Himadri Speciality Chemical Limited (HSCL)
₹660.70 -0.32% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Himadri Speciality's revenue was ₹1,432 Cr (+28.0% year on year, +11.2% on the previous quarter), and net profit ₹228 Cr (+27.4% year on year); the operating margin was 20.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,432 | +28.0% | +11.2% |
| Operating profit | ₹288 | +17.5% | +19.0% |
| Net profit | ₹228 | +27.4% | +9.8% |
| EPS (₹) | 4.55 | +23.6% | +14.3% |
| Operating margin | 20.1% | — | — |
HSCL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.42% of the HSCL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.81%. That is close to its usual level.
Delivery in the last 5 sessions: 44.7% · 38.2% · 42.6% · 51.5% · 44.4%
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
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.
- 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
Himadri Speciality Chemical Limited has allotted 3,000 units of Commercial Paper (CP) aggregating to ₹150 Crore on October 9, 2026. The unsecured instrument carries a discount/coupon rate of 6.60% p.a. with an 80-day tenure maturing on December 28, 2026. The CPs were issued in favor of Kotak Mahindra Bank and will be listed on the BSE. Relative to the company's existing total debt of ₹723 Crore, this issuance represents short-term working capital funding equivalent to ~20.7% of debt and ~3.0% of TTM revenue (₹4,974 Crore).
- Allotment of 3,000 Commercial Paper units of face value ₹5,00,000 each aggregating to ₹150 Crore
- Short tenure of 80 days with allotment on 09-10-2026 and maturity on 28-12-2026
- Competitive interest/discount rate of 6.60% p.a., with interest payable upfront
- Issued in favor of Kotak Mahindra Bank; instrument to be listed on BSE Ltd
Himadri Speciality Chemical Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30 September 2026. The confirmation was provided by the company's Registrar and Share Transfer Agent, S.K. Infosolutions Pvt. Ltd. The certificate verifies that dematerialisation requests received during the period were duly confirmed to NSDL and CDSL and the underlying securities remain listed. This filing is a purely administrative regulatory requirement and carries no financial or operational impact.
- Regulation 74(5) compliance confirmed for the quarter ended 30 September 2026
- Issued by Registrar and Share Transfer Agent M/s S.K. Infosolutions Pvt. Ltd.
- Confirmation provided for dematerialisation requests handled for NSDL and CDSL depositories
- Filing submitted to BSE and NSE on 09/10/2026
Himadri Speciality Chemical Ltd announced that it has won the Golden Peacock Award for Sustainability (GPAS) 2026 in the Chemical sector, conferred by the Institute of Directors (IOD), India. The company was selected from 456 nominations received and 197 shortlisted organizations. The award ceremony is scheduled to take place on November 18, 2026, in London. While positive for ESG credentials, this award is non-material to the company's financial metrics or earnings.
- Declared winner of Golden Peacock Award for Sustainability 2026 in the Chemical sector
- Selected from 456 total nominations and 197 shortlisted organisations
- Award presentation scheduled for November 18, 2026, at the London Global Convention
- Operates 8 zero-liquid-discharge facilities and meets 100% of electrical energy via in-house clean power
Himadri Speciality Chemical Limited (HSCL) has issued a Postal Ballot Notice seeking shareholder approval via special resolution to alter its Memorandum of Association (MOA) in alignment with the Companies Act, 2013. The amendment includes inserting new business objects as sub-clauses (7) to (20) under Clause III(A) to enable new business activities. The remote e-voting window runs from 28 September 2026 to 27 October 2026, with the cut-off date set at 18 September 2026. Stated authorized share capital in the revised MOA is ₹70.01 Cr divided into 70,01,00,000 equity shares of ₹1 each.
- Postal ballot seeking approval for alteration of Memorandum of Association (MOA) and adoption of new MOA under Companies Act, 2013
- Remote e-voting period runs from 28 September 2026 (9:00 a.m. IST) to 27 October 2026 (5:00 p.m. IST)
- Cut-off date for eligible voting members established as 18 September 2026
- Share capital clause reflects ₹70,01,00,000 divided into 70,01,00,000 equity shares of ₹1 each
- New business objects added via sub-clauses (7) to (20) under Clause III(A)
Himadri Speciality Chemical Ltd (HSCL) announced that its subsidiary, Trancemarine and Confreight Logistics Private Limited, has agreed to divest a 34% equity stake in its own subsidiary, Sturdy Niketan Private Limited. Post-transaction, Trancemarine will retain a 65% majority controlling stake, ensuring Sturdy Niketan remains a step-down subsidiary of HSCL. Neither entity is classified as a material subsidiary of HSCL, which has an annual revenue base of ₹4,974 crore and net worth of ₹4,622 crore. The transaction is between non-related parties and is expected to close within 10 days.
- Divestment of a 34% equity stake in step-down subsidiary Sturdy Niketan Private Limited
- Trancemarine retains a 65% controlling stake in Sturdy Niketan post-sale
- Transaction expected to be completed within 10 days of agreement signing
- Neither Trancemarine nor Sturdy Niketan is classified as a material subsidiary of HSCL
- Transaction is not a related-party transaction and buyers are unrelated to promoters
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.
- 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
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.
- 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
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.
- 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.
Himadri Speciality Chemical's Board approved alterations to its Memorandum of Association (MOA) during its meeting on 18 September 2026. The amendment adds new sub-clauses under Clause III(A) to permit new business activities, alongside aligning the MOA structure with Schedule I of the Companies Act, 2013. The changes remain subject to shareholder approval via postal ballot as well as any applicable regulatory clearances.
- Board meeting held on 18 September 2026 commenced at 7:25 p.m. and concluded at 7:45 p.m. IST
- Proposed alteration of Clause III(A) of the MOA to add new objects for undertaking new business activities
- Adoption of revised MOA aligning structure with Schedule I of the Companies Act, 2013 by merging Clause III(C) into Clause III(B)
- Proposed amendments are subject to approval by shareholders via postal ballot
Himadri Speciality Chemical's Board approved alterations to its Memorandum of Association (MOA) on September 18, 2026, subject to shareholder approval via postal ballot. The amendment introduces new sub-clauses under the main object clause to enable the company to undertake new business activities. It also aligns the MOA with Schedule I of the Companies Act, 2013, by restructuring object clauses and updating liability and capital clauses. The company reported TTM revenue of ₹4,974 Cr and a net profit of ₹805 Cr.
- Board meeting held on September 18, 2026, commenced at 7:25 p.m. and concluded at 7:45 p.m. (20 minutes duration)
- Approved alteration of Clause III(A) of the MOA to add new objects for pursuing new business activities
- Restructured existing Clause III(C) into Clause III(B) to align with Companies Act, 2013, Schedule I requirements
- Subject to approval by Members of the Company via postal ballot and required regulatory/statutory approvals
Himadri Speciality Chemical Limited has scheduled an in-person analyst and institutional investor meeting on September 19, 2026. The interactions will take place at the HIC Money Purse Finserv Emerging Stars 2026 Investor Conference in Hyderabad. The company confirmed that meetings will be conducted in one-on-one and group formats. No unpublished price sensitive information (UPSI) will be shared, with discussions strictly based on publicly available details.
- Investor meeting scheduled for September 19, 2026
- Event: HIC Money Purse Finserv Emerging Stars 2026 Investor Conference in Hyderabad
- Format consists of in-person one-on-one and group meetings
- Company confirmed no unpublished price sensitive information will be shared
Himadri Speciality Chemical Ltd (HSCL) has completed the incorporation of a foreign wholly owned subsidiary, ARDENT IMPEX FZCO, in the Dubai Airport Free Zone, UAE. The subsidiary has an authorised share capital of AED 200,000 (200 shares of AED 1,000 each), fully subscribed in cash. The entity is established to conduct trading in industrial chemicals and petrochemicals and is yet to commence operations. Given the initial capital commitment of AED 200,000, the immediate financial impact on HSCL's ₹4,974 Cr revenue base is immaterial.
- Incorporated wholly owned subsidiary 'ARDENT IMPEX FZCO' in Dubai Airport Free Zone, UAE
- Share capital contribution of AED 200,000 divided into 200 shares of AED 1,000 each
- 100% equity stake held by Himadri Speciality Chemical Ltd via direct cash investment
- Business objective focused on industrial chemicals and petrochemicals trading in Dubai
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.
- 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
Himadri Speciality Chemical Limited (HSCL) has allotted 13,576 equity shares to eligible employees following the exercise of options under the Himadri Employee Stock Option Plan 2016. The shares, with a face value of Re. 1, were issued at a total price of Rs. 140 per share (including a premium of Rs. 139). This allotment results in a negligible equity dilution of approximately 0.0027%. The total paid-up capital of the company now stands at Rs. 50,45,74,175.
- Allotment of 13,576 equity shares of Re. 1 each on August 10, 2026
- Exercise price fixed at Rs. 140 per share, including a premium of Rs. 139
- Total paid-up capital increased to 50,45,74,175 equity shares
- Shares issued under the Grant-II phase of the Himadri Employee Stock Option Plan 2016
Financial Performance
Revenue Growth by Segment
Standalone revenue for Q2 FY26 was INR 1,070 Cr, a 5.7% decrease from INR 1,135 Cr in Q2 FY25, primarily due to raw material price corrections and export deferment. FY2025 total sales volume grew 16.1% to 5,52,206 MT from 4,75,582 MT in FY2024, driven by speciality oil sales.
Geographic Revenue Split
HSCL is a dominant domestic player in India for Coal Tar Pitch (CTP) and Carbon Black (CB). While specific regional percentages are not disclosed, the company is a net importer of raw materials but utilizes exports as a natural hedge for foreign exchange risk.
Profitability Margins
PAT for Q2 FY26 grew 39% YoY to INR 187 Cr. H1 FY26 PAT reached INR 369 Cr, the highest ever level. Profitability is strengthening due to a strategic shift toward high value-added speciality products and operational efficiencies despite soft top-line growth.
EBITDA Margin
H1 FY26 EBITDA stood at INR 477 Cr. EBITDA growth is driven by higher EBITDA/MT from speciality carbon black and speciality oils, which are less sensitive to raw material price fluctuations compared to commodity products.
Capital Expenditure
Planned capex includes INR 1,100 Cr for Phase 1 of Lithium-ion battery raw materials (40,000 MTPA), INR 220 Cr to expand speciality CB capacity to 1,30,000 MTPA by Q3 FY26, and INR 120 Cr for high value-added speciality products by Q2 FY27.
Credit Rating & Borrowing
HSCL holds an [ICRA]A1+ rating for its INR 100 Cr Commercial Paper. The company maintains a comfortable capital structure with a gearing of 0.1 times and TOL/TNW of 0.2 times as of March 31, 2025.
Operational Drivers
Raw Materials
Key raw materials include Coal Tar (for CTP), Carbon Black Feedstock (CBFS), and Carbon Black Oil (CBO). CBFS is a crude oil derivative and is primarily imported.
Import Sources
CBFS is mainly imported from global markets, exposing the company to international crude price volatility and foreign exchange risks.
Key Suppliers
Not specifically named in the documents, but the company maintains established long-term relationships with both domestic and international suppliers.
Capacity Expansion
Current Coal Tar distillation capacity is 5,00,000 MTPA. Carbon Black capacity is 1,20,000 MTPA, with Speciality CB at 60,000 MTPA (expanding to 1,30,000 MTPA by Q3 FY26). Lithium-ion battery material capacity of 40,000 MTPA is planned for 2027.
Raw Material Costs
Raw material prices corrected in Q2 FY26, leading to a 5.7% drop in standalone revenue as costs are typically passed through to customers via formula-based pricing.
Manufacturing Efficiency
HSCL operates the largest integrated coal tar distillation facility in India, providing a significant scale-based competitive advantage and cost leadership.
Strategic Growth
Expected Growth Rate
16-20%
Growth Strategy
Growth will be achieved by establishing a 40,000 MTPA Lithium-ion battery material plant (INR 1,100 Cr investment), doubling speciality carbon black capacity to 1,30,000 MTPA, and ramping up the recently acquired Birla Tyres (BTL) operations in the OHT, OTR, and EV segments.
Products & Services
Coal Tar Pitch (CTP), Carbon Black (CB), Speciality Carbon Black, Sodium Naphthalene Formaldehyde (SNF), Advanced Carbon Materials, and Tyres (via Birla Tyres).
Brand Portfolio
Himadri Speciality Chemical, Birla Tyres.
New Products/Services
Lithium-ion battery raw materials (LFP and Anode materials) and specialized tyres for the EV and Passenger Car Radial (PCR) segments.
Market Expansion
Expansion into the 'sunrise' Lithium-ion battery sector and forward integration into the tyre manufacturing market through the acquisition of Birla Tyres.
Market Share & Ranking
HSCL is the largest coal tar distiller in India and holds a leading market position in domestic CTP and CB businesses.
Strategic Alliances
Acquired Birla Tyres Limited (BTL) in October 2023 in partnership with Dalmia Bharat Refractories Limited (DBRL).
External Factors
Industry Trends
The industry is shifting toward speciality chemicals and battery materials for EVs. HSCL is positioning itself as a key supplier for the global Lithium-ion battery supply chain to capture this growth.
Competitive Landscape
Faces stiff competition in the tyre manufacturing business and commodity carbon black, but maintains a dominant position in speciality carbon and CTP.
Competitive Moat
HSCL's moat is built on being the largest integrated player in India with deep backward integration. This cost leadership is sustainable due to the high capital intensity and technical expertise required for coal tar distillation.
Macro Economic Sensitivity
Highly sensitive to the business cycles of the aluminium and graphite electrode industries, which account for over 45% of sales volume.
Consumer Behavior
Increasing demand for EVs is driving the strategic shift toward battery materials and specialized EV tyres.
Geopolitical Risks
Trade barriers or shipping delays can impact the import of CBFS and the timing of export shipments, as evidenced by sales deferments in Q2 FY26.
Regulatory & Governance
Industry Regulations
Subject to environmental, health, and safety (EHS) norms. Non-compliance could lead to protests or constraints on capacity expansion.
Environmental Compliance
The chemical industry faces tightening regulatory norms for production and disposal. HSCL has a track record of safe operations with no reported lapses in recent years.
Legal Contingencies
The company faces inherent litigation risks associated with chemical accidents (low frequency-high impact), though no specific pending case values are disclosed.
Risk Analysis
Key Uncertainties
Project execution risk for the INR 1,100 Cr battery material project and the ability to turn Birla Tyres profitable are the primary uncertainties, with a potential 10-20% impact on consolidated profitability.
Geographic Concentration Risk
High concentration in the Indian domestic market for core products, though exports are being expanded.
Third Party Dependencies
Dependency on external suppliers for coal tar and imported CBFS; however, scale provides significant bargaining power.
Technology Obsolescence Risk
Risk is mitigated by investing in advanced carbon materials and Lithium-ion battery technologies to stay ahead of industry shifts.
Credit & Counterparty Risk
Receivables quality is supported by established relationships with large industrial clients in the aluminium and tyre sectors.
