NCC Limited · NSE:NCC
NCC — Q2 FY2027 Earnings Presentation
34 slides from NCC's earnings presentation, Nov 5, 2026
Slide 1: Cover letter to stock exchanges
Ref. No.: NCCL/ Presentation/Sept-2026-27 Date : November 5, 2026 National Stock Exchange of India Ltd BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra – Kurla Complex Dalal Street, Bandra (E) Fort Mumbai - 400 051 Mumbai – 400 001 Symbol: NCC Code: 500294 Dear Sir(s), Sub:
Slide 2: Investor Presentation Q2 & H1 FY2027
I N V E S T O R P R E S E N TAT I O N Q2 & H1 FY2027 5 November 2026 NSE: NCC | BSE: 500294 | investors@nccltd.in KUSUMI RESERVOIR, BHUBANESWAR
Slide 3: Disclaimer: Safe Harbor Statement
DISCLAIMER Safe Harbor Statement This presentation includes forward-looking statements relating to the business outlook, financial performance, growth strategy, and future initiatives of NCC Limited (“the Company”). These statements are based on management’s current expectations and assumptions and
Slide 4: Contents
Q 2 & H 1 F Y 2 0 2 7 Contents 01 02 03 04 05 Company Overview Financial Balance Sheet, Order Book & Significant Updates Performance Cash Flow & Capital Growth Engines & Commentary At a glance · Verticals · Key financials · P&L · Balance sheet · Cash flow · Order book walk · Division H1 against FY27
Slide 5: Company Overview
SECTION 01 Company Overview Who we are, the projects we build and the national programmes we serve IIT PATNA
Slide 6: NCC at a Glance
01 | COMPANY OVERVIEW FY26 · ORDER BOOK AS AT 30-SEP-26 NCC at a Glance 48+ years of execution excellence with a diversified portfolio and pan-India presence 1978 7 12,371 ₹20,823 Cr ₹31,884 Cr ₹80,167 Cr Established Business verticals Employees FY26 Revenue FY26 Order Inflow Order Book Listed on NS
Slide 7: Business Verticals
• Hospitals & medical colleges (AIIMS) 01 BUILDINGS • Airports Business Verticals Healthcare, education and housing • Sports complexes • Housing projects • IT parks Diverse capabilities. End-to-end solutions. • Industrial & commercial buildings Nation-building impact. 02 TRANSPORTATION Mobility and
Slide 8: Financial Performance
SECTION 02 Financial Performance Q2 and H1 FY2027 results, standalone and consolidated, with quarterly and five-year trends METRO RAIL, NAGPUR
Slide 9: Key Financial Numbers Standalone
02 | FINANCIAL PERFORMANCE Q2 FY2027 · 30-SEP-26 · ₹ CRORE Key Financial Numbers Standalone REVENUE EBITDA ORDER BOOK ₹4,957 Cr ₹417 Cr ₹71,293 Cr ▲ 31% Y-o-Y 8.5% of Turnover ▲ 11% Y-o-Y PROFIT AFTER TAX NET DEBT EARNINGS PER SHARE ₹163 Cr ₹2,293 Cr ₹2.60 3.3% of Revenue D/E: 0.32 x Per equity shar
Slide 10: Key Financial Numbers Consolidated
02 | FINANCIAL PERFORMANCE Q2 FY2027 · 30-SEP-26 · ₹ CRORE Key Financial Numbers Consolidated REVENUE EBITDA ORDER BOOK ₹6,042 Cr ₹528 Cr ₹80,167 Cr ▲ 32% Y-o-Y 8.8% of Turnover ▲ 11% Y-o-Y PROFIT AFTER TAX* NET DEBT EARNINGS PER SHARE ₹184 Cr ₹3,887 Cr ₹2.93 3.1% of Revenue D/E: 0.50 x Per equity s
Slide 11: Profit & Loss Standalone
02 | FINANCIAL PERFORMANCE Q2 & H1 FY2027 · ₹ CRORE Profit & Loss Standalone ₹ Crore Q2 FY26 Q1 FY27 Q2 FY27 Y-o-Y Q-o-Q H1 FY26 H1 FY27 Y-o-Y Revenue 3,775 4,952 4,957 31% 0% 8,205 9,909 21% EBITDA 277 442 417 50% -6% 672 860 28% EBITDA margin 7.45% 9.01% 8.48% 103 bps -53 bps 8.29% 8.74% 45 bps PA
Slide 12: Profit & Loss Consolidated
02 | FINANCIAL PERFORMANCE Q2 & H1 FY2027 · ₹ CRORE Profit & Loss Consolidated ₹ Crore Q2 FY26 Q1 FY27 Q2 FY27 Y-o-Y Q-o-Q H1 FY26 H1 FY27 Y-o-Y Revenue 4,585 5,842 6,042 32% 3% 9,793 11,884 21% EBITDA 393 545 528 34% -3% 849 1,074 26% EBITDA margin 8.66% 9.38% 8.79% 13 bps -59 bps 8.74% 9.08% 34 bp
Slide 13: Group Revenue Composition
02 | FINANCIAL PERFORMANCE Q2 FY2027 · CONSOLIDATED · ₹ CRORE Group Revenue Composition SHARE OF REVENUE HOW ENTITY OPERATIONAL REVENUE ADDS UP · ₹ CRORE Business Entity Q1 FY27 Q2 FY27 Construction NCC Limited (standalone) 4,912 4,917 18% Coal mining Pachhwara Coal Mining 715 843 Smart meters Two M
Slide 14: Standalone revenue up 31% and EBITDA up 50% year-on-year
02 | FINANCIAL PERFORMANCE QUARTERLY OPERATING PERFORMANCE · ₹ CRORE Standalone revenue up 31% and EBITDA up 50% year-on-year ORDER INFLOW REVENUE 15,980 5,445 5,382 4,952 4,957 4,720 4,430 12,430 4,082 3,775 8,440 6,233 4,775 4,838 3,658 3,889 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27
Slide 15: Quarterly Operating Performance Consolidated
02 | FINANCIAL PERFORMANCE Q3 FY25 – Q2 FY27 · ₹ CRORE Quarterly Operating Performance Consolidated ORDER INFLOW REVENUE 6,189 6,251 6,042 5,842 19,280 5,383 5,208 4,900 4,585 12,430 9,573 8,440 6,223 4,838 3,658 3,889 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q3FY25 Q4FY25 Q1FY26 Q2FY
Slide 16: Five-Year Trend Standalone
02 | FINANCIAL PERFORMANCE FY22 – FY26 AND H1 FY27 · ₹ CRORE Five-Year Trend Standalone REVENUE FROM OPERATIONS EBITDA % EBITDA & PAT 1,744 1,648 19,206 18,314 1,448 17,463 1,343 13,351 996 9,930 9,829 860 759 569 631 577 490 350 10.0% 10.1% 9.0% 9.1% 8.3% 8.7% FY22 FY23 FY24 FY25 FY26 H1 FY27 FY22
Slide 17: Five-Year Trend Consolidated
02 | FINANCIAL PERFORMANCE FY22 – FY26 AND H1 FY27 · ₹ CRORE Five-Year Trend Consolidated REVENUE FROM OPERATIONS EBITDA % EBITDA & PAT* 22,199 1,918 1,836 20,845 20,823 1,769 1,459 15,553 1,024 1,074 11,137 11,827 820 711 675 609 482 401 9.2% 9.4% 8.5% 8.6% 8.8% 9.1% FY22 FY23 FY24 FY25 FY26 H1 FY2
Slide 18: Balance Sheet, Cash Flow & Capital
SECTION 03 Balance Sheet, Cash Flow & Capital Balance sheet, cash flow, working capital, debt and earnings quality PM EKTA MALL, GUWAHATI
Slide 19: Balance Sheet Standalone
03 | BALANCE SHEET, CASH FLOW & CAPITAL 31-MAR-26 VS 30-SEP-26 · ₹ CRORE Balance Sheet Standalone WHAT WE OWN FUNDING MIX (% OF TOTAL) ₹ Crore 31-Mar-26 30-Sep-26 Inc / (Dec) Non-current assets 4,269 4,483 214 Current assets 18,609 18,629 20 65% 64% Total assets 22,878 23,112 234 HOW IT IS FUNDED ₹
Slide 20: Balance Sheet Consolidated
03 | BALANCE SHEET, CASH FLOW & CAPITAL 31-MAR-26 VS 30-SEP-26 · ₹ CRORE Balance Sheet Consolidated WHAT WE OWN FUNDING MIX (% OF TOTAL) ₹ Crore 31-Mar-26 30-Sep-26 Inc / (Dec) Non-current assets 3,763 4,018 255 Current assets 22,243 22,952 709 62% 63% Total assets 26,006 26,970 964 HOW IT IS FUNDED
Slide 21: Cash Flow Statement
03 | BALANCE SHEET, CASH FLOW & CAPITAL H1 FY27 · ₹ CRORE Cash Flow Statement Standalone Consolidated Particulars H1 FY26 H1 FY27 FY26 H1 FY26 H1 FY27 FY26 (A) Net cash from / (used in) operating activities (379) 138 886 (1343) (100) (458) (B) Net cash from / (used in) investing activities (411) (28
Slide 22: Debt & Working Capital
03 | BALANCE SHEET, CASH FLOW & CAPITAL AS AT 30-SEP-26 · ₹ CRORE Debt & Working Capital DEBT NET WORKING CAPITAL DAYS – STANDALONE Metric Q2 FY26 Q1 FY27 Q2 FY27 119 110 Gross debt – standalone 2,115 2,410 2,471 102 97 95 96 Net debt – standalone 1,958 2,008 2,293 Gross debt – consolidated 2,923 4,
Slide 23: Working Capital: From Execution to Cash
03 | BALANCE SHEET, CASH FLOW & CAPITAL STANDALONE · ₹ CRORE Working Capital: From Execution to Cash THE CASH CONVERSION CHAIN 1 EXECUTION 2 UNBILLED REVENUE 3 TRADE RECEIVABLES 4 C A SH Revenue from operations Work done, awaiting client Certified bills awaiting payment Cash and cash equivalents cer
Slide 24: Earnings Quality
03 | BALANCE SHEET, CASH FLOW & CAPITAL PAT VS OPERATING CASH FLOW · STANDALONE · ₹ CRORE Earnings Quality PAT VS CASH FROM OPERATIONS · FY22 TO FY26 H1 COMPARISON PAT Cash from operations (CFO) PAT CFO 1,296 1,299 350 292 138 873 886 815 759 631 569 577 490 (379) FY22 FY23 FY24 FY25 FY26 H1 FY26 H1
Slide 25: Order Book & Growth Engines
SECTION 04 Order Book & Growth Engines Order book movement, division mix, subsidiaries and the smart metering business
Slide 26: Division-wise Composition
04 | ORDER BOOK & GROWTH ENGINES Q2 FY2027 · CONSOLIDATED Division-wise Composition ORDER INFLOW ORDER EXECUTION ORDER BOOK ₹ 4,838 Cr ₹ 5,885 Cr ₹ 80,167 Cr 11% 17% 15% 28% 2% 36% 7% 44% 16% 38% 15% 20% 12% 7% 17% 15% Buildings Transportation Water & Railways Electrical (T&D) Irrigation & Others Mi
Slide 27: Pachhwara Coal Mining
04 | ORDER BOOK & GROWTH ENGINES SUBSIDIARY · NCC STAKE 51% · ₹ CRORE Pachhwara Coal Mining BUSINESS PROFILE ₹ Crore Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 FY26 Mine developer & Revenue 715 843 1,311 1,558 2,711 Role operator Profit before tax 28 34 52 62 107 Client WBPDCL Share of group revenue 12% 14% 13
Slide 28: NCC Urban Infrastructure
04 | ORDER BOOK & GROWTH ENGINES SUBSIDIARY · NCC STAKE 80% · ₹ CRORE NCC Urban Infrastructure BUSINESS PROFILE ₹ Crore Q2 FY26 Q1 FY27 Q2 FY27 FY26 Revenue 148 57 49 276 Activity Real estate development Profit after tax 17 7 4 29 Operating since December 2005 Net worth 439 456 455 449 Bengaluru, Hy
Slide 29: Smart Metering Business Model
04 | ORDER BOOK & GROWTH ENGINES RDSS · AMISP · DBFOOT Smart Metering Business Model A long-term annuity model with upfront project funding: capital is deployed during installation, and per-meter payments recur over the concession period. HOW THE BUSINESS MODEL WORKS 1 DISCOM 2 AMISP / SPV 3 Install
Slide 30: Smart Metering Financials & Funding
04 | ORDER BOOK & GROWTH ENGINES TWO MAHARASHTRA SPVs, COMBINED · ₹ CRORE Smart Metering Financials & Funding FINANCIALS · TWO SPVs COMBINED REVENUE RECOGNITION VS CASH COLLECTION ₹ Crore FY26 H1 FY27 PHASE 1 · INSTALLATION Current Revenue from Operations 1,254 488 Capex involves meters, network and
Slide 31: Significant Updates & Commentary
SECTION 05 Significant Updates & Commentary Progress against FY27 guidance and management commentary on the half year DALIGANJ FLYOVER, LUCKNOW
Slide 32: H1 FY27 Against FY27 Guidance
05 | SIGNIFICANT UPDATES & COMMENTARY GUIDANCE SHARED ON THE Q1 FY27 EARNINGS CALL H1 FY27 Against FY27 Guidance ORDER INFLOW ₹22,000 – 25,000 Cr 0 ₹8,727 Cr FY27 GUIDANCE H1 FY27 inflow ₹8,727 Cr· order inflow is typically weighted to the second half of the year REVENUE GROWTH 8% – 10% 0% ~20%* FY2
Slide 33: Management Commentary
05 | GUIDANCE & COMMENTARY Q2 & H1 FY2027 Management Commentary Re ve n u e M i l e s to n e B I L L I N G & C O L L EC T I O N S SMART METERING ₹ 6,042 Cr Certified billing up 50% Achieved highest ever second quarter revenue in Certified billing increased in Q2, bringing unbilled of meters installe
Slide 34: Thank you
Thank you INVESTOR RELATIONS investors@nccltd.in www.ncclimited.com NCC House, Madhapur, Hyderabad 500 081 NSE: NCC | BSE: 500294