NCC · Construction
NCC Ltd. reported revenue of ₹3,727 cr for July to September 2025, — on the year and — on the quarter.
Operating profit (EBITDA) was ₹277 cr, a margin of 7.4%, — on the year and — on the quarter.
Net profit was ₹102 cr, — on the year and — on the quarter, with earnings per share of ₹1.62.
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.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Results filing
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Order inflow (₹ cr) | 4,585 |
| Execution rate | 4,543% |
| Working capital days (days) | 95 |
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹3,727 cr | ₹4,912 cr | ₹4,917 cr |
| YoY | — | — | +32% |
| EBITDA margin | 7.4% | 9.0% | 8.5% |
| Other income, % of PBT | 41% | 16% | 18% |
| Exceptional items | — | — | — |
| Tax rate | 14% | 26% | 25% |
| Net profit | ₹102 cr | ₹187 cr | ₹163 cr |
| YoY | — | — | +60% |
| Core profit YoY | — | — | +157% |
| EPS | ₹1.62 | ₹2.98 | ₹2.60 |
| Flags | 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 ₹3,727 cr (— on the year) and net profit of ₹102 cr (— on the year) for July to September 2025.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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