Nuvoco Vistas Corporation Ltd(NUVOCO)

NSE: NUVOCOBSE: 543334

₹ 329.85-2.22%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 11,781 crWebsite: www.nuvoco.comUpdated: 24 Oct 2026

About

Nuvoco Vistas Corporation makes cement and also runs a Ready Mix Concrete business. Cement brought in 90.6% of revenue in FY26, and Ready Mix Concrete and Others brought in 9.4%. Revenue was Rs 11338.29 Cr in FY26. Cement capacity was 27 MMTPA in Q2 FY27, and the company plans to reach 35 MMTPA by FY28.^[1][2][3]

Business segments

Cement: Rs 10,325.25 Cr revenue in FY26, 90.6% of the total, with EBIT of Rs 997.2 Cr; Rs 9,346.19 Cr external sales in FY25.^[1][4]
Ready Mix Concrete and Others: Rs 1,066.23 Cr revenue in FY26, 9.4% of the total, with EBIT of Rs -24.32 Cr. Its share rose 1.2 percentage points over FY2022-FY2026.^[1]

Products and brands

Premium brands include Concreto, Concreto Uno and Duraguard Microfiber. Concreto Uno and Duraguard Microfiber each crossed 1 MMT annualised scale as of Q1 FY27.^[5]
Premium products were 45% of trade volumes in Q2 FY27, an all-time high, up from 42% in Q2 FY26 and 44% in Q1 FY27.^[3]
Premium and super-premium volumes were about 5 MMT annualised as of Q1 FY27, with Concreto at about 3.9 MMT.^[5]
Tile adhesives and construction chemicals kept strong growth in Q2 FY27, and premium Ready Mix products saw healthy volume traction.^[3]

Operations and capacity

Cement capacity was 27 MMTPA in Q2 FY27.^[3]
Plants are in East India (Jojobera, Panagarh, Jajpur/Odisha, Arasmeta/Sonadih), North India (Nimbol/Rajasthan, Chittorgarh) and West India (Surat, Kutch via Vadraj).^[6]
East clinker capacity is about 9.5 MMTPA, with room to raise the cement-to-clinker ratio to about 2.1x.^[6]
Cement-to-clinker ratio was 1.54x in Q2 FY27, against 1.72x in FY26.^[3][7]
CO2 intensity was 462 kg/t in FY26.^[3]
All East railway projects (sidings, wagon tipplers, clinker and coal loading at Sonadih and Odisha) were completed by Q2 FY26.^[8]
Alternative fuel and raw material share of the fuel mix was 6% in Q1 FY27, down from 10% in Q4 FY26; the target for FY27 is 13%+.^[5]

Key operating numbers

Sales volume was 4.7 MMT in Q2 FY27, up from 4.3 MMT in Q2 FY26 (+9% YoY), despite monsoon disruption.^[3]
Sales volume was 5.3 MMT in Q1 FY27 (+5% YoY) and 20.4 MMT for full FY26 (+5% YoY).^[5]
Blended realisation rose Rs 320/ton in Q1 FY27 over Q4 FY26, driven by trade price hikes, premium mix and regional mix.^[5]
Blended kiln fuel cost was Rs 1.52/mcal in Q1 FY27. Petcoke's share of the fuel mix fell from 37% in Q4 FY26 to 27% in Q1 FY27.^[5]
Lead distance was about 327-328 km in Q1 FY27, against 331 km in Q2 FY26 and 326 km in Q3 FY26.^[5]

Distribution and customer reach

Trade (retail/dealer) mix was 75% in Q2 FY27, the same as in Q1 FY27.^[3][5]
Premium product share in North India grew to 16-18%, from 7-8% previously.^[5]

Expansion and capex

The 2 MMTPA Surat grinding unit (Vadraj) was commissioned in Q2 FY27 (inaugurated July 11, 2026). It is the company's first capacity in the Western market.^[3][5]
Kutch: clinker unit trials are under way. The clinker unit, captive power plant and jetty are due in H2 FY27.^[3]
The Kutch grinding unit, waste heat recovery plant, railway siding and Sachana bulk terminal are due in H1 FY28. Civil works for the grinding unit and the waste heat recovery plant are complete.^[3]
Capacity is planned to reach 35 MMTPA by FY28 through Vadraj and a 4 MMTPA East expansion.^[3]
East debottlenecking: Jojobera and Panagarh are essentially complete; Jajpur and Arasmeta are due by end FY27 / Q1 FY28, for a total of 4 MMTPA.^[5]
Total Vadraj capex is Rs 3,300 crore over FY26-FY28. FY27 capex is guided at Rs 900 Cr and FY28 at Rs 950-1,000 Cr.^[4][5]
About 46 MW of wind-solar hybrid power in Rajasthan and about 14 MW of waste heat recovery at Kutch are under development.^[3]
The next long-term expansion (Chittorgarh brownfield or Gulbarga greenfield) is to start in H2 FY28 or Q1 FY29.^[6]

Recent developments

On September 29, 2026, the company acquired a 26% stake in Clean Max Ilgohp Private Limited for a 46.4 MW wind-solar hybrid project in Rajasthan.^[9]
NCLT approved the Vadraj Cement resolution plan, made through subsidiary Vanya, on April 1, 2025.^[4]
Net debt fell from Rs 5,274 Cr in June 2025 to Rs 4,595 Cr in June 2026.^[5]
In November 2025, Rs 600 Cr of compulsorily convertible debentures were issued to replace bridge financing.^[6]
Rail-rake shortages in Q1 FY27 caused an estimated ~2 lakh tons of lost volume and about Rs 50/ton higher freight cost.^[5]

Market Cap

₹11,781 Cr

High / Low

₹430 / 276

Stock P/E

30.4

Price / Book

1.1

Book Value

₹286

EPS

₹10.1

No. of Shares

35.72 Cr

ROCE

7.1%

ROE

3.7%

OPM

8.8%

Debt / Equity

0.44

Sales

₹11,338 Cr

Net Profit

₹360 Cr

Promoter holding

72.0%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials