NCC Limited — Investor Meet, 12-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

NCC Limited saw Q2 FY26 revenue drop 12% YoY to INR 4,585 Cr, with H1 revenue down 9% to INR 9,793 Cr. Consolidated EBITDA margin was 8.66%. Management withdrew FY26 guidance, attributing the dip to heavy rains, elongated payment cycles (especially in water projects), and project startup delays. An outlook update is planned for March '26.

The company holds a strong order book of INR 71,957 Cr, adding INR 6,223 Cr in Q2. INR 28,000 Cr of previously secured orders are expected to kick off in Q3/Q4. Capex increased to INR 1,050 Cr for a new mining order. The sentiment is cautious but hopeful for H2 improvement, with a strong focus on working capital.