Visaka Industries Ltd.

•

visaka.coBSE: 509055NSE: VISAKAIND

Market Cap₹ 773 Cr.

Current Price

High / Low₹ 104 / 50

Stock P/E9.0

Book Value₹ 102

Price to Book0.53

Dividend Yield1.34 %

ROCE12.1 %

ROE11.1 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Building Products: 84.4% • Synthetic Yarn: 15.6%

AI Sector View

AI GENERATED

Construction Materials

Buy

Construction materials remain supported by healthy building activity. Core industries cement growth accelerated to 13.1% YoY (2026-07), while finished steel consumption was 8.0% YoY (2026-06); steel output itself was softer at 2.9% YoY (2026-07). FPI positioning is still mildly negative at INR -497 crore over 3 months to 2026-08-31, but the fundamental demand backdrop remains constructive.

Confidence

69%

View full sector analysis →

PROS

Promoters have been increasing their shareholding - up 5.0pp over 2 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.39x)
Stock looks reasonably valued - P/E of 9.0 is below its historical median
Company generates healthy free cash flow
Company has a consistent dividend-paying track record
Attractively priced for its growth - PEG of 0.5

CONS

Recent results are weak - TTM profit is down 36.8% versus prior year
Company has a low return on equity of 3.8% over last 3 years
Company has a low return on capital employed of 6.4%
Company has delivered a poor profit growth of -4.5% over past five years
Company has delivered a poor sales growth of 7.9% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Construction MaterialsConstruction MaterialsCement & Construction Materials

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ULTRACEMCO	11399.00	39.34	335904.79	2.11	2603.72	17.24	24648.20	15.85	13.25	20.35
2.	AMBUJACEM	402.80	22.87	100088.44	0.50	660.00	-31.93	9500.00	-7.67	6.24	16.78
3.	SHREECEM	23449.00	51.90	84605.75	0.64	531.12	-17.48	6233.13	18.03	10.61	20.41
4.	JKCEMENT	5079.30	41.51	39246.86	0.39	274.62	-15.31	4031.72	20.26	14.89	16.07
5.	DALBHARAT	1808.80	36.36	33926.93	0.50	192.00	-51.39	3890.00	6.99	8.15	20.69
6.	ACC	1272.25	12.52	23891.23	0.59	147.00	-60.84	5808.00	-4.59	11.60	7.90
7.	RAMCOCEM	874.85	32.06	20672.04	0.29	31.24	-63.06	2273.05	9.60	10.75	13.49
8.	JSWCEMENT	124.50	22.32	16973.89	0.40	153.43	111.23	1896.41	21.58	-4.21	16.41
9.	NUVOCO	322.60	29.85	11521.86	0.00	159.63	19.88	3128.71	8.91	7.11	18.16
10.	INDIACEM	359.75	120.54	11148.55	0.00	26.85	120.20	1019.42	-0.52	0.30	15.28
11.	STARCEMENT	185.60	20.29	7501.59	0.54	73.91	-24.71	942.89	3.39	8.42	20.63
12.	VISAKAIND	89.52	9.00	773.50	1.34	52.68	1.03	590.07	16.72	11.91	15.48

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	447	340	343	391	456	307	351	426	505	324	367	479	589
	410	326	329	367	417	304	339	380	454	312	341	428	523
Operating Profit	36	13	14	25	39	4	12	46	125	12	26	98	88
OPM %	8.14%	3.88%	4.02%	6.29%	8.65%	1.26%	3.33%	10.79%	24.72%	3.74%	7.16%	20.34%	14.97%
Other Income	2	2	2	4	2	2	2	3	2	1	2	2	2
Interest	8	8	10	9	11	11	11	11	9	8	8	8	6
Depreciation	14	14	14	17	16	16	16	16	16	16	16	17	17
	17	-6	-8	3	14	-21	-14	22	65	-11	4	52	68
Tax %	26.50%	21.90%	21.87%	29.84%	26.44%	24.52%	23.63%	26.59%	19.43%	22.95%	27.70%	21.48%	26.11%
Net Profit	12	-5	-7	2	10	-16	-10	16	52	-8	3	41	50
	1	-1	-1	0	1	-2	-1	2	6	-1	0	5	1
Equity Capital	17	17	17	17	17	17	17	17	17	17	17	17	17
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	961	1,012	1,136	1,050	1,146	1,416	1,647	1,521	1,541	1,676	1,759
	843	862	996	942	953	1,217	1,510	1,433	1,442	1,534	1,604
Operating Profit	123	155	156	115	202	210	150	99	109	148	—
OPM %	13	15	14	11	18	15	9	6	7	9	—
Other Income	6	5	15	7	9	11	14	11	10	7	7
Interest	20	18	20	17	13	12	22	36	44	33	30
Depreciation	34	35	35	41	40	38	50	58	63	65	66
	69	102	100	57	149	161	74	4	1	110	113
Tax %	38	35	33	14	26	26	26	44	89	20	24
Net Profit	43	67	67	49	111	119	55	3	0	88	85
EPS	0	0	0	0	68	14	6	0	0	10	—
Dividend Payout %	22	17	16	48	22	22	32	170	3,012	12	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	5	8	8	6	13	14	6	0	0	10	—

COMPOUNDED SALES GROWTH

10 Years:: 5%
5 Years:: 8%
3 Years:: 1%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: -5%
3 Years:: 17%

STOCK PRICE CAGR

10 Years:: 9%
5 Years:: -9%
3 Years:: -1%
1 Year:: 5%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 7%
3 Years:: 4%
Last Year:: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	16	16	16	16	16	17	17	17	17	17
	377	430	484	489	606	715	756	738	733	818
	106	119	148	156	20	82	182	267	255	122
Trade Payables	56	98	79	85	93	86	93	89	84	88
	206	221	236	211	251	251	346	382	340	314
Total Liabilities	760	885	963	958	987	1,151	1,393	1,493	1,430	1,361
ASSETS	-	-	-	-	-	-	-	-	-	-
	327	322	419	406	396	461	615	738	711	677
Capital Work in Progress	12	69	1	9	5	49	36	28	10	5
	0	0	0	0	0	2	12	14	14	14
	196	242	272	304	249	293	381	425	365	352
	0	0	0	0	0	0	0	139	186	161
Cash & Bank	38	23	20	19	117	27	31	39	20	28
	187	229	250	220	219	319	318	110	124	124
Total Assets	760	885	963	958	987	1,151	1,393	1,493	1,430	1,361
Total Debt	213	241	246	263	115	167	387	534	478	302
Net Working Capital	133	129	164	175	271	234	214	170	169	237
Contingent Liabilities	30	4	7	6	63	61	61	3	6	7
Book Value per Share	247.17	280.60	314.50	317.97	377.44	423.74	447.23	87.45	86.88	96.70
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	2.00	2.00	2.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	153	88	71	74	294	55	30	5	119	183
Cash from Investing	-62	-105	-49	-34	-54	-173	-214	-91	-39	36
Cash from Financing	-128	1	-26	-40	-146	30	188	93	-100	-210
	-37	-16	-3	-0	95	-87	4	7	-19	9
Free Cash Flow	153	4	4	38	269	-90	-161	-167	102	158
OCF / Net Profit	3.57	1.32	1.05	1.50	2.66	0.47	0.55	1.94	828.28	2.08
Cumulative 5-Year FCF	0	0	0	0	468	226	61	-110	-46	-157

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	26.94	41.91	42.45	31.04	67.13	68.59	31.71	0.29	0.02	10.17
Book Value (₹)	247.17	280.60	314.50	317.97	377.44	423.74	447.23	87.45	86.88	96.70
Dividend per Share (₹)	6.00	7.00	7.00	15.00	15.00	15.00	10.00	0.50	0.50	1.20
Cash EPS (₹)	9.68	12.77	12.94	11.37	18.28	18.07	12.15	7.00	7.36	17.68
PROFITABILITY
Operating Margin %	11.64%	14.83%	13.70%	11.00%	17.63%	14.83%	9.12%	5.78%	6.44%	8.44%
Net Margin %	4.05%	6.38%	5.93%	4.69%	9.65%	8.37%	3.33%	0.17%	0.01%	5.24%
ROE %	11.57%	15.88%	14.26%	9.82%	19.63%	17.50%	7.28%	0.33%	0.02%	11.07%
ROCE %	13.95%	18.55%	16.79%	9.85%	21.46%	20.99%	9.40%	3.33%	3.62%	12.10%
	5.42%	8.09%	7.30%	5.13%	11.38%	11.09%	4.31%	0.18%	0.01%	6.30%
EFFICIENCY
Debtor Days	51	53	49	51	39	31	30	33	38	38
Inventory Days	74	77	83	100	88	70	75	97	94	78
Payable Days	44	58	59	58	62	49	37	40	37	36
	82	71	73	93	65	52	68	89	95	80
FINANCIAL HEALTH
Debt to Equity (x)	0.54x	0.54x	0.49x	0.52x	0.19x	0.23x	0.50x	0.71x	0.64x	0.36x
Interest Coverage (x)	4.53x	6.57x	6.03x	4.28x	12.65x	14.91x	4.33x	1.12x	1.03x	4.34x
	1.49x	1.39x	1.45x	1.50x	2.00x	1.66x	1.48x	1.33x	1.34x	1.60x
GROWTH
Revenue Growth %	-4.41%	5.39%	12.26%	-7.57%	9.12%	23.52%	16.30%	-7.66%	1.33%	8.75%
Operating Profit Growth %	25.45%	25.91%	0.59%	-25.80%	74.96%	3.90%	-28.47%	-34.22%	10.38%	36.17%
Net Profit Growth %	75.09%	55.56%	1.28%	-26.87%	124.45%	7.12%	-53.77%	-95.37%	-94.33%	0.00%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-99.07%	-94.34%	0.00%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	362.88x	3440.36x	5.06x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.22x	0.66x	0.53x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%	0.88%	2.33%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	14.32x	8.73x	4.84x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	48.42	48.42	48.42	48.42	48.42	53.24	53.24	53.24	53.40
	0.30	0.38	0.34	0.45	0.14	0.18	0.13	0.10	0.03
	0.01	0.02	0.06	0.06	0.09	0.02	0.02	0.02	0.02
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	51.26	51.17	51.16	51.06	51.35	46.55	46.48	46.49	46.41

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Updates

2026-09-01 - Visaka Industries Limited has informed the Exchange regarding 'Appointment of Investor Relations Advisory Agency'.

2026-08-26

Copy of Newspaper Publication

2026-08-26 - Visaka Industries Limited has informed the Exchange about Copy of Newspaper Publication- regarding special window for transfer and dematerialization of physical shares.

2026-08-07

Copy of Newspaper Publication

2026-08-07 - Visaka Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-06

Adoption of new line(s) of business

2026-08-06 - The Board of Directors of the Company in its meeting held on August 06, 2026 approved setting up of manufacturing of Construction Chemicals line at Company's AC unit at Tumkur, Karnataka.

2026-08-06

Capacity addition

2026-08-06 - The Board of Directors of the Company held on August 06, 2026 approved capacity expansion of fibre cement boards and calcium silicate boards by 72,000 MT PA by setting up of new plant at Tonk, state of Rajasthan at an estimated capex of Rs. 175 Crore.

2026-08-06

Dividend

2026-08-06 - Visaka Industries Limited has informed the Exchange that Board of Directors at its meeting held on August 06, 2026, declared Interim Dividend of Re. 1 per equity share.

2026-08-06

Record Date

2026-08-06 - Visaka Industries Limited has informed the Exchange that Record date for the purpose of Dividend is 13-Aug-2026.

2026-08-06

Outcome of Board Meeting

2026-08-06 - Visaka Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-31

Resignation of Director/KMP/SMP

2026-07-31 - Visaka Industries Limited has informed the Exchange about Resignation of Director/KMP/SMP

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