Nuvoco Vistas (NUVOCO) Q4 24/25 earnings summary

Executive summary

• Achieved record-high quarterly cement sales volumes of 5.7 million metric tons and EBITDA of ₹556 crore in Q4 FY25, with full-year sales at 19.4 million metric tons and EBITDA reflecting strong operational performance.

• Consolidated and standalone financial results for FY25 were approved with an unmodified audit opinion, reflecting the performance of subsidiaries, an associate, and a joint venture.

• Strategic acquisition of Vadraj Cement approved, set to increase total cement capacity to 31 million tons per annum by Q3 FY27 and expand presence in Western and Northern markets.

• Net debt reduced by ₹390 crore YoY to ₹3,640 crore in FY25, continuing a multi-year deleveraging trend.

Financial highlights

• Q4 FY25 consolidated revenue grew to ₹3,047 crore, with full-year revenue at ₹10,356.67 crore; Q4 EBITDA reached ₹556 crore, up 12% QoQ and 2.2x YoY.

• Consolidated net profit after tax for FY25 was ₹147.37 crore, up from ₹21.84 crore in FY24.

• Maintained price hikes and premiumization, with premium products accounting for 40% of sales.

• Achieved lowest blended fuel cost in 14 quarters at ₹1.43/Mcal in Q4 FY25.

• Project Bridge 2 delivered cost savings of ₹56 per metric ton in FY25.

Outlook and guidance

• Cement demand expected to remain robust in FY26, supported by a 10% rise in central and 17% rise in state government capex, and favorable monsoon forecasts.

• Industry demand growth projected at 7%-8% for FY26.

• Strategic focus on growth, operational excellence, and premiumization across all business verticals.

• The group is progressing with the acquisition of Vadraj Cement Limited through its subsidiary, with implementation steps underway.