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Nuvoco Vistas Corporation Limited (NUVOCO) Q2 2027 Earnings Report
IN:NUVOCO Q2 2027 EPS Results
- Actual EPS
- INR 1.80
- Consensus EPS
- INR 2.04
- Beat/Miss
- Missed by -INR 0.24
- One Year Ago EPS
- INR 1.00
IN:NUVOCO Q2 2027 Revenue Results
- Actual Revenue
- INR 27.90B
- Expected Revenue
- INR 27.20B
- Beat/Miss
- Beat by +INR 699.30M
- YoY Revenue Growth
- +13.53%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 10/22/2026
- Time
- Before Open
- Conference Call
- Thursday, October 22, 2026
Nuvoco Vistas Corporation Limited's next earnings date is estimated for February 9, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2027 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2027 Earnings Call Summary
The call was broadly positive. Nuvoco delivered strong Q2 growth despite significant input-cost inflation, supply-chain disruption, monsoon-related weakness in the East, and subdued pricing. Management highlighted record premiumization, progress on Surat, Kutch, and logistics projects, expected demand recovery, and planned price increases to offset cost inflation. The main concerns were higher fuel and raw material costs, elevated net debt, temporary high-cost clinker sourcing, an elevated tax rate, and the delay to East expansion.
Nuvoco expects to reach 35 million tons of cement capacity by FY 2028, representing nearly 15x growth over the past decade; Kutch is planned for phased operationalization from Q3 FY 2027, Surat is expected to reach 50%-60% capacity utilization in Q4 of this year and about 70% capacity utilization next year, and company volumes are expected to increase from 1.5 million annualized ton per annualized volume to 2 million tons in Q4 this year. Demand is expected to be in the range of 7%-8% like before, with about 8% industry growth in H2 and anywhere between 8%-9% blended between North, West, and East for the company. Q3 fuel cost is expected at INR 1.8 per million kCal, with an approximately INR 70-INR 80 increase in energy cost in Q3 versus Q2, total cost inflation of about INR 100-INR 120 in Q3 versus Q2, and an INR 20 price increase expected to totally defray the cost increase; in the worst case scenario, Q4 could see a further increase of about INR 70, INR 80 versus Q3. CapEx is expected at INR 1,200 crore in FY 2027 and anywhere between INR 800 crore-INR 900 crore next year, or INR 2,000 crore to INR 2,100 crore over two years, while net debt is expected to hover between 2x-2.5x over four to six quarters and return to less than 2x EBITDA once Vadraj volumes are absorbed; Gujarat and Western Maharashtra EBITDA per ton is expected to match Nuvoco's all India EBITDA per ton in year three, which was described as FY 2028 and also as FY 2029, maybe FY 2028 Q4, and then on to first one Q, FY 2029.
- Resilient Q2 Operating PerformanceDespite a challenging operating environment, volume grew 9% year over year, revenue grew approximately 14%, and EBITDA grew 11% year over year.
- Long-Term Capacity Expansion and DiversificationNuvoco has grown from a single 2.3 million-ton cement operation in 2014 to a diversified building materials company spanning cement, ready-mix concrete, and modern building materials. The company now has 12 plants, with two more in the offing, and is positioned to reach 35 million tons of cement capacity by FY 2028, representing nearly 15x growth over the past decade.
- Multiple Growth Options and Limestone SecurityThe company identified multiple growth options, including expansion at Gulbarga and in the North, while continuing to build strategic limestone resources to support long-term raw material security.
- Record Premiumization and Brand ProgressPremix reached a historic high of 45%, while trade mix remained at 75%. Premium products Duraguard Microfiber and Concreto UNO each became 1 million-ton brands, with Concreto UNO reaching 1 million tons in less than 18 months.
- Surat Grinding Unit CommissionedThe 2 million-ton grinding unit at the Limla Cement Plant in Surat was commissioned during the quarter. The plant produced approximately 3,600 tons in a single day, against a capacity of close to 5,500 tons per day.
- Expected Gujarat and North Capacity BenefitsThe company expects to increase its Gujarat annualized volume from 1.5 million tons currently to 2 million tons in Q4 FY 2027. Surat is expected to operate at approximately 50%-60% capacity utilization in Q4 FY 2027 and about 70% capacity utilization next year. The Surat unit is also expected to release close to 1 million tons of cement capacity from the Rajasthan plant for the North market from Q4 onward.
- Vadraj and Kutch Project ExecutionKutch project activities are progressing as planned, with phased operationalization planned from Q3 FY 2027. The Viramgam-Sachana bulk cement terminal, including a dedicated rail siding, is also on track and is expected to serve as a strategic distribution hub for Gujarat.
- Renewable Energy AgreementNuvoco executed an agreement with CleanMax for a 46.4 MW wind-solar hybrid renewable energy project in Rajasthan. Once operational, the project is expected to generate approximately 100 million units of renewable electricity annually and provide long-term cost certainty by reducing dependence on conventional power sources.
- Fuel Inventory CoverageThe company has been continuously buying petcoke and has adequate coverage for Q3 at the projected fuel cost of INR 1.8 per million kCal. Fuel coverage also extends from January through mid-February in Q4, with high-cost petcoke expected to affect the company only from March next year.
- Expected Q3 Pricing OffsetNuvoco reported price increases of approximately INR 20 in North trade, North trade in East, and East trade prices during October. Management stated that the average INR 20 price increase should fully defray the expected Q3 cost increase and result in a realization benefit versus Q2, if the price corrections remain in place.
- Expected Industry and Company Demand GrowthManagement expects all-India cement industry growth of approximately 7%-8% in H2, with company growth across North, West, and East expected at 8%-9%. Demand is expected to improve as monsoon conditions recede, the festival season ends, and construction activity picks up.
- Improving Logistics and Fuel Mix InitiativesRoad and rail share remained stable at 64/36, while blended cement ratio increased to 83% from 82% in the prior quarter. AFR is expected to increase in Q3 as the Risda kiln returns after shutdown.
- Future Vadraj Profitability TargetManagement expects Gujarat EBITDA to match North EBITDA in the third year and Gujarat and Western Maharashtra EBITDA per ton to match Nuvoco's all-India EBITDA per ton by approximately FY 2028 Q4 or the first quarter of FY 2029, subject to the prevailing cost structure and prices.
- Planned CapEx Supports Strategic ProjectsThe company expects FY 2027 CapEx of INR 1,200 crore, including approximately INR 1,000 crore for Vadraj and INR 50 crore for Viramgam. FY 2028 CapEx is expected at INR 800 crore-INR 900 crore, taking the two-year total to INR 2,000 crore-INR 2,100 crore.
IN:NUVOCO Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 09, 2027 | 2027 (Q3) | 2.80- | 1.4 | ― | ― |
| Oct 22, 2026 | 2027 (Q2) | 2.041.80 | 1 | 80.00% (+0.80) | |
| Jul 13, 2026 | 2027 (Q1) | 3.054.50 | 3.7 | 21.62% (+0.80) | |
| Apr 14, 2026 | 2026 (Q4) | 4.804.95 | 4.6 | 7.61% (+0.35) | |
| Jan 15, 2026 | 2026 (Q3) | 1.581.40 | -1.7 | 182.35% (+3.10) | |
| Oct 15, 2025 | 2026 (Q2) | 0.881.00 | -2.4 | 141.67% (+3.40) | |
| Jul 17, 2025 | 2026 (Q1) | 2.073.70 | 0.1 | 3600.00% (+3.60) | |
| May 01, 2025 | 2025 (Q4) | 2.834.60 | 2.8 | 64.29% (+1.80) | |
| Jan 22, 2025 | 2025 (Q3) | -1.07-1.70 | 0.9 | -288.89% (-2.60) | |
| Oct 23, 2024 | 2025 (Q2) | -1.36-2.40 | 0 | ― |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
