Nuvoco Vistas Corporation logo

Nuvoco Vistas Corporation

NUVOCO NSE

Key Fundamentals

MicrocapCementConstruction
Market Cap
₹11,684 Cr
Volatility
Moderate
P/E Ratio
30.57
EBITDA
₹1,881 Cr
Return on Equity
3.52%
Debt to Equity
0.53
Book Value
₹261.58
EPS
₹3.8
52W High
₹456.3
52W Low
₹276.25

Tapetide Score

Data-driven rating, 0–100. How it works →

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

Revenue Growth
9.51% higher than 3Y
Net Income Growth
—
Cash Flow Change
11.79% higher than 3Y
ROE
—
ROCE
56.3% higher than 3Y
EBITDA Margin (Avg.)
23.42% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 39d ago
AI opinion · based on fundamentals
Risk high

Nuvoco 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.

Bull Case 7
  • 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
Bear Case 8
  • 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 anthropic claude-opus-4.6 35d ago
Headwinds 1
  • 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.

Positives 4
  • 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.

Neutral 6
  • 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

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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69 extracted metrics + investor summaries across FY17–FY27.

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Shareholding Pattern

Others0.71%Promot.72.02%Public4.57%FIIs4.71%DIIs17.99%As ofJun 2026

Documents

Frequently Asked Questions about Nuvoco Vistas Corporation

What does Nuvoco Vistas Corporation Ltd do?
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, d...
Where is Nuvoco Vistas Corporation Ltd (NUVOCO) listed?
Nuvoco Vistas Corporation Ltd trades as NUVOCO on the NSE and under code 543334 on the BSE.
Which sector does Nuvoco Vistas Corporation Ltd belong to?
Nuvoco Vistas Corporation Ltd is classified under the Construction sector, in the Cement industry.
What is the market capitalisation of Nuvoco Vistas Corporation Ltd?
Nuvoco Vistas Corporation Ltd has a market capitalisation of ₹11,684 Cr, which places it in the Mid Cap band.
What is the PE ratio of Nuvoco Vistas Corporation Ltd?
Nuvoco Vistas Corporation Ltd trades at a PE ratio of 30.57, on earnings per share of ₹3.8, against a book value of ₹261.58 per share.
What is the 52-week high and low of Nuvoco Vistas Corporation Ltd?
Over the last 52 weeks Nuvoco Vistas Corporation Ltd has traded between ₹276.25 and ₹456.3.
What is the Return on Equity (ROE) of Nuvoco Vistas Corporation Ltd?
Nuvoco Vistas Corporation Ltd reported a return on equity of 3.52%. Its debt-to-equity ratio is 0.53.

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]

Website nuvoco.com
Listed 2021-08-23
Face Value ₹ 10
Issued Size 35,71,56,153

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