Vesuvius India Ltd (VESUVIUS) AI Stock Analysis

• Market Cap: ₹102.07B
• Dividend Yield: 0.3%
• Average Volume (3M): 8.57K
• Price to Earnings (P/E): 38.7
• Beta (1Y): 1.13
• Revenue Growth: 16.07%
• EPS Growth: -6.83%
• Country: IN
• Employees: 612
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial - Machinery
• EPS (TTM): 3.95
• Shares Outstanding: 202,960,800
• 10 Day Avg. Volume: 3,395
• 30 Day Avg. Volume: 8,570
• PEG Ratio: -240.67
• Price to Book (P/B): 5.86
• Price to Sales (P/S): 4.64
• P/FCF Ratio: 98.20
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 16.5
• Revenue Forecast (FY): ₹24.75B

• Rating: 64 Neutral
• Price Target: ₹533.00 ▲(10.97% Upside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is primarily supported by solid financial fundamentals (steady growth, improved margins versus prior years, and very low leverage), but is held back by inconsistent cash conversion and a weaker technical posture (below key moving averages). A high P/E and very low dividend yield further pressure the overall score.

Positive Factors

Recurring consumable revenue model

Vesuvius India sells engineered consumables and recurring process solutions used continuously in steelmaking and foundries. This creates stable, repeat purchase demand, high customer stickiness, and predictable revenue streams that support multi‑period cash flow and planning.

Very low leverage / strong balance sheet

The company’s minimal debt profile and consistent equity growth give it financial flexibility to invest in R&D, withstand industrial slowdowns, and support capital spending without heavy interest burdens, underpinning long‑term resilience and strategic optionality.

Multi-year revenue growth and improved margins

Sustained top‑line growth plus materially higher margins versus earlier years indicate stronger pricing, product mix shift to engineered solutions, and operational leverage. These trends support durable earnings power and higher returns on capital over the medium term.

Negative Factors

Inconsistent cash conversion

Operating cash conversion is volatile; OCF covered under 50% of net income in 2025 and free cash flow was a small share of earnings. Persistent working‑capital swings or elevated reinvestment needs can constrain free cash generation and financing flexibility.

Margin compression in 2025

The 2025 decline in gross, EBITDA and EBIT margins suggests rising input costs or less favorable pricing/mix. If structural, this pressure could erode recent profitability gains and reduce the durability of improved ROE and cash flows over the next several quarters.

Cyclicality tied to steel/foundry volumes

Revenue and consumable demand are closely linked to steel and foundry production cycles. That industry cyclicality makes earnings and throughput sensitive to macro and capex swings, limiting predictability of growth and cash generation across downturns.

Vesuvius India Ltd Business Overview & Revenue Model

Company Description

Vesuvius India Limited manufactures and trades in refractory products in India. The company offers shaped refractories, such as shrouds, stoppers, pre-cast products, nozzles, and crucibles; and unshaped refractories, including castables, and taphole clay, as well as repairs and maintenance services. It also exports its products. The company was incorporated in 1991 and is headquartered in Kolkata, India. Vesuvius India Limited is a subsidiary of Vesuvius Group Limited, United Kingdom.

How the Company Makes Money

Vesuvius India Ltd generates revenue through the sale of its refractory products and services to major steel producers and foundries. The company's key revenue streams include the manufacturing and supply of refractory materials, such as bricks, monolithics, and crucibles, which are essential for the containment and control of molten metal. Additionally, Vesuvius India offers technical support and engineering services that help clients enhance their operational efficiency and safety. Strategic partnerships with major industrial players and ongoing innovation in refractory technology further bolster its revenue. The company's financial performance is also influenced by its ability to maintain strong customer relationships and respond to the evolving needs of the steel and foundry markets.

Vesuvius India Ltd Financial Statement Overview

Summary

Strong multi-year revenue growth and materially improved profitability versus 2020–2022, supported by an exceptionally low-debt balance sheet and healthy ROE. Offsets are 2025 margin compression versus 2024 and uneven cash conversion (operating cash flow covered less than half of net income in 2025).

Income Statement

Revenue has scaled steadily from 2020 to 2025, with strong growth through 2023 and still positive growth in 2025. Profitability improved materially versus earlier years (net margin up from ~6–9% in 2020–2022 to ~12–14% in 2023–2025), supporting solid earnings quality. The key offset is margin compression in 2025 versus 2024 (lower gross, EBITDA, and EBIT margins), suggesting cost pressure or pricing mix headwinds even as sales grew.

Balance Sheet

The balance sheet is conservatively positioned with very low leverage (debt-to-equity ~0.9–1.6% in 2023–2025, and effectively no debt in 2020–2022). Equity has grown consistently alongside assets, and returns on equity are healthy (roughly mid-teens to high-teens in 2023–2025). The main weakness is a modest step-down in return on equity in 2025 versus 2024, consistent with the year’s margin softening.

Cash Flow

Cash generation is volatile. Operating cash flow improved meaningfully in 2024–2025 versus 2023, and free cash flow recovered from a large deficit in 2023 to positive levels in 2024–2025. However, cash conversion remains inconsistent: free cash flow was a very small share of earnings in 2024 and only moderate in 2025, and operating cash flow covered less than half of net income in 2025, pointing to working-capital swings or elevated reinvestment needs.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	18.94B	21.04B	18.65B	16.03B	13.35B	10.47B
Gross Profit	7.95B	7.25B	7.84B	6.84B	5.02B	3.99B
EBITDA	3.86B	3.60B	3.99B	3.24B	1.88B	1.19B
Net Income	2.55B	2.64B	2.65B	2.13B	1.17B	680.50M
Balance Sheet
Total Assets	0.00	21.50B	18.47B	15.89B	13.31B	11.88B
Cash, Cash Equivalents and Short-Term Investments	4.81B	5.82B	4.81B	4.65B	5.67B	5.53B
Total Debt	0.00	265.90M	133.90M	130.30M	0.00	0.00
Total Liabilities	-14.31B	4.86B	4.16B	3.95B	3.33B	2.92B
Stockholders Equity	14.31B	16.64B	14.31B	11.94B	9.98B	8.96B
Cash Flow
Free Cash Flow	0.00	993.40M	159.30M	-1.17B	155.80M	-52.70M
Operating Cash Flow	0.00	2.05B	2.58B	823.80M	1.28B	266.80M
Investing Cash Flow	0.00	-456.60M	-2.33B	-369.80M	-64.20M	-388.40M
Financing Cash Flow	0.00	-293.10M	-267.00M	-175.40M	-162.40M	-142.10M

Vesuvius India Ltd Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 480.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VESUVIUS, the sentiment is Neutral. The current price of 480.3 is below the 20-day moving average (MA) of 512.26, below the 50-day MA of 486.58, and below the 200-day MA of 511.89, indicating a neutral trend. The MACD of 7.03 indicates Positive momentum. The RSI at 48.53 is Neutral, neither overbought nor oversold. The STOCH value of 11.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:VESUVIUS.

Vesuvius India Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GPIL	75 Outperform	₹174.24B	22.01	―	0.39%	-0.96%	-11.90%
MAHSEAMLES	68 Neutral	₹74.12B	8.82	―	1.82%	0.81%	-7.11%
VESUVIUS	64 Neutral	₹102.07B	38.65	―	0.30%	16.07%	-6.83%
HEG	62 Neutral	₹110.56B	28.98	―	0.33%	3.93%	41.77%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
RHIM	59 Neutral	₹86.14B	50.27	―	0.55%	8.65%	―
GRAPHITE	54 Neutral	₹138.32B	42.04	―	1.93%	-7.12%	-48.28%

Vesuvius India Ltd Corporate Events

Vesuvius India Publishes Audited 2025 Results in Line with Disclosure Norms

Vesuvius India Ltd has announced that its audited financial results for the year ended December 31, 2025, have been published in leading newspapers, in line with securities disclosure regulations. The company reiterated that its financial year closes on December 31 annually and framed the newspaper release as part of its ongoing compliance and communication with stock exchanges and investors.

By formally advertising its audited results in both English and regional-language dailies, Vesuvius India is signaling procedural transparency to shareholders and regulators. The move underscores the company’s adherence to listing norms and supports informed decision-making for stakeholders tracking its performance and governance standards.

Vesuvius India Clears 2025 Accounts, Declares Dividend and Reshapes Finance Leadership

Vesuvius India Ltd’s board has approved the audited financial results for the year ended December 31, 2025, with the statutory auditors issuing an unmodified opinion on the standalone accounts, underscoring the company’s clean audit status. The board recommended a dividend of Rs. 1.50 per equity share of Re. 1 for 2025, set April 30, 2026 as the record date, and indicated that payment will follow shareholder approval at the May 7, 2026 AGM.

In a series of governance and management moves, the company appointed M/s J K & Co as cost auditor for the 2026 financial year and named Neeraj Kumar Jumrani as chief financial officer effective March 16, 2026, while accepting the resignation of interim CFO Subhabrata Nandi from March 15, 2026. The board also strengthened its senior management bench by appointing Thomas Mathew, Ashis Jain, Purushottam Bedare and Vikram Maladi as senior managerial personnel from March 1, 2026, signaling a focus on reinforcing financial oversight and operational leadership.

Vesuvius India clears 2025 results, declares dividend and revamps finance leadership

Vesuvius India Ltd’s board has approved the audited financial results for the year ended December 31, 2025, with the statutory auditors issuing an unmodified opinion, and has recommended a final dividend of Rs 1.50 per equity share, with April 30, 2026 set as the record date and payment to follow shareholder approval at the May 7, 2026 AGM. The board also tightened its governance framework by appointing J K & Co as cost auditor for 2026, naming Neeraj Kumar Jumrani as chief financial officer effective March 16, 2026, accepting the resignation of interim CFO Subhabrata Nandi effective March 15, 2026, and inducting four executives as senior managerial personnel from March 1, 2026, signalling a broader refresh of the finance and leadership team.

Vesuvius India Clears 2025 Results, Dividend and Key Finance Leadership Changes

Vesuvius India Ltd’s board has approved the audited financial results for the year ended December 31, 2025, with the statutory auditors issuing an unmodified opinion, reinforcing confidence in the company’s financial reporting. The board has recommended a dividend of Rs 1.50 per equity share of Re 1 for the 2025 financial year, with a record date set for April 30, 2026, and payment to follow shareholder approval at the annual general meeting on May 7, 2026.

In a series of governance and leadership moves, the company appointed M/s J K & Co as cost auditor for the 2026 financial year and named Neeraj Kumar Jumrani as chief financial officer effective March 16, 2026, while accepting the resignation of interim CFO Subhabrata Nandi effective March 15, 2026. Vesuvius India also strengthened its senior management bench by appointing Thomas Mathew, Ashis Jain, Purushottam Bedare and Vikram Maladi as senior managerial personnel from March 1, 2026, signaling a focus on operational oversight and organisational depth.