Himadri Speciality Chemical logo

Himadri Speciality Chemical

HSCL NSE

Key Fundamentals

SmallcapSpecialty ChemicalsChemicals
Market Cap
₹33,968 Cr
Volatility
Moderate
P/E Ratio
41.81
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

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

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

Weaknesses

1
  • Stock is trading at 7.13 times its book value

Growth Rate

Revenue Growth
3.6% lower than 3Y
Net Income Growth
36.03% lower than 3Y
Cash Flow Change
-14.51% lower than 3Y
ROE
7.74% lower than 3Y
ROCE
0% lower than 3Y
EBITDA Margin (Avg.)
20.8% lower than 3Y

AI Analysis — Bull vs Bear

2d ago
AI opinion · based on fundamentals
Risk medium

Himadri Speciality Chemical has a market capitalisation of about ₹34,155 Cr and trades at a P/E of 41.9x and a P/B of 7.15x. Profits have grown much faster than sales: profit is up 74% CAGR over 5 years and 47% over 3 years, while sales grew 23% and 4% over the same periods. Return on equity (ROE) has risen to 18% last year from a 10-year average of 14%, and the stock has returned 52% over the past year.

Bull Case 7
  • Profit grew at a 74% CAGR over 5 years and 47% over 3 years. That shows sustained, multi-year earnings growth rather than a single strong year.
  • With 3-year sales growth of only 4% against 47% profit growth, most of the recent earnings gain appears to come from better margins and product mix, not just higher volumes.
  • ROE has improved steadily: 14% over 10 years, 14% over 5 years, 17% over 3 years and 18% last year. Capital efficiency is trending up.
  • Earnings momentum continues in the latest period, with TTM profit growth of 30% on TTM sales growth of 10%.
  • The 10-year record shows 15% sales CAGR and 44% profit CAGR. Growth has held up across more than one business cycle.
  • At a market cap of about ₹34,155 Cr, the company has the size to fund capacity expansion and move into higher-value speciality chemicals.
  • The stock has delivered a 67% CAGR over 5 years and a 33% CAGR over 10 years, a long track record of rewarding shareholders.
Bear Case 7
  • The stock trades at 7.15x book value, a steep premium for a company whose 10-year average ROE is 14%. Little room is left for errors in execution.
  • A P/E of 41.9x implies an earnings yield of about 2.4%. The market is pricing in continued high profit growth, which gets harder to deliver as the earnings base grows.
  • Sales grew only 4% CAGR over 3 years, well below the 23% 5-year rate. Top-line growth has slowed sharply.
  • Because 3-year profit growth (47%) far exceeds sales growth (4%), earnings depend heavily on margins. Margins in chemicals can reverse if raw-material costs or product prices change.
  • The dividend yield is just 0.12%, so returns rely almost entirely on the share price rising rather than on income.
  • The stock's 52% gain over one year and 40% CAGR over 3 years have raised the valuation faster than sales have grown. That increases the risk of the P/E multiple falling back.
  • The 30% TTM profit growth is well below the 74% 5-year CAGR. Earnings growth may be slowing from its peak.

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

AI News Digest

1d ago
Headwinds 3
  • Demerger hinges on regulatory approvals Sep 21

    The DBRL tyre demerger still needs approval from the stock exchanges, SEBI, NCLT, and the shareholders and creditors of both companies. That puts the targeted October 1, 2026 effective date at risk of slipping.

  • Equity dilution from share issuance Sep 21

    HSCL will issue new shares to DBRL shareholders at 1 share for every 260 held. This changes HSCL's promoter/public split to 52.47%/47.53%.

  • Battery pivot carries execution risk Sep 16

    Management wants battery materials to bring in 40-50% of revenue at a 30% ROCE, but the lithium-ion cell plans are still at the discussion stage. The ambition needs heavy capital and flawless execution.

Positives 4
  • Board approves DBRL tyre demerger Sep 21

    The board approved taking over DBRL's tyre business, which had ₹149.31 crore turnover in FY26, at a 1:260 share ratio with no cash consideration. The goal is forward integration across the tyre value chain, and the shares rose nearly 3% to an intraday high of ₹692.8.

  • Strong multi-month stock momentum Sep 21

    The stock is up 41% year-to-date, 56% over six months and 4.5% over one month. Market cap was ₹34,528.01 crore as of September 18, 2026.

  • Targets 2-3% global Li-ion share Sep 16

    Himadri is aiming for a 2-3% share of global Li-ion component manufacturing, with a 30% ROCE target for the business. It is pursuing an anode market estimated at 1.6 million tonnes.

  • Li-ion cell talks, Dubai branch Sep 16

    The company confirmed it is in talks on lithium-ion cells as part of a China+1 strategy. It also opened a Dubai branch to expand into Africa and other global markets.

Neutral 3
  • Sturdy Niketan 34% stake sold Sep 24

    Subsidiary Trancemarine sold its 34% equity stake in step-down subsidiary Sturdy Niketan. The deal is expected to close within 10 days.

  • Back-to-back investor meetings Sep 23

    Himadri met investors on September 19, 2026 at the HIC Money Purse Finserv Emerging Stars conference in Hyderabad. It will hold virtual analyst and institutional meetings on September 28, 2026.

  • MOA amended for new businesses Sep 18

    On September 18, 2026, the board approved changes to the Memorandum of Association to allow new business activities and align with the Companies Act, 2013.

TL;DR: HSCL has strong momentum, with the stock up 41% YTD and 56% over six months, helped by the DBRL tyre demerger and an ambitious battery-materials plan targeting 40-50% of revenue. The main risks are the many regulatory approvals the demerger still needs, modest equity dilution, and the cost and execution risk of building a Li-ion business that is still at an early stage. The overall trend is improving, and the next things to watch are SEBI/NCLT approvals and concrete progress on Li-ion partnerships or capacity.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

DIIs3.33%Promot.52.49%FIIs6.80%Others16.44%Public20.93%As ofJun 2026

Documents

Frequently Asked Questions about Himadri Speciality Chemical

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 trades as HSCL on the NSE and under code 500184 on the BSE.
Which sector does Himadri Speciality Chemical Ltd belong to?
Himadri Speciality Chemical Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the market capitalisation of Himadri Speciality Chemical Ltd?
Himadri Speciality Chemical Ltd has a market capitalisation of ₹33,968 Cr, which places it in the Large Cap band.
What is the PE ratio of Himadri Speciality Chemical Ltd?
Himadri Speciality Chemical Ltd trades at a PE ratio of 41.81, on earnings per share of ₹9.06, against a book value of ₹93.28 per share.
What is the 52-week high and low of Himadri Speciality Chemical Ltd?
Over the last 52 weeks Himadri Speciality Chemical Ltd has traded between ₹418.5 and ₹819.5.
Does Himadri Speciality Chemical Ltd pay dividends?
Himadri Speciality Chemical Ltd has a dividend yield of 0.12%.
What is the Return on Equity (ROE) of Himadri Speciality Chemical Ltd?
Himadri Speciality Chemical Ltd reported a return on equity of 15.86%. Its debt-to-equity ratio is 0.16.

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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