# Visaka Industries share price today (Visaka Industries Ltd, NSE: VISAKAIND)

> Visaka Industries share price today: ₹80.52 at the NSE close on 3 November 2026, up 0.7% in a year. Visaka Industries (NSE: VISAKAIND) is worth ₹696 crore, trades at a P/E of 10.2 and has closed between ₹55.14 and ₹98.72 over the past 52 weeks. > Visaka Industries Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. VISAKAIND · Cement Products · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/visaka-industries-ltd

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## Key numbers

- Business trend: Turning around, from the last 12 quarters
- Price: ₹80.52 (+0.7% in a year)
- P/E: 10.2× (higher than 50% of the last 6.2 years)
- Revenue (Jun 2026): ₹590 Cr (+16.6% on a year ago)
- Profit (Jun 2026): ₹53.0 Cr (+1.9% on a year ago)
- Operating margin: 15.0% (+5.0 points on a year ago)
- ROCE: 7%, FY26
- ROIC: 7.9%, against a 12.0% cost of capital: −4.1 points

Biggest thing to watch: the price has already been rising for 20 weeks, so timing is the risk more than the business. ## What is the Visaka Industries share price today? Visaka Industries Ltd's share price was ₹80.52 at the close on 3 November 2026. It has been rising for 20 weeks. That is 0.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹55 and ₹99, and at that close it sat 58% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 2 weeks running. Over the last 11 years the share price moved +272% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 23 October 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Visaka Industries this quarter? Three changes stood out: best operating margin in 15 quarters, revenue up on a year earlier for 7 quarters in a row and profit up on a year earlier for 6 quarters in a row. 1. Best operating margin in 15 quarters Operating margin was 15% in the June 2026 quarter, against 10% a year earlier. 2. Revenue up on a year earlier for 7 quarters in a row In the June 2026 quarter revenue was ₹590 crore, +16.6% on a year earlier. 3. Profit up on a year earlier for 6 quarters in a row In the June 2026 quarter profit was ₹53 crore, +1.9% on a year earlier. ## What are Visaka Industries' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Visaka Industries reported revenue of ₹590 crore, up 16.6% from ₹506 crore a year earlier, and a profit of ₹53.0 crore, up 1.9% from ₹52.0 crore. ### Visaka Industries results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹590 crore | ₹506 crore | +16.6% |
| Profit | ₹53.0 crore | ₹52.0 crore | +1.9% |
| Earnings per share | ₹6.10 | ₹6.03 | +1.2% |
| Operating margin | 15.0% | 10.0% | +5.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). The newest call in our records is from 15 October 2026, about July to September 2026; a call about these results is not in our records yet. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Visaka Industries share price history? Visaka Industries closed at ₹80.52 on 3 November 2026, up 0.7% from ₹79.93 a year earlier (31 October 2025) and down 34.3% over five years. Its highest weekly close since March 2016 was ₹173.15 on 9 February 2024. ### Visaka Industries share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹80.00 | +0.6% |
| 1 month ago · 1 Oct 2026 | ₹83.42 | −3.5% |
| 6 months ago · 30 Apr 2026 | ₹68.59 | +17.4% |
| 1 year ago · 31 Oct 2025 | ₹79.93 | +0.7% |
| 3 years ago · 3 Nov 2023 | ₹85.60 | −5.9% |
| 5 years ago · 4 Nov 2021 | ₹122.60 | −34.3% |
| 10 years ago · 4 Nov 2016 | ₹42.87 | +87.8% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹21.67 | +271.6% |
| Highest weekly close since March 2016 · 9 Feb 2024 | ₹173.15 | −53.5% |
| Lowest weekly close since March 2016 · 18 Mar 2016 | ₹20.63 | +290.3% |
| 52-week high (weekly close) · 7 Aug 2026 | ₹98.72 | −18.4% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹55.14 | +46.0% |

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (563 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Visaka Industries? 3 Nov 2026: Visaka Industries closed at ₹80.52, up 0.6% on the week and down 3.5% on the month. 15 Oct 2026: Visaka Industries held its results call for July to September 2026. Management guided: FY29 consolidated revenue yearly growth of 10-15%, with the CFO citing approx ₹2,500 crore revenue. ### Earlier

- Our read, 22 Aug 2026: Visaka Industries is executing a post-capital spending turnaround, leveraging its completed 72,000 MT West Bengal fiber cement board expansion and a 176 Cr debt reduction to drive operating margin recovery and interest cost savings. - 13 Aug 2026: ex-date for an interim dividend of ₹1 a share. - Results for April to June 2026: Revenue up 16.6% and profit up 1.9% on a year earlier. - 25 Jun 2026: ex-date for a dividend of ₹1.20 a share, record date 26 Jun 2026. ### Our read of the business

April to June 2026: Clean operating expansion with 15% margin and 53 Cr profit. (Our read after the April to June 2026 results, written 22 August 2026.)

## What dividend does Visaka Industries pay? Visaka Industries paid ₹2.20 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 2.73% at the ₹80.52 close on 3 November 2026. The last was an interim dividend of ₹1 a share, ex-date 13 August 2026. ### Visaka Industries dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 13 Aug 2026 | ₹1 | Interim | same day |
| 25 Jun 2026 | ₹1.20 | Dividend | 26 Jun 2026 |
| 27 Jun 2025 | ₹0.50 | Dividend | same day |
| 14 Jun 2024 | ₹0.50 | Dividend | n/a |
| 15 Jun 2023 | ₹0.60 | Dividend | n/a |
| 12 Apr 2023 | ₹7 | Interim | same day |
| 26 May 2022 | ₹8 | Dividend | n/a |
| 31 Jan 2022 | ₹7 | Interim | 1 Feb 2022 |
| 18 May 2021 | ₹10 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Visaka Industries Ltd paid out 12% of its profit as dividends in FY26, and it paid a dividend in 6 of its last 7 reported years. One of those years shows a negative figure because profit itself was negative. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Visaka Industries management say on the latest results call? On the call for July to September 2026, held on 15 October 2026, Visaka Industries' management guided: FY29 consolidated revenue yearly growth of 10-15%, with the CFO citing approx ₹2,500 crore revenue. > “This business generates higher margins than the roofing sheets. It should be upwards of 15%.”
> Management, on the call for July to September 2026

### What management guided

- FY29 operating margin: 10-12% in prepared framing versus the CFO's closing 8-10% and ₹225-250 crore operating profit; conflicting answers. - Tonk facility at full operation: 72,000 tonnes per annum, approx ₹170 crore of spending including ₹30-40 crore working capital, and ₹170-200 crore revenue. - Tonk product operating margin above 15% at full operation. - V-Boards expansion program: approx ₹400 crore over four years; the CFO's final average was ₹100-120 crore annually after first citing ₹120-150 crore. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/1094-15-Oct-2026.pdf). (From the call for July to September 2026, 15 October 2026.)

## What is the future of Visaka Industries? What is changing in the business? What is changing at Visaka Industries, from the latest results and calls: capital spending inflection & balance sheet deleveraging, operating leverage in vnext fiber cement boards and traditional roofing baseline cash flow stability. - Capital spending Inflection & Balance Sheet Deleveraging. Transition from expansion capital spending to free cash flow generation enabled 176 Cr debt reduction in FY26. ⚠ estimate
- Operating Leverage in Vnext Fiber Cement Boards. Scaling capacity utilization across 5 plants towards 85% to 90% expands operating margins. ⚠ estimate
- Traditional Roofing Baseline Cash Flow Stability. Full capacity utilization at 9 lakh MT provides steady operating cash flow. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the April to June 2026 results, written 22 August 2026.)

## What could change the Visaka Industries story? What are the risks? A sustained reversal in operating cash flow caused by receivables expanding beyond 60 days, accompanied by gross borrowings rising back above 400 Cr without capacity addition. ### Each change stops working if

- Capital spending Inflection & Balance Sheet Deleveraging: Capital spending escalates again for unviable projects before balance sheet leverage stabilizes below 200 Cr. - Operating Leverage in Vnext Fiber Cement Boards: Capacity utilization rolls over below 70% due to regional construction demand slowdown. - Traditional Roofing Baseline Cash Flow Stability: Imported chrysotile fiber prices surge by over 25% without corresponding price realization hikes in rural markets. - ATUM Solar Roof Product Monetization: EPC execution bottlenecks or solar component price volatility delay project installations. ### The main risks

- Chrysotile Fiber Input Cost Volatility: Surges in imported asbestos fiber prices compress roofing gross margins. ⚠ estimate
- Earnings Quality & Depressed Base Distortion: Annual profit recovery reflects a depressed base and non-operating income items. ⚠ estimate
- Rural Housing Demand Cyclicality: Slowdown in rural income and agricultural activity tempers corrugated sheet demand. ⚠ estimate
- Promoter Share Pledge Overhang: Historical promoter share pledge of 15.68% requires continuous monitoring. ⚠ estimate

(Our read after the April to June 2026 results, written 22 August 2026.)

## What to watch in Visaka Industries' next results? When Visaka Industries reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: V-Boards capacity expansion: check construction progress, spending and commissioning against the stated project plan. - What to check (from the call)
- V-Boards capacity expansion: check construction progress, spending and commissioning against the stated project plan. - Roofing demand: test whether utilization gains persist despite monsoon conditions and fixed capacity. - ATUM: look for evidence that awareness work is overcoming customer resistance through orders or revenue contribution. - FY29 margin framing: check whether management reconciles the prepared range with the CFO's closing answer. ## Which stock lists is Visaka Industries on? Visaka Industries is on 3 of our India lists: Undervalued stocks, Dividend stocks and Penny stocks. - [Undervalued stocks Profit growth x: 2.2051282051282053](https://www.sectoralpha.in/markets/in/deep-value-stocks)
- [Dividend stocks Regular dividend yield (%): 2.74](https://www.sectoralpha.in/dividend-stocks-india)
- [Penny stocks Earnings growth, 12 months (%): 119.43](https://www.sectoralpha.in/penny-stocks-india)

## Is Visaka Industries profitable? Visaka Industries Ltd earned ₹53.0 Cr of net profit in the Jun 2026 quarter, +1.9% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹85.0 Cr. Over 6 years profit has grown 9.6% a year on average. That is 9.0% of the quarter's revenue. The same quarter a year earlier earned ₹52.0 Cr. 5 of the last 12 reported quarters were loss-making. FY26-Q4. revenue ₹480 Cr and profit ₹40 Cr as reported. FY27-Q1. revenue ₹590 Cr and profit ₹53 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much revenue does Visaka Industries make, and is it growing? Visaka Industries Ltd reported ₹590 Cr of revenue in the Jun 2026 quarter, +16.6% on the same quarter a year earlier. That is the 7th quarter in a row with growth on the year before. Over 6 years it has grown 8.1% a year on average. The last full year, FY26, came in at ₹1,678 Cr. The last four reported quarters add to ₹1,763 Cr. FY26 revenue was ₹1,678 Cr, +8.7% on the year before. Recent pace: the last four quarters grew +9.9% on average, against 8.1% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +10.8%, against +7.1% a year over the last 8 quarters (accelerating). FY26-Q4. revenue ₹480 Cr and profit ₹40 Cr as reported. FY27-Q1. revenue ₹590 Cr and profit ₹53 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Visaka Industries keep? Visaka Industries Ltd's operating margin was 15.0% in the Jun 2026 quarter, 5.0 percentage points higher than the same quarter a year ago. Across 7 years it has been between 6.0% and 17.0%. The latest quarter is within that range. Why the margin moved: operating margin changed +5.4 percentage points on the year while gross margin changed +3.3 points. So the gain came mostly from the gross margin, which means input costs and prices charged. FY26-Q4. revenue ₹480 Cr and profit ₹40 Cr as reported. FY27-Q1. revenue ₹590 Cr and profit ₹53 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## Is Visaka Industries' profit turning into cash? Over the last 3 years, 154% of Visaka Industries Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹183 Cr of operating cash against ₹85.0 Cr of profit. After ₹27.0 Cr of spending on assets, ₹156 Cr was left over as free cash. Why this happened. The traditional roofing segment operates at over 100% capacity utilization following the commissioning of the second line at Raebareli. While chrysotile fiber costs had escalated by 22% to 25%, stabilization in input pricing enables the legacy division to function as a steady cash generator to support the Commodity Escape Velocity pivot into higher-margin building solutions. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 154% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Visaka Industries' cash go? Visaka Industries Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 144 days in FY26, up from 142 days in FY21. It spent ₹222 Cr on assets over the last 3 years. Customers take 35 days to pay, and stock sits for 146 days on average. Why this happened. ATUM has a 20-year integrated solar roof patent in India, the US, and South Africa. Management goals expanding capacity from 30 MW (85-90 Cr revenue potential) to 60 MW (170-180 Cr revenue potential). Expanding domestic EPC partnerships and initial export shipments represent long-term product diversification. At FY26 sales of ₹1,678 Cr, each day of that cycle ties up about ₹4.6 Cr, so roughly ₹662 Cr is tied up in the business at any time. FY26: customers took 35 days to pay and stock sat for 146 days, about 4.8 months of sales sitting as stock, for a full cycle of 144 days, longer than FY21's 142. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 146 days. Customers pay about 35 days after that. Suppliers are paid at 37 days. Together that makes the 144-day cycle. Spending on assets: ₹222 Cr over the last 3 years, against ₹189 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹7.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Visaka Industries' P/E ratio, and how does it compare with its own history? Visaka Industries Ltd's P/E is 10.2×, in the middle of its own history: higher than 50% of past readings. Its usual P/E (the middle reading) is 10.2×, over 6.2 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹9.94. Where the price move came from: over 5 years the price moved −8.1% a year; about −11.1% a year came from earnings growth and about +3.0 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Visaka Industries share price assume? Worked out from its price on 27 August 2026, Visaka Industries Ltd's share price assumed profit growth of about 2.4% a year. Over the past 6 years its profit actually grew 9.6% a year. Today its P/E is 10.2×, higher than 50% of its own last 6.2 years. This is a one-day reading, taken on 27 August 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Visaka Industries business getting better or worse? Visaka Industries Ltd's business is turning around. EPS growth has swung from −502.1% at its low to +119.4%, rising from a low 5 quarters ago, with ROCE steady at 4.4%. This is based on 12 quarters of 4 measures. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. The latest quarter’s profit includes a one-off item bigger than the normal business, so the profit line is shown but does not count in this reading. ## What is the Visaka Industries story, and has it been checked? Visaka Industries Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: Trough Recovery. Still open: A sustained reversal in operating cash flow caused by receivables expanding beyond 60 days, accompanied by gross borrowings rising back above 400 Cr without capacity addition. Our read, 22 August 2026. Visaka Industries is executing a post-capex turnaround, leveraging its completed 72,000 MT West Bengal fiber cement board expansion and a 176 Cr debt reduction to drive operating margin recovery and interest cost savings. From the numbers. Visaka Industries sits in an earnings recovery off a cyclical trough. From the price. Price stage 2, week 20, below its 200-day line, relative strength falling. From the research. Visaka Industries is executing a post-capex turnaround, leveraging its completed 72,000 MT West Bengal fiber cement board expansion and a 176 Cr debt reduction to drive operating margin recovery and interest cost…

Where they disagree. Visaka Industries sits in an earnings recovery off a cyclical trough. What is proven. Visaka Industries is executing a post-capex turnaround, leveraging its completed 72,000 MT West Bengal fiber cement board expansion and a 176 Cr debt reduction to drive operating margin recovery and interest cost savings. What is not proven yet. A sustained reversal in operating cash flow caused by receivables expanding beyond 60 days, accompanied by gross borrowings rising back above 400 Cr without capacity addition. What would change our mind. A sustained reversal in operating cash flow caused by receivables expanding beyond 60 days, accompanied by gross borrowings rising back above 400 Cr without capacity addition. The test written in advance. A sustained reversal in operating cash flow caused by receivables expanding beyond 60 days, accompanied by gross borrowings rising back above 400 Cr without capacity addition. Measured by: the thesis as written as stated by the next result. The test written in advance. Chrysotile Fiber Input Cost Volatility. Measured by: Chrysotile Fiber Input Cost Volatility Gross margin in building products falling below 12% in quarterly filings. by the next result. The test written in advance. Earnings Quality & Depressed Base Distortion. Measured by: Earnings Quality & Depressed Base Distortion Core operating profit excluding other income dropping below 25 Cr in seasonally slower quarters. by the next result. What the company does. Completion of major capex has shifted cash generation into debt reduction, lowering borrowings from 538 Cr in FY24 to 303 Cr in FY26 and reducing quarterly interest expense to 6 Cr. Volume expansion in the Vnext non-asbestos division alongside stable 100% capacity utilization in traditional roofing drove Jun 2026 revenue to 590 Cr and operating profit to 91 Cr (15% margin). What the surface reading misses. The surface reading is: Operating margin of 15% in Jun 2026 is at the 88th percentile of 10-year history, suggesting peak profitability. The research reads it further: The margin expansion reflects operating leverage from the 72,000 MT Midnapore plant ramp and seasonal roofing volumes rather than unsustainable peak pricing. What the surface reading misses. The surface reading is: Revenue growth of 16.6% YoY outpaced modest PAT growth of 1.9% YoY, which might suggest margin stagnation at the net level. The research reads it further: Net profit growth of 1.9% was measured against a high base in Jun 2025 (52 Cr PAT) that included a 38 Cr other income spike; on a core operating basis, operating profit actually grew 78.4% YoY from 51 Cr to 91 Cr. Lever 4 · Paying down debt: building. Transition from expansion capex to free cash flow generation enabled 176 Cr debt reduction in FY26. What proves it keeps working: Capex Inflection & Balance Sheet Deleveraging. It stops working if Capex escalates again for unviable projects before balance sheet leverage stabilizes below 200 Cr. Lever 1 · Operating leverage: building. Scaling capacity utilization across 5 plants towards 85% to 90% expands operating margins. What proves it keeps working: Operating Leverage in Vnext Fiber Cement Boards. It stops working if Capacity utilization rolls over below 70% due to regional construction demand slowdown. Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Visaka Industries management deliver what it promised? What Visaka Industries Ltd's management promised, against what actually happened: 2 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. ATUM Adoption Outlook Reversed · 15 October 2026. The May 2022 call described very good market acceptance and expected ATUM to reach full capacity that year, following similarly positive demand commentary in Nov 2018. In Oct 2026, management described significant resistance and reported that ATUM remained only approximately 2% of revenue, without explaining why the earlier ramp-up expectation was not achieved. Fiber Cement Board Market Share Declined Versus Prior Report · 15 October 2026. In May 2022, management said Visaka had approximately 40% of the fiber cement board market. In Oct 2026, it still described Visaka as number one but reported approximately 33% market share, a material seven percentage point difference that management did not explain as either market-share loss or a change in market definition. Every quote above is taken word for word from the company’s own earnings calls. ## What is Visaka Industries management's track record? Management handled the last stress through plant delivery and debt repayment, but three growth or mix promises remain partial or late. ### Regulatory and governance record

The current sweep returned routine disclosures and unrelated SEBI orders, with no company-specific enforcement, fraud or material penalty. 0% Promoter shares pledged

Sources:

- [files.tijorifinance.com](https://files.tijorifinance.com/insight/india/1094/Conference Call/CC-Jun23.pdf)
- [sharekhan.com](https://www.sharekhan.com/stock/visaka-industries-ltd)
- [tijorifinance.com](https://www.tijorifinance.com/company/visaka-industries-limited/shareholding)

(Checked 30 August 2026.)

## How much does Visaka Industries earn on its capital? Visaka Industries Ltd earned a ROCE of 7% in FY26. That is up from a low of 3% in FY24. Its return on capital used (ROIC) is 4.1 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 5.1% net margin and 1.24× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 5.1% net margin × 1.24× asset turnover × 1.63× leverage (assets divided by equity) ≈ 10.3% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 7.9% − 12.0% = −4.1 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 7.9% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 5.2%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Visaka Industries have too much debt? Visaka Industries Ltd has total debt of ₹303 Cr against shareholder equity of ₹827 Cr as of Jun 2026, so its debt is 0.37× its equity. Year by year, that ratio went from 0.23 in FY22 to 0.37 in FY26. Keep that borrowing in mind when reading the returns on this page. Why this happened. In FY26, annual capex declined to 27 Cr while operating cash flow reached 183 Cr. Management utilized positive free cash flow of 156 Cr to pay down 176 Cr of debt, bringing borrowings down to 303 Cr. This reduced quarterly interest expense to 6 Cr in Jun 2026, demonstrating The Capex Inflection Point where asset additions convert into cash flow. ## What is the Visaka Industries shareholding pattern? Promoters raised their stake in Visaka Industries Ltd by 5.1 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 53.5% of the company. Foreign institutions moved +0.4 points over the same period, to 0.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: +5.1 points over 8 quarters, to 53.5%; Foreign institutions: +0.4 points over 8 quarters, to 0.8%; Domestic institutions: +0.0 points over 8 quarters, to 0.0%. Why the owners changed: promoters drove it (+5.1 points). They raised their stake step by step. ## How far is Visaka Industries from balance-sheet trouble? For Visaka Industries Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Visaka Industries rank in its industry? 71.9 out of 100, rank 1 of 6 in Cement Products, with 80% of the evidence available. Visaka Industries Ltd scores 71.9 out of 100 against the 6 companies it is compared with in Cement Products, ranking 1. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 30.3 + 13.6 + 10 + 18 = 71.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Visaka Industries compared with? Visaka Industries ranks 1 of 6 Cement Products companies on the 4-Factor Sector Score, with 71.9 out of 100. 1. Visaka Industries Ltd this page VISAKAIND · losing its lead · Most evidence points up · 80% evidence 71.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.3/35 · Revenue 10.8% · Profit 100% · Operating margin change 5 points · 100% evidence Capital efficiency 13.6/25 · ROCE 6.8% · Operating margin 15% · 100% evidence Valuation 10.0/20 · P/E 10.1× · PEG n/a · 0% evidence Relative strength 18.0/20 · Lead over its industry 13.1% · Lead over NIFTY 500 12.2% · 1 year -0.3% · 100% evidence · 11 of 12 weeks ahead Exact sum: 30.3 + 13.6 + 10 + 18 = 71.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Ramco Industries Ltd](https://www.sectoralpha.in/stocks/ramco-industries-ltd) RAMCOIND · quiet · Most evidence points up · 82% evidence 68.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.9/35 · Revenue 13.4% · Profit 57.7% · Operating margin change 4 points · 100% evidence Capital efficiency 12.8/25 · ROCE 4.6% · Operating margin 17% · 100% evidence Valuation 17.2/20 · P/E 7.8× · PEG 0.24 · 85% evidence Relative strength 9.6/20 · Lead over its industry n/a · Lead over NIFTY 500 -2.5% · 1 year -19.1% · 25% evidence · 5 of 12 weeks ahead Exact sum: 28.9 + 12.8 + 17.2 + 9.6 = 68.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [GPT Infraprojects Ltd](https://www.sectoralpha.in/stocks/gpt-infraprojects-ltd) GPTINFRA · turning · Most evidence points up · 79% evidence 66.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.3/35 · Revenue 1.6% · Profit 14.5% · Operating margin change 4 points · 95% evidence Capital efficiency 20.7/25 · ROCE 21.4% · Operating margin 16% · 76% evidence Valuation 9.9/20 · P/E 14.4× · PEG n/a · 35% evidence Relative strength 18.0/20 · Lead over its industry 4.1% · Lead over NIFTY 500 3.8% · 1 year 5.2% · 100% evidence · 2 of 12 weeks ahead Exact sum: 18.3 + 20.7 + 9.9 + 18 = 66.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Indian Hume Pipe Company Ltd](https://www.sectoralpha.in/stocks/indian-hume-pipe-company-ltd) INDIANHUME · quiet · Most evidence points down · 97% evidence 32.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 4.2/35 · Revenue -9.3% · Profit -73.7% · Operating margin change -1 points · 100% evidence Capital efficiency 15.0/25 · ROCE 9.5% · Operating margin 10% · 100% evidence Valuation 13.7/20 · P/E 16.7× · PEG 1.08 · 85% evidence Relative strength 0.0/20 · Lead over its industry -12.3% · Lead over NIFTY 500 -12.6% · 1 year -17.1% · 100% evidence · 8 of 12 weeks ahead Exact sum: 4.2 + 15 + 13.7 + 0 = 32.9 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 5. [BirlaNu Ltd](https://www.sectoralpha.in/stocks/birlanu-ltd) BIRLANU · losing its lead · Most evidence points down · 71% evidence 31.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.3/35 · Revenue 8.2% · Profit -80% · Operating margin change 2.4 points · 74% evidence Capital efficiency 1.4/25 · ROCE -4.3% · Operating margin 6.2% · 100% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 6.8/20 · Lead over its industry -11.4% · Lead over NIFTY 500 -11.5% · 1 year -35.1% · 100% evidence · 6 of 12 weeks ahead Exact sum: 13.3 + 1.4 + 10 + 6.8 = 31.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Sanghi Industries Ltd](https://www.sectoralpha.in/stocks/sanghi-industries-ltd) SANGHIIND · Too little evidence to rank firmly · 33% evidence 39.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.9/43.75 · Revenue 24.1% · Profit -5.7% · Operating margin change -4 points · 42% evidence Capital efficiency 6.8/31.25 · ROCE -3.9% · Operating margin 8% · 75% evidence Valuation 12.5/25 · P/E n/a · PEG n/a · 0% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 19.9 + 6.8 + 12.5 = 39.2 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Jun 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Cement Products](https://www.sectoralpha.in/sectors/cement-products), all 6 compared on one page. ## Which companies are close to Visaka Industries in size? Visaka Industries is the 6th largest of 6 Cement Products companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Ramco Industries, Indian Hume Pipe Company, GPT Infraprojects, Sanghi Industries and BirlaNu. It is the smallest. ### Cement Products companies close in size

1. [Ramco Industries Ltd](https://www.sectoralpha.in/stocks/ramco-industries-ltd) ₹2,464 crore
2. [Indian Hume Pipe Company Ltd](https://www.sectoralpha.in/stocks/indian-hume-pipe-company-ltd) ₹1,563 crore
3. [GPT Infraprojects Ltd](https://www.sectoralpha.in/stocks/gpt-infraprojects-ltd) ₹1,418 crore
4. [Sanghi Industries Ltd](https://www.sectoralpha.in/stocks/sanghi-industries-ltd) ₹1,289 crore
5. [BirlaNu Ltd](https://www.sectoralpha.in/stocks/birlanu-ltd) ₹938 crore
6. Visaka Industries Ltd ₹687 crore

[All 6 Cement Products companies, largest first](https://www.sectoralpha.in/sectors/cement-products#all-companies)

### Companies close in size in other industries

1. [Forbes Precision Tools & Machine Parts Ltd](https://www.sectoralpha.in/stocks/forbes-precision-tools-machine-parts-ltd) ₹688 crore · Capital Goods - Engineering General
2. [Yogi Ltd](https://www.sectoralpha.in/stocks/yogi-ltd) ₹688 crore · Trading
3. Visaka Industries Ltd ₹687 crore
4. [Radhika Jeweltech Ltd](https://www.sectoralpha.in/stocks/radhika-jeweltech-ltd) ₹686 crore · Diamond, Gems & Jewellery
5. [Salasar Techno Engineering Ltd](https://www.sectoralpha.in/stocks/salasar-techno-engineering-ltd) ₹685 crore · Steel Products

## What else do people ask about Visaka Industries? ### What is Visaka Industries's share price today? Visaka Industries Ltd's share price is ₹80.52, +0.7% over the past year. The whole company is worth ₹696 Cr on the market. In the last 52 weeks it traded between ₹55 to ₹99; today it is 58% of the way up from the low, 0.1% above its 200-day average (as of 3 November 2026). ### What were Visaka Industries's latest quarterly results? Visaka Industries Ltd reported revenue of ₹590 Cr and net profit of ₹53.0 Cr for the Jun 2026 quarter. Revenue rose 16.6% and profit rose 1.9% compared with a year earlier. Earnings per share were ₹6.10. The operating margin was 15.0%, 5.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Visaka Industries's market cap? Visaka Industries Ltd's market capitalisation is ₹696 Cr at a share price of ₹80.52. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Visaka Industries performing? Visaka Industries Ltd's share price has been rising for 20 weeks. In its latest quarter, revenue rose 16.6% and profit rose 1.9% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 2 weeks running (as of 3 November 2026). ### Will Visaka Industries's share price go up? This page does not forecast Visaka Industries Ltd's share price. What it shows instead: the share price is ₹80.52, and it has been rising for 20 weeks. Its P/E of 10.2× is higher than 50% of its own last 6 years (as of 3 November 2026). ### Who owns Visaka Industries? Promoters own 53.5% of Visaka Industries Ltd, foreign institutions 0.8%, domestic institutions 0.0% and the public 45.5% (latest quarter). The biggest change over the last two years: Promoters raised their stake by 5.1 percentage points over 8 quarters (as of 3 November 2026). ### Where is Visaka Industries in its business cycle? Visaka Industries Ltd's FY26 operating margin was 8.0%, against a 7-year range of 6.0% to 17.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 15.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Visaka Industries story? Biggest thing to watch: the price has already been rising for 20 weeks, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Visaka Industries a stock worth studying right now? What the numbers show: Visaka Industries Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Visaka Industries share price forecast for 2026? What management itself guided: FY29 consolidated revenue yearly growth of 10-15%, with the CFO citing approx ₹2,500 crore revenue. What is changing at Visaka Industries, from the latest results and calls: capital spending inflection & balance sheet deleveraging, operating leverage in vnext fiber cement boards and traditional roofing baseline cash flow stability. What would change the story: A sustained reversal in operating cash flow caused by receivables expanding beyond 60 days, accompanied by gross borrowings rising back above 400 Cr without capacity addition. ### Where does this page get Visaka Industries' management information? From Visaka Industries' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Undervalued stocks: https://www.sectoralpha.in/markets/in/deep-value-stocks
- Dividend stocks: https://www.sectoralpha.in/dividend-stocks-india
- Penny stocks: https://www.sectoralpha.in/penny-stocks-india

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