NCC : Annual Report 2024-25

DEFINING

TOMORROW

NCC Limited

Integrated Annual Report 2024-25

Table of Contents

Defining Tomorrow		01	Metro Rail		46
FY25 Highlights		06	Water and Environment		48
Major Clients		07	Electrical T&D		54
Awards and Accolades		08	Irrigation		56
Corporate Information		10	Railways		58

From The Chairman's Desk

12

Message from The Managing Director

14

Business Verticals

16

Board of Directors

18

How we Create Value

20

Mechanisms to Integrate and Measure ESG 22

Natural Capital

30

Mining

60

Financial Capital

62

Human Capital

66

Health, Safety & Environment

70

Corporate Social Responsibility

78

Board's Report

84

Management Discussion & Analysis

99

Report on Corporate Governance

113

11

Message from the Founder and Chairman Emeritus

Energy and Carbon Management		32	Business Responsibility and Sustainability Reporting		134
Resource Efficiency and Circular Economy		34	BRSR GRI - Index		176
Manufactured Capital		38	Standalone Financial Statements		178
Buildings		40	Consolidated Financial Statements		252

Transportation

IAR25 - Management Narratives - GRI & SASB Linkages

345

44

Disclaimer

In this Annual report we have disclosed forward-looking information to enable investors to comprehend our prospects and take informed investment decisions. This report and other statements - written and oral - that we periodically make contain forward looking statements that set out anticipated results based on the management's plans and assumptions. We have tried wherever possible to identify such statements by using words such as 'anticipates', 'estimates', 'expects', 'projects', 'intends', 'plans', 'believes' and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward looking statements will be realised, although we believe we have been prudent in assumptions. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

‌MANAGEMENT NARRATIVES

NCC isn't waiting for the future - we're building it with purpose and foresight.

From next-generation public infrastructure to intelligent, sustainable energy and water systems, we are shaping the landscape of tomorrow by anticipating the evolving needs of a transforming India.

DEFINING

TOMORROW

As the nation advances toward the vision of Viksit Bharat, NCC stands as a key enabler of progress. Our projects are more than construction milestones

- they embody a commitment to inclusive growth, environmental responsibility, and innovation aligned with national priorities.

With over four decades of trust, a strong order book, and a pan-India presence, we are not just participating in India's growth story - we are helping shape its trajectory. Our scalable expertise and resilient execution set the pace for meaningful transformation.

As India moves ahead, NCC remains focused on building more than infrastructure - we're building enduring value, empowering communities, expanding opportunities, and ultimately, defining tomorrow for a greener, sustainable planet.

Integrated Annual Report 2024-25 1

Strong Legacy of more than Four Decades

NCC Limited is a leading infrastructure and construction enterprise headquartered in Hyderabad, India. Established in 1978, the company has built a strong legacy of more than four decades in the Indian infrastructure sector, with a diverse portfolio spanning multiple verticals such as Buildings, Transportation, Water and Environment, Irrigation, Mining, Railways and Electrical (T&D).

As a publicly listed company on both NSE and BSE, NCC Ltd. has consistently demonstrated

engineering excellence, operational efficiency and a commitment to sustainable development. The company's business model combines technical expertise with strategic partnerships to deliver high-value projects across India.

Through a robust order book and pan-India presence, NCC Ltd.

continues to contribute significantly to the nation's infrastructure development agenda. The Company leverages its deep domain knowledge, integrated project delivery model, and strong financial discipline to drive sustainable growth.

The Company is guided by a vision to be a leader in the infrastructure sector by delivering high-quality, value-driven projects while maintaining a strong commitment to safety, sustainability and stakeholder satisfaction. The Company remains focused on enhancing operational efficiencies, expanding its presence across high-growth verticals and delivering long-term value to its investors.

2 NCC LIMITED

MANAGEMENT NARRATIVES

VISION

VALUES

MISSION

To be a world-class construction and infrastructure enterprise committed to quality, timely completion, customer satisfaction, continuous learning, and enhancement of stakeholders' value.

• To build a strong future ensuring increased returns to shareholders and enhanced support to associates.

• To adopt the latest technologies in the fields of engineering, construction, operation and maintenance of infrastructure projects.

• To encourage innovation, professional integrity, upgradation of knowledge and skills of employees and a safe working environment.

• To be a responsible corporate citizen committed to the social cause.

• Openness and Trust

• Integrity and Reliability

• Teamwork and Collaboration

• Commitment

• Creativity

Integrated Annual Report 2024-25 3

Strategic Foundations

Building Infrastructure with Purpose

The following elements form the strategic foundations of the

Company. Together, they reflect a focused commitment to building infrastructure that not only drives economic value but also delivers positive environmental and social outcomes. These foundations define how the company chooses its playing field, delivers on its promises, builds internal strength, governs execution, and measures success, ensuring that its growth is meaningful, sustainable, and inclusive.

Our Winning Aspiration

The company aspires to advance national progress by building infrastructure rooted in integrity, inclusivity, and responsibility.

The company views its role not just as a contractor, but as a contributor to India's development journey-delivering

projects that create long-term value for people and the planet. It anchors its purpose in ethical operations, transparent governance, and a commitment to societal upliftment through infrastructure that supports health, connectivity, education, and equity. Environmental consciousness, safety, and

social well-being are embedded into its aspiration to create infrastructure that is not only functional but meaningful.

Nalanda University, Bihar - Constructed by NCC

4 NCC LIMITED

MANAGEMENT NARRATIVES

How We Win

The company aims to win by ensuring excellence in execution, transparency, cost efficiency, and selective project acquisition that aligns with its core strengths.

The company's strategy rests on a reputation for on-time delivery, quality assurance, and disciplined bidding.

A diversified order book, in-house engineering expertise, and association with the Government and public sector clients across India drive its competitive edge. It prioritises projects that offer revenue visibility, manageable working capital cycles, and are within its execution capabilities. The company is careful in evaluating risks, avoiding speculative ventures or long-gestation private investments. It continuously improves internal systems, optimises resource deployment, and leverages operational scale to maintain consistent margins and deliver value to clients and stakeholders.

Where We Play

The company operates in high-impact sectors that address essential societal needs and promote equitable development across India.

With a pan-India presence, the company focuses on segments such as water supply, affordable housing, health infra, transportation, smart metering, internet connectivity, and mining-all aligned with national priorities, including the Jal Jeevan Mission, Digital India, and urban infrastructure renewal. It undertakes projects mainly for Government clients that directly benefit rural and underserved populations, expanding access to basic amenities such as clean drinking water, sanitation, and digital connectivity. The company strategically selects projects that allow it to create social value while supporting long-term economic growth.

What Sets Us Apart

The company relies on its multidisciplinary engineering strength, dedicated workforce, and execution-focused systems to deliver complex, high-value infrastructure projects.

The company draws on a deep talent pool, cutting-edge construction equipment, including Tunnel Boring Machines, and in-house design capabilities to manage diverse projects. It cultivates a culture of safety, accountability, and continuous improvement. Investments in equipment, digital project monitoring tools, and skill development ensure that teams remain responsive to project needs and timelines while driving operational reliability and scale.

What We Delivered

The company delivered record financial performance and expanded its social and environmental contributions in FY25.

In FY25, the company recorded its highest-ever consolidated order inflow of `32,888 crore, representing a 20.5% year-on-year increase, and ended the year with an all-time high order book of `71,568 crore. Standalone revenue grew 5.2% year-on-year to reach `19,392 crore, supported by diversified project execution across buildings, transportation, irrigation, and smart metering. Profit after tax rose to `761 crore, while EBITDA stood at `1,746 crore, translating to

a stable EBITDA margin of 9.1%. The debt-to-equity ratio remained conservative at 0.20, reflecting prudent financial management.

On the non-financial front, the company was recognised for its sustainable construction methods, workforce safety programs, and impactful CSR initiatives across child care, sanitation, and skill development. It received national awards and commendations for project quality and ESG integration. Through its execution of projects under Jal Jeevan Mission, BharatNet, and metro rail infrastructure, the company directly contributed to improving access, mobility, and utility services across underserved regions. These outcomes reinforce the company's commitment to delivering measurable stakeholder value-financial, social, and environmental.

How We Manage

The company ensures strategic execution through structured governance, financial discipline, and transparent communication with stakeholders.

A robust governance framework, led by board of directors, fosters ethical decision-making and accountability. The company tracks strategic progress using financial KPIs and operational metrics, while also embedding systems for internal review and performance evaluation. It engages proactively with clients, regulators, communities, and investors to ensure responsiveness to project conditions and stakeholder expectations, while managing capital and risk with a long-term view toward resilience and value creation.

Integrated Annual Report 2024-25 5

‌FY25 Highlights

Second Largest

listed construction company by revenue

with a pan India presence

Listed Since 1992

` 22355 crores Consolidated Revenue (6.6% increase y-o-y)

` 1746 crores

Standalone EBITDA (9.1% of revenue)

` 62471 crores Standalone Order Book (20.5% y-o-y)

` 71568 crores Consolidated Order Book (18.4% y-o-y)

` 1918 crores

Consolidated EBITDA

` 761 crores

Standalone PAT (3.9% of revenue)

` 820 crores

Consolidated PAT (3.7% of revenue)

` 32888 crores

Order Inflow (20.5% increase y-o-y)

` 19392 crores

Standalone Revenue (5.2% increase y-o-y)

~13606

No. of Employees

6 NCC LIMITED

‌MANAGEMENT NARRATIVES

Major Clients

Chennai Metro Rail Ltd

MSRDC

Integrated Annual Report 2024-25 7

‌Awards and Accolades

EXCELLENCE AWARD FOR BABU JAGJIVAN RAM AUDITORIUM, BENGALURU

KREIS awarded NCC a Certificate of Excellence for constructing the Babu Jagjivan Ram Auditorium, a 2,000-seat facility known for its hyperbolic roof and innovative space-frame structure.

APPRECIATION FOR RDSS PROJECT, CHAPRA, BIHAR

NCC received a Certificate of Appreciation for timely completion of critical works in Chapra's RDSS Power Distribution Project ahead of Bihar CM's visit, showcasing superior planning and execution under pressure.

FEATHER TOUCH AWARD FOR CSR CONTRIBUTION

NCC was honoured with the ET Feather Touch Business Innovation Award

2024 for its impactful CSR initiatives in skill development, received at a grand event in Bengaluru by the Corporate Communications team.

CONSTRUCTION WORLD GLOBAL AWARD - ULTRA LARGE CATEGORY

NCC bagged 3rdplace as the fastest growing construction company in the ultra-large category at the 22ndCW Global Awards, underscoring its scale, speed, and consistent sectoral leadership.

8

NCC LIMITED

MANAGEMENT NARRATIVES

HMTV BUSINESS EXCELLENCE AWARD - REAL ESTATE & INFRASTRUCTURE

NCC received the HMTV Business Excellence Award for Real Estate & Infrastructure in Hyderabad, affirming its leadership and innovation in delivering landmark infrastructure and urban development projects.

INDIA'S IMPACTFUL LEADER AWARD - TIMES NOW SUMMIT 2024

NCC's MD, A A V Ranga Raju, was honoured with the "India's Impactful Leader" award at the India Infra Transformation Summit 2024 for visionary leadership and significant contributions to the infrastructure sector.

PRSI NATIONAL AWARDS -FOUR RECOGNITIONS

NCC won four PRSI National Awards in Raipur: Best CSR (Childcare), Social

Media for PR, Sustainability Development Report, and Annual Report, marking excellence in communication, outreach, and transparency.

SWSM UP AWARDS -JAL JEEVAN MISSION

NCC was felicitated for the successful execution of Phases 1-3 of UP's SWSM projects under the Jal Jeevan Mission. State dignitaries presented the recognition in recognition of efforts to enhance rural drinking water infrastructure.

Integrated Annual Report 2024-25 9

‌Corporate Information

Padma Shri Awardee

Dr. A V S Raju, Founder & Chairman Emeritus

Board of Directors

Dr. A S Durga Prasad Independent Director (Chairman w.e.f. September 25, 2024)

Sri Rajender Mohan Malla

Independent Director (w.e.f. July 1, 2024)

Smt Uma Shankar

Independent Director

Sri Ramesh Kailasam

Independent Director

Sri Utpal Sheth

Director

Sri A A V Ranga Raju

Managing Director

Sri A G K Raju

Executive Director

Sri A S N Raju

Wholetime Director

Sri J V Ranga Raju

Wholetime Director

Sri A V N Raju

Wholetime Director

Sri Hemant M Nerurkar Independent Director - Chairman (up to September 24, 2024)

Smt Renu Challu

Independent Director

(up to September 24, 2024)

Sri Om Prakash Jagetiya

Independent Director

(up to September 26, 2024)

Chief Financial Officer

Sri Sanjay Pusarla

Company Secretary

Sri Sisir K Mishra

(w.e.f. October 1, 2024)

Sri M V Srinivasa Murthy

(up to September 30, 2024)

Statutory Auditors

M/s. S R Batliboi & Associates LLP

Chartered Accountants The Skyview 10

Survey No. 83/1, Raidurgam Hyderabad - 500 032

Registered Office

NCC House

Madhapur, Hyderabad - 500 081

Tel: [phone]

Email: [e-mail] Website: https://www.ncclimited.com CIN: L72200TG1990PLC011146

Registrar and Share Transfer Agent

KFin Technologies Limited Selenium Tower B,

Plot No.31 & 32, Financial District, Nanakramguda, Hyderabad -500 032

Toll-Free No: 1800 309 4001 Email: [e-mail] Website: www: ris.kfintech.com

Bankers

• State Bank of India

• Canara Bank

• Punjab National Bank

• Indian Overseas Bank

• ICICI Bank

• Standard Chartered Bank

• IDBI Bank

• Union Bank of India

• IndusInd Bank

• Punjab & Sind Bank

• Indian Bank

• Export Import Bank of India

• Karnataka Bank

• Yes Bank

• Bank of Maharashtra

• IDFC First Bank

• Barclays Bank PLC

35thAnnual General Meeting

Friday, 29thAugust 2025 • 3.00 PM (IST) through VC/OAVM

10 NCC LIMITED

‌Message from The Founder

and Chairman Emeritus

Dear Shareholders,

ESS HE F ND C M AGE F

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.

OUN

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.

A HAIR

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.

With warm regards,

Dr. A V S Raju

Founder and Chairman Emeritus

Integrated Annual Report 2024-25 11

‌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.

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

FROM

To begin with, I would like to extend

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.

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

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

CHAIR DESK

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

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

12 NCC LIMITED

THE

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

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

expenditure, the Gati Shakti initiative and increased private participation. NCC is well positioned to capitalize on these emerging opportunities through

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.

experience, integrated capabilities, digital transformation and a dynamic workforce committed to excellence.

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

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

MAN'S

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

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

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.

Sincerely,

Dr. A S Durga Prasad

Chairman

Integrated Annual Report 2024-25 13

‌Message from The Managing Director

Dear Shareholders,

M TH

ESSA

It is with extreme pride and gratitude that I present to you the performance of NCC Ltd. for FY2025. This year has been a significant milestone in our journey- marked by record order inflows, strong operational execution and a continued commitment to sustainable and inclusive growth.

Highest-ever Order Inflow

We have achieved the highest-ever annual order inflow in FY2025, of

E M

` 32,888 crore, surpassing guidance. This portrays a strong and healthy order book which in turn reflects both the strength of our execution track record and the confidence reposed in us by our clients-across government, public sector undertakings and private sector stakeholders.

DIRECT

This record performance was driven by significant project wins across key segments, including buildings,

transmission & distribution and irrigation. Our financial discipline has been intact and our execution capabilities have been sharpened by experience and forward-looking strategy.

All-time High Order Book

Consolidated order book reached a record ` 71,568 crores, as of March 31, 2025, offering clear revenue visibility and business continuity over the medium to long term, supported by a diversified and high-quality order book.

14 NCC LIMITED

Significant Project Wins

the middle-mile network. These are

among the largest orders bagged by the Company.

Diversification and Expansion

Through its subsidiary, NCC Urban, the Company has expanded into real estate, completing 11.7 million sq. ft. of built-up area, with an additional 2.8 million sq. ft. under construction. Plans are underway

GE FRO

The Company received two work orders worth ` 10,804 crores from BSNL for the BharatNet project, focused on building

Outlook

a commitment to sustainable value

creation. We are targeting strong order inflows and expect a healthy y-o-y revenue growth, supported by our robust project execution and sectoral tailwinds in infrastructure, housing and energy.

The focus would continue to remain on margin improvement, operational excellence and sustainable growth.

Acknowledgements

Looking ahead, we are optimistic. NCC Ltd. enters FY2026 with a strong bid pipeline, a healthy balance sheet and

ANAGIN

to further develop smart cities and

affordable housing projects.

Operational Excellence

Our focus on execution discipline, cost optimization and digital project

management tools contributed to stable EBITDA margins of 9.1 percent.

Financial Performance

I take this opportunity to thank our employees, clients, partners, banks & financial institutions and shareholders for their continued support. Their trust empowers us to raise the bar every year and contribute meaningfully to India's infrastructure development. At NCC, we are 'Defining Tomorrow' with a

OR

dedication to building not just structures, but progress.

Consolidated revenue for FY2025 stood

at ` 22,355 crores, reflecting strong execution momentum across major business verticals and geographies. Profitability stood at ` 820 crores, up almost 15 percent.

IT and Cyber Security

The Company has upgraded its enterprise systems, leveraging AI capabilities. It has fortified the cybersecurity framework with tools like Sophos MDR/XDR and has enhanced digital capabilities across locations.

Regards,

A A V Ranga Raju

Managing Director

Integrated Annual Report 2024-25 15

‌Business Verticals

NCC's presence across multiple infrastructure verticals-from buildings, transportation, water and environment and railways to mining, irrigation, and electrical (T&D)-gives it a unique strategic edge. This diversified portfolio enables risk-balanced growth, fosters operational synergies,

and positions the company to capitalize on India's large-scale public and private infrastructure push.

Buildings

Hospitals, Medical Colleges (e.g., AIIMS), Airports, Sports

Complexes, Housing Projects, IT Parks, Industrial & Commercial Buildings

Transportation

Access-Controlled Highways, Road EPC Projects, Air Strips, Metros, Tunnels, Bridges, Flyovers

Water & Environment

Water Supply Projects, Water Treatment Plants, Water Distribution Networks, Underground Drainage, Sewage Treatment Plants

16

NCC LIMITED

Irrigation

Lift Irrigation Schemes, Dams, Reservoirs, Canals, Tunnels, Barrages, Spillways, Aqueducts

Mining

Overburden Removal, Coal Excavation & Transportation, Mine Developer & Operator (MDO)

Railways

Civil EPC, Track Laying, Signalling & Telecommunication, Dedicated Freight Corridor, High-Speed Rail

Electrical (T&D)

Transmission & Distribution Lines, Sub-stations, Project Electrification,

System Improvement and Smart Meters

Integrated Annual Report 2024-25 17

‌Board of Directors

Dr. A. S. Durga Prasad

Independent Director - Chairman

Dr. Durga Prasad is a seasoned executive with over four decades of experience in financial and cost

management across diverse sectors such as pharmaceuticals, infrastructure, IT, and discrete manufacturing. He holds

a Bachelor's degree in Commerce, is a Fellow Member of the Institute of Cost and Works Accountants of India, and has earned a PhD.

Board Committees:

AC

NRC

CSR

ERM (C)

ESG

Mr. Ramesh Kailasam

Independent Director

Mr. Ramesh Kailasam is a Cost Accountant with nearly three decades of multi-sectoral experience. His core competencies include governance reforms, public policy, leadership, strategy and government engagement. He has authored numerous reports and publications which have been used by governments, industry bodies, think tanks, and international agencies.

Board Committees:

Mr. Rajender Mohan Malla

Independent Director

Mr. Malla brings experience of over four decades in banking and finance. He holds an MBA from the Faculty of

Management Studies, University of Delhi, a PGDBM from MDI Gurgaon, and is a Certified Associate of the Indian Institute of Bankers. His leadership roles have included Chairman and MD of IDBI Bank and SIDBI, CEO of IFCI, and MD & CEO of PTC India Financial Services Ltd.

Board Committees:

AC (C)

CSR

ERM

Mr. Utpal Sheth

Non-Executive Director

Mr. Utpal Sheth brings over three decades of experience in financial investments

and capital markets including fundraising, mergers & acquisitions, and corporate advisory. Formerly the CEO and Senior Partner at Rare Enterprises - founded by late Sri Rakesh Jhunjhunwala. He is a qualified CA, a CFA, and holds a Diploma in Systems Management from NIIT. He is the Founder and Mentor of the TRUST Group.

Board Committees:

Mrs. Uma Shankar

Independent Director

Mrs. Uma Shankar has nearly four decades of experience in the financial sector, particularly in banking. She held various senior roles at the Reserve Bank of India, including Executive Director. She holds a Postgraduate degree in English, is a Certified Associate of the Indian Institute of Bankers, and has completed Executive Education at Columbia Business School, New York.

Board Committees:

AC

NRC (C)

SRC

AC NRC SRC (C) ESG (C)

NRC

18 NCC LIMITED

Mr. A. A. V. Ranga Raju

Managing Director

Mr. Ranga Raju has over five decades of experience in construction, infrastructure development, and related sectors.

He joined the family business early in his career and has been serving as Managing Director for more than

three decades, playing a pivotal role in the company's sustained growth and expansion.

Board Committees:

ERM

ESG

Mr. J. V. Ranga Raju

Whole-Time Director

Mr. J. V. Ranga Raju has been engaged in the construction industry for four decades. His extensive experience has been a key factor in the company's evolution into one of India's leading construction firms. He also has active interests in the hospitality and education sectors.

Mr. A. G. K. Raju

Executive Director

With four decades of experience, Mr. A. G. K. Raju has contributed significantly to the company in areas

such as construction, finance, materials management, administration, HR,

and corporate communications. His leadership has helped streamline operations and enhance efficiency. He holds an MBA from the University of Pune.

Board Committees:

AC

SRC

CSR

ESG

Mr. A. V. N. Raju

Whole-Time Director

With nearly four decades in the construction field, Mr. A. V. N. Raju has accumulated deep industry knowledge. He currently leads the Electrical and Irrigation Divisions, driving their growth with dedication and operational expertise.

Mr. A. S. N. Raju

Whole-Time Director

Mr. A. S. N. Raju brings over four decades of in-depth experience in the construction industry. He is recognised for his strong project execution skills and currently oversees the Buildings Division and CSR initiatives of the company.

Board Committees:

CSR (C)

AC

NRC

SRC

CSR

ERM

ESG

Audit Committee

(C)

Nomination & Remuneration Committee Stakeholders' Relationship Committee Corporate Social Responsibility Committee Enterprise Risk Management Committee Environmental Social & Governance Committee Chairperson

Integrated Annual Report 2024-25 19

‌How we Create Value

NCC's value creation model, anchored in the six capitals of integrated reporting, reflects how the Company utilises, transforms, and enhances key resources to deliver long-term stakeholder value. The model below captures NCC's FY25 approach to integrated performance.

Financial Capital

NCC ensures disciplined financial management to support sustained growth, fund operations, and enhance shareholder value. Its robust balance sheet and healthy earnings reinforce strategic decision-making and execution efficiency.

FY25 Highlights

• `22,355 crore Consolidated Revenue

• `820 crore

  Consolidated Profit After Tax

• `13.06

  Earnings Per Share

• `605 crore Consolidated Net Debt

  
  
  

  Manufactured Capital

  Through extensive deployment of construction equipment, civil

  infrastructure, and execution assets, NCC delivers quality projects across the infrastructure spectrum.

  FY25 Highlights

• 520+ - Active Building and Infrastructure Projects

• 36,525 + - Kilometres of Water Pipelines Laid

• 3,50,000 + - Acres of Land Irrigated

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  MANAGEMENT NARRATIVES

  
  
  

  Intellectual Capital

  NCC enhances its execution capabilities by integrating smart technologies, proprietary methodologies, and process automation to drive efficiency and ensure timely project delivery.

  FY25 Highlights

• Digital and IT Initiatives

• Proprietary Engineering and Bidding Tools

• Process Improvements and Knowledge Assets

Social and Relationship Capital

With a commitment to ethical business, client relationships, and inclusive development, NCC fosters long-

term partnerships and contributes to community well-being.

FY25 Highlights

• `33.32 Cr - CSR Expenditure

• 70,000+ - CSR Beneficiaries

  
  
  

  Natural Capital

  NCC embraces environmentally responsible construction by integrating green practices, minimizing emissions, and enhancing biodiversity. The Company tracks emissions and undertakes proactive initiatives to offset its environmental footprint.

  FY25 Highlights

• 1,45,877 - Scope 1 & 2 Emissions (in tCO2e)

• 15,87,895 - Scope 3

  Emissions (in tCO2e)

• 14,512 - Number of Trees Planted

• 31 - Green or Sustainable Projects Executed

Human Capital

Skilled and motivated talent underpins NCC's operational success. The Company invests in capability building, workplace safety, and continuous learning to empower its workforce.

FY25 Highlights

• 13,606 - Employees

• 13,606 - Employees Trained

• 1,479 - Training Programs Conducted

Integrated Annual Report 2024-25 21

‌Mechanisms to Integrate

and Measure ESG

At NCC we are on a path to embed Environmental, Social, and Governance (ESG) principles in our business strategy and operational framework. We recognise ESG as a key driver of sustainable growth, risk management and long-term stakeholder value.

22 NCC LIMITED

MANAGEMENT NARRATIVES

Some of the metrics and methods include BRSR reporting, development of detailed annexes, monitoring ESG

targets, conducting pre-assurance audits, and regular data collection and analysis.

ESG is governed by a Board-level committee that oversees sustainability initiatives, ethical conduct and compliance. ESG factors are integrated into project planning, procurement, execution and risk management frameworks. Sustainability is being considered across all verticals, including green construction, water efficiency, waste management and community engagement.

By integrating sustainability into its core governance, management systems and stakeholder engagement, the Company evaluates the robustness of internal processes and policies that support ESG performance.

The Company demonstrates strong execution capabilities and delivers positive environmental and social outcomes through its diversified projects across multiple verticals. Its robust

order book reflects a healthy pipeline of infrastructure projects, ensuring sustained financial performance while

generating long-term environmental and social benefits.

With a strong focus on ESG, NCC demonstrates institutional readiness for long-term sustainability and resilience.

Integrated Annual Report 2024-25 23

ESG Highlights

Environmental Aspect

Execution of large-scale water infrastructure projects such as supply systems, treatment plants, sewage networks and drainage systems, supporting water resource management and environmental protection.

Operation of mining activities under structured and regulated frameworks, indicating a commitment to responsible and monitored resource utilization.

Installed 160 KW solar plant (CWS Shankarpally) in FY2025. Procurement initiated for a 250KW solar plant (RWS Maharashtra).

Implementation of smart metering projects that promote efficient energy usage, reduce transmission losses and improve billing transparency.

Engagement in green building development, including large-scale public and institutional infrastructure that integrates environmental efficiency in design and construction.

Solar lights installed at RWS Patna, Lucknow, and CWS Shankarpally.

24 NCC LIMITED

Organic Waste Converter operational at CWS Shankarpally; waste repurposed as fertilizer.

6 water harvesting tanks (8KL each) installed at CWS Shankarpally.

RO Plants at CWS and RWS sites treated ~4,380 KL of water in FY2025.

2 ponds with ~20,000 KL capacity developed using internal resources.

Environmental Targets @ NCC

• Annual plantation of 10,000 saplings

• Installation of 250 KW solar plant by FY2026 (as against 160 KW Solar Plant in FY 2025)

• Exploring eco-friendly alternatives like waste converter plants, bio medical waste management, water harvesting

• Focus on LEED and GRIHA certifications

• Installation of solar lights and replacement of Refrigerant gas with R32 gas in phased manner

• Set up of 17 Ultrasonic flow meters in FY2025 and plan for 80 plus by FY2026

• Establishment of 120 KL Rainwater Harvesting tanks by FY2026 (as against 48 KL in FY2025)

Integrated Annual Report 2024-25 25

Social Aspect

Ongoing job creation and workforce development, with initiatives aimed at enhancing employee retention and well-being even during challenging market conditions.

Wide geographic presence across various states, contributing to inclusive and balanced regional development through infrastructure access.

Development of socially beneficial projects such as hospitals, housing, transportation systems and metro rail

- enabling better access to essential services and improving everyday life for communities.

Women Employee Representation has been a key focus area.

To constitute Internal Complaints Committees (ICC) at state level for all the operational sites.

PoSH training given to 1,588 employees in FY25 via online modules. PoSH materials available and access implemented across offices and worksites.

Social Targets @NCC

• Reduction of Lost Time Injury Frequency Rate (LTIFR) of employees and workers to 0.23 and 1.6 respectively for FY2026 (as against 0.25 and 1.68 respectively for FY2025)

• Increasing women employee strength to 4% by FY2027

• Mandatory training of 2 man-days per employee per year by FY 2025 and 4 man-days per employee per year by FY2026

• 30% of CSR spend to be on slum and rural development projects

• To impact about 75,000 people through community engagement by FY2026

  The below are planned at major sites for the benefit of workers.

• Establishment of creches

• Play school facility

• Providing infrastructure to set up markets by the vendors

26 NCC LIMITED

Embedding Responsibility. Expanding Horizons.

Over the last year, our sustainability journey has taken on renewed purpose. What began as a regulatory requirement has grown into a framework for introspection, alignment, and future-readiness. Through structured assessments and deeper stakeholder engagement, we've strengthened how we govern, how we measure impact, and how we define progress. The process has become a meaningful tool-not just to reflect where we are, but to shape where we are going.

Governance Built on Ethical Intent and Inclusion

We strengthened our internal systems to reflect the full spirit of the nine National Guidelines on Responsible Business Conduct (NGRBC). Our policies were not only expanded in scope but grounded in purpose-ensuring greater board oversight, stronger ethical safeguards, and seamless alignment of values across leadership, employees, and business partners.

Looking Beyond the Fence: Scope 3 Awareness Begins

Recognising that responsibility extends beyond our operations, we initiated Scope 3 emissions tracking through purchase and vendor data. This marked a shift

from inward-looking metrics to an ecosystem approach, enabling more conscious procurement, supplier collaboration, and a clearer understanding of our extended environmental footprint.

From Metrics to Meaning: A Framework for Self-Reflection

The reporting process pushed us to pause and evaluate, not just report. It helped identify hidden gaps, reinforce internal alignment, and bring ESG thinking into our daily language. Through this lens, sustainability became less of a checklist and more of a shared cultural shift across functions and leadership layers.

Charting the Next Chapter in ESG Leadership

We now see our reporting efforts as the beginning of long-term ESG roadmaps. Insights drawn from the process are helping us recalibrate goals, strengthen relationships with stakeholders, and plan for a future that is not only compliant but also conscientious and forward-looking.

Integrated Annual Report 2024-25 27

Governance Aspect

The company's business responsibilities are closely aligned with its commitment to

Environmental, Social, and Governance (ESG) principles. The implementation and monitoring of these responsibilities are overseen by

the Board of Directors through a structured committee system. These include.

The Audit Committee, which ensures financial integrity and compliance	The Nomination and Remuneration Committee, which governs leadership appointments and compensation practices
The Corporate Social Responsibility Committee, which steers social and community initiatives
The dedicated ESG Committee, which provides focused oversight on the integration of ESG priorities into the company's strategy and operations.
The Stakeholders		The Enterprise Risk
Relationship Committee,		Management Committee,
which addresses investor		which oversees strategic
and stakeholder concerns		and operational risks

28 NCC LIMITED