Nuvoco Vistas Corporation Limited (NUVOCO)
₹341.15 +1.56% last close, 16 Oct
Q2 FY27 results
📅 Next results: 22 Oct 2026 (board meeting)Nuvoco Vistas Corporation Limited's board meets on 22 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Nuvoco Vistas' revenue was ₹3,129 Cr (+8.9% year on year, -5.4% on the previous quarter), and net profit ₹160 Cr (+19.9% year on year); the operating margin was 18.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹3,129 | +8.9% | -5.4% |
| Operating profit | ₹568 | +9.6% | -3.3% |
| Net profit | ₹160 | +19.9% | +13.4% |
| EPS (₹) | 4.47 | +19.8% | +13.5% |
| Operating margin | 18.2% | — | — |
NUVOCO delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.76% of the NUVOCO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.89%. That is close to its usual level.
Delivery in the last 5 sessions: 42.8% · 44.1% · 56.4% · 29.5% · 43.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Nuvoco Vistas Corporation has approved the voluntary liquidation of its wholly owned subsidiary Algebra Endeavour Private Limited (AEPL) under Section 59 of the IBC. AEPL contributed negligible turnover of Rs 0.02 crore and a net worth of Rs 115 crore (1.12% of Nuvoco's net worth) as of March 31, 2026. Following AEPL's dissolution, Vadraj Energy (Gujarat) Limited will become a direct wholly owned subsidiary of Nuvoco. The restructuring aims to simplify the group structure and has no material financial impact.
- AEPL turnover stood at Rs 0.02 crore as on March 31, 2026, contributing Nil to Nuvoco's turnover
- AEPL net worth was Rs 115 crore, accounting for 1.12% of Nuvoco's net worth
- Voluntary liquidation initiated under Section 59 of the Insolvency and Bankruptcy Code, 2016
- Step-down subsidiary Vadraj Energy (Gujarat) Limited to become a direct wholly owned subsidiary upon completion
Nuvoco Vistas released a corporate press release celebrating 'Dus Saal Bemisaal' marking a decade since operations commenced. The company reiterated its current operational cement capacity of 27 MMTPA across 14 manufacturing units and confirmed a roadmap to reach 35 MMTPA by FY28. Growth will be supported by ongoing integrations, including the April 2025 acquisition of Vadraj Cement and debottlenecking projects. FY26 reported total income was cited at Rs 11,362 crore, consistent with recent annual earnings.
- Celebrates 10-year milestone with operating cement capacity standing at 27 MMTPA across 14 units
- Reiterates medium-term target to scale cement capacity to 35 MMTPA by FY 2027-28 (~15x growth over a decade)
- Currently operates 58 ready-mix concrete (RMX) plants across India
- Reported total income of Rs 11,362 crore in FY 2025-26
Nuvoco Vistas Corporation's wholly owned subsidiary, NU Vista Limited, received a show cause notice on September 30, 2026, from the Assistant Commissioner, CT & GST Circle Jajpur, Odisha. The notice proposes a tax demand of ₹24,98,84,511 along with interest and a 10% penalty for FY 2022–23. The dispute relates to revision of turnover based on raw material yield calculations, Form 26AS alignment, and input tax credit denial on moisture loss. The company stated the demand is legally unsustainable and expects no major financial impact relative to its TTM revenue of ₹11,594 Cr.
- Proposed tax demand of ₹24,98,84,511 for FY 2022–23 received on September 30, 2026
- Demand includes applicable interest and a 10% penalty
- Issues cited include yield calculations, Form 26AS turnover treatment, and ITC denial over moisture loss
- Notice was issued to wholly owned subsidiary NU Vista Limited by Odisha GST authorities
Nuvoco Vistas Corporation has issued a follow-up clarification regarding a Show Cause Notice issued by the Dy. Commissioner, State Tax (Audit), Central Division, Patna, Bihar. The notice was addressed to NU Vista Limited, a wholly owned subsidiary of the company. The company clarified that the notice was officially received by NU Vista Limited on September 28, 2026. The financial amount involved was not disclosed in the filing, and all other details from its previous disclosure on September 29, 2026, remain unchanged.
- Follow-up clarification to prior intimation dated September 29, 2026 (Ref Sec/101/2026-27)
- Show Cause Notice issued to wholly owned subsidiary NU Vista Limited
- Notice issued by Dy. Commissioner, State Tax (Audit), Central Division, Patna, Bihar
- Confirmed receipt date of the notice was September 28, 2026
- Financial demand or tax amount involved was not disclosed
Nuvoco Vistas wholly owned subsidiary, NU Vista Limited, has received a Show Cause Notice from the State Tax Authority in Patna, Bihar. The notice proposes a tax demand of Rs 10,70,08,912 under Section 73 of the CGST Act for FY 2022-23, alongside consequential interest and a 10% penalty. The dispute involves denied Input Tax Credit (ITC) brought forward and taxes on advances received. Relative to Nuvoco's TTM revenue of Rs 11,594 Cr and TTM PAT of Rs 386 Cr, the demand is immaterial at less than 0.1% of revenue.
- Subsidiary NU Vista Limited issued a Show Cause Notice by Dy. Commissioner, State Tax (Audit), Patna, Bihar
- Proposed tax demand stands at Rs 10,70,08,912 for FY 2022-23
- Notice also proposes consequential interest and a 10% penalty
- Dispute pertains to denial of brought-forward ITC, temporary ITC reversals, and tax on advances
Nuvoco Vistas has signed definitive agreements, including a Share Purchase Agreement, to acquire a 26% equity stake in Clean Max Ilgohp Private Limited, an SPV set up by Clean Max Enviro Energy Solutions. The SPV will establish a 46.4 MW wind-solar hybrid project at Bhikamkhore, Rajasthan, consisting of 20 MW wind, 26.4 MWdc solar, and a 2 MWh Battery Energy Storage System (BESS). The plant is expected to generate approximately 100 million units (MU) of clean electricity annually for Nuvoco under captive open access. This transition aims to avoid 1,25,485 tonnes of CO2 emissions per year and structurally optimize continuous operating power costs.
- Acquiring 26% equity stake in Clean Max Ilgohp Private Limited to secure captive renewable power
- Project capacity stands at 46.4 MW hybrid (20 MW wind + 26.4 MWdc solar) alongside a 2 MWh BESS
- Expected annual clean power generation of approximately 100 million units (MU)
- Estimated to avoid approximately 1,25,485 tonnes of Scope 1 and Scope 2 CO2 emissions annually
Nuvoco Vistas Corporation Limited has scheduled an in-person investor interaction at the Anand Rathi Annual Flagship Conference. The group meeting will be held on September 22, 2026, starting at 11:00 AM IST. Representatives of the company will participate to engage with analysts and institutional investors. Such routine intimations involve no disclosure of unpublished price-sensitive information.
- Meeting scheduled for September 22, 2026, at 11:00 AM IST
- Event: Anand Rathi - Annual Flagship Conference
- Format: In-person group meetings with institutional investors and analysts
Nuvoco Vistas Corporation Limited has notified the stock exchanges about an upcoming in-person, one-on-one institutional investor meeting. The meeting is scheduled with Ambit Capital on September 4, 2026, at 10:00 AM IST. This is a routine intimation in compliance with SEBI LODR Regulation 30, and no material operational or financial developments were disclosed.
- One-on-one in-person institutional meeting scheduled with Ambit Capital
- Meeting date and time set for September 4, 2026, at 10:00 AM IST
- Intimated pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015
Nuvoco Vistas Corporation Limited has notified the stock exchanges regarding an upcoming one-on-one meeting with institutional investor Mirae Asset Mutual Fund. The meeting is scheduled to take place in-person on September 3, 2026, at 10:00 AM IST. This filing represents a routine disclosure under Regulation 30 of SEBI LODR Regulations, with no financial details or price-sensitive information disclosed.
- One-on-one meeting scheduled with Mirae Asset Mutual Fund on September 3, 2026, at 10:00 AM IST
- Interaction format is designated as an in-person meeting
- Intimation filed under Regulation 30 of SEBI (LODR) Regulations, 2015
Nuvoco Vistas Corporation Limited has informed the exchanges regarding a scheduled one-on-one investor meeting with Mirae Asset Mutual Fund. The in-person meeting is set to take place on September 3, 2026, at 10:00 AM. This is a standard regulatory intimation pursuant to Regulation 30 of the SEBI LODR Regulations, 2015. No unpublished price-sensitive information is expected to be shared.
- Meeting scheduled for September 3, 2026, at 10:00 AM
- Interaction arranged with Mirae Asset Mutual Fund
- Mode of meeting is designated as in-person one-on-one
- Filed under Regulation 30 of SEBI LODR Regulations
Nuvoco Vistas Corporation Limited has scheduled an in-person, one-on-one meeting with Mirae Asset Mutual Fund on September 3, 2026, at 10:00 AM IST. This intimation is made pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015. Such routine institutional interactions do not involve the sharing of unpublished price-sensitive information (UPSI).
- Meeting scheduled with Mirae Asset Mutual Fund on September 3, 2026, at 10:00 AM
- Format of the interaction is an in-person, one-on-one meeting
- Routine compliance disclosure under Regulation 30 of SEBI LODR Regulations
Nuvoco Vistas Corporation Limited has informed the stock exchanges that it has been assigned an ESG rating of 67.1 for FY 2026 by SES ESG Research Private Limited. The company clarified that it did not engage SES, and the report was prepared independently using publicly available information. The disclosure is made pursuant to SEBI Listing Regulations guidelines on ESG rating intimations.
- SES ESG Research assigned an ESG Rating of 67.1 to Nuvoco Vistas for FY 2026
- Report was prepared independently based on public domain data without engagement by Nuvoco
- Intimation received from SES via email on August 31, 2026, at 07:15 p.m.
- Disclosure submitted pursuant to SEBI Listing Regulations and circulars
Nuvoco Vistas Corporation Limited concluded its 27th Annual General Meeting on August 31, 2026, with all 5 ordinary resolutions approved by shareholders with requisite majorities. Shareholders approved the FY26 audited financial statements and the reappointment of Non-Executive Director Hiren Patel (98.33% in favor). Additionally, M/s. Walker Chandiok & Co LLP was appointed as the statutory auditor for a 5-year term following the resignation of M S K A & Associates LLP. Ratification of FY27 cost auditors' remuneration was also cleared.
- All 5 resolutions transacted at the 27th AGM were passed with required majorities
- Appointment of M/s. Walker Chandiok & Co LLP as Statutory Auditors for 5 consecutive years approved with ~100.00% favorable votes (33,03,30,073 votes)
- Re-appointment of Director Hiren Patel approved with 98.33% votes in favor (32,48,44,161 votes)
- Adoption of FY26 Standalone and Consolidated Financial Statements cleared with ~100.00% votes in favor
Nuvoco Vistas Corporation Limited has scheduled an in-person institutional investor meeting at the Elara India Dialogue 2026 conference. The meeting is set for September 2, 2026, starting at 02:00 PM in a group meeting format. This is a routine regulatory intimation under Regulation 30 of SEBI (LODR) Regulations, 2015, with no price-sensitive disclosures or material corporate developments announced.
- Conference name: Elara India Dialogue 2026
- Scheduled date & time: September 2, 2026, at 02:00 PM
- Meeting format: In-person Group Meetings
- Filing type: Routine disclosure under Regulation 30 of SEBI LODR Regulations
Nuvoco Vistas Corporation has disclosed that its wholly owned subsidiary, NU Vista Limited, received a Show Cause Notice from the Joint Commissioner, CGST, Durgapur Audit Commissionerate. The notice proposes a demand of ₹15.41 crore covering four years from FY 2020-21 to FY 2023-24 relating to input tax credit eligibility and post-sale discount credit notes. Relative to Nuvoco's TTM revenue of ₹11,594 crore and TTM PAT of ₹386 crore, the proposed demand represents ~0.13% of revenue and ~4.0% of PAT. The company stated it has sufficient documentary evidence to defend its position and anticipates no major financial impact.
- Proposed demand of ₹15.41 crore raised against wholly owned subsidiary NU Vista Limited
- Demand pertains to four financial years from FY 2020-21 to FY 2023-24
- Dispute covers denial of ITC on civil construction/toll/canteen and credit note output tax adjustments
- Exposure is minor at ~0.13% of Nuvoco's TTM revenue of ₹11,594 crore
Financial Performance
Revenue Growth by Segment
Consolidated revenue for FY25 was INR 10,315 Cr, representing a 3.6% decline from INR 10,708 Cr in FY24. However, Q1 FY26 showed a recovery with revenue of INR 2,873 Cr, up 9% YoY.
Geographic Revenue Split
The company operates across 22 states. In Q2 FY26, the North region experienced 'handsome growth' while the East region remained 'subdued'. Specific percentage splits per region were not disclosed.
Profitability Margins
PAT margin for FY25 was 0.2% (INR 22 Cr), down from 1.4% (INR 147 Cr) in FY24. EBITDA per tonne significantly improved by 42.5% YoY to INR 1,023 in Q1 FY26 from INR 718 in Q1 FY25.
EBITDA Margin
EBITDA per tonne was INR 1,023 in Q1 FY26. The Net Debt to EBITDA ratio rose to 2.65x in FY25 from 2.5x in FY24 due to moderated profitability.
Capital Expenditure
Planned investment of INR 1,200-1,500 Cr over the next 15-18 months to operationalize Vadraj Cement assets. Additional brownfield expansion is planned at Chittor and a greenfield project in Gulbarga.
Credit Rating & Borrowing
Crisil AA (Rating Watch with Developing Implications) for NCDs and Crisil A1+ for Commercial Paper. Net debt stood at INR 3,640 Cr as of March 31, 2025.
Operational Drivers
Raw Materials
Slag (secured via long-term contracts), Petcoke (fuel source), and Limestone (sourced from captive mines in Nagaur, Gulbarga, and Guntur). Raw material costs remained flat QoQ in Q2 FY26.
Import Sources
Not specifically disclosed, but the company noted that geopolitical situations impact petcoke costs, implying international sourcing.
Capacity Expansion
Current capacity includes a 1.2 MTPA increase from debottlenecking. Planned expansion includes 6 MTPA from the Vadraj acquisition (4.5 MTPA to be operational by Q3 FY27) and a brownfield project at Chittor.
Raw Material Costs
Raw material costs remained flat QoQ in Q2 FY26. The company leverages long-term contracts for slag to maintain cost competitiveness.
Manufacturing Efficiency
Capacity utilization is maintained at a healthy level of approximately 75%.
Logistics & Distribution
Distribution costs declined QoQ in Q2 FY26, aided by operational efficiency and a partial waiver of the Busy Season Surcharge.
Strategic Growth
Expected Growth Rate
7-8%
Growth Strategy
Growth will be driven by the operationalization of the 6 MTPA Vadraj Cement assets (4.5 MTPA by Q3 FY27) and brownfield expansion at Chittor. The company is also focusing on premiumization, aiming for a 25% increase in Concreto Uno and Duraguard Microfiber volumes in Q3 FY26. Geographic expansion into North and West markets is a key priority.
Products & Services
Cement (Concreto, Duraguard, Double Bull, Nirmax, Infracem), Ready-Mix Concrete (RMX), and Modern Building Materials (MBM).
Brand Portfolio
Concreto, Duraguard, Double Bull, Nirmax, Infracem, Concreto Uno, Duraguard Microfiber.
New Products/Services
Concreto Uno (Bihar) and Duraguard Microfiber (Rajasthan/MP) are key new premium products. The company targets a 25% volume increase for these in Q3 FY26.
Market Expansion
Expanding into North and West India through the Vadraj acquisition and Chittor brownfield project. Target for Vadraj operationalization is FY27.
Market Share & Ranking
Leading player in the Eastern region of India; strengthening position in North and West.
Strategic Alliances
Nuvoco is a key part of the Nirma Group, providing healthy financial flexibility.
External Factors
Industry Trends
The industry is growing at 2-4% (Q2 FY26) with an expected pickup to 7-8% in H2. Trends include consolidation, premiumization (44% mix), and a focus on sustainability (454 kg CO2/ton).
Competitive Landscape
Competes with other major cement players; matching industry growth of 7-8% is the near-term target.
Competitive Moat
Strong brand equity in 'Concreto' and 'Duraguard' (44% premium mix), market leadership in East India, and financial backing from the Nirma Group. Cost advantages from captive mines and long-term slag contracts.
Macro Economic Sensitivity
Sensitive to GST rate reductions and interest rate changes, which are expected to support demand growth of 7-8% in H2 FY26.
Consumer Behavior
Increasing consumer preference for premium products like Concreto Uno and Duraguard Microfiber.
Geopolitical Risks
Geopolitical situations impact petcoke costs, which rose to 1.46 INR/Mcal in Q2 FY26.
Regulatory & Governance
Industry Regulations
GST rate reduction and infrastructure project execution are key drivers. Pollution norms and manufacturing standards are inherent to the industry.
Environmental Compliance
Carbon emissions reduced to 454 kg per ton of cement in FY25, demonstrating leadership in sustainability.
Risk Analysis
Key Uncertainties
Input cost volatility (petcoke) and cyclical demand patterns in the cement industry.
Geographic Concentration Risk
High concentration in East India (West Bengal, Bihar, Jharkhand, Chhattisgarh, Odisha).
Third Party Dependencies
Dependency on slag suppliers, managed through long-term contracts.
