Nuvoco Vistas FY26 revenue rises 10% as profit jumps

What Nuvoco reported for FY26

Nuvoco Vistas Corporation Limited reported its earnings for the full year ended March 31, 2026, showing a sharp improvement in profitability alongside steady top-line growth. Revenue for FY26 stood at ₹11,362.35 crore, up from ₹10,376.10 crore a year earlier. Sales were reported at ₹11,338.29 crore, compared with ₹10,356.67 crore in FY25. Net income rose to ₹359.35 crore from ₹21.84 crore in the previous year.

The per-share picture also improved materially. Basic earnings per share from continuing operations came in at ₹10.07, versus ₹0.61 a year ago. Diluted EPS from continuing operations was also ₹10.07, matching the basic EPS figure.

Profitability shift: from low base to meaningful earnings

The jump in net income is notable because the comparison year had a relatively low base. FY25 net income was ₹21.84 crore, while FY26 net income was ₹359.35 crore. The year-on-year change indicates a stronger earnings conversion as the cycle improved and costs were managed more tightly.

The company’s more recent quarterly disclosures and management commentary point to a mix of demand recovery and operational measures supporting performance. In its Q3 FY26 event summary (earnings call, report, and slide presentation), Nuvoco highlighted that the quarter began with macro headwinds but demand recovered strongly, particularly in December, with government infrastructure spending and improved rural sentiment playing a role.

Q3 FY26: volumes, revenue, and EBITDA improved

For Q3 FY26, Nuvoco reported an all-time high third-quarter consolidated cement volume of 5 million tons, up 7% year-on-year. Consolidated revenue for the quarter rose to ₹2,704 crore from ₹2,410 crore in Q3 FY25. EBITDA increased to ₹386 crore, up from ₹258 crore.

Net profit after tax for Q3 FY26 was ₹49.37 crore, compared with a net loss of ₹61.37 crore in Q3 FY25. Management also flagged that blended operational cost was the lowest in 17 quarters at ₹1.41 per Mcal, and said distribution and raw material costs declined sequentially.

Nine-month performance through December 2025

For the nine months ended December 31, 2025, the company reported revenue of ₹8,052.98 crore, compared to ₹7,329.53 crore a year ago. Sales for the nine months were ₹8,031.54 crore versus ₹7,314.42 crore.

Net income for the nine-month period was ₹218.96 crore, compared with a net loss of ₹143.70 crore in the year-ago period. Basic and diluted EPS from continuing operations were both ₹6.13, versus a basic and diluted loss per share of ₹4.02 in the previous year’s nine-month period.

Q2 FY26 update: revenue growth and deleveraging

In Q2 FY26, the company reported consolidated revenue from operations of ₹2,458 crore, up 8% year-on-year, and consolidated EBITDA of ₹371 crore. It also reported consolidated cement sales volume of 4.3 MMT.

On the balance sheet side, Nuvoco stated it remained committed to deleveraging and reduced like-to-like net debt by ₹1,009 crore year-on-year to ₹3,492 crore. Separately, a Q1 FY26 earnings call transcript referenced a like-to-like net debt reduction of ₹880 crore year-on-year to ₹3,474 crore.

Vadraj Cement acquisition and capacity direction

Nuvoco has linked its growth planning to the acquisition of Vadraj Cement Limited. In earlier disclosures included in the provided material, Nuvoco said it received NCLT approval for acquiring Vadraj Cement and was targeting 31 MMTPA capacity by FY27. Management commentary in the Q2 FY26 update also noted that refurbishment and project execution at the Vadraj Cement plant were progressing as scheduled, with an aim to strengthen its footprint in the Western region.

Stock snapshot and analyst target context

The provided market snapshot showed Nuvoco’s last close price at ₹306.70, while an intraday reference listed ₹304.95 with -0.57%. The same snapshot listed an average target price of ₹428.82, implying a +39.82% spread versus that average target.

A performance table in the material showed Nuvoco Vistas at 0.10% (1 day), 1.91% (1 week), 8.38% (1 month), 29.18% (3 months), 53.37% (6 months), and 35.82% (1 year). Separately, a news item also referenced HSBC starting coverage at “Buy” with a ₹420 price target.

Key figures at a glance

Why the update matters for investors

FY26 results show that Nuvoco’s earnings profile changed meaningfully versus FY25, supported by higher revenue and a much stronger net income line. Quarterly updates in the provided material point to a combination of improved demand conditions, high volumes in Q3, and cost control as key drivers. The company has also repeatedly highlighted deleveraging progress and the operational ramp-up linked to Vadraj Cement, which it expects to strengthen its position in the Western region.

What to watch next

Investors will track how Nuvoco sustains volume momentum, pricing actions mentioned in the Q3 FY26 summary, and how refurbishment and execution at the Vadraj plant progresses against the stated capacity ambition of 31 MMTPA by FY27. Market focus is also likely to remain on costs such as fuel and logistics, especially as the company has highlighted improvements in blended operational cost and sequential declines in distribution and raw material expenses.