Vesuvius India Ltd (VESUVIUS)

Capital Goods · Refractories · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹409.8 ↓ 19.47% (1Y)

🎯 Key Takeaways

Vesuvius India Ltd is in a strategic transition phase, divesting non-core assets like the Mehsana refractory facility to sharpen focus on its core foundry and industrial products business. The company maintains strong profitability metrics with healthy ROE and ROCE, but recent quarterly performance shows modest revenue growth and slight margin compression.
Revenue grew 7.3% QoQ to ₹536 in Q1FY27.
⚠️ 1) The Mehsana facility sale remains pending regulatory and contractual closing by December 31, 2026, exposing execution risk if delays occur. 2) Oper

Market Cap

₹8,317

P/E Ratio

32.5

P/B Ratio

5.00

ROE

15.4%

ROCE

20.9%

Debt/Equity

0.00

Promoter

55.6%

✨ Ask AI About VESUVIUS 📊 Interactive Charts

📖 The Story

Vesuvius India Ltd is in a strategic transition phase, divesting non-core assets like the Mehsana refractory facility to sharpen focus on its core foundry and industrial products business. The company maintains strong profitability metrics with healthy ROE and ROCE, but recent quarterly performance shows modest revenue growth and slight margin compression. With promoter holding stable at 55.57% and institutional investors gradually increasing stakes, the company is positioned as a focused capital goods player with disciplined capital allocation and improving governance oversight.

📰 What's Happening

The most significant development is the board-approved slump sale of the Mehsana Facility to Foseco India Limited for INR 43.25 crores, announced in the August 13, 2026 board meeting filing. This transaction, representing 2.8% of revenue and 2.09% of net worth, is framed as a non-core asset divestment to align with FIL's foundry strategy. Management expects completion by December 31, 2026, and emphasizes it will not impact shareholding in the listed entity. The sale is part of a broader effort to streamline operations, with prior board approvals on May 7, 2026, also confirming unaudited Q1 FY2026 results showing total income of ₹50,900 lakhs and net profit of ₹5,585 lakhs.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	547	551	500	536
Operating Profit	76	76	66	69
OPM %	13.8%	13.8%	13.3%	12.9%
Net Profit	62	80	56	59
EPS	₹3.03	₹3.95	₹2.75	₹2.88

Quarterly financials indicate a stable but slightly decelerating revenue trend, with June 2026 revenue at ₹536 crores up from ₹500 crores in March 2026 but down from ₹551 crores in December 2025. Operating margins have moderated to 12.9% from 13.8% in the prior quarter, while net profit declined to ₹59 crores from ₹80 crores in December 2025. Despite this, EPS remains steady at ₹2.88 in June 2026, supported by consistent shareholding structure. The financial performance reflects the transitional impact of asset rationalization, with management attributing margin pressures to broader market dynamics rather than operational inefficiencies.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or margin targets in the latest filings, but the board's actions signal a focus on operational simplification and capital efficiency. The authorization of Key Managerial Personnel to determine materiality under SEBI LODR Regulation 30(5), as disclosed in the May 7, 2026 filing, underscores enhanced governance and transparency. Management continues to emphasize compliance with insider trading norms and timely disclosures, reinforcing confidence in governance standards during the transition phase.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2026	Mar 2026	Mar 2027
Equity Capital	20	20	20	20
Reserves	1,411	1,502	1,644	1,728
Borrowings	13	14	0	14
Total Liabilities	1,847	2,008	2,150	2,215
Fixed Assets	434	601	622	627
Investments	0	0	0	0
Total Assets	1,847	2,008	2,150	2,215

The balance sheet shows a strong equity base of ₹20 crores with reserves growing to ₹1,728 crores by March 2027, indicating long-term value creation. Borrowings remain minimal at ₹14 crores, down from ₹14 crores in March 2026 (though previously zero), suggesting conservative leverage. Total assets have risen steadily to ₹2,215 crores, driven by reserve accumulation and asset base expansion. The company is not deleveraging aggressively but is prioritizing internal fund generation, as evidenced by robust operating cash flows of ₹177 crores in March 2026.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+177
Investing	-18
Financing	-30
Net Cash Flow	+130

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	55.6%	55.6%	55.6%	55.6%
FII	4.4%	4.4%	4.6%	4.6%
DII	21.3%	21.9%	22.0%	22.0%
Public	13.5%	12.9%	12.7%	12.8%
# Shareholders	36,281	34,319	33,525	33,741

Institutional investor interest is gradually increasing, with FII holdings rising from 4.42% in Q2FY26 to 4.56% in Q1FY27, and DII stakes growing from 21.29% to 22.03% over the same period. Promoter holding remains stable at 55.57% across all quarters, with no signs of dilution or pledge-related concerns. The expanding shareholder base, now comprising 33,741 investors, reflects growing institutional confidence, while the modest public float suggests limited trading liquidity despite rising investor interest.

⚖️ Peer Comparison — Refractories

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
VESUVIUS	8,317	32.5	20.9%	15.4%	0.00
RPEL	8,118	129.4	32.1%	25.6%	0.02
RHIM	7,668	—	-5.7%	-8.8%	0.06
IFGLEXPOR	1,519	37.1	4.9%	3.5%	0.17
523160	1,030	44.3	37.8%	26.5%	0.00
ORIENTCER	537	20.6	13.1%	9.2%	0.25
502294	80	—	-30.5%	18.3%	-1.54
531168	33	18.5	9.7%	7.5%	0.06
502271	9	28.2	13.3%	-2.3%	-2.34
SPRL	—	—	—	—	0.35

🔗 Peer Stock Analyses

RPEL RHIM IFGLEXPOR 523160 ORIENTCER

⚠️ Risk Factors

1) The Mehsana facility sale remains pending regulatory and contractual closing by December 31, 2026, exposing execution risk if delays occur. 2) Operating margins have shown a slight downward trend from 13.8% to 12.9% over recent quarters, which management attributes to external factors but warrants monitoring. 3) Despite strong ROCE of 20.9%, the modest revenue growth trajectory in a capital goods cycle may pressure valuation if macro demand weakens. 4) The company’s reliance on a concentrated customer base in foundry and industrial sectors could amplify volatility from sector-specific downturns.

📋 Recent Filings

🧠 Analyst's Read

Vesuvius India is executing a disciplined asset rationalization strategy while maintaining strong profitability and governance standards. Investors should monitor the timely completion of the Mehsana sale and the trajectory of margin performance in the core business, as these will be critical to sustaining momentum in the next growth phase.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on VESUVIUS

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when VESUVIUS files new disclosures

Track VESUVIUS filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track VESUVIUS — Free

Free account · 2 AI queries/day

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd