NCC Ltd

Dear Shareholders,

It is with immense pride and deep gratitude that I address you as the founder of NCC Limited. As we reflect upon the year gone by, we do so with a sense of accomplishment, having navigated a challenging yet promising landscape with resilience, responsibility and resolve.

Since our inception in 1978, NCC has grown from a regional construction firm into a dependable, PAN-India infrastructure powerhouse. What began as a vision to contribute meaningfully to India's development has evolved into a legacy of engineering excellence, ethical business conduct and stakeholder value creation. Today, NCC stands as a testament to what focused leadership, dedicated teams and resolute commitment to quality can achieve.

This past year has underscored the importance of adaptability and innovation. Despite global and domestic uncertainties, our teams continued to deliver critical infrastructure across verticals—urban housing, roads, water systems and energy—strengthening our role as a key contributor to the nation's progress.

As Chairman Emeritus, it gives me particular satisfaction to see the next generation of leadership guiding the company with integrity and ambition. Their efforts are supported by a culture built on trust, safety and accountability—values that have been the cornerstone of NCC's journey for over four decades. Looking ahead, India's infrastructure sector holds immense potential and NCC is well-positioned to capture the emerging opportunities. We remain committed to sustainable practices, digital transformation and delivering lasting impact in every community we serve.

I extend my heartfelt thanks to our investors, banks & financial institutions, employees for their continued confidence and support. Together, we will continue to build a stronger, more resilient future.

From The Chairman's Desk

Dear Shareholders,

It is my privilege to address you for the first time as the Chairman of the Board of the Company.

To begin with, I would like to extend heartfelt gratitude to Mr. Hemant Nerurkar on behalf of the entire family of NCC for his exemplary leadership and unwavering commitment during his tenure as Chairman. His strategic vision, integrity and dedication have been instrumental in guiding our Company through significant milestones and challenges. His legacy will endure in the continued growth and achievements of NCC. We wish him all the best in all his future endeavours.

Sector Focus and Government Role

India's infrastructure sector remains a key driver of economic growth, with the Government of India continuing its robust push through policy and capital investment. The National Infrastructure Pipeline (NIP) and the PM Gati Shakti Mission are acting as catalytic platforms for unlocking long-term potential across transport, urban and utility segments.

The capital outlay for infrastructure in Union Budget 2024–25 was 11.1 lakh crores, a 16% year-on-year increase. The focus sectors were roads, railways, urban infrastructure, renewable energy, water & sanitation and digital infrastructure. This creates a strong demand environment for EPC companies like NCC.

Strategic Opportunities

NCC is strategically placed to capitalize on a range of infrastructure opportunities. We have made notable advances in the buildings, irrigation and transmission & distribution sectors which are well-aligned with national development priorities such as urban transport, connectivity and environmental sustainability.

National Highways Authority of India (NHAI) is fast-tracking Bharatmala Phase II. The Company's execution strength in roads, flyovers and expressways gives it an edge in competitive bidding.

Urbanisation continues to fuel investments in metro rail, sewerage, stormwater drainage and municipal services. NCC is actively involved in metro projects, urban water distribution and housing developments in several tier-1 and tier-2 cities.

Programs like Jal Jeevan Mission and Namami Gange have escalated demand for water supply, treatment and sanitation infrastructure. NCC has a strong track record in building and operating water treatment and sewerage systems.

Distribution sector reform and the shift to smart grids have opened avenues in smart metering and substation EPC. We have secured key contracts in smart metering in recent years.

India's commitment to net-zero by 2070 is fuelling growth in solar, wind and green hydrogen projects. Though NCC's current exposure is moderate, there is headroom for diversification into these fast-growing segments.

Navigating Challenges Strategically

FY25 was not without its share of challenges — global geopolitical uncertainties, fluctuating commodity prices and regional disruptions impacted input costs and project cycles. However, our proactive risk mitigation strategies, digitisation initiatives to enhance decision-making at operational levels, and emphasis on supply chain optimisation and relationship building helped us navigate these complexities with agility and foresight.

Learning and Growth

Through our Centre of Excellence initiative, we foster an environment that encourages innovation and learning, empowering our teams to explore new ideas and solutions.

Sustainability and ESG

NCC is committed to sustainability, implementing initiatives to reduce its carbon footprint. This includes the development of green buildings and sustainable water infrastructure projects.

The company has integrated ESG principles into its operations, focusing on ethical practices, community development and resource efficiency. We have advanced our ESG agenda with notable progress in workforce safety, diversity and inclusion and stakeholder engagement. Our ESG-led initiatives include investments in solar power, green belt development, waste conversion and enhanced employee training.

Corporate Governance

NCC Ltd. adheres to the highest standards of corporate governance, rooted in its belief that transparency, accountability, fairness and ethical conduct are essential for long-term stakeholder value. Its governance principles focus on strong and independent board oversight, timely disclosures and financial integrity, shareholder rights and inclusivity and risk management and internal controls. Our Board Committees namely; Audit, Nomination and Remuneration, Stakeholders' Relationship and ESG oversee and review specific governance areas. We also have a Board level Enterprise Risk Management (ERM) Committee and a well-structured ERM framework to identify and mitigate operational, financial, compliance and strategic risks.

The Year Gone By

The financial year 2024-25 marked a period of steady progress. We continued to strengthen our foundations, pursue excellence in infrastructure delivery and create sustainable value for all stakeholders. Despite macroeconomic headwinds and sectoral challenges, we remained committed to operational discipline, timely execution and sustainable value creation. I am pleased to report that the Company continued to build on its reputation as a trusted infrastructure partner, delivering consistent performance across business verticals while strengthening the foundation for future growth. In FY2025, we maintained a disciplined approach to project selection, focusing on margins, cash flows and capital efficiency. Technology adoption and risk management have remained core pillars of our execution strategy and we have continued to invest in our people, processes and systems to enhance agility and resilience.

The Way Ahead

Looking ahead, India's infrastructure sector offers robust opportunities, backed by sustained public capital expenditure, the Gati Shakti initiative and increased private participation. NCC is well positioned to capitalize on these emerging opportunities through experience, integrated capabilities, digital transformation and a dynamic workforce committed to excellence.

We are determined to participate actively and responsibly in this transformative phase. Pursuing strategic growth, maintaining governance, efficiency to excellence and deepening our commitment to ESG standards is the way ahead.

The strategic initiatives underscore the Company's commitment to innovation, sustainability and diversified growth. Our strategy for FY2026 will revolve around deepening our presence in high-value segments such as transportation, water security and digital infrastructure, investing in digital tools for project monitoring and performance analytics and strengthening talent development and organizational resilience.

Final Remarks

I take this opportunity to thank our shareholders, board members, employees, clients, financial institutions and partners for their continued trust and support. Your belief in NCC fuels our journey as we build infrastructure that empowers communities and strengthens the nation.