Vishnu Chemicals Ltd(VISHNU)

NSE: VISHNUBSE: 516072

₹ 555-5.65%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,736 crWebsite: www.vishnuchemicals.comUpdated: 24 Oct 2026

About

Vishnu Chemicals Ltd is an Indian specialty chemicals manufacturer focused on chromium derivatives, barium chemicals, strontium carbonate, and performance chemicals, with plants in Vizag and Bhilai. The company reported consolidated operating revenues of ₹1,609.7 cr in FY26, growing 11.3% YoY, with exports accounting for roughly half of sales. It operates across domestic and international markets, with ongoing backward integration into chrome ore mining in South Africa and forward integration into DMSO.^[1][2]

Business segments

Chromium derivatives (SDC, Chrome Oxide Green, Chromic Acid and related products) form the largest segment; utilisation exceeded 90% in FY26, the highest-ever production level for SDC.^[3]
Barium chemicals segment targets 15 - 20% revenue growth in FY27.^[3]
Strontium Carbonate was commercialised in FY26 at Vizag; Vishnu is India's first manufacturer of this import-substitute product.^[3]
PBS (Pharma/specialty) segment held 60% domestic market share as of Q3FY26 and was operating at 70 - 80% capacity utilisation at that time.^[3]
Consolidated chemicals revenue in FY25: Domestic ₹782.63 cr and Overseas ₹658.78 cr.^[4]
Domestic-to-export revenue mix was 45:55 in Q1FY27, compared with 52:48 in FY26.^[5]

Products and portfolio

Chromium range spans Sodium Dichromate (SDC), Chrome Oxide Green, Chromic Acid and Basic Chromium Sulphate; higher-value derivatives were ~50% of chromium sales in Q1FY27, up from ~40% in FY26.^[5]
Strontium Carbonate is positioned as an import substitute for global markets; at 80% utilisation it is expected to deliver 50 - 52% gross margin and 1.5 - 1.8x asset turnover.^[3]
DMSO is under development as an import-replacement product for pharmaceutical and agrochemical uses; commercial production targeted from FY28.^[5]
A new range of high-value specialty chemicals for pharmaceuticals, agrochemicals, electronics and emerging applications is in development (as of Q4 FY26).^[1]

Manufacturing operations

Plants are at Vizag (Andhra Pradesh) and Bhilai (Chhattisgarh); SDC capacity is being expanded from 82,000 tonnes to 92,000 tonnes across both sites, targeted for Q3FY27.^[3]
Strontium Carbonate plant at Vizag (10,000 tonnes) was commissioned in Q2FY26; utilisation was 20 - 25% in Q3FY26, 50% in Q1FY27, with a target of 65 - 75% by end FY27.^[3]
Chrome Oxide Green capacity of 20,000 tonnes (Vizag) and chrome metal capacity of 6,000 tonnes are planned to come online in FY28.^[3]
Solar power capacity is ~4.3 MW (Q1FY27), with plans to expand to ~20 MW via own capex (~₹5 - 6 cr) and an SPV model.^[5]

Key operating numbers

Consolidated operating revenues were ₹433.4 cr in Q1FY27 vs ₹346.9 cr in Q1FY26; a planned maintenance shutdown at Vizag caused a 3.8% sequential moderation.^[5]
Gross margin was 44.7% in Q1FY27 vs 45.1% in FY26 vs 43.1% in Q2FY26.^[5]
Strontium Carbonate revenue was ₹25 cr in Q1FY27 at 50% utilisation of 10,000-tonne capacity, nearly matching its entire FY26 revenue.^[5][3]
Logistics cost was 9 - 10% of revenue in Q1FY27.^[5]

Customers and distribution

Export revenues were ₹769 cr in FY26 vs ₹659 cr in FY25, serving customers across Europe, North America and other markets.^[1]
North America contributed ~9% of revenues as of Q3FY26; US tariffs of ~53% had blocked chrome chemical exports for six months before easing.^[3]
A 10-year take-or-pay Chrome Oxide Green supply agreement with a European client (formula-driven pricing) was disclosed in Q1FY27.^[5]
An India - EU FTA, estimated one to two years from Q3FY26, is expected to remove the ~6% import duty European customers pay on Vishnu's products.^[3]

South Africa chrome mine

Vishnu completed the acquisition of a South African mining complex in Q3FY26, its third acquisition in three years after Ramadas Mineral and Jayansree Pharma.^[3]
As of Q1FY27, refurbishment, hiring and contractor mobilisation were underway; mining was expected to start by end August 2026, with ore flowing to India from Q3FY27.^[5]
FY27 South Africa capex is ₹20 - 25 cr; the mine is meant to secure raw material and support a consolidated gross margin target of ~50% by end FY27.^[5]

Expansion and capex

Total capex programme is ~₹360 cr; FY27 outlay ₹200 - 250 cr covering DMSO (₹205 - 240 cr aggregate, ₹68 cr spent to June 2026), chrome derivatives ₹50 cr, South Africa ₹20 - 25 cr, barium backward integration ₹40 cr.^[5]
DMSO project: 10,000-tonne capacity in phases starting at 5,000 tonnes, over ₹200 cr aggregate, commercial production targeted from FY28.^[5]
Chrome Oxide Green expansion to 20,000 t at Vizag is being carried out to fulfil the long-term European take-or-pay agreement.^[5]

Recent developments

In Q1FY27, barium EBITDA margin absorbed a one-time retrospective baryte price adjustment of ~₹8 cr covering two prior years; management said it will not recur.^[5]
A long-term chrome metal supply and business partnership with formula-driven pricing was disclosed in Q1FY27 as forthcoming.^[5]
The EU levied an 84% anti-dumping duty on Chinese Barium Carbonate around Q3FY26; Vishnu secured 10 - 15% price increases in Europe as a result.^[3]

Market Cap

₹3,736 Cr

High / Low

₹743 / 470

Stock P/E

25.0

Price / Book

3.5

Book Value

₹159

EPS

₹21.1

No. of Shares

6.73 Cr

ROCE

16.3%

ROE

14.3%

OPM

14.3%

Debt / Equity

0.49

Sales

₹1,610 Cr

Net Profit

₹142 Cr

Promoter holding

69.2%

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