Overview

Detailed Summary

Nuvoco Vistas Corporation Limited, a major player in the Indian building materials sector, manufactures cement and ready-mix concrete. The company is expanding its cement capacity to 35 MMTPA post the Vadraj Cement acquisition, reflecting its aggressive growth strategy. Their focus on premiumization has led to a trade volume share of premium products at 44%, enhancing profitability. Nuvoco achieved YOY volume growth of 7% in Q3 FY26, reaching an all-time high, with a corresponding 50% increase in EBITDA. Strategic expansions and acquisitions highlight Nuvoco’s commitment to long-term market leadership.

Sector: Cement & Cement Products
Industry: Cement & Cement Products
Market Cap: 10,491 Cr
Volatility: Low Risk
P/E Ratio: 27.3
Industry P/E: 34.2
PEG Ratio: 1.7
P/B Ratio: 1.1
52W High: 477.35
52W Low: 280.25

Sales CAGR

1Y: -3.51%
3Y: 5.92%
5Y: 5.13%
10Y: —

Profit CAGR

1Y: -85.18%
3Y: -9.80%
5Y: -30.48%
10Y: —

ROE

TTM: 2.98%
3Y: 1.04%
5Y: 0.83%
10Y: 1.47%

ROCE

TTM: 5.63%
3Y: 2.57%
5Y: 3.27%
10Y: 4.38%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Commodities Construction Materials Cement & Cement Products Cement & Cement Products

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
JSWCEMENT	119.50	16,340 Cr	-103.02	2.69	0.00	1.61	6.98	-8.11
INDIACEM	365.60	11,330 Cr	-104.16	2.37	0.00	-2.76	-1.99	-0.78
NUVOCO	293.65	10,491 Cr	27.29	1.14	0.00	2.98	5.63	1.92
STARCEMENT	204.00	8,219 Cr	22.37	2.73	0.00	10.06	12.17	8.38
JKLAKSHMI	607.80	7,546 Cr	16.28	2.04	1.01	13.00	12.45	5.28
BIRLACORPN	818.50	6,311 Cr	12.13	1.03	1.22	6.97	8.76	3.68
PRSMJOHNSN	125.00	6,297 Cr	66.14	4.31	0.00	5.13	4.88	2.29
Median: 7 Co.	293.65	8,219 Cr	16.28	2.37	0.00	5.13	6.98	2.29

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	2,573	2,421	2,933	2,636	2,269	2,409	3,042	2,873	2,458	2,701
Expenses	2,243	2,011	2,443	2,293	2,050	2,151	2,491	2,354	2,091	2,318
Operating Profit	330	410	491	343	219	258	552	519	367	384
OPM %	12.82	16.95	16.73	13.02	9.64	10.72	18.13	18.05	14.93	14.20
Other Income	5.95	11	7.17	4.52	10	0.16	4.32	15	3.88	2.76
Interest	140	133	125	127	132	126	113	117	102	99
Depreciation	226	231	218	216	215	217	220	215	218	223
Profit Before Tax	-30	57	155	5.09	-118	-85	224	202	51	65
Tax %	105.17	45.39	35.26	44.20	27.60	27.55	26.02	33.95	28.82	23.50
Net Profit	1.53	31	100	2.84	-85	-61	166	133	36	49
EPS in Rs	0.04	0.87	2.81	0.08	-2.88	-1.72	4.63	3.73	1.02	1.38

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	5,832	6,297	7,052	6,793	7,489	9,318	10,586	10,733	10,357	10,593
Expenses	4,429	5,105	6,134	5,496	6,028	7,816	9,376	9,109	8,985	9,046
Operating Profit	1,404	1,192	918	1,297	1,460	1,502	1,210	1,624	1,372	1,547
OPM %	24.07	18.93	13.01	19.09	19.50	16.11	11.43	15.13	13.25	14.61
Other Income	11	54	54	37	34	37	-393	33	19	30
Interest	231	425	457	419	664	570	512	533	496	487
Depreciation	313	392	498	528	794	918	951	919	869	867
Profit Before Tax	196	226	17	387	37	51	-645	206	27	223
Tax %	15.53	29.95	259.56	35.55	171.10	36.97	102.46	28.44	17.62	31.77
Net Profit	166	158	-26	249	-26	32	16	147	22	152
EPS in Rs	—	—	—	—	-1.58	-83,57,45,394.67	0.44	4.12	0.11	10.76
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	150	150	200	242	315	357	357	357	357
Reserves	3,799	3,967	4,788	5,037	7,009	8,464	8,482	8,626	8,645
Borrowings	4,314	4,369	3,375	3,642	7,792	5,575	4,785	4,404	4,074
Other Liabilities	3,022	3,133	4,898	4,523	4,792	5,218	5,364	5,323	5,082
Total Liabilities	11,285	11,619	13,262	13,444	19,907	19,615	18,988	18,710	18,158
Fixed Assets	8,915	8,688	9,894	9,969	15,041	15,408	14,961	15,026	14,702
CWIP	143	144	605	647	1,240	399	596	488	387
Investments	414	846	457	1.24	385	187	0.97	1.70	1.65
Other Assets	1,814	1,942	2,306	2,827	3,241	3,621	3,430	3,194	3,067
Total Assets	11,285	11,619	13,262	13,444	19,907	19,615	18,988	18,710	18,158

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	922	951	860	1,025	1,717	1,221	1,711	1,593	1,329
Cash from Investing Activity	-513	-602	-149	-310	-2,898	-190	-260	-573	-337
Cash from Financing Activity	-503	-387	-647	-559	1,420	-1,420	-1,362	-1,114	-913
Net Cash Flow	-94	-38	65	156	239	-390	89	-95	79

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	71.79%	71.79%	71.79%	71.79%	72.02%	72.02%	72.02%	72.02%	72.02%	72.02%	72.02%	72.02%
FIIs	3.14%	2.76%	3.15%	3.05%	3.43%	3.50%	3.24%	3.37%	3.55%	3.82%	5.19%	5.00%
DIIs	20.45%	20.59%	19.95%	19.97%	18.60%	18.46%	18.86%	19.27%	19.37%	19.10%	18.10%	18.09%
Public	4.63%	4.87%	5.11%	5.20%	5.95%	6.02%	5.87%	5.35%	5.06%	5.06%	4.70%	4.89%
Total Shareholders	2,53,546	2,47,527	2,39,732	2,30,864	2,26,804	2,19,934	2,13,595	2,03,217	1,97,095	1,92,406	1,82,725	1,82,123

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan