NCC Limited concluded its 36th Annual General Meeting on August 27, 2026, with shareholders approving all resolutions, including a dividend of ₹2.20 per equity share for FY26.

The meeting was held via Video Conferencing and Other Audio Visual Means. A total of 111 shareholders attended the virtual session from a base of 5,56,861 shareholders on the cut-off date. The scrutinizer’s report confirms that all resolutions passed with the requisite majority.

Key Resolutions Approved

The Board recommended the adoption of both standalone and consolidated audited financial statements for FY26. The Statutory Auditors’ Report contained no qualifications.

Shareholders approved the following key items:

• Reappointment of directors Sri A G K Raju and Sri Utpal H Sheth, who retired by rotation.
• Reappointment of Sri A V N Raju as Wholetime Director, along with approval of his remuneration.
• Approval of remuneration for Smt. Kausalya Bhupathi Raju, Director (Commercial), as a related-party transaction.
• Ratification of remuneration for Cost Auditors for FY26.

Voting Results Breakdown

The scrutinizer, Mr. A Ravi Shankar, reported that votes were cast through remote e-voting and Instapoll. Below are the voting outcomes for key resolutions:

Note: Percentages are rounded to two decimal places. Members casting partial votes had unvoted shares considered as less voted.

Governance and Participation

Sri Rajender Mohan Malla, Chairman, presided over the proceedings. Mr. Harish Khemmani of S R Batliboi & Associates LLP represented the Statutory Auditors, while Mr. A Ravi Shankar served as Scrutinizer for the remote e-voting process.

Forty-five shareholders registered as speakers during the Q&A session. Queries were addressed by Mr. Neerad Sharma, Head – Strategy, and Mr. Sanjay Pusarla, Chief Financial Officer.

NCC Limited reported its highest-ever quarterly consolidated turnover of ₹5,842 crore in Q1FY27, marking a 12% year-on-year increase driven by improved execution across seven business verticals. The Hyderabad-based construction major also provided formal guidance for FY27, targeting an order inflow of ₹22,000 crore to ₹25,000 crore and revenue growth of 8% to 10%. Consolidated net profit rose to ₹216.40 crore from ₹192.14 crore in Q1FY26, while EBITDA expanded significantly to ₹544 crore with margins widening to 9.37% from 4.95%, reflecting disciplined project selection.

The Board of Directors approved the unaudited financial results on August 6, 2026, following review by the Audit Committee and statutory auditors S.R. Batliboi & Associates LLP under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. An analyst conference call was held on August 7, 2026, where management elaborated on the financial performance and strategic outlook. The transcript was submitted to exchanges on August 11, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance and Guidance

Consolidated revenue from operations stood at ₹5,811.83 crore, up from ₹5,178.99 crore in Q1FY26. On a standalone basis, revenue grew to ₹4,911.50 crore from ₹4,378.33 crore. Executive Vice President (Finance & Accounts) Sanjay Pusarla highlighted that the standalone turnover of ₹4,912 crore is the highest recorded in the company’s history for any first quarter.

Management outlined specific targets for the current fiscal year:

Order Book and Segment Details

The consolidated order book stood at ₹81,214 crore as of June 30, 2026, providing a book-to-bill ratio of approximately 3.5x. New orders during the quarter aggregated to ₹3,889 crore, primarily from the Buildings and Water & Railways divisions. Including projects bagged in July, total order inflow reached ₹4,542 crore. Head (Strategy & Investor Relations) Neerad Sharma confirmed that all orders in the book are executable, with no slow-moving or non-moving items retained in the figure.

The order book composition includes Buildings (₹22,357 crore, 28%), Transportation (₹16,344 crore, 20%), Mining (₹13,400 crore, 16%), Electrical T&D (₹13,312 crore, 16%), Water & Railways (₹10,994 crore, 14%), and Irrigation (₹4,806 crore, 6%). Private sector orders constitute about 4% of the total, while PSUs and state government entities account for 60%.

Debt Dynamics and Working Capital

Consolidated net debt increased to ₹3,513 crore from ₹2,815 crore in Q4FY26. Sanjay Pusarla attributed the rise mainly to fresh debt of ₹370 crore raised for smart meter projects and approximately ₹170 crore for capital expenditure. Cumulatively, smart meter-related debt stands at ₹1,461 crore within the consolidated net debt. Standalone net debt rose to ₹2,008 crore from ₹1,667 crore.

Working capital metrics showed improvement, with receivable days decreasing to 68 days from 73 days in FY26. Unbilled revenue increased to ₹7,414 crore (38% of annualized revenue), which management expects to smoothen over the next two quarters as BharatNet billing commences. Trade receivables decreased to ₹3,055 crore from ₹3,336 crore.

What the Numbers Show

A key divergence exists between standalone and consolidated profitability. While standalone net profit declined slightly YoY (from ₹189.99 crore to ₹187.31 crore), consolidated net profit grew by over 12%, indicating significant contribution from subsidiaries and joint ventures. The sharp expansion in consolidated EBITDA margin to 9.37% contrasts with the stable standalone EBITDA margin of 9.01%, suggesting that subsidiary operations, particularly in mining and infrastructure, are driving margin accretion. Additionally, the increase in unbilled revenue outpacing revenue growth highlights a structural shift towards milestone-based billing, which may lead to lumpy revenue recognition in subsequent quarters but does not impact current bottom-line figures until certification occurs.