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HSCL - Himadri Special

📊 NSE: HSCL 🏢 Chemicals 📅 Last Updated: 12/13/2025 22:55

📢 Recent Corporate Announcements

HSCL Releases Audio Recording of Q4 and FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Apr 2026, 07:21 PM

Himadri Speciality Chemical Limited (HSCL) has released the audio recording of its earnings conference call held on April 27, 2026. The call focused on the company's financial performance for the fourth quarter and the full fiscal year ending March 31, 2026. This disclosure is a routine regulatory requirement under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The recording allows investors to hear management's detailed commentary on the year's results and future strategic outlook.

Earnings conference call for Q4 and FY26 held on April 27, 2026, at 4:00 PM IST.
Audio recording link made available: https://himadri.com/pdf/10042231.mp3.
Filing complies with Regulation 30 of SEBI Listing Regulations.
Recording covers financial performance for the period ending March 31, 2026.

💡 Investors should listen to the recording to gain insights into management's outlook on the speciality chemical sector and any guidance provided for FY27.

Himadri Speciality Chemical Amends Related Party and Material Subsidiary Policies

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Apr 2026, 07:02 PM

Himadri Speciality Chemical Limited (HSCL) has announced amendments to its internal corporate governance policies following a Board meeting held on April 23, 2026. The updates specifically concern the 'Policy on materiality of and dealing with related party transactions' and the 'Policy for determination of Material Subsidiaries'. These changes were made to ensure continued compliance with Regulation 23(1) and other provisions of the SEBI (LODR) Regulations, 2015. The revised policies have been uploaded to the company's official website for stakeholder review.

Board of Directors approved policy amendments in a meeting held on April 23, 2026.
Updated the Policy on materiality of and dealing with related party transactions per SEBI Regulation 23(1).
Revised the Policy for determination of Material Subsidiaries to align with current regulatory frameworks.
Compliance notification issued under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 No immediate action is required as these are routine administrative and governance updates. Investors may review the updated policy documents on the company's website to understand the revised thresholds for related party transactions.

Himadri Speciality Reports Record FY26 PAT of ₹755 Cr; Commences Anode Material Production

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 23 Apr 2026, 06:31 PM

Himadri Speciality Chemical delivered a robust performance in FY26, with PAT growing 36% YoY to ₹755 Crores and EBITDA crossing the ₹1,000 Crore milestone for the first time. The company achieved a major strategic breakthrough by commissioning its first anode material facility (200 MTPA) and expanding its Speciality Carbon Black capacity to 250,000 MTPA, making its Mahistikry site the world's largest single-location facility for the product. Full-year revenue stood at ₹4,660.7 Crores, while Q4FY26 revenue grew 14% YoY to ₹1,288 Crores. The Board has recommended an 80% final dividend, reflecting strong cash flow and confidence in its transition toward the EV battery material supply chain.

Record full-year PAT of ₹755 Cr (up 36% YoY) and EBITDA of ₹1,006 Cr (up 19% YoY).
Commenced first anode material production facility at Mahistikry with an initial capacity of 200 MTPA.
Expanded Speciality Carbon Black capacity by 70,000 MTPA, reaching a total site capacity of 250,000 MTPA.
Q4FY26 PAT grew 34% YoY to ₹208 Cr on revenue of ₹1,288 Cr.
LFP cathode active material project (Phase I) on track for Q3FY27 commencement with 2,000 MTPA capacity.

💡 Investors should note the company's successful pivot toward high-margin battery materials and its record-breaking financial performance. The commissioning of the anode facility and the expansion in speciality carbon black provide clear visibility for future growth in the EV ecosystem.

HSCL Reports Record FY26 PAT of ₹755 Cr; Commences Anode Material Facility

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 23 Apr 2026, 06:17 PM

Himadri Speciality Chemical (HSCL) delivered record financial performance in FY26, with PAT growing 36% YoY to ₹755 Cr and EBITDA crossing the ₹1,000 Cr mark for the first time. The company has transitioned to a net cash position with ₹121 Cr in cash and recommended a dividend of ₹0.80 per share. Key operational milestones include the commencement of a 70,000 MTPA speciality carbon black line and a new 200 MTPA anode material facility. HSCL is aggressively expanding into the EV battery value chain with an LFP cathode plant expected to be operational by Q3FY27.

Record EBITDA of ₹1,006 Cr and PAT of ₹755 Cr for FY26, with PAT growing at a 110% CAGR over the last 4 years.
Commenced commercial operations of 70,000 MTPA Speciality Carbon Black, making the Mahistikry plant the world's largest single-location facility for this product.
Successfully started a 200 MTPA Anode material facility in April 2026, marking a significant entry into the EV battery material space.
Maintained a strong ROCE of 32% and achieved a net cash status with ₹121 Cr on the balance sheet.
Announced a strategic roadmap for FY27-28 including a ₹1,125 Cr investment in an LFP Cathode Active Material plant.

💡 Investors should monitor the execution of the LFP cathode plant and the ramp-up of Birla Tyres as these are the next major growth catalysts. The company's transition to a high-margin battery materials player combined with its debt-free status makes it a strong candidate for long-term portfolios.

Himadri Speciality Chemical Recommends Final Dividend of Re 0.80 Per Share for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 23 Apr 2026, 05:25 PM

Himadri Speciality Chemical Limited (HSCL) has recommended a final dividend of Re 0.80 per equity share for the financial year 2025-26. This payout represents 80% of the face value of Re 1 per share. The recommendation is subject to the approval of shareholders at the upcoming Annual General Meeting (AGM). If approved, the dividend will be disbursed within 30 days of the declaration date.

Recommended final dividend of Re 0.80 per equity share for FY 2025-26
Dividend payout represents 80% of the face value of Re 1 per share
Payment to be completed within 30 days from the date of declaration at the AGM
Record date for entitlement will be communicated to the exchanges in due course

💡 Investors should track the upcoming AGM date and the subsequent record date to ensure they are eligible for the dividend payout. The 80% dividend recommendation reflects a positive signal regarding the company's cash flow and commitment to shareholder returns.

HSCL FY26 Results: ₹0.80 Dividend Declared and New Subsidiary in China Approved

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 23 Apr 2026, 04:42 PM

Himadri Speciality Chemical Limited (HSCL) has announced its audited financial results for the fiscal year ended March 31, 2026. The Board has recommended a final dividend of ₹0.80 per share, which is 80% of the face value, subject to shareholder approval. A major strategic highlight is the approval to incorporate a wholly-owned step-down subsidiary in Guangzhou, China, marking a significant international expansion. Additionally, the company has re-appointed Ernst & Young as internal auditors and extended the terms of two independent directors, ensuring governance continuity.

Recommended a final dividend of ₹0.80 per equity share (80% of face value) for FY25-26.
Approved the incorporation of a foreign wholly-owned step-down subsidiary in Guangzhou, China.
Re-appointed M/s Ernst & Young, LLP as the Internal Auditor for the financial year 2026-27.
Extended the tenure of two Independent Directors, Mr. Girish Paman Vanvari and Mr. Gopal Ajay Malpani, for a second 5-year term.
Audited financial results for Q4 and FY26 were approved with an unmodified audit opinion.

💡 Investors should view the China expansion as a long-term growth catalyst and the dividend as a sign of healthy cash flows. Monitor the upcoming annual report for specific capital expenditure plans regarding the new Chinese subsidiary.

HSCL Recommends ₹0.80 Final Dividend and Announces New Subsidiary in China

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 23 Apr 2026, 04:19 PM

Himadri Speciality Chemical Limited (HSCL) has recommended a final dividend of ₹0.80 per share for FY 2025-26, representing 80% of the face value. The company is strategically expanding its global footprint by approving the incorporation of a new wholly-owned step-down subsidiary in Guangzhou, China. Additionally, the board approved the audited financial results for FY26 with an unmodified audit opinion and re-appointed EY as internal auditors. These moves indicate a combination of shareholder rewards and aggressive international growth plans.

Recommended a final dividend of ₹0.80 per equity share (80% of ₹1 face value) for FY 2025-26.
Approved the incorporation of a foreign wholly-owned step-down subsidiary in Guangzhou, China.
Re-appointed Ernst & Young (EY) LLP as the Internal Auditor for the financial year 2026-27.
Auditors Singhi & Co. issued an unmodified opinion on the audited financial results for the year ended March 31, 2026.
Re-appointed two Independent Directors for a second 5-year term to ensure management continuity.

💡 Investors should benefit from the dividend payout and should monitor the strategic developments regarding the new China subsidiary for long-term growth. The clean audit report and continuity in leadership provide confidence in the company's governance.

HSCL Recommends ₹0.80 Dividend and Announces New Subsidiary in China

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 23 Apr 2026, 04:12 PM

Himadri Speciality Chemical Limited (HSCL) has approved its audited financial results for the fiscal year ended March 31, 2026. The Board has recommended a final dividend of ₹0.80 per equity share, representing 80% of the face value. A major strategic development is the approval to incorporate a foreign wholly-owned step-down subsidiary in Guangzhou, China, to expand its global footprint. Additionally, the company has ensured governance continuity by re-appointing two independent directors and retaining Ernst & Young as internal auditors.

Recommended a final dividend of ₹0.80 per equity share (80% of face value) for FY 2025-26.
Approved the incorporation of a new wholly-owned step-down subsidiary in Guangzhou, China.
Re-appointed Ernst & Young, LLP as the Internal Auditor for the financial year 2026-27.
Extended the tenure of two Independent Directors for a second 5-year term to maintain board stability.

💡 Investors should view the dividend and international expansion into China as positive indicators of financial health and growth intent. Monitor the specific financial performance metrics in the full audit report to assess long-term valuation.

Himadri Speciality Starts First Anode Material Production with 200 MTPA Initial Capacity

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 23 Apr 2026, 03:57 PM

Himadri Speciality Chemical (HSCL) has officially commenced operations at its first anode material production facility in Mahistikry, West Bengal. This facility marks the company's entry into the Lithium-ion battery (LiB) component space with an initial capacity of 200 MTPA. This is the first phase of a larger strategic plan to reach a total annual production capacity of 200,000 MT. The project is the result of over 10 years of in-house R&D, positioning the company to benefit from the global surge in EV and energy storage demand.

Commenced operations at Mahistikry facility with an initial installed capacity of 200 MTPA
Part of a phased expansion strategy targeting a total annual capacity of 200,000 MT
Developed through 10+ years of in-house R&D covering the entire anode technology value chain
Facility designed to accommodate alternative raw material feeds for long-term scalability
Strategic move to address accelerating global demand from Electric Vehicles (EVs) and energy storage

💡 Investors should monitor the execution and timeline of subsequent capacity phases as the company scales toward 200,000 MT. This development significantly enhances HSCL's valuation profile by transitioning it into a high-growth EV battery material supplier.

Himadri Speciality Chemical to Discuss Q4 & FY26 Results on April 27, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Apr 2026, 07:05 PM

Himadri Speciality Chemical Limited (HSCL) has scheduled its earnings conference call for Monday, April 27, 2026, at 4:00 PM IST. The call will focus on the financial performance for the fourth quarter and the full financial year ending March 31, 2026. Key management personnel, including the CMD & CEO Anurag Choudhary and CFO Kamlesh Agarwal, will be present to discuss results and strategy. This routine disclosure ensures transparency and provides a platform for analysts to query the company's recent performance.

Earnings call scheduled for April 27, 2026, at 16:00 IST to discuss Q4 and FY26 results.
Top management including CMD & CEO Anurag Choudhary and CFO Kamlesh Agarwal to participate.
Universal dial-in numbers provided: +91 22 6280 1550 and +91 22 7115 8378.
International toll-free access available for USA, UK, Singapore, and Hong Kong investors.
Discussion will be based strictly on publicly available information for the period ending March 31, 2026.

💡 Investors should monitor the call for management's commentary on margin trends and the progress of their speciality chemical expansion. It is a key opportunity to assess the company's outlook for the 2027 fiscal year.

Himadri CMD Anurag Choudhary Named BT India’s Best CEO 2026 in Chemicals Category

🟢 POSITIVE ⭐ 4/10

MANAGEMENT 📅 02 Apr 2026, 06:07 PM

Mr. Anurag Choudhary, CMD and CEO of Himadri Speciality Chemical Ltd, has been honored with the Business Today India’s Best CEO Award 2026 in the Chemicals category. The award recognizes his leadership in transforming the company into a diversified speciality chemicals and advanced materials player. Under his tenure, the company has expanded its footprint into high-growth segments like lithium-ion battery materials and now exports to 56 countries. This recognition underscores the company's strong strategic roadmap and operational excellence in a competitive global environment.

CMD Anurag Choudhary recognized as Best CEO 2026 in the Chemicals category by Business Today.
Leadership credited for diversifying into speciality carbon black and lithium-ion battery materials.
Company maintains a global reach with exports spanning 56 countries.
Operates 8 zero-liquid discharge manufacturing facilities using 100% in-house clean power.

💡 This leadership recognition enhances brand equity and reflects positively on the company's strategic execution. Investors should view this as a validation of management quality while continuing to track the scale-up of their battery materials business.

Himadri Speciality Chemical Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Mar 2026, 04:30 PM

Himadri Speciality Chemical Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's upcoming financial results. The closure pertains to the audited financial results for the quarter and full financial year ending March 31, 2026. The trading window will remain closed until 48 hours after the results are officially declared to the stock exchanges.

Trading window closure begins on April 1, 2026.
Closure is related to the audited financial results for the quarter and year ended March 31, 2026.
Applies to all designated persons and their immediate relatives.
Trading window to reopen 48 hours after the official announcement of financial results.
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals; investors should monitor for the upcoming earnings release date.

Himadri Speciality Chemical Receives 'IND A1+' Rating Affirmation for ₹100 Cr Commercial Paper

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 20 Mar 2026, 01:58 PM

India Ratings and Research (Ind-Ra) has affirmed the credit rating for Himadri Speciality Chemical Limited's Commercial Paper program. The rating of 'IND A1+' has been assigned to the instrument worth ₹100 crore as of March 20, 2026. This affirmation indicates a very strong degree of safety regarding the timely payment of financial obligations and carries the lowest credit risk. The rating reflects the company's maintained credit profile and stable liquidity position.

India Ratings and Research (Ind-Ra) affirmed the 'IND A1+' rating for the company's Commercial Paper.
The rating applies to a total instrument amount of ₹100 crore.
The 'A1+' rating is the highest short-term credit rating, signifying robust debt-servicing capacity.
The affirmation confirms the company's continued financial stability and creditworthiness in the market.

💡 Investors should take this as a positive sign of the company's financial health and low default risk. No immediate action is required as this is an affirmation of existing credit strength.

HSCL Commences 70,000 MTPA Speciality Carbon Black Line; Site Becomes World's Largest

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 24 Feb 2026, 05:08 PM

Himadri Speciality Chemical Ltd (HSCL) has commenced commercial operations of its 70,000 MTPA Speciality Carbon Black line at its Mahistikry facility in West Bengal. This expansion increases the company's total Carbon Black capacity to 2,50,000 MTPA, with the speciality segment now reaching 1,30,000 MTPA at this specific site. The Mahistikry facility is now recognized as the world's largest single-location speciality carbon black manufacturing site. This strategic move is expected to significantly enhance the company's margin profile by targeting high-value applications in plastics, inks, and coatings.

Commenced commercial operations of a new 70,000 MTPA Speciality Carbon Black line.
Total Carbon Black manufacturing capacity enhanced to 2,50,000 MTPA.
Mahistikry site becomes world's largest single-location Speciality Carbon Black facility with 1,30,000 MTPA capacity.
Expansion targets high-margin segments including plastics, inks, paints, and coatings.
Projected to contribute meaningfully to revenue growth and improve medium-term margin profiles.

💡 Investors should look favorably on this expansion as it shifts the product mix toward higher-margin speciality chemicals. Monitor upcoming quarterly earnings for improvements in EBITDA margins and capacity utilization rates.

HSCL Starts 70,000 MTPA Speciality Carbon Black Production; Becomes Global Leader at Single Site

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 24 Feb 2026, 01:23 PM

Himadri Speciality Chemical Limited (HSCL) has commenced commercial operations of its 70,000 MTPA brownfield expansion for Speciality Carbon Black at its Mahistikry plant in West Bengal. This expansion increases the company's total Carbon Black capacity to 2,50,000 MTPA, with the Speciality segment now reaching 1,30,000 MTPA. The Mahistikry facility has now become the world's largest single-location manufacturing site for Speciality Carbon Black. This move is strategically designed to enhance the company's high-margin product portfolio and drive future revenue growth.

Commenced commercial operations of 70,000 MTPA Speciality Carbon Black line on February 24, 2026
Total Carbon Black manufacturing capacity enhanced to 2,50,000 MTPA
Mahistikry site now hosts 1,30,000 MTPA of Speciality Carbon Black capacity
Facility recognized as the single largest Speciality Carbon Black manufacturing site globally
Expansion expected to significantly strengthen speciality portfolio and improve EBITDA margins

💡 Investors should look favorably on this capacity addition as it shifts the product mix toward higher-margin speciality chemicals. Monitor the utilization rates and margin expansion in the upcoming quarterly results to gauge the financial impact.

View All HSCL Announcements on Live Market Tracking →

💰 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.