NCC · Construction
NCC Ltd. reported revenue of ₹5,179 cr for April to June 2025, −6.3% on the year and −15.5% on the quarter. Over the last four quarters revenue comes to ₹21,851 cr, −0.6% on the four before.
Operating profit (EBITDA) was ₹456 cr, a margin of 8.8%, +16 bps on the year and −25 bps on the quarter. Over the last 8 quarters the margin has ranged from 6.4% to 9.6%, averaging 8.5%. Operating costs grew −6.5%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹205 cr, −8.1% on the year and −22.6% on the quarter, with earnings per share of ₹3.06. Profit before other income, one-offs and tax fell 11.9%, so 4 points of the headline growth came from outside the core business. The tax rate was 24% against an average of 29% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹851 cr, +9.2% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹12.78 over the last four quarters, the stock at ₹125.70 trades at 9.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,260 cr | ₹6,485 cr | ₹5,528 cr | ₹5,196 cr | ₹5,345 cr | ₹6,131 cr | ₹5,179 cr | ₹4,543 cr | ₹4,868 cr | ₹6,233 cr | ₹5,812 cr | ₹6,015 cr |
| YoY | — | — | +26% | +10% | +2% | −5% | −6% | −13% | −9% | +2% | +12% | +32% |
| EBITDA margin | 9.6% | 8.5% | 8.6% | 8.5% | 8.3% | 9.1% | 8.8% | 8.7% | 9.0% | 8.8% | 9.4% | 8.8% |
| Other income, % of PBT | 9% | 4% | 10% | 12% | 18% | 16% | 12% | 20% | 0% | 7% | 10% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 33% | 26% | 30% | 24% | 28% | 24% | 20% | 26% | 26% | 27% | 26% |
| Net profit | ₹231 cr | ₹239 cr | ₹223 cr | ₹175 cr | ₹206 cr | ₹265 cr | ₹205 cr | ₹167 cr | ₹135 cr | ₹217 cr | ₹229 cr | ₹199 cr |
| YoY | — | — | +21% | +103% | −11% | +11% | −8% | −4% | −34% | −18% | +12% | +19% |
| Core profit YoY | — | — | +20% | +128% | −25% | −10% | −12% | −25% | −18% | −12% | +19% | +46% |
| EPS | ₹3.51 | ₹3.81 | ₹3.34 | ₹2.60 | ₹3.08 | ₹4.04 | ₹3.06 | ₹2.46 | ₹1.95 | ₹3.28 | ₹3.45 | ₹2.93 |
| Flags | · | · | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
NCC Ltd. reported revenue of ₹5,179 cr (−6.3% on the year) and net profit of ₹205 cr (−8.1% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −11.9% on the year, against −8.1% for reported profit.
None of the 7 checks that could run raised a question.
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