Arthneeti

Vesuvius India Q2 FY27 Share Price & Earnings Call Analysis

Part of: Nifty Microcap 250 · Nifty Total Market

₹365.00-1.19% today
Market cap
₹7,404 Cr
P/E
29.43
ROE
15.86%
PEG
1.06
Price to sales
3.43
Debt to equity
0.01
52W high / low
₹557 / ₹360
Sales growth (5Y)
21.60%
EBITDA margin
16.32%
Net profit margin
11.66%
Promoter holding
55.57%
Sales (last year)
₹2,154 Cr

Incorporated in 1991, Vesuvius India Ltd manufactures and trades refractory goods[1]

Guidance scorecard · Q2 FY27 call

What Vesuvius India's management guided
and where it ranks in Industrial Products

Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ4 FY26 call

10–20%
  • Vesuvius India aims to outgrow the steel market by 1% to 3% on average over a cycle.
  • The company has been growing at a CAGR of around 22% over the last 4-5 years, compared to 8-9% growth in the steel industry, indicating market share gains.
  • There is significant headroom to expand capacity, with brownfield expansions planned in Vizag and Kolkata to meet future demand for at least the next 10 years.
  • The focus is on technological and value-added refractory products rather than commoditized bricks, driving higher pricing and growth.
  • New product introductions (e.g., alumina, mould flux) and expansion into white spaces continue to offer growth prospects.

2 more points from Vesuvius India's call on revenue

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Full Q4 FY26 analysis

MarginsQ4 FY26 call

Flat

See what Vesuvius India said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • Vesuvius India has invested approx. ₹650-700 Crores in capex over the last three years and may even exceed that in the next three years.
  • Capex decisions are market-driven, based on demand and capacity needs, not a fixed target.
  • Investments are focused on capacity to support market growth and gain market share, especially in technologically differentiated refractory products.
  • Significant brownfield capacity for expansion exists in Vizag (32+10 acres land, with less than one-third used) and Kolkata (16 acres land), allowing quick, low-cost capacity increases.
  • A major capacity expansion in Kolkata (VISO capacity) is planned, with investment defined and approved; execution will be within 12-18 months post decision.

2 more points from Vesuvius India's call on capex

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Full Q4 FY26 analysis

FundraisingQ4 FY26 call

See what Vesuvius India said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

Rising
  • Vesuvius India has made significant capacity investments ahead of demand, indicating confidence in a growing order pipeline.
  • There is ongoing capacity expansion in Kolkata and Vizag to meet anticipated market growth.
  • The company experiences consistent growth in market share in specialized refractory products.
  • They have sufficient headroom and brownfield expansion capabilities for at least the next 10 years.

2 more points from Vesuvius India's call on the order book

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Full Q4 FY26 analysis
Full Industrial Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Vesuvius India rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Vesuvius India latest results (Sep 2026)

Revenue

₹567 Cr

+4% YoY

Net profit

₹57 Cr

-8% YoY

Operating margin

15%

EPS

₹2.81

What management said on the call →

Vesuvius India shareholding (Sep 2026)

Promoters

55.57%

unchanged QoQ

FIIs

4.59%

+0.03 pp QoQ

DIIs

21.79%

−0.24 pp QoQ

Public

18.05%

+0.23 pp QoQ

Full shareholding pattern →Dividend history →

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹403 Cr12.8
240%+Up 0–2%₹1,158 Cr12.7
340%+Flat₹6,675 Cr74.6
440%+Flat₹6,247 Cr15.4
540%+Flat₹4,948 Cr25.0
640%+Flat₹4,816 Cr53.3

Sign up free to see every company in the sector ranking and track Vesuvius India.

Pro shows every company guiding 40%+ revenue growth →Full Industrial Products ranking

Financials of Vesuvius India

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Vesuvius India

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +55.57%55.57%55.57%55.57%55.57%55.57%55.57%55.57%55.57%55.57%55.57%55.57%
FIIs +1.73%1.57%2.34%2.34%4.06%4.14%4.31%4.42%4.44%4.56%4.56%4.59%
DIIs +23.26%23.06%20.92%20.92%20.66%20.95%20.83%21.29%21.91%22.03%22.03%21.79%
Government +0.00%0.00%0.00%0.00%0.00%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public +19.43%19.81%21.17%21.17%19.71%19.34%19.29%18.72%18.06%17.83%17.82%18.05%
No. of Shareholders21,47422,51725,28925,28928,95628,70134,16336,28134,31933,52533,74135,062

Financials of Vesuvius India

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +413417453462444509482524547551500536567
YoY Sales growth+17%+20%+23%+14%+7%+22%+6%+13%+23%+8%+4%+2%+4%
Expenses +331337358371365427399433455457416450479
Operating Profit82809592798283919294848788
OPM %20%19%21%20%18%16%17%17%17%17%17%16%15%
Other Income +878102371087349108
Interest0000000000000
Depreciation9111011121313151717171818
Profit before tax817692909076808583109757977
Tax %25%25%25%26%24%22%26%26%26%27%26%26%26%
Net Profit +60576967686059636280565957
EPS in Rs2.972.813.393.323.372.952.923.103.033.952.752.882.81

Financials of Vesuvius India

Profit & Loss

Annual income statement trend

Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025TTM
Sales +6527008229119258877921,0471,3431,6031,8692,1042,154
Sales growth+8%+7%+17%+11%+2%-4%-11%+32%+28%+19%+17%+13%+4%
Expenses +5525746707457777667149471,1781,3141,5181,7431,802
Operating Profit10112615216714812177100165289350361352
OPM %15%18%18%18%16%14%10%10%12%18%19%17%16%
Other Income +910139232921202335485960
Interest0111111112421
Depreciation19232730282726273036466271
Profit before tax901121361451421237292157285349356340
Tax %34%35%35%35%35%31%26%26%26%25%24%26%
Net Profit +5974899493865368117213265264252
EPS in Rs2.913.634.384.654.564.212.613.355.7510.4913.0313.0112.39
Dividend Payout %24%17%15%15%15%21%27%24%14%12%11%12%

Financials of Vesuvius India

Balance Sheet

Capital structure and asset base

Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Jun 2026
Equity Capital20202020202020202020202020
Reserves4194775626417177848228769771,1731,4111,6441,728
Borrowings +00000000013131414
Other Liabilities +139147161193188177216292333382402472452
Total Liabilities5786447438549259811,0581,1881,3311,5891,8472,1502,215
Fixed Assets +132131124113121124120116194316434622628
CWIP201416382628212738861965247
Investments0000000000000
Other Assets +4264996037037798299171,0451,0981,1871,2171,4761,540
Total Assets5786447438549259811,0581,1881,3311,5891,8472,1502,215

Financials of Vesuvius India

Cash Flows

Operating, investing and financing cash movement

Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from Operating Activity +65545019195741022712882258177
Cash from Investing Activity +-28-21212-310297-503-39-6-37-233-18
Cash from Financing Activity +-14-15-15-16-17-17-14-14-16-18-27-30
Net Cash Flow231856177-231354-415-2610628-1130
Free Cash Flow432329151704387-516-11716102
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit98%75%68%149%99%93%158%54%108%52%93%78%

Financials of Vesuvius India

Ratios

Working capital efficiency and return ratios

Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Debtor Days105118119887277755757747584
Inventory Days69687769847791124921058792
Days Payable8797981119889122130112118104114
Cash Conversion Cycle879098465865445238605862
Working Capital Days8291102595863515541656269
ROCE %22%24%25%24%20%16%9%11%17%26%25%21%

Guidance history

How Vesuvius India's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →10–20%FlatPlanned—Rising
Q2 FY25 call →40%+FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

8out of 100

Momentum score · price trend

8 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,937 stocks
Last 12 months−25.3%22%
Last 6 months−23.6%9%
Last 3 months−15.4%17%

The price is 39.4% below its all-time high of ₹602.75 (6 Jun 2025). Stocks more than 20% below their peak have their score halved, so 16 became 8.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Vesuvius India: 0.4 × 22 + 0.4 × 9 + 0.2 × 17 = 16, halved to 8 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Vesuvius India: frequently asked questions

What is Vesuvius India share price today?

Vesuvius India last traded at ₹365, with a market capitalisation of ₹7,404 Cr and a P/E ratio of 29.4.

What were Vesuvius India's latest quarterly results?

For the quarter ended Sep 2026, Vesuvius India reported revenue of ₹567 Cr (+4% year on year) and net profit of ₹57 Cr, with an operating margin of 15%.

Is Vesuvius India's profit growing?

Net profit was ₹57 Cr in Sep 2026 against ₹62 Cr in Sep 2025, a change of -8%.

What is Vesuvius India's EPS?

Vesuvius India's earnings per share for the quarter ended Sep 2026 was ₹2.81.

What is the promoter holding in Vesuvius India?

Promoters held 55.57% of Vesuvius India in Sep 2026 (unchanged versus Jun 2026).

How much do FIIs and DIIs hold in Vesuvius India?

In Sep 2026, foreign institutional investors held 4.59% and domestic institutions (including mutual funds) held 21.79% of Vesuvius India.

What is Vesuvius India's ROE and ROCE?

Vesuvius India's return on equity is 15% and its return on capital employed is 21.3%.

Does Vesuvius India pay a dividend?

Yes. Vesuvius India's dividend yield is 0.41% at the current price. The full payout history is on the Vesuvius India dividends page.

Which sector does Vesuvius India belong to?

Vesuvius India is in the Industrial Products sector. Its peer comparison and sector ranking are on this page.

What did Vesuvius India's management say on the latest earnings call?

Arthneeti's analysis of the Q2 FY27 earnings call covers revenue, margins, capex and fundraising guidance from Vesuvius India's management.

How does Arthneeti AI analyse Vesuvius India?

Arthneeti reads Vesuvius India's earnings call transcripts and filings and scores revenue growth, margins, capex and fundraising, then ranks the company against its sector.

Continue your research

What Vesuvius India's management said in earlier quarters

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