HIGREEN

Hi-Green Carbon financials

Market cap
₹300 Cr
Sector
Utilities
Calls analysed
2
Latest concall · Q2 FY26 · call held 18 Nov 2025

Hi-Green Carbon Q2 FY26

Consolidated Turnover ₹69 cr Standalone Turnover ₹59 cr Capacity Utilization 75% Operating Margin 15%

What went well

  • Consolidated turnover of ₹69 crores achieved in H1 FY26.
  • Capacity utilization reached 75-76% across Rajasthan and Maharashtra plants, processing 17,400 metric tons.
  • MP plant is 90-95% erected and expected to commence production by mid-January.

What to watch

  • Operating margin fell to 15% from 20% due to price pressure, higher-priced inventory, new plant overheads, and R&D expenses of ₹0.8-0.9 crores.
  • Samsara Recycling faced a fire incident on Diwali, with operations expected to resume in two months and an estimated lowest claim amount of ₹5-7 crores.
Read the full call →

What Hi-Green Carbon does

Hi-Green Carbon recycles end-of-life tyres (ELTs) using proprietary continuous pyrolysis technology at plants in Bhilwara (Rajasthan) and Dhule (Maharashtra), with a third plant at Dhar (Madhya Pradesh) commissioned in 2026. The pyrolysis process converts scrap tyres into Recovered Carbon Black (rCB), Tyre Pyrolysis Oil (TPO), scrap steel and syngas; the syngas is further used to manufacture Sodium Silicate. These outputs are sold to industries such as rubber and tyre manufacturing, plastics, paints, textiles, detergents, and as furnace/boiler/refinery fuel. The company has backward-integrated into crumb rubber manufacturing via its subsidiary Samsara Recycling and also offers renewable-energy equipment (gasification units, hot air generators, pyrolysis plants) inherited from the Radhe Group's engineering legacy.

Segments

  • Recovered Carbon Black (rCB)
  • Pyrolysis Oil (TPO)
  • Sodium Silicate
  • Renewable Technology Solutions
Manufacturing plants
3 locations — Bhilwara (Rajasthan) and Dhule (Maharashtra) operational; Dhar (Madhya Pradesh) commissioned 2026
Installed tyre-pyrolysis capacity
72,000 MTPA (300 TPD) across 3 plants
Waste tyre processed (H1 FY26)
17,400 metric tons at 75-76% capacity utilisation (Rajasthan & Maharashtra plants)
Global customer base
200+ customers worldwide
Quality/sustainability certifications
ISCC EU, ISCC+, REACH, GMP, ISO 14001, ISO 9001, ISO 45001
Captive solar power
529 KW solar plant at Rajasthan (Bhilwara) unit
Founded 2011Headquarters Rajkot, Gujarat Company website

Guidance record · Q2 FY26

what the last two calls moved 7 tracked 1 delivered 0 missed 6 open
  • Capacity Utilization Ramp-up Time delivered said Q4 FY25 Promised: Hardly take 3 - 4 months to utilize our 70-80% capacity in a new plants. Q2 FY26: Maharashtra pyrolysis plant achieved 75% utilization within the guided timeframe.
  • EBITDA / Operating Margin at risk said Q4 FY25 Promised: Stable around 20% to 25% in between on a long-term basis. Q2 FY26: H1 FY26 operating margin dropped to 15%. Management reiterated the 20% target for the full year, but current performance is lagging.
  • FY26 Full Year Revenue open said Q2 FY26 Promised: Revenue could be around 130 to 140 crores. Q2 FY26: H1 FY26 achieved ₹69 Cr; H2 target is ~₹80 Cr. On track to hit ₹130-140 Cr.

All 7 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 89.2%, net profit down 120.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY23Q4 FY23Q2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue44 34 33 37 36 −18%61 +79%69 +109%70 +89%
EBITDA10 10 8 10 7 −30%12 +20%11 +38%12 +20%
Net profit6 7 5 5 5 −17%6 −14%5 +0%-1 −120%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −46.4% 1Y

₹100₹150₹200Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 18 Nov 2025

1Y: ₹224.05 on 10 Sept 2025 → ₹120.15. High ₹226 (6 Oct 2025), low ₹103.5 (30 Mar 2026).

How the price took the results

close before → close after

Q2 FY26
+0.2%
18 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Balance sheet

Year endingFY23FY24FY25FY26
Equity capital₹19 Cr₹25 Cr₹25 Cr₹25 Cr
Reserves₹5 Cr₹51 Cr₹66 Cr₹65 Cr
Borrowings₹14 Cr₹24 Cr₹57 Cr₹63 Cr
Other liabilities₹8 Cr₹6 Cr₹23 Cr₹20 Cr
Total liabilities₹45 Cr₹105 Cr₹171 Cr₹173 Cr
Fixed assets₹18 Cr₹22 Cr₹67 Cr₹68 Cr
Capital work in progress₹2 Cr₹8 Cr₹36 Cr₹52 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹26 Cr₹75 Cr₹68 Cr₹54 Cr
Total assets₹45 Cr₹105 Cr₹171 Cr₹173 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +4.23 pp while DIIs trimmed −2.47 pp. The shareholder count grew 4% to 2,096.

Promoters
71.9%
FIIs
0.2%
Public
27.9%

Since Jun 2025

  • Public +4.23 pp
  • DIIs −2.47 pp
  • FIIs −1.81 pp

How it drifted, 12 quarters

Over this window the public went from 17.5% to 27.9% — +10.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.8%, FIIs 6.9%, DIIs 3.7%, Public 17.5%.Dec '23: Promoters 71.8%, FIIs 6.4%, DIIs 0.3%, Public 21.5%.Mar '24: Promoters 71.9%, FIIs 5.9%, Public 22.3%.Jun '24: Promoters 71.9%, FIIs 4.5%, DIIs 0.6%, Public 23.1%.Sep '24: Promoters 71.9%, FIIs 3.7%, DIIs 0.7%, Public 23.8%.Dec '24: Promoters 71.9%, FIIs 3.0%, DIIs 1.7%, Public 23.4%.Mar '25: Promoters 71.9%, FIIs 2.2%, DIIs 2.5%, Public 23.4%.Jun '25: Promoters 71.9%, FIIs 2.0%, DIIs 2.5%, Public 23.6%.Sep '25: Promoters 71.9%, FIIs 1.8%, DIIs 2.5%, Public 23.9%.Dec '25: Promoters 71.9%, FIIs 0.9%, DIIs 0.3%, Public 26.9%.Mar '26: Promoters 71.9%, FIIs 0.2%, DIIs 0.3%, Public 27.6%.Jun '26: Promoters 71.9%, FIIs 0.2%, Public 27.9%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Hi-Green Carbon above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
RNG Finlease Private Limited 50.25%unchanged
Krupa Chetankumar Dethariya 4.43%unchanged
Shaileshkumar Vallabhdas Makadia 4.40%unchanged
Amitkumar Hasmukhrai Bhalodi 4.40%unchanged
Koosh Chetan Dethariya 2.80%unchanged
Radhika Amitkumar Bhalodi 2.80%unchanged
Shriyakumari Shaileshkumar Makadia 2.80%unchanged
Debashish Neogi 2.04%unchanged
Vinay Jaiprakash Ambekar 1.90%unchanged
Chetan Becharbhai Dethariya 0.02%unchanged
Kavit Jairajbhai Patel 0.01%unchanged
Madhav Shaileshbhai Makadia 0.01%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (2)

Read the Q2 FY26 call →

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