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Vesuvius India Ltd

| Quarterly Financial Results Q3 FY 2025-26

BULLISH SENTIMENT

Report Source

⬤26th Feb 26

Summary : Vesuvius India reported strong financial results, recommended a dividend, and commenced new plant operations, despite minor audit observations.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of materials consumed: 81,988 lakhs (2025) vs 64,976 lakhs (2024).
  2. Employee benefits expense: 14,215 lakhs (2025) vs 11,612 lakhs (2024).
  3. Total Expenses: 180,689 lakhs (2025) vs 156,819 lakhs (2024).
  4. Gross Sales/Revenue from operations: 209,995 lakhs (2025) vs 186,497 lakhs (2024).
  5. Total Income: 216,327 lakhs (2025) vs 191,703 lakhs (2024).
  6. Net cash inflow from operating activities: 17,746 lakhs (2025) vs 25,812 lakhs (2024).
  7. Net cash outflow from investing activities: -1,758 lakhs (2025) vs -23,286 lakhs (2024).
  8. Net increase in cash and cash equivalents: 12,971 lakhs (2025) vs -144 lakhs (2024).
  9. Impact of pending litigations disclosed in financial statements (Note 36).
  10. Total assets: 214,964 lakhs (2025) vs 184,685 lakhs (2024).
  11. Total equity: 166,389 lakhs (2025) vs 143,099 lakhs (2024).
  12. Current assets: 142,176 lakhs (2025) vs 117,280 lakhs (2024).
  13. Transactions with related parties comply with Sections 177 and 188 of the Act.
  14. Audited Standalone Financial Results.
  15. No subsidiary, associate, or joint venture company as of Dec 31, 2025.

Corporate Overview

  1. Manufacturing facilities located in India.
  2. Cost Auditor has footprint across Visakhapatnam, Vijayawada, Hyderabad in Telangana.
  3. CFO has held senior finance leadership roles across Indonesia, Philippines, Vietnam, Singapore, Malaysia.
  4. Senior Management Personnel have global project experience across India, Western Asia, Africa, and UK.
  5. Manufacturing, trading, and sale of refractories in India.
  6. Formal and factual, reporting board meeting outcomes and financial approvals.
  7. Manufacture and sale of refractories is the only operating segment.
  8. New Al-Si Monolithic Plant commenced commercial operations.
  9. Erstwhile plant at Visakhapatnam ceased operations and was sold.
  10. New Al-Si Monolithic Plant commenced operations.
  11. Payments for acquisition of property, plant and equipment (10,534 lakhs in 2025).

Risk Factors

  1. Delays in depositing some statutory dues.
  2. Audit trail not fully enabled at database level.
  3. Whistle-blower complaints are currently ongoing.
  4. Electronic records backup not maintained daily.

Key Drivers

  1. Recommended dividend of Rs. 1.50 per share.
  2. New Al-Si Monolithic Plant commenced operations.
  3. Strong revenue and profit growth reported.
  4. Key managerial personnel appointments made.

Auditor’s Report

  1. Unmodified opinion on Standalone Audited Financial Results for FY2025.
  2. Financial statements give a true and fair view.
  3. Appropriateness of Revenue Recognition under Ind AS 115.

Board Commentary

  1. Mr. Neeraj Kumar Jumrani appointed as Chief Financial Officer.
  2. Mr. Subhabrata Nandi resigned as Interim Chief Financial Officer.
  3. Mr. Thomas Mathew, Mr. Ashis Jain, Mr. Purushottam Bedare, Mr. Vikram Maladi appointed as Senior Managerial Personnel.
  4. Recommended dividend of Rs. 1.50 per equity share for FY2025.
  5. Dividend subject to shareholder approval at Annual General Meeting.
  6. Company generally regular in depositing undisputed statutory dues, with slight delays in some cases.
  7. Pending litigations impact on financial statements disclosed (Note 36 not provided).
  8. Statutory dues under dispute listed across various tax categories.
  9. Freehold land at Vishakhapatnam held by APIIC, sale deed pending project completion.

Corporate Governance

  1. Auditors independent, complied with Code of Ethics and ethical requirements.
  2. Financial results reviewed by Audit Committee and approved by Board.
  3. Backup of certain electronic records not maintained daily.
  4. No audit trail enabled at database level for direct data changes.
  5. Whistle-blower complaints received and considered for audit bearing.

Management Discussion & Analysis

Critical Risks

  1. Auditors assess going concern ability, but found no material uncertainty.