JJM payment dependency
JJM projects (₹7,000 crore order book) remain severely constrained with only ₹82 crore Q3 execution. Management admits they cannot control client payment release patterns, making execution recovery unpredictable.
NCC / Q3-FY26 / risks
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NCC · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Working capital deterioration
DSO increased from 78 to 87 days, unbilled revenue rose to ₹7,129 crore (44% of turnover), and gross debt jumped ₹865 crore in one quarter to ₹2,980 crore, straining balance sheet.
Building segment decline unaddressed
Analyst highlighted 14% YoY decline in building segment, but management attributed it entirely to JJM factors without providing segment-level breakdown or recovery timeline for standalone building orders.
Smart meter SPV profitability timeline vague
Management declined to discuss break-even timeline or profit-sharing structure for the ₹377 crore smart meter SPV investment, citing confidentiality concerns, limiting investor visibility on ROI.