Nuvoco Vistas (NUVOCO) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 achieved record EBITDA of ₹371 crore, with 2% YoY volume growth despite monsoon and GST headwinds; GST on cement was reduced from 28% to 18%, benefiting the sector.

• Premiumization reached 44% of sales, trade mix at 74%, and focus remains on growth, premium products, and operational excellence.

• Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2025, with no material misstatements found by auditors.

Financial highlights

• Q2 FY26 consolidated revenue was ₹2,457.57 crore, up from ₹2,268.58 crore YoY; EBITDA at ₹371 crore, up 62% YoY; H1 FY26 EBITDA at ₹904 crore.

• Net debt reduced by ₹1,009 crore YoY to ₹3,492 crore; working capital well contained.

• Consolidated net profit after tax for Q2 FY26 was ₹36.43 crore, compared to a loss of ₹85.17 crore in Q2 FY25.

• Trade mix reached 74% and premium product share at 44%, both all-time highs.

• Other expenditure rose 12% YoY due to higher maintenance shutdown costs.

Outlook and guidance

• Demand is expected to pick up in H2 FY26, with anticipated 7-8% volume growth and targeted realization improvement of ₹25-50 per ton.

• Expansion projects, including Vadraj and East region, are on track to boost capacity to 35 MMTPA by FY27.

• GST rate cut expected to improve affordability and support medium- to long-term demand.

• Management confident of recovering West Bengal incentive claims; no provision for CCI penalty due to indemnification and ongoing legal proceedings.