Vesuvius India Ltd. - Subdued quarter | Company update
27 Feb 2026
Companies Updates
We lower target price to Rs 565 (previously Rs615) and move to Accumulate rating for Vesuvius India Ltd (VIL). Cut in earnings has mainly led to lower TP. 4QCY25 was a miss to our estimates and lower than the underlying crude steel production growth of 10% for the same quarter. Margins remained stable due to benefits of price hikes and low alumina cost, partially offset by high employee and operational cost at new Vizag plant. While we acknowledge the leadership in flow control, technology expertise in advanced refractories, edge in services and esteem customer base of VIL, we turn cautious on the growth story due to aggressive price cutting and competition by peers. Additionally, at CMP, stock trades at 32x CY27E valuation, limiting upside. Advise accumulate on dips.
Vesuvius India Ltd. Stock Price Chart
Miss on revenue:
VIL’s 8% yoy; flat qoq revenue growth leading to Rs5.51bn in 4QCY25 was a miss to our estimate of Rs5.75bn. We believe that the subdued growth (lower than the 10% underlying growth in crude steel production) is either due to slowdown in large project (new steel capacities) orders or due to rising competition. For CY25, revenue grew by 13% yoy to Rs21bn, led by offtake to new steel capacities and price hikes.
Margins remain steady supported by price hikes:
Despite some cooling in alumina cost and price hikes in flow control refractories, high magnesia cost has pressured gross margins. This along with high employee cost (year-end increment) and operational cost (from the new Vizag plant) has translated into stable EBITDA margins at 17%. CY25 margins moderated by 147bps yoy to 17.1%, due to RM cost pressure and operational cost at new greenfield plant. Adj. PAT increased by 5% yoy to Rs632mn despite high depreciation. We have adjusted the PAT for one time gain on sale of land at old Vizag plant and its tax expense. For CY25, Adj. PAT declined by 1% yoy to Rs2.47bn.
Reducing growth and turning cautious due to rising competition:
We believe VIL has an edge in the market due to technology expertise in flow control refractories, along with pioneer position in services. Further, ramp up of the new Vizag plant (backed by capacity expansion by its key customers), will lead to operational efficiencies and ensure the growth momentum continues. Their clear strategy to focus on domestic markets, net cash balance sheet, high cash flow conversion and cautious inorganic growth policy is all expected to maintain best in industry performance. However, heavy price cutting by peers and over-supply in the domestic refractory capacity can dent growth for VIL. This is the main reason for the cut in earnings of 8%/ 12% in CY26/ CY27E. On CMP of Rs503, stock trades at valuation of 32x CY27E PER, limiting upside.
Valuation and rating:
We value VIL at 35x Dec’27 PER (unchanged) to arrive at a TP of Rs565 (previously Rs615) and move to Accumulate rating due to limited upside. Cut in earnings is main reason for reduction in TP. Key risks: Loss of market share and delay in new product ramp up.
Company website: https://www.vesuviusindia.in/
| Rating | Accumulate |
|---|---|
| CMP* | INR 503 |
| Target Price | INR 565 |
| Upside | 12% |
*CMP is as per report published date
Click to download the full Vesuvius India Ltd. 4QCY25 Company Update
Analyst:
- Sahil Sanghvi - Research Analyst, Institutional Equities (NISM-201900004744)
- Uvais Khatri - Research Associate, Institutional Equities (NISM-202300049054)
FAQs on Vesuvius India Ltd. 4QCY25 Company Update
1. Why did Vesuvius India lower its target price?
The target price was reduced mainly due to lower earnings estimates caused by rising competition, subdued volume growth, and pressure from aggressive pricing by peers.
2. What impacted Vesuvius India’s Q4CY25 revenue growth?
Revenue growth lagged underlying steel production growth due to slower large project orders and increasing competitive intensity in the refractory market.
3. How did Vesuvius India maintain stable margins?
Margins remained stable because of price hikes in flow control refractories and lower alumina costs, partially offset by high magnesia costs and operational expenses.
4. What are the long-term growth drivers for Vesuvius India?
Key growth drivers include technology leadership, premium refractory products, operational efficiencies from the Vizag plant, and strong relationships with steel manufacturers.
5. What are the key risks for Vesuvius India?
Major risks include market share loss, rising competition, refractory overcapacity, aggressive price cuts by peers, and delays in new product ramp-up.
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We upgrade our rating on Triveni Turbine to BUY, supported by improving execution visibility and a gradual recovery in order inflows. While new applications such as CO₂-based energy storage, MVR, and turbine servicing are likely to be incrementally...
The Anup Engineering: Through the Trough, Recovery in the offing - Company Update
We upgrade our rating on The Anup Engineering to BUY (previously HOLD) and revise our target price to Rs 2,515. The company is not yet out of the woods, with the market awaiting clear signs of a recovery in order inflows. That said, we believe the wo...
Saksoft Ltd: Temporary headwinds, normalization in sight - Company Update
We maintain our "BUY" rating with a revised target price of Rs 285 (vs 325). Saksoft delivered weak results – a) topline growth saw a de-growth of 3% despite the favourable currency mix, b) Top 2 clients have cut spends in Q3, the pain co...
Mayur Uniquoters: Riding export momentum - Company Update
We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating perf...
Scoda Tubes Ltd.: Slight miss; structural thesis intact - Company Update
We retain BUY rating on Scoda Tubes but upward revise target price of Rs 250 (previously Rs 240). Increase in target price is mainly due to valuation rollover. Q3FY26 was a strong performance on offtake, marginally offset by pricing weakness and dela...
TD Power Systems: Global demand fuelling growth visibility - Company Update
We upgrade TD Power to BUY / revise our target price upwards to Rs 875 (vs. Rs 840 earlier). Q3-FY26 results were a tad lower than our expectations and reflect timing issues rather than demand or competitive weakness. Going ahead, the Tumkur facility...
SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
We revise our target price on SJS Enterprises upwards to Rs2,190 to account for an increase in revenue/ margin estimates, and valuation roll-forward to Dec’27E. SJS delivered another quarter of strong industry outperformance, with record profitabil...
Sundram Fasteners Ltd.: Exports spoil the show - Company Update
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn l...
ASK Automotive Ltd. - Firing on all cylinders - Company Update
We upgrade ASK Automotive to BUY rating on attractive valuation and increase our TP to Rs590 (Rs525 previously). The increase in TP is largely driven by valuation rollover. ASK delivered a strong Q3, materially ahead of our expectations, led by broad...
Kirloskar Ferrous Ind. - Casting and tubes outperform, spreads spoil the show | Company Update
We lower our target price to Rs 620 (previously Rs690) and retain BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). The decrease in TP is mainly to account for weak commodity spreads and realization across end products . KFIL’s 2QFY26 perfor...
IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Borosil Ltd. - Glassware ignites growth; levers to power margins | Company Update
We reiterate our BUY on Borosil Ltd and revise our target price upwards to Rs. 460 (vs. Rs. 420 earlier), driven by strong demand momentum and emerging structural growth and margin levers. The company continues to deliver robust growth in its glasswa...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
