Nuvoco Q1 FY27: Volume-led growth, cost discipline, and a clear path to 35 MMTPA

Volume was 5.3 million tons (up 5% YoY), revenue was INR 3,129 crore (up 9% YoY), and EBITDA was INR 572 crore (up 7% YoY). Total income reported was INR 3,132 crore.

Nuvoco commissioned 2 MMTPA of grinding capacity at Surat, Gujarat in July 2026, ahead of schedule.

Management indicated phased commissioning: Kutch clinker unit (CU) and CPP in H2 FY27; Kutch grinding unit (GU) and WHR in H1 FY28; and Kutch railway siding in H1 FY28.

The Sachana (Ahmedabad) bulk terminal with a dedicated railway siding is intended to be a strategic distribution hub for Gujarat. Commissioning is targeted for Q2 FY28.

FY27 capex was reiterated at INR 900 crore. FY28 capex was indicated in the range of INR 950 crore to INR 1,000 crore.

At company level, petcoke share reduced from 37% in Q4 to 27% in Q1, coal increased from 53% to 67%, and AFR reduced from 10% to 6%. Fuel cost was stated at INR 1.52 per mcal.

Net debt was reported at INR 4,595 crore at the end of the quarter (June 2026), compared with INR 5,274 crore in June 2025.