Analysts/Institutional Investor Meet/Con. Call Updates

Ref. No.: NCCL/Reg.30/Transcript/2026-27 Date : November 10, 2026 National Stock Exchange of India Ltd BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra – Kurla Complex, Bandra (E) Dalal Street, Fort Mumbai - 400 051 Mumbai – 400 001 Symbol: NCC Code: 500294 Dear Sir, Sub: Submission of Transcript of the audio conference call held on November 6, 2026 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the earnings audio conference call held on November 6, 2026, with analysts discussing the performance & financial results of Q2 of the FY 2026-27. The transcript is also available on the Company’s website at https://www.ncclimited.com/analyst-column.html Kindly take the above on record. Thanking you, Yours faithfully For NCC Limited A Karthik Company Secretary Encl: as above NCC Limited CIN: L72200TG1990PLC011146 NCC House, Madhapur, Hyderabad 500 081 T +91 40 2326 8888 F +91 40 23125555 ncclimited.com Email: ho.secr@nccltd.in “NCC Limited Q2 FY27 Earnings Conference Call” November 06, 2026 MANAGEMENT: MR. R.S. RAJU – DIRECTOR, PROJECTS – NCC LIMITED MR. SANJAY PUSARLA – EXECUTIVE VICE PRESIDENT, FINANCE AND ACCOUNTS – NCC LIMITED MR. NEERAD SHARMA – HEAD STRATEGY AND INVESTOR RELATIONS – NCC LIMITED MODERATOR: MR. VAIBHAV SHAH – JM FINANCIAL Page 1 of 17 NCC Limited November 06, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the NCC Limited Q2 FY27 Earnings Conference Call, hosted by JM Financial Institutional Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Shah from JM Financial Institutional Securities Limited. Thank you, and over to you, sir. Vaibhav Shah: Thank you, Rayo. On behalf of JM Financial, I welcome everybody to Q2 FY27 earnings conference call of NCC Limited. We have from the management today Shri R.S. Raju, Director of Projects; Shri Sanjay Pusarla, Executive Vice President, Finance and Accounts; and Shri Neerad Sharma, Head Strategy and Investor Relations. Now I hand over the call to the management for their opening remarks, post which we can begin Q&A session. Over to you, sir. Neerad Sharma: Thank you very much, Vaibhav. Good morning, everyone. This is Neerad. It gives me great pleasure to welcome you all to NCC's earnings call for the second quarter and the first half of the current financial year. At the very outset, I would like to thank each of you for joining this interactive session and for your continued interest and trust in NCC. I have with me my colleagues, Mr. R.S. Raju, Director Projects; and our CFO, Mr. Sanjay Pusarla. Yesterday, we have announced our unaudited financial results for the second quarter and the first half of the -- for the half year ended 30th September '26, which have been uploaded on our website and shared with the stock exchanges. We trust you have had the opportunity to review the financial statements and the investor presentation. Before we begin, I would like to draw your attention to a brief disclaimer with a request to study a detailed version from our investor presentation. This presentation may contain forward-looking statements concerning NCC's future business prospects and profitability, which are subject to several risks and uncertainties. The actual results could materially differ from those indicated in such forward-looking statements. End of the disclaimer. This interaction is broadly divided into three parts. In the first part, I will present a brief overview of the business environment, operational highlights, and our progress against our FY27 guidance. In the second part, our CFO will cover the detailed financial performance for the second quarter and the first half of the current financial year. In the third and last part, we will take up your questions. As you are aware, we have been continuously exploring new areas to expand our offerings to remain relevant to the emerging infrastructure opportunities, particularly in technology-enabled infrastructure and allied sector. We have already entered in new areas such as smart meters and tunneling using TBMs in the recent past. Page 2 of 17 NCC Limited November 06, 2026 As part of our medium-term plan to pursue emerging business opportunities, our Board has approved a few modifications in the Memorandum of Association to enlarge the scope of activities to be undertaken by the company. The second quarter is seasonally impacted by the monsoon, which generally slows down activity at project sites. Despite this, execution across our project portfolio remained steady, and we have recorded the highest ever second quarter revenue in NCC's history on a consol basis. Project progress across the sector continues to be influenced by fund allocation, client approvals, land availability, utility shifting, and billing milestones. Our teams have remained focused on mitigating these through disciplined project execution and close engagement with our clients. Our underlying business fundamentals remain robust, supported by a diversified order book across seven business divisions and an established and proven project management framework. As of 30th September 2026, our order book stands at INR80,167 crores, which is 11% higher than a year ago. During the quarter, we have booked new orders worth INR4,838 crores, mainly from our buildings and water and railway divisions. Our order book is about 3.5 times trailing 12-month revenue, giving healthy multi-year revenue visibility. Including the orders of INR2,381 crores received in the month of October, our total inflow for the year so far stands at INR11,108 crores, which is about 50% of our lower band of the guidance that we have shared with the market. In the second quarter of FY27, the company has reported a turnover of INR6,042 crores on a consol basis as against INR4,585 crores in the corresponding quarter of the previous year, registering a growth of 32%. On a standalone basis, the turnover stands at INR4,957 crores, a growth of 31% over the corresponding quarter of the previous year. For the first half of FY27, the consol turnover stands at INR11,884 crores as against INR9,793 crores in the first half of the previous year, which is a growth of 21%. The EBITDA margin for the quarter stands at 8.8% on a consol basis as against 8.7% in the corresponding quarter of the previous year. For the first half, the EBITDA margin stands at 9.1% as against 8.7% in the first half of the previous year. On our last call, we have shared our guidance for FY27, which is order inflow in a band of INR22,000 crores-INR25,000 crores, revenue growth of 8%, 10%, and EBITDA margin in the range of 8.5%-9%. We have decided to retain our guidance for FY27. At the end of second quarter, the broad components of our order book are as follows. The building division stands at INR22,367 crores, which is about 28% of our total order book. The transportation division has an order book of INR15,682 crores, which is about 20% of our order book. The electrical T&D division stands at INR12,370 crores, which is about 15% of the order book. The mining division stands at INR12,400 crores, representing about 15% of the order book. The water and railway divisions hold INR12,126 crores, which is 15% of the order book. The irrigation and other divisions has INR5,220 crores, which is about 7% of the order book. Page 3 of 17 NCC Limited November 06, 2026 Now I hand over to my colleague, Mr. Sanjay Pusarla, with a request to share with you a detailed financial performance of the quarter and the first half of the year. Sanjay Pusarla: Thank you, Neerad. Good mornin [Showing first 8,000 characters — download PDF for full document]