NCL Buildtek Ltd – 9M FY26 Results Breakdown

NCL Buildtek Ltd, part of the ₹3,000+ crore NCL Group, operates across windows, coatings, wall solutions, and services. The company continues to position itself as an integrated building materials player with a strong presence in CCGI technology and international collaborations. 9M FY26: Steady Growth, Softer Margins Revenue Performance Revenue from operations stood at ₹316 Cr in 9M FY26, compared to ₹289 in 9M FY25 — marking a ~9% year-on-year growth. Including other income of ₹3 Cr, total income came in at ₹319 Cr versus ₹290 Cr in the previous year. Topline growth remained stable, but profitability metrics reflected pressure. Revenue Mix – Segment Contribution (9M FY26 vs 9M FY25) Total Revenue: ₹316 Cr vs ₹289 Cr in 9M FY25 Windows: ₹163 Cr (~52%) vs ₹141 Cr (~49%) Coatings: ₹79 Cr (~25%) vs ₹70 Cr (~24%) Walls: ₹74 Cr (~23%) vs ₹77 Cr (~27%) Services: ₹1 Cr (~0.3%) vs ₹2 =Cr (~0.6%) What This Means The Windows segment continues to dominate the revenue mix, contributing more than half of total sales. Coatings and Walls together form nearly 48% of the business, providing diversification. Services remain insignificant in overall contribution. Profitability Snapshot Profitability Trends PAT and Margins: Profit After Tax experienced a significant decline, dropping from 32 Cr to 4.3 Cr. Consequently, PAT Margins contracted sharply from 11% to 1%. PBT Performance: Profit Before Tax decreased substantially from 44 Cr (which was boosted by exceptional items in 9M FY 25) to 6 Cr in 9M FY 26. Cash Profit: Cash Profitability also saw a downturn, falling from 53 Cr to 16 Cr.. Why Did Profits Fall Sharply? The sharp fall in PBT and PAT is primarily attributable to the high base of exceptional income recorded in 9M FY25. During the previous year, the company booked one-time gains from the sale of its investment in NCL Veka, which materially inflated reported profitability. In 9M FY26, earnings reflect core operating performance without any such non-recurring support. Revenue Growth Revenue from Operations increased from 289 Cr to 316 Cr, indicating steady topline expansion. Total Income rose from 290 Cr to 319 Cr, supported by modest growth in other income. Input Cost Pressure Weighs on Margins Cost of Material rose sharply from 156 Cr to 187 Cr, outpacing revenue growth and compressing operating margins. Total Expenses increased from 285 Cr in 9M FY25 to 314 Cr in 9M FY26, largely driven by higher raw material costs. Operating Reality Even at the operating level, EBITDA declined slightly from ₹23 Cr to ₹21 Cr, and margins compressed from 8% to 7%. This suggests: Higher cost pressures Limited operating leverage Tight pricing environment in building materials PAT margin at 1% highlights a thin earnings profile typical of competitive manufacturing businesses. Financial Positioning Summary ✔ Revenue growth sustained (~9%) ✔ Windows remains the anchor segment ✔ Margins under slight pressure ✔ No exceptional income support in FY26 ✔ Earnings reflect normalized operations UnlistedZone Takeaway NCL Buildtek’s 9M FY26 performance shows steady topline growth but compressed profitability. The absence of last year’s exceptional gain provides a cleaner picture of operational strength. Going ahead, margin expansion in the Windows segment and cost efficiency across coatings and walls will be critical for meaningful earnings growth. The business remains stable, but structural margin improvement will determine the next phase of value creation.