Materials| Industrials |Commodities

Rahul Jain

Over 20 years of sell-side research experience across Indian Metals & Mining, Cement, Industrials, and Commodities. Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Equity Bottom-Up

<ul>
<li>Nuvoco reported improved volumes, margins, and deleveraging in FY25, with continued focus on cost optimization and operational efficiency.</li>
<li>The Vadraj Cement acquisition expands capacity to 31 MTPA, diversifying regional exposure and strengthening presence in Gujarat and Maharashtra - west region.</li>
<li>Valuations are reasonable at ~16x FY27E earnings and ~Rs5,100/ton EV/ton, but upside depends on timely integration and ramp-up of new assets.</li>
</ul>


Nuvoco reported improved volumes, margins, and deleveraging in FY25, with continued focus on cost optimization and operational efficiency.
The Vadraj Cement acquisition expands capacity to 31 MTPA, diversifying regional exposure and strengthening presence in Gujarat and Maharashtra - west region.
Valuations are reasonable at ~16x FY27E earnings and ~Rs5,100/ton EV/ton, but upside depends on timely integration and ramp-up of new assets.


Nuvoco Vistas: Improving Performance and Strategic Expansion