NCC Q1 FY27: Consolidated PAT +12% YoY on OPM gains; standalone profit dips on tax jump

NCC Limited's Q1 FY27 consolidated total income came in at ₹5,842.48 Cr with PAT of ₹228.90 Cr (₹216.40 Cr attributable to shareholders), up 12.2% and 11.9% YoY respectively (revenue and PAT growth), against ₹5,207.93 Cr / ₹204.64 Cr a year ago. EPS rose to ₹3.45 from ₹3.06. Standalone turnover was ₹4,952.45 Cr (+12.2% YoY) but standalone PAT slipped to ₹187.31 Cr from ₹189.99 Cr. We found no quarter-specific Street estimates for this print; brokerages' only visible NCC numbers are full-year FY27 consensus forecasts (~13% revenue growth, ~15% PAT growth per Trendlyne), not a Q1-specific bar, so vsStreet is unknown here. Management has withheld formal FY27 revenue/margin guidance since the Q4 FY26 call, citing macro and pricing uncertainty, and said it would revisit after Q1 — this filing carries no fresh guidance, so that checkpoint remains open.

The margin story is mixed. Consolidated OPM expanded to 9.38% from 8.81% YoY, with EBITDA up to ₹545.12 Cr from ₹456.12 Cr (both figures per the company's own press-release disclosure) on better cost control across materials and contractor bills. But finance costs rose 21% YoY to ₹198.02 Cr as the larger order book pulls more working capital, and the effective tax rate climbed to roughly 26.6% from 23.8% — together these absorbed the operating gain, leaving NPM essentially flat at 3.92% (3.93% YoY) and consolidated PAT growth (11.9%) trailing PBT growth (16.1%). The standalone book shows a sharper version of the same pattern: PBT grew 5.3% YoY but tax expense jumped 30.6%, pushing standalone PAT down 1.4% YoY even as standalone revenue grew in line with the consolidated entity. This standalone/consolidated divergence — consolidated is the growth story, standalone is flat-to-down purely on the tax line — is worth flagging since both numbers are public.

The stock went into the print at ₹143.73, down 0.1% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 2 consecutive quarters.

No exceptional items in the current or year-ago quarter, unlike Q4 FY26's ₹33.67 Cr (consol) / ₹21.50 Cr (standalone) exceptional charge — clean YoY comparison.

Sequentially, consolidated revenue fell 6.8% from ₹6,232.71 Cr and standalone fell a similar amount from the March quarter; this is a seasonal fiscal Q4-to-Q1 billing pattern typical of construction/infra companies rather than a demand signal, and YoY growth stayed intact through it. The consolidated order book stood at ₹81,214 Cr as of 30 June 2026, with ₹3,889 Cr of fresh orders (including scope changes) booked during the quarter and a further ₹1,052.71 Cr secured in July 2026, after the quarter closed. Management's own press release frames the quarter simply as a 12% YoY turnover and profit increase on both bases, without addressing the tax-rate pressure or the standalone PAT dip visible in the underlying line items.