Nuvoco Vistas (NUVOCO) Q4 25/26 earnings summary

Executive summary

• Achieved record annual cement volumes of 20.4 million tons and all-time high EBITDA of INR 1,881 crores for FY26, with Q4 volumes at 6 million tons and premiumization base expanding to 43%-44%.

• Major acquisitions completed, including Vadraj Cement Limited and Algebra Endeavour Private Limited, supporting capacity expansion to 35 MMTPA by FY28.

• Strong Q4 demand driven by government CapEx and housing, despite headwinds in earlier quarters.

• Audited standalone and consolidated financial results for FY26 were approved with an unmodified audit opinion.

• Ongoing expansion projects and premiumization initiatives are expected to drive future growth.

Financial highlights

• FY26 consolidated revenue reached ₹11,362 crore, EBITDA rose 35% year-over-year to ₹1,881 crore, and consolidated profit after tax was ₹359.77 crore.

• Q4 FY26 revenue was ₹3,309 crore, EBITDA ₹590 crore, and net debt as of March 2026 stood at ₹4,445 crore.

• CapEx for FY26 was INR 712 crores, slightly above guidance, with major outflows for acquisitions.

• Earnings per share (consolidated) for FY26 was ₹10.07, compared to ₹0.61 in FY25.

• Net worth (consolidated) as of March 31, 2026, stood at ₹10,228.77 crore.

Outlook and guidance

• Industry demand expected to grow 7%-9% in FY27, with company targeting similar growth and capacity expansion to 35 MMTPA by FY28.

• CapEx guidance: INR 900 crores for FY27 and INR 960 crores for FY28, mainly for Vadraj refurbishment.

• Near-term margin pressure anticipated due to rising fuel, packing, and raw material costs; price hikes and cost optimization initiatives ongoing.

• Management confident in recovery of disputed incentive claims and monitoring regulatory changes.