Revenue and Profit Growth
Over the seven-year period ending March 2025, Vishnu Chemicals’ net sales have shown a robust increase, rising from ₹769.38 crores in 2019 to ₹1,446.56 crores in 2025. This represents a near doubling of sales, underscoring the company’s expanding market presence and operational scale. The growth trajectory was particularly notable between 2021 and 2025, where sales surged from ₹678.68 crores to ₹1,446.56 crores, reflecting strong demand and effective business strategies.
Profitability has followed a similar positive trend. The company’s operating profit (PBDIT) excluding other income increased from ₹99.16 crores in 2019 to ₹228.37 crores in 2025. Including other income, operating profit rose to ₹243.68 crores in 2025. Profit after tax (PAT) also improved significantly, climbing from ₹24.36 crores in 2019 to ₹126.64 crores in 2025. This growth in net profit highlights improved operational efficiency and cost management.
Operating profit margins have remained healthy, fluctuating between 11.53% and 16.67% over the years, with a margin of 15.84% in 2025. PAT margins have also strengthened, reaching 8.79% in 2025 compared to just over 3% in 2019 and 2020, indicating enhanced bottom-line performance.
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Cost Structure and Expense Management
Raw material costs have naturally increased in line with sales, rising from ₹358.27 crores in 2019 to ₹680.97 crores in 2025. However, the company has managed to control other expenses effectively. Employee costs have grown moderately from ₹33.27 crores to ₹64.86 crores, reflecting measured workforce expansion. Power costs and manufacturing expenses have also increased but remain proportionate to the scale of operations.
Notably, selling and distribution expenses have seen a marked rise, from ₹0 in 2019 to ₹273.58 crores in 2025, indicating increased investment in market reach and brand presence. Despite these rising costs, the company’s total expenditure excluding depreciation has been well managed, growing in line with revenue to ₹1,218.19 crores in 2025.
Balance Sheet Strength and Asset Growth
Vishnu Chemicals’ balance sheet reflects significant strengthening over the years. Shareholder’s funds have expanded from ₹196.14 crores in 2021 to ₹926.77 crores in 2025, supported by rising reserves which reached ₹913.30 crores in 2025. This increase in equity base has been accompanied by a controlled rise in total liabilities, which stood at ₹1,633.87 crores in 2025.
Fixed assets have grown steadily, with net block increasing from ₹338.40 crores in 2020 to ₹701.69 crores in 2025, signalling ongoing capital investment. Current assets have also expanded, reaching ₹837.74 crores in 2025, with inventories and sundry debtors rising in tandem with business growth. The company’s net current assets improved substantially to ₹345.71 crores in 2025, indicating healthy liquidity.
Cash Flow and Debt Position
Cash flow from operating activities has shown a positive trend, increasing from ₹49 crores in 2020 to ₹90 crores in 2025. Despite significant investing outflows related to capital expenditure, the company has maintained a balanced cash flow profile. Financing activities have varied, with a net inflow of ₹9 crores in 2025 after fluctuations in prior years.
Total debt has been managed prudently, with a slight increase to ₹342.28 crores in 2025 from ₹317.93 crores in 2020. The company’s interest expenses have remained stable relative to debt levels, supporting sustainable financial costs.
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Shareholder Returns and Valuation Metrics
Earnings per share (EPS) have shown considerable improvement, rising from ₹18.60 in 2020 to ₹18.82 in 2025, with some fluctuations in intermediate years due to changes in face value and capital structure. The book value per share has also increased significantly, reflecting the company’s growing net worth and retained earnings.
Overall, Vishnu Chemicals has exhibited a strong historical performance characterised by consistent revenue growth, improving profitability, and a solid balance sheet. The company’s ability to manage costs, invest in assets, and maintain healthy cash flows positions it well for continued expansion in the competitive chemicals sector.
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