NSE: VISAKAIND · BSE: 509055
VISAKA INDUSTRIES LTD
Produces cement and cement-based building products as its main business (84.4% of segment revenue, Rs 1,415.45 crore in FY26), which is sold to construction-sector customers. A separate Synthetic Yarns segment (15.6%, Rs 262.22 crore) makes yarn from recycled PET bottles. Operations run across 14 plants with 1,162 permanent employees and 4,156 workers. Raw materials are the biggest cost at 49.9% of revenue, followed by other operating expenses at 30.6% and employee costs at 8.5%. FY26 total revenue was Rs 1,677.86 crore with an EBITDA margin of 12.24%, while Building Products generated EBIT of Rs 126.46 crore versus Rs 14.08 crore from Synthetic Yarns. The business applies zero liquid discharge across plants and generates around 96 lakh units of solar power annually, cutting 7,541 MT of CO2. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Building Products (84%), Synthetic Yarns (16%). Asset-heavy construction materials maker with a smaller recycled-yarn side business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,416 | 1,653 | 1,527 | 1,543 | 1,678 |
| EBITDA (ex other income) | 200 | 136 | 88 | 99 | 199 |
| margin % | 14.1 | 8.2 | 5.8 | 6.4 | 11.9 |
| Owners' profit | 118 | 54 | 1 | 0 | 85 |
| EPS, as reported (₹) | 71.14 | 6.20 | 0.10 | (0.35) | 9.88 |
| ROE % · ROCE % | 16.2 · 21.7 | 6.9 · 10.1 | 0.1 · 4.1 | (0.4) · 4.6 | 10.3 · 14.6 |
| Debt / equity (x) | 0.23 | 0.50 | 0.71 | 0.64 | 0.37 |
| Cash from operations | 54 | 29 | 3 | 114 | 183 |
| Capex | (146) | (228) | (119) | (30) | (37) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 308 | 351 | 426 | 506 | 325 | 368 | 480 | 590 |
| Profit before tax | (22) | (14) | 20 | 64 | (11) | 3 | 51 | 71 |
| Net profit | (17) | (11) | 15 | 52 | (9) | 2 | 40 | 53 |
| EPS (₹) | (1.92) | (1.27) | 1.69 | 6.03 | (1.01) | 0.22 | 4.63 | 6.10 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Building Products | 1,100 | 65.6 |
| Synthetic Yarns | 83 | 5.0 |
| Others | 0 | 0.0 |
| Building products | 315 | 18.8 |
| Synthetic yarn | 52 | 3.1 |
| others | 0 | 0.0 |
| Synthetic Yarn | 127 | 7.6 |
| Total, before eliminations | 1,678 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,28,568 | 38.4 | 4.07 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,414 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 86,677 | 19.7 | 1.21 | 12.1 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 84,066 | 51.6 | 3.61 | 16.1 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 37,773 | 40.0 | 5.33 | 17.4 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,842 | 30.5 | 1.59 | 10.8 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 22,049 | 11.5 | 1.07 | 6.4 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,343 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.1 | 27.5 | 2 of 29 | 96% |
| P/B | 0.8 | 1.4 | 7 of 34 | 79% |
| ROCE | 11.2 | 3.7 | 5 of 37 | 89% |
| ROE | 10.3 | 7.2 | 9 of 34 | 76% |
| Debt / Equity | 0.4 | 0.4 | 14 of 33 | 59% |
| EBITDA margin | 15.8 | 13.1 | 13 of 37 | 67% |
| Revenue growth | 16.7 | 7.8 | 9 of 37 | 78% |
| Profit growth | 1.0 | (24.7) | 11 of 37 | 72% |
| Market cap | 691 | 1769 | 23 of 38 | 41% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September 2026 half-year audited results | results | low | — | — |
| 26 Oct 2026 · Board to approve audited Q2 and half-year results on 12 November 2026 | results | low | — | — |
| 23 Oct 2026 · Special window for transferring physical Visaka shares and converting them to electronic form | compliance | minimal | — | — |
| 12 Oct 2026 · Visaka Q1 FY27 investor presentation: revenue up 16.7 percent, EBITDA up 78.7 percent | investor communications | medium | — | — |
| 12 Oct 2026 · Visaka Industries schedules investor knowledge session on October 15, 2026 | board shareholder meetings | low | — | — |
| 5 Oct 2026 · Compliance certificate for dematerialization under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 30 Sept 2026 · Senior management changes at Visaka Industries: one retirement, two promotions | management changes | medium | — | — |
| 25 Sept 2026 · Trading window closed from October 1, 2026 for Q2 and H1 FY27 audited results | compliance | minimal | — | — |
| 16 Sept 2026 · Vigilance Security Services crosses 5 percent in Visaka Industries via open market buy | ownership changes | medium | — | — |
| 9 Sept 2026 · CARE revises Visaka outlook to Stable, reaffirms A+ rating | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.