NCC Limited has submitted the official transcript of its Q3 FY ’26 earnings conference call, held on February 6, 2026, to the stock exchanges. Management discussed the INR 79,571 crore order book, revenue headwinds, and resilient EBITDA margins of approximately 9% for the quarter. Discussions also covered the slow movement of certain large order inflows and the expected conversion of unbilled revenue in Q4 FY26.
Submission of Q3 FY ’26 Earnings Call Transcript
NCC Limited formally submitted the transcript for the audio conference call held on February 6, 2026, where management discussed the financial results for the third quarter of FY 2025-26 with analysts.
Q3 FY ’26 Financial Highlights
Management noted that while the quarter faced headwinds in execution and profitability, there was healthy traction on the order inflow side. The consolidated order book stood strong at INR 79,571 crores as of December 31, 2025, supported by fresh inflows of INR 12,430 crores during Q3 FY ’26. Segment-wise, the order book remains diversified, with Buildings at 31%, Transportation at 22%, and Electrical T&D at 18%.
Consolidated revenue for the quarter was reported at INR 4,900 crores, compared to INR 5,383 crores in the previous corresponding quarter (a decline of 9%). Despite this moderation, profitability remained resilient, with the consolidated EBITDA margin holding at approximately 8.96%.
Debt Movement and Capital Expenditure
Debt increased by INR 865 crores in Q3 FY ’26. The debt equity ratio ended the quarter at 0.40x. Capex incurred during the quarter was INR 96 crores, bringing the 9-month total to INR 265 crores. Management confirmed that the budgeted capex for regular projects remains INR 1,050 crores.
JJM Payments and Execution Outlook
A significant portion of the Q&A focused on the execution status of large projects, particularly the Jal Jeevan Mission (JJM) orders. Management confirmed that payments from JJM, which had caused delays, have started flowing slowly, with approximately INR 560 crores received in the current period (January). The outstanding receivable for JJM projects (including UP) was reported at approximately INR 1,200 crores.
Management expects the slow execution noted in Q3 to improve significantly in Q4 FY ’26 as payments clear and project clearances (including ROWs and permits) are finalized. Furthermore, management stated they have formally withdrawn guidance for FY ’26, citing ongoing uncertainties.
Smart Meter Investment
Regarding the Smart Meter SPV, management confirmed an investment of INR 377 crores has been made to date, with approximately INR 120 crores remaining to be invested, expected in FY ’27.
Source: BSE
