Infrastructure

NCC reported Q2FY26 top line of ~INR37.3bn (down 16% YoY). EBITDA margin decreased ~160bp YoY to 7.4% while adjusted PAT fell 37% YoY. Order intake came in at ~INR62bn in Q2FY26. Net debt inched up by ~INR4.2bn QoQ while

APSEZ’s consolidated revenue/EBITDA/PAT grew 30%/26%/27% YoY in Q2FY26, 1–3% above our/Street estimates. Domestic ports revenue expanded 13% led by volume (+8%; container surged 22% YoY while coal fell 5% YoY; market

The NHAI awarded ~90km of road projects in Oct-25 (~105km in Sep-25). The pace of construction increased MoM to ~238km in Oct-25 against ~211km in Sep-25. Year to-FY26 NHAI road awards aggregated ~390km (up 36% YoY)

JSW Infrastructure (JSWIL) reported a broadly in-line Q2FY26 performance. Revenue/EBITDA/adjusted PAT grew 26%/17%/16% YoY supported by a modest 3% YoY uptick in port volumes, improved realisations and Navkar

The NHAI awarded ~105km of road projects in Sep-25 (~13km in Aug-25). The pace of construction too increased MoM to ~211km in Sep-25 against ~207km in Aug-25. H1FY26 NHAI road awards aggregated ~299km (~159km in H1FY25);

Diwali celebrations kicked off early for railway coach manufacturing players as the Mumbai Railway Vikas Corporation (MRVC) has floated tenders for procurement of 2,856 coaches for air-conditioned (AC) electric multiple

The NHAI awarded road projects spanning just ~13km in Aug-25 (~66km in Jul-25 and ~103km in Aug-24). The pace of construction too decreased to ~207km in Aug-25 against ~226km in Jul-25 and ~220km in Aug-24 as rains

Eroding executable order book and payment issues led to a 3% YoY contraction in aggregate Q1FY26 top line of top-14 listed infra companies; average EBITDA margin fell ~20bp YoY to 10.7%. Meanwhile, higher distribution

Texmaco Rail (Texmaco) reported a 16% YoY decrease in Q1FY26 consolidated revenue due to continued wheelset availability issues. While EBITDA margin fell ~200bp YoY to 7.8%, adjusted PAT plummeted 50% YoY in Q1FY26. The

Ahluwalia Contracts (ACIL) posted Q1FY26 top line of INR10bn, up 9% YoY. EBITDA margin at 8.6% jumped ~200bp YoY while PAT surged 67% YoY. YTD FY26 order wins at ~INR39bn have been robust, taking the order book to

PNC Infratech (PNC) reported a 13% YoY contraction in Q1FY26 revenue to INR11.4bn while adjusted PAT decreased 17% YoY. YTD order-wins stand at ~INR52bn (~INR37bn in FY25). Order book at the end of Q1FY26 stood at

Capacit’e Infraprojects (Capacit’e) posted 3% YoY growth in Q1FY26 consolidated revenue. EBITDA margin decreased 170bp YoY, dragging down adjusted PAT 15% YoY. FY26-to-date order inflows totalled ~INR14bn, taking the

Titagarh Rail Systems (TRS) reported a 25%/40% YoY fall in Q1FY26 revenue/PAT as wheelset availability issues persisted, hampering wagon production. On the positive side, order inflows perked up with the company winning

Afcons Infrastructure (AIL) reported a 7% YoY rise in Q1FY26 revenues to INR33.7bn. The company ended Q1FY26 with an order book of ~INR569bn, including L1 projects of ~INR216bn, and the book-to-bill at a healthy 4.5x.

NBCC reported revenue of INR23.9bn in Q1FY26 (up 12% YoY). Adjusted PAT surged 26% YoY to INR1.3bn. Order book remains strong at ~INR1.2tn (book-to-bill of ~9.8x) of which ~INR320bn of works are currently under

Adani Ports (APSEZ) posted decent revenue/adjusted EBITDA/adjusted PAT growth of 21%/13%/28% in Q1FY26 (8%/10%/6% above Street estimates). APSEZ’s 11% growth in cargo was led by container (+19% YoY; ramp-up in Colombo,

NCC reported Q1FY26 top line of ~INR43.8bn (down 7% YoY). EBITDA margin decreased ~30bp YoY to 9% while adjusted PAT fell 5% YoY. Debt increased INR3.7bn QoQ as the working capital cycle deteriorated to 116 days from 93

GR Infraprojects (GRIL) reported a Q1FY26 top-line contraction of 4% YoY. Lower capital charges and higher other income lifted adjusted PAT by 7% YoY. The company ended the quarter with a total order book (including L1)