Himadri Speciality Chemical Ltd.
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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 GENERATEDChemicals
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HSCL | 663.80 | 41.91 | 33493.63 | 0.12 | 228.43 | 27.36 | 1431.88 | 28.04 | 22.42 | 20.11 |
| PCBL | 334.95 | 50.93 | 13179.03 | 1.79 | 154.93 | 64.64 | 2473.37 | 17.00 | 7.64 | 15.99 |
| GOACARBON | 439.30 | 44.14 | 402.01 | 0.00 | -6.58 | 17.18 | 65.70 | -67.02 | -4.49 | -6.71 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-31 - Himadri Speciality Chemical Limited has informed the Exchange about incorporation of foreign Wholly Owned Subsidiary in Dubai, UAE
2026-08-25 - Himadri Speciality Chemical Limited has informed the Exchange about Update on investment in Sicona Battery Technologies Pty Ltd
2026-08-10 - Himadri Speciality Chemical Limited has informed the Exchange regarding Allotment of 13576 Shares.
2026-07-21 - Himadri Speciality Chemical Limited has informed the Exchange about Transcript
2026-07-16 - Himadri Speciality Chemical Limited has informed the Exchange about Link of Recording
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 - 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 - Himadri Speciality Chemical Limited has informed the Exchange about Investor Presentation
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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