Corporate Overview and Name Change
Foseco Crucible (India) Limited (formerly Morganite Crucible (India) Limited), manufacturer of silicon carbide and clay graphite crucibles, changed its name effective February 9, 2026 following shareholder approval and regulatory clearances from Ministry of Corporate Affairs and BSE Limited.
Significant Corporate Event
On August 22, 2025, Morganite Crucible Limited and Morgan Terrassen B.V. entered into a Share Purchase Agreement with Foseco India Limited, completed November 12, 2025, involving sale of 4,200,000 equity shares (75% stake). This triggered SEBI SAST Regulations requiring an open offer for 26% of voting share capital. The Company became part of the Vesuvius Group with Vesuvius plc as ultimate holding company.
Financial Performance (FY 2025-26)
Revenue from Operations: ₹1,719.2 million (FY25: ₹1,741.9 million)
Total Income: ₹1,830.1 million (FY25: ₹1,821.6 million)
Profit before tax: ₹264.5 million (FY25: ₹393.2 million)
Profit after tax: ₹187.2 million (FY25: ₹275.4 million), representing a 32% decline
Exceptional Item: ₹186.8 million for impairment of suspended project assets and gratuity provision due to labor code changes
Dividend Declaration
The Board recommended a final dividend of ₹12.50 per equity share for FY26, subject to approval at the AGM. Record date: August 19, 2026; payment within 30 days of AGM (by September 25, 2026). Register of Members and Share Transfer Books will remain closed from August 20-26, 2026.
Annual General Meeting
The 41st AGM will be held on August 26, 2026 at 2:00 PM IST through Video Conferencing/Other Audio Visual Means. Key agenda items include adoption of financial statements, dividend declaration, re-appointment of Dr. Aniruddha Karve as director, and appointment of three new directors: Christopher Graham Lewis, Juliette Catherine Lowes, and Sunil Kumar Chaturvedi.
Board and Management Changes
Significant board restructuring occurred following the acquisition. New appointments effective November 12, 2025 include Prasad Chavare as Managing Director and Mohit Mangal as Whole-Time Director & CFO. Independent directors approved for commission payments totaling ₹856,849.32 for services from November 2025 to March 2026.
Compliance and Regulatory Matters
The Company disclosed various compliance matters including penalties for delayed regulatory filings under SEBI LODR Regulations. Secretarial audit noted four minor compliance delays. The company maintained proper electronic records with daily backups and confirmed no benami property proceedings, crypto currency investments, or unrecorded transactions.
Business Outlook and Operations
The Indian foundry industry remains resilient with growth supported by manufacturing expansion and infrastructure development. The company serves automotive, aerospace, and jewelry industries across global markets with key customers including Tata Group, Titan Company, and Bajaj Auto. Manufacturing operations include a 64,750 square meter ISO 9001:2015 certified facility in Maharashtra.
Corporate Governance and CSR Initiatives
The Company constructed a school building in Maharashtra under CSR initiative with total expenditure of ₹8.474 million. Environmental initiatives include 1 MW rooftop solar plant contributing 33% of electricity consumption, rainwater storage capacity of 500 m³, and carbon neutrality target by 2050.