NCC Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹6,251 Cr
verified against source
Revenue YoY
1%
reported change
EBITDA
Pending
latest reported figure
Source
screener in enriched
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
NCC Limited reported Q4 FY26 consolidated revenue of Rs 6,251 crore (+1% YoY), with full-year revenue declining 6% to Rs 20,944 crore. The company achieved its highest-ever order book of Rs 83,004 crore (16% YoY growth) with a book-to-bill ratio of ~4x, providing multi-year revenue visibility. EBITDA margin contracted to 8.83% from 9.07% YoY due to input cost pressures, while PAT margin fell to 3.3% from 4.1%. Management declined to provide FY27 guidance citing macroeconomic uncertainty, indicating they would revisit after Q1 FY27. Net debt improved to Rs 1,667 crore with debt reduction of Rs 729 crore in Q4. Working capital stood at 97 days with trade receivables improving to 73 days. JJM receivables declined significantly from Rs 1,700 crore to Rs 315 crore following Q4 collections. Capex for FY27 is guided at Rs 500 crore, down from Rs 912 crore in FY26. Key risks include input cost inflation not fully covered by escalation clauses (74% of contracts have escalation provisions) and potential supply chain disruptions affecting execution pace.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- 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.
- 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.
Risks flagged
- Management acknowledged that while 74% of contracts have escalation clauses, price increases may not be fully covered, creating potential margin compression. This is the primary reason cited for withholding FY27 guidance.
- Repeated deferral of guidance despite strong order book and Q4 collections suggests underlying execution or payment challenges. Management repeatedly cited unpredictable day-to-day developments affecting supply chains and client payment abilities.
- Total investment in subsidiaries of Rs 887 crore plus loans to group companies of Rs 309 crore. Smart meter SPV investment of Rs 460 crore and NCC Urban outstanding of Rs 291 crore represent significant capital at risk.
- Investment property under construction in Hyderabad (Jubilee Hills landmark project) is stalled with the matter sub judice. Total investment amount not disclosed, creating uncertainty around potential impairment or recovery.
Key quotes
- There are too many variables in the equation as we speak. The whole environment is very uncertain. So we have decided not to give any guidance for FY27. However, we will revisit this decision maybe when we will have some clarity after conclusion of the first quarter.
- About 74% of the contracts we have escalation clauses. But I'm not very sure whether the increase in the prices will completely get covered under the escalation clauses. There may be some impact. There is no doubt in that.
- We have not seen any kind of pressure from the private clients because our private clients orders comprises about 5% in the entire order book. 95% from the government.
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