Nuvoco Vistas (NUVOCO IN): Strong volume growth amid sequential EBITDA weakness

2QFY27 EBITDA of INR4.1bn beat our forecast and Bloomberg consensus by 6% and 5%, driven by better realizations and marginally higher volumes. Unitary EBITDA came in at INR869/t, down over INR200/t q-q but better than our estimated q-q decline of INR240/t. Grey cement volumes rose 9% y-y to 4.7MT despite monsoon disruptions, 1% above our estimate. Blended realization improved 1% q-q and was 2% ahead of our estimate, with management noting that expected price increases did not materialize, limiting the ability to pass on higher input costs. RM+P&F cost/t rose 10% q-q and was 4% above our estimate on higher input and fuel costs, while freight cost/t fell 5% q-q and was 7% below our estimate;