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Himadri Q2 FY27 Consolidated Revenue Hits ₹1,691 Cr, PAT Up at ₹231 Cr
Himadri Speciality Chemical reported consolidated Q2 FY27 revenue of ₹1,691 Cr, up 57.9% YoY compared to ₹1,071 Cr in Q2 FY26. Consolidated PAT reached ₹231 Cr versus ₹176 Cr in Q2 FY26, while EBITDA grew to ₹303 Cr from ₹238 Cr. Standalone sales volumes stood at 1,46,806 MT in Q2 FY27 compared to 1,35,513 MT in Q2 FY26. The presentation highlights a strategic restructuring involving the demerger and vesting of DBRL's Tyre Business into HSCL (appointed date October 1, 2026), alongside continuing expansion into battery materials.
Confidence: HIGH
What changedHSCL published its comprehensive Q2 FY27 investor presentation containing updated quarterly financials and strategic progress on tyre demerger and clean energy investments.
Why it mattersDemonstrates strong top-line scale up to ₹1,691 Cr and steady PAT expansion, reinforcing HSCL's ongoing transition toward high-margin speciality chemicals and battery materials.
Q2 FY27 Consolidated Revenue: ₹1,691 CrQ2 FY27 Consolidated PAT: ₹231 CrQ2 FY27 EBITDA: ₹303 CrH1 FY27 Net Operating Cash Flow: -₹154.35 CrConsolidated Borrowings (Sep 2026): ₹1,155.84 Cr
📅 Short termSolid operational performance in Q2 FY27 will likely support sentiment, though working capital drag in H1 cash flows will be watched.
📈 Long termIntegration of the tyre business and diversification into lithium-ion battery materials provide long-term growth avenues beyond traditional coal tar derivatives.
⚠ Risk flags
- Negative consolidated cash flow from operations of ₹154.35 Cr in H1 FY27 due to ₹686.25 Cr working capital expansion
- Execution and regulatory approvals pending for DBRL tyre business demerger
Key Highlights
Q2 FY27 consolidated revenue stood at ₹1,691 Cr, up from ₹1,071 Cr in Q2 FY26
Consolidated Q2 FY27 PAT reached ₹231 Cr compared to ₹176 Cr in Q2 FY26
Q2 FY27 EBITDA reached ₹303 Cr versus ₹238 Cr in Q2 FY26
Standalone sales volume rose to 1,46,806 MT in Q2 FY27 from 1,35,513 MT in Q2 FY26
Tyre business demerger from DBRL into HSCL approved with appointed date of 1 Oct 2026
👀 What to Watch
Monitor regulatory and shareholder approvals for the tyre business demerger from DBRL, as well as working capital trends following consolidated operating cash outflow of ₹154.35 Cr in H1 FY27.
Q2 FY27 Consolidated PAT Rises 31.3% YoY to ₹231 Cr; Revenue Up 57.9% to ₹1,691 Cr
Himadri Speciality Chemical reported a 57.93% YoY increase in consolidated revenue from operations for Q2 FY27 to ₹1,691 crore (compared to ₹1,071 crore in Q2 FY26). Consolidated EBITDA for the quarter rose 27.48% YoY to ₹303 crore from ₹238 crore, while PAT grew 31.33% YoY to ₹231 crore versus ₹176 crore. For H1 FY27, revenue reached ₹3,123 crore (up 43% YoY) with EBITDA of ₹616 crore (up 30% YoY) and PAT of ₹460 crore (up 29% YoY). The company noted operational progress including the proposed merger of Birla Tyres and its investment in Sicona Battery Technologies.
Confidence: HIGH
What changedHSCL reported strong Q2 and H1 FY27 earnings momentum, achieving record quarterly revenues of ₹1,691 crore and net profit of ₹231 crore.
Why it mattersDemonstrates robust top-line acceleration driven by core expansion and value-added materials, supporting the company's premium valuation multiple.
Q2 FY27 Revenue: ₹ 1,691 CrQ2 FY27 PAT: ₹ 231 CrQ2 FY27 EBITDA: ₹ 303 CrH1 FY27 Revenue: ₹ 3,123 CrSicona ARENA Funding: AUD 45 million
📅 Short termEarnings outperformance is likely to support positive sentiment around operational ramp-ups.
📈 Long termStrategic integration of Birla Tyres and commercialization of advanced battery materials (anodes, LFP) provide structural growth avenues.
⚠ Risk flags
- EBITDA margin compression relative to revenue growth (EBITDA grew 27.5% vs revenue 57.9%)
- Integration and execution risks related to Birla Tyres merger
Key Highlights
Q2 FY27 Revenue from Operations jumped 57.93% YoY to ₹1,691 crore from ₹1,071 crore in Q2 FY26
Q2 FY27 Consolidated PAT rose 31.33% YoY to ₹231 crore compared to ₹176 crore in Q2 FY26
Q2 FY27 EBITDA increased 27.48% YoY to ₹303 crore vs ₹238 crore in Q2 FY26
H1 FY27 revenue crossed ₹3,123 crore (+43% YoY) with PAT at ₹460 crore (+29% YoY)
Sicona Battery Technologies secured AUD 45 million from ARENA and acquired Advano (USA)
👀 What to Watch
Track subsequent margin sustainability given EBITDA growth lagged top-line growth, and monitor regulatory approvals regarding the Birla Tyres merger.
Himadri Speciality Reports Q2 FY27 Net Profit of ₹239.77 Cr, Up 28.3% YoY
Himadri Speciality Chemical reported a standalone Net Profit after Tax of ₹239.77 Cr for Q2 ended September 30, 2026, marking a 28.3% YoY growth compared to ₹186.85 Cr in Q2 FY26. Operating margin for the quarter stood at 19.98% while net profit margin was 15.54%. Basic EPS reached ₹4.75 for the quarter, up from ₹3.78 in the year-ago period. Additionally, the company noted that a Scheme of Arrangement to demerge the tyre business from Dalmia Bharat Refractories Limited (DBRL) into HSCL has been approved and filed with stock exchanges.
Confidence: HIGH
What changedHSCL announced its financial results for Q2/H1 FY27 and confirmed the regulatory filing of a Scheme of Arrangement to integrate DBRL's tyre business.
Why it mattersDemonstrates sustained earnings expansion with net profit reaching ₹239.77 Cr, while advancing forward-integration plans into tyres to complement its core carbon materials business.
Standalone Net Profit (Q2 FY27): ₹239.77 CrStandalone Net Profit (Q2 FY26): ₹186.85 CrNet Worth: ₹5,049.26 CrOperating Margin (Q2 FY27): 19.98%Basic EPS (Q2 FY27): ₹4.75
📅 Short termStock reaction is expected to factor in the robust YoY PAT growth (+28.3%) and the sequential margin movement in the coming trading sessions.
📈 Long termThe integration of DBRL's tyre assets alongside planned expansions in speciality carbon black and lithium-ion battery materials remains central to HSCL's long-term business profile.
⚠ Risk flags
- Regulatory approvals required for the DBRL tyre business demerger scheme
- Forex volatility impact (noted net foreign exchange fluctuation of ₹(11.59) Cr for the quarter)
Key Highlights
Standalone Net Profit after Tax increased 28.3% YoY to ₹239.77 Cr (vs ₹186.85 Cr in Q2 FY26)
Operating margin reported at 19.98% and Net Profit Margin at 15.54% for Q2 FY27
Net worth increased to ₹5,049.26 Cr as of September 30, 2026, compared to ₹3,996.39 Cr a year earlier
Scheme of Arrangement filed with stock exchanges to demerge the Tyre Business of DBRL into HSCL with an appointed date of 1 October 2026
👀 What to Watch
Track the regulatory and shareholder approval trajectory for the demerger scheme involving the DBRL Tyre Business, alongside ongoing capacity utilization in carbon materials.
Himadri Speciality Reports Q2 FY27 Net Profit of ₹239.77 Cr, Up 28.3% YoY
Himadri Speciality Chemical reported a standalone Net Profit after Tax of ₹239.77 Cr for Q2 ended September 30, 2026, marking a 28.3% YoY growth compared to ₹186.85 Cr in Q2 FY26. Operating margin for the quarter stood at 19.98% while net profit margin was 15.54%. Basic EPS reached ₹4.75 for the quarter, up from ₹3.78 in the year-ago period. Additionally, the company noted that a Scheme of Arrangement to demerge the tyre business from Dalmia Bharat Refractories Limited (DBRL) into HSCL has been approved and filed with stock exchanges.
Confidence: HIGH
What changedHSCL announced its financial results for Q2/H1 FY27 and confirmed the regulatory filing of a Scheme of Arrangement to integrate DBRL's tyre business.
Why it mattersDemonstrates sustained earnings expansion with net profit reaching ₹239.77 Cr, while advancing forward-integration plans into tyres to complement its core carbon materials business.
Standalone Net Profit (Q2 FY27): ₹239.77 CrStandalone Net Profit (Q2 FY26): ₹186.85 CrNet Worth: ₹5,049.26 CrOperating Margin (Q2 FY27): 19.98%Basic EPS (Q2 FY27): ₹4.75
📅 Short termStock reaction is expected to factor in the robust YoY PAT growth (+28.3%) and the sequential margin movement in the coming trading sessions.
📈 Long termThe integration of DBRL's tyre assets alongside planned expansions in speciality carbon black and lithium-ion battery materials remains central to HSCL's long-term business profile.
⚠ Risk flags
- Regulatory approvals required for the DBRL tyre business demerger scheme
- Forex volatility impact (noted net foreign exchange fluctuation of ₹(11.59) Cr for the quarter)
Key Highlights
Standalone Net Profit after Tax increased 28.3% YoY to ₹239.77 Cr (vs ₹186.85 Cr in Q2 FY26)
Operating margin reported at 19.98% and Net Profit Margin at 15.54% for Q2 FY27
Net worth increased to ₹5,049.26 Cr as of September 30, 2026, compared to ₹3,996.39 Cr a year earlier
Scheme of Arrangement filed with stock exchanges to demerge the Tyre Business of DBRL into HSCL with an appointed date of 1 October 2026
👀 What to Watch
Track the regulatory and shareholder approval trajectory for the demerger scheme involving the DBRL Tyre Business, alongside ongoing capacity utilization in carbon materials.
HSCL to Acquire Tyre Business of Dalmia Bharat Refractories via Demerger; FY26 Turnover ₹149.31 Cr
Himadri Speciality Chemical Ltd (HSCL) has approved a Scheme of Arrangement to acquire the Tyre Business of Dalmia Bharat Refractories Limited (DBRL) on a going concern basis. DBRL's Tyre Business recorded a turnover of ₹149.31 crore as of March 31, 2026, which represents about 3.39% of HSCL's FY26 turnover. Eligible shareholders of DBRL will receive 1 fully paid equity share of HSCL (face value ₹1) for every 260 shares held in DBRL (face value ₹10), resulting in minor dilution as HSCL's share count rises slightly from 50.46 crore to 50.48 crore shares. The transaction requires statutory clearances including approval from SEBI, Stock Exchanges, and NCLT, with an appointed date of October 1, 2026.
Confidence: HIGH
What changedHSCL's Board approved the acquisition of Dalmia Bharat Refractories' tyre division through a court-approved demerger scheme via share swap with no cash consideration.
Why it mattersEnables forward integration for HSCL's carbon black business into tyre manufacturing and strengthens its tyre portfolio alongside Birla Tyres, with minimal equity dilution (~0.035%).
Demerged Unit Turnover (FY26): INR 149.31 croresShare Entitlement Ratio: 1 HSCL share for every 260 DBRL sharesAcquired Turnover vs TTM Revenue: ~3.0%Post-Scheme Total Shares: 50,47,50,637Appointed Date: 1 October 2026
📅 Short termMarket reaction is likely to be neutral to mildly positive given the strategic alignment, though immediate financial contribution is modest (3.39% of revenue) and legal approvals will take several quarters.
📈 Long termSupports HSCL's long-term strategy of forward integration into tyre manufacturing, providing synergies with carbon black capabilities and expanding capacity alongside Birla Tyres.
⚠ Risk flags
- Subject to NCLT, SEBI, and shareholder/creditor approvals
- Integration and execution risk in scaling tyre manufacturing operations
Key Highlights
DBRL Tyre Business turnover stood at ₹149.31 crore as of 31 March 2026
Acquired business represents 3.39% of HSCL's FY26 turnover (or ~3.0% of TTM revenue of ₹4,974 crore)
Share entitlement ratio set at 1 equity share of HSCL for every 260 equity shares of DBRL
Total shares of HSCL to expand slightly from 50,45,74,175 to 50,47,50,637 post-scheme
Appointed date set as 1 October 2026, subject to NCLT and shareholder approvals
👀 What to Watch
Track the regulatory approval process via SEBI, Stock Exchanges, and NCLT, along with updates on integration progress with HSCL's existing tyre operations (Birla Tyres).
HSCL to Acquire Tyre Business of Dalmia Bharat Refractories via Demerger; FY26 Turnover ₹149.31 Cr
Himadri Speciality Chemical Ltd (HSCL) has approved a Scheme of Arrangement to acquire the Tyre Business of Dalmia Bharat Refractories Limited (DBRL) on a going concern basis. DBRL's Tyre Business recorded a turnover of ₹149.31 crore as of March 31, 2026, which represents about 3.39% of HSCL's FY26 turnover. Eligible shareholders of DBRL will receive 1 fully paid equity share of HSCL (face value ₹1) for every 260 shares held in DBRL (face value ₹10), resulting in minor dilution as HSCL's share count rises slightly from 50.46 crore to 50.48 crore shares. The transaction requires statutory clearances including approval from SEBI, Stock Exchanges, and NCLT, with an appointed date of October 1, 2026.
Confidence: HIGH
What changedHSCL's Board approved the acquisition of Dalmia Bharat Refractories' tyre division through a court-approved demerger scheme via share swap with no cash consideration.
Why it mattersEnables forward integration for HSCL's carbon black business into tyre manufacturing and strengthens its tyre portfolio alongside Birla Tyres, with minimal equity dilution (~0.035%).
Demerged Unit Turnover (FY26): INR 149.31 croresShare Entitlement Ratio: 1 HSCL share for every 260 DBRL sharesAcquired Turnover vs TTM Revenue: ~3.0%Post-Scheme Total Shares: 50,47,50,637Appointed Date: 1 October 2026
📅 Short termMarket reaction is likely to be neutral to mildly positive given the strategic alignment, though immediate financial contribution is modest (3.39% of revenue) and legal approvals will take several quarters.
📈 Long termSupports HSCL's long-term strategy of forward integration into tyre manufacturing, providing synergies with carbon black capabilities and expanding capacity alongside Birla Tyres.
⚠ Risk flags
- Subject to NCLT, SEBI, and shareholder/creditor approvals
- Integration and execution risk in scaling tyre manufacturing operations
Key Highlights
DBRL Tyre Business turnover stood at ₹149.31 crore as of 31 March 2026
Acquired business represents 3.39% of HSCL's FY26 turnover (or ~3.0% of TTM revenue of ₹4,974 crore)
Share entitlement ratio set at 1 equity share of HSCL for every 260 equity shares of DBRL
Total shares of HSCL to expand slightly from 50,45,74,175 to 50,47,50,637 post-scheme
Appointed date set as 1 October 2026, subject to NCLT and shareholder approvals
👀 What to Watch
Track the regulatory approval process via SEBI, Stock Exchanges, and NCLT, along with updates on integration progress with HSCL's existing tyre operations (Birla Tyres).
HSCL Board to Meet Sept 21, 2026 to Consider Demerger of DBRL's Tyre Business
Himadri Speciality Chemical Ltd (HSCL) has scheduled a Board of Directors meeting on September 21, 2026, to consider and approve a proposed Scheme of Arrangement with Dalmia Bharat Refractories Limited (DBRL). The scheme involves the demerger of the Tyre Business of DBRL into HSCL under Sections 230 to 232 of the Companies Act, 2013. In accordance with SEBI insider trading regulations, the trading window has been closed and will remain shut until 48 hours after the meeting's outcome is disclosed. Valuation details, share swap ratios, and financial terms are yet to be disclosed.
Confidence: HIGH
What changedHSCL announced a board meeting to evaluate and approve the acquisition via demerger of DBRL's Tyre Business.
Why it mattersThe demerger could significantly augment HSCL's tyre business footprint (complementing its earlier Birla Tyres acquisition), but potential equity dilution and asset quality remain to be seen.
Board meeting date: 21 September 2026Intimation date: 18/09/2026HSCL Market Cap: Rs 34069 CrDeal swap ratio / valuation: not disclosed
📅 Short termMarket attention will focus on the September 21 meeting outcome, specifically swap ratios and whether existing shareholders face equity dilution.
📈 Long termIf approved, integrating DBRL's tyre assets could scale HSCL's tyre manufacturing segment, though execution and turnaround risks remain key variables.
⚠ Risk flags
- Potential equity dilution depending on swap ratio
- Integration risk with existing tyre operations (Birla Tyres)
- Regulatory and NCLT approval hurdles typical of Schemes of Arrangement
Key Highlights
Board meeting scheduled for Monday, 21 September 2026.
Proposed Scheme of Arrangement for demerger of the Tyre Business of Dalmia Bharat Refractories Limited (DBRL).
Scheme to be executed pursuant to Sections 230 to 232 of the Companies Act, 2013.
Trading window closed from intimation date until 48 hours post outcome disclosure.
👀 What to Watch
Track the outcome of the board meeting on September 21, 2026, specifically looking for the share swap ratio, asset valuation, and revenue impact on HSCL's existing tyre operations.
HSCL Remits AUD 1.69M Final Tranche in Sicona; Cumulative CCNs Reach AUD 18.45M
Himadri Speciality Chemical Limited has remitted AUD 16,94,000 (~AUD 1.69M) in cash as the final tranche towards subscribing to 16,94,000 Compulsorily Convertible Notes (CCNs) of face value AUD 1.00 each in Sicona Battery Technologies Pty Ltd. This follows its prior investment of AUD 1,67,53,000 in CCNs approved in May 2025. Following this remittance, HSCL cumulatively holds 1,84,47,000 CCNs in Sicona, representing an aggregate commitment of AUD 18.447M. No additional voting rights or control have been acquired at this stage as instruments remain in convertible note form.
Confidence: HIGH
What changedHSCL completed the final cash tranche remittance of AUD 1.69M, completing its planned AUD 18.45M CCN subscription in Australian battery tech firm Sicona.
Why it mattersStrengthens HSCL's strategic technological alignment in the lithium-ion battery anode space, supporting its planned Rs 1,100 Cr capex into battery materials.
Final tranche remitted: AUD 16,94,000Prior invested amount: AUD 1,67,53,000Total cumulative CCNs held: 1,84,47,000Face value per CCN: AUD 1.00
📅 Short termNeutral; this is the scheduled execution of a previously approved investment tranche without immediate financial impact on revenue or earnings.
📈 Long termStrategic value depends on commercialization of Sicona's silicon-composite battery technology and integration with HSCL's battery materials vertical.
⚠ Risk flags
- Technology and commercialization risk inherent in early-stage battery technology investments
- Forex fluctuations on foreign currency commitments
Key Highlights
Remitted final tranche of AUD 16,94,000 for 16,94,000 CCNs (face value AUD 1.00 each)
Prior investment stands at AUD 1,67,53,000 across 1,67,53,000 CCNs
Cumulative holding reaches 1,84,47,000 CCNs in Sicona Battery Technologies Pty Ltd
Investment remains in convertible note format with conversion into equity per agreed terms
👀 What to Watch
Track subsequent conversion milestones of CCNs into Sicona equity shares and progress on HSCL's planned 40,000 MTPA lithium-ion battery material facilities.
HSCL Q1FY27: Rs 240 Cr Capex for CNT and Super Speciality Carbon; PAT at Rs 228 Cr
HSCL reported a strong Q1FY27 with revenue of Rs 1,432 Cr and a PAT of Rs 228 Cr, reflecting a 16% PAT margin. The company announced two major high-value initiatives: a 200 MTPA Carbon Nanotube (CNT) facility (Rs 70 Cr capex) and a 6,000 MTPA Super Speciality Carbon Black conversion (Rs 170 Cr capex). Strategic focus is intensifying on the Lithium-ion battery value chain, with the first 2,000 MTPA LFP cathode capacity slated for Q3FY27. Birla Tyres is undergoing a 3-year transition from bias tyres to higher-margin Off-the-Road (OTR) tyres.
Confidence: HIGH
What changedHSCL has formalized its entry into the Carbon Nanotube and Super Speciality Carbon Black segments while providing specific commissioning timelines for its EV battery material projects.
Why it mattersThe shift from commodity coal tar derivatives to high-tech materials like CNTs and LFP cathode materials significantly improves the margin profile and positions the company as a key player in the global energy transition supply chain.
Q1FY27 Revenue: Rs 1,432 CrQ1FY27 PAT: Rs 228 CrNew Capex (CNT + Super Speciality): Rs 240 CrCapex vs Net Worth: ~5.2%LFP Cathode Phase 1 Target: 40,000 MTPA
📅 Short termThe stock may react positively to the strong 22% EBITDA margins and the announcement of high-value specialty chemical projects.
📈 Long termHSCL is structurally transforming into a specialty materials company; the successful scaling of the 200,000 MTPA LFP cathode vision could lead to significant long-term value creation.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk in scaling new technologies like CNT and LFP
- Raw material price volatility (CBFS)
- Long gestation period for Birla Tyres turnaround
Key Highlights
Reported Q1FY27 EBITDA of Rs 313 Cr with a 22% margin, driven by a shift toward higher-value products.
Announced Rs 70 Cr investment for a 200 MTPA Carbon Nanotube (CNT) plant expected to commission in Q4FY27.
Allocated Rs 170 Cr to convert 6,000 MTPA capacity into Super Speciality Carbon Black for niche global markets.
Commissioned a 200 MTPA anode material facility in April 2026, with LFP cathode Phase 1 (40,000 MTPA) underway.
Birla Tyres turnaround involves a 3-year plan to modernize and pivot capacity toward OTR tyres.
👀 What to Watch
Monitor the commissioning of the LFP cathode plant in Q3FY27 and the CNT facility in Q4FY27 as these represent high-margin growth drivers. Watch for the pace of Birla Tyres' transition to OTR tyres, which will be a key factor in long-term profitability.
₹1,432 Cr Record Revenue: HSCL reports 27% PAT growth and ₹240 Cr new speciality capex
HSCL achieved record quarterly performance in Q1 FY27 with revenue of ₹1,432 Cr (+28% YoY) and PAT of ₹228 Cr (+27% YoY). The company maintained strong EBITDA margins of 22%, driven by a better product mix and speciality materials ramp-up. Management announced two new projects: a 200 MTPA Carbon Nanotube facility (₹70 Cr) and a 6,000 MTPA Super Speciality Carbon Black project (₹170 Cr). Additionally, the company increased its stake in International Battery Company to 19.44%, signaling a deep commitment to the EV battery value chain.
Confidence: HIGH
What changedRecord financial performance combined with a formal entry into Carbon Nanotubes and Super Speciality Carbon Black manufacturing.
Why it mattersIt accelerates HSCL's transition from a commodity chemical player to a high-value advanced materials company for the EV and energy storage sectors, potentially re-rating the valuation multiples.
Revenue (Q1 FY27): ₹1,432 CrPAT (Q1 FY27): ₹228 CrNew Capex (CNT + SSCB): ₹240 CrNew Capex vs Net Worth: ~5.2%IBC Stake: 19.44%EBITDA Margin: 22%
📅 Short termThe market is likely to react positively to the record earnings and the clear roadmap for high-margin speciality products.
📈 Long termThe structural shift towards Lithium-ion battery materials (Anode, Cathode, CNT) provides a long-term growth runway beyond traditional industrial chemicals.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk on multiple high-tech capex projects simultaneously
- Dependency on global EV adoption rates and battery chemistry shifts
Key Highlights
Record quarterly Revenue of ₹1,432 Cr, representing a 28% YoY growth compared to Q1 FY26
EBITDA grew 33% YoY to ₹313 Cr, with margins expanding to 22% from 21% in the previous year
Announced ₹240 Cr total capex for Carbon Nanotubes (Q4 FY27) and Super Speciality Carbon Black (Q4 FY28)
Increased strategic stake in International Battery Company (IBC) from 17.29% to 19.44%
Commissioned a 200 MTPA anode material facility in April 2026 at Mahistikry, West Bengal
👀 What to Watch
Monitor the commissioning of the Anthraquinone Phase I in Q2 FY27 and the LFP Cathode 2,000 MTPA facility in Q3 FY27 as immediate growth triggers.
HSCL Q1 FY27 Revenue up 28% YoY; Outlines Rs 1,500 Cr+ Advanced Materials Expansion
HSCL reported a strong Q1 FY27 with consolidated revenue growing 28.04% YoY to Rs 1,432 Cr and PAT increasing 27.36% to Rs 228 Cr. The company is aggressively pivoting from coal tar derivatives to advanced battery materials, committing Rs 1,125 Cr for a 40,000 MTPA LFP Cathode plant and Rs 70 Cr for India's first CNT plant. These investments, totaling over Rs 1,500 Cr, represent a significant expansion relative to its Rs 4,622 Cr net worth. Management aims to compress 30 years of historical growth into the next few years through these sunrise sector entries.
Confidence: HIGH
What changedHSCL has provided a concrete roadmap for its transition from a coal tar processor to a global advanced materials player, with specific capex and commissioning dates for battery materials.
Why it mattersThe shift into Lithium-ion battery materials (LFP, CNT) and speciality chemicals (Anthraquinone) targets higher-margin, less cyclical markets compared to traditional industrial chemicals.
Q1 FY27 Revenue: Rs 1,432 CrQ1 FY27 PAT: Rs 228 CrLFP Capex vs Net Worth: ~24.3%LFP Phase 1 Capacity: 40,000 MTPACNT Capex: Rs 70 CrSSCB Capex: Rs 170 Cr
📅 Short termThe strong Q1 earnings growth and clear project timelines are likely to support positive sentiment in the near term.
📈 Long termThe structural shift towards the EV battery supply chain could fundamentally re-rate the company's valuation if the planned capacities are commissioned and utilized as scheduled by FY27-28.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk in high-tech LFP and CNT manufacturing
- Raw material price volatility (CBFS)
- Ramp-up risks at the newly acquired Birla Tyres
Key Highlights
Q1 FY27 Revenue reached Rs 1,432 Cr, a 28.04% increase over the previous year's quarter.
LFP Cathode Active Material plant (40,000 MTPA) involves Rs 1,125 Cr capex with commissioning targeted for Q3 FY27.
India's first Carbon Nano Tube (CNT) plant with 200 MTPA capacity is planned for Q4 FY27 at a cost of Rs 70 Cr.
Super Speciality Carbon Black (SSCB) expansion of 6,000 MTPA targeted for Q4 FY28 with Rs 170 Cr investment.
Birla Tyres operations commenced on May 29, 2025, with a phased ramp-up in OHT and CV segments through FY28.
👀 What to Watch
Investors should track the execution milestones of the LFP Cathode plant (Q3 FY27) and the CNT facility (Q4 FY27), as these represent high-margin diversifications. Monitor the quarterly ramp-up of Birla Tyres to assess its contribution to the consolidated bottom line.
₹368 Cr Capex for India's First CNT Plant and Speciality Chemical Expansion
HSCL has approved a combined capex of ₹368 crore across three high-value segments: Carbon Nano Tubes (CNT), Super Speciality Carbon Black (SSCB), and an expansion of Anthraquinone/Carbazole capacity. The ₹70 crore CNT facility (200 MTPA) will be India's first using in-house technology, targeting the EV and electronics sectors by Q4 FY27. Additionally, ₹170 crore is allocated to convert 6,000 MTPA of existing capacity into high-margin SSCB by Q4 FY28, while ₹128 crore will double the previously planned Anthraquinone/Carbazole capacity to 5,300 MTPA. These projects, funded via internal accruals, represent approximately 8% of the company's current net worth and signal a strategic shift toward high-margin specialty materials.
Confidence: HIGH
What changedHSCL is diversifying into high-tech materials like Carbon Nano Tubes and doubling its capacity for high-value specialty chemicals (Anthraquinone/Carbazole).
Why it mattersThese high-value products target high-growth sectors like EVs and semiconductors, potentially improving overall OPM (currently 20.7%) and reducing import dependency for critical materials.
Total New Capex: ₹368 CrCapex vs TTM Revenue: ~7.9%CNT Capacity: 200 MTPASSCB Capacity: 6,000 MTPAAnthraquinone Total Capacity: 5,300 MTPA
📅 Short termPositive sentiment expected due to the 'India's first' CNT facility claim and the focus on the EV supply chain ecosystem.
📈 Long termStructural shift toward specialty chemicals and battery materials could lead to margin expansion and higher valuation multiples over the next 2-3 years.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk for in-house developed CNT technology
- Long gestation period for SSCB (Q4 FY28 commissioning)
Key Highlights
₹70 Cr investment for India's first 200 MTPA Carbon Nano Tube (CNT) facility expected by Q4 FY27
₹170 Cr for 6,000 MTPA Super Speciality Carbon Black (SSCB) facility expected by Q4 FY28
₹128 Cr additional capex to double Anthraquinone/Carbazole capacity from 2,600 to 5,300 MTPA
Total new capex of ₹368 Cr represents ~7.9% of TTM Revenue (₹4,661 Cr)
Anthraquinone expansion to be commissioned in two phases: Phase 1 by Q2 FY27 and Phase 2 by Q2 FY28
👀 What to Watch
Monitor the execution timelines for the CNT facility (Q4 FY27) and the margin impact as the company shifts from commodity to specialty carbon black products.
HSCL approves ₹368 Cr capex for high-value specialty chemicals and India's first CNT facility
HSCL has approved three major capex projects totaling ₹368 Cr, primarily funded through internal accruals, representing ~7.9% of TTM revenue. The company is doubling its Anthraquinone and Carbazole capacity to 5,300 MTPA and establishing India's first Carbon Nano Tubes (CNT) facility with a 200 MTPA capacity by Q4 FY27. Additionally, ₹170 Cr is allocated to convert 6,000 MTPA of existing capacity into Super Speciality Carbon Black by Q4 FY28. Q1 FY27 Profit Before Tax rose to ₹294.07 Cr from ₹221.07 Cr in the year-ago period.
Confidence: HIGH
What changedHSCL has committed to entering the high-tech Carbon Nano Tubes market and significantly expanded its specialty chemical and super-specialty carbon black investment pipeline.
Why it mattersThe move signals a strategic shift from commodity chemicals to high-value additives for EVs, semiconductors, and aerospace, which typically command higher margins and better pricing power.
Total Capex Approved: ₹368 CrCapex vs TTM Revenue: ~7.9%CNT Capacity: 200 MTPAQ1 FY27 Profit Before Tax: ₹294.07 CrAnthraquinone Capacity Target: 5,300 MTPASSCB Conversion Capacity: 6,000 MTPA
📅 Short termThe market is likely to react positively to the entry into the 'India-first' CNT segment and the healthy growth in quarterly profit before tax.
📈 Long termSuccessful execution of these projects could structurally improve OPM and re-rate the business as a key supplier to the EV and semiconductor ecosystems.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk of in-house developed CNT technology
- Gestation period for high-value product adoption in niche markets
- Simultaneous execution of multiple large-scale projects
Key Highlights
₹128 Cr additional capex to double Anthraquinone and Carbazole capacity from 2,600 to 5,300 MTPA
₹70 Cr investment for India's first 200 MTPA Carbon Nano Tubes (CNT) facility using in-house technology
₹170 Cr for 6,000 MTPA Super Speciality Carbon Black conversion expected by Q4 FY28
Q1 FY27 Profit Before Tax reached ₹294.07 Cr, a 33% increase over the ₹221.07 Cr reported in Q1 FY26
Total approved capex of ₹368 Cr to be funded primarily through internal accruals
👀 What to Watch
Monitor the execution timeline of the CNT facility (Q4 FY27) and Phase 1 of the Anthraquinone expansion (Q2 FY27) to gauge the shift toward high-margin specialty segments.
[ICRA]AA: ICRA Upgrades HSCL Long-Term Rating for Rs 1,980.86 Cr Facilities
ICRA has upgraded the long-term credit rating of Himadri Speciality Chemical Ltd (HSCL) to [ICRA]AA from [ICRA]AA- for its Rs 1,980.86 crore working capital facilities. The outlook has been revised to 'Stable' from 'Positive', while the short-term rating for Rs 500 crore in commercial paper was reaffirmed at [ICRA]A1+. This upgrade is supported by HSCL's strong balance sheet, featuring a low Debt-to-Equity ratio of 0.16 and a healthy ROCE of 23.0%. The total rated facilities of Rs 2,480.86 crore represent approximately 53.7% of the company's net worth of Rs 4,622 crore.
Confidence: HIGH
What changedICRA upgraded HSCL's long-term credit rating by one notch to AA and revised the outlook to Stable.
Why it mattersThis upgrade signals reduced credit risk and provides the company with better leverage to negotiate lower interest rates for its ongoing Rs 1,100 crore expansion projects.
Working Capital Facilities: Rs 1,980.86 CrCommercial Paper: Rs 500.00 CrTotal Rated Facilities vs Net Worth: ~53.7%Debt-to-Equity Ratio: 0.16TTM Revenue: Rs 4,661 Cr
📅 Short termThe upgrade is likely to be viewed positively by the market as a validation of the company's improving financial health and operational discipline.
📈 Long termEnhances the company's ability to fund its transition into the high-growth Lithium-ion battery material sector at more competitive borrowing rates.
Key Highlights
Long-term rating upgraded to [ICRA]AA from [ICRA]AA- for Rs 1,980.86 crore facilities
Short-term rating for Rs 500.00 crore commercial paper reaffirmed at [ICRA]A1+
Outlook revised to Stable from Positive following the credit notch upgrade
Total rated facilities of Rs 2,480.86 crore vs TTM revenue of Rs 4,661 crore
Company maintains a low Debt-to-Equity ratio of 0.16 as per latest financials
👀 What to Watch
Watch for a potential reduction in interest expenses in upcoming quarterly results as the company benefits from improved credit terms for its working capital.
Himadri Speciality Chemical Increases Stake in IBC to 20.47% with USD 0.66M Investment
Himadri Speciality Chemical (HSCL) has increased its equity stake in US-based International Battery Company (IBC) from 17.29% to 20.47% through an additional investment of USD 0.66 million. This follows a previous aggregate investment of USD 5.43 million, bringing the total commitment to approximately USD 6.09 million. The investment is a strategic move to integrate Himadri's cathode and anode materials into IBC's battery technology platform. This partnership grants HSCL access to IBC's R&D in California and its upcoming Gigafactory in Bengaluru, India.
Key Highlights
Increased stake in International Battery Company (IBC) to 20.47% on a fully diluted basis.
Additional investment of USD 0.66 million following a prior investment of USD 5.43 million.
Strategic access to IBC's R&D center in California and upcoming Gigafactory in Bengaluru.
Facilitates commercial deployment of Himadri's LFP Cathode and advanced Anode Materials.
Strengthens downstream integration within the global Lithium-ion battery value chain.
👀 What to Watch
Investors should monitor this as a positive long-term strategic development that positions HSCL as a key player in the EV battery supply chain. The progress of IBC's Bengaluru Gigafactory will be a critical milestone for future revenue visibility.
Himadri Speciality Increases Stake in IBC to 20.47% with USD 6.09 Million Total Investment
Himadri Speciality Chemical Limited (HSCL) has increased its stake in International Battery Company, Inc. (IBC) from 17.29% to 20.47% by investing an additional USD 0.66 million. This brings the total investment in the Delaware-based lithium-ion cell manufacturer to USD 6.09 million. The acquisition is a strategic move to secure manufacturing infrastructure in South Korea and access a future Gigafactory in Bengaluru for HSCL's cathode and anode materials. While IBC is currently in a pre-revenue stage with nil turnover in FY25, the partnership focuses on long-term technological development in the energy storage and mobility sectors.
Key Highlights
Acquired 6,00,000 additional Common Stock of IBC for USD 0.66 million in cash.
Total aggregate stake in IBC reached 20.47% on a fully diluted basis.
Total investment in the target company now stands at USD 6.09 million.
Strategic access gained to IBC’s manufacturing infrastructure in South Korea and upcoming Bengaluru Gigafactory.
Target company specializes in chemistry-agnostic prismatic lithium-ion cells and next-gen energy storage.
👀 What to Watch
Investors should monitor the progress of IBC's Bengaluru Gigafactory as a key milestone for HSCL's entry into the EV battery supply chain. While the investment is strategic, the target is early-stage, making this a long-term growth play rather than an immediate earnings driver.
HSCL Shareholders Approve 80% Dividend and Re-appointment of CMD at 38th AGM
Himadri Speciality Chemical Limited (HSCL) held its 38th Annual General Meeting on June 11, 2026, where all six proposed resolutions were passed with a requisite majority. Shareholders approved a dividend of ₹0.80 per equity share (80% of face value) for the financial year ended March 31, 2026. The meeting also confirmed the re-appointment of Mr. Anurag Choudhary as CMD & CEO, alongside the extension of terms for two Independent Directors. A total of 346.1 million votes were polled for the adoption of financial statements, reflecting nearly 100% shareholder support.
Key Highlights
Approved a dividend of ₹0.80 per equity share (80%) for the financial year 2025-26.
Re-appointed Mr. Anurag Choudhary as Chairman cum Managing Director & CEO.
Re-appointed Independent Directors Girish Paman Vanvari and Gopal Ajay Malpani for second 5-year terms.
Adoption of FY26 financial statements passed with 99.9998% of votes in favor.
The meeting was attended by 119 members via Video Conferencing with a record date of June 4, 2026.
👀 What to Watch
Investors should view the dividend approval and leadership continuity as signs of stability; no immediate action is required beyond tracking the dividend credit.
Himadri Speciality Invests Additional AUD 2.56 Million in Sicona Battery Technologies
Himadri Speciality Chemical Limited (HSCL) has furthered its strategic investment in Australian firm Sicona Battery Technologies Pty Ltd by subscribing to an additional 25.59 lakh Compulsorily Convertible Notes (CCNs) for AUD 2.56 million. This brings the company's total cumulative investment in Sicona to AUD 16.75 million across various tranches. While the current investment in CCNs does not grant immediate voting rights, they are convertible into equity shares as per agreed terms. The company has a remaining commitment to invest in 16.94 lakh more CCNs in future tranches to complete the planned acquisition.
Key Highlights
Invested AUD 2,559,000 in cash for the subscription of 2,559,000 CCNs at AUD 1.00 each.
Cumulative investment in Sicona Battery Technologies now reaches 1,67,53,000 CCNs.
Balance investment of 1,694,000 CCNs remains to be completed in future tranches.
Strategic move to strengthen presence in the global battery technology and EV value chain.
Investment currently held as CCNs with no immediate change in voting rights or control.
👀 What to Watch
Investors should monitor HSCL's progress in the battery materials space as these investments signify a long-term pivot toward the EV ecosystem. The stock remains a key play on the specialty chemicals and energy storage themes in India.
HSCL Promoters Declare Zero Encumbrance on 26.48 Crore Shares for FY26
Himadri Speciality Chemical Limited (HSCL) has filed a disclosure confirming that its promoters and Persons Acting in Concert (PAC) held no encumbered or pledged shares as of March 31, 2026. The declaration, submitted by Mr. Anurag Choudhary, covers a total promoter holding of 26,48,59,302 shares. This annual filing under SEBI (SAST) Regulations ensures transparency regarding the status of promoter holdings. The absence of any share pledging is a positive indicator of the promoters' financial health and commitment to the company.
Key Highlights
Promoters and PAC confirmed zero encumbrances on their shareholding for the financial year 2025-26.
Total promoter and PAC holding as of March 31, 2026, stands at 26,48,59,302 shares.
Modern Hi-Rise Private Limited is the largest promoter entity with 18,54,07,559 shares.
Anurag Choudhary holds 4,33,17,676 shares, representing a significant individual promoter stake.
The disclosure was made in compliance with Regulation 31(4) of SEBI (SAST) Regulations, 2011.
👀 What to Watch
Investors should take this as a positive sign of promoter stability and financial strength as no shares are used as collateral. No immediate action is required, but this confirms the absence of pledge-related risks for the stock.
Himadri Speciality Chemical Reports 19.31% Reduction in Energy Intensity for FY 2025-26
Himadri Speciality Chemical (HSCL) has released its Business Responsibility and Sustainability Report for FY 2025-26, highlighting a 19.31% reduction in energy intensity compared to its baseline. The company is strategically pivoting toward the clean energy ecosystem by investing in Lithium Iron Phosphate cathode and silicon-carbon anode materials. Operational improvements include a digital energy management system and 100% Zero Liquid Discharge across facilities. HSCL remains committed to achieving Net Zero carbon emissions by 2050 while maintaining a Zero Lost Time Injury Frequency Rate.
Key Highlights
Energy intensity improved to 0.747 in FY26 from 0.926 in FY22, representing a 19.31% reduction against the baseline.
Total energy consumption for FY26 was 4,33,180.12 GJ, reflecting controlled growth through efficiency measures.
Achieved Zero Lost Time Injury Frequency Rate (LTIFR) and maintained 100% Zero Liquid Discharge (ZLD) status.
Strategic focus on next-generation EV materials including Lithium Iron Phosphate cathode and silicon-carbon anode materials.
Formal alignment with global frameworks including TCFD and SBTi with a Net Zero 2050 target.
👀 What to Watch
Investors should note the company's improving operational efficiency and its transition into high-growth EV battery material segments. Monitor the execution and scaling of the New Energy Materials Division as a key long-term value driver.
