1. At a Glance – Blink and You’ll Miss the Chemistry
Vishnu Chemicals Ltd is what happens when boring inorganic chemistry quietly compounds wealth while flashy chemical cousins steal the limelight. With a market cap of ₹3,529 Cr, a current price of ₹524, and ROCE at 18.1%, this Hyderabad-based chromium-and-barium wizard has been grinding it out across 57 countries without screaming on Twitter.
Latest Q3 FY26 numbers show ₹411 Cr revenue (YoY +10.8%) and PAT of ₹33.8 Cr (YoY -1.9%, yes a tiny bruise). EPS clocked in at ₹5.02, which annualises to ₹20.1 under quarterly rules. Stock trades at ~25.6x earnings, roughly in line with industry median.
Debt? ₹418 Cr, manageable. Promoter holding? 69.2%, zero pledge—finally sleeping peacefully. Returns? 1-year ~23%, 3-year ~23% CAGR.
This is not a rocket ship. This is a chemical locomotive. Slow, heavy, but pulls a lot of weight. Question is: are you patient enough, or do you want instant Diwali rockets?
2. Introduction – When Chrome Isn’t Just for Bikes
Founded in 1989, Vishnu Chemicals is one of those companies that never cared about investor fashion cycles. While others pivoted to “green hydrogen + AI + blockchain,” Vishnu doubled down on chromium and barium compounds—the chemical equivalents of atta, dal, and pressure cooker. Always needed, never sexy.
The company serves 12+ end-user industries—from pharmaceuticals and leather to ceramics, pigments, and electroplating. If something needs to resist corrosion, add colour, or tan leather, Vishnu is probably somewhere in the supply chain, quietly invoicing.
What makes Vishnu interesting is integration. It’s India’s largest integrated manufacturer of chromium and barium chemicals, with captive processes, global customers, and now even chrome mining assets in South Africa. That’s vertical integration, not just vertical PowerPoint slides.
But here’s the catch: specialty chemicals are supposed to
be margin monsters. Vishnu’s margins are… decent, not obscene. So the real story is scale + stability + incremental upgrades, not explosive chemistry.
So is this a compounding machine—or just a well-run, fully-priced chemical shop? Let’s put on the lab coat.
3. Business Model – WTF Do They Even Do?
Think of Vishnu as a chemical wholesaler with a PhD.
Chromium Compounds (70,000 MTPA capacity)
Products include Sodium Dichromate, Basic Chrome Sulphate, Chromic Acid, Chrome Oxide Green, etc. These feed into:
- Pharma APIs
- Leather tanning
- Electroplating
- Ceramics & tiles
- Pigments & dyes
Global chromium chemical demand is ~700,000 MTPA, growing at 6% CAGR. India alone consumes ~60,000 MTPA. Vishnu sits right in the middle of this demand curve, sipping chai.
Barium Compounds (60,000 MTPA capacity)
Includes barium carbonate, precipitated barium sulphate, sodium sulphide—used in ceramics, glass, batteries, paints, and water treatment. Global barium carbonate market is USD 575 mn, also growing at ~6% CAGR.
Revenue split? 50% domestic, 50% exports. Geography risk nicely diversified—USA, Brazil, Germany, Korea, Bangladesh, Egypt—you name it.
This isn’t innovation-led disruption. This is process control, scale economics, and customer stickiness. If that excites you, welcome to adulthood.
4. Financials Overview – The Quarterly
