Himadri Speciality Chemical Ltd.

•

himadri.comBSE: 500184NSE: HSCL

Market Cap₹ 33,547 Cr.

Current Price

High / Low₹ 820 / 418

Stock P/E42.0

Book Value₹ 98

Price to Book4.73

Dividend Yield0.12 %

ROCE22.4 %

ROE18.1 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Carbon materials and chemicals: 93.7% • Others: 5.9% • Power: 0.4%

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence

55%

View full sector analysis →

PROS

Company has delivered good profit growth of 74.1% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 21.1%
Promoters have been increasing their shareholding - up 2.3pp over 2 years
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 22.6% CAGR over last 5 years
Operating margins have improved to 20.6% from 10.2%

CONS

Total debt has risen sharply - up 148.3% year on year
Equity base is being diluted - shares outstanding up 16.6%
Growth is decelerating - 3Y profit CAGR (51.8%) trails the 5Y trend (74.1%)
Though reporting repeated profits, the company pays out little dividend (5.4%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsCarbon Black

Part ofNIFTY TOTAL MKT NIFTY SML250 Q50 NIFTY SMLCAP 50 NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	HSCL	664.85	41.98	33546.61	0.12	228.43	27.36	1431.88	28.04	22.42	20.11
2.	PCBL	331.20	50.36	13031.48	1.81	154.93	64.64	2473.37	17.00	7.64	15.99
3.	GOACARBON	413.20	41.52	378.12	0.00	-6.58	17.18	65.70	-67.02	-4.49	-6.71

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	951	1,005	1,053	1,177	1,200	1,137	1,141	1,135	1,118	1,071	1,184	1,288	1,432
	817	847	879	997	1,008	929	920	901	873	838	941	1,046	1,188
Operating Profit	134	158	174	180	192	208	221	233	245	233	243	242	244
OPM %	14.09%	15.70%	16.52%	15.25%	15.99%	18.31%	19.36%	20.56%	21.91%	21.73%	20.50%	18.77%	17.05%
	10	10	10	12	13	14	12	14	27	36	47	62	56
Interest	13	16	21	14	13	11	12	9	16	15	16	17	22
Depreciation	12	12	13	13	13	13	15	14	15	17	18	19	21
Profit before Tax	119	139	150	166	179	197	206	224	241	237	255	268	301
Tax %	27.57%	27.66%	27.55%	30.50%	31.28%	31.22%	31.43%	30.71%	25.64%	25.53%	24.76%	22.53%	23.99%
Net Profit	0	0	0	0	123	136	141	155	179	176	192	208	228
	1.99	2.29	2.47	2.41	2.49	2.74	2.88	3.15	3.68	3.58	3.84	3.98	4.55

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,343	2,022	2,422	1,806	1,679	2,791	4,172	4,185	4,613	4,661	4,974
	1,110	1,569	1,863	1,525	1,549	2,635	3,773	3,550	3,766	3,699	4,013
Operating Profit	233	452	560	280	131	156	399	635	847	962	961
OPM %	17.36%	22.38%	23.11%	15.52%	7.80%	5.59%	9.57%	15.18%	18.36%	20.64%	19.33%
	6	12	8	8	14	-17	-2	52	59	171	201
Interest	82	70	71	55	33	36	66	64	45	64	71
Depreciation	33	33	34	39	47	50	51	50	55	68	75
Profit before Tax	125	361	462	194	65	53	280	574	806	1,001	1,060
Tax %	33.87%	31.41%	29.84%	-5.78%	26.79%	26.95%	22.98%	28.43%	31.14%	24.56%	24.15%
Net Profit	82	248	324	205	47	39	216	411	555	755	804
EPS	1.98	5.92	7.74	4.91	1.13	0.98	5.13	8.34	11.25	14.89	—
Dividend Payout %	5.05%	1.69%	1.94%	3.06%	13.24%	20.46%	5.01%	6.00%	5.33%	5.37%	—

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 23%
3 Years:: 4%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 74%
3 Years:: 52%

STOCK PRICE CAGR

10 Years:: 34%
5 Years:: 70%
3 Years:: 42%
1 Year:: 40%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 13%
3 Years:: 17%
Last Year:: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	42	42	42	42	42	42	43	49	49	50
Minority Interest	-0	-0	-0	-0	-1	-3	-3	-3	49	55
	988	1,372	1,587	1,689	1,747	1,822	2,131	2,995	3,587	4,656
	783	666	480	512	726	584	841	591	311	767
Trade Payables	178	146	441	229	153	779	346	570	239	375
	192	340	475	325	369	490	628	646	864	619
Total Liabilities	2,182	2,565	3,025	2,797	3,037	3,714	3,986	4,848	5,100	6,523
	1,174	1,178	1,170	1,475	1,468	1,546	1,515	1,534	1,605	1,942
Capital Work in Progress	13	22	133	158	160	77	94	67	185	372
	87	273	179	47	66	113	132	478	582	1,060
	396	420	543	405	339	772	544	703	585	763
	0	0	0	0	0	0	0	656	633	696
Cash & Bank	37	34	51	47	138	265	625	731	672	735
	476	638	947	665	867	942	1,076	681	838	955
Total Assets	2,182	2,565	3,025	2,797	3,037	3,714	3,986	4,848	5,100	6,523

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	229	337	571	317	-27	348	101	405	447	382
Cash from Investing	18	-50	-224	-214	-114	-28	-397	-405	-235	-964
Cash from Financing	-233	-200	-257	-41	165	-182	377	7	-271	590
	-10	8	-6	28	11	121	34	7	-60	8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.20	50.78	51.56	51.61	51.61	51.57	52.51	52.50	52.50
	5.16	5.24	5.15	5.38	5.20	5.74	5.75	5.98	6.80
	2.27	3.59	4.23	4.61	4.82	3.20	3.08	3.21	3.32
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	42.37	40.40	39.06	38.39	38.38	39.47	38.67	38.33	37.38

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-31

Acquisition

2026-08-31 - Himadri Speciality Chemical Limited has informed the Exchange about incorporation of foreign Wholly Owned Subsidiary in Dubai, UAE

2026-08-25

Acquisition

2026-08-25 - Himadri Speciality Chemical Limited has informed the Exchange about Update on investment in Sicona Battery Technologies Pty Ltd

2026-08-10

ESOP/ESOS/ESPS

2026-08-10 - Himadri Speciality Chemical Limited has informed the Exchange regarding Allotment of 13576 Shares.

2026-07-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-21 - Himadri Speciality Chemical Limited has informed the Exchange about Transcript

2026-07-16

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-16 - Himadri Speciality Chemical Limited has informed the Exchange about Link of Recording

2026-07-16

Copy of Newspaper Publication

2026-07-16 - Himadri Speciality Chemical Limited has informed the Exchange about Copy of Newspaper Publication of Unaudited Financial Results of the Company for the quarterended 30 June 2026

2026-07-15

Press Release

2026-07-15 - Himadri Speciality Chemical Limited has informed the Exchange regarding a press release dated July 15, 2026, titled "Investor Release: 15 July 2026, Kolkata".

2026-07-15

Investor Presentation

2026-07-15 - Himadri Speciality Chemical Limited has informed the Exchange about Investor Presentation

2026-07-15

Monitoring Agency Report

2026-07-15 - Monitoring Agency Report for the quarter ended 30 June 2026

News

Recent coverage and analyst commentary for HSCL

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Himadri Speciality Chemical Ltd.

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Name

HSCL

664.85

41.98

33546.61

0.12

228.43

27.36

1431.88

28.04

22.42

20.11

PCBL

331.20

50.36

13031.48

1.81

154.93

64.64

2473.37

17.00

7.64

15.99

GOACARBON

413.20

41.52

378.12

0.00

-6.58

17.18

65.70

-67.02

-4.49

-6.71

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

951

1,005

1,053

1,177

1,200

1,137

1,141

1,135

1,118

1,071

1,184

1,288

1,432

817

847

879

997

1,008

929

920

901

873

838

941

1,046

1,188

Operating Profit

134

158

174

180

192

208

221

233

245

233

243

242

244

OPM %

14.09%

15.70%

16.52%

15.25%

15.99%

18.31%

19.36%

20.56%

21.91%

21.73%

20.50%

18.77%

17.05%

Interest

Depreciation

Profit before Tax

119

139

150

166

179

197

206

224

241

237

255

268

301

Tax %

27.57%

27.66%

27.55%

30.50%

31.28%

31.22%

31.43%

30.71%

25.64%

25.53%

24.76%

22.53%

23.99%

Net Profit

123

136

141

155

179

176

192

208

228

1.99

2.29

2.47

2.41

2.49

2.74

2.88

3.15

3.68

3.58

3.84

3.98

4.55

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,343

2,022

2,422

1,806

1,679

2,791

4,172

4,185

4,613

4,661

4,974

1,110

1,569

1,863

1,525

1,549

2,635

3,773

3,550

3,766

3,699

4,013

Operating Profit

233

452

560

280

131

156

399

635

847

962

961

OPM %

17.36%

22.38%

23.11%

15.52%

7.80%

5.59%

9.57%

15.18%

18.36%

20.64%

19.33%

-17

-2

171

201

Interest

Depreciation

Profit before Tax

125

361

462

194

280

574

806

1,001

1,060

Tax %

33.87%

31.41%

29.84%

-5.78%

26.79%

26.95%

22.98%

28.43%

31.14%

24.56%

24.15%

Net Profit

248

324

205

216

411

555

755

804

EPS

1.98

5.92

7.74

4.91

1.13

0.98

5.13

8.34

11.25

14.89

—

Dividend Payout %

5.05%

1.69%

1.94%

3.06%

13.24%

20.46%

5.01%

6.00%

5.33%

5.37%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

-0

-1

-3

988

1,372

1,587

1,689

1,747

1,822

2,131

2,995

3,587

4,656

783

666

480

512

726

584

841

591

311

767

Trade Payables

178

146

441

229

153

779

346

570

239

375

192

340

475

325

369

490

628

646

864

619

Total Liabilities

2,182

2,565

3,025

2,797

3,037

3,714

3,986

4,848

5,100

6,523

1,174

1,178

1,170

1,475

1,468

1,546

1,515

1,534

1,605

1,942

Capital Work in Progress

133

158

160

185

372

273

179

113

132

478

582

1,060

396

420

543

405

339

772

544

703

585

763

656

633

696

Cash & Bank

138

265

625

731

672

735

476

638

947

665

867

942

1,076

681

838

955

Total Assets

2,182

2,565

3,025

2,797

3,037

3,714

3,986

4,848

5,100

6,523

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

229

337

571

317

-27

348

101

405

447

382

Cash from Investing

-50

-224

-214

-114

-28

-397

-405

-235

-964

Cash from Financing

-233

-200

-257

-41

165

-182

377

-271

590

-10

-6

121

-60

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

50.20

50.78

51.56

51.61

51.57

52.51

52.50

5.16

5.24

5.15

5.38

5.20

5.74

5.75

5.98

6.80

2.27

3.59

4.23

4.61

4.82

3.20

3.08

3.21

3.32

Government

0.00

42.37

40.40

39.06

38.39

38.38

39.47

38.67

38.33

37.38

Himadri Speciality Chemical Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Himadri Speciality Chemical Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI