ICICI Securities Recommends 'Hold' on Nuvoco Vistas, Sets Target at Rs 369

• Nuvoco Vistas' Q3FY26 EBITDA met expectations despite a 4.6% QoQ realization drop, aided by efficient cost management.
• Variable cost per tonne eased 3% QoQ, helping the company navigate a challenging pricing environment.
• ICICI Securities expects price recovery during the busy construction season (January–May).
• FY26E/FY27E EBITDA estimates are pruned by 6%/7% due to competitive intensity, significant capacity additions (185 mtpa over FY26–28), and 9MFY26 performance alignment.
• The 'Hold' rating is retained with a revised target price of INR 369 (down from INR 400), valuing Nuvoco at 9x FY27E EV/EBITDA, citing persistent debt concerns.

Why It Matters: ICICI Securities maintains a 'Hold' on Nuvoco Vistas with a reduced target of Rs 369 due to competitive pressures.