Himadri Speciality Chemical Ltd logo

Himadri Speciality Chemical Ltd

HSCL NSE

Key Fundamentals

SmallcapSpecialty ChemicalsChemicals
Market Cap
₹38,716 Cr
Volatility
Moderate
P/E Ratio
47.31
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 8.07 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 15h ago
AI opinion · based on fundamentals
Risk high

Himadri Speciality Chemical Ltd is a ₹38,716 crore market cap specialty chemicals company that delivered FY26 consolidated revenue of ₹4,661 crore (up ~1% YoY) and PAT of ₹755 crore (up 36% YoY). The stock trades at a PE of 47.7x and 8.15x book value, reflecting high growth expectations driven by its pivot into lithium-ion battery anode and cathode materials alongside its legacy carbon black and coal tar business.

Bull Case 8
  • Exceptional profit CAGR of 74% over 5 years and 47% over 3 years demonstrates strong earnings momentum and improving profitability
  • FY26 EBITDA reached ₹1,006 crore (up 19% YoY) with operating profit margin expanding to ~20% from 15.3% in FY24 and 9.5% in FY23, showing consistent margin improvement
  • FY26 PAT of ₹755 crore grew 36% YoY, with Q4 FY26 PAT up 29-34% YoY to ~₹201-208 crore, indicating accelerating quarterly earnings trajectory
  • Strategic pivot into EV battery materials with a planned 100 GWh cathode and anode manufacturing facility, targeting ₹30,000 crore in additional revenue over the next five years
  • Commissioned first 200 MTPA anode material production facility at Mahistikry, West Bengal in April 2026, providing early-mover advantage in India's battery materials space
  • Exclusive technology licensing agreement with Australia's Sicona Battery Technologies for silicon-carbon anode materials positions the company as a non-Chinese supplier to global EV supply chains
  • ROE of 18% in the last year and 17% over 3 years indicates efficient capital deployment relative to specialty chemical peers
  • Stock CAGR of 70% over 3 years and 71% over 5 years reflects sustained market confidence in the business transformation story
Bear Case 8
  • PE of 47.7x is significantly elevated for a chemicals company, pricing in substantial future growth that may not materialize at the expected pace
  • Price-to-book of 8.15x is expensive by specialty chemicals standards, leaving limited margin of safety if execution falters
  • Revenue growth has decelerated sharply — TTM sales growth of only 10% and 3-year CAGR of just 4% versus the 5-year CAGR of 23%, suggesting topline headwinds
  • FY26 consolidated revenue of ₹4,661 crore grew only ~1% YoY from ₹4,613 crore in FY25, indicating near-stagnant topline despite profit margin expansion
  • Dividend yield of just 0.11% provides negligible income return, making investors entirely dependent on capital appreciation
  • The 100 GWh battery materials expansion is capital-intensive and carries execution risk — the facility targets a market that is currently dominated by established Chinese producers with scale advantages
  • Debt-to-equity ratio of ~16% (₹7.7 billion debt against ₹47.6 billion equity) may rise as the company funds its large-scale battery materials capex plans
  • Core coal tar and carbon black business faces cyclical commodity pricing risk, with FY23 operating margin dropping to 9.5% before recovering, highlighting earnings volatility potential

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 1
  • 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 strong institutional interest.

Neutral 2
  • Q1 FY27 earnings call scheduled Jul 13

    Earnings call scheduled for July 16, 2026 at 04:00 PM IST with CMD and CFO to discuss Q1 FY27 results.

  • ₹150 crore CP allotment Jul 9

    Allotted 3,000 commercial papers worth ₹150 crore at 6.60% p.a. coupon rate, maturing on 07 Oct 2026 for short-term funding needs.

TL;DR: HSCL saw significant institutional activity with block trades exceeding ₹71 crore, suggesting confidence from large investors. The company is managing short-term liquidity through commercial paper issuance at a reasonable 6.60% rate. No material headwinds emerged in the period. The upcoming Q1 FY27 results will be the next key catalyst to watch for directional clarity.

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 ₹38716.00 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 47.31. 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 0.11%. 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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