Himadri Speciality Chemical logo

Himadri Speciality Chemical

HSCL NSE

Key Fundamentals

SmallcapSpecialty ChemicalsChemicals
Market Cap
₹33,151 Cr
Volatility
Moderate
P/E Ratio
41.79
EBITDA
₹1,133 Cr
Return on Equity
15.86%
Debt to Equity
0.16
Book Value
₹93.28
EPS
₹9.06
52W High
₹819.5
52W Low
₹418.5

Tapetide Score

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

Key Insights

Strengths

1
  • Company has delivered good profit growth of 73.7% CAGR over last 5 years

Weaknesses

1
  • Stock is trading at 7.13 times its book value

Growth Rate

Revenue Growth
3.6% lower than 3Y
Net Income Growth
36.03% lower than 3Y
Cash Flow Change
-14.51% lower than 3Y
ROE
7.74% lower than 3Y
ROCE
0% lower than 3Y
EBITDA Margin (Avg.)
20.8% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

Himadri Speciality Chemical Ltd commands a market cap of ₹34,185 Cr at a PE of 42.2x and PB of 7.21x. The company has delivered exceptional profit CAGR of 74% over 5 years and 47% over 3 years, while sales growth has been more modest at 4% CAGR over 3 years, indicating margin expansion rather than volume-led growth. The stock has appreciated 71% CAGR over 5 years, significantly outpacing its underlying sales growth.

Bull Case 8
  • Exceptional profit growth of 73.7% CAGR over the last 5 years demonstrates strong operating leverage and improving margins
  • TTM profit growth of 30% indicates continued earnings momentum even on a higher base
  • ROE of 18% in the last year is an improvement over the 5-year average of 14% and 10-year average of 14%, showing rising capital efficiency
  • 3-year ROE average of 17% is comfortably above cost of equity for most Indian chemical companies, indicating genuine value creation
  • Long-term sales CAGR of 15% over 10 years reflects a structurally growing business with sustained revenue expansion
  • 5-year sales CAGR of 23% shows the company accelerated its topline growth in the medium term relative to the 10-year trend
  • 10-year profit CAGR of 44% significantly outpaces 10-year sales CAGR of 15%, pointing to sustained margin improvement and operating leverage over a long period
  • Stock CAGR of 35% over 10 years indicates long-term wealth creation and sustained market confidence in the business trajectory
Bear Case 8
  • PE of 42.2x is elevated for a specialty chemicals company, pricing in substantial future growth and leaving limited margin of safety
  • PB of 7.21x is significantly above book value, meaning investors pay a steep premium relative to the company's net assets
  • Sales growth has decelerated sharply to just 4% CAGR over 3 years and 10% TTM, compared to 23% over 5 years, raising questions about topline sustainability
  • Dividend yield of just 0.12% offers negligible income return, indicating almost all returns depend on capital appreciation
  • 1-year stock CAGR of 49% has run far ahead of TTM sales growth of 10% and TTM profit growth of 30%, suggesting valuation may have front-run fundamentals
  • The widening gap between 3-year profit CAGR of 47% and 3-year sales CAGR of 4% suggests margin expansion may be near its limits, as margins cannot expand indefinitely without topline support
  • Key financial ratios including debt-to-equity, ROCE, and EPS are unavailable, limiting the ability to fully assess balance sheet health and capital efficiency
  • 52-week high and low data are unavailable, making it difficult to assess where the stock trades relative to its recent range

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 1
  • Sicona battery tech investment done Aug 25

    Himadri completed its final tranche of AUD 16.94 Mn in Sicona Battery Technologies via Compulsorily Convertible Notes on Aug 25, 2026, bringing total CCN investment to AUD 18.45 Mn.

TL;DR: Limited news flow for HSCL in this period. The company completed its strategic investment in Sicona Battery Technologies, signaling continued commitment to the battery materials space. No negative catalysts surfaced, but with only one neutral update, there is insufficient data to gauge near-term momentum. Watch for updates on Sicona's progress and any commercial milestones from HSCL's specialty chemicals or carbon materials segments.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
951
1,005
1,053
1,177
1,200
1,137
1,141
1,135
1,118
1,071
1,184
1,288
1,432
Expenses
817
847
879
997
1,008
929
920
901
873
838
941
1,046
1,144
Operating Profit
134
158
174
180
192
208
221
233
245
233
243
242
288
OPM %
14%
16%
17%
15%
16%
18%
19%
21%
22%
22%
20%
19%
20%
Other Income
10
10
10
12
13
14
12
14
27
36
47
62
56
Interest
13
16
21
14
13
11
12
9
16
15
16
17
22
Depreciation
12
12
13
13
13
13
15
14
15
17
18
19
21
PBT
119
139
150
166
179
197
206
224
241
237
255
268
301
Tax %
28%
28%
28%
30%
31%
31%
31%
31%
26%
26%
25%
23%
24%
Net Profit
86
101
109
115
123
136
141
155
179
176
192
208
228
EPS in Rs
1.96
2.29
2.47
2.34
2.48
2.74
2.88
3.15
3.68
3.57
3.81
3.98
4.55
Figures in ₹ Crores

Profit & Loss

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
4,974
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
3,969
Operating Profit
124
146
233
452
560
280
131
156
399
645
854
962
1,005
OPM %
9%
12%
17%
22%
23%
16%
8%
6%
10%
15%
19%
21%
20%
Other Income
13
9
6
12
8
8
14
-17
-2
43
52
171
201
Interest
103
111
82
70
71
55
33
36
66
64
45
64
71
Depreciation
59
67
33
33
34
39
47
50
51
50
55
68
75
PBT
-24
-23
125
361
462
194
65
53
280
574
806
1,001
1,060
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
804
EPS in Rs
-0.32
-0.44
1.98
5.91
7.75
4.91
1.13
0.98
4.99
8.34
11.25
14.89
15.91
Div. Payout %
0%
-11%
5%
2%
2%
3%
13%
20%
5%
6%
5%
5%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
39
42
42
42
42
42
42
42
43
49
49
50
Reserves
750
837
988
1,373
1,590
1,692
1,751
1,826
2,237
2,996
3,672
4,656
Borrowings
1,124
887
774
660
476
505
729
587
842
605
313
770
Other Liabilities
329
296
308
341
680
323
269
999
555
798
621
830
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
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
CWIP
14
31
13
22
133
158
160
77
94
67
185
372
Investments
23
53
87
273
179
47
66
113
132
478
582
1,060
Other Assets
977
798
838
943
1,305
882
1,098
1,718
1,938
2,371
2,283
2,933
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
Figures in ₹ Crores

Cash Flow

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/OP
169
203
98
75
102
113
-20
223
25
77
69
64
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

DIIs3.33%Promot.52.49%FIIs6.80%Others16.44%Public20.93%As ofJun 2026

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.[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]
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 market capitalisation of Himadri Speciality Chemical Ltd?
Himadri Speciality Chemical Ltd has a market capitalisation of ₹33,151 Cr, which places it in the Large Cap band.
What is the PE ratio of Himadri Speciality Chemical Ltd?
Himadri Speciality Chemical Ltd trades at a PE ratio of 41.79, on earnings per share of ₹9.06, against a book value of ₹93.28 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.
Does Himadri Speciality Chemical Ltd pay dividends?
Himadri Speciality Chemical Ltd has a dividend yield of 0.12%.
What is the Return on Equity (ROE) of Himadri Speciality Chemical Ltd?
Himadri Speciality Chemical Ltd reported a return on equity of 15.86%. Its debt-to-equity ratio is 0.16.

Company Information

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]

Website himadri.com
CEO Mr. Anurag Choudhary
Employees 970
Listed 2007-03-02
Face Value ₹ 1
Issued Size 50,44,94,950

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