- Home
- Results news
- Nuvoco Vistas Corporation
- Q2 FY27 results
Nuvoco Vistas Corporation Q2 FY27 results: net profit up 77.8% to ₹64.79 crore, revenue up 13.5%
Nuvoco Vistas Corporation Limited reported consolidated revenue of ₹2,790 crore in Q2 FY27, up 13.5% from a year earlier but down 10.8% from Q1 FY27. EBITDA rose to ₹408.30 crore, while profit after tax increased to ₹64.79 crore and basic EPS to ₹1.81, although both were lower than in the previous quarter.
Key points
- Consolidated revenue was ₹2,790 crore in Q2 FY27, up 13.5% from Q2 FY26 but down 10.8% from Q1 FY27.
- EBITDA was ₹408.30 crore at a 14.6% margin, up 11.3% year on year and down from the 18.2% margin in Q1 FY27.
- Profit after tax was ₹64.79 crore, up 77.8% from Q2 FY26 but down 59.4% from Q1 FY27; basic EPS was ₹1.81.
- For H1 FY27, revenue was ₹5,918.68 crore and profit after tax was ₹224.42 crore, up 11.0% and 32.3%, respectively, from H1 FY26.
- Borrowings stood at ₹5,204.2 crore on 30 September 2026, against ₹4,540.77 crore on 31 March 2026.
How did Nuvoco Vistas Corporation perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹2,790 crore, up ₹332.40 crore or 13.5% from ₹2,458 crore in Q2 FY26 but down ₹338.74 crore or 10.8% from ₹3,129 crore in Q1 FY27. EBITDA rose ₹41.31 crore or 11.3% year on year to ₹408.30 crore, but fell ₹159.94 crore or 28.1% from Q1 FY27. The EBITDA margin was 14.6%, against 14.9% a year earlier and 18.2% in the preceding quarter.
Profit before tax was ₹108 crore, up ₹56.82 crore or 111.0% from ₹51.18 crore in Q2 FY26 but down ₹168.02 crore or 60.9% from ₹276.02 crore in Q1 FY27. Net profit was ₹64.79 crore, up ₹28.36 crore or 77.8% year on year and down ₹94.84 crore or 59.4% from the previous quarter. Basic EPS rose to ₹1.81 from ₹1.02 a year earlier and fell from ₹4.47 in Q1 FY27.
On the standalone basis, revenue was ₹2,525.11 crore and profit after tax was ₹54.99 crore. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, with limited review reports attached to the filing.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,790 | 3,129 | 2,458 | +13.5% | −10.8% |
| Other income | 2.83 | 3.61 | 3.88 | −27.1% | −21.6% |
| Total expenses | 2,685 | 2,856 | 2,410 | +11.4% | −6.0% |
| EBITDA | 408.30 | 568.24 | 366.99 | +11.3% | −28.1% |
| EBITDA margin | 14.6% | 18.2% | 14.9% | −0.3 pp | −3.6 pp |
| Profit before tax | 108 | 276.02 | 51.18 | +111.0% | −60.9% |
| Tax | 43.21 | 116.39 | 14.75 | +192.9% | −62.9% |
| Net profit | 64.79 | 159.63 | 36.43 | +77.8% | −59.4% |
| EPS (₹) | 1.81 | 4.47 | 1.02 | +77.5% | −59.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Nuvoco Vistas Corporation's costs and profit?
Total expenses were ₹2,685 crore in Q2 FY27, up ₹274.53 crore or 11.4% from ₹2,410 crore in Q2 FY26. Cost of materials increased by ₹94.80 crore or 24.1% to ₹487.89 crore, employee cost rose by ₹21.85 crore or 12.3% to ₹200.12 crore, depreciation increased by ₹13.12 crore or 6.0% to ₹231.25 crore, and other expenses rose by ₹187.89 crore or 12.7% to ₹1,670 crore. Finance costs fell by ₹29.68 crore or 29.2% to ₹71.88 crore.
Other income declined by ₹1.05 crore or 27.1% to ₹2.83 crore from ₹3.88 crore a year earlier. There was no exceptional item. Tax expense increased by ₹28.46 crore or 192.9% to ₹43.21 crore, while profit before tax rose by ₹56.82 crore and net profit increased by ₹28.36 crore. The filing did not state a reason for the year-on-year cost changes.
Against Q1 FY27, total expenses fell by ₹171.50 crore or 6.0%, mainly as other expenses decreased by ₹171.01 crore or 9.3%. Cost of materials rose by ₹24.01 crore or 5.2%, employee cost by ₹3.07 crore or 1.6%, finance costs by ₹1.60 crore or 2.3%, and depreciation by ₹5.70 crore or 2.5%. Other income fell by ₹0.78 crore or 21.6%, and tax fell by ₹73.18 crore or 62.9% to ₹43.21 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 487.89 | 393.09 | +94.80 | +24.1% |
| Employee cost | 200.12 | 178.27 | +21.85 | +12.3% |
| Finance costs | 71.88 | 101.56 | −29.68 | −29.2% |
| Depreciation | 231.25 | 218.13 | +13.12 | +6.0% |
| Other expenses | 1,670 | 1,482 | +187.89 | +12.7% |
| Total expenses | 2,685 | 2,410 | +274.53 | +11.4% |
| Other income | 2.83 | 3.88 | −1.05 | −27.1% |
| Tax | 43.21 | 14.75 | +28.46 | +192.9% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹5,918.68 crore, up ₹588.41 crore or 11.0% from ₹5,330.27 crore in H1 FY26. Total income increased ₹576.17 crore or 10.8% to ₹5,925.12 crore, while profit before tax rose ₹131.24 crore or 51.9% to ₹384.02 crore.
Profit after tax for the first half was ₹224.42 crore, compared with ₹169.59 crore in H1 FY26, an increase of ₹54.83 crore or 32.3%. Basic EPS increased by ₹1.53 or 32.2% to ₹6.28 from ₹4.75 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,919 | 5,330 | +11.0% |
| Profit before tax | 384.02 | 252.78 | +51.9% |
| Net profit | 224.42 | 169.59 | +32.3% |
| EPS (₹) | 6.28 | 4.75 | +32.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹21,399.6 crore, against ₹20,299.02 crore on 31 March 2026. Total equity rose to ₹10,450.8 crore from ₹10,228.77 crore, while borrowings increased to ₹5,204.2 crore from ₹4,540.77 crore. Cash and cash equivalents stood at ₹176.43 crore, against ₹88.11 crore at the previous balance sheet date.
Inventories increased to ₹982.3 crore from ₹745.02 crore, trade receivables rose to ₹815.52 crore from ₹743.93 crore, and trade payables increased to ₹1,833.95 crore from ₹1,642.79 crore. H1 FY27 operating cash flow was ₹533.56 crore, compared with ₹586.21 crore in H1 FY26.
Investing cash flow was negative ₹790.06 crore in H1 FY27, compared with negative ₹1,914.13 crore a year earlier. Financing cash flow was positive ₹344.82 crore, against positive ₹1,370.23 crore in H1 FY26, while capital expenditure was ₹779.8 crore versus ₹1,923.81 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 21,400 | 20,299 |
| Total equity | 10,451 | 10,229 |
| Borrowings | 5,204 | 4,541 |
| Cash and equivalents | 176.43 | 88.11 |
| Inventories | 982.30 | 745.02 |
| Trade receivables | 815.52 | 743.93 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 533.56 | 586.21 |
| Cash from investing | −790.06 | −1,914 |
| Cash from financing | 344.82 | 1,370 |
| Capital expenditure | 779.80 | 1,924 |
Source: Company's results filing (XBRL).
How has Nuvoco Vistas Corporation done over the last 8 quarters?
Revenue rose year on year in each of the last seven quarters, while profit rose year on year in each of the last two quarters. Across the reported series, revenue peaked at ₹3,306.75 crore in Q4 FY26 and was lowest at ₹2,409.36 crore in Q3 FY25; the latest revenue was ₹2,789.97 crore in Q2 FY27.
The EBITDA margin reached 18.2% in Q1 FY27 and was lowest at 10.7% in Q3 FY25. Profit after tax was highest at ₹165.54 crore in Q4 FY25 and bottomed at a loss of ₹61.37 crore in Q3 FY25. In the latest quarter, revenue, profit and the EBITDA margin were lower than in Q1 FY27, although revenue and profit remained above their year-ago levels.
Which businesses drove the quarter?
Cement revenue was ₹2,510.07 crore in Q2 FY27, up 13.2% from ₹2,217.84 crore in Q2 FY26. Segment EBIT rose to ₹173.06 crore from ₹156.27 crore, and the reported EBIT margin was 6.9%.
Ready Mix Concrete and Others recorded revenue of ₹292.92 crore, up 13.6% from ₹257.74 crore a year earlier. Segment EBIT was ₹3.99 crore, compared with a loss of ₹7.41 crore in Q2 FY26, while the reported EBIT margin was 1.4%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Cement | 2,510 | +13.2% | 173.06 | 6.9% |
| Ready Mix Concrete and Others | 292.92 | +13.6% | 3.99 | 1.4% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results, together with limited review reports, for the quarter and half year ended 30 September 2026. The board meeting on 22 October 2026 began at 5:40 p.m. and concluded at 6:40 p.m.
The company also shared a presentation with the stock exchange as part of its investor communications. The same-day filings did not announce a dividend, a fund raise or any appointment.
What did Nuvoco Vistas Corporation's management say?
Management said Q3 FY27 blended fuel cost was expected to be INR1.80 per million kcal, compared with INR1.59 in Q2, while total cost inflation was expected at INR100-120 per ton. It expected average realisation improvement of about INR20 per ton from price actions taken in September and October. The Managing Director said, “The average INR20 price increase should totally defray the cost increase, and we'll have a delta benefit in realization in Q3 versus Q2.”
Management said Surat was targeted at 2 million tons of annualised volume and 50-60% utilisation in Q4 FY27, while Kutch was scheduled for phased operationalisation from Q3 FY27. The company also expected post-monsoon demand recovery across regions. The Managing Director said, “In this bargain, we took a conscious call to slightly delay the East expansion from Q3, Q4 FY27 to Q1, Q2 FY28.”
Management said net debt had crossed INR5,000 crore and was expected to return near its March FY27 level by year-end. It expected leverage of 2-2.5x EBITDA over 4-6 quarters. The Managing Director said, “our commitment is to find a way to get the net debt about two times EBITDA.” Management also identified petcoke prices, the East expansion delay, commissioning and clinker logistics at Surat and Kutch, and renewed Middle East conflict and monsoon disruption as risks.
How did Nuvoco Vistas Corporation shares react?
The filing appeared after market hours. Nuvoco Vistas Corporation shares were down 2.9% after five minutes, down 0.4% after 15 minutes and down 1.1% after 30 minutes from the price when the filing appeared. On the reaction day, the stock closed down 2.2% from the previous close of ₹338.45; by the next day’s close, it was up 0.5% from that pre-results close, and by the fifth session, it was down 5.7%.
| After the filing | Stock | Cement & Cement Products median |
|---|---|---|
| 5 minutes | −2.9% | |
| 15 minutes | −0.4% | |
| 30 minutes | −1.1% | |
| Reaction day | −2.2% | −1.7% |
| Next day | +0.5% | −0.8% |
| 5 days | −5.7% | −2.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 July 2026 | +6.2% |
| 14 April 2026 | −0.1% |
| 15 January 2026 | −0.7% |
| 15 October 2025 | −5.3% |
| 17 July 2025 | +2.4% |
| 1 May 2025 | +5.1% |
| 22 January 2025 | −0.2% |
| 23 October 2024 | +1.2% |
Source: MarketPing price-reaction measurement.
How did other Cement & Cement Products companies do?
Nineteen other Cement & Cement Products companies had filed for the quarter by 4 November 2026. Their median revenue growth was 11.0%, compared with Nuvoco Vistas Corporation’s year-on-year revenue growth of 13.5%. Of those peers, 10 grew slower than the company and 9 grew faster than the company.
Eight of the 19 peers reported higher profit, while profit was compared across all 19 peers.
| Nuvoco Vistas Corporation revenue growth (YoY) | +13.5% |
|---|---|
| Median of 19 other Cement & Cement Products companies | +11.0% |
| Companies with slower revenue growth than Nuvoco Vistas Corporation | 10 of 19 |
| Companies with faster revenue growth than Nuvoco Vistas Corporation | 9 of 19 |
| Companies whose net profit rose | 8 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Nuvoco Vistas Corporation's revenue in Q2 FY27?
Revenue from operations was ₹2,790 crore, up 13.5% from ₹2,458 crore in Q2 FY26 (consolidated).
Did Nuvoco Vistas Corporation make a profit in Q2 FY27?
Yes. Net profit was ₹64.79 crore, against a net profit of ₹36.43 crore in Q2 FY26.
What was Nuvoco Vistas Corporation's EPS in Q2 FY27?
Basic earnings per share were ₹1.81, against ₹1.02 in Q2 FY26.
How did Nuvoco Vistas Corporation shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.2% from the previous close; the median Cement & Cement Products stock moved −1.7%.
When did Nuvoco Vistas Corporation announce its Q2 FY27 results?
On 22 October 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 22 October 2026) · PDF
- The earnings call (29 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.