Vishnu Chemicals
Vishnu Chemicals
CommoditiesKey Fundamentals
MicrocapSpecialty ChemicalsChemicalsTapetide Score
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Key Insights
Weaknesses
2- Dividend payout has been low at 1.65% of profits over last 3 years
- Promoter holding has decreased over last 3 years: -5.79%
Growth Rate
AI Analysis — Bull vs Bear
Vishnu Chemicals Ltd is a mid-cap specialty chemicals company with a market cap of ₹4,184 Cr, trading at a P/E of 29.1x. The company controls approximately 60% of India's chromium chemicals market and 40% of the barium compounds market. While it has delivered a 5-year stock CAGR of 37% and 5-year profit CAGR of 33%, recent growth has moderated with 3-year sales CAGR at just 5% and 3-year profit CAGR at 2%.
- Dominant domestic market position with ~60% share in chromium chemicals and ~40% in barium compounds, providing strong pricing power
- Exceptional long-term wealth creation with 5-year stock CAGR of 37% and 10-year stock CAGR of 27%
- Strong 5-year compounded profit growth of 33% demonstrating operating leverage over a full cycle
- Strategic acquisition of a chrome ore mine with >10 million metric tonnes of reserves, providing 30-50 years of raw material security and potential margin improvement
- Diversified customer base with 170+ global customers, top customer contributing only ~5% of revenues, reducing concentration risk
- Balanced domestic (52%) and export (48%) revenue mix offering geographic diversification
- Capacity utilization at ~80% across both chromium and barium segments, with room to grow volumes without major capex
- 10-year compounded sales CAGR of 13% and profit CAGR of 21% indicate consistent long-term compounding ability
- Significant growth slowdown with 3-year sales CAGR of only 5% and 3-year profit CAGR of just 2%, well below long-term averages
- Promoter holding has decreased by 5.79% over the last 3 years, signaling potential lack of confidence or need for liquidity
- Negligible dividend payout at just 1.65% of profits over the last 3 years with a dividend yield of only 0.05%, offering almost no income return
- ROE has declined from 5-year average of 20% to 14% in the last year, indicating deteriorating return efficiency
- P/E of 29.1x is elevated for a commodity chemicals business that has delivered only 2% profit CAGR over 3 years
- P/B ratio of 3.88x is premium for a capital-intensive chemicals manufacturer with cyclical earnings
- Chromium chemicals market globally growing at only ~4.9% CAGR, limiting structural growth tailwinds
- TTM sales growth of 11% and profit growth of 12% are moderate and may not justify the current valuation multiple
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Final dividend recommended for FY26 Jul 24
Board recommends a final dividend for FY25-26. Record date fixed as August 21, 2026, with 33rd AGM scheduled for August 28.
- Q1FY27 earnings call Aug 3 Jul 27
Vishnu Chemicals will host its Q1FY27 analysts' conference call on August 3, 2026 at 11 AM featuring key management executives. No financial metrics disclosed yet.
- Analyst meet at Emkay Confluence Jul 29
Company will participate in Emkay Confluence 2026 in Mumbai on August 12 with one-on-one and group discussions from 12 PM to 6 PM.
- AGM and e-voting schedule set Jul 24
33rd AGM scheduled for August 28, 2026. Remote e-voting window runs August 25-27 for shareholders.
TL;DR: No negative catalysts in the recent news flow for Vishnu Chemicals. The company is maintaining routine corporate governance with a recommended dividend and scheduled AGM. Active investor engagement via an upcoming earnings call and analyst meet signals management openness. The near-term focus shifts to Q1FY27 results on August 3, which will set the tone for the stock.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 301 | 308 | 304 | 300 | 339 | 344 | 371 | 393 | 347 | 401 | 411 | 450 | 433 |
| Expenses | 250 | 262 | 263 | 237 | 283 | 299 | 308 | 329 | 291 | 343 | 350 | 374 | 368 |
| Operating Profit | 51 | 46 | 41 | 64 | 56 | 45 | 64 | 64 | 56 | 58 | 62 | 77 | 65 |
| OPM % | 17% | 15% | 13% | 21% | 16% | 13% | 17% | 16% | 16% | 15% | 15% | 17% | 15% |
| Other Income | 2 | 3 | 4 | 3 | 3 | 4 | 3 | 6 | 5 | 9 | 6 | 2 | 13 |
| Interest | 9 | 9 | 9 | 9 | 9 | 10 | 10 | 8 | 8 | 12 | 14 | 5 | 12 |
| Depreciation | 7 | 9 | 9 | 9 | 9 | 9 | 12 | 8 | 10 | 10 | 11 | 10 | 11 |
| PBT | 37 | 31 | 27 | 49 | 40 | 30 | 44 | 53 | 42 | 46 | 44 | 64 | 55 |
| Tax % | 23% | 22% | 23% | 43% | 24% | 25% | 23% | 27% | 23% | 28% | 23% | 32% | 28% |
| Net Profit | 29 | 24 | 21 | 28 | 30 | 23 | 34 | 39 | 32 | 33 | 34 | 43 | 40 |
| EPS in Rs | 4.79 | 3.66 | 3.17 | 4.23 | 4.65 | 3.49 | 5.25 | 5.78 | 4.79 | 4.88 | 5.02 | 6.45 | 5.89 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 418 | 480 | 507 | 643 | 769 | 674 | 679 | 1,069 | 1,391 | 1,213 | 1,447 | 1,610 | 1,696 |
| Expenses | 339 | 396 | 441 | 562 | 667 | 591 | 600 | 911 | 1,160 | 1,010 | 1,217 | 1,356 | 1,434 |
| Operating Profit | 79 | 84 | 66 | 81 | 102 | 82 | 79 | 158 | 231 | 202 | 229 | 253 | 262 |
| OPM % | 19% | 18% | 13% | 13% | 13% | 12% | 12% | 15% | 17% | 17% | 16% | 16% | 15% |
| Other Income | 1 | 2 | 7 | 8 | 3 | 7 | 3 | 6 | 15 | 12 | 15 | 23 | 31 |
| Interest | 34 | 37 | 44 | 49 | 47 | 39 | 27 | 28 | 35 | 37 | 38 | 39 | 42 |
| Depreciation | 12 | 13 | 16 | 19 | 21 | 20 | 20 | 23 | 26 | 34 | 38 | 41 | 42 |
| PBT | 34 | 36 | 14 | 22 | 37 | 30 | 34 | 112 | 185 | 144 | 168 | 195 | 209 |
| Tax % | 36% | 41% | 52% | 35% | 35% | 27% | -1% | 28% | 26% | 30% | 25% | 27% | — |
| Net Profit | 22 | 21 | 7 | 14 | 24 | 22 | 34 | 81 | 137 | 101 | 127 | 142 | 150 |
| EPS in Rs | 3.66 | 3.56 | 1.1 | 2.42 | 4.08 | 3.72 | 5.78 | 13.63 | 22.86 | 15.43 | 18.81 | 21.13 | 22.24 |
| Div. Payout % | 11% | 6% | 0% | 8% | 5% | 5% | 3% | 3% | 2% | 2% | 2% | 1% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 13 | 13 | 13 |
| Reserves | 79 | 106 | 85 | 99 | 130 | 148 | 184 | 265 | 402 | 688 | 913 | 1,056 |
| Borrowings | 225 | 263 | 322 | 381 | 348 | 328 | 336 | 365 | 379 | 315 | 342 | 527 |
| Other Liabilities | 177 | 239 | 275 | 289 | 266 | 247 | 242 | 274 | 258 | 310 | 366 | 493 |
| Total Liabilities | 492 | 620 | 694 | 782 | 757 | 736 | 773 | 916 | 1,052 | 1,326 | 1,635 | 2,089 |
| Fixed Assets | 186 | 202 | 290 | 349 | 350 | 338 | 387 | 463 | 465 | 635 | 702 | 836 |
| CWIP | 44 | 66 | 62 | 17 | 19 | 36 | 24 | 5 | 98 | 16 | 69 | 159 |
| Investments | 0 | 0 | 1 | 2 | 1 | 1 | 1 | 3 | 2 | 2 | 0 | 1 |
| Other Assets | 262 | 352 | 342 | 415 | 387 | 360 | 361 | 444 | 488 | 675 | 864 | 1,094 |
| Total Assets | 492 | 620 | 694 | 782 | 757 | 736 | 773 | 916 | 1,052 | 1,326 | 1,635 | 2,089 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 13 | 39 | 73 | 89 | 100 | 49 | 67 | 90 | 134 | 68 | 90 | 127 |
| Investing | -9 | -43 | -98 | -33 | -23 | -22 | -52 | -81 | -118 | -154 | -100 | -267 |
| Financing | 1 | 4 | 25 | -56 | -78 | -24 | -19 | -9 | -16 | 88 | 10 | 146 |
| Net Cash Flow | 5 | -1 | 0 | 0 | -1 | 4 | -4 | 0 | 0 | 2 | 0 | 5 |
| Free Cash Flow | 3 | -5 | -26 | 56 | 75 | 23 | 13 | 8 | 19 | -53 | 2 | -130 |
| CFO/OP | 22 | 55 | 111 | 121 | 109 | 74 | 94 | 64 | 79 | 48 | 57 | 65 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 78 | 88 | 69 | 82 | 64 | 49 | 62 | 65 | 47 | 69 | 74 | 70 |
| Inventory Days | 230 | 314 | 269 | 212 | 201 | 252 | 243 | 143 | 142 | 263 | 242 | 271 |
| Days Payable | 117 | 225 | 201 | 207 | 147 | 167 | 174 | 146 | 120 | 187 | 172 | 193 |
| Cash Conversion Cycle | 191 | 176 | 137 | 87 | 117 | 134 | 131 | 63 | 69 | 145 | 145 | 149 |
| Working Capital Days | 37 | 3 | -70 | -24 | -3 | 2 | 6 | 10 | 21 | 54 | 67 | 66 |
| ROCE % | — | 21% | 14% | 16% | 17% | 14% | 12% | 24% | 30% | 20% | 18% | 16% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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45 extracted metrics + investor summaries across FY15–FY27.
Documents
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Company Information
Incorporated in 1989, Vishnu Chemicals Limited is in the business of manufacturing, marketing and export of Chromium chemicals and Barium compounds across the world. Located in Hyderabad, the company is serving more than 12 industries across 57 countries globally.
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