Vishnu Chemicals Limited (VISHNU)
₹641.35 +0.13% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Vishnu Chemicals' revenue was ₹433 Cr (+24.9% year on year, -3.7% on the previous quarter), and net profit ₹39.6 Cr (+23.0% year on year); the operating margin was 15.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹433 | +24.9% | -3.7% |
| Operating profit | ₹65.5 | +17.5% | -15.0% |
| Net profit | ₹39.6 | +23.0% | -7.8% |
| EPS (₹) | 5.89 | +23.0% | -8.7% |
| Operating margin | 15.1% | — | — |
VISHNU delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.57% of the VISHNU shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.34%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 58.0% · 47.0% · 59.4% · 51.4% · 55.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Vishnu Chemicals Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent Bigshare Services Private Limited confirms that share certificates received for dematerialisation were processed and confirmed to depositories within 15 days. Security certificates received were mutilated and cancelled after due verification. This is a routine quarterly regulatory compliance filing with no impact on operations or financials.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent Bigshare Services Private Limited on October 05, 2026
- Confirmation that dematerialisation requests were processed and updated within 15 days
- Corporate letter reference VCL/SE/60/2026-27 filed with exchanges on October 06, 2026
Vishnu Chemicals Limited has announced an update regarding the voluntary winding-up of its wholly owned subsidiary, Vishnu International Trading FZE, UAE. The closure process was previously communicated on July 23, 2025, October 27, 2025, and March 27, 2026. Due to administrative, procedural, and external delays, completion has taken longer than planned. The company now expects the winding-up to finish within an additional period of approximately six months.
- Voluntary winding-up of wholly owned subsidiary Vishnu International Trading FZE, UAE is ongoing
- Company expects closure to complete within a further period of approximately 6 months
- Follows earlier intimations dated July 23, 2025, October 27, 2025, and March 27, 2026
- Delay attributed to administrative/procedural formalities and external factors
Vishnu Chemicals Limited has scheduled an analyst and institutional investor meeting at the Anand Rathi G-200 Summit 2026 on September 22, 2026, in Mumbai. The interaction will comprise one-on-one and group meetings held from 12:00 PM to 06:00 PM IST. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the sessions. This is a routine investor outreach filing under Regulation 30 of SEBI LODR.
- Meeting scheduled for September 22, 2026
- Time window set from 12:00 Noon to 06:00 PM IST
- Format includes one-on-one and group meetings at Taj Santacruz, Mumbai
- Event: Anand Rathi G-200 Summit 2026: Bharat – The Next Engine of Global Growth
Vishnu Chemicals Limited has scheduled a virtual one-on-one analyst/institutional investor meeting for September 19, 2026, starting at 02:00 PM IST. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interaction. This is a routine investor relations update under Regulation 30 of SEBI LODR Regulations.
- One-on-one analyst/institutional investor meeting scheduled for September 19, 2026
- Meeting to be conducted virtually starting at 02:00 PM IST onwards
- No Unpublished Price Sensitive Information (UPSI) will be discussed
Vishnu Chemicals Limited has informed the exchanges regarding a scheduled one-on-one analyst/institutional investor meeting set for September 12, 2026. The meeting will be held virtually starting at 11:00 AM IST. The company stated that no Unpublished Price Sensitive Information (UPSI) will be shared during the interaction. This is a procedural disclosure under Regulation 30(6) of SEBI LODR Regulations.
- One-on-one analyst/institutional investor meeting scheduled for September 12, 2026
- Meeting mode is virtual, scheduled from 11:00 AM IST onwards
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
- Filing made under Regulation 30(6) of SEBI LODR Regulations
Vishnu Chemicals Limited has executed a definitive Joint Venture Agreement with France-based DCX Chrome SAS to set up a greenfield manufacturing plant in Visakhapatnam, Andhra Pradesh. The 50:50 joint venture will build a 6,000 MTPA capacity facility dedicated to producing high-purity aluminothermic chromium metal for aerospace, defence, and energy sectors. Vishnu Chemicals will supply the core raw material (chrome oxide green), while DCX brings proprietary manufacturing technology. Total project capex and completion timelines were not disclosed in the announcement.
- 50/50 equity partnership established between Vishnu Chemicals and DCX Chrome SAS (subsidiary of Delachaux Group)
- Proposed greenfield facility engineered for 6,000 MTPA installed capacity in Visakhapatnam, Andhra Pradesh
- Targets high-value import substitution for aerospace, defense, and nuclear energy (e.g. ~250 kg chrome metal per Airbus A320 engine)
- VCL guarantees captive raw material supply of chrome oxide green to the new JV entity
Vishnu Chemicals has entered into a 50:50 joint venture agreement with France-based DCX Chrome SAS (a Delachaux Group subsidiary) to build a greenfield manufacturing plant in Visakhapatnam, Andhra Pradesh. The proposed plant will have an annual capacity of 6,000 tonnes per annum (TPA) of high-purity chromium metal. The partnership pairs DCX's technology with Vishnu Chemicals' assured domestic raw material supply. Initial paid-up capital of the JV entity is set at INR 1,00,000, with further capital to be injected equally as project requirements emerge.
- 50:50 joint venture between Vishnu Chemicals and DCX Chrome SAS, France
- Greenfield manufacturing facility planned with 6,000 TPA capacity of high purity chromium metal
- Manufacturing plant to be established at Visakhapatnam, Andhra Pradesh
- Partner DCX Chrome SAS posted FY25 turnover of €122 million (parent Delachaux Group at €1,013 million)
- Initial paid-up equity share capital of the JV is INR 1,00,000 with equal 50% contributions
Vishnu Chemicals Limited has informed the exchanges of a scheduled one-on-one virtual meeting with analysts/institutional investors. The meeting is scheduled to take place on September 05, 2026, starting at 10:30 AM IST. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared during the interaction. This is a routine investor relations disclosure pursuant to Regulation 30 of SEBI LODR Regulations.
- Investor meeting scheduled for September 05, 2026
- Mode of interaction is virtual on a one-on-one basis
- Meeting time fixed from 10:30 AM IST onwards
- Company affirmed that no unpublished price-sensitive information (UPSI) will be shared
Vishnu Chemicals Limited has notified the stock exchanges of an upcoming analyst and institutional investor interaction scheduled for September 05, 2026. The meeting will be conducted virtually in a one-on-one format starting from 10:30 AM IST onwards. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the interaction.
- Meeting date scheduled for September 05, 2026
- Interaction mode is Virtual via One-on-one format
- Meeting time scheduled from 10:30 AM IST onwards
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
Vishnu Chemicals Limited conducted its 33rd Annual General Meeting on August 28, 2026, where shareholders approved all six resolutions with overwhelming majority. Key items passed include the adoption of FY26 financial statements and the approval of a final dividend of ₹0.30 per equity share (15% on face value of ₹2). Additionally, shareholders approved the appointment of M/s M. Anandam & Co as Statutory Auditors for a five-year term and the re-appointment of Independent Director Mr. Nagabhushan Bhagwati.
- Approved final dividend of ₹0.30 per equity share of face value ₹2 (15%) for FY26 with ~100% votes in favour
- Appointed M/s M. Anandam & Co, Chartered Accountants, as Statutory Auditors for a term of 5 years
- Re-appointed Mr. Nagabhushan Bhagwati as Independent Director via Special Resolution (100% assent)
- Total shareholder count stood at 30,764 as of the cut-off date of August 21, 2026
Vishnu Chemicals Limited has notified the exchanges regarding a scheduled one-on-one analyst/institutional investor meeting on August 21, 2026, from 11:00 AM IST onwards. The meeting will be conducted virtually. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the discussion.
- Meeting Date: August 21, 2026
- Meeting Time: 11:00 AM IST Onwards
- Mode and Format: Virtual, One on one
- Regulatory Compliance: Disclosed under Regulation 30(6) of SEBI LODR Regulations, 2015
Vishnu Chemicals Limited has scheduled virtual one-on-one meetings with analysts and institutional investors on August 19 and August 20, 2026, starting at 4:00 PM IST onwards. The company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared during these interactions. This is a routine regulatory disclosure under Regulation 30 of SEBI LODR Regulations.
- Virtual one-on-one meetings scheduled on August 19, 2026, from 4:00 PM IST onwards
- Additional virtual one-on-one sessions scheduled for August 20, 2026, from 4:00 PM IST onwards
- Company confirmed that no Unpublished Price Sensitive Information will be discussed
Vishnu Chemicals has filed its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, a mandatory regulatory disclosure. The report confirms that exports remain a significant driver, accounting for 46.72% of total turnover across 50+ countries. Specialty chemicals manufacturing continues to be the core business, contributing 99% of the company's revenue. The company maintains a standalone net worth of 868.50 Cr and operates three manufacturing plants in India.
- Exports accounted for 46.72% of the total turnover during the reporting year FY 2025-26.
- Specialty chemicals manufacturing accounts for 99% of the entity's total turnover.
- The company serves a diverse global market spanning 50+ countries and 15 Indian states.
- Total workforce consists of 375 permanent employees and 752 workers (including 579 non-permanent).
- Reported standalone net worth stands at 868.50 Cr as of March 31, 2026.
Vishnu Chemicals has filed its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The report confirms that specialty chemicals manufacturing accounts for 99% of the company's turnover. A significant portion of revenue, 46.72%, is derived from exports across 50+ countries. The company maintains a lean permanent workforce of 375 employees and 173 permanent workers, supported by 579 non-permanent workers.
- Exports accounted for 46.72% of the total turnover during FY 2025-26.
- Specialty chemicals manufacturing contributes 99% of the total business turnover.
- The company serves 15 Indian states and over 50 international countries.
- Workforce structure includes 375 permanent employees and 752 total workers (173 permanent, 579 non-permanent).
- Board diversity is maintained with 33.33% female representation (2 out of 6 directors).
Vishnu Chemicals has scheduled its 33rd Annual General Meeting (AGM) for August 28, 2026. The company has proposed a final dividend of ₹0.30 per equity share (15% of face value) for FY 2025-26, with the record date fixed for August 21, 2026. Key agenda items include the appointment of M/s M. Anandam & Co as Statutory Auditors for a five-year term and the re-appointment of an Independent Director. The proposed dividend represents a very low yield of approximately 0.05% based on the current market price.
- Proposed final dividend of ₹0.30 per equity share of ₹2/- each for FY 2025-26
- Record date for dividend entitlement fixed as Friday, August 21, 2026
- Appointment of M/s M. Anandam & Co as Statutory Auditors for a 5-year term until the 38th AGM
- AGM to be held on August 28, 2026, at 11:00 AM via Video Conferencing
- Ratification of Cost Auditor remuneration at ₹1.05 Lakhs for FY 2026-27
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 19% in FY25 to INR 1,453.08 Cr. The Barium segment (VBPL) saw its contribution to total operating income rise to 25% in FY25 from 17% in FY24, driven by a 36% increase in sales volumes. The Chromium segment (VCL) saw a 9% increase in sales volumes despite a marginal decline in selling prices.
Geographic Revenue Split
The company serves over 15 industries across 50+ countries globally. Export markets include Europe, Asia, Africa, North America, and South America, providing a diversified revenue base that mitigates regional economic downturns.
Profitability Margins
PBILDT margins improved from 15.02% in FY22 to 17.25% in FY23 (a 223 bps increase) due to higher sales realizations and backward integration. PAT margins improved by 216 bps to 9.75% in FY23. Margins moderated slightly to 16.66% in H1FY24 due to price corrections in tandem with raw material costs.
EBITDA Margin
EBITDA (PBILDT) margin stood at 16.66% in H1FY24 and remained at similar levels through FY25 despite elevated shipping costs and raw material volatility. The company targets a sustained PBILDT margin above 18% for a positive rating action.
Capital Expenditure
The company invested INR 52 Cr for the acquisition of Jayansree Pharma (now Vishnu Strontium) in 2024. Total debt of INR 450 Cr includes borrowings for expansion under the step-down subsidiary Ramadas Minerals Private Limited for capacity enhancement.
Credit Rating & Borrowing
Long-term bank facilities are rated CARE A-; Stable (Reaffirmed in Nov 2025). Short-term facilities are rated CARE A2+. Interest coverage ratio was healthy at 5.58x in FY24 and 6.41x in H1FY26.
Operational Drivers
Raw Materials
Key raw materials include Chrome Ore (primary cost driver), Soda Ash, and Barium Ore. Profit margins are highly susceptible to volatility in these commodities, as raw material price increases can squeeze margins if not passed on to customers.
Import Sources
Chrome ore is primarily sourced from South Africa. The company is acquiring a mining complex in South Africa to secure supply and reduce dependence on external vendors.
Key Suppliers
Not specifically named in the documents, but the company is moving toward self-sufficiency through the acquisition of a chrome ore mining complex via its subsidiary Vishnu South Africa (Pty) Ltd.
Capacity Expansion
Current total installed capacity is 231,000 MTPA across four units (Telangana, Andhra Pradesh, and Chhattisgarh). Expansion is underway via Ramadas Minerals and the commercialization of the Strontium plant in Q2FY26.
Raw Material Costs
Raw material costs are a significant portion of the cost structure; in H1FY24, selling prices were corrected downward by 2.88% in tandem with declining raw material prices to maintain volume growth.
Manufacturing Efficiency
The company maintains healthy capacity utilization across its facilities. It is transitioning to a 'zero-waste' model by transferring sludge to cement industries, which reduces environmental compliance costs.
Logistics & Distribution
The company faces elevated shipping costs which moderated profitability in FY25. Efficient distribution is critical as it serves 50+ countries globally.
Strategic Growth
Expected Growth Rate
24%
Growth Strategy
Growth will be achieved through the commercialization of new products like Precipitated Barium Sulphate and Sodium Sulphide (contributing 10% of TOI), the acquisition of Jayansree Pharma for Strontium-based products (commercialized Q2FY26), and backward integration into chrome mining to improve consolidated margins.
Products & Services
Sodium Dichromate, Potassium Dichromate, Chromic Acid, Basic Chromium Sulphate, Barium Carbonate, Precipitated Barium Sulphate, and Sodium Sulphide.
Brand Portfolio
Vishnu Chemicals, Vishnu Barium, Vishnu Strontium (formerly Jayansree Pharma).
New Products/Services
Precipitated Barium Sulphate and Sodium Sulphide were launched in Q1FY24, contributing ~10% to TOI in H1FY25. Strontium-based products from the new VSPL plant are expected to contribute from Q2FY26.
Market Expansion
Expansion into high-value specialty applications in glass, ceramics, EV batteries, and medical applications through the new Strontium plant commercialized in Q2FY26.
Market Share & Ranking
Vishnu Chemicals is a leading manufacturer of chromium and barium chemicals in India with a significant global presence in the specialty chemicals segment.
Strategic Alliances
Acquisition of Jayansree Pharma Private Limited (100% stake) and the acquisition of a chrome ore mining complex in South Africa.
External Factors
Industry Trends
The industry is shifting toward specialty chemicals and import substitution. Vishnu is positioning itself by manufacturing products like Precipitated Barium Sulphate that were previously imported into India.
Competitive Landscape
Faces competition from cheap imports and other global chemical manufacturers. Its scale (231,000 MTPA) and integrated operations provide a competitive edge.
Competitive Moat
The moat is built on being a low-cost, backward-integrated producer with multi-site capabilities and a 'zero-waste' manufacturing model, which is difficult for competitors to replicate under strict environmental norms.
Macro Economic Sensitivity
Sensitive to global industrial demand across 15 sectors including automobiles, construction, and pharmaceuticals. A global slowdown would reduce demand for chromium and barium compounds.
Consumer Behavior
Increasing demand for high-performance pigments and EV battery chemicals is driving the company's shift toward Strontium and specialty Barium products.
Geopolitical Risks
Trade barriers or shipping disruptions in major routes (e.g., Africa to India) could impact the supply of chrome ore and the cost of global exports.
Regulatory & Governance
Industry Regulations
Strict adherence to pollution control and environmental norms is mandatory. Any regulatory ban on the production or sale of specific chromium or barium chemicals would significantly impact profitability.
Environmental Compliance
The company operates in the 'Red Category' of industries. It has implemented Zero Liquid Discharge (ZLD) at two locations and received approval to transfer sludge to cement industries to meet pollution control norms.
Legal Contingencies
No specific pending court cases or values were disclosed, but the company monitors environmental regulatory changes as a key business risk.
Risk Analysis
Key Uncertainties
Volatility in raw material prices and shipping costs could impact margins by 2-3%. Delays in the commercialization of the South African mine (now expected Q4FY26) could delay margin expansion.
Geographic Concentration Risk
While it exports to 50+ countries, the manufacturing is concentrated in 4 units in India (Telangana, AP, Chhattisgarh), making it sensitive to local regulatory or utility disruptions.
Third Party Dependencies
Currently dependent on external suppliers for chrome ore until the South African mine acquisition is fully operational in Q4FY26.
Technology Obsolescence Risk
The company mitigates technology risk through continuous R&D in process innovation, such as the CO2 acidification plant and transitioning to zero-waste manufacturing.
Credit & Counterparty Risk
Receivables management is efficient, contributing to a positive cash flow from operations of INR 87.69 Cr in FY25, though inventory buildup is a monitorable factor.
