Himadri Speciality Chemical is primarily engaged in the manufacturing of carbon materials and chemicals.[1]It is the No.1 coal pitch manufacturer in India and is the only company to manufacture advanced carbon material in India. It is also the largest player of Naphthalene and SNF in India.[2]
Product PortfolioThe company is a key player across various product segments, including battery materials, coal tar pitch, carbon black, naphthalene, refined naphthalene, SNF, and specialty oils. It serves various industries, such as lithium-ion batteries, paints, plastics, tires, aluminum, graphite electrodes, agrochemicals, defense, and construction chemicals.[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Himadri Special | 474.65 | 35.79 | 23946.91 | 0.13 | 186.85 | 38.98 | 1070.41 | -5.71 | 22.61 | 4431.65 | 21.08 | 669.59 | 186.85 | 5.90 | 12.57 | 0.20 |
| 2. | PCBL Chemical | 277.55 | 31.29 | 10920.58 | 2.11 | 61.70 | -50.12 | 2163.57 | 0.02 | 11.82 | 8375.11 | 14.33 | 349.19 | 61.54 | 2.75 | 3.76 | 1.36 |
| – | Median: 2 Co. | 376.1 | 33.54 | 17433.74 | 1.12 | 124.28 | -5.57 | 1616.99 | -2.85 | 17.21 | 6403.38 | 17.7 | 509.39 | 124.19 | 4.33 | 8.16 | 0.78 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,059 | 1,037 | 1,029 | 951 | 1,005 | 1,053 | 1,177 | 1,200 | 1,135 | 1,132 | 1,129 | 1,100 | 1,070 |
Expenses | 969 | 935 | 904 | 816 | 847 | 880 | 1,000 | 1,008 | 929 | 913 | 895 | 857 | 833 |
Operating Profit | 90 | 102 | 125 | 135 | 157 | 172 | 177 | 192 | 206 | 218 | 234 | 244 | 238 |
Other Income | -22 | 8 | 11 | 10 | 10 | 10 | 12 | 13 | 13 | 12 | 13 | 28 | 38 |
Profit before tax | 36 | 77 | 111 | 120 | 139 | 149 | 164 | 179 | 196 | 206 | 227 | 244 | 247 |
Tax % | 18% | 18% | 31% | 27% | 28% | 28% | 30% | 31% | 31% | 31% | 30% | 25% | 24% |
Net Profit | 29 | 63 | 77 | 88 | 101 | 108 | 115 | 123 | 134 | 142 | 158 | 183 | 187 |
EPS in Rs | 0.69 | 1.50 | 1.77 | 2.00 | 2.29 | 2.45 | 2.33 | 2.50 | 2.72 | 2.88 | 3.20 | 3.70 | 3.78 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,362 | 1,377 | 1,150 | 1,322 | 1,971 | 2,377 | 1,804 | 1,679 | 2,791 | 4,172 | 4,185 | 4,596 | 4,432 |
Expenses | 1,268 | 1,261 | 1,009 | 1,095 | 1,521 | 1,838 | 1,520 | 1,552 | 2,637 | 3,783 | 3,543 | 3,745 | 3,497 |
Operating Profit | 94 | 116 | 142 | 227 | 450 | 538 | 284 | 128 | 154 | 388 | 642 | 851 | 934 |
Other Income | 21 | 15 | 11 | 8 | 8 | 14 | -123 | 14 | 7 | -2 | 43 | 51 | 91 |
Interest | 117 | 102 | 110 | 80 | 70 | 71 | 55 | 33 | 35 | 66 | 64 | 45 | 48 |
Depreciation | 55 | 55 | 64 | 31 | 31 | 33 | 37 | 44 | 47 | 49 | 48 | 50 | 53 |
Profit before tax | -56 | -26 | -21 | 123 | 356 | 449 | 70 | 64 | 79 | 272 | 573 | 808 | 924 |
Net Profit | -39 | -14 | -16 | 81 | 243 | 311 | 81 | 47 | 65 | 208 | 411 | 558 | 670 |
EPS in Rs | -1.01 | -0.37 | -0.39 | 1.94 | 5.80 | 7.44 | 1.93 | 1.11 | 1.55 | 4.80 | 8.34 | 11.30 | 13.56 |
Dividend Payout % | -10% | 0% | -13% | 5% | 2% | 2% | 8% | 13% | 13% | 5% | 6% | 5% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 39 | 39 | 42 | 42 | 42 | 42 | 42 | 42 | 42 | 43 | 49 | 49 | 49 |
Reserves | 796 | 789 | 879 | 1,036 | 1,414 | 1,639 | 1,610 | 1,666 | 1,762 | 2,172 | 2,932 | 3,598 | 3,947 |
Borrowings | 1,326 | 1,089 | 858 | 754 | 660 | 476 | 505 | 724 | 582 | 838 | 602 | 310 | 802 |
Other Liabilities | 296 | 296 | 255 | 264 | 296 | 633 | 300 | 266 | 998 | 553 | 775 | 565 | 529 |
Total Liabilities | 2,456 | 2,212 | 2,034 | 2,096 | 2,413 | 2,790 | 2,457 | 2,698 | 3,383 | 3,607 | 4,358 | 4,522 | 5,327 |
Fixed Assets | 1,139 | 1,148 | 1,101 | 1,103 | 1,099 | 1,097 | 1,389 | 1,380 | 1,480 | 1,452 | 1,475 | 1,465 | 1,478 |
Gross Block | 1,410.03 | 1,476.75 | 1,493.11 | 1,526.18 | 1,553.79 | 1,583.64 | 1,912.37 | 1,947.85 | 2,093.64 | 2,096.39 | 2,166.42 | 2,205.14 | – |
Accumulated Depreciation | 270.56 | 329.13 | 392.27 | 423.20 | 454.62 | 487.05 | 523.66 | 567.54 | 613.32 | 644.32 | 690.95 | 739.93 | – |
CWIP | 56 | 10 | 27 | 9 | 18 | 126 | 158 | 160 | 77 | 94 | 67 | 176 | 338 |
Investments | 248 | 103 | 133 | 167 | 353 | 232 | 47 | 66 | 113 | 132 | 477 | 628 | 915 |
Other Assets | 1,013 | 951 | 773 | 817 | 943 | 1,336 | 863 | 1,092 | 1,713 | 1,929 | 2,339 | 2,253 | 2,595 |
Total Assets | 2,456 | 2,212 | 2,034 | 2,096 | 2,413 | 2,790 | 2,457 | 2,698 | 3,383 | 3,607 | 4,358 | 4,522 | 5,327 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 144 | 212 | 278 | 205 | 247 | 472 | 282 | -39 | 330 | 53 | 400 | 455 |
Cash from Investing Activity | -93 | 130 | -2 | 11 | -61 | -222 | -215 | -113 | -28 | -397 | -405 | -242 |
Cash from Financing Activity | -111 | -346 | -270 | -223 | -180 | -257 | -40 | 166 | -181 | 378 | 8 | -270 |
Net Cash Flow | -60 | -5 | 6 | -7 | 6 | -8 | 28 | 13 | 121 | 35 | 3 | -56 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 95 | 84 | 63 | 60 | 50 | 56 | 61 | 100 | 66 | 44 | 57 | 50 |
Inventory Days | 131 | 122 | 138 | 161 | 114 | 124 | 97 | 98 | 125 | 61 | 85 | 68 |
Days Payable | 30 | 31 | 39 | 61 | 33 | 95 | 62 | 44 | 126 | 38 | 66 | 27 |
Cash Conversion Cycle | 196 | 175 | 163 | 159 | 132 | 86 | 96 | 155 | 66 | 67 | 77 | 91 |
Working Capital Days | -2 | 14 | -6 | 30 | 33 | 44 | 10 | 15 | -1 | 1 | 32 | 68 |
ROCE % | 2% | 3% | 5% | 11% | 22% | 24% | 12% | 4% | 5% | 13% | 19% | 23% |
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Stock Analysis
Himadri Speciality Chemical Ltd. is a leading Indian company primarily engaged in the manufacturing of carbon materials and chemicals. It holds the top position in India for coal pitch manufacturing and is the sole producer of advanced carbon materials in the country. The company is also a significant player in Naphthalene, Refined Naphthalene, and SNF markets.
The company is strategically focusing on high-value growth drivers by 2028, including expansion in battery materials (LFP Cathode Active Material, anode technology via Sicona), specialty chemicals (Anthraquinone, Carbazole), and optimizing the turnaround of Birla Tyres. Planned capital expenditures for speciality carbon black expansion, speciality chemicals facilities, and an LFP plant are key growth catalysts.
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