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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -120% YoY · margin compression · Rev +89% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹70 Cr | +89.2% | +1.4% |
| EBITDA | ₹12 Cr | +0.0% | +9.1% |
| Operating margin | 18.0% | -200 bps | +300 bps |
| PAT | ₹-1 Cr | -120.0% | -120.0% |
| PAT margin | -1.4% | -1127 bps | -868 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Product (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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%).
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.
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.
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -6.0% / mo · MACD −
Technical chart
HIGREENdaily · 1Y · AUTO+2.2%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 40.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.4% over last month) — short-term momentum negative.
- RSI(14) at 40 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 47% off 52W high · 23% 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.
Valuation & score drivers
U-Score 21 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 21 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 2 points.
- Fair-value margin of safety is negative at -7140.8%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Mixed Trust Lite: Promoter holding is 71.9%. Key concern: Only 1 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 14th pctile, median 68 · SME: 19th pctile, median 64
6 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 58.70
- P/B
- 3.44
- EV/EBITDA
- 10.97
- Market Cap
- 310.00Cr
Profitability
- ROE
- 5.98%
- ROCE
- 10.40%
- 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
- 4.20
- 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
- 18%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
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.