Nuvoco Vistas Corporation Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹11,847 Cr
- P/E
- 28.55
- ROE
- 4.17%
- PEG
- -9.74
- Price to sales
- 1.02
- Debt to equity
- 0.53
- 52W high / low
- ₹422 / ₹281
- Sales growth (5Y)
- 8.65%
- EBITDA margin
- 16.44%
- Net profit margin
- 3.37%
- Promoter holding
- 72.02%
- Sales (last year)
- ₹11,594 Cr
Nuvoco Vista Corporation Ltd (NVCL), is one of the largest cement companies and concrete manufacturers in India with a consolidated capacity of 25 MMTPA. It offers a diversified range of products such as cement, Ready-mix Concrete (RMX), and modern building materials i.e. adhesives, wall putty, dry plaster, cover blocks, and more.[1]
Guidance scorecard · Q2 FY27 call
What Nuvoco Vistas Corporation Ltd's management guided
and where it ranks in Cement & Cement Products
Cement & Cement Products
RevenueQ2 FY27 call
10–20%- Nuvoco expects overall industry demand growth of about 7%-8% in H2 FY27, supported by post-monsoon construction pick-up and festivals.
- Volume growth is strong; the company aims to increase annualized cement volume in Gujarat from 1.5 million tons to 2 million tons by Q4 FY27 with Surat plant ramp-up.
- Regional growth guidance blended between North, West, and East regions stands at approximately 8%-9%.
- Premiumization strategy continues with historic highs (45% premium), expecting sustained value creation.
- Strategic projects like Kutch grinding unit and bulk terminal at Sachana will enhance capacity and planning capability, enabling better market reach and capacity release in Rajasthan for northern markets.
- Vadraj acquisition target is to match company-wide EBITDA per ton by FY28, with operational expansion prioritized.
2 more points from Nuvoco Vistas Corporation Ltd's call on revenue
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MarginsQ2 FY27 call
FlatSee what Nuvoco Vistas Corporation Ltd said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Capex is front-ended, prioritizing Vadraj and Gujarat projects (Kutch, Surat, bulk terminal at Sachana) this year
- East expansion deferred by 6-8 months to FY28 H1 for cash flow and bandwidth management
- Overall 2-year capex guidance (FY27 and FY28) in range of INR 2,000-2,100 crores
FundraisingQ2 FY27 call
See what Nuvoco Vistas Corporation Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
- Commissioning of the 2 MTPA grinding unit at Surat.
- Ongoing Kutch project progressing as planned with phased operations expected from Q3 FY27.
- Development of bulk cement terminal at Viramgam, Sachana.
- Renewable energy project execution with CleanMax.
- Volume growth of 9% YoY with regional demand variations.
2 more points from Nuvoco Vistas Corporation Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Cement & Cement Products
on management's own guidance
- BIGBLOC Const.Good growth2
- Strong growth1
- J K Cements LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Cement & Cement Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹1.99L Cr | 34.6 | |
| 2 | BIGBLOC Const. | 20–40% | Up 2%+ | ₹613 Cr | 364.4 |
| 3 | J K Cements Ltd | 20–40% | Flat | ₹37,843 Cr | 38.8 |
| 4 | 10–20% | Up 2%+ | ₹1,289 Cr | — | |
| 5 | 10–20% | Flat | ₹3.21L Cr | 37.3 | |
| 6 | 10–20% | Flat | ₹83,058 Cr | 50.9 |
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Pro shows every company guiding 40%+ revenue growth →Full Cement & Cement Products rankingNuvoco Vistas Corporation Ltd announcements
All announcements →- Capex / expansionMajor developmentNuvoco Vistas reports Q2 FY27 results with 13.5% revenue growth and capacity expansion
- OtherMajor developmentNuvoco Vistas Corp. Ltd approves Q2 and H1 FY 2026-27 unaudited financial results
- Acquisition / mergerNotableNuvoco Vistas partners with CleanMax for 46.4 MW hybrid renewable project
Financials of Nuvoco Vistas Corporation Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Nuvoco Vistas Corporation Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 71.78% | 72.02% | 72.02% | 72.02% | 72.02% | 72.02% | 72.02% | 72.02% | 72.02% | 72.02% | 72.02% | 72.02% |
| FIIs + | 3.05% | 3.43% | 3.50% | 3.24% | 3.37% | 3.55% | 3.82% | 5.19% | 5.00% | 4.88% | 4.71% | 4.63% |
| DIIs + | 19.97% | 18.59% | 18.46% | 18.86% | 19.26% | 19.37% | 19.10% | 18.09% | 18.09% | 18.35% | 18.00% | 17.65% |
| Public + | 5.19% | 5.95% | 6.03% | 5.88% | 5.34% | 5.06% | 5.06% | 4.69% | 4.90% | 4.75% | 5.27% | 5.70% |
| No. of Shareholders | 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 | 1,78,159 | 1,79,030 | 1,82,637 |
Pros & Cons
Nuvoco Vistas Corporation Ltd
Key positives and risks surfaced from the company insights section.
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 8.65% over past five years.
- Company has a low return on equity of 2.00% over last 3 years.
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 8.65% over past five years.
- Company has a low return on equity of 2.00% over last 3 years.
Financials of Nuvoco Vistas Corporation Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,573 | 2,421 | 2,933 | 2,636 | 2,269 | 2,409 | 3,042 | 2,873 | 2,458 | 2,701 | 3,307 | 3,129 | 2,790 |
| Expenses + | 2,243 | 2,011 | 2,443 | 2,293 | 2,050 | 2,151 | 2,491 | 2,354 | 2,091 | 2,318 | 2,719 | 2,560 | 2,382 |
| Operating Profit | 330 | 410 | 491 | 343 | 219 | 258 | 552 | 519 | 367 | 384 | 588 | 568 | 408 |
| OPM % | 13% | 17% | 17% | 13% | 10% | 11% | 18% | 18% | 15% | 14% | 18% | 18% | 15% |
| Other Income + | 6 | 11 | 7 | 5 | 10 | 0 | 4 | 15 | 4 | 3 | -46 | 4 | 3 |
| Interest | 140 | 133 | 125 | 127 | 132 | 126 | 113 | 117 | 102 | 99 | 81 | 70 | 72 |
| Depreciation | 226 | 231 | 218 | 216 | 215 | 217 | 220 | 215 | 218 | 223 | 228 | 226 | 231 |
| Profit before tax | -30 | 57 | 155 | 5 | -118 | -85 | 224 | 202 | 51 | 65 | 233 | 276 | 108 |
| Tax % | -105% | 45% | 35% | 44% | -28% | -28% | 26% | 34% | 29% | 24% | 40% | 42% | 40% |
| Net Profit + | 2 | 31 | 100 | 3 | -85 | -61 | 166 | 133 | 36 | 49 | 141 | 160 | 65 |
| EPS in Rs | 0.04 | 0.87 | 2.81 | 0.08 | -2.38 | -1.72 | 4.63 | 3.73 | 1.02 | 1.37 | 3.94 | 4.47 | 1.83 |
Financials of Nuvoco Vistas Corporation Ltd
Profit & Loss
Annual income statement trend
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 5,157 | 6,094 | 7,052 | 6,793 | 7,489 | 9,318 | 10,586 | 10,733 | 10,357 | 11,338 | 11,927 |
| Expenses + | 4,429 | 5,105 | 6,134 | 5,493 | 6,028 | 7,814 | 9,375 | 9,109 | 8,984 | 9,481 | 9,979 |
| Operating Profit | 728 | 989 | 918 | 1,301 | 1,460 | 1,504 | 1,211 | 1,624 | 1,373 | 1,857 | 1,948 |
| OPM % | 14% | 16% | 13% | 19% | 20% | 16% | 11% | 15% | 13% | 16% | 16% |
| Other Income + | 11 | 54 | 54 | 33 | 34 | 35 | -393 | 33 | 19 | -25 | -36 |
| Interest | 231 | 425 | 457 | 419 | 664 | 570 | 512 | 533 | 496 | 398 | 322 |
| Depreciation | 313 | 392 | 498 | 528 | 794 | 918 | 951 | 919 | 869 | 884 | 908 |
| Profit before tax | 196 | 226 | 17 | 387 | 36 | 51 | -645 | 206 | 27 | 551 | 682 |
| Tax % | 16% | 30% | 260% | 36% | 171% | 37% | -102% | 28% | 18% | 35% | |
| Net Profit + | 166 | 158 | -26 | 249 | -26 | 32 | 16 | 147 | 22 | 360 | 415 |
| EPS in Rs | 3.63 | 10.54 | -1.32 | 10.28 | -0.82 | 0.90 | 0.44 | 4.13 | 0.61 | 10.06 | 11.61 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Nuvoco Vistas Corporation Ltd
Balance Sheet
Capital structure and asset base
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 150 | 150 | 200 | 242 | 315 | 357 | 357 | 357 | 357 | 357 | 357 |
| Reserves | 3,799 | 3,967 | 4,788 | 5,037 | 7,009 | 8,464 | 8,482 | 8,626 | 8,645 | 8,985 | 9,208 |
| Borrowings + | 4,314 | 4,369 | 4,683 | 4,513 | 7,792 | 5,575 | 4,785 | 4,404 | 4,074 | 4,916 | 5,568 |
| Other Liabilities + | 3,022 | 3,133 | 3,590 | 3,652 | 4,792 | 5,218 | 5,364 | 5,323 | 5,082 | 6,041 | 6,267 |
| Total Liabilities | 11,285 | 11,619 | 13,262 | 13,444 | 19,907 | 19,615 | 18,988 | 18,710 | 18,158 | 20,299 | 21,400 |
| Fixed Assets + | 8,916 | 8,690 | 9,895 | 9,970 | 15,042 | 15,409 | 14,962 | 15,027 | 14,702 | 14,478 | 15,496 |
| CWIP | 143 | 144 | 605 | 647 | 1,240 | 399 | 596 | 488 | 387 | 2,683 | 2,288 |
| Investments | 412 | 844 | 456 | 0 | 384 | 186 | 0 | 1 | 1 | 1 | 1 |
| Other Assets + | 1,814 | 1,942 | 2,306 | 2,827 | 3,241 | 3,621 | 3,430 | 3,194 | 3,067 | 3,137 | 3,616 |
| Total Assets | 11,285 | 11,619 | 13,262 | 13,444 | 19,907 | 19,615 | 18,988 | 18,710 | 18,158 | 20,299 | 21,400 |
Financials of Nuvoco Vistas Corporation Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 922 | 951 | 860 | 1,025 | 1,717 | 1,221 | 1,711 | 1,593 | 1,329 | 1,485 |
| Cash from Investing Activity + | -513 | -602 | -149 | -310 | -2,898 | -190 | -260 | -573 | -337 | -2,500 |
| Cash from Financing Activity + | -503 | -387 | -647 | -559 | 1,420 | -1,420 | -1,362 | -1,114 | -913 | 927 |
| Net Cash Flow | -94 | -38 | 65 | 156 | 239 | -390 | 89 | -95 | 79 | -89 |
| Free Cash Flow | 781 | 734 | 279 | 455 | 1,170 | 811 | 1,260 | 1,013 | 978 | 775 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 135% | 105% | 96% | 86% | 120% | 86% | 143% | 101% | 97% | 84% |
Financials of Nuvoco Vistas Corporation Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 31 | 25 | 26 | 27 | 22 | 22 | 21 | 20 | 23 | 24 |
| Inventory Days | 114 | 125 | 148 | 179 | 215 | 283 | 215 | 177 | 135 | 128 |
| Days Payable | 234 | 193 | 193 | 233 | 263 | 316 | 348 | 315 | 281 | 282 |
| Cash Conversion Cycle | -88 | -44 | -20 | -27 | -26 | -11 | -113 | -118 | -123 | -130 |
| Working Capital Days | -41 | -113 | -102 | -115 | -161 | -88 | -102 | -102 | -111 | -98 |
| ROCE % | 7% | 5% | 8% | 6% | 4% | 2% | 5% | 4% | 7% |
Guidance history
How Nuvoco Vistas Corporation Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q1 FY27 call → | 0–10% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
26 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −20.6% | 36% |
| Last 6 months | +11.9% | 68% |
| Last 3 months | −4.9% | 54% |
The price is 40.8% below its all-time high of ₹560.85 (3 Sept 2021). Stocks more than 20% below their peak have their score halved, so 52 became 26.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Nuvoco Vistas Corporation Ltd: 0.4 × 36 + 0.4 × 68 + 0.2 × 54 = 52, halved to 26 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Nuvoco Vistas Corporation Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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