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1 — At a Glance
NCC Limited builds infrastructure under contract, mostly for government bodies and public sector clients.
Consolidated revenue for the three months to June 2026 was ₹5,812 crore. That is 12.2% higher than the ₹5,179 crore booked a year earlier. Operating profit was ₹545 crore, against ₹456 crore in the same quarter. Profit attributable to shareholders was ₹216 crore, against ₹192 crore. Earnings per share were ₹3.45, against ₹3.06 a year earlier. Management called it the highest first-quarter turnover in the company’s history, at both standalone and consolidated levels — a record set in the firm’s forty-eighth year.
The order book stood at ₹81,214 crore on 30 June 2026. That compares with ₹83,004 crore at the close of March 2026. The book-to-bill ratio measures an order book against a single year of billing. Management put it at roughly 3.5 times, down from about four times for the year to March 2026. New orders won during the quarter came to ₹3,889 crore.
Consolidated net debt was ₹3,513 crore, up from ₹2,815 crore at the end of March. Management attributed most of the year-on-year increase to the smart meter business. Cumulative project debt drawn there was ₹1,461 crore, with ₹460 crore of equity infused.
Management issued guidance for the year to March 2027 alongside the results. Order inflow is guided at ₹22,000 crore to ₹25,000 crore. Revenue growth is guided at 8% to 10% over the same period. EBITDA, or profit before interest, tax and depreciation, is guided at a margin of 8.5% to 9%. The quarter itself printed a consolidated EBITDA margin of 9.4%, on the company’s own presentation. Asked why the guide sat below the quarter’s run-rate, management pointed to funding, approvals and right-of-way, and not to capacity. Right-of-way is the land access a contractor must have before work can begin.
2 — Introduction
NCC Limited began life in 1978 as a partnership firm based in Hyderabad. It converted to a limited company in March 1990. Credit-rating agencies now describe it as a full-fledged infrastructure solutions provider. The work is turnkey EPC contracts, where one contractor designs, procures and builds the whole asset. It also takes BOT projects, meaning build, operate and transfer back after a fixed period, on a public-private partnership basis. The registered office is NCC House, Madhapur.
The client list reads like a roll-call of Indian public infrastructure. Delhi Metro, NHAI, Powergrid and the Airports Authority of India are among them. MMRC, RVNL, NBCC and Indian Oil appear on the same list. MSRDC and Adani complete the names the company gives.
Public sector undertakings and state entities held 60% of the order book at June 2026. State governments accounted for 19% and the central government for 14%. Multilateral lenders accounted for 5% and private clients for 4%. Management described private work as a segment the company is slowly entering.
The last eighteen months have been busy on the corporate-structure front. In January 2026 the NCLT at Hyderabad sanctioned an amalgamation into the parent company. The subsidiary was NCC Infrastructure Holdings Limited, wholly owned, with an appointed date of 1 April 2024. The RBI had cancelled that subsidiary’s registration as a non-banking finance company in March 2022. Authorised capital was raised to ₹750 crore, and prior-period standalone figures have been restated.
February 2026 brought filings of a different sort. NHAI debarred the company and a step-down subsidiary from its tenders. The order ran for two years with effect from 17 February. The Delhi High Court granted an interim stay on 21 February, until 10 March. The Telangana High Court granted an interim suspension of the order on 26 February, until its next hearing. The same month, the company announced the death of Sri N Bangar Raju on 15 February. He was Senior Executive Vice President (Commercial) and had served for three decades.
Company Secretary and Compliance Officer Mr Sisir K Mishra resigned in March. His resignation took effect from the close of business on 6 April 2026.
CARE Ratings, a credit-rating agency, reaffirmed the long-term facilities at AA-; Stable in December 2025. It assigned the same rating to a fresh ₹598 crore term loan maturing August 2032.
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3 — Business Model: WTF Do They Even Do?
Seven verticals, and one answer in all of them: the company builds the thing.
Buildings covers hospitals and medical colleges, including AIIMS facilities, airports and sports complexes. Housing and IT parks belong to the same vertical. Transportation covers access-controlled highways, road EPC work, air strips and metro rail. Tunnelling, bridges and flyovers fall under the same heading. Water and Environment covers supply schemes, treatment plants, distribution networks and underground drainage. Sewage treatment and lift irrigation are part of it too. Electrical covers transmission and distribution lines, substations, electrification and smart meters. Optical fibre work sits in that vertical as well. Mining means mine developer-cum-operator work, overburden removal, coal excavation and coal transport. Irrigation covers dams, reservoirs, canals and barrages. Spillways and aqueducts are built under the same vertical. Railways covers civil EPC, track laying, and signalling and telecom work. Dedicated
