Vishnu Chemicals (VCL) reported Q4 EBITDA at Rs640mn (flat YoY/QoQ), in line with our estimates. The Barium segment performed exceptionally well, with EBITDA doubling YoY to Rs345mn (+41% QoQ), led by a) price hikes in barium carbonate and precipitated barium sulphate (PBS) and b) benefits of backward integration from the Ramdas Minerals acquisition (baryte beneficiation plant).