Nuvoco Vistas Corporation has received positive rating action from CRISIL Ratings Limited, with the agency removing the 'Rating Watch with Developing Implications' status and assigning a stable outlook to the company's credit facilities. The development was communicated to stock exchanges on January 15, 2026, in compliance with regulatory disclosure requirements.

Rating Reaffirmation and Outlook Revision

CRISIL has reaffirmed Nuvoco Vistas Corporation's long-term ratings while providing clarity on the company's credit profile. The rating action encompasses both bank facilities and debt instruments of the cement manufacturer.

Regulatory Compliance and Timeline

The company disclosed the rating revision under Regulations 30 and 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The rating communication from CRISIL was received via email on January 14, 2026, at 7:20 p.m., with the formal disclosure made to BSE and NSE on January 15, 2026.

Significance of Rating Action

The removal of 'Rating Watch with Developing Implications' indicates that CRISIL has resolved its previous concerns regarding the company's credit profile. The stable outlook suggests that the rating agency expects the company's credit metrics to remain steady in the near term. The reaffirmation of both long-term and short-term ratings demonstrates confidence in Nuvoco Vistas Corporation's financial stability and operational performance.

The rating action was formally communicated by Company Secretary Shruta Sanghavi through digitally signed correspondence to both stock exchanges where the company's shares are listed.

Nuvoco Vistas Corporation delivered exceptional third-quarter performance for FY26, achieving a remarkable turnaround from loss to profitability. The cement manufacturer reported a consolidated net profit of ₹49.00 crores in Q3 FY26, compared to a loss of ₹61.40 crores in the same period last year, demonstrating strong operational recovery and financial discipline.

Outstanding Q3 FY26 Financial Performance

The company achieved remarkable financial results during the quarter, with several metrics reaching new highs. The turnaround to profitability was supported by robust revenue expansion and exceptional EBITDA improvement.

The company achieved its highest third-quarter consolidated volume of 5.00 million tonnes, representing a 7% increase year-on-year. This volume growth translated into strong revenue performance, with total income reaching ₹2,701.00 crores, marking a 12% improvement compared to Q3 FY25.

Exceptional Profitability and Margin Expansion

EBITDA performance stood out as a key highlight, surging 48.50% year-on-year to ₹383.80 crores from ₹258.40 crores in Q3 FY25. The EBITDA margin expanded significantly to 14.20% in Q3 FY26 from 10.70% in the corresponding quarter last year, reflecting a substantial improvement of 350 basis points.

The company maintained its industry-leading premiumization at 44% for consecutive quarters, demonstrating sustained customer preference for premium products. Premium products maintained strong momentum, with growing recognition for the Nuvoco Concreto and Nuvoco Duraguard franchises as preferred choices across building material applications.

Operational Excellence and Cost Management

Despite early macroeconomic challenges from prolonged monsoon and festivities that softened demand in October and November, December saw healthy double-digit growth, demonstrating strong recovery momentum. The company achieved the lowest blended fuel cost in the last 17 quarters, at ₹1.41 per Mcal, reflecting effective cost management strategies.

Strategic Capacity Expansion and Product Innovation

Nuvoco Vistas Corporation continues advancing its strategic growth initiatives through capacity expansion in the eastern region and project execution at Vadraj Cement facilities. The operationalization of the clinker unit and grinding units is planned in phases starting Q3 FY27.

The RMX business continued to see volume traction within its Concreto product range. The division launched Concreto Tri Shield, a specialized product offering three-layer durability and approximately 50% increase in structural lifespan. The MBM business introduced the Nuvoco Zero M Unnati App, a digital loyalty platform aimed at improving influencer engagement, transparency, and data-led channel growth.

Management Commentary and Market Outlook

Jayakumar Krishnaswamy, Managing Director of Nuvoco Vistas Corporation, highlighted the company's resilience during challenging market conditions. He emphasized that despite early macroeconomic challenges, the company delivered its highest-ever third quarter volume and a 50% year-on-year rise in EBITDA, driven by sustained focus on premiumization and operational excellence.

These strategic initiatives are expected to position Nuvoco's total cement capacity at about 35 MTPA, reinforcing its standing as the fifth-largest cement group in India over the long term. The company's integrated business approach continues delivering results across cement, ready-mix concrete, and modern building materials segments.