Nuvoco Vistas Corporation Ltd. share price target

Valuations at 9.7x EV/EBITDA & USD 71/ton on FY27E basis look attractive considering the company's strong growth plans with entry into new markets. We recommend BUY on NVCL with a target price of 590 per...

at 1516%, shorter lead distance, and hybrid wind-solar in the North. Nuvoco Vistas (NUVOCO) reported strong operating performance in Q1FY26, led by higher pricing and 6% YoY volume growth. Pure cement realization grew by 5.5% QoQ, driven by price hikes taken in the eastern region since Mar'25. Operating costs declined due to lower RM costs (long-term contract for slag)...

Nuvoco Vistas Corp’s (Nuvoco) current valuation (of 8.5x FY27E EV/EBITDA) appears quite compelling. Further, buoyant cement prices were instrumental in propelling its Q1FY26 EBITDA by an impressive 51% YoY (being 5% ahead of our estimate).

Nuvoco plans to raise Rs6bn of long-term debt in own books and rest Rs12bn through bridge loans for Vadraj upfront payment. Post the deal, it plans to raise Rs12bn through the CCPS and CCD route to keep leverage at lower side. Nuvoco Vistas (NUVOCO) reported a robust operating performance in Q4FY25, driven by 6.6% YoY volume growth and a strong uptick in cement pricing in key markets, supported by increased government spending. Pure cement NSR rose 5% QoQ, aided by price increases in the eastern markets during Q4FY25. As per mgmt., April prices are higher by Rs810/bag, which is...

Q4FY25 turned out to be a dream quarter for Nuvoco Vistas Corp (Nuvoco) with an all-time high EBITDA (up 12% YoY), being 24% ahead of our estimate (driven by beat across realisation and cost); and net debt retreated further to INR 36.4bn (down ~INR 4bn YoY).

Nuvoco Vistas Corporation’s (NUVOCO) Q3FY23 EBITDA at Rs2.7bn (up 18% YoY) was slightly below our / consensus estimates. Total cost/te increased 13%/3% YoY/QoQ against 12%/6% YoY/QoQ rise in blended realisation. This resulted in EBITDA/te rising 11%/37% YoY / QoQ to Rs596/te (I-Sec: Rs637/te).

We recently interacted with Nuvoco Vistas (NUVOCO) management for an update on
their business strategy and outlook. Following are the key takeaways: 1) To consolidate its position, as India’s 5th largest cement company and reach 25mtpa capacity by FY25.

Nuvoco Vistas Corporation’s (NUVOCO) Q2FY23 EBITDA at Rs1.9bn (down 42% YoY) was slightly below our / consensus estimates.

Nuvoco Vistas Corporation’s (NUVOCO) Q1FY23 EBITDA at Rs3.6bn (down 30% YoY) was in line with our / consensus estimates.

Fifth largest cement player with multiple triggers for value unlocking

Nuvoco Vistas Corporation Limited IPO Note Issue Open: Aug 09 Aug 11 2021 Price Band: Rs. 560 570 *Issue Size: 87,719,298 eq shares (Fresh issue of 1500 cr + offer for sale of 3500 cr) *Issue Size: Rs.4912.3 5000.0 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail Upto 35% eq sh

IPO Note

26 Equity Shares and in multiples thereof. Public issue of 86,206,897 Equity shares of Face value Rs. 10 each, (Comprising of fresh issue of 25,862,069 Equity Shares* (Rs. 1500 cr.) and Offer for Sale of...

Nuvoco Vistas Corporation Ltd (NVCL) is the fifth largest cement player in India and the largest cement company in East India, in terms of capacity, with a consolidated capacity of 22.32 MMTPA. ~77% of its capacities are in the East region while the balance is in North. NVCL has 11 Cement Plants, comprising five integrated