Himadri Speciality Chemical Ltd logo

Himadri Speciality Chemical Ltd

HSCL NSE

Key Fundamentals

MidcapSpecialty ChemicalsChemicals
Market Cap
₹39,178 Cr
Volatility
Moderate
P/E Ratio
49.14
EBITDA
₹1,133 Cr
Return on Equity
15.86%
Debt to Equity
0.16
Book Value
₹93.28
EPS
₹9.06
52W High
₹819.5
52W Low
₹418.5

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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54 extracted metrics + investor summaries across FY14–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

1
  • Company has delivered good profit growth of 73.7% CAGR over last 5 years

Weaknesses

1
  • Stock is trading at 8.44 times its book value

Growth Rate

Revenue Growth
3.60% ↘
Net Income Growth
36.03% ↗
Cash Flow Change
-14.51% ↘
ROE
7.74% ↘
ROCE
0.00% ↘
EBITDA Margin (Avg.)
20.80% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Himadri Speciality Chemical Ltd is a ₹39,682 Cr market cap specialty chemicals company trading at a PE of 48.8x and 8.34x book value. The company delivered 35% PAT growth in FY26 (₹755 Cr vs ₹555 Cr in FY25) on relatively flat revenue of ₹4,661 Cr, reflecting significant operating margin expansion from 18.3% to 19.9%. It is transitioning from a coal-tar derivatives business into advanced battery materials, having commissioned its first anode material facility in April 2026.

Bull Case 8
  • Strong profit growth trajectory — 5-year profit CAGR of 73.7% and FY26 PAT of ₹755 Cr representing 35% YoY growth over FY25's ₹555 Cr
  • Expanding operating margins — OPM improved from 5.6% in FY22 to 15.3% in FY24, 18.3% in FY25, and 19.9% in FY26, showing consistent margin expansion over five years
  • Low leverage with debt-equity ratio of 0.21 and net positive cash balance of ₹371 Cr as of March 2025, providing financial flexibility for capex
  • Major new growth vertical in EV battery materials — commissioned first 200 MTPA anode material facility in April 2026 using proprietary in-house technology, with plans for 200,000 MT total capacity
  • Ambitious ₹1,300 Cr capex planned for FY27 across LFP cathode (₹1,125 Cr), super-specialty carbon black (₹170 Cr), and carbon nanotubes (₹70 Cr), positioning for the EV value chain
  • High ROCE of 32% (excluding investments and CWIP) as reported in Q1 FY26, indicating efficient capital deployment in the core business
  • Q1 FY27 PAT of ₹228 Cr, up 27% YoY, and Q1 FY26 PAT of ₹183 Cr was up 46% YoY, demonstrating consistent quarterly earnings momentum
  • Long-term revenue target of ₹30,000 Cr from battery materials over six years, representing a potential 6x jump from current consolidated revenue of ₹4,661 Cr
Bear Case 8
  • Elevated valuation at PE of 48.8x and price-to-book of 8.34x, significantly above typical chemical sector multiples, leaving limited margin of safety
  • Revenue growth has stagnated — FY26 revenue of ₹4,661 Cr grew only 1% over FY25's ₹4,613 Cr, and 3-year sales CAGR is just 4%
  • Battery materials business is still nascent — initial anode capacity is only 200 MTPA against eventual target of 200,000 MT, implying years of heavy execution ahead
  • Massive capex of ₹1,300 Cr in FY27 will strain free cash flows and could pressure returns if EV battery demand ramp is slower than expected
  • Stock price CAGR of 67% over 1 year and 66% over 3 years has run far ahead of underlying 10% TTM sales growth and 30% TTM profit growth, suggesting stretched expectations
  • Negligible dividend yield of 0.1% offers no income cushion; shareholders are entirely dependent on capital appreciation
  • Core coal-tar derivatives business is cyclical and raw-material-price sensitive — Q1 FY26 revenue fell from ₹1,200 Cr to ₹1,118 Cr YoY due to lower raw material prices
  • ROE of 18% (last year) and 5-year average of 14%, while respectable, does not typically justify an 8.3x book multiple in the chemicals sector

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Positives 2
  • ₹2,800 Cr capex in advanced materials Aug 12

    HSCL plans ₹1,300 crore investment this year and ₹1,500 crore next year across Li-Ion battery materials, specialty carbon products, and India's first commercial carbon nanotube plant.

  • Strong institutional block trades Jul 21

    Multiple NSE block trades worth over ₹71 crore involving ~954,328 shares at prices ranging from ₹737.20 to ₹784.25, reflecting significant institutional interest.

TL;DR: Himadri Speciality Chemical is positioning aggressively in the EV and advanced materials value chain with a ₹2,800 crore phased capex plan, including India's first commercial carbon nanotube plant. Institutional interest remains strong as evidenced by ₹71+ crore in block trades. No visible headwinds in recent news, though heavy capex execution risk and returns timeline remain factors to watch. The trend is constructive with a clear growth-oriented capital allocation strategy.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
951
1,005
1,053
1,177
1,200
1,137
1,141
1,135
1,118
1,071
1,184
1,288
1,432
Expenses
817
847
879
997
1,008
929
920
901
873
838
941
1,046
1,144
Operating Profit
134
158
174
180
192
208
221
233
245
233
243
242
288
OPM %
14%
16%
17%
15%
16%
18%
19%
21%
22%
22%
20%
19%
20%
Other Income
10
10
10
12
13
14
12
14
27
36
47
62
56
Interest
13
16
21
14
13
11
12
9
16
15
16
17
22
Depreciation
12
12
13
13
13
13
15
14
15
17
18
19
21
PBT
119
139
150
166
179
197
206
224
241
237
255
268
301
Tax %
28%
28%
28%
30%
31%
31%
31%
31%
26%
26%
25%
23%
24%
Net Profit
86
101
109
115
123
136
141
155
179
176
192
208
228
EPS in Rs
1.96
2.29
2.47
2.34
2.48
2.74
2.88
3.15
3.68
3.57
3.81
3.98
4.55
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,437
1,182
1,341
2,022
2,422
1,806
1,679
2,791
4,172
4,185
4,613
4,661
4,974
Expenses
1,313
1,036
1,107
1,569
1,863
1,525
1,549
2,635
3,773
3,540
3,758
3,699
3,969
Operating Profit
124
146
233
452
560
280
131
156
399
645
854
962
1,005
OPM %
9%
12%
17%
22%
23%
16%
8%
6%
10%
15%
19%
21%
20%
Other Income
13
9
6
12
8
8
14
-17
-2
43
52
171
201
Interest
103
111
82
70
71
55
33
36
66
64
45
64
71
Depreciation
59
67
33
33
34
39
47
50
51
50
55
68
75
PBT
-24
-23
125
361
462
194
65
53
280
574
806
1,001
1,060
Tax %
-49%
-19%
34%
31%
30%
-6%
27%
27%
23%
28%
31%
25%
—
Net Profit
-13
-19
82
248
324
205
47
39
216
411
555
755
804
EPS in Rs
-0.32
-0.44
1.98
5.91
7.75
4.91
1.13
0.98
4.99
8.34
11.25
14.89
15.91
Div. Payout %
0%
-11%
5%
2%
2%
3%
13%
20%
5%
6%
5%
5%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
39
42
42
42
42
42
42
42
43
49
49
50
Reserves
750
837
988
1,373
1,590
1,692
1,751
1,826
2,237
2,996
3,672
4,656
Borrowings
1,124
887
774
660
476
505
729
587
842
605
313
770
Other Liabilities
329
296
308
341
680
323
269
999
555
798
621
830
Total Liabilities
2,242
2,062
2,112
2,416
2,788
2,562
2,791
3,454
3,678
4,449
4,656
6,306
Fixed Assets
1,228
1,180
1,174
1,178
1,170
1,475
1,468
1,546
1,515
1,534
1,605
1,942
CWIP
14
31
13
22
133
158
160
77
94
67
185
372
Investments
23
53
87
273
179
47
66
113
132
478
582
1,060
Other Assets
977
798
838
943
1,305
882
1,098
1,718
1,938
2,371
2,283
2,933
Total Assets
2,242
2,062
2,112
2,416
2,788
2,562
2,791
3,454
3,678
4,449
4,656
6,306
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
212
296
205
258
476
283
-40
331
54
405
447
382
Investing
128
-6
10
-50
-224
-214
-114
-28
-397
-405
-235
-963
Financing
-348
-278
-233
-200
-257
-41
165
-182
377
7
-271
590
Net Cash Flow
-7
12
-18
8
-6
28
11
121
34
7
-60
10
Free Cash Flow
184
281
201
195
272
36
-76
308
-22
352
276
-63
CFO/OP
169
203
98
75
102
113
-20
223
25
77
69
64
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
82
63
60
49
55
61
100
66
44
57
50
55
Inventory Days
122
138
164
112
124
121
100
125
61
85
68
96
Days Payable
36
50
74
39
100
68
45
127
39
69
28
47
Cash Conversion Cycle
168
151
150
122
79
113
155
65
66
73
90
103
Working Capital Days
4
-22
19
29
40
10
15
-1
1
32
69
57
ROCE %
3%
5%
11%
22%
25%
11%
4%
5%
13%
19%
22%
22%

Shareholding Pattern

As of Jun 2026
Promoters 52.49%
Public 20.93%
Others 16.44%
FIIs 6.80%
DIIs 3.33%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Jan 2024Feb 2024Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Nov 2025Dec 2025Mar 2026Jun 2026
Promoters
45.43%
45.43%
45.43%
45.43%
45.43%
45.39%
45.39%
45.38%
45.62%
44.96%
44.86%
44.79%
48.87%
50.29%
50.29%
50.20%
50.78%
51.56%
51.61%
51.61%
51.57%
52.50%
52.50%
52.49%
52.49%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
4.97%
4.83%
5.13%
5.16%
5.24%
5.15%
5.38%
5.19%
5.74%
5.63%
5.75%
5.98%
6.80%
DIIs
0.01%
0.02%
0.00%
0.36%
0.00%
0.00%
0.01%
0.50%
0.48%
0.55%
0.50%
0.53%
0.59%
0.57%
2.12%
2.28%
3.60%
4.25%
4.63%
4.83%
3.22%
3.15%
3.10%
3.21%
3.33%
Government
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%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
34.64%
34.19%
36.58%
40.04%
37.36%
37.25%
31.74%
30.10%
29.73%
30.04%
29.69%
28.66%
26.68%
25.95%
24.43%
23.49%
22.38%
22.04%
21.71%
21.86%
22.85%
22.43%
21.44%
20.82%
20.93%
Others
19.92%
20.36%
17.99%
14.17%
17.21%
17.36%
22.86%
24.02%
24.17%
24.45%
24.95%
26.02%
18.90%
18.37%
18.03%
18.86%
18.01%
17.00%
16.66%
16.50%
16.61%
16.28%
17.22%
17.50%
16.44%
No. of Shareholders
2,41,043
2,67,135
3,10,354
3,38,605
3,42,971
3,49,585
3,08,166
2,94,234
2,80,985
3,06,346
4,40,415
4,38,414
4,38,414
4,38,414
4,36,700
4,35,628
4,47,666
4,54,943
4,45,768
4,48,339
4,53,810
4,53,810
4,29,391
4,08,408
4,14,141

Documents

Frequently Asked Questions about Himadri Speciality Chemical Ltd

What does Himadri Speciality Chemical Ltd do?
Himadri Speciality Chemical is primarily engaged in the manufacturing of carbon materials and chemicals.[1] It is the No.1 coal pitch manufacturer in India and is the only company to manufacture advanced carbon material in India. It is also the largest player of Naphthalene and SNF in India.[2]
Where is Himadri Speciality Chemical Ltd (HSCL) listed?
Himadri Speciality Chemical Ltd is listed on the Indian stock exchanges. It is listed on NSE: HSCL and BSE: 500184. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Himadri Speciality Chemical Ltd belong to?
Himadri Speciality Chemical Ltd operates in the Chemicals sector within the Specialty Chemicals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Himadri Speciality Chemical Ltd?
Himadri Speciality Chemical Ltd has a market capitalisation of approximately ₹39177.66 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Himadri Speciality Chemical Ltd?
The Price-to-Earnings (PE) ratio of Himadri Speciality Chemical Ltd is 49.14. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Himadri Speciality Chemical Ltd?
Over the past 52 weeks, Himadri Speciality Chemical Ltd has traded between a low of ₹418.5 and a high of ₹819.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does Himadri Speciality Chemical Ltd pay dividends?
Yes, Himadri Speciality Chemical Ltd has a dividend yield of 0.10%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Himadri Speciality Chemical Ltd?
Himadri Speciality Chemical Ltd has a Return on Equity (ROE) of 15.86%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Himadri Speciality Chemical Ltd on Tapetide?
On Tapetide, you can view Himadri Speciality Chemical Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Himadri Speciality Chemical is primarily engaged in the manufacturing of carbon materials and chemicals.[1] It is the No.1 coal pitch manufacturer in India and is the only company to manufacture advanced carbon material in India. It is also the largest player of Naphthalene and SNF in India.[2]

Website himadri.com
CEO Mr. Anurag Choudhary
Employees 970
Listed 2007-03-02
Face Value ₹ 1
Issued Size 50,44,94,950

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