Himadri Speciality Chemical delivered exceptional financial performance in the quarter ended June 2026, with consolidated net profit rising 27% to ₹228.43 crore compared to ₹179.36 crore in the corresponding quarter of the previous year. According to the latest financial results, this represents the company's highest-ever quarterly revenue of ₹1,431.88 crore, up from ₹1,118.29 crore recorded in Q1 FY26. The company achieved EBITDA of ₹313.11 crore, a 33% increase from ₹235.25 crore in the previous year, with EBITDA margins at 22% and PAT margins at 16%. Earnings per share (EPS) basic increased to ₹4.55 from ₹3.68 in the same period last year, demonstrating strong operational performance despite challenging geopolitical conditions. As per Moneycontrol, the growth was driven by an improved product mix across core businesses, continued expansion in speciality materials, and the company's diversification strategy towards higher-margin, technology-intensive products. Shares of Himadri Speciality Chemical jumped 6% to hit a 52-week high of ₹786.85 on Monday, before paring gains to trade 4.01% higher at ₹771.25 at the time of writing. The stock has jumped 11% in the past week and 5% over the month, with a 49% surge on a year-to-date basis.
ICICI Securities has maintained a hold rating on Himadri Speciality Chemical with a revised target price of ₹720, up from the previous target of ₹550. According to the latest research report dated July 17, 2026, the brokerage increased the sum-of-the-parts (SoTP) based target price while retaining its hold recommendation. The revision reflects increased core business EV/EBITDA multiple to 20x from 15x and battery chemical EV/IC multiple to 5x from 3x, driven by rising value addition and commercialisation opportunities. The company's total market capitalisation stands at ₹36,422.86 crore as of July 16, 2026, according to data on the NSE. The brokerage noted that Himadri's strength stems from its backward integration into coal tar distillation and ability to process multiple feedstocks, while the company continues expanding its value-added product portfolio including carbon nanotube and super-specialty carbon black.
The company's EBITDA increased 33% to ₹313.11 crore during the quarter, with EBITDA margins at 22% compared to previous year levels. Operating profit margin (OPM) stood at 20.11% in the June 2026 quarter, showing improved operational efficiency. The gap between revenue growth of 28% and EBITDA growth of 33% indicates better cost management and operational leverage. Other income more than doubled to ₹56.3 crore from ₹26.7 crore in the previous year, contributing meaningfully to the strong PAT growth and helping offset the margin contraction. The robust top-line growth and improved profitability metrics reflect strong performance in the carbon materials and chemicals segment, with the company successfully developing indigenous carbon nanotube (CNT) technology through in-house research and development efforts. However, standalone sales volumes declined by 5.7% YoY to 1.32 million tonnes in the quarter ended June 30, 2026, from 1.4 MT in the same period last year, as the firm moved to high-value addition products. As per Moneycontrol, Chairman and Managing Director Anurag Choudhary noted that the performance was improved by product mix across core business and continued ramp-up in speciality materials, despite the geopolitical backdrop.
The company's board approved a combined ₹368 crore capital expenditure programme across three strategic projects during Q1 FY27. The largest component is ₹70 crore investment in India's first Carbon Nano Tubes (CNT) manufacturing facility in West Bengal, with 200 MT annual capacity expected to be commissioned by Q4FY27. The CNT facility will utilise in-house developed technology and position Himadri among a select group of global manufacturers, as Carbon Nano Tubes are used in lithium-ion batteries, electronics, semiconductors, coatings, construction and aerospace applications. Additionally, the board approved ₹128 crore to nearly double Anthraquinone and Carbazole manufacturing capacity from 2,600 MTPA to 5,300 MTPA, building on an earlier ₹120 crore approval in January 2025. The expansion will be funded through internal accruals and will not alter the company's overall production capacity, with Phase 1 of 2,600 MTPA targeted for Q2FY27 and Phase 2 of 2,700 MTPA by Q2FY28. Alongside these results, Himadri announced investments of around ₹240 crore across two speciality materials projects, including the CNT facility and a ₹170 crore project to convert 6,000 MTPA of existing carbon black capacity into super speciality carbon black.
The company is simultaneously scaling up its presence across the lithium-ion battery materials value chain with significant capacity additions. On the anode side, it commissioned a 200 tpa facility at Mahistikry in West Bengal in April 2026, backed by more than a decade of in-house research and development. Himadri is also entering the lithium iron phosphate (LFP) cathode active materials segment, with its 2,000 tpa commercial LFP cathode active materials facility targeted for commissioning in Q3FY27. The company has set a long-term ambition of establishing a 200,000 tpa facility, beginning with a first phase of 40,000 tpa capacity. The company has also strengthened its strategic investments in the battery materials ecosystem, with Sicona securing AUD 45 million (around ₹300 crore) in funding from the Australian Renewable Energy Agency to accelerate the commercialisation of its next-generation silicon-carbon anode technology. Additionally, Himadri increased its stake in International Battery Company from 17.29% to 19.44% during the quarter. As per ICICI Securities, the company is on track to gain approval for its anode material, having commissioned a pilot plant, and its 2ktpa LFP facility should help speed up the approval process ahead of phase-1 capacity of 40ktpa in FY28.
