Vishnu Chemicals FY26: Revenue crosses 1609.7 crore as margins hold steady

Vishnu Chemicals reported a record FY26, crossing the 1600 crore revenue milestone on a consolidated basis. Operating revenues rose to 1609.7 crore, up 11.3% year on year. EBITDA grew 10.5% to 252.4 crore and profit after tax increased 12.3% to 142.2 crore.

The March quarter added momentum. Q4FY26 operating revenues were 450.3 crore, up 14.7% year on year. EBITDA rose 19.7% to 76.7 crore and PAT increased 11.5% to 43.4 crore. Gross margin in Q4 improved to 46.7% versus 45.8% last year, while EBITDA margin expanded to 17.0% from 16.3%.

A year of steady execution

The company attributes the performance to execution discipline, operational resilience, and strategic integration initiatives. It also highlighted three consecutive quarters of growth and noted improving global demand trends in the chemistry markets it operates in.

For the full year, gross profit rose to 725.6 crore versus 651.7 crore in FY25. Full year gross margin stayed flat at 45.1%. EBITDA margin for FY26 was 15.7%, broadly stable versus 15.8% in FY25, and PAT margin was steady at 8.8%.

A balanced domestic and export mix

Vishnu Chemicals continues to maintain a diversified geography mix across domestic sales and exports. The presentation shows FY26 domestic revenue of 834 crore and export revenue of 769 crore, compared with FY25 domestic revenue of 783 crore and export revenue of 659 crore.

The revenue mix stayed balanced. In FY26, domestic contributed 52% and exports 48%. In FY25, domestic was 54% and exports 46%. The company also highlighted demand across multiple geographies with exports to 50 plus countries and a broad set of end use applications.

Balance sheet discipline and growth catalysts

The company presented key capital allocation metrics that point to a controlled leverage profile. ROCE was stated at 16.3%, debt to equity at 0.49x, debt to EBITDA at 2.1x, and current ratio at 1.6x. It also disclosed credit ratings of CARE A- for long term and CARE A2+ for short term borrowings.

A notable disclosure was the improvement in cash generation. The company stated that cash flow from operations increased 40.8% year on year, which it positioned as evidence of robust earnings quality.

On the growth agenda, the presentation highlighted three catalysts. First, backward integration through an acquisition, with integration underway and phased production expected to start from H2 onwards. The stated benefit is raw material security. Second, traction in strontium products, which were commercialised in FY26 and positioned as an import substitute. Customer approvals were said to be progressing positively and better capacity utilisation is expected in FY27. Third, a push into a new range of high value speciality chemicals and derivatives, aimed at applications in pharmaceuticals, agrochemicals, electronics and other emerging applications, leveraging existing capabilities and R&D.

In its leadership commentary, the company linked the FY26 milestone to manufacturing excellence, execution discipline, and long term thinking. It also reiterated focus on complex chemistries, consistent quality, and global cost competitiveness.

Takeaways

Vishnu Chemicals ended FY26 with double digit growth in revenue, EBITDA and PAT, while maintaining broadly stable margins. The domestic export balance remained intact, supporting resilience across markets. The key monitorables from the presentation are execution on the backward integration timeline starting H2 onwards, and whether strontium approvals translate into higher utilisation in FY27. Alongside this, progress on the new speciality derivatives range will indicate how effectively the company can move further up the value chain.