Nuvoco Vistas (NUVOCO) Q1 25/26 earnings summary

Executive summary

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

• Highest-ever Q1 consolidated EBITDA at ₹533 crore, with EBITDA per ton at ₹1,052, a 16-quarter high, driven by cost optimization and premiumization.

• Completed acquisition of Vadraj Cement Limited for ₹1,800 crore, raising total cement capacity to 31 MMTPA and supporting long-term growth plans.

• 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.

• Continued focus on premiumization (41% of trade volumes) and robust trade mix (76%), both at multi-quarter highs.

Financial highlights

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

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

• Premium product share in trade volume improved to 41%; trade mix reached 76%.

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

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

Outlook and guidance

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

• Targeting to sustain EBITDA per ton above ₹1,000, contingent on stable pricing and continued cost savings.

• Vadraj plants in Kutch and Surat targeted for trial runs by H1 FY27 and full commissioning by Q3 FY27.

• 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.