HCC Q4 FY25 Results: Revenue ₹1,374 Cr, PAT -63%

Hindustan Construction Company Ltd (HCC) reported a weaker year-on-year revenue and profit performance in Q4 FY25, even as operating metrics improved sharply. Consolidated revenue from operations fell to ₹1,373.7 crore, a 22.5% decline versus Q4 FY24. Profit after tax (PAT) came in at ₹90.1 crore, down 63.4% year-on-year, with the company and market commentary pointing to the absence of exceptional gains booked in the year-ago quarter.

At the operating level, EBITDA turned positive at ₹429.5 crore compared with an EBITDA loss in Q4 FY24, and EBITDA margin improved to 31.3%. Total comprehensive income for the quarter stood at ₹113.1 crore, down 59% YoY. The results highlight a quarter where core profitability improved, but headline profit comparisons remained skewed by non-recurring items in the prior year.

Key quarterly numbers at a glance

Revenue from operations declined from ₹1,773.1 crore in Q4 FY24 to ₹1,373.7 crore in Q4 FY25. Other income also fell to ₹18.5 crore from ₹39.9 crore, taking total income to ₹1,392.2 crore versus ₹1,813.1 crore last year. On costs, construction and other expenses reduced to ₹868.1 crore from ₹1,717.5 crore, and employee costs dropped to ₹76.1 crore from ₹173.2 crore. Finance cost moderated to ₹111.4 crore from ₹164.8 crore, while depreciation increased to ₹22.3 crore from ₹17.9 crore.

The cost contraction supported a swing in EBITDA to ₹429.5 crore from a loss of ₹117.5 crore a year ago. Profit before tax (excluding exceptional items) rose to ₹173.3 crore from a loss of ₹241.4 crore in Q4 FY24. But on a reported basis, profit before tax (including exceptional items) was ₹173.3 crore versus ₹409.9 crore in the year-ago quarter.

Q4 FY25 vs Q4 FY24: detailed financial table

Why PAT fell despite an EBITDA rebound

A key driver behind the year-on-year profit decline was the base effect from Q4 FY24. The previous year’s quarter included an exceptional gain of ₹651.3 crore, which did not repeat in Q4 FY25. As a result, profit before tax including exceptional items fell sharply year-on-year, despite improvement in profit before tax excluding exceptional items.

This difference is visible in the reported profit bridge: PBT excluding exceptional items improved to ₹173.3 crore in Q4 FY25, but PBT including exceptional items in Q4 FY24 was significantly higher at ₹409.9 crore. The quarter also saw a lower tax expense of ₹83.2 crore compared with ₹163.6 crore last year, but this was not enough to offset the exceptional-item base effect.

FY25 performance: revenue and profit contracted

For the full year FY25, HCC reported consolidated revenue of ₹5,603.4 crore, down 20.03% from ₹7,006.8 crore in FY24. Consolidated net profit for FY25 was ₹112.63 crore versus ₹478.16 crore in FY24, reflecting a 76.45% decline. In commentary provided in the source material, the revenue contraction was linked to the divestment of Steiner AG.

Alongside the reported revenue number, the company’s construction business turnover for FY25 was cited at ₹4,801 crore. Profitability metrics also showed a contrast between operating improvement and weaker bottom line: EBITDA margin improved to 19.4% in FY25 from 13.6% in FY24.

Order book and near-term visibility

The order book was reported at ₹11,852 crore as of 31 March 2025. Separately, for the quarter ending September 2025, the company was reported to have secured ₹2,770 crore in new orders and had an order backlog of ₹13,152 crore. These figures suggest that while near-term revenues have been volatile, the company continues to add projects.

Order-book movement matters for an EPC and construction contractor because it influences revenue conversion in subsequent quarters. However, the reported numbers also indicate that revenue can be affected by portfolio changes such as divestments, not only execution momentum.

Balance sheet and funding actions highlighted in the data

The provided data points to leverage-related constraints. Total debt was reported at ₹2,846.97 crore as of 31 March 2025, including interest-bearing advances of ₹847.60 crore, alongside a negative equity position. It also cited roughly ₹1,000 crore of FY26 debt repayments, a ₹600 crore QIP, and a March 2025 repayment of ₹522 crore.

These items frame the quarter’s operating improvement against a broader backdrop where funding cost, repayments, and capital structure remain central to investor tracking. While finance cost in Q4 FY25 declined to ₹111.4 crore, the absolute debt level keeps the balance sheet in focus.

Recent quarterly context: September 2025 and Q1 FY26

Beyond Q4 FY25, the material includes two more reference points that show variability in quarterly trends. In the quarter ending September 2025, net profit was reported at ₹47.78 crore, down 25.2% YoY, with revenue from operations at ₹960.7 crore, down 31.7% YoY. EBITDA for that quarter was reported at ₹147.87 crore, down 39%, and EBITDA margin at 15.39% versus 17.21%.

For Q1 FY26, HCC reported a 70% rise in net profit to ₹38.60 crore, despite revenue falling 15.5% to ₹1,069.00 crore, with EBITDA margin improving to 14.90%. On a consolidated basis for Q1 FY26, revenue was reported at ₹1,091.30 crore and net profit at ₹50.70 crore.

Key facts investors tracked alongside results

What the Q4 print signals for the market

The Q4 FY25 result shows a clear operational recovery in reported EBITDA and margin, helped by lower expenses and lower finance cost year-on-year. But the headline profit decline underscores how non-recurring items can dominate year-on-year comparisons. The absence of the Q4 FY24 exceptional gain narrowed reported profitability even though the quarter’s underlying operating line improved.

For investors, the data set also keeps attention on three areas: revenue recovery after the Steiner AG divestment, conversion of the order book into execution, and the company’s ability to manage debt and repayments. The next set of earnings updates will likely be monitored for whether EBITDA improvements remain stable while revenue trends normalise.