NACDAC Infrastructure posts 30% revenue growth for its first full financial year as a listed entity, supported by strong order wins including Bharat Electronics. While revenue and operating cash flow improved significantly, investors should note tight liquidity following heavy land investments and a missed CSR contribution.
NACDAC Infrastructure FY Performance Review
Revenue at Rs 63.19 crore, up 30.1% YoY; PAT at Rs 4.43 crore, up 6.9% YoY.
Reader Takeaway: Strong revenue and improved cash collection driven by new orders, offset by tighter liquidity and land-heavy capital strategy.
What just happened
NACDAC Infrastructure has reported a 30.1% increase in revenue for the fiscal year, reaching Rs 63.19 crore. Profit After Tax grew more modestly at 6.9%, totaling Rs 4.43 crore. The company successfully transitioned to positive operating cash flow of Rs 7.57 crore, a significant improvement from the previous year’s outflow.
Why this matters
The company is scaling its presence in northern India and diversifying into the high-growth Steel Structure and Pre-Engineered Building (PEB) segments. A key win with Bharat Electronics highlights growing institutional trust. However, the management's decision to deploy Rs 8.50 crore into land has resulted in immediate liquidity constraints, requiring the company to secure new working capital facilities.
The backstory
This marks the firm's first full financial year post-listing. While the top-line expanded, EPS dipped by 14.1% to Rs 4.21, which the company attributes to a larger share-count following its IPO rather than operational underperformance. Trade receivables improved by 25%, indicating better operational efficiency in billing and collection.
Risks to watch
Investors should monitor the company's liquidity closely as it balances expansion with capital-intensive land acquisitions. Additionally, there are six disputed statutory matters—five related to GST and one to income tax—totaling Rs 27.67 lakh. The company also failed to meet its CSR obligations of Rs 6.89 lakh, with corrective payments promised by September 2026.
What to track next
The company holds an unbilled order book exceeding Rs 103 crore, with another Rs 70 crore in pending bids. Future cash generation from these projects, alongside the management's ability to maintain margins without the 'inventory flattery' observed in previous cycles, remains critical.