Himadri Speciality Chemical Ltd logo

Himadri Speciality Chemical Ltd

HSCL NSE

Key Fundamentals

SmallcapSpecialty ChemicalsChemicals
Market Cap
₹33,537 Cr
Volatility
Moderate
P/E Ratio
45.09
EBITDA
₹1,133 Cr
Return on Equity
13.5%
Debt to Equity
0.13
Book Value
₹93.29
EPS
₹9.06
52W High
₹718
52W Low
₹418.5

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 7.11 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
HOLD Worth holding, not adding Conviction 5/10

Himadri Speciality Chemical has delivered exceptional profit growth of 74% CAGR over 5 years and strong stock returns of 61% CAGR over the same period, but trades at a stretched PE of 42.7x with near-flat TTM sales growth of just 1%, suggesting most of the good news is priced in. The sole analyst covering the stock rates it a Hold, and the valuation leaves little margin of safety at the current market cap of Rs 32,727 Cr.

Bull Case 7
  • Outstanding 5-year compounded profit growth of 74% CAGR demonstrates strong earnings scalability and operating leverage
  • ROE improved to 18% last year from 14% five-year average, indicating improving capital efficiency and return generation
  • Stock has delivered 70% CAGR returns over 3 years, reflecting sustained market confidence and momentum
  • 10-year compounded profit growth of 44% CAGR shows this is not a one-cycle story but a structural compounder
  • 5-year compounded sales growth of 23% CAGR indicates the company has scaled revenues meaningfully over a longer horizon
  • 3-year ROE of 17% is well above cost of equity for most chemical companies, creating consistent shareholder value
  • Market cap of Rs 32,727 Cr positions it as a mid-to-large cap specialty chemical player with institutional ownership potential
Bear Case 8
  • TTM sales growth has collapsed to just 1%, a sharp deceleration from the 23% 5-year CAGR, signaling potential demand slowdown
  • PE ratio of 42.7x is expensive for a chemicals company with near-zero revenue growth, leaving no room for execution misses
  • Price-to-book of 6.85x is elevated and implies the market is pricing in significant future growth that may not materialize
  • Dividend yield of only 0.13% offers negligible income protection and suggests the stock is priced purely for capital gains
  • Only 1 analyst covers the stock with a Hold rating and 0 Buy recommendations, indicating limited institutional conviction
  • 1-year stock CAGR of 45% has run well ahead of TTM profit growth of 35%, suggesting price has outpaced fundamentals
  • 3-year sales CAGR of only 4% versus 47% profit CAGR suggests margin expansion may be peaking and is unsustainable without topline recovery
  • Absence of reported debt-to-equity, EPS, and ROCE data limits visibility into balance sheet health and capital allocation efficiency

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

AI News Digest

Anthropic anthropic claude-opus-4.6 15h ago
Positives 1
  • Stake in IBC raised to 20.47% Jun 18

    Himadri invested USD 0.66 Million in International Battery Company, raising its stake to 20.47% with total investment cost of USD 6.09 Million, signaling continued commitment to the EV battery materials space.

Neutral 2
  • New Mumbai office opened Jun 20

    Himadri Speciality Chemical opened a new office in Mumbai on June 20, 2026, to strengthen its presence in the Western Region.

  • ₹17.70 Cr block trade on NSE Jun 9

    A block trade of approximately 270,075 shares at ₹655.50 per share worth ₹17.70 crores was recorded on the NSE, indicating sustained institutional interest in the stock.

TL;DR: Himadri Speciality Chemical shows steady strategic progress with incremental investments in battery materials via IBC and geographic expansion through its new Mumbai office. Institutional interest remains evident from the ₹17.70 Cr block trade. No notable headwinds emerged in recent weeks. The trend appears stable with a mild positive tilt as the company deepens its positioning in the EV value chain.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,029
951
1,005
1,053
1,177
1,200
1,137
1,141
1,135
1,118
1,071
1,184
1,288
Expenses
903
817
847
879
997
1,008
929
920
901
873
838
941
1,046
Operating Profit
126
134
158
174
180
192
208
221
233
245
233
243
242
OPM %
12%
14%
16%
17%
15%
16%
18%
19%
21%
22%
22%
20%
19%
Other Income
11
10
10
10
12
13
14
12
14
27
36
47
62
Interest
13
13
16
21
14
13
11
12
9
16
15
16
17
Depreciation
12
12
12
13
13
13
13
15
14
15
17
18
19
PBT
111
119
139
150
166
179
197
206
224
241
237
255
268
Tax %
31%
28%
28%
28%
30%
31%
31%
31%
31%
26%
26%
25%
23%
Net Profit
76
86
101
109
115
123
136
141
155
179
176
192
208
EPS in Rs
1.76
1.96
2.29
2.47
2.34
2.48
2.74
2.88
3.15
3.68
3.57
3.81
3.98
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
Operating Profit
124
146
233
452
560
280
131
156
399
645
854
962
OPM %
9%
12%
17%
22%
23%
16%
8%
6%
10%
15%
19%
21%
Other Income
13
9
6
12
8
8
14
-17
-2
43
52
171
Interest
103
111
82
70
71
55
33
36
66
64
45
64
Depreciation
59
67
33
33
34
39
47
50
51
50
55
68
PBT
-24
-23
125
361
462
194
65
53
280
574
806
1,001
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
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
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 Mar 2026
Promoters 52.49%
Public 20.82%
Others 17.50%
FIIs 5.98%
DIIs 3.21%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Jan 2024Feb 2024Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Nov 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

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 Commodities sector within the Chemicals & Petrochemicals 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 ₹33536.88 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 45.09. 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 ₹718. 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 0.12%. 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 13.50%. 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

Explore More

More in Commodities → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List