Himadri Speciality Chemical Ltd

₹ 675 3.37%

18 Sep - close price

About

Himadri Speciality Chemical is primarily engaged in the manufacturing of carbon materials and chemicals.^[1] It is the No.1 coal pitch manufacturer in India and is the only company to manufacture advanced carbon material in India. It is also the largest player of Naphthalene and SNF in India.^[2]

Key Points

Product Portfolio^[1]^[2]
The company is a key player across various product segments, including LFP Cathode Active Material, Anode Materials, Silicon Carbon for Anodes, Carbon Black, Speciality Carbon Black, OHT, PCR, EV, CV & other speciality tyres, Coal Tar Pitch, High purity naphthalene, Carbazole, Anthraquinone, Speciality oils, SNF / PCE, Naphthalene balls, Clean power and Resource Extraction.

Website BSE NSE

Market Cap ₹ 34,076 Cr.
Current Price ₹ 675
High / Low ₹ 820 / 418
Stock P/E 43.1
Book Value ₹ 91.6
Dividend Yield 0.12 %
ROCE 22.5 %
ROE 18.1 %
Face Value ₹ 1.00

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Pros

Company has delivered good profit growth of 74.2% CAGR over last 5 years

Cons

Stock is trading at 7.37 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Chemicals & Petrochemicals Carbon Black

Part of Nifty MidSmallcap 400 Nifty 500 Multicap 50:25:25 BSE 500 Nifty 500 Nifty Smallcap 100 BSE Commodities BSE SmallCap Select Index BSE 250 SmallCap Index BSE 400 MidSmallCap Index Nifty Smallcap250 Momentum Quality 100 Nifty Smallcap250 Quality 50 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted Nifty500 Multicap Momentum Quality 50 Nifty Smallcap 500 Nifty MidSmallcap400 50:50 Nifty Smallcap 50 Nifty Total Market Nifty EV & New Age Automotive Nifty Midsmallcap400 Momentum Quality 100 Nifty500 Multicap India Manufacturing 50:30:20 Nifty Smallcap 250 BSE 1000 Nifty India Manufacturing Nifty Chemicals Nifty Total Market Momentum Quality 50 Nifty500 Flexicap Quality 30

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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	1,135	1,132	1,129	1,100	1,070	1,133	1,101	1,274
	816	847	880	1,000	1,008	929	913	895	857	833	894	887	998
Operating Profit	135	157	172	177	192	206	218	234	244	238	239	214	276
OPM %	14%	16%	16%	15%	16%	18%	19%	21%	22%	22%	21%	19%	22%
	10	10	10	12	13	13	12	13	28	38	48	62	58
Interest	13	16	21	14	13	11	12	9	14	13	15	16	21
Depreciation	12	12	12	12	12	12	12	12	13	16	16	17	19
Profit before tax	120	139	149	164	179	196	206	227	244	247	257	243	294
Tax %	27%	28%	28%	30%	31%	31%	31%	30%	25%	24%	24%	24%	24%
	88	101	108	115	123	134	142	158	183	187	195	186	223
EPS in Rs	2.00	2.29	2.45	2.33	2.50	2.72	2.88	3.20	3.70	3.78	3.86	3.68	4.43
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,377	1,150	1,322	1,971	2,377	1,804	1,679	2,791	4,172	4,185	4,596	4,405	4,579
	1,261	1,009	1,095	1,521	1,838	1,520	1,552	2,637	3,783	3,543	3,745	3,471	3,612
Operating Profit	116	142	227	450	538	284	128	154	388	642	851	934	967
OPM %	8%	12%	17%	23%	23%	16%	8%	6%	9%	15%	19%	21%	21%
	15	11	8	8	14	-123	14	7	-2	43	51	176	207
Interest	102	110	80	70	71	55	33	35	66	64	45	58	65
Depreciation	55	64	31	31	33	37	44	47	49	48	50	61	67
Profit before tax	-26	-21	123	356	449	70	64	79	272	573	808	991	1,041
Tax %	-45%	-22%	34%	32%	31%	-16%	27%	18%	24%	28%	31%	24%
	-14	-16	81	243	311	81	47	65	208	411	558	750	791
EPS in Rs	-0.37	-0.39	1.94	5.80	7.44	1.93	1.11	1.55	4.80	8.34	11.30	14.86	15.75
Dividend Payout %	0%	-13%	5%	2%	2%	8%	13%	13%	5%	6%	5%	5%

Compounded Sales Growth
10 Years:	14%
5 Years:	21%
3 Years:	2%
TTM:	2%

Compounded Profit Growth
10 Years:	47%
5 Years:	74%
3 Years:	48%
TTM:	28%

Stock Price CAGR
10 Years:	33%
5 Years:	66%
3 Years:	42%
1 Year:	45%

Return on Equity
10 Years:	14%
5 Years:	15%
3 Years:	17%
Last Year:	18%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	39	42	42	42	42	42	42	42	43	49	49	50
Reserves	789	879	1,036	1,414	1,639	1,610	1,666	1,762	2,172	2,932	3,598	4,572
	1,089	858	754	660	476	505	724	582	838	602	310	723
	296	255	264	296	633	300	266	998	553	775	565	741
Total Liabilities	2,212	2,034	2,096	2,413	2,790	2,457	2,698	3,383	3,607	4,358	4,522	6,087
	1,148	1,101	1,103	1,099	1,097	1,389	1,380	1,480	1,452	1,475	1,465	1,768
CWIP	10	27	9	18	126	158	160	77	94	67	176	234
Investments	103	133	167	353	232	47	66	113	132	477	628	1,247
	951	773	817	943	1,336	863	1,092	1,713	1,929	2,339	2,253	2,838
Total Assets	2,212	2,034	2,096	2,413	2,790	2,457	2,698	3,383	3,607	4,358	4,522	6,087

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	212	278	205	247	472	282	-39	330	53	400	455	466
	130	-2	11	-61	-222	-215	-113	-28	-397	-405	-242	-1,051
	-346	-270	-223	-180	-257	-40	166	-181	378	8	-270	576
Net Cash Flow	-5	6	-7	6	-8	28	13	121	35	3	-56	-9
Free Cash Flow	188	264	194	195	269	34	-74	307	-23	348	293	58
CFO/OP	181%	196%	101%	72%	105%	111%	-20%	226%	26%	77%	70%	74%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	84	63	60	50	56	61	100	66	44	57	50	62
Inventory Days	122	138	161	114	124	97	98	125	61	85	68	92
Days Payable	31	39	61	33	95	62	44	126	38	66	27	48
Cash Conversion Cycle	175	163	159	132	86	96	155	66	67	77	91	106
Working Capital Days	14	-6	30	33	44	10	15	-1	1	32	68	51
ROCE %	3%	5%	11%	22%	24%	12%	4%	5%	13%	19%	23%	23%

Insights

In beta

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Sales Volume
MT

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Coal Tar Distillation Capacity
MTPA

EBITDA per Metric Ton
INR/MT

Speciality Carbon Black Capacity
MTPA

Total Carbon Black Capacity
MTPA

Number of Countries Exported To
Countries

R&D Spend
INR Crores

Birla Tyres Distributors and Dealers
Count

R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44.86%	44.79%	50.29%	50.20%	50.78%	51.56%	51.61%	51.60%	51.57%	52.49%	52.49%	52.49%
	5.12%	5.39%	5.13%	5.16%	5.24%	5.15%	5.38%	5.20%	5.74%	5.75%	5.98%	6.80%
	0.50%	0.63%	2.12%	2.27%	3.60%	4.24%	4.62%	4.83%	3.21%	3.09%	3.22%	3.33%
	49.53%	49.18%	42.47%	42.36%	40.38%	39.05%	38.38%	38.36%	39.46%	38.66%	38.32%	37.38%
No. of Shareholders	4,40,415	4,38,414	4,36,700	4,35,628	4,47,666	4,54,943	4,45,768	4,48,339	4,53,810	4,29,391	4,08,408	4,14,141

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	48.95%	48.95%	48.93%	48.90%	45.43%	45.43%	45.61%	50.29%	51.61%	52.49%	52.49%
	0.73%	2.16%	2.43%	1.69%	0.64%	1.66%	2.36%	5.13%	5.38%	5.98%	6.80%
	0.09%	0.62%	1.64%	2.76%	0.01%	0.00%	0.48%	2.12%	4.62%	3.22%	3.33%
	50.23%	48.27%	47.00%	46.65%	53.92%	52.91%	51.54%	42.47%	38.38%	38.32%	37.38%
No. of Shareholders	22,764	70,038	82,778	1,06,031	2,41,043	3,42,971	2,80,985	4,36,700	4,45,768	4,08,408	4,14,141

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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