Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Sep
Source: Bse
Himadri Speciality Chemical Limited (HSCL)
Small CapChemicals stocks · Small cap · NSE
Himadri Speciality Chemical Limited operates in advanced carbon materials, coal tar distillation, speciality chemicals, and battery materials like anode and LFP cathode active materials, transitioning from a commodity coal tar derivative player to a global application-driven advanced materials solutions provider.
Data qualityFresh enough for analysisQuote updated 22 Oct, 05:50 pm ISTDetails
Quote22 Oct, 05:50 pm IST
Base fundamentals16 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result16 Oct, 06:19 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.5 (n=46)
Technical timing lens
Trend score and candlestick chart
35BearishSMA20 -2.3% / mo · RSI oversold · MACD − · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 33
Sector RS: 39
Sector 3M: -11.3% vs Nifty 500 -5.6%
Chemicals FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
HSCLD candles · FIT view-8.5%Latest close ₹522.90 on 2026-10-22
Bar
-3.3%
RSI
16
MACD hist
-13.46
52W pos
26%
2026-10-22O ₹540.75H ₹541.85L ₹512.60C ₹522.90Vol 49.4L 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
HSCLNifty ChemicalsNifty 500
- HSCL
- -31.9%
- Nifty 500
- -6.2%
- Nifty Chemicals
- -11.3%
- Vs Nifty 500
- -25.7 pp
Chart stats
22 Oct 2026- From 52W high
- -36.2%
- 52W range position
- 26%
- ATR (14)
- 4.5%
- Volume vs 20D
- 2.52x
- Avg traded value
- ₹130 Cr
- 20D price channel
- ₹512.6 - ₹687.3
₹819.5
₹418.5 - ₹819.5
₹23.6
Latest completed session
20-session average
52.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good62
Revenue +57.9% · PAT +31.4% YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model+31.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
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 30 Sept 2026
Good · 62/100Rev +58% YoY · PAT +31% YoY · +18% QoQ · margin compression
Filed 16 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,691.4 Cr | +57.9% | +18.1% |
| EBITDA | ₹315 Cr | +35.2% | +9.4% |
| Operating margin | 18.6% | -338 bps | -149 bps |
| PAT | ₹231.3 Cr | +31.4% | +1.3% |
| PAT margin | 13.7% | -275 bps | -227 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 39.00
- P/B
- 7.07
- EV/EBITDA
- 31.57
- Market Cap
- 33338.92Cr
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
- 16.94
Shareholding
- Promoter Hold
- 52.49%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 60%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 1,691+18.1% vs prev
Net Profit
₹ CrLatest: 231+1.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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
Bearish setupTrend is weak — long-term trend down. RSI 16.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~2.4% over last month) — short-term momentum negative.
- RSI(14) at 16 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 36% off 52W high · 25% 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
59
RS percentile
Stage 1 Base / Transition
1M return
-21.9%
3M return
-31.9%
6M return
-7.6%
1Y return
+7.6%
RS 1D
-8
RS 20D
-31
Sector rank
#15
Industry rank
#15
Stage evidence
- Price is 18.1% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +4.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
263 observations
22 Oct 2026Value 122.44-2.40%
RS vs Nifty 500122
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth18/25
Quality14/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 31.4%.
- Growth contributes 18/25 to the score.
Main drags
- Valuation is weaker at 7/30; 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.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
39.0
PB
7.1
EV/EBITDA
31.6
ROE
17.8%
ROCE
22.1%
FCF Yield
—
Debt/Equity
0.2
MoS
+31.4%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
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: 22 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+31.4%
Previous: +29.3%
Score history
12 stored score snapshots. Latest stored move: +2 points.
22 Oct 2026
v4.3-runtime-valuation
53
53
53
53
53
53
54
54
54
55
55
57
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
₹188.58
-177.3% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹762.3
+31.4% MoS
PEG
0.62
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NAVINFLUOR
Small
Navin Fluorine International Limited
Specialty Chemicals
match 165
46
52.5
19.6%
-16%
FAIR VALUE
AARTIIND
Small
Aarti Industries Limited
Specialty Chemicals
match 160
19
35.0
7.1%
-518%
OVERVALUED
AETHER
Micro
Aether Industries Limited
Specialty Chemicals
match 156
30
80.9
9.7%
-164%
OVERVALUED
FLUOROCHEM
Large
Gujarat Fluorochemicals Limited
Specialty Chemicals
match 155
36
82.2
7.8%
-76%
WATCHLIST
JUBLINGREA
Large
Jubilant Ingrevia Limited
Specialty Chemicals
match 155
51
32.0
9.5%
+32%
FAIR VALUE
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 intactReviewed 2026-10-22T06:43:44.567Z
Management commentary snapshot
Q2 FY27 consolidated revenue reached Rs 1,691.43 Cr with EBITDA at Rs 303.22 Cr and PAT at Rs 231.32 Cr, reflecting strong top-line growth driven by higher speciality volumes and expanding value-added product shares.
The transformation thesis remains intact as Himadri delivers robust YoY revenue and PAT growth, successfully executes on its backward-integrated advanced materials roadmap (anode and LFP cathode initiatives), and expands its specialty carbon footprint.
Growth engines
Speciality Carbon Black Expansion
ACTIVEScaled operations with ~250,000 MTPA total carbon black capacity and ~130,000 MTPA speciality carbon black capacity, backed by 70+ speciality grades.
New Energy Materials (Anode and LFP)
COMMISSIONINGEstablished a 200 MTPA anode material facility at Mahistikry (commissioned April 2026) and progressing on the 2,000 MTPA LFP demo capacity targeted for Q3 FY27.
Forward Integration into High-Value Chemicals
PLANNEDAnthraquinone & Carbazole plant (5,300 MTPA capacity) scheduled for commissioning in Q4 FY27 to substitute imports and drive high-margin growth.
Carbon Nano Tube (CNT) Facility
PLANNEDSetting up India's first commercial CNT plant with a 200 MTPA capacity and Rs 70 Cr capex, targeted for commissioning in Q4 FY27.
Capacity and execution
LFP Cathode Material Demo Capacity
ON_TRACKPhase 1 capacity of 2,000 MTPA demo plant targeted for commercial operation in Q3 FY27 with Rs 248 Cr capex.
Anthraquinone & Carbazole
ON_TRACKBrownfield expansion of 5,300 MTPA capacity with Rs 1,125 Cr total capex pool, scheduled to be completed by Q4 FY27.
Carbon Nano Tube (CNT)
ON_TRACKGreenfield 200 MTPA facility with Rs 70 Cr capex scheduled for commissioning in Q4 FY27.
Super Speciality Carbon Black (SSCB)
ON_TRACKBrownfield expansion of 6,000 MTPA capacity with Rs 170 Cr capex targeted for completion in Q4 FY28.
Tailwinds
Global Energy Transition & EV Adoption
FAVORABLERising global demand for lithium-ion batteries and electric vehicles driving structural tailwinds for anode and LFP cathode materials.
Import Substitution for Speciality Chemicals
FAVORABLEStrong domestic and international demand for specialized inputs like Anthraquinone, Carbazole, and advanced carbon blacks, reducing import dependence.
Headwinds
Working Capital Intensity
MONITORNegative operating cash flows reported due to working capital expansion and inventory requirements supporting scale-up.
Risk radar
Working Capital Absorption
ACTIVEChanges in working capital absorbed Rs 686.25 Cr on a consolidated basis for H1 FY27, impacting operating cash flows.
Execution and Customer Qualification Risks
MONITORNew energy product lines such as anode materials and LFP depend on rigorous customer approvals and successful ramp-up schedules.
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
YoY comparisons capture the structural annual expansion and transformation of product mix, while QoQ comparisons are essential to monitor sequential momentum, capacity ramp-ups, and quarterly realization trends.
Sector KPIs management disclosed
Sales Volume (MT)
UPStandalone sales volume stood at 1,46,806 MT in Q2 FY27 compared to 1,35,513 MT in Q2 FY26 and 1,31,844 MT in Q1 FY27.
Consolidated Revenue (Rs Cr)
UPNet revenue from operations for Q2 FY27 was Rs 1,691.43 Cr, up 57.93% YoY from Rs 1,071.03 Cr and up 18.13% QoQ from Rs 1,431.88 Cr.
Consolidated EBITDA (Rs Cr)
UPEBITDA for Q2 FY27 was Rs 303.22 Cr, compared to Rs 237.85 Cr in Q2 FY26 (YoY growth) and Rs 313.11 Cr in Q1 FY27 (slight QoQ dip).
Management forward view
Accelerated Transformation Strategy
CONFIDENTManagement expects to compress the growth achieved across three decades into just the next few years by shifting from a coal tar derivative company to a global advanced materials player.
Strategic Tyres Integration
IN_PROGRESSBoard approved the demerger of the Tyre Business of DBRL into HSCL to leverage R&D, manufacturing synergies, and scale distribution.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| LFP Cathode Commercialization | Demo capacity commissioning scheduled for Q3 FY27 | Timely commissioning of the 2,000 MTPA LFP plant and initial customer off-take validation. |
| Operating Cash Flows | Negative operating cash flow of Rs 154.35 Cr in H1 FY27 due to working capital changes | Normalization of working capital cycles and conversion of EBITDA into operating cash. |
| Specialty Chemicals Commissioning | Anthraquinone & Carbazole plant targeted for Q4 FY27 | Adherence to project timelines and successful ramp-up of high-margin downstream streams. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
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.
Timeframe: Long-term, in phasesDirection: ExpansionConfidence: High
"long-term vision is to build 200,000 metric ton of LFP Cathode Active Material capacity in phases"
project executionnot yet verifiablequantified
The first commercial phase of 40,000 metric tons per annum LFP Cathode Active Material capacity remains on track for Q3 FY '27.
Timeframe: Q3 FY '27Direction: On trackConfidence: High
"first commercial phase of 40,000 metric tons per annum remains on track for Q3 FY '27"
project executionnot yet verifiable
The first commercial anthraquinone and carbazole facility in India remains firmly on schedule for Q2 FY '27.
Timeframe: Q2 FY '27Direction: On scheduleConfidence: High
"remains firmly on schedule for Q2 FY '27"
revenue outlookdelivered
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.
Timeframe: Coming quartersDirection: Growth, ConsolidationConfidence: High
"reignite growth in coming quarters and further consolidate our leadership position"
Outcome check: Revenue YoY averaged 13.5% across 1 later quarter(s).
Trust Score
79Limited 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: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
121 docs text-extracted · 18 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · Chemicals: 81st pctile, median 73 · Small: 90th pctile, median 66
Evidence depth
Financial-only
121 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
1/4 claims checked · 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
Can support position sizing if valuation and trend also agree.
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
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
74
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸ROCE is 22.1%.
- ▸4/4 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.
Continue researching Himadri Speciality Chemical Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 18 Sep - Board approved MOA changes to enable new businesses, subject to postal ballot and approvals.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Sep - Newspaper publication regarding Loss of Share Certificates
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 25 Aug - Himadri remitted AUD 16.94 million final tranche, cumulatively holding 18.447 million CCNs in Sicona.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 10 Aug - Allotment of Equity Shares pursuant to Himadri Employee Stock Option Plan 2016
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.