NUVOCO
Large CapNuvoco Vistas Corporation Limited
Industrials
Nuvoco Vistas Corporation Limited is a major Indian building materials player, offering Cement, Ready Mix Concrete (RMX), and Modern Building Materials (MBM). It operates with an operational cement capacity of 25 MMTPA, expanding to 35 MMTPA with planned additions, focusing on premium products, cost leadership, and a robust distribution network.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -15% YoY · margin compression · Rev +9% YoY · +22% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,307 Cr | +8.7% | +22.4% |
| EBITDA | ₹588 Cr | +6.5% | +53.1% |
| Operating margin | 18.0% | +0 bps | +400 bps |
| PAT | ₹141 Cr | -15.1% | +187.8% |
| PAT margin | 4.3% | -120 bps | +245 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Nuvoco Vistas achieved all-time high consolidated volume of 20.4 MMT (up 5% YoY) and record revenue and profitability in FY26, with EBITDA surging 35% YoY. Q4 FY26 also saw record volume of 6 MMT (up 5% YoY) and highest quarterly profitability, despite rising input costs.
Nuvoco's strong FY26 performance, driven by volume growth and premiumization, supports its growth thesis. Significant capacity expansion plans, particularly Vadraj Cement and East region, are on track. However, the explicit mention of geopolitical headwinds and rising input costs suggests margin pressure is a key concern, requiring close monitoring of pricing power and cost optimization efforts.
Vadraj Cement Limited Acquisition
Acquisition of 6 MMTPA Grinding Unit (GU) and 3.5 MMTPA Clinker Unit (CU) to expand Western market footprint.
East Region Expansion
4 MMTPA expansion planned in phases till FY28 through equipment upgrades, process modification, and internal debottlenecking.
Premium Product Portfolio
Market leading brands like Concreto and Duraguard MF, with new launches like Nuvoco Zero M Triple Shield Putty, driving premiumization.
Strategic Distribution Hub
Planned Bulk Terminal at Sachana, Gujarat, with ~1.5 MMTPA handling capacity by FY28, to expand reach in Gujarat.
Vadraj Cement Limited - Surat GU
Key equipment deliveries completed, 66 kV grid connection established, trials commenced in Q4 FY26. Commissioning scheduled for H1 FY27.
Vadraj Cement Limited - Kutch CU & CPP
Equipment upgradation and electrical panel testing underway. Commissioning scheduled for H2 FY27.
Vadraj Cement Limited - Kutch GU, WHR & Railway Siding
Civil works on track, VRM installation started in Q4 FY26. Commissioning scheduled for H1 FY28.
East Region Expansion
4 MMTPA expansion planned in phases till FY28 through equipment upgrades, process modification, and internal debottlenecking.
Central Government Capex
~11.5% rise in Central capex to ₹12.22 lakh Cr. in FY27, supporting infrastructure and housing spending.
State Government Capex
Top 20 states' capex to rise 15% to ₹10.71 lakh Cr. in FY27.
Housing Programs
PMAY-U allocation up 2.8x YoY to ₹0.38 lakh Cr. and PMAY-G up 73% YoY to ₹1.06 lakh Cr. in FY27.
Infrastructure Spending
Roads capex at ₹2.94 lakh Cr. (up 8% YoY) and Railways capex at ₹2.78 lakh Cr. (up 10% YoY) in FY27.
Geopolitical Uncertainty
Middle-East conflict could create near-term headwinds.
Rising Input Costs
Rise in crude, pet coke, and coal prices, along with currency depreciation, could impact fuel costs.
Packing Bag Costs
Increase in granules cost is expected to impact packing bag costs.
Rake Availability
Rake availability to remain a key monitorable factor due to anticipated surge in coal demand for power plants.
Input Price Volatility
Feed stock availability and prices, particularly crude, pet coke, and coal, are subject to geopolitical uncertainties.
Demand & Pricing Cyclicality
Cyclical demand and pricing in the company’s principal markets, influenced by Indian demand-supply conditions.
Regulatory & Economic Changes
Changes in governmental regulations, tax regimes, and broader economic developments within India.
Operational Execution
Successful integration and scaling of acquired assets, and on-schedule delivery of Vadraj operational milestones.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for understanding the underlying growth and profitability trends in a seasonal business like cement, especially for full-year results. QoQ comparison provides insight into sequential momentum and the immediate impact of market dynamics and cost pressures.
Consolidated Volume
FY26: 20.4 MMT (up 5% YoY); Q4 FY26: 6 MMT (up 5% YoY).
Revenue
FY26: ₹11,338 Cr. (up from ₹10,357 Cr. in FY25); Q4 FY26: ₹3,307 Cr. (up from ₹3,042 Cr. in Q4 FY25).
EBITDA
FY26: ₹1,881 Cr. (up 35% YoY from ₹1,391 Cr. in FY25); Q4 FY26: ₹590 Cr. (up 6% YoY from ₹556 Cr. in Q4 FY25).
Net Debt
₹4,445 Cr. as of Mar’26.
Demand Outlook
Cement demand recovered from December 2025, with higher planned capex by Central and States in FY27 expected to sustain demand.
Pricing Strategy
Pan-India cement prices improved QoQ in Q4 FY26, but price hikes are essential to mitigate significant rise in fuel and packing bag costs.
Growth Trajectory
The company is on a structural growth trajectory, with Vadraj Cement Plant and East region expansion driving capacity to 35 MMTPA.
Margin Protection
Management will continue to drive key initiatives on premiumization, geo-optimization, and cost optimization to counter elevated costs.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Vadraj Cement Plant Commissioning | Surat GU trials commenced; Kutch CU/CPP equipment upgradation underway; Kutch GU/WHR/Railway Siding civil works on track. | Timely commissioning of Surat GU (H1 FY27), Kutch CU/CPP (H2 FY27), and Kutch GU/WHR/Railway Siding (H1 FY28). |
| Input Cost Trends | Surge in pet coke, crude, and coal prices, along with currency depreciation. | Impact of geopolitical uncertainties on fuel and packing bag costs, and the company's ability to pass on cost increases through pricing. |
| Premiumization & Trade Mix | FY26 premiumization at 43%, trade mix at 74%. Q4 FY26 premiumization at 44%, trade mix at 75%. | Sustained or improved premiumization and healthy trade mix to support profitability amidst cost pressures. |
| Net Debt Levels | ₹4,445 Cr. as of Mar’26. | Management of debt levels as significant capex projects are underway. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -4.5% / mo
Technical chart
NUVOCOweekly · 5Y-10.2%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 45.
- SMA20 falling (~4.7% over last month) — short-term momentum negative.
- RSI(14) at 45 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 33% off 52W high · 14% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 30.3%.
- Growth contributes 19/25 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 12/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 45th percentile within Industrials. Main check: financial discipline is weak at 40/100.
Healthy Trust Lite: Promoter holding is 72%. Key concern: ROCE is low at 7.1%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 45th pctile, median 68 · Large: 28th pctile, median 74
95 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 72%.
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE is low at 7.1%.
- ▸ROE is low at 4.1%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 28.50
- P/B
- 1.09
- EV/EBITDA
- 5.85
- Market Cap
- 11113.00Cr
Profitability
- ROE
- 4.05%
- ROCE
- 7.07%
- ROA
- 1.77%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 102.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 0.48
- Interest Coverage
- 4.67×
- Altman Z
- 2.38
- Book Value
- 286.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 1485.00 Cr
- EPS TTM
- 10.06
Shareholding
- Promoter Hold
- 72.02%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 17%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.