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INVESTMENT INSIGHTS

Check Before You Invest : Vesuvius India Ltd

BSE: 520113 NSE: VESUVIUS ISIN: INE386A01023
  |   Sector:  Capital Goods & Industrial Consumables   |   Industry:  Refractories

Snapshot

Q.1 Which industry/sub-sector does Vesuvius India Ltd belong to?
Vesuvius India Ltd belongs to the Capital Goods & Industrial Consumables sector, operating specifically within the Refractories segment.
Q.2 Is Vesuvius India Ltd a good quality company?
Vesuvius India Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is Vesuvius India Ltd undervalued or overvalued?
Vesuvius India Ltd appears Overvalued, as its key valuation ratios are higher than their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios Current 5-year
Historic Median
Price to Earnings 36.97 37.09
Price to Book 5.6 5.79
Price to Sales 4.55 4.39
EV to EBITDA 21.59 20.72
Q.4 Is Vesuvius India Ltd a good buy now?
Vesuvius India Ltd is a neutral opportunity now, based on stable price trend analysis suggesting prices may move sideways. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of Vesuvius India Ltd?
Vesuvius India Ltd revenue growth is 12.6% for FY-2025, which is below its 5-year CAGR of 21.6%, indicating slower growth.

Q.2 Gross Profit margin of Vesuvius India Ltd?
Vesuvius India Ltd Gross profit margin which is the profit after deduction of direct costs, is 19.9% for FY-2025, which is in line with its 5-year median of 19.9%, indicating stable margins.

Q.3 Operating Profit Margin of Vesuvius India Ltd?
Vesuvius India Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 17.41% for FY-2025, which is in line with its 5-year median of 17.41% indicating stable margins.

Q.4 Net Profit Margin of Vesuvius India Ltd?
Vesuvius India Ltd Net Profit Margin is 12.55% for FY-2025, is in line with its 5-year median of 12.55%, indicating stable margins.
Current Level 5-year
Historic Median
Gross Profit Margin (%) 19.9 19.9
Operating Profit Margin (%) 17.41 17.41
Net Profit Margin (%) 12.55 12.55

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of Vesuvius India Ltd?
Vesuvius India Ltd Return on Asset is 10.58%, which is in line with its 5-year historical median of 10.39%, indicating stable asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of Vesuvius India Ltd?
Vesuvius India Ltd Return on capital employed is 23.15% for FY-2025, which is in line with its 5-year historical median of 23.15%. The current ROCE is above its estimated weighted average cost of capital (WACC) of 13.5%, indicating value creation.

Q.7 Return on Equity (ROE) of Vesuvius India Ltd?
Vesuvius India Ltd Return on equity is 17.07% for FY-2025, which is in line with its 5-year historical median of 17.07%, indicating the business is making similar use of its shareholders capital.

Q.8 Cash conversion cycle of Vesuvius India Ltd?
Vesuvius India Ltd Cash conversion cycle is 53 days, above its 5-year historical median of 42 days, indicating deteriorated working capital management. However, you need to compare this with its peers in the industry.
Current Level 5-year
Historic Median
Asset Turnover (x) 0.84 0.83
ROE (%) 17.07 17.07
ROCE (%) 23.15 23.15
Cash Conversion Cycle 53 days 42 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of Vesuvius India Ltd?
Vesuvius India Ltd Debt-to-Equity ratio is 0.00, which is lower the industry average of 0.11, indicating lower debt levels in the industry.

Q.10 Debt to cash flow from operations of Vesuvius India Ltd?
Vesuvius India Ltd Debt to cash flow from operations is 0, which is at a healthy level.

Ownership & governance

D: Promoter shareholding and pledge status of Vesuvius India Ltd?

Q.1 Promoter shareholding and pledge status of Vesuvius India Ltd?
Promoters hold 55.57% of the Vesuvius India Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does Vesuvius India Ltd performance compare with that of its Peers?

Q.1 Revenue growth of Vesuvius India Ltd vs industry peers?
Vesuvius India Ltd revenue CAGR is 21.60%, compared to the industry median CAGR of 4.42%, indicating faster growth and gaining its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth (%) 12.6 4.4
Gross Profit Growth (%) 5.8 12.4
Operating Profit Growth (%) 2.6 12.3
Net Profit Growth (%) -0.4 14.1
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover (x) 0.84 0.85
ROE (%) 17.07 13.08
ROCE (%) 23.15 14.66
Cash Conversion Cycle (days) 52.53 95

Valuation & price assessment

Q.1 Stock return of Vesuvius India Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 18.8% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 18.8% 35.1% 27.6% -13.3%
Q.2 Valuation ratios of Vesuvius India Ltd vs historical?
The current P/E ratio of 36.97 is in line with than its historical median of 37.09, indicating that the stock is trading near its historical average valuation.
Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 5-year
Historic Median		 5-year
Industry Median
Price to Earnings 36.97 37.09 34.18
Price to Book 5.6 5.79 3.58
Price to Sales 4.55 4.39 3.86
EV to EBITDA 21.59 20.72 15.61

Check more companies

1. Vesuvius India
2. RHI Magnesita
3. Raghav Productivity
4. IFGL Refractories
5. Monolithisch India
6. Foseco Crucible Ind
7. Orient Ceratech
8. Nilachal Refactories
9. Refractory Shapes
10. Lerthai Finance

Check trending companies

1. Go Digit General Insurance Ltd.
2. Gillette India Ltd.
3. Tata Communications Ltd.
4. Granules India Ltd.
5. Nestle India Ltd.
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