Nuvoco Vistas Corporation Ltd.volume +9%, premium mix 45%, fuel costs rising

Nuvoco Vistas' Q2 FY27 call, held on 23 October 2026, showed a cement maker growing through premium products and a Gujarat build-out while fuel costs climb.

Volume grew 9%, revenue about 14% and EBITDA 11% on the year, and premium products reached a record 45% of sales. The Middle East conflict re-escalated, pushing petcoke above earlier peaks, and power plants were given priority for coal, so fuel cost rose from ₹1.52 to ₹1.59 per million kcal in Q2 and is guided to ₹1.80 in Q3, adding about ₹70 to ₹80 a ton. Total Q3 cost inflation of ₹100 to ₹120 a ton is to be met by October price rises and volume leverage.

The 2 million ton Surat grinding unit was commissioned, Kutch phases in from Q3 with a clinker line in December, and FY27 capex rises to about ₹1,200 crore. Net debt crossed ₹5,000 crore on petcoke stocking and capex but is expected to fall back by year end. Management sees about 8% industry growth in the second half. Absolute revenue and profit were not stated on the call, and no earlier promises were on file for comparison.