NSE: VISHNU · BSE: 516072
VISHNU CHEMICALS LIMITED
Manufactures barium, chromium and strontium-based specialty chemicals for industrial buyers in India and overseas. Barium carbonate is the established cash cow with EBITDA margins sustained at ~30% and capacity utilisation running around 80% (target 80-82% by FY26 end). Strontium carbonate is set to enter commercial dispatch from September 2025 at a ~12,000 TPA scale, with the company described in management commentary as the only domestic manufacturer. Domestic sales accounted for ~55% of Q1 FY26 revenue against exports at ~45%, and direct US exposure is contained at ~7% of consolidated revenue (Barium is duty-exempt under Annexure 2). The biggest cost line is raw materials at 47.3% of FY26 revenue, with capex running at 16.0% of revenue to fund projects including a South Africa mine acquisition (statutory approvals pending) and a 20 MW solar addition. Q1 FY27 consolidated revenue rose 24.9% YoY to Rs 433.4 crore with EBITDA margin at 15.1%, though overseas freight costs were pressured by West Asia tensions. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Barium chemicals, Chromium chemicals, Strontium carbonate. Specialty chemicals manufacturer; asset-intensive with capex at 16% of FY26 revenue; exposed to global tariff conditions and freight costs.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,069 | 1,391 | 1,213 | 1,447 | 1,610 |
| EBITDA (ex other income) | 156 | 230 | 202 | 228 | 252 |
| margin % | 14.6 | 16.5 | 16.6 | 15.8 | 15.7 |
| Owners' profit | 81 | 137 | 0 | 127 | 0 |
| EPS, as reported (₹) | 68.13 | 22.86 | 15.90 | 19.23 | 21.14 |
| ROE % · ROCE % | 29.4 · 25.4 | 33.0 · 32.0 | 14.4 · 19.8 | 13.7 · 18.0 | 13.2 · 16.2 |
| Debt / equity (x) | 1.31 | 0.91 | 0.45 | 0.37 | 0.49 |
| Cash from operations | 90 | 134 | 67 | 90 | 127 |
| Capex | (83) | (117) | (120) | (88) | (257) |
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 | 344 | 371 | 393 | 347 | 401 | 411 | 450 | 433 |
| Profit before tax | 30 | 44 | 53 | 42 | 46 | 44 | 64 | 55 |
| Net profit | 23 | 34 | 39 | 32 | 33 | 34 | 43 | 40 |
| EPS (₹) | 3.49 | 5.25 | 5.82 | 4.79 | 4.88 | 5.02 | 6.49 | 5.89 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.5 | 23.1 | 57 of 99 | 43% |
| P/B | 3.6 | 2.8 | 68 of 99 | 32% |
| ROCE | 13.5 | 10.1 | 37 of 106 | 66% |
| ROE | 13.2 | 8.1 | 28 of 99 | 72% |
| Debt / Equity | 0.5 | 0.2 | 79 of 99 | 20% |
| EBITDA margin | 18.1 | 15.5 | 42 of 99 | 58% |
| Revenue growth | 24.9 | 24.4 | 46 of 94 | 52% |
| Profit growth | 23.0 | 55.1 | 58 of 92 | 37% |
| Market cap | 3830 | 699 | 28 of 108 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Parwada plant to stop temporarily for new capital project work | capex operations | high | — | — |
| 27 Oct 2026 · Board meeting to approve Q2 results on 31 October 2026 | results | low | — | — |
| 27 Oct 2026 · Special window opens for pending physical share transfers | compliance | minimal | — | — |
| 8 Oct 2026 · Investor meeting scheduled for October 14 | board shareholder meetings | low | — | — |
| 6 Oct 2026 · Routine compliance certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 2 Oct 2026 · Vishnu Chemicals to hold one-on-one investor meetings in Mumbai | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Schedule of analyst and institutional investor meeting disclosed | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading window closure from Oct 1 for Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Closure of UAE Subsidiary Delayed by About Six Months | strategic transactions | medium | — | — |
| 17 Sept 2026 · Analyst and Investor Meeting at G-200 Summit on Sept 22, 2026 | board shareholder meetings | low | — | — |
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.