Vesuvius India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Vesuvius India Ltd trades at ₹466, in a downtrend and 9 weeks into that stage. That is −3.5% against its own 200-day average. It sits at 16% of a 52-week range of ₹449 to ₹557. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (15 weeks and counting).

Today the stock is in a downtrend — week 9 of stage 4, confirmed. At ₹466 it trades −3.5% versus its 200-day average and sits at 16% of its 52-week range (₹449–₹557).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +570% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (15 weeks and counting; last ahead the week of 2026-05-08) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 66th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Vesuvius India Ltd trades at 35.2× P/E, mid-range by its own standards (66th percentile). Its long-run median P/E is 30.3×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 35.2× is mid-range by its own standards (66th percentile), against a long-run median of 30.3× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −0.2% against a −13.5% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +31.7%/yr price move, ~+38.8%/yr came from earnings growth and ~−7.1 pp from the multiple (compressing); over 10y, of the +18.4%/yr price move, ~+12.4%/yr came from earnings growth and ~+6.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Vesuvius India Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 21.0% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

39.0/100 — rank 5 of 6 in Refractories · 93% evidence confidence

Vesuvius India Ltd scores 39.0 out of 100 against the 6 companies it is compared with in Refractories, ranking 5. Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

The four contributions add to the total exactly: 15.3 + 16.3 + 4.9 + 2.5 = 39. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Vesuvius India Ltd reported ₹500 Cr of revenue in the Mar 26 quarter, +3.7% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 11.6% a year. The last full year, FY25, came in at ₹2,104 Cr. The last four reported quarters add to ₹2,122 Cr.

Vesuvius India Ltd reported ₹500 Cr of revenue in the Mar 26 quarter, +3.7% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 11.6% a year. The last full year, FY25, came in at ₹2,104 Cr. The last four reported quarters add to ₹2,122 Cr.

FY25 revenue came in at ₹2,104 Cr (+12.6% on the year), capping 10 years at 11.6% compound. The latest quarter (Mar 26) printed ₹500 Cr, +3.7% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +12.2% growth against the decade's 11.6% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +11.9% over the last 4 quarters against +12.1%/yr over the last 8 — stabilising; TTM profit +2.8% vs +4.7%/yr — stabilising.

→ Revenue grew — did margins hold as it scaled? Next: 17.0% this quarter (+0.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Vesuvius India Ltd's operating margin is 17.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 19.0%. The current quarter sits inside that band.

Vesuvius India Ltd's operating margin is 17.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 19.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 17.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–19.0%.

🚨 Why the margin moved: operating margin went −0.5 pp year on year while gross margin went +1.7 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit −5.1% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Vesuvius India Ltd earned ₹56.0 Cr of net profit in the Mar 26 quarter, −5.1% year on year. Full-year FY25 profit was ₹264 Cr. The 10-year compound rate is 13.6%. That is 11.2% of the quarter's revenue. The same quarter a year earlier earned ₹59.0 Cr.

Vesuvius India Ltd earned ₹56.0 Cr of net profit in the Mar 26 quarter, −5.1% year on year. Full-year FY25 profit was ₹264 Cr. The 10-year compound rate is 13.6%. That is 11.2% of the quarter's revenue. The same quarter a year earlier earned ₹59.0 Cr.

Mar 26 profit was ₹56.0 Cr, −5.1% year on year. On the full year, FY25 printed ₹264 Cr (−0.4%), and the 10-year compound rate is 13.6%.

🚨 Why profit moved: revenue contributed +3.7% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +3.3% vs revenue +12.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 70% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 70% of Vesuvius India Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY25 that was ₹177 Cr of operating cash against ₹264 Cr of profit. After ₹106 Cr of capital spending, ₹71.0 Cr was left as free cash.

FY25: operating cash of ₹177 Cr against reported profit of ₹264 Cr, leaving free cash of ₹71.0 Cr after ₹106 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 70% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 70%: the cash cycle stretched 18 days between FY20 and FY25 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: conversion is below par and the cash cycle has stretched 18 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 62-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Vesuvius India Ltd's cash conversion cycle runs 62 days in FY25, up from 44 days in FY20. Capital spending ran ₹586 Cr over the last 3 years. At FY25 sales of ₹2,104 Cr each day of that cycle holds about ₹5.8 Cr, so roughly ₹357 Cr sits inside the business at any moment.

FY25: debtors at 84 days, inventory at 92 days — roughly 3.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 62 days, looser than FY20's 44.

The full loop: cash goes out to suppliers and production on day 0; stock waits 92 days to sell; customers pay about 84 days after that; and suppliers themselves are paid at 114 days — netting out to the 62-day cycle.

In money terms: at FY25 sales of ₹2,104 Cr, each day of the cycle holds about ₹5.8 Cr — so the 62-day loop keeps roughly ₹357 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹586 Cr over the last 3 fiscal years against ₹144 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹52.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 21% and the ROIC − WACC spread is +8.3 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Vesuvius India Ltd earns a ROCE of 21% in FY25. That is up from a trough of 9% in FY20. Return on invested capital clears the cost of that capital by +8.3 percentage points, so growth here adds value rather than only size. The wiring behind it is 12.5% net margin on 0.98× asset turns.

FY25 ROCE is 21%, recovered from a FY20 trough of 9% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 12.5% net margin × 0.98× asset turns × 1.29× balance-sheet leverage ≈ 15.8% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 20.3% − 12.0% = a +8.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.01.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Vesuvius India Ltd carries total debt of ₹14.0 Cr against shareholder equity of ₹1,664 Cr as of Mar 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.01 in FY24 to 0.01 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹14.0 Cr against shareholder equity of ₹1,664 Cr — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.01 (FY24) to 0.01 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions added 2.2 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 2.2 points of Vesuvius India Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 4.6% of the company. Domestic institutions moved +1.1 points over the same window, to 22.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +2.2 points over 8 quarters to 4.6%; Domestic institutions: +1.1 points over 8 quarters to 22.0%; Promoters: +0.0 points over 8 quarters to 55.6%.

Why the register moved: foreign institutions drove it (+2.2 points), alongside domestic institutions (+1.1 points) — steady accumulation by institutions reading the same numbers this page reads.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Vesuvius India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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