Himadri Speciality Chemical Limited (HSCL)
Small CapChemicals stocks · Small cap · NSE
Himadri operates at the intersection of materials science, energy transition, and high-performance applications. It is transforming from a coal tar derivative company to a global advanced materials and application-driven solution company, aligning its portfolio with emerging realities and aiming to compress three decades of growth into a few years.
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.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 62/100Rev +28% YoY · PAT +27% YoY · +11% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,432 Cr | +28.1% | +11.2% |
| EBITDA | ₹288 Cr | +17.6% | +19.0% |
| Operating margin | 20.0% | -200 bps | +100 bps |
| PAT | ₹228 Cr | +27.4% | +9.6% |
| PAT margin | 15.9% | -9 bps | -23 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
HSCL reported strong Q1FY27 consolidated results with Revenue up 28.04% YoY to Rs. 1,432 Cr, EBITDA up 33.10% YoY to Rs. 313 Cr, and PAT up 27.36% YoY to Rs. 228 Cr, driven by a strategic shift towards high-value products.
The company's Q1FY27 performance shows robust growth across key financial metrics, despite lower volumes, indicating successful product mix enrichment. Strategic investments in high-margin new-energy materials and speciality chemicals, coupled with ongoing capacity expansions, align with the long-term energy transition theme, reinforcing the investment thesis.
New Energy Materials
Investments in LFP Cathode Active Material, Anode Active Material, and Silicon Carbon Anode (SiCx) for LiB, targeting the fast-growing EV and energy storage markets.
Super Speciality Carbon Black (SSCB)
Entry into high-value SSCB segment with premium realization and higher margins, converting existing carbon black capacity.
Carbon Nano Tube (CNT)
First commercial CNT production in India (200 MTPA capacity) for high-performance applications like LiB conductive additives, electronics, and aerospace.
Speciality Chemicals
Forward integration to produce Anthraquinone & Carbazole, high-value speciality chemicals with import-substitution potential and high-margin end markets.
Carbon Nano Tube (CNT)
200 MTPA capacity, Capex Rs. 70 Cr, targeting Q4FY27 commissioning.
Super Speciality Carbon Black (SSCB)
6,000 MTPA production from existing capacity, Capex Rs. 170 Cr, targeting Q4FY28 commissioning.
LFP Cathode Active Material
2,000 MTPA demo capacity expected to commission in Q3FY27, with a targeted capacity of 200,000 MTPA.
Speciality Chemicals (Anthraquinone & Carbazole)
Phase 1 (2,600 MTPA) to be completed by Q2FY27; Phase 2 (2,700 MTPA) by Q2FY28, cumulative 5,300 MTPA.
Global Energy Transition
Himadri's portfolio aligns with energy transition, technological innovation, and evolving global demand, driving sustainable growth.
EV and Energy Storage Market Growth
LiBs are the cornerstone of global energy transition, with consumption projected to rise from 1.6 TWh in 2025 to nearly 6.8 TWh by 2035.
Diversified Supply Alternatives
Catering to global customers seeking reliable, diversified supply alternatives, enhancing market position.
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.
Both YoY and QoQ comparisons are relevant. YoY highlights the underlying growth trend and market share gains in core businesses, while QoQ indicates sequential momentum from new project commissioning and ramp-ups in speciality and new energy materials, crucial for the chemicals sector.
Revenue Growth (Consolidated)
Q1FY27 Revenue Rs. 1,432 Cr, up 28.04% YoY and 11.19% QoQ.
EBITDA Growth (Consolidated)
Q1FY27 EBITDA Rs. 313 Cr, up 33.10% YoY and 11.88% QoQ.
PAT Growth (Consolidated)
Q1FY27 PAT Rs. 228 Cr, up 27.36% YoY and 10.07% QoQ.
Sales Volume (Standalone)
Q1FY27 Sales Volume 131,844 MT (standalone), down 5.89% YoY and 2.79% QoQ, indicating a shift towards higher-value products.
Transformation Journey
Company expects to compress growth achieved across three decades in just the next few years, transforming into a global advanced materials solution company.
Building Materials Backbone
Management is building the materials backbone for the energy-transition economy, driving sustainable growth for decades to come.
Strategic Roadmap to 2028
Strategic roadmap focuses on shifting to high-value growth, diversification for business resilience, and significant sustainable profitability growth over the next 2 years.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New Energy Material Commercialization | Anode material facility operational since April 2026, customer approvals ongoing. | Successful customer approvals and ramp-up of LFP Cathode (Q3FY27) and CNT (Q4FY27) capacities. |
| Speciality Carbon Black Ramp-up | Existing carbon black capacity being converted to SSCB. | Commissioning of 6,000 MTPA SSCB by Q4FY28 and realization of premium pricing. |
| Birla Tyres Performance | Plant recommissioned, 49 distributors, 1000+ dealers. | Increased market share, PCR facility commissioning by FY28, and export-led growth. |
| Speciality Chemicals Expansion | Phase 1 (2,600 MTPA) Anthraquinone & Carbazole by Q2FY27. | Timely completion of Phase 2 (2,700 MTPA) by Q2FY28 and successful import substitution. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Long-term vision to build 200,000 metric tons of LFP Cathode Active Material capacity in phases, catering to approximately 100 gigawatt hour of battery energy demand.
"long-term vision is to build 200,000 metric ton of LFP Cathode Active Material capacity in phases"
The first commercial phase of 40,000 metric tons per annum LFP Cathode Active Material capacity remains on track for Q3 FY '27.
"first commercial phase of 40,000 metric tons per annum remains on track for Q3 FY '27"
The first commercial anthraquinone and carbazole facility in India remains firmly on schedule for Q2 FY '27.
"remains firmly on schedule for Q2 FY '27"
The company has the necessary headroom to reignite growth in coming quarters and further consolidate its leadership position due to speciality carbon black expansion and coal-tar pitch debottlenecking.
"reignite growth in coming quarters and further consolidate our leadership position"
Outcome check: Revenue YoY averaged 13.5% across 1 later quarter(s).
Trend score and candlestick chart
51NeutralSMA20 -5.2% / mo · MACD −
Technical chart
HSCLdaily · 1Y · AUTO+46.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 42. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~5.5% over last month) — short-term momentum negative.
- RSI(14) at 42 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 18% off 52W high · 60% 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.
Relative Strength & Trend Stage
- Price is 12.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.9%.
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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: +0 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.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 88th percentile of the scored universe and 81st percentile within Chemicals. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Chemicals: 81st pctile, median 73 · Small: 91st pctile, median 66
114 documents have extracted text, but claim history is not strong enough yet.
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy 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 pledge is zero.
- ▸8 years of positive FCF.
- ▸ROCE is 22.1%.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
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
- 42.40
- P/B
- 7.19
- EV/EBITDA
- 32.06
- Market Cap
- 33859.00Cr
Profitability
- ROE
- 17.80%
- ROCE
- 22.10%
- ROA
- 12.75%
- Dividend Y
- 0.12%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 74.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 47.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 14.15×
- Altman Z
- 8.62
- Book Value
- 93.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 382.00 Cr
- EPS TTM
- 15.91
Shareholding
- Promoter Hold
- 52.49%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 63%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Chemicals, ranked by similarity
Peers
Business-comparable names in Chemicals, ranked by similarity
Peers
Business-comparable peers in Chemicals — 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.