#NuvocoVistas #QuarterlyResults #CementIndustry #EBITDA #FinancialPerformance #BuildingMaterials #CementGrowth #Premiumisation #Concreto #Duraguard #EastExpansion #VadrajCement
- Cement volume for Q2 FY26 at 4.3 MMT; Premiumisation reaching an all-time high of 44%
- Deleveraging initiative continued with like-to-like1 Net debt reduction of Rs. 1,009 Cr. YoY to Rs. 3,492 Cr.
- Refurbishment activities and project execution at Vadraj Cement Ltd. are on schedule; alongside the East expansion capacity to reach 35 MMTPA by FY27
Mumbai: Nuvoco Vistas Corp. Ltd., one of India’s leading building materials companies and the fifth-largest cement producer by capacity, has announced its financial results for the second quarter of FY26, posting a strong all-round performance that underscores its structural growth trajectory and disciplined deleveraging strategy.
The company reported a consolidated EBITDA of ₹371 crore, marking an all-time high for the second quarter, backed by improved volumes, enhanced operational efficiency, and a higher share of premium products. Consolidated revenue from operations grew 8% year-on-year (YoY) to ₹2,458 crore during Q2 FY26, while cement sales volumes stood at 4.3 million metric tonnes (MMT).
Nuvoco’s premiumisation strategy — which focuses on strengthening its branded and value-added product portfolio — continues to pay off, with premium products contributing 44% of trade volumes, the highest ever in the company’s history. This milestone demonstrates the growing acceptance and trust in Nuvoco’s flagship brands, Concreto and Duraguard, which have become synonymous with superior quality and innovation in India’s construction materials market.
Steady Capacity Growth and Project Expansion
The company remains on a robust growth path, underpinned by a series of capacity expansion and efficiency enhancement initiatives. Following its acquisition of Vadraj Cement Ltd., Nuvoco is in the process of refurbishing the plant’s manufacturing facilities, with operationalisation targeted for Q3 FY27. The project, according to the company, is progressing as per schedule and will significantly bolster its presence in western India.
In parallel, the company has embarked on an ambitious East India capacity expansion project, which will add 4 MMT per annum in a phased manner between December 2025 and March 2027. The expansion plan is well-aligned with Nuvoco’s strategy to enhance geographic reach and cost competitiveness.
Key infrastructure projects — including the completion of railway sidings at Sonadih Cement Plant and Odisha Cement Plant — will further enable the company to serve regional markets more efficiently. With these expansions, Nuvoco’s total cement capacity is set to reach 35 MMT per annum by FY27, positioning it among the top integrated cement manufacturers in India.
Debt Reduction and Financial Discipline
Nuvoco continued its deleveraging journey, reinforcing its focus on balance sheet strength and prudent capital management. As of Q2 FY26, the company achieved a like-to-like net debt reduction of ₹1,009 crore YoY, bringing total net debt down to ₹3,492 crore.
The company’s proactive financial strategy has been central to its ability to fund organic growth while maintaining financial stability. The consistent debt reduction reflects management’s emphasis on cash flow optimisation, disciplined capital expenditure, and improved working capital efficiency.
Sustainability and Carbon Leadership
Nuvoco remains at the forefront of the Indian cement industry’s sustainability drive. The company recorded carbon emissions of 453.8 kg CO₂ per ton of cementitious material, one of the lowest in the industry. This achievement underscores its commitment to sustainable manufacturing practices and alignment with India’s national goals for carbon neutrality and circular economy.
The company’s continued investment in alternative fuels, waste heat recovery systems, and the development of low-carbon cement products further cements its leadership position in green building solutions.
Management Commentary: Confidence in Structural Growth
Commenting on the quarterly performance, Mr. Jayakumar Krishnaswamy, Managing Director of Nuvoco Vistas Corp. Ltd., expressed confidence in the company’s growth trajectory despite external challenges.
“Despite macro headwinds such as an extended monsoon, GST rate adjustments, and early festive disruptions, the company has delivered an improved performance supported by disciplined execution and a strong focus on premiumisation,” he said. “Our efforts have resulted in the highest-ever second-quarter consolidated EBITDA, highlighting the resilience of our business model.”
He further added:
“The refurbishment of the Vadraj Cement Plant is progressing as planned and will strengthen our footprint in the Western region. Meanwhile, our East expansion will position Nuvoco to capture rising demand across key markets including Uttar Pradesh, Madhya Pradesh, Andhra Pradesh, Telangana, Maharashtra, and the North-East. We will continue to focus on premiumisation, geo-optimisation, and cost efficiency to reinforce our competitive advantage.”
Strategic Outlook
Looking ahead, Nuvoco Vistas is poised for sustained growth, backed by operational excellence, a diversified market footprint, and a strong product portfolio. The continued momentum in infrastructure, housing, and urban development projects across India is expected to fuel cement demand in the coming quarters.
With the completion of ongoing projects and the ramp-up of newly acquired and refurbished assets, the company is set to expand its production base, enhance margins, and maintain its leadership in sustainable and value-driven growth.
Nuvoco’s second-quarter results reaffirm the company’s strong fundamentals, prudent financial management, and unwavering commitment to innovation and sustainability — setting the stage for a stronger performance in the second half of FY26.
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