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Informist, Monday, Apr. 13, 2026

By Pallavi Singhal

MUMBAI - Nuvoco Vistas Corp. Ltd. is set to report a strong year-on-year growth in its sales and net profit for the March quarter, driven by demand during the season and price hikes in January, according to analysts.

The company is expected to report a near-39% year-on-year growth in its net profit for the reporting quarter at INR 1.6 billion, according to the average of estimates from seven brokerages. This would mean a growth of 185% on a sequential basis. The highest estimate for the net profit is INR 1.76 billion by Kotak Securities Ltd. and the lowest is INR 1.40 billion by Elara Securities (India) Pvt. Ltd.

The company's net revenue is estimated to be around INR 33.1 billion, up nearly 30% on year and around 39% on quarter, as per the average of estimates. This would be on the back of higher volume growth and modest improvement in pricing, brokerages said. The revenue estimates range from INR 32.3 billion by Prabhudas Lilladher Pvt. Ltd. to INR 34.8 billion by Nirmal Bang Equities Pvt. Ltd., largely driven by differing assumptions on volume growth and pricing traction.

Brokerages estimate the company to report cement sales volume of around 6 million tonnes for the reporting quarter, up 5% on year and nearly 19–20% on quarter. This surge is likely driven by seasonally strong demand, improved construction activity, and year-end push on infrastructure spending, Prabhudas Lilladher said in a note.

Cement realisations are estimated to rise only marginally on year due to competitive intensity and price rollbacks towards the end of the quarter, Prabhudas Lilladher said. On a sequential basis, too, the realisations are estimated to rise just 1–2% due to price hikes in January and better pricing in the East and South regions.

The company's earnings before interest, taxes, depreciation, and amortisation are estimated at INR 5.4 billion for the March quarter, based on the average of estimates from seven brokerages. For the year-ago quarter, the company had reported an EBITDA of INR 5.6 billion.

The EBITDA projections for the March quarter range from INR 5.1 billion by Prabhudas Lilladher to INR 5.6 billion by Nirmal Bang. EBITDA per tonne is seen at INR 850–INR 920 per tonne, declining 6–12% on year due to higher input costs. The metric is seen improving on quarter due to operating leverage and modest gains in realisations, according to analysts.

However, the sequential recovery is expected to be limited as cost pressures--particularly from a rise in packaging costs towards the latter part of March--weighed on margins, according to Emkay Global Financial Services. While the brokerages agree that the West Asia war would affect raw material prices, they did not quantify the exact impact on the margins.

Higher input costs are expected to remain the key drag on profitability, brokerages said. Prabhudas Lilladher estimates raw material costs to rise around 1% on year and 13% on quarter, and power and fuel costs to rise nearly 9% on year.

Nuvoco is one of India's leading cement producers with a strong presence in eastern India. The company has an installed cement capacity of over 25 million tonnes per annum, along with ready-mix concrete and modern building materials businesses.

Industry-wide, cement companies were faced with rising cost pressures during the quarter, but demand conditions were favourable, brokerages said. Volume growth of the industry is estimated around 7–9% on year, with Nuvoco's growth slightly trailing the industry average due to its exposure being concentrated only in one region.

Regionally, pricing trends were mixed for the quarter under review, as per brokerages. Eastern and southern markets saw some improvement, western markets saw modest gains, and the trend was largely stable in the northern and the central regions. The company is expected to benefit from relatively better pricing trends in its core Eastern India markets.

Looking ahead, pressure on margins for cement companies is expected to intensify as rising fuel and packaging costs begin to reflect in the earnings. With coal and pet coke prices rising sharply and fuel accounting for nearly a quarter of costs, sustained geopolitical tensions could drive further cost escalation, Emkay Global Financial Services said. The impact is likely to be limited in the March quarter due to inventory buffers, but should reflect from the June quarter and more prominently in the September quarter.

At 1353 IST, shares of the company traded 1.4% lower at INR 307.3 on the National Stock Exchange. Shares of the company have fallen nearly 12% since the company announced its December quarter earnings. Nuvoco Vistas is scheduled to announce its March quarter earnings on Tuesday.

Of the 10 brokerage reports on the company available with Informist, eight have "buy" recommendation with an average target price of INR 460, one has a "hold" recommendation, and one has "sell" recommendation.

Following are the Jan-Mar earnings estimates for Nuvoco Vistas from six brokerage firms in descending order by the estimate of net profit, in INR billion:

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Deepshikha Bhardwaj

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