Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 12 Oct - Nuvoco marks a decade of growth; current cement capacity 27 MMTPA, targeting 35 MMTPA by FY28.
Source: Bse
Nuvoco Vistas Corporation Limited (NUVOCO)
Large CapMaterials stocks · Large cap · NSE
Nuvoco Vistas Corporation Limited is a major player in the building materials space, offering a diversified product portfolio including Cement, Ready-Mix Concrete (RMX), and Modern Building Materials (MBM). The company operates with a current cement capacity of 27 MMTPA and clinker capacity of 13.5 MMTPA, with significant expansion plans underway.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Latest result14 Jul, 12:36 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Materials P/E 28.8 (n=19)
Technical timing lens
Trend score and candlestick chart
56Neutralfull bull SMA stack · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 76
Sector RS: 26
Sector 3M: -9.3% vs Nifty 500 -5.6%
Materials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
NUVOCOD candles · FIT view+16.5%Latest close ₹341.45 on 2026-10-19
Bar
+0.1%
RSI
59
MACD hist
1.87
52W pos
42%
2026-10-19O ₹341.00H ₹353.50L ₹338.95C ₹341.45Vol 9.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NUVOCONifty CommoditiesNifty 500
- NUVOCO
- -1.3%
- Nifty 500
- -5.6%
- Nifty Commodities
- -9.0%
- Vs Nifty 500
- +4.3 pp
Chart stats
19 Oct 2026- From 52W high
- -22.4%
- 52W range position
- 40%
- ATR (14)
- 3.2%
- Volume vs 20D
- 3.08x
- Avg traded value
- ₹10.4 Cr
- 20D price channel
- ₹312.2 - ₹353.5
₹439.9
₹276.3 - ₹439.9
₹11
Latest completed session
20-session average
33.2% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE46
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average47
Revenue +8.9% · PAT +20.3% YoY
Technical
Neutral56
Price trend and sector-relative-strength timing.
Valuation
Legacy model+26.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 47/100margin compression · Rev +9% YoY · PAT +20% YoY · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,129 Cr | +8.9% | -5.4% |
| EBITDA | ₹568 Cr | +9.4% | -3.4% |
| Operating margin | 18.0% | +0 bps | +0 bps |
| PAT | ₹160 Cr | +20.3% | +13.5% |
| PAT margin | 5.1% | +48 bps | +85 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 27.60
- P/B
- 1.23
- EV/EBITDA
- 5.95
- Market Cap
- 11470.00Cr
Profitability
- ROE
- 4.17%
- ROCE
- 6.99%
- ROA
- 1.90%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 101.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- -3.00%
Balance Sheet
- Debt/Equity
- 0.53
- Interest Coverage
- 5.29×
- Altman Z
- 2.29
- Book Value
- 262.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 1485.00 Cr
- EPS TTM
- 10.80
Shareholding
- Promoter Hold
- 72.02%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 11.3k+9.5% vs prev
Net Profit
₹ CrLatest: 360+1536.4% vs prev
Return on Equity
%Latest: 3.9+1504.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 59.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 59 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 21% off 52W high · 24% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
53
RS percentile
Stage 2 UptrendNew S2
1M return
+3.9%
3M return
-1.3%
6M return
+12.4%
1Y return
-19.6%
RS 1D
+5
RS 20D
+24
Sector rank
#18
Industry rank
#24
Stage evidence
- Price is 6.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +0.9%.
50-DMA
price above
200-DMA
price above
S2 entered
15 Oct 2026
S2 age
3 trading sessions
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 83.79+1.12%
RS vs Nifty 50084
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation9/30
Growth19/25
Quality0/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
46
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
46/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 26.8%.
- Growth contributes 19/25 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 9/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
27.6
PB
1.2
EV/EBITDA
6.0
ROE
4.2%
ROCE
7.0%
FCF Yield
—
Debt/Equity
0.5
MoS
+26.8%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
46
Previous: 46
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+26.8%
Previous: +26.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
47
47
47
47
47
47
47
44
46
46
46
46
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹252.32
-35.3% MoS
Growth-justified P/E
43.2
Growth-justified Value
₹466.56
+26.8% MoS
PEG
0.27
Comparable companies
Peers
Business-comparable peers in Materials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
INDIACEM
Large
The India Cements Limited
Cement
match 160
23
58.9
0.4%
-4362%
OVERVALUED
ACC
Large
ACC Limited
Cement
match 155
57
11.2
10.9%
+30%
FAIR VALUE
BIRLACORPN
Micro
Birla Corporation Limited
Cement
match 153
48
11.1
7.8%
-101%
FAIR VALUE
JSWCEMENT
Small
JSW Cement Limited
Cement
match 150
53
19.9
14.7%
+52%
FAIR VALUE
JKLAKSHMI
Micro
JK Lakshmi Cement Limited
Cement
match 149
50
15.4
10.7%
+63%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-14T05:10:55.268Z
Management commentary snapshot
Q1 FY27 saw resilient execution with 5% YoY volume growth and 7% YoY EBITDA growth, marking the strongest first-quarter EBITDA performance to date, despite macro headwinds and sequential moderation from Q4 FY26.
The company demonstrated resilient performance with YoY growth in key metrics despite a challenging macro environment. Strategic capacity expansions are on track, which should support future growth. However, persistent cost pressures and geopolitical uncertainties remain key monitorables for margin sustainability.
Growth engines
Vadraj Cement Expansion
2 MMTPA Grinding Capacity at Surat commissioned in July 2026, strengthening Western India market presence.
Kutch Integrated Unit
3.5 MMTPA Clinker capacity & 2.5 MMTPA Grinding capacity at Kutch to be operational in phases from Q3 FY27 to Q1 FY28.
East Region Expansion
4 MMTPA expansion planned in phases till FY28 through equipment upgrades, process modification, and internal debottlenecking.
RMX and MBM Business
Concreto portfolio gaining healthy volume traction; Tile Adhesives and Construction Chemicals maintained strong growth momentum.
Capacity and execution
Surat Grinding Unit
2 MMTPA of Grinding Capacity commissioned in July 2026, ahead of schedule.
Kutch Integrated Unit
3.5 MMTPA Clinker Unit and 2.5 MMTPA Grinding Unit & WHR. CU and CPP at Kutch, Kutch Jetty operations in H2 FY27. Kutch GU & WHR, Kutch Railway Siding in H1 FY28.
East Expansion
4 MMTPA expansion planned in phases till FY28, increasing total capacity to ~35 MMTPA post-expansion.
Sachana Bulk Terminal
Bulk terminal with ~1.5 MMTPA handling capacity at Sachana, Ahmedabad, targeted for commissioning by Q2 FY28.
Tailwinds
Government Capex
Union & states planned capex to support demand; Central capex up 11.5% YoY in FY27, top 20 states capex to rise 15% to ₹10.71 lakh Cr in FY27.
Infrastructure and Housing Demand
Infrastructure and housing projects continue to underpin demand, with PMAY allocations significantly up YoY.
Cement Demand Outlook
Cement demand expected to pick up post monsoon, supported by sustained government focus.
Pan-India Cement Prices
Pan-India cement prices improved QoQ in Q1 FY27.
Headwinds
Volatile Macro Environment
Geopolitical uncertainty, including the Middle-East conflict, contributes to a volatile macro environment.
Currency Pressure
Currency pressure persists, with INR/USD yet to see a meaningful recovery.
Rising Input Costs
Increase in granules prices to impact packing bag cost; rise in diesel prices to impact freight cost.
Geopolitical Impact on Costs
Geopolitical developments could exert upward pressure on costs, especially for fuel and packaging bags.
Risk radar
Geopolitical Developments
Geopolitical developments remain a key monitorable due to potential impact on costs, especially for fuel and packaging bags.
Input Cost Volatility
Volatility in crude, pet coke, and coal prices, along with increasing granules prices, poses a risk to cost management.
Freight Cost Increases
Rise in diesel prices directly impacts freight costs, a significant component of operational expenses.
Rake Availability
Rake availability remains an important factor to monitor, potentially affecting logistics and distribution efficiency.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q1 FY27 results show YoY growth in volume and EBITDA, indicating resilience in a seasonal business. However, QoQ comparison reveals sequential moderation, which is also important for assessing recent momentum and operational efficiency.
Sector KPIs management disclosed
Volume Growth
Volume growth of 5% YoY, reaching 5.3 MMT in Q1 FY27.
Revenue Growth
Revenue grew 9% YoY to ₹3,129 Cr in Q1 FY27.
EBITDA Growth
EBITDA grew 7% YoY to ₹572 Cr in Q1 FY27, marking the strongest first-quarter EBITDA performance to date.
Specific CO2 Emissions
462 kg CO2/ton of cementitious materials (FY26 audited figure), among the lowest in the industry.
Management forward view
Structural Growth Trajectory
The company is on a structural growth trajectory, with Vadraj Cement Plant and East region expansion driving capacity to 35 MMTPA.
On-Schedule Operational Milestones
Strong governance framework in place for on-schedule delivery of Vadraj’s remaining operational milestones.
Strategic Initiatives
Continue to drive key initiatives on geo-optimization, cost optimization, and premiumization.
Sustained Demand Support
Infrastructure and housing-led spending expected to sustain cement demand going forward, thereby supporting prices.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Kutch Integrated Unit Commissioning | Execution remains on track across all sections; H2 FY27 for CU/CPP/Jetty, H1 FY28 for GU/WHR/Railway Siding. | Timely commissioning and successful ramp-up of the 3.5 MMTPA Clinker and 2.5 MMTPA Grinding capacities. |
| Sachana Bulk Terminal Commissioning | Site activities underway across all work fronts; targeted for commissioning by Q2 FY28. | On-schedule commissioning of the ~1.5 MMTPA handling capacity to expand market reach in Gujarat. |
| Cost Management | Fuel mix optimisation across coal, pet coke, and AFR is a strategic lever. | Impact of geopolitical developments on fuel and packaging bag costs, and effectiveness of cost optimization efforts. |
| Cement Demand Recovery | Underlying cement demand grew despite temporary moderation; expected to pick up post monsoon. | Sustained government capex and resilient rural and urban demand to support cement demand and pricing. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 32nd percentile within Materials. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
116 docs text-extracted · 48 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Materials: 32nd pctile, median 70 · Large: 32nd pctile, median 73
Evidence depth
Financial-only
116 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
40
weak · capital discipline
Results
74
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 72%.
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE is low at 7%.
- ▸ROE is low at 4.2%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Nuvoco Vistas Corporation Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Oct
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR)-ESG Rating 1 Sep - SES ESG Research assigned Nuvoco an ESG rating of 67.1 for FY2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 20 Aug - CRISIL reaffirmed Nuvoco’s A1+ CP rating for Rs1,100 crore and AA/AA-/Stable on bank facilities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 15 Jul - CRISIL assigned AA/Stable to proposed Rs. 500 crore NCDs and reaffirmed existing ratings.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.