NCC Ltd
NSE:NCC
NCC Ltd
NCC Ltd., originally founded in 1978 as Nagarjuna Construction Company, has carved out a formidable presence in India’s infrastructure and construction sector. Over the years, starting from modest beginnings, NCC has strategically expanded its operations to cover a wide array of construction activities ranging from residential and commercial buildings to complex infrastructure projects such as roads, highways, bridges, and water supply systems. Their expertise and portfolio extend well beyond mere construction, encompassing urban infrastructure development, which includes railways, airports, and even electrical and power transmission projects. NCC’s business model thrives on executing large-scale public sector projects, effectively securing contracts through competitive bidding and optimizing construction processes to ensure cost-efficiency and timely delivery.
A significant portion of the company's revenue is generated from government contracts, bolstered by India’s increasing focus on infrastructure development. Their operations are underpinned by a robust management system that handles the intricacies of project life cycles, from planning and design to execution and maintenance. NCC also leverages joint ventures and strategic partnerships, enhancing its capability to undertake formidable projects requiring substantial technical know-how and resources. Its revenue streams, thus, are a blend of project-based payments coupled with long-term maintenance contracts, ensuring a steady and diversified financial flow. This adept management of resources and strategic execution positions NCC Ltd. as a stalwart in the infrastructure industry, continually expanding its horizon beyond national borders, tapping into international markets for sustained growth.
NCC Ltd., originally founded in 1978 as Nagarjuna Construction Company, has carved out a formidable presence in India’s infrastructure and construction sector. Over the years, starting from modest beginnings, NCC has strategically expanded its operations to cover a wide array of construction activities ranging from residential and commercial buildings to complex infrastructure projects such as roads, highways, bridges, and water supply systems. Their expertise and portfolio extend well beyond mere construction, encompassing urban infrastructure development, which includes railways, airports, and even electrical and power transmission projects. NCC’s business model thrives on executing large-scale public sector projects, effectively securing contracts through competitive bidding and optimizing construction processes to ensure cost-efficiency and timely delivery.
A significant portion of the company's revenue is generated from government contracts, bolstered by India’s increasing focus on infrastructure development. Their operations are underpinned by a robust management system that handles the intricacies of project life cycles, from planning and design to execution and maintenance. NCC also leverages joint ventures and strategic partnerships, enhancing its capability to undertake formidable projects requiring substantial technical know-how and resources. Its revenue streams, thus, are a blend of project-based payments coupled with long-term maintenance contracts, ensuring a steady and diversified financial flow. This adept management of resources and strategic execution positions NCC Ltd. as a stalwart in the infrastructure industry, continually expanding its horizon beyond national borders, tapping into international markets for sustained growth.
Revenue Decline: Consolidated revenue for Q3 FY26 was INR 4,900 crores, down 9% year-on-year due to execution headwinds, particularly in projects facing payment delays.
Order Book Strength: Order book stood at INR 79,571 crores as of December 31, 2025, with INR 12,430 crores in new inflows during Q3, providing good medium-term visibility.
Profitability Resilience: Despite lower revenue, consolidated EBITDA margin improved to 8.96% from 8.25% last year, showing operational discipline.
Debt Increase: Gross debt rose significantly to INR 2,980 crores from INR 2,115 crores at the start of the quarter, mainly due to project mobilizations and CapEx.
JJM Payment Situation: Payment delays in Jal Jeevan Mission projects impacted execution, but some payments have started coming in; receivables in UP dropped to INR 1,200 crores from INR 1,700 crores.
Guidance Withdrawn: Management has formally withdrawn FY26 guidance due to continued execution and payment uncertainties.
Execution Expected to Improve: Projects previously in mobilization are ready for ramp-up, with some execution momentum seen in January and expectations for a stronger Q4.
