Volume (FY26)
20.4M tons
+5.2% YoY
Highest ever annual volume for the company.
NUVOCOVISTAS
Other
28 Apr 2026
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
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.
Management Guidance
Capex of ₹900 crore for FY27 and ₹960 crore for FY28
Capital expenditure primarily for the Badra cement project and east expansion.
capexVolume growth target of 7-9% in FY27
Management targets to grow in line with industry, supported by government capex and housing schemes.
growthBadra project commissioning in phases from Q3 FY27 to Q1 FY28
Clinker and grinding units at Badra to be commissioned as per schedule.
expansionDebt-to-EBITDA target of 2-2.5x by FY28
Management aims to maintain leverage within this range despite higher capex.
otherKey Risks
Further cost inflation from fuel and packaging
Petcoke and granular costs may rise further due to geopolitical tensions, impacting margins.
high · management_commentaryBag availability and rail rake shortages
Shortage of packaging bags and rail rakes could constrain volume growth in near term.
high · analyst_questionInability to fully pass on cost increases
Price hikes taken may not fully offset the ₹200/ton cost inflation, pressuring EBITDA margins.
medium · data_observationDemand weakness in certain pockets
Some markets outside core east region are showing weak demand, which could affect overall growth.
medium · management_commentaryNotable Quotes
We ended the year on a high note and delivered the strongest annual performance for Nuvoco.
I am fairly confident that the price hikes which we have taken will stay put in the near term.
We will not drop price to increase market share... that's not in the DNA of the organization.