Morganite Crucible (India) Completes 75% Stake Sale to Foseco India, Undergoes Major Board Restructuring

Morganite Crucible (India) Limited , a key player in the crucible manufacturing sector, has announced significant changes in its ownership and board structure. The company completed the transfer of a 75% stake to Foseco India Limited on November 12, 2025, marking a pivotal moment in its corporate journey.

Ownership Transfer and New Subsidiary Status

The transaction involved the transfer of 4.2 million equity shares, representing 75% of Morganite Crucible's total paid-up equity share capital, from the original promoters Morganite Crucible Limited and Morgan Terrassen B.V. to Foseco India Limited. This move has transformed Morganite Crucible into a subsidiary of Foseco India, signaling a major shift in the company's control and strategic direction.

Board Restructuring

The change in ownership has triggered a comprehensive restructuring of Morganite Crucible's board of directors:

Resignations:

Ms. Poonam Bopshetti (Executive Director)
Mr. Jonathan Percival (Non-Executive Director)
Mr. Chandrashekhar Vasant Chitale (Independent Director)

New Appointments:

Mr. Prasad Chavare (Managing Director for a 5-year term)
Mr. Mohit Mangal (Executive Director)
Mr. Manuel Antonio Delfino Aguilera (Non-Executive, Non-Independent Director)
Mr. Mark Collis (Non-Executive, Non-Independent Director)
Mr. Henry Knowles (Non-Executive, Non-Independent Director)
Mr. Amitabha Mukhopadhyay (Non-Executive, Independent Director)
Ms. Rashmi Joshi (Non-Executive, Independent Director)

Committee Restructuring

The board has also approved changes to various committees, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Risk Management Committee, and Corporate Social Responsibility Committee. These changes aim to align the company's governance structure with its new ownership.

Future Plans

As part of its transition, Morganite Crucible plans to file for a name change to 'Foseco Crucible (India) Limited', reflecting its new status as a Foseco India subsidiary. The company will conduct a postal ballot to seek shareholder approval for the new board appointments and other changes.

Market Implications

This strategic move may have significant implications for both Morganite Crucible and Foseco India in the Indian manufacturing sector. The integration of Morganite's expertise in crucible manufacturing with Foseco's broader portfolio could potentially create synergies and expand market opportunities.

Investors and industry observers will be keenly watching how this acquisition impacts the companies' market positions and financial performance in the coming quarters.

The company has stated that it will provide further updates as the integration process progresses, and shareholders will have the opportunity to vote on the proposed changes through the upcoming postal ballot.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.12%	-1.18%	-2.29%	+5.49%	-8.57%	+82.35%

Morganite Crucible (India) Limited , a leading manufacturer of crucibles, has announced its financial results for the second quarter and half-year ended September 30, 2025, along with several corporate governance updates.

Financial Performance

The company reported a mixed financial performance for Q2 FY2026:

Metric	Q2 FY2026	Q2 FY2025	YoY Change
Revenue from Operations	₹4,592.97 lakhs	₹4,430.60 lakhs	+3.66%
Net Profit	₹877.52 lakhs	₹891.51 lakhs	-1.57%
Basic EPS	₹15.67	₹15.92	-1.57%

For the half-year ended September 30, 2025:

Metric	H1 FY2026	H1 FY2025	YoY Change
Revenue from Operations	₹8,847.31 lakhs	₹8,720.25 lakhs	+1.46%
Net Profit	₹1,454.75 lakhs	₹1,681.22 lakhs	-13.47%
Basic EPS	₹25.98	₹30.02	-13.46%

Corporate Governance Updates

The Board of Directors approved several amendments and revisions to key policies:

Amended Terms of Reference and composition changes of the Audit Committee.
Revised Corporate Social Responsibility Policy.
Updated Insider Trading Policy.
Modified Nomination and Remuneration Policy.
Revised Risk Management Policy.
Updated Policy on Determination of Materiality of Event.
Revised Policy on Materiality of Related Party Transactions.
Updated Terms and conditions for appointment of Independent Directors.

These revisions align with recent amendments to the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Potential Ownership Change

On August 22, 2025, Morgan Advanced Materials plc, the ultimate holding company of Morganite Crucible (India) Ltd, entered into a Share Purchase Agreement with Vesuvius Plc. This agreement involves the divestment of Morgan's Molten Metal Systems business, which includes a 75% equity stake in Morganite Crucible (India), for an aggregate consideration of ₹65,394 lakhs.

The transaction will be executed through a share swap arrangement, with Foseco India Ltd (a Vesuvius Group entity) acquiring the 75% stake in Morganite Crucible (India) from its current promoters. In return, Foseco India will issue new equity shares to Morganite Crucible's promoters in an agreed ratio.

While in-principle approvals from the National Stock Exchange and Bombay Stock Exchange have been received, the transaction remains subject to the fulfillment of certain conditions outlined in the Share Purchase Agreement.

Investors and stakeholders should note that the current financial results continue to reflect Morganite Crucible (India)'s operations under Morgan Advanced Materials Plc, as the change in control has not yet been effected.

The company's board meeting, which approved these results and updates, commenced at 2:00 p.m. and concluded at 3:55 p.m. on November 11, 2025.