1. Opening Hook
Cement prices were crying in Q3, pet coke was misbehaving, and macro headwinds refused to leave the room.
Naturally, Nuvoco decided this was the perfect quarter to post its highest-ever Q3 volumes and casually grow EBITDA by ~50% YoY.
Volumes crossed 5 million tons, December alone grew 20%, and premium cement now accounts for 44% of trade volumes — a number management keeps repeating like a flex, not a statistic.
While peers were busy blaming GST, weather, and astrology, Nuvoco quietly cut costs, pushed premium bags, and lined up future capacity like a long Bollywood sequel.
Read on — because behind the confident tone, there’s debt gymnastics, Vadraj patience, and a pricing bet that still needs to survive January.
2. At a Glance
- Volumes up 7% YoY – Apparently demand “recovered” exactly when Nuvoco needed it.
- EBITDA up ~50% YoY – When pricing disappoints, cost discipline enters the chat.
- Premium mix at 44% – Cement, but make it luxury.
- Fuel cost at ₹1.41/Mcal – Lowest in 17 quarters, pet coke sulking quietly.
- ₹600 cr CCD raised – Debt replaced, not erased.
- Price hikes taken in Jan – Management optimistic, market jury still out.
3.
Management’s Key Commentary (Decoded)
“Volumes grew 7% YoY to 5 million tons — highest ever Q3.”
(Translation: We beat a weak quarter so hard we’re putting it in bold.)
“December volumes grew 20% YoY.”
(Translation: Ignore October-November, December saved the quarter 😏)
“Premium products sustained a historic 44% share.”
(Translation: Cheaper cement is for amateurs.)
“Fuel cost at ₹1.41 per Mcal despite pet coke inflation.”
(Translation: AFR + coal jugaad > global commodity tantrums.)
“We reduced pet coke usage from 48% to 41%.”
(Translation: Risk management dressed as sustainability.)
“₹600 cr CCD replaced bridge financing.”
(Translation: Debt still exists, just wearing a long-term suit.)
“Vadraj commissioning from Q3 FY27 to Q1 FY28.”
(Translation: Please stop asking every quarter.)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Means |
|---|---|---|
| Volumes | 5.0 MT | Capacity sweating begins |
| EBITDA | ₹386 cr | Cost control > pricing power |
| EBITDA/ton | ~₹770 | Premium mix doing heavy lifting |
| Fuel cost | ₹1.41/Mcal | AFR finally pulling its weight |
| Premium mix | 44% | Structural, not seasonal |
| Net debt | ~₹4,217 cr | Deleveraging… slowly |
