Himadri Speciality Chemical Ltd

₹ 559 -6.14%

18 May 10:00 a.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 ₹ 28,219 Cr.
Current Price ₹ 559
High / Low ₹ 654 / 418
Stock P/E 37.6
Book Value ₹ 91.6
Dividend Yield 0.13 %
ROCE 22.6 %
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

* 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 Nifty500 Shariah Nifty Smallcap 100 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 Nifty Midsmallcap400 Momentum Quality 100 Nifty Smallcap250 Momentum Quality 100 Nifty500 Equal Weight Nifty EV & New Age Automotive Nifty500 LargeMidSmall Equal-Cap Weighted BSE 1000 Nifty Chemicals Nifty Smallcap 500

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	1,029	951	1,005	1,053	1,177	1,200	1,135	1,132	1,129	1,100	1,070	1,133	1,101
	904	816	847	880	1,000	1,008	929	913	895	857	833	894	887
Operating Profit	125	135	157	172	177	192	206	218	234	244	238	239	214
OPM %	12%	14%	16%	16%	15%	16%	18%	19%	21%	22%	22%	21%	19%
	11	10	10	10	12	13	13	12	13	28	38	48	62
Interest	13	13	16	21	14	13	11	12	9	14	13	15	16
Depreciation	12	12	12	12	12	12	12	12	12	13	16	16	17
Profit before tax	111	120	139	149	164	179	196	206	227	244	247	257	243
Tax %	31%	27%	28%	28%	30%	31%	31%	31%	30%	25%	24%	24%	24%
	77	88	101	108	115	123	134	142	158	183	187	195	186
EPS in Rs	1.77	2.00	2.29	2.45	2.33	2.50	2.72	2.88	3.20	3.70	3.78	3.86	3.68
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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
	1,377	1,150	1,322	1,971	2,377	1,804	1,679	2,791	4,172	4,185	4,596	4,405
	1,261	1,009	1,095	1,521	1,838	1,520	1,552	2,637	3,783	3,543	3,745	3,471
Operating Profit	116	142	227	450	538	284	128	154	388	642	851	934
OPM %	8%	12%	17%	23%	23%	16%	8%	6%	9%	15%	19%	21%
	15	11	8	8	14	-123	14	7	-2	43	51	176
Interest	102	110	80	70	71	55	33	35	66	64	45	58
Depreciation	55	64	31	31	33	37	44	47	49	48	50	61
Profit before tax	-26	-21	123	356	449	70	64	79	272	573	808	991
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
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
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:	-4%

Compounded Profit Growth
10 Years:	47%
5 Years:	74%
3 Years:	48%
TTM:	34%

Stock Price CAGR
10 Years:	40%
5 Years:	65%
3 Years:	70%
1 Year:	29%

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	60
ROCE %	3%	5%	11%	22%	24%	12%	4%	5%	13%	19%	23%	23%

Insights

In beta

Mar 2015

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Total Sales Volume
MT

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	x,xxx	x,xxx	xx,xxx	xx,xxx	x,xxx	x,xxx	x,xxx	xx,xxx	xx,xxx
xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx			xxx,xxx	xxx,xxx		xxx,xxx
xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx			xxx,xxx	xxx,xxx		xxx,xxx
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									xx,xxx

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EBITDA per MT
Rs

Carbon Black Capacity
MTPA

Coal Tar Distillation Capacity
MTPA

SNF Capacity
MTPA

Speciality Carbon Black Capacity
MTPA

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

6 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	44.96%	44.86%	44.79%	50.29%	50.20%	50.78%	51.56%	51.61%	51.60%	51.57%	52.49%	52.49%
	2.96%	5.12%	5.39%	5.13%	5.16%	5.24%	5.15%	5.38%	5.20%	5.74%	5.75%	5.98%
	0.53%	0.50%	0.63%	2.12%	2.27%	3.60%	4.24%	4.62%	4.83%	3.21%	3.09%	3.22%
	51.54%	49.53%	49.18%	42.47%	42.36%	40.38%	39.05%	38.38%	38.36%	39.46%	38.66%	38.32%
No. of Shareholders	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	4,29,391	4,08,408

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	48.95%	48.95%	48.93%	48.90%	45.43%	45.43%	45.61%	50.29%	51.61%	52.49%
	0.73%	2.16%	2.43%	1.69%	0.64%	1.66%	2.36%	5.13%	5.38%	5.98%
	0.09%	0.62%	1.64%	2.76%	0.01%	0.00%	0.48%	2.12%	4.62%	3.22%
	50.23%	48.27%	47.00%	46.65%	53.92%	52.91%	51.54%	42.47%	38.38%	38.32%
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

* 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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