NCC Limited announced its Q2 FY26 results, reporting an order book of ₹71,957 crores as of September 30, 2025. New orders booked during the quarter amounted to ₹6,223 crores, primarily from the Buildings, Water, and Irrigation divisions. Revenue for Q2 FY26 stood at ₹4,585 crores. The company has withdrawn its guidance for the financial year ’26 due to the challenging business environment and elongated payment cycles.
Financial Performance Overview
In the second quarter of FY26, NCC Limited reported a turnover of ₹4,585 crores, compared to ₹5,224 crores in the corresponding quarter of the previous year. The EBITDA margin stood at 8.7% on a consolidated basis. For the first half of FY26, the cumulative turnover reached ₹9,793 crores, down from ₹10,782 crores in the same period last year. The cumulative order inflow for H1 FY26 was ₹9,881 crores.
Order Book Breakdown
As of September 30, 2025, NCC’s order book stood at ₹71,957 crores. The divisional breakdown is as follows:
- Building: ₹22,492 crores (31% of total)
- Transportation: ₹17,361 crores (24% of total)
- Electrical: ₹15,013 crores (21% of total)
- Water and Railway: ₹7,553 crores (10% of total)
- Irrigation: ₹5,394 crores (7% of total)
- Mining: ₹4,137 crores (6% of total)
Profitability and Debt
At the stand-alone level, the company achieved an EBITDA of 7.45% for Q2 FY26, compared to 9.03% in the corresponding quarter of the previous year. PAT reached 2.68%. At a consolidated level, EBITDA was 8.66% and PAT was 3.37%. The debt at the end of Q2 FY26 stood at ₹2,115 crores, with a net debt of ₹1,890 crores. Debt-equity ratio was 0.28.
Working Capital and Advances
Working capital (excluding cash and margin money deposits) stood at ₹5,406 crores, representing 33% of turnover. Mobilization advances were ₹2,961 crores as of September 2025, with 63% being interest-bearing.
Capex and Investments
The company incurred a capex of ₹77 crores in Q2 and ₹169 crores for the first half of ’26. Planned capex for regular projects revised to ₹1,050 crores. Investments are ₹1,191 crores as at the end of September.
Source: BSE
