Vesuvius India Q1 FY27: PAT +4.8% YoY to ₹58.5 Cr, margins compress on costlier inputs
PAT +4.76% YoY · revenue +7.27% · margins compressing
₹536.17 Cr
+7.27% YoY
₹58.51 Cr
+4.76% YoY
10.71%
-1.1pp YoY
₹2.88
Vesuvius India's standalone revenue from operations rose 7.3% YoY to ₹536.2 Cr for the quarter ended June 30, 2026 (Q1 FY27 on a standardised Apr-Mar basis; the company's own statutory year runs Jan-Dec, so it labels this its "Second Quarter"). PAT grew a slower 4.8% YoY to ₹58.5 Cr, and fell 7.1% QoQ from ₹63.0 Cr in the March-2026 quarter — profit growth trailing revenue growth is the tell. Net profit margin compressed to 10.9% from 11.2% a year ago and from 12.0% last quarter; operating margin followed the same path (~14.7% vs ~15.1% YoY and ~16.2% QoQ). The driver sits squarely on the input-cost line: cost of materials consumed jumped 24% YoY to ₹260.8 Cr, pushing the combined materials-plus-traded-goods cost to ~56% of revenue from ~54% a year ago, even after adjusting for the change-in-inventory credit. There are no exceptional items in either period, so reported and adjusted growth are the same.
Q1 FY-2027 vs prior quarters
Management's only guidance on record (from the Q1 FY26 concall) was to outpace the Indian steel market by 1-3% over the cycle and to keep passing on rising raw-material costs through price hikes, alongside continued demand-driven capex. There's no independent steel-market growth data in this context to verify the outpacing claim, so that piece of guidance is unverifiable this quarter (unknown); the capex commitment did track, with H1 FY27 payments for property, plant and equipment at ₹52.9 Cr versus ₹48.9 Cr in H1 FY26 (+8.2%). No street estimates or brokerage previews for this print turned up in a search — Vesuvius India carries little visible sell-side coverage for this specific quarter, so vsStreet is unknown rather than assumed. The filing itself is a bare regulatory intimation with no management commentary or press release attached, so there is no company framing to reconcile against the numbers. The only other corporate development this quarter was a July 3, 2026 exchange clarification on "volume movement," ahead of the July 1 trading-window closure preceding today's results.
The stock went into the print at ₹453.5, down 2.5% over the past month of trading.
What the summary numbers don't show
EPS (basic, not annualised) ₹2.88 vs ₹3.11 a year ago and ₹2.75 last quarter
Results are standalone-only — auditor (Price Waterhouse Chartered Accountants LLP) issued an unmodified limited-review opinion, not a full audit
Management projects continued growth, aiming to outpace the Indian steel market by an average of 1-3% over the cycle, driven by technological differentiation and capturing 'white space' opportunities. While no explicit margin guidance was given, the company is actively working to pass on rising raw material costs throu
W1
Input-cost ratio (materials + traded goods, net of inventory change) at ~56% of revenue this quarter, up from ~54% a year ago — watch whether further price hikes claw this back next quarter
W2
Sequential PAT fell 7.1% QoQ to ₹58.5 Cr from ₹63.0 Cr — watch whether Q3 reverses the sequential softening
W3
H1 FY27 capex of ₹52.9 Cr (+8.2% YoY) against management's guidance of continued brownfield, demand-driven expansion — watch H2 capex run-rate
Standalone-only filing (company has no consolidated statement); Limited Review (unmodified), not a full audit; EPS is quarterly, not annualised; the source table's YTD/FY-2025 columns appear internally transposed but this does not affect the quarterly columns used here.
Informational and educational content only. Not investment advice.