Nuvoco Vistas Q4 FY26: Revenue up 9% to Rs 3,300 cr

The quarter in focus

Nuvoco Vistas Corporation reported a year-on-year rise of about 9% in consolidated revenue for Q4FY26, supported by better cement pricing and higher volumes. The company’s operating performance in the quarter was described as better than expected, with management commentary pointing to pricing improvement, especially in the eastern region. Alongside the Q4 update, the company and management commentary also outlined expectations for FY27, including an industry growth view of 7% to 9% and a similar growth range for Nuvoco.

A key metric investors track in cement is EBITDA per tonne, and Nuvoco’s management signalled an intent to keep FY27 EBITDA per tonne around Rs 900, broadly similar to FY26 levels. The company also flagged that inventory carried could have an impact at least till the middle of June, suggesting near-term effects linked to inventory positioning.

Q4FY26 revenue and volume: what changed

In Q4FY26, consolidated revenue grew 8.7% YoY to INR33 billion, which is Rs 3,300 crore after unit normalisation. Volumes increased 5% YoY to 5.98 million tonnes, also aided by a strong sequential pickup. The blended net sales realisation (NSR) increased 3% quarter-on-quarter to INR5,530 per tonne and rose 3.6% YoY, with commentary attributing this to higher cement prices, particularly in the eastern region.

Pure cement realisation (excluding ready-mix concrete) improved 3.5% QoQ to INR5,052 per tonne and was up 3.1% YoY. Premium product share was reported at 44% of trade volume, up 3 percentage points YoY and flat sequentially. The reported price hikes implemented were around INR8-12 per bag in trade and about INR10-15 per bag in non-trade, with the expectation that these would largely offset cost inflation in Q1FY27.

Margin and cost signals: EBITDA per tonne improves

Q4FY26 consolidated EBITDA grew 6.5% YoY to INR5.9 billion, which is Rs 590 crore. EBITDA per tonne was reported at INR983, up 1.5% YoY, aided by better pricing and operating leverage.

Cost pressures were visible in key inputs. On a blended basis, raw material cost per tonne increased 3% YoY to INR1,166, and power and fuel cost per tonne rose 5% YoY to INR907 per tonne due to higher pet coke prices. Despite these headwinds, operating leverage and pricing strength supported the quarter’s EBITDA per tonne.

Management commentary also referred to a possible short-term blip, but on an all-India full-year average the aim remains to sustain performance around the level achieved in FY26, with potential improvement if cost inflation moderates after the first six months.

Cement and RMC performance within Q4

The cement business remained the key driver of the quarter. Cement revenue grew 8% YoY to INR30 billion, which is Rs 3,000 crore. Ready-mix concrete (RMC) revenue rose 9% YoY to INR2.98 billion, which is Rs 298 crore, supported by volume traction in the Concreto portfolio.

Cement EBIT increased 13% YoY to INR3.63 billion, which is Rs 363 crore. The RMC business EBIT loss narrowed sequentially to INR38 million, which is Rs 3.8 crore. Premiumisation remained an important theme in the quarter, with the premium share of products at 44% of trade volume.

FY27 outlook: growth 7-9% and EBITDA/tonne Rs 900-plus

On growth expectations, management indicated it is looking at industry growth of 7% to 9%, and expects Nuvoco to be in the same range of about 7% to 9% during FY27. The company also guided towards maintaining EBITDA per tonne around Rs 900 for FY27, similar to FY26.

Management stated it closed FY26 with about Rs 923 EBITDA per tonne and expects full-year FY27 EBITDA per tonne to be Rs 900-plus. It also pointed to internal levers and efficiency factors, and indicated cost pressures may ease after the first six months if inflation trends cool. The company’s comments also mentioned inventory being carried at least till the middle of June, implying some near-term operational or cost impact connected to inventory levels.

FY26 recap: volume, income and EBITDA growth

For FY26, Nuvoco reported cement sales volume of 20.4 MMT, registering 5% YoY growth. Total Income grew 10% YoY to Rs 11,362 crore. EBITDA was Rs 1,881 crore for FY26, up 35% YoY.

Managing Director Jayakumar Krishnaswamy described FY26 as a defining year, citing increases in volumes, revenue and profitability. He attributed performance to execution across premiumisation, strengthening trade channels, and cost optimisation, despite headwinds.

Recent quarterly context: Q1FY26 and Q3FY26 datapoints

In Q1FY26, consolidated revenue from operations grew 9% YoY to Rs 2,873 crore from Rs 2,636.48 crore, while cement sales volume was 5.1 million tonnes. EBITDA for Q1FY26 was reported at Rs 533 crore, described as the highest-ever first-quarter consolidated EBITDA. Net profit for the June quarter was Rs 133.16 crore, compared with Rs 2.84 crore a year ago, while total expenses were Rs 2,685.90 crore versus Rs 2,635.91 crore.

The company also reported that premium products’ share of trade volume rose to 41% in Q1FY26 and it achieved a trade mix of 76%, described as the highest in the last 13 quarters. Operating margins in Q1FY26 improved by 510 basis points to 18.35%.

In Q3FY26, consolidated revenue from operations grew 12% YoY to Rs 2,701 crore, while consolidated EBITDA rose 50% YoY to Rs 386 crore. The company reported its highest-ever third-quarter cement sales volume of 5 MMT in Q3FY26, up 7% YoY. Another reported set of Q3FY26 figures cited revenue at Rs 2,704 crore versus Rs 2,410 crore in Q3FY25, EBITDA at Rs 386 crore versus Rs 258 crore, and net profit after tax at Rs 49.37 crore compared with a net loss of Rs 61.37 crore in Q3FY25.

Market cues: stock move after Q1 result

After the company reported earnings after market hours on a Thursday, its shares closed at Rs 382.65 on the BSE, up 1.7% from the previous close. The move came alongside Q1FY26 results that showed higher revenue and a sharp jump in quarterly profit.

Key numbers snapshot

What investors may track next

The near-term monitorables include how pricing actions taken in trade and non-trade translate into Q1FY27 realisations and whether they offset cost inflation as indicated. Investors will also watch how quickly cost pressures ease, given management’s view that pressures could come down after the first six months.

For FY27, the key signposts from management are volume growth in the 7% to 9% range and sustaining EBITDA per tonne at Rs 900-plus, compared with the FY26 exit level of about Rs 923. Any updates on inventory-related impact, noted as extending at least till the middle of June, could also shape quarterly comparisons.