NCCL is one of India’s leading construction companies with a presence across varied verticals, such as buildings, roads, water, mining and electrical. It has a well-diversified order backlog, robust execution capabilities, and a strong focus on debt reduction and working capital management over the next few years.
It has a standalone order book of ₹48,028 crore, representing a 2.5x trailing twelve months (TTM) book-to-bill ratio as of Q2 FY25, with an order inflow of ₹5,168 crore in H1 FY25 and orders worth ₹3,496 crore received in October 2024. Additionally, it has lowest bidder (L1) orders worth ₹9,200 crore.
ON A STRONG FOUNDATION
NCCL also expects improved order inflows from Andhra Pradesh and Bihar. It has also maintained its order booking guidance of ₹20,000-22,000 crore and a topline growth guidance of 15 per cent for FY25, implying accelerated execution in H2 FY25. Given the robust order book, we expect a healthy revenue compounded annual growth rate (CAGR) of 15 per cent over FY24-27, reaching ₹28,022 crore.
The earnings before interest, tax, depreciation and amortisation (Ebitda) margin guidance was maintained at 9.5-10 per cent, albeit likely at the lower end of the band, amid the competitive bidding scenario and with company focusing on revenue growth momentum in FY25 over margins. We project Ebitda margins at 9.5 per cent, 10 per cent and 10.5 per cent for FY25, FY26 and FY27, respectively, compared to 9 per cent in FY24 (approximately 10 per cent on an adjusted basis).
Healthy topline growth, coupled with stable finance costs, is expected to drive a 25.5 per cent earnings CAGR over FY24-27. The strong earnings momentum will result in an improvement in return ratios, with return on equity (RoE) likely expanding to 16.1 per cent in FY27, up from 12.3 per cent in FY24.
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Diese Geschichte stammt aus der January 2025-Ausgabe von Outlook Money.
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