Key Metrics of Visaka Industries Ltd.
About Visaka Industries Ltd.
Sectors
Company details
- Registered office
- 1-8-303/69/3, Visaka Tower, S.p.road , Begumpet Policelines, Secunderabad, Hyderabad, In-ts, 500003
- Listed
- NSE: VISAKAIND · ₹79.51
Operational Areas of Visaka Industries Ltd.
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Sep 2026 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹567 Cr | View |
| 12 Sep 2025 | CARE | Reaffirmed | A+ | A1+ | Negative | ₹631 Cr | View |
| 07 Oct 2024 | CARE | Reaffirmed | A+ | A1+ | Negative | ₹677 Cr | View |
| 23 Nov 2023 | CARE | Reaffirmed (from AA-) | A+ | A1+ | Stable | ₹709 Cr | View |
| 18 Oct 2022 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹25.0 Cr | View |
| 22 Jun 2022 | CARE | Other | — | — | — | — | View |
| 08 Mar 2022 | CARE | Other | — | — | — | — | View |
| 14 Sep 2021 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹406 Cr | View |
| 07 Jan 2021 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹433 Cr | View |
| 20 Nov 2019 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹984 Cr | View |
| 22 Nov 2018 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹984 Cr | View |
Credit strengths (CARE, Sep 2026)
+ Experienced promoters with the company’s long track record of operation
VIL’s promoters have been in the asbestos sheets industry for over four decades. The company commenced operations in 1981 with an installed capacity of 36,000 MTPA in the asbestos cement sheets (ACS) segment and has grown to be the second-largest player in the industry in terms of installed capacity. The company has been promoted by Dr G Vivekanand, and currently, the business operations are led by G Vamsi Krishna S/o G Vivekanand. VIL’s business operations benefited from his long-established
+ Widespread marketing distribution network
VIL has a wide distribution network of over 7,000 dealers in urban, suburban, and rural areas, and depots in over 40 cities i n India. The company markets its products, pan-India. Given limited organised players in the segment, key players cater to different regions across the country with limited overlapping. The marketing team directly supplies to dealer/retailers rather than routing through distributors, and the dealer contribution to sales is ~60% with balance 40% comprising institutional sa
+ Diversified revenue stream
VIL has a diversified product portfolio with the company having presence in building products through ACS, non-asbestos boards and panels (V-Next products) and ‘ATUM’, an integrated solar roofing product where solar panels are fused with the company’s roofing V-boards. VIL has presence in textiles business, where it manufactures synthetic yarns, including mélange yarns, high twist yarn, and specialty yarns with different blend styles, which is supplied to major textile players, including Siyaram
+ Improved operational performance
The company reported an improvement in its operating performance in FY26, supported by higher volumes in boards & panels and synthetic yarn segments, stable performance in the cement roofing business, and improved cost efficiencies. Total operati ng income increased by ~8.6% to ₹ 1,678 crore in FY26 from ₹1,545 crore in FY25. PBILDT margin expanded by 180 bps to 8.3% from 6.5% in FY25. Margin improvement was driven by lower input cost in the cement roofing business, better operating
+ Improving financial profile
The company’s financial profile improved in FY26, driven by healthy profitability, improved cash generation, and substantial debt reduction. Total debt reduced from ~₹479 crore as on March 31, 2025 , to ~₹303 crore as on March 31, 2026, resulting in an improvement in the overall gearing ratio to 0.37x as on March 31, 2026, from 0.64x as on March 31, 2025. The company recognised ~₹59.7 crore exceptional profit from the sale of land/assets at Ahmedabad and Kanchipuram in FY26. These proceeds aided
Credit challenges
− Exposure to raw material price volatility
VIL depends on imported chrysotile asbestos fibre (CAF), a key raw material for its cement roofing sheets business, with sourcing concentrated in countries such as Russia, Kazakhstan and Brazil. While supply conditions remained largely stable in FY26, the company continues to be exposed to geopolitical developments, including the ongoing conflict in West Asia, which could indirectly impact global commodity markets, energy prices, freight costs and supply-chain stability. the increase in CAF pric
− Foreign exchange fluctuation risk
VIL remains exposed to foreign exchange fluctuations given its dependence on imported raw materials, which constituted ~45% of total raw material consumption in FY26. The company is particularly reliant on imported CAF, a key raw material for the cement roofing sheets business. Although the company benefits from a partial natural hedge through exports of V-Next products and synthetic yarns and monitors its forex exposure through a dedicated forex committee, import-related forex outflows continue
Could lead to an upgrade
• Continuous diversification of revenue stream and sustainable growth in revenue between 10% and 15%. • Improving profit level and margin with profit before interest, lease rentals, depreciation and taxation (PBILDT) margin above 10% on a sustained basis. • Improving Net debt to PBILDT below 1.5x on a sustained basis.
Could lead to a downgrade
• Increase in debt levels resulting in Net Debt/PBILDT to 3x on a sustained basis. • Changes in regulation considering usage of asbestos fibre, adversely impacting business and consequently
Agency-reported financials (CARE, 08 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹1,545 Cr | ₹1,678 Cr | ₹589 Cr |
| PBILDT* | ₹101 Cr | ₹140 Cr | ₹88.17 Cr |
| Profit after tax (PAT) | ₹-3.01 Cr | ₹85.36 Cr | ₹50.03 Cr |
| Overall gearing (x) | 0.64× | 0.37× | — |
| Interest coverage (x) | 2.26× | 4.30× | 15.12× |
| Revenue growth (YoY) | — | 8.6% | — |
| PAT margin | −0.2% | 5.1% | 8.5% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹351 Cr | — | A+ | Revised | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹6.00 Cr | — | A1+ | Assigned | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹185 Cr | — | A1+ | Reaffirmed | CARE |
| Fixed deposit | Fixed deposits | — | ₹25.0 Cr | — | A+ | Revised | CARE |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹10.0 Cr | CARE A1+ |
| Cash Credit | ₹200 Cr | CARE A+; Stable |
| Credit Exposure Limit | ₹8.04 Cr | CARE A1+ |
| Fixed Deposit | ₹25.0 Cr | CARE A+; Stable |
| Letter of credit | ₹87.0 Cr | CARE A1+ |
| Standby Line of Credit | — | Withdrawn |
| Standby Line of Credit | ₹80.0 Cr | CARE A1+ |
| Term loan | — | Withdrawn |
| Term Loan | ₹151 Cr | CARE A+; Stable |
| Working Capital Demand loan | ₹6.00 Cr | CARE A1+ |
Lenders
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Term Loan | HDFC Bank Ltd. |
| Fund-based - LT | Term Loan | ICICI Bank Ltd. |
| Fund-based - LT | Term Loan | IDBI Bank Ltd. |
| Fund-based - LT | Term Loan | Pradeshiya Industrial & Investment Corporation of Uttar Pradesh Ltd. |
| Fund-based - ST | Working Capital Demand loan | ICICI Bank Ltd. |
| Non-fund-based - ST | Bank Guarantee | State Bank of India |
| Non-fund-based - ST | Credit Exposure Limit | ICICI Bank Ltd. |
| Non-fund-based - ST | Credit Exposure Limit | State Bank of India |
| Non-fund-based - ST | Letter of credit | ICICI Bank Ltd. |
| Non-fund-based - ST | Letter of credit | State Bank of India |
| Non-fund-based - ST | Standby Line of Credit | HDFC Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Instrument ratings
| Instrument | Type | Rated | Per criteria | Basis |
|---|---|---|---|---|
| Fixed deposit | Fixed deposits | A+ CARE | A+ | Tier II + 1 |
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 70% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 65% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 15.12×
What happened, step by step
- Nov 2023 — Term debt tied up
- Oct 2024 — Project / plant of ₹130 cr
“Successful addition of capacity in non-asbestos segment, Board and Panel division Over the last few years, VIL has strategically diversified its product portfolio to lower its dependence on the ACS business.The company has expanded the capacity of V-Boards by additional 72,000 metric tonnes (MT) at Midnapur plant, West...”
Rated limits by facility
Timeline
From the report
In FY26, the company generated cash accruals of ~₹150 crore against repayment obligations of ~₹45 crore.
From the report
In FY26, the company generated cash accruals of ~₹150 crore against repayment obligations of ~₹45 crore.
From the report
The company also had cash and liquid investments of ~₹27 crore as on March 31, 2026.
From the report
The company is expected to generate cash accruals of over ₹155 -190 crore in FY27 against repayment obligations of ~₹53 crore.
From the report
In FY25, the company generated cash accruals of ~₹62 crore against repayment obligations of ~₹60 crore.
From the report
In FY25, the company generated cash accruals of ~₹62 crore against repayment obligations of ~₹60 crore.
From the report
The company also had cash and liquid investments of ~₹19 crore as on March 31, 2025.
From the report
The company is expected to generate cash accruals in the range ₹90-₹100 crore in FY26 against repayment obligations of ~₹56 crore.
From the report
The company is expected to generate cash accruals in the range ₹90-₹100 crore in FY26 against repayment obligations of ~₹56 crore.
From the report
Successful addition of capacity in non-asbestos segment, Board and Panel division Over the last few years, VIL has strategically diversified its product portfolio to lower its dependence on the ACS business.The company has expanded the capacity of V-Boards by additional 72,000 metric tonnes (MT) at Midnapur plant, West Bengal, in FY24 at an aggregate cost of about ₹130 crore.The facility has become operational from October 2023.
From the report
Liquidity: Adequate The company’s liquidity remains adequate marked by adequate cash accruals against debt repayment obligations.In FY24, the company generated cash accruals of about ₹60 crore against the repayment obligations of ~₹42 crore.
From the report
Liquidity: Adequate The company’s liquidity remains adequate marked by adequate cash accruals against debt repayment obligations.In FY24, the company generated cash accruals of about ₹60 crore against the repayment obligations of ~₹42 crore.
From the report
The company also had cash and liquid investments of about ₹38 crore as on March 31, 2024.
From the report
The company is expected to generate cash accruals in the range ₹80-₹90 crore in FY25 against the repayment obligations of ~₹60 crore.
From the report
The company is expected to generate cash accruals in the range ₹80-₹90 crore in FY25 against the repayment obligations of ~₹60 crore.
From the report
The company has expanded the capacity of V-Boards by additional 72,000 MT at Midnapur plant, West Bengal, during FY24 at an aggregate cost of about ₹120.0 crore and the facility shall be operational from November 2023.
From the report
In addition, this company is planning to expand its synthetic yarn unit at Nagpur for which the project cost of ₹60.00 crore is estimated.
From the report
Key weaknesses Deterioration in debt protection metrics The company availed a term debt for expansionat Udumalpet plant, Tamil Nadu and Raebareli plant, Uttar Pradesh and utilisation of working capital limits during FY23 has been on higher side on account of advance payment of invoice value to suppliers for import of CAF which resulted in increase of total debt which resulted in weakening of overall gearing to 0.50x as on March 31, 2023 (as against 0.23x as on March 31, 2022).
From the report
CARE Ratings expects the capital structure to improve in projected years with the repayment of debt obligation and improvement in accruals on change in revenue mix, and the overall gearing is expected to be around 0.5x with TDGCA in the range of 3x – 5x.
From the report
The company is expected to generate adequate cash accruals of ₹122.23 crore (PY: ₹104 crore) during FY24 vis-à-vis the repayment obligations of ₹52.33 crore (PY: ₹36.39 crore) (including incremental interest cost).
From the report
The company is expected to generate adequate cash accruals of ₹122.23 crore (PY: ₹104 crore) during FY24 vis-à-vis the repayment obligations of ₹52.33 crore (PY: ₹36.39 crore) (including incremental interest cost).
From the report
The company has a cash and bank balances of ₹30.57 crore as on March 31, 2023.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Visaka Industries Ltd.
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Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.