Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

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Equity Bottom-Up

<ul>
<li>Vishnu Chemicals is expanding beyond its core chromium and barium verticals with a first-mover entry into strontium carbonate, positioning itself as the only producer in India and Asia.</li>
<li>Strategic backward integration in chrome ore and barites mining reduces raw material volatility, safeguarding margins while strengthening long-term supply security.</li>
<li>Near-Term growth guidance has been moderated to 10–15% due to U.S. tariff headwinds, but diversification and capacity expansion support a structurally stronger growth trajectory.</li>
</ul>


Vishnu Chemicals is expanding beyond its core chromium and barium verticals with a first-mover entry into strontium carbonate, positioning itself as the only producer in India and Asia.
Strategic backward integration in chrome ore and barites mining reduces raw material volatility, safeguarding margins while strengthening long-term supply security.
Near-Term growth guidance has been moderated to 10–15% due to U.S. tariff headwinds, but diversification and capacity expansion support a structurally stronger growth trajectory.


The Beat Ideas: Vishnu Chemicals - Expanding Beyond Chromium, Building Specialty Strength

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishnu-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:4917:1" rel="noopener">Vishnu Chemicals (VCL IN)</a> posted strong Q3 financials with 22% revenue, 55% EBITDA, and 66% PAT YoY growth; new capex in chromium and expansion of barium, Strontium Carbonate production underway.</li>
<li>Capacity of chromium has potential to operate at 90% utilization level, where Barium segment is operating at  60-70%, can be used till 80-85%.</li>
<li>Company is plan to gain market share in US due to reduced competition.</li>
</ul>



Vishnu Chemicals (VCL IN) posted strong Q3 financials with 22% revenue, 55% EBITDA, and 66% PAT YoY growth; new capex in chromium and expansion of barium, Strontium Carbonate production underway.
Capacity of chromium has potential to operate at 90% utilization level, where Barium segment is operating at  60-70%, can be used till 80-85%.
Company is plan to gain market share in US due to reduced competition.


External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We expect VCL to double its EBITDA over FY24-27E, led by i) strong volume growth in the Barium segment, ii) incremental contribution from derivatives like chrome metal and chrome oxide green (COG) in the Chromium segment, and iii) benefits led by backward integration into soda ash, chrome ore, and barite.</li><li>With raw material prices easing and contribution of derivatives increasing, spreads are likely to improve in the Chromium segment (virtually nil competition from China).</li><li>Volume ramp up and market share gains in the Barium segment are likely to pull the company into a unique growth orbit, with potential for capacity expansion.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect VCL to double its EBITDA over FY24-27E, led by i) strong volume growth in the Barium segment, ii) incremental contribution from derivatives like chrome metal and chrome oxide green (COG) in the Chromium segment, and iii) benefits led by backward integration into soda ash, chrome ore, and barite.With raw material prices easing and contribution of derivatives increasing, spreads are likely to improve in the Chromium segment (virtually nil competition from China).Volume ramp up and market share gains in the Barium segment are likely to pull the company into a unique growth orbit, with potential for capacity expansion.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vishnu Chemicals - Broadening Presence Across Value Chains

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishnu-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:4917:1" rel="noopener">Vishnu Chemicals (VCL IN)</a>  is now backward integrated with the soda ash, CO2 Gas plant and ore requirement to overcome the challenge of raw material price volatility. </li>
<li>Company operated in niche &amp; specialty chemical segment and will launch detailed  capex plan in Q2 for forward integration. </li>
<li>Management aims to consolidate EBITDA margins around 17.5%-18% by year-end, with a target of achieving consistent margins at 20% over the next 2-3 years.</li>
</ul>



Vishnu Chemicals (VCL IN)  is now backward integrated with the soda ash, CO2 Gas plant and ore requirement to overcome the challenge of raw material price volatility. 
Company operated in niche &amp; specialty chemical segment and will launch detailed  capex plan in Q2 for forward integration. 
Management aims to consolidate EBITDA margins around 17.5%-18% by year-end, with a target of achieving consistent margins at 20% over the next 2-3 years.


The Beat Ideas: Vishnu Chemicals- Niche Business with High Growth Levers

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Archean Chemical Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/archean-chemical-industries" target="_blank" data-smartkarma-citation="entities:36520:1" rel="noopener">Archean Chemical Industries (0810406D IN)</a> has raised about US$178m in its India IPO. </li>
<li>Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. </li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.</li>
</ul>



Archean Chemical Industries (0810406D IN) has raised about US$178m in its India IPO. 
Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. 
We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.


Archean Chemical Industries IPO Trading - One of the Highest Subscriptions for the Year

India

Vishnu Chemicals Limited manufactures a wide range of chemicals. The Company's products include Sodium Dichromate, Potassium Dichromate, Basic Chromium Sulphate and Yellow Sodium Sulphate, Chromic Acid, White Sodium Sulphate, Saccharin and Sodium Saccharin.

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Vishnu Chemicals (VCL IN)

The Beat Ideas: Vishnu Chemicals - Expanding Beyond Chromium, Building Specialty Strength

Vishnu Chemicals expands into strontium carbonate, diversifies beyond chromium and barium, strengthens supply security, and navigates U.S. tariff...

Nimish Maheshwari

Vishnu Chemicals Limited: Q3 FY25 Update

Vishnu Chemicals (VCL IN) reports robust Q3 financials with double-digit growth, new capex in chromium and expansion in barium, Strontium...

Sudarshan Bhandari

Vishnu Chemicals - Broadening Presence Across Value Chains

With raw material prices easing and contribution of derivatives increasing, spreads are likely to improve in the Chromium segment (virtually nil...

Emkay

The Beat Ideas: Vishnu Chemicals- Niche Business with High Growth Levers

Vishnu Chemicals (VCL IN) aims to overcome raw material price volatility by backward integration and plans to improve EBITDA margins to 20% in the...

Sudarshan Bhandari

Archean Chemical Industries IPO Trading - One of the Highest Subscriptions for the Year

Archean Chemical Industries (0810406D IN) has raised about US$178m in its India IPO. In this note, we talk about the demand for the deal and the...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Vishnu Chemicals - Expanding Beyond Chromium, Building Specialty Strength

​Vishnu Chemicals expands into strontium carbonate, diversifies beyond chromium and barium, strengthens supply security, and navigates U.S. tariff...

Nimish Maheshwari

Vishnu Chemicals Limited: Q3 FY25 Update

​Vishnu Chemicals (VCL IN) reports robust Q3 financials with double-digit growth, new capex in chromium and expansion in barium, Strontium...

Sudarshan Bhandari

Vishnu Chemicals - Broadening Presence Across Value Chains

With raw material prices easing and contribution of derivatives increasing, spreads are likely to improve in the Chromium segment (virtually nil...

Emkay

The Beat Ideas: Vishnu Chemicals- Niche Business with High Growth Levers

​Vishnu Chemicals (VCL IN) aims to overcome raw material price volatility by backward integration and plans to improve EBITDA margins to 20% in the...

Sudarshan Bhandari

Archean Chemical Industries IPO Trading - One of the Highest Subscriptions for the Year

Archean Chemical Industries (0810406D IN) has raised about US$178m in its India IPO. In this note, we talk about the demand for the deal and the...

Ethan Aw

Vishnu Chemicals expands into strontium carbonate, diversifies beyond chromium and barium, strengthens supply security, and navigates U.S. tariff...

Vishnu Chemicals (VCL IN) reports robust Q3 financials with double-digit growth, new capex in chromium and expansion in barium, Strontium...

Vishnu Chemicals (VCL IN) aims to overcome raw material price volatility by backward integration and plans to improve EBITDA margins to 20% in the...