NUVOCO
Nuvoco Vistas Corporation share price & financials
- Price
- ₹348.75
- Market cap
- ₹12.4k Cr
- Sector
- Construction Materials
- Calls analysed
- 7
Nuvoco Vistas Corporation Limited Q1 FY27
What went well
- Volume grew by 5% YoY to 5.3 million tons, achieving the highest-ever first quarter volume.
- EBITDA increased by 7% YoY to INR572 crores, also a Q1 record.
- Vadraj (Surat) 2 MTPA grinding capacity was inaugurated ahead of schedule on July 11, 2026, marking the first capacity expansion in the Western region.
What to watch
- Macro headwinds including geopolitical tensions, West Asia conflict, and logistical constraints (railway rakes, diesel/truck shortages) impacted Q1 operations.
- Power and fuel cost is expected to increase by approximately INR30-40/ton in Q2 due to planned kiln and mill shutdowns for maintenance.
What Nuvoco Vistas Corporation Limited does
Nuvoco Vistas is an integrated building-materials manufacturer operating in three segments: Cement, Ready-Mix Concrete (RMX) and Modern Building Materials (MBM). It manufactures Ordinary Portland Cement, Portland Slag Cement, Portland Pozzolana Cement and Portland Composite Cement under franchise brands such as Concreto, Duraguard, Double Bull, Nirmax and Infracem, distributed through a network of dealers, sub-dealers and CFA agents. Its RMX business supplies ready-mix concrete to developers, contractors and government bodies, while MBM sells construction chemicals, tile adhesives, waterproofing compounds and wall putty under the Zero M brand. Integrated cement units run captive power plants and waste-heat-recovery systems, and raw material security is backed by owned limestone mines.
Segments
- Cement
- Ready-Mix Concrete (RMX)
- Modern Building Materials (MBM)
- Market position
- Fifth-largest cement group in India
- Operational cement capacity
- 25 MMTPA
- Operational clinker capacity
- 13.5 MMTPA
- Cement plants
- 11
- Ready-Mix Concrete plants
- 58
- Regional sales offices
- 16
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 3 delivered 1 missed 17 open- Net Debt Target delivered said Q2 FY25 Promised: Reduce Net Debt to ₹3,500 - ₹4,000 crores by Q4 FY25 Q1 FY27: Promise remains achieved. Net debt is now ₹4,595 crores as of Q1 FY27.
- FY25 Volume Growth went quiet said Q2 FY25 Promised: Achieve 4% volume growth for FY25 Q1 FY27: Promise remains unaddressed and is obsolete.
- Vadraj Operationalization CAPEX revised up said Q3 FY25 Promised: ₹900 - ₹1,200 crores over 18-24 months Q1 FY27: FY27 capex guidance of ₹900cr reiterated. FY28 capex guidance slightly revised to ₹950-1000cr from ₹960cr. The total Vadraj capex remains significantly higher than the original target.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 8.9%, net profit up 20.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,269 | 2,409 | 3,042 | 2,873 | 2,458 +8% | 2,701 +12% | 3,307 +9% | 3,129 +9% |
| EBITDA | 219 | 258 | 552 | 519 | 367 +68% | 384 +49% | 588 +7% | 568 +9% |
| Net profit | -85 | -61 | 166 | 133 | 36 +142% | 49 +180% | 141 −15% | 160 +20% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −25.4% 1Y
1Y: ₹442.45 on 10 Sept 2025 → ₹330.15. High ₹450.6 (24 Sept 2025), low ₹281.1 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +7.9%
- 14 Jul
- Q4 FY26
- −0.6%
- 15 Apr
- Q3 FY26
- −1.2%
- 16 Jan
- Q2 FY26
- +2.0%
- 16 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 2.3% a year over 3 years, FY23 to FY26. Operating margin widened to 16.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹10.6k Cr | ₹10.7k Cr | ₹10.4k Cr | ₹11.3k Cr |
| Operating profit | ₹1.2k Cr | ₹1.6k Cr | ₹1.4k Cr | ₹1.9k Cr |
| Operating margin | 11.4% | 15.1% | 13.2% | 16.4% |
| Interest | ₹512 Cr | ₹533 Cr | ₹498 Cr | ₹399 Cr |
| Depreciation | ₹952 Cr | ₹919 Cr | ₹868 Cr | ₹884 Cr |
| Net profit | ₹16 Cr | ₹147 Cr | ₹23 Cr | ₹359 Cr |
| Net margin | 0.2% | 1.4% | 0.2% | 3.2% |
| ROCE | 2.0% | 5.0% | 4.0% | 7.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹315 Cr | ₹357 Cr | ₹357 Cr | ₹357 Cr | ₹357 Cr | ₹357 Cr |
| Reserves | ₹7.0k Cr | ₹8.5k Cr | ₹8.5k Cr | ₹8.6k Cr | ₹8.8k Cr | ₹9.0k Cr |
| Borrowings | ₹7.8k Cr | ₹5.6k Cr | ₹4.8k Cr | ₹4.4k Cr | ₹5.8k Cr | ₹4.9k Cr |
| Other liabilities | ₹4.8k Cr | ₹5.2k Cr | ₹5.4k Cr | ₹5.3k Cr | ₹5.1k Cr | ₹6.0k Cr |
| Total liabilities | ₹19.9k Cr | ₹19.6k Cr | ₹19.0k Cr | ₹18.7k Cr | ₹20.1k Cr | ₹20.3k Cr |
| Fixed assets | ₹15.0k Cr | ₹15.4k Cr | ₹15.0k Cr | ₹15.0k Cr | ₹14.8k Cr | ₹14.5k Cr |
| Capital work in progress | ₹1.2k Cr | ₹399 Cr | ₹596 Cr | ₹488 Cr | ₹1.9k Cr | ₹2.7k Cr |
| Investments | ₹384 Cr | ₹186 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹3.2k Cr | ₹3.6k Cr | ₹3.4k Cr | ₹3.2k Cr | ₹3.3k Cr | ₹3.1k Cr |
| Total assets | ₹19.9k Cr | ₹19.6k Cr | ₹19.0k Cr | ₹18.7k Cr | ₹20.1k Cr | ₹20.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −1.10 pp while FIIs added +0.89 pp. The shareholder count shrank 7% to 1,79,030.
- Promoters
- 72.0%
- FIIs
- 4.7%
- DIIs
- 18.0%
- Public
- 5.3%
Since Jun 2025
- DIIs −1.10 pp
- FIIs +0.89 pp
- Public +0.21 pp
How it drifted, 12 quarters
Over this window DIIs fell from 20.0% to 18.0% — −2.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 71.8%, FIIs 3.1%, DIIs 20.0%, Public 5.1%.Dec '23: Promoters 71.8%, FIIs 3.0%, DIIs 20.0%, Public 5.2%.Mar '24: Promoters 72.0%, FIIs 3.4%, DIIs 18.6%, Public 6.0%.Jun '24: Promoters 72.0%, FIIs 3.5%, DIIs 18.5%, Public 6.0%.Sep '24: Promoters 72.0%, FIIs 3.2%, DIIs 18.9%, Public 5.9%.Dec '24: Promoters 72.0%, FIIs 3.4%, DIIs 19.3%, Public 5.3%.Mar '25: Promoters 72.0%, FIIs 3.5%, DIIs 19.4%, Public 5.1%.Jun '25: Promoters 72.0%, FIIs 3.8%, DIIs 19.1%, Public 5.1%.Sep '25: Promoters 72.0%, FIIs 5.2%, DIIs 18.1%, Public 4.7%.Dec '25: Promoters 72.0%, FIIs 5.0%, DIIs 18.1%, Public 4.9%.Mar '26: Promoters 72.0%, FIIs 4.9%, DIIs 18.4%, Public 4.8%.Jun '26: Promoters 72.0%, FIIs 4.7%, DIIs 18.0%, Public 5.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Contra Fund Mutual fund newly disclosed 6.48% held
- Tata Infrastructure Fund Mutual fund newly disclosed 1.05% held
- ICICI Prudential Infrastructure Fund Mutual fund +0.22 pp 3.15% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Nuvoco Vistas Corporation Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Niyogi Enterprise Private Limited | 60.16% | unchanged |
| Hiren Karsanbhai Patel | 9.36% | unchanged |
| SBI Contra Fund Mutual fund | 6.48% | newly disclosed |
| HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund | 5.84% | unchanged |
| ICICI Prudential Infrastructure Fund Mutual fund | 3.15% | +0.22 pp |
| Rakesh Karsanbhai Patel | 2.33% | unchanged |
| Tata Infrastructure Fund Mutual fund | 1.05% | newly disclosed |
| Keyuriben Rakeshbhai Patel | 0.09% | unchanged |
| Rajalben H Patel | 0.08% | unchanged |
| Aculife Healthcare Private Limited | 0.00% | unchanged |
| Hemil Hiren Patel | 0.00% | unchanged |
| Dhruvil Hiren Patel | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in NUVOCO
Filings to Aug 2026
0 new, 5 added, 2 trimmed, 0 sold out — net −5.11 L shares (−1.2%).
- Held by funds
- ₹1.4k Cr
- 13 schemes
- Biggest holder
- HDFC Flexi Cap Fund
- ₹606 Cr · 0.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹606 Cr | +0.88 L | Oct '24 |
| SBI Contra Fund SBI Mutual Fund | ₹267 Cr | held | May '23 |
| SBI Flexicap Fund SBI Mutual Fund | ₹250 Cr | held | Aug '21 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹179 Cr | held | Aug '21 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹73 Cr | held | Feb '26 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹38 Cr | held | Feb '26 |
| SBI Comma Fund SBI Mutual Fund | ₹19 Cr | held | Sep '24 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹5 Cr | +0.02 L | Sep '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 2 trimmed — net −5.11 L shares (−1.2%)
- Funds are sitting on
- -10%
- vs est. average cost
- Held by funds
- ₹1.4k Cr
- 13 schemes · ≈ 12% of the company
- Biggest holder
- HDFC Flexi Cap Fund
- ₹606 Cr · 0.6% of that fund
- Longest holder
- SBI Flexicap Fund
- 5y 1m · since Aug '21
Shares held by these funds +74%
Aug '23 4.41 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Nuvoco Vistas Corporation Limited
Guides on how to read this kind of business and the numbers that matter.