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Nuvoco Vistas Corporation Ltd

| Audited Consolidated Results – Q4 & FY Ended 31 March 2026

BULLISH SENTIMENT

Report Source

⬤14th Apr 26

Summary : Nuvoco Vistas reports strong FY26 financial growth, driven by acquisitions, despite ongoing legal challenges.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Total Expenses: ₹10,763.70 crores (FY26)
  2. Consolidated Cost of materials consumed: ₹1,756.97 crores (FY26)
  3. Consolidated Power and fuel: ₹2,008.45 crores (FY26)
  4. Consolidated Freight and forwarding charges: ₹3,022.71 crores (FY26)
  5. Consolidated Employee benefits expense: ₹723.32 crores (FY26)
  6. Consolidated Finance costs: ₹398.29 crores (FY26)
  7. Consolidated Depreciation and amortisation expense: ₹883.98 crores (FY26)
  8. Consolidated Revenue from Operations: ₹11,338.29 crores (FY26)
  9. Consolidated Cement Revenue: ₹10,325.25 crores (FY26)
  10. Consolidated Ready Mix Concrete and Others Revenue: ₹1,066.23 crores (FY26)
  11. Consolidated Net Cash Flow from Operating Activities: ₹1,485.17 crores (FY26)
  12. Consolidated Net Cash Flow Used in Investing Activities: ₹(2,500.23) crores (FY26)
  13. Consolidated Net Cash Flow Generated from Financing Activities: ₹926.51 crores (FY26)
  14. Consolidated Cash and cash equivalents at year end: ₹88.11 crores (FY26)
  15. CCI penalty of ₹490.00 crores (indemnified)
  16. West Bengal incentive claim of ₹427.14 crores (gross)
  17. Consolidated Total Assets: ₹20,299.02 crores (FY26)
  18. Consolidated Equity: ₹10,228.77 crores (FY26)
  19. Consolidated Total Liabilities: ₹10,070.25 crores (FY26)
  20. Consolidated Non-current borrowings: ₹3,033.09 crores (FY26)
  21. Consolidated Current borrowings: ₹1,507.68 crores (FY26)
  22. Both standalone and consolidated financial results are presented
  23. Consolidated results include subsidiaries, associate, and joint venture

Corporate Overview

  1. Operations primarily in India, specifically West Bengal for plant incentives
  2. Ongoing legal dispute regarding CCI penalty
  3. Uncertainty in recovery of West Bengal industrial incentives
  4. Reliance on legal opinions for CCI penalty and incentive recovery
  5. Manufacturing and sale of Cement
  6. Manufacturing and sale of Ready Mix Concrete
  7. Factual and confident regarding legal disputes
  8. Cement
  9. Ready Mix Concrete and Others
  10. Acquisition of Vadraj Cement Limited (VCL)
  11. Acquisition of Algebra Endeavour Private Limited (AEPL) for captive power

Risk Factors

  1. Ongoing CCI penalty dispute.
  2. Uncertainty of West Bengal incentives recovery.
  3. Impact of new Labour Codes.
  4. Reliance on other auditors.

Key Drivers

  1. Strong profit after tax growth.
  2. Increased revenue from operations.
  3. Strategic acquisitions for captive power.
  4. Unmodified audit opinion received.

Auditor’s Report

  1. Unmodified opinion on Audited Standalone and Consolidated Financial Results
  2. Reliance on other auditor's reports for Joint Venture financial statements
  3. Reliance on unaudited financial information for an Associate

Board Commentary

  1. Vadraj Cement Limited board re-constituted on June 21, 2025
  2. CCI penalty of ₹490.00 crores
  3. West Bengal incentive claim of ₹427.14 crores
  4. Ongoing CCI penalty dispute
  5. Disputes with West Bengal government over industrial incentives
  6. Implementation of new Labour Codes
  7. Acquisition of Vadraj Cement Limited
  8. Acquisition of Algebra Endeavour Private Limited
  9. Issuance of Compulsory Convertible Debentures (CCDs) by VCL

Corporate Governance

  1. Audit Committee reviewed and recommended results

Management Discussion & Analysis

Future Strategy

  1. Strategic acquisitions for captive power generation

Performance Drivers

  1. Increased revenue from operations
  2. Significant profit after tax growth

Risk Control Measures

  1. Indemnification from erstwhile promoter group for CCI
  2. Legal counsel advice on incentive recovery

Critical Risks

  1. CCI penalty dispute
  2. West Bengal industrial incentive recovery uncertainty
  3. Impact of new Labour Codes