Vesuvius India (520113) Q4 2025 earnings summary

Executive summary

• FY2025 revenue from operations exceeded ₹2,000 crore, rising 12.57% YoY; PAT was broadly stable as margins absorbed input-cost pressure and new-capacity costs.

• Capacity additions and localisation strengthened domestic manufacturing, supply resilience and customer responsiveness; the Visakhapatnam expansion added ~250,000 TPA.

• The balance sheet remained debt-free on borrowings, with strong liquidity and cash generation supporting continued investment and a recommended dividend of ₹1.50 per post-split share.

Financial highlights

• Revenue from operations was ₹2,104.33 crore versus ₹1,868.57 crore in 2024; reported growth was 12.57%.

• PBIDT was ₹419.24 crore versus ₹395.87 crore; margin eased to 20% from 21%, while PBT rose ~2% to ₹356.38 crore.

• PAT was ₹264.08 crore versus ₹264.52 crore; EPS was ₹13.01 versus ₹13.03 after restatement for the 1:10 share split.

• Net worth increased to ₹1,663.89 crore from ₹1,430.99 crore; cash and cash equivalents rose to ₹288.03 crore from ₹158.32 crore.

• Other income included a ₹25.26 crore gain on the sale of the former Visakhapatnam plant site; related current tax expense was ₹8.19 crore.

Outlook and guidance

• Cautiously optimistic on long-term steel and foundry fundamentals; priorities are cost discipline, higher asset utilisation, customer engagement and operational resilience.

• Management expects margins to improve as utilisation of newly commissioned capacity scales and cost structures normalise.

• Expanded capacity, localisation and process upgrades are expected to improve responsiveness, supply resilience and operating leverage over the medium term.

• India’s infrastructure and industrial momentum supports end-market demand, while productivity, cost competitiveness and sustainability are increasingly important to customers.