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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 47/100margin compression · Rev +9% YoY · PAT +20% YoY · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
56NeutralSMA20 -6.4% / mo · MACD +
Technical chart
NUVOCOdaily · 1Y · AUTO+14.6%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 65.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 falling (~6.9% over last month) — short-term momentum negative.
- RSI(14) at 65 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 25% off 52W high · 27% 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.
Relative Strength & Trend Stage
- 21.8% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (-0.9% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 27.5%.
- Growth contributes 19/25 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter holding is 72%. Key concern: ROCE is low at 7%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Materials: 32nd pctile, median 70 · Large: 32nd pctile, median 73
102 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 30.30
- P/B
- 1.34
- EV/EBITDA
- 6.36
- Market Cap
- 12577.00Cr
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
- 2.35
- 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
- 40%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Materials, ranked by similarity
Peers
Business-comparable names in Materials, ranked by similarity
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.