Nuvoco Vistas Corporation Limited

Basic Materials — Building Materials · NSE

₹341.00+₹5.10 (+1.52%)

DalalBaazaar Score

57 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by short-term liabilities exceed short-term assets, small-cap size, which brings sharper price swings.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

The 60-second version of Nuvoco Vistas Corporation Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Nuvoco Vistas Corporation Limited manufactures and sale of cement and building materials products in India. It operates through Cement, and RMX and Other divisions.

IndustryBuilding Materials

SectorBasic Materials

Employees4,188

Annual revenue₹11,142 Cr

How does it make money?

Turns over ₹11,142 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹17 left at the operating level before interest, tax and depreciation. Each of its 4,188 employees supports ₹2.66 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.66 Cr

Who are its competitors?

The closest listed comparisons in its industry are ULTRATECH CEMENT LIMITED, GRASIM INDUSTRIES LTD, AMBUJA CEMENTS LTD, SHREE CEMENT LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 6.2% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE7.4%

What is the outlook?

19 analysts covering the stock expect revenue to grow about 10.0% and earnings to grow about 25.1% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+10.0%

Est. earnings growth+25.1%

Analysts19

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +8% while net margin moved +1992% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+8%

Margin effect+1992%

DalalBaazaar Score

57/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 3.8% is weak
✓ ROE has improved by 3.7 points over the period

Quality vs. Valuation

Company Quality

55/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

73/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

31.5x

3Y Median

565.0x

40 monthly readings · mean 439.7x · range 31.7x–869.3x

Sector Median

36.2x

median of 4 sector peers

🟢Current valuation is approximately 94% below its 3y median of 565.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟡Against its sector it is priced broadly in line with the peer median of 36.2x.

vs. its own history

Cheap

565.0x median over 40 months · -94%

vs. sector peers

Fair

36.2x median of 4 peers · -13%

vs. generic bands

Fair

15x–35x

EV/EBITDA

9.2x

PEG

0.17

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 11.9% to 16.7% over 3 years.
Return on equity is rising
ROE has improved from 0.2% to 3.8%.
Return on capital is rising
ROCE has improved from -1.0% to 6.2%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 watch

🟡Short-term liquidity is tightFinancial
Current ratio of 0.45 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 11.9% to 16.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 94% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹775 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Growth barely outpaces inflation
Revenue compounding at 2.7% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 15%✓ 16.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Interest cover stays above 3x✗ 2.4x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 4% a year✗ 2.7% CAGR
Latest reported year was 8.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹775 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

7 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹12,179 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

31.5x

Fair

Fairly valued against the generic band

P/B Ratio

1.19x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹10.81

Profitable

Profitable on a per-share basis

ROE

3.8%

Weak

Weak capital efficiency

ROCE

6.2%

Weak

Low return on total capital employed

Debt/Equity

0.48x

Low

Conservative leverage

Revenue Growth (YoY)

8.9%

Modest

Modest growth

Profit Growth (YoY)

19.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹775 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

20.2x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

11.0%

Average

Average margins

Net Margin

3.3%

Average

Average bottom-line conversion

Current Ratio

0.45

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.32

Defensive

Steadier than the market

52W Range Position

42%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

329.1 / 329.5

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

53.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹10,289 Cr	₹10,539 Cr	₹10,171 Cr	₹11,142 Cr	+2.7%
EBITDA	₹1,226 Cr	₹1,656 Cr	₹1,366 Cr	₹1,857 Cr	+14.8%
EBITDA Margin	11.9%	15.7%	13.4%	16.7%	—
PAT (Net Profit)	₹16 Cr	₹147 Cr	₹22 Cr	₹359 Cr	+183.0%
EPS	₹0.44	₹4.13	₹0.61	₹10.07	+183.9%
ROE	0.2%	1.6%	0.2%	3.8%	—
ROCE	-1.0%	5.5%	3.9%	6.2%	—
Total Debt	₹4,785 Cr	₹4,404 Cr	₹4,074 Cr	₹4,916 Cr	+0.9%
Free Cash Flow	₹1,225 Cr	₹1,011 Cr	₹978 Cr	₹775 Cr	-14.1%

🟢 Revenue has grown at 2.7% a year over 3 years.

🟢 EBITDA has grown at 14.8% a year over 3 years.

🟢 EBITDA Margin has risen from 11.9% to 16.7% over 3 years (+4.8 pts).

🟢 PAT (Net Profit) has grown at 183.0% a year over 3 years.

🟢 EPS has grown at 183.9% a year over 3 years.

🟢 ROE has risen from 0.2% to 3.8% over 3 years (+3.7 pts).

🟢 ROCE has risen from -1.0% to 6.2% over 3 years (+7.2 pts).

🟡 Total Debt has been broadly flat over 3 years (0.9% a year).

🔴 Free Cash Flow has shrunk at 14.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹20,299 Cr

Total Liabilities

₹10,070 Cr

Cash & Equivalents

₹88 Cr

Operating Cash Flow

₹1,485 Cr

Capex

-₹710 Cr

Shareholding (proxy)

Institutional Holding

19.8%

Insider Holding

72.0%

Analyst Consensus

Recommendations

16 Buy · 3 Hold · 0 Sell

Target Price (Mean)

₹440.11

+29.1% vs CMP

Target Range

₹345 – ₹557

Peer Comparison

Company	P/E	ROE
ULTRATECH CEMENT LIMITED	37.6x	11.1%
GRASIM INDUSTRIES LTD	34.8x	5.5%
AMBUJA CEMENTS LTD	20.4x	7.4%
SHREE CEMENT LIMITED	49.7x	7.0%

Recent News

5 mixed1 general

Why Nuvoco Vistas Corporation Share Price is Rising

Equitymaster, 14 Jul

Nuvoco Vistas shares extend post-Q1 results rally to hit 8-month high as brokerages raise earnings...

Moneycontrol.com, 15 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Nuvoco Vistas share price rallies 12% on strong Q1 results FY27. Should you buy or sell?

Livemint, 15 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Nuvoco Vistas Share: Attractive Entry Point With 36% Upside, Says Nirmal Bang — Check New Target Price

NDTV Profit, 19 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Nuvoco Vistas shares zoom 13% after strong Q1 results; buy, sell or hold?

Business Standard, 14 JulResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Nuvoco Vistas Corporation Share Price Jumps 8% After Company Reports Q1 FY27 Results; PAT Rises 20% YoY

Dalal Street Investment Journal, 14 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth · Valuation

MiddlingBusiness Quality · Financial Health · Profitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

3 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Interest cover stays above 3x; Revenue growth stays above 4% a year · see Key things to watch ↑