Nuvoco’s Q3 Turnaround: Profitability Returns on 50% EBITDA Jump—But Leverage and Pricing Cycles Still Matter

swung to a Q3 consolidated profit of ₹49.37 crore as EBITDA surged 50% YoY to ₹386 crore, showing the company can expand margins even when the broader cement pack faces sequential profit pressure. ​ Revenue rose 12% YoY to ₹2,701 crore and volumes grew 7% to 5 million tonnes, helped by a stronger December after softer demand in Oct–Nov due to prolonged monsoon/festivities. What drove the beat Management attributed the performance to premiumisation and operational execution, with premium mix at 44% (an all-time high for the second straight quarter). ​ That premium push matters because it’s the cleanest lever to defend realisations when industry pricing gets hit by resets (ET notes GST-linked price revisions affected realisations for many peers). The growth plan (and the risk) Nuvoco aims to expand capacity by 10 MTPA to 35 MTPA by next fiscal year, backed by a 4 MTPA organic expansion in East India and the Vadraj Cement acquisition (6 MTPA) to enter West India with ~17% of capacity. ​ But debt ended Q3 at ₹4,217 crore (up from ₹3,492 crore in Q2), so the market will watch whether expansion is funded without letting leverage undo the operating gains. Source: Economic Times No Recommendation