VISHNU Q3 FY26 earnings call.
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Revenue
₹411.3 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹61.7 Cr
latest reported figure
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What the record says.
Vishnu Chemicals delivered a resilient Q3 FY26 with consolidated operating revenue of ₹411.3 crore (2.5% QoQ) and EBITDA of ₹61.7 crore (6% QoQ), with margin expansion of 50bps to 15%. The company completed its third acquisition in South Africa—a chrome mine for backward integration—with operations expected from Q1 FY27. Sodium carbonate commercialized in Q2 is awaiting customer approvals (expected Q4 FY26) with 50-52% gross margins at full scale. PBS maintains 60% India market share but operates at 70-80% capacity, prompting FY27 expansion plans. EU's 84% anti-dumping duty on Chinese barium carbonate is a significant tailwind for European exports. Management targets 20% EBITDA margins by FY28 through the chrome mine, DMSO (FY27 launch), and chrome metal expansion (FY28). Capex guidance is ₹180-190 crore for FY26 and ₹300 crore for FY27. Key risk: delayed customer approvals for new products and subdued PBS margins (sub-15% for 4-5 quarters).
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Guidance to track
- Customer approvals expected before end of Q4 FY26; regular sales commencement from Q1 FY27 with 50-52% gross margins at 80% utilization targeting ₹110 crore capex already invested.
- South Africa chrome mine acquisition completed; integration on track with operations expected to start from Q1 FY27, providing backward integration for raw material security.
- Includes investment into DMSO project and South Africa mining acquisition. FY27 capex planned at ₹300 crore covering chrome oxide green, chrome metal expansion, and DMSO.
- Management targeting 20% EBITDA margins by FY28 driven by chrome mine acquisition benefits, better economies of scale, value addition, and improved product mix.
Risks flagged
- Analyst questioned whether full capacity ramp is achievable in FY27 given Mexico plant precedent; management remained positive but acknowledged dependency on approvals.
- PBS EBITDA margins remain sub-15% for 4-5 quarters due to subdued global demand and elevated chrome ore costs. Management attributes recovery to FY27 chrome mine benefits.
- PBS operating at 70-80% utilization with contemplation of capacity expansion deferred to FY27-FY28 decision window, potentially limiting near-term volume growth.
- Management expressed happiness about EU FTA signing but admitted timelines are unclear (could be 1-2 years), limiting near-term margin benefit despite 6% customs duty reduction potential.
Key quotes
- This acquisition represents a key backward integration initiative aimed at securing long-term supply of crucial raw materials. While it is early to quantify the financial benefits, we believe it will contribute to improved margins stability at consolidated levels post stabilization.
- Europe has levied 84% anti-dumping duty on Chinese barium carbonate coming into EU. So this is very quite positive and it's been applied. We see a lot more demand coming from Europe, a good order pipeline as well as improved realizations.
- We see uh good traction especially coming from uh battery uh I mean the magnet side of the application especially the ferite magnet being a good substitute for neobium magnets.
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