However, Antique Stock Broking cautions that profitability from the Vadraj unit may be lower than Nuvoco’s average, given initial start-up costs and lower utilisation. So, Nuvoco’s profitability gap versus peers may not narrow in the near-term. The stock has declined 11% so far in 2026, and trades at FY28 EV/Ebitda of 7x, as per Bloomberg. Valuations seem inexpensive, but triggers are limited.
