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Himadri Speciality Chemical Q2 FY27 results: net profit up 31.3% to ₹231.32 crore, revenue up 57.9%
Himadri Speciality Chemical Ltd reported consolidated revenue of ₹1,691 crore and net profit of ₹231.32 crore for Q2 FY27. Revenue rose 57.9% from Q2 FY26, while EBITDA increased 35.3% to ₹314.96 crore and the EBITDA margin fell 3.1 percentage points to 18.6%.
Key points
- Q2 FY27 consolidated revenue was ₹1,691 crore, up 57.9% from ₹1,071 crore in Q2 FY26.
- EBITDA was ₹314.96 crore, up 35.3% from ₹232.78 crore, while the margin declined to 18.6% from 21.7%.
- Net profit was ₹231.32 crore, up 31.3% from ₹176.14 crore, and basic EPS was ₹4.6 versus ₹3.58.
- Against Q1 FY27, revenue rose 18.1% to ₹1,691 crore, while net profit increased 1.3% to ₹231.32 crore.
- H1 FY27 revenue was ₹3,123.31 crore and net profit was ₹459.75 crore, up 42.7% and 29.3% from H1 FY26.
How did Himadri Speciality Chemical perform in Q2 FY27?
Himadri Speciality Chemical reported consolidated revenue of ₹1,691 crore for Q2 FY27, up ₹620.40 crore or 57.9% from ₹1,071 crore in Q2 FY26. EBITDA rose ₹82.18 crore or 35.3% to ₹314.96 crore, but the margin fell 3.1 percentage points to 18.6%.
Profit before tax increased ₹70.80 crore or 29.9% to ₹307.34 crore. After tax of ₹76.02 crore, the company reported a net profit of ₹231.32 crore, up ₹55.18 crore or 31.3%, while basic EPS rose ₹1.02 to ₹4.6 from ₹3.58.
Sequentially, revenue rose ₹259.55 crore or 18.1% from ₹1,432 crore in Q1 FY27 and EBITDA increased ₹27.05 crore or 9.4%. Net profit rose ₹2.89 crore or 1.3% to ₹231.32 crore and basic EPS increased ₹0.05 to ₹4.6, while the EBITDA margin fell 1.5 percentage points to 18.6%. On a standalone basis, revenue was ₹1,542.67 crore and PAT was ₹239.77 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,691 | 1,432 | 1,071 | +57.9% | +18.1% |
| Other income | 41.79 | 56.31 | 35.93 | +16.3% | −25.8% |
| Total expenses | 1,426 | 1,188 | 870.42 | +63.8% | +20.1% |
| EBITDA | 314.96 | 287.91 | 232.78 | +35.3% | +9.4% |
| EBITDA margin | 18.6% | 20.1% | 21.7% | −3.1 pp | −1.5 pp |
| Profit before tax | 307.34 | 300.51 | 236.54 | +29.9% | +2.3% |
| Tax | 76.02 | 72.08 | 60.40 | +25.9% | +5.5% |
| Net profit | 231.32 | 228.43 | 176.14 | +31.3% | +1.3% |
| EPS (₹) | 4.60 | 4.55 | 3.58 | +28.5% | +1.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Himadri Speciality Chemical's costs and profit?
Total expenses rose ₹555.46 crore or 63.8% from ₹870.42 crore in Q2 FY26 to ₹1,426 crore. Cost of materials increased ₹433.16 crore or 60.9% to ₹1,144 crore, employee cost rose ₹9.30 crore or 18.1% to ₹60.68 crore, and finance costs rose ₹12.94 crore or 87.6% to ₹27.72 crore.
Depreciation increased ₹4.30 crore or 24.7% to ₹21.69 crore, while other expenses rose ₹19.86 crore or 15.9% to ₹144.78 crore. Other income rose ₹5.86 crore or 16.3% to ₹41.79 crore, and there was no exceptional item in either quarter.
Tax expense was ₹76.02 crore, up ₹15.62 crore or 25.9% from ₹60.40 crore. The filing does not state a reason for the year-on-year increases in the cost lines, the decline in the EBITDA margin or the changes in other income and tax.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,144 | 710.76 | +433.16 | +60.9% |
| Employee cost | 60.68 | 51.38 | +9.30 | +18.1% |
| Finance costs | 27.72 | 14.78 | +12.94 | +87.6% |
| Depreciation | 21.69 | 17.39 | +4.30 | +24.7% |
| Other expenses | 144.78 | 124.92 | +19.86 | +15.9% |
| Total expenses | 1,426 | 870.42 | +555.46 | +63.8% |
| Other income | 41.79 | 35.93 | +5.86 | +16.3% |
| Tax | 76.02 | 60.40 | +15.62 | +25.9% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹3,123.31 crore, up ₹933.99 crore or 42.7% from ₹2,189.32 crore in H1 FY26. Total income increased ₹969.48 crore or 43.1% to ₹3,221.41 crore.
Profit before tax rose ₹130.09 crore or 27.2% to ₹607.85 crore. PAT increased ₹104.25 crore or 29.3% to ₹459.75 crore, while basic EPS was ₹9.15, up ₹1.89 or 26.0% from ₹7.26 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,123 | 2,189 | +42.7% |
| Profit before tax | 607.85 | 477.76 | +27.2% |
| Net profit | 459.75 | 355.50 | +29.3% |
| EPS (₹) | 9.15 | 7.26 | +26.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹6,976.82 crore, compared with ₹6,306.39 crore at 31 March 2026. Total equity rose to ₹5,188.39 crore from ₹4,762.08 crore, while borrowings increased to ₹1,155.84 crore from ₹766.56 crore.
Cash declined to ₹95.93 crore from ₹164.76 crore. Inventories rose to ₹805.68 crore from ₹762.96 crore and trade receivables increased to ₹1,026.18 crore from ₹696.42 crore, while trade payables fell to ₹160.47 crore from ₹375.42 crore.
H1 FY27 operating cash flow was negative ₹154.35 crore, against negative ₹94.86 crore in H1 FY26. Investing cash flow was negative ₹214.98 crore versus negative ₹463.93 crore, financing cash flow was positive ₹300.5 crore versus positive ₹471.65 crore, and capital expenditure was ₹173.04 crore against ₹180.65 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 6,977 | 6,306 |
| Total equity | 5,188 | 4,762 |
| Borrowings | 1,156 | 766.56 |
| Cash and equivalents | 95.93 | 164.76 |
| Inventories | 805.68 | 762.96 |
| Trade receivables | 1,026 | 696.42 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −154.35 | −94.86 |
| Cash from investing | −214.98 | −463.93 |
| Cash from financing | 300.50 | 471.65 |
| Capital expenditure | 173.04 | 180.65 |
Source: Company's results filing (XBRL).
How has Himadri Speciality Chemical done over the last 8 quarters?
Revenue rose year on year in each of the last four quarters, while profit rose year on year in each of the last eight quarters. Revenue moved from a low of ₹1,071.03 crore in Q2 FY26 to ₹1,691.43 crore in Q2 FY27, the highest level in the reported series.
PAT increased from a low of ₹141.15 crore in Q3 FY25 to ₹231.32 crore in Q2 FY27, the highest level in the series. The EBITDA margin peaked at 21.9% in Q1 FY26 and fell to 18.6% in Q2 FY27 after 18.8% in Q4 FY26.
Which businesses drove the quarter?
Carbon materials and chemicals generated revenue of ₹1,539.02 crore in Q2 FY27, up 44.2% from ₹1,067.21 crore in Q2 FY26. Segment EBIT rose to ₹251.64 crore from ₹201.31 crore, with an EBIT margin of 16.4%.
Power revenue increased 45.5% to ₹33.32 crore from ₹22.9 crore, while EBIT rose to ₹29.84 crore from ₹19.15 crore. The segment reported an EBIT margin of 89.6%. Others recorded revenue of ₹144.14 crore and EBIT of ₹0.05 crore; comparable year-ago figures were not provided.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Carbon materials and chemicals | 1,539 | +44.2% | 251.64 | 16.4% |
| Power | 33.32 | +45.5% | 29.84 | 89.6% |
| Others | 144.14 | 0.05 | 0.0% |
Source: Company's results filing (XBRL segment data).
What did Himadri Speciality Chemical's management say?
Management maintained its guidance of INR 1,100 crores plus PAT by FY28. Chairman, Managing Director and CEO Anurag Choudhary said, “We remain confident in achieving our previously guided target of INR 1,100 crores plus PAT by FY28.”
Management set FY27 capex at INR 800–900 crores and planned total expansion capex of INR 1,500 crores over two years, funded from internal accruals. It expects EBITDA per tonne above INR 20,000, with roughly INR 20,000–24,000 as a normal operating range, and carbon black utilisation of approximately 88–95% in the next quarter.
The company targets commissioning of 2,000 TPA LFP capacity in Q3 FY27, 200 TPA CNT and 5,300 TPA anthraquinone/carbazole capacity in Q4 FY27, and 6,000 TPA super-speciality carbon black in Q4 FY28. LFP utilisation is targeted above 50% in year one and above 90% in year two.
Management identified sequential per-tonne EBITDA volatility from lagged raw-material pass-through, export mix and elevated freight as a risk. It also noted that LFP commercialisation requires customer qualification lasting 12–18 months and that environmental clearance for mining was received in October 2026.
The proposed Birla Tyres demerger remains subject to statutory, regulatory, creditor and shareholder approvals. Choudhary said, “There was no point committing capex ahead of the curve,” while also saying per-tonne EBITDA was the relevant operating metric. No analyst concerns were recorded in the supplied call material.
How did Himadri Speciality Chemical shares react?
The filing appeared after market hours. HSCL fell 3.6% within 5 minutes, 4.7% within 15 minutes and 4.8% within 30 minutes. From the pre-results close, the stock fell 9.2% on the reaction day; by the next day's close it was down 18.3%, and the five-session move was also down 18.3%.
The Chemicals & Petrochemicals industry median fell 1.7% on the reaction day, 4.6% by the next close and 6.9% over five sessions. HSCL therefore underperformed the industry by 7.5 percentage points on the reaction day, 13.6 percentage points by the next close and 11.4 percentage points over five sessions.
Earlier reaction-day moves were mixed: HSCL rose 6.0% on 15 July 2026 and 4.8% on 23 April 2026, fell 2.2% on 16 January 2026, rose 0.9% on 17 October 2025, fell 1.2% on 15 July 2025, rose 1.2% on 13 January 2025, rose 1.5% on 16 October 2024 and rose 2.9% on 16 July 2024.
| After the filing | Stock | Chemicals & Petrochemicals median |
|---|---|---|
| 5 minutes | −3.6% | |
| 15 minutes | −4.7% | |
| 30 minutes | −4.8% | |
| Reaction day | −9.2% | −1.7% |
| Next day | −18.3% | −4.6% |
| 5 days | −18.3% | −6.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 15 July 2026 | +6.0% |
| 23 April 2026 | +4.8% |
| 16 January 2026 | −2.2% |
| 17 October 2025 | +0.9% |
| 15 July 2025 | −1.2% |
| 13 January 2025 | +1.2% |
| 16 October 2024 | +1.5% |
| 16 July 2024 | +2.9% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Himadri Speciality Chemical's revenue in Q2 FY27?
Revenue from operations was ₹1,691 crore, up 57.9% from ₹1,071 crore in Q2 FY26 (consolidated).
Did Himadri Speciality Chemical make a profit in Q2 FY27?
Yes. Net profit was ₹231.32 crore, against a net profit of ₹176.14 crore in Q2 FY26.
What was Himadri Speciality Chemical's EPS in Q2 FY27?
Basic earnings per share were ₹4.60, against ₹3.58 in Q2 FY26.
How did Himadri Speciality Chemical shares react to the Q2 FY27 results?
On the reaction day the stock moved −9.2% from the previous close; the median Chemicals & Petrochemicals stock moved −1.7%.
When did Himadri Speciality Chemical announce its Q2 FY27 results?
On 16 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Notice Of Board Meeting (BSE, 9 October 2026) · PDF
- Outcome of Board Meeting (NSE, 16 October 2026) · PDF
- General Updates (NSE, 16 October 2026) · PDF
- The earnings call (28 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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