NUVOCO Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹2,701 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹386 Cr
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Nuvoco Vistas delivered a robust Q3 FY26 with 5 million tons volume (+7% YoY), the highest Q3 in company history, driven by strong December execution (+20%). EBITDA surged ~50% YoY to ₹386 crores despite price headwinds from revised GST rates. The company achieved its lowest blended fuel cost in 17 quarters at ₹1.41/million cal, with petcoke usage reduced from 48% to 41%. Premium product share sustained at historic high of 44% of trade volumes. Management raised prices in January (10th-12th) across non-trade and selected trade channels, awaiting sustainability confirmation. Vadrāj plant commissioning remains on schedule (clinker Q3 FY27, grinding Q1 FY28) with total capacity targeting 35 million tons. FY26 capex guidance is ₹620-670 crore; FY27 capex seen at ₹1,000-1,100 crore. Cost discipline through AFR initiatives, domestic coal substitution, and logistics optimization (lead distance reduced to 326 km) offset input inflation. Risks include petcoke price volatility, Vadrāj ramp-up costs, and north region capacity tightness near utilization limits. FY27-28 growth supported by east expansion and Vadra capacity de-bottlenecking.
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Guidance to track
- 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.
- 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.
- 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 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.
Risks flagged
- Petcoke prices increased in December and January. While management indicated Q4 fuel cost should remain around ₹1.41/million cal through AFR substitution, domestic coal usage, and inventory (1-2 months stock), any significant further price spike could pressure margins industry-wide.
- Analyst pressed on CCD terms (remaining ₹600 crore placement) including conversion price, implied interest rate, and payout structure at fifth-year call option. Management deflected saying details would be shared offline and are in public domain, but specific conversion mechanics remain unclear.
- Railway siding from Vgot station to plant (4.5 km) targeted for June FY28 completion. Management acknowledged possibility of small delays in large project, with Nalia route and jetty as fallback. Monsoon period logistics may see lower utilization until full connectivity operational.
- North plants (Chittorgarh, Nimbol) operating at near full capacity utilization in Q4. Limited ability to service additional demand from north markets until Vadrāj commissioning frees up capacity. May constrain volume growth in near term.
Key quotes
- Volumes grew 7% year on year to 5 million tons, the highest Q3 volumes ever recorded in our company's history. December was particularly strong with volume growth of 20% demonstrating our strong execution capabilities and the resilience of underlying demand.
- Our premium product sustained their share of trade volumes at a historic high of 44% marking the consecutive quarter at this elevated level. We have consistently expanded our premium base over time. For the 9 months of FY26, premium stood at 43% reflecting a steady uplift of nearly 300 basis points over the FY25 baseline of 40%.
- We continue to work on three aspects: AFR agenda in north plants; using domestic open market coal for the first time in many years in north plants; reducing petcoke consumption from high of 48% to 41% now. With this petcoke substitution, we would be able to offset the rise in petcoke prices.
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