1. Opening Hook
India got cheaper cement this quarter — no, not because your local dealer had a Diwali sale, but thanks to the GST rate cut from 28% to 18%. While the nation rejoiced, Nuvoco’s management had to explain how “passing on benefits” doesn’t mean passing out profits. Add to that a monsoon that overstayed like a nosy relative and festive chaos packed tighter than a truckload of clinker — and you’ve got Q2FY26 in one bag. Yet somehow, they posted a 62% jump in EBITDA. 🤯
Read on — it only gets spicier when CCDs, clinker ratios, and “moral obligations” enter the chat.
2. At a Glance
- Revenue: ₹2,950 crore – Grew 1% QoQ; apparently “rainwater harvesting” wasn’t part of demand planning.
- EBITDA: ₹371 crore – Up 62% YoY; CFO’s caffeine consumption tracked similar growth.
- EBITDA Margin: 12.6% – Cement got cheaper, but margin jokes didn’t.
- Net Debt: ₹3,492 crore – Down ₹1,009 crore YoY; debt reduction now counts as cardio.
- Premium Mix: 44% – Because “Concreto Uno” sounds classier than “normal cement.”
- Fuel Cost: ₹1.46/Mcal – Petcoke prices rose; efficiency prayers continue.
- Stock Movement: Traders stayed bullish — maybe they heard “GST cut” and stopped listening.
3. Management’s Key Commentary
“The reduction of GST from 28% to 18% is a structurally positive move.”
(Translation: We just lost pricing power but hey, let’s call it “structural.” 😏*)
“Premiumization reached 44% this quarter.”
(Translation: Consumers finally realized our fancy cement bags look better on Instagram.*)
“Vadraj plants are on track for trial runs by H1FY27.”
(Translation: We’ll be ready when India’s next
