Himadri Speciality Chemical posts 28% revenue growth, approves ₹368 cr capex
Net profit at ₹228.43 crore for June quarter; board greenlights capacity expansion in Anthraquinone, carbon nano tubes, and super speciality carbon black.
— 2 earlier stories on Himadri Speciality Chemical Ltd. →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 this 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.
Questions answered
- How does the ₹368 crore capex compare to Himadri's cash flows?
- Himadri's debt/equity is only 0.16, and the company says all projects will be funded through internal accruals. Trailing free cash flow isn't disclosed in this filing, but the low leverage suggests sufficient liquidity.
- What is the timeline for the three projects?
- Only the super speciality carbon black project has a timeline: commissioning by the fourth quarter of fiscal 2028. The Anthraquinone expansion and CNT unit do not have disclosed completion dates.
- Is the carbon nano tubes unit truly India's first?
- According to the filing, yes — it will be India's first manufacturing unit for carbon nano tubes, using technology developed in-house by Himadri. Capacity is 200 metric tonnes per annum.
- How significant is this capex relative to the company's size?
- The ₹368 crore capex is about 1.1% of Himadri's current market capitalisation of roughly ₹34,213 crore. It's a notable strategic move but not transformative to near-term financials.
Himadri Speciality Chemical Ltd.
Latest quarter · Jun 2026
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All notes on HSCL →- 15 Jul 2026 · 3:37 PM IST Himadri Speciality Chemical posts 28% revenue growth, approves ₹368 cr capex
- today Himadri Speciality targets ₹2,000 cr battery materials spend
- 1d ago Himadri Speciality notches record Q1 revenue, margins at 22%