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Nuvoco Vistas Corporation Ltd

Q2 FY26

Nuvoco Vistas Corporation Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹341

Market cap₹12.2K Cr

P/E29.4

Updated16 Oct 2026

Read5 min read

The short version

FY'27 incremental sales volume expected between 1.75 to 2 million tons versus FY'26, reflecting about 10%-12% volume growth potential (Page 14). The company targets volume growth of 7%-8% in the coming months and aims to match or exceed industry growth, especially in key markets like Chhattisgarh, Haryana, Rajasthan, and Gujarat with a goal to grow 1.2 to 1.5 times faster than the market. - Realization improvements are targeted via a combination of premiumization and geo-mix, aiming for a Rs.

From Nuvoco Vistas Corporation Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

FY'27 incremental sales volume expected between 1.75 to 2 million tons versus FY'26, reflecting about 10%-12% volume growth potential (Page 14).
Volume growth in H2 FY'26 anticipated at 7%-8%, aligning with industry growth; in key markets (Chhattisgarh, Haryana, Rajasthan, Gujarat), aim for 1.2x to 1.5x industry growth (Pages 9, 14).
Vadraj cement project capacity to be commissioned by Q3 FY'27 (4.5 million tons), strengthening presence in western India (Page 19).
Expansion in eastern region (4 million tons grinding capacity) to cater to rising demand for blended cement, reinforcing leadership (Page 19).

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Profitability & Margins

The company targets volume growth of 7%-8% in the coming months and aims to match or exceed industry growth, especially in key markets like Chhattisgarh, Haryana, Rajasthan, and Gujarat with a goal to grow 1.2 to 1.5 times faster than the market.
Realization improvements are targeted via a combination of premiumization and geo-mix, aiming for a Rs. 25 to Rs. 50 per ton increase in net realization.
Expansion plans include commissioning new capacities in Gujarat (Surat and Kutch) with phased increases from 2 million to 5 million tons by 2030.
Grinding capacity expansions in the East will support blended cement production, increasing clinker blend ratio and improving product mix and margins.
EBITDA for Q2 FY'26 rose 62% YoY, indicating operational leverage and margin expansion potential.

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Capital Expenditure Plans

Vadraj CAPEX timeline: commissioning of Suraj grinding and clinker units in H2 FY'27; Waste Heat Recovery (WHR) and Kutch grinding unit by Q4 FY'27; East expansion ongoing.
Overall CAPEX: ~Rs. 600 crore annually for Vadraj (FY'26-FY'28); East expansion capex under Rs. 200 crore over 3 years.
East expansion includes 4 million tons capacity addition via cement mill at Arasmeta and equipment upgrades in three plants.
Capacity additions planned: 1 million tons at Jojobera (Q3 FY'26), 1 million tons at Panagarh (Q4 FY'26), 1 million tons at Jajpur (Q1 FY'27), and 1 million tons at Arasmeta (Q4 FY'27).
Expansion in north via brownfield at Vadraj or greenfield at Gulbarga, with decisions on Chittor vs. Gulbarga expected by Q4 next year.
Focus on premiumization and volume growth running concurrently.

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Fundraising & Capital Structure

Vadraj Cement Ltd., recently acquired by Nuvoco, plans to issue up to Rs. 1,200 crores of unsecured Compulsorily Convertible Debentures (CCDs) to external investors to replace short-term bridge financing.
The CCDs are divided into two series of Rs. 600 crores each with maturities of 3 to 6 years.
These equity-like instruments include call and put options, where Nuvoco has the right but not obligation to call the CCDs, and investors have the right to put them to promoter group entities.

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Order Book & Pipeline

The provided pages of the transcript and report do not explicitly mention details about Nuvoco Vistas Corporation Limited's current or expected order book or pending orders. However, some relevant points related to demand and outlook include: - Cement demand is expected to pick up strongly in the second half of FY'26, with industry growth forecasted at 7%-8%. - The company aims to match or outperform industry volume growth, especially in key markets like Chhattisgarh, Haryana, Rajasthan, and Gujarat. - Customer portal now handles over 95% of total orders, enabling real-time order management and increased transparency.

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Nuvoco Vistas Corporation Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹3.3K Cr, net profit ₹141 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Nuvoco Vistas's management said in earlier quarters

Others in Cement & Cement Products this season

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Prism Johnson (Q2 FY26)
RQBE): ₹1,731 Crores, up 12.6% YoY (Page 21, 22) . Key concall takeaways from Prism Johnson Ltd's Q2 FY26 earnings call — and how it ranks against sector peers.
The Ramco Cement (Q2 FY26)
Revenue for 2QFY26 stood at ₹2,241.89 Cr (Standalone) and ₹2,245.28 Cr (Consolidated), up 9% YoY from ₹2,049.50 Cr (Standalone) and ₹2,053.94 Cr (Consolidated)…
Star Cement Ltd (Q2 FY26)
80-90 crores from AAC blocks, construction chemicals, and RMC in FY26 and FY27 as part of diversification. Key concall takeaways from Star Cement Ltd's Q2 FY26…

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Frequently Asked Questions

What were Nuvoco Vistas Corporation Ltd Q2 FY26 results?

FY'27 incremental sales volume expected between 1.75 to 2 million tons versus FY'26, reflecting about 10%-12% volume growth potential (Page 14). The company targets volume growth of 7%-8% in the coming months and aims to match or exceed industry growth, especially in key markets like Chhattisgarh, Haryana, Rajasthan, and Gujarat with a goal to grow 1.2 to 1.5 times faster than the market. - Realization improvements are targeted via a combination of premiumization and geo-mix, aiming for a Rs.

What is Nuvoco Vistas Corporation Ltd share price analysis?

Nuvoco Vistas Corporation Ltd currently shows a neutral. The stock trades at a P/E of 29.4 with a market cap of ₹12,184 Cr. Investors should review the full earnings analysis for detailed insights.

Is Nuvoco Vistas Corporation Ltd planning capital expenditure?

Vadraj CAPEX timeline: commissioning of Suraj grinding and clinker units in H2 FY'27; Waste Heat Recovery (WHR) and Kutch grinding unit by Q4 FY'27; East expansion ongoing. - Overall CAPEX: ~Rs.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.