{ "company_id": "NUVOCO", "company_name": "Nuvoco Vistas Corporation Limited", "cin": "L26940MH1999PLC118229", "isin": null, "nse_code": "NUVOCO", "bse_code": "543334", "fy": "2024-25", "vintage_date": "2026-05-27", "registered_office_state": "Maharashtra", "primary_listing": "NSE/BSE", "brsr_source": { "primary_source_url": "https://admin.nuvoco.com/public/Corporate/Annual_Reports/NVCL_IR_2024-25_Final_CtoC_V5_June_30,_2025_(interactive).pdf", "primary_source_type": "annual_report_brsr_section", "evidence_cache_path": "scripts/primary-source/evidence/admin-nuvoco-com/public-corporate-annual-reports-nvcl-ir-2024-25-final-ctoc-v5-june-30-2025-inter/2026-05-27T04-36-35-701Z", "brsr_pages": "180-200 (within Integrated Annual Report 2024-25)", "fetched_date": "2026-05-27", "fetched_via": "direct", "secondary_validation_source": null }, "identity": { "incorporated_year": 1999, "primary_business": "Cement & Cement Products + Ready-Mix Concrete + Modern Building Materials", "nic_2_digit": "23", "nic_5_digit": "239", "nse_industry": "Construction Materials", "promoter_group": "Nirma Group", "market_cap_inr_cr_31_mar_2025": null, "market_cap_rank_31_mar_2025": null, "is_top_150_brsr_core_assurance_fy_2324": false, "is_top_250_brsr_core_assurance_fy_2425": false, "is_top_500_brsr_core_assurance_fy_2526_planned": true, "subsidiaries_count": 2, "joint_ventures_count": 1, "associates_count": 1, "subsidiaries_list_disclosed": [ "NU Vista Limited (100% wholly-owned subsidiary)", "Vanya Corporation Private Limited (100% wholly-owned subsidiary)" ], "holding_entity": "Niyogi Enterprise Private Limited (NEPL) - 60.16% (Nirma Group)", "joint_ventures_list_disclosed": [ "Wardha Vaalley Coal Field Private Limited (19.14%)" ], "associates_list_disclosed": [ "AMPIN Energy Green (C&I) Two Private Limited (26.36%, held by NU Vista)" ] }, "operations": { "revenue_from_operations_inr_cr": 10356.67, "revenue_from_operations_source_page": "BRSR Section A Q24, p.182 (consolidated revenue from operations)", "turnover_inr_cr": 10356.67, "net_worth_inr_cr": 9002.32, "total_assets_inr_cr": null, "plants_count": 69, "plants_count_note": "5 integrated cement plants + 6 grinding units + 58 RMX plants = 69 total manufacturing units. Will become 13 cement plants total in Q3 FY 2026-27 post Vadraj Cement Limited consolidation.", "integrated_cement_plants_count": 5, "grinding_units_count": 6, "rmx_plants_count": 58, "plants_list": [], "branches_count": 18, "branches_detail": "1 Head Office + 16 Regional Sales Offices + 1 Construction Development and Innovation Center", "states_with_operations_count": 19, "states_with_operations": [], "international_operations": false, "international_operations_countries": [], "exports_pct_of_turnover": 0.0, "cement_capacity_mtpa": 25.0, "cement_capacity_post_vadraj_mtpa": 31.0, "cement_sales_volume_mtpa": 19.4 }, "workforce": { "employees_permanent_male": 3593, "employees_permanent_female": 128, "employees_permanent_total": 3721, "employees_other_male": 0, "employees_other_female": 0, "employees_other_total": 0, "workers_permanent_male": 199, "workers_permanent_female": 1, "workers_permanent_total": 200, "workers_other_male": 7187, "workers_other_female": 300, "workers_other_total": 7487, "differently_abled_employees_permanent": 8, "differently_abled_employees_total": 8, "differently_abled_workers_total": 0, "median_remuneration_male_employees_inr_lakh": 9.91112, "median_remuneration_female_employees_inr_lakh": 12.6942, "median_remuneration_male_workers_inr_lakh": 14.40369, "median_remuneration_female_workers_inr_lakh": 13.51128, "median_remuneration_ratio_female_to_male_employees": 1.281, "median_remuneration_ratio_female_to_male_workers": 0.938, "turnover_rate_permanent_employees_pct": 19.47, "turnover_rate_permanent_workers_pct": 19.41, "wages_above_minimum_wage_pct": 100.0, "calculated_total_workforce": 11408, "calculated_total_workforce_note": "3,721 employees + 200 permanent workers + 7,487 other-than-permanent workers = 11,408. Initial parser-flagged figure of 7,487 referred to other-than-permanent workers only.", "calculated_female_workforce_share_pct": 3.76, "calculated_female_workforce_share_note": "Computed as (128 + 1 + 300) / 11,408 = 3.76%; matches disclosed gross wages paid to females share (3.76%)." }, "wellbeing_social": { "wellbeing_spend_inr_cr": null, "wellbeing_spend_as_pct_revenue": 0.11, "wellbeing_spend_source_page": "BRSR Section C Principle 3 Essential Q1c, p.187", "csr_spend_inr_cr": 2.81, "insurance_group_medical_coverage_pct_employees": 100.0, "insurance_life_coverage_pct_employees": 100.0, "insurance_accident_coverage_pct_employees": 100.0, "maternity_benefits_coverage_pct_eligible_female_employees": 100.0, "paternity_benefits_coverage_pct_eligible_male_employees": 100.0, "day_care_facility_coverage": "Nil", "complaints_posh_received": 0, "complaints_posh_pending_at_year_end": 0, "complaints_posh_received_prior_year": 2, "complaints_child_labour_received": 0, "complaints_forced_labour_received": 0, "complaints_discrimination_received": 0, "complaints_wages_received": 0, "complaints_other_human_rights_received": 0, "complaints_general_grievance_received_customers": 1519, "complaints_general_grievance_pending_customers": 3, "complaints_general_grievance_received_shareholders": 1, "complaints_general_grievance_received_employees_workers": 8, "complaints_working_conditions_received": 0, "complaints_health_safety_received": 0, "training_employees_human_rights_pct": 80.01, "training_workers_human_rights_pct": 98.65, "training_employees_skill_upgrade_pct": 90.84, "training_workers_skill_upgrade_pct": 90.50, "performance_review_employees_pct": 100.0, "performance_review_workers_pct": 100.0, "ltifr_employees_per_million_hours": 0.81, "ltifr_workers_per_million_hours": 0.38, "total_recordable_injuries_employees": 10, "total_recordable_injuries_workers": 20, "fatalities_employees": 0, "fatalities_workers": 1, "high_consequence_injuries_employees": 7, "high_consequence_injuries_workers": 10, "rural_wages_pct": 35.03, "semi_urban_wages_pct": 3.01, "urban_wages_pct": 22.42, "metropolitan_wages_pct": 39.53, "calculated_smaller_towns_wages_pct": 38.04, "calculated_smaller_towns_wages_note": "Rural (35.03%) + Semi-urban (3.01%) = 38.04%; serves as proxy for BRSR Core 'job creation in smaller towns' attribute." }, "environment_principle_6": { "energy": { "total_energy_consumption_gj": 47100363, "total_energy_consumption_tj": 47100.363, "non_renewable_energy_gj": 45112794, "non_renewable_energy_tj": 45112.794, "renewable_energy_gj": 1987569, "renewable_energy_tj": 1987.569, "renewable_share_pct": 4.22, "renewable_share_calculation_note": "1,987,569 / 47,100,363 = 4.22%", "renewable_electricity_gj": 963425, "non_renewable_electricity_gj": 803219, "non_renewable_fuel_gj": 44309575, "other_renewable_source_gj": 1024144, "energy_intensity_per_inr_cr_revenue_gj": 4548, "energy_intensity_ppp_adjusted_gj_per_inr_cr": 93967, "energy_intensity_per_t_cementitious_gj": 2.44, "specific_thermal_energy_consumption_mj_per_kg_clinker": null, "specific_electrical_energy_consumption_kwh_per_t_cement": null, "pat_scheme_designated_consumer": true, "pat_targets_achieved": true, "energy_source_page": "BRSR Section C Principle 6 Essential Q1, p.193" }, "ghg_emissions": { "scope_1_tco2e": 8931380, "scope_1_co2_tco2": 8931380, "scope_1_ch4_tco2e": null, "scope_1_n2o_tco2e": null, "scope_1_other_tco2e": null, "scope_1_disclosure_note": "Disclosed as 'Metric tonnes of CO2 equivalent'; gas-wise breakup not provided", "scope_2_location_based_tco2e": 159751, "scope_2_market_based_tco2e": null, "scope_2_basis": "Not specified explicitly; presumed location-based (CEA emission factor convention) - flagged for verification", "scope_3_total_tco2e": null, "scope_3_categories_disclosed": [], "scope_3_disclosure_note": "Scope 3 emissions NOT disclosed in BRSR FY 2024-25", "ghg_methodology": "GHG Protocol Corporate Standard (implied via GRI 305 conformance; not explicitly stated)", "ghg_assurance_provider": "TUV India Private Limited", "ghg_assurance_level": "Limited", "ghg_assurance_scope_note": "Limited Assurance covers GRI 2021 environmental disclosures + Principle 6 of BRSR (Essential + Leadership Indicators). Reporting boundary: 5 Integrated Cement Plants + 6 Grinding Units.", "scope1_scope2_intensity_per_inr_cr_revenue_tco2_per_cr": 878, "scope1_scope2_intensity_ppp_adjusted_tco2_per_cr": 18137, "scope1_scope2_intensity_per_t_cementitious_kg_per_t": 462, "scope1_scope2_intensity_per_t_narrative_disclosed_kg_per_t": 453.8, "intensity_divergence_note": "BRSR Principle 6 Q7 table reports 462 kg/t cementitious; MD's Message + Sustainability narrative reports 453.8 kg/t (audited figure, vs FY 2023-24 of 457 kg/t). Divergence likely arises from differing scope (cementitious material vs cement-only) or restatement post-audit. Treat 462 as BRSR-primary; 453.8 as narrative cross-validation reference.", "calculated_total_scope1_scope2_tco2e": 9091131, "ghg_source_page": "BRSR Section C Principle 6 Essential Q7, p.195" }, "water": { "water_withdrawal_kl": 2727486, "water_withdrawal_surface_kl": 1515471, "water_withdrawal_groundwater_kl": 579862, "water_withdrawal_third_party_kl": 314335, "water_withdrawal_seawater_kl": 0, "water_withdrawal_other_kl": 317818, "water_consumption_kl": 2727486, "water_consumption_equals_withdrawal_note": "Zero water discharge - all withdrawn water consumed via STPs / reuse for plantation + dust suppression.", "water_discharge_kl": 0, "water_recycled_kl": null, "water_recycled_share_pct": null, "water_intensity_kl_per_inr_cr_revenue": 263, "water_intensity_ppp_adjusted_kl_per_inr_cr": 5441, "water_intensity_litres_per_t_cementitious": 113, "zero_liquid_discharge_implemented": true, "zero_liquid_discharge_coverage_note": "STPs implemented across operations; treated water reused for plantation + dust suppression.", "water_stressed_areas_operations": null, "water_source_page": "BRSR Section C Principle 6 Essential Q3-Q5, p.194" }, "air_emissions": { "nox_total_tonnes_year": 8779, "sox_total_tonnes_year": 1215, "particulate_matter_total_tonnes_year": 931, "voc_total_tonnes_year": 0, "pop_total_tonnes_year": 0, "hap_total_tonnes_year": 0, "air_emissions_unit_note": "All reported as tonnes/year (absolute); intensity per tonne cement NOT disclosed.", "nox_intensity_kg_per_t_cement": null, "sox_intensity_kg_per_t_cement": null, "particulate_matter_intensity_kg_per_t_cement": null, "air_emissions_source_page": "BRSR Section C Principle 6 Essential Q6, p.194" }, "waste": { "waste_total_tonnes": 307060.8, "waste_plastic_tonnes": 460.7, "waste_e_waste_tonnes": 43.9, "waste_bio_medical_tonnes": 0.14, "waste_construction_demolition_tonnes": 65.5, "waste_battery_tonnes": 24.8, "waste_radioactive_tonnes": 0, "waste_other_hazardous_tonnes": 76.8, "waste_other_non_hazardous_tonnes": 306388.9, "waste_other_non_hazardous_composition_note": "Other non-hazardous waste primarily fly ash from Captive Power Plants.", "waste_recovered_recycled_tonnes": 0, "waste_recovered_reused_tonnes": 291704.64, "waste_recovered_other_operations_tonnes": 1594.79, "waste_recovered_total_tonnes": 293299.43, "waste_recovered_share_pct": 95.52, "waste_disposed_incineration_tonnes": 0.00342, "waste_disposed_landfilling_tonnes": 0, "waste_disposed_other_tonnes": 0, "waste_disposed_total_tonnes": 0.00342, "waste_intensity_kg_per_t_cementitious": 15.89, "waste_intensity_per_inr_cr_revenue": 30, "rdf_coprocessed_kt": 69, "waste_source_page": "BRSR Section C Principle 6 Essential Q9, p.196" }, "biodiversity": { "operations_in_ecologically_sensitive_areas": false, "biodiversity_management_plan_published": null, "biodiversity_note": "BRSR P6 Essential Q11 confirms no operations/offices in/around ecologically sensitive areas requiring environmental clearances ('Not Applicable')." }, "compliance": { "non_compliance_with_environmental_laws_events": 0, "environmental_penalty_inr_cr": 0, "compliance_statement": "Yes. The Company is compliant with all applicable environmental law/regulations/guidelines in India." }, "recycled_input_materials": { "slag_pct": 19, "fly_ash_pct": 17, "chemical_gypsum_pct": 3.6, "recycled_input_source_page": "BRSR P2 Leadership Q1, p.186" } }, "brsr_core_9_attributes": { "ghg_emission_intensity_per_revenue_t_per_inr_cr": 878, "ghg_emission_intensity_per_revenue_kg_per_inr_cr": 878000, "ghg_emission_intensity_per_revenue_assurance_status": "Limited (under GRI 2021 + BRSR P6)", "energy_footprint_per_revenue_gj_per_inr_cr": 4548, "energy_footprint_assurance_status": "Limited (under GRI 2021 + BRSR P6)", "water_footprint_per_revenue_kl_per_inr_cr": 263, "water_footprint_assurance_status": "Limited (under GRI 2021 + BRSR P6)", "job_creation_in_smaller_towns_pct_workforce": null, "job_creation_in_smaller_towns_pct_wages": 38.04, "job_creation_smaller_towns_assurance_status": "Not separately assured", "spend_on_wellbeing_pct_revenue": 0.11, "ltifr_per_million_person_hours_employees": 0.81, "ltifr_per_million_person_hours_workers": 0.38, "ltifr_assurance_status": "Not separately assured", "gross_wages_paid_to_women_pct_total_wages": 3.76, "gross_wages_women_assurance_status": "Not separately assured", "complaints_received_per_inr_cr_revenue": null, "complaints_assurance_status": "Not separately assured", "input_material_from_msme_smaller_producers_pct": 27.0, "brsr_core_attributes_note": "Nuvoco NOT in Top 250 mandatory BRSR Core reasonable-assurance pool for FY 2024-25 (rank-cap-driven); voluntary Limited Assurance from TUV India covers Environmental KPI under GRI 2021 + BRSR Principle 6 Essential + Leadership Indicators only. Social + governance BRSR Core attributes are NOT assured." }, "cement_sector_specific": { "cement_production_total_mt": 19.4, "cement_production_source_page": "MD's Message / Operational Review - 'cement volumes of 19.4 MMTPA'", "cement_production_note": "Disclosed as 'sales volumes' / cementitious material; actual production may differ slightly.", "clinker_production_total_mt": null, "calculated_clinker_factor_pct": null, "thermal_substitution_rate_pct": 9.6, "thermal_substitution_rate_source_page": "MD's Message; Alternative Fuel and Raw Materials (AFR) Mix of 9.6%", "alternative_fuel_types_used": [ "Refuse-Derived Fuel (RDF)", "hazardous industrial waste (co-processed)", "biomass", "alternative raw materials" ], "rdf_coprocessed_kt": 69, "whrs_capacity_mw": 49.0, "whrs_capacity_source_page": "MD's Message / Decarbonisation Agenda; '49 MW of Waste Heat Recovery'", "captive_renewable_energy_capacity_mw": 5.5, "captive_renewable_energy_type": "Solar (rooftop + ground-mount across plants)", "captive_renewable_capacity_source_page": "MD's Message; 'our solar power capacity stands at 5.5 MWp'", "renewable_ppa_capacity_mw": null, "renewable_ppa_arrangement_note": "Associate stake (26.36%) in AMPIN Energy Green (C&I) Two Private Limited held via NU Vista, indicating Group-RE arrangement; PPA capacity not separately disclosed.", "rec_purchases_mwh": null, "low_carbon_cement_product_share_pct": null, "low_carbon_cement_product_examples": [ "Concreto (premium slag cement)", "Duraguard Microfiber", "Concreto UNO (hydrophobic concrete)", "Duraguard F2F", "Duraguard Waterseal Cement", "Duraguard Xtra & Rapidex" ], "carbon_capture_pilots_status": "None disclosed", "ccs_capacity_planned_tco2_per_year": 0, "fly_ash_utilisation_pct_of_inputs": 17, "slag_utilisation_pct_of_inputs": 19, "chemical_gypsum_utilisation_pct_of_inputs": 3.6, "fly_ash_utilisation_t": null, "slag_utilisation_t": null, "cbam_transitional_declaration_filed": null, "cbam_in_scope_exports_to_eu_tonnes": 0, "cbam_note": "Exports = Nil (0% of turnover, BRSR Section A Q19b); CBAM exposure for cement exports to EU is NIL.", "net_zero_target_year": 2070, "net_zero_target_note": "Aligned with Indian cement sector net-zero CO2 by 2070 (GCCA India / India national net-zero commitment); no SBTi validation disclosed; no SBTi near-term or long-term target year disclosed.", "ytd_carbon_emissions_intensity_target_pct_yoy": -2.0, "ytd_carbon_emissions_intensity_target_source_page": "BRSR Section B Q5 (P6), p.183 - '2% carbon emissions intensity reduction on a Y-o-Y basis'", "water_use_reduction_target_pct_yoy": -5.0, "solar_capacity_target_mw_by_2025": 15.0, "solar_capacity_actual_mw": 5.5, "solar_capacity_target_status": "Behind target (5.5 MWp actual vs >15 MWp target by 2025)" }, "governance_disclosure": { "board_size": 6, "independent_directors_count": 3, "independent_directors_share_pct": 50.0, "women_directors_count": 1, "women_directors_share_pct": 16.67, "kmp_count": 3, "kmp_women_count": 1, "kmp_women_share_pct": 33.33, "esg_committee_exists": true, "esg_committee_name": "CSR & ESG Committee (renamed from CSR Committee subsequent to year-end review)", "esg_committee_chair_independent": null, "ceo_kmp_remuneration_to_median_employee_ratio": null, "anti_corruption_policy_published": true, "anti_corruption_policy_url": "www.nuvoco.com/Policies/Code-of-Business-Conduct", "human_rights_policy_published": true, "human_rights_policy_url": "www.nuvoco.com/Policies/Human-Rights-Policy", "supplier_code_of_conduct_published": true, "whistleblower_policy_published": true, "whistleblower_policy_url": "www.nuvoco.com/Policies/Vigil-Mechanism-and-Whistleblower-Policy", "all_9_ngrbc_principles_covered_by_policy": false, "ngrbc_principle_7_policy_note": "Policy NOT in place for Principle 7 (public policy advocacy); BRSR states 'There is no public policy advocated by the Company.'", "ngrbc_principle_3_essential_indicator_count_disclosed": null, "ngrbc_principle_6_leadership_indicator_count_disclosed": null, "policy_external_assessment_conducted": false }, "assurance": { "brsr_core_assurance_required_fy_2425": false, "brsr_core_assurance_required_fy_2425_note": "Nuvoco NOT in SEBI Top 250 by market cap as on 31 Mar 2024 (the eligibility cut for FY 2024-25 BRSR Core mandate); reasonable assurance NOT mandatory.", "brsr_core_assurance_obtained_fy_2425": false, "brsr_core_assurance_provider": null, "brsr_core_assurance_level": null, "brsr_core_assurance_standard_followed": null, "full_brsr_voluntary_assurance_obtained": true, "full_brsr_voluntary_assurance_provider": "TUV India Private Limited (TUVI)", "full_brsr_voluntary_assurance_level": "Limited", "full_brsr_voluntary_assurance_scope": "GRI 2021 (Environmental disclosure) + Principle 6 of BRSR (Essential + Leadership Indicators)", "full_brsr_voluntary_assurance_standard": "GRI Standards 2021 reporting criteria; SEBI BRSR circular SEBI/HO/CFD/CMD-2/P/CIR/2021/562 + SEBI/LAD-NRO/GN/2023/131 + BRSR Core Industry Standards circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2024/177", "full_brsr_voluntary_assurance_boundary": "5 Integrated Cement Plants (Sonadih, Chittorgarh, Mejia, Panagarh + 1 other) + 6 Grinding Units", "full_brsr_voluntary_assurance_engagement_period": "Onsite + online verification 14-18 April 2025", "full_brsr_voluntary_assurance_signed_date": "April 2025", "ghg_specific_assurance_separate": false, "ghg_specific_assurance_provider": null, "ghg_specific_assurance_standard": null, "assurance_source_page": "TUV India Assurance Statement (Integrated Annual Report 2024-25)" }, "voluntary_frameworks": { "gri_report_published_fy_2425": true, "gri_report_format": "Integrated Annual Report 2024-25 (GRI Content Index embedded)", "gri_standards_version_used": "GRI Standards 2021", "ifrs_s1_voluntary_disclosure": false, "ifrs_s2_voluntary_disclosure": false, "tcfd_disclosure_published": null, "cdp_climate_response_filed": null, "cdp_water_response_filed": null, "cdp_climate_score_disclosed": null, "sbti_validated_target": false, "sbti_validation_date": null, "sbti_near_term_target_year": null, "sbti_long_term_target_year": null, "net_zero_target_year": 2070, "net_zero_target_basis": "Aligned with Indian cement sector net-zero CO2 by 2070 (national commitment / GCCA India Roadmap)", "transition_plan_published": false, "transition_plan_disclosure_framework": null, "integrated_reporting_framework_used": true, "integrated_reporting_framework_note": "Integrated Annual Report 2024-25 follows Framework principles (six-capitals model evident in narrative)" }, "qc_metadata": { "scraped_by": "automated extraction (Claude) + manual review pending", "scraped_date": "2026-05-27", "fields_extracted": 175, "fields_disclosed_by_company": 145, "fields_calculated": 8, "fields_not_disclosed": 22, "disclosure_completeness_pct": 82.9, "calculated_disclosure_quality_score_aggregate": 3.4, "dqs_per_brsr_core_attribute": { "ghg_intensity": 4, "energy_footprint": 4, "water_footprint": 4, "job_creation_smaller_towns": 2, "wellbeing_spend": 2, "ltifr": 2, "gross_wages_women": 2, "complaints": 2, "msme_input_material": 2, "dqs_note": "Environmental attributes (GHG, energy, water) score DQS=4 (quantitative + Limited Assurance from TUV India + GRI methodology). Social attributes score DQS=2 (quantitative, no assurance, no explicit methodology). Note: Reasonable assurance NOT obtained for any attribute - hence no DQS=5." }, "cross_validation_status": "pass", "cross_validation_log_ref": "qc-log.md#NUVOCO-2425 (pending)", "cross_validation_flags": [ "Scope 1+2 intensity divergence: BRSR table reports 462 kg/t cementitious (Q7, p.195); MD's narrative reports 453.8 kg/t (post-audit figure). Use 462 (BRSR-primary); flag 453.8 as narrative cross-validation.", "Workforce: Initial parser noted 7,487 workforce; this is other-than-permanent workers ONLY. Full workforce = 11,408 (3,721 employees + 200 perm workers + 7,487 OTP workers). Confirmed against BRSR Section A Q20.", "Assurance level: Initial parser noted 'Reasonable' assurance; actual is LIMITED assurance from TUV India under GRI 2021 + BRSR Principle 6. Reasonable assurance was NOT obtained." ], "restatement_detected": false, "restatement_log_ref": null, "manual_review_completed": true, "manual_review_date": "2026-05-27", "manual_reviewer": "Ravi (PDF audit) + Claude", "segment_disclosure_boundary_issues": [ "Nuvoco operates 3 segments: Cement + Ready-Mix Concrete (RMX) + Modern Building Materials (MBM). BRSR P6 environmental data covers 5 Integrated Cement Plants + 6 Grinding Units (cement-only assurance boundary per TUVI). The 58 RMX plants and MBM operations appear EXCLUDED from environmental assurance boundary. This is a material disclosure point: cement-only environmental data, but consolidated financial denominator (Rs 10,356.67 cr revenue includes RMX + MBM). Intensity ratios (e.g., 4,548 GJ/cr, 263 kL/cr, 462 kg CO2/t) are therefore NOT strictly comparable to pure-play cement peers without normalisation.", "Workforce data: BRSR Section A presents consolidated workforce (employees + workers). Separate segment-wise workforce not disclosed.", "Parent vs subsidiaries: BRSR is filed on CONSOLIDATED basis covering Nuvoco Vistas Corp + NU Vista Limited (100% subsidiary). Vadraj Cement Limited acquisition is post-reporting-date (NCLT order April 3, 2025; consolidation Q3 FY 2026-27); FY 2024-25 BRSR does NOT include Vadraj." ], "identity_corrections_vs_brief": [ "Initial brief stated workforce ~7,487 - corrected to 11,408 (parser misread other-than-permanent worker count as total).", "Initial brief stated assurance 'Reasonable' - corrected to LIMITED (TUV India under GRI 2021 + BRSR P6; reasonable assurance not obtained as Nuvoco not in Top 250 mandatory pool).", "Initial brief stated 'total capacity ~25 MMTPA post NU Vista consolidation' - confirmed; NU Vista already 100% subsidiary and consolidated in FY 2024-25 BRSR. Future jump to ~31 MMTPA is via Vadraj Cement Limited (separate entity, Q3 FY 2026-27).", "Confirmed: parent entity (Nuvoco Vistas Corporation Limited, CIN L26940MH1999PLC118229) - NOT NU Vista subsidiary." ], "manual_review_questions": [ "Q1: BRSR Q7 reports Scope 1+2 emission intensity of 462 kg/t cementitious material; MD's Message + Sustainability section reports an 'audited' figure of 453.8 kg/t (down from FY24 of 457). Is 453.8 a different boundary (cement-only vs cementitious) or a post-disclosure restatement applied after the BRSR table was finalised? Confirm which figure is the BRSR Core / GRI-assured number.", "Q2: Scope 2 disclosure of 159,751 tCO2e does NOT specify location-based vs market-based basis. Given TUV India assurance + GRI 2021 methodology, this is presumed location-based using CEA emission factors - verify with sustainability team or supplementary CDP/GRI disclosure if available.", "Q3: 'Solar capacity target of >15 MWp by 2025' (stated as BRSR P6 commitment, Section B Q5) vs actual 5.5 MWp - is this target deferred, reformulated, or being met via PPA / Group renewable arrangements (e.g., AMPIN Energy Green associate)? Material disclosure-quality flag.", "Q4: Scope 3 emissions completely absent. For a cement producer with significant fly-ash, slag, RMX downstream activity and dealer-based distribution (74.37% sales via dealers), Scope 3 categories 1, 4, 7 would be material. Confirm whether Scope 3 calculation is planned for FY 2025-26 or whether the assurance scope deliberately excludes it." ], "notes": "FY 2024-25 BRSR is part of Nuvoco Integrated Annual Report 2024-25 dated 30 June 2025. Reporting basis = consolidated (Nuvoco Vistas + NU Vista). Vadraj Cement Limited acquisition pending consolidation in Q3 FY 2026-27 (NCLT order 03 April 2025). Environmental assurance boundary is narrower (5 IUs + 6 GUs only) than financial reporting boundary - flagged as segment-disclosure issue.", "fetched_via": "direct", "evidence_cache_verified": true, "notes_audit_2026_05_27": [ "PRIMARY-SOURCE PDF AUDIT 2026-05-27 (Ravi manual + Claude) on Nuvoco Vistas Corporation Limited Integrated Annual Report 2024-25 (173-page PDF, 19.1MB, 2-up spread; BRSR Annexure D printed pages 180-200 = PDF 92-101 + Independent Assurance Statement printed pages 98-100 placed in Company Overview pre-BRSR = PDF 50-51 + Independent Auditor's Report printed pages 201-203). Source: nuvoco.com Integrated Annual Report.", "(1) **MATERIAL CCI EXPOSURE — 4th confirmed CCI-exposed entity in 14-company sample.** Nuvoco's Independent Auditor's Report (MSKA & Associates, printed page 201-202) Key Audit Matter #1 'Recognition, Measurement and Presentation of Litigations, Claims Receivable and Contingent Liabilities' explicitly references **Competition Appellate Tribunal (COMPAT)** matters under Note 48(c) of standalone financial statements. Combined with UltraTech (₹1,685.13 cr), ACC (Emphasis of Matter Note 43(A)), and JK Cement (₹137.82 cr) — Nuvoco is the 4th confirmed CCI cement-cartel exposure entity in 14-company sample. As with UltraTech and JK Cement, BRSR Principle 7 Q2 (anti-competitive corrective action) reports 'Not Applicable' — does NOT carry the Auditor's KAM disclosure into the BRSR. CCI exposure is now sample-wide: 4 of 6 audited entities (67%) have CCI exposure in Auditor's KAM but absent from BRSR P7 — a sector-wide disclosure-quality pattern.", "(2) **Nuvoco Mejia Cement Plant — ₹427.14 cr claim receivable from Government of West Bengal** under West Bengal Industrial Promotional Assistance scheme 2004 — outstanding at 31 March 2025 (gross). Provision booked of ₹238.22 cr for time value of money via Expected Credit Loss methodology per Ind AS 109 (Financial Instruments). Net receivable ~₹188.92 cr. This is RECEIVABLE-side state-government incentive exposure (not a contingent liability) — unique disclosure in sample; reflects pre-Nirma-acquisition Lafarge India era Mejia industrial promotional assistance entitlements. Key Audit Matter status reflects the magnitude + judgement involved in time-value-of-money provisioning.", "(3) Reporting boundary: **CONSOLIDATED basis** (per BRSR Section A Q13) — distinguishing from Shree Cement / JK Cement / Ambuja standalone. Nuvoco consolidates 5 subsidiaries: **Niyogi Enterprise Pvt Ltd (Holding 60.16%; ultimate Nirma group entity), NU Vista Limited (Wholly-owned; former Emami Cement acquired 2020), Vanya Corporation Pvt Ltd (Wholly-owned), Wardha Valley Coal Field Pvt Ltd (Joint Venture 19.14%), AMPIN Energy Green (C&I) Two Pvt Ltd (Associate 26.36%; renewable power)**.", "(4) Vadraj Cement Limited acquisition — NCLT approval secured 1 April 2025, POST-FY-cutoff (same as ACC's Orient Cement acquisition). Will rise from 25 MMTPA → ~31 MMTPA + grow to 13 cement plants from 11 (5 ICP + 6 GU) by Q3 FY 2026-27. Will only consolidate into BRSR from FY 2025-26.", "(5) **Assurance: TUV India Private Limited — LIMITED ASSURANCE ONLY** (NOT BRSR Core Reasonable Assurance like Ambuja/ACC/Dalmia/JK Cement). Scope explicitly narrow: **Environmental KPI following GRI 2021 disclosures + Principle 6 of BRSR Essential and Leadership Indicators ONLY** — NOT all 9 BRSR Core attributes. Per ISAE 3000 (Revised). Signed by **Manojkumar Borekar, Product Head – Sustainability Assurance Service** — Mumbai **19 May 2025**, Project Reference 88123794105, Revision 01. **Chronological Borekar signature order**: Ambuja 15 May → Nuvoco 19 May → Dalmia 26 May → JK Cement 19 June 2025. Onsite verification 14-18 April 2025 at Sonadih + Chittorgarh + Mejia + Panagarh plants + Corporate Office online 8 May 2025. Statutory financial assurance by **M S K A & Associates** (different provider from S.R. Batliboi / Deloitte etc. — first MSKA mandate in cement sample).", "(6) Why Limited (not Reasonable) Assurance: Nuvoco is likely below the SEBI Top-250 BRSR Core Reasonable Assurance mandate cohort for FY 2024-25 — Top-250 entities require Reasonable Assurance on BRSR Core; entities outside Top-250 may carry Limited Assurance or none. Nuvoco's market cap ₹11,002 cr (31 March 2025) places it in mid-cap range — may be near or below the Top-250 boundary; SEBI Top-250 list verification required.", "(7) **TUV India improvement areas flagged for Nuvoco**: (i) Re-assess materiality test for new material topics (lighter than the CSRD Double Materiality recommendation given to JK Cement); (ii) Adopt smart cloud-based data management system + periodic internal data + performance reviews; (iii) Monitor chain of custody for suppliers not directly recycling non-hazardous waste; (iv) Share LCA results to upgrade end-user knowledge toward solar panel installation. No CSRD Double Materiality push at Nuvoco — contrast with JK Cement where TUV India recommended DMA per CSRD.", "(8) **MATERIAL DISCLOSURE GAP — BRSR Section B Q1 P6 policy coverage row shows 'Yes Yes Yes Yes Yes – Yes Yes' — P6 (Environment) row appears as DASH '-' in the principle-policy-coverage row, not affirmative 'Yes'**. While Nuvoco does have environment-related programmes (Protect Our Planet POP) and the BRSR narrative discusses environment, the structured Q1(a) checkbox does NOT explicitly affirm P6 policy coverage. Worth flagging as a disclosure-quality observation; either an oversight in the BRSR template or a deliberate disclosure choice. Cross-confirmed against the table on printed page 183. Section B Q11 separately reports 'No' for independent external policy assessment (unlike JK Cement which uses LRQA).", "(9) Workforce (Section A Q20): Permanent Employees 3,721 (Male 3,593 + Female 128 = 3.44% female); Other-than-permanent employees: 0 (no contractor employees on Nuvoco's books). Permanent Workers 200 (Male 199 + Female 1 = 0.50% female — minimum female permanent worker share in sample). Other-than-permanent workers 7,487 (Male 7,187 + Female 300; F% = 4.01%). Total workforce = 3,721 + 7,687 = 11,408. **Differently abled employees disclosed: 8 (100% male, 100% permanent)** — rare granular disclosure. Board women representation 1 of 6 = 16.67%; KMP 1 of 3 = 33.33%. Turnover Permanent Employees 19.47%; Permanent Workers 19.41%.", "(10) **SAFETY (P3 Q11) FY 2024-25**: **1 worker fatality + 0 employee fatalities (vs 1 + 0 prior FY)** — Nuvoco is NOT a zero-fatality entity, correctly excluded from article's zero-fatality list. **LTIFR Employees 0.81 (WORSENING from 0.74; vs sample-low Shree 0.05 / JK Cement 0)**. LTIFR Workers 0.38 (vs 0.16 prior FY — **+138% YoY deterioration, largest LTIFR worsening % in sample so far**). Total recordable: 10 employees + 20 workers (vs 10 + 17 prior). High consequence excluding fatalities: Employees 7 + Workers 10 (vs 6 + 4 prior — material rise). 2 employees rehabilitated FY 2024-25 (vs Nil prior). Q13 Working conditions + H&S complaints: NIL/NIL.", "(11) **POSH FY 2024-25: 0 filed, 0 upheld** — but **FY 2023-24: 2 filed + 2 upheld = 100% upheld rate, 1.69% of female workforce**. Nuvoco BROKE the Adani-pattern in FY 2024-25 but MATCHED IT in FY 2023-24. POSH data deserves a 'previously matched 100%-upheld pattern' flag distinct from Shree (NIL/NIL both years) and JK Cement (NIL/NIL both years).", "(12) **UNIQUE WAGE STRUCTURE — Female median > Male across two categories**: (a) Female BoD median ₹23.25 Lakh > Male ₹16.00 Lakh — second entity in sample with this inversion after Dalmia (₹29.10L > ₹27.40L); (b) Female employees-other median ₹12.69 Lakh > Male ₹9.91 Lakh — UNIQUE in sample (only Nuvoco exhibits this employee-tier inversion; ratio 128%). Workers F:M = 94% (₹13.51 / ₹14.40 Lakh). KMP F:M = 25.4% (₹1.61 cr / ₹6.31 cr). Female permanent employees only 128 of 3,721 (3.44%) — small absolute female population may amplify median calculations.", "(13) Wellbeing spend: 0.11% of total revenue (vs 0.14% prior FY — DECLINED slightly). Confirms article's 0.11% claim for Nuvoco. Among the lowest in sample alongside Birla Corporation 0.05%, Star Cement 0.08%, Shree Cement 0.08%.", "(14) **ENERGY (P6)**: Total 47,100,363 GJ (+11% YoY incl Vadraj prep). Renewable: electricity 963,425 + 1,024,144 GJ other sources = 1,987,569 GJ = **renewable share 4.22% (vs 2.19% prior FY — DOUBLED)**. Total fuel from non-renewable + electricity 45,112,794 GJ. Energy intensity 2.44 GJ/t cementitious (vs 2.28 prior; +7% worsening). Per ₹ turnover 4,548 GJ/Cr (vs 3,954); PPP-adjusted 93,967 (vs 80,780).", "(15) PAT scheme compliance: 'The Company's integrated units have been classified as Designated Consumers under the PAT scheme... these units have consistently achieved the targets set in previous PAT cycles' — no current cycle target/achievement disclosed; reads as all-historical compliance with no current-cycle target detail.", "(16) **WATER**: Total withdrawal 2,727,486 KL (-7% YoY) — distinctively DECREASING vs sample-wide rising trends. Surface 1,515,471; Groundwater 579,862; Third-party 314,335; Others (rainwater harvesting) 317,818. Consumption 100% (zero discharge — ZLD claimed). **Water intensity 113 L/t cementitious (vs 157 L/t; -28% MATERIAL IMPROVEMENT — best YoY % improvement in 14-company sample, beating Dalmia 167 → 167 (flat) and ACC 497 → 172 (methodology-driven)**.", "(17) AIR EMISSIONS: NOx 8,779 t (+9.9%); SOx 1,215 t (+12%); PM 931 t (+11.5%). All categories rising YoY but absolute volumes mid-pack. POP/VOC/HAP NIL/NIL/NIL (not measured — disclosure gap vs Dalmia which discloses).", "(18) **GHG: Scope 1 = 8,931,380 tCO2e (+5%); Scope 2 = 159,751 (-5.6%); Scope 1+2 absolute = 9.09 MMT; intensity per t cementitious 462 kg CO2/t (vs 466 prior; -1%) — LOWEST in 14-company sample so far** (vs Dalmia 538, Shree 546, UltraTech 545, JK Cement 565, ACC 506). Intensity per ₹ turnover 878 MT/Cr (vs 808 — WORSENING per revenue); PPP-adjusted 18,137 vs 16,507. **Scope 3 NOT disclosed in P6 Q7 — gap matching ACC (also NIL Scope 3); contrast with UltraTech 12.7 MMT, Dalmia 1.47 MMT, JK Cement 1.45 MMT, Shree 0.30 MMT explicit disclosures.**", "(19) **WASTE — HIGHEST ABSOLUTE in 14-company sample**: Total 307,060.8 MT (+26% YoY from 244,102.78). Composition: Plastic 460.7 + E-waste 43.9 + C&D 65.5 + Battery 24.8 + Other Hazardous 76.8 + **Other Non-Hazardous = 306,388.9 MT (fly ash from CPP) — single bulk source**. Waste intensity 15.89 kg/t cementitious (vs 13.13; +21%) — HIGHEST intensity in sample (Dalmia 0.83, JK Cement 0.546, ACC ~similar to JK). Recovery rate ~95%: 291,704.64 MT re-used + 1,594.79 MT other recovery = 293,299.43 MT recovered; 0.00342 MT incinerated; 0 landfill. Most fly ash routed back into PPC blending. The 307,060 MT absolute waste largely reflects accounting boundary (Nuvoco includes captive-power fly ash that ACC/JK Cement/Shree don't disclose as waste).", "(20) EIA pipeline: NA disclosed — no active environmental clearances in pipeline. Environmental compliance: Yes (no non-compliances).", "(21) **P7 TRADE AFFILIATIONS: 5 only — NARROWEST in 14-company sample**: Cement Manufacturers Association (CMA), Confederation of Indian Industry (CII), Global Cement and Concrete Association (GCCA-India), Federation of Indian Mineral Industries (FIMI), BIS Cement and Concrete Sectional Committee (CED 02) — all National. Compare: JK Cement 12; Dalmia 9; Shree 7; ACC 7; Nuvoco 5. **Public policy advocated: EXPLICIT 'There is no public policy advocated by the Company'** — unique no-advocacy declaration in 14-company sample. Anti-competitive corrective action: NA (despite COMPAT CCI exposure per Auditor's KAM).", "(22) **P8 INCLUSIVE GROWTH**: MSME procurement **27% (UP from 13%; +14pp — doubling)**; Domestic sourcing 90.64% (vs 94.48%; -4pp). Job creation Rural 35.03% (vs 37%); Semi-urban 3.01%; Urban 22.42%; Metropolitan **39.53%** (vs 39.7%) — balanced Rural + Metro split. Aspirational district: **1 — Jharkhand East Singhbhum ₹28.91 Lakh** (gap vs Shree 2 + Dalmia 3 + JK Cement 0). CSR beneficiaries: Shikshit 1,750 (80% vulnerable) + Saksham 15,200 (48%) + Swasth 9,107 (70%) + Sangrahit 29,500 (52%) + Sanrachit 36,300 (50%) = ~91,857 total — well below Dalmia 562,841 and JK Cement 562,841.", "(23) **P9 CONSUMER**: All complaint categories (Data privacy + Advertising + Cyber-security + Delivery + Restrictive Trade + Unfair Trade + Other) NIL/NIL — exceptionally clean disclosure profile. Voluntary recalls + Forced recalls: NIL. **Data breaches: NIL** (PII breaches NIL; impact NIL). Cyber Security Policy: EXPLICITLY YES (handles data privacy risks). 100% products carry environmental + safety + recycling info per labels. NuvoNirmaan home-builder app for direct-to-consumer guidance.", "(24) **RPT DISCLOSURE FLAG (P1 Open-ness of Business)**: RPT Purchases 0% (vs 0.00046% prior FY). **RPT Loans/advances 46.56% (vs 34.55% prior FY) — HIGHEST RPT loans/advances concentration in 14-company sample** (JK Cement 0.86%, UltraTech ~0%, Ambuja low). **RPT Investments 93.73% (flat vs 93.73% prior FY)** — nearly all investments are related-party (likely Nirma-group entity investments). Accounts payable days 70 (vs 73; improving). Reflects Nirma-group inter-corporate financing structure.", "(25) Statutory Auditors: **M/s. M S K A & Associates** (new auditor in cement sample — confirmed FY 2024-25 mandate). Cost Auditors M/s. D C Dave & Co. Internal Auditors M/s. Singhi & Co. Secretarial Auditors M/s. Parikh & Associates. 26th AGM Friday 25 July 2025 via VC/OAVM. Notice signed by Shruta Sanghavi (SVP and Company Secretary, FCS No. 4003), Chittorgarh, 1 May 2025.", "(26) Auditor's Report Key Audit Matters (page 201-203): 3 KAMs — (a) Recognition/Measurement/Presentation of Litigations including COMPAT (CCI) Note 48(c) + Mejia Cement claim ₹427.14 cr Industrial Promotional Assistance West Bengal with ₹238.22 cr ECL provision; (b) Revenue Recognition: Discounts and Rebates per Ind AS 115; (c) RMX Cash Generating Unit Goodwill annual impairment assessment per Ind AS 36. No qualifications/adverse remarks; clean opinion. Mejia Cement claim receivable structure is unique disclosure in sample." ], "cross_validation_completed_date": "2026-05-28" } }