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Himadri Speciality Chemical Ltd.
NSE: HSCLBasic MaterialsSpecialty Chemicals
- Last close
- ₹605.85
- Day change
- −₹54.85 (−8.30%)vs
- Market cap
- ₹30,570 crIndian rupees
- Research updated
- 4 reports
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About Himadri Speciality Chemical
Himadri Speciality Chemical Ltd. is a diversified chemical manufacturing company known primarily for its production of carbon materials and chemical derivatives. Headquartered in India, the company's operations encompass a wide array of sectors, ranging from aluminum smelting to lithium-ion batteries, reflecting its integral role in various industrial applications. As a prominent player in the specialty chemicals sector, Himadri Speciality Chemical Ltd. leverages technologic expertise to offer a broad spectrum of products, including carbon black, coal tar pitch, and specialty oils. The company contributes significantly to the automotive, construction, and renewable energy industries, with its high-performance materials essential in the manufacture of tires, aluminum, and advanced energy storage solutions. Himadri's innovation-driven approach and sustainability initiatives have positioned it as a significant contributor to industrial development and environmental stewardship, both domestically and globally. It continues to enhance its capabilities and expand its footprint in the high-growth specialty chemicals market.
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Listing
- NSE: HSCL
- Chief executive
- Mr. Anurag Choudhary
- Employees
- 1,161
- Headquarters
- Kolkata, India
- ISIN
- INE019C01026
- Website
- himadri.com
Public research · Report of
Business model & financial foundation
Himadri (NSE: HSCL), Speciality chemicals and carbon materials: revenue of ₹4,661 crore in FY26 (+1.0% on FY25), an EBITDA margin of 21.6%, net profit of ₹751.3 crore and net cash of ₹93.7 crore.
- Revenue, FY26 (₹ crore)
- 4,661
- consolidated
- Revenue growth, FY26
- +1.0%
- on FY25
- EBITDA margin, FY26
- 21.6%
- EBITDA (Issuer EBITDA excluding FX and other income) / revenue
- Net profit, FY26 (₹ crore)
- 751.3
- to owners
- Return on equity, FY26
- 17.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -93.7
- Statutory net debt / (net cash) including liquidity funds
- Market capitalisation (₹ crore)
- 33,337
- at the close of 20 Oct 2026
Company profile
Himadri manufactures coal-tar derivatives, carbon black and specialty carbon materials, naphthalene, oils and construction chemicals, with captive power and developing battery-material platforms. Consolidated reporting includes foreign operations and controlled technology, logistics/mining and Birla tyre-related entities. Statutory FY26 and Q1FY27 operating segments are Carbon materials and chemicals, Power and Others; a separately quantified tyre segment is not disclosed in those tables.
| Item | Value |
|---|---|
| Legal name | Himadri Speciality Chemical Limited (formerly Himadri Chemicals & Industries Limited) |
| Exchange and ticker | NSE: HSCL; BSE: 500184 |
| ISIN | INE019C01026 |
| CIN | L27106WB1987PLC042756 |
| Sector | Materials |
| Industry | Speciality chemicals and carbon materials |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Singhi & Co (FRN 302049E) (since 2022-27 term) |
| Market capitalisation | ₹33,337 crore (20 Oct 2026) |
| Shares outstanding | 50.45 crore shares (FY26) |
| Price | ₹605.8 (close, 20 Oct 2026) |
| 52-week range | ₹418.5 - ₹819.5 (to 20 Oct 2026) |
| Website | https://www.himadri.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Himadri Agro Tech Specialities Limited | 100% | Former Combe Projects Private Limited; FY25 wholly owned subsidiary, renamed by FY26. |
| Himadri Clean Energy Limited | 100% | Wholly owned clean-energy platform. |
| Himadri Future Material Technology Limited | 100% | Step-down wholly owned through Himadri Clean Energy; new-materials platform. |
| Himadri Green Technologies Innovation Limited | 100% | Step-down wholly owned through Himadri Clean Energy. |
| Invati Creations Private Limited | 40% | Nanotechnology and advanced-material R&D; Ind AS110 controlled subsidiary since17May2024 despite40% paid-up equity. |
| AAT Global Limited | 100% | Hong Kong wholly owned subsidiary; holds Chinese subsidiary. |
| Shandong Dawn Himadri Chemical Industry Limited | 94% | Chinese chemical operations, step-down through AAT Global. |
| Himadri Speciality Inc | 100% | US wholly owned subsidiary since7Feb2025. |
| Birla Tyres Limited | 100% | Controlled from1Apr2025; wholly owned from7Apr2025. Statutory FY26 note5 treats acquisition as asset acquisition, not business combination. |
| Himadri Birla Tyre Manufacturer Private Limited | 49% | Contractual/potential voting rights establish Ind AS110 control from1Apr2025 despite49% holding. |
| Himadri Advance New Energy Material Limited | 100% | Former Elixir Carbo; acquired22Apr2025, new-energy materials. |
| Trancemarine and Confreight Logistics Private Limited | 60% | Logistics/mining platform; acquisition completed4Apr2025. |
| Sturdy Niketan Private Limited | n.d. | Step-down via Trancemarine from4Apr2025; agreement24Sep2026 to sell34% and retain65%, completion unverified at cutoff. |
| Himadri Integrated Minerals and Resources Limited | 100% | Former Himadri Power; acquired11Feb2026, minerals/resources platform. |
FY25 eight-entity schedule S9; FY26 expansion and renamed entities verified S43/S51. Stakes are direct/investee paid-up equity, not multiplied effective economic interests. Sturdy pending disposal not assumed complete. Sicona and IBC minority strategic investments not presumed controlled subsidiaries.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 52.50% | 52.50% | 52.50% | 52.49% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 5.75% | 5.98% | 6.80% | 7.33% |
| Domestic institutions | 3.09% | 3.21% | 3.33% | 2.85% |
| of which mutual funds | 1.07% | 1.14% | 1.26% | 0.73% |
| Retail | 16.48% | 15.76% | 16.16% | |
| Other | 22.18% | 22.56% | 21.22% | 37.34% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Himadri processes coal tar into pitch and high-value chemicals, carbon black into tyre/speciality grades, and waste gases into power; domestic pitch share is approximately65% (company claim, not independently audited). Aluminium smelters and tyres are the main existing demand pools. The 70,000t speciality-black addition takes total black capacity to250,000t including130,000t specialty. Birla Tyres was consolidated from1Apr2025 through contractual control; this brings a capital-intensive downstream turnaround. New-energy revenue is not yet separately disclosed: LFP, anode and CNT depend on qualification and customer acceptance, not merely installed capacity.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Carbon materials and chemicals | 4,367 | 92.2% | 828.5 | 88.4% | 4,030 | 63.9% |
| Power | 95.5 | 2.0% | 81.3 | 8.7% | 99.8 | 1.6% |
| Others | 274.5 | 5.8% | 27.8 | 3.0% | 178.7 | 2.8% |
| Unallocated assets and liabilities | 1,998 | 31.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| PCBL Chemical (PCBL) | Listed carbon-black producer; closest product-market comparator, with different specialty mix. |
| Rain Industries (RAIN) | Listed carbon products and coal-tar pitch exposure; international/cyclical business mix differs. |
| Neogen Chemicals (NEOGEN) | Listed specialty and battery-chemical investment comparator; different chemistry and maturity. |
| Tata Chemicals (TATACHEM) | Listed broader chemicals comparator; commodity exposure makes it an imperfect operating peer. |
| Aarti Industries (AARTIIND) | Listed specialty-chemical and capex execution comparator; not a carbon-black pure-play. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,791 | 4,172 | 4,185 | 4,613 | 4,661 |
| Cost of revenue (vendor classification) * | 2,255 | 3,261 | 3,039 | 3,156 | 2,914 |
| Other operating costs (vendor classification) * | 289.3 | 395.2 | 383.0 | 443.3 | 518.5 |
| EBITDA (vendor classification) * | 155.9 | 405.1 | 678.3 | 898.2 | 1,029 |
| Issuer EBIT including OI and FX | 82.7 | 329.2 | 637.7 | 850.9 | 1,065 |
| Finance costs | 29.3 | 49.0 | 63.9 | 44.8 | 64.4 |
| Profit before tax | 53.5 | 280.3 | 573.9 | 806.2 | 1,001 |
| Tax expense | 14.4 | 64.4 | 163.2 | 251.1 | 245.8 |
| Total group PAT before attribution | 39.1 | 215.9 | 410.7 | 555.1 | 755.1 |
| Diluted EPS attributable to owners (₹) | 0.98 | 5.13 | 9.16 | 11.17 | 15.02 |
| Materials, traded goods and inventory change | 3,030 | 3,147 | 2,900 | ||
| Employee benefits expense | 110.5 | 139.4 | 193.9 | ||
| Other operating expenses excluding FX | 408.8 | 479.5 | 561.3 | ||
| Issuer EBITDA excluding FX and other income | 635.4 | 846.7 | 1,006 | ||
| Other income excluding FX | 42.5 | 51.7 | 171.3 | ||
| Foreign exchange gain / (loss) | 9.68 | 7.48 | -43.6 | ||
| Depreciation and amortisation | 49.9 | 55.0 | 68.2 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners | 410.8 | 555.6 | 751.3 | ||
| PAT attributable to non-controlling interests | -0.09 | -0.53 | 3.73 | ||
| Share of associates and joint ventures | n.d. | n.d. | n.d. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 1,865 | 2,278 | 3,043 | 3,771 | 4,762 |
| Borrowings excluding lease liabilities | 586.8 | 842.1 | 600.4 | 308.7 | 766.6 |
| Cash and cash equivalents only | 173.3 | 199.7 | 214.9 | 155.1 | 164.8 |
| Current trade receivables | 505.0 | 504.9 | 655.7 | 632.8 | 696.4 |
| Inventories | 771.5 | 544.2 | 702.5 | 585.2 | 763.0 |
| Trade payables | 778.6 | 345.6 | 570.4 | 239.3 | 375.4 |
| Net PPE excluding ROU and intangibles | 1,545 | 1,514 | 1,510 | 1,502 | 1,812 |
| Capital work in progress | 76.6 | 93.5 | 66.5 | 185.3 | 372.2 |
| Total assets | 3,454 | 3,678 | 4,449 | 4,656 | 6,306 |
| Current and noncurrent lease liabilities | 4.54 | 4.74 | 1.91 | ||
| Bank balances other than cash equivalents | 516.5 | 516.7 | 570.7 | ||
| Current investments in quoted mutual funds | 0.82 | 4.17 | 124.8 | ||
| Noncurrent investments not treated as liquidity | 476.7 | 578.0 | 935.1 | ||
| Statutory net debt / (net cash) including liquidity funds | -131.8 | -367.3 | -93.7 | ||
| Noncurrent trade receivables | 10.2 | 10.2 | 10.2 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after taxes | -358.2 | 486.5 | 404.8 | 446.9 | 382.0 |
| Free cash flow (vendor definition) * | 307.7 | -29.2 | 352.0 | 276.0 | -67.7 |
| Cash dividends paid - negative outflow | -6.28 | -8.39 | -10.8 | -24.7 | -29.6 |
| Cash capex outflow: PPE and intangible purchases | -23.1 | -75.7 | -52.8 | -170.9 | -449.7 |
| Free cash flow after cash capex | 352.0 | 276.0 | -67.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual period-end ordinary shares | 41.90 | 42.09 | 49.26 | 49.38 | 50.45 |
| CFO/PAT to owners (x) | 0.99x | 0.80x | 0.51x | ||
| Receivables YoY growth (%) | -3.5% | 10.1% | |||
| Revenue YoY growth (%) | 10.2% | 1.0% | |||
| EBIT excluding other income and FX/finance cost | 9.20x | 17.7x | 14.6x | ||
| Net debt excluding pledged FD from liquidity | 417.4 | ||||
| Contingent liabilities/net worth (%) | 0.7% |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,141 | 1,135 | 1,118 | 1,071 | 1,184 | 1,288 | 1,432 | 1,691 |
| Cost of revenue (vendor classification) * | 762.9 | 744.6 | 709.5 | 741.1 | 787.4 | 912.1 | ||
| Other operating costs (vendor classification) * | 115.4 | -172.2 | 132.5 | 136.7 | 148.4 | |||
| EBITDA (vendor classification) * | 232.8 | 246.8 | 271.7 | 289.2 | 303.8 | 344.2 | ||
| EBIT | 217.6 | 233.1 | 257.1 | 251.3 | 271.6 | 285.3 | 322.9 | 335.1 |
| Finance cost | 11.8 | 8.76 | 15.8 | 14.8 | 16.4 | 17.4 | 22.4 | 27.7 |
| Profit before tax | 205.8 | 224.4 | 241.2 | 236.5 | 255.3 | 267.9 | 300.5 | 307.3 |
| Tax expense | 64.7 | 68.9 | 61.9 | 60.4 | 63.2 | 60.4 | 72.1 | 76.0 |
| Profit after tax | 141.2 | 155.5 | 179.4 | 176.1 | 192.0 | 207.5 | 228.4 | 231.3 |
| Diluted EPS (₹) | 2.85 | 3.12 | 3.65 | 3.55 | 3.84 | 3.98 | 4.55 | 4.60 |
| Cost of materials and trading net inventory change | 762.9 | 744.6 | 709.5 | 662.0 | 741.1 | 787.4 | 912.1 | 1,171 |
| Employee benefits expense | 37.4 | 35.7 | 41.1 | 51.4 | 53.1 | 48.3 | 58.3 | 60.7 |
| Other expenses excluding FX, model definition | 115.4 | 123.4 | 132.5 | 119.9 | 136.7 | 172.2 | 148.4 | 156.6 |
| EBITDA, company definition | 224.9 | 231.0 | 235.3 | 237.9 | 252.7 | 279.9 | 313.1 | 303.2 |
| Other income | 12.0 | 13.5 | 26.7 | 35.9 | 46.6 | 62.1 | 56.3 | 41.8 |
| Foreign exchange gain/(loss) | -4.03 | 2.30 | 9.76 | -5.07 | -10.1 | -38.1 | -25.2 | 11.6 |
| Depreciation and amortisation | 15.2 | 13.7 | 14.6 | 17.4 | 17.6 | 18.6 | 21.3 | 21.7 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 142.1 | 155.6 | 181.7 | 176.7 | 192.2 | 200.8 | 229.5 | 232.1 |
| Non-controlling interest share | -0.91 | -0.12 | -2.33 | -0.52 | -0.16 | 6.74 | -1.09 | -0.78 |
| Share of associates and joint ventures | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 66.2% | 49.5% | 0.3% | 10.2% | 1.0% |
| EBITDA margin | 15.2% | 18.4% | 21.6% | ||
| Net margin | 9.8% | 12.0% | 16.1% | ||
| Return on equity | 15.4% | 16.3% | 17.6% | ||
| Return on capital employed | 3.3% | 11.8% | 18.9% | 22.0% | 22.2% |
| Return on assets | 10.1% | 12.2% | 13.7% | ||
| Net debt (₹ crore) | -131.8 | -367.3 | -93.7 | ||
| Net debt / EBITDA | -0.21x | -0.43x | -0.09x | ||
| Interest cover | 2.83x | 6.72x | 9.98x | 19.0x | 16.5x |
| Asset turnover | 0.89x | 1.17x | 1.03x | 1.01x | 0.85x |
| Receivable days | 66 | 44 | 57 | 50 | 55 |
| Inventory days (on revenue) | 101 | 48 | 61 | 46 | 60 |
| Payable days (on revenue) | 102 | 30 | 50 | 19 | 29 |
| Cash conversion | 0.99x | 0.80x | 0.51x | ||
| Capex intensity | 0.8% | 1.8% | 1.3% | 3.7% | 9.6% |
| Free cash flow (₹ crore) | -381.3 | 410.8 | 352.0 | 276.0 | -67.7 |
| Dividend payout | 2.6% | 4.4% | 3.9% | ||
| EPS, diluted (₹) | 0.98 | 5.13 | 9.16 | 11.17 | 15.02 |
| Book value per share (₹) | 44.51 | 54.11 | 61.77 | 76.37 | 94.38 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Issuer EBITDA excluding FX and other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Statutory net debt / (net cash) including liquidity funds.
- Net debt / EBITDA: net debt / EBITDA (Issuer EBITDA excluding FX and other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS attributable to owners).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 20 Oct 2026); market data at the close of 20 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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