Himadri Speciality Chemical Ltd

₹ 443 -0.53%

28 Nov 12:35 p.m.

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
The company is a key player across various product segments, including battery materials, coal tar pitch, carbon black, naphthalene, refined naphthalene, SNF, and specialty oils. It serves various industries, such as lithium-ion batteries, paints, plastics, tires, aluminum, graphite electrodes, agrochemicals, defense, and construction chemicals. ^[1]

Website BSE NSE

Market Cap ₹ 22,328 Cr.
Current Price ₹ 443
High / Low ₹ 607 / 351
Stock P/E 33.3
Book Value ₹ 80.9
Dividend Yield 0.13 %
ROCE 22.6 %
ROE 16.8 %
Face Value ₹ 1.00

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Pros

Company has delivered good profit growth of 30.9% CAGR over last 5 years
Promoter holding has increased by 0.89% over last quarter.

Cons

Working capital days have increased from 33.8 days to 67.9 days

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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	1,059	1,037	1,029	951	1,005	1,053	1,177	1,200	1,135	1,132	1,129	1,100	1,070
	969	935	904	816	847	880	1,000	1,008	929	913	895	857	833
Operating Profit	90	102	125	135	157	172	177	192	206	218	234	244	238
OPM %	8%	10%	12%	14%	16%	16%	15%	16%	18%	19%	21%	22%	22%
	-22	8	11	10	10	10	12	13	13	12	13	28	38
Interest	20	20	13	13	16	21	14	13	11	12	9	14	13
Depreciation	13	12	12	12	12	12	12	12	12	12	12	13	16
Profit before tax	36	77	111	120	139	149	164	179	196	206	227	244	247
Tax %	18%	18%	31%	27%	28%	28%	30%	31%	31%	31%	30%	25%	24%
	29	63	77	88	101	108	115	123	134	142	158	183	187
EPS in Rs	0.69	1.50	1.77	2.00	2.29	2.45	2.33	2.50	2.72	2.88	3.20	3.70	3.78
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,362	1,377	1,150	1,322	1,971	2,377	1,804	1,679	2,791	4,172	4,185	4,596	4,432
	1,268	1,261	1,009	1,095	1,521	1,838	1,520	1,552	2,637	3,783	3,543	3,745	3,497
Operating Profit	94	116	142	227	450	538	284	128	154	388	642	851	934
OPM %	7%	8%	12%	17%	23%	23%	16%	8%	6%	9%	15%	19%	21%
	21	15	11	8	8	14	-123	14	7	-2	43	51	91
Interest	117	102	110	80	70	71	55	33	35	66	64	45	48
Depreciation	55	55	64	31	31	33	37	44	47	49	48	50	53
Profit before tax	-56	-26	-21	123	356	449	70	64	79	272	573	808	924
Tax %	-30%	-45%	-22%	34%	32%	31%	-16%	27%	18%	24%	28%	31%
	-39	-14	-16	81	243	311	81	47	65	208	411	558	670
EPS in Rs	-1.01	-0.37	-0.39	1.94	5.80	7.44	1.93	1.11	1.55	4.80	8.34	11.30	13.56
Dividend Payout %	-10%	0%	-13%	5%	2%	2%	8%	13%	13%	5%	6%	5%

Compounded Sales Growth
10 Years:	13%
5 Years:	21%
3 Years:	18%
TTM:	-3%

Compounded Profit Growth
10 Years:	39%
5 Years:	31%
3 Years:	105%
TTM:	39%

Stock Price CAGR
10 Years:	40%
5 Years:	61%
3 Years:	64%
1 Year:	-15%

Return on Equity
10 Years:	12%
5 Years:	12%
3 Years:	15%
Last Year:	17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	39	39	42	42	42	42	42	42	42	43	49	49	49
Reserves	796	789	879	1,036	1,414	1,639	1,610	1,666	1,762	2,172	2,932	3,598	3,947
	1,326	1,089	858	754	660	476	505	724	582	838	602	310	802
	296	296	255	264	296	633	300	266	998	553	775	565	529
Total Liabilities	2,456	2,212	2,034	2,096	2,413	2,790	2,457	2,698	3,383	3,607	4,358	4,522	5,327
	1,139	1,148	1,101	1,103	1,099	1,097	1,389	1,380	1,480	1,452	1,475	1,465	1,478
CWIP	56	10	27	9	18	126	158	160	77	94	67	176	338
Investments	248	103	133	167	353	232	47	66	113	132	477	628	915
	1,013	951	773	817	943	1,336	863	1,092	1,713	1,929	2,339	2,253	2,595
Total Assets	2,456	2,212	2,034	2,096	2,413	2,790	2,457	2,698	3,383	3,607	4,358	4,522	5,327

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	144	212	278	205	247	472	282	-39	330	53	400	455
	-93	130	-2	11	-61	-222	-215	-113	-28	-397	-405	-242
	-111	-346	-270	-223	-180	-257	-40	166	-181	378	8	-270
Net Cash Flow	-60	-5	6	-7	6	-8	28	13	121	35	3	-56

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	95	84	63	60	50	56	61	100	66	44	57	50
Inventory Days	131	122	138	161	114	124	97	98	125	61	85	68
Days Payable	30	31	39	61	33	95	62	44	126	38	66	27
Cash Conversion Cycle	196	175	163	159	132	86	96	155	66	67	77	91
Working Capital Days	-2	14	-6	30	33	44	10	15	-1	1	32	68
ROCE %	2%	3%	5%	11%	22%	24%	12%	4%	5%	13%	19%	23%

Shareholding Pattern

Numbers in percentages

1 Recently

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Nov 2025
	45.61%	44.96%	44.86%	44.79%	50.29%	50.20%	50.78%	51.56%	51.61%	51.60%	51.57%	52.50%
	2.36%	2.96%	5.12%	5.39%	5.13%	5.16%	5.24%	5.15%	5.38%	5.20%	5.74%	5.62%
	0.48%	0.53%	0.50%	0.63%	2.12%	2.27%	3.60%	4.24%	4.62%	4.83%	3.21%	3.18%
	51.54%	51.54%	49.53%	49.18%	42.47%	42.36%	40.38%	39.05%	38.38%	38.36%	39.46%	38.69%
No. of Shareholders	2,80,985	3,06,346	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	4,44,893

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Nov 2025
	48.95%	48.95%	48.93%	48.90%	45.43%	45.43%	45.61%	50.29%	51.61%	52.50%
	0.73%	2.16%	2.43%	1.69%	0.64%	1.66%	2.36%	5.13%	5.38%	5.62%
	0.09%	0.62%	1.64%	2.76%	0.01%	0.00%	0.48%	2.12%	4.62%	3.18%
	50.23%	48.27%	47.00%	46.65%	53.92%	52.91%	51.54%	42.47%	38.38%	38.69%
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	4,44,893

* 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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