Visaka Industries Limited (VISAKAIND)
₹91.18 +2.25% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Visaka Industries' revenue was ₹590 Cr (+16.6% year on year, +23.0% on the previous quarter), and net profit ₹52.7 Cr (+1.3% year on year); the operating margin was 15.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹590 | +16.6% | +23.0% |
| Operating profit | ₹91.4 | +79.2% | +79.6% |
| Net profit | ₹52.7 | +1.3% | +31.6% |
| EPS (₹) | 6.10 | +1.2% | +31.7% |
| Operating margin | 15.5% | — | — |
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📢 Recent Corporate Announcements
Visaka Industries submitted its Q1 FY27 investor presentation highlighting historical and annual FY26 performance. FY26 revenue reached Rs 1,678 crore (up 9% YoY) with an EBITDA of Rs 139 crore (8.31% margin) and PAT of Rs 85 crore, recovering from a net loss in FY25. The presentation details a shift toward non-asbestos and value-added building materials, which now account for 47% of revenue. The company maintains an installed capacity of 8.48 lakh tonnes of cement roofing sheets and 3.56 lakh tonnes of fibre cement boards across 14 manufacturing plants.
- FY26 revenue stood at Rs 1,678 crore, up 9% YoY, with EBITDA margin at 8.31%
- Non-asbestos products and value-added businesses accounted for 47% of revenue
- Current installed capacity includes 8.48 lakh TPA cement roofing and 3.56 lakh TPA fibre cement boards
- FY26 reported PAT was Rs 85 crore (PAT before exceptional items was Rs 38 crore)
- Operating cash flow was strong at Rs 183 crore for FY26 (CFO/EBITDA at 131%)
Visaka Industries announced senior management changes effective September 30, 2026. Mr. S. Shafiulla, President (Finance & Accounts), retired from the company's senior management. Simultaneously, Mr. Prakash Punj Verma (AC division) and Mr. Chetan V. Bhadane (V-Boards division) were promoted to President roles, and Mr. Ramakanth Kunapuli was elevated to Vice President & Company Secretary.
- Retirement of Mr. S. Shafiulla as President (Finance & Accounts) effective September 30, 2026
- Promotion of Mr. Prakash Punj Verma to President (Marketing - AC Division)
- Promotion of Mr. Chetan V. Bhadane to President (Marketing - V-Boards Division)
- Promotion of Mr. Ramakanth Kunapuli to Vice President & Company Secretary (KMP) on September 30, 2026
CARE Ratings has reaffirmed Visaka Industries' credit rating for long-term bank facilities and fixed deposits at 'CARE A+' while upgrading the outlook from 'Negative' to 'Stable'. Rated long-term facilities were reduced from ₹414.91 Cr to ₹351.33 Cr, representing ~42% of its net worth (₹835 Cr). Short-term facilities of ₹185.04 Cr (reduced from ₹191.04 Cr) were reaffirmed at 'CARE A1+', alongside a newly assigned ₹6.00 Cr short-term facility at 'CARE A1+'.
- Outlook on ₹351.33 Cr long-term facilities revised to Stable from Negative; CARE A+ reaffirmed
- Long-term bank facilities reduced to ₹351.33 Cr from ₹414.91 Cr
- Short-term facilities of ₹185.04 Cr reaffirmed at CARE A1+, with an additional ₹6.00 Cr facility assigned CARE A1+
- Fixed deposit rating of ₹25.00 Cr reaffirmed at CARE A+ with outlook revised to Stable from Negative
Visaka Industries Limited has appointed M/s. Go India Advisors LLP as its Investor Relations (IR) Advisory Agency effective September 1, 2026. In compliance with Regulation 30 of the SEBI LODR Regulations, the company has also designated a dedicated email ID (investor.relations@visaka.in) for investor queries. This is a standard corporate governance and market communication update with no direct impact on company revenue (TTM ₹1,762 Cr) or operations.
- Appointed M/s. Go India Advisors LLP as IR Advisory Agency effective September 1, 2026
- Designated specific email ID investor.relations@visaka.in for all investor queries
- Filing made under Regulation 30 of SEBI LODR Regulations (Ref: VILSTEX/FY2027/31)
Visaka Industries has approved a significant capacity expansion of 72,000 MT PA for fibre cement and calcium silicate boards at Tonk, Rajasthan, involving a Rs 175 Cr investment. This represents a 21% increase over existing capacity, which is currently operating at 100% utilization. Additionally, the company is diversifying into the Construction Chemicals business with a Rs 10 Cr setup at its Tumkur unit. For Q1 FY27, the company reported consolidated revenue of Rs 590.07 Cr and declared an interim dividend of Rs 1 per share.
- Rs 175 Cr capex approved for 72,000 MT PA capacity addition in Rajasthan, expected by December 2027
- Entry into Construction Chemicals business with an initial investment of Rs 10 Cr at the Tumkur unit
- Existing fibre cement board capacity of 3,42,000 MT PA is currently at 100% utilization
- Interim dividend of Rs 1 per share (50% of face value) declared with a record date of August 13, 2026
- Q1 FY27 consolidated PAT stood at Rs 52.71 Cr on revenue of Rs 590.07 Cr
Visaka Industries has approved a significant capacity expansion of 72,000 MT PA for fibre cement and calcium silicate boards at a new plant in Tonk, Rajasthan. The project involves a Rs 175 crore investment, representing approximately 23% of the company's current market capitalization, to address 100% utilization of existing capacity. Additionally, the board approved a Rs 10 crore entry into construction chemicals and declared an interim dividend of Rs 1 per share. Q1 FY27 standalone revenue grew 16.5% YoY to Rs 588.85 crore, though PAT saw a slight decline to Rs 50.03 crore from Rs 52.37 crore YoY.
- Approved new plant in Tonk, Rajasthan with 72,000 MT PA capacity for fibre cement boards
- Estimated capex of Rs 175 crore to be funded through internal accruals and borrowings
- Existing capacity of 3,42,000 MT PA is currently operating at 100% utilization
- Declared interim dividend of Rs 1 per share (50% of FV) with record date of August 13, 2026
- New construction chemical line approved at Tumkur unit with Rs 10 crore investment
Visaka Industries has announced a significant capacity expansion of 72,000 MT PA for its fibre cement and calcium silicate boards, representing a 21% increase over its current 3,42,000 MT PA capacity. The expansion at Tonk, Rajasthan, involves a ₹175 Cr investment (approx. 23% of market cap) and is necessitated by 100% utilization of existing facilities. Alongside this, the board declared an interim dividend of ₹1 per share (50% of face value) with a record date of August 13, 2026. For Q1 FY27, the company reported standalone revenue of ₹588.85 Cr and a PAT of ₹50.03 Cr.
- Proposed capacity addition of 72,000 MT PA for fibre cement boards at Tonk, Rajasthan
- Estimated investment of ₹175 Crore for the new plant, to be funded by internal accruals and debt
- Existing board capacity of 3,42,000 MT PA is currently operating at 100% utilization
- Interim dividend of ₹1 per share declared for FY 2026-27 with a record date of August 13, 2026
- Standalone Q1 FY27 revenue reached ₹588.85 Cr, a 16.5% increase over the same quarter last year
Visaka Industries has announced a significant ₹175 Cr capacity expansion in Rajasthan to add 72,000 MT PA of fibre cement boards, representing ~23% of its current market cap. The company reported Q1 FY27 standalone revenue of ₹588.85 Cr, a 16.5% increase YoY, although PAT slightly declined to ₹50.03 Cr from ₹52.37 Cr. An interim dividend of ₹1 per share (50% of face value) has been declared with a record date of August 13, 2026. Additionally, the board approved a new construction chemicals business line with an initial ₹10 Cr investment.
- Approved ₹175 Cr capex for a new 72,000 MT PA plant in Tonk, Rajasthan, to be funded by internal accruals and debt.
- Declared interim dividend of ₹1 per share for FY 2026-27, with the record date fixed for August 13, 2026.
- Standalone Q1 FY27 revenue grew 16.5% YoY to ₹588.85 Cr, driven by 100% utilization of existing board capacity.
- Entering new business line of Construction Chemicals at the Tumkur unit with a ₹10 Cr investment.
- New capacity expansion is expected to commence commercial production by December 2027.
Visaka Industries reported a strong Q1 FY27 with standalone revenue of ₹588.85 Cr and a Net Profit of ₹50.03 Cr. The board approved a major ₹175 Cr capacity expansion for fibre cement boards in Rajasthan, representing approximately 23.4% of the current market cap. An interim dividend of ₹1 per share (50% of FV) was declared with a record date of August 13, 2026. Additionally, the company is diversifying into the construction chemicals segment with an initial ₹10 Cr investment at its Tumkur unit.
- Standalone Revenue for Q1 FY27 reached ₹588.85 Cr, up from ₹505.18 Cr in the same quarter last year.
- Approved ₹175 Cr investment for a new 72,000 MT PA plant in Tonk, Rajasthan, to be completed by December 2027.
- Existing fibre cement board capacity of 3,42,000 MT PA is currently operating at 100% utilization.
- Declared an interim dividend of ₹1 per share on equity shares of ₹2 face value.
- Entry into Construction Chemicals business with a ₹10 Cr investment to leverage synergies with existing products.
Shareholders of Visaka Industries have approved all resolutions at the 44th Annual General Meeting held on July 30, 2026. A final dividend of ₹1.20 per equity share (60% of face value) for FY26 was confirmed, representing a yield of approximately 1.45% at current prices. The meeting also saw the formal adoption of FY26 audited financial statements, where the company reported a TTM PAT of ₹85 Cr. Voting was nearly unanimous, with over 99.9% of votes cast in favor of all four resolutions.
- Approved a final dividend of ₹1.20 per equity share of ₹2 each for FY26.
- Adoption of FY26 Audited Financial Statements passed with 99.9989% shareholder assent.
- A total of 168 members participated in the voting process, casting 4,71,54,170 votes.
- Re-appointment of Director Sri Gusti Jall Noria confirmed with 99.9898% approval.
- Ratified remuneration for M/s. Sagar & Associates as Cost Auditors for FY27.
Visaka Industries has published newspaper advertisements regarding its Public Deposit Scheme in Business Standard and Velugu on July 31, 2026. This is a routine regulatory disclosure under SEBI (LODR) Regulations 30 and 47. The company currently maintains a moderate debt profile with a total debt of ₹303 Cr against a net worth of ₹835 Cr, resulting in a Debt-to-Equity ratio of 0.36.
- Advertisements published in English (Business Standard) and Telugu (Velugu) newspapers on July 31, 2026
- Filing complies with SEBI (LODR) Regulations 30 and 47 regarding public disclosures
- Company reported TTM revenue of ₹1,678 Cr and a TTM PAT of ₹85 Cr
- Debt-to-Equity ratio remains stable at 0.36 as per latest financial context
Visaka Industries concluded its 44th Annual General Meeting on July 30, 2026, where shareholders approved a final dividend of ₹1.20 per share for FY26. The company reported a strong recovery in FY26 with a net profit of ₹85.22 Cr, rebounding from a loss of ₹3.45 Cr in FY25. Management emphasized a strategic shift toward high-margin 'Vnext' boards and 'Atum' solar products, aiming for a 50:50 revenue mix with legacy roofing. The company is currently operating 13 manufacturing locations and plans to add new capacity for the Vnext division to sustain its 25% growth target.
- Final dividend of ₹1.20 per equity share (60% of face value) approved for FY26
- FY26 Revenue stood at ₹1,678.33 Cr with an improved Operating Profit Margin of 8.3%
- Vnext division margins reported at 14-15%, significantly higher than the company-wide average
- Company targeting a 50:50 revenue mix between legacy roofing and new-age businesses
- Inventory turnover improved to 95 days in FY25 from 97 days in FY24
Visaka Industries Limited has filed a corrigendum to its previous submission dated July 10, 2026, which provided an update on legal disputes. The company noted that a date in the earlier letter was inadvertently typed as 25-11-2026 instead of the correct date, 25-11-2025. All other contents of the original legal update remain unchanged. This is a minor administrative correction and does not alter the company's financial position or the nature of the legal matters.
- Corrected a typographical error in a regulatory filing dated July 10, 2026
- The date 25-11-2026 was corrected to 25-11-2025
- No changes were made to the substantive content of the legal dispute update
Visaka Industries has dispatched formal communications to shareholders holding shares in physical form to update their KYC details. This action follows SEBI mandates from June 2024 and February 2026 requiring PAN, bank details, and contact information to be registered with the RTA. Failure to comply will result in folios being frozen and dividends being withheld. The company noted that all dividends since April 1, 2024, are payable only through electronic mode to compliant accounts.
- Compliance with SEBI Circulars dated June 10, 2024, and February 06, 2026
- Dividends payable only in electronic mode effective from April 01, 2024
- Mandatory requirement for PAN to be linked with Aadhaar for valid KYC
- Communication dispatched to eligible members on July 17, 2026
- RTA Kfin Technologies Limited managing the KYC update process
Visaka Industries has successfully recovered ₹68.73 crore (including interest) from the Hyderabad Cricket Association (HCA) following a favorable court order. This cash inflow is highly material, representing approximately 81% of the company's TTM PAT of ₹85 crore and 8.2% of its Net Worth. The funds were received in the company's bank account on July 10, 2026, following an Arbitral Tribunal award confirmed by the Supreme Court of India. This non-recurring gain will significantly bolster the company's liquidity position in the short term.
- Received a total sum of ₹68,73,19,584 including interest on July 10, 2026
- Settlement amount represents ~81% of the company's TTM PAT of ₹85 Cr
- The dispute with Hyderabad Cricket Association (HCA) was resolved via Arbitral Tribunal and confirmed by the Supreme Court
- Funds have been credited to the company's bank account as of the announcement date
- The inflow is equivalent to ~4.1% of the company's TTM Revenue of ₹1678 Cr
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew marginally by ~1% from INR 1,526 Cr in FY24 to INR 1,545 Cr in FY25. The Vnext segment is growing at a rate of 25% upwards year-on-year, while the company is intentionally shifting focus away from the legacy roofing business to achieve a 50:50 revenue split by FY25.
Geographic Revenue Split
Not disclosed in available documents, though the company operates 13 pan-India manufacturing locations providing geographic dispersal.
Profitability Margins
EBITDA margin increased by 64 basis points from 6.51% in FY24 to 7.15% in FY25. Net profit margin decreased by 16 basis points from 0.17% in FY24 to 0.01% in FY25 due to higher interest and depreciation expenses.
EBITDA Margin
EBITDA margin was 7.15% in FY25, up from 6.51% in FY24 (+64 bps). Q1FY26 PBILDT margins further improved to 10.07% from 8.51% in Q1FY25 (+156 bps) due to better cost management and softening raw material prices.
Capital Expenditure
The company added 2 new plants in the last couple of years and is adding another plant for the Vnext division in the current year to support rapid product acceptance.
Credit Rating & Borrowing
Long-term bank facilities and fixed deposits are rated CARE A+; Negative (outlook revised from Stable). Short-term facilities are rated CARE A1+. Debt-to-equity ratio improved from 0.36x in FY24 to 0.30x in FY25.
Operational Drivers
Raw Materials
Chrysotile fiber is the primary raw material for the roofing segment; its cost is considered the 'new normal' following recent price volatility.
Capacity Expansion
Current capacity is dispersed across 13 pan-India manufacturing locations. Planned expansion includes adding one new plant for the Vnext division in the current year.
Raw Material Costs
Raw material costs for the roofing segment remain high, necessitating price increases to maintain normal margins. PBILDT margins improved in Q1FY26 partly due to softening raw material prices.
Manufacturing Efficiency
Inventory turnover improved from 97 days in FY24 to 95 days in FY25, indicating better operational efficiency.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
The company is executing a strategic shift from legacy roofing to new-age businesses (Vnext and Atum Solar) to reach a 50:50 revenue mix by FY25. This is supported by adding new manufacturing capacity for Vnext, where margins have scaled from 8% to ~15%.
Products & Services
V-Boards, V-Panels, Atum Solar panels, and Roofing sheets.
Brand Portfolio
Vnext, Atum, and Visaka.
New Products/Services
Vnext products (boards and panels) and Atum Solar panels are the primary new-age growth drivers, with Vnext margins now exceeding 14-15%.
Market Expansion
Expansion is focused on the Vnext space due to rapid acceptance; the company is adding a new plant this year to meet growing demand.
External Factors
Industry Trends
There is a significant industry shift toward sustainable building materials. Plywood manufacturers are becoming more active in protecting their market share against fiber-cement board alternatives like Vnext.
Competitive Landscape
Key competition comes from the plywood industry, which is reacting to the growth of fiber-cement boards and panels.
Competitive Moat
The company possesses a niche moat in the Vnext space, where it is 'least impacted' during downtrends compared to competitors. This advantage is sustained by 40+ years of experience and a pan-India manufacturing footprint.
Macro Economic Sensitivity
Global economic growth declined from 3.3% in 2023 to 3.2% in 2024, impacting global manufacturing and supply chains.
Consumer Behavior
Consumers are increasingly shifting toward new-age, sustainable building materials, driving the 25% YoY growth in the Vnext division.
Geopolitical Risks
Supply chain disruptions and weak consumer sentiment in advanced economies are cited as risks to global growth.
Regulatory & Governance
Industry Regulations
The company complies with Secretarial Standards and the Companies Act, 2013. It maintains internal financial controls to ensure compliance with all applicable laws.
Risk Analysis
Key Uncertainties
Volatility in Chrysotile fiber prices and the intensity of competition from the plywood sector are the primary business uncertainties.
Geographic Concentration Risk
Geographic risk is mitigated by 13 pan-India manufacturing locations.
Credit & Counterparty Risk
Debtor turnover cycle increased to 39 days in FY25 from 33 days in FY24 due to extended credit periods provided to customers in response to market conditions, increasing receivables to INR 194.17 Cr.
