NCC Limited has announced the sad demise of Sri N Bangar Raju, Senior Executive Vice President (Commercial), who passed away on February 15, 2026. The company informed stock exchanges about this development through a regulatory filing under Regulation 30 of SEBI Listing Regulations on February 16, 2026.

Senior Leadership Loss

Sri Bangar Raju had been associated with NCC for over three decades, serving as an integral member of the leadership team. The company described his sudden demise as an irreparable loss, reflecting his significant contribution to the organization throughout his long tenure with the construction major.

Regulatory Compliance Details

The disclosure was made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary Sisir K Mishra signed the intimation letter sent to both National Stock Exchange of India Limited and BSE Limited.

Impact on Organization

The company emphasized that Sri Bangar Raju's sudden demise represents an irreparable loss to NCC Limited. His extensive experience spanning more than 30 years with the organization positioned him as a key figure in the company's commercial operations and strategic decision-making processes.

The regulatory filing was completed as per SEBI Master Circular requirements on Listing Regulations, ensuring full compliance with disclosure norms for changes in senior management personnel.

NCC Limited held its Q3 FY26 earnings conference call on February 6, 2026, with management providing detailed insights into the company's financial performance and operational developments. The engineering and construction major reported mixed quarterly results while highlighting significant order book growth and progress on Jal Jeevan Mission payment recoveries.

Conference Call Participants and Key Highlights

The earnings call was moderated by JM Financial and featured key management personnel including R.S. Raju (Director of Projects), Sanjay Pusarla (Executive Vice President Finance and CFO), and Neerad Sharma (Head Strategy and Investor Relations). The management discussed operational challenges, payment recoveries, and future outlook across business segments.

Order Book Performance and Fresh Inflows

Jal Jeevan Mission Payment Recovery Progress

The management provided significant updates on JJM payment recoveries, which had been a major concern affecting execution. The company has received approximately ₹560 crores in payments, primarily in January 2026, with outstanding receivables for Uttar Pradesh projects reduced from ₹1,700 crores to ₹1,200 crores.

JJM Project Status

The management expressed optimism about future payments, citing the central government's provision of ₹17,000 crores for release before March 2026 and a budget allocation of ₹67,670 crores for the next financial year.

Financial Performance and Debt Movement

During the call, CFO Sanjay Pusarla detailed the company's financial metrics, including a significant debt increase during the quarter. The consolidated debt rose from ₹2,115 crores at the beginning of Q3 to ₹2,980 crores at quarter-end, with net debt reaching ₹2,830 crores.

Key Financial Metrics Discussed

Operational Developments and Project Status

The management confirmed that all previously stalled projects have now received necessary clearances and mobilization is complete. Major projects including tunnel and coastal road projects have obtained required approvals, with TBM equipment received and landing shafts prepared for operations.

Capex and Investment Updates

Segment Diversification and Future Outlook

The order book remains well-diversified across segments with Buildings (31%), Transportation (22%), Electrical T&D (18%), Mining (13%), Water & Railway (10%), and Irrigation (7%). The management indicated that 79% of contracts include escalation clauses, providing protection against commodity price fluctuations.

The company has withdrawn its FY26 guidance but expressed confidence in Q4 performance improvement, citing normalized payment flows and project execution momentum. Management indicated they would provide FY27 guidance during the Q4 earnings call after comprehensive project evaluation.