Nuvoco Vistas Corporation Ltd

Litigation / Tax Update

• Joint Commissioner, CGST, Durgapur issued a Show Cause Notice to NU Vista Limited.
• Notice seeks denial of input tax credits; four-year demand totaling Rs.15.41 crores.
• NU Vista Limited to file reply; management expects no major financial impact.
• Disputed inputs include civil construction, toll charges, and canteen expenses.

Ratings actions

• CP rating A1+ reaffirmed for Rs 1,100 crore limit; limit reduced from Rs 1,700 crore.
• CRISIL withdrew rating on the reduced Rs 600 crore CP portion.
• No change in A1+ rating on continuing CP programme of Rs 1,100 crore.
• AA/AA-/Stable/A1+ ratings reaffirmed on existing bank facilities and debt instruments.
• Material change since last rating: CP limit reduced; rating withdrawn on reduced portion.

Agency & timing

• Rating Agency: CRISIL Ratings Limited.
• Communication date: Aug 19, 2026 (email).
• Outlook: Stable for bank facilities and debt instruments.

Rating actions and outcomes

• CP limit reduced to Rs 1,100 crore from Rs 1,700 crore; A1+ reaffirmed; Rs 600 crore withdrawn.
• Bank facilities and debt instruments reaffirmed: AA / AA- with Stable outlook; A1+.

AGM notice and IAR access update

• Dispatched letters with weblink and QR code for AGM 27 and Integrated Annual Report FY2025-26.
• Targets shareholders whose email addresses are not registered with depositories.
• Notice and Integrated Annual Report also available on the company website.
• Copy of the letter enclosed for records.

Overview

• Consolidated BRSR for FY2025-26; cement and RMX manufacturing core.
• Reporting boundary: consolidated; reasonable assurance on BRSR Core by BSI.

Key ESG Risks & Opportunities

• Decarbonisation and climate change: risks and opportunities; energy efficiency and renewables actions.
• Water management: risks/opportunities; zero liquid discharge via STPs; 5R stewardship.
• Waste management: single-use plastics ban; more slag/pond ash use; composting.
• Occupational health and safety: 'Zero Harm' culture; safety audits and wellness programs.
• Human rights and labour: code of conduct; audits; supplier ESG norms; whistleblower protections.
• Biodiversity: site-specific conservation and reforestation programs.
• Corporate social responsibility: community engagement strengthens license to operate.

Governance & Policy Highlights

• Board oversight via CSR & ESG Committee; sustainability matters reviewed.
• Code of Business Conduct with anti-bribery provisions; whistleblower and vigil mechanisms.
• External assurance: Reasonable Assurance on BRSR Core by BSI.
• NGRBC policy approved by Board; policies translated into procedures; compliance monitoring.

Social Responsibility & Workforce

• Total employees 4,024; total workers 7,914; male 3,876; female 148.
• Permanent employees turnover 14.5%; permanent workers 19.89% in FY2025-26.
• Differently-abled: 8 total; 4 differently-abled workers.
• Women representation: Board 16.7%; Key Management 33.3%.
• LTIFR: employees 0.8; workers 0.13; fatalities: none.
• Well-being spend 0.16% of revenue; 100% training coverage for board/KMP; 100% on health and safety.

Environmental Performance

• Total energy: 4.95 million GJ; renewables 1.02 million GJ; non-renewables 4.85 million GJ.
• GHG emissions: Scope 1 9,404,253 tCO2e; Scope 2 169,610 tCO2e.
• Emissions intensity: 844 tCO2e per crore turnover; 470.78 kg/tonne cementitious.
• Water withdrawals: surface 1,058,617 kl; groundwater 851,042; third-party 326,182; others 433,206; total 2,669,047 kl.
• Water intensity: 235 per crore turnover; 104.7 liters per tonne.
• Waste generated: total 339,203 t; recycled 331,862 t; other recoveries 7,341 t; incineration 0.187 t.
• Zero liquid discharge via STPs; certifications ISO 14001/9001, OHSAS, BIS; GRI/SDGs/Godrej GBC.
• RDF co-processing >88.61 kt; PAT framework; AI/digital optimization; kiln upgrades.

Stakeholder Engagement & Complaints

• Stakeholders: customers, investors, communities, employees, regulators, value chain, contract laborers.
• Engagement channels: email, calls, meetings; frequency: need-based, quarterly/annually; communities engaged via meetings.
• Customer complaints: 1,351 filed; 3 pending; employees/workers 5 filed; 0 pending; shareholders 0.
• Communities: Nil complaints; ongoing CSR engagement and stakeholder dialogue.

Other Notable Metrics

• Cybersecurity: Cyber Security Policy; MFA, Zero Trust, frequent audits; no data breaches recorded.
• Sustainable sourcing: ~10% inputs sourced sustainably under DIRE program.
• Product recalls: Nil; ongoing consumer information via BIS/weights-and-measures compliance.
• Assurance: external Reasonable Assurance on BRSR Core indicators by BSI.

Financial snapshot

• Revenue from operations: ₹11,338.29 cr.
• PAT: ₹359.77 cr.
• Basic EPS: ₹10.07.
• Operating cash flow: ₹1,485.17 cr.

Debt & liquidity

• Total borrowings: ₹4,540.77 cr.
• Equity: ₹10,228.77 cr.

Major acquisitions & actions

• Vadraj Cement acquisition completed.
• AEPL acquired for ₹200 cr.

Dividend & capital allocation

• No dividend declared for FY2025-26.

Taxation & contingencies

• Disputed tax and other demands: ₹346.37 cr.

AGM Details

• AGM date/time: 31 August 2026, 02:30 PM IST, via VC/OAVM.
• Deemed venue: registered office.
• Voting cut-off date: 24 August 2026.

Key Resolutions

• Ordinary: Adoption of standalone and consolidated financial statements for FY2025-26.
• Ordinary: Re-appointment of Hiren Patel as Director retiring by rotation.
• Ordinary: Walker Chandiok & Co LLP appointed as Statutory Auditor in casual vacancy.
• Ordinary: Walker Chandiok & Co LLP appointed for five-year term from 27th AGM to 32nd AGM.
• Special: Ratification of remuneration for Cost Auditors for FY2026-27.

Voting / Outcomes

• Voting results not provided in this filing.

Financial Performance

• Q1 FY27: volume 5.3 million tonnes, up 5% YoY; EBITDA INR 572 crore, up 7%.
• Highest-ever Q1 volume and EBITDA for the company.
• Surat grinding capacity 2 MTPA inaugurated on 11th July 2026.
• Realization rose by about INR 320 per bag in Q1; cost inflation ~INR 230 per ton.
• Net debt end-Q1 INR 4,595 crore; down from INR 5,274 crore YoY.
• Premium brands Concreto 3.9 mt, Uno 1.0 mt, Microfiber 1.0 mt; total ~5 mt.

Operational Update

• Kutch clinker unit: major equipment delivered; VRM gearbox reconditioned; kiln rotation complete; trial prep in Q2 FY27.
• Kutch grinding unit: civil works underway; RCC work near complete; completion by Q2 FY27.
• Railway siding at Kutch: earthwork done; ballast and sleepers progressing; logistics enabled.
• Sachana bulk terminal: commenced; targeted to be operational by Q2 FY28; railway siding planned.
• East operations: plan to add 4 MTPA capacity by FY28; not required for FY27.
• Gujarat volume: Q4 annualized sale around 2 million tonnes; monthly 1.6–1.7 lakh tonnes.

Capex and Projects

• Vadraj 2 MTPA grinding capacity inaugurated; strengthens Western presence; frees Rajasthan capacity.
• Kutch projects on track: clinker unit equipment delivered; grinding unit civil works advancing.
• Sachana bulk terminal: operational FY28; rail siding and bulker handling planned.
• East capacity expansion to 4 MTPA by FY28; phased implementation.
• CTO progress: Panagarh and Jojobera nearly done; Jajpur NIPL certificate in progress; Arasmeta design complete.
• FY27 capex guidance INR 900 crore; spent ~INR 370 crore in Q1; remaining in next three quarters.
• FY28 capex guidance INR 950–1,000 crore.

Balance Sheet and Cash Flow

• Net debt at end-Q1 INR 4,595 crore; down from INR 5,274 crore YoY.

Outlook and Guidance

• FY27 demand growth expected around 7-8% in the next three quarters.
• Central government capex rose 13% YoY to INR 2.5 lakh crore through May 2026.
• FY27 infra capex growth targeted around 20% (central) and 15% (state).
• Prices appear stable; no price drop in first 14 days of July.
• Lean-season discount for clinker movement to start Aug; rail freight benefits expected.

Q&A Highlights

• Surat incremental volume expected about 1 million tonnes; Q4 annualized around 2 million.
• Clinker sourcing: initially from Chhattisgarh; later from Kutch; bartering considered.
• Panagarh/Jojobera de-bottleneck: ready by Q4; target 20k tpd and 8.5k tpd.
• Gujarat profitability: pricing discipline; premiumization to offset higher costs.
• Demand outlook: FY27 growth 7-8%; markets like Jharkhand/Odisha/Bihar stable.
• Cost and pricing: pricing expected to be stable; volumes to grow; limited dilution in Gujarat.

Meeting Details

• Date and time: July 16, 2026 at 11:00 AM.
• Type and mode: One-on-One, virtual.
• Event: Investor/Analyst Meeting; attendee: Canara HSBC Life Insurance.
• Key participants: Company representatives (roles not specified).
• Purpose: investor/analyst meeting.