Nuvoco Vistas Q2 Results, October 22, 2026: Profit Up 78% to ₹65 Crore

Nuvoco Vistas had a wet, messy quarter and still came out ahead. The Nuvoco Q2 results for July to September 2026, filed with the exchanges on October 22, show consolidated revenue from operations of ₹2,789.97 crore, up 13.5% from ₹2,457.57 crore a year ago, and profit after tax of ₹64.79 crore against ₹36.43 crore, a jump of about 78%.

Those are the headline numbers. The more useful story sits underneath them: higher volumes and a better product mix did the heavy lifting, while power, fuel and freight bills kept eating into the gains.

Nuvoco Q2 results: the key numbers

All figures below are consolidated and come from the company’s results filing on NSE and its Q2 FY27 press release.

• Cement sales volume: 4.7 million tonnes, up 9% year on year, according to the press release.
• Revenue from operations: ₹2,789.97 crore, up 13.5% year on year. Compared with the June quarter’s ₹3,128.71 crore, it is down about 10.8%, which is normal for the monsoon months.
• EBITDA: ₹411 crore as reported by the company, up 11% year on year.
• Profit after tax: ₹64.79 crore, up about 78% from ₹36.43 crore. The share attributable to owners of the parent was ₹65.28 crore.
• Earnings per share: ₹1.81 for the quarter, against ₹1.02 a year ago.

For the first half (April to September 2026), revenue rose 11% to ₹5,918.68 crore and profit after tax rose about 32% to ₹224.42 crore.

Where the costs went

Here’s the catch. Power and fuel cost ₹544.57 crore in the quarter, about 20% more than the ₹453.61 crore of the same quarter last year, so it rose faster than revenue. Freight and forwarding, the single biggest cost line for a cement maker, went up about 9% to ₹705.61 crore.

What helped the bottom line was the interest bill. Finance costs fell about 29%, from ₹101.56 crore to ₹71.88 crore. The debt-to-equity ratio stood at 0.50 times at the end of September, down from 0.60 a year earlier, though a touch higher than 0.45 at the end of June. Depreciation went up to ₹231.25 crore from ₹218.13 crore as new capacity came on stream.

Managing Director Jayakumar Krishnaswamy blamed intense, erratic rainfall in key markets, logistics disruptions and elevated input costs for a tough quarter. He credited premium products and a better regional mix for holding up realisations at a time when cement prices were muted.

Capacity and power projects

On the expansion side, Nuvoco commissioned a 2 MMTPA (million tonnes per annum) grinding unit at its Limla plant in Surat, which adds to its footprint in western India. The company says the remaining modules of the Vadraj Cement project at Kutch and Sachana are on schedule, and it is aiming for 35 MMTPA of total cement capacity by FY28.

It also signed up with CleanMax for a 46.4 MW wind-solar hybrid renewable power project in Rajasthan. Once running, the project is expected to produce about 100 million units of electricity a year. With power and fuel already the fastest-growing cost line, that’s the right place to look for savings.

What it means for investors

A 78% profit jump sounds dramatic, but it comes off a small base. Profit in the same quarter last year was just ₹36.43 crore, and net profit margin this time was still only 2.38% of product sales. We’d read this as a steady recovery rather than a breakout. The real test is whether the post-monsoon months bring firmer cement prices while energy costs cool off. If both happen, the new capacity starts paying back faster.

If you track cement and other building-material names this results season, our guide to analysing quarterly results shows how to separate one-off gains from real operating improvement. For another materials result from the same day, see our take on Jindal Stainless Q2 results.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.