• 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