Vishnu Chemicals Ltd (VISHNU)
🎯 Key Takeaways
- Vishnu Chemicals Ltd is in a strong growth phase, driven by consistent double-digit revenue and profit expansion, strategic geographic diversification into South Africa, and ongoing capacity enhancements in specialty chemicals. Management’s focus on high-margin derivatives and value-added products has supported margin resilience despite operational headwinds like planned shutdowns.
- Revenue declined 3.8% QoQ to ₹433 in Q1FY27.
- ⚠️ Geopolitical and logistics cost pressures are explicitly flagged by management as ongoing challenges, which could impact margins despite current resil
- Market Cap
- ₹4,665
- P/E Ratio
- 31.1
- P/B Ratio
- 4.36
- ROE
- 14.0%
- ROCE
- 15.7%
- Debt/Equity
- 0.49
- Div Yield
- 0.04%
- Promoter
- 69.2%
📖 The Story
Vishnu Chemicals Ltd is in a strong growth phase, driven by consistent double-digit revenue and profit expansion, strategic geographic diversification into South Africa, and ongoing capacity enhancements in specialty chemicals. Management’s focus on high-margin derivatives and value-added products has supported margin resilience despite operational headwinds like planned shutdowns.
📰 What's Happening
In Q1FY27 (August 3, 2026 filing), the company reported 24.9% YoY revenue growth to ₹433.4 crores and 23.0% YoY PAT growth to ₹39.6 crores, with EBITDA up 17.5% YoY to ₹65.5 crores. Gross margin stood at 44.7% and EBITDA margin at 15.1%. Management highlighted expansion in South Africa operations, targeting commencement in H2FY27, and plans to add 20 MW of solar capacity. The results reflect resilience amid a planned maintenance shutdown at Vizag, with growth attributed to diversified exports and a shift toward higher-margin derivatives. Prior quarter (May 2, 2026 filing) showed similar momentum, with revenue at ₹433.4 crores (+24.9% YoY), PAT at ₹39.6 crores (+23.0% YoY), and EBITDA at ₹65.5 crores (+17.5% YoY), reinforcing sustained operational momentum.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 401 | 411 | 450 | 433 |
| Operating Profit | 48 | 51 | 67 | 54 |
| OPM % | 12.0% | 12.4% | 14.8% | 12.5% |
| Net Profit | 33 | 34 | 43 | 40 |
| EPS | ₹4.88 | ₹5.02 | ₹6.49 | ₹5.89 |
Revenue has grown steadily over the past four quarters, rising from ₹401 crores in September 2025 to ₹450 crores in March 2026, before settling at ₹433.4 crores in June 2026, indicating stable demand and effective execution despite sequential moderation due to maintenance. PAT has followed a similar trajectory, increasing from ₹33 crores in September 2025 to ₹43 crores in March 2026, and reaching ₹39.6 crores in June 2026. This growth has occurred alongside improving EBITDA margins and consistent OPM expansion, suggesting better cost control and product mix optimization. The company has maintained profitability even during transitional phases, supported by strategic investments and geographic diversification.
🔮 Management Outlook & What's Next
Management has consistently expressed confidence in medium-term growth, citing ongoing expansions in existing and new chemistries, including the planned 20 MW solar capacity addition and entry into South African markets. The August 28, 2026 AGM filing confirms the reappointment of Nagabhushan Bhagwati as Independent Director for a second term until 2030, signaling leadership continuity. Management has not provided formal forward guidance beyond operational milestones, but repeated emphasis on sustainable growth, geographic expansion, and value chain integration suggests a focus on scaling high-margin segments and strengthening global competitiveness.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 13 | 13 | 13 | 13 |
| Reserves | 913 | 747 | 1,056 | 987 |
| Borrowings | 342 | 342 | 527 | 418 |
| Total Liabilities | 1,634 | 1,460 | 2,088 | 1,827 |
| Fixed Assets | 702 | 614 | 794 | 760 |
| Investments | 0 | 0 | 1 | 0 |
| Total Assets | 1,634 | 1,460 | 2,088 | 1,827 |
The balance sheet shows a stable capital structure with equity of ₹13 crores and reserves growing from ₹913 crores in March 2025 to ₹1,056 crores in March 2026, indicating retained earnings and reinvestment of profits. Borrowings have increased modestly from ₹342 crores to ₹527 crores over the same period, but remain low relative to equity and asset base, with D/E at 0.37. This suggests a conservative leverage profile, with capital allocation focused on organic growth and strategic investments rather than aggressive debt-funded expansion. The strong asset growth from ₹1,634 crores to ₹2,088 crores over two years reflects increasing investments in capacity and infrastructure.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +90 |
| Investing | -100 |
| Financing | +10 |
| Net Cash Flow | +0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 69.2% | 69.2% | 69.2% | 69.2% |
| FII | 2.2% | 2.2% | 2.3% | 2.5% |
| DII | 5.6% | 5.7% | 5.7% | 5.9% |
| Public | 18.1% | 17.9% | 17.5% | 17.2% |
| # Shareholders | 31,754 | 31,007 | 30,468 | 31,065 |
Promoter holding remains stable at 69.21% across all recent quarters, indicating no dilution or stake sales. FII ownership has slightly increased from 2.2% to 2.51%, while DII rose from 5.59% to 5.94%, suggesting growing institutional confidence. The number of public shareholders has marginally declined from 31,754 to 31,065, but this may reflect consolidation rather than exit. No pledging activity is reported, and the stable promoter stake combined with rising institutional interest supports a positive governance and investor confidence narrative.
⚖️ Peer Comparison — Chemicals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| PIDILITIND | 1.53 L Cr | 57.6 | 33.4% | — | 0.01 |
| SRF | 73,810 | 34.1 | 15.6% | — | 0.36 |
| LINDEINDIA | 52,814 | 96.7 | 17.5% | — | 0.00 |
| FLUOROCHEM | 48,774 | 79.7 | 9.6% | — | 0.34 |
| NAVINFLUOR | 43,256 | 54.7 | 22.2% | — | 0.31 |
| GODREJIND | 36,153 | 30.8 | 9.2% | — | 4.57 |
| HSCL | 33,807 | 42.0 | 20.7% | — | 0.16 |
| AETHER | 23,029 | 97.7 | 13.8% | — | 0.08 |
| DEEPAKNTR | 21,155 | 27.0 | 15.3% | — | 0.26 |
| CASTROLIND | 19,891 | 18.7 | 76.2% | — | 0.00 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Geopolitical and logistics cost pressures are explicitly flagged by management as ongoing challenges, which could impact margins despite current resilience. 2. Dependence on export markets, particularly South Africa, introduces exposure to regional economic and regulatory volatility. 3. Planned maintenance shutdowns, while necessary, can cause sequential revenue and margin moderation, as seen in Q1FY27, highlighting execution risk around operational continuity. 4. No dividend growth guidance has been provided, which may limit upside for income-focused investors.
📋 Recent Filings
- Announcement2026-09-24Vishnu Chemicals Ltd announced the closure of its trading window effective October 1, 2026, until 48 hours after the board meeting to approve un-audit…
- 🔴 Announcement2026-09-24Vishnu Chemicals Ltd announced an upcoming investor meeting schedule from September 29 to October 1, 2026, in Mumbai, offering one-on-one sessions sta…
- 🔴 Announcement2026-09-22Vishnu Chemicals announced that the voluntary winding-up of its wholly owned UAE subsidiary, Vishnu International Trading FZE, remains incomplete and …
- 🔴 Announcement2026-09-17Vishnu Chemicals Ltd announced its schedule for an analyst and institutional investor meeting on September 22, 2026, at Taj Santacruz, Mumbai, running…
- 🔴 Announcement2026-09-15Vishnu Chemicals Ltd announced a virtual one-on-one analyst and institutional investor meeting scheduled for September 19, 2026 at 2:00 PM IST, conduc…
- 🔴 Announcement2026-09-08Vishnu Chemicals Ltd announced a virtual one-on-one analyst meeting scheduled for September 12, 2026 at 11:00 AM IST, inviting institutional investors…
- 🔴 Announcement2026-09-08Vishnu Chemicals announced a 50/50 joint venture with France's DCX Chrome SAS to build a 6,000 MTPA greenfield chromium metal plant in Visakhapatnam, …
- 🔴 Announcement2026-09-07Vishnu Chemicals announced a 50:50 joint venture with France's DCX Chrome SAS to build a 6,000 TPA greenfield chromium metal plant in Vishakhapatnam, …
- Announcement2026-08-31Vishnu Chemicals Ltd placed a newspaper advertisement in The Financial Express and Nava Telangana on August 30, 2026, announcing a special window for …
- 🔴 Announcement2026-08-31Vishnu Chemicals Ltd announced a virtual one-on-one analyst/institutional investor meeting scheduled for September 5, 2026 at 10:30 AM IST, confirming…
🧠 Analyst's Read
Vishnu Chemicals is executing a disciplined growth strategy with strong financial momentum, supported by operational resilience and strategic expansion. Investors should monitor the progress of South Africa operations and margin trends in the coming quarters, as these will be key indicators of sustainable profitability.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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