Nuvoco Vistas Corporation LimitedQ2 FY27 Results & Financial Update
Nuvoco Vistas Corporation Limited: Q2 FY27 consolidated results and company financials – revenue ₹2,789.97 Cr, PAT ₹64.79 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Nuvoco Vistas Corporation Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the second quarter of fiscal 2027, Nuvoco Vistas achieved a consolidated cement sales volume of 4.7 million metric tonnes (MMT), marking a 9% volume increase compared to the same period in the previous year.
Consolidated revenue from operations stood at Rs. 2,789.97 crore for Q2 FY27, which represents a sequential contraction of 10.83% compared to Rs. 3,128.71 crore in Q1 FY27, while company-reported press disclosures cite a 13.5% year-on-year revenue increase alongside an 11% year-on-year growth in EBITDA to reach Rs. 411 crore.
Profit after tax (PAT) for the quarter was reported at Rs. 64.79 crore, translating to an earnings per share (EPS) of Rs. 1.81. Sequentially, profitability moderated from the preceding quarter's PAT of Rs. 159.63 crore amid challenging operating conditions.
Management noted that the operating environment during the quarter was marked by intense and erratic rainfall across key regional markets, regional logistics and supply chain disruptions, and elevated input costs driven by broader geopolitical uncertainties.
Despite muted baseline cement price realizations across the industry, the company sustained financial performance through active deployment of strategic levers, specifically ongoing portfolio premiumization and optimization of its geographical sales mix.
Significant capital milestones during the quarter included the commissioning of a 2 million metric tonnes per annum (MMTPA) grinding unit at Limla, Surat, which reinforces the company's manufacturing presence in Western India.
Sustainability initiatives advanced during the period through a partnership with CleanMax to build a 46.4 MW wind-solar hybrid renewable energy project in Rajasthan, designed to improve energy mix and secure long-term power cost efficiencies.
01 · Business model
What does Nuvoco Vistas Corporation do?
Nuvoco Vistas Corporation Limited is a prominent building materials company in India, operating across three core segments: Cement, Ready-Mix Concrete (RMX), and Modern Building Materials (MBM). It holds a leading market position in East India, alongside established footprints in North and West India.
The company's cement portfolio includes well-known brands such as Concreto, Duraguard, Double Bull, PSC, Nirmax, and Infracem, covering Ordinary Portland Cement (OPC), Portland Slag Cement (PSC), Portland Pozzolana Cement (PPC), and Portland Composite Cement (PCC).
Nuvoco’s RMX division maintains a pan-India presence with specialized offerings like Concreto, Artiste, InstaMix, X-Con, and Ecodure. Its Modern Building Materials segment markets construction chemicals, tile adhesives, wall putty, and cover blocks under the 'Zero M' brand.
Innovation and product development are anchored by the NABL-accredited Construction Development and Innovation Centre (CDIC) based in Mumbai, which identifies market gaps to formulate customer-centric building solutions.
02 · Historical context
What shaped the business before this quarter
Nuvoco commenced operations in 2014 with a greenfield cement plant in Nimbol, Rajasthan, which initially operated with a cement capacity of 2.3 MMTPA.
The company expanded its regional footprint through key acquisitions, notably integrating Lafarge India Limited (which entered India in 1999) and Emami Cement Ltd. in 2020.
The company further broadened its operational scope by acquiring Vadraj Cement Limited in April 2025, adding strategic assets to its portfolio.
Marking its tenth anniversary in the cement business, Nuvoco has grown its operational network across multiple market cycles and positioned itself toward a capacity target of 35 MMTPA by FY28.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹2,789.97 Cr | ₹3,128.71 Cr |
| Total income | ₹2,792.80 Cr | ₹3,132.32 Cr |
| Profit before tax | ₹108.00 Cr | ₹276.02 Cr |
| Profit after tax | ₹64.79 Cr | ₹159.63 Cr |
| EPS | ₹1.81 | ₹4.47 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 2.3% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 3.9% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹2.83 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The company recorded a consolidated cement sales volume of 4.7 MMT in Q2 FY27, representing a 9% year-on-year volume expansion.
Management highlighted that an increased focus on premium product categories helped protect revenue generation and cushion realizations despite broader industry pricing pressures.
Fine-tuning the geographic distribution of dispatches enabled the company to navigate regional demand shifts and support top-line resilience.
What drove margins
The newly partnered 46.4 MW wind-solar hybrid project in Rajasthan aims to supply approximately 100 million units of renewable electricity annually, fostering long-term cost certainty and structural power-cost savings.
05 · Demand, customers & order book
Where demand is coming from
Nuvoco products continue to supply major national projects including the Mumbai-Ahmedabad Bullet Train, the Birsa Munda Hockey Stadium in Rourkela, Science City Aquatic Gallery in Ahmedabad, and various metropolitan metro rail networks.
06 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
The commissioning of the Limla grinding unit in Surat consolidates market delivery capabilities in Western India, complementing established positions in East and North India.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company successfully commissioned a 2 MMTPA grinding unit at Limla, Surat, during the quarter, expanding operational grinding capacity in Western India.
Total cement manufacturing capacity is on track to reach 35 MMTPA by FY2028, supported by ongoing organic and inorganic expansion projects.
Projects, capex and execution
Execution of the remaining modules of the Vadraj Cement project at Kutch and Sachana is reported to be proceeding according to planned timelines following the Limla milestone.
08 · Reported developments
What changed operationally
Achieved 9% YoY volume growth (4.7 MMT) alongside an 11% YoY increase in EBITDA to Rs. 411 crore and a 78% YoY jump in reported PAT to Rs. 65 crore, as stated in company earnings releases.
Successful commissioning of the 2 MMTPA Limla grinding plant demonstrates strong project execution capabilities and validates timelines for remaining Vadraj modules.
09 · Management guidance & targets
What management is targeting from here
Management reaffirmed its strategic trajectory to scale total cement capacity to 35 MMTPA by FY2028.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Decade of Operations
Nuvoco celebrated ten years in the cement sector, expanding from a single 2.3 MMTPA plant in Nimbol in 2014 to a diversified multi-segment building materials producer.
11 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue shifted from Rs. 3,128.71 crore in Q1 FY27 to Rs. 2,789.97 crore in Q2 FY27, while PAT moderated from Rs. 159.63 crore to Rs. 64.79 crore.
12 · Key Q&A
The quarter, answered directly
What does Nuvoco Vistas Corporation do?
Nuvoco Vistas Corporation Limited is a prominent building materials company in India, operating across three core segments: Cement, Ready-Mix Concrete (RMX), and Modern Building Materials (MBM). It holds a leading market position in East India, alongside established footprints in North and West India.
What is the clearest takeaway from Q2 FY27?
During the second quarter of fiscal 2027, Nuvoco Vistas achieved a consolidated cement sales volume of 4.7 million metric tonnes (MMT), marking a 9% volume increase compared to the same period in the previous year.
What drove revenue or demand?
The company recorded a consolidated cement sales volume of 4.7 MMT in Q2 FY27, representing a 9% year-on-year volume expansion.
What mattered most for margins or profitability?
The newly partnered 46.4 MW wind-solar hybrid project in Rajasthan aims to supply approximately 100 million units of renewable electricity annually, fostering long-term cost certainty and structural power-cost savings.
What changed operationally beyond the headline numbers?
The company successfully commissioned a 2 MMTPA grinding unit at Limla, Surat, during the quarter, expanding operational grinding capacity in Western India.
What is management guiding or targeting from here?
Management reaffirmed its strategic trajectory to scale total cement capacity to 35 MMTPA by FY2028.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Renewable Energy Integration: Track the operationalization timeline of the CleanMax 46.4 MW wind-solar hybrid project in Rajasthan and its subsequent impact on power costs.
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