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Nuvoco Vistas Corp revenue increased by 13.5% YoY

ICICIdirect Research 23 Oct 2026 DISCLAIMER

News: Nuvoco Vistas Corp revenue increased by 13.5% YoY (-10.8% QoQ) to Rs 2790 crore, led by 9.3% YoY (-11.3% QoQ) volume growth (to 4.7 mtpa) and 3.9% YoY (+0.6% QoQ) improvement in blended realization. However, grey cement realisation increased 3.9% YoY (-1.2% QoQ). Total cost/ton increased by 4.2% YoY (+4.9% QoQ) mainly due to higher RM cost, fuel cost, packaging cost and negative operating leverage on sequential basis. EBITDA/ton stood at Rs 869/ton (+1.8% YoY, -19% QoQ). Subsequently, EBITDA came at Rs 408.3 crore (+11.3% YoY, -28.1% QoQ). On PAT level, the company reported profit of Rs 64.8 crore (+77.8% YoY, -59.4% QoQ). For H1FY27, revenue increased by 11% YoY led by volume growth of 6.4% YoY and improvement in realisation by 4.4% YoY. EBITDA/ton stood at Rs 977/ton (vs Rs 942/ton in H1FY26).

View: Volume growth remained healthy in Q2FY27, mainly led by recent capacity expansion of 2 mtpa. Capacity utilisation stood at ~70% during the quarter. Going ahead, we believe that their might be some pressure on margins led by higher fuel and packaging costs due to West Asia war uncertainty but performance should gradually improve over Q4FY27-28E. However, company's volume growth visibility remains healthy in long term, supported by healthy demand environment, improvement in utilisation levels and ongoing expansion plans. Total cement capacity is expected to increase from 27 mtpa to 35 mtpa by FY28E, led by refurbishment of Vadraj capacity (expected in phases over Q3FY27 to Q1FY28) and de-bottlenecking initiatives in East India capacities (to be completed in phases till FY27E end)

Impact: Neutral

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