Himadri Speciality Chemical Ltd

₹ 492 -5.91%

23 Oct - 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 ₹ 24,825 Cr.
Current Price ₹ 492
High / Low ₹ 820 / 418
Stock P/E 29.0
Book Value ₹ 102
Dividend Yield 0.16 %
ROCE 22.1 %
ROE 17.8 %
Face Value ₹ 1.00

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 73.7% 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 400 MidSmallCap Index BSE 500 Nifty 500 BSE SmallCap Select Index BSE 250 SmallCap Index Nifty500 Multicap India Manufacturing 50:30:20 Nifty EV & New Age Automotive Nifty Midsmallcap400 Momentum Quality 100 Nifty Smallcap250 Momentum Quality 100 Nifty Smallcap250 Quality 50 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted Nifty500 Multicap Momentum Quality 50 BSE 1000 Nifty Chemicals Nifty Total Market Momentum Quality 50 Nifty500 Flexicap Quality 30 Nifty Smallcap 500 Nifty MidSmallcap400 50:50 Nifty 500 Multicap 50:25:25 Nifty India Manufacturing Nifty Smallcap 100 BSE Commodities Nifty Total Market Nifty MidSmallcap 400 Nifty Smallcap 50 Nifty Smallcap 250

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	1,005	1,053	1,177	1,200	1,137	1,141	1,135	1,118	1,071	1,184	1,288	1,432	1,691
	847	879	997	1,008	929	920	901	873	838	941	1,046	1,144	1,376
Operating Profit	158	174	180	192	208	221	233	245	233	243	242	288	315
OPM %	16%	17%	15%	16%	18%	19%	21%	22%	22%	20%	19%	20%	19%
	10	10	12	13	14	12	14	27	36	47	62	56	42
Interest	16	21	14	13	11	12	9	16	15	16	17	22	28
Depreciation	12	13	13	13	13	15	14	15	17	18	19	21	22
Profit before tax	139	150	166	179	197	206	224	241	237	255	268	301	307
Tax %	28%	28%	30%	31%	31%	31%	31%	26%	26%	25%	23%	24%	25%
	101	109	115	123	136	141	155	179	176	192	208	228	231
EPS in Rs	2.29	2.47	2.34	2.48	2.74	2.88	3.15	3.68	3.57	3.81	3.98	4.55	4.60
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	1,437	1,182	1,341	2,022	2,422	1,806	1,679	2,791	4,172	4,185	4,613	4,661	5,595
	1,313	1,036	1,107	1,569	1,863	1,525	1,549	2,635	3,773	3,540	3,758	3,699	4,507
Operating Profit	124	146	233	452	560	280	131	156	399	645	854	962	1,087
OPM %	9%	12%	17%	22%	23%	16%	8%	6%	10%	15%	19%	21%	19%
	13	9	6	12	8	8	14	-17	-2	43	52	171	207
Interest	103	111	82	70	71	55	33	36	66	64	45	64	84
Depreciation	59	67	33	33	34	39	47	50	51	50	55	68	79
Profit before tax	-24	-23	125	361	462	194	65	53	280	574	806	1,001	1,131
Tax %	-49%	-19%	34%	31%	30%	-6%	27%	27%	23%	28%	31%	25%
	-13	-19	82	248	324	205	47	39	216	411	555	755	859
EPS in Rs	-0.32	-0.44	1.98	5.91	7.75	4.91	1.13	0.98	4.99	8.34	11.25	14.89	16.94
Dividend Payout %	0%	-11%	5%	2%	2%	3%	13%	20%	5%	6%	5%	5%

Compounded Sales Growth
10 Years:	15%
5 Years:	23%
3 Years:	4%
TTM:	25%

Compounded Profit Growth
10 Years:	44%
5 Years:	74%
3 Years:	47%
TTM:	30%

Stock Price CAGR
10 Years:	27%
5 Years:	57%
3 Years:	28%
1 Year:	4%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	39	42	42	42	42	42	42	42	43	49	49	50	50
Reserves	750	837	988	1,373	1,590	1,692	1,751	1,826	2,237	2,996	3,672	4,656	5,085
	1,124	887	774	660	476	505	729	587	842	605	313	770	1,160
	329	296	308	341	680	323	269	999	555	798	621	830	682
Total Liabilities	2,242	2,062	2,112	2,416	2,788	2,562	2,791	3,454	3,678	4,449	4,656	6,306	6,977
	1,228	1,180	1,174	1,178	1,170	1,475	1,468	1,546	1,515	1,534	1,605	1,942	2,016
CWIP	14	31	13	22	133	158	160	77	94	67	185	372	370
Investments	23	53	87	273	179	47	66	113	132	478	582	1,060	1,250
	977	798	838	943	1,305	882	1,098	1,718	1,938	2,371	2,283	2,933	3,341
Total Assets	2,242	2,062	2,112	2,416	2,788	2,562	2,791	3,454	3,678	4,449	4,656	6,306	6,977

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	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	296	205	258	476	283	-40	331	54	405	447	382
	128	-6	10	-50	-224	-214	-114	-28	-397	-405	-235	-963
	-348	-278	-233	-200	-257	-41	165	-182	377	7	-271	590
Net Cash Flow	-7	12	-18	8	-6	28	11	121	34	7	-60	10
Free Cash Flow	184	281	201	195	272	36	-76	308	-22	352	276	-63
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	169%	203%	98%	75%	102%	113%	-20%	223%	25%	77%	69%	64%

Ratios

Consolidated / View Standalone

	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	82	63	60	49	55	61	100	66	44	57	50	55
Inventory Days	122	138	164	112	124	121	100	125	61	85	68	96
Days Payable	36	50	74	39	100	68	45	127	39	69	28	47
Cash Conversion Cycle	168	151	150	122	79	113	155	65	66	73	90	103
Working Capital Days	4	-22	19	29	40	10	15	-1	1	32	69	57
ROCE %	3%	5%	11%	22%	25%	11%	4%	5%	13%	19%	22%	22%

Insights

In beta

Mar 2016

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Mar 2021

Mar 2022

Mar 2023

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Mar 2026

Sales Volume
MT ・Standalone data

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

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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 ・Standalone data

Birla Tyres Distributors and Dealers
Count

R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	44.79%	50.29%	50.20%	50.78%	51.56%	51.61%	51.60%	51.57%	52.49%	52.49%	52.49%	52.49%
	5.39%	5.13%	5.16%	5.24%	5.15%	5.38%	5.20%	5.74%	5.75%	5.98%	6.80%	7.33%
	0.63%	2.12%	2.27%	3.60%	4.24%	4.62%	4.83%	3.21%	3.09%	3.22%	3.33%	2.85%
	49.18%	42.47%	42.36%	40.38%	39.05%	38.38%	38.36%	39.46%	38.66%	38.32%	37.38%	37.34%
No. of Shareholders	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	4,25,426

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 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%	7.33%
	0.09%	0.62%	1.64%	2.76%	0.01%	0.00%	0.48%	2.12%	4.62%	3.22%	2.85%
	50.23%	48.27%	47.00%	46.65%	53.92%	52.91%	51.54%	42.47%	38.38%	38.32%	37.34%
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	4,25,426

* 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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