Hi-Green Carbon Limited (HIGREEN)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Hi-Green Carbon's revenue was ₹70.0 Cr (+15.3% year on year, +1.4% on the previous half-year), and net profit ₹-1.0 Cr (against a profit a year earlier); the operating margin was 17.1%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹70.0 | +15.3% | +1.4% |
| Operating profit | ₹12.0 | -0.3% | +12.3% |
| Net profit | ₹-1.0 | to loss | to loss |
| EPS (₹) | -0.52 | to loss | to loss |
| Operating margin | 17.1% | — | — |
HIGREEN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 62.5% of the HIGREEN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.38%. The price rose 9.07% on unusually low delivery, so more of the move than usual was intraday trading. It traded 2.5 times its average daily volume.
Delivery in the last 5 sessions: 73.2% · 59.3% · 72.2% · 73.3% · 62.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Hi-Green Carbon Limited has announced the passing of a special resolution via postal ballot to migrate from the NSE Emerge platform to the Main Board of NSE. A total of 7,09,600 votes were polled from non-promoter shareholders, all of which (100%) were cast in favour with zero votes against. In accordance with SEBI ICDR regulations, promoters did not participate in the voting. Migration to the Main Board is expected to improve institutional participation and stock liquidity for the Rs 323 Cr market cap company.
- 100.00% of votes polled (7,09,600 shares) were cast in favour of migrating to the NSE Main Board
- 0 votes cast against the resolution, comfortably meeting Regulation 277 SEBI ICDR requirements
- Public non-institutions cast 6,77,600 votes (95.49% of polled votes), while institutions cast 32,000 votes (4.51%)
- Promoter group holding 1,79,74,000 shares abstained from voting per regulatory rules
Hi-Green Carbon Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026. The RTA confirmed that securities received for dematerialisation were processed, confirmed or rejected, and cancelled within the prescribed timelines. This is a purely standard quarterly procedural filing with no operational or financial impact.
- Regulation 74(5) compliance certificate filed for the quarter ended September 30, 2026
- Confirmation certificate issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Filing executed and submitted to the exchange on October 11, 2026
Hi-Green Carbon has appointed Mr. Kishan Arvindkumar Manvar as an Additional Director in the category of Non-Executive Independent Director, effective October 05, 2026. The appointment is for a term of five years, subject to requisite shareholder approval. Mr. Manvar holds a bachelor's in Mechanical Engineering and a postgraduate degree in Business Management with over 6 years of experience across multinational organizations. The board meeting commenced at 03:00 PM and concluded at 03:35 PM on October 05, 2026.
- Appointment of Mr. Kishan Arvindkumar Manvar as Non-Executive Independent Director effective October 05, 2026
- Tenure set for a period of 5 years, subject to shareholder approval
- Appointee brings over 6 years of cross-functional experience across India and Canada
- Board meeting conducted in 35 minutes (03:00 PM to 03:35 PM)
Hi-Green Carbon has appointed Mr. Kishan Arvindkumar Manvar as an Additional Director in the category of Non-Executive Independent Director, effective October 05, 2026. The appointment is for a term of five years, subject to requisite shareholder approval. Mr. Manvar holds a bachelor's in Mechanical Engineering and a postgraduate degree in Business Management with over 6 years of experience across multinational organizations. The board meeting commenced at 03:00 PM and concluded at 03:35 PM on October 05, 2026.
- Appointment of Mr. Kishan Arvindkumar Manvar as Non-Executive Independent Director effective October 05, 2026
- Tenure set for a period of 5 years, subject to shareholder approval
- Appointee brings over 6 years of cross-functional experience across India and Canada
- Board meeting conducted in 35 minutes (03:00 PM to 03:35 PM)
Hi-Green Carbon Limited has issued a Postal Ballot notice seeking shareholder approval to migrate its equity shares from the NSE EMERGE SME platform to the NSE Main Board. Remote e-voting runs from September 12, 2026, to October 11, 2026, with results expected by October 13, 2026. Under SEBI ICDR Regulation 277, the special resolution requires non-promoter votes in favour to be at least twice the number of non-promoter votes cast against it. The company listed on NSE EMERGE on September 28, 2023, and commands a market cap of approximately ₹309 Cr.
- Proposed migration of equity shares (face value ₹10) from NSE EMERGE to the NSE Main Board
- Requires public shareholder votes in favor to be at least 2x the votes cast against under Regulation 277 of SEBI ICDR
- Remote e-voting period runs from September 12, 2026 (09:00 AM) to October 11, 2026 (05:00 PM)
- Results of the Postal Ballot e-voting to be declared on or before October 13, 2026
- Cut-off date for eligibility to vote was Friday, September 04, 2026
Hi-Green Carbon's Board of Directors has approved the migration of the company's equity shares from the NSE Emerge platform to the Main Board of the NSE. The proposed migration is subject to approval by shareholders via postal ballot and regulatory approval from NSE. NSDL has been appointed for remote e-voting with a cut-off date of September 04, 2026. If approved, moving to the Main Board removes SME lot-size trading restrictions and improves market liquidity for the ₹317 Cr market cap company.
- Board approved migration from NSE Emerge Platform to the Main Board of NSE on September 07, 2026.
- Cut-off date fixed as Friday, September 04, 2026 for remote E-voting via Postal Ballot.
- Appointed NSDL as remote e-voting agency and Mr. Piyush Jethva, PCS, as scrutinizer.
- Migration is subject to shareholder approval and regulatory nod from the National Stock Exchange of India.
Hi-Green Carbon Limited has issued the notice for its 15th Annual General Meeting (AGM) scheduled for September 29, 2026, via video conferencing. The company highlighted that its aggregate continuous tyre pyrolysis capacity has reached 300 TPD across three 100 TPD facilities in Rajasthan, Maharashtra, and Madhya Pradesh. Additionally, the Chairman's address noted that annual revenue surpassed the ₹100 crore milestone in FY 2025-26, supported by its recent expansion into Renewable Technology Solutions. Ordinary business items include adoption of FY26 financial statements and director re-appointments.
- 15th AGM scheduled for September 29, 2026 at 11:00 AM IST via video conferencing
- Aggregate tyre pyrolysis capacity scaled to 300 TPD across three 100 TPD plants
- Annual revenue crossed the ₹100 crore threshold for FY 2025-26
- Ratification of Cost Auditor remuneration set at ₹30,000 per annum
Hi-Green Carbon Limited announced the outcome of its board meeting held on September 02, 2026. The board approved the appointment of M/s. Niketan Govindbhai Tadhani & Co., Cost Accountants, as the Cost Auditors of the company for FY 2026-27, subject to shareholder approval. Additionally, the 15th Annual General Meeting (AGM) has been scheduled for September 29, 2026, via Video Conferencing, with the remote e-voting window open from September 25 to September 28, 2026. The reappointment of Managing Director Mr. Amitkumar H. Bhalodi, who retires by rotation, was also recommended.
- Appointed M/s. Niketan Govindbhai Tadhani & Co. as Cost Auditors for FY 2026-27
- 15th Annual General Meeting convened for Tuesday, September 29, 2026, at 11:00 AM IST via VC/OAVM
- Remote e-voting period set from September 25, 2026 (09:00 AM) to September 28, 2026 (05:00 PM)
- Cut-off date for remote e-voting eligibility fixed as Tuesday, September 22, 2026
- Recommended reappointment of Managing Director Mr. Amitkumar H. Bhalodi retiring by rotation
Hi-Green Carbon Limited announced the outcome of its Board meeting held on September 02, 2026. The Board approved convening the 15th Annual General Meeting (AGM) on September 29, 2026, via video conferencing. The cut-off date for remote e-voting is set for September 22, 2026, with the voting window open from September 25 to September 28, 2026. Additionally, M/s. Niketan Govindbhai Tadhani & Co. was appointed as the Cost Auditor for FY 2026-27, and MD Amitkumar H. Bhalodi's reappointment by rotation was approved for shareholder consideration.
- 15th Annual General Meeting scheduled for Tuesday, September 29, 2026 at 11:00 AM IST via VC/OAVM
- Remote e-voting window runs from September 25, 2026 (09:00 AM) to September 28, 2026 (05:00 PM)
- Cut-off date for remote e-voting eligibility set as September 22, 2026
- Appointed M/s. Niketan Govindbhai Tadhani & Co., Cost Accountants as Cost Auditors for FY 2026-27
Hi-Green Carbon's wholly owned subsidiary, Shantol Recycling Private Limited, is setting up a 60 TPD Sodium Silicate Plant at its existing facility in Dhar, Madhya Pradesh. The plant will utilize excess Syn Gas generated as a pyrolysis by-product to produce sodium silicate, with commercial operations targeted for January 2027. Shantol has secured a 100% offtake arrangement by appointing Sri Varahi Silicate Industries Private Limited as its sole selling agent. Additionally, Shantol is sub-leasing approximately 3,000 sq. metres of land to Sri Varahi for storage and distribution operations.
- Setting up a 60 TPD Sodium Silicate Plant at Dhar, Madhya Pradesh facility
- Targeted commercial production commencement by January 2027
- 100% offtake agreement signed with Sri Varahi Silicate Industries as sole selling agent
- Sub-leasing ~3,000 sq. metres of land within Dhar premises for storage and distribution
Hi-Green Carbon's Board of Directors has approved availing a credit facility of ₹3.40 crore by way of a Working Capital Term Loan from Central Bank of India. The funds are earmarked for supporting regular business operations. The facility will be secured via a mortgage on immovable properties and hypothecation of movable properties and current assets. Compared to the company's existing debt of ₹29 crore and TTM revenue of ₹236 crore, this addition is modest at ~1.4% of revenue.
- Board approved ₹3.40 crore Working Capital Term Loan from Central Bank of India
- Loan represents ~1.4% of TTM revenue (₹236 Cr) and ~3.6% of net worth (₹94 Cr)
- Security entails a charge over immovable properties, movable properties, and current assets
- Formal loan agreement is yet to be executed
Financial Performance
Revenue Growth by Segment
Revenue from operations surged 39.2% YoY from INR 70.24 Cr in FY24 to INR 96.78 Cr in FY25. The technology segment, following the consolidation of Radhe Renewables, is expected to contribute higher-margin revenue from gasification projects.
Geographic Revenue Split
The company is expanding its export footprint, recently obtaining the ISCC EU certificate required for exports to European countries. Regional split percentages are not disclosed.
Profitability Margins
Operating margins (PBILDT) were 25.48% in FY24 but declined to 19.61% in H1FY25 due to one-time expenses and plant underutilization. PAT margin improved from 7.3% in FY22 to 15.8% in FY23, with FY25 PAT reaching INR 11 Cr, a 5% increase YoY.
EBITDA Margin
EBITDA margins expanded in FY25 due to improved scale and a self-sustaining energy process. However, H1FY25 operating margins were pressured to 19.61% by ramp-up costs at the Samsara subsidiary and one-time approval expenses.
Capital Expenditure
The company invested INR 1.70 Cr in its subsidiary Samsara Recycling Private Limited and INR 0.51 Lakhs in Green Valley. Further expansion is planned with 2-3 new locations currently in the pipeline.
Credit Rating & Borrowing
The company maintains a 'Stable' outlook. Gearing improved significantly to 0.17x as of September 30, 2023, following an INR 44.93 Cr IPO. Borrowing costs were impacted by penal interest in mid-2023 due to auto-debit mandate delays, though servicing has been regular since September 2023.
Operational Drivers
Raw Materials
Waste tyres are the primary raw material used for the production of recovered Carbon Black (rCB) and fuel oil. Specific cost percentages per material are not disclosed.
Import Sources
Raw materials are sourced directly through established suppliers to manage operational complexities. Specific geographic sourcing locations are not disclosed.
Key Suppliers
The company relies on established third-party suppliers for steady tyre supply, though specific company names are not disclosed.
Capacity Expansion
The company is currently ramping up production at its Samsara subsidiary. A new plant is currently underutilized, and management is evaluating 2-3 additional sites for future capacity expansion.
Raw Material Costs
Raw material sourcing involves high operational complexity; the company utilizes proprietary technology to maintain rCB quality despite varying raw material nature. Specific cost as a % of revenue is not disclosed.
Manufacturing Efficiency
The recently started new plant is currently underutilized, which has temporarily pressurized margins. Management targets a return to 20% OPM as utilization improves.
Logistics & Distribution
Distribution costs were impacted by rebranding and new packing expenses in H1FY25. Specific logistics costs as a % of revenue are not disclosed.
Strategic Growth
Expected Growth Rate
39.20%
Growth Strategy
Growth will be driven by the ramp-up of the Samsara Recycling plant, the consolidation of Radhe Renewables (a monopolistic technology company with higher margins), and expansion into European markets following ISCC EU certification.
Products & Services
Recovered Carbon Black (rCB), fuel oil, steel wire, and technology manufacturing services including gasification projects.
Brand Portfolio
Hi-Green Carbon, Samsara Recycling, Radhe Renewables.
New Products/Services
New revenue streams are expected from gasification projects and technology manufacturing following the Radhe Renewables consolidation.
Market Expansion
Targeting the European market for rCB exports using the newly acquired ISCC EU certificate.
Market Share & Ranking
The company claims a monopolistic position in its specific technology manufacturing sector via Radhe Renewables.
Strategic Alliances
Consolidation with Radhe Renewables Group to integrate high-margin technology manufacturing into the portfolio.
External Factors
Industry Trends
The industry is evolving through the Extended Producer Responsibility (EPR) framework, which is strengthening India's tyre recycling ecosystem and providing structural advantages in supply security.
Competitive Landscape
The company faces competition from virgin carbon black manufacturers but maintains a technology lead in the recycled segment.
Competitive Moat
Moat is built on proprietary recycling technology and ISCC+, ISCC EU certifications, which act as entry barriers for high-end export markets. These are sustainable due to the technical complexity of achieving rCB consistency.
Macro Economic Sensitivity
Highly sensitive to crude oil price cycles, which dictate the market price and demand for recovered carbon black products.
Consumer Behavior
Demand for products typically increases during the winter season.
Geopolitical Risks
Trade barriers in Europe are mitigated by compliance with ISCC EU standards.
Regulatory & Governance
Industry Regulations
Operations are governed by the Extended Producer Responsibility (EPR) for waste tyres and ISCC EU standards for European exports.
Environmental Compliance
Significant costs incurred for ISCC, ISCC+, and ISCC EU certifications, GHG reports, and product lifecycle assessment reports to meet international standards.
Legal Contingencies
The company reports zero pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Key risks include the underutilization of new capacity, potential regulatory shifts in the EPR system, and a fire incident reported at the Samsara plant in October 2025.
Geographic Concentration Risk
Operations are currently concentrated in Rajkot, Gujarat, with expansion plans for 2-3 new locations.
Third Party Dependencies
High dependency on established third-party suppliers for waste tyre feedstock.
Technology Obsolescence Risk
Mitigated by proprietary technology and ongoing research-related investments to maintain rCB quality consistency.
Credit & Counterparty Risk
The company has a history of minor delays in debt servicing (1-2 days) but has maintained a clear track record since September 2023.
