VISHNU

Vishnu Chemicals share price & financials

Price
₹601
Market cap
₹3.9k Cr
Sector
Chemicals
Calls analysed
6
Latest concall · Q1 FY27 · call held 03 Aug 2026

Vishnu Chemicals Limited Q1 FY27

Operating Revenue ₹433.4 cr +25%EBITDA ₹65.5 cr +18%EBITDA Margin 15.1% −1%PAT ₹39.6 cr +23%

What went well

  • Operating revenues grew 24.9% YoY to INR433.4 crores in Q1 FY27.
  • Profit After Tax (PAT) increased 23% YoY to INR39.6 crores in Q1 FY27.
  • Chromium business's strategic shift to higher value-added derivatives contributed to margin improvement, with these products accounting for nearly 50% of sales.

What to watch

  • EBITDA margin moderated to 15.1% in Q1 FY27 from 16.1% in Q1 FY26.
  • Performance moderated sequentially due to a maintenance shutdown at the Vizag facility.
Read the full call →

What Vishnu Chemicals Limited does

Vishnu Chemicals converts mineral ores into inorganic specialty chemicals, primarily Chromium and Barium compounds, manufactured at six plants across Andhra Pradesh, Telangana and Chhattisgarh. It earns revenue by supplying these chemicals to industries such as leather tanning, pigments & dyes, ceramics & tiles, paints, glass, electroplating, automobiles and pharmaceuticals, serving 100+ marquee customers across 50+ export countries. The company has recently entered Strontium chemistry through its Vishnu Strontium subsidiary (formerly Jayansree Pharma) and is pursuing backward integration into chrome ore mining, including a mining complex acquisition in South Africa, to secure raw-material supply.

Segments

  • Chromium Chemicals
  • Barium Chemicals
  • Strontium Chemicals
Market position
India's largest manufacturer of Chromium, Barium & Strontium Chemicals
Manufacturing units
6 plants (4 in Andhra Pradesh, 1 in Telangana, 1 in Chhattisgarh)
Chromium Chemicals installed capacity
~80,000 MTPA (measured as Sodium Dichromate) across 3 units
Barium Chemicals installed capacity
~90,000 MTPA across 2 units
Export destinations
50+ countries
End-use industries served
10+
Founded 1993Headquarters Hyderabad, India Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 2 delivered 5 missed 9 open
  • Strontium Carbonate Commercial Production delivered said Q3 FY25 Promised: Operational in Q1 FY26 Q1 FY27: Commercial sales started in Q1 FY27, contributing INR 25 crores to revenue, fulfilling the delayed guidance.
  • FY26 Top-line Growth went quiet said Q3 FY25 Promised: 15-20% Q1 FY27: Promise for FY26 concluded. No final update provided on whether the growth target was met.
  • South Africa Mine Operations Start delayed said Q3 FY25 Promised: 1-2 quarters after approvals (approvals expected in 2-3 quarters) Q1 FY27: Timeline for operations start pushed from Q1 FY27 to H2 FY27 due to refurbishment and mobilization activities.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 24.8%, net profit up 25.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue344 371 393 347 401 +17%411 +11%450 +15%433 +25%
EBITDA45 64 64 56 58 +29%62 −3%77 +20%65 +16%
Net profit23 34 39 32 33 +43%34 +0%43 +10%40 +25%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +48.5% 1Y

₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 6 Feb 2026Q1 FY27 — 3 Aug 2026

1Y: ₹480.8 on 10 Sept 2025 → ₹713.95. High ₹731.55 (8 Sept 2026), low ₹452.7 (30 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
−2.2%
3 Aug
Q3 FY26
−2.0%
6 Feb

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 5.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 15.7%.

Year endingFY23FY24FY25FY26
Revenue₹1.4k Cr₹1.2k Cr₹1.4k Cr₹1.6k Cr
Operating profit₹230 Cr₹202 Cr₹229 Cr₹253 Cr
Operating margin16.5%16.7%15.8%15.7%
Interest₹33 Cr₹36 Cr₹37 Cr₹39 Cr
Depreciation₹28 Cr₹34 Cr₹38 Cr₹41 Cr
Net profit₹137 Cr₹102 Cr₹126 Cr₹142 Cr
Net margin9.8%8.4%8.7%8.8%
Cash from operations₹134 Cr₹68 Cr₹90 Cr₹127 Cr
Free cash flow₹19 Cr₹-53 Cr₹2 Cr₹-130 Cr
ROCE30.0%20.0%18.0%16.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹12 Cr₹12 Cr₹12 Cr₹13 Cr₹13 Cr₹13 Cr
Reserves₹184 Cr₹265 Cr₹402 Cr₹688 Cr₹987 Cr₹1.1k Cr
Borrowings₹336 Cr₹365 Cr₹379 Cr₹315 Cr₹418 Cr₹527 Cr
Other liabilities₹242 Cr₹274 Cr₹258 Cr₹310 Cr₹409 Cr₹493 Cr
Total liabilities₹773 Cr₹916 Cr₹1.1k Cr₹1.3k Cr₹1.8k Cr₹2.1k Cr
Fixed assets₹387 Cr₹463 Cr₹465 Cr₹635 Cr₹778 Cr₹836 Cr
Capital work in progress₹24 Cr₹5 Cr₹98 Cr₹16 Cr₹56 Cr₹159 Cr
Investments₹1 Cr₹3 Cr₹2 Cr₹2 Cr₹0 Cr₹1 Cr
Other assets₹361 Cr₹444 Cr₹488 Cr₹675 Cr₹993 Cr₹1.1k Cr
Total assets₹773 Cr₹916 Cr₹1.1k Cr₹1.3k Cr₹1.8k Cr₹2.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Growth trap

To justify its price of ₹714, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~-3%. At that growth it is worth ₹182 — downside of 75%.

Growth the price implies
23.1% a year
for 7 years, fading to 4%
It has actually compounded at
1.2% a year
net profit, FY23–FY26 · EPS -2.6%
The gap
0.3 pp
-75% downside if it only repeats history
Price today ₹713.95 Value at the reference growth ₹181.71

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Vishnu Chemicals Limited

Guides on how to read this kind of business and the numbers that matter.