Vishnu Chemicals Share Price: Target 2026 to 2030, Valuation and Risks

Vishnu Chemicals share price today

The Vishnu Chemicals share price closed at ₹718.70 on 10 September 2026, roughly 1.8% below its 52-week high of ₹731.55 and about 59% above the 52-week low of ₹452.70. Market capitalisation was near ₹4,845 crore on trailing EPS of ₹22.24, which works out to about 32.3 times trailing earnings and 4.85 times a reported book value of ₹148.46 per share.

That combination is the whole argument in one line. This is a chromium chemicals manufacturer — an inorganic, capital-hungry, cyclical business — being priced on a specialty-chemicals multiple. Yahoo Finance classifies it under Basic Materials and Specialty Chemicals; the products it actually ships are industrial salts and oxides sold by the tonne into leather, pigments, refractories and ceramics.

The re-rating has been quick. A set of ratios read from Screener.in on 5 August 2026 showed a P/E of 26.64, a price-to-book of 3.74 and a market capitalisation of ₹3,987 crore, against a trailing EPS of ₹22.3 and a 52-week high of ₹640.45. Five weeks later the market capitalisation was ₹4,845 crore — about 21% higher — on essentially the same trailing EPS of ₹22.24. The earnings base did not move. The multiple did. Everything below is fixed to the 10 September 2026 close; the quote widget above will drift after publication.

What Vishnu Chemicals actually makes

Vishnu Chemicals Limited was incorporated in 1989 and is headquartered in Hyderabad. It manufactures and sells chromium chemicals in India and internationally, alongside a second family of barium and strontium compounds. Yahoo Finance reports 548 employees, which is a useful reminder that this is a plant-and-process business rather than a people business: value is created by tonnes, yields and utilisation, not headcount.

Product family	Representative products	Where it is consumed	Economic character
Chromium chemicals	Sodium dichromate, basic chromium sulphate, chromic acid	Leather tanning, metal finishing, pigments	Core volume line, priced against global capacity
Chrome pigments	Chrome oxide green	Paints and coatings, refractories, ceramics and tiles	Higher-value, mix-improving
Chrome by-products	White sodium sulphate, potassium dichromate	Detergents, glass, industrial chemistry	Yield economics; helps plant-level margin
Barium and strontium	Barium carbonate, precipitated barium sulphate, strontium carbonate	Ceramics and tiles, glass, specialty fillers	Second leg, diversifies away from chrome
Sulphide chemistry	Sodium sulphide	Leather, dyes and intermediates	Ties back into the tanning value chain

The listed end markets are broad: pharmaceuticals, pigments and dyes, infrastructure, ceramics and tiles, automobiles, furniture, paints and coatings, bathroom fittings, leather, construction, automotive and mechanical components, and refractories. Breadth of that kind cuts both ways. It means no single customer industry can sink the order book, and it also means the company is exposed to the general industrial cycle rather than to one structurally growing niche.

One thing worth naming plainly: hexavalent chromium chemistry is heavily regulated everywhere it is made. That is a barrier to entry and a permanent compliance obligation at the same time, and the two cannot be separated when thinking about this business.

The revenue record: FY19 to FY26

No multi-year Screener financial tables were captured for this article. The annual figures below come from Yahoo Finance’s yearly rows, which are labelled by the calendar year in which the March financial year ended, so 2026 means FY26. Where a row was blank in the source it is shown as not captured, and nothing has been estimated to fill a gap.

Financial year	Revenue	Net profit
FY19	₹668 Cr	Not captured
FY24	Not captured	₹101 Cr
FY25	₹1,447 Cr	₹127 Cr
FY26	₹1,610 Cr	₹142 Cr
Trailing twelve months	₹1,696 Cr	Not reported as an annual period

Revenue is about 2.4 times its FY19 level. That is the long-run story, and it is a good one. The short-run story is different: FY26 revenue grew about 11.3% over FY25, and FY26 profit grew about 11.8% over FY25 — a clear step down from the roughly 25.7% profit increase between FY24 and FY25.

Yahoo separately reports year-on-year revenue growth of 24.9% and earnings growth of 23% for the most recent reported period. Those two sets of numbers do not contradict each other; they measure different windows. A recent quarter can grow at 25% while the full financial year that contains it grows at 11%, particularly in a business coming off a soft comparative base. The honest reading is that the annual trend decelerated and the latest reported period was stronger — and that one period is not a trend.

The five-year growth rates read from Screener.in on 5 August 2026 were a sales CAGR of 18.85% and a profit CAGR of 32.94%. Keep both in view. The profit CAGR is the number that makes the current multiple look defensible, and it is also the number least likely to repeat, because it starts from a low base in a cyclical industry.

Revenue by quarter, and what the data does not say

Four quarterly revenue lines were captured. No quarterly profit, margin, or per-share figures were captured, so there is no quarterly earnings commentary to make here, and none has been invented.

Reported quarter	Revenue	Sequential change
2Q2025	₹347 Cr	Base period
3Q2025	₹401 Cr	Up ₹54 Cr
4Q2025	₹411 Cr	Up ₹10 Cr
1Q2026	₹450 Cr	Up ₹39 Cr

Three consecutive quarters of sequential revenue growth across the four captured periods, from ₹347 crore to ₹450 crore, is a genuinely constructive sequence — a rise of roughly 30% from the first captured quarter to the last. No earlier quarter was captured, so 2Q2025 is a base period rather than an increase over anything. But revenue is the easiest line to grow in a chemicals business, because it moves with realisations as much as with volumes. Without the matching operating profit line, this table tells you the top line is recovering and nothing at all about whether the recovery is profitable. If you want the framework for reading the missing lines when the next result lands, how to read quarterly results sets out the order to read them in.

Margins and returns: the compression is the story

Measure	Reading	Source and date
Operating margin	15.45%	Screener.in, 5 August 2026
Operating margin (Yahoo basis)	12.53%	Yahoo Finance, 10 September 2026
Net profit margin	8.82%	Yahoo Finance, 10 September 2026
EBITDA	₹262 Cr	Yahoo Finance, 10 September 2026
ROCE	16.28%	Screener.in, 5 August 2026
Five-year average ROCE	21.68%	Screener.in, 5 August 2026
ROE	14.26%	Screener.in, 5 August 2026

The two operating margins are not in conflict; they are different definitions. Screener’s operating profit is struck before depreciation, Yahoo’s operating income after it, and in a plant-heavy business that gap is large by construction. EBITDA of ₹262 crore on trailing revenue of ₹1,696 crore is an EBITDA margin of about 15.4%, which reconciles neatly with the Screener figure.

The number that deserves the most attention is the return on capital employed. Current ROCE of 16.28% sits well below the five-year average of 21.68%. That is a five-percentage-point gap, and it is the single clearest quantitative statement that this business is running below its own recent best. A cyclical chemicals company earning less on its capital than it did on average over five years is either at a trough that mean-reverts, or it has permanently added capital that will not earn the old rate. Nothing in the captured data settles which. ROE of 14.26% against ROCE of 16.28% is the ordinary pattern for a company carrying debt at a cost close to its operating return — the guide to return on equity explains why the two ratios separate.

The balance sheet carries real leverage

Balance-sheet item	10 September 2026	Why it matters
Total debt	₹527 Cr	Gross borrowings, Yahoo Finance
Total cash	₹100 Cr	Implies net debt of about ₹427 Cr
Debt to equity	49.07%	Roughly half of equity again in borrowings
EBITDA	₹262 Cr	Gross debt is about twice trailing EBITDA
EV/EBITDA	15.06	Read 5 August 2026, when market cap was ₹3,987 Cr
Book value per share	₹148.46	Against a ₹718.70 price, a 4.85× price-to-book

This is not a distressed balance sheet, but it is not a fortress either. Gross debt at roughly two times trailing EBITDA is manageable while margins hold; it becomes uncomfortable quickly if chrome realisations fall and EBITDA compresses, because the interest bill does not compress with it. That asymmetry is the practical reason leverage matters more in commodity chemistry than in software, and it is worth reading alongside the debt-to-equity ratio guide before deciding how much weight to give the 49.07% figure.

Note also what EV/EBITDA of 15.06 is doing, remembering it was read on 5 August at a market capitalisation 21% lower. It adds the net debt back into the valuation, so it is a stricter test than the equity P/E, and on today’s price the equivalent figure would be higher still.

Ownership: a concentrated, unpledged promoter block

Promoters hold 70.06% of the equity, and none of it is pledged. Both halves matter. A 70% promoter holding means interests are aligned and the company is difficult to destabilise, but it also means the free float is roughly 30% of a ₹4,845 crore company — enough for volatility to be sharp in both directions on modest volume.

Zero pledged promoter shares is a genuinely good signal in a leveraged mid-market industrial. It removes the specific failure mode where a falling share price forces promoter selling that pushes the price down further.

The rest of the shareholding register — foreign institutional, domestic institutional and public holdings — was not captured, so no conclusions are drawn about institutional participation here. Total shares outstanding are about 6.73 crore.

What the Vishnu Chemicals share price already carries

Valuation measure	10 September 2026 reading	Interpretation
Closing price	₹718.70	Fixed research input, not a live figure
Market capitalisation	₹4,845 Cr	Micro-cap; liquidity and volatility both matter
Trailing EPS	₹22.24	Yahoo Finance trailing basis
P/E on that EPS	32.32×	Price divided by trailing EPS
Reported P/E	32.36×	Yahoo’s own figure; the small gap is rounding
Price to book	4.85×	Against ₹148.46 book value per share
EV/EBITDA	15.06	5 August reading; not restated at today’s higher market cap
PEG	0.81	Read on 5 August against a P/E of 26.64
Dividend yield	0.04%	Effectively nil; this is not an income holding
Distance from 52-week high	−1.76%	Trading at the top of its own range

Three of those rows deserve a caution. The PEG of 0.81 was read on 5 August alongside a P/E of 26.64. The P/E on 10 September is 32.32. The same growth denominator against a higher multiple gives a materially less flattering PEG than 0.81, so that number should not be carried forward as though it still describes today’s price. The EV/EBITDA of 15.06 carries the same 5 August date and the same problem, and has not been restated at the higher market capitalisation. Third, the dividend yield of 0.04% means the entire return case is capital appreciation. There is no coupon to wait on.

Thirty-two times trailing earnings is a demanding rating for a chromium chemicals producer with 16.3% ROCE, half its equity again in debt and a decelerating annual growth rate. It is defensible if the ROCE gap closes back toward the five-year average and the recent quarterly revenue momentum converts into profit. It is not defensible on the FY26 growth rate alone. For how the starting multiple mechanically governs outcomes, see the P/E ratio formula guide.

Valuation framework

The scenario model starts with TTM EPS of ₹22.24. For each year it applies EPS_TTM × (1 + growth)^(year − 2026 + 112/365) × exit P/E, then rounds the result to the nearest ₹5. The 112/365 factor represents the fraction of the first forecast year remaining from 10 September to 31 December. Dividends are excluded, which given a 0.04% yield changes nothing material.

Scenario	Annual EPS growth	Exit P/E	Business interpretation
Bear	8%	20×	Chrome realisations stay soft, ROCE holds near 16%, and the market prices this as the cyclical processor it partly is
Base	14%	28×	Growth lands between the FY26 rate and the five-year record, margins hold, and the multiple eases modestly from today’s
Bull	20%	36×	End markets recover together, ROCE moves back toward the 21.68% five-year figure, and a specialty-chemicals rating is sustained

The growth column is deliberately far below the 32.94% five-year profit CAGR. A company does not compound profit at 33% for a second consecutive five years from a larger base, and assuming it would while also assuming permanent multiple expansion is how scenario work turns into wishful arithmetic. The bear multiple of 20× sits well under today’s 32.32×, the base at 28× just below it, and the bull at 36× only modestly above. The full method behind this construction is set out in how to value a stock.

Vishnu Chemicals share price target 2026 to 2030

The grid above is generated purely from the trailing EPS, the three growth rates and the three exit multiples disclosed in the table. It models nothing else. It does not account for a rights issue or other equity dilution, an acquisition, a change in the debt load, a movement in chrome ore input costs, currency translation on export revenue, exceptional items, an environmental or regulatory event, or a change in the tax rate. A five-year projection on a cyclical chemicals business is a sensitivity exercise, not a forecast, and it should be rebuilt from a fresh EPS after each annual result rather than carried forward.

Risks that can break the thesis

The first risk is the starting multiple. At 32.3 times trailing earnings and 1.8% below the 52-week high, the price embeds a recovery that the FY26 numbers have not yet delivered. Earnings can grow and the share can still perform badly if the multiple normalises toward the 26.64× of five weeks earlier, let alone lower.

The second is that the return gap proves permanent rather than cyclical, and nothing published so far separates the two readings. The test that would is a comparison of what the capital base did against what it produced. Revenue is 2.4 times its FY19 level, and expansion on that scale in a plant business had to be paid for in new assets. If capital employed over the FY19-to-FY26 period grew faster than the EBITDA those assets went on to generate, then the lower return is arithmetic and no recovery in chrome realisations restores it; if capital employed was broadly flat while operating profit fell, the trough reading is the right one. Capital employed by year and capex by year are both annual-report disclosures rather than screener fields, and neither was captured here.

The third is refinancing, which is a different exposure from servicing. The question about ₹527 crore of gross borrowings is not only whether this year’s operating profit covers this year’s interest — it is when the principal falls due and at what rate it is replaced. The maturity profile, the average cost of the borrowings and the interest expense itself were all absent from the captured data, which means interest cover cannot be computed on this page at all. That is a real gap: a mid-market industrial refinancing into a higher rate, or into a tighter credit market during a chemicals downturn, watches its finance cost rise in the same periods its operating profit falls. The maturity ladder and the finance-cost line are the two disclosures worth pulling from the annual report before sizing anything here.

The fourth is regulatory and environmental. Chromium chemistry carries effluent, handling and disposal obligations that are enforced, and a compliance failure at a single plant is a production risk, a cost risk and a reputational risk at once.

What would change the picture

The constructive case gets stronger with several quarters in which the revenue recovery is matched by operating profit growing at least as fast. That one condition carries more weight than any other, because it is the only thing the captured data cannot speak to at all: the quarterly table has a top line and nothing underneath it. Until an operating profit line sits beside those revenue figures, a reader is being asked to assume the recovery is profitable rather than shown that it is.

It weakens if revenue keeps rising while margin slips, and it weakens more seriously if the FY26 deceleration in profit growth extends into a second year. One slower year off a strong comparative is ordinary in this industry; two consecutive slower years is a trend, and a thirty-two-times rating does not absorb a trend. Separately, a regulatory action at any manufacturing location would require reassessment independently of the financial model, because it would change the asset base itself rather than the forecast applied to it. The scorecard below turns the rest of this into numbered tests.

Monitoring scorecard

Question	Constructive evidence	Warning sign
Is the revenue recovery profitable?	Operating profit grows at least as fast as the top line	Revenue rises, operating margin slips below 15%
Is capital earning again?	ROCE moves from 16.28% toward 21.68%	ROCE stays near or below 16% for further periods
Is leverage falling?	Gross debt shrinks relative to ₹262 Cr of EBITDA	Debt to equity rises above the current 49.07%
Is the multiple supported?	Profit growth catches up with the 32.32× rating	Earnings flat while the multiple stays elevated
Is the promoter block stable?	Pledge remains at zero	Any pledging or reduction in the 70.06% holding
Is the second leg growing?	Barium and strontium revenue disclosed and rising	Chrome remains the only meaningful driver

FAQ

What is the Vishnu Chemicals share price target for 2026?

The scenario grid on this page derives a 2026 range from trailing EPS of ₹22.24, three annual growth rates and three exit multiples, with only 112 days of 2026 remaining from the 10 September cut-off. Because so little of the year is left, the 2026 figures are driven far more by the assumed multiple than by the assumed growth rate. Treat the output as a range of arithmetic outcomes, not a forecast.

What is the Vishnu Chemicals share price target for 2030?

The same model is extended four further years, compounding EPS at each scenario’s growth rate and applying that scenario’s exit P/E. Over a five-year horizon in a cyclical chemicals business the spread between the low and high cases is wide, which is the point of showing three rather than one. It is illustrative arithmetic, not a promised price.

What does Vishnu Chemicals do?

It manufactures chromium chemicals — sodium dichromate, basic chromium sulphate, chromic acid, chrome oxide green, potassium dichromate and white sodium sulphate — along with barium carbonate, precipitated barium sulphate, strontium carbonate and sodium sulphide. These go into leather, pigments and dyes, ceramics and tiles, paints and coatings, refractories, automotive components and construction. The company was incorporated in 1989 and is based in Hyderabad.

Who are the promoters of Vishnu Chemicals?

Promoters held 70.06% of the equity at the 10 September 2026 capture, with zero shares pledged. The individual names and the split of the remaining shareholding were not part of the captured data; the NSE filings page linked below carries the current shareholding pattern.

Is Vishnu Chemicals listed on both the NSE and the BSE?

Every figure in this article uses the NSE line, symbol VISHNU. Nothing in the captured data covers a second listing, so if you need the BSE scrip code or want to compare prices across exchanges, check the exchange websites directly rather than relying on this page.

What is the Vishnu Chemicals share price today?

The widget at the top of this page pulls a live quote. The fixed research price used for every ratio and scenario input below it is the ₹718.70 close of 10 September 2026, and those inputs are not recalculated when the quote moves.

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• Fineotex Chemical share price target
• How to value a stock
• P/E ratio formula
• Debt-to-equity ratio

Sources and methodology

• Vishnu Chemicals on Screener.in
• Vishnu Chemicals quote and filings on NSE
• Vishnu Chemicals company website

Market data was captured on 10 September 2026. From Yahoo Finance came the closing price, the 52-week range, market capitalisation, trailing EPS, book value per share, the reported P/E and price-to-book, total debt and cash, the debt-to-equity ratio, trailing revenue and EBITDA, the operating and net profit margins, the year-on-year growth rates, employee count, shares outstanding, promoter holding, the business description, and the annual and quarterly revenue rows. From a Screener.in reading taken on 5 August 2026 came the return ratios (ROE, ROCE and the five-year average ROCE), the operating margin, the five-year sales and profit CAGRs, EV/EBITDA, PEG and the zero pledge figure — along with the earlier market capitalisation, P/E and price-to-book used to show how far the rating moved in five weeks.

Two source discrepancies are worth naming rather than smoothing over. Book value per share reads ₹148.46 on the Yahoo basis and ₹158.80 on the earlier Screener reading; the price-to-book above uses the Yahoo figure consistently. And the PEG, EV/EBITDA and return ratios carry the 5 August date, so they describe the business at a lower share price than the one quoted here. No Screener financial statement tables were captured for this name, which is why the multi-year table has gaps and why there is no quarterly profit analysis: those lines were not in the data, and estimating them would have been fabrication.

Analytical judgment begins after the tables. The reading of the ROCE gap as either cyclical or structural, the weight given to refinancing risk in a chemicals trough, the interpretation of the four-quarter revenue sequence, the treatment of the PEG and the EV/EBITDA as stale readings, and the choice of the three growth rates and exit multiples are all interpretation, not reported fact.

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This article is research and education, not personalised investment advice or a recommendation to transact. Gale is not a SEBI-registered investment adviser. The scenarios are illustrations, not guarantees. Verify current exchange filings, liquidity, corporate actions and suitability, and consult a registered adviser before acting.