Foseco Crucible (India) Limited

Industrials — Specialty Industrial Machinery · BSE

₹1,901.10−₹34.35 (−1.77%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by moderate debt load, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:04 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Foseco Crucible (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Foseco Crucible (India) Limited manufactures and sells silicon carbide and clay graphite crucibles, and its accessories in India, Asia and Far East, Europe, Africa, the Middle East, the United States, and internationally.

IndustrySpecialty Industrial Machinery

SectorIndustrials

Employees154

Annual revenue₹171 Cr

How does it make money?

Turns over ₹171 Cr a year. Of every ₹100 of sales, about ₹11 reaches shareholders as profit, with ₹32 left at the operating level before interest, tax and depreciation. Each of its 154 employees supports ₹1.11 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin31.9%

Net margin10.9%

Revenue / employee₹1.11 Cr

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, LARSEN & TOUBRO LTD., HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

HAVELLS INDIA LIMITEDP/E 43.5x · ROE 17.1%

What is its competitive advantage?Some evidence

ROCE of 18.9% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE18.9%

ROE13.4%

Peer median ROE17.1%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +11% while net margin moved +4% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+11%

Margin effect+4%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 45.8x is demanding — it needs sustained high growth to justify
• P/E is close to its own historical median of 39.8x
✗ P/B of 7.60x is a steep premium to book

Quality vs. Valuation

Company Quality

65/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

49/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

45.8x

3Y Median

39.8x

40 monthly readings · mean 40.8x · range 23.6x–59.3x

Sector Median

66.2x

median of 4 sector peers

⚠️Current valuation is approximately 15% above its 3y median of 39.8x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 31% below the peer median of 66.2x.

vs. its own history

Fair

39.8x median over 40 months · +15%

vs. sector peers

Cheap

66.2x median of 4 peers · -31%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

45.8x

P/B

7.60x

EV/EBITDA

18.8x

PEG

8.96

Dividend Yield

0.66%

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 19.5% to 31.9% over 3 years.
Cash generation is improving
Free cash flow is up 24% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 18.9% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 19.5% to 31.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 31% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Growth barely outpaces inflation
Revenue compounding at 3.7% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 30%✓ 31.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✗ 3.7% CAGR
Latest reported year was 14.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹26 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 16%✓ 18.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹1,065 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

45.8x

Expensive

Expensive — verify against sector peers

P/B Ratio

7.60x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹41.5

Profitable

Profitable on a per-share basis

ROE

13.4%

Moderate

Moderate capital efficiency

ROCE

18.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.88x

Moderate

Moderate leverage

Revenue Growth (YoY)

14.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

78.3%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.66%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹26 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹1,901.1

Operating Margin

32.0%

Good

Healthy core-business profitability

Net Margin

12.9%

Good

Strong bottom-line conversion

Current Ratio

3.26

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.02

Defensive

Steadier than the market

52W Range Position

78%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1949.8 / 1810.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

44.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹154 Cr	₹167 Cr	₹174 Cr	₹171 Cr	+3.7%
EBITDA	₹30 Cr	₹45 Cr	₹49 Cr	₹55 Cr	+22.1%
EBITDA Margin	19.5%	26.7%	28.1%	31.9%	—
PAT (Net Profit)	₹16 Cr	₹23 Cr	₹28 Cr	₹19 Cr	+5.1%
EPS	₹28.78	₹41.94	₹49.18	₹33.43	+5.1%
ROE	12.7%	18.3%	20.9%	13.4%	—
ROCE	17.6%	25.5%	29.8%	18.9%	—
Total Debt	—	₹1 Cr	₹1 Cr	₹1 Cr	—
Free Cash Flow	₹21 Cr	₹25 Cr	-₹5 Cr	₹26 Cr	+7.5%

🟢 Revenue has grown at 3.7% a year over 3 years.

🟢 EBITDA has grown at 22.1% a year over 3 years.

🟢 EBITDA Margin has risen from 19.5% to 31.9% over 3 years (+12.4 pts).

🟢 PAT (Net Profit) has grown at 5.1% a year over 3 years.

🟢 EPS has grown at 5.1% a year over 3 years.

🟡 ROE has held roughly flat at 13.4% over 3 years.

🟢 ROCE has risen from 17.6% to 18.9% over 3 years (+1.3 pts).

🟢 Free Cash Flow has grown at 7.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹169 Cr

Total Liabilities

₹29 Cr

Total Debt

₹1 Cr

Cash & Equivalents

₹37 Cr

Operating Cash Flow

₹36 Cr

Capex

-₹9 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

85.8%

Corporate Actions

Dividend Rate

₹12.5

Ex-Dividend Date

19 Aug 2026

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
LARSEN & TOUBRO LTD.	30.1x	15.2%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

6 general

Foseco Crucible (India) (BSE:523160) - Stock Analysis

Simply Wall Street, 11 Apr

Foseco India Block Deal: Morganite Crucible, Morgan Terrassen BV Likely To Sell 15.27% Stake For Rs 664 Crore

NDTV Profit, 26 Aug

Morgan Terrassen, Morganite Crucible sell entire 15.26% stake in Foseco India; Alpha Wave India exits Aye...

Moneycontrol.com, 28 Aug

Foseco India: Morgan Advanced Materials sells entire 15.26% stake

BusinessLine, 28 Aug

FOSECO CRUCIBLE INDIA LIMITED Share Price

Upstox, 05 May

FOSECOC Stock Price and Chart — BSE:FOSECOC

TradingView, 13 Apr

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong14.6/20

🟢Financial HealthStrong16.6/20

🔴GrowthWeak7.4/20

🟢ProfitabilityStrong9.9/15

🔴ValuationDemanding5.3/15

🟡RiskModerate5.2/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

This thesis breaks if

✓EBITDA margin holds above 30%31.9%
✗Revenue growth stays above 4% a year3.7% CAGR
✓Free cash flow remains positive₹26 Cr
✓Debt / EBITDA stays below 2x0.0x
✓ROCE stays above 16%18.9%