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Time of India
6 days ago
- Business
- Time of India
India's last cement IPO did not work. Can JSW Cement break that curse?
When Nuvoco Vistas Corporation listed in August 2021, it came with the promise of scale and the pedigree of the Nirma Group. Yet, within 10 months, the stock had halved. Investors who bought at the IPO price are still nursing wounds with Nuvoco shares trades nearly 24% below its IPO price of INR570, nowhere close to its all-time high. That bruising debut cast a long shadow over the sector. No other cement company has dared to go public since –
Time of India
18-07-2025
- Business
- Time of India
Nuvoco Vistas posts ₹133.16 crore profit in Q1 FY26
NEW DELHI: Nuvoco Vistas Corp, the building materials division of the Nirma Group , on Thursday reported a multi-fold increase in its profit to Rs 133.16 crore in the quarter ended in June 2025. The company had logged a net profit of Rs 2.84 crore in the April-June quarter a year ago, according to a regulatory filing from Nuvoco Vistas Corp. Its revenue from operations was up 9 per cent to Rs 2,872.70 crore in the June quarter. It was at Rs 2,636.48 crore in the corresponding quarter a year ago. Total expenses of Nuvoco Vistas Corp were up 1.9 per cent to Rs 2,685.9 crore in the June quarter of FY'26. Its total income, which includes other income, was at Rs 2,887.50 crore, up 9.33 per cent in the June quarter. The company achieved a consolidated cement sales volume of 5.1 MMT in Q1 FY26, said Nuvoco Vistas Corp in its earning statement. Commenting on the results, its Managing Director Jayakumar Krishnaswamy said: "The Company witnessed healthy volume growth during the quarter. It maintained a sharp focus on premiumisation and trade mix, which contributed to enhanced realizations and led to the highest-ever first-quarter consolidated EBITDA in the Company's history." Nuvoco Vistas Corp, which has acquired Vadraj Cement, is on track to achieve approx 31 MMTPA cement capacity by Q3 FY27 from the present 25 MTPA. Over the outlook, Krishnaswamy said: "Looking ahead, we remain committed to driving sustained growth and expanding our market presence. Following the successful acquisition of Vadraj Cement, the Company is fully geared up to operationalise the plants at Kutch and Surat by Q3 FY27 and at the same time expand its market footprint in the Western region. Shares of Nuvoco Vistas Corporation Ltd on Thursday settled at Rs 382.65 on BSE, up 1.69 per cent from the previous close.
Time of India
23-06-2025
- Business
- Time of India
Nuvoco Vistas makes Rs 1,800 crore payment to complete Vadraj cement acquisition
Nirma Group's Nuvoco Vistas Corp has completed its acquisition of debt-ridden Vadraj Cement by making a payment of Rs 1800 crore to lenders, led by Punjab National Bank and Union Bank of India. This acquisition will boost Nuvoco Vistas' installed cement capacity by over 20%, reaching around 31 MTPA, marking its third acquisition after Lafarge Cement and Emami Cement. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Ind'l Goods/Svs 1. India Cements to sell its subsidiary Industrial Chemicals Nirma Group's Nuvoco Vistas Corp has made the Rs 1800 crore payment to lenders led by Punjab National Bank (PNB) and Union Bank of India completing its acquisition of the debt-ridden Vadraj Cement . The money was paid to lenders on Saturday, allowing them to write back their provisions this quarter, two people aware of the details said."The money came to lenders on Saturday and has been distributed. There were some delays due to some litigation but now that everything is settled, the company transferred the money well ahead of the June 24 deadline," said one of the persons cited with 25% of the more than Rs 8000 crore debt stands to gain Rs 431 crore, while Union Bank will get Rs 345 crore, calculations by ET acquisition will help Nuvoco Vistas boost its installed cement capacity by over 20% reaching around 31 MTPA and is the company's third acquisition after Lafarge Cement and Emami Cement. A Mumbai bench of the NCLT had approved the acquisition in Vadraj Cement, formerly owned by ABG Shipyard, has a 6 million tonne grinding unit in Surat and will add to Nuvoco Vistas' existing production capacity of 25 million tonne by more than 20%.The acquisition was undertaken through Vanya Corp, a wholly-owned subsidiary of Nuvoco Vistas. Subsequently, Vanya will be merged with Vadraj Cement, according to the resolution plan. Vadraj Cement will ultimately become the wholly-owned subsidiary of the Rs 1,800 crore offer outbid Adani Group at an auction under the court-monitored corporate insolvency, ET had reported in January this year. Adani group-backed Ambuja Cement had partnered with Prudent ARC-backed RKG Fund to acquire the Gujarat-based cement the Rs 1,800 crore offered by Nuvoco Vistas, Rs 1,725 crore will be used for repaying financial creditors' dues, and the balance is set aside for operational credit, dues to employees, an insolvency resolution process costs.
