1. Opening Hook

While most infra companies are busy complaining about delayed payments and stretched balance sheets, NACDAC casually walked into its concall saying, “Government pays fine, private builders are the real headache.” Bold. Borderline controversial.

Fresh off a 221% revenue jump, management sounded less like a newly listed SME and more like a contractor who’s finally figured out the game—bid big, avoid flat-for-payment drama, and keep working capital on a tight leash. IPO money? Already spent. Fundraising? Not happening.

Instead, NACDAC is doubling down on government projects, faster execution, and bidding everything that moves within a 300-km radius. Confidence is high, numbers are flashy, and competition is brutal—but management seems oddly comfortable in the chaos.

Read on. This concall quietly reveals why NACDAC might be building more than just buildings.

2. At a Glance

• Revenue ₹23.84 Cr (+221%) – Growth so fast it needs safety railings.
• Net Profit ₹2.06 Cr (+154%) – Bottom line finally doing some heavy lifting.
• EBITDA up 107% – Margins behaving better than most infra peers.
• Order Book ₹92–95 Cr – Government babu-approved visibility.
• Top 5 clients ~72% – Concentration risk politely ignored.

3. Management’s Key Commentary

“We are not planning any FPO right now.”
(Translation: IPO cash is still warm.) 😏

“If we get ₹100 crore worth of projects, we can manage with our own funds.”
(Confidence powered by working capital maths.)

“Top five customers contribute around 70–73%.”
(Diversification is a future problem.)

“We are not bidding projects below ₹10 crores.”
(Small jobs, big headaches—no thanks.)

“We prefer government over private builders.”
(Flats don’t pay salaries.) 😌

“Our working capital cycle is 60–75 days.”
(For infra, that’s practically lightning speed.)

“₹150 crores worth of projects are under evaluation.”
(Tender documents working overtime.) 🚧

4. Numbers Decoded

Decoded Take: Growth is real, but execution discipline will decide sustainability.

5. Analyst Questions (Decoded)

• Funding future growth?
  No FPO, short-term