Himadri Speciality Chemical Ltd. (HSCL) — Tipsheet

Himadri Speciality targets ₹2,000 cr battery materials spend

Tipsheet Editorial — Thu, 16 Jul 2026 17:37:04 GMT

Record Q1 revenue up 28%; lithium-ion battery materials and Birla Tyres turnaround anchor the five-year roadmap.

What’s new

Q1 revenue hits ₹1,432 cr, up 28%; EBITDA rises 33% to ₹313 cr.
₹2,000 cr capex plan for LFP cathode, carbon nanotubes, and anode pilot.
Birla Tyres turnaround targets ₹3,000 cr revenue in 4-5 years.

Why it matters

The ₹2,000 cr capex signals a decisive shift from speciality chemicals to battery materials. If successful, it could double the company's addressable market. However, LFP cost competitiveness versus Chinese producers remains an open question; management declined to share proprietary cost data. Margins at 22% EBITDA margin (₹313 cr) are healthy, but execution risk on a self-funded plan of this scale is material given the P/E of 45.5.

What we’re watching

LFP cathode commercial production timeline and cost structure.
Birla Tyres revenue progression towards ₹3,000 cr target.
Any debt raise given the self-funded claim vs. capex size.

The full read

Himadri Speciality Chemical posted a record quarter: ₹1,432 cr in revenue, up 28%, and EBITDA of ₹313 cr, up 33%. The real story is the ₹2,000 cr two-year capex plan for battery materials, including LFP cathode, carbon nanotubes, and an anode pilot. That is a big bet. The plan is self-funded, but the economics remain opaque. Management refused to share LFP cost data, leaving the comparison to Chinese producers unanswered. The Birla Tyres turnaround adds another ₹3,000 cr revenue target over four to five years. The market already absorbed the headline numbers from earlier disclosures. What the concall reinforces is the strategic direction: a speciality chemicals company transforming into a battery materials play. The plan is clear; the proof will be in the cost curves.

Primary source: BSE · NSE

Himadri Speciality notches record Q1 revenue, margins at 22%

Tipsheet Editorial — Wed, 15 Jul 2026 17:26:40 GMT

Battery materials ramp-up and speciality mix drive ₹228 cr net profit; management flags LFP cathode plans.

What’s new

Revenue, EBITDA and PAT all hit all-time highs in the June quarter.
Anode facility commissioned in April; LFP cathode plant is on the drawing board.
Himadri raised its stake in International Battery Company to 19.44%.

Why it matters

The 22% EBITDA margin signals the tilt toward battery materials is already lifting profitability. With a ₹70 cr carbon nanotube capex and ₹170 cr super speciality carbon black project, plus Sicona drawing AUD 45 million from ARENA, the battery story is gaining financial substance.

What we’re watching

Anode capacity utilisation and customer offtake over the next two quarters.
Timeline for the commercial LFP cathode plant – a step change for the segment.
Impact of the increased IBC stake on consolidated financials.

The full read

Himadri Speciality Chemical delivered its best quarter ever: ₹1,432 cr revenue, 22% EBITDA margin, ₹228 cr net profit. The story is the mix. Speciality products and early battery materials volumes are lifting profitability faster than the top line. The company commissioned its anode facility in April, has an LFP cathode plant in its sights, and now owns 19.44% of International Battery Company. Its investee Sicona just pulled in AUD 45 million from Australia's clean-energy agency. That is three separate signals that the battery bet is moving from pilot to commercial. Management's previously approved capex of ₹70 cr for carbon nanotubes and ₹170 cr for super speciality carbon black aligns with the same trajectory. The open question is how fast these new capacities contribute cash, and whether the 45.5x trailing P/E already prices that ramp in.

Primary source: BSE · NSE

Himadri Speciality Chemical posts 28% revenue growth, approves ₹368 cr capex

Tipsheet Editorial — Wed, 15 Jul 2026 15:37:47 GMT

Net profit at ₹228.43 crore for June quarter; board greenlights capacity expansion in Anthraquinone, carbon nano tubes, and super speciality carbon black.

What’s new

Revenue grew 28% YoY to ₹1,431.88 crore; net profit ₹228.43 crore.
Three capex projects totalling ₹368 crore approved.
India's first carbon nano tubes unit, using in-house tech, to be set up in West Bengal.

Why it matters

The capex diversifies Himadri into newer specialities like CNT and super speciality carbon black, but at just over 1% of its market cap, the financial impact is incremental. The results were in line, so the story here is strategic positioning rather than near-term earnings surprise.

What we’re watching

Timelines: super speciality carbon black due by Q4 FY28; CNT commissioning not specified.
Execution of in-house CNT technology at commercial scale.
Whether margins improve as higher-value products ramp up.

The full read

Himadri Speciality Chemical delivered a solid June quarter: revenue up 28% to ₹1,431.88 crore and net profit of ₹228.43 crore. The real news is the ₹368 crore capex package covering three distinct projects. The biggest spend, ₹170 crore, goes into super speciality carbon black (6,000 MTPA), a conversion of existing capacity due by Q4 FY28. ₹128 crore will more than double Anthraquinone and Carbazole capacity to 5,300 MTPA. And ₹70 crore will create India's first carbon nano tubes plant (200 MTPA), using in-house technology - a qualitative novelty for a large-cap chemical company. All financed from internal accruals, so no debt strain. Against a market cap of ₹34,213 crore, this capex is modest (~1%), but it edges Himadri into higher-value specialities. The results were in line; the strategy was the story.

Primary source: BSE · NSE