Robust execution pipeline with ~Rs830bn order book (4.8x TTM revenue), improving balance sheet and positive OCF Management's reluctance to provide FY27 guidance appears conservative despite healthy inflows and execution traction After a weak standalone 9MFY26 performance, with revenue declining 16% YoY, NJCC reported a relatively stable Q4FY26, with revenue remaining broadly flat YoY and largely in line with estimates. EBITDA margin moderated to 8.4%, lower on a YoY basis but broadly in line with Street and our expectations. On the balance sheet front, the...