Annual reportSep 2026
Sep 2026 · Shareholders meeting 3 Sep - 15th AGM on September 29, 2026; FY2025-26 annual report, audited statements, and cost auditor ratification.
Source: Nse
Hi-Green Carbon Ltd. (HIGREEN)
SME CapIndustrials stocks · SME cap · NSE
Hi-Green Carbon Limited is a leader in sustainable waste management, recycling end-of-life tyres using proprietary continuous pyrolysis technology. It operates large-scale facilities in India, producing rCB, TPO, and Sodium Silicate, with a focus on circular economy solutions and renewable technology.
₹141
-1.55 · -1.09%
Market cap ₹356 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals18 Oct 2026 · screener
Latest result01 Jun, 07:53 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
58NeutralMACD +
Stock trend: 63
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HIGREEND candles · FIT view+4.8%Latest close ₹141.00 on 2026-10-19
Bar
-1.4%
RSI
59
MACD hist
2.54
52W pos
37%
2026-10-19O ₹143.00H ₹148.50L ₹140.00C ₹141.00Vol 37,600 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HIGREENNifty India ManufacturingNifty 500
- HIGREEN
- +1.0%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +6.6 pp
Chart stats
19 Oct 2026- From 52W high
- -36.0%
- 52W range position
- 33%
- ATR (14)
- 6.5%
- Volume vs 20D
- 0.91x
- Avg traded value
- ₹0.5 Cr
- 20D price channel
- ₹106 - ₹150
₹220.2
₹101.2 - ₹220.2
₹9.2
Latest completed session
20-session average
108.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED20
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +89.2% · PAT -120.0% YoY
Technical
Neutral58
Price trend and sector-relative-strength timing.
Valuation
Legacy model-8133.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence56
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100PAT -120% YoY · margin compression · Rev +89% YoY
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹70 Cr | +89.2% | +1.4% |
| EBITDA | ₹12 Cr | NDF | +9.1% |
| Operating margin | 18.0% | NDF | +300 bps |
| PAT | ₹-1 Cr | -120.0% | -120.0% |
| PAT margin | -1.4% | NDF | -868 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 68.90
- P/B
- 3.97
- EV/EBITDA
- 12.32
- Market Cap
- 356.00Cr
Profitability
- ROE
- 5.85%
- ROCE
- 10.20%
- ROA
- 1.73%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 21.24%
- EPS 5Y
- -37.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- -25.00%
Balance Sheet
- Debt/Equity
- 0.70
- Interest Coverage
- 11.50×
- Altman Z
- 4.53
- Book Value
- 36.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 16.00 Cr
- EPS TTM
- 1.37
Shareholding
- Promoter Hold
- 71.92%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 139+43.3% vs prev
Net Profit
₹ CrLatest: 3.0-72.7% vs prev
Return on Equity
%Latest: 3.3-73.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 59.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 59 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 33% off 52W high · 39% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
42
RS percentile
Stage 1 Base / Transition
1M return
+20.6%
3M return
+1.0%
6M return
+2.8%
1Y return
-28.8%
RS 1D
0
RS 20D
+31
Sector rank
#2
Industry rank
#9
Stage evidence
- Price is within 6.6% of the 30-week proxy.
- The 30-week proxy changed -0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 67.34-0.07%
RS vs Nifty 50067
Valuation & peers
U-Score 20 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 20 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth7/25
Quality0/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
-3
Raw sum
20
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
20/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 9/15 to the score.
- Growth contributes 7/25 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Fair-value margin of safety is negative at -8133.6%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
68.9
PB
4.0
EV/EBITDA
12.3
ROE
5.8%
ROCE
10.2%
FCF Yield
—
Debt/Equity
0.7
MoS
-8133.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
20
Previous: 20
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-8133.6%
Previous: -8133.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
21
21
21
21
21
21
21
21
20
20
20
20
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹33.31
-323.3% MoS
Growth-justified P/E
1.3
Growth-justified Value
₹1.71
-8133.6% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
UCL
SME
Ushanti Colour Chem Ltd.
Specialty Chemicals
match 130
15
—
-0.8%
—
OVERVALUED
MAHICKRA
SME
Mahickra Chemicals Ltd.
Specialty Chemicals
match 130
23
54.5
10.0%
-31%
OVERVALUED
SILKFLEX
SME
Silkflex Polymers (India) Ltd.
Specialty Chemicals
match 129
58
28.7
29.2%
+37%
FAIR VALUE
DHARIWAL
SME
Dhariwalcorp Ltd.
Specialty Chemicals
match 128
8
35.6
11.0%
-261%
OVERVALUED
NEPTUNE
SME
Neptune Petrochemicals Ltd.
Specialty Chemicals
match 127
62
13.2
25.6%
+66%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-17T07:28:49.637Z
Management commentary snapshot
Consolidated Revenue from Operations grew 43% YoY to INR 13,868 Lakhs in FY26. EBITDA was INR 2,578 Lakhs. PAT declined to INR 343 Lakhs due to a one-time exceptional loss of INR 582 Lakhs from a fire incident, with an insurance claim pending.
While revenue growth is strong and operational performance (EBITDA) is healthy, the significant PAT decline due to a fire incident raises concerns about operational resilience and potential future disruptions. The pending insurance claim is a key watchpoint.
Current business mix
Revenue by Product (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
rCB18.6%
Pyrolysis Oil53.6%
Sodium Silicate17.9%
Renewable Technology Solutions8.4%
Growth engines
Tyre Recycling Capacity Expansion
3 strategic locations with 72,000 MTPA (300 TPD) recycling capacity.
Value-Added Product Portfolio
Produces rCB, TPO, and Sodium Silicate, with future potential in power generation and LPG-alternative bottling from Syngas.
Strategic Business Realignment
Integration of Radhe Renewables' technology and infrastructure to centralize renewable energy and gasification projects.
Government Push on Sustainability
Benefiting from government push on sustainability and EPR regulations.
Capacity and execution
Dhar, MP Plant Commissioning
Commercial operations began at Dhar, MP in 2026.
Dhule Plant Ramp-up
Started 2nd plant in Maharashtra in 2024, with volumes produced increasing from 6,851 MT in FY25 to 19,650 MT in FY26.
Syngas Utilization Projects
Dhule plant starting captive power generation from syngas, Dhar plant proposed for syngas bottling.
Tailwinds
Government Support for Sustainability
Benefiting from government push on sustainability and EPR regulations.
Vertical Integration
Acquired Samsara Recycling Pvt. Ltd. (2024) for backward integration.
Syngas Value Creation
Innovative syngas applications driving energy savings, new revenue streams, and operational efficiency.
Headwinds
One-time Fire Incident
H2 results included a one-time exceptional loss of Rs. 582 Lakhs due to a fire incident at one of the facilities.
Risk radar
Operational Disruptions
A one-time exceptional loss of Rs. 582 Lakhs due to a fire incident highlights potential for operational disruptions.
Insurance Claim Settlement
Stocks and other assets were insured, and the insurance claim is pending, which is expected to be settled in the current year.
Margin Compression
Consolidated EBITDA margin declined from 21.43% in FY25 to 18.24% in FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The document provides full-year (FY26 vs FY25) and half-year (H2 FY26 vs H1 FY26, and H2 FY26 vs H2 FY25) financial data. Full-year comparison is crucial for overall performance, while half-year data shows sequential momentum and the impact of the exceptional item.
Sector KPIs management disclosed
Revenue from Operations (Consolidated)
Grew 43% YoY to INR 13,868 Lakhs in FY26 (FY25: INR 9,678.53 Lakhs).
EBITDA (Consolidated)
Stood at INR 2,578 Lakhs in FY26 (FY25: INR 2,118.52 Lakhs).
PAT (Consolidated)
Stood at INR 343 Lakhs in FY26 (FY25: INR 1,112.91 Lakhs).
EBITDA Margin (Consolidated)
18.24% in FY26 (FY25: 21.43%).
Management forward view
Focus on Capacity Expansion
Focused on expanding capacity and strengthening utilization.
Driving Efficiency and Innovation
Driving efficiency, product quality, and innovation for sustainable growth.
Syngas Monetization
Dhule plant expects zero electricity cost from captive power generation, Dhar plant proposes syngas bottling for pharma & chemical industries.
Integrated Techno-Recycling
Strengthening Hi-Green Carbon’s position as a fully integrated techno-recycling organization through realignment.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Insurance Claim Settlement | INR 582 Lakhs exceptional loss due to fire. | Timely and full settlement of the pending insurance claim. |
| Dhar Plant Ramp-up | Commercial operations began at Dhar, MP in 2026. | Utilization ramp-up and contribution to revenue/profit from the new plant. |
| Syngas Monetization | Dhule plant starting captive power generation; Dhar plant proposed for syngas bottling. | Successful implementation and financial impact of syngas utilization strategies. |
| Consolidated Margins | EBITDA margin 18.24% in FY26, PAT margin 2.43% in FY26. | Stabilization and improvement in consolidated EBITDA and PAT margins. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
56Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 14th percentile within Industrials. Main check: financial discipline is weak at 30/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
6 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
18th percentile
overall median 67 · Industrials: 14th pctile, median 68 · SME: 19th pctile, median 64
Evidence depth
Financial-only
6 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
30
weak · capital discipline
Results
36
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 71.9%.
- ▸Promoter pledge is zero.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROE is low at 6%.
- ▸ROCE trend is -4.3%.
- ▸Revenue CAGR is 21% but EPS CAGR is -25%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Hi-Green Carbon Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Company Ir
Concall transcriptJun 2026
Jun 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 8 Jun - Transcript of June 2, 2026 investor call on half-year and FY2026 financial results available on website.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.