NCC (500294) Q1 26/27 earnings summary

Executive summary

• Consolidated revenue for Q1 FY27 rose 12% year-over-year to ₹5,842 crore, marking the highest Q1 turnover in company history and reflecting strong execution across business verticals.

• EBITDA margin improved to 9.4% from 8.8% year-over-year, with consolidated EBITDA at ₹545.12 crore and PAT at ₹229 crore, driven by disciplined project selection and cost management.

• The order book as of June 30, 2026, stands at ₹81,214 crore, up 16% year-over-year, providing a book-to-bill ratio of 3.5x and strong multi-year revenue visibility.

• New orders worth ₹3,889 crore were booked in Q1, mainly from Buildings, Water, and Railway divisions.

• Working capital management and a conservative capital structure remain priorities, with a debt-equity ratio of 0.5x.

Financial highlights

• Standalone turnover for Q1 FY27 was ₹4,952.45 crore, up 12% year-over-year; consolidated turnover was ₹5,842 crore, also up 12%.

• Consolidated EBITDA: ₹545.12 crore (9.4% margin); standalone EBITDA: ₹442.45 crore (9.01% margin).

• Consolidated PAT: ₹229 crore (3.9% margin); standalone PAT: ₹187.31 crore (3.8% margin).

• EPS for Q1 FY27: 3.45 (consolidated), 2.98 (standalone).

• Net debt: ₹3,513 crore; debt-equity ratio: 0.5x.

Outlook and guidance

• FY27 guidance: order inflow of ₹22,000–25,000 crore, revenue growth of 8–10%, and EBITDA margin of 8.5–9%.

• CapEx guidance for FY27 remains at ₹500 crore.

• Management expects debt to remain flat or decrease by March 2027, depending on collections.

• Focus on profitable growth, execution, and prudent capital allocation.