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Vesuvius India Limited (VESUVIUS) Fair Value & Analysis

Industrials · IN · Market cap ₹96.2B

VI Vesuvius India Limited VESUVIUS · NSE
Price₹440.65
Fair Value₹209.62
Upside-52.4%
Quality51/100
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Mixed Growth
Solidly profitable · 12.3% net margin
generates free cash flow
Trails peers (5/13)
Moderate moat 58/100
Evidence: High Range ₹116.66 – ₹301.99 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 4 days ago

Share price −5.4% over the past month.

A solid business, but screening 52% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹301.99). The favourable scenario is already priced in.
  • Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹116.66 to ₹301.99) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹617.20 ₹83.70 Fair Value ₹209.62 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹83.70 – ₹617.20 · fair‑value band ₹116.66 – ₹301.99 · the ₹440.65 price screens above the ₹209.62 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Vesuvius India Limited (VESUVIUS) currently trades at ₹440.65, while our model-based Fair Value estimate is ₹209.62, implying the stock looks roughly 52.4% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Vesuvius India Limited generated revenue of ₹21.2B at a net margin of 12.3%. Revenue grew 3.7% year over year. It earns a return on equity of 17.1%. The balance sheet holds a net cash position of ₹2.7B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹116.66 (bear case) to ₹301.99 (bull case); at ₹440.65, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -67% fair-value upside, at -52%, VESUVIUS screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹86.56 ₹117.91 ₹411.89 76
Growth DCF ₹77.40 ₹125.91 ₹208.77 72
Gordon GGM ₹13.26 ₹27.57 ₹43.74 70
All 26 models by family
DCF Models
FCF DCF ₹78.01 ₹131.24 ₹224.89 38
Owner Earnings ₹155.77 ₹273.87 ₹481.62 31
5Y Revenue Exit ₹122.63 ₹221.59 ₹359.28 39
5Y EBITDA Exit ₹143.70 ₹265.39 ₹421.16 41
5Y P/E Exit ₹163.80 ₹307.15 ₹474.33 38
10Y Revenue Exit ₹102.67 ₹192.08 ₹335.12 36
10Y EBITDA Exit ₹121.20 ₹224.33 ₹387.33 37
10Y P/E Exit ₹134.56 ₹255.08 ₹432.20 35
Earnings-Based
Graham-Dodd ₹88.48 ₹422.12 ₹580.86 54
Lynch FV ₹112.39 ₹160.56 ₹208.73 50
PEG = 1.0 ₹112.39 ₹160.56 ₹208.73 46
EPV ₹111.02 ₹127.16 ₹141.28 59
Dividend Discount
Gordon GGM ₹13.26 ₹27.57 ₹43.74 70
DDM Multi-Stage ₹13.26 ₹23.25 ₹28.94 61
Multiples
P/E Multiple ₹204.93 ₹273.24 ₹341.55 63
P/S Multiple ₹155.20 ₹206.93 ₹258.66 58
P/B Multiple ₹165.90 ₹221.19 ₹276.49 55
EV/EBIT ₹201.80 ₹264.34 ₹326.88 53
EV/EBITDA ₹187.28 ₹244.97 ₹302.66 54
EV/Revenue ₹144.56 ₹200.43 ₹256.30 43
Asset-Based
NCAV (Graham) ₹40.99 ₹54.93 ₹81.98 50
Growth DCF
Growth DCF ₹77.40 ₹125.91 ₹208.77 72
Rev-Margin DCF ₹122.63 ₹217.46 ₹340.85 67
Economic Profit
Residual Income ₹86.56 ₹117.91 ₹411.89 76
ROIC Compounder ₹122.73 ₹163.40 ₹219.34 67
Growth Earnings
Growth-Adj P/E ₹176.31 ₹251.87 ₹327.44 68

Widest divergence: Growth Earnings (₹251.87) versus Dividend Discount (₹23.25). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹21.2B
Revenue growth (YoY) +3.7%
Net margin 12.3%
Return on equity 17.1%
Free cash flow ₹993M FY2025
P/E ratio 34.3
More key figures
Operating margin 13.3%
EPS (TTM) ₹12.85
EPS growth (YoY) -5.9%
Net cash ₹2.7B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 53 · Market factors (momentum, volatility) 40

Profitability 68
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 29
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 35
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Vesuvius India Limited manufactures and sells refractory products and services in India. The company offers engineered consumable ceramic products, systems, and robotics; molten metal handling solution; and foundry, aimed at improving casting quality and operation. It serves steel, cement, refineries, hydrocarbon processing, and aluminum industries.

Full company description

Vesuvius India Limited manufactures and sells refractory products and services in India. The company offers engineered consumable ceramic products, systems, and robotics; molten metal handling solution; and foundry, aimed at improving casting quality and operation. It serves steel, cement, refineries, hydrocarbon processing, and aluminum industries. It also exports its products. Vesuvius India Limited was incorporated in 1991 and is headquartered in Kolkata, India. Vesuvius India Limited operates as a subsidiary of Vesuvius Group Limited, United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vesuvius India Limited reported revenue of ₹21.0B in FY2025 versus ₹10.4B in FY2021, a compound +19.1%/yr. Reported net income was ₹2.6B in FY2025, compounding +40.4%/yr from FY2021.

Growth Quality 86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
₹21.0B
Latest YoY
+12.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+21.7%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.6%
Revenue +19.1%/yr
FY21 ₹10.4B
FY22 ₹13.4B
FY23 ₹15.9B
FY24 ₹18.6B
FY25 ₹21.0B
Net income +40.4%/yr
FY21 ₹681M
FY22 ₹1.2B
FY23 ₹2.1B
FY24 ₹2.6B
FY25 ₹2.6B
Character of growth · EPS growth decomposed (2014-2025) +14.4 % p.a.
Revenue per share +11.0 pp

of which total revenue +11.0 pp · buybacks/dilution +0.0 pp

EBIT margin +0.8 pp
Tax rate +1.5 pp
Residual (interest, one-offs) +1.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

VESUVIUS screens 52% overvalued. Compare with GE Vernova Inc →

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Cite: Fair Value Calculator (2026). "Vesuvius India Limited Fair Value". https://www.fairvalue-calculator.com/stock/VESUVIUS

Peer Group

Specialty Industrial Machinery · 805 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 51 · Below median
Fair Value upside −52% · Below median
Return on equity (TTM) 17% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 13% · Above median
Revenue growth 4% · Below median
Dividend yield (TTM) 0.3% · Bottom 25%

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 34.3× · Pricier than median
P/B 5.78× · Pricier than 75% of peers
P/S (TTM) 4.53× · Pricier than 75% of peers
P/FCF 1.0× · Cheaper than 75% of peers
EV/EBITDA 25.8× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 19 · sector 22
PAST 68 · sector 28
HEALTH 0 · sector 95
DIVIDEND 6 · sector 27

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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1SIE 1SIE €281.75 €91.93 -67%
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Atlas Copco AB ATCOA kr 210.00 kr 112.59 -46%
Sandvik AB SAND kr 358.60 kr 193.01 -46%
Zhejiang Sanhua Intelligent Controls Co 002050 ¥39.17 ¥22.68 -42%
ABB India Limited ABB ₹7,645 ₹1,322 -83%
Cummins India Limited CUMMINSIND ₹5,315 ₹1,355 -75%
Bharat Heavy Electricals Limited BHEL ₹421.70 ₹96.51 -77%
Siemens Limited SIEMENS ₹4,019 ₹746.83 -81%

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Frequently asked questions

Is Vesuvius India Limited (VESUVIUS) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹209.62 versus a price of ₹440.65, about −52% (overvalued).
What is the fair value of VESUVIUS?
Our model-based fair value for Vesuvius India Limited is ₹209.62 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹440.65.
What is the quality score of VESUVIUS?
Vesuvius India Limited has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Vesuvius India Limited (VESUVIUS)?
Vesuvius India Limited reported trailing-twelve-month revenue of about ₹21.2B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of VESUVIUS?
The net profit margin of Vesuvius India Limited is about 12.3%, meaning it keeps roughly 12.3% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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