1. Vadraj Cement restart - The 3.5 MMTPA Kutch clinker unit and 6 MMTPA Surat grinding unit, acquired for ₹1,800 crore, start phased commissioning between Q3 FY27 and Q1 FY28, lifting total capacity over 20% to \~31 MMTPA. Management targets Vadraj volumes ramping from 0.2 crore tons in FY27 to 0.5 crore in FY30, with acquisition cost of \~$60 per tonne versus recent industry deals.
2. Surat grinding unit startup - The 2 MMTPA Limla unit was inaugurated July 11, 2026, ahead of schedule, with first dispatches already using clinker from the Chhattisgarh cluster. This marks Nuvoco's entry into Gujarat and releases Rajasthan capacity for the North market.
3. Gujarat market scale-up - Management targets Gujarat sales of \~0.2 crore tons annually by Q4 FY27, up from the current 0.13-0.14 crore run rate, with 300-400 dealers added in the last 5-6 months. The model shows Year 2-3 EBITDA per ton in Gujarat matching the rest of North India.
4. East 4 MMTPA debottlenecking - Jojobera and Panagarh expansions are essentially done awaiting CTO, Jajpur follows in 2-3 months, and Arasmeta's new mill lands by end FY27, adding 4 MMTPA at \~₹200 crore capex. This lifts East capacity over 20% to 23 MMTPA, with volumes needed only from FY28.
5. Vadraj captive power acquisition - The Algebra Endeavour/Vadraj Energy acquisition, consummated February 3, 2026 for up to ₹200 crore, brings Kutch and Surat power plants for captive consumption. This completes the Vadraj energy package, with total Vadraj plus VEGL investment at ₹2,000 crore.
6. Kutch jetty and railway siding - The captive jetty starts operations in H2 FY27 and the railway siding in H1 FY28, enabling clinker movement by marine route, which is far cheaper than rail. The Sachana bulk terminal (1.5 MMTPA) is targeted operational by Q2 FY28, serving Rajkot through Ahmedabad.
7. Premiumisation push - Premium products hit an all-time high of 44% of trade volumes in Q3 FY26, with management targeting 200 bps annual gains. Each point of premium mix adds ₹150-200 per ton contribution, and Concreto Uno plus Duraguard Microfiber have both become 0.1 crore ton brands.
8. Fuel mix optimisation - Blended fuel cost hit ₹1.41 per Mcal in Q3 FY26, the lowest in 17 quarters, with AFR targeted to rise from 10% to 13%+ in FY27. Petcoke use in North was cut from over 50% to \~42% in Q1 FY27, and power plant reject coal has cut CPP power cost to ₹0.78-0.80 per Mcal.