Vesuvius India Limited (NSE: VESUVIUS | BSE: 520113)
Source: Vesuvius India Limited Annual Report FY 2025 (Fiscal Year Ended December 31, 2025)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Vesuvius India Limited |
| Corporate Identity Number (CIN) | L26933WB1991PLC052968 |
| ISIN | INE386A01023 |
| Stock Exchange Listing | NSE: VESUVIUS | BSE: 520113 |
| Date of Incorporation / Founding Year | September 1991 |
| Registered Office & Corporate Headquarters | P-104, Taratala Road, Kolkata, West Bengal – 700088 |
| Telephone & Official Investor Relations Email | Tel: +91 33 6109 0500 | Email: vesuviusindia@vesuvius.com |
| Chairman & Managing Director | Mr. Biswadip Gupta (Chairman) | Mr. Mohinder Pradip Singh Rajput (Managing Director) |
| Chief Financial Officer (CFO) & Company Secretary | Mr. Neeraj Kumar Jumrani (CFO) | Mr. Saheb Ali (Company Secretary & Compliance Officer) |
| Promoter & Holding Group | Vesuvius Group Limited, U.K. (Immediate Holding Company) / Vesuvius plc, U.K. (Ultimate Holding Company) |
| Industry / Sector Classification | Refractory Products (NIC Code: 2391) & Refractory Services (NIC Code: 3312) |
| Total Employees / Workforce Split (BRSR) | Total Workforce: 3,322 (850 Permanent/Other Employees and 2,670 Workers as of Dec 31, 2025) |
| Manufacturing Plants / Branches / Offices Count | 5 Manufacturing Facilities across 3 Locations (Kolkata, Visakhapatnam, and Mehsana) and 1 Registered Office |
| Statutory, Secretarial & Cost Auditors | Price Waterhouse Chartered Accountants LLP (Statutory Auditors) | Anjan Kumar Roy & Co. (Secretarial Auditors) | M/s J K & Co. (Cost Auditors) |
| Registrar and Share Transfer Agent (RTA) | CB Management Services (P) Limited, Kolkata |
🏢 The Corporate Identity: Vesuvius India Overview, Promoters & History
The Big Picture: Business Model & Core Value Proposition
Vesuvius India Limited operates as an advanced manufacturing and engineering company serving core industrial and metallurgical sectors. Specialising in molten metal flow engineering and high-performance refractory solutions, the company plays an indispensable role in extreme-temperature environments where reliability, precision, and safety are non-negotiable. Its product and service portfolio covers the entire metallurgical value chain—spanning ironmaking, steelmaking, secondary metallurgy, continuous casting, aluminium production, cement, and petrochemical refineries. By fusing global technological expertise derived from its century-old parentage with local manufacturing excellence, Vesuvius India delivers engineered consumables, sophisticated flow control systems, advanced refractories, and specialised on-site technical services designed to optimize customer yields, reduce energy consumption, and lower carbon emissions.
The Founders, Promoters & Their Legacy
Incorporated in September 1991, Vesuvius India Limited is a subsidiary of Vesuvius Group Limited, United Kingdom, with Vesuvius plc, United Kingdom, serving as the ultimate holding company. Vesuvius plc is a global leader in molten metal flow engineering and technology, listed on the London Stock Exchange. The Indian entity benefits directly from this global network, leveraging cutting-edge R&D, sophisticated product platforms, and sustainability-focused innovations while maintaining high operational self-reliance through extensive domestic manufacturing and localized raw material sourcing.
The Journey: Corporate History & Key Milestones
The company’s multi-decade trajectory is marked by disciplined capacity expansion, technological localization, and strategic plant development. Following its incorporation in 1991 and the commencement of Kolkata plant construction in December 1992, commercial production began in July 1994 with Continuous Casting Refractories (CCR). Key milestones include the acquisition of the KSR International refractory portfolio in 1999, the integration of Foseco’s steel division in 2002, and successive phase expansions at Kolkata and Mehsana. In recent years, the company established the massive Visakha Industrial Complex in Parawada, Visakhapatnam, land for which was acquired in June 2022. Between 2023 and 2025, Vesuvius India commissioned precast, mould flux, Alumino-Silicate (Al-Si) monolithic, and basic monolithic facilities at Visakhapatnam, adding approximately 250,000 TPA of capacity and transforming the hub into a comprehensive, multi-product manufacturing center.
The Corporate Umbrella & Group Structure
Vesuvius India Limited operates on a standalone basis within India, maintaining no subsidiaries, associate companies, or joint ventures. It functions under the overarching global umbrella of Vesuvius plc, interacting seamlessly with numerous fellow subsidiaries across Europe, the Americas, Asia, and Africa for technical collaboration, raw material sourcing, and global best-practice sharing.
⚙️ The Business Engine: Segments, Brands, Products & Operations
The Core Divisions & Segment Revenue Breakdown
Vesuvius India operates as a unified business entity focused on refractories and flow control engineering, evaluated by the Chief Operating Decision Maker as a single operating segment. Below is the breakup of revenue by business activity as disclosed for FY 2025:
| Business Activity Description | NIC Code | Revenue (₹ Crores) | % Share of Total Revenue |
|---|---|---|---|
| Manufacturing of Refractory Products | 2391 | 1,199.47 | 57.00% |
| Provision of Refractory Services | 3312 | 908.83 | 43.00% |
| Total Revenue from Operations | – | 2,104.33 | 100.00% |
The Product & Service Catalog (with Operational KPIs & Order Book)
The company’s product catalog spans precision-engineered consumable ceramic products, slide gate refractories, tundish casting systems, continuous casting refractories, mould flux, Alumino-Silicate and basic monolithic refractories, precast shapes, and robotic installation mechanisms. These products are augmented by comprehensive on-site technical services where dedicated engineering teams operate directly within customer steel plants to ensure seamless application and process stability. Raw material sourcing emphasizes self-reliance and domestic substitution, featuring indigenous mullite-based formulations, local SiC fines, and localized bauxite alternatives, alongside sustainable packaging initiatives such as reusable steel boxes developed with Tata Steel Kalinganagar. Customer concentration is notable, with revenues of approximately ₹1,161.22 Crores derived from three major external customers, each contributing over 10% to total revenue.
The Names You Know: Key Brands & Flagship Portfolio
| Brand / Product Name | Category / Business Segment | Target Market & Key Positioning |
|---|---|---|
| DURASLEEVE | Continuous Casting Refractories | High-performance refractory vessel sleeve designed for continuous casting, improving thermal shock resistance and stable metal flow. |
| ANTERIS 360 | Digital Monitoring Systems | Laser-based vessel scanning system enabling precise wear measurement, predictive maintenance planning, and enhanced worker safety. |
| SEM 3085 | Automated Shroud Systems | Automated shroud change system designed to improve safety, eliminate manual intervention, and ensure reliable component changeovers. |
| ATOM | Flow-Control Solutions | Advanced flow-control solution engineered to stabilise molten steel stream behaviour and reduce turbulence during casting. |
| OptiClean+ | Steel Cleanliness Systems | Inclusion control system optimized for removing non-metallic impurities and enhancing metallurgical cleanliness in steel. |
| ELBY | Ladle Bottom Systems | Specialised ladle bottom system enhancing yield, reducing slag carry-over, and improving energy efficiency in steelmaking. |
Mapping the Domestic & Global Reach (India vs. Exports)
Vesuvius India caters extensively to the domestic industrial base while exporting specialised products globally across approximately 25 countries. The geographic revenue breakdown for FY 2025 is detailed below:
| Market Region | Revenue (₹ Crores) | % Share of Total Revenue |
|---|---|---|
| Domestic (India) | 2,042.81 | 97.08% |
| International (Exports) | 61.52 | 2.92% |
| Total Revenue from Operations | 2,104.33 | 100.00% |
The Brick & Mortar Footprint: Manufacturing Plants, R&D & Offices
The company operates out of a robust nationwide footprint comprising five advanced manufacturing plants situated across three core industrial locations: Kolkata (West Bengal), Mehsana (Gujarat), and Visakhapatnam (Andhra Pradesh). The Visakhapatnam facility serves as a multi-product manufacturing hub housing Alumino-Silicate monolithic, basic monolithic, precast, and mould flux plants following recent strategic capital expansions.
📊 The Financial Health: The Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
| Financial Parameter | FY 2025 (Dec 31, 2025) | FY 2024 (Dec 31, 2024) | FY 2023 (Dec 31, 2023) | Latest YoY (%) |
|---|---|---|---|---|
| Revenue from Operations | 2,104.33 | 1,868.57 | 1,603.13 | +12.62% |
| Other Income | 58.94 | 48.46 | 34.90 | +21.63% |
| EBITDA (PBDIT) | 419.24 | 395.87 | 321.75 | +5.90% |
| Profit After Tax (PAT) | 264.08 | 264.52 | 212.94 | -0.17% |
| Net Worth (Total Equity) | 1,663.89 | 1,430.99 | 1,193.54 | +16.28% |
| Basic Earnings per Share (EPS) in ₹ | 13.01 | 13.03 | 10.49 | -0.15% |
Earnings, Expenses, & Take-Home Profits (Consolidated Profit & Loss)
During the financial year ended December 31, 2025, Vesuvius India achieved a historic milestone by crossing ₹2,000 Crores in revenue, recording Revenue from Operations of ₹2,104.33 Crores compared to ₹1,868.57 Crores in FY 2024, an impressive top-line growth of 12.61%. Total income reached ₹2,163.27 Crores. Profit Before Tax (PBT) stood at ₹356.38 Crores, while Profit After Tax (PAT) remained resilient at ₹264.08 Crores. Earnings per Share (EPS) for the year was ₹13.01 (post-split face value of ₹1 per share).
| Statement of Profit and Loss Line Item | FY 2025 (₹ Crores) | FY 2024 (₹ Crores) | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 2,104.33 | 1,868.57 | +12.62% |
| Other Income | 58.94 | 48.46 | +21.63% |
| Total Income | 2,163.27 | 1,917.03 | +12.84% |
| Cost of Materials Consumed | 819.88 | 649.76 | +26.18% |
| Purchase of Stock-in-Trade | 386.93 | 366.22 | +5.66% |
| Changes in Inventories of Work-in-Progress, Stock-in-Trade and Finished Goods | (30.96) | 22.45 | N/M |
| Employee Benefits Expense | 142.15 | 116.12 | +22.42% |
| Finance Costs | 1.21 | 1.18 | +2.54% |
| Depreciation and Amortisation Expense | 61.65 | 45.85 | +34.46% |
| Other Expenses | 426.03 | 366.61 | +16.21% |
| Total Expenses | 1,806.89 | 1,568.19 | +15.22% |
| Profit Before Tax | 356.38 | 348.84 | +2.16% |
| Tax Expense (Current Tax & Deferred Tax) | 92.30 | 84.32 | +9.46% |
| Profit for the Year After Tax (PAT) | 264.08 | 264.52 | -0.17% |
| Other Comprehensive Income (Net of Tax) | (1.75) | (1.19) | +47.06% |
| Total Comprehensive Income for the Year | 262.33 | 263.33 | -0.38% |
Assets, Borrowings, & Net Worth (Consolidated Balance Sheet)
The company maintains a robust, essentially debt-free balance sheet with zero external borrowings. Total Equity (Net Worth) expanded to ₹1,663.89 Crores as of December 31, 2025, up from ₹1,430.99 Crores in the previous year, driven by steady earnings retention. Total Assets stood at ₹2,149.64 Crores. Working capital efficiency remained exceptionally strong, underpinned by disciplined inventory and receivable management.
| Balance Sheet Line Item | As at Dec 31, 2025 (₹ Crores) | As at Dec 31, 2024 (₹ Crores) | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Property, Plant and Equipment | 536.15 | 344.73 | +55.53% |
| Capital Work-in-Progress | 51.50 | 195.67 | -73.68% |
| Right-of-Use Assets | 85.88 | 88.98 | -3.48% |
| Intangible Assets | 0.43 | 0.43 | 0.00% |
| Loans (Non-Current) | 1.06 | 0.86 | +23.26% |
| Other Financial Assets (Non-Current) | 2.38 | 1.90 | +25.26% |
| Non-Current Tax Assets (Net) | 26.07 | 10.92 | +138.74% |
| Deferred Tax Assets (Net) | 11.77 | 12.96 | -9.18% |
| Other Non-Current Assets | 12.64 | 17.60 | -28.18% |
| Total Non-Current Assets | 727.88 | 674.05 | +7.99% |
| Inventories | 296.45 | 246.57 | +20.23% |
| Trade Receivables | 483.69 | 385.37 | +25.51% |
| Cash and Cash Equivalents | 288.03 | 158.32 | +81.93% |
| Bank Balances Other than Cash and Cash Equivalents | 293.93 | 323.71 | -9.20% |
| Loans (Current) | 0.66 | 0.50 | +32.00% |
| Other Financial Assets (Current) | 7.96 | 8.10 | -1.73% |
| Other Current Assets | 51.04 | 50.23 | +1.61% |
| Total Current Assets | 1,421.76 | 1,172.80 | +21.23% |
| TOTAL ASSETS | 2,149.64 | 1,846.85 | +16.39% |
| EQUITY AND LIABILITIES | |||
| Equity Share Capital | 20.30 | 20.30 | 0.00% |
| Other Equity | 1,643.59 | 1,410.69 | +16.51% |
| Total Equity (Net Worth) | 1,663.89 | 1,430.99 | +16.28% |
| Lease Liabilities (Non-Current) | 12.85 | 13.04 | -1.46% |
| Long-Term Provisions | 29.30 | 27.13 | +8.00% |
| Total Non-Current Liabilities | 42.15 | 40.17 | +4.93% |
| Lease Liabilities (Current) | 0.89 | 0.35 | +154.29% |
| Trade Payables (Micro & Small Enterprises) | 21.71 | 10.94 | +98.45% |
| Trade Payables (Others) | 344.02 | 285.97 | +20.30% |
| Other Financial Liabilities (Current) | 51.83 | 54.18 | -4.34% |
| Short-Term Provisions | 0.33 | 0.39 | -15.38% |
| Current Tax Liabilities (Net) | 12.39 | 11.99 | +3.34% |
| Other Current Liabilities | 12.43 | 11.87 | +4.72% |
| Total Current Liabilities | 443.60 | 375.69 | +18.08% |
| Total Liabilities | 485.75 | 415.86 | +16.81% |
| TOTAL EQUITY AND LIABILITIES | 2,149.64 | 1,846.85 | +16.39% |
Cash Flow: Tracking the Money Movement
Vesuvius India generated robust operational cash flows, underpinned by strong business fundamentals and disciplined working capital management. Net cash inflow from operating activities stood at ₹177.46 Crores in FY 2025.
| Statement of Cash Flows Line Item | FY 2025 (₹ Crores) | FY 2024 (₹ Crores) | Latest YoY (%) |
|---|---|---|---|
| Net Cash Inflow from Operating Activities (A) | 177.46 | 258.12 | -31.25% |
| Payments for Acquisition of Property, Plant and Equipment (CapEx) | 105.34 | 237.70 | -55.68% |
| Net Cash Outflow from Investing Activities (B) | (17.58) | (232.86) | -92.45% |
| Net Cash Outflow from Financing Activities (C) | (30.17) | (26.70) | +13.00% |
| Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C) | 129.71 | (1.44) | N/M |
| Cash and Cash Equivalents at Beginning of Year | 158.32 | 159.76 | -0.90% |
| Cash and Cash Equivalents at End of Year | 288.03 | 158.32 | +81.93% |
Funding the Future: CapEx, CWIP, R&D & Foreign Exchange
Capital expenditure during the year remained directed toward completing strategic manufacturing expansions, notably at the Visakha Industrial Complex. Capital Work-in-Progress (CWIP) stood at ₹51.50 Crores as of December 31, 2025, reflecting ongoing technological installations. Foreign exchange earnings (export of goods on FOB basis) amounted to ₹61.52 Crores, while foreign exchange outgo (CIF value of imports, travel, royalty, and professional fees) totaled ₹320.14 Crores.
👥 Power & Control: Corporate Governance, Leadership & Ownership
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Mr. Biswadip Gupta | Chairman & Director | 00048258 | Non-Executive, Non-Independent |
| Mr. Mohinder Pradip Singh Rajput | Managing Director | 10608199 | Executive Director |
| Mr. Nitin Jain | Director | 07934566 | Non-Executive, Non-Independent |
| Mr. Henry James Knowles | Director | 08751453 | Non-Executive, Non-Independent |
| Mr. Pascal Herve Martin Marie Genest | Director | 09473571 | Non-Executive, Non-Independent |
| Mr. Patrick Georges Felix Andre | Director | 07619754 | Non-Executive, Non-Independent |
| Mr. Sunil Kumar Chaturvedi | Independent Director | 02183147 | Non-Executive, Independent |
| Ms. Rashmi Satish Joshi | Independent Director | 06641898 | Non-Executive, Independent |
| Mr. Sridhar Gorthi | Independent Director | 00035824 | Non-Executive, Independent |
| Mr. Neeraj Kumar Jumrani | Chief Financial Officer (CFO) | – | Senior Management / KMP |
| Mr. Saheb Ali | Company Secretary & Compliance Officer | – | Senior Management / KMP |
Who Owns the Stock? Shareholding Pattern
The shareholding structure of Vesuvius India Limited as of December 31, 2025, reflects strong institutional participation alongside the majority promoter holding:
| Category of Shareholder | Number of Shares | % Shareholding |
|---|---|---|
| Vesuvius Group Limited, U.K. (Promoter) | 112,776,500 | 55.57% |
| Mutual Funds / UTI | 43,535,782 | 21.45% |
| Foreign Portfolio Investors (FPIs) | 9,006,347 | 4.44% |
| Bodies Corporate / LLPs | 5,239,685 | 2.58% |
| Individuals & Others (Retail / General Public) | 27,714,362 | 13.65% |
| Other Categories (NRI, AIF, IEPF, Clearing Members, Escrow) | 4,687,124 | 2.31% |
| Total Paid-Up Equity Capital | 202,960,800 | 100.00% |
🗺️ The Corporate Family Tree: Group Structure & Strategic Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
Vesuvius India Limited does not have any subsidiary, associate company, or joint venture. Consequently, disclosures under Form AOC-1 are not applicable.
Strategic Investments, Credit Facilities & Contingent Liabilities
The company carries no working capital debt facilities from commercial banks requiring quarterly stock statement submissions. Off-balance-sheet contingent liabilities include disputed claims under Sales Tax / VAT (₹34.87 Crores), Excise/Customs/Service Tax (₹2.48 Crores), and Income Tax matters (₹6.36 Crores), alongside capital commitments remaining to be executed on capital account amounting to ₹30.64 Crores.
🎯 The Strategic Outlook: Competitive Moats, Risks & Future Growth Plans
Competitive Advantages & Economic Moats
Vesuvius India commands deep competitive moats derived from its century-old global technological lineage, proprietary refractory formulations, and embedded on-site engineering presence within major steel mills. Its extensive domestic manufacturing footprint—anchored by the newly scaled Visakhapatnam multi-product industrial complex—provides unbeatable logistical proximity to key steel clusters, reduced import dependence, and superior supply chain agility.
What Could Go Wrong? Key Challenges & Business Risks
Key business risks include high cyclicality in the core steel and metals industry, volatility in global raw material prices (such as alumina, magnesia, and graphite), energy cost pressures, and intense pricing scrutiny from large industrial end-users. Additionally, compliance with emerging environmental mandates such as carbon border adjustment mechanisms and stricter emission norms adds operational complexity.
The Next Chapter: Growth, Order Pipeline & CapEx Initiatives
With India’s national steel capacity projected to approach 300 million tonnes by 2030, Vesuvius India is ideally positioned to capture surging demand. Management remains focused on scaling asset utilisation, expanding digital predictive maintenance platforms (such as ANTERIS 360 and VSAT), accelerating localisation of critical raw materials, and deepening customer collaboration in high-performance continuous casting and green steel manufacturing technologies.
The Verdict: Strategic Outlook & Conclusion
Vesuvius India enters its next growth phase backed by a pristine debt-free balance sheet, robust cash generation, expanding manufacturing scale, and unmatched technological depth. By successfully blending global expertise with self-reliant local execution, the company has established a resilient foundation for sustainable, long-term value creation across economic cycles.
Frequently Asked Questions (FAQs) About Vesuvius India Limited
Q1: What is Vesuvius India’s core business and flagship product portfolio?
Vesuvius India is a market leader in molten metal flow engineering and high-performance refractory solutions. Its flagship offerings include DURASLEEVE continuous casting refractories, ANTERIS 360 laser vessel scanning systems, SEM 3085 automated shroud change systems, ATOM flow-control solutions, OptiClean+ inclusion control systems, and ELBY ladle bottom systems.
Q2: What were Vesuvius India’s revenue and net profit figures for FY 2025?
For the financial year ended December 31, 2025, Vesuvius India reported Revenue from Operations of ₹2,104.33 Crores, EBITDA of ₹419.24 Crores, and Profit After Tax (PAT) of ₹264.08 Crores.
Q3: Who are the promoters and key leaders of Vesuvius India?
The company is promoted by Vesuvius Group Limited, U.K., with Vesuvius plc serving as the ultimate holding company. The executive leadership is steered by Mr. Biswadip Gupta as Chairman, Mr. Mohinder Pradip Singh Rajput as Managing Director, and Mr. Neeraj Kumar Jumrani as Chief Financial Officer.
Q4: Where are Vesuvius India’s manufacturing facilities located?
Vesuvius India operates five manufacturing plants situated across three core industrial locations: Kolkata (West Bengal), Mehsana (Gujarat), and Visakhapatnam (Andhra Pradesh), supported by a robust domestic distribution and on-site engineering service network.
Q5: What is the debt profile and financial health of the company?
Vesuvius India maintains an exceptionally strong, debt-free financial position with zero external borrowings, total equity (net worth) of ₹1,663.89 Crores, and robust cash and bank balances exceeding ₹580 Crores as of December 31, 2025.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.vesuviusindia.in