citing unprecedented monsoon impact across multiple states and elongated payment cycles from government clients, particularly in water/JJM projects where Rs 1,700 crore receivables remain outstanding. Working capital extended to 110 days with receivables stretching to 78 days vs 65 days YoY. Net debt rose to Rs 1,890 crore. While the order book stands robust at Rs 71,957 crore with H1 inflows of Rs 9,881 crore (including Rs 17,420 crore through October), the translation to revenue execution remains impaired. The risk: if JJM payments don't materialize in H2, working capital stress could worsen, limiting execution capacity despite strong pipeline. The company will provide an update by March 2026.

Colored figures show movement against the previous available record.

Guidance to track

No guidance to track were recorded for this quarter.

Risks flagged

  • Rs 1,700 crore of JJM receivables remain outstanding with elongated collection cycles. Management expects some payments by December but provided no firm commitment, risking further working capital deterioration.
  • While management attributes payment issues solely to water segment, the 13-day increase in receivables days (65 to 78 YoY) suggests broader collection challenges. This was raised by analysts but management did not address the underlying systemic issue.
  • Net debt increased Rs 266 crore sequentially to Rs 1,890 crore, with debt equity ratio rising to 0.28 from 0.20 at FY26 start. Continued working capital consumption could further pressure leverage.
  • Multiple analysts pressed management for H2 qualitative commentary but received no color beyond 'things should improve.' The deflection suggests internal visibility on H2 recovery is genuinely limited.

Key quotes

  • Due to the challenging external business environment and elongated payment cycles, we have decided to withdraw the guidance for the financial year 26 and will be able to share any update by March 26.
  • If all the payments are not coming, there is no way we can continue to invest, borrow and invest, right? As an investor, that is in your ultimate interest.
  • The projects which are being executed other than those projects where the receivables are held up we have no problem in receiving the money.

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