- Event Type: Q2 FY27 Earnings Conference Call hosted by Emkay Global Financial Services Limited
- Date and Time: Friday, November 06, 2026 (time not specified)
- Purpose: Discussion of Q2 FY27 Financial Results and business updates
- Management Participants: Mr. Siddartha Cherukuri (Joint Managing Director), Mr. Hanumant Bhansali (Vice President, Finance and Strategy)
- Moderator: Mr. Gagan Dixit from Emkay Global Financial Services Limited
- Availability: Transcript provided to exchanges and available on company website www.vishnuchemicals.com
Financial Highlights
Q2 FY27 Performance (Consolidated):
- Operating Revenue: ₹429.53 crores (7.1% YoY growth from ₹401.15 crores in Q2 FY26)
- Gross Profit: ₹207.79 crores (20.3% YoY growth from ₹172.8 crores)
- EBITDA: ₹64 crores (10% YoY growth from ₹58.2 crores)
- EBITDA Margin: 14.9% (vs 14.5% in Q2 FY26)
- PAT: ₹35.57 crores (8.2% YoY growth from ₹32.88 crores)
- PAT Margin: 8.3%
H1 FY27 Performance (Consolidated):
- Operating Revenue: ₹862.3 crores (15.4% YoY growth from ₹748.06 crores)
- EBITDA: ₹129.49 crores (13.7% YoY growth from ₹113.92 crores)
- EBITDA Margin: 15.00% (vs 15.23%)
- PAT: ₹75.21 crores (15.5% YoY growth from ₹65.11 crores)
- PAT Margin: 8.7%
Operational Metrics:
- Debt-to-Equity: 0.67x (as of September 30, 2026)
- Debt-to-EBITDA: 2.8x
- Credit Rating: Upgraded to A-Stable by ICRA (from A-minus by CARE)
- Revenue Mix: Domestic 58%, Exports 42%
- Logistics Cost: Increased to 8.8% of operating revenue (from 5.9% in Q1 FY27)
Strategic Developments
Joint Venture Announcement:
- Entered into JV with DCX Chrome, France to establish manufacturing facility for high-purity chrome metal in Visakhapatnam
- Proposed annual capacity: 6,000 metric tons of chrome metal
- Targeting aerospace, defense, and nuclear power industries
- Production expected to start Q4 FY28
Business Segment Updates:
- Chrome Business: Focusing on higher-value-added specialty derivatives, improving product mix
- Barium Business: Stable contributor with solid cash flow generation, focusing on operational efficiencies
- Strontium Business: Scaling up operations, expanding market opportunities, targeting 70% utilization by next year
- Solar Power: Planning to add 20 MW capacity (6x increase from current levels)
Capex Plans:
- Total capex outlay: ₹520 crores
- Already spent: ₹190 crores
- Remaining: ₹330 crores to be spent over next 12 months
- Peak debt expected: ₹800-820 crores
- Capex allocation: ₹250 crores for DMSO plant, ₹220 crores for chrome oxide expansion
- DMSO capacity: 10,000 tons per annum (expected commencement Q1 FY28)
South Africa Ore Mine:
- Mining operations have started with good output
- Processing plant commissioning targeted for Q4 FY26
- First shipments expected from South Africa to India in Q4
Guidance and Outlook
- FY28 EBITDA margin guidance: 18-19% (from current 15%)
- Expect logistics cost pressures to subside in coming quarters
- Targeting 20% consolidated EBITDA margin if all initiatives fall in place
- Chrome metal business expected to have >20% EBITDA margins
- Strontium business targeting 70% utilization by next year
Additional Notes
- The document is a transcript of the earnings call submitted to stock exchanges
- The company mentioned temporary plant shutdown in Vizag due to cyclones and maintenance, but no business loss expected
- Export sales impact estimated at ₹25-30 crores per quarter due to logistics disruptions
- The transcript includes detailed Q&A session with analysts from various institutions