Nuvoco Vistas (NUVOCO) Q1 25/26 earnings summary

Executive summary

• Achieved record Q1 performance with 5.1 million tons in volume, up 6% YoY, and consolidated revenue of ₹2,888 crore, up 9% YoY.

• Highest-ever Q1 consolidated EBITDA at ₹533 crore, with EBITDA per ton at ₹1,052, a 16-quarter high.

• Premium products share in trade volume rose to 41%, and trade mix reached 76%, both at multi-quarter highs.

• Completed acquisition of Vadraj Cement Limited for ₹1,800 crore, raising total cement capacity to 31 MMTPA; integration and operationalization on track for Q3 FY27.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, were approved by the Board and reviewed by statutory auditors, with no material misstatements noted.

Financial highlights

• Q1 FY26 consolidated revenue at ₹2,888 crore, up 9% YoY; EBITDA at ₹533 crore, up 53% YoY; EBITDA margin improved significantly.

• Consolidated net profit after tax was ₹133.16 crore, a significant increase from ₹2.84 crore in Q1 FY25.

• Net debt reduced by ₹884 crore YoY to ₹3,474 crore (excluding Vadraj acquisition debt).

• Freight cost per ton increased due to rerouting and plant shutdowns but targeted to decrease by ₹70-80 in coming quarters.

• Fuel cost remained flat QoQ despite petcoke price surge; raw material cost reduced sequentially.

Outlook and guidance

• Industry volume growth expected at 7%-10% for FY26, with optimism post-monsoon due to government capex and housing initiatives.

• Targeting to sustain EBITDA per ton above ₹1,000 if price stability continues.

• Vadraj plants in Kutch and Surat to be operational by Q3 FY27, with incremental sales targets in Gujarat.

• Management remains confident in the ultimate recovery of disputed government incentives and continues to challenge adverse regulatory actions in court.

• Monitoring petcoke cost volatility and logistics (rake availability) as potential risks.