Nuvoco Vistas (NUVOCO) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 began with macro headwinds but saw a strong recovery in demand, especially in December, aided by increased government infrastructure spending and improved rural sentiment.

• Achieved all-time high third-quarter consolidated cement volume of 5 million tons, up 7% year-over-year, with revenue rising to ₹2,704 crore and EBITDA up 50% to ₹386 crore compared to Q3 FY25.

• Premium products maintained a 44% share of trade volumes, with premiumization rising to 43% for the nine months, up 300 bps from FY25.

• Vadraj acquisition and East region expansion to drive total cement capacity to 35 MMTPA by FY28.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

Financial highlights

• Q3 FY26 consolidated revenue increased to ₹2,704 crore from ₹2,410 crore in Q3 FY25, with EBITDA rising to ₹386 crore, up from ₹258 crore.

• Consolidated net profit after tax for Q3 FY26 was ₹49.37 crore, compared to a net loss of ₹61.37 crore in Q3 FY25.

• Achieved the lowest blended operational cost in 17 quarters at ₹1.41 per Mcal.

• 9M FY26 total income reached ₹8,053 crore, up from ₹7,330 crore in 9M FY25.

• Distribution and raw material costs declined sequentially, supporting margin improvement.

Outlook and guidance

• Demand outlook remains positive, supported by ongoing government CapEx, above-normal monsoon, and rural confidence.

• Pending central and state capex in FY26 projected to drive further demand.

• Price increases were implemented in January across trade and non-trade channels; sustainability of these hikes will be monitored.

• Targeting 7%-8% volume growth in Q4 and double-digit CAGR for the next two years.

• Management continues to monitor regulatory changes, including new Labour Codes effective November 2025, with no material impact assessed yet.