Vesuvius India Ltd(VESUVIUS)

NSE: VESUVIUSBSE: 520113

₹ 393.1+0.95%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,978 crWebsite: www.vesuviusindia.inUpdated: 24 Oct 2026

About

Vesuvius India Ltd manufactures and trades refractory products and flow control solutions for molten metal engineering, serving steel, cement, aluminium, foundry, refinery, and hydrocarbon processing industries across 21 states and 25 countries. The company reported revenue of ₹2,104.33 crore in FY25 and has delivered a revenue CAGR of 22% over the last four to five years, well ahead of the steel industry's 8 - 9% CAGR. It holds approximately 55% market share in flow control and an overall 13 - 15% share of the Indian refractory market, and is a subsidiary of Vesuvius plc, which holds 55.57% through Vesuvius Group Limited.^[1][2][3]

Business segments

The company is primarily engaged in manufacturing and trading of refractory goods; no separate segment breakdown is reported beyond this single business.^[3]

Products and brands

Products span refractory shapes, flow control hardware, and monolithics for steel, cement, aluminium, foundry, refinery, and petrochemical industries.^[3]
Key branded products include DURASLEEVE (refractory sleeve for continuous casting), ANTERIS 360 (laser-based vessel scanning), SEM3085 (automated shroud exchange), ATOM (flow-control), OptiClean+ (steel cleanliness), and ELBY™ (ladle bottom system).^[3]
Products launched in the last five years account for 20 - 25% of sales as of Q4 FY26.^[2]

Manufacturing operations

Visakhapatnam (Vizag) was expanded with Alumino-Silicate (AlSi) and Basic Monolithic facilities, adding approximately 250,000 TPA of capacity, transforming it into a multi-product manufacturing hub in FY25.^[3]
The AlSi monolithic plant at Vizag has a capacity of 120,000 tonnes; commissioned November 2024, it entered productive operations around May - June 2025 and has headroom for the next couple of years.^[2]
The Vizag mould flux plant has stabilised and is fully booked as of Q4 FY26, shifting supply from imported to domestic Indian sourcing.^[2]
A plastic refractory plant at Vizag was commissioned a couple of months before the May 2026 call and is already generating both domestic sales and exports; addressable market estimated at 10,000 - 20,000 tonnes.^[2]
The Vizag complex uses less than one-third of its 42-acre site as of Q4 FY26; a well-filler plant and doubled taphole clay capacity are being added.^[2]
At Kolkata and Mehsana, debottlenecking initiatives improved asset utilisation and throughput without significant incremental capital in FY25.^[3]
Employee strength was 652 permanent employees in FY25 (up from 612 in FY24); total employees including contract stood at 850 and total workers at 2,670.^[3]

Key operating metrics

Flow control market share: ~55% as of Q4 FY26; overall Indian refractory market share: 13 - 15% as of Q4 FY26.^[2]
Revenue CAGR of 22% over FY22 - FY26, against steel industry CAGR of 8 - 9% over the same period; FY26 growth was 12%, flagged as a potential one-off.^[2]
Cumulative capex over FY24 - FY26 was approximately ₹650 - 700 crore.^[2]
70% of Indian refractory consumption is by the steel industry; cement accounts for 7%, non-ferrous 6%, and other end-uses 17%.^[4]

Customers and distribution

The company serves customers across steel, cement, aluminium, foundry, refinery, petrochemical, and non-ferrous sectors in 21 states across India and in 25 countries internationally as of FY25.^[3]
Key raw material inputs - alumina, magnesia, graphite, and specialty minerals - are sourced globally and are exposed to supply constraints and price volatility.^[3]

Expansion and capex

Vesuvius Group's total capex programme in India is expected to far exceed the previously guided ~₹1,000 crore; investment is described as market-need driven with no fixed ceiling.^[2]
Vizag complex additions - well-filler plant and doubled taphole clay capacity - targeted for completion by September 2026.^[2]
Kolkata VISO (isostatic) capacity expansion has been approved; will be commissioned 12 - 18 months after triggering, with demand expected within 2 - 5 years.^[2]
Super-large ladle (300 tonne+) slide gate technology is being introduced following successful trials; entry into this segment targeted by FY27.^[2]

Recent developments

Vesuvius entered the basic oxygen furnace (BOF) and electric arc furnace (EAF) lining brick segment and achieved double-digit market share in under two years, using technology from the parent's China brick plant.^[2]
A dedicated sales team for the aluminium sector was created as of Q4 FY26, leveraging global Vesuvius technology; management describes progress as less than midway.^[2]
The board approved a 10:1 equity share split (face value ₹10 to ₹1) in FY24, subject to shareholder approval at the next AGM.^[4]
Vesuvius championed the formation of a World Refractories Association (WRA) working group to harmonise Product Carbon Footprint assessment methodologies across the refractory industry.^[3]
India's crude steel capacity reached ~200 - 205 MT in FY25, up more than 10% year-on-year, with a national target of 300 MT by 2030 - 31 - a structural demand driver for refractories.^[3]

Market Cap

₹7,978 Cr

High / Low

₹608 / 369

Stock P/E

31.1

Price / Book

4.6

Book Value

₹82

EPS

₹13.0

No. of Shares

20.3 Cr

ROCE

22.9%

ROE

17.1%

OPM

16.5%

Debt / Equity

0.00

Sales

₹2,104 Cr

Net Profit

₹264 Cr

Promoter holding

55.6%

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Vesuvius India Ltd(VESUVIUS)

About

Business segments

Products and brands

Manufacturing operations

Key operating metrics

Customers and distribution

Expansion and capex

Recent developments

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