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Further cost inflation from fuel and packaging
View Risks →Nuvoco Vistas Corporation Ltd — Q4 FY26
Nuvoco Vistas delivered its strongest annual performance in FY26, with record volumes of 20.4 million tons and EBITDA of ₹1,881 crore.
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Nuvoco Vistas delivered its strongest annual performance in FY26, with record volumes of 20.4 million tons and EBITDA of ₹1,881 crore. Q4 was a landmark quarter, achieving 6 million tons in volume and quarterly EBITDA of ₹580 crore. The premium mix expanded by 300 bps to 43%. However, the outlook is clouded by significant cost headwinds: petcoke prices have risen sharply, and packaging costs are up ~₹100/ton due to granular shortages. Management has taken price hikes of ₹8-12/bag in trade and ₹10-15/bag in non-trade across markets, but these only partially offset the estimated ₹200/ton cost inflation. The Badra cement project remains on schedule for phased commissioning from Q3 FY27. Key risks include further escalation in fuel and packaging costs, and potential demand disruption from bag shortages and rail availability issues.
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Volume (FY26)
20.4M tons
+5.2% YoY
Highest ever annual volume for the company.
Premium Mix (FY26)
43%
+300bps YoY
Industry-leading premium product share expanded.
Blended Fuel Cost (Q4)
₹1.44/Mcal
flat QoQ
Fuel cost stable in Q4 but expected to rise to ₹1.51-1.55 in Q1 FY27.
Petcoke Share (Q4)
37%
target -300-500bps
Company plans to reduce petcoke share to mitigate cost inflation.
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Guidance and risk preview
Capital expenditure primarily for the Badra cement project and east expansion.
Petcoke and granular costs may rise further due to geopolitical tensions, impacting margins.
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