HSCL

Himadri Speciality Chemical Limited

Coal tar derivatives grown into advanced carbon materials

Commodities›Chemicals›Chemicals & Petrochemicals›Carbon Black

himadri.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹660.70
Market cap
33,339 Cr
Stock P/E
39.0
P/B
6.49
Dividend yield
0.1%
ROE (FY26)
15.8%
ROCE (FY26)
19.3%
Operating margin (FY26)
19.2%
Debt / equity (FY26)
0.16
OCF / EBITDA (FY26)
39.7%
OCF / EBITDA (3Y)
50.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Himadri (Himadri Speciality Chemical) makes coal tar pitch, speciality carbon black and other carbon-based chemicals for industrial customers, and is expanding into battery materials and tyres.

Company snapshot

1stBy market cap

Ranked among 2 companies in Carbon Black.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 99.5% of revenue

SegmentRevenue shareRevenuePBTAssets
Carbon materials and chemicals
99.5%
3,460 Cr503 Cr—
Power
2.3%
80 Cr71 Cr—

Shares add up to 102% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Net margin of 16.2% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales1,053 Cr1,177 Cr1,200 Cr1,137 Cr1,141 Cr1,135 Cr1,118 Cr1,071 Cr1,184 Cr1,288 Cr1,432 Cr1,691 Cr
Operating expenses (approx.)879 Cr997 Cr1,008 Cr929 Cr920 Cr901 Cr873 Cr838 Cr941 Cr1,046 Cr1,144 Cr1,376 Cr
EBITDA174 Cr180 Cr192 Cr208 Cr221 Cr233 Cr245 Cr233 Cr243 Cr242 Cr288 Cr315 Cr
OPM %16.5%15.3%16.0%18.3%19.4%20.6%21.9%21.7%20.5%18.8%20.1%18.6%
Other income10 Cr12 Cr13 Cr14 Cr12 Cr14 Cr27 Cr36 Cr47 Cr62 Cr56 Cr42 Cr
Interest21 Cr14 Cr13 Cr11 Cr12 Cr9 Cr16 Cr15 Cr16 Cr17 Cr22 Cr28 Cr
Depreciation13 Cr13 Cr13 Cr13 Cr15 Cr14 Cr15 Cr17 Cr18 Cr19 Cr21 Cr22 Cr
Profit before tax150 Cr166 Cr179 Cr197 Cr206 Cr224 Cr241 Cr237 Cr255 Cr268 Cr301 Cr307 Cr
Tax %27.6%30.5%31.3%31.2%31.4%30.7%25.6%25.5%24.8%22.5%24.0%24.7%
Net profit109 Cr115 Cr123 Cr136 Cr141 Cr155 Cr179 Cr176 Cr192 Cr208 Cr228 Cr231 Cr
EPS (₹)₹2.47₹2.41₹2.49₹2.74₹2.88₹3.15₹3.68₹3.58₹3.84₹3.98₹4.55₹4.60

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,490 Cr2,072 Cr2,422 Cr1,806 Cr1,679 Cr2,791 Cr4,172 Cr4,185 Cr4,613 Cr4,661 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,257 Cr1,613 Cr1,863 Cr1,526 Cr1,549 Cr2,635 Cr3,773 Cr3,540 Cr3,758 Cr3,699 CrSign in free for the trailing twelve months
EBITDA233 Cr459 Cr560 Cr280 Cr131 Cr156 Cr399 Cr645 Cr854 Cr962 CrSign in free for the trailing twelve months
OPM %15.6%22.2%23.1%15.5%7.8%5.6%9.6%15.4%18.5%20.6%Sign in free for the trailing twelve months
Other income6 Cr5 Cr8 Cr8 Cr14 Cr7 Cr28 Cr43 Cr52 Cr171 CrSign in free for the trailing twelve months
Interest82 Cr70 Cr71 Cr55 Cr33 Cr36 Cr66 Cr64 Cr45 Cr64 CrSign in free for the trailing twelve months
Depreciation33 Cr33 Cr34 Cr39 Cr47 Cr50 Cr51 Cr50 Cr55 Cr68 CrSign in free for the trailing twelve months
Profit before tax125 Cr361 Cr462 Cr194 Cr65 Cr53 Cr280 Cr574 Cr806 Cr1,001 CrSign in free for the trailing twelve months
Tax %33.9%31.4%29.8%-5.8%26.8%27.0%23.0%28.4%31.1%24.6%Sign in free for the trailing twelve months
Net profit82 Cr248 Cr324 Cr205 Cr47 Cr39 Cr216 Cr411 Cr555 Cr755 CrSign in free for the trailing twelve months
EPS (₹)₹1.98₹5.92₹7.75₹4.91₹1.13₹0.98₹5.13₹9.16₹11.26₹15.08Sign in free for the trailing twelve months
Dividend payout %————13.3%16.1%3.9%2.6%4.4%3.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital42 Cr42 Cr42 Cr42 Cr42 Cr42 Cr43 Cr49 Cr49 Cr50 Cr
Reserves988 Cr1,373 Cr1,590 Cr1,692 Cr1,751 Cr1,826 Cr2,237 Cr2,996 Cr3,672 Cr4,656 Cr
Borrowings745 Cr595 Cr430 Cr337 Cr678 Cr578 Cr836 Cr600 Cr309 Cr767 Cr
Other liabilities415 Cr561 Cr726 Cr492 Cr321 Cr1,011 Cr564 Cr806 Cr576 Cr778 Cr
Total liabilities2,190 Cr2,571 Cr2,788 Cr2,562 Cr2,791 Cr3,454 Cr3,678 Cr4,449 Cr4,656 Cr6,306 Cr
Fixed assets (net)1,174 Cr1,175 Cr1,168 Cr1,439 Cr1,432 Cr1,514 Cr1,488 Cr1,510 Cr1,502 Cr1,812 Cr
CWIP13 Cr22 Cr133 Cr158 Cr160 Cr77 Cr94 Cr67 Cr185 Cr372 Cr
Investments87 Cr273 Cr179 Cr47 Cr66 Cr113 Cr132 Cr478 Cr582 Cr1,060 Cr
Loans & advances——2 Cr3 Cr8 Cr2 Cr2 Cr1 Cr2 Cr14 Cr
Inventories396 Cr420 Cr543 Cr405 Cr339 Cr772 Cr544 Cr703 Cr585 Cr763 Cr
Trade receivables221 Cr272 Cr366 Cr300 Cr461 Cr505 Cr505 Cr656 Cr633 Cr696 Cr
Cash & bank12 Cr20 Cr14 Cr42 Cr53 Cr173 Cr208 Cr215 Cr155 Cr165 Cr
Other assets287 Cr388 Cr382 Cr168 Cr272 Cr298 Cr706 Cr820 Cr1,011 Cr1,424 Cr
Total assets2,190 Cr2,571 Cr2,788 Cr2,562 Cr2,791 Cr3,454 Cr3,678 Cr4,449 Cr4,656 Cr6,306 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity205 Cr257 Cr476 Cr283 Cr-40 Cr331 Cr54 Cr405 Cr447 Cr382 Cr
Cash from investing18 Cr-50 Cr-224 Cr-214 Cr-114 Cr-28 Cr-397 Cr-405 Cr-235 Cr-964 Cr
Cash from financing-233 Cr-200 Cr-257 Cr-41 Cr165 Cr-182 Cr377 Cr7 Cr-271 Cr591 Cr
Net cash flow-10 Cr6 Cr-6 Cr28 Cr11 Cr121 Cr34 Cr7 Cr-60 Cr10 Cr
Free cash flow (OCF − Capex)201 Cr194 Cr272 Cr36 Cr-76 Cr308 Cr-29 Cr352 Cr276 Cr-68 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %11.6%21.5%25.9%12.0%4.0%3.6%11.1%17.5%20.9%19.3%
ROE %8.0%17.5%19.9%11.9%2.6%2.2%9.5%13.5%14.7%15.8%
Debtor days544855611006644575054
Inventory days165111122116114118608468104
Days payable743999665111938682851
Cash conversion cycle1451207811116365667390107
OCF / EBITDA %88.1%55.9%85.0%100.8%-30.9%212.0%13.5%62.7%52.3%39.7%
OCF / EBITDA % (3 years)——74.9%78.1%73.9%101.0%50.2%65.8%47.7%50.1%
Debt / equity0.720.420.260.190.380.310.370.200.080.16
Current ratio1.161.291.381.131.251.181.511.923.562.28
Net debt / EBITDA3.14—0.741.054.782.591.570.600.180.63