NCL Buildtek Limited

It's the building-materials arm of Hyderabad's NCL Group, the same promoter family behind NCL Industries (the cement company). NCL Buildtek is unlisted — the FY26 report says the Board has decided to defer its listing plans because management doesn't currently see a need to raise funds through a public issue. The business is a one-stop building-materials shop with three reportable segments:

1Windoors — the biggest one. Colour-coated GI profiles (CCGI, essentially steel roofing and structural profiles), uPVC windows and doors, aluminium windows and doors, ABS doors, and from FY25, steel doors.

2Coatings — wall putty, paints, textures, and tile adhesives.

3Walls — AAC blocks (aerated fly-ash blocks), the lightweight bricks used in modern construction. Plants sit in Telangana (Mattampalli, Ratnapuri, Gundlapochampally), Andhra Pradesh (Kondapalli, Amudalapadu) and Rajasthan (Keshwana). It sells to builders, contractors and dealers, and it's heavily concentrated in South India, with a growing north push through Coatings. Four years of segment data, side by side This is the table that explains everything. All figures in ₹ crore, taken from the segment reporting notes of the FY24 report (for FY23 and FY24) and the FY26 report (for FY25 and FY26). Segment revenue Segment FY23 FY24 FY25 FY26 Windoors 223.8 213.3 202.6 220.4 Walls (AAC blocks) 125.0 126.5 102.7 100.7 Coatings 101.6 95.6 98.8 109.9 Total 450.4 435.5 404.2 431.0 Four years. Revenue starts at ₹450 crore and ends at ₹431 crore. It has gone precisely nowhere. Segment profit (segment result, before finance cost) Segment FY23 FY24 FY25 FY26 Windoors 20.0 18.5 13.2 0.6 Walls (AAC blocks) 2.0 7.5 1.3 0.6 Coatings 13.4 12.4 10.5 11.6 Total segment result 34.8 38.4 25.0 12.8 Less: finance cost 16.6 15.4 12.7 11.4 PBT from ordinary activities 18.2 23.0 12.3 1.4 And this is where flat revenue turns into a genuine problem. Segment profit has fallen by two-thirds in two years. Profit before tax from ordinary activities is down from ₹23 crore to ₹1.4 crore. Segment margins Segment FY23 FY24 FY25 FY26 Windoors 8.9% 8.7% 6.5% 0.3% Walls 1.6% 6.0% 1.2% 0.6% Coatings 13.2% 13.0% 10.6% 10.5% Two of the three segments now make essentially zero money. Only Coatings has held its shape. And at the company level ₹ crore FY23 FY24 FY25 FY26 Revenue & other income (gross) 453.6 437.1 406.7 434.6 EBIDTA 45.9 49.7 37.8 26.6 PBT excluding exceptional items 18.2 23.0 12.3 1.4 PAT (reported) 13.5 15.9 68.4 0.9 EPS excluding exceptional items (₹) — 13.76 7.42 0.70 Ignore that ₹68.4 crore PAT in FY25. It's not real operating profit — we'll come to it in a minute. EPS excluding exceptional items is the honest line: ₹13.76 → ₹7.42 → ₹0.70.