Free tools Windows power users keep installed
One-click scans. No signup required.
NCC Ltd should be evaluated as a working-capital-sensitive infrastructure contractor, not by its order book or earnings headline alone. Start with the backlog and its division mix, test whether projects are being converted into revenue, then reconcile EBITDA and profit with operating cash flow, receivables, advances and debt. The latest audited annual report, quarterly results and exchange disclosures matter because awards, collections and borrowings can change materially within a few quarters.
The available figures show a large and growing order book, moderate leverage and positive profitability, but also weaker operating cash conversion and collection-related borrowing. That combination can suit a long-term investor only when execution, collections and normalized margins support the valuation paid.
As an Amazon Associate I earn from qualifying purchases.
What NCC’s business means for an investor
NCC executes large infrastructure projects across buildings, transportation, electrical work, water and railways, irrigation, other civil work and mining. Its economics differ from those of a software or consumer company: revenue is recognized as projects progress, cash may arrive later than accounting profit, and a contractor can need bank borrowing while reporting a healthy order book.
Three questions therefore have to be answered together:
#1 Best Overall
- Compact & Portable Design: This Small Excel, Word, PowerPoint, & Windows Cheat Sheet Mouse Pad measures 11.8" x 9.8", offering a portable mouse pad. Its compact size fits in bags or laptop cases, suitable for professionals, students, or travelers.
- Multi-Software Shortcut Guide: Featuring essential shortcut keys for Excel, Word, PowerPoint, & Windows, this small mouse pad provides a quick reference for frequently used shortcuts, offering a reference designed to support workflow efficiency
- Smooth & Precise Surface: The finely-textured surface ensures precise mouse control, allowing for smooth and accurate movement during work or gaming sessions.
- Durable & Non-Slip Design: This Multi-Software Shortcut Mouse Pad features stitched edges to reduce fraying. The non-slip rubber base helps keep it securely in place, and the water-resistant fabric allows for easier maintenance.
- Clear Print Quality: Displays high-resolution printing intended to remain legible through regular use and cleaning
- Is the backlog large, diversified and executable?
- Are projects converting into revenue and sustainable margins?
- Are reported profits turning into cash without an uncomfortable rise in receivables or debt?
A positive answer to only the first question is not enough. An order book is a pipeline of contracted work, not guaranteed profit or cash.
Read the order book before looking at valuation
Size relative to revenue
NCC Limited’s FY2024-25 annual report reported an order book of ₹71,568 crore at year-end and ₹32,888 crore of orders received during the year, compared with ₹27,283 crore in FY2023-24. The company said the group order book grew 18% year over year. FY2024-25 consolidated revenue from operations was ₹22,199.36 crore. That backlog is therefore several times one year’s revenue, giving visibility but also creating an execution obligation that may extend over multiple years.
The FY2025-26 performance table reported an order book of ₹83,004 crore, turnover of ₹17,669 crore, EBITDA of ₹1,448 crore and profit after tax of ₹577 crore. Because the table and the annual report use different reporting periods and labels, compare like-for-like periods when calculating growth. Do not treat the FY2025-26 order-book figure as a replacement for the latest audited number without checking the underlying filing date and scope.
Quick wins for a faster PC:
Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →| Measure | FY2024-25 | FY2025-26 performance table |
|---|---|---|
| Order book | ₹71,568 crore | ₹83,004 crore |
| Revenue or turnover | ₹22,199.36 crore consolidated revenue from operations | ₹17,669 crore turnover |
| EBITDA | ₹2,073.62 crore PBIDT | ₹1,448 crore |
| Profit attributable to shareholders | ₹819.88 crore consolidated | ₹577 crore PAT |
| EBITDA or operating margin | 9.09% operating profit margin | 8.29% EBITDA margin |
| Net profit margin | 3.96% net profit ratio | 3.26% PAT margin |
The different labels—PBIDT versus EBITDA, revenue versus turnover, and shareholder-attributable profit versus PAT—make the table a directional reference rather than a substitute for a full reconciliation in the accounts.
Division mix and concentration
The FY2024-25 annual report split the order book as follows:
Rank #2
- [MULTIFUNCTIONAL]You'll get 2 pieces computer monitor memo boards that you can stick on the left and right edges of your monitor, and they're the perfect office desk organizers and accessories. Computer monitor side panels desktop organizer are suitable for home work or office,bringing convenience. Desktop memo is used to organize meeting memos, important messages, business cards, planning notes.Paste on the message board to keep track of important things and to-do items to prevent forgetting.
- [🌟HIGHLY QUALITY] The material of computer screen side note holder is transparent acrylic. Durable, simple, stylish, light weight, easy to use, not easy to fall off or break. This cute office supplies for women desk can be used for a long time. This computer desk accessories is waterproof and dirt resistance, and look simple and stylish. The transparent acrylic sticky note holder as cubicle accessories is easy to notice the context of your sticky notes.
- [📋Easy to use] Office must haves cool office gadgets for desk ready to tear, easy to install and remove, not easy to leave traces. You only need to peel off the protective film on the surface of the computer side board memo, wipe off the dust on the edge of the computer monitor, and then stick the desk essentials for women office on the right or left side of the tape, and you're done. A perfect gift for your colleagues, friends or classmates and family members or relatives
- [🏢MULTI-SCENE USE] This desk supplies computer memo board can be applied to home and office, clear your office decor for women, suitable for most computer monitors, screens and cabinets, you can put it where you think, this cute office decor serve as a reminder. Stick on the computer side. It’s a good office gadgets can remind work improve office productivity. Pasted cabinets, dressers, refrigerators, walls, etc as cubicle accessories. To make life more orderly.
- [💌NOTE] The adhesive force of the computer sticky note holder is very strong. It can not be directly pasted on the computer screen. It should pasted on the black edge of the screen. Narrow edge not recommended!!! If you are not satisfied with your purchase, or if the product is damaged or broken in transit, please let us know immediately. We will promptly solve your problem.
| Division | Share of FY2024-25 order book |
|---|---|
| Buildings | 31% |
| Transportation | 25% |
| Electrical | 23% |
| Water and Railways | 7% |
| Irrigation and Others | 6% |
| Mining | 8% |
Buildings, transportation and electrical work together represented 79% of the reported book. That concentration can create operating leverage when those markets are strong, but a delay, policy change, client funding problem or cost shock in one major division can affect a large portion of expected work. Ask management how much of each division is awarded, mobilized and free of unresolved land, design, approval or right-of-way constraints.
Quality tests for backlog
- Client and funding quality: identify government, public-sector and private clients, their payment history and the source of project funding.
- Contract protection: check escalation clauses for steel, cement, fuel, labour and foreign-exchange exposure, as well as provisions for extensions of time.
- Execution readiness: separate projects that can begin immediately from those waiting for land, permits, designs, environmental approvals or financial closure.
- Claims and cancellations: examine disputed variations, arbitration, liquidated damages, termination rights and the portion of backlog that could be reduced or delayed.
- Client concentration: determine whether a few counterparties account for a disproportionate share of unbilled revenue, receivables or the order book.
Check whether backlog is converting into work
Track the bridge from opening backlog to closing backlog:
- Start with the opening order book.
- Add orders received during the period.
- Subtract revenue executed or orders otherwise removed.
- Reconcile the result to the reported closing order book.
NCC’s Q1 FY2025-26 analyst call on August 6, 2025 illustrates the calculation. Management said the company began the year with ₹71,568 crore, secured ₹3,658 crore of first-quarter orders and, after execution, ended June with ₹70,087 crore. The closing figure was lower than the opening figure because work executed exceeded new awards in that quarter; that is not automatically negative. It becomes concerning if the book falls for several periods while new awards, revenue growth or capacity utilization weaken.
Compare quarterly order intake with quarterly revenue. A rising backlog alongside flat or falling revenue can indicate delayed approvals, slow mobilization, labour or subcontractor constraints, weak customer payments or overstretched project management. Conversely, unusually rapid revenue growth can bring execution and working-capital risks if the company has to finance materials and subcontractors before collecting from clients.
Analyse margins without assuming the headline is permanent
What the reported numbers show
The FY2025-26 performance table reported ₹1,448 crore of EBITDA on ₹17,669 crore of turnover, an 8.29% EBITDA margin, ₹577 crore of PAT and a 3.26% PAT margin. The Q1 FY2025-26 analyst call reported a consolidated EBITDA margin of 8.81%. FY2024-25 annual-report ratios included a 9.09% operating profit margin and a 3.96% net profit ratio.
Rank #3
- Stay Organized with Ease: Our To Do List Notepad provides multiple sections with plenty of space to jot down all of your important tasks.A versatile office supply perfect for daily task management, helping you keep track of everything that needs to be done and prioritize effectively.
- Achieve Your Productivity Goals: Begin each day on a positive note, reminding you of your potential, strength, and the significance of staying focused on your goals. Our Daily Checklist Notepad is the ultimate tool to streamline your daily planning and elevate your productivity. With a clear and concise overview of your tasks, you can effortlessly prioritize what truly matters and make consistent strides towards achieving your goals.
- Reliable and Stylish: Our to do list planner combines functionality with durability. With a transparent PP cover, the inner pages are well-protected from dirt and wear. Additionally, the back cover is crafted with thick paperboard, offering a stable surface for your writing needs. Each notepad includes 52 pages of high-quality, 100gsm paper, which is thick and non-bleeding, resulting in a smooth and enjoyable writing experience.
- Versatile Use: This daily checklist notepad, suitable for teacher supplies and a wide range of applications, proves invaluable in various settings including work, school, and home. Whether you need to organize your daily tasks, plan a project, or create a grocery list, this notepad serves as the ideal tool. Its compact size ensures easy portability, allowing you to conveniently carry it with you throughout your day.
- Perfect Present for Anyone: Our Daily To-Do List Notepad is the perfect present for those who value organization and productivity. With its stylish design and versatility, this office desk accessory is also a practical addition to school supplies. Suitable for students, professionals, and homemakers alike, it helps keep tasks and priorities in check effortlessly.
These percentages are useful trend markers, but they are not interchangeable measures. Confirm the denominator, consolidated or standalone scope, and whether a figure includes other income, exceptional items or one-time claims. A quarter can move sharply because the work mix changes or because a single project reaches a milestone.
Questions behind a margin change
- Did higher-margin electrical or buildings work replace lower-margin transportation or water work?
- Were commodity and labour costs recovered through contractual escalation, or did NCC absorb them?
- Did subcontracting, mobilization, warranty provisions or site overheads change?
- Did claims, arbitration settlements, liquidated damages or other exceptional items affect the period?
- Are margins being supported by early-stage accounting estimates that could be revised as costs to complete become clearer?
Use a multi-quarter series and project-level disclosures where available. A single 8.29% or 8.81% margin should not be capitalized into a valuation until the mix, cost recovery and cash collection pattern show that it can persist.
Reconcile profit with operating cash flow
FY2024-25 cash conversion
NCC’s audited consolidated cash-flow statement showed operating cash flow of ₹741.70 crore in FY2024-25, down from ₹1,359.45 crore in FY2023-24. The same year included ₹319.51 crore of capital expenditure and year-end cash of ₹988.40 crore. The board report said that, despite challenges related to receivables, the company demonstrated resilient financial performance.
That combination—reported FY2024-25 consolidated revenue of ₹22,199.36 crore, PBIDT of ₹2,073.62 crore and shareholder-attributable net profit of ₹819.88 crore, alongside lower operating cash flow—requires investigation rather than an automatic bearish conclusion. Working capital can reverse when customers pay, but a persistent gap can force additional borrowing and reduce the value of accounting earnings.
Working-capital items to inspect
- Trade receivables: compare gross balances with revenue, ageing schedules, overdue government or private-sector accounts and subsequent collections.
- Contract assets and unbilled revenue: establish how much recognized revenue awaits certification, milestone approval or measurement.
- Retention money: identify amounts withheld until project completion and the expected release timetable.
- Advances: distinguish customer advances, which can fund execution, from advances paid to suppliers or subcontractors.
- Payables and provisions: check whether cash flow is being supported temporarily by stretching suppliers or by rising provisions.
Compare operating cash flow with PAT and EBITDA over several years, not just one. Also read the cash-flow reconciliation: depreciation, finance cost, provisions and changes in each working-capital line explain why reported profit did or did not become cash.
PC Slower Than It Used to Be?
A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Outdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchRank #4
- 【Adjustable & Ergonomic】：This laptop stand can be adjusted to a comfortable height and angle according to your actual needs, letting you fix posture and reduce your neck fatigue, back pain and eye strain. Very comfortable for working in home, office and outdoor.
- 【Sturdy & Protective】 ：Made of sturdy metal, it can support up to 17.6 lbs (8kg) weight on top; With 2 rubber mats on the hook and anti-skid silicone pads on top & bottom, it can secure your laptop in place and maximum protect your device from scratches and sliding. Moreover, smooth edges will never hurt your hands.
- 【Heat Dissipation】 ：The top of the laptop stand is designed with multiple ventilation holes. The open design offers greater ventilation and more airflow to cool your laptop during operation other than it just lays flat on the table.
- 【Portable & Foldable】：The foldable design allows you to easily slip it in your backpack. Ideal for people who travel for business a lot.
- 【Broad Compatibility】：Our desktop book stand is compatible with all laptops from 10-15.6 inches, such as MacBook Air/ Pro, Google Pixelbook, Dell XPS, HP, ASUS, Lenovo ThinkPad, Acer, Chromebook and Microsoft Surface, etc.Be your ideal companion in Home, Office & Outdoor.
Measure debt, interest cover and liquidity together
FY2024-25 annual-report ratios showed a debt-equity ratio of 0.20, interest coverage of 6.01, operating profit margin of 9.09%, net profit ratio of 3.96% and return on net worth of 10.68%. The annual report attributed the increase in debt-equity to higher borrowing utilization caused by low customer collections. This is an important distinction: leverage may be funding delayed receivables rather than productive expansion.
The Q1 FY2025-26 analyst call reported net debt of ₹1,497 crore and debt-equity of 0.21. The FY2025-26 performance table reported a 0.30 debt-equity ratio. These figures come from different dates or reporting bases, so reconcile gross debt, cash, lease liabilities and consolidated versus standalone entities before drawing a trend.
Debt checklist
- Track gross borrowings, net debt and cash separately; a low net figure can reflect temporary cash balances.
- Review maturities, floating-rate exposure, working-capital limits, security and covenant headroom.
- Compare interest expense with interest coverage and operating cash flow, not EBITDA alone.
- Ask whether debt rises when receivables rise and falls after collections.
- Check guarantees, letters of credit, joint-venture obligations and contingent liabilities that may not appear as funded debt.
A 6.01 times interest-coverage ratio provides a cushion on the reported basis, but it can deteriorate quickly if margins compress, interest rates rise or customers delay payment. Liquidity is stronger when cash, undrawn limits and expected collections cover near-term debt service and project commitments without emergency equity or asset sales.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Assess returns and valuation only after normalizing operations
Return on net worth was 10.68% in FY2024-25. Interpret that return alongside leverage and cash conversion: a return supported by higher borrowing or by profits that have not been collected is less robust than a similar return funded by operating cash.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
For valuation, compare price-to-earnings, enterprise value to EBITDA and price-to-book with contemporaneous Indian listed infrastructure contractors. Adjust the comparison for:
Best Value
- Twin-Ball Design : Hiacry gel pen features a double ball conical tip that reduces writing resistance and provides a stable and smooth writing experience. 0.7mm quick drying black ink ensures no jumping, leakage or seepage.
- Quick-Dry Long Lasting Ink：0.7mm black ink can slide effortlessly, dry immediately, & is not easily dirty. It has a high-capacity reservoir (up to 1300 meters), which is very suitable for left-handed & right-handed users.
- Sleek Design for Journaling & Planning: Engineered with a low center of gravity and precision tip for steady ink flow, these journaling pens excel at note-taking, sketching, planning, and more. They combine stylish pens with top-tier performance.
- Rolling Ball Design：The pocket clip with roll ball design can be easily attached to notebook pockets and binders, in addition, the fidget on the pen clip is also a small toy for your daily thinking to relieve stress.
- Comfortable Non-Slip Grip：The ergonomic pen barrel has a soft rubberized coating for a comfortable, non-slip grip, so you won't get fatigued even after long hours of writing.
- order-book quality and division mix;
- revenue growth and execution reliability;
- normalized EBITDA and PAT margins;
- receivables, operating-cash-flow conversion and net debt;
- return on equity or net worth and the risk of dilution;
- claims, contingent liabilities and governance disclosures.
No current NCC share price or valuation multiple is established here. Obtain the market price on the date of analysis and calculate enterprise value using the same debt and cash definitions used in the financial statements. Do not justify a high multiple solely by dividing the order book by market capitalization; backlog still has to be executed at an acceptable margin and collected in cash.
A practical NCC investment-review process
- Collect the latest documents. Use the newest audited annual report, quarterly results, investor presentation, exchange announcements, credit-rating updates, related-party disclosures and auditor comments. The investor site lists FY2025-26 audited results and current disclosure pages; confirm the most recent filing before making a decision.
- Build a five-period worksheet. Record order intake, opening and closing backlog, revenue, EBITDA, PAT, operating cash flow, receivables, contract assets, advances, gross debt, cash, net debt, interest expense and capex for each available year or quarter.
- Reconcile the backlog bridge. Confirm that opening backlog plus awards less execution and cancellations equals the stated closing figure. Investigate unexplained differences.
- Map concentration. Record the division percentages and major clients, then identify projects with approval, land, funding or claim dependencies.
- Normalize earnings. Remove or separately value exceptional claims, settlements, one-time gains, impairment charges and unusual cost provisions. Test whether the remaining margin is supported by contract terms.
- Test cash conversion. Compare PAT and EBITDA with operating cash flow, then trace movements in receivables, contract assets, retention money and customer advances.
- Stress liquidity. Model a slower collection cycle, a two-percentage-point margin reduction, delayed project milestones and higher interest cost. Check whether cash and committed facilities cover obligations.
- Set a valuation range. Use normalized earnings and cash flow, and compare P/E, EV/EBITDA and P/B with peers after adjusting for leverage and execution quality.
- Define an evidence-based action. Invest only if the price compensates for collection, execution, margin and concentration risks; otherwise place NCC on a monitoring list with specific triggers for review.
Risks that can change the investment case
Receivables and collection delays
Delayed customer payments can lower operating cash flow, increase working-capital borrowing and raise interest expense. This is the clearest issue flagged by the FY2024-25 disclosures. Monitor ageing, subsequent receipts and whether debt declines when collections improve.
Project and division concentration
With 79% of FY2024-25 backlog in buildings, transportation and electrical work, a shock in one of those markets can affect a large share of expected execution. Concentration should be assessed by both division and client.
Margin volatility
Project mix, commodity prices, subcontracting, claims and liquidated damages can move EBITDA and PAT margins. Treat quarterly changes as signals to investigate, not as a complete cycle forecast.
Stale headline figures
FY2025-26 order-book and profitability figures should be refreshed from the newest audited and quarterly filings. An investor using an old backlog, debt or cash number can reach the wrong conclusion even if the arithmetic is correct.
Decision framework: what would make NCC investable?
A constructive case requires more than ₹83,004 crore of reported backlog. Look for stable or improving quarterly execution, order intake that replaces work consumed, margins that hold after normalizing claims and project mix, and operating cash flow that catches up with profit as receivables are collected. Debt should remain manageable under slower collections, with interest coverage and liquidity comfortably above near-term requirements.
A cautious case emerges if backlog growth is driven by projects that cannot start, revenue repeatedly trails available capacity, margins depend on one-off claims, receivables age without collection, or debt rises faster than operating cash flow. In that situation, a low-looking valuation may simply price in execution and balance-sheet risk.
The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →The correct conclusion is therefore conditional: NCC can merit further investment work when order-book quality, execution, normalized margins and cash conversion align. The latest filings and the price you actually pay determine whether that operating profile offers an adequate margin of safety.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
