Vishnu Chemicals Q3FY26: Revenue Up 10.8% to ₹411.3 Cr, EBITDA Margin Drops
Vishnu Chemicals delivered Q3FY26 operating revenue of ₹411.3 crore with 10.8% year-on-year growth and 2.5% sequential improvement. Despite revenue growth, EBITDA margin compressed to 15.0% from 17.1% in the previous year, though showed sequential recovery. The company maintained balanced domestic-export mix and announced new product launches including strontium carbonate, with mining operations expected to commence in Q1FY27.
*this image is generated using AI for illustrative purposes only.
Vishnu Chemicals Limited announced its consolidated financial results for the third quarter ended December 31, 2025, following board approval at their meeting held on January 31, 2026. The specialty chemicals manufacturer reported operating revenue of ₹411.3 crore, representing a 10.8% increase from ₹371.2 crore in the corresponding quarter of the previous year.
Board Meeting and Regulatory Compliance
The Board of Directors approved the unaudited standalone and consolidated financial results at their meeting held on January 31, 2026, which commenced at 3:00 PM and concluded at 3:40 PM. The results were reviewed by the audit committee and subjected to limited review by statutory auditors Jampani & Associates, who expressed an unmodified opinion. The company has filed the results with BSE Limited and National Stock Exchange of India Limited under Regulation 33.
Financial Performance Overview
The company demonstrated sequential quarterly improvement despite challenging market conditions. Operating revenues grew 2.5% quarter-on-quarter from ₹401.1 crore in Q2FY26. However, net profit declined to ₹33.7 crore from ₹34.4 crore in Q3FY25, representing a 1.8% year-on-year decrease.
| Metric: | Q3FY26 | Q3FY25 | Change (%) | Q2FY26 | QoQ Change (%) |
|---|---|---|---|---|---|
| Operating Revenue: | ₹411.3 Cr | ₹371.2 Cr | +10.8% | ₹401.1 Cr | +2.5% |
| EBITDA: | ₹61.7 Cr | ₹63.5 Cr | -2.7% | ₹58.2 Cr | +6.0% |
| Net Profit: | ₹33.7 Cr | ₹34.4 Cr | -1.8% | ₹32.8 Cr | +2.6% |
| Gross Profit: | ₹184.1 Cr | ₹173.0 Cr | +6.4% | ₹172.8 Cr | +6.5% |
EBITDA Performance and Margin Analysis
The company's EBITDA performance reflected margin pressure during the quarter. EBITDA for Q3FY26 stood at ₹61.7 crore compared to ₹63.5 crore in the corresponding quarter of the previous year. The EBITDA margin compressed to 15.0% in Q3FY26 from 17.1% in Q3FY25. However, sequential improvement was evident with EBITDA margin rising 50 basis points from 14.5% in Q2FY26.
| EBITDA Metrics: | Q3FY26 | Q3FY25 | Q2FY26 |
|---|---|---|---|
| EBITDA: | ₹61.7 Cr | ₹63.5 Cr | ₹58.2 Cr |
| EBITDA Margin: | 15.0% | 17.1% | 14.5% |
| Gross Margin: | 44.8% | 46.6% | 43.1% |
| PAT Margin: | 8.2% | 9.3% | 8.2% |
Nine-Month Performance and Business Developments
For the nine months ended December 31, 2025, Vishnu Chemicals demonstrated stronger overall performance with operating revenues reaching ₹1,159.3 crore, up 10.0% from ₹1,053.9 crore in the corresponding period last year. Net profit improved significantly by 12.7% to ₹98.8 crore from ₹87.7 crore in 9MFY25.
| Parameter: | 9MFY26 | 9MFY25 | Growth (%) |
|---|---|---|---|
| Operating Revenue: | ₹1,159.3 Cr | ₹1,053.9 Cr | +10.0% |
| EBITDA: | ₹175.6 Cr | ₹164.3 Cr | +6.9% |
| Net Profit: | ₹98.8 Cr | ₹87.7 Cr | +12.7% |
| EBITDA Margin: | 15.1% | 15.5% | -40 bps |
Strategic Initiatives and Future Outlook
The company maintained a balanced domestic to exports sales mix at 49:51 during 9MFY26. Vishnu Strontium Private Limited commercialized operations in Q2FY26, ahead of planned schedule, launching strontium carbonate with applications across magnets, ceramics and metallurgy industries. The transfer of the mining complex is completed with operations expected to commence in Q1FY27, providing backward integration benefits.
| Development: | Details |
|---|---|
| Mining Operations: | Expected to commence Q1FY27 |
| New Product Launch: | Strontium carbonate commercialized |
| Future Products: | DMSO and chromium derivatives by end FY27 |
| Sales Mix: | 49% domestic, 51% exports |
Management Commentary
Mr. Krishna Murthy Ch., Chairman & Managing Director, stated that "Vishnu Chemicals continued to deliver robust growth despite macroeconomic softness globally with its cost discipline and efficiency actions. The company is now focusing on introducing a new range of speciality chemicals aligned with our manufacturing capabilities."
Mr. Siddartha Ch., Joint Managing Director, added that "Vishnu Chemicals has good momentum entering into Q4. Uncertainty around tariffs continue to weigh on customer operating plans but our relentless focus on execution is helping us grow consistently and sustainably."
The company has proposed to foray into new production lines for Dimethyl Sulfoxide (DMSO) and specialty derivatives of chromium chemicals, expected to be commercialized by end of FY27. An earnings call is scheduled for February 6, 2026 at 3:30 PM IST to discuss the quarterly results in detail.
Historical Stock Returns for Vishnu Chemicals
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.75% | -3.82% | -2.26% | -1.58% | +19.93% | +1,220.25% |
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