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Stock Analysis

Description

Nuvoco Vista Corporation Ltd is one of India's largest cement and concrete manufacturers with a 25 MMTPA capacity, offering cement, RMX, and building materials.

Key Growth Triggers

Strategic expansion to reach 35 MMTPA capacity by FY27, including a ~Rs. 200 crore investment for 4 MMTPA in the East by FY26-27.
Acquisition of Vadraj Cement, operational by H2 FY27, and Algebra Endeavour for captive power generation to enhance operational efficiency.
Focus on premiumization strategy targeting increased realization and trade volume share.
Leveraging synergies and diversification as part of the Nirma Group.

Order Book

Currently no data available for Order Book.

Key Red Flags

Past sales growth has been modest (5.13% over 5 years) and return on equity is low (1.89% over 3 years).
Company has faced several show cause notices related to income tax and GST disputes for past financial years, although the company contests them.
Low interest coverage ratio noted in older company data.

Key Dates To Watch

January 15, 2026: Board meeting to approve Q3 FY26 financial results.
January 16, 2026: Investor and Analyst Conference Call for Q3 FY26 results.

Corporate Announcements

17th Apr 26

Impact Rating: 9

Nuvoco Vistas delivered its best FY26 performance (20.4 million tons volume, ₹1,881 crore EBITDA) and a record Q4 (₹590 crore EBITDA). The company faces cost headwinds from fuel, packaging, and logistics.

16th Apr 26

Impact Rating: -

No description available.

15th Apr 26

Impact Rating: 6

Nuvoco Vistas Corp. Ltd. has released the audio recording of its investor conference call held on April 15, 2026, discussing its audited Q4 FY26 standalone and consolidated financial results.

14th Apr 26

Impact Rating: 7

Nuvoco Vistas Corp. Ltd. will establish a bulk cement terminal in Viramgam, Gujarat, with 1.5 MMTPA handling capacity and a railway siding, aimed at enhancing distribution and expanding market reach by FY2027-28.

14th Apr 26

Impact Rating: 7

Nuvoco Vistas Corp. Ltd. approved acquiring a 26% shareholding in Clean Max Ilghop Private Limited for up to ₹26 crore. The investment aims to establish a hybrid renewable energy supply plant at its cement facility.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	UltraTech Cem.	12204.00	49.03	359626.46	0.64	1237.98	75.23	19606.93	20.33	10.89	81724.53	18.35	7334.75	1231.58	4.99	5.19	0.35
2.	Grasim Inds	2865.30	45.06	194989.89	0.35	1498.04	68.24	39899.58	16.59	7.50	159663.26	20.07	4327.58	553.48	1.96	1.69	2.06
3.	Ambuja Cements	563.55	24.24	139299.61	0.35	2302.28	233.64	9174.49	21.48	10.50	38772.67	18.83	5746.21	1935.75	2.48	7.02	0.02
4.	Shree Cement	27670.00	58.08	99835.43	0.40	309.82	303.60	4761.07	17.44	6.71	20146.65	23.33	1718.89	308.51	4.45	3.97	0.10
5.	J K Cements	5749.50	42.93	44425.38	0.26	159.25	275.56	3019.20	17.93	13.99	12883.19	18.56	1034.93	160.53	6.85	5.11	1.00
6.	Dalmia BharatLtd	2115.60	35.66	39681.45	0.43	239.00	413.04	3417.00	10.69	5.58	14325.00	20.13	1112.86	236.00	2.24	2.48	0.40
7.	ACC	1752.00	10.18	32900.33	0.43	1119.26	401.44	5931.67	27.99	17.44	24060.83	14.84	3230.72	1119.23	1.65	9.46	0.02
8.	Nuvoco Vistas	355.00	64.98	12679.04	0.00	32.53	161.87	2143.08	8.70	3.26	9098.43	13.12	195.11	32.53	1.36	0.24	0.49
–	Median: 34 Co.	208.63	31.09	3182.5	0.2	19.92	119.45	601.69	16.98	6.11	2503.97	11.98	65.69	22.52	2.32	1.46	0.58

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	2,097	1,996	2,017	2,265	2,202	2,404	2,321	2,493	2,534	2,043	2,185	1,971	2,143
Expenses	1,898	1,725	1,836	2,016	1,929	2,053	2,092	2,148	2,153	1,898	1,950	1,805	1,863
Operating Profit	199	271	181	249	273	352	229	345	381	145	236	166	280
Other Income	25	34	2	29	4	23	-213	28	3	22	28	8	38
Profit before tax	-46	53	-61	9	33	134	-252	130	146	-96	16	-77	46
Tax %	-43%	42%	-27%	33%	35%	32%	-166%	35%	21%	-31%	-96%	-31%	30%
Net Profit	-26	30	-44	6	22	91	167	84	116	-66	32	-53	33
EPS in Rs	-0.73	0.85	-1.24	0.17	0.61	2.55	4.67	2.37	3.23	-1.86	0.90	-1.47	0.91

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,379	5,177	5,157	6,297	7,053	6,793	5,805	7,342	8,582	8,939	8,725	9,098
Expenses	2,569	4,528	4,429	5,336	6,176	5,516	4,685	6,304	7,762	7,840	7,723	7,904
Operating Profit	810	649	728	962	877	1,277	1,120	1,039	820	1,100	1,002	1,194
Other Income	112	148	11	81	80	57	83	115	-140	120	16	66
Interest	89	144	231	425	452	419	517	401	353	368	355	366
Depreciation	176	366	313	392	485	528	587	652	696	644	621	628
Profit before tax	656	287	196	226	19	387	99	101	-370	208	42	266
Net Profit	438	499	166	158	-24	249	23	55	90	153	40	195
EPS in Rs	9.60	10.94	3.63	10.54	-1.19	10.28	0.72	1.54	2.52	4.28	1.13	5.45
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	456	456	150	150	200	242	315	357	357	357	357	357
Reserves	4,032	3,522	3,799	3,967	4,794	5,037	7,057	8,536	8,627	8,778	8,816	8,939
Borrowings	698	300	4,314	4,373	4,626	3,593	5,680	3,728	3,359	3,129	2,793	4,527
Other Liabilities	1,697	2,152	3,022	3,133	3,590	4,572	3,721	4,014	4,078	4,187	4,046	4,053
Total Liabilities	6,883	6,431	11,285	11,624	13,210	13,444	16,773	16,635	16,421	16,451	16,012	17,876
Fixed Assets	3,089	4,159	8,916	8,690	9,843	9,868	9,786	10,345	10,061	10,155	9,970	9,825
Gross Block	3,089	4,159	12,714	12,868	13,879	14,366	14,835	15,920	16,325	16,925	17,106	–
Accumulated Depreciation	0	0	3,798	4,178	4,036	4,498	5,049	5,575	6,264	6,770	7,136	–
CWIP	712	247	143	144	605	647	961	144	305	219	101	101
Investments	1,683	0	412	844	456	0	2,581	2,457	2,271	3,501	3,501	4,109
Other Assets	1,399	2,026	1,814	1,946	2,306	2,929	3,445	3,689	3,783	2,577	2,441	3,840
Total Assets	6,883	6,431	11,285	11,624	13,210	13,444	16,773	16,635	16,421	16,451	16,012	17,876

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	–	–	922	951	–	1,028	1,386	835	1,023	1,048	1,100
Cash from Investing Activity	–	–	-513	-602	–	-313	-3,799	-209	-135	-410	-255
Cash from Financing Activity	–	–	-503	-383	–	-559	2,575	-981	-774	-733	-768
Net Cash Flow	–	–	-94	-34	–	156	162	-355	115	-95	77

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	26	32	31	24	26	27	24	23	26	28	29
Inventory Days	443	144	114	124	148	170	172	160	106	87	71
Days Payable	501	199	234	196	193	222	228	181	168	161	170
Cash Conversion Cycle	-32	-23	-88	-48	-20	-24	-32	2	-36	-45	-70
Working Capital Days	-6	-17	-40	-110	-102	-115	-166	-78	-87	-80	-91
ROCE %	–	9%	–	7%	5%	8%	6%	4%	2%	5%	3%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	71.78%	71.78%	71.78%	71.78%	71.78%	72.02%	72.02%	72.02%	72.02%	72.02%	72.02%	72.02%
FIIs	3.08%	3.14%	2.76%	3.15%	3.05%	3.43%	3.50%	3.24%	3.37%	3.55%	3.82%	5.19%
DIIs	20.16%	20.44%	20.60%	19.96%	19.97%	18.59%	18.46%	18.86%	19.26%	19.37%	19.10%	18.09%
Public	4.97%	4.63%	4.87%	5.12%	5.19%	5.95%	6.03%	5.88%	5.34%	5.06%	5.06%	4.69%