Vishnu Chemicals – Is Growth sustainable?

Vishnu Chemicals: Only producer of Barium Sulfate (Import substitute). Doubling topline by FY26.

1. Until 2019 we were only 2 prduct company. VAP gave higher growth and margins.

2. Soda ash consumption has come down significantly in total cost.

3. Started commercial production for Barium sulfate (doubled capacity) which goes into paints, batteries. Utilization would be 50% this year and FY25 70% and FY26 80-90%. Gross margins would be above 50%.

4. Chromium 10% volume growth. Barium growth will be much higher.

5. Looking to double the revenue by FY26.

6. No other producer of Barium in India. It imports from Europe and China.

7. China is a net importer of Chromium. China is not a threat for Chromium business. There are few peers in Turkey.

https://twitter.com/Alazyinvestor13/status/1679488914913128448?s=20