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Patrick André
CEO & Executive Director

Good morning, ladies and gentlemen. Welcome to the Vesuvius Half Year 2026 Results Presentation. My name is Patrick Andre, Chief Executive of Vesuvius. And with me this morning is Mark Collis, our Chief Financial Officer.

I will start with some updates on our performance during the half year. Then Mark will give you more details on our financials. I will conclude at the end of the meeting with some perspectives for the full year 2026 and beyond before opening the floor for questions.

Our performance for the half year was resilient and in line with last year’s, driven by self-help actions offsetting temporary operational disruptions. Our revenues slightly increased by 1.5% on a constant currency basis. Our trading profit at GBP 74 million was similar to last year’s, also on a constant currency basis. Our return on sales decreased marginally by 10 basis points as compared to last year on a constant currency basis. As expected, our free cash flow generation increased significantly by GBP 41.4 million year-on-year to a total of GBP 27.5 million, driven by improved working capital discipline and stronger operating cash generation.

Working capital intensity declined from 23.6% to 23.1% and is expected to improve further in the second half. Our net debt-to-EBITDA ratio improved to 1.9 on a pro forma basis and is expected to improve further in the second half. These positive trends in cash generation made the board confidence to

SpaceX shares closed at $108.37 Friday, down 3.41% for the session, trading within striking distance of the stock’s all-time low of $107.01 set just days earlier, as investors weigh a wave of upcoming insider selling against the company’s long-term growth ambitions. Because this involves an individual investment decision, the following covers the publicly available facts and differing analyst views rather than a recommendation, and it isn’t a substitute for advice from a licensed financial professional.

SpaceX completed the largest initial public offering in history on June 12, pricing shares at $135 and raising approximately $75 billion, an offering that valued the company at nearly $1.8 trillion. The stock surged in its opening days of trading, briefly pushing SpaceX past both Amazon and Microsoft in market capitalization and reaching an intraday all-time high of $225.64 on June 16, according to TradingView. Since that peak, however, the stock has fallen sharply, dropping more than 50% to trade around $108 to $113 as of late July, according to Investing.com, putting shares roughly 19% below their original IPO price and just above the stock’s 52-week low.

A significant driver of recent selling pressure has been the approaching expiration of insider lockup restrictions, the contractual period following an IPO during which company executives, early investors and employees are barred from selling their shares. CNBC’s Jim Cramer addressed the dynamic directly in commentary published July 28, advising investors interested in the stock to wait for that initial wave of insider selling to play out before considering a purchase. “If you want to buy SpaceX, let the first wave of insider selling lockups expire,” Cramer said, according to CNBC. In a separate piece of commentary the same day, Cramer counseled patience more broadly, saying, “It probably pays to be patient with SpaceX.”

The scale of expected insider selling once lockup restrictions lift has become a central concern for analysts modeling the stock’s near-term trajectory. Motley Fool analyst Geoffrey Seiler wrote that a substantial increase in the number of freely tradable shares could weigh on the stock for an extended period. “With a deluge of shares expected to exponentially increase the amount of SpaceX stock available on the open market, this is a headwind the stock will have to contend with for most of the rest of 2026 and into 2027,” Seiler wrote, adding that “SpaceX’s stock price could get cut in half from here by year-end.”

Options markets have reflected similarly cautious positioning among some traders. According to TipRanks, options traders have placed approximately $26 billion in short bets against SpaceX stock as of late July, indicating a meaningful segment of the market is betting on continued near-term price declines rather than a recovery.

Valuation remains a central point of debate among analysts covering the stock. Even after its sharp pullback, SpaceX carries a market capitalization of roughly $1.49 trillion to $1.7 trillion, according to figures from TradingView and Motley Fool, for a company that generated less than $19 billion in revenue during 2025 and posted a net loss of $4.3 billion in the first quarter of 2026 alone, according to TradingView. Morgan Stanley, which maintains a bullish stance on the stock, projects SpaceX’s revenue could reach $45 billion this year, driven substantially by growth in the company’s Starlink satellite internet business, but the bank does not expect SpaceX to become free-cash-flow positive until 2035, according to Motley Fool’s reporting.

Despite the stock’s recent decline, Wall Street’s overall analyst consensus on SpaceX has remained decisively positive. According to Investing.com, 27 analysts currently recommend buying the stock while only one suggests selling, resulting in an overall buy rating. The average 12-month price target sits at $236.71, with estimates ranging from a low of $62 to a high of $800, implying more than 119% potential upside from Friday’s closing price, though the unusually wide range of those targets itself reflects significant uncertainty among analysts about how to value a company this large that remains deeply unprofitable.

SpaceX’s business has continued to expand beyond its traditional rocket launch and Starlink satellite internet operations. The company completed its acquisition of xAI, Elon Musk’s artificial intelligence venture, in February 2026, adding AI operations as a third major business segment. More recently, reports have indicated SpaceX is exploring a potential move into offering wireless phone service in direct competition with traditional carriers, according to Semafor reporting cited by CNBC, a development that contributed to declines in shares of AT&T and Verizon in late July amid concerns about new competition tied to SpaceX’s expanding satellite spectrum ambitions.

SpaceX’s ownership structure has also drawn separate scrutiny. Musk has publicly declined to rule out a potential future merger between SpaceX and Tesla, remarks made July 22 that added another layer of speculation to how investors should value the space company relative to Musk’s other ventures. Congressional stock trading in SpaceX shares has separately drawn attention, with reports in late July raising conflict-of-interest concerns tied to purchases by members of Congress, according to CNBC.

With the stock trading near its post-IPO low, a substantial insider lockup expiration still ahead, and analysts sharply divided on how to value a company burning significant cash while pursuing an ambitious, capital-intensive growth strategy, prospective investors are likely to want to weigh their own risk tolerance, time horizon and portfolio diversification needs carefully, and may wish to consult a licensed financial advisor, before making a decision about whether current prices represent an attractive entry point or a stock still working through the aftermath of an unusually volatile public debut.

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The company had reported a loss of Rs 17 crore in the year-ago period, a company statement issued late on Friday evening showed.

According to the statement, the revenue from operations grew 107 per cent year-on-year to Rs 832 crore in Q1 FY27, compared to Rs 402 crore in Q1 FY26, led by a larger operational asset base and ramp-up in the RE Services segment.

The company reported PAT (profit after tax or net profit) of Rs 55 crore in Q1 FY27 aided by operating leverage and a larger base of stabilised assets.

CleanMax’s total contracted capacity, including the RE Services segment, stood at 6.8 GW as of June 30, 2026.

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The board has also approved a proposal to raise up to Rs 2,500 crore through issuance of listed, rated, redeemable, non-convertible debentures/bond on private placement basis.
Kuldeep Jain, Founder & Managing Director, said in the statement, “We added a record new capacity of over 500 MW in the first quarter, and are well on track to meet our guidance of adding a minimum of 1,500 MW of new capacity during the year.”

Dhaval Packaging has fixed a price band of Rs. 92 to Rs. 97 per share for the IPO. The net proceeds from the issue will be utilised for capacity expansion at its manufacturing facility at Sanand-II Industrial Estate, for which Rs. 27.19 crore has been earmarked. A further Rs. 3.75 crore will be utilised for the repayment or prepayment of certain loans, while the rest will be used for general corporate purposes.

Of the total issue of 37,48,800 equity shares, 17,18,400 shares (49.95%) are allocated to the QIB category, 5,17,200 shares (15%) are reserved for the HNI category, while 12,04,800 shares (35%) are reserved for retail investors.

The lot size is 1,200 shares. The minimum investment required by a retail investor is Rs. 2,32,800 (2,400 shares), while for HNI investors, the minimum investment is 3,600 shares, amounting to Rs. 3,49,200. The allotment is expected to be finalised on August 4, while the shares are slated to list on the BSE SME platform on August 6.

Established in 2015, Dhaval Packaging is engaged in the design, manufacture and supply of plastic packaging products for domestic and international markets. Led by Chairman and Managing Director Manish Dagla and a promoter-led management team with more than 75 years of combined industry experience, the company operates across two core business verticals: In-Mould Labelled (IML) food-grade packaging containers and SAW pipe protection plastic caps for industrial applications.

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The company operates three manufacturing facilities at Sanand, spread across more than 60,000 sq. ft. of manufacturing area. Equipped with 21 injection moulding machines and one vacuum forming machine, the facilities have a production capacity of approximately 8,400 kg per day.
The company serves customers across food, dairy, confectionery, FMCG, pharma, construction, infrastructure, oil & gas, automotive, paint & coatings, and chemical & petrochemical sectors. Its integrated manufacturing capabilities, in-house tooling and design expertise, automation-led production processes and internationally recognised certifications have enabled the company to expand its presence in domestic as well as international markets. For the financial year ended March 31, 2026, the company reported revenue of Rs. 65 crore, up 24.4 per cent year-on-year. EBITDA increased 36.2 per cent to Rs. 13.9 crore, while profit after tax rose 33 per cent to Rs. 8 crore. During the year, Dhaval Packaging also expanded its export footprint by entering the Australian market and introduced a stackable tin-plastic hybrid packaging solution for premium food applications.

Rarever Financial Advisors Private Limited is the book-running lead manager to the issue, while KFin Technologies Limited is the registrar. New Berry Capitals Private Limited has been appointed as the market maker.

(Disclaimer: The above press release comes to you under an arrangement with PNN and takes no editorial responsibility for the same.)