Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Vishnu Chemicals Ltd

VISHNU
Speciality Chemicals

Vishnu Chemicals Ltd is strength at full price. The numbers are improving — and a P/E at the 88th percentile of its own range says the market knows.

The sharpest disagreement: the engine is strong, but at the 88th percentile of its own range you are paying full price for it.

The price is in a confirmed uptrend (76 weeks in) while the P/E sits at the 88th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +10.3% year on year, and 77% of the last 3 years' profit arrived as cash. What settles it: whether the earnings grow into the multiple.

Stage
Topping out
fundamental trajectory, 12 quarters
Price
₹606
+20.9% 1Y
P/E
29.9×
88th pctile
of its own 10-year range
Revenue (Mar 26)
₹450 Cr
+14.5% YoY
Profit (Mar 26)
₹43.0 Cr
+10.3% YoY
Operating margin
17.0%
+1.0 pp YoY
ROCE
16%
FY26
ROIC
11.1%
vs WACC 12.0% → −0.9 pp
Cash conversion
77%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Vishnu Chemicals Ltd trades at ₹606, in a confirmed uptrend and 76 weeks into that stage. That is +10.7% against its own 200-day average. It sits at 89% of a 52-week range of ₹469 to ₹622. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a confirmed uptrend — week 76 of stage 2, confirmed. At ₹606 it trades +10.7% versus its 200-day average and sits at 89% of its 52-week range (₹469–₹622).

Jul 26: ₹606 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+10.7% versus the 200-day line, week 76 of stage 2
Price50-day avg200-day avg
S2S3S4S2S2₹650₹548₹446₹344₹242₹606₹547Jul 23Apr 24Feb 25Nov 25Jul 26
S2S3S4S2S2₹650₹548₹446₹344₹242₹606₹547Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (549 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Feb 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,728% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 88th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Vishnu Chemicals Ltd trades at 29.9× P/E, at the pricey end of its own range (88th percentile). Its long-run median P/E is 16.6×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 29.9× is at the pricey end of its own range (88th percentile), against a long-run median of 16.6× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 29.9× vs a 16.6× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 50× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (88th percentile)
P/EMedianEPS (TTM) (quarterly)
53.4×₹24.740.1×₹18.526.7×₹12.413.4×₹6.20.0×₹0.0×29.90×₹21Feb 16Sep 18May 21Jan 24Jul 26
53.4×₹24.740.1×₹18.526.7×₹12.413.4×₹6.20.0×₹0.0×29.90×₹21Feb 16May 21Jul 26
PEG 2.24 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 7 quarters; values above 6 pinned at the top.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
6.4×4.9×3.3×1.7×0.2××2.24×Q1 FY24Q3 FY25Q1 FY26Q2 FY26Q4 FY26
6.4×4.9×3.3×1.7×0.2××2.24×Q1 FY24Q1 FY26Q4 FY26
P/E
29.9×
88th percentile of 10y
PEG
n/m
not derivable — 3-year earnings growth unavailable

Why the multiple sits where it does: over the past year annual EPS moved +12.3% against a +20.9% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +39.1%/yr price move, ~+29.8%/yr came from earnings growth and ~+9.3 pp from the multiple (expanding); over 10y, of the +28.7%/yr price move, ~+19.1%/yr came from earnings growth and ~+9.6 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Topping out

Stage: Topping out Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Vishnu Chemicals Ltd reads as topping out on its fundamental arc. Topping out — profit and EPS growth have decelerated hard (profit growth +25.7% at its peak → +12.7% latest) while ROCE still reads 18.2%. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
22%41%13%21%3.3%2.3%−6.1%−17%−15%−36%%%11.2%12.7%10.3%Jun 23Sep 24Mar 26
22%41%13%21%3.3%2.3%−6.1%−17%−15%−36%%%11.2%12.7%10.3%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
33%29%25%21%17%%18.2%Jun 23Sep 24Mar 26
33%29%25%21%17%%18.2%Jun 23Sep 24Mar 26
Revenue growth
Flat
latest +11.2% · span −12.8% to +19.3%
Profit growth
Rolling over
latest +12.7% · span −25.5% to +35.3%
EPS growth
Rolling over
latest +10.3% · span −30.7% to +33.2%
ROCE
Steady high
latest 18.2% · span 18.2%–31.7%

Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.

Growth, year by year: revenue +11.3% in FY26, profit +11.8% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
63%155%43%95%22%35%1.9%−26%−18%−86%%%11.3%11.8%FY16FY21FY26
63%155%43%95%22%35%1.9%−26%−18%−86%%%11.3%11.8%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+11.2%) with the last 8 annualized (+15.2%).
revenue rolling over, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
22%41%13%21%3.3%2.3%−6.1%−17%−15%−36%%%11.2%12.7%Jun 23Sep 24Mar 26
22%41%13%21%3.3%2.3%−6.1%−17%−15%−36%%%11.2%12.7%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+11.3%+5.0%+18.8%+12.9%
Profit+11.8%+1.2%+33.1%+21.1%
EPS+12.3%−2.6%+29.6%+19.5%
Share price+20.9%+20.1%+39.1%+28.7%
Revenue YoY (Mar 26)
+14.5%
latest quarter vs a year ago
Profit YoY (Mar 26)
+10.3%
latest quarter vs a year ago
Revenue 10y
12.9%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

45.4/100 — rank 19 of 27 in Speciality Chemicals · 96% evidence confidence

Vishnu Chemicals Ltd scores 45.4 out of 100 against the 27 companies it is compared with in Speciality Chemicals, ranking 19. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 15.5 + 11.9 + 7.3 + 10.7 = 45.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Vishnu Chemicals Ltd reported ₹450 Cr of revenue in the Mar 26 quarter, +14.5% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at 12.9% a year. The last full year, FY26, came in at ₹1,610 Cr. The last four reported quarters add to ₹1,609 Cr.

Vishnu Chemicals Ltd reported ₹450 Cr of revenue in the Mar 26 quarter, +14.5% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at 12.9% a year. The last full year, FY26, came in at ₹1,610 Cr. The last four reported quarters add to ₹1,609 Cr.

FY26 revenue came in at ₹1,610 Cr (+11.3% on the year), capping 10 years at 12.9% compound. The latest quarter (Mar 26) printed ₹450 Cr, +14.5% year on year — the 8th consecutive quarter of year-over-year growth.

FY26 revenue ₹1,610 Cr (+11.3% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
12.9% a year over 10 years
RevenueYoY growth
1.7k63%1.3k43%86922%4351.9%0−18%₹ Cr%₹1,61011.3%FY16FY21FY26
1.7k63%1.3k43%86922%4351.9%0−18%₹ Cr%₹1,61011.3%FY16FY21FY26
Mar 26: ₹450 Cr (+14.5% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
8th straight quarter of growth
Revenue (quarterly)YoY growth
48635%36521%2437.0%122−6.9%0−21%₹ Cr%₹45014.5%Jun 23Sep 24Mar 26
48635%36521%2437.0%122−6.9%0−21%₹ Cr%₹45014.5%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +11.1% growth against the decade's 12.9% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +11.2% over the last 4 quarters against +15.2%/yr over the last 8 — rolling over; TTM profit +12.7% vs +18.0%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 17.0% this quarter (+1.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Vishnu Chemicals Ltd's operating margin is 17.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 12.0% to 19.0%. The current quarter sits inside that band.

Vishnu Chemicals Ltd's operating margin is 17.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 12.0% to 19.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 17.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 12.0%–19.0%.

Why the margin moved: operating margin went +0.7 pp year on year while gross margin went +1.4 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 16.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 12.0–19.0% band over 13 years
operating marginYoY change (pp)
20%3.6%18%1.3%16%−1.0%13%−3.3%11%−5.6%%%16%0%FY14FY20FY26
20%3.6%18%1.3%16%−1.0%13%−3.3%11%−5.6%%%16%0%FY14FY20FY26
Mar 26: 17.0% operating margin (+1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
22%4.7%19%2.1%17%−0.5%15%−3.1%12%−5.7%%%17%1%Jun 23Sep 24Mar 26
22%4.7%19%2.1%17%−0.5%15%−3.1%12%−5.7%%%17%1%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +10.3% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Vishnu Chemicals Ltd earned ₹43.0 Cr of net profit in the Mar 26 quarter, +10.3% year on year. Full-year FY26 profit was ₹142 Cr. The 10-year compound rate is 21.1%. That is 9.6% of the quarter's revenue. The same quarter a year earlier earned ₹39.0 Cr.

Vishnu Chemicals Ltd earned ₹43.0 Cr of net profit in the Mar 26 quarter, +10.3% year on year. Full-year FY26 profit was ₹142 Cr. The 10-year compound rate is 21.1%. That is 9.6% of the quarter's revenue. The same quarter a year earlier earned ₹39.0 Cr.

Mar 26 profit was ₹43.0 Cr, +10.3% year on year. On the full year, FY26 printed ₹142 Cr (+11.8%), and the 10-year compound rate is 21.1%.

FY26 profit ₹142 Cr (+11.8% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
21.1% a year over 10 years
Net profitYoY growth
153155%11595%7736%38−24%0−83%₹ Cr%₹14211.8%FY16FY21FY26
153155%11595%7736%38−24%0−83%₹ Cr%₹14211.8%FY16FY21FY26
Mar 26: ₹43.0 Cr (+10.3% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
4670%3542%2314%12−14%0−42%₹ Cr%₹4310.3%Jun 23Sep 24Mar 26
4670%3542%2314%12−14%0−42%₹ Cr%₹4310.3%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +14.5% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +15.1% vs revenue +11.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 77% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 77% of Vishnu Chemicals Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹127 Cr of operating cash against ₹142 Cr of profit. After ₹265 Cr of capital spending, ₹−138 Cr was left as free cash.

FY26: operating cash of ₹127 Cr against reported profit of ₹142 Cr, leaving free cash of ₹−138 Cr after ₹265 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 77% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹127 Cr vs profit ₹142 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
77% of 3-year profit arrived as cash
Operating cashNet profitFree cash
164830−79−160₹ Cr₹127₹142₹−138FY16FY21FY26
164830−79−160₹ Cr₹127₹142₹−138FY16FY21FY26
FY26: CFO = 89% of profit (three-year rate 77%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
319%251%184%116%48%%89%FY16FY21FY26
319%251%184%116%48%%89%FY16FY21FY26

Why conversion sits at 77%: the cash cycle stretched 17 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: conversion is below par and the cash cycle has stretched 17 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 148-day cycle, in money terms.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Vishnu Chemicals Ltd's cash conversion cycle runs 148 days in FY26, up from 131 days in FY21. Capital spending ran ₹545 Cr over the last 3 years. At FY26 sales of ₹1,610 Cr each day of that cycle holds about ₹4.4 Cr, so roughly ₹653 Cr sits inside the business at any moment.

FY26: debtors at 70 days, inventory at 270 days — roughly 8.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 148 days, looser than FY21's 131.

The full loop: cash goes out to suppliers and production on day 0; stock waits 270 days to sell; customers pay about 70 days after that; and suppliers themselves are paid at 193 days — netting out to the 148-day cycle.

In money terms: at FY26 sales of ₹1,610 Cr, each day of the cycle holds about ₹4.4 Cr — so the 148-day loop keeps roughly ₹653 Cr sitting inside the business at any moment.

FY26: a 148-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+17 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
33525818110326days148d270d70d193dFY14FY17FY20FY23FY26
33525818110326days148d270d70d193dFY14FY20FY26

On the investment side: capital spending of ₹545 Cr over the last 3 fiscal years against ₹113 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹159 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹265 Cr, work-in-progress ₹159 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
286215143720₹ Cr₹265₹159FY16FY18FY21FY23FY26
286215143720₹ Cr₹265₹159FY16FY21FY26

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 16% and the ROIC − WACC spread is −0.9 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Vishnu Chemicals Ltd earns a ROCE of 16% in FY26. That is up from a trough of 12% in FY21. Return on invested capital clears the cost of that capital by −0.9 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 8.8% net margin on 0.77× asset turns.

FY26 ROCE is 16%, recovered from a FY21 trough of 12% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 8.8% net margin × 0.77× asset turns × 1.95× balance-sheet leverage ≈ 13.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 11.1% − 12.0% = a −0.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 16% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's 12%
ROCEROIC (annual)WACC
32%26%21%15%9.6%%16%11.1%FY14FY20FY26
32%26%21%15%9.6%%16%11.1%FY14FY20FY26
Q4 FY26: ROCE 14.6% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
22%19%16%14%11%%14.6%12.2%Q1 FY24Q2 FY25Q4 FY26
22%19%16%14%11%%14.6%12.2%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.49.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Vishnu Chemicals Ltd carries total debt of ₹527 Cr against shareholder equity of ₹1,075 Cr as of Mar 26, a debt-to-equity of 0.49. On the annual view that ratio went from 1.32 in FY22 to 0.49 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹527 Cr against shareholder equity of ₹1,075 Cr — a debt-to-equity of 0.49. On the annual view, debt-to-equity went from 1.32 (FY22) to 0.49 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹527 Cr at 0.49× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
5691.4×4271.1×2850.8×1420.6×00.3×₹ Cr×₹5270.49×FY22FY24FY26
5691.4×4271.1×2850.8×1420.6×00.3×₹ Cr×₹5270.49×FY22FY24FY26
Mar 26: debt ₹527 Cr, debt-to-equity 0.49 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
5691.0×4270.8×2850.6×1420.5×00.3×₹ Cr×₹5270.49×Jun 23Sep 24Mar 26
5691.0×4270.8×2850.6×1420.5×00.3×₹ Cr×₹5270.49×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Foreign institutions added 2.0 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 2.0 points of Vishnu Chemicals Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 2.5% of the company. Promoters moved +0.8 points over the same window, to 69.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +2.0 points over 8 quarters to 2.5%; Promoters: +0.8 points over 8 quarters to 69.2%; Domestic institutions: −0.8 points over 8 quarters to 5.9%.

Why the register moved: foreign institutions drove it (+2.0 points), alongside promoters (+0.8 points) — steady accumulation by institutions reading the same numbers this page reads.

Fiscal-year ends: promoters +0.8 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
75%55%35%15%−5.3%%69.2%2.3%5.7%22.8%Mar 24Mar 25Mar 26
75%55%35%15%−5.3%%69.2%2.3%5.7%22.8%Mar 24Mar 25Mar 26
Foreign institutions added 2.0 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
81%59%38%16%−6.0%%69.2%2.5%5.9%22.4%Jun 23Dec 24Jun 26
81%59%38%16%−6.0%%69.2%2.5%5.9%22.4%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Vishnu Chemicals Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Speciality Chemicals Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Vishnu Chemicals Ltd this page29.9×₹4,257 CrMixed
Pidilite Industries Ltd64.9×₹1.6L CrConsistent
Aether Industries Ltd83.7×₹18,945 CrMixed
Aarti Industries Ltd42.1×₹17,331 CrTurning around
Anupam Rasayan India Ltd83.6×₹14,226 CrImproving
Privi Speciality Chemicals Ltd42.9×₹14,044 CrMixed
Vinati Organics Ltd30.4×₹13,478 CrTopping out
Alkyl Amines Chemicals Ltd48.3×₹9,153 CrNo read
Clean Science & Technology Ltd33.4×₹7,663 CrDeteriorating
Galaxy Surfactants Ltd24.8×₹6,896 CrMixed
Neogen Chemicals Ltd159.0×₹5,648 CrMixed
Fineotex Chemical Ltd37.7×₹4,610 CrTurning around
Tatva Chintan Pharma Chem Ltd76.9×₹4,029 CrTurning around
Yasho Industries Ltd147.0×₹3,704 CrImproving
Grauer & Weil (India) Ltd20.4×₹3,354 CrTurning around
Panama Petrochem Ltd14.2×₹3,014 CrTurning around
Fineotex Chemical Ltd28.3×₹2,551 CrTurning around
Thirumalai Chemicals Ltd₹2,022 CrNo read
Paushak Ltd41.6×₹1,387 CrMixed
Platinum Industries Ltd23.9×₹1,251 CrImproving
Amines & Plasticizers Ltd29.3×₹1,069 CrTopping out
Sunshield Chemicals Ltd35.5×₹1,051 CrTurning around
Vikram Thermo (India) Ltd20.0×₹768 CrMixed
Sunshield Chemicals Ltd29.2×₹720 CrTurning around
DMCC Speciality Chemicals Ltd24.9×₹680 CrMixed
Chemcon Speciality Chemicals Ltd27.4×₹647 CrImproving
Amal Ltd23.0×₹628 CrNo read
Transpek Industry Ltd13.0×₹595 CrDeteriorating
Kronox Lab Sciences Ltd20.7×₹573 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is Vishnu Chemicals Ltd's share price today?

Vishnu Chemicals Ltd trades at ₹606, +20.9% over the past year. The company is valued at ₹4,257 Cr. The stock sits at 89% of its 52-week range of ₹469–₹622, +10.7% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 76 weeks in. — as of 24 July 2026.

What were Vishnu Chemicals Ltd's latest quarterly results?

Vishnu Chemicals Ltd reported revenue of ₹450 Cr and net profit of ₹43.0 Cr for the Mar 26 quarter. Revenue rose 14.5% and profit rose 10.3% year on year. Earnings per share were ₹6.45. The operating margin was 17.0%, 1.0 pp higher than a year earlier. — as of 24 July 2026.

What is Vishnu Chemicals Ltd's revenue?

Vishnu Chemicals Ltd reported revenue of ₹450 Cr in the Mar 26 quarter, +14.5% year on year. For the full FY26 fiscal year, revenue was ₹1,610 Cr (+11.3%). Over the last 10 years revenue compounded at 12.9% a year. — as of 24 July 2026.

What is Vishnu Chemicals Ltd's profit?

Vishnu Chemicals Ltd earned ₹43.0 Cr of net profit in the Mar 26 quarter, +10.3% year on year. Full-year FY26 profit was ₹142 Cr. The operating margin ran 17.0% in the latest quarter. — as of 24 July 2026.

What is Vishnu Chemicals Ltd's market cap?

Vishnu Chemicals Ltd's market capitalisation is ₹4,257 Cr at a share price of ₹606. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Vishnu Chemicals Ltd's P/E ratio?

Vishnu Chemicals Ltd trades at a P/E of 29.9×, at the 88th percentile of its own 10-year range, against a long-run median of 16.6×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Vishnu Chemicals Ltd pay a dividend?

Yes — Vishnu Chemicals Ltd's dividend payout was 1% of profit in FY26, and it recorded a payout in 11 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Vishnu Chemicals Ltd overvalued?

On its own history, Vishnu Chemicals Ltd looks expensive against its own history: its P/E of 29.9× sits at the 88th percentile of its 10-year range (long-run median 16.6×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Vishnu Chemicals Ltd growing?

Yes — Vishnu Chemicals Ltd is growing: latest-quarter revenue +14.5% year on year, profit +10.3%, and the margin +1.0 pp at 17.0%. The 10-year compound rates are 12.9% (revenue) and 21.1% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Vishnu Chemicals Ltd performing?

Vishnu Chemicals Ltd is in a confirmed uptrend, 76 weeks in. Its latest quarter's revenue rose 14.5% and profit rose 10.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Vishnu Chemicals Ltd in?

Topping out — profit and EPS growth have decelerated hard (profit growth +25.7% at its peak → +12.7% latest) while ROCE still reads 18.2%. The read comes from the last 12 quarters of growth (revenue growth +11.2% latest, profit growth +12.7% latest, eps growth +10.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Vishnu Chemicals Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 76 of stage 2), trading +10.7% versus its 200-day average and at 89% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Vishnu Chemicals Ltd beating the market?

On recent form, yes — Vishnu Chemicals Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +1,728% against the NIFTY 500's +280% — ahead of the index over the full window. — as of 24 July 2026.

Will Vishnu Chemicals Ltd's share price go up?

This page publishes no price forecast for Vishnu Chemicals Ltd. What it measures instead: the share price is ₹606, the price is in a confirmed uptrend 76 weeks in. Its P/E of 29.9× sits at the 88th percentile of its own 10-year range. — as of 24 July 2026.

Who owns Vishnu Chemicals Ltd?

Promoters hold 69.2% of Vishnu Chemicals Ltd, foreign institutions 2.5%, domestic institutions 5.9% and the public 22.4% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 2.0 points over 8 quarters. — as of 24 July 2026.

Does Vishnu Chemicals Ltd have too much debt?

It is moderate — Vishnu Chemicals Ltd's debt-to-equity is 0.49, and operating profit covers the interest bill 7×. FY26 borrowings were ₹527 Cr against equity of ₹1,069 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Vishnu Chemicals Ltd's capex?

Vishnu Chemicals Ltd spent ₹545 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹265 Cr, with ₹159 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Vishnu Chemicals Ltd's cash flow?

Vishnu Chemicals Ltd generated ₹127 Cr of operating cash flow in FY26 and ₹−138 Cr of free cash flow after ₹265 Cr of capital spending. Reported profit that year was ₹142 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Vishnu Chemicals Ltd's profit real cash?

Mostly — over the last 3 fiscal years, 77% of Vishnu Chemicals Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹127 Cr against reported profit of ₹142 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 24 July 2026.

Where is Vishnu Chemicals Ltd in its business cycle?

Vishnu Chemicals Ltd's FY26 operating margin was 16.0%, against a 13-year band of 12.0%–19.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 17.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Vishnu Chemicals Ltd story?

The sharpest disagreement: the engine is strong, but at the 88th percentile of its own range you are paying full price for it. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Vishnu Chemicals Ltd a stock worth studying right now?

This is not investment advice. The machine read: Vishnu Chemicals Ltd is strength at full price. The numbers are improving — and a P/E at the 88th percentile of its own range says the market knows. The sharpest open question: whether the earnings grow into the multiple. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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