Vishnu Chemicals Ltd. share price target

Vishnu Chemicals (VCL) completed the acquisition of the chrome ore mine for ~USD10mn on a debt-free, cash-free, and liability-free basis on 21-Nov-25. VCL’s wholly owned subsidiary would own 74% of the mining entity and 100% of the chrome beneficiation plant, along with mining and infrastructure assets.

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).

We initiate coverage on Vishnu Chemicals (VCL) with BUY and Dec-25E TP of Rs600 (20x Dec-26E EPS). We expect VCL to double its EBITDA over FY24-27E, led by strong volume growth in the Barium segment.

Making Headway

Vishnu Chemicals Limited is in the business of manufacturing, marketing and export of chromium chemicals and other specialty chemicals. The company's principal product/services include Basic Chromium Sulphate, Sodium Dichromate and Barium Carbonate. Its geographical segments include Domestic and International markets. Its manufacturing plants are located in Telangana, Andhra Pradesh and Chhattisgarh.