HSCL

Himadri Speciality Chemical share price & financials

Price
₹741.55
Market cap
₹38.7k Cr
Sector
Chemicals
Calls analysed
8
Latest concall · Q1 FY27 · call held 16 Jul 2026

Himadri Speciality Chemical Limited Q1 FY27

Consolidated Revenue ₹1,432 cr +28%Consolidated EBITDA ₹313 cr +33%Consolidated EBITDA Margin 22% Consolidated PAT ₹228 cr +27%

What went well

  • Consolidated Revenue of INR 1,432 Crores, up 28% YoY, reflecting strong operational discipline.
  • Consolidated EBITDA of INR 313 Crores, up 33% YoY, with margin expanding to 22%.
  • Consolidated PAT of INR 228 Crores, up 27% YoY, with a 16% margin.

What to watch

  • EBIT for the 'other segment' fell from INR 25 Crores last quarter to INR 1 Crore this quarter due to mining operations being on hold pending licensing.
  • Experienced negative forex impact in Q1 FY27 due to high currency volatility, though management expects no further negative impact.
Read the full call →

What Himadri Speciality Chemical Limited does

Himadri Speciality Chemical is a coal-tar-pitch and carbon-black producer that has forward-integrated its coal-tar value chain into speciality carbon black, naphthalene-based consumer products, and advanced battery materials (anode material and LFP cathode active material) for EVs and energy storage. It also owns Birla Tyres, which manufactures off-highway, commercial-vehicle and speciality tyres. Its integrated Mahistikry (West Bengal) complex houses what the company describes as the world's largest single-location speciality carbon black facility, and it exports its coal-tar-pitch and carbon-black portfolio to customers across 61 countries through dedicated liquid-pitch terminals at Haldia and Mangalore ports.

Segments

  • Coal Tar Distillation and Pitch
  • Carbon Black
  • New Energy Materials
  • Tyres
Total carbon black capacity
250,000 MTPA
Speciality carbon black capacity
130,000 MTPA
Mahistikry (West Bengal) plant
World's largest single-location speciality carbon black facility
Export footprint
Products sold across 61 countries
Speciality carbon black product range
9 speciality black series, 70+ grades
Anode material production capacity
200 MTPA (first facility, Mahistikry, West Bengal)
Founded 1987Headquarters Kolkata, West Bengal, India Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 6 delivered 3 missed 14 open
  • Minimum Quarterly Gross Sales delivered said Q1 FY18 Promised: Minimum topline of ~₹500 Crores per quarter Q1 FY27: Q1 FY27 revenue was ₹1,432 crores, continuing to significantly exceed the original floor set in FY18.
  • Advanced Carbon Material Capacity went quiet said Q4 FY18 Promised: 20,000 MT capacity to be operational by exit FY20 Q1 FY27: The original 20,000 MT target from FY18 remains unaddressed. The company's focus is firmly on its new anode and LFP cathode material strategy, making this old promise obsolete.
  • Net Profit Doubling revised up said Q1 FY26 Promised: Double Net Profit from FY24 to FY27 (from ~₹411 Cr to ~₹822 Cr) Q1 FY27: Management reiterated the PAT target of ₹1,100 crores, but pulled the timeline forward from FY28 to FY27, representing a significant acceleration. Q1 FY27 PAT was ₹228 crores, an annualized run rate of ₹912 crores.

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 15.8%, net profit up 21.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,135 1,132 1,129 1,100 1,070 −6%1,133 +0%1,101 −2%1,274 +16%
EBITDA206 218 234 244 238 +16%239 +10%214 −9%276 +13%
Net profit134 142 158 183 187 +40%195 +37%186 +18%223 +22%
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 +42.0% 1Y

₹400₹500₹600₹700₹800Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 24 Oct 2025Q3 FY26 — 21 Jan 2026Q3 FY26 — 28 Jan 2026Q4 FY26 — 27 Apr 2026Q1 FY27 — 16 Jul 2026

1Y: ₹468.4 on 10 Sept 2025 → ₹664.9. High ₹800.9 (21 Jul 2026), low ₹422 (24 Nov 2025).

How the price took the results

close before → close after

Q1 FY27
+6.0%
16 Jul
Q4 FY26
+0.8%
27 Apr
Q3 FY26
+0.5%
21 Jan
Q2 FY26
+0.3%
24 Oct

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.

Financials, as filed

Revenue grew 1.8% a year over 3 years, FY23 to FY26. Operating margin widened to 21.2%.

Year endingFY23FY24FY25FY26
Revenue₹4.2k Cr₹4.2k Cr₹4.6k Cr₹4.4k Cr
Operating profit₹399 Cr₹641 Cr₹850 Cr₹935 Cr
Operating margin9.6%15.3%18.5%21.2%
Interest₹66 Cr₹64 Cr₹45 Cr₹58 Cr
Depreciation₹51 Cr₹48 Cr₹48 Cr₹62 Cr
Net profit₹217 Cr₹412 Cr₹557 Cr₹751 Cr
Net margin5.2%9.8%12.1%17.1%
ROCE13.0%19.0%23.0%23.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹42 Cr₹42 Cr₹43 Cr₹49 Cr₹49 Cr₹50 Cr
Reserves₹1.7k Cr₹1.8k Cr₹2.2k Cr₹2.9k Cr₹4.0k Cr₹4.6k Cr
Borrowings₹724 Cr₹582 Cr₹838 Cr₹602 Cr₹864 Cr₹723 Cr
Other liabilities₹266 Cr₹998 Cr₹553 Cr₹775 Cr₹585 Cr₹741 Cr
Total liabilities₹2.7k Cr₹3.4k Cr₹3.6k Cr₹4.4k Cr₹5.5k Cr₹6.1k Cr
Fixed assets₹1.4k Cr₹1.5k Cr₹1.5k Cr₹1.5k Cr₹1.7k Cr₹1.8k Cr
Capital work in progress₹160 Cr₹77 Cr₹94 Cr₹67 Cr₹443 Cr₹234 Cr
Investments₹66 Cr₹113 Cr₹132 Cr₹477 Cr₹723 Cr₹1.2k Cr
Other assets₹1.1k Cr₹1.7k Cr₹1.9k Cr₹2.3k Cr₹2.7k Cr₹2.8k Cr
Total assets₹2.7k Cr₹3.4k Cr₹3.6k Cr₹4.4k Cr₹5.5k Cr₹6.1k 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, FIIs added +1.60 pp while DIIs trimmed −1.50 pp. The shareholder count shrank 8% to 4,14,141.

Promoters
52.5%
FIIs
6.8%
DIIs
3.3%
Public
37.4%

Since Jun 2025

  • FIIs +1.60 pp
  • DIIs −1.50 pp
  • Public −0.98 pp

How it drifted, 12 quarters

Over this window the public fell from 49.5% to 37.4% — −12.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 44.9%, FIIs 5.1%, DIIs 0.5%, Public 49.5%.Dec '23: Promoters 44.8%, FIIs 5.4%, DIIs 0.6%, Public 49.2%.Mar '24: Promoters 50.3%, FIIs 5.1%, DIIs 2.1%, Public 42.5%.Jun '24: Promoters 50.2%, FIIs 5.2%, DIIs 2.3%, Public 42.4%.Sep '24: Promoters 50.8%, FIIs 5.2%, DIIs 3.6%, Public 40.4%.Dec '24: Promoters 51.6%, FIIs 5.2%, DIIs 4.2%, Public 39.0%.Mar '25: Promoters 51.6%, FIIs 5.4%, DIIs 4.6%, Public 38.4%.Jun '25: Promoters 51.6%, FIIs 5.2%, DIIs 4.8%, Public 38.4%.Sep '25: Promoters 51.6%, FIIs 5.7%, DIIs 3.2%, Public 39.5%.Dec '25: Promoters 52.5%, FIIs 5.8%, DIIs 3.1%, Public 38.7%.Mar '26: Promoters 52.5%, FIIs 6.0%, DIIs 3.2%, Public 38.3%.Jun '26: Promoters 52.5%, FIIs 6.8%, DIIs 3.3%, Public 37.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Himadri Speciality Chemical Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Modern Hi-Rise Private Limited 36.75%unchanged
Anurag Choudhary 8.59%unchanged
Amit Choudhary 3.52%unchanged
Narantak Dealcomm Limited Corporate2.56%−0.32 pp
Penguin Trading & Agencies Ltd 1.68%−0.17 pp
Shyam Sundar Choudhary 1.64%unchanged
Life Insurance Corporation Of India Insurer1.10%unchanged
Shikha Choudhary 0.73%unchanged
Sheela Devi Choudhary 0.59%unchanged
Himadri Credit And Finance Ltd 0.29%unchanged
Anooshka C Bathwal 0.22%unchanged
Rinku Choudhary 0.17%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.

Mutual funds in HSCL

Filings to Aug 2026

0 new, 6 added, 1 trimmed, 0 sold out — net +0.07 L shares (+1.2%).

Held by funds
₹39 Cr
7 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹25 Cr · 0.7% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹25 Cr+0.05 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹13 Cr+0.02 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹1 Cr−0.00 L
Nippon India Nifty India Manufacturing Index Fund Nippon India Mutual Fund₹0 Cr+0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L
Nippon India Nifty India Manufacturing ETF Nippon India Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

6 added, 1 trimmed — net +6,784 shares (+1.2%)

Funds are sitting on
+79%
vs est. average cost
Held by funds
₹39 Cr
7 schemes · ≈ 0.11% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹25 Cr · 0.7% of that fund

Shares held by these funds +142%

Mar '24 5.86 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹665, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~43%. At that growth it is worth ₹1148 — upside of 73%.

Growth the price implies
31.7% a year
for 7 years, fading to 4%
It has actually compounded at
43.3% a year
net profit, FY23–FY26
The gap
-0.1 pp
73% downside if it only repeats history
Price today ₹664.9 Value at the reference growth ₹1,147.75

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Himadri Speciality Chemical Limited

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