Himadri Speciality Chemical Limited (HSCL)

Chemicals · Chemicals & Petrochemicals · NSE · Updated 15 July 2026

₹681.55 ↑ 32.83% (1Y)

🎯 Key Takeaways

Himadri Speciality Chemical Limited is in a strategic growth phase, transitioning from a mature chemical producer to a capacity-augmented player targeting high-growth specialty segments like carbon nanotubes and super speciality carbon black. Management is executing a multi-year capex plan to expand capacity in high-margin segments, funded internally without equity dilution, while maintaining strong profitability and credit metrics.
Revenue grew 0.3% QoQ to ₹1,141 in Q3FY25.
⚠️ Execution risk in new projects: Delays in commissioning the CNT and carbon black facilities beyond Q4FY27/Q4FY28 could defer expected margin benefits.

Market Cap

₹30,071

P/E Ratio

56.6

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Himadri Speciality Chemical Limited is in a strategic growth phase, transitioning from a mature chemical producer to a capacity-augmented player targeting high-growth specialty segments like carbon nanotubes and super speciality carbon black. Management is executing a multi-year capex plan to expand capacity in high-margin segments, funded internally without equity dilution, while maintaining strong profitability and credit metrics.

📰 What's Happening

The company has approved significant capital expenditures totaling Rs 360 crores across three key projects: Rs 128 crores for Anthraquinone and Carbazole expansion to 5300 MTPA (Phase 1 by Q2FY27), Rs 70 crores for India's first in-house Carbon Nano Tube (CNT) facility (commissioned by Q4FY27), and Rs 170 crores for a 6000 MTPA super speciality carbon black plant (commissioned by Q4FY28). These projects were greenlit alongside the approval of unaudited Q1 FY27 financial results (ended 30 June 2026), which showed consolidated revenue of Rs 1,488.19 crores and net profit of Rs 228.43 crores. Management emphasized that all capex is funded through internal accruals, with no change to overall capacity allocation. Additionally, ICRA upgraded HSCL's long-term rating to [ICRA]AA (Stable) on 10 July 2026, reflecting improved creditworthiness, while the AGM on 11 June 2026 saw shareholder approval of a Rs 0.80 per share dividend and re-appointment of independent directors.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,029	951	1,005	1,053	1,177	1,200	1,137	1,141
Operating Profit	136	144	167	184	192	205	222	233
OPM %	12.2%	14.1%	15.7%	16.5%	15.3%	16.0%	18.3%	19.4%
Net Profit	76	86	101	109	115	123	136	141
EPS	₹1.80	₹1.99	₹2.29	₹2.47	₹2.41	₹2.49	₹2.74	₹2.88

Quarterly revenue has shown a consistent upward trend over the past four years, rising from Rs 951 crores in Q4FY23 to Rs 1,488.19 crores in Q3FY26, with operating profit margin expanding from 12.2% to 20.2% over the same period. Net profit and EPS have grown in parallel, indicating operational leverage is improving. The most recent unaudited Q1 FY27 results (ended 30 June 2026) reflect this momentum, with revenue up 26% YoY and OPM at 20.2%, driven by higher realizations and volume growth. Management attributes this performance to disciplined execution and capacity additions, with further margin expansion expected as new projects come online. The trend aligns with announced capex in high-value segments, suggesting improving profitability trajectory.

🔮 Management Outlook & What's Next

Management has outlined a clear phased rollout of capacity expansion, with Phase 1 of Anthraquinone/Carbazole expansion targeted for completion by Q2FY27, CNT facility commissioning by Q4FY27, and super speciality carbon black plant by Q4FY28. All projects are funded through internal accruals, with no dilution anticipated. The company emphasized that these initiatives are designed to capture growth in high-margin specialty chemical segments, with management expressing confidence in sustained demand trends. No formal long-term financial targets were provided, but the capex plan is positioned as a strategic enabler for future top-line and margin growth.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Chemicals & Petrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Solar Industries India Limited	1.57 L Cr	132.3	—	—	—
Pidilite Industries Limited	1.49 L Cr	75.7	—	—	—
SRF Limited	79,723	69.5	—	—	—
Linde India Limited	62,701	141.9	—	—	—
Gujarat Fluorochemicals Limited	40,793	89.6	—	—	—
Navin Fluorine International Limited	35,894	131.5	—	—	—
Himadri Speciality Chemical Limited	30,071	56.6	—	—	—
Deepak Nitrite Limited	24,911	33.3	—	—	—
Atul Limited	20,904	48.8	—	—	—
Tata Chemicals Limited	19,079	-47.1	—	—	—

🔗 Peer Stock Analyses

SOLARINDS PIDILITIND SRF LINDEINDIA FLUOROCHEM

⚠️ Risk Factors

1. Execution risk in new projects: Delays in commissioning the CNT and carbon black facilities beyond Q4FY27/Q4FY28 could defer expected margin benefits. 2. Commodity price volatility: Raw material cost pressures in carbon black and specialty chemicals could impact margins if realizations soften. 3. Market adoption risk: Demand for carbon nanotubes and super speciality carbon black may grow slower than anticipated, limiting upside from capacity additions. 4. Regulatory and environmental clearances: Any delays in obtaining statutory approvals for expansion projects could disrupt the capex timeline.

📋 Recent Filings

🧠 Analyst's Read

Himadri is transitioning into a growth-oriented specialty chemical player with a clear capex roadmap and improving operational leverage, supported by strong credit metrics and institutional accumulation. The key near-term watchpoints are the timely execution of capacity expansion projects and the pace of margin accretion from new segments. Investors should monitor progress on CNT and carbon black plant commissioning timelines, as well as management's ability to sustain pricing power in a competitive market.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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