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Himadri Speciality Chemical Results: Latest Quarterly Results & Analysis

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Himadri Speciality Chemical Ltd. 20 Oct 2025 12:30 PM

Q2FY26 Quarterly Result Announced for Himadri Speciality Chemical Ltd.

Specialty Chemicals company Himadri Speciality Chemical announced Q2FY26 results

Q2FY26 Financial Highlights:

  • Q2FY26 - Recorded Highest-ever EBITDA and PAT, up 21% and 39% Y-o-Y respectively
  • Revenue for Q2FY26 stood at Rs 1,070 crore from Rs 1,100 crore for Q1FY26
  • EBITDA stood at Rs 243 crore for Q2FY26 compared to Rs 201 crore for Q2FY25
  • PAT stood at Rs 187 crore for Q2FY26 compared to Rs 134 crore for Q2FY25

Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd said: We are pleased to report our highest-ever quarterly EBITDA and PAT, underscoring the strength, resilience, and sustainability of our business model. For the half year ended 30th September 2025, EBITDA stood at Rs 477 crore, a ~23% increase over H1FY25, while Profit After Tax (PAT) reached Rs 369 crore, marking a 43% growth. In Q2FY26 alone, EBITDA was Rs 243 crore, up ~21% from Q2FY25, and PAT stood at Rs 187 crore, reflecting a 39% increase year-on-year. The performance was supported by a continued focus on high value-added products, operational efficiency, and yield improvement.

Result PDF

Specialty Chemicals company Himadri Speciality Chemical announced Q1FY26 results

  • Sales Volumes increased by 1% YoY to 1,40,090 MT in Q1FY26.
  • Revenue decreased by 8% to Rs 1,100 crore YoY in Q1FY26 compared to Rs 1,199.77 crore in Q1FY25.
  • EBITDA increased by 25% to Rs 234 crore YoY in Q1FY26.
  • Pat increased by 48% to Rs 183 crore YoY in Q1FY26.
  • Net Debt of Rs 107 crore as on 30 June 2025.
  • ROCE: 32% (excl. investment & CWIP).

Result PDF

Specialty Chemicals company Himadri Speciality Chemical announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations: Rs 1,134.64 crore compared to Rs 1,176.95 crore during Q4FY24.
  • PAT: Rs 155.46 crore compared to Rs 115.18 crore during Q4FY24.
  • EPS: Rs 3.15 for Q4FY25.

FY25 Financial Highlights:

  • Revenue: Rs 4,596 crore compared to Rs 4,185 crore during FY24, change 10%.
  • PAT: Rs 558 crore compared to Rs 411 crore during FY24, change 36%.
  • Reported highest yearly EBITDA of Rs 844 crore in FY25
  • FY25 - EBITDA and PAT growth of 33% and 36% YoY respectively.

Anurag Choudhary, CMD & CEO, Himadri Speciality Chemical, said: “We are pleased to present the financial results for the fourth quarter and full year ended FY25, which reflect a strong and sustainable performance across all key operational and financial metrics. This year has been a period of steady progress and momentum for Himadri Speciality Chemical Ltd, marked by consistent execution, strategic investments, and a deep commitment to creating long-term stakeholder value. Each quarter, we continue to set new benchmarks— Q4FY25 marked yet another highest-ever quarterly EBITDA, reaching Rs 232 crore. For the full year FY25, our sales volumes grew by 16%, reaching 5,52,206 metric tonnes, compared to 4,75,582 metric tonnes in the previous year. This volume expansion translated into a robust financial outcome, with EBITDA rising by 33% to Rs 844 crore and Profit After Tax increasing by 36% to Rs 558 crore. Our focus on financial discipline continues to reflect in the resilience of our balance sheet, with a net positive cash balance of Rs 371 crore. This strong financial footing positions us well to pursue strategic opportunities and sustain our growth trajectory.

Over the past five years, the Company has continued to demonstrate a robust financial performance, with revenues growing at a CAGR of 29% since FY21. Our EBITDA has surged at a CAGR of 60%, and PAT has increased at an unprecedented CAGR of 86%. During the same period, our sales volume has risen by 13% year on year, and our ROCE has steadily climbed to 34%. This remarkable growth story is a testament to our strategic vision and the relentless efforts of our strong techno-commercial teams. The corner stone of this success has been Himadri’s commitment towards undertaking extensive R&D initiatives, coupled with its culture of sustainably producing and delivering quality products that add utmost value to its customers.

We are progressing well on our key growth projects. The LFP cathode material facility remains on track, with Phase 1 expected to be operational by Q3FY27. Our new speciality carbon black line is advancing as scheduled and is set to commence operations in Q3FY26. Meanwhile, the high value-added speciality products line is scheduled to go live in Q2FY27. Additionally, the Birla Tyres plant is gearing up to commence operations in phases starting Q1FY26. We will begin with manufacturing in the TBB (Truck and Bus Bias) segment, and parallelly, the revamp of the PCR (Passenger Car Radial) tyre machinery is underway. This will enable us to introduce high-quality PCR tyres to the market, with a strong emphasis on catering to global demand.

We are proud to share that we have earned a commendable ‘B’ rating in our very first CDP assessment for 2024, covering both Climate Change and Water Security. As per CDP’s global rating scale, a ‘B’ indicates that a company is taking coordinated action on environmental issues—a strong and respectable outcome. Building on our recent milestone of advancing from a Silver to a Platinum rating in EcoVadis within just two years, this strong debut CDP rating further reinforces Himadri’s commitment to ESG transparency and our proactive stance in addressing climate and water-related challenges. Further, we are honoured to have received a ‘Merit’ award in the prestigious International Safety Awards by the British Safety Council.

Looking ahead, we remain confident in our ability to deliver value through a combination of operational excellence, disciplined execution, and responsible innovation. As we continue to build on our core strengths, Himadri is well-positioned to scale new heights and create enduring value for allstakeholders.”

Result PDF

Specialty Chemicals company Himadri Speciality Chemical announced 9MFY25 & Q3FY25 results

  • Reported highest quarterly EBITDA of Rs 222 crore in Q3FY25.
  • 9MFY25 - EBITDA and PAT growth of 34% and 35% YoY respectively.
  • Revenue: Rs 3,467 crore compared to Rs 3,008 crore during 9MFY24, change 15%.
  • Capex of Rs 120 crore for setting up facility to produce High Value - Added Speciality products.

Anurag Choudhary, CMD & CEO, Himadri Speciality Chemical, said: “ We are excited to share our Q3FY25 and 9MFY25 results, which showcase a strong and sustainable performance across all key financial and operational metrics. We achieved our highest-ever quarterly EBITDA of Rs 222 crore in December quarter. For the 9M period, our sales volumes grew by 24%, reaching 415,679 MT, up from 335,265 MT in the same period last year. This growth was reflected in a 34% increase in EBITDA to Rs 611 crore, and a 35% rise in PAT to Rs 400 crore, further solidifying our upward trajectory. Our balance sheet continues to reflect our financial discipline and resilience, with a net positive cash balance of Rs 109 crore. This positions us well to capitalize on strategic opportunities and drive long-term value creation.

I am pleased to inform you all that Himadri Speciality Chemical Ltd has recently been awarded with EcoVadis Platinum medal. This recognition is awarded to the top 1% of companies assessed by EcoVadis in the world amongst more than 130,000 assessed companies globally. This distinction reflects the quality of the company's sustainability management system and demonstrates the highest level of corporate governance and a commitment to promoting transparency throughout the value chain.

Himadri has reported robust performance across its portfolio of products. Our export portfolio is strengthening, particularly bolstered by the commencement of our high-temperature Liquid Coal Tar Pitch export terminal at Haldia Port in October 2024

Aligned with our vision to expand into high-value products, we have planned a new capex for production of speciality products at an investment of Rs 120 crore, funded through internal accruals. This facility will enable us to extract high-value specialty products, including Anthraquinone, Carbazole, Fluorene from existing coal tar distillates at our existing facility and is expected to commence operations within the next 18 months. These products have application in dyes, pigments, pharma and various other industries. This strategic move marks a significant step towards reducing import dependency and aligns with Himadri's commitment towards the Government of India's vision of an Atmanirbhar Bharat.

The EV sector in India is poised to attract USD 40 billion in investments, with 70% of this allocated to Lithium-ion Battery (LiB) manufacturing. Additionally, in late 2024, the Government of India approved a USD 1.3 billion incentive scheme for EVs, with one-third of the funds dedicated to the PM E-Drive scheme. For LiBs, in the cathode active material space, LFP continue to be the leading technology, with graphite anodes dominating the anode technology. Silicon-carbon based Anodes are well poised to bring about significant improvement in charging times, increase in Energy Density and significant increase in range coverage for EVs, thus helping to popularize EVs from an end-user's perspective. Himadri's progress on development of these technologies and its LFP cathode project is moving forward as planned

The revamp of Birla Tyres is progressing at full speed, and we are set to commence commercial operations soon. Over the next two to three years, we will be ramping up production across various tyre segments.

We are scaling up capacity at our Singur facility to enhance carbon black production from 180,000 MTPA to 250,000 MTPA by Q3FY26. Our specialty carbon black capacity will rise from 60,000 MTPA to 130,000 MTPA, positioning us as the fourth-largest global producer in this high-value segment.

As we advance, we remain steadfast in our commitment to innovation, operational excellence, and sustainable growth. With a clear vision and a strong foundation, we are confident in our ability to deliver enduring value for our stakeholders and shape a promising future for our business.“

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Specialty Chemicals company Himadri Speciality Chemical announced Q2FY25 results

Financial Highlights:

  • Quarterly EBITDA crosses Rs 200 crore for the first time in Q2FY25.
  • H1FY25 - EBITDA and PAT growth of 36% and 37% YoY respectively.
  • Net positive cash balance of Rs 255 crore as on September 2024.

Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical said: “We are pleased to announce our Q2 & H1FY25 results, reflecting robust performance across key financial and operational metrics. For the first time, our quarterly EBITDA crossed Rs 200 crore. On a H1FY25 basis, our sales volumes increased to 2,78,232 MT, up from 2,11,242 MT in H1FY25, thereby achieving a growth of 32%. In the same period, our EBITDA rose by 36% to Rs 389 crore and PAT rose by 37% to Rs 258 crore, maintaining a high growth trajectory.

Our Balance Sheet continues to remain strong with a positive cash balance of Rs 255 crore. This gives us the strength and the flexibility to further expand our businesses based on our plans communicated in the last few quarters. This accomplishment underscores our commitment to disciplined capital deployment and efficient working capital management. Our strategic focus on profitability and a prudent balance sheet has contributed to a distinctive ROCE of 31% as on September 2024.

We are pleased to announce the successful completion of our first export shipment of liquid coal tar pitch in October 2024, paving the way for large global liquid coal tar pitch market. Our Investments in Birla Tyres Ltd is progressing well. We have planned an additional capital expenditure to enhance our operational capabilities and improving efficiencies.

Our capex initiatives are also on track. The development of our first commercial plant with a 40,000 MTPA capacity for LFP Cathode Active Material is progressing as planned and is scheduled to be operational by Q3FY27. Additionally, the expansion of a new speciality carbon black line with a 70,000 MTPA capacity is set to be completed by Q3FY26.

As we progress ahead, we are confident of accelerated growth in all our segments as we witness considerable traction on demand and with our continued focus on operating efficiencies , thereby achieving maximum value for all our stakeholders.”

Result PDF

Himadri Speciality Chemical announced Q1FY25 results:

  • Revenue grew by 26% YoY to Rs 1,200 crore
  • EBITDA and PAT growth of 43% and 41% YoY respectively
  • Sales volume grew by 38% YoY to 1,39,175 MT

Commenting on the results and performance, Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd said: “We are pleased to announce our Q1FY25 results, showcasing significant achievements across key metrics. Our sales volumes have grown to 1,39,175 MT from 1,01,030 MT in Q1FY24 registering a growth of 38% and EBITDA & PAT soared by 43% & 41%, reaching Rs 188 crore & Rs 123 crore respectively.

A significant milestone is our achievement of becoming debt-free, boasting a positive net cash balance. This accomplishment is a testament to our unwavering commitment to disciplined capital deployment and efficient working capital utilization. Our focus on both profitability as well as disciplined balance sheet has led to a sustainable ROCE of 28%.

Our current businesses are growing at a strong pace and fueling our vision for progression in current and new businesses. Our long-term focus on speciality and high-value-added products has consistently driven profitability, complemented by initiatives in operational efficiency, yield improvements, and competitive value propositions for our customers.

LFP as a Cathode chemistry is gaining strong acceptance and growth globally. As India’s first player to set-up LFP Cathode facility, we are progressing as per our plan. Along with the commercial plant, we are already in process of setting up a demo unit to accelerate product approvals. Over the past few years, we have embarked on an exciting journey, exploring new avenues, developing cuttingedge technologies, and entering new businesses and segments. This momentum will continue with our ongoing initiatives and commitments.

As we look to the future, Himadri is poised for transformative growth. Our robust pipeline of innovative technologies and products promises to revolutionize various industries. We remain committed to driving forward with the same spirit of innovation and excellence, ensuring long term value creation for our stakeholders. The road ahead is filled with promising opportunities and we are ready to seize them with our relentless focus on progress and sustainability.”

Result PDF

Speciality Chemicals company Himadri Speciality Chemical announced FY24 results:

Financial Highlights

  • Sales Volume: Achieved a sales volume of 4,75,582 metric tons (MT) in FY24, an 18% increase from the previous fiscal year.
  • Revenue: Reported stable revenues of Rs 4,185 crores, consistent with the last year's figures.
  • EBITDA: EBITDA soared by 55% to Rs 632 crores.
  • PAT: Posted a substantial 97% surge in Profit After Tax (PAT) amounting to Rs 410 crores.

Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical said, " We are delighted to announce that the Company has become debt-free with positive net cash balance as a result of our relentless focus on disciplined capital deployment and working capital utilization. We also take pride in announcing that the Company has achieved highest ever Sales, EBITDA, and PAT. This performance is a direct result of our strategic initiatives and our team's tireless efforts to drive innovation and excellence in everything we do.

We are in for very exciting times with strong growth coming from our existing businesses as well as significant progress being made on new businesses. Our volumes have increased consistently with all round growth in products and launch of new product line of speciality products. Our vision to focus on speciality and high value added products over years has led to consistent and sustainable increase in profitability. Coupled with our initiatives on operational efficiency, yield improvements and competitive value proposition to customers, we have laid down a strong foundation for sustainable performance. To support the growth and increasing market demand, we are announcing a brownfield expansion of a new speciality carbon black line of 70,000 MTPA (increasing the total speciality carbon black capacity to 130,000 MTPA making it world’s largest speciality carbon black capacity at single site) at an estimated capex of Rs 220 croreswhich is scheduled to be operational within 18months.

Our research and project execution of battery materials continue as per plan. We have a strong pipeline of innovative products in development with our research team relentlessly pursuing our vision of playing a critical role in LiB value chain. Building on this momentum, we have acquired a 40% stake in Invati Creations Private Limited (Invati). Our partnership is built on a shared vision to transform the Lithium-ion battery industry by significantly enhancing its storage efficiency, charging speed, and battery lifespan. Together, we aim to make a substantial impact on meeting the world's growing energy demands."

Result PDF

Himadri Speciality Chemical announced Q3FY24 results:

Financial Highlights:

  • Sales Volume: The company reported its highest-ever sales volume, with 1,24,024 MT in Q3FY24 compared to 98,107 MT in Q3FY23,  up 26% YoY.
  • EBITDA: Significant growth was seen in EBITDA, which surged to Rs 169 crore in Q3FY24 from Rs 106 crore in Q3FY23, up 59% YoY.
  • Revenue: Himadri achieved a revenue of Rs 1,053 crore in Q3FY24, in comparison to Rs 1,037 crore in Q3FY23, up 1% YoY.
  • Profit After Tax (PAT): PAT showed a robust jump of 71% YoY, reaching Rs 108 crore in Q3FY24 from Rs 63 crore in Q3FY23.

Achievements and Recognition:

  • EcoVadis Silver Medal: Himadri was awarded the EcoVadis Silver medal, ranking them in the top 23% of the highest-rated companies in the world.

Strategic Developments:

  • LFP Cathode Active Material Plant: Announced the construction of a 40,000 MTPA LFP Cathode Active Material plant with an operational timeline of 27-36 months and a future vision to scale the capacity to 200,000 MTPA in the next 5-6 years.
  • Acquisition of Birla Tyres: Himadri's strategic acquisition aimed at forward integration, focusing on delivering high-margin niche products through the Birla Tyres brand.

Commenting on the results and performance, Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical, said,  "I am extremely happy to share with you all that we have once again delivered a quarter of strong and sustainable performance.

Our core business is delivering strong cashflows quarter after quarter backed by our rich legacy, strong customer relationships, quality-led production and continuous innovation. Our profit improvements are the result of in-house technology leading to cost optimization while delivering competitive cost and superior value proposition to our customers. With our product innovation, we are consistently making a shift towards higher value-added products.

We are working on a dual strategy of Growth and Sustainability. I am pleased to inform you all that Himadri Speciality Chemical Ltd has recently been awarded with EcoVadis Silver medal. This recognition ranks Himadri in the top 23% of the highest-rated companies in the world amongst more than 100,000 rated companies.

We announced a capex of building the first commercial plant of 40,000 MTPA of LFP Cathode Active Material in December 2023 which will be operational in the next 27-36 months. We are the Pioneers in Innovation and Sustainable Growth in the Cathode Material Landscape and have a vision to scale up the capacity to produce 200,000 MTPA in phases in the next 5-6 years.

This has been possible because of the relentless efforts of our in-house R&D team which is continuously working on developing next-generation products in both Cathode Active Material and Anode Active Material. Simultaneously, we are also progressing well in our supply chain relationships, capabilities to manufacture at scale and customer relationships.

Another growth driver in the coming years is the turnaround of our joint acquisition of Birla Tyres Limited. The acquisition was a part of the forward integration strategy for Himadri where we will move towards the end customers by leveraging the strong brand of Birla Tyres. We target to offer high-margin niche products which will generate higher returns to the stakeholders.

We are excited about the growth drivers that we have for Himadri for the next few years. We are committed to building a sustainable business with a robust product pipeline, a strong clientele, and cutting-edge technologies. Our focus on serving diversified end markets, achieving product leadership, and making continuous financial progress will further drive our growth and success."

 

Result PDF

Himadri Speciality Chemical announced Q2FY24 results:

Financial Performance
1. Himadri Speciality Chemical reports a quarterly profit after tax (PAT) of over Rs 100 crore, crossing a significant milestone.
2. The company achieved a revenue of Rs 1,059 crore in Q2FY24, showing a strong growth of 11.5% compared to the previous year.
3. Himadri recorded its highest-ever sales volume of 1,10,211 MT in Q2FY24, indicating increased market demand and business growth.
4. EBITDA for the quarter stood at Rs 131 crore, showcasing a notable growth of 63.6% compared to the previous year.

Sustainability and Corporate Social Responsibility (CSR)
1. Himadri emphasizes sustainability and has implemented a robust Environment, Social, and Governance (ESG) framework to align with global standards.
2. The company has set ambitious goals to achieve net-zero emissions by 2050, with interim targets for 2025 and 2030. The current performance suggests being ahead of annual objectives.
3. Himadri has launched a zero-accident vision to prioritize workplace safety and maintain best-in-class safety standards.
4. The company focuses on developing cutting-edge solutions that meet customer needs while minimizing environmental impact.

Business Strategy and Product Development
1. Himadri's business strategy to move towards value-added products has resulted in significant improvements in profitability.
2. The company's research and development team has made progress in developing products for the lithium-ion battery (LiB) value chain, including Cathode Active Material and Anode Active Material.
3. Himadri aims to enhance LiB performance and safety through continued investment in R&D and strategic global partnerships.
4. The growing demand for batteries, driven by the need to reduce climate change through electrification, presents exciting opportunities for Himadri.

Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd, said, "I am extremely happy to share with you all that Himadri in Q2FY24 has achieved a milestone of crossing Rs 100 crore of PAT.

Sustainability has always been at the heart of our operations. With our expanding global footprint, we have built a robust ESG framework. We have already set ambitious goals to achieve net-zero emissions by 2050 with interim targets for 2025 and 2030. As per our present performance status, we are ahead of our annual objective."

 

 

Result PDF

Himadri Speciality Chemical announced Q1FY24 results:

  • Q1FY24 vs Q1FY23:
    • Revenue: Rs 951 crore vs Rs 1,047 crore, down 9.1% YoY
    • EBITDA: Rs 131 crore vs Rs 85 crore, up 54% YoY
    • PBT: Rs 120 crore vs Rs 48 crore, up 149.5% YoY
    • PAT: Rs 88 crore vs Rs 39 crore, up 125.2% YoY

Commenting on the results and performance, Anurag Choudhary, CMD of Himadri Speciality Chemical said: "We are pleased to announce the robust performance of Himadri in Q1FY24. Our performance during this period is attributable to the consistent move towards value-added products.

At Himadri, sustainability is at the forefront of our business. Our business priorities are aligned with global sustainability goals. We have completed our materiality assessment and defined sustainability priorities and goals for the organisation.

We recognize the pivotal role of lithium-ion batteries (LiB) in driving sustainable growth in the foreseeable future. The LiB technology has evolved and stabilized over the last few decades to become commercially feasible across all segments viz. electric vehicles, energy storage, and consumer electronics. Other alternative technologies will undergo a development curve to attain technical and commercial feasibility. LiB will be a frontrunner technology and a key global growth driver for the next few decades.

With our continued investment in research and development, we aim to enhance LiB performance, safety, and recyclability, ensuring they play a critical role in shaping a greener and more sustainable world. We are actively positioning ourselves to cater to a significant portion of the global demand for LiB raw materials. To accomplish this, we are strategically building a robust supply chain that aligns with our vision of sustainable and growth-focused business practices.

In line with our commitment to exploring innovative technologies, we have recently made a strategic investment in Sicona Battery Technologies, based in Sydney. Sicona specializes in high-capacity silicon anode technology for lithium-ion batteries, which enables electric mobility and renewable energy storage. This investment aligns with our vision to produce high-quality anode materials and reinforces our commitment to staying at the forefront of battery material advancements.

As we move forward, we remain committed to building a sustainable business with a robust product pipeline, a strong clientele, and cutting-edge technologies. Our focus on serving diversified end markets, achieving product leadership, and making continuous financial progress will further drive our growth and success."

 

 

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