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Himadri Speciality Chemical

HSCL NSE
₹562.05 +33.05 (+6.25%)
P/E
33.18
View as Markdown
MCP
Close 4 Nov 2026 ₹562.05 +105.75 +23.2% 1Y
Start ₹456.30

Key Fundamentals

SmallcapChemicals & PetrochemicalsChemicals

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
22.10%
Debt to Equity
0.23
EPS (TTM)
₹16.94
Book Value
₹101.77
Market Cap
—
P/E (TTM)
33.18
P/B
5.52
ROE
17.80%
Dividend Yield
0.15%
EBITDA
₹1,133 Cr
52W High
₹819.50
52W Low
₹418.50
Day Range
₹523.75 – ₹564.95
Volume
35,36,122

Peer Comparison

Commodities › Chemicals › Specialty Chemicals › Carbon Black

Himadri Speciality Chemical peer comparison
Himadri Speciality Chemical (this company)
₹562.0533.18₹26,869 Cr5.520.15%17.80%22.10%₹5,595 Cr₹859 Cr
PCBL Chemical
₹278.4541.94₹10,993 Cr2.701.63%5.56%7.75%₹8,549 Cr₹259 Cr
Median 2 companies₹420.2537.56₹18,931 Cr4.110.89%11.68%14.93%₹7,072 Cr₹559 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

50 Average

Data confidence 98/100

Category scores

Quality
40
Weak
Returns, margins, earnings quality 22% weight
Valuation
42
Weak
Cheap vs sector & own history 24% weight
Growth
90
Strong
Sales & profit trajectory 9% weight
Financial Health
73
Strong
Solvency, leverage, coverage 9% weight
Momentum
27
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 73.7% CAGR over last 5 years

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1153
OscillatorsBearish351
Moving AveragesStrong Bearish802

Key readings

RSI (14)
43.69
Neutral
MACD (12,26,9)
−36.21
Bearish
SMA (50)
634.26
Bearish
SMA (200)
594.20
Bearish

As of

Analyst Rating

Based on 1 analysts
HOLD100%

0 of 1 analyst rates Buy, 1 Hold, 0 Sell.

As of

BUY
0
0%
HOLD
1
100%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+14.71%
5Y+22.66%
3Y+3.76%
1Y+1.04%
TTM+25.31%

Net profit

Net profit growth by window
10YTurned to profit
5Y+74.25%
3Y+51.76%
1Y+36.04%
TTM+31.95%

Operating cash flow

Operating cash flow growth by window
10Y+2.58%
5YTurned positive
3Y+91.97%
1Y−14.54%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+8.29 pp
5Y+12.84 pp
3Y+11.08 pp
1Y+2.13 pp
TTM−1.42 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,341 Cr
Mar 2018₹2,022 Cr
Mar 2019₹2,422 Cr
Mar 2020₹1,806 Cr
Mar 2021₹1,679 Cr
Mar 2022₹2,791 Cr
Mar 2023₹4,172 Cr
Mar 2024₹4,185 Cr
Mar 2025₹4,613 Cr
Mar 2026₹4,661 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹82.00 Cr
Mar 2018₹248 Cr
Mar 2019₹324 Cr
Mar 2020₹205 Cr
Mar 2021₹47.00 Cr
Mar 2022₹39.00 Cr
Mar 2023₹216 Cr
Mar 2024₹411 Cr
Mar 2025₹555 Cr
Mar 2026₹755 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹1,262 Cr +11.3% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Himadri Speciality Chemical Ltd trades at ₹562.05 as of 2026-11-04 with a market cap of ₹26,869 Cr. The company has delivered strong compounded profit growth of 74% CAGR over 5 years and maintains a low debt-to-equity ratio of 0.16, though the stock trades at a PE of 33.18x and has corrected roughly 31% from its 52-week high of ₹819.50.

Bull Case 8
  • Exceptional 5-year compounded profit growth of 74% CAGR demonstrates sustained earnings expansion well above the broader chemicals sector average
  • Very low debt-to-equity ratio of 0.16 indicates a conservatively funded balance sheet, providing financial flexibility for future capacity expansion or acquisitions
  • ROCE of 21.01% reflects efficient capital deployment and strong underlying business economics
  • TTM sales growth of 25% signals healthy revenue momentum, a sharp acceleration from the 3-year compounded sales growth of just 4%
  • ROE of 15.86% (with a 3-year average of 17% and last year at 18%) shows a consistent ability to generate returns on shareholder equity
  • Stock has delivered a 5-year CAGR of 62%, significantly outperforming broader market indices over the same period
  • TTM profit growth of 30% on top of an already high base indicates that earnings momentum has not yet plateaued
  • 10-year compounded profit growth of 44% demonstrates the company's long-track-record of scaling earnings through multiple business cycles
Bear Case 6
  • The stock has fallen approximately 31% from its 52-week high of ₹819.50, suggesting possible deterioration in market sentiment or stretched prior valuations
  • Price-to-book ratio of 5.52x is high, implying the market is pricing in significant future growth that may or may not materialise
  • Dividend yield of just 0.15% offers negligible income to shareholders, meaning returns depend almost entirely on capital appreciation
  • 3-year compounded sales growth of only 4% contrasts sharply with the TTM figure of 25%, raising questions about whether the recent revenue acceleration is sustainable or one-off in nature
  • Specialty chemicals businesses are inherently cyclical and tied to raw material price swings; a downturn in end-market demand could compress margins despite the recent profit trajectory
  • The gap between 5-year ROE of 14% and the last year's 18% suggests recent returns may be benefiting from a cyclical peak rather than a structural shift

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Himadri Speciality Chemical shows disciplined short-term debt management, rolling over ₹150 crore in commercial paper at a competitive 6.60% rate while redeeming the prior tranche on schedule. The Golden Peacock Sustainability Award adds to the company's ESG credentials in the chemicals space. No material headwinds surfaced this week. Near-term focus remains on whether the company can leverage its sustainability positioning into stronger institutional interest and order flow.

Positives 1
  • Golden Peacock Sustainability Award Oct 8

    Himadri Speciality Chemical won the Golden Peacock Award for Sustainability 2026 in the chemical sector, recognizing its commitment to green operations and responsible innovation.

Neutral 2
  • ₹150Cr CP allotted to Kotak Oct 9

    Himadri allotted ₹150 crore in commercial paper to Kotak Mahindra Bank, an 80-day instrument at a 6.60% annual discount rate.

  • ₹150Cr CP redeemed on time Oct 7

    Himadri fully redeemed ₹150 crore in commercial papers on October 7, 2026, confirming timely repayment as per issuance terms.

Quarterly Results

₹ Cr
HSCL quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,005
1,053
1,177
1,200
1,137
1,141
1,135
1,118
1,071
1,184
1,288
1,432
1,691
Expenses
847
879
997
1,008
929
920
901
873
838
941
1,046
1,144
1,376
Operating Profit
158
174
180
192
208
221
233
245
233
243
242
288
315
OPM %
16%
17%
15%
16%
18%
19%
21%
22%
22%
20%
19%
20%
19%
Other Income
10
10
12
13
14
12
14
27
36
47
62
56
42
Interest
16
21
14
13
11
12
9
16
15
16
17
22
28
Depreciation
12
13
13
13
13
15
14
15
17
18
19
21
22
PBT
139
150
166
179
197
206
224
241
237
255
268
301
307
Tax %
28%
28%
30%
31%
31%
31%
31%
26%
26%
25%
23%
24%
25%
Net Profit
101
109
115
123
136
141
155
179
176
192
208
228
231
EPS (₹)
2.29
2.47
2.34
2.48
2.74
2.88
3.15
3.68
3.57
3.81
3.98
4.55
4.6

Profit & Loss

₹ Cr
HSCL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,437
1,182
1,341
2,022
2,422
1,806
1,679
2,791
4,172
4,185
4,613
4,661
5,595
Expenses
1,313
1,036
1,107
1,569
1,863
1,525
1,549
2,635
3,773
3,540
3,758
3,699
4,507
Operating Profit
124
146
233
452
560
280
131
156
399
645
854
962
1,087
OPM %
9%
12%
17%
22%
23%
16%
8%
6%
10%
15%
19%
21%
19%
Other Income
13
9
6
12
8
8
14
−17
−2
43
52
171
207
Interest
103
111
82
70
71
55
33
36
66
64
45
64
84
Depreciation
59
67
33
33
34
39
47
50
51
50
55
68
79
PBT
−24
−23
125
361
462
194
65
53
280
574
806
1,001
1,131
Tax %
−49%
−19%
34%
31%
30%
−6%
27%
27%
23%
28%
31%
25%
—
Net Profit
−13
−19
82
248
324
205
47
39
216
411
555
755
859
EPS (₹)
−0.32
−0.44
1.98
5.91
7.75
4.91
1.13
0.98
4.99
8.34
11.25
14.89
16.94
Div. Payout %
0%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
5%
2%
2%
3%
13%
20%
5%
6%
5%
5%
—

Balance Sheet

₹ Cr
HSCL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
39
42
42
42
42
42
42
42
43
49
49
50
50
Reserves
750
837
988
1,373
1,590
1,692
1,751
1,826
2,237
2,996
3,672
4,656
5,085
Borrowings
1,124
887
774
660
476
505
729
587
842
605
313
770
1,160
Other Liabilities
329
296
308
341
680
323
269
999
555
798
621
830
682
Total Liabilities
2,242
2,062
2,112
2,416
2,788
2,562
2,791
3,454
3,678
4,449
4,656
6,306
6,977
Fixed Assets
1,228
1,180
1,174
1,178
1,170
1,475
1,468
1,546
1,515
1,534
1,605
1,942
2,016
CWIP
14
31
13
22
133
158
160
77
94
67
185
372
370
Investments
23
53
87
273
179
47
66
113
132
478
582
1,060
1,250
Other Assets
977
798
838
943
1,305
882
1,098
1,718
1,938
2,371
2,283
2,933
3,341
Total Assets
2,242
2,062
2,112
2,416
2,788
2,562
2,791
3,454
3,678
4,449
4,656
6,306
6,977

Cash Flow

₹ Cr
HSCL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
212
296
205
258
476
283
−40
331
54
405
447
382
Investing
128
−6
10
−50
−224
−214
−114
−28
−397
−405
−235
−963
Financing
−348
−278
−233
−200
−257
−41
165
−182
377
7
−271
590
Net Cash Flow
−7
12
−18
8
−6
28
11
121
34
7
−60
10
Free Cash Flow
184
281
201
195
272
36
−76
308
−22
352
276
−63
CFO/EBITDA
169
203
98
75
102
113
−20
223
25
77
69
64

Ratios

HSCL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
82
63
60
49
55
61
100
66
44
57
50
55
Inventory Days
122
138
164
112
124
121
100
125
61
85
68
96
Days Payable
36
50
74
39
100
68
45
127
39
69
28
47
Cash Conversion Cycle
168
151
150
122
79
113
155
65
66
73
90
103
Working Capital Days
4
−22
19
29
40
10
15
−1
1
32
69
57
ROCE %
3%
5%
11%
22%
25%
11%
4%
5%
13%
19%
22%
22%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Himadri Speciality Chemical insights

64 extracted metrics across FY01–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 52.49%
  • Public 21.13%
  • Others 16.21%
  • FIIs 7.32%
  • DIIs 2.85%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Himadri Speciality Chemical

What does Himadri Speciality Chemical Ltd do?
Himadri Speciality Chemical is primarily engaged in the manufacturing of carbon materials and chemicals. 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.
Where is Himadri Speciality Chemical Ltd (HSCL) listed?
Himadri Speciality Chemical Ltd trades as HSCL on the NSE and under code 500184 on the BSE.
Which sector does Himadri Speciality Chemical Ltd belong to?
Himadri Speciality Chemical Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the PE ratio of Himadri Speciality Chemical Ltd?
Himadri Speciality Chemical Ltd trades at a PE ratio of 33.18 as of 4 Nov 2026, on earnings per share of ₹16.94, against a book value of ₹101.77 per share.
What is the 52-week high and low of Himadri Speciality Chemical Ltd?
Over the last 52 weeks Himadri Speciality Chemical Ltd has traded between ₹418.5 and ₹819.5 as of 4 Nov 2026.
Does Himadri Speciality Chemical Ltd pay dividends?
Himadri Speciality Chemical Ltd has a dividend yield of 0.15%.
What is the Return on Equity (ROE) of Himadri Speciality Chemical Ltd?
Himadri Speciality Chemical Ltd reported a return on equity of 17.80%. Its debt-to-equity ratio is 0.23.

Company Information

Himadri Speciality Chemical is primarily engaged in the manufacturing of carbon materials and chemicals. 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.

Website himadri.com
CEO Mr. Anurag Choudhary
Employees 970
Listed 2 Mar 2007
Face Value ₹1

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