VESUVIUS
Vesuvius India share price & financials
- Price
- ₹465.9
- Market cap
- ₹8.4k Cr
- Sector
- Capital Goods
- Calls analysed
- 1
Vesuvius India Q4 FY26
What went well
- Mohinder Rajput: 'Last 4 to 5 years, if I look at the CAGR topline, it has been 22%.' (Page 20)
- Patrick Andre: 'Our market share remains above the 50%-55%, and this does not change.' (Page 7)
- Pascal Genest: 'new product sales, which are representing typically 20% to 25% of the sales which are products developed in the last five years, and this percentage is not only in India, it is worldwide.' (Page 9)
What to watch
- Mohinder Rajput: 'But I would say we are not very well advanced into that journey. We are midway, maybe not even midway, slightly less than midway in that journey.' (on non-steel business, Page 5)
- Parin Mehta: 'competition is catching up and at least we are hearing that RHI has started entering some of the customers where Vesuvius has been present.' (Page 5)
What Vesuvius India Limited does
Vesuvius India is an advanced manufacturing company, part of the global Vesuvius Group, that designs, manufactures and supplies refractories, flow-control ceramics, precast shapes, fluxes and casting-robotics systems used to handle molten metal in high-temperature industrial processes. It earns by selling these consumable and engineered products, supported by on-site technical service teams embedded at customer plants, primarily to steel producers and also to aluminium, cement, refinery, hydrocarbon-processing and foundry customers. Manufacturing is carried out across plants in Kolkata, Visakhapatnam and Mehsana, with Visakhapatnam expanded into a multi-product hub combining Alumino-Silicate, Basic Monolithic and Mould Flux facilities.
- Manufacturing facilities
- 5 plants, located at Kolkata, Visakhapatnam and Mehsana
- Industries served
- Steel, Aluminium, Cement, Refineries, Hydrocarbon Processing, Foundry
- Product/offering categories
- Flow Control, Advanced Refractories, Foundry solutions
- Capacity added at Visakhapatnam (2025)
- ~250,000 tonnes per annum, via new Alumino-Silicate and Basic Monolithic facilities
- Visakhapatnam Industrial Complex land bank
- 42 acres, less than one-third currently utilised
- Market position in core segments
- Market share of approximately 50-55%
Guidance record · Q4 FY26
what the last two calls moved 6 tracked 0 delivered 0 missed 6 open- Market Growth Outperformance open said Q4 FY26 Promised: Outgrow the market by 1% to 3% on average over a cycle. Q4 FY26: Stated by CEO Patrick Andre: 'on average over a cycle, whatever we call a cycle, by between 1% and 3%.'
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 2.3%, net profit down 6.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 444 | 509 | 482 | 524 | 547 +23% | 551 +8% | 500 +4% | 536 +2% |
| EBITDA | 79 | 82 | 83 | 91 | 92 +16% | 94 +15% | 84 +1% | 87 −4% |
| Net profit | 68 | 60 | 59 | 63 | 62 −9% | 80 +33% | 56 −5% | 59 −6% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −21.3% 1Y
1Y: ₹524.65 on 10 Sept 2025 → ₹413.05. High ₹556.55 (20 Feb 2026), low ₹407.75 (31 Aug 2026).
How the price took the results
close before → close after
- Q4 FY26
- +0.7%
- 7 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.6% a year over 2 years, FY23 to FY25. Operating margin narrowed to 17.1%.
| Year ending | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹1.6k Cr | ₹1.9k Cr | ₹2.1k Cr |
| Operating profit | ₹287 Cr | ₹348 Cr | ₹360 Cr |
| Operating margin | 17.9% | 18.6% | 17.1% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹36 Cr | ₹46 Cr | ₹62 Cr |
| Net profit | ₹212 Cr | ₹264 Cr | ₹264 Cr |
| Net margin | 13.2% | 14.1% | 12.5% |
| Cash from operations | ₹82 Cr | ₹258 Cr | ₹177 Cr |
| Free cash flow | ₹-117 Cr | ₹16 Cr | ₹102 Cr |
| ROCE | 26.0% | 25.0% | 21.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Equity capital | ₹20 Cr | ₹20 Cr | ₹20 Cr | ₹20 Cr | ₹20 Cr | ₹20 Cr |
| Reserves | ₹822 Cr | ₹876 Cr | ₹977 Cr | ₹1.2k Cr | ₹1.4k Cr | ₹1.6k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹13 Cr | ₹13 Cr | ₹14 Cr |
| Other liabilities | ₹216 Cr | ₹292 Cr | ₹333 Cr | ₹382 Cr | ₹402 Cr | ₹472 Cr |
| Total liabilities | ₹1.1k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹2.1k Cr |
| Fixed assets | ₹120 Cr | ₹116 Cr | ₹194 Cr | ₹316 Cr | ₹434 Cr | ₹622 Cr |
| Capital work in progress | ₹21 Cr | ₹27 Cr | ₹38 Cr | ₹86 Cr | ₹196 Cr | ₹52 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹917 Cr | ₹1.0k Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.5k Cr |
| Total assets | ₹1.1k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹2.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −1.47 pp while DIIs added +1.20 pp. The shareholder count shrank 1% to 33,741.
- Promoters
- 55.6%
- FIIs
- 4.6%
- DIIs
- 22.0%
- Government
- 0.0%
- Public
- 17.8%
Since Jun 2025
- Public −1.47 pp
- DIIs +1.20 pp
- FIIs +0.25 pp
How it drifted, 12 quarters
Over this window FIIs went from 1.3% to 4.6% — +3.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 55.6%, FIIs 1.3%, DIIs 23.3%, Public 19.9%.Dec '23: Promoters 55.6%, FIIs 1.7%, DIIs 23.3%, Public 19.4%.Mar '24: Promoters 55.6%, FIIs 1.6%, DIIs 23.1%, Public 19.8%.Jun '24: Promoters 55.6%, FIIs 2.3%, DIIs 20.9%, Public 21.2%.Sep '24: Promoters 55.6%, FIIs 2.3%, DIIs 20.9%, Public 21.2%.Dec '24: Promoters 55.6%, FIIs 4.1%, DIIs 20.7%, Public 19.7%.Mar '25: Promoters 55.6%, FIIs 4.1%, DIIs 20.9%, Government 0.0%, Public 19.3%.Jun '25: Promoters 55.6%, FIIs 4.3%, DIIs 20.8%, Government 0.0%, Public 19.3%.Sep '25: Promoters 55.6%, FIIs 4.4%, DIIs 21.3%, Government 0.0%, Public 18.7%.Dec '25: Promoters 55.6%, FIIs 4.4%, DIIs 21.9%, Government 0.0%, Public 18.1%.Mar '26: Promoters 55.6%, FIIs 4.6%, DIIs 22.0%, Government 0.0%, Public 17.8%.Jun '26: Promoters 55.6%, FIIs 4.6%, DIIs 22.0%, Government 0.0%, Public 17.8%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Vesuvius India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Vesuvius Group Limited | 55.57% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Large Cap Fund Mutual fund | 8.86% | unchanged |
| HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund | 6.83% | unchanged |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund | 3.40% | unchanged |
| ICICI Prudential Multicap Fund Mutual fund | 1.44% | −0.20 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in VESUVIUS
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹1.0k Cr
- 5 schemes
- Biggest holder
- Nippon India Multi Cap Fund
- ₹615 Cr · 1.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹615 Cr | held | Sep '17 |
| HDFC Small Cap Fund HDFC Mutual Fund | ₹175 Cr | held | Dec '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹117 Cr | held | Dec '21 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹107 Cr | held | Dec '22 |
| HDFC Retirement Savings Fund - Hybrid-Equity Plan HDFC Mutual Fund | ₹13 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +269%
- vs est. average cost
- Held by funds
- ₹1.0k Cr
- 5 schemes · ≈ 14% of the company
- Biggest holder
- Nippon India Multi Cap Fund
- ₹615 Cr · 1.1% of that fund
Shares held by these funds −29%
Aug '23 2.46 cr shares Jul '26
What the price assumes
ExpensiveTo justify its price of ₹413, this stock must grow earnings at 25% every year for 7 years. Our analysis caps realistic growth at ~20%. At that growth it is worth ₹320 — downside of 22%.
- Growth the price implies
- 24.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 20.0% a year
- net profit, FY23–FY26 · EPS 19.7%
- The gap
- 0.0 pp
- -22% downside if it only repeats history
Learn to analyse Vesuvius India Limited
Guides on how to read this kind of business and the numbers that matter.