NCC Limited reported a muted financial performance for Q1 FY26, with consolidated revenue declining by 6.3% YoY to Rs52bn. PAT stood at Rs1.9bn, reflecting an 8.5% drop YoY. This decline was largely driven by execution delays and slower turnover, which echoed the concerns raised in Q3 FY25. Despite the revenue softness, EBITDA margins remained relatively stable at approximately 8.8%, aided by disciplined cost control and project management practices. EPS for the quarter came in at Rs3.06, compared to Rs3.34 in Q1 FY25. We maintain our rating to BUY, revising the target price to Rs247, valued at 12x FY27E EPS. A...