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1 — At a Glance
Consolidated revenue for the June 2026 quarter came in at ₹5,812 Cr, up 12.2% from ₹5,179 Cr a year earlier. Operating profit was ₹545 Cr against ₹456 Cr. Profit attributable to shareholders was ₹216 Cr versus ₹192 Cr, and EPS ₹3.45 against ₹3.06. Management called it the highest first-quarter turnover in the company’s history, at both standalone and consolidated levels.
The order book stood at ₹81,214 Cr as on 30 June 2026, against ₹83,004 Cr at the March close — a book-to-bill management put at roughly 3.5x, down from about 4x for FY26. New awards during the quarter were ₹3,889 Cr.
Consolidated net debt was ₹3,513 Cr, up from ₹2,815 Cr at the end of March. Management attributed the year-on-year increase largely to the smart meter business, where cumulative project debt drawn stood at ₹1,461 Cr and equity infused at ₹460 Cr.
Alongside the results, management issued FY27 guidance: order inflow of ₹22,000–25,000 Cr, revenue growth of 8–10%, and an EBITDA margin band of 8.5–9%. The quarter itself printed a consolidated EBITDA margin of 9.4%, per 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 — not to capacity.
Forty-eight years of building things, and the constraint is still whether somebody else signs the cheque. We’ll get to the arithmetic on that.
2 — Introduction
NCC Limited began life in 1978 as a partnership firm in Hyderabad, converted to a limited company in March 1990, and has spent the decades since turning into what the credit agencies now describe as a full-fledged infrastructure solutions provider. Turnkey EPC contracts, plus BOT projects on a public-private partnership basis. Registered office: NCC House, Madhapur.
The clientele list reads like a roll-call of Indian public infrastructure — Delhi Metro, NHAI, Powergrid, Airports Authority of India, MMRC, RVNL, NBCC, Indian Oil, MSRDC, Adani. By client type, the order book at June 2026 breaks into PSUs and state entities at 60%, state governments at 19%, central government at 14%, multilateral lenders at 5% and private at 4% — a share management described as one they are slowly entering.
The last eighteen months have been busy on the corporate-structure front. In January 2026 the NCLT, Hyderabad sanctioned the amalgamation of NCC Infrastructure Holdings Limited — a wholly owned subsidiary whose NBFC registration the RBI had cancelled back in March 2022 — into the parent, with an appointed date of 1 April 2024. Authorised capital was raised to ₹750 crore. Prior-period standalone figures have been restated accordingly.
February 2026 brought a different sort of filing. NHAI debarred the company and a step-down subsidiary from its tenders 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, Senior Executive Vice President (Commercial), on 15 February, after a three-decade tenure.
In March, Company Secretary and Compliance Officer Mr Sisir K Mishra resigned with effect from the close of business on 6 April 2026.
CARE Ratings reaffirmed the long-term facilities at AA-; Stable in December 2025, and assigned the same to a fresh ₹598 crore term loan maturing August 2032.
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3 — Business Model: WTF Do They Even Do?
Seven verticals, one answer: they build the thing.
Buildings — hospitals and medical colleges including AIIMS facilities, airports, sports complexes, housing, IT parks. Transportation — access-controlled highways, road EPC, air strips, metro rail, tunnelling, bridges and flyovers. Water & Environment — supply schemes, treatment plants, distribution networks, underground drainage, sewage treatment, lift irrigation. Electrical (T&D) — transmission and distribution lines, substations, electrification, smart meters, optical fibre. Mining — mine developer-cum-operator work, overburden removal, coal excavation and transport. Irrigation — dams, reservoirs, canals, barrages, spillways, aqueducts. Railways — civil EPC, track laying, signalling and telecom, dedicated freight corridors, high-speed rail.
The cumulative scorecard: 520-plus building projects, 36,525-plus km of water pipelines, 3,50,000-plus acres irrigated, 35,000-plus villages electrified. That last number is the sort of thing a company puts on a slide and a reader skims past, which seems unfair to the villages.
Construction is 99% of the segment mix. Real estate is the other 1% — NCC Urban Infrastructure, 80% owned, operating residential projects across Bengaluru, Hyderabad, Chennai, Ranchi and Mumbai, with 11.7 million sq ft completed, 2.78 million under construction across five projects,
