Nuvoco Vistas Corporation Ltd

About the Company:

Nuvoco Vistas Corporation Ltd is the fifth largest cement company in India and the largest cement company in East India in terms of capacity.

Company had started operations in India in 1999 and, since then, have emerged as one of the major players in the building materials industry in India

Company is the fastest growing cement company in terms of capacity addition on percentage terms with installed capacity doubling over the last five years post the acquisition of NU Vista.

As of December 31, 2020, company’s cement production capacity constituted approximately 4.2% of total cement capacity in India, 17% of total cement capacity in East India and 5% of total cement capacity in North India, and are one of the leading ready-mix concrete manufacturers in India.

Company offers a range of over 50 products across cement, RMX and modern building materials.



Company’s diversified portfolio includes products and brands as follows:

Cement Business:

Company’s cement portfolio includes different types of Cement like Ordinary Portland Cement (OPC), Portland Slag Cement (PSC), Portland Pozzolana Cement (PPC) and Portland Composite Cement (PCC).

As a part of cement portfolio company has leading brands with multiple products under each brand including Concreto, Duraguard, Premium Slag Cement, Nirmax, Double Bull, Infracem and Procem.

Company’s key brands include Concreto, Concreto Green, Duraguard, Duraguard Microfiber, Duraguard Waterseal, Duraguard Silver, Duraguard Rapidx Xtra, Premium Slag Cement, Nirmax Cement, Infracem Cement, Double Bull Cement, Procem Cement, Double Bull Master and Double Bull Subh.


Ready Mix Concrete (RMX) Business:

Company’s brand portfolio in the ready-mix concrete business includes Concreto, Instamix, Artiste and X-Con range of products.


Modern Building Materials Business:

Company’s products under this category include a range of construction chemicals, tile adhesives, wall putty, dry plaster, cover blocks and ready-mix dry
concrete. Our modern building material products are marketed and sold under the “Zero M” and “Instamix” brands.




About Nirma Group:

Company is promoted by Dr. Karsanbhai K. Patel, who is a successful entrepreneur and is associated with the Nirma Group.

The Nirma Group is a diversified conglomerate that manufactures products ranging from chemicals to detergents, soaps, healthcare products and real estate development. The Nirma Group forayed into the cement business in 2014 through a greenfield cement plant in Nimbol.

Thereafter, as a part of the Nirma Group company has grown the cement businesses, through acquisitions such as the acquisition of the Indian cement business of LafargeHolcim in 2016 and in 2020 by acquiring NU Vista.

Earlier, in February 2020, company completed the merger of the cement undertaking of Nirma Limited located at Nimbol, Rajasthan with Nuvoco Vistas Corporation Ltd and have grown from being solely cement based to a building materials company with a vision to “Build a Safer, Smarter and Sustainable world”.



Company’s Cement Plants:

Company’s Cement Plants are in the states of West Bengal, Bihar, Odisha, Chhattisgarh and Jharkhand in East India and Rajasthan and Haryana in North India.

Company has RMX Plants are located across India. As of March 31, 2021, company operates 49 RMX Plants which are in key states in India, enhancing our pan-India presence.

As of December 31, 2020, company’s Cement Plants have an installed capacity of 22.32 MMTPA and have eight Cement Plants located in East India and three in North India.

Company has a waste heat recovery systems at all the integrated plants with a total capacity of 44.7 MW, solar power plants with a total capacity of 1.5 MW and captive power plants with generation capacity of 105 MW.

As of December 31, 2020, these generate 47.74% (on a proforma basis) of company’s total power requirements.



Company’s Capacity Utilization:



Company’s Distribution Network:

Company distributes the products through the trade segment, which mainly caters to individual home buyers (“Trade Segment”), and the non-trade segment, which is mainly via direct sales to institutional and bulk buyers (“Nontrade Segment”).

In the nine months ended December 31, 2020, based on our proforma financials, company’s sales from the Trade Segment of the market constituted 73% of total cement sales volume, whilst sales from the Non-trade Segment constituted 27% of total cement sales volume.

Company operates through a range of distribution channels and direct sales to improve company’s reach to customers.

As at December 31, 2020, Company has 225 CFAs (147 in East India and 78 in North India) and 15,969 dealers in India (10,040 in East India and 5,929 in North India).



Competitors in the Business:

Company faces competition from national players, including UltraTech Cement Ltd, ACC Limited, Ambuja Cements Ltd, Dalmia Bharat Ltd and Shree Cement.



Installed Capacity wise Top Cement Companies in India.  (in million tonnes)



Management Team:

  1. Mr. Hiren Patel (Designation: Chairman and Non-executive Director)
  2. Mr. Jayakumar Krishnaswamy (Designation: Managing Director)





Objectives of the Issue:

Offer for Sale: (Rs. 3500 cr)

  • Company will not receive any proceeds from the Offer for Sale and Selling Shareholder will be entitled to the proceeds of the Offer for Sale.



Fresh Issue: (Rs. 1500 cr)

  • Repayment/prepayment/redemption, in full or part, of certain borrowings availed of by the Company.
  • General corporate purposes.



Positives for the Company:

Largest cement manufacturing company in East India in terms of total capacity.

  • Company is the largest cement manufacturer in East India and the fifth largest cement manufacturer in India in terms of capacity and have a capacity share of approximately 17% in terms of consolidated capacity in East India.
  • Company also have a capacity share of approximately 4.7% in terms of consolidated capacity in North India. With a consolidated capacity of 22.32 MMTPA, company owns 4.2% of the industry’s installed capacity in India as of December 2020.



Proximity to fastest growing cement markets in India.

  • The strategic location of plants allows company to maintain leadership position in East India while growing our business in North India. East India is the fastest growing cement markets in India.
  • In addition to Cement Plants in Chhattisgarh and Rajasthan are ideally placed to serve the adjacent markets of Uttar Pradesh and Madhya Pradesh in Central India and Maharashtra in West India respectively.
  • Company also have a third-party procurement agreement for manufacturing and packaging certain cement products in the State of Uttar Pradesh, thereby establishing a presence in the high growth market of Central India.



Extensive portfolio of cement, RMX and modern building materials.

  • Company has an extensive portfolio of cement, RMX and modern building materials to cater to the needs of customers.Company’s building material products include a range of construction chemicals, adhesives, wall putty, dry plaster, cover blocks and dry concrete.
  • Company is a trusted supplier for a diverse base of customers as company has modern manufacturing facilities and strong research and development capabilities, enabling company to produce quality and reliable products, provide quality after-sales services, and maintain a reputable brand name and successful track record.



Leading industry players in the RMX industry.

  • Company is one of the leading industry players in the RMX industry and allows company to access key markets in India, particularly in areas where company’s cement products are not readily available.


Growth through expanding operations and through acquisitions.

  • Company has grown the business, geographical presence, manufacturing capacity and brand portfolio over time through strategic acquisitions. Through the merger of the Nimbol Cement Plant and the acquisition of NU Vista, company has further enhanced the business operations, growth and prospects.
  • The acquisition of NU Vista and merger of Nimbol Cement Plant increased company’s cement manufacturing capacity from 11.74 MMTPA to 22.32 MMTPA as on December 31, 2020. In addition, these acquisitions have also allowed company to expand the distribution network.



Extensive sales, marketing and distribution network with diversified product portfolio.

  • Company has strong sales, marketing and distribution capabilities in East and North India, and strategic access to some key markets in Central India. This distribution network allows us to effectively target and drive sales within the Trade Segment.
  • As at December 31, 2020, company has 225 CFAs (147 in East India and 78 in North India) and 15,969 dealers in India (10,040 in East India and 5,929 in North India).



Financials of the Company:

(in Crores) FY 18 FY 19 FY 20 FY 21
Revenue 6911.7 7105.8 6829.9 7522.6
Net Profit 87.5 (-26.4) 249.2 (-22.9)



Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Nuvoco Vistas Corporation Ltd 10 (-0.82) N.A (-0.35)% 232.43
Ultratech Cement Ltd 10 201.55 30.78 14.81% 135.54
Ambuja Cement Ltd 2 11.91 24.84 10.60% 14.65
ACC Limited 10 75.98 24.01 11.15% 67.64



IPO Details:

Details Info
Issue Opens on 9th August 2021
Issue Closes on:. 11th August 2021
Issue Price Rs. 560 – 570
Face Value Rs.10
Retail Category Allocation 35%
Minimum Lot 26 Shares
Minimum Investment Rs.13,520
Issue Constitutes 24.56%
Issue Size Rs. 5000 cr ($675 million)
Market Cap Rs. 20,357 cr ($ 2.75 billion)
Listing at NSE & BSE
Equity Shares Offered (Fresh) 2,63,15,790
Equity Shares Offered (OFS) 6,14,03,508
Total Equity Shares Offered (Fresh + OFS) 8,77,19,298
Equity Shares Prior to the Issue 33,08,40,364
Equity Shares after the issue 35,71,56,154

Also Read : List of Upcoming IPO’s in India.



Important Dates:

Finalization of Basis of Allotment On or Before 17th August 2021
Initiation of Refunds On or Before 18th August 2021
Credit of Equity Shares: On or Before 20th August 2021
Listing Date: On or Before 23rd August 2021



Subscription Details: (Will be Updated)

(Subscription-Category-Wise (no. of times) Till time : 06:00 PM) Shares Offered Day-1 Day-2 Day-3
QIB 1,78,57,143 0.00 0.11 4.23
NII 1,33,92,858 0.01 0.04 0.66
Retail 3,12,50,000 0.31 0.51 0.73
Employee ——– —- —- —-
TOTAL 6,25,00,001 0.16 0.29 1.71



IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
(-0.82) N.A (-0.35%) 232.43



Check IPO Allotment Status:

Link InTime :

BSE IPO Website:



Company Contact Info:
Nuvoco Vistas Corporation Ltd
Equinox Business Park
Tower 3, East Wing, 4th Floor
LBS Marg, Kurla (West)
Mumbai – 400 070
Maharashtra, India.
Tel: +91 22 6769 2500


IPO Registrar Info:
Link Intime India Private Limited
C-101, 1st Floor, 247 Park
L. B. S. Marg, Vikhroli West
Mumbai – 400 083
Maharashtra, India
Tel: +91 22 4918 6200