Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹10,849.00 last close on 21 Oct 2026 +1.87%
Research updated
Nuvoco Vistas Corporation Ltd.
NSE: NUVOCOBasic MaterialsBuilding Materials
- Last close
- ₹337.70
- Day change
- −₹3.75 (−1.10%)vs
- Market cap
- ₹12,061 crIndian rupees
- Research updated
- 3 reports
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About Nuvoco Vistas Corporation
Nuvoco Vistas Corporation Ltd. is a leading company in the building materials industry in India, primarily focusing on the production and distribution of cement, ready-mix concrete, and aggregates. As one of the major players in this sector, Nuvoco Vistas plays a crucial role in supporting the infrastructure and real estate development across the country. The company's wide range of products serves various applications, from large infrastructure projects to individual home building, underpinning its importance in the construction supply chain. Nuvoco Vistas Corporation Ltd. operates numerous manufacturing plants strategically located to optimize distribution efficiency, ensuring timely supply to a broad customer base, including developers, construction businesses, and government projects. This regional manufacturing presence allows Nuvoco to minimize logistical challenges and reduces carbon footprints through localized production. As part of the Nirma Group, an established conglomerate with diverse business interests, Nuvoco Vistas benefits from synergies in terms of market reach and operational efficiencies. Its commitment to sustainable practices and innovation in product offerings positions the company as a key contributor to India's growing infrastructure landscape, reinforcing its role in the economy's backbone sector.
- Sector
- Basic Materials
- Industry
- Building Materials
- Listing
- NSE: NUVOCO
- Next results
- Employees
- 4,188
- Headquarters
- Mumbai, India
- ISIN
- INE118D01016
- Website
- nuvoco.com
Public research · Report of
Business model & financial foundation
Nuvoco Vistas (NSE: NUVOCO), Cement, ready-mix concrete and building materials: revenue of ₹11,338 crore in FY26 (+9.5% on FY25), an EBITDA margin of 16.6%, net profit of ₹359.4 crore and net debt of ₹4,445 crore.
- Revenue, FY26 (₹ crore)
- 11,338
- consolidated
- Revenue growth, FY26
- +9.5%
- on FY25
- Net profit, FY26 (₹ crore)
- 359.4
- to owners
- Return on equity, FY26
- 3.7%
- on average equity
- Market capitalisation (₹ crore)
- 12,061
- at the close of 22 Oct 2026
Company profile
Nuvoco manufactures cement, ready-mix concrete and modern building materials for Indian trade and institutional construction customers. Its integrated plants, grinding units, limestone resources and distribution network have a strong eastern base with northern and western exposure. The Vadraj cement and captive-power acquisitions expand Gujarat access, while refurbishment and associated financing make consolidated reporting essential.
| Item | Value |
|---|---|
| Legal name | Nuvoco Vistas Corporation Limited |
| Exchange and ticker | NSE: NUVOCO; BSE: 543334 |
| ISIN | INE118D01016 |
| CIN | L26940MH1999PLC118229 |
| Sector | Materials |
| Industry | Cement, ready-mix concrete and building materials |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 2026-07-13) |
| Market capitalisation | ₹12,061 crore (22 Oct 2026) |
| Shares outstanding | 35.72 crore shares (FY26) |
| Price | ₹337.7 (close, 22 Oct 2026) |
| 52-week range | ₹276.3 - ₹430.2 (to 22 Oct 2026) |
| Website | https://www.nuvoco.com |
Corporate structure and shareholding
Parent: Niyogi Enterprise Private Limited.
| Entity | Holding | Business |
|---|---|---|
| NU Vista Limited | 100% | Cement manufacturing and grinding in eastern India; formerly Emami Cement. |
| Vadraj Cement Limited | 100% | Gujarat cement/clinker assets acquired through CIRP; equity-classified CCDs create non-controlling interests. |
| Algebra Endeavour Private Limited | 100% | Holding vehicle for Vadraj Energy; voluntary liquidation approved October 15 2026, not completed. |
| Vadraj Energy (Gujarat) Limited | 100% | Step-down captive power subsidiary via Algebra; becomes direct subsidiary only after liquidation completion. |
March 2026 group plus October 15 liquidation approval. Vanya merged into Vadraj June 27 2025. JV Wardha Vaalley Coal Field: 19.14%; associate AMPIN Energy Green (C&I) Two. Clean Max September agreement completion remains unverified.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 72.02% | 72.02% | 72.02% | 72.02% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.00% | 4.88% | 4.71% | 4.63% |
| Domestic institutions | 18.08% | 18.35% | 18.00% | 17.65% |
| of which mutual funds | 17.92% | 17.87% | 17.44% | 16.35% |
| Retail | 4.13% | 4.56% | 3.62% | |
| Other | 0.62% | 0.71% | 2.08% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Nuvoco sells cement, ready-mix concrete and modern building materials. Cement is the economic engine; its East-led footprint and expanding West platform make volume, mix, pricing and logistics the primary earnings variables. Vadraj adds Surat grinding capacity now and the Kutch clinker/grinding/terminal complex in phases.
| Segment | gross revenue, FY26 (₹ crore) | Share | external revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Cement | 10,325 | 100.0% | 10,272 | 100.0% | 997.2 | 102.5% |
| Ready Mix Concrete and Others | -24.3 | -2.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| UltraTech Cement (ULTRACEMCO) | National integrated cement leader; scale, pricing, capacity and cost benchmark. |
| Ambuja Cements (AMBUJACEM) | Multi-region integrated cement competitor; consolidation and capacity-growth comparison. |
| ACC (ACC) | Integrated cement and ready-mix competitor with overlapping regional markets; shared parent with Ambuja. |
| Shree Cement (SHREECEM) | North and East exposure; efficient fuel/power and grinding-capacity benchmark. |
| Dalmia Bharat (DALBHARAT) | Material eastern cement overlap and blended cement/decarbonisation strategy. |
| The Ramco Cements (RAMCOCEM) | Regional integrated producer with grinding expansion; southern geography differs. |
| JK Lakshmi Cement (JKLAKSHMI) | North/West cement exposure and regional capacity/cost comparison. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 9,061 | 10,289 | 10,733 | 10,357 | 11,338 |
| Cost of revenue (vendor classification) * | 1,918 | 2,348 | 2,439 | 4,032 | 2,710 |
| Other operating costs (vendor classification) * | 5,030 | 6,077 | 5,596 | 4,277 | 5,613 |
| EBITDA (vendor classification) * | 1,542 | 1,226 | 1,656 | 1,391 | 1,857 |
| Operating EBIT excluding other income | n.r. | n.r. | 705.1 | 503.5 | 972.9 |
| Finance costs | 569.9 | 511.9 | 532.6 | 496.4 | 398.3 |
| Profit before tax | 50.9 | -645.2 | 205.9 | 26.5 | 550.5 |
| Total tax expense (credit negative) | 18.8 | -661.1 | 58.6 | 4.67 | 190.8 |
| PAT including non-controlling interests | 32.1 | 15.9 | 147.4 | 21.8 | 359.8 |
| Diluted EPS (₹) | 0.93 | 0.44 | 4.13 | 0.61 | 10.07 |
| Materials, traded purchases and inventory movement | 1,954 | 2,062 | 2,128 | ||
| Employee benefits expense | 681.8 | 675.8 | 723.3 | ||
| Power, fuel, freight and other operating expenses | 6,474 | 6,247 | 6,630 | ||
| EBITDA on company definition (includes other income) | 1,657 | 1,391 | 1,881 | ||
| Other income | 33.5 | 19.4 | 24.1 | ||
| Depreciation and amortisation expense | 918.6 | 868.5 | 884.0 | ||
| Exceptional items signed earnings impact | 0.00 | 0.00 | -48.1 | ||
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.42 | ||
| Recognised associate/JV profit contribution | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners of parent | 147.4 | 21.8 | 359.4 | ||
| Weighted average diluted shares | 35.72 | 35.72 | 35.72 | ||
| Current tax | 63.6 | 26.2 | 216.3 | ||
| Deferred tax | 14.2 | -9.70 | -10.6 | ||
| Tax relating to earlier years | -19.3 | -11.8 | -14.9 | ||
| Cost of materials consumed | 1,741 | 1,748 | 1,757 | ||
| Purchases of stock in trade | 145.6 | 260.6 | 291.5 | ||
| Changes in inventories expense (signed) | 66.7 | 52.9 | 79.2 | ||
| Power and fuel | 2,140 | 1,970 | 2,008 | ||
| Freight and forwarding | 2,929 | 2,794 | 3,023 | ||
| Other expenses statutory row (excludes power/freight) | 1,405 | 1,483 | 1,599 | ||
| Basic EPS (₹) | 0.61 | 10.07 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 8,821 | 8,839 | 8,984 | 9,002 | 10,229 |
| Borrowings excluding lease liabilities | 4,137 | 3,823 | 4,541 | ||
| Cash and cash equivalents | 103.4 | 192.7 | 97.8 | 176.7 | 88.1 |
| Trade receivables | 570.9 | 601.2 | 590.7 | 660.1 | 743.9 |
| Inventories | 1,068 | 1,050 | 946.7 | 761.7 | 745.0 |
| Trade payables (MSME plus other creditors) | 1,193 | 1,703 | 1,686 | 1,587 | 1,643 |
| PPE excluding right-of-use and intangible assets | 9,402 | 9,180 | 8,893 | ||
| Capital work in progress | 398.8 | 594.1 | 470.8 | 382.5 | 2,474 |
| Total assets | 19,615 | 18,988 | 18,710 | 18,158 | 20,299 |
| Equity share capital | 357.2 | 357.2 | 357.2 | ||
| Other equity attributable to owners | 8,626 | 8,645 | 8,985 | ||
| Non-controlling interests in equity | 0.00 | 886.5 | |||
| Non-current borrowings | 2,878 | 2,363 | 3,033 | ||
| Current borrowings including current maturities | 1,259 | 1,459 | 1,508 | ||
| Bank balances other than cash equivalents | 9.15 | 5.67 | 8.15 | ||
| Net debt company definition excluding leases | 4,030 | 3,640 | 4,445 | ||
| Goodwill | 3,278 | 3,278 | 3,278 | ||
| Other intangible assets | 1,909 | 1,831 | 1,774 | ||
| Intangible assets under development | 16.8 | 4.49 | 208.3 | ||
| Right of use assets | 437.1 | 412.0 | 532.2 | ||
| Total lease liabilities | 266.7 | 251.2 | 375.3 | ||
| Current lease liabilities | 115.3 | 112.7 | 155.0 | ||
| Non-current lease liabilities | 151.4 | 138.5 | 220.4 | ||
| Non-current investments | 0.83 | 0.83 | 0.83 | ||
| Total current assets | 2,355 | 2,271 | 2,372 | ||
| Total non-current assets | 16,355 | 15,886 | 17,927 | ||
| Total current liabilities | 5,247 | 5,251 | 5,310 | ||
| Total non-current liabilities | 4,480 | 3,905 | 4,761 | ||
| Trade payables to micro and small enterprises | 183.0 | 263.1 | 483.0 | ||
| Trade payables to other creditors | 1,503 | 1,324 | 1,160 | ||
| Supplier finance included in trade and other payables | n.d. | 296.3 | |||
| Investment property | 0.87 | 0.82 | 0.78 | ||
| Non-current financial loans | 1.25 | 1.55 | 2.53 | ||
| Current financial loans | 3.90 | 1.76 | 5.15 | ||
| Other non-current financial assets | 552.4 | 541.5 | 496.0 | ||
| Other current financial assets | 506.3 | 486.5 | 507.2 | ||
| Income tax assets net | 171.6 | 146.2 | 109.1 | ||
| Other non-current assets | 114.4 | 106.9 | 157.3 | ||
| Other current assets | 200.2 | 178.9 | 274.8 | ||
| Other non-current financial liabilities | 55.4 | 52.8 | 69.9 | ||
| Other current financial liabilities | 964.3 | 888.8 | 914.5 | ||
| Non-current provisions | 188.7 | 169.1 | 181.0 | ||
| Current provisions | 450.0 | 451.8 | 518.4 | ||
| Deferred tax liabilities net | 1,174 | 1,151 | 1,228 | ||
| Other non-current liabilities | 32.2 | 30.3 | 28.3 | ||
| Other current liabilities | 772.5 | 750.4 | 571.5 | ||
| Cash and bank balances per company net debt definition | 107.0 | 182.3 | 96.3 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 1,593 | 1,329 | 1,485 | ||
| Free cash flow (vendor definition) * | 810.3 | 1,225 | 1,011 | 978.4 | 775.5 |
| Cash payments for PPE, CWIP and intangible assets | -409.4 | -451.5 | 581.4 | 350.1 | 709.7 |
| Subsidiary acquisition payments as separate CF line | 0.00 | 0.00 | 1,800 | ||
| Net cash from investing activities | -573.4 | -337.1 | -2,500 | ||
| Net cash from financing activities | -1,114 | -912.6 | 926.5 | ||
| Gross repayment of non-current borrowings | 1,231 | 1,176 | 1,590 | ||
| Proceeds of non-current borrowings | 650.0 | 849.4 | 1,626 | ||
| Net proceeds of current borrowing | 115.0 | 25.2 | 665.4 | ||
| Proceeds of subsidiary CCD equity-classified financing | 0.00 | 900.0 | |||
| Lease payments including interest | 150.0 | 161.2 | 212.5 | ||
| Finance costs paid | 498.5 | 450.0 | 446.0 | ||
| Net change in cash equivalents | -94.9 | 78.8 | -88.6 | ||
| Opening cash and cash equivalents | 192.7 | 97.8 | 176.7 | ||
| Closing cash and cash equivalents | 97.8 | 176.7 | 88.1 | ||
| Dividends paid | 0.00 | 0.00 | 0.00 | ||
| Operating profit before working-capital adjustments | 1,649 | 1,354 | 1,833 | ||
| Cash-flow inventory adjustment | 100.1 | 185.7 | 16.1 | ||
| Cash-flow trade and other receivable adjustment | -3.12 | -23.2 | -95.5 | ||
| Cash-flow loans advances and other asset adjustment | -44.2 | 47.9 | -112.3 | ||
| Cash-flow payables provisions other liability adjustment | -69.3 | -237.8 | -84.0 | ||
| Cash taxes paid net of refunds (outflow positive) | 40.3 | -1.53 | 71.9 | ||
| Cash purchases of current investments (outlay) | 3,973 | 4,378 | 9,838 | ||
| Cash proceeds of current investments sold | 3,978 | 4,381 | 9,849 | ||
| Net fixed deposit cash proceeds (payments negative) | 1.60 | 3.28 | -2.43 | ||
| Cash loans advances repaid/(given) net | -1.08 | 1.79 | -4.37 | ||
| Cash interest received | 3.25 | 5.10 | 5.11 | ||
| Cash investment in associate (outlay) | 0.78 | ||||
| CCD issuance costs paid (outlay) | 15.4 | ||||
| Subsidiary equity issue expenses paid (outlay) | 0.97 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 34.68 | 35.72 | 35.72 | 35.72 | 35.72 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,409 | 3,042 | 2,873 | 2,458 | 2,701 | 3,307 | 3,129 | 2,790 |
| Cost of revenue (vendor classification) * | 420.4 | 1,138 | 492.5 | 507.8 | 1,240 | 522.2 | ||
| Other operating costs (vendor classification) * | 1,558 | 1,191 | 1,682 | 1,627 | 1,297 | 1,841 | ||
| EBITDA (vendor classification) * | 258.4 | 555.9 | 533.4 | 386.5 | 590.2 | 571.9 | ||
| Operating EBIT excluding other income | 40.9 | 332.0 | 303.9 | 148.9 | 160.4 | 359.7 | 342.7 | |
| Finance costs | 125.7 | 112.5 | 117.1 | 101.6 | 98.7 | 81.0 | 70.3 | 71.9 |
| Profit before tax | -84.7 | 223.8 | 201.6 | 51.2 | 64.5 | 233.2 | 276.0 | 108.0 |
| Tax expense | -23.3 | 58.2 | 68.4 | 14.8 | 15.2 | 92.4 | 116.4 | 43.2 |
| Profit after tax | -61.4 | 165.5 | 133.2 | 36.4 | 49.4 | 140.8 | 159.6 | 64.8 |
| Diluted EPS (₹) | -1.72 | 4.63 | 3.73 | 1.02 | 1.38 | 3.94 | 4.47 | 1.81 |
| Materials, purchases and inventory changes | 420.4 | 645.7 | 492.5 | 430.0 | 507.8 | 697.4 | 522.2 | 511.4 |
| Employee benefits expense | 172.4 | 161.7 | 179.5 | 178.3 | 182.5 | 183.0 | 197.1 | 200.1 |
| Power, freight and other expenses | 1,558 | 1,683 | 1,682 | 1,482 | 1,627 | 1,839 | 1,841 | 1,670 |
| EBITDA | 258.4 | 555.9 | 533.4 | 370.9 | 386.5 | 590.2 | 571.9 | 411.1 |
| Other income | 0.16 | 4.32 | 14.8 | 3.88 | 2.76 | 2.62 | 3.61 | 2.83 |
| Depreciation and amortisation | 217.4 | 219.6 | 214.7 | 218.1 | 223.3 | 227.9 | 225.6 | 231.3 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -48.1 | 0.00 | 0.00 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.32 | 0.10 | -0.13 | -0.49 |
| Recognised associate/JV profit contribution | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Profit attributable to owners | -61.4 | 165.5 | 133.2 | 36.4 | 49.1 | 140.7 | 159.8 | 65.3 |
| Weighted average diluted shares | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | |
| Cost of materials consumed | 410.5 | 440.8 | 453.6 | 393.1 | 409.9 | 500.3 | 463.9 | 487.9 |
| Purchases of stock-in-trade | 70.5 | 67.2 | 74.1 | 60.5 | 72.9 | 84.0 | 108.5 | 95.8 |
| Inventory changes | -60.6 | 137.7 | -35.3 | -23.6 | 25.0 | 113.0 | -50.1 | -72.4 |
| Power and fuel | 510.4 | 492.2 | 514.0 | 453.6 | 498.7 | 542.1 | 559.6 | 544.6 |
| Freight and forwarding | 660.5 | 803.0 | 785.6 | 647.1 | 718.6 | 871.4 | 838.3 | 705.6 |
| Other expenses reported | 387.4 | 388.1 | 382.5 | 381.6 | 410.0 | 425.2 | 443.3 | 420.0 |
| Current tax | -0.62 | 26.2 | 75.7 | 28.2 | 41.0 | 71.3 | 90.0 | |
| Deferred tax | -25.4 | 51.3 | -2.03 | -13.5 | -16.2 | 21.1 | 27.1 | |
| Tax relating to earlier years | 2.66 | -19.3 | -5.24 | 0.00 | -9.65 | 0.00 | -0.72 | |
| Basic EPS (₹) | 4.63 | 3.73 | 1.02 | 1.38 | 3.94 | 4.47 | 1.81 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 24.0% | 13.6% | 4.3% | -3.5% | 9.5% |
| EBITDA margin | 15.4% | 13.4% | 16.6% | ||
| Net margin | 1.4% | 0.2% | 3.2% | ||
| Return on equity | 1.7% | 0.2% | 3.7% | ||
| Return on capital employed | 5.4% | 3.9% | 7.1% | ||
| Return on assets | 0.8% | 0.1% | 1.9% | ||
| Net debt (₹ crore) | 4,030 | 3,640 | 4,445 | ||
| Net debt / EBITDA | 2.43x | 2.62x | 2.36x | ||
| Interest cover | 1.32x | 1.01x | 2.44x | ||
| Asset turnover | 0.46x | 0.53x | 0.57x | 0.56x | 0.59x |
| Receivable days | 23 | 21 | 20 | 23 | 24 |
| Inventory days (on revenue) | 43 | 37 | 32 | 27 | 24 |
| Payable days (on revenue) | 48 | 60 | 57 | 56 | 53 |
| Cash conversion | 10.8x | 60.8x | 4.13x | ||
| Capex intensity | 4.5% | 4.4% | 5.4% | 3.4% | 6.3% |
| Free cash flow (₹ crore) | 1,011 | 978.4 | 775.5 | ||
| Dividend payout | 0.0% | 0.0% | 0.0% | ||
| EPS, diluted (₹) | 0.93 | 0.44 | 4.13 | 0.61 | 10.07 |
| Book value per share (₹) | 254.4 | 247.5 | 251.5 | 252.1 | 286.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA on company definition (includes other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt company definition excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA on company definition (includes other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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