Nuvoco Vistas H1FY27 Results (NSE: NUVOCO)
Signal: Margin expansion
The read
H1FY27 marks a stronger profit conversion phase: revenue rose 11.0% to ₹5,918.68 crore while operating margin expanded 172bps to 16.93% and PAT rose 32.3% to ₹224.42 crore. The key inflection is the 35.0% reduction in finance costs, while operating cash flow fell 9.0% to ₹533.56 crore and needs monitoring as the asset base expands.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,918.68 Cr | +11.0% | N/A |
| Net profit | ₹224.42 Cr | +32.3% | |
| EPS | ₹6.28 | +32.2% | |
| EBIT margin | 16.93% |
P&L walk
Consolidated revenue increased 11.0% YoY to ₹5,918.68 crore, operating margin expanded 172bps to 16.93%, and PAT grew 32.3% to ₹224.42 crore, helped by a 35.0% fall in finance costs and lower relative tax burden.
Segments
Cement remained the earnings engine, generating ₹520.43 crore of H1 segment result versus ₹467.35 crore last year, while Ready Mix Concrete and Others narrowed its loss to ₹0.69 crore from ₹14.56 crore despite contributing only ₹572.62 crore of revenue.
Key positives
- Revenue increased 11.0% YoY to ₹5,918.68 crore, with Cement revenue up 10.8% and Ready Mix Concrete and Others up 11.8%.
- Operating margin expanded 172bps to 16.93% despite employee costs rising 11.0%, in line with revenue growth.
- PAT rose 32.3% to ₹224.42 crore, supported by a 35.0% decline in finance costs to ₹142.16 crore.
- Ready Mix Concrete and Others improved its segment result from a ₹14.56 crore loss to a ₹0.69 crore loss.
Key concerns
- Operating cash flow declined 9.0% to ₹533.56 crore while PAT rose 32.3%, reflecting working-capital absorption during the period.
- Property, plant and equipment increased to ₹9,747.80 crore and total assets rose to ₹21,399.60 crore, increasing the importance of future utilisation and cash returns from the expansion cycle.
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