NCC Limited — Investor Presentation 2026

May 15, 2026

NCC

Ref. No.: NCCL/ Presentation/March-2026

Date : May 15, 2026

National Stock Exchange of India Ltd
Exchange Plaza, C-1, Block G
Bandra – Kurla Complex
Bandra (E)
Mumbai - 400 051
Symbol: NCC

BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street,
Fort
Mumbai – 400 001
Code: 500294

Dear Sir(s),

Sub: Presentation for Analyst/ Investor Conference call on the Audited Financial Results for the Fourth Quarter and Year ended March 31, 2026.

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and with reference to our letter dated May 8, 2026, please find enclosed presentation for the Analyst/ Investor Conference call, on the Audited Financial Results for the Quarter and Financial Year ended March 31, 2026 scheduled to be held on Saturday, May 16, 2026 at 11.30 AM (IST).

The presentation is being uploaded on the website of the Company at https://www.ncclimited.com/analyst-column.html

We request you to please take the same on record.

Thanking you,

Yours sincerely,

For NCC Limited

Alluri Gopala
Krishnam
Raju

Digitally signed by
Alluri Gopala
Krishnam Raju
Date: 2026.05.15
18:51:20 +05'30'

A G K Raju
Executive Director
DIN:00019100

Encl: as above

NCC Limited
CIN: L72200TG1990PLC011146
NCC House, Madhapur, Hyderabad 500 081 T +91 40 2326 8888 F +91 40 23125555 nclimited.com Email: ho.secr@nccltd.in

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NCC

INVESTOR PRESENTATION

Q4 FY2026

Building Forward — With Discipline and Purpose

15th May 2026

Tunnel Boring Machine deployed at GMLR Tunnel Project, Mumbai

www.ncclimited.com | investors@nccltd.in | NSE: NCC | BSE: 500294

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Safe Harbor Statement

NCC

This presentation includes forward-looking statements relating to the business outlook, financial performance, growth strategy, and future initiatives of NCC Limited ("the Company"). These statements are based on management's current expectations and assumptions and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those anticipated.

Such factors include macroeconomic and market conditions, regulatory and policy developments, execution risks including delays and cost overruns, fluctuations in input costs, talent availability, interest rate movements, geopolitical dynamics, and evolving environmental, social, and governance (ESG) priorities. The Company does not undertake any obligation to revise or update these statements considering future events or developments, except as required by applicable law.

This document is provided solely for informational purposes and does not constitute an offer, invitation, or recommendation to purchase or sell any securities. It should not be construed as investment, legal, or tax advice. Viewers are advised to conduct their own analysis and consult professional advisors before making investment decisions.

While the Company has taken reasonable care to ensure the accuracy and completeness of the information presented, no representation or warranty is made in this regard. Past performance is not indicative of future results.

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Table of Contents

NCC

| | 01 Company Overview
Slides 4–7 | | 05 Performance Trend
Slides 20–24 |
| --- | --- | --- | --- |
| | 02 Financial Highlights – Q4 & FY26
Slides 8–12 | | 06 Significant Updates
Slides 25–26 |
| | 03 Balance Sheet, Cash Flow & Working Capital
Slides 13–16 | | 07 Projects Snapshot
Slides 27–30 |
| | 04 Subsidiaries
Slides 17–19 | | 08 People, ESG & Awards
Slides 31-36 |

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Company Overview

48+ Years of Building Trust, Creating Landmarks

Q4 & Full Year FY26 | Investor Presentation | May 2026

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NCC At a Glance

NCC

48+

Years of Excellence

Since 1978

~83k Cr

Order Book

Strong Execution Headroom

Trusted

Partnerships

Repeat Orders, Public & Private

Pan-India

Presence

Reaching Every Corner

7

Business Verticals

Diverse Sector Coverage

ESG

Leadership

Sustainability & Innovation

NCC Limited | G4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

Business Verticals

Buildings	Transportation	Water & Environment	Electrical (T&D)
Hospitals & Medical colleges like AIIMS, Airports, Sports Complexes, Housing Projects, IT Parks, Industrial & Commercial Buildings	Access Controlled Highways, Complete EPC for the Road projects, Air Strips and Related Infrastructure, Metros, Tunneling, Bridges and Flyovers	Water supply projects, Water treatment plants, Water distribution networks, Underground drainages, Sewage treatment plants, Lift irrigation schemes	Transmission and distribution lines and sub-stations, Project electrification, System Improvement Projects, Smart Meters, Optical Fiber and allied systems
Mining	Railways	Irrigation
MDO, Overburden Removal, Coal Excavation & Transportation	Civil EPC, Track Laying, Signaling and Telecommunication, Dedicated Freight Corridor, High Speed Rail, Rolling Stock, Signaling and allied systems	Dams & Reservoirs, Canals, Tunnels, Barrages, Spillways and Aqueducts

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NCC

Group Revenue Composition – FY26

FY26 Revenue Composition

• Construction
• Coal Mining
• Smart Meters
• Tunnels
• Real Estate

Segment	Entity	FY26 Rev (* Crore)
Construction	NCC Limited (Excl. revenue from group companies)	17,463
Coal Mining	Pachhwara Coal Mining Pvt Ltd	2,710
Smart Meters	2 AMI SPVs – MSEDCL Maharashtra	1,267
Tunnels	GMLR Project	404
Real Estate	NCC Urban Infrastructure Ltd	264
Others	Inter Company Eliminations	(1,285)
TOTAL		20,823

• Group structure: NCC Limited (parent) holds 51% in Pachhwara Coal Mining, 80% in NCC Urban, 51% in GMLR JV, and 100% in Smart Meter SPVs.

NCC Limited | 64 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Financial Highlights

Q4 & Full Year FY2026 | Standalone & Consolidated

Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Key Financial Nos: FY26 (Standalone)

NCC

Order Book

Rs 72,259 crore

16% Y-o-Y

Revenue

Rs 17,463 crore

-9% Y-o-Y

EBIDTA

Rs 1,448 crore

8.29% of Turnover

Profit after Tax

Rs 577 crore

3.26% of Revenue

Earnings per Share

Rs 9.19

Net Debt

Rs 1,667 crore

NCC Limited

Q4 & Full Year FY2026

Investor Presentation

15th May 2026

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Key Financial Nos: FY26 (Consolidated)
NCC

Order Book

Rs 83,004 crore

16% Y-o-Y

Revenue

Rs 20,823 crore

-6% Y-o-Y

EBITDA

Rs 1,836 crore

8.82% of Turnover

Profit after Tax

Rs 724 crore

3.46% of Revenue

Earnings per Share

Rs 10.76

Net Debt

Rs 2,815 crore

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Earnings Quality — Cash Conversion

NCC

PAT vs OPERATING CASH FLOW (Standalone, ₹ Crore)

PAT vs CFO shows earnings quality — how much profit converts to actual cash.

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Division-wise Composition – FY26

NCC

Order Inflow
Rs 31,884 Cr

• Buildings 24%
• Transportation 8%
• Water & Railways 23%
• Electrical 4%
• Irrigation & Others 5%
• Mining 36%

Order Execution
Rs 20,447 Cr

• Buildings 36%
• Transportation 17%
• Water & Railways 8%
• Electrical 20%
• Irrigation & Others 4%
• Mining 15%

Order Book
Rs 83,004 Cr

• Buildings 27%
• Transportation 20%
• Water & Railways 12%
• Electrical 17%
• Irrigation & Others 6%
• Mining 18%

NCC Limited | G4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Balance Sheet, Cash Flow & Working Capital

FY26 – Standalone & Consolidated

Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Balance Sheet – FY26 (Standalone)

₹in Crore

Year ending 31-Mar-26

NCC

A WHAT WE OWN

Particulars	FY25	FY26	Inc/(Dec) %
Non-current assets	3,479	4,269	23%
Current assets	15,988	18,609	16%
Total assets	₹19,467	₹22,878	18%

L HOW IT'S FUNDED

Particulars	FY25	FY26	Inc/(Dec) %
Total equity	7,130	7,575	6%
Non-current liabilities	208	509	145%
Current liabilities	12,129	14,794	22%
Total equity & liab.	₹19,467	₹22,878	18%

FUNDING MIX — FY25 vs FY26

Share of Total Equity & Liabilities

FY25	Equity 37%	Current liabilities 62%
FY26	Equity 33%	Current liabilities 65%

TOTAL ASSETS (₹ Cr)

FY25	FY26
₹19,467	₹22,878

NET WORTH (₹ Cr)

FY25	FY26
₹7,130	₹7,575

DEBT-EQUITY RATIO

FY25	FY26
0.21x	0.30x

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Cash Flow Statement – FY26 (Standalone)

5

in Crore

Year ending 31-Mar-26

NCC

A · OPERATING
Net cash flows from

FY25
814.57

FY26
886.05

B · INVESTING
Net cash flows (used) in

FY25
(218.83)

FY26
(1,028.65)

C · FINANCING
Net cash flows (used) in

FY25
(311.58)

FY26
(50.83)

D = A + B + C

Net increase (decrease) in cash & cash equivalents

FY25
₹284.16

FY26
(₹ 193.43)

OPENING BALANCE

Cash & cash equivalents · 01-Apr

FY25
493.95

FY26
778.11

CLOSING BALANCE

Cash & cash equivalents · 31-Mar

FY25
778.11

FY26
584.68

NCC Limited | 64 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Debt Snapshot

9 in Crore

Year ending 31-Mar-26

NCC

S STANDALONE

Metric	Q4 FY25	Q3 FY26	Q4 FY26	% YoY	% QoQ
Gross debt	1,484	2,980	2,251	52%	(24%)
Net debt	706	2,846	1,667	136%	(41%)

C CONSOLIDATED

Metric	Q4 FY25	Q3 FY26	Q4 FY26	% YoY	% QoQ
Gross debt	1,594	4,165	3,457	117%	(17%)
Net debt	605	3,966	2,815	365%	(29%)

S NET WORKING CAPITAL DAYS — 9-QUARTER TREND (STANDALONE)

NWC days expanded through H1 FY26 reflecting JJM and water-sector receivable cycle; Q4 normalisation tracking with collections ramp.

S DEBT MIX BY INSTRUMENT (STANDALONE)

Working capital demand loans 61%
Short term Loans & PID 21%
Long term Loans 18%

MANAGEMENT COMMENTARY

Standalone gross debt rose vs FY25 (¥1,484 Cr) on peak working-capital needs through Q1-Q3 FY26. Net D/E remained within prudent thresholds. Debt mix diversified across working capital, term loans and PIDs. Diversified lender base — PSU banks, private banks and NBFCs — supports refinancing flexibility.

Working capital days and debt instrument mix shown on standalone basis. — refer to financial statements for detailed breakdown. Receivables include amounts due from group SPVs.

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Subsidiaries

Pachhwara Coal Mining | NCC Urban

Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

SPV – Pachhwara Coal Mining (MDO Asset)

BUSINESS PROFILE

Activity	MDO (Mine Dev. & Operator)
Operational Since	12 December 2018
Location	Pachhwara North, Pakur, Jharkhand
NCC Stake	51%
Client	WBPDCL
Project Life	30 Years
Project Cost	₹50,000 Cr (current price)
Rated Capacity	15 MTPA (achieved FY23)

FINANCIALS (₹ Crore)

Rev – Q4 FY26	702
PBT – Q4 FY26	27
Rev – FY25	2,672
PBT – FY25	104
Rev – FY26	2,711
PBT – FY26	107

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Subsidiary – NCC Urban Infrastructure Limited

NCC

BUSINESS PROFILE

Activity Real Estate Development

Operating Since December 2005

Presence Bengaluru, Hyderabad, Chennai, Ranchi, Mumbai

NCC Stake 80%

Completed Area 11.7 million sq. ft.

Under Construction 2.78 msf (5 projects)

Pipeline 3.72 msf (6 projects)

Recent Launch NCC Urban Retreat, Hennur Rd

KPIs (Crore)

KPI	Q4FY25	Q4FY26	FY25	FY26
Revenue	38	55	267	276
PAT	5	1	45	29
Net Worth	460	449	460	449
Total Debt	73	124	73	124
NCC Investment	229	216	229	216

NCC Urban operates in standalone real-estate market — Rev/PAT reflect third-party customer transactions.

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Performance Trend

FY21 – FY26 | Standalone & Consolidated

Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Performance Trend – Standalone (FY21–FY26)

NCC

Revenue (€ Crore)

EBITDA & PAT (€ Crore)

Net worth (€ Crore)

Gross Debt (€ Crore)

NCC Limited | G4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Performance Trend – Consolidated (FY21–FY26)

NCC

Order Book (₹ Crore)

Turnover (₹ Crore)

EBITDA & PAT (₹ Crore)

Net worth (₹ Crore)

NCC Limited | 04 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Quarterly Operating Performance – Standalone (8 Quarters)

Order Inflow (€ Crore)

Revenue (€ Crore)

EBITDA (€ Crore)

PAT (€ Crore)

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Quarterly Operating Performance – Consolidated (8 Quarters)

Order Inflow (€ Crore)

Revenue (€ Crore)

EBITDA (€ Crore)

PAT (€ Crore)

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Significant Updates

Q4 & Full Year FY26 — Key Developments

Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Significant Updates – FY26 Full Year

NCC

Order book — structural strength maintained

ORDER BOOK
📞 83,004 Cr
FY25: ₹71,568 Cr · YoY 16%

ORDER INFLOWS
📞 31,884 Cr
FY25: ₹32,888 Cr · YoY (3%)

BOOK-TO-BILL
4x
Multi-year visibility

Diversified across various verticals — Viz. Buildings, Transportation, Water, Electrical (T&D), Railways, Mining, Irrigation.

Revenue — FY26 performance in sector context

FY26 revenue moderation is consistent with broader sector trends — funding-cycle stress in water and select state-funded segments has been the common driver. NCC's underlying execution capabilities and project-level economics remain intact through the cycle.

Water vertical paced to receivable cycle

Water-vertical execution paced in line with collection visibility through Q1-Q3 FY26 against extended JJM payment cycles. Site mobilisation calibrated to working-capital prudence.

ROW & approval cycles in roads / buildings

Subset of projects awaiting ROW handover or environmental clearance progressed slowly through Q1-Q3. Approval flow eased into Q4 with execution pace picking up.

Underlying economics — execution strength intact through the cycle

✓ Delivery capability — unchanged

Project execution capabilities and delivery commitments maintained through FY26. Major project completions during the year include Silchar Medical College, Jabalpur Flyover, JPNI Airport Patna, and Palamuru Reservoir.

⚠️ Finance Cost — The Drag

EBITDA margin compression in FY26 reflects operating de-leverage on lower revenue and elevated finance costs on peak working-capital debt. Both reverse as payment cycles normalize and revenue scales.

Sector context. FY26 weakness in infrastructure execution reflects a broader sector pattern with funding-cycle stress in water and state-funded segments.

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Projects Snapshot

Landmark Projects — Completed & Under Execution in FY26

Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Major Projects Completed in FY26

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Major Projects Completed in FY26

NCC Limited | 114 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Major Projects Completed in FY26

NCC Limited | 134 8 Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

People, ESG & Awards

Sustainability | Community | Recognition

Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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CSR Initiatives & Employee Engagement – FY26

NCC

Healthcare & Maternal Support

• Dhaatri Mothers' Milk Banks — Niloufer Hospital & BRDMC Gorakhpur
• Lactation Support Unit, Bhimavaram
• Aaryajanani Program — stress-free pregnancies
• Free Medical Camps, APCRDA Vijayawada

Education & Inclusion

• AAS Vidyalaya Education Café — online education for school dropouts
• Employee-led literacy and awareness drives

Rural & Community Development

• Housing and rural facilities for EWS at Antarvedipalem, AP
• Voluntary employee participation in medical camps across sites
• Collaboration with NGOs and public institutions

Employee Engagement

• Volunteering across health, education, community programs
• Culture of responsibility embedded in day-to-day operations
• Awareness and social sensitivity built through structured programs

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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ESG & Sustainability Snapshot – FY26

NCC

Operational ESG outcomes — measured, reported, and externally certified across NCC’s pan-India operations

E ENVIRONMENTAL

stewardship through operational outcomes

| 10,688
SAPLINGS PLANTED · FY26
Afforestation across project sites | 424,200
kWh SOLAR GENERATED · FY26
From 160 KW operational solar capacity | 1.22 mn
SFT GREEN BUILDING · PORTFOLIO
LEED / GRIHA certified built environment |
| --- | --- | --- |

S SOCIAL

people, safety, conduct

Health & Safety: ISO 45001 certified; HSE training, toolbox talks, grievance mechanism active across project sites

POSH: 18 internal committees constituted across business units

Workforce: Structured training, DEI initiatives, employee engagement programmes

G GOVERNANCE

structure, oversight, certifications

4 ISO certifications: 9001 (Quality), 14001 (Environment), 45001 (H&S), 27001 (Information Security)

Board oversight: Dedicated ESG sub-committee at the Board

Disclosure: BRSR-compliant reporting framework

Disclosure depth being progressively strengthened in line with SEBI BRSR reporting standards. Detailed FY26 BRSR disclosures to be published alongside the annual report.

NCC Limited | Q4 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Awards & Accolades – FY26

NCC

NCC Ltd. AWARDS

Construction World Global Award
Fastest Growing Construction Company
Ultra Large Category

Best Infrastructure Developer Award
Engineers Club Kerala
Presented by S. Somanath, former ISRO Chairman

Vishwakarma Award
Jabalpur Flyover Project
PWD, Govt of Madhya Pradesh

PRCI Excellence Awards
4 Honours: Gold (Samashti) · Silver (Diary)
Bronze (Social Media) · Bronze (Annual Report)

PRSI National Awards
2 First Prizes
Best CSR for Childcare · Best In-house Journal (English)

NCC Limited | 64 & Full Year FY2026 | Investor Presentation | 15th May 2026

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Select Awards & Accolades – FY26

NCC

| PROJECT AWARDS | ICI-JSW Award
Sustainability in Concrete Construction
Navi Mumbai International Airport | India HSE Summit & Awards
HSE Excellence Metro Award
MMRDA CA-07 Project, Mumbai |
| --- | --- | --- |
| | Greentech Workplace SFS Awards
GOLD Award – HSE Excellence
MMRDA Mumbai Metro Rail C-102 | Honourz Excellence Awards
Gold – Occupational Health & Safety (×2 projects)
Emaar Amaris, Gurugram + IIHM, Ganaur |
| | WSO 4-Star Rating Gold Trophy
World Safety Organization Recognition
Metro Bhavan CA-60, Mumbai | ISDA Infracon National Awards
Best Practices in HSE Award
Metro Bhavan CA-60, Mumbai |
| | GEEF Global Safety Award
Gold Category – Infrastructure & Construction
Metro Bhavan CA-60, Mumbai | 10th Apex India OHS Award
Gold Award – Occupational Health & Safety
Emaar Amaris Project, Gurugram |
| | NSCI Certificate of Merit
Occupational Safety & Health Excellence
Navi Mumbai International Airport | PCERF Expo
Gold (Adani Data Centres PNQ 26 & 27) +
Silver (454 MLD WWT Malad) – HSE Excellence |
| | GRIHA 3-Star Rating (×2 Projects)
Dr RML Hospital PGIMER, New Delhi
Mahodadhi Market Complex, JBPC Puri | SSMB Awards
2nd Runner-Up: JPNI Airport (Airports >5 MPPA)
1st Runner-Up: AIIMS Awantipora (Hospitals) |
| | Safety Appreciation Award
Outstanding HSE Performance
Adani Power Limited, Raigarh Phase 2 | |

NCC Limited | 134 & Full Year FY2026 | Investor Presentation | 15th May 2026

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NCC

Thank You

Building Forward — With Discipline and Purpose

Investor Relations Contact

investors@nccltd.in

www.ncclimited.com

NSE, NCC | BSE 500294 | CIN: L72200TG1990PLC011146

NCC Limited | NCC House, Madhapur, Hyderabad 500 081 | T: +91 40 2326 8888