Overview

Detailed Summary

Himadri Speciality Chemical Ltd is primarily engaged in manufacturing carbon materials and chemicals, emphasizing coal tar and its derivatives. It has established a significant international presence with operations extending across multiple countries, including specific subsidiaries in China.
The company has achieved record growth, with a 41% increase in profit after tax within the first nine months of FY '26, reflecting its strategic focus on high-value products and operational excellence fueling profitability.
A major focus on capability expansion is evidenced by new speciality carbon black facilities poised to produce the largest capacity worldwide, underscoring the potential for increased market share and enhanced product offerings in high-growth sectors.
Himadri investments in battery technology sectors indicate a shift towards supporting the burgeoning market needs for Lithium-ion batteries, particularly in EVs and energy storage, directly aligning with global green initiatives.
Recent strategic partnerships and acquisitions show a commitment to technological advancements and market leadership, suggesting Himadri is building a robust foundation for enhanced competitiveness in evolving energy and materials domains.

Sector: Chemicals & Petrochemicals
Industry: Carbon Black
Market Cap: 34,271 Cr
Volatility: Moderate Risk
P/E Ratio: 45.6
Industry P/E: 43.0
PEG Ratio: 4.9
P/B Ratio: 7.3
52W High: 707.75
52W Low: 420.00

Sales CAGR

1Y: 1.04%
3Y: 1.83%
5Y: 21.27%
10Y: 12.96%

Profit CAGR

1Y: 36.02%
3Y: 53.37%
5Y: 74.25%
10Y: 28.02%

ROE

TTM: 15.96%
3Y: 14.84%
5Y: 12.56%
10Y: 12.36%

ROCE

TTM: 19.45%
3Y: 20.65%
5Y: 17.75%
10Y: 17.45%

Technicals

Oscillators

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Neutral

Bullish

Overall

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Neutral

Bullish

Moving Averages

BearishNeutralBullish

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Neutral

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Overall

BearishNeutralBullish

Bullish

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Neutral

Bullish

Forecasts

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Peers

Commodities Chemicals Chemicals & Petrochemicals Carbon Black

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
FLUOROCHEM		3584.90	39,057 Cr	68.04	5.00	0.00	7.30	8.93	4.83
NAVINFLUOR		6848.00	35,010 Cr	52.76	8.81	0.22	16.69	18.14	10.40
HSCL		679.25	34,271 Cr	45.61	7.28	0.12	15.96	19.45	11.97
DEEPAKNTR		1681.30	22,820 Cr	41.46	3.91	0.45	9.43	10.74	6.34
ATUL		6625.00	19,511 Cr	28.78	3.14	0.45	10.90	14.31	8.73
DEEPAKFERT		1517.90	19,162 Cr	25.99	2.80	0.66	10.77	10.76	4.48
TATACHEM		733.00	18,454 Cr	-9.73	0.87	1.52	-0.92	3.67	-4.39
Median: 7 Co.	—	1681.30	22,820 Cr	41.46	3.91	0.45	10.77	10.76	6.34

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	1,053	1,177	1,200	1,137	1,141	1,135	1,118	1,071	1,184	1,288
Expenses	879	997	1,008	929	920	901	873	838	941	1,046
Operating Profit	174	180	192	208	221	233	245	233	243	242
OPM %	16.52	15.25	15.99	18.31	19.36	20.56	21.91	21.73	20.50	18.77
Other Income	10	12	13	14	12	14	27	36	47	62
Interest	21	14	13	11	12	8.76	16	15	16	17
Depreciation	13	13	13	13	15	14	15	17	18	19
Profit Before Tax	150	166	179	197	206	224	241	237	255	268
Tax %	27.55	30.50	31.28	31.22	31.43	30.71	25.64	25.53	24.76	22.53
Net Profit	109	115	123	136	141	155	179	176	192	208
EPS in Rs	2.16	2.35	2.43	2.68	2.79	3.05	3.57	3.48	3.84	3.98

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	2,072	2,422	1,806	1,679	2,791	4,172	4,185	4,613	4,661	4,531
Expenses	1,569	1,863	1,525	1,549	2,635	3,773	3,540	3,758	3,699	3,623
Operating Profit	503	560	280	131	156	399	645	854	962	907
OPM %	24.27	23.11	15.52	7.80	5.59	9.57	15.41	18.52	20.64	20.03
Other Income	12	7.77	7.99	14	-17	-2.03	43	52	171	66
Interest	70	71	55	33	36	66	64	45	64	48
Depreciation	33	34	39	47	50	51	50	55	68	57
Profit Before Tax	361	462	194	65	53	280	574	806	1,001	869
Tax %	31.41	29.84	-5.78	26.79	26.95	22.98	28.43	31.14	24.56	29.59
Net Profit	248	324	205	47	39	216	411	555	755	612
EPS in Rs	—	6.42	4.07	0.94	0.81	4.31	8.24	10.95	14.87	14.87
Dividend Payout %	1.69	1.94	3.05	13.27	20.41	4.87	5.46	5.37	5.33	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	42	42	42	42	42	42	43	49	49	50
Reserves	988	1,373	1,590	1,692	1,751	1,826	2,237	2,996	3,672	4,656
Borrowings	745	595	430	337	729	587	842	605	313	770
Other Liabilities	415	406	726	491	269	999	556	798	621	830
Total Liabilities	2,190	2,416	2,788	2,562	2,791	3,454	3,678	4,449	4,656	6,306
Fixed Assets	1,174	1,178	1,170	1,475	1,468	1,546	1,515	1,534	1,605	1,942
CWIP	13	22	133	158	160	77	94	67	185	372
Investments	87	273	179	47	66	113	132	478	582	1,060
Other Assets	917	943	1,305	882	1,098	1,718	1,938	2,371	2,283	2,933
Total Assets	2,190	2,416	2,788	2,562	2,791	3,454	3,678	4,449	4,656	6,306

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	205	258	476	283	-40	331	54	405	447	382
Cash from Investing Activity	18	-50	-224	-214	-114	-28	-397	-405	-235	-963
Cash from Financing Activity	-233	-200	-257	-41	165	-182	377	7.19	-271	590
Net Cash Flow	-10	7.85	-5.84	28	11	121	34	7.08	-60	9.65

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jan 2024	Feb 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Nov 2025	Dec 2025	Mar 2026
Promoters	48.87%	50.29%	50.29%	50.20%	50.78%	51.56%	51.61%	51.61%	51.57%	52.50%	52.50%	52.49%
FIIs	4.97%	4.83%	5.13%	5.16%	5.24%	5.15%	5.38%	5.19%	5.74%	5.63%	5.75%	5.98%
DIIs	0.59%	0.57%	2.12%	2.28%	3.60%	4.25%	4.63%	4.83%	3.22%	3.19%	3.10%	3.21%
Public	45.57%	44.31%	42.46%	42.36%	40.39%	39.04%	38.38%	38.36%	39.46%	38.69%	38.66%	38.32%
Total Shareholders	4,38,414	4,38,414	4,36,700	4,35,628	4,47,666	4,54,943	4,45,768	4,48,339	4,53,810	4,44,893	4,29,391	4,08,408

Market Transactions

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Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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