We value NVCL at an EV/EBITDA of 10x FY27E and arrive at a target price of Rs 540
The buoyant industry landscape is fueled by strong demand, supported by government’s continued emphasis on housing and infrastructure. We expect strong H2FY26 supported by seasonal recovery, infrastructure-led demand, and GST-driven affordability. NVCL’s strong capacity expansion and strengthening presence in India’s western and eastern regions and focus on premiumization should boost its earnings. We value NVCL at an EV/EBITDA of 10x FY27E and arrive at a target price of Rs 540. We maintain BUY.
