Nuvoco Vistas Corporation Ltd
Nuvoco Vistas Corporation Ltd
ConstructionKey Fundamentals
MicrocapCementConstructionInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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45 extracted metrics + investor summaries across FY17–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Weaknesses
3- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 8.65% over past five years.
- Company has a low return on equity of 2.00% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 12d agoNuvoco Vistas Corporation trades at a market cap of Rs 12,379 Cr with a PE of 32.3x and PB of 1.22x. The company saw TTM profit growth of 173% but carries a low 3-year ROE of 2% and has not paid any dividends despite reporting profits.
- TTM profit growth of 173% indicates a sharp earnings recovery and improving operational performance
- 5-year compounded profit CAGR of 102% shows the company has scaled from a low base to consistent profitability
- Price-to-book ratio of 1.22x is relatively modest for a construction materials company, suggesting limited premium over book value
- TTM sales growth of 9% signals improving demand traction in the current period versus the 3-year sales CAGR of just 2%
- Last year ROE improved to 4% from the 3-year average of 2%, indicating a positive inflection in return on capital
- 5-year compounded sales CAGR of 9% reflects reasonable top-line expansion in a cyclical sector
- Market cap of Rs 12,379 Cr positions Nuvoco as a mid-to-large cap cement player with scale advantages in East India
- 3-year ROE of only 2% reflects persistently poor capital efficiency and weak shareholder returns
- Zero dividend yield despite repeated profitability suggests capital allocation priorities do not favor shareholders
- Stock has declined 21% over 1 year, significantly underperforming the broader market
- PE of 32.3x is elevated given the low ROE of 2-4%, implying the market is pricing in a turnaround that may not materialize
- 3-year compounded sales CAGR of just 2% indicates near-stagnant revenue growth over a multi-year period
- 3-year compounded profit CAGR of -2% shows that outside the recent TTM recovery, earnings have actually declined
- 3-year stock CAGR of -1% demonstrates the market has not rewarded shareholders over a meaningful holding period
- Poor 5-year sales growth of 8.65% in a sector that benefits from infrastructure spending suggests Nuvoco is losing market share or facing pricing pressure
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 8d ago- Power & fuel cost rising ~₹100/t Jul 15
Q2 FY27 outlook flags an expected ~₹100 per tonne cost increase driven by higher power and fuel expenses, partially offset by savings on packaging and freight.
- New 2 MMTPA Surat plant live Jul 11
Nuvoco inaugurated a 2 MMTPA grinding unit at Limla, Surat, taking total capacity toward 35 MMTPA by FY28.
- Q2 cost relief on bags & freight Jul 15
Packaging bag prices expected to drop ₹20-25 vs Q1, with lower railway freight from better rake availability and seasonal discounts from Aug 1.
- FY27 capex on track at ₹900 Cr Jul 15
Company maintains ₹900 crore FY27 capex guidance with ₹370 crore already deployed in Q1, targeting 7-8% market growth supported by Gujarat volumes.
- Strong BRSR & safety improvement Aug 7
FY26 turnover of ₹11,338 Cr, net worth ₹10,228 Cr; worker LTIFR improved to 0.13 from 0.38 in FY25 across 71 manufacturing units.
- AGM set for Aug 31 Aug 8
27th AGM scheduled Aug 31 to appoint Walker Chandiok & Co LLP as statutory auditor for a 5-year term and re-appoint director Hiren Patel.
- Multiple investor conferences Aug 10-14 Aug 5
Nuvoco to attend Nirmal Bang (Aug 10), Emkay Confluence (Aug 12), and Equirus Annual India Conference (Aug 14) in-person investor meets.
- Tata MF & Canara HSBC meetings Jul 24
Virtual one-on-one investor meetings held with Tata Mutual Fund (Jul 24) and Canara HSBC Life Insurance (Jul 16).
- Crisil ESG 57 rating for FY25 Jul 22
Assigned a Crisil ESG score of 57 for FY25 by Crisil ESG Ratings & Analytics Limited.
- Auditor transition completed Jul 13
MSKA resigned after completing 10-year term; Walker Chandiok & Co LLP appointed as new statutory auditor effective Jul 13, 2026.
- Q1 FY27 earnings call rescheduled Jul 12
Investor call moved to Jul 14 at 4:00 PM IST to discuss unaudited Q1 FY27 results.
TL;DR: Nuvoco is executing well on capacity expansion with the new 2 MMTPA Surat plant and maintaining aggressive ₹900 Cr capex guidance targeting 35 MMTPA by FY28. Cost headwinds from power and fuel (~₹100/t) are partially mitigated by packaging and freight savings. Active institutional engagement across multiple conferences suggests sustained investor interest. The trend is modestly positive with volume growth levers in place, though energy cost inflation remains a near-term margin risk to monitor.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,806 | 2,573 | 2,421 | 2,933 | 2,636 | 2,269 | 2,409 | 3,042 | 2,873 | 2,458 | 2,701 | 3,307 | 3,129 |
| Expenses | 2,413 | 2,243 | 2,011 | 2,443 | 2,293 | 2,050 | 2,151 | 2,491 | 2,354 | 2,091 | 2,318 | 2,719 | 2,560 |
| Operating Profit | 393 | 330 | 410 | 491 | 343 | 219 | 258 | 552 | 519 | 367 | 384 | 588 | 568 |
| OPM % | 14% | 13% | 17% | 17% | 13% | 10% | 11% | 18% | 18% | 15% | 14% | 18% | 18% |
| Other Income | 9 | 6 | 11 | 7 | 5 | 10 | 0 | 4 | 15 | 4 | 3 | -46 | 4 |
| Interest | 135 | 140 | 133 | 125 | 127 | 132 | 126 | 113 | 117 | 102 | 99 | 81 | 70 |
| Depreciation | 244 | 226 | 231 | 218 | 216 | 215 | 217 | 220 | 215 | 218 | 223 | 228 | 226 |
| PBT | 24 | -30 | 57 | 155 | 5 | -118 | -85 | 224 | 202 | 51 | 65 | 233 | 276 |
| Tax % | 39% | -105% | 45% | 35% | 44% | -28% | -28% | 26% | 34% | 29% | 24% | 40% | 42% |
| Net Profit | 14 | 2 | 31 | 100 | 3 | -85 | -61 | 166 | 133 | 36 | 49 | 141 | 160 |
| EPS in Rs | 0.4 | 0.04 | 0.87 | 2.81 | 0.08 | -2.38 | -1.72 | 4.63 | 3.73 | 1.02 | 1.37 | 3.94 | 4.47 |
Profit & Loss
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,157 | 6,094 | 7,052 | 6,793 | 7,489 | 9,318 | 10,586 | 10,733 | 10,357 | 11,338 | 11,594 |
| Expenses | 4,429 | 5,105 | 6,134 | 5,493 | 6,028 | 7,814 | 9,375 | 9,109 | 8,984 | 9,481 | 9,688 |
| Operating Profit | 728 | 989 | 918 | 1,301 | 1,460 | 1,504 | 1,211 | 1,624 | 1,373 | 1,857 | 1,907 |
| OPM % | 14% | 16% | 13% | 19% | 20% | 16% | 11% | 15% | 13% | 16% | 16% |
| Other Income | 11 | 54 | 54 | 33 | 34 | 35 | -393 | 33 | 19 | -25 | -35 |
| Interest | 231 | 425 | 457 | 419 | 664 | 570 | 512 | 533 | 496 | 398 | 351 |
| Depreciation | 313 | 392 | 498 | 528 | 794 | 918 | 951 | 919 | 869 | 884 | 895 |
| PBT | 196 | 226 | 17 | 387 | 36 | 51 | -645 | 206 | 27 | 551 | 625 |
| Tax % | 16% | 30% | 260% | 36% | 171% | 37% | -102% | 28% | 18% | 35% | — |
| Net Profit | 166 | 158 | -26 | 249 | -26 | 32 | 16 | 147 | 22 | 360 | 386 |
| EPS in Rs | 3.63 | 10.54 | -1.32 | 10.28 | -0.82 | 0.9 | 0.44 | 4.13 | 0.61 | 10.06 | 10.8 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 150 | 150 | 200 | 242 | 315 | 357 | 357 | 357 | 357 | 357 |
| Reserves | 3,799 | 3,967 | 4,788 | 5,037 | 7,009 | 8,464 | 8,482 | 8,626 | 8,645 | 8,985 |
| Borrowings | 4,314 | 4,369 | 4,683 | 4,513 | 7,792 | 5,575 | 4,785 | 4,404 | 4,074 | 4,916 |
| Other Liabilities | 3,022 | 3,133 | 3,590 | 3,652 | 4,792 | 5,218 | 5,364 | 5,323 | 5,082 | 6,041 |
| Total Liabilities | 11,285 | 11,619 | 13,262 | 13,444 | 19,907 | 19,615 | 18,988 | 18,710 | 18,158 | 20,299 |
| Fixed Assets | 8,916 | 8,690 | 9,895 | 9,970 | 15,042 | 15,409 | 14,962 | 15,027 | 14,702 | 14,478 |
| CWIP | 143 | 144 | 605 | 647 | 1,240 | 399 | 596 | 488 | 387 | 2,683 |
| Investments | 412 | 844 | 456 | 0 | 384 | 186 | 0 | 1 | 1 | 1 |
| Other Assets | 1,814 | 1,942 | 2,306 | 2,827 | 3,241 | 3,621 | 3,430 | 3,194 | 3,067 | 3,137 |
| Total Assets | 11,285 | 11,619 | 13,262 | 13,444 | 19,907 | 19,615 | 18,988 | 18,710 | 18,158 | 20,299 |
Cash Flow
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 922 | 951 | 860 | 1,025 | 1,717 | 1,221 | 1,711 | 1,593 | 1,329 | 1,485 |
| Investing | -513 | -602 | -149 | -310 | -2,898 | -190 | -260 | -573 | -337 | -2,500 |
| Financing | -503 | -387 | -647 | -559 | 1,420 | -1,420 | -1,362 | -1,114 | -913 | 927 |
| Net Cash Flow | -94 | -38 | 65 | 156 | 239 | -390 | 89 | -95 | 79 | -89 |
| Free Cash Flow | 781 | 734 | 279 | 455 | 1,170 | 811 | 1,260 | 1,013 | 978 | 775 |
| CFO/OP | 135 | 105 | 96 | 86 | 120 | 86 | 143 | 101 | 97 | 84 |
Ratios
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 31 | 25 | 26 | 27 | 22 | 22 | 21 | 20 | 23 | 24 |
| Inventory Days | 114 | 125 | 148 | 179 | 215 | 283 | 215 | 177 | 135 | 128 |
| Days Payable | 234 | 193 | 193 | 233 | 263 | 316 | 348 | 315 | 281 | 282 |
| Cash Conversion Cycle | -88 | -44 | -20 | -27 | -26 | -11 | -113 | -118 | -123 | -130 |
| Working Capital Days | -41 | -113 | -102 | -115 | -161 | -88 | -102 | -102 | -111 | -98 |
| ROCE % | — | 7% | 5% | 8% | 6% | 4% | 2% | 5% | 4% | 7% |
Documents
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Company Information
Nuvoco Vista Corporation Ltd (NVCL), is one of the largest cement companies and concrete manufacturers in India with a consolidated capacity of 25 MMTPA. It offers a diversified range of products such as cement, Ready-mix Concrete (RMX), and modern building materials i.e. adhesives, wall putty, dry plaster, cover blocks, and more.[1]