Vishnu Chemicals Ltd

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 ₹698, in a confirmed uptrend and 86 weeks into that stage. That is +18.4% against its own 200-day average. It sits at 90% of a 52-week range of ₹481 to ₹722. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 7 straight weeks.

Today the stock is in a confirmed uptrend — week 86 of stage 2, confirmed. At ₹698 it trades +18.4% versus its 200-day average and sits at 90% of its 52-week range (₹481–₹722).

Against the market, two honest reads. Cumulative: over the last 10.6 years the stock moved +2,006% while the NIFTY 500 moved +268% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 7 straight weeks — 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.

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 31.1× P/E, at the pricey end of its own range (89th percentile). Its long-run median P/E is 16.8×, measured across 10.6 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 31.1× is at the pricey end of its own range (89th percentile), against a long-run median of 16.8× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +12.3% against a +47.7% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +36.7%/yr price move, ~+31.5%/yr came from earnings growth and ~+5.2 pp from the multiple (expanding); over 10y, of the +30.0%/yr price move, ~+20.1%/yr came from earnings growth and ~+9.9 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.

Stage: Improving 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 improving on its fundamental arc. Improving — profit growth bottomed 8 quarters ago at −22.0% and has held its recovery at +17.2%, ROCE holding at 18.2%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

4-Factor Sector Score

40.8/100 — rank 18 of 23 in Specialty Chemicals · 100% evidence confidence

Vishnu Chemicals Ltd scores 40.8 out of 100 against the 23 companies it is compared with in Specialty Chemicals, ranking 18. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 14.8 + 12.3 + 6.1 + 7.6 = 40.8. 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.

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

Vishnu Chemicals Ltd reported ₹433 Cr of revenue in the Jun 26 quarter, +24.8% year on year. That is the 9th 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 ₹1,695 Cr.

FY26 revenue came in at ₹1,610 Cr (+11.3% on the year), capping 10 years at 12.9% compound. The latest quarter (Jun 26) printed ₹433 Cr, +24.8% year on year — the 9th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +16.7% growth against the decade's 12.9% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +16.5% over the last 4 quarters against +16.4%/yr over the last 8 — stabilising; TTM profit +17.2% vs +20.7%/yr — rolling over.

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 15.0% in the Jun 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 15.0%, −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 −1.0 pp year on year while gross margin went −2.0 pp — the loss came mostly from the gross line: input costs and pricing.

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 ₹40.0 Cr of net profit in the Jun 26 quarter, +25.0% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹142 Cr. The 10-year compound rate is 21.1%. That is 9.2% of the quarter's revenue. The same quarter a year earlier earned ₹32.0 Cr.

Jun 26 profit was ₹40.0 Cr, +25.0% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹142 Cr (+11.8%), and the 10-year compound rate is 21.1%.

Why profit moved: revenue contributed +24.8% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +19.7% vs revenue +16.7%. 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.

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.

Why conversion sits at 77%: the cash cycle stretched 18 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 18 days — the next section's job is to find where the cash is stuck.

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 149 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 ₹657 Cr sits inside the business at any moment.

FY26: debtors at 70 days, inventory at 271 days — roughly 8.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 149 days, looser than FY21's 131.

The full loop: cash goes out to suppliers and production on day 0; stock waits 271 days to sell; customers pay about 70 days after that; and suppliers themselves are paid at 193 days — netting out to the 149-day cycle.

In money terms: at FY26 sales of ₹1,610 Cr, each day of the cycle holds about ₹4.4 Cr — so the 149-day loop keeps roughly ₹657 Cr sitting inside the business at any moment.

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.

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

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 −1.8 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: 10.2% − 12.0% = a −1.8 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.

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.

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.

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.

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