ICICI Direct's research report on Vesuvius India
Vesuvius India (VIL) is a subsidiary of the Vesuvius Group, UK. It is a leading metal flow engineering company. The company supplies high performance refractory material to the steel industry and other process industries used for lining vessels such as blast furnaces, ladles and tundishes to enable them to withstand high temperatures and/or corrosive attack. Shaped refractories account for ~37% of revenue in CY21 followed by unshaped refractories (~41%) and services (~ 22%) • It holds ~11% market share in the Indian refractories industry.
We remain long term positive and retain our BUY rating on the stock. We value VIL at Rs 1290 i.e. 25x on CY23E EPS.
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