Nuvoco Vistas (NUVOCO) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 began with macro headwinds but saw a demand recovery, record cement volumes of 5 MMT (up 7% YoY), and revenue rising to ₹2,704 Cr, with EBITDA up 50% to ₹386 Cr.

• Premium products maintained a 44% share of trade volumes, with premiumization rising to 43% for the nine months, and a healthy trade mix at 71%.

• 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; statutory auditors found no material misstatements.

• Strong focus on operational excellence, cost optimization, and digital transformation.

Financial highlights

• Q3 FY26 revenue increased to ₹2,704 Cr from ₹2,410 Cr in Q3 FY25; consolidated net profit after tax was ₹49.37 Cr, compared to a net loss of ₹61.37 Cr in Q3 FY25.

• EBITDA rose 50% year-over-year to ₹386 Cr, and 9M FY26 total income reached ₹8,053 Cr.

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

• Distribution and raw material costs declined quarter-on-quarter, supported by operational efficiencies.

• Standalone net profit after tax for Q3 FY26 was ₹56.21 Cr, compared to a net loss of ₹44.15 Cr in Q3 FY25.

Outlook and guidance

• Demand outlook remains positive, supported by a healthy pipeline of government CapEx, above-normal monsoon, and growing rural confidence.

• Price increases were implemented in January across geographies; sustainability of these hikes will be monitored.

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

• 4 MMTPA East region expansion remains on target, with Vadraj plant commissioning scheduled for Q3 FY27–Q1 FY28.

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