Nuvoco Vistas Corporation Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Nuvoco Vistas Corporation Ltd trades at ₹345, in a downtrend and 33 weeks into that stage. That is +2.3% against its own 200-day average. It sits at 33% of a 52-week range of ₹286 to ₹464. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a downtrend — week 33 of stage 4, confirmed. At ₹345 it trades +2.3% versus its 200-day average and sits at 33% of its 52-week range (₹286–₹464).

Against the market, two honest reads. Cumulative: over the last 4.9 years the stock moved −36% while the NIFTY 500 moved +61% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Nuvoco Vistas Corporation Ltd trades at 29.7× P/E, near the bottom of its own range — cheaper only 29% of the time. Its long-run median P/E is 76.1×, measured across 4.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 29.7× is near the bottom of its own range — cheaper only 29% of the time, against a long-run median of 76.1× measured over 4.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +1,549.2% against a −18.8% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the −2.1%/yr price move, ~−0.3%/yr came from earnings growth and ~−1.8 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Nuvoco Vistas Corporation Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −84.4% at the trough to +152.3% off a 5-quarter-old trough, ROCE lifting at 7.0%. The read is built from 12 quarters across 4 curves, on partial evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

47.1/100 — rank 15 of 26 in Cement · 87% evidence confidence

Nuvoco Vistas Corporation Ltd scores 47.1 out of 100 against the 26 companies it is compared with in Cement, ranking 15. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 21 + 9.6 + 4.8 + 11.7 = 47.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Nuvoco Vistas Corporation Ltd reported ₹3,129 Cr of revenue in the Jun 26 quarter, +8.9% year on year. That is the 6th straight quarter of year-on-year growth. Over 9 years it has compounded at 9.1% a year. The last full year, FY26, came in at ₹11,338 Cr. The last four reported quarters add to ₹11,595 Cr.

FY26 revenue came in at ₹11,338 Cr (+9.5% on the year), capping 9 years at 9.1% compound. The latest quarter (Jun 26) printed ₹3,129 Cr, +8.9% year on year — the 6th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +9.5% growth against the decade's 9.1% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +9.5% over the last 4 quarters against +4.8%/yr over the last 8 — accelerating; TTM profit +152.3% vs +68.5%/yr — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Nuvoco Vistas Corporation Ltd's operating margin is 18.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 11.0% to 20.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 18.0%, +0.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 11.0%–20.0%.

Why the margin moved: operating margin went +0.1 pp year on year while gross margin went +0.5 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Nuvoco Vistas Corporation Ltd earned ₹160 Cr of net profit in the Jun 26 quarter, +20.3% year on year. Full-year FY26 profit was ₹360 Cr. The 9-year compound rate is 9.0%. That is 5.1% of the quarter's revenue. The same quarter a year earlier earned ₹133 Cr. 2 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹160 Cr, +20.3% year on year. On the full year, FY26 printed ₹360 Cr (+1,536.4%), and the 9-year compound rate is 9.0%.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 833% of Nuvoco Vistas Corporation Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,485 Cr of operating cash against ₹360 Cr of profit. After ₹2,955 Cr of capital spending, ₹−1,470 Cr was left as free cash.

FY26: operating cash of ₹1,485 Cr against reported profit of ₹360 Cr, leaving free cash of ₹−1,470 Cr after ₹2,955 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 833% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 833%: the cash cycle tightened 104 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 1.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Nuvoco Vistas Corporation Ltd's cash conversion cycle runs −130 days in FY26, down from −26 days in FY21. Capital spending ran ₹4,274 Cr over the last 3 years. At FY26 sales of ₹11,338 Cr each day of that cycle holds about ₹31.1 Cr, so roughly ₹−4,038 Cr sits inside the business at any moment.

FY26: debtors at 24 days, inventory at 128 days — roughly 4.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −130 days, tighter than FY21's −26.

The full loop: cash goes out to suppliers and production on day 0; stock waits 128 days to sell; customers pay about 24 days after that; and suppliers themselves are paid at 282 days — netting out to the −130-day cycle.

In money terms: at FY26 sales of ₹11,338 Cr, each day of the cycle holds about ₹31.1 Cr — so the −130-day loop keeps roughly ₹−4,038 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4,274 Cr over the last 3 fiscal years against ₹2,672 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹2,474 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Nuvoco Vistas Corporation Ltd earns a ROCE of 7% in FY26. That is up from a trough of 2% in FY23. Return on invested capital clears the cost of that capital by −7.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.2% net margin on 0.56× asset turns.

FY26 ROCE is 7%, recovered from a FY23 trough of 2% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 3.2% net margin × 0.56× asset turns × 1.98× balance-sheet leverage ≈ 3.5% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 4.2% − 12.0% = a −7.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Nuvoco Vistas Corporation Ltd carries total debt of ₹4,916 Cr against shareholder equity of ₹10,229 Cr as of Jun 26, a debt-to-equity of 0.48. On the annual view that ratio went from 0.63 in FY22 to 0.48 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Jun 26: total debt of ₹4,916 Cr against shareholder equity of ₹10,229 Cr — a debt-to-equity of 0.48. On the annual view, debt-to-equity went from 0.63 (FY22) to 0.48 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 1.2 points of Nuvoco Vistas Corporation Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 4.7% of the company. Domestic institutions moved −0.5 points over the same window, to 18.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +1.2 points over 8 quarters to 4.7%; Domestic institutions: −0.5 points over 8 quarters to 18.0%; Promoters: +0.0 points over 8 quarters to 72.0%.

Why the register moved: foreign institutions drove it (+1.2 points), absorbed on the other side by domestic institutions (−0.5 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Nuvoco Vistas Corporation Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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