28 Sep 2026, 15:10 IST
Nuvoco Vistas Corporation Limited
HDFC Securities · BUY · target INR 445
The note says it maintains BUY with a revised TP of INR 445/share (9x Sep'28E consolidated EBITDA) versus INR 410 earlier, estimating ~7% YoY Q2FY27 volume growth but unit EBITDA falling to ~INR 760/MT on a ~INR 250/MT opex rise from fuel, packing and logistics costs, with consolidated volume/EBITDA CAGRs of 9%/9% over FY26-29E as the Kutch clinker unit starts in Q3FY27 and capacity rises to 34.5mn MT by FY29.
From Nuvoco Vistas Update Sep26 HSIE, written by HDFC Securities. Orivam summarised it; the view is HDFC Securities's, not Orivam's.
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