Volume Growth Target
Targeting mid-7-8% volume growth aligned with ~78% market growth capture, with incremental volumes from Gujarat where Q4 annualized run-rate expected to reach 2M tons.
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Nuvoco Vistas Corporation · forward-looking guidance across the available source record.
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growth
Q2 Cost Inflation Guidance
Expect ~100 rupees per ton cost increase in Q2 vs Q1 due to power cost rise from planned kiln/VRM shutdowns (40-50 rupees), offset partially by bag cost reduction (~20-25 rupees) and stable fuel.
FY27 Capex Budget
FY27 capex maintained at 900 crore with 370 crore already spent in Q1; FY28 capex expected in 950-1,000 crore range (give or take 1,020 crore) including Satana bulk terminal.
Gujarat EBITDA Parity Timeline
Gujarat operations modeled to achieve EBITDA per ton equal to North India operations by Year 2-3 of launch, with current contribution margins already competitive with major Gujarat players.
Industry Demand Growth: 7-8% for Q4 FY26
Management expects Q4 cement industry demand to grow at 7-8% YoY based on improved macro conditions, government capex momentum, and rural demand recovery. December witnessed strong volume momentum.
Premiumization Target: +200bps annually for 2-3 years
Company targets to increase premium product share by 200 basis points annually for the next 2-3 years through Concreto, Concreto Uno, and Duragard Microfiber expansion in new markets.
Vadrāj Ramp-up: 1-2-3-4 Million Ton Plan
FY26 exit at 1 million ton annualized in Gujarat; FY27 to reach 2 million; FY28 to reach 3 million; FY29 to reach 4 million ton sales. Sur grinding unit operationalizes in H1 FY27, Kutch clinker in FY27, Kutch grinding in H1 FY28.
FY26-28 Capex Framework: ₹620-670cr / ₹1,000-1,100cr / ₹650-700cr
FY26 capex ₹620-670 crore (9M spend: ₹320 crore; balance Q4: ₹200 crore). FY27 capex ₹1,000-1,100 crore including Vadrāj. FY28 capex ₹650-700 crore for remaining Vadrāj and routine maintenance.