NSE: HSCL · BSE: 500184
HIMADRI SPECIALITY CHEM L
Makes carbon materials and specialty chemicals from coal tar, including coal tar pitch, specialty carbon black, battery materials (anode, LFP cathode), carbon nanotubes, anthraquinone and carbazole. The carbon materials and chemicals segment drove 92.2% of FY26 segment revenue at 4,366.94 crore. Specialty carbon black capacity stands at 250,000 MT including 130,000 MT of specialty grades across 70+ grades, and the coal tar pitch complex is a 600,000 MT single-location facility holding over 65% domestic market share. Battery materials build-out includes a 200 MTPA anode facility commissioned in April 2026, a 2,000 MTPA LFP cathode plant slated for Q3FY27, a 200 MTPA carbon nanotube unit for Q4FY27, and 6,000 MTPA of super speciality carbon black by FY28. Birla Tyres, a turnaround subsidiary selling tyres through 49 distributors and 1,000+ dealers, posted 127 crore in Q1FY27 sales with a 3,000 crore revenue target over 4-5 years. Materials made up 57.3% of FY26 revenue, employees 4.2%, other operating costs 13.0%, and capex ran at 9.6% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Carbon materials and chemicals (92%), Others (6%), Power (2%). Integrated coal-tar-based chemicals platform extending into specialty carbon black, battery materials and tyres
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,791 | 4,172 | 4,185 | 4,613 | 4,661 |
| EBITDA (ex other income) | 131 | 369 | 645 | 854 | 962 |
| margin % | 4.7 | 8.8 | 15.4 | 18.5 | 20.6 |
| Owners' profit | 41 | 216 | 411 | 556 | 751 |
| EPS, as reported (₹) | 0.98 | 5.13 | 9.16 | 11.26 | 15.08 |
| ROE % · ROCE % | 2.1 · 4.4 | 9.5 · 14.2 | 13.5 · 19.6 | 14.7 · 21.0 | 15.9 · 21.0 |
| Debt / equity (x) | 0.31 | 0.37 | 0.20 | 0.08 | 0.16 |
| Cash from operations | 331 | 54 | 405 | 447 | 382 |
| Capex | (23) | (83) | (52) | (171) | (450) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,137 | 1,141 | 1,135 | 1,118 | 1,071 | 1,184 | 1,288 | 1,432 |
| Profit before tax | 197 | 206 | 224 | 241 | 237 | 255 | 268 | 301 |
| Net profit | 136 | 141 | 155 | 179 | 176 | 192 | 208 | 228 |
| EPS (₹) | 2.74 | 2.88 | 3.15 | 3.68 | 3.58 | 3.84 | 3.98 | 4.55 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Carbon materials and chemicals | 2,303 | 48.6 |
| (b) Power | 47 | 1.0 |
| (c) Others | 158 | 3.3 |
| Carbon materials and chemicals | 1,067 | 22.5 |
| Power | 23 | 0.5 |
| (A) Carbon materials and chemicals | 1,113 | 23.5 |
| (B) Power | 26 | 0.5 |
| Total, before eliminations | 4,737 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HIMADRI SPECIALITY CHEM L ◆ | 26,728 | 33.2 | 5.61 | 24.1 | 15.9 | 19.7 | 22.6 | 24.0 |
| PCBL CHEMICAL LIMITED | 11,410 | 43.7 | 2.84 | 15.2 | 4.9 | 3.4 | 25.2 | 16.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.2 | 21.2 | 137 of 197 | 31% |
| P/B | 5.6 | 2.1 | 168 of 202 | 17% |
| ROCE | 19.7 | 8.1 | 30 of 220 | 87% |
| ROE | 15.9 | 7.3 | 32 of 202 | 85% |
| Debt / Equity | 0.2 | 0.2 | 98 of 202 | 52% |
| EBITDA margin | 24.0 | 14.0 | 42 of 201 | 80% |
| Revenue growth | 28.0 | 17.2 | 62 of 194 | 68% |
| Profit growth | 27.4 | 41.9 | 110 of 202 | 45% |
| Market cap | 26728 | 381 | 7 of 225 | 97% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Members approve updated company charter with broader business scope | general | medium | — | — |
| 28 Oct 2026 · Q2 profit up 31%; FY28 target retained; Birla Tyres transfer proposed | investor communications | medium | — | — |
| 28 Oct 2026 · Postal ballot approves updated company constitution | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Postal ballot approves new Memorandum of Association with 99.9983% support | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Q2 FY27 earnings call recording now available | investor communications | low | — | — |
| 17 Oct 2026 · Newspaper publication of Q2 and H1 FY27 financial results | compliance | minimal | — | — |
| 17 Oct 2026 · Himadri files investor presentation for Q2 FY27 with roadmap to FY28 | investor communications | medium | — | — |
| 17 Oct 2026 · Himadri Speciality Chemical Q2 FY27: Revenue up 58%, EBITDA up 27%, PAT up 31% | compliance | low | — | — |
| 16 Oct 2026 · Earnings call set for Q2 and H1 FY27 results on 22 October | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Himadri Speciality Chemical Q2 FY27 Monitoring Agency Report - No Deviations | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.