Whalesbook
EV Battery Sector Mein Entry
Bhai, Himadri ab seedha EV battery sector mein entry maar raha hai. Unhone apna pehla anode material facility start kar diya hai aur lithium-ion phosphate cathode active material project bhi chal raha hai. Target hai global lithium-ion battery market jo $426 billion tak pahunchne wala hai 2033 tak. Lekin yeh sab karne ke liye paisa bahut chahiye aur China, Korea, Japan ke bade players se takkar bhi hai. Toh shuru mein, battery business se shayad utna profit na dikhe, par purane businesses sambhal lenge.
Expansion Aur Valuation Ka Khel
Aur detail mein dekhein toh, company ne 200-tonne ka anode material facility chalu kar diya hai. Ek 2,000-tonne ka lithium-ion phosphate cathode active material project bhi chal raha hai jo Q3 FY27 tak complete hone wala hai. Inka bada goal hai 40,000 tonnes per annum capacity tak pahunchna FY29 tak. Yeh Sicona wali tech use kar rahe hain silicon-carbon anode ke liye, jisse battery ki performance badhegi. Plus, inka International Battery Company (IBC) mein bhi stake hai jo Bengaluru mein Gigafactory bana rahi hai. Abhi stock ₹615 ke aas paas chal raha hai, market cap lagbhag ₹31,000 crore hai, aur P/E ratio 40-43x ke aas paas hai. Yeh sab dikhata hai ki investors ko battery business se bahut umeed hai. Lekin filhaal thoda caution bhi hai, kuch analysts ne price target neeche rakha hai.
Competition Aur Purane Business Ka Sahara
Dusri Indian companies jaise PCBL Chemicals aur Neogen Chemicals bhi battery materials mein aa rahi hain. Himadri ka approach thoda alag hai kyunki woh cathode, anode, silicon-carbon tech sab cover kar rahe hain. Global market toh badhega hi, EV aur energy storage ke liye. Par supply chains mein risk hai aur production mostly China mein hai. Himadri ka stock bhi May 2025 mein ₹407-485 ke beech mein tha, toh abhi kaafi upar hai. Achhi baat yeh hai ki unka carbon black business solid performance de raha hai, prices bhi acche hain aur coal tar feedstock bhi faydemand hai. Yeh earnings ko support karega aur naye projects ka financial pressure kam karega.
Analysts Ki Chinta: Execution Aur Valuation
Par yaar, yeh jo EV battery mein itna bada expansion ho raha hai, usmein execution risk bahut hai. Itna bada plant banane mein bahut paisa lagega aur profit tak pahunchna saalon lag sakta hai. Global competitors ke paas already technology aur scale ka advantage hai. Company ke paas abhi ₹100-121 crore ka net cash hai, jo accha hai, par aage aur paisa lagane ke liye loan lena pad sakta hai. Isliye, kuch analysts ne 'Hold' ya 'Sell' rating di hai aur price target ₹470-550 tak bataya hai, matlab 24% tak ka potential downside ho sakta hai. Yeh sab sawal uthata hai ki battery materials se kitni jaldi profit aayega aur purane business ki margins kya bani rahengi.
Aage Ki Planning Aur Naye Products
Future ki baat karein toh, analysts expect kar rahe hain ki Himadri ka net profit FY28 tak ₹1,100 crore ho jayega, jo FY25 se double hoga. Unhone jo Birla Tyres business acquire kiya hai, woh bhi next char saal mein revenue badhayega. Company coal tar se naye products bhi bana rahi hai dyes, pigments, pharma, electronics ke liye, jo Q2 FY27 tak aa jayenge. Naye speciality carbon black capacity mein FY27 tak 85% utilization expect hai, kyunki prices high hain. Abhi battery materials se medium term mein kitna fayda hoga woh clear nahi hai, par Himadri ka integrated approach shayad kaam aaye. Investments aur R&D long-term growth ke liye stable revenue streams banane par focus kar rahe hain.