NCC revenue rises 32% as shareholder profit hits Rs 184 crore

NCC Limited reported consolidated revenue from operations of Rs 6,014.67 crore for the quarter ended 30 September 2026, up 32% from Rs 4,543.01 crore a year earlier, while profit attributable to shareholders rose to Rs 184.29 crore from Rs 154.70 crore. Construction generated Rs 5,970.51 crore of quarterly gross segment revenue.

How did NCC perform in the September 2026 quarter?

NCC increased both consolidated turnover and shareholder-attributable profit in the quarter ended 30 September 2026. Revenue from operations rose by Rs 1,471.66 crore year on year to Rs 6,014.67 crore, while total income, including other income, increased to Rs 6,041.68 crore from Rs 4,585.06 crore. Other income declined to Rs 27.01 crore from Rs 42.05 crore, so the increase in total income came from revenue from operations.

Profit before tax rose to Rs 269.85 crore from Rs 208.62 crore in the quarter ended 30 September 2025. Consolidated net profit after tax was Rs 198.84 crore, compared with Rs 167.33 crore a year earlier, of which Rs 184.29 crore was attributable to NCC shareholders and Rs 14.55 crore to non-controlling interests. Basic and diluted earnings per share, or EPS, were Rs 2.93 each, compared with Rs 2.46 each in the prior-year quarter.

Costs rose as revenue expanded during the September 2026 quarter. Sub-contractor work bills increased to Rs 2,744.91 crore from Rs 1,833.78 crore, construction expenses rose to Rs 559.12 crore from Rs 353.14 crore, and material consumption increased to Rs 1,840.73 crore from Rs 1,649.21 crore. Total expenses reached Rs 5,772.59 crore, against Rs 4,378.43 crore, while profit from operations before exceptional items and tax increased to Rs 268.99 crore from Rs 206.51 crore.

Which NCC segments drove September-quarter revenue?

NCC's construction segment drove September-quarter revenue, reporting gross segment revenue of Rs 5,970.51 crore, compared with Rs 4,397.61 crore in the prior-year quarter. The segment covers engineering and construction of industrial, commercial and residential buildings, roads, bridges, flyovers, water supply and environmental projects. Its segment result increased to Rs 343.58 crore from Rs 220.02 crore.

The real estate segment reported Rs 44.60 crore of gross revenue in the quarter ended 30 September 2026, down from Rs 145.40 crore a year earlier. Its segment result declined to Rs 4.37 crore from Rs 20.56 crore. The Others segment, comprising build-operate-transfer, or BOT, projects, reported a segment result of Rs 1.13 crore, compared with Rs 0.55 crore in the corresponding quarter.

The same contrast appeared in the first half. Construction revenue increased to Rs 11,729.90 crore for the half year ended 30 September 2026 from Rs 9,548.94 crore in the corresponding period, and its segment result rose to Rs 643.78 crore from Rs 577.70 crore. Real estate revenue fell to Rs 96.60 crore from Rs 173.05 crore, while its segment result declined to Rs 9.14 crore from Rs 27.10 crore.

What changed in NCC's first-half earnings and balance sheet?

NCC reported first-half revenue from operations of Rs 11,826.50 crore for the six months ended 30 September 2026, compared with Rs 9,722.00 crore a year earlier. Profit before tax increased to Rs 581.49 crore from Rs 475.94 crore, while profit attributable to shareholders rose to Rs 400.69 crore from Rs 346.44 crore. The increase in first-half shareholder profit was Rs 54.25 crore.

Total assets stood at Rs 26,970.21 crore at 30 September 2026, compared with Rs 26,006.07 crore at 31 March 2026. Equity attributable to shareholders increased to Rs 8,132.32 crore from Rs 7,868.95 crore, and total equity rose to Rs 8,299.90 crore from Rs 8,029.12 crore. Current assets were Rs 22,952.54 crore, including trade receivables of Rs 3,476.35 crore and inventories of Rs 2,589.65 crore.

Total liabilities were Rs 18,670.31 crore at 30 September 2026, compared with Rs 17,976.95 crore at 31 March 2026. Non-current borrowings increased to Rs 1,852.73 crore from Rs 1,492.52 crore, while current borrowings rose to Rs 2,251.14 crore from Rs 1,964.44 crore. These movements accompanied a Rs 419.28 crore decrease in cash and cash equivalents during the six months.

What do NCC's cash flows and review report show?

NCC ended the first half with cash and cash equivalents of Rs 222.47 crore, down from Rs 642.75 crore at 31 March 2026. The consolidated cash-flow statement recorded net cash used in investing activities of Rs 389.95 crore, including Rs 314.69 crore spent on property, plant, equipment, investment property and intangible assets. Net cash generated from financing activities was Rs 70.59 crore.

Financing cash flows included term-loan proceeds of Rs 959.81 crore and term-loan repayments of Rs 337.02 crore for the half year ended 30 September 2026. NCC also reported Rs 420.77 crore of finance costs paid and Rs 138.13 crore of dividend paid during the period. Operating cash flow was affected by working-capital movements, including Rs 535.12 crore used in other assets and Rs 435.71 crore used in other current liabilities.

NCC's board approved the unaudited consolidated results on 5 November 2026 after review and recommendation by its audit committee. The results were prepared under Indian Accounting Standards, or Ind AS, and the statutory auditors issued an unmodified limited-review report. The reviewed group included 4 branches, 42 joint operations, subsidiaries and associates.

Thirty-two subsidiaries and one branch reviewed by their respective auditors recorded total revenue of Rs 1,139.54 crore in the September 2026 quarter and Rs 2,040.31 crore in the six months ended 30 September 2026. They generated net profit after tax of Rs 31.40 crore for the quarter and Rs 58.11 crore for the half year. The filing also identified a Rs 33.67 crore exceptional employee-benefit provision in the year ended 31 March 2026, related to new labour codes implemented from 21 November 2025.

Conclusion

NCC's September-quarter improvement was led by its construction business, where gross revenue increased by Rs 1,572.90 crore year on year and segment result increased by Rs 123.56 crore. The real estate business moved in the other direction, with quarterly revenue declining by Rs 100.80 crore, leaving the larger construction operation as the principal driver of the consolidated revenue and profit increase.

The next results release will show whether first-half construction growth continues and how it affects cash generation, receivables and borrowings. Investors can also monitor changes after the Rs 959.81 crore of term-loan proceeds, Rs 337.02 crore of repayments and the Rs 222.47 crore cash balance reported at 30 September 2026.