Every foundry needs a container that can hold molten metal without cracking or contaminating it - and for nearly four decades, the company now called Foseco Crucible (India) Ltd has been India’s dominant maker of those containers. It began in 1986 as a joint venture with Morgan Advanced Materials, the British group that invented the graphite crucible in 1856, and when Morgan closed its UK crucible factory in 2008, half the assets landed at the company’s single plant in Aurangabad, Maharashtra. The recurring approach is a refusal to chase volume at the expense of margin: the company makes premium crucibles and foundry consumables, sells roughly half its output overseas, and will walk away from products - stopper rods for India’s price-sensitive auto supply chain, or commodities like fluxes and slide gates - where it cannot earn a quality premium. # Business segments A single engine built on one product family - crucibles and the consumables that surround them - sold into foundries, precious-metals refiners, and the emerging battery supply chain across India and export markets. ## 1. Crucibles and foundry consumables: the container that holds the melt **The company designs and sells the engineered ceramic vessels and accessories that foundries use to melt, treat and move molten metal - a premium-priced product where failure is not an option, because a cracked crucible can destroy a batch of metal worth far more than the crucible itself.** - **The core product is a consumable, not a machine** - crucibles are replaced regularly as they wear, so demand is tied to the ongoing output of foundries rather than to one-off capital-expenditure cycles; the company earns revenue through one-time sales of finished goods, with no subscription or recurring model. - **Covers the full melt-shop workflow** - beyond the crucible itself, the portfolio includes degassing rotors and mobile degassing units, nozzles, thermocouple sheaths, stopper rods and heads, skimmer bowls, launders and liners, transfer ladles and ladle liners, and refractory cements, so a foundry can source most of its consumable melt-path products from one supplier. - **Built for non-ferrous metals, with a ferrous extension** - the product range spans silicon carbide and clay graphite crucibles sized for zinc, precious metals, aluminium, copper, brass and bronze, while stopper rods and nozzles reach into the ferrous (iron and steel) foundry market, though the company finds the Indian ferrous segment too price-sensitive for its premium positioning and pursues that business mainly in the US. - **Exports are half the business** - the company sells into Asia, Europe, Africa, the Middle East and North America through an extensive distribution network and through fellow subsidiaries, which means it is not dependent on any single geography’s industrial cycle. - **A 40% share in a growing, fragmented market** - the Indian foundry industry produces over 10 million tonnes of castings a year (about a tenth of global output) and is expected to grow at a 10% compound rate through 2029 on infrastructure, automotive and ‘Make in India’ spending; the company competes against local players, multinationals and Chinese imports that use price as their main lever, while it holds its ground as the preferred supplier in non-ferrous metals with what it calls unparalleled brand recognition. # Manufacturing and technology base **A single 64,750 sq.m. ISO-certified plant in Aurangabad houses every production step, from mixing raw materials through firing, glazing and machining - and the facility is being tooled up for the next product generation beyond crucibles.** - **Consolidated into one site for efficiency** - the company previously ran a second unit in Mehsana, Gujarat, but ceased operations there during FY22, moved the plant and machinery to Aurangabad, and proceeded with the sale of the Mehsana land and buildings, so all manufacturing, R&D and technical services now sit under one roof. - **In-house R&D with a test foundry** - the Technical Services and Product Development team runs a test foundry for dynamic corrosion and thermal shock testing, a vacuum impregnation pilot line, and machines that measure hot modulus of rupture and transverse breaking strength, which lets the company develop formulations - such as energy-efficient materials that fire at lower temperatures - and validate them under real operating conditions before offering them to customers. - **Automation is steadily replacing manual steps** - a robot now handles material movement in the clay graphite area, mixing and sieving are automated in the Sigma section, and a new CNC machine and a special-purpose machine for E-shape products have been added to improve quality and serve new market requirements. - **The lithium-ion battery bet is already on the shop floor** - Project Compass has established a pilot line for LiB saggars (ceramic containers used in battery-material processing), initially sized for 2,500 units a year and since upgraded to deliver up to 10,000 saggars annually, giving the company a foothold in a supply chain that is structurally different from foundry consumables. - **Energy and water are partly self-supplied** - a rooftop solar installation built in three phases now provides 38% of the site’s electricity, a power purchase agreement with Amplus Solar adds another 835 kWp of solar capacity, rainwater harvesting meets 29% of water consumption, and the plant runs on zero liquid discharge for industrial effluent, which insulates production costs from utility inflation and regulatory pressure. # Group structure and partners **The company changed parents in late 2025, moving from the 170-year-old Morgan Advanced Materials group to Vesuvius’s Foseco India - a transaction executed through a share swap that left the operating business intact while plugging it into a new global foundry network.** - **Born as a Morgan joint venture, then a subsidiary** - incorporated in 1986 with Morgan Advanced Materials, the company operated as a standalone entity within Morgan’s Thermal Products Division, with no subsidiaries or associates of its own; its two promoter entities, Morganite Crucible Limited (UK) and Morgan Terreassen BV (Netherlands), together held 75% of the shares. - **The 2025 sale was part of a global divestment** - when Morgan Advanced Materials decided to sell its entire Molten Metal Systems business to Vesuvius Plc, the Indian entity was acquired by Foseco India Limited (a Vesuvius group company), while sister units in Germany, China and the US were acquired by other Vesuvius group purchasers under a separate agreement, with the stated aim of expanding Vesuvius’s foundry business into non-ferrous metals and into India. - **Paid for in shares, not cash** - Foseco India bought the 75% promoter stake for ₹654 crore by issuing 1.15 million of its own shares at an exchange ratio of 0.274 Foseco India shares for each Morganite Crucible share, giving the two Morgan sellers a combined 15.27% stake in Foseco India; the mandatory open offer to public shareholders added another 99,081 shares, and a subsequent market sale trimmed the promoter holding back to exactly 75% to meet minimum public shareholding rules. - **Now a subsidiary of Foseco India, with a new name** - effective 12 November 2025, the company became a Foseco India subsidiary, and on 9 February 2026 it was renamed Foseco Crucible (India) Ltd, aligning its identity with its new parent while retaining the ‘Crucible’ descriptor that signals its core product to the market.