Himadri Speciality notches record Q1 revenue, margins at 22%
Battery materials ramp-up and speciality mix drive ₹228 cr net profit; management flags LFP cathode plans.
— 2 earlier stories on Himadri Speciality Chemical Ltd. →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 this 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.
Questions answered
- What drove the record quarterly performance?
- An improved product mix in the core speciality chemical business and continued ramp-up in speciality materials, including battery materials, pushed revenue to ₹1,432 cr and EBITDA margin to 22%.
- What is Himadri's battery materials progress?
- It commissioned a 200 MTPA anode facility in April and has plans for a commercial LFP cathode plant. It also increased its stake in International Battery Company to 19.44%.
- What capex has been approved?
- The board approved ₹70 crore for a 200 MTPA carbon nanotube facility and ₹170 crore to convert 6,000 MTPA of capacity to super speciality carbon black.
- What is Sicona and why does it matter?
- Sicona is an investee that secured AUD 45 million from the Australian Renewable Energy Agency, adding to Himadri's exposure in battery materials.
- How does this quarter compare to Himadri's trailing growth?
- Trailing revenue growth was 13.5% and PAT growth 33.5% on a screener basis. This quarter's revenue of ₹1,432 cr and PAT of ₹228 cr represent a material acceleration, though the periods differ.
Himadri Speciality Chemical Ltd.
Latest quarter · Jun 2026
Strength & growth
Story so far
All notes on HSCL →- 15 Jul 2026 · 5:26 PM IST Himadri Speciality notches record Q1 revenue, margins at 22%
- today Himadri Speciality targets ₹2,000 cr battery materials spend
- 1d ago Himadri Speciality Chemical posts 28% revenue growth, approves ₹368 cr capex