Nuvoco profit rose 78% year on year to ₹64.5 crore on a consolidated basis in the second quarter of FY27, as higher sales volumes supported revenue growth. The Nirma Group’s cement arm reported revenue from operations of ₹2,790 crore, up 13.5%, for the quarter ended September 30, 2026.
Key Takeaways
- Net profit grew faster than revenue, while EBITDA increased 11% to ₹411 crore.
- Higher cement volumes and a more premium product mix supported performance despite muted prices.
- A Surat grinding unit was commissioned, while the Rajasthan renewable-power project remains planned.
Table of Contents
- Nuvoco profit growth outpaces operating earnings
- Volumes and product mix support sales
- Surat commissioning advances capacity expansion
- Renewable-power partnership targets energy efficiency
- Conclusion
Nuvoco profit growth outpaces operating earnings
The results, announced on October 22, 2026, showed bottom-line earnings rising substantially faster than both revenue and EBITDA, or earnings before interest, taxes, depreciation and amortisation.
EBITDA increased 11% to ₹411 crore, slightly slower than revenue growth. The figures therefore show a stronger improvement in net profit than in operating earnings; the available information does not provide a detailed reconciliation of that difference.
| Item | Details |
|---|---|
| Cement sales volume | Q2 FY27: 4.7 million tonnes, up 9% year on year. |
| Cement business revenue | Q2 FY27: ₹2,510 crore, up 13% year on year. |
| Ready-mix concrete and other revenue | Q2 FY27: ₹293 crore, up nearly 14% year on year. |
Volumes and product mix support sales
Nuvoco attributed its performance to premiumisation and an improved geographical sales mix, which helped support realisations despite muted cement prices. Both the cement business and ready-mix concrete and other businesses recorded higher revenue.
Managing director Jayakumar Krishnaswamy said intense and erratic rainfall in key markets, logistics and supply-chain disruptions, and elevated input costs weighed on the operating environment. The stronger sales performance thus came alongside continuing cost and distribution pressures.
Surat commissioning advances capacity expansion
During the quarter, Nuvoco commissioned a grinding unit with annual capacity of 2 million tonnes at its Limla Cement Plant in Surat, strengthening its presence in western India.
The completed unit forms part of a broader expansion programme targeting 35 million tonnes of annual cement capacity by FY28. That total remains a target, rather than current capacity. Nuvoco said its priorities include executing the remaining modules of the Vadraj Cement project at Kutch and Sachana, alongside supply-chain efficiencies and premiumisation.
Renewable-power partnership targets energy efficiency
CleanMax’s September 29, 2026 announcement of the Rajasthan wind-solar partnership details a 46.4 MW project comprising 20 MW of wind and 26.4 MWp of solar capacity, together with a 2 MWh battery energy storage system.
Once operational, the project is expected to generate approximately 100 million units of renewable electricity annually. The companies expect it to reduce Nuvoco’s dependence on conventional power and improve long-term energy cost efficiency; those benefits are prospective, not part of the reported quarterly results.
Conclusion
Nuvoco’s next execution milestones are the remaining Vadraj project modules and the planned renewable-power project, as it works toward its FY28 capacity target. Their progress will distinguish completed expansion from the benefits still expected ahead.
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