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East India-focused cement manufacturer backed by the Nirma Group (formerly Lafarge India operations).
East India-focused cement manufacturer backed by the Nirma Group (formerly Lafarge India operations).
Sells cement mainly through dealers to individual home builders and directly to contractors on large projects, with dealer sales usually earning better prices. East India is its core region, so regional supply, demand and rival capacity set prices. Nirma, the Indian consumer-products and chemicals group, is the controlling shareholder.
Moat: narrow (scale, brand). Established East India cement capacity from the former Lafarge/Holcim assets, but faces stiff competition from Dalmia and UltraTech in the region.
Headquarters: Mumbai, India · Founded: 1999 · Employees: 11,938
Size Nuvoco Vistas (NUVOCO.NS) is an India Industrials company (Construction Materials) with a market value of $1.29B, the 519th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹343.00 on 6 Nov 2026.
Performance Over six months the shares gained 1.9%, against -20.2% for the median peer and 0.0% for the India market (cap-weighted) — highest of 13 in its peer set.
Growth Revenue grew 10.6% over the last twelve months (peer median +5.7%); the operating margin is 8.3% (peer median 8.9%).
Valuation It trades at 20.8× forward earnings against a peer median of 24.5× (4th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.0 points below its cost of capital (10.6% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹119B | ₹113B | ₹103B | ₹106B | ₹104B |
| Revenue growth | — | +10% | -3% | +2% | — |
| Gross profit | ₹58.7B | ₹44.2B | ₹36.9B | ₹39.7B | ₹32.7B |
| EBITDA | ₹19.0B | ₹17.5B | ₹13.2B | ₹15.4B | ₹10.3B |
| Net income | ₹4.15B | ₹3.59B | ₹218M | ₹1.47B | ₹159M |
| Free cash flow | n/a | ₹3.35B | ₹5.33B | ₹5.16B | ₹7.58B |
| Capital expenditure | n/a | ₹7.10B | ₹3.50B | ₹5.81B | ₹4.86B |
| Total debt | ₹55.7B | ₹49.2B | ₹40.7B | ₹44.0B | ₹47.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nuvoco Vistas NUVOCO.NS | $1.29B | +2% | +11% | 8% | 20.8× | 17.8% |
| Dalmia Bharat DALBHARAT.NS | $2.92B | -26% | +6% | 9% | 31.2× | n/a |
| UltraTech Cement ULTRACEMCO.NS | $38.8B | +2% | +18% | 14% | 38.0× | 35.8% |
| ACC ACC.NS | $2.46B | -13% | +8% | 4% | 22.9× | n/a |
| India Cements INDIACEM.NS | $1.14B | -15% | +5% | 5% | 25.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NUVOCO.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.6% | -0.4% | 4th highest of 13 |
| 6-month return | +1.9% | -20.2% | highest of 13 |
| Distance from 52-week high | -19.1% | -35.5% | 3rd highest of 13 |
| Revenue growth (TTM) | +10.6% | +5.7% | 4th highest of 13 |
| Operating margin | 8.3% | 8.9% | 6th lowest of 13 |
| Forward P/E | 20.8× | 24.5× | 4th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 17.8% | 22.6% | 4th least demanding of 8 |
| Growth delivered (Del g) | +8.9% | +8.7% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | +8.9 pp | +8.8 pp | 4th most demanding of 8 |
| ROIC minus cost of capital | -6.0 pp | -5.4 pp | 7th highest of 13 |
| EV / EBITDA | 9.7× | 13.3× | 5th cheapest of 13 |
| Net debt / EBITDA | 2.8× | 1.9× | 4th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nuvoco Vistas NUVOCO.NS | India | $1.29B | +2% | +11% | 8% | 20.8× | 17.8% | +8.9% |
| India Cements INDIACEM.NS | India | $1.14B | -15% | +5% | 5% | 25.6× | n/a | n/a |
| JSW Cement JSWCEMENT.NS | India | $1.78B | -1% | +13% | 12% | 32.2× | n/a | n/a |
| Ramco Cements RAMCOCEM.NS | India | $2.05B | -15% | +9% | 6% | 70.1× | 31.6% | +11.2% |
| Vesuvius India VESUVIUS.NS | India | $782M | -31% | +4% | 13% | 22.1× | 30.4% | +21.6% |
| Star Cement STARCEMENT.NS | India | $739M | -28% | +15% | 14% | 19.2× | 4.9% | +16.8% |
| ACC ACC.NS | India | $2.46B | -13% | +8% | 4% | 22.9× | n/a | n/a |
| Birla BIRLACORPN.NS | India | $673M | -16% | +4% | 9% | 13.8× | 5.7% | +7.6% |
| JK Lakshmi Cement JKLAKSHMI.NS | India | $598M | -32% | +5% | 8% | 13.2× | 14.5% | +7.4% |
| Dalmia Bharat DALBHARAT.NS | India | $2.92B | -26% | +6% | 9% | 31.2× | n/a | n/a |
| Prism Johnson PRSMJOHNSN.NS | India | $538M | -24% | +1% | 3% | 79.9× | 22.6% | +5.7% |
| J.K. Cement JKCEMENT.NS | India | $4.28B | -7% | +17% | 11% | 37.7× | n/a | n/a |
| Midwest MIDWESTLTD.NS | India | $383M | -29% | +3% | 21% | 23.4× | 39.8% | +8.7% |