Want to see IN:HSCL full AI Analyst Report?
Top Page
Himadri Speciality Chemical Ltd.
(HSCL)
Select Model
Select Model
Rating:63Neutral
Price Target:
₹575.00
▲(16.44% Upside)
Action:Reiterated
Date:10/22/26
The score is supported primarily by strong profitability and a generally healthy balance sheet, plus a constructive earnings call with maintained FY2028 targets. It is held back by weak cash-flow reliability (negative free cash flow in 2026), a clearly bearish technical setup (price below key moving averages with negative MACD), and a relatively high P/E with minimal dividend yield.
Positive Factors
Profitability Expansion
Material margin expansion shows that HSCL has strengthened earnings quality and operating profitability over several years. A higher-margin business can generate more internal funding, support investment in specialty products, and provide greater resilience than its earlier profit profile.
Negative Factors
Weak Cash Conversion
Inconsistent operating cash flow and negative free cash flow reduce the reliability of reported earnings as a source of funding. If cash conversion remains weak, HSCL may have less flexibility to finance expansion internally and could face greater pressure on future capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Expansion
Material margin expansion shows that HSCL has strengthened earnings quality and operating profitability over several years. A higher-margin business can generate more internal funding, support investment in specialty products, and provide greater resilience than its earlier profit profile.
Read all positive factors
Himadri Speciality Chemical Ltd. (HSCL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹263.26B
Dividend Yield0.15%
Average Volume (3M)130.09K
Price to Earnings (P/E)30.8
Beta (1Y)1.37
Revenue Growth25.31%
EPS Growth27.78%
CountryIN
Employees1,161
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)15.94
Shares Outstanding504,574,200
10 Day Avg. Volume176,059
30 Day Avg. Volume130,085
Financial Highlights & Ratios
PEG Ratio0.84
Price to Book (P/B)4.67
Price to Sales (P/S)4.72
P/FCF Ratio-244.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)17.8
Revenue Forecast (FY)₹62.25B
Himadri Speciality Chemical Ltd. Business Overview & Revenue Model
Company Description
Himadri Speciality Chemical Limited (HSCL) is an India-based company with an international presence, engaged in the production and distribution of an extensive portfolio of carbon materials and specialized chemicals. Its diverse product line featu...
How the Company Makes Money
HSCL makes money primarily by manufacturing and selling specialty chemical and carbon-material products to industrial customers, generating revenue from product sales (typically on a contract/order basis) across domestic and export markets. Key re...
Himadri Speciality Chemical Ltd. Earnings Call Summary
Earnings Call Date:Oct 17, 2026
(Q2-2027)
| Next Earnings Date:Feb 05, 2027
Earnings Call Sentiment Positive
The call was strongly positive, supported by 27%-31% year-on-year Q2 consolidated growth metrics, 25%-28% year-on-year H1 EBITDA and PAT growth, robust carbon black demand, ongoing customer approvals, and progress across battery materials and other advanced-material projects. The company maintained its INR 1,100+ crore FY2028 PAT target and described liquidity and leverage as healthy. The main negatives were sequential margin pressure, a nearly 500-basis-point gross-margin contraction noted by an investor, higher freight costs, temporary negative EBITDA from the mining segment, elevated working capital versus the prior year, and the fact that several new products remain in qualification or are scheduled for later commercialization. Overall, highlights significantly outweigh the lowlights.Positive Updates
Strong H1 FY2027 Consolidated Performance
For H1 FY2027, consolidated revenue stood at INR 3,123 crores, EBITDA at INR 616 crores, and PAT at INR 460 crores. Management described this as strong performance across all business segments.
Negative Updates
Sequential EBITDA per Metric Ton Decline
EBITDA per metric ton declined sequentially from approximately INR 22,700-INR 22,800 to approximately INR 21,000. Management described the sequential decline as a normal quarterly adjustment and stated that there was nothing significant.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong H1 FY2027 Consolidated Performance
For H1 FY2027, consolidated revenue stood at INR 3,123 crores, EBITDA at INR 616 crores, and PAT at INR 460 crores. Management described this as strong performance across all business segments.
Read all positive updates
Company Guidance
Management remains confident in achieving its previously guided target of INR 1,100+ crore PAT by FY 2028; the 200 metric ton carbon nanotube facility is targeted for commissioning in Q4 FY 2027, planned 6,000 metric ton super speciality carbon black capacity in Q4 FY 2028, initial 2,000 metric ton LFP capacity in Q3 FY 2027, and 40,000 metric ton per annum capacity in next year, while anthraquinone and carbazole full capacity 5,300 is targeted for commissioning together in Q4 FY 2027. EBITDA is expected to be above INR 20,000 on a sustainable basis, with EBITDA per metric ton expected at INR 20,000-INR 24,000 and margin per metric ton hovering from around 20,000-25,000; carbon black capacity utilization is expected at 88%-90%, 95% capacity utilization. The company expects INR 800-INR 900 crores of spend in this year, INR 1,500 crores over two years through internal accrual, full impact of most capacities from FY 2029, mining revenue of around INR 500 crores, LFP utilization of 50%+ in year one and 90%+ from the next year, and a 30% ROCE baseline to maintain for all projects at optimum capacity utilization; working capital is expected to normalize and come down further in the next coming two quarters, and the company expects to achieve breakeven in Birla Tyres.Himadri Speciality Chemical Ltd. Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 49.74B | 46.61B | 46.13B | 41.85B | 41.72B | 27.91B |
| Gross Profit | 16.65B | 15.01B | 14.34B | 11.17B | 8.75B | 5.11B |
| EBITDA | 12.06B | 11.33B | 8.47B | 6.36B | 4.20B | 1.64B |
| Net Income | 7.99B | 7.51B | 5.56B | 4.11B | 2.16B | 409.46M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 63.06B | 46.56B | 44.49B | 36.78B | 34.54B |
| Cash, Cash Equivalents and Short-Term Investments | 3.49B | 8.60B | 6.76B | 2.16B | 2.13B | 2.63B |
| Total Debt | 0.00 | 7.68B | 3.13B | 6.05B | 8.42B | 5.87B |
| Total Liabilities | -47.62B | 15.44B | 8.85B | 14.06B | 14.00B | 15.89B |
| Stockholders Equity | 47.62B | 47.07B | 37.22B | 30.46B | 22.80B | 18.68B |
Cash Flow | ||||||
| Free Cash Flow | -2.76B | -900.20M | 2.76B | 3.52B | -291.80M | 3.08B |
| Operating Cash Flow | -948.60M | 3.60B | 4.47B | 4.05B | 539.70M | 3.31B |
| Investing Cash Flow | -4.64B | -10.09B | -2.35B | -4.05B | -3.97B | -282.26M |
| Financing Cash Flow | 4.72B | 6.57B | -2.71B | 71.90M | 3.77B | -1.82B |
Himadri Speciality Chemical Ltd. Technical Analysis
Negative
493.80
Price Trends
664.33
Negative
684.85
Negative
592.28
Negative
Market Momentum
-37.69
Positive
25.23
Positive
9.16
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HSCL, the sentiment is Negative. The current price of 493.8 is below the 20-day moving average (MA) of 633.56, below the 50-day MA of 664.33, and below the 200-day MA of 592.28, indicating a bearish trend. The MACD of -37.69 indicates Positive momentum. The RSI at 25.23 is Positive, neither overbought nor oversold. The STOCH value of 9.16 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HSCL.
Himadri Speciality Chemical Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Neutral | ₹153.17B | 35.42 | ― | 0.22% | 7.26% | 5.73% | |
63 Neutral | ₹263.26B | 30.77 | ― | 0.15% | 25.31% | 27.78% | |
62 Neutral | ₹157.60B | 20.42 | ― | 0.56% | 18.15% | 42.38% | |
61 Neutral | ₹195.44B | 82.81 | ― | ― | 33.79% | 34.24% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹127.89B | 73.11 | ― | 0.13% | 51.77% | 36.90% | |
47 Neutral | ₹155.51B | 29.24 | ― | 0.23% | 27.05% | 123.98% |
* General Sector Average
IN:HSCL
Himadri Speciality Chemical Ltd.
541.60
68.34
14.44%
IN:AARTIIND
AARTI Industries Ltd
436.00
58.95
15.63%
IN:AETHER
Aether Industries Ltd.
1,538.00
779.10
102.66%
IN:ANURAS
Anupam Rasayan India Ltd.
1,130.40
38.24
3.50%
IN:ATUL
Atul Limited
5,397.20
-483.02
-8.21%
IN:FINEORG
Fine Organic Industries Ltd.
5,100.60
604.90
13.46%
Himadri Speciality Chemical Ltd. Corporate Events
Himadri Board Clears Scheme to Acquire Dalmia’s Tyre Business
Sep 21, 2026
Himadri Speciality Chemical Ltd. has approved a Scheme of Arrangement with Dalmia Bharat Refractories Ltd. that will transfer Dalmia’s tyre business to Himadri as a going concern. Under the scheme, Himadri will issue new shares to eligible D...
Himadri Board Clears Scheme to Acquire Dalmia Refractories’ Tyre Business
Sep 21, 2026
Himadri Speciality Chemical Ltd. has approved a Scheme of Arrangement with Dalmia Bharat Refractories Ltd. that will transfer Dalmia’s tyre business to Himadri as a going concern on an as-is-where-is basis. In return, Himadri will issue new ...
Himadri Board to Weigh Tyre Business Demerger with Dalmia Bharat Refractories
Sep 18, 2026
Himadri Speciality Chemical Ltd. has scheduled a board meeting on 21 September 2026 to consider and approve a proposed Scheme of Arrangement with Dalmia Bharat Refractories Limited, involving the demerger of DBRL’s tyre business under provis...
Himadri Speciality Chemical to Amend Memorandum for New Business Activities
Sep 18, 2026
Himadri Speciality Chemical Ltd.’s board has approved amendments to its Memorandum of Association, including adding new sub-clauses to the objects clause to enable the company to undertake new business activities. The revisions also moderniz...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.